Market Newsdesk

February 19, 2026 4:13 pm

Perdoceo Education Corporation Reports Fourth Quarter and Full Year 2025 Results

Perdoceo Education Corporation Reports Fourth Quarter and Full Year 2025 Results

SCHAUMBURG, Ill.–(BUSINESS WIRE)–
Perdoceo Education Corporation (NASDAQ: PRDO), a provider of postsecondary education programs through its academic institutions, today reported operating and financial results for the quarter and year ended December 31, 2025.

“I am proud of the educational achievements at our academic institutions that have enabled us to deliver strong 2025 results, which were supported by sustained levels of prospective student interest in our programs and high levels of student retention across all our academic institutions,” said Todd Nelson, President and Chief Executive Officer. “Successfully executing against our strategy of responsible and sustainable growth has allowed us to continue investing across our academic institutions and in initiatives that will further enhance our student’s experiences and academic outcomes. Overall, we will continue to maintain a balanced approach to capital allocation and expect our positive operating momentum to continue into 2026.”

Full Year 2025 Results as Compared to Prior Year

Revenue increased 24.2% to $846.1 million compared to $681.3 million in the prior year.
Operating income increased 12.5% to $196.0 million, while adjusted operating income increased 25.8% to $237.6 million*.
Earnings per diluted share was $2.42 as compared to $2.19, while adjusted earnings per diluted share was $2.61 as compared to $2.26*.
Ended the year with $643.5 million in cash, cash equivalents, restricted cash and available-for-sale short-term investments.

Fourth Quarter 2025 Results as Compared to Prior Year Quarter

Revenue increased 20.0% to $211.6 million compared to $176.4 million in the prior year quarter.
Operating income increased 12.8% to $41.9 million, while adjusted operating income increased 20.8% to $51.6 million*.
Total student enrollments at December 31, 2025 increased by 7.3%.
Earnings per diluted share was $0.54 as compared to $0.47, while adjusted earnings per diluted share was $0.59 as compared to $0.49*.
On February 19, 2026 the board of directors declared a quarterly dividend of $0.15 per share.

*See GAAP (U.S. generally accepted accounting principles) to non-GAAP reconciliations attached to this press release.

TOTAL STUDENT ENROLLMENTS

As of December 31, 2025, total student enrollments were 44,400, an increase of 7.3% as compared to 41,380 total student enrollments as of December 31, 2024.

	As of December 31,
Total Student Enrollments	2025		2024		% Change
CTU⁽¹⁾		29,950		28,090		6.6	%
AIUS⁽¹⁾		10,560		9,500		11.2	%
USAHS ⁽²⁾		3,890		3,790		2.6	%
Total		44,400		41,380		7.3	%

REVENUE

For the quarter ended December 31, 2025, revenue increased 20.0% to $211.6 million compared to revenue of $176.4 million for the prior year quarter.
For the year ended December 31, 2025, revenue increased 24.2% to $846.1 million compared to revenue of $681.3 million for the prior year.

	For the Quarter Ended December 31,							For the Year Ended December 31,
Revenue ($ in thousands)	2025		2024		% Change			2025		2024		% Change
CTU	$	113,980	$	111,237		2.5	%	$	461,602	$	443,374		4.1	%
AIUS		53,775		54,956		-2.1	%		226,220		227,072		-0.4	%
USAHS ⁽²⁾		43,725		10,041	NM				157,576		10,041	NM
Corporate and Other		159		197	NM				698		776	NM
Total	$	211,639	$	176,431		20.0	%	$	846,096	$	681,263		24.2	%

(1)	Total student enrollments do not include learners participating in: a) non-degree seeking and professional development programs, and b) degree seeking, non-Title IV, self-paced programs at our universities.
(2)	Perdoceo completed the acquisition of USAHS on December 2, 2024.

OPERATING INCOME

For the quarter ended December 31, 2025, operating income increased 12.8% to $41.9 million as compared to the prior year quarter.
For the year ended December 31, 2025, operating income increased by 12.5% to $196.0 million as compared to the prior year.

	For the Quarter Ended December 31,									For the Year Ended December 31,
Operating Income ($ in thousands)	2025			2024			% Change			2025			2024			% Change
CTU	$	39,228		$	43,075			-8.9	%	$	180,597		$	174,686			3.4	%
AIUS		3,977			3,847			3.4	%		35,950			32,756			9.8	%
USAHS ⁽¹⁾		5,169			(2,640	)	NM				3,211			(2,640	)	NM
Corporate and Other		(6,459	)		(7,107	)	NM				(23,758	)		(30,549	)	NM
Total	$	41,915		$	37,175			12.8	%	$	196,000		$	174,253			12.5	%

(1)	Perdoceo completed the acquisition of USAHS on December 2, 2024.

ADJUSTED OPERATING INCOME

The Company believes it is useful to present non-GAAP financial measures, such as adjusted operating income, which exclude certain non-cash items, as a means to better understand its operating performance. (See the table below and the GAAP to non-GAAP reconciliations attached to this press release for further details.)

For the quarter ended December 31, 2025, adjusted operating income of $51.6 million increased 20.8% compared to adjusted operating income of $42.7 million for the prior year quarter.
For the year ended December 31, 2025, adjusted operating income of $237.6 million increased 25.8% compared to adjusted operating income of $188.9 million for the prior year.

	For the Quarter Ended December 31,					For the Year Ended December 31,
Adjusted Operating Income ($ in thousands)	2025			2024		2025			2024
Operating income	$	41,915		$	37,175	$	196,000		$	174,253

Depreciation and amortization		9,657			5,507		41,627			14,645

Adjusted Operating Income	$	51,572		$	42,682	$	237,627		$	188,898

Increase (Decrease)		*20.8*	%				*25.8*	%

NET INCOME, EARNINGS PER DILUTED SHARE AND ADJUSTED EARNINGS PER DILUTED SHARE

For the quarter ended December 31, 2025, the Company recorded:

Net income of $35.3 million compared to $31.5 million for the prior year quarter.
Earnings per diluted share of $0.54 compared to $0.47 for the prior year quarter.
Adjusted earnings per diluted share of $0.59 compared to $0.49 for the prior year quarter. (See the GAAP to non-GAAP reconciliations attached to this press release for further details.)

For the year ended December 31, 2025, the Company recorded:

Net income of $159.9 million compared to $147.6 million for the prior year.
Earnings per diluted share of $2.42 compared to $2.19 for the prior year.
Adjusted earnings per diluted share of $2.61 compared to $2.26 for the prior year. (See the GAAP to non-GAAP reconciliations attached to this press release for further details.)

	For the Quarter Ended December 31,				For the Year Ended December 31,
	2025		2024		2025		2024
Net income ($ in thousands)	$	35,348	$	31,464	$	159,914	$	147,590
Earnings per diluted share	$	0.54	$	0.47	$	2.42	$	2.19
Adjusted earnings per diluted share	$	0.59	$	0.49	$	2.61	$	2.26

CAPITAL ALLOCATION

During the year ended December 31, 2025, the Company repurchased 4.1 million shares of its common stock for $120.8 million at an average price of $29.17 per share and during the quarter ended December 31, 2025, the Company repurchased 1.8 million shares for $54.1 million at an average price of $29.28 per share.

On January 2, 2026, the board of directors of the Company approved a new common stock repurchase program, authorizing the Company to repurchase up to $100.0 million of its outstanding common stock on the open market. The timing of purchases and the number of shares purchased under the stock repurchase program will depend on a variety of factors including stock price, trading volume and other general market and economic conditions, the Company’s assessment of alternative uses of capital, regulatory requirements and other factors.

On February 19, 2026 the board of directors declared a quarterly dividend of $0.15 per share, which will be paid on March 13, 2026 to holders of record of common stock as of March 2, 2026. Any decision to pay future cash dividends, however, will be made by the board of directors and depend on the Company’s available retained earnings, financial condition and other relevant factors. The Company expects quarterly dividend payments to be an integral and growing part of its balanced capital allocation strategy that also prioritizes investments in student support and technology projects, as well as evaluating future acquisitions and share repurchases.

BALANCE SHEET AND CASH FLOW

For the quarter ended December 31, 2025, net cash provided by operating activities was $40.1 million, compared to net cash provided by operating activities of $17.6 million for the prior year quarter.
For the year ended December 31, 2025, net cash provided by operating activities was $225.2 million, compared to net cash provided by operating activities of $161.6 million for the prior year.
As of December 31, 2025 and December 31, 2024, cash, cash equivalents, restricted cash and available-for-sale short-term investments totaled $643.5 million and $591.5 million, respectively.

	For the Quarter Ended December 31,							For the Year Ended December 31,
Selected Cash Flow Items ($ in thousands)	2025		2024		% Change			2025		2024		% Change
Net cash provided by operating activities	$	40,110	$	17,599		127.9	%	$	225,240	$	161,594		39.4	%
Capital expenditures	$	2,234	$	1,628		37.2	%	$	8,576	$	4,625		85.4	%

OUTLOOK

The Company is providing the following first quarter and full year 2026 outlook, subject to the key assumptions identified below. Please see the GAAP to non-GAAP reconciliations for adjusted operating income and adjusted earnings per diluted share attached to this press release for further details.

	Total Company Outlook
	For the Quarter Ending March 31,		For the Year Ending December 31,
	OUTLOOK	ACTUAL	OUTLOOK	ACTUAL
	2026	2025	2026	2025
Operating Income	$58.6M – $60.6M	$51.7M	$212.8M – $225.8M	$196.0M

Depreciation and amortization	$9.4M	$11.8M	$37.2M	$41.6M

Adjusted Operating Income	$68.0M – $70.0M	$63.5M	$250.0M – $263.0M	$237.6M

Earnings Per Diluted Share	$0.78 – $0.80	$0.65	$2.78 – $2.93	$2.42

Amortization of acquired intangible assets	0.07	0.06	0.25	0.26
Tax effect of adjustments	(0.02)	(0.01)	(0.06)	(0.07)

Adjusted Earnings Per Diluted Share	$0.83 – $0.85	$0.70	$2.97 – $3.12	$2.61

Operating income, which is the most directly comparable GAAP measure to adjusted operating income, and earnings per diluted share, which is the most directly comparable GAAP measure to adjusted earnings per diluted share, may not follow the same trends stated in the outlook above because of adjustments made for certain non-cash items. The operating income, adjusted operating income, earnings per share and adjusted earnings per share outlook provided above for the first quarter ending March 31, 2026 and year ending December 31, 2026 are based on the following key assumptions and factors, among others: (i) prospective student interest in the Company’s programs and trends in student retention and engagement remain consistent with management’s recent experiences, (ii) no material impact from current or future federal budget reconciliation or other legislative processes on the availability of current levels of federal student aid or the conditions associated with participating in such aid programs, (iii) no significant impact from new or proposed regulations, or from updated interpretations of current regulations, administrative actions by or changes in the structure of federal agencies or other adverse changes in the legal or regulatory environment, including government shutdowns, which may require operational changes in the way the Company’s academic institutions attract, connect with, enroll, support and educate current and prospective students, among other impacts, (iv) any impact on total student enrollments due to elimination of the Grad plus loan program will not be material and prospective students will have access to private lending, (v) no significant operating impacts from the settlement with the U.S. Federal Trade Commission or other legal or regulatory matters, (vi) no material disruptions to the availability of the current levels of federal student aid whether due to the restructuring of federal agencies, government shutdowns, staffing related changes or layoffs or changes to congressional funding priorities, (vii) no material impact from the increased use of AI by prospective students in lieu of search engines, (viii) earnings per diluted share outlook assumes an effective income tax rate of approximately 21.5% for the first quarter and approximately 24.0% for the full year, and (ix) excludes any future impact from the Company’s stock repurchase program. Although these estimates and assumptions are based upon management’s good faith beliefs regarding current and future circumstances and actions that may be undertaken, actual results could differ materially from these estimates. In addition, decisions the Company makes in the future as it continues to evaluate diverse strategies to enhance stockholder value may impact the outlook provided above.

CONFERENCE CALL INFORMATION

Perdoceo Education Corporation will host a conference call on Thursday, February 19, 2026 at 5:00 p.m. Eastern time to discuss fourth quarter and full year 2025 results and 2026 outlook. Interested parties can access the live webcast of the conference call at www.perdoceoed.com in the Investor Relations section of the website. Participants can also listen to the conference call by dialing 1-800-715-9871 (domestic) or 1-646-307-1963 (international). Both dial-in numbers will use the access code 4671240. Viewers can also access the conference call by following this link https://events.q4inc.com/attendee/379013972. Please log-in or dial-in at least 10 minutes prior to the start time to ensure a connection. An archived version of the webcast will be accessible for 90 days at www.perdoceoed.com in the Investor Relations section of the website.

ABOUT PERDOCEO EDUCATION CORPORATION

Perdoceo’s accredited academic institutions offer a quality postsecondary education to a diverse student population, with fully online, campus-based and hybrid learning programs. The Company’s academic institutions – Colorado Technical University (“CTU”), the American InterContinental University System (“AIUS” or “AIU System”) and University of St. Augustine for Health Sciences (“USAHS”) – provide degree programs from the associate through doctoral level as well as non-degree seeking and professional development programs. Our academic institutions offer students industry-relevant and career-focused academic programs that are designed to meet the educational needs of today’s busy adults. CTU and AIUS continue to show innovation in higher education, advancing personalized learning technologies like their intellipath® learning platform and using data analytics and technology to serve and educate students while enhancing overall learning and academic experiences. USAHS prepares medical professionals to provide quality medical care to communities across the country primarily through its graduate health sciences degree offerings in physical therapy, occupational therapy, speech language therapy and nursing, as well as continuing education programs. Perdoceo’s academic institutions are committed to providing quality education that closes the gap between learners who seek to advance their careers and employers and communities needing a qualified workforce. For more information, please visit www.perdoceoed.com.

Except for the historical and current factual information contained herein, the matters set forth in this release, including statements identified by words such as “believe,” “will,” “expect,” “continue,” “outlook,” “remain,” “focused on,” “should” and similar expressions, are forward-looking statements as defined in Section 21E of the Securities Exchange Act of 1934, as amended. These statements are based on information currently available to us and are subject to various assumptions, risks, uncertainties and other factors that could cause our results of operations, financial condition, cash flows, performance, business prospects and opportunities to differ materially from those expressed in, or implied by, these statements. Except as expressly required by the federal securities laws, we undertake no obligation to update or revise such factors or any of the forward-looking statements contained herein to reflect future events, developments or changed circumstances, or for any other reason. These risks and uncertainties, the outcomes of which could materially and adversely affect our financial condition and results of operations, include, but are not limited to, the following: declines in enrollment or interest in our programs or our ability to attract and connect with prospective students; our continued compliance with and eligibility to participate in Title IV Programs under the Higher Education Act of 1965, as amended, and the regulations thereunder (including the new 90-10, earnings premium, financial responsibility and administrative capability standards prescribed by the U.S. Department of Education, the “Department”), as well as applicable accreditation standards and state regulatory requirements; the impact of various versions of “borrower defense to repayment” regulations; the final outcome of various legal challenges to the Department’s loan discharge and forgiveness efforts; rulemaking or changing interpretations of existing regulations, guidance or historical practices by the Department, or any state or accreditor and increased focus by Congress and governmental agencies on, or increased negative publicity about, for-profit education institutions; the impact of any federal budget reconciliation or other legislative process on the availability of adequate levels of federal student aid or the conditions associated with participating in such aid programs; the success of our initiatives to improve student experiences, retention and academic outcomes; our continued ability to participate in educational assistance programs for key employers, veterans or other military personnel; our ability to pay dividends on our common stock and execute our stock repurchase program; increased competition; the impact of management changes; and changes in the overall U.S. economy. Further information about these and other relevant risks and uncertainties may be found in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 and its subsequent filings with the Securities and Exchange Commission.

PERDOCEO EDUCATION CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands)
	December 31,			December 31,
	2025			2024

ASSETS
CURRENT ASSETS:
Cash and cash equivalents, unrestricted	$	110,970		$	109,130
Restricted cash		21,310			22,623
Short-term investments		511,211			459,795
Total cash and cash equivalents, restricted cash and short-term investments		643,491			591,548

Student receivables, net		27,197			22,807
Receivables, other		5,037			5,330
Prepaid expenses		16,881			16,910
Inventories		4,049			3,388
Other current assets		208			171
Total current assets		696,863			640,154

NON-CURRENT ASSETS:
Property and equipment, net		83,314			95,508
Right of use assets, net – operating		43,290			50,099
Right of use assets, net – finance		10,259			15,375
Goodwill		265,697			258,012
Intangible assets, net		77,945			95,006
Student receivables, net		4,811			6,195
Deferred income tax assets, net		57,438			68,774
Other assets		8,100			7,911
TOTAL ASSETS	$	1,247,717		$	1,237,034

LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Lease liabilities – operating	$	6,032		$	7,792
Lease liabilities – finance		5,458			5,466
Accounts payable		14,271			12,805
Accrued expenses:
Payroll and related benefits		44,363			35,059
Advertising and marketing costs		7,838			8,135
Income taxes		5,627			4,926
Other		16,374			21,239
Deferred revenue		37,844			36,740
Total current liabilities		137,807			132,162

NON-CURRENT LIABILITIES:
Lease liabilities – operating		43,752			50,224
Lease liabilities – finance		6,097			11,555
Sale lease-back financing		56,992			–
Construction financing		–			56,500
Other liabilities		30,657			27,057
Total non-current liabilities		137,498			145,336

STOCKHOLDERS’ EQUITY:
Preferred stock		–			–
Common stock		921			910
Additional paid-in capital		720,574			707,212
Accumulated other comprehensive income		1,070			166
Retained earnings		718,365			595,672
Treasury stock		(468,518	)		(344,424	)
Total stockholders’ equity		972,412			959,536
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	1,247,717		$	1,237,034

PERDOCEO EDUCATION CORPORATION AND SUBSIDIARIES UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME (In thousands, except per share amounts and percentages)
	For the Quarter Ended December 31,
	2025			% of Total Revenue			2024			% of Total Revenue
REVENUE:
Tuition and fees, net	$	210,505			99.5	%	$	175,227			99.3	%
Other		1,134			0.5	%		1,204			0.7	%
Total revenue		211,639						176,431
OPERATING EXPENSES:
Educational services and facilities		49,616			23.4	%		35,199			20.0	%
General and administrative		110,445			52.2	%		96,565			54.7	%
Depreciation and amortization		9,657			4.6	%		5,507			3.1	%
Asset impairment		6			0.0	%		1,985			1.1	%
Total operating expenses		169,724			80.2	%		139,256			78.9	%
Operating income		41,915			19.8	%		37,175			21.1	%
OTHER INCOME:
Interest income		6,722			3.2	%		7,308			4.1	%
Interest expense		(1,580	)		-0.7	%		(84	)		0.0	%
Miscellaneous income (expense)		1,015			0.5	%		(1,186	)		-0.7	%
Total other income		6,157			2.9	%		6,038			3.4	%
PRETAX INCOME		48,072			22.7	%		43,213			24.5	%
Provision for income taxes		12,724			6.0	%		11,749			6.7	%

NET INCOME		35,348			16.7	%		31,464			17.8	%

NET INCOME PER SHARE – BASIC:	$	0.56					$	0.48

NET INCOME PER SHARE – DILUTED:	$	0.54					$	0.47

WEIGHTED AVERAGE SHARES OUTSTANDING:
Basic		63,586						65,718
Diluted		64,974						67,456

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
	For the Quarter Ended December 31,
(In Thousands)	2025						2024
NET INCOME	$	35,348					$	31,464
OTHER COMPREHENSIVE LOSS, net of tax:
Foreign currency translation adjustments		45						(35	)
Unrealized loss on investments		(205	)					(1,367	)
Total other comprehensive loss		(160	)					(1,402	)
COMPREHENSIVE INCOME	$	35,188					$	30,062

PERDOCEO EDUCATION CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF INCOME (In thousands, except per share amounts and percentages)
	For the Year Ended December 31,
	2025			% of Total Revenue			2024			% of Total Revenue
REVENUE:
Tuition and fees, net	$	841,402			99.4	%	$	676,071			99.2	%
Other		4,694			0.6	%		5,192			0.8	%
Total revenue		846,096						681,263
OPERATING EXPENSES:
Educational services and facilities		197,540			23.3	%		120,860			17.7	%
General and administrative		410,923			48.6	%		367,052			53.9	%
Depreciation and amortization		41,627			4.9	%		14,645			2.1	%
Asset impairment		6			0.0	%		4,453			0.7	%
Total operating expenses		650,096			76.8	%		507,010			74.4	%
Operating income		196,000			23.2	%		174,253			25.6	%
OTHER INCOME:
Interest income		26,310			3.1	%		28,993			4.3	%
Interest expense		(6,465	)		-0.8	%		(613	)		-0.1	%
Miscellaneous income (expense)		991			0.1	%		(1,193	)		-0.2	%
Total other income		20,836			2.5	%		27,187			4.0	%
PRETAX INCOME		216,836			25.6	%		201,440			29.6	%
Provision for income taxes		56,922			6.7	%		53,850			7.9	%

NET INCOME		159,914			18.9	%		147,590			21.7	%

NET INCOME PER SHARE – BASIC:	$	2.47					$	2.25

NET INCOME PER SHARE -DILUTED:	$	2.42					$	2.19

WEIGHTED AVERAGE SHARES OUTSTANDING:
Basic		64,805						65,646
Diluted		66,156						67,242

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
	For the Year Ended December 31,
(In Thousands)	2025						2024
NET INCOME	$	159,914					$	147,590
OTHER COMPREHENSIVE INCOME, net of tax:
Foreign currency translation adjustments		45						(28	)
Unrealized gain on investments		859						860
Total other comprehensive income		904						832
COMPREHENSIVE INCOME	$	160,818					$	148,422

PERDOCEO EDUCATION CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands)
	For the Year Ended December 31,
	2025			2024
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$	159,914		$	147,590
Adjustments to reconcile net income to net cash provided by operating activities:
Asset impairment		6			4,453
Depreciation and amortization expense		41,627			14,645
Bad debt expense		29,492			33,719
Compensation expense related to share-based awards		11,730			10,188
Deferred income taxes		3,830			2,656
Changes in operating assets and liabilities:
Student receivables, gross		(4,898	)		(4	)
Allowance for credit losses		(27,601	)		(27,981	)
Receivables, other		(2,072	)		(8,052	)
Inventories, prepaid expenses, and other current assets		2,510			4,473
Other non-current assets		(383	)		692
Accounts payable		1,466			(727	)
Accrued expenses and other non-current liabilities		9,937			(5,792	)
Deferred revenue		1,104			(10,612	)
Right of use asset and lease liability – operating leases		(1,422	)		(3,654	)
Net cash provided by operating activities		225,240			161,594

CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of available-for-sale investments		(392,760	)		(412,894	)
Sales of available-for-sale investments		345,803			447,502
Purchases of property and equipment		(8,576	)		(4,625	)
Business acquisitions, net of cash acquired		854			(137,766	)
Sale of equity method investment		1,038
Net cash used in investing activities		(53,641	)		(107,783	)

CASH FLOWS FROM FINANCING ACTIVITIES:
Purchase of treasury stock		(120,793	)		(6,769	)
Issuance of common stock		1,643			2,234
Payments of employee tax associated with stock compensation		(7,544	)		(3,436	)
Payments of cash dividends and dividend equivalents		(36,855	)		(31,699	)
Release of cash held in escrow		(300	)		(276	)
Earnout payments for business acquisition		(1,757	)		–
Principal payments for finance leases		(4,977	)		(398	)
Principal payments for failed sale leaseback		(489	)		(735	)
Net cash used in financing activities		(171,072	)		(41,079	)
NET INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH		527			12,732
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of the period		131,753			119,021
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of the period	$	132,280		$	131,753

PERDOCEO EDUCATION CORPORATION AND SUBSIDIARIES

UNAUDITED RECONCILIATION OF GAAP TO NON-GAAP ITEMS ⁽¹⁾

(In thousands, unless otherwise noted)

For the Quarter Ended December 31,

For the Year Ended December 31,

ACTUAL

Adjusted Operating Income

2025

2024

2025

2024

Operating income

41,915

37,175

196,000

174,253

Depreciation and amortization⁽²⁾

9,657

5,507

41,627

14,645

Adjusted Operating Income

51,572

42,682

237,627

188,898

For the Quarter Ending March 31,

For the Year Ending December 31,

OUTLOOK

ACTUAL

OUTLOOK

ACTUAL

2026

2025

2026

2025

Operating income

$58.6M – $60.6M

51,727

$212.8M – $225.8M

196,000

Depreciation and amortization⁽²⁾

9.4M

11,807

37.2M

41,627

Adjusted Operating Income

$68.0M – $70.0M

63,534

$250.0M – $263.0M

237,627

PERDOCEO EDUCATION CORPORATION AND SUBSIDIARIES UNAUDITED RECONCILIATION OF GAAP TO NON-GAAP ITEMS ⁽¹⁾ (cont’d)

	For the Quarter Ended December 31,						For the Year Ended December 31,
	ACTUAL						ACTUAL
	2025			2024			2025			2024
Earnings Per Diluted Share	$	0.54		$	0.47		$	2.42		$	2.19

Pre-tax adjustments included in operating expenses:
Amortization for acquired intangible assets ⁽²⁾		0.06			0.03			0.26			0.09
Total pre-tax adjustments	$	0.06		$	0.03		$	0.26		$	0.09
Tax effect of adjustments ⁽³⁾		(0.01	)		(0.01	)		(0.07	)		(0.02	)
Total adjustments after tax		0.05			0.02			0.19			0.07
Adjusted Earnings Per Diluted Share	$	0.59		$	0.49		$	2.61		$	2.26


	For the Quarter Ending March 31,						For the Year Ending December 31,
	OUTLOOK			ACTUAL			OUTLOOK			ACTUAL
	2026			2025			2026			2025
Earnings Per Diluted Share	$0.78 – $0.80			$	0.65		$2.78 – $2.93			$	2.42

Pre-tax adjustments included in operating expenses:
Amortization for acquired intangible assets ⁽²⁾	0.07				0.06		0.25				0.26
Total pre-tax adjustments	$	0.07		$	0.06		$	0.25		$	0.26
Tax effect of adjustments ⁽³⁾	(0.02)			(0.01)			(0.06)				(0.07	)
Total adjustments after tax	0.05				0.05		0.19				0.19
Adjusted Earnings Per Diluted Share	$0.83 – $0.85			$	0.70		$2.97 – $3.12			$	2.61

PERDOCEO EDUCATION CORPORATION AND SUBSIDIARIES UNAUDITED RECONCILIATION OF GAAP TO NON-GAAP ITEMS ⁽¹⁾ (cont’d)
(1)	The Company believes it is useful to present non-GAAP financial measures, such as adjusted operating income, which may exclude certain non-cash items as a means to understand the core performance of its operations. As a general matter, the Company uses non-GAAP financial measures in conjunction with results presented in accordance with GAAP to help better analyze the performance of its operations, assist with preparing the annual operating plan, and measure performance for some forms of compensation. In addition, the Company believes that non-GAAP financial information is used by analysts and others in the investment community to analyze the Company’s historical results and to provide estimates of future performance.
	Adjusted operating income and adjusted earnings per diluted share have limitations as an analytical tool, and should not be considered in isolation, or as a substitute for net income, operating income, earnings per diluted share, or any other performance measure derived in accordance with and reported under GAAP or as an alternative to cash flow from operating activities or as a measure of liquidity.
	Non-GAAP financial measures, when viewed in a reconciliation to corresponding GAAP financial measures, provide an additional way of viewing the Company’s results of operations and the factors and trends affecting the Company’s business. Non-GAAP financial measures should be considered as a supplement to, and not as a substitute for, or superior to, the corresponding financial results presented in accordance with GAAP.
	Results of operations include the USAHS acquisition as of December 2, 2024.
(2)	Amortization for acquired intangible assets relate to definite-lived intangible assets associated with acquisitions.
(3)	The tax effect of adjustments was calculated by multiplying the pre-tax adjustments with a tax rate of 25.0%. This tax rate is intended to reflect federal and state taxable jurisdictions as well as the nature of the adjustments.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260219790172/en/

Investors:

Alpha IR Group

Nick Nelson or Daniel Naik

(312) 445-2870

[email protected]

Media:

Perdoceo Education Corporation

(847) 585-2600

[email protected]

KEYWORDS: Illinois United States North America

INDUSTRY KEYWORDS: Other Education Continuing University Training Education

MEDIA:

Logo

February 19, 2026 4:12 pm

Candel Therapeutics Announces $100M Royalty Funding Agreement with RTW to Support the Potential Launch of Aglatimagene Besadenovec (CAN-2409) in Localized Prostate Cancer

RTW committed $100M in U.S. launch funding, subject to U.S. Food and Drug Administration (FDA) approval of aglatimagene besadenovec (aglatimagene or CAN-2409) for intermediate- to high-risk localized prostate cancer
Royalties based on annual net sales of aglatimagene in the U.S.
Funds will strengthen the Company’s balance sheet for potential U.S. commercial launch of aglatimagene in intermediate- to high-risk localized prostate cancer

NEEDHAM, Mass., Feb. 19, 2026 (GLOBE NEWSWIRE) — Candel Therapeutics, Inc. (Candel or the Company) (Nasdaq: CADL), a clinical-stage biopharmaceutical company focused on developing multimodal biological immunotherapies to help patients fight cancer, today announced a $100 million royalty funding agreement with funds managed by RTW Investments, LP (RTW), subject to FDA approval of aglatimagene in intermediate- to high-risk, localized prostate cancer.

“This non-dilutive strategic financing will support the U.S. launch of aglatimagene besadenovec, assuming FDA approval, and will allow us to further invest in what we believe will be a world class commercial program,” said Paul Peter Tak, M.D., Ph.D., FMedSci, President and CEO of Candel. “We remain on track to submit the BLA for aglatimagene in Q4 of this year, and we look forward to collaborating with the FDA to pursue an expeditious approval of aglatimagene. We are thrilled with our RTW partnership, as we seek to provide a new treatment option for patients in the early stages of prostate cancer who are treated with curative intent, a disease that has seen minimal innovation over the past two decades.”

“The pivotal phase 3 clinical trial demonstrated the potential of aglatimagene besadenovec in early, localized prostate cancer, and today’s commitment reflects our confidence in Candel and the strong commercial potential of this therapy,” said Roderick Wong, M.D., Managing Partner and Chief Investment Officer, RTW Investments, LP. “We are proud to partner with the Candel management team and look forward to supporting their efforts to bring this meaningful treatment to patients with localized prostate cancer.”

The commercial launch royalty financing will become available upon FDA’s approval of aglatimagene, and satisfaction of certain other customary conditions. Under the terms of the agreement, RTW will receive a tiered single digit percentage of annual net sales of aglatimagene in the U.S., subject to a cap.

About Candel Therapeutics

Candel is a clinical-stage biopharmaceutical company focused on developing off-the-shelf multimodal biological immunotherapies that elicit an individualized, systemic anti-tumor immune response to help patients fight cancer. Candel has established two clinical-stage multimodal biological immunotherapy platforms based on novel, genetically modified adenovirus and herpes simplex virus (HSV) gene constructs, respectively. Aglatimagene besadenovec (CAN-2409 or aglatimagene) is the lead product candidate from the adenovirus platform. The Company recently completed successful phase 2a clinical trials of aglatimagene in non-small cell lung cancer (NSCLC) and pancreatic ductal adenocarcinoma (PDAC), and a pivotal, placebo-controlled, phase 3 clinical trial of aglatimagene in localized prostate cancer, conducted under a Special Protocol Assessment agreed with the U.S. Food and Drug Administration (FDA). The FDA also granted Fast Track Designation and Regenerative Medicine Advanced Therapy Designation to aglatimagene for the treatment of newly diagnosed localized prostate cancer in patients with intermediate-to-high-risk disease, Fast Track Designation in NSCLC, and both Fast Track Designation and Orphan Drug Designation to aglatimagene for the treatment of PDAC.

Linoserpaturev (CAN-3110) is the lead product candidate from the HSV platform and is currently in an ongoing phase 1b clinical trial in recurrent high-grade glioma, evaluating the effects of repeat linoserpaturev injections. Initial results were published in Nature and Science Translational Medicine and linoserpaturev received Fast Track Designation and Orphan Drug Designation from the FDA. Finally, Candel’s enLIGHTEN™ Discovery Platform is a systematic, iterative HSV-based discovery platform leveraging human biology and advanced analytics to create new viral immunotherapies for solid tumors.

For more information about Candel, visit: www.candeltx.com

Forward-Looking Statements

Various statements in this release concerning the timing, size, structure and completion of the proposed public offering on the anticipated terms or at all may constitute forward-looking statements for the purposes of the safe harbor provisions under the Private Securities Litigation Reform Act of 1995, as amended, and other federal securities laws. All such forward-looking statements are based on management’s current expectations of future events and are subject to a number of substantial risks and uncertainties, many of which are outside Candel’s control, that could cause actual results to differ materially and adversely from those set forth in or implied by such forward-looking statements. These risks and uncertainties include fluctuations in Candel’s stock price, changes in market conditions, the final terms of the public offering and satisfaction of customary closing conditions related to the public offering, as well as those risks more fully discussed in the section entitled “Risk Factors” in the prospectus supplement and registration statement referenced above, Candel’s Annual Report on Form 10-K for the year ended December 31, 2024, filed on March 13, 2025 with the SEC and subsequent filings with the SEC including Candel’s Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. There can be no assurance that Candel will be able to complete the public offering on the anticipated terms. Accordingly, you should not place undue reliance on these forward-looking statements. All such statements speak only as of the date made, and Candel undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, unless required by law.

Investor Contact

Theodore Jenkins
Vice President, Investor Relations and Business Development
Candel Therapeutics, Inc.
[email protected]

Media Contact

Ben Shannon
ICR Healthcare
[email protected]

February 19, 2026 4:12 pm

Armada Acquisition Corp. III Announces Closing of $248.5 Million Initial Public Offering

Armada Acquisition Corp. III Announces Closing of $248.5 Million Initial Public Offering

PHILADELPHIA–(BUSINESS WIRE)–
Armada Acquisition Corp. III (the “Company” or “AACI”) announced today the closing of its initial public offering of 24,850,000 units, including partial exercise of an over-allotment option, at $10.00 per unit. The offering resulted in gross proceeds to the Company of $248,500,000. The units began trading on the Nasdaq Global Market (“Nasdaq”) on February 18, 2026 under the ticker symbol “AACIU”. Each unit consists of one Class A ordinary share and one-half of one redeemable warrant. Each whole warrant entitles 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 warrants are expected to be listed on Nasdaq under the symbols “AACI” and “AACIW,” respectively.

AACI is led by Stephen P. Herbert, Chairman, Chief Executive Officer and Director, Douglas M. Lurio, President, Chief Financial Officer and Director, Mohammad A. Khan, Director, Thomas (Tad) A. Decker, Director, and Celso L. White, Director.

Cohen & Company Capital Markets, a division of Cohen & Company Securities, LLC, acted as lead book-runner, and Northland Capital Markets acted as joint book-runner for the offering. DLA Piper LLP (US) served as US legal counsel for the Company, Ogier (Cayman) LLP served as Cayman Islands legal counsel for the Company, Loeb & Loeb LLP served as legal counsel for the underwriters, and CBIZ CPAs P.C. acted as the auditor.

A registration statement relating to the securities was declared effective by the U.S. Securities and Exchange Commission (the “SEC”) on February 17, 2026. The offering was made only by means of a prospectus. Copies of the final prospectus may be obtained by contacting Cohen & Company Capital Markets, 3 Columbus Circle, 24th Floor, New York, NY 10019, Attention: Prospectus Department, or by email at: [email protected] or Northland Securities, Inc., 150 South 5th Street, Suite 3300, Minneapolis, MN 55402.

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 offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Armada Acquisition Corp. III

The Company is a special purpose acquisition company formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, recapitalization, reorganization or similar business combination with one or more businesses. Although the Company’s efforts to identify a prospective target business will not be limited to a particular industry or geographic region, the Company intends to focus on a target in the financial services (“FinTech”), Software-as-a-Service (“SaaS”), or generative artificial intelligence (“AI”) industries which the Company believes offer the most promising potential for acquisitions due to their strong growth and strategic alignment with our business goals.

Forward-Looking Statements

This press release contains statements that constitute “forward-looking statements, ” including with respect to the anticipated use of net proceeds. No assurance can be given that the net proceeds of the offering will be used as indicated. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company’s registration statement and 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260219639134/en/

Investor Contact:

Mike Bishop

Bishop IR, LLC

[email protected]

KEYWORDS: United States North America Pennsylvania

INDUSTRY KEYWORDS: Professional Services Technology Software Finance Fintech Artificial Intelligence Internet

MEDIA:

February 19, 2026 4:12 pm

Travere Therapeutics Reports Fourth Quarter and Full Year 2025 Financial Results

Travere Therapeutics Reports Fourth Quarter and Full Year 2025 Financial Results

U.S. net product sales of FILSPARI reached $103 million, representing 108% growth compared to prior year period; all-time high 908 new PSFs received during the quarter

U.S. net product sales of FILSPARI totaled $322 million for full year 2025; total net product sales were $410 million for full year 2025

PDUFA target action date for FILSPARI in FSGS is April 13, 2026; Company positioned for a successful commercial launch, if approved

Enrollment activities have resumed for the pivotal Phase 3 HARMONY Study of pegtibatinase in classical HCU

SAN DIEGO–(BUSINESS WIRE)–
Travere Therapeutics, Inc. (NASDAQ: TVTX) today reported its fourth quarter and full year 2025 financial results and provided a corporate update.

“2025 marked a year of meaningful advancement for Travere, strengthening both our commercial execution and long-term growth outlook,” said Eric Dube, Ph.D., president and chief executive officer of Travere Therapeutics. “In IgA nephropathy, continued adoption of FILSPARI underscores its foundational positioning and the positive impact we are delivering for patients and physicians. At the same time, we are extending our leadership across rare kidney and metabolic diseases by finalizing preparations for a potential launch in FSGS and progressing the Phase 3 HARMONY Study of pegtibatinase in classical HCU. Together, these efforts enhance our potential to reach more patients in the near term while reinforcing a trajectory for sustainable, long-term growth.”

Financial Results for the Quarter and Year Ended December 31, 2025

U.S. net product sales for the fourth quarter of 2025 were $126.6 million, compared to $73.5 million for the same period in 2024. For the full year 2025, U.S. net product sales were $410.5 million, compared to $226.7 million for the same period in 2024. The increase is attributable to growth in sales of FILSPARI.

Research and development (R&D) expenses for the fourth quarter of 2025 were $57.9 million, compared to $62.1 million for the same period in 2024. For the full year 2025, R&D expenses were $206.0 million, compared to $217.5 million for the same period in 2024. The decrease is largely attributable to lower costs associated with the development of pegtibatinase and decreased expense related to the development of FILSPARI as the PROTECT and DUPLEX trials advance to completion. On a non-GAAP adjusted basis, R&D expenses were $54.0 million for the fourth quarter and $189.3 million for the full year 2025, compared to $58.6 million and $203.3 million for the same periods in 2024.

Selling, general, and administrative (SG&A) expenses for the fourth quarter of 2025 were $101.7 million, compared to $69.5 million for the same period in 2024. For the full year 2025, SG&A expenses were $337.2 million, compared to $264.1 million for the same period in 2024. The difference is largely attributable to investment in preparations for a potential FSGS launch in 2026, increased amortization expense related to capitalized FILSPARI royalties, and increased investment in the commercialization of FILSPARI in IgAN. On a non-GAAP adjusted basis, SG&A expenses were $76.0 million for the fourth quarter and $248.3 million for the full year 2025, compared to $51.6 million and $197.8 million for the same periods in 2024.

Total other income, net for the fourth quarter of 2025 was $11.4 million, compared to $0.4 million for the same period in 2024. For the full year 2025, total other income, net was $13.6 million, compared to $3.3 million in the same period in 2024.

Net income for the fourth quarter of 2025 was $2.7 million, or $0.03 per basic share, compared to a net loss of $60.3 million, or $0.73 per basic share for the same period in 2024. For the full year 2025, net loss was $25.5 million, or $0.29 per basic share, compared to $321.5 million, or $4.08 per basic share for the same period in 2024. On a non-GAAP adjusted basis, net income for the fourth quarter of 2025 was $33.3 million, or $0.37 per basic share, compared to a net loss of $39.0 million, or $0.47 per basic share for the same period in 2024. For the full year 2025, net income on a non-GAAP adjusted basis was $81.1 million, or $0.91 per basic share, compared to a net loss of $241.0 million, or $3.05 per basic shared for the same period in 2024.

As of December 31, 2025, the Company had cash, cash equivalents, and marketable securities of $322.8 million. The Company expects to receive a $25 million sales-based milestone payment from Mirum Pharmaceuticals in the first half of 2026.

Program Updates

FILSPARI^® (sparsentan) – IgA Nephropathy (IgAN)

908 new patient start forms (PSFs) were received during the fourth quarter, driven by continued demand from new and repeat prescribers.
U.S. net product sales of FILSPARI totaled $103.3 million in the fourth quarter of 2025, representing 108% growth versus the fourth quarter of 2024; full year 2025 net product sales of FILSPARI totaled $322.0 million, representing 144% growth versus full year 2024.
In 2026, the Company’s partner, Chugai Pharmaceutical, expects to submit a New Drug Application for sparsentan in Japan. Travere remains eligible to receive potential milestone payments related to the sparsentan regulatory process and net sales achievements in licensed territories, as well as tiered royalties.
The Company’s partner, CSL Limited, has launched FILSPARI in Germany, Austria, Switzerland, Luxembourg, and the UK, and Travere remains eligible to receive additional market access and sales-based milestones.
The SPARX Study evaluating FILSPARI in post-transplant patients with recurrent IgAN or FSGS is actively enrolling.
In 2026, the Company expects to continue generating clinical evidence to support FILSPARI’s role as foundational therapy in IgAN, including through ongoing and planned studies and presentations at key medical meetings.

FILSPARI^® (sparsentan) – Focal Segmental Glomerulosclerosis (FSGS)

The Company’s supplemental New Drug Application (sNDA) for FILSPARI in FSGS remains under review by the FDA with a Prescription Drug User Fee Act (PDUFA) target action date of April 13, 2026.
The Company is well positioned for a successful commercial launch of FILSPARI in FSGS, if approved.

Pegtibatinase (TVT-058) – Classical Homocystinuria (HCU)

Pegtibatinase has the potential to become the first and only disease-modifying therapy for people living with HCU. The Company recently restarted enrollment activities in the pivotal Phase 3 HARMONY Study.
The trial is expected to enroll approximately 70 patients aged 12 to 65 with a diagnosis of classical HCU and tHcy levels ≥50 µM while maintaining their standard-of-care treatment. Participants will be randomized 1:1 to receive 2.5 mg/kg of pegtibatinase or placebo, administered subcutaneously twice a week, for a 24-week blinded treatment duration. The primary endpoint is change from baseline in plasma tHcy levels, averaged across weeks 6 through 12, in patients receiving pegtibatinase compared with those receiving placebo.

Conference Call Information

Travere Therapeutics will host a conference call and webcast today, February 19, 2026, at 4:30 p.m. ET to discuss company updates as well as fourth quarter and full year 2025 financial results. To participate in the conference call, dial +1 (800) 549-8228 (U.S.) or +1 (646) 564-2877 (International), conference ID 86884 shortly before 4:30 p.m. ET. The webcast can be accessed on the Investor page of Travere’s website at ir.travere.com/events-presentations. Following the live webcast, an archived version of the call will be available for 30 days on the Company’s website.

Use of Non-GAAP Financial Measures

To supplement Travere’s financial results and guidance presented in accordance with U.S. generally accepted accounting principles (GAAP), the Company uses certain non-GAAP adjusted financial measures in this press release and the accompanying tables. The Company believes that these non-GAAP financial measures are helpful in understanding its past financial performance and potential future results. They are not meant to be considered in isolation or as a substitute for comparable GAAP measures and should be read in conjunction with the consolidated financial statements prepared in accordance with GAAP. Travere’s management regularly uses these supplemental non-GAAP financial measures internally to understand, manage and evaluate its business and make operating decisions. In addition, Travere believes that the use of these non-GAAP measures enhances the ability of investors to compare its results from period to period and allows for greater transparency with respect to key financial metrics the Company uses in making operating decisions.

Investors should note that these non-GAAP financial measures are not prepared under any comprehensive set of accounting rules or principles and do not reflect all of the amounts associated with the Company’s results of operations as determined in accordance with GAAP. Investors should also note that these non-GAAP financial measures have no standardized meaning prescribed by GAAP and, therefore, have limits in their usefulness to investors. In addition, from time to time in the future the Company may exclude other items, or cease to exclude items that it has historically excluded, for purposes of its non-GAAP financial measures; because of the non-standardized definitions, the non-GAAP financial measures as used by the Company in this press release and the accompanying tables may be calculated differently from, and therefore may not be directly comparable to, similarly titled measures used by the Company’s competitors and other companies.

As used in this press release, (i) the historical non-GAAP net income (loss) measures exclude from GAAP net income (loss), as applicable, stock-based compensation expense, amortization and depreciation expense, and income tax; (ii) the historical non-GAAP SG&A expense measures exclude from GAAP SG&A expenses, as applicable, stock-based compensation expense, and amortization and depreciation expense; (iii) the historical non-GAAP R&D expense measures exclude from GAAP R&D expenses, as applicable, stock-based compensation expense, and amortization and depreciation expense.

About Travere Therapeutics

At Travere Therapeutics, we are in rare for life. We are a biopharmaceutical company that comes together every day to help patients, families and caregivers of all backgrounds as they navigate life with a rare disease. On this path, we know the need for treatment options is urgent – that is why our global team works with the rare disease community to identify, develop and deliver life-changing therapies. In pursuit of this mission, we continuously seek to understand the diverse perspectives of rare patients and to courageously forge new paths to make a difference in their lives and provide hope – today and tomorrow. For more information, visit travere.com.

FILSPARI^® (sparsentan) U.S. Indication

FILSPARI (sparsentan) is indicated to slow kidney function decline in adults with primary immunoglobulin A nephropathy (IgAN) who are at risk for disease progression.

IMPORTANT SAFETY INFORMATION

BOXED WARNING: HEPATOTOXICITY AND EMBRYO-FETAL TOXICITY

Because of the risk of hepatotoxicity, FILSPARI is available only through a restricted program called the FILSPARI REMS. Under the FILSPARI REMS, prescribers, patients and pharmacies must enroll in the program.

Hepatotoxicity

Some Endothelin Receptor Antagonists (ERAs) have caused elevations of aminotransferases, hepatotoxicity, and liver failure. In clinical studies, elevations in aminotransferases (ALT or AST) of at least 3-times the Upper Limit of Normal (ULN) have been observed in up to 3.5% of FILSPARI-treated patients, including cases confirmed with rechallenge.

Measure transaminases and bilirubin before initiating treatment and then every 3 months during treatment. Interrupt treatment and closely monitor patients who develop aminotransferase elevations more than 3x ULN.

FILSPARI should generally be avoided in patients with elevated aminotransferases (>3x ULN) at baseline because monitoring for hepatotoxicity may be more difficult and these patients may be at increased risk for serious hepatotoxicity.

Embryo-Fetal Toxicity

FILSPARI is contraindicated for use during pregnancy because it may cause fetal harm if used by pregnant patients. Therefore, in patients who can become pregnant, exclude pregnancy prior to initiation of FILSPARI. Advise use of effective contraception before the initiation of treatment, during treatment, and for two weeks after discontinuation of treatment with FILSPARI. When pregnancy is detected, discontinue FILSPARI as soon as possible.

Contraindications

FILSPARI is contraindicated in patients who are pregnant. Do not coadminister FILSPARI with angiotensin receptor blockers (ARBs), ERAs, or aliskiren.

Warnings and Precautions

Hepatotoxicity: Elevations in ALT or AST of at least 3-fold ULN have been observed in up to 3.5% of FILSPARI-treated patients, including cases confirmed with rechallenge. While no concurrent elevations in bilirubin >2-times ULN or cases of liver failure were observed in FILSPARI-treated patients in clinical trials, some ERAs have caused elevations of aminotransferases, hepatotoxicity, and liver failure. To reduce the risk of potential serious hepatotoxicity, measure serum aminotransferase levels and total bilirubin prior to initiation of treatment and then every 3 months during treatment.

Advise patients with symptoms suggesting hepatotoxicity (nausea, vomiting, right upper quadrant pain, fatigue, anorexia, jaundice, dark urine, fever, or itching) to immediately stop treatment with FILSPARI and seek medical attention. If aminotransferase levels are abnormal at any time during treatment, interrupt FILSPARI and monitor as recommended.

Consider re-initiation of FILSPARI only when hepatic enzyme levels and bilirubin return to pretreatment values and only in patients who have not experienced clinical symptoms of hepatotoxicity. Avoid initiation of FILSPARI in patients with elevated aminotransferases (>3x ULN) because monitoring hepatotoxicity in these patients may be more difficult and these patients may be at increased risk for serious hepatotoxicity.

FILSPARI REMS: Due to the risk of hepatotoxicity, FILSPARI is available only through a restricted program called the FILSPARI REMS. Prescribers, patients, and pharmacies must be enrolled in the REMS program and comply with all requirements (www.filsparirems.com).
Embryo-Fetal Toxicity: Based on data from animal reproduction studies, FILSPARI may cause fetal harm when administered to a pregnant patient and is contraindicated during pregnancy. The available human data for ERAs do not establish the presence or absence of fetal harm related to the use of FILSPARI. Counsel patients who can become pregnant of the potential risk to a fetus. Exclude pregnancy before initiating treatment with FILSPARI. Advise patients who can become pregnant to use effective contraception prior to initiation of treatment, during treatment, and for two weeks after discontinuation of treatment with FILSPARI. When pregnancy is detected, discontinue FILSPARI as soon as possible.
Hypotension: Hypotension has been observed in patients treated with ARBs and ERAs. There was a greater incidence of hypotension-associated adverse events, some serious, including dizziness, in patients treated with FILSPARI compared to irbesartan. In patients at risk for hypotension, consider eliminating or adjusting other antihypertensive medications and maintaining appropriate volume status. If hypotension develops, despite elimination or reduction of other antihypertensive medications, consider a dose reduction or dose interruption of FILSPARI. A transient hypotensive response is not a contraindication to further dosing of FILSPARI, which can be given once blood pressure has stabilized.
Acute Kidney Injury: Monitor kidney function periodically. Drugs that inhibit the renin-angiotensin system (RAS) can cause kidney injury. Patients whose kidney function may depend in part on the activity of the RAS (e.g., patients with renal artery stenosis, chronic kidney disease, severe congestive heart failure, or volume depletion) may be at particular risk of developing acute kidney injury on FILSPARI. Consider withholding or discontinuing therapy in patients who develop a clinically significant decrease in kidney function while on FILSPARI.
Hyperkalemia: Monitor serum potassium periodically and treat appropriately. Patients with advanced kidney disease, taking concomitant potassium-increasing drugs (e.g., potassium supplements, potassium-sparing diuretics), or using potassium-containing salt substitutes are at increased risk for developing hyperkalemia. Dosage reduction or discontinuation of FILSPARI may be required.
Fluid Retention: Fluid retention may occur with ERAs, and has been observed in clinical studies with FILSPARI. FILSPARI has not been evaluated in patients with heart failure. If clinically significant fluid retention develops, evaluate the patient to determine the cause and the potential need to initiate or modify the dose of diuretic treatment then consider modifying the dose of FILSPARI.

Most common adverse reactions

The most common adverse reactions (≥5%) are hyperkalemia, hypotension (including orthostatic hypotension), peripheral edema, dizziness, anemia, and acute kidney injury.

Drug interactions

Renin-Angiotensin System (RAS) Inhibitors and ERAs: Do not coadminister FILSPARI with ARBs, ERAs, or aliskiren due to increased risks of hypotension, syncope, hyperkalemia, and changes in renal function (including acute renal failure).
Strong and Moderate CYP3A Inhibitors: Avoid concomitant use of FILSPARI with strong CYP3A inhibitors. If a strong CYP3A inhibitor cannot be avoided, interrupt FILSPARI treatment. When resuming treatment with FILSPARI, consider dose titration. Monitor blood pressure, serum potassium, edema, and kidney function regularly when used concomitantly with moderate CYP3A inhibitors. Concomitant use with a strong CYP3A inhibitor increases sparsentan exposure which may increase the risk of FILSPARI adverse reactions.
Strong CYP3A Inducers: Avoid concomitant use with a strong CYP3A inducer. Concomitant use with a strong CYP3A inducer decreases sparsentan exposure which may reduce FILSPARI efficacy.
Antacids and Acid Reducing Agents: Administer FILSPARI 2 hours before or after administration of antacids. Avoid concomitant use of acid reducing agents (histamine H2 receptor antagonist and PPI proton pump inhibitor) with FILSPARI. Sparsentan exhibits pH-dependent solubility. Antacids or acid reducing agents may decrease sparsentan exposure which may reduce FILSPARI efficacy.
Non-Steroidal Anti-Inflammatory Agents (NSAIDs), Including Selective Cyclooxygenase-2 (COX-2) Inhibitors: Monitor for signs of worsening renal function with concomitant use with NSAIDs (including selective COX-2 inhibitors). In patients with volume depletion (including those on diuretic therapy) or with impaired kidney function, concomitant use of NSAIDs (including selective COX-2 inhibitors) with drugs that antagonize the angiotensin II receptor may result in deterioration of kidney function, including possible kidney failure.
CYP2B6, 2C9, and 2C19 Substrates: Monitor for efficacy of concurrently administered CYP2B6, 2C9, and 2C19 substrates and consider dosage adjustment in accordance with the Prescribing Information. Sparsentan decreases exposure of these substrates, which may reduce efficacy related to these substrates.
P-gp and BCRP Substrates: Avoid concomitant use of sensitive substrates of P-gp and BCRP with FILSPARI. Sparsentan may increase exposure of these transporter substrates which may increase the risk of adverse reactions related to these substrates.
Agents Increasing Serum Potassium: Monitor serum potassium frequently in patients treated with FILSPARI and other agents that increase serum potassium. Concomitant use of FILSPARI with potassium-sparing diuretics, potassium supplements, potassium-containing salt substitutes, or other drugs that raise serum potassium levels may result in hyperkalemia.

Please see the full Prescribing Information, including BOXED WARNING, for additional Important Safety Information.

Forward-Looking Statements

This press release contains “forward-looking statements” as that term is defined in the Private Securities Litigation Reform Act of 1995. Without limiting the foregoing, these statements are often identified by the words “on-track,” “positioned,” “look forward to,” “will,” “would,” “may,” “might,” “believes,” “anticipates,” “plans,” “expects,” “intends,” “potential,” or similar expressions. In addition, expressions of strategies, intentions or plans are also forward-looking statements. Such forward-looking statements include, but are not limited to, references to: continued progress with the FILSPARI launch in IgAN; statements regarding the Company’s expectations to continue generating clinical evidence to support FILSPARI’s role as foundational therapy in IgAN; statements and expectations regarding the potential to reach more patients in the near term; statements and expectations regarding the Company’s long-term growth outlook and trajectory; statements and expectations regarding the continued adoption and foundational positioning of FILSPARI in IgAN; statements and expectations regarding FDA’s review of the Company’s sNDA for FILSPARI in FSGS, and the expected timing and outcome thereof; statements regarding the Company’s positioning for a successful commercial launch in FSGS, if approved; statements and expectations regarding the Company’s pivotal Phase 3 HARMONY Study, including expectations regarding the timing and outcome thereof; statements regarding the potential for pegtibatinase to become the first and only disease-modifying therapy for people living with HCU; statements and expectations regarding the other clinical studies described herein; statements and expectations regarding potential milestone and royalty payments and the potential achievement and timing thereof; statements and expectations regarding the activities of the Company’s partners and collaborators; and statements regarding financial metrics and expectations related thereto. Such forward-looking statements are based on current expectations and involve inherent risks and uncertainties, including factors that could delay, divert or change any of them, and could cause actual outcomes and results to differ materially from current expectations. No forward-looking statement can be guaranteed. Among the factors that could cause actual results to differ materially from those indicated in the forward-looking statements are risks and uncertainties related to the Company’s sNDA for FILSPARI in FSGS, including the timing and outcome thereof. There is no guarantee that the FDA will grant approval of FILSPARI for FSGS on the anticipated timeline, or at all. The Company also faces risks and uncertainties related to its business and finances in general, the success of its commercial products, risks and uncertainties associated with its preclinical and clinical stage pipeline, risks and uncertainties associated with the regulatory review and approval process, risks and uncertainties associated with enrollment of clinical trials for rare diseases, and risks that ongoing or planned clinical trials may not succeed or may be delayed for safety, regulatory or other reasons. Specifically, the Company faces risks associated with the ongoing commercial launch of FILSPARI in IgAN, the timing and potential outcome of its and its partners’ clinical studies, market acceptance of its commercial products including efficacy, safety, price, reimbursement, and benefit over competing therapies, risks related to the challenges of manufacturing scale-up, risks associated with the successful development and execution of commercial strategies for such products, including FILSPARI, and risks and uncertainties related to the current administration, including but not limited to risks and uncertainties related to tariffs and the funding, staffing and prioritization of resources at government agencies including the FDA. The Company also faces the risk that it will be unable to raise additional funding that may be required to complete development of any or all of its product candidates, including as a result of macroeconomic conditions; risks relating to the Company’s dependence on contractors for clinical drug supply and commercial manufacturing; uncertainties relating to patent protection and exclusivity periods and intellectual property rights of third parties; risks associated with regulatory interactions; and risks and uncertainties relating to competitive products, including current and potential future generic competition with certain of the Company’s products, and technological changes that may limit demand for the Company’s products. The Company also faces additional risks associated with global and macroeconomic conditions, including health epidemics and pandemics, including risks related to potential disruptions to clinical trials, commercialization activity, supply chain, and manufacturing operations. You are cautioned not to place undue reliance on these forward-looking statements as there are important factors that could cause actual results to differ materially from those in forward-looking statements, many of which are beyond our control. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events, or otherwise. Investors are referred to the full discussion of risks and uncertainties, including under the heading “Risk Factors”, as included in the Company’s most recent Form 10-K, Form 10-Q and other filings with the Securities and Exchange Commission.


TRAVERE THERAPEUTICS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
*(in thousands, except share amounts)*

	December 31, 2025			December 31, 2024
Assets
Current assets:
Cash and cash equivalents	$	93,035		$	58,535
Marketable debt securities, at fair value		229,761			312,166
Accounts receivable, net		80,134			27,116
Inventory		5,875			6,200
Prepaid expenses and other current assets		28,760			12,685
Total current assets		437,565			416,702
Long-term inventory		30,280			35,656
Property and equipment, net		4,022			5,336
Operating lease right-of-use assets		10,576			14,295
Intangible assets, net		113,868			103,974
Other assets		8,880			18,162
Total assets	$	605,191		$	594,125

Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable	$	24,800		$	23,534
Accrued expenses		126,035			86,028
Convertible debt, current portion		—			68,678
Operating lease liabilities, current portion		5,875			5,405
Other current liabilities		3,194			17,106
Total current liabilities		159,904			200,751
Convertible debt, less current portion		311,724			310,310
Operating lease liabilities, less current portion		11,134			17,191
Other non-current liabilities		7,601			6,796
Total liabilities		490,363			535,048

Stockholders’ Equity:
Preferred stock $0.0001 par value; 20,000,000 shares authorized; no shares issued and outstanding as of December 31, 2025 and 2024		—			—
Common stock $0.0001 par value; 200,000,000 and 200,000,000 shares authorized; 90,922,868 and 87,452,835 issued and outstanding as of December 31, 2025 and 2024, respectively		9			9
Additional paid-in capital		1,588,721			1,506,315
Accumulated deficit		(1,472,713	)		(1,447,167	)
Accumulated other comprehensive loss		(1,189	)		(80	)
Total stockholders’ equity		114,828			59,077
Total liabilities and stockholders’ equity	$	605,191		$	594,125

Note: Certain adjustments / reclassifications have been made to prior periods to conform to current year presentation.

TRAVERE THERAPEUTICS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
*(in thousands, except share and per share data)*

	Three Months Ended December 31,						Twelve Months Ended December 31,
		2025			2024			2025			2024
	(unaudited)
Net product sales:
FILSPARI	$	103,337		$	49,644		$	322,005		$	132,222
Tiopronin products		23,271			23,902			88,455			94,485
Total net product sales		126,608			73,546			410,460			226,707
License and collaboration revenue		3,081			1,241			80,268			6,468
Total revenue		129,689			74,787			490,728			233,175

Operating expenses:
Cost of goods sold		2,554			2,553			10,339			7,744
Research and development		57,869			62,067			206,011			217,496
Selling, general and administrative		101,694			69,501			337,202			264,119
In-process research and development		—			—			—			65,205
Restructuring		—			1,403			—			2,438
Total operating expenses		162,117			135,524			553,552			557,002

Operating loss		(32,428	)		(60,737	)		(62,824	)		(323,827	)

Other income, net:
Interest income		2,591			3,795			12,721			17,817
Interest expense		(2,295	)		(2,817	)		(10,748	)		(11,182	)
Other income (expense), net		11,067			(581	)		11,578			(3,318	)
Total other income, net		11,363			397			13,551			3,317

Loss from continuing operations before income tax provision		(21,065	)		(60,340	)		(49,273	)		(320,510	)
Income tax (provision) benefit on continuing operations		(921	)		72			(988	)		(120	)

Loss from continuing operations, net of tax		(21,986	)		(60,268	)		(50,261	)		(320,630	)
Income (loss) from discontinued operations, net of tax		24,715			4			24,715			(915	)
Net income (loss)	$	2,729		$	(60,264	)	$	(25,546	)	$	(321,545	)

Per share data
Basic and diluted:
Net income (loss) per common share	$	0.03		$	(0.73	)	$	(0.29	)	$	(4.08	)
Weighted average common shares outstanding		90,293,735			83,105,184			89,211,813			78,888,861

Note: Certain adjustments / reclassifications have been made to prior periods to conform to current year presentation.

TRAVERE THERAPEUTICS, INC. AND SUBSIDIARIES
RECONCILIATION OF GAAP REPORTED TO NON-GAAP ADJUSTED INFORMATION
*(in thousands, except share and per share data)*
*(unaudited)*

	Three Months Ended December 31,						Twelve Months Ended December 31,
		2025			2024			2025			2024
GAAP operating loss	$	(32,428	)	$	(60,737	)	$	(62,824	)	$	(323,827	)

R&D operating expense		(57,869	)		(62,067	)		(206,011	)		(217,496	)

Stock compensation		3,864			3,426			16,681			14,178
Non-GAAP R&D expense		(54,005	)		(58,641	)		(189,330	)		(203,318	)

SG&A operating expense		(101,694	)		(69,501	)		(337,202	)		(264,119	)

Stock compensation		7,600			5,789			28,187			22,735
Amortization & depreciation		18,137			12,093			60,743			43,555
Subtotal non-GAAP items		25,737			17,882			88,930			66,290
Non-GAAP SG&A expense		(75,957	)		(51,619	)		(248,272	)		(197,829	)

Subtotal non-GAAP items		29,601			21,308			105,611			80,468
Non-GAAP operating (loss) income	$	(2,827	)	$	(39,429	)	$	42,787		$	(243,359	)

GAAP net income (loss)	$	2,729		$	(60,264	)	$	(25,546	)	$	(321,545	)
Non-GAAP operating adjustments		29,601			21,308			105,611			80,468
Income tax provision (benefit)		921			(72	)		988			120
Non-GAAP net income (loss) ⁽¹⁾	$	33,251		$	(39,028	)	$	81,053		$	(240,957	)

Per share data
Basic and diluted:
Non-GAAP net income (loss) per common share	$	0.37		$	(0.47	)	$	0.91		$	(3.05	)
Weighted average common shares outstanding, basic		90,293,735			83,105,184			89,211,813			78,888,861

(1) Non-GAAP net loss includes income from discontinued operations but excludes non-GAAP adjustments for the effect of discontinued operations.


Note: Certain adjustments / reclassifications have been made to prior periods to conform to current year presentation.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260219846659/en/

Investors:

888-969-7879

[email protected]

Media:

888-969-7879

[email protected]

KEYWORDS: United States North America California

INDUSTRY KEYWORDS: Science Other Science Biotechnology Research Pharmaceutical Health Genetics Clinical Trials

MEDIA:

Logo

February 19, 2026 4:11 pm

Ardelyx Reports Fourth Quarter and Full Year 2025 Financial Results and Provides Business Update

IBSRELA revenue grew 73% in 2025 to $274.2 million and total revenues reached $407.3 million

Patient-first XPHOZAH strategy preserved access and drove growth in total dispenses

Development programs for new IBSRELA indication and next-generation NHE3 inhibitor launched

Company is well capitalized to meet current business objectives

Conference call scheduled for 4:30 PM Eastern Time

WALTHAM, Mass., Feb. 19, 2026 (GLOBE NEWSWIRE) — Ardelyx, Inc. (Nasdaq: ARDX), a commercial-stage biopharmaceutical company focused on the development and commercialization of innovative medicines that meet significant unmet medical needs, today reported financial results for the fourth quarter and full year ended December 31, 2025, and provided a business update.

“The results we delivered in 2025 reflect our team’s hard work and disciplined execution to bring our medicines to more patients in need, underscored by significant IBSRELA growth, increased adoption of XPHOZAH and rapid advancement of our clinical development programs,” said Mike Raab, president and chief executive officer of Ardelyx. “As we look to build on this strong momentum, we see 2026 as a pivotal opportunity to further evolve our business into a meaningful enterprise built on a broad, thoughtful portfolio of best-in-class medicines. Our long-term strategy remains clear and unwavering: to deliver novel therapies to patients with significant unmet medical needs and generate sustained value for shareholders.”

IBSRELA
^®
(tenapanor) finishes 2025 with $274.2 million in revenue

Revenue for IBSRELA in 2025 was $274.2 million reflecting 73% growth compared to the $158.3 million reported for the full year 2024. The company recorded $86.6 million in IBSRELA revenue in the fourth quarter of 2025, 61% growth compared to the same period of 2024 and an 11% increase compared to the third quarter of 2025.

Ardelyx expects continued growth in 2026 and beyond, driven by increased depth and breadth of prescribing among target healthcare providers, increased engagement with patients with irritable bowel syndrome with constipation (IBS-C) as well as further improved prescription pull-through. Ardelyx expects full-year 2026 revenue for IBSRELA to be between $410 and $430 million, representing at least 50% growth compared to 2025. As a result of the significant momentum that IBSRELA has generated, the company expects IBSRELA to achieve $1 billion in annual revenue in 2029, with further growth thereafter.

XPHOZAH
^®
(tenapanor) finishes 2025 with $103.6 million in revenue

Revenue for XPHOZAH in 2025 was $103.6 million reflecting year-over-year growth in total XPHOZAH dispenses, including an increased number of non-Medicare patients on therapy. The company also recorded $27.8 million in revenue in the fourth quarter of 2025.

Ardelyx expects growth in 2026 to be driven by increased clinical conviction and writing among target healthcare prescribers. Ardelyx expects full-year 2026 XPHOZAH revenue to be between $110 and $120 million.

Building a pipeline of important medicines

The company advanced efforts to expand the eligible patient population for IBSRELA to include patients with chronic idiopathic constipation (CIC) and has launched a Phase 3 trial, ACCEL, to assess tenapanor in patients with CIC, dosing the first patient in Q1 2026. Pending the outcome of the Phase 3 trial, Ardelyx intends to submit a Supplemental New Drug Application to the U.S. Food and Drug Administration (FDA) for the CIC indication. Enrollment in ACCEL is expected to be completed by the end of 2026 and topline readout is expected in the second half of 2027.

Ardelyx also launched a development program for RDX10531, a next-generation sodium/hydrogen exchanger 3 (NHE3) inhibitor, in 2025. The company is currently completing pre-clinical development activities in advance of an Investigational New Drug submission to the FDA in the second half of 2026 and initiation of a Phase 1 clinical trial thereafter.

Other Corporate Developments

United States Patent and Trademark Office issued U.S. Patent No. 12,539,299 titled “Oral Formulations of Tenapanor.” The patent covers the commercial formulations of IBSRELA and XPHOZAH and has an expiration date of November 26, 2042. The patent is listed in the FDA’s Approved Drug Products with Therapeutic Equivalence Evaluations (commonly known as the Orange Book) for both products.
Four posters were presented at the American Society of Nephrology’s annual Kidney Week, including data from real-world evidence studies demonstrating patient satisfaction and reduction in serum phosphate with XPHOZAH.
Three posters were presented at the American College of Gastroenterology’s 2025 Annual Meeting supporting the benefits of IBSRELA.

Full Year 2025 Financial Results

Cash Position: As of December 31, 2025, the company had total cash, cash equivalents and short-term investments of $264.7 million, compared to total cash, cash equivalents and short-term investments of $250.1 million as of December 31, 2024.
Revenues: Total revenue for the year ended December 31, 2025 was $407.3 million, compared to $333.6 million in total revenue in 2024, driven by increases in IBSRELA revenue.
- IBSRELA revenue was $274.2 million, compared to $158.3 million in 2024.
- XPHOZAH revenue was $103.6 million, compared to $160.9 million in 2024.
- Other revenues, including product supply, licensing and non-cash royalty revenue related to the sale of future royalties, totaled $29.5 million, compared to $14.4 million in 2024.
R&D Expenses: Research and development expenses were $71.5 million for the year ended December 31, 2025, compared to $52.3 million for the year ended December 31, 2024. The increase was related to investments in recently announced pipeline programs and increased medical engagement with scientific communities.
SG&A Expenses: Selling, general and administrative expenses were $337.2 million for the year ended December 31, 2025, compared to $258.7 million for the year ended December 31, 2024. The increase was primarily related to increased costs associated with the ongoing commercialization of IBSRELA and XPHOZAH.
Net Loss: Net loss for the year ended December 31, 2025 was $61.6 million, or $(0.26) per share, compared to net loss of $39.1 million, or $(0.17) per share, for the year ended December 31, 2024. The net loss for the full year 2025 included share-based compensation expense of $49.0 million.

Conference Call Details

The company will host a conference call today, February 19, 2026, at 4:30 PM ET to discuss today’s announcement. To participate in the conference call, please dial (877) 346-6112 (domestic) or (848) 280-6350 (international) and ask to be joined into the Ardelyx call. A live audio webcast and related presentation materials can also be accessed by visiting the Investor page of the company’s website, www.ardelyx.com, and will be available on the website for 30 days following the call.

IMPORTANT SAFETY INFORMATION (IBSRELA)

WARNING: RISK OF SERIOUS DEHYDRATION IN PEDIATRIC PATIENTS

IBSRELA is contraindicated in patients less than 6 years of age; in nonclinical studies in young juvenile rats administration of tenapanor caused deaths presumed to be due to dehydration. Avoid use of IBSRELA in patients 6 years to less than 12 years of age. The safety and effectiveness of IBSRELA have not been established in patients less than 18 years of age.

CONTRAINDICATIONS

IBSRELA is contraindicated in patients less than 6 years of age due to the risk of serious dehydration.
IBSRELA is contraindicated in patients with known or suspected mechanical gastrointestinal obstruction.

WARNINGS AND PRECAUTIONS

Risk of Serious Dehydration in Pediatric Patients

IBSRELA is contraindicated in patients below 6 years of age. The safety and effectiveness of IBSRELA in patients less than 18 years of age have not been established. In young juvenile rats (less than 1 week old; approximate human age equivalent of less than 2 years of age), decreased body weight and deaths occurred, presumed to be due to dehydration, following oral administration of tenapanor. There are no data available in older juvenile rats (human age equivalent 2 years to less than 12 years).
Avoid the use of IBSRELA in patients 6 years to less than 12 years of age. Although there are no data in older juvenile rats, given the deaths in younger rats and the lack of clinical safety and efficacy data in pediatric patients, avoid the use of IBSRELA in patients 6 years to less than 12 years of age.

Diarrhea

Diarrhea was the most common adverse reaction in two randomized, double-blind, placebo-controlled trials of IBS-C. Severe diarrhea was reported in 2.5% of IBSRELA-treated patients. If severe diarrhea occurs, suspend dosing and rehydrate patient.

MOST COMMON ADVERSE REACTIONS

The most common adverse reactions in IBSRELA-treated patients (incidence ≥2% and greater than placebo) were: diarrhea (16% vs 4% placebo), abdominal distension (3% vs <1%), flatulence (3% vs 1%) and dizziness (2% vs <1%).

INDICATION

IBSRELA (tenapanor) is indicated for the treatment of Irritable Bowel Syndrome with Constipation (IBS-C) in adults.

Please see full

Prescribing Information

, including Boxed Warning, for additional risk information.

IMPORTANT SAFETY INFORMATION (XPHOZAH)

CONTRAINDICATIONS

XPHOZAH is contraindicated in:

Pediatric patients under 6 years of age
Patients with known or suspected mechanical gastrointestinal obstruction

WARNINGS AND PRECAUTIONS

Diarrhea

Patients may experience severe diarrhea. Treatment with XPHOZAH should be discontinued in patients who develop severe diarrhea.

MOST COMMON ADVERSE REACTIONS

Diarrhea, which occurred in 43-53% of patients, was the only adverse reaction reported in at least 5% of XPHOZAH-treated patients with CKD on dialysis across trials. The majority of diarrhea events in the XPHOZAH-treated patients were reported to be mild-to-moderate in severity and resolved over time, or with dose reduction. Diarrhea was typically reported soon after initiation but could occur at any time during treatment with XPHOZAH. Severe diarrhea was reported in 5% of XPHOZAH-treated patients in these trials.

INDICATION

XPHOZAH (tenapanor), 30 mg BID, is indicated to reduce serum phosphorus in adults with chronic kidney disease (CKD) on dialysis as add-on therapy in patients who have an inadequate response to phosphate binders or who are intolerant of any dose of phosphate binder therapy.

For additional safety information, please see full Prescribing Information.

About Ardelyx

Ardelyx is a commercial-stage biopharmaceutical company focused on the development and commercialization of innovative medicines that meet significant unmet medical needs. Ardelyx has two commercial products approved in the United States, IBSRELA^® (tenapanor) and XPHOZAH^® (tenapanor). The company’s pipeline includes the Phase 3 development of tenapanor for chronic idiopathic constipation, and RDX10531, a next-generation NHE3 inhibitor with potential application across multiple therapeutic areas. Ardelyx has agreements for the development and commercialization of tenapanor outside of the U.S. Kyowa Kirin commercializes PHOZEVEL^® (tenapanor) for hyperphosphatemia in Japan. A New Drug Application for tenapanor for hyperphosphatemia has been approved in China with Fosun Pharma. Knight Therapeutics commercializes IBSRELA in Canada. For more information, please visit https://ardelyx.com/ and connect with us on X (formerly known as Twitter), LinkedIn and Facebook.

Forward Looking Statements

To the extent that statements contained in this press release are not descriptions of historical facts regarding Ardelyx, they are forward-looking statements reflecting the current beliefs and expectations of management made pursuant to the safe harbor of the Private Securities Reform Act of 1995, including Ardelyx’s current expectations regarding: the year in which IBSRELA will achieve annual U.S. net product sales revenue of $1 billion; the company’s planned label expansion for IBSRELA (tenapanor) to include patients with CIC, pending FDA approval; net product sales revenue for IBSRELA and XPHOZAH for 2026; the company’s ability to deliver sustainable revenue growth, expand its portfolio and deliver meaningful value for shareholders; the timing of the completion of enrollment in the CIC Phase 3 clinical trial and release of topline results; and the timing of an investigational new drug application and initiation of a Phase 1 clinical trial for RDX10531. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that are in some cases beyond our control, that could cause actual outcomes or results to differ materially from those expressed or implied by the forward-looking statements. Such risks and uncertainties include, among others, uncertainties associated with the development of, regulatory process for, and commercialization of drugs in the U.S. and internationally. Ardelyx undertakes no obligation to update or revise any forward-looking statements. For a further description of the risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to Ardelyx’s business in general, please refer to Ardelyx’s Annual Report on Form 10-K filed with the Securities and Exchange Commission on February 19, 2026 and its future current and periodic reports to be filed with the Securities and Exchange Commission.

Investor and Media Contact:

Caitlin Lowie
[email protected]


Ardelyx, Inc. Condensed Balance Sheets (in thousands)

	December 31, 2025		December 31, 2024
	(Unaudited)		(1 )
Assets
Cash and cash equivalents	$	67,999	$	64,932
Short-term investments		196,690		185,168
Accounts receivable		71,848		57,705
Prepaid commercial manufacturing		14,479		16,378
Inventory		123,107		91,184
Property and equipment, net		2,184		1,495
Right-of-use assets		4,795		2,380
Prepaid and other assets		20,502		16,512
Total assets	$	501,604	$	435,754

Liabilities and stockholders’ equity
Accounts payable	$	19,235	$	16,000
Accrued compensation and benefits		19,108		14,940
Current portion of operating lease liability		1,479		1,562
Deferred revenue		14,905		17,918
Accrued expenses and other liabilities		51,218		35,665
Long-term debt		202,834		150,853
Deferred royalty obligation related to the sale of future royalties		25,876		25,527
Total stockholders’ equity		166,949		173,289
Total liabilities and stockholders’ equity	$	501,604	$	435,754

⁽¹⁾Derived from the audited financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.


Ardelyx, Inc. Condensed Statements of Operations (Unaudited) (in thousands, except share and per share amounts)

	Three Months Ended December 31,						Twelve Months Ended December 31,
	2025			2024			2025			2024
Revenues
Product sales, net
IBSRELA	$	86,601		$	53,842		$	274,207		$	158,286
XPHOZAH		27,801			57,161			103,601			160,910
Total product sales, net		114,402			111,003			377,808			319,196
Product supply revenue		9,440			4,188			15,879			11,649
Licensing revenue		23			22			5,088			78
Non-cash royalty revenue related to the sale of future royalties		1,350			916			8,545			2,692
Total revenues		125,215			116,129			407,320			333,615
Costs and operating expenses
Cost of sales⁽¹⁾		10,849			18,264			39,537			50,556
Research and development		22,856			13,666			71,527			52,317
Selling, general and administrative		86,411			76,074			337,233			258,692
Total costs and operating expenses		120,116			108,004			448,297			361,565
Income (loss) from operations		5,099			8,125			(40,977	)		(27,950	)
Interest expense		(5,759	)		(3,967	)		(20,102	)		(13,006	)
Non-cash interest expense related to the sale of future royalties		(1,818	)		(1,886	)		(8,296	)		(7,088	)
Other income, net		2,078			2,408			8,745			9,174
(Loss) income before provision for income taxes		(400	)		4,680			(60,630	)		(38,870	)
Provision for income taxes		7			35			969			266
Net (loss) income	$	(407	)	$	4,645		$	(61,599	)	$	(39,136	)
Net (loss) income per share of common stock – basic and diluted	$	(0.00	)	$	0.02		$	(0.26	)	$	(0.17	)
Shares used in computing net (loss) income per share – basic		243,614,026			237,370,654			241,033,750			235,232,927
Shares used in computing net (loss) income per share – diluted		243,614,026			244,050,606			241,033,750			235,232,927

⁽¹⁾Prior year amounts have been reclassified to conform to the current year presentation.

February 19, 2026 4:11 pm

Arhaus to Announce Fourth Quarter and Full Year 2025 Financial Results on February 26, 2026

BOSTON HEIGHTS, Ohio, Feb. 19, 2026 (GLOBE NEWSWIRE) — Arhaus, Inc. (“Arhaus” or the “Company”) (NASDAQ: ARHS), a growing lifestyle brand and omnichannel retailer of premium artisan-crafted home furnishings, will release its fourth quarter and full year 2025 results on Thursday, February 26, 2026, before the stock market opens, followed by a conference call to review the Company’s financial and operational results at 8:30 a.m. Eastern Time.

A live webcast will be available at ir.arhaus.com.

To participate in the live call, dial:

U.S. Toll-Free: (877) 407-3982
International: 1 (201) 493-6780
Conference ID: 13748994

A telephone replay will be available for one week at:

U.S. Toll-Free: 1-844-512-2921
International: 1-412-317-6671
Conference ID: 13748994

A webcast replay will remain available at ir.arhaus.com for approximately 12 months.

About Arhaus

Founded in 1986, Arhaus is a growing lifestyle brand and omnichannel retailer of premium home furnishings. Through a differentiated proprietary model that directly designs and sources products from leading manufacturers and artisans around the world, Arhaus offers an exclusive assortment of heirloom quality products that are sustainably sourced, lovingly made, and built to last. With more than 100 Showroom locations across the United States, a team of interior designers providing complimentary in-home design services, and robust online and e-commerce capabilities, Arhaus is known for innovative design, responsible sourcing, and client-first service. For more information, please visit www.arhaus.com.

Investor Contact:

Tara Louise Atwood-Saja
Vice President, Investor Relations
(440) 439-7700
[email protected]

February 19, 2026 4:11 pm

Definium Therapeutics to Report Full Year 2025 Financial Results on February 26, 2026

Definium Therapeutics to Report Full Year 2025 Financial Results on February 26, 2026

NEW YORK–(BUSINESS WIRE)–
Definium Therapeutics, Inc. (formerly Mind Medicine (MindMed) Inc.), (NASDAQ: DFTX), a late-stage clinical biopharmaceutical company developing a new generation of therapeutics intended to address underlying causes of psychiatric and neurological disorders, today announced that it will host a live webcast at 4:30 p.m. EST on Thursday, February 26, 2026 to report financial results for the full year ended December 31, 2025, and discuss recent business updates.

Listeners can register for the webcast via this link. Analysts wishing to participate in the question and answer session should use this link. A replay of the webcast will be available via the Investor Relations section of the Definium Therapeutics website, ir.definiumtx.com, and archived for at least 30 days after the webcast. Those who plan on participating are advised to join 15 minutes prior to the start time.

About Definium Therapeutics

The mission of Definium Therapeutics is to forge a new era of psychiatry by applying scientific rigor to psychedelics, with the goal of developing accessible treatments that unlock healing at scale. Guided by a recognition that patients deserve more than better, Definium is relentlessly advancing a new generation of therapeutics intended to address underlying causes of psychiatric and neurological disorders. By turning evidence into impact, Definium aims to change the trajectory of today’s mental health care crisis and enable a healthier future. Headquartered in New York, Definium Therapeutics trades on Nasdaq under the symbol DFTX.

For more information, visit https://definiumtx.com/ and follow Definium Therapeutics on Instagram, LinkedIn and X.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260219692160/en/

Investor Contact:

Gitanjali Jain

VP, Head of Investor Relations

[email protected]

Media Contact:

[email protected]

KEYWORDS: United States North America New York

INDUSTRY KEYWORDS: Mental Health Health Neurology Clinical Trials Pharmaceutical Biotechnology

MEDIA:

Logo

February 19, 2026 4:11 pm

Rimini Street Announces Fiscal Fourth Quarter and Annual 2025 Financial and Operating Results

Rimini Street Announces Fiscal Fourth Quarter and Annual 2025 Financial and Operating Results

Fourth Quarter and Full Year 2025 Financial Highlights Include:

Remaining Performance Obligations (RPO) of $652.9 million, up 11.1% from the prior year

Adjusted Calculated Billings, full year 2025, up 4.2% from the prior year

Adjusted Annualized Recurring Revenue (ARR) up 3.1% from the prior year

LAS VEGAS–(BUSINESS WIRE)–Rimini Street, Inc., (Nasdaq: RMNI), a global provider of end-to-end enterprise software support, managed services and Agentic AI ERP innovation solutions, and the leading third-party support provider for Oracle, SAP and VMware software, today announced results for the 2025 fourth quarter and fiscal year ended December 31, 2025.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260219293814/en/

Rimini Street Announces Fiscal Fourth Quarter and Annual 2025 Financial and Operating Results

“Our fourth quarter results reflect solid execution and continued accelerating sales growth, adjusted for the Oracle PeopleSoft support and services wind down. We grew our core Rimini Support™ subscription billings and launched our next generation Agentic AI ERP solutions that can be easily and quickly deployed over the top of existing ERP Software without the cost or risk of unnecessary ERP Software upgrades, migrations or replatforming,” said Seth Ravin, president and CEO, Rimini Street. “ERP Software is peaking technically, and we will deliver new ERP capabilities and ERP Process execution faster, better and cheaper with more agility and speed to market leveraging Rimini Street’s Agentic AI ERP solutions. Meanwhile, we will keep existing ERP Software and releases delivering value for many years to come at significant savings.”

“Our fourth quarter results exceeded the guidance range we communicated at our Investor Day and demonstrate continued positive momentum entering 2026,” said Michael Perica, CFO, Rimini Street. “We invested in the development and launch of new AI-based solutions, streamlined global operations, achieved new RPO records in both the third and fourth quarters with increased year over year and sequential growth, increased our net cash year over year and ended fiscal year 2025 with a strong balance sheet and cash position. Capital allocation actions during the year included share repurchases and full repayment of the revolving line of credit.”

Select Fourth Quarter 2025 Financial Results

Revenue was $109.8 million for the fourth quarter of 2025, a decrease of 3.9% compared to $114.2 million for the same period last year; excluding the support services for Oracle’s PeopleSoft software products, revenue decreased by 0.4%.
U.S. revenue was $47.5 million for the fourth quarter of 2025, a decrease of 10.6% compared to $53.1 million for the same period last year; excluding the support services for Oracle’s PeopleSoft software products, U.S. revenue decreased by 4.3%.
International revenue was $62.3 million for the fourth quarter of 2025, an increase of 2.0% compared to $61.1 million for the same period last year; excluding the support services for Oracle’s PeopleSoft software products, international revenue increased by 2.6%.
Subscription revenue was $104.9 million, which accounted for 95.6% of total revenue for the fourth quarter of 2025, compared to subscription revenue of $109.1 million, which accounted for 95.5% of total revenue for the same period last year; excluding the support services for Oracle’s PeopleSoft software products, subscription revenue was $101.0 million, or 95.5% of total revenue, for the fourth quarter of 2025 compared to $101.4 million, or 95.5% of total revenue, for the same period last year.
Annualized Recurring Revenue was $411.4 million for the fourth quarter of 2025, a decrease of 0.8% compared to $414.8 million for the same period last year; excluding the support services for Oracle’s PeopleSoft software products, Adjusted Annualized Recurring Revenue was $395.8 million for the fourth quarter of 2025, an increase of 3.1% compared to $384.0 million for the same period last year.
Active Clients as of December 31, 2025 were 3,102, an increase of 0.7% compared to 3,081 Active Clients as of December 31, 2024.
Revenue Retention Rate was 88% and 88% for the trailing 12 months ended December 31, 2025 and 2024, respectively.
Calculated Billings was $171.3 million for the fourth quarter of 2025, a decrease of 0.4% compared to $172.1 million for the same period last year.
Adjusted Calculated Billings, which excludes Calculated Billings related to the support services for Oracle’s PeopleSoft software products, was $167.3 million for the fourth quarter of 2025, an increase of 0.7% compared to $166.2 million for the same period last year.
Remaining Performance Obligations (RPO) was a record $652.9 million as of December 31, 2025, an increase of 11.1% compared to $587.9 million as of December 31, 2024; excluding the support services for Oracle’s PeopleSoft software products, Adjusted RPO was $632.2 million as of December 31, 2025, an increase of 11.7% compared to $565.9 million as of December 31, 2024.
Gross margin was 60.4% for the fourth quarter of 2025 compared to 63.7% for the same period last year.
Operating income was $5.0 million for the fourth quarter of 2025 compared to an operating income of $14.9 million for the same period last year.
Non-GAAP Operating Income was $10.3 million for the fourth quarter of 2025 compared to $19.1 million for the same period last year.
Net income was $0.7 million for the fourth quarter of 2025 compared to $6.7 million for the same period last year.
Non-GAAP Net Income was $6.0 million for the fourth quarter of 2025 compared to $10.8 million for the same period last year.
Adjusted EBITDA for the fourth quarter of 2025 was $11.5 million compared to $20.0 million for the same period last year.
Both the basic and diluted earnings per share attributable to common stockholders were $0.01 for the fourth quarter of 2025, compared to a basic and diluted earnings per share of $0.07 for the same period last year.
Cash and cash equivalents were $120.0 million at December 31, 2025 compared to $88.8 million at December 31, 2024.
Repurchased approximately 1.0 million shares of Common Stock for approximately $3.8 million at an average price of $3.92 per share during the fourth quarter of 2025.

Select Full Year 2025 Financial Results

Revenue was $421.5 million for 2025, a decrease of 1.7% compared to $428.8 million for 2024; excluding the support services for Oracle’s PeopleSoft software products, revenue increased by 1.0%.
Calculated Billings was $427.9 million for 2025, an increase of 1.2% compared to $423.0 million for the same period last year.
Adjusted Calculated Billings, which excludes Calculated Billings related to the support services for Oracle’s PeopleSoft software products, was $414.2 million for 2025, an increase of 4.2% compared to $397.4 million for the same period last year.
Gross margin was 60.4% for 2025 compared to 60.9% for 2024.
Operating income was $59.9 million for 2025 compared to an operating loss of $32.1 million for 2024.
Non-GAAP Operating Income was $44.1 million for 2025 compared to $47.7 million for 2024.
Net income was $37.1 million for 2025 compared to a net loss of $36.3 million for 2024.
Non-GAAP Net Income was $21.3 million for 2025 compared to $43.6 million for 2024.
Adjusted EBITDA was $49.8 million for 2025 compared to $53.1 million for 2024.
Basic and diluted net earnings per share attributable to common stockholders were $0.40 and $0.39, respectively, for 2025, compared to a basic and diluted net loss per share of $(0.40) and $(0.40), respectively, for 2024.
Repurchased approximately 1.9 million shares of Common Stock for approximately $7.6 million at an average price of $4.07 per share during 2025.

Select Fourth Quarter 2025 Operating Results

Announced new and existing clients that expanded their agreements with Rimini Street, including the following:
- Ypê, a leading Brazilian consumer goods company and a Rimini Street SAP S/4HANA support client, is accelerating its Agentic AI initiatives through the adoption of Rimini Street’s Agentic UX platform.
- Tidewater, the world’s largest offshore service vessel operator, expanded its partnership with Rimini Street by adding Rimini Connect™ and Rimini Consult™ to address critical interoperability challenges.
- Silicon Labs, a leading U.S.-based provider of semiconductor solutions, software, and IoT technologies, expanded its partnership with Rimini Street through a new five‑year agreement. The engagement includes support for its SAP ECC 6.0 environment and leverages Rimini Consult™ services to advance modernization initiatives including Agentic AI–driven ERP innovation solutions.
- SP Electricity North West eliminated recurring SAP issues, cut maintenance costs by 50% and boosted service‑desk efficiency by 10% after implementing Rimini Street’s ERP support and single sign‑on optimization solution.
Unveiled groundbreaking “Agentic AI ERP” vision in a new white paper, declaring traditional ERP software obsolete and introducing a next‑generation, AI‑driven architecture that delivers faster, more agile, lower‑cost innovation—deployed over existing ERP systems with no required upgrades.
Launched 20 new Rimini Agentic UX™ Solutions, Powered by ServiceNow®, delivering rapid, AI‑driven ERP process automation that improves productivity, reduces costs and deploys in days or weeks—without requiring ERP upgrades, migrations or replatforming.
Announced that thousands of organizations now rely on the Rimini Smart Path™—a three‑step Support, Optimize, and Innovate methodology—to free budget, reduce operational burden, and accelerate AI‑driven innovation without costly ERP upgrades or migrations.
Received multiple industry honors recognizing its AI innovation, technical excellence and client‑first culture, including the Tech Ascension Award for AI‑Powered Enterprise (Agent) Solution of the Year, the Top Tech of the Year Award in Las Vegas honoring CEO Seth Ravin, the Silver Globee Award for Customer Service Team of the Year, and recognition for client Hitachi Vantara’s Gauri Kapur, winner of the 2025 Women Leading IT Award.
Announced a new global survey of nearly 4,300 C‑suite leaders, which revealed intensifying pressure to deliver AI‑driven innovation, stronger ROI and greater business resilience as executives navigate rising costs, increasing risk, persistent IT talent shortages, and frustration with vendor‑driven ERP roadmaps.
Announced a new global survey that finds Oracle Database customers are shifting strategies due to high costs, support challenges and growing demand for advanced AI/ML capabilities, with many turning to third‑party support to reduce fees, improve responsiveness, and unlock resources for innovation.
Announced global study of 455 SAP customers that finds strong shift toward multi‑vendor composable ERP, with organizations using third‑party support achieving above‑average performance 83% of the time versus 27% with traditional SAP‑led approaches.
Hosted an Investor Day on December 3, 2025 with videos and presentations posted and available for viewing on the Rimini Street Investor Relations website for one year.
Resolved more than 7,100 support cases and delivered over 10,800 tax, legal, and regulatory updates across 32 countries, achieving an average client satisfaction score above 4.9 out of 5.0 (where 5.0 is rated excellent).

Business Outlook

The Company is providing first quarter 2026 revenue guidance to be in the range of $101.5 million to $103.5 million and reiterating full year 2026 guidance as communicated at the Company’s Investor Day for revenue growth in the 4% to 6% range with Adjusted EBITDA margins in the 12.5% to 15.5% range.

Webcast and Conference Call Information

Rimini Street will host a conference call and webcast to discuss the fourth quarter and full year 2025 results and offer commentary on 2026 at 5:00 p.m. Eastern Time / 2:00 p.m. Pacific Time on February 19, 2026. A live webcast of the event will be available on Rimini Street’s Investor Relations site at Rimini Street IR events link and directly via the webcast link. Dial-in participants can access the conference call by dialing 1-800-836-8184. A replay of the webcast will be available for one year following the event.

Company’s Use of Non-GAAP Financial Measures

This press release contains certain “non-GAAP financial measures.” Non-GAAP financial measures are not based on a comprehensive set of accounting rules or principles. This non-GAAP information supplements and is not intended to represent a measure of performance in accordance with disclosures required by U.S. generally accepted accounting principles, or GAAP. Non-GAAP financial measures should be considered in addition to, and not as a substitute for or superior to, financial measures determined in accordance with GAAP.

Reconciliations of the non-GAAP financial measures included in this press release and described below to their most directly comparable GAAP financial measures are provided in the financial tables included at the end of this press release. An explanation of these measures, why we believe they are meaningful and how they are calculated is also included under the heading “About Non-GAAP Financial Measures and Certain Key Metrics.”

About Rimini Street, Inc.

Rimini Street, Inc. (Nasdaq: RMNI), a Russell 2000® Company, is a proven, trusted global provider of end-to-end, mission-critical enterprise software support, managed services and innovative Agentic AI ERP solutions, and is the leading third-party support provider for Oracle, SAP and VMware software. The Company has signed thousands of IT service contracts with Fortune Global 100, Fortune 500, midmarket, public sector and government organizations who have leveraged the Rimini Smart Path™ methodology to achieve better operational outcomes, billions of US dollars in savings and fund AI and other innovation.

To learn more, please visit www.riministreet.com, and connect with Rimini Street on X, Facebook, Instagram, and LinkedIn.

Forward-Looking Statements

Certain statements included in this communication are not historical facts but are forward-looking statements for purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as “anticipate,” “assume,” “believe,” “budget,” “continue,” “could,” “currently,” “estimate,” “expect,” “forecast,” “future,” “intend,” “may,” “might,” “outlook,” “plan,” “possible,” “goal,” “potential,” “predict,” “project,” “reflect,” “results,” “seem,” “seek,” “should,” “will,” “would” and other similar words, phrases or expressions. These forward-looking statements include, but are not limited to, statements regarding our expectations of future events, future opportunities, global expansion and other growth initiatives and our investments in such initiatives. These statements are based on various assumptions and on the current expectations of management and are not predictions of actual performance, nor are these statements of historical facts. These statements are subject to a number of risks and uncertainties regarding Rimini Street’s business, and actual results may differ materially. These risks and uncertainties include, but are not limited to our ability to attract new clients or retain and/or sell additional products or services to existing clients; our ability to achieve and maintain an adequate rate of revenue growth; cost of revenue, including changes in costs associated with our efforts to grow and the results of any efforts to manage costs to align with current revenue expectations and the expansion of our offerings; the effects of increased intense competition in our industry and our ability to compete effectively; our ability to successfully educate the market regarding the advantages of our support and managed services for enterprise resource planning (ERP) software and to sell the products and services comprising our “Rimini Smart Path™” solutions portfolio, including but not limited to our Agentic AI ERP solutions; our intentions with respect to our pricing model and expectations of client savings relative to use of other providers; the evolution of the ERP software management and support landscape facing our clients and prospects; estimates of our total addressable market; the effects of seasonal trends on our results of operations, including the contract renewal cycles for vendor-supplied software support and managed services; the effects of the efforts of enterprise software vendors to sell upgrades or migrations to cloud-based versions of their enterprise software on our results of operations; our ability to scale our operations quickly enough to meet our clients’ changing needs or decrease our costs adequately in response to changing client demand; risks arising from incorporating artificial intelligence (“AI”) technologies into our products or services or any deficiencies associated with AI technologies used by us or by our third-party vendors and service providers; our ability to maintain, protect, and enhance our brand; the continuing impact of and our ability to comply with the terms of our July 2025 settlement agreement with Oracle; our wind down of support services for Oracle PeopleSoft software products and the impact on future period revenue and costs incurred related to these efforts; the loss of one or more members of our management team and our ability to attract and retain additional qualified technical, sales and marketing personnel; our ability to expand our marketing and sales capabilities; our ability to avoid interruptions to, or degraded performance of, our services and the impact of any such interruptions or performance problems on our operations; our ability to defend against cybersecurity threats and to comply with data protection and privacy regulations; our expectations regarding new product offerings, innovation solutions, partnerships and alliance programs and our ability to develop and maintain strategic partnerships; our ability to expand internationally and the risks associated with global operations; the impact of macro-economic trends, including inflation and changes in foreign exchange rates, as well as general financial, economic, regulatory and political conditions affecting the industry in which we operate and the industries in which our clients operate; our ability to generate significant capital through our operations or to raise additional capital necessary to fund and expand our operations and invest in new services and products; our business plan and our ability to effectively secure and manage our growth and associated investments; risks relating to retention rates, including our ability to accurately predict retention rates; our ability to protect our intellectual property; our ability to maintain an effective system of internal control over financial reporting; changes in laws or regulations, including tax laws or unfavorable outcomes of tax positions we take; tariff costs, including those imposed by the United States government and the potential for retaliatory trade measures by affected countries; our ability to realize benefits from our net operating losses; any negative impact of environmental, social and governance (“ESG”) matters on our reputation or business and the exposure of our business to additional costs or risks from our reporting on such matters; our credit facility’s ongoing debt service obligations and financial and operational covenants on our business and related interest rate risk; the sufficiency of our cash and cash equivalents to meet our liquidity requirements; the volatility of our stock price; the amount and timing of repurchases, if any, under our stock repurchase program and our ability to enhance stockholder value through such program; our ability to maintain our good standing with the United States government and international governments and capture new contracts with governmental entities/agencies; the occurrence of catastrophic events that may disrupt our business or that of our current and prospective clients; future acquisitions of, or investments in, complementary companies, products, subscriptions or technologies; and those discussed under the heading “Risk Factors” in Rimini Street’s Annual Report on Form 10-K filed on February 19, 2026, and as updated from time to time by Rimini Street’s future Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and other filings by Rimini Street with the U.S. Securities and Exchange Commission. In addition, forward-looking statements provide Rimini Street’s expectations, plans or forecasts of future events and views as of the date of this communication. Rimini Street anticipates that subsequent events and developments will cause Rimini Street’s assessments to change. However, while Rimini Street may elect to update these forward-looking statements at some point in the future, Rimini Street specifically disclaims any obligation to do so, except as required by law. These forward-looking statements should not be relied upon as representing Rimini Street’s assessments as of any date subsequent to the date of this communication.

© 2026 Rimini Street, Inc. All rights reserved. “Rimini Street” is a registered trademark of Rimini Street, Inc. in the United States and other countries, and Rimini Street, the Rimini Street logo, and combinations thereof, and other marks marked by TM are trademarks of Rimini Street, Inc. All other trademarks remain the property of their respective owners, and unless otherwise specified, Rimini Street claims no affiliation, endorsement, or association with any such trademark holder or other companies referenced herein.

RIMINI STREET, INC. Unaudited Condensed Consolidated Balance Sheets (In thousands, except per share amounts)
ASSETS	December 31, 2025			December 31, 2024
Current assets:
Cash and cash equivalents	$	119,974		$	88,792
Restricted cash, current		341			430
Accounts receivable, net of allowance of $1,443 and $653, respectively		136,866			130,784
Deferred contract costs, current		17,734			17,076
Prepaid expenses and other		25,447			19,194
Total current assets		300,362			256,276
Long-term assets:
Restricted cash, noncurrent		785			—
Property and equipment, net of accumulated depreciation and amortization of $23,822 and $21,305, respectively		10,239			9,891
Operating lease right-of-use assets		21,371			7,161
Deferred contract costs, noncurrent		24,436			22,084
Deposits and other		8,379			5,068
Deferred income taxes, net		57,540			68,583
Total assets	$	423,112		$	369,063
LIABILITIES, REDEEMABLE PREFERRED STOCK AND STOCKHOLDERS’ DEFICIT
Current liabilities:
Current maturities of long-term debt	$	4,031		$	3,093
Accounts payable		5,752			5,275
Accrued compensation, benefits and commissions		39,609			33,586
Other accrued liabilities		24,307			20,688
Operating lease liabilities, current		4,984			3,967
Deferred revenue, current		268,717			257,983
Total current liabilities		347,400			324,592
Long-term liabilities:
Long-term debt, net of current maturities		63,156			82,187
Deferred revenue, noncurrent		18,824			23,214
Operating lease liabilities, noncurrent		18,843			7,064
Other long-term liabilities		1,918			1,451
Total liabilities		450,141			438,508
Stockholders’ deficit:
Preferred Stock, $0.0001 par value per share. Authorized 99,820 shares (excluding 180 shares of Series A Preferred Stock); no other series has been designated		—			—
Common Stock, $0.0001 par value. Authorized 1,000,000 shares; issued and outstanding 91,603 and 91,120 shares, respectively		9			9
Additional paid-in capital		181,075			177,533
Accumulated other comprehensive loss		(5,613	)		(7,389	)
Accumulated deficit		(201,384	)		(238,482	)
Treasury stock,, at cost, 137 and 137 shares, respectively		(1,116	)		(1,116	)
Total stockholders’ deficit		(27,029	)		(69,445	)
Total liabilities and stockholders’ deficit	$	423,112		$	369,063

RIMINI STREET, INC. Unaudited Condensed Consolidated Statements of Operations (In thousands, except per share amounts)
	Three Months Ended						Year Ended
	December 31,						December 31,
		2025			2024			2025			2024
Revenue	$	109,790		$	114,213		$	421,536		$	428,753
Cost of revenue		43,514			41,501			166,935			167,731
Gross profit		66,276			72,712			254,601			261,022
Operating expenses:
Sales and marketing		41,355			37,437			151,569			149,736
General and administrative		17,380			18,624			69,997			73,084
Reorganization costs		2,555			1,098			4,491			5,737
Litigation costs and related recoveries:
Litigation settlement		—			—			(36,196	)		58,512
Professional fees and other costs of litigation		21			675			4,831			6,081
Litigation costs and related recoveries, net		21			675			(31,365	)		64,593
Total operating expenses		61,311			57,834			194,692			293,150
Operating income (loss)		4,965			14,878			59,909			(32,128	)
Non-operating income and (expenses):
Interest expense		(1,401	)		(1,904	)		(6,151	)		(6,305	)
Other income (expenses), net		187			(24	)		1,873			1,790
Income (loss) before income taxes		3,751			12,950			55,631			(36,643	)
Income tax benefit (expense)		(3,027	)		(6,291	)		(18,533	)		371
Net income (loss)	$	724		$	6,659		$	37,098		$	(36,272	)

Net income (loss) per share attributable to common stockholders:
Basic	$	0.01		$	0.07		$	0.40		$	(0.40	)
Diluted	$	0.01		$	0.07		$	0.39		$	(0.40	)
Weighted average number of shares of Common Stock outstanding:
Basic		91,395			90,979			91,736			90,503
Diluted		94,641			91,493			94,490			90,503

RIMINI STREET, INC. GAAP to Non-GAAP Reconciliations (In thousands)
	Three Months Ended						Year Ended
	December 31,						December 31,
		2025			2024			2025			2024
Non-GAAP operating income reconciliation:
Operating income (loss)	$	4,965		$	14,878		$	59,909		$	(32,128	)
Non-GAAP adjustments:
Litigation costs and related recoveries, net		21			675			(31,365	)		64,593
Stock-based compensation expense		2,711			2,408			11,071			9,545
Reorganization costs		2,555			1,098			4,491			5,737
Non-GAAP operating income	$	10,252		$	19,059		$	44,106		$	47,747
Non-GAAP net income reconciliation:
Net income (loss)	$	724		$	6,659		$	37,098		$	(36,272	)
Non-GAAP adjustments:
Litigation costs and related recoveries, net		21			675			(31,365	)		64,593
Stock-based compensation expense		2,711			2,408			11,071			9,545
Reorganization costs		2,555			1,098			4,491			5,737
Non-GAAP net income	$	6,011		$	10,840		$	21,295		$	43,603
Non-GAAP Adjusted EBITDA reconciliation:
Net income (loss)	$	724		$	6,659		$	37,098		$	(36,272	)
Non-GAAP adjustments:
Interest expense		1,401			1,904			6,151			6,305
Income taxes		3,027			6,291			18,533			(371	)
Depreciation and amortization expense		1,022			947			3,861			3,596
EBITDA		6,174			15,801			65,643			(26,742	)
Non-GAAP adjustments:
Litigation costs and related recoveries, net		21			675			(31,365	)		64,593
Stock-based compensation expense		2,711			2,408			11,071			9,545
Reorganization costs		2,555			1,098			4,491			5,737
Adjusted EBITDA	$	11,461		$	19,982		$	49,840		$	53,133
Calculated Billings:
Revenue	$	109,790		$	114,213		$	421,536		$	428,753
Deferred revenue, current and noncurrent, end of the period		287,541			281,197			287,541			281,197
Deferred revenue, current and noncurrent, beginning of the period		225,999			223,314			281,197			286,974
Change in deferred revenue		61,542			57,883			6,344			(5,777	)
Calculated billings		171,332			172,096			427,880			422,976
Less PeopleSoft calculated billings		(4,039	)		(5,918	)		(13,728	)		(25,619	)
Adjusted calculated billings	$	167,293		$	166,178		$	414,152		$	397,357

RIMINI STREET, INC. GAAP to Non-GAAP Reconciliations (In thousands)
	Three Months Ended
	December 31,
	2025		2024
Annualized recurring revenue	$	411,435	$	414,764
Less annualized PeopleSoft recurring revenue		15,630		30,720
Adjusted annualized recurring revenue	$	395,805	$	384,044

	December 31, 2025		December 31, 2024
Remaining performance obligations	$	652,947	$	587,941
Less PeopleSoft remaining performance obligations		20,700		22,089
Adjusted remaining performance obligations	$	632,247	$	565,852

About Non-GAAP Financial Measures and Certain Key Metrics

To provide investors and others with additional information regarding Rimini Street’s results, we have disclosed the following non-GAAP financial measures and certain key metrics. We have described below Active Clients, Annualized Recurring Revenue, Adjusted Annualized Recurring Revenue and Revenue Retention Rate, each of which is a key operational metric for our business. In addition, we have disclosed the following non-GAAP financial measures: non-GAAP operating income, non-GAAP net income, EBITDA, Adjusted EBITDA, Calculated Billings, Adjusted Calculated Billings, Remaining Performance Obligations and Adjusted Remaining Performance Obligations. Rimini Street has provided in the tables above a reconciliation of each non-GAAP financial measure used in this earnings release to the most directly comparable GAAP financial measure. There were no tax effects associated with any of our non-GAAP adjustments. These non-GAAP financial measures are also described below.

The primary purpose of using non-GAAP measures is to provide supplemental information that management believes may prove useful to investors and to enable investors to evaluate our results in the same way management does. We also present the non-GAAP financial measures because we believe they assist investors in comparing our performance across reporting periods on a consistent basis, as well as comparing our results against the results of other companies, by excluding items that we do not believe are indicative of our core operating performance. Specifically, management uses these non-GAAP measures as measures of operating performance; to prepare our annual operating budget; to allocate resources to enhance the financial performance of our business; to evaluate the effectiveness of our business strategies; to provide consistency and comparability with past financial performance; to facilitate a comparison of our results with those of other companies, many of which use similar non-GAAP financial measures to supplement their GAAP results; and in communications with our board of directors concerning our financial performance. Investors should be aware however, that not all companies define these non-GAAP measures consistently.

Active Client is a distinct entity that purchases our services to support a specific product, including a company, an educational or government institution, or a business unit of a company. For example, we count as two separate active clients when support for two different products is being provided to the same entity. We believe that our ability to expand our active clients is an indicator of the growth of our business, the success of our sales and marketing activities, and the value that our services bring to our clients.

Annualized Recurring Revenue is the amount of subscription revenue recognized during a fiscal quarter and multiplied by four. This gives us an indication of the revenue that can be earned in the following 12-month period from our existing client base, assuming no cancellations or price changes occur during that period. Subscription revenue excludes any non-recurring revenue, which has been insignificant to date.

Adjusted Annualized Recurring Revenue is annualized recurring revenue adjusted to exclude PeopleSoft subscription revenue recognized during a fiscal quarter and multiplied by four.

Revenue Retention Rate is the actual subscription revenue (dollar-based) recognized over a 12-month period from customers that were clients on the day prior to the start of such 12-month period, divided by our Annualized Recurring Revenue as of the day prior to the start of the 12-month period.

Non-GAAP Operating Income is operating income (loss) adjusted to exclude: litigation costs and related recoveries, net, stock-based compensation expense and reorganization costs. The exclusions are discussed in further detail below.

Non-GAAP Net Income is net income (loss) adjusted to exclude: litigation costs and related recoveries, net, stock-based compensation expense and reorganization costs. These exclusions are discussed in further detail below.

Specifically, management excludes the following items from its non-GAAP financial measures, as applicable, for the periods presented:

Litigation Costs and Related Recoveries, Net: Litigation costs and the associated litigation settlement, insurance and appeal recoveries relate to outside costs of litigation activities. These costs and recoveries reflect the litigation we are involved with, and do not relate to the day-to-day operations or our core business of serving our clients.

Stock-Based Compensation Expense: Our compensation strategy includes the use of stock-based compensation to attract and retain employees. This strategy is principally aimed at aligning employee interests with those of our stockholders and to achieve long-term employee retention. As a result, stock-based compensation expense varies for reasons that are generally unrelated to operational decisions in any particular period.

Reorganization Costs: The costs consist primarily of severance costs associated with the Company’s reorganization plan.

EBITDA is net income (loss) adjusted to exclude: interest expense, income taxes, and depreciation and amortization expense.

Adjusted EBITDA is EBITDA adjusted to exclude: litigation costs and related recoveries, net, stock-based compensation expense and reorganization costs, as discussed above.

Calculated Billings represents the change in deferred revenue for the current period plus revenue for the current period.

Adjusted Calculated Billings is calculated billings adjusted to exclude the calculated billings associated with PeopleSoft services.

Remaining Performance Obligations represent all future non-cancellable revenue under contract that has not yet been recognized as revenue, and includes deferred revenue and unbilled amounts.

Adjusted Remaining Performance Obligations is the Company’s remaining performance obligations adjusted to exclude the remaining performance obligations for PeopleSoft.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260219293814/en/

Investor Relations Contact

Dean Pohl

Rimini Street, Inc.

+1 925 523-7636

[email protected]

Media Relations Contact

Janet Ravin

Rimini Street, Inc.

+1 702 285-3532

[email protected]

KEYWORDS: Nevada United States North America

INDUSTRY KEYWORDS: Data Management Communications Apps/Applications Technology Software Artificial Intelligence Public Relations/Investor Relations

MEDIA:

Photo

Rimini Street Announces Fiscal Fourth Quarter and Annual 2025 Financial and Operating Results

Logo

February 19, 2026 4:10 pm

Namib Minerals Regains Compliance with Nasdaq Listing Rules

NEW YORK, Feb. 19, 2026 (GLOBE NEWSWIRE) — Namib Minerals (“Namib Minerals” or “the Company”) (Nasdaq: NAMM) today announced that on February 18, 2026 the Company received a letter from the Nasdaq Stock Market LLC (”Nasdaq”) stating that the Company has regained compliance with the minimum market value of publicly held shares (“MVPHS”) requirement under Nasdaq Listing Rule 5450(b)(2)(C) (the “Rule”). Accordingly, the Company is now in compliance with all applicable listing standards, and its ordinary shares will continue to be listed on the Nasdaq Global Market.

The Company was previously notified by Nasdaq on January 30, 2026, that it was not in compliance with the MVPHS requirement because its ordinary shares had failed to maintain an MVPHS of at least $15,000,000 as required by the Rule. In order to regain compliance with the Rule, the Company was required to maintain an MVPHS of $15,000,000 or more for at least 10 consecutive trading days, and Nasdaq determined that this requirement was met.

About Namib Minerals

Namib Minerals (NASDAQ: NAMM) is a gold producer, developer and explorer with operations focused in Zimbabwe. Namib Minerals is a significant player in Africa’s mining industry, driving sustainable growth and innovation across the sector. Currently Namib Minerals operates the How Mine, an underground gold mine in Zimbabwe, and aims to restart two assets in Zimbabwe. For additional information, please visit namibminerals.com.

Forward-
Looking
Statements

This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements other than statements of historical facts contained in this update are forward-looking statements. Any statements that refer to estimates or other characterizations of future events or circumstances, including any underlying assumptions, are also forward-looking statements. Forward-looking statements include, without limitation, future compliance with Nasdaq requirements. The forward-looking statements are based on our current expectations and are inherently subject to uncertainties and changes in circumstance and their potential effects and speak only as of the date of such statement. There can be no assurance that future developments will be those that have been anticipated. These forward-looking statements involve a number of risks and uncertainties. You should carefully consider the risks and uncertainties described in the filings we make with Securities and Exchange Commission. We caution you against placing undue reliance on forward-looking statements, which reflect current beliefs and are based on information currently available as of the date a forward-looking statement is made.

Contacts:

Investor Relations:
[email protected]

February 19, 2026 4:10 pm

Contact Levi & Korsinsky by April 3, 2026 Deadline to Join Class Action Against Picard Medical, Inc.(PMI)

NEW YORK, Feb. 19, 2026 (GLOBE NEWSWIRE) — Levi & Korsinsky, LLP notifies investors in Picard Medical, Inc. (“Picard Medical, Inc.” or the “Company”) (NYSE: PMI) of a class action securities lawsuit.

CLASS DEFINITION: The lawsuit seeks to recover losses on behalf of Picard Medical, Inc. investors who were adversely affected by alleged securities fraud between September 2, 2025 and October 31, 2025. Follow the link below to get more information and be contacted by a member of our team:

https://zlk.com/pslra-1/picard-medical-inc-lawsuit-submission-form?prid=183673&wire=3

PMI investors may also contact Joseph E. Levi, Esq. via email at [email protected] or by telephone at (212) 363-7500.

CASE DETAILS: The filed complaint alleges that defendants made false statements and/or concealed that: (1) Picard was the subject of a fraudulent stock promotion scheme involving social media-based misinformation and impersonated financial professionals; (2)insiders and/or affiliates used offshore or nominee accounts to facilitate the coordinated dumping of shares during a price inflation campaign; (3) Picard’s public statements and risk disclosures omitted any mention of the false rumors and artificial trading activity driving the stock price; and (4) as a result of the foregoing, defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.

WHAT’S NEXT? If you suffered a loss in Picard Medical, Inc. during the relevant time frame, you have until April 3, 2026 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn’t require that you serve as a lead plaintiff.

NO COST TO YOU: If you are a class member, you may be entitled to compensation without payment of any out-of-pocket costs or fees. There is no cost or obligation to participate.

WHY LEVI & KORSINSKY: Over the past 20 years, the team at Levi & Korsinsky has secured hundreds of millions of dollars for aggrieved shareholders and built a track record of winning high-stakes cases. Our firm has extensive expertise representing investors in complex securities litigation and a team of over 70 employees to serve our clients. For seven years in a row, Levi & Korsinsky has ranked in ISS Securities Class Action Services’ Top 50 Report as one of the top securities litigation firms in the United States.

CONTACT:

Levi & Korsinsky, LLP
Joseph E. Levi, Esq.
Ed Korsinsky, Esq.
33 Whitehall Street, 27th Floor
New York, NY 10004
[email protected]
Tel: (212) 363-7500
Fax: (212) 363-7171
www.zlk.com