Market Newsdesk

February 4, 2026 4:08 pm

Relay Therapeutics to Participate in Guggenheim Emerging Outlook: Biotech Summit 2026

CAMBRIDGE, Mass., Feb. 04, 2026 (GLOBE NEWSWIRE) — Relay Therapeutics, Inc. (Nasdaq: RLAY), a clinical-stage, small molecule precision medicine company developing potentially life-changing therapies for patients living with cancer and genetic disease, today announced that management will participate in a fireside chat at the Guggenheim Emerging Outlook: Biotech Summit 2026 on Wednesday, February 11, 2026 at 10:30 a.m. ET.

The fireside chats will be webcast live and may be accessed through Relay Therapeutics’ website under Events in the News & Events section through the following link: https://ir.relaytx.com/news-events/events-presentations. An archived replay of the webcast will be available for up to 30 days following the event.

About Relay Therapeutics

Relay Therapeutics (Nasdaq: RLAY) is a clinical-stage, small molecule precision medicine company developing potentially life-changing therapies for patients living with cancer and genetic disease. Relay’s Dynamo® platform integrates an array of leading-edge computational and experimental approaches designed to drug protein targets that have previously been intractable or inadequately addressed. The company’s lead clinical asset, zovegalisib, is the first pan-mutant selective PI3Kα inhibitor to enter clinical development and is currently in a Phase 3 clinical trial (ReDiscover-2) in HR+/HER2- metastatic breast cancer. Zovegalisib is also being investigated in a group of genetic disease indications called PI3Kα-driven vascular anomalies. Relay’s pipeline also includes programs for NRAS-driven solid tumors and Fabry disease. For more information, please visit www.relaytx.com or follow us on LinkedIn.

Contact:

Pete Rahmer
[email protected]

Media:

Dan Budwick
1AB
973-271-6085
[email protected]

February 4, 2026 4:08 pm

Helmerich & Payne, Inc. Announces Fiscal First Quarter Results

Helmerich & Payne, Inc. Announces Fiscal First Quarter Results

TULSA, Okla.–(BUSINESS WIRE)–
Helmerich & Payne, Inc. (NYSE:HP)

Operating and Financial Highlights for the Quarter Ended December 31, 2025

The Company reported consolidated net loss of $(97) million, or $(0.98) per share, which includes the impact of a non-cash impairment charge of $103 million. Adjusted for this and other non-recurring one-time items, adjusted earnings⁽¹⁾ were $(14) million, or $(0.15) per share.
North America Solutions (NAS) reported operating income of $36 million for the quarter, compared with $118 million in the prior quarter. These results include a one-time impairment of $98 million. NAS generated direct margins⁽²⁾ of $239 million, resulting in direct margin⁽²⁾ per day of $18,193, reflecting strong, sector-leading margin performance in the North American land market.
The company successfully deployed FlexRobotics^TM Technology system on a rig for a Super Major in the Permian Basin.
International Solutions reported an operating loss of $(55) million for the quarter, an improvement from a loss of $(76) million in the prior quarter. The segment again exceeded its guidance midpoint expectations, delivering direct margins⁽²⁾ of approximately $29 million.
Consolidated adjusted EBITDA⁽³⁾ totaled $230 million.
The Company has repaid $260 million on its $400 million term loan as of the end of January and continues to expect full repayment by the end of the third fiscal quarter of 2026.
Approximately $25 million was returned to shareholders through the Company’s ongoing dividend program.

Management Commentary

“During the first fiscal quarter, the Company executed with discipline, delivering strong operational and financial results across all business segments. These results demonstrate our ability to generate consistent operational performance and advance our strategic priorities in a dynamic market environment,” commented CEO John Lindsay.

“Our NAS segment continued to hold its industry-leading position, supported by solid financial performance and strong execution. With a presence across all major U.S. basins, the team continued to deliver reliable, high‑quality solutions that support customer programs. We effectively managed basin‑level activity churn, including in the Permian, where we maintain leading market share by delivering reliable results and differentiated offerings.”

“Notably, our new FlexRobotics^TM Technology was successfully deployed on a rig for a Super Major in the Permian Basin, supporting the drilling of multiple pads and delivering strong, reliable rig-floor performance. We are seeing growing customer interest in adding additional units to the fleet. Also significant, NAS technology adoption continues to increase year‑over‑year, with deployment now occurring on nearly every active rig. As customers continue to recognize the efficiencies these technologies provide, we expect adoption to remain strong and further deepen alignment with our customers.”

“For our International Solutions segment, the first fiscal quarter marked continued progress in advancing our global strategy and bringing U.S. unconventional expertise to key international markets,” Lindsay said. “With rig reactivations underway in Saudi Arabia, we expect startups to be completed by mid‑2026. Discussions with national and international oil companies across our core regions remain encouraging, reinforcing our confidence in the value our drilling solutions deliver worldwide.”

“Our Offshore Solutions segment delivered stable and consistent performance in the first fiscal quarter. The business continues to generate consistent cash flows driven by low capital intensity, strong customer relationships, and activity across the Gulf of America, the Caspian Sea, Norway and UK North Sea, Africa, and Canada. With approximately 30% of the global platform operations and maintenance market, we remain encouraged by the segment’s outlook.”

Senior Vice President and CFO Kevin Vann added, “As we progress through fiscal 2026, our disciplined approach to capital deployment continues to support strong free cash flow and ongoing balance sheet improvement. We have repaid $260 million on the $400 million term loan and remain on track to retire the remaining balance ahead of schedule using free cash flow. This progress highlights our commitment to prudent capital allocation.”

Lindsay concluded, “We remain encouraged by the opportunities ahead through the remainder of 2026 and beyond. Our expanded global scale and the continued strengthening of our competitive position give me confidence in the path forward. In NAS, our differentiated solutions, super‑spec fleet investments, peer‑leading cost structure, and steady technology adoption provide meaningful durability. H&P is anchored by a strong safety culture and a customer‑focused approach, all driven by a workforce that is second to none in this industry. As we enter this new chapter of leadership, I am confident that Trey and his team are well equipped to continue delivering long-term term value for shareholders. We look forward to building on this momentum throughout the year.”

The Company also noted that, as previously announced, John Lindsay plans to retire in March, with a leadership transition underway and no change to the Company’s strategic direction or financial priorities.

Operating Segment Results for the First Quarter of Fiscal Year 2026

North America Solutions: Realized operating income of $36 million, compared with $118 million in the previous quarter. These results include a one-time impairment of $98 million. Supported by consistent operational execution direct margin⁽²⁾ slightly exceeded the midpoint of guidance at approximately $239 million, versus $242 million in the prior quarter. On a per day basis, direct margin averaged approximately $18,193 with 143 rigs operating, demonstrating the durability of the active fleet and reinforcing our position as a peer-leading margin generator.

International Solutions: The segment reported an operating loss of $(55) million, compared with a loss of approximately $(76) million in the previous quarter. Direct margin⁽²⁾ again exceeded the midpoint of guidance expectations, totaling approximately $29 million versus approximately $30 million in the prior quarter, supported by steady activity levels within the segment.

Offshore Solutions: Contributed operating income of approximately $16 million, compared with approximately $20 million in the previous quarter. These results include a one-time impairment of $2 million. Direct margin⁽²⁾ for the quarter was approximately $31 million, compared with approximately $35 million in the prior quarter, providing consistent and reliable cash flow contributions.

Select Items⁽⁴⁾ Included in Net Loss per Diluted Share

First quarter of fiscal year 2026 net loss of $(0.98) per diluted share included a net impact of $(0.83) per share in after-tax gains and losses comprised of the following:

$0.01 of non-cash after-tax gain related to the change in actuarial assumptions on estimated liabilities
$0.01 of non-cash after-tax gain related to investment securities
$(0.02) of after-tax loss related to restructuring charges
$(0.03) of after-tax loss related to acquisition transaction costs
$(0.80) of non-cash after-tax loss related to impairment

Fourth quarter of fiscal year 2025 net loss of $(0.58) per diluted share included a net impact of $(0.57) per share in after-tax losses comprised of the following:

$0.03 of non-cash after-tax gain related to the change in actuarial assumptions on estimated liabilities
$(0.05) of after-tax loss related to transaction and integration costs
$(0.07) of after-tax loss related to restructuring charges
$(0.08) of after-tax loss related to a credit loss expense associated with a long-term note receivable
$(0.12) of non-cash after-tax loss related to impairment
$(0.28) of non-cash after-tax loss related to investment securities

Operational Outlook for the Second Quarter of Fiscal Year 2026

The guidance below represents our expectations as of the date of this release.

North America Solutions:

Direct margin⁽²⁾ between $205 million and $230 million
Average rig count of approximately 132 to 138 contracted rigs

International Solutions:

Direct margin⁽²⁾ between $12 million and $22 million
Average rig count of approximately 57 to 63 contracted rigs⁽⁵⁾

Offshore Solutions:

Direct margin⁽²⁾ between $20 million and $30 million
Average management contracts and contracted platform rigs of approximately 30 to 35

Other:

Direct margin⁽²⁾ contribution from the Company’s other operations between $3 million and $8 million

Other Estimates for Fiscal Year 2026

Depreciation for fiscal year 2026 is now expected to be approximately $700 million
Research and development expenses for fiscal year 2026 are still expected to be roughly $25 million
General and administrative expenses for fiscal year 2026 are still expected to be approximately $265 million to $285 million
Cash taxes to be paid in fiscal year 2026 are still expected to be approximately $95 million to $145 million
Interest expense for fiscal year 2026 is still expected to be approximately $100 million

Conference Call

A conference call will be held at 11 a.m. (ET), Thursday, February 5, 2026, with John Lindsay, CEO, Trey Adams, President, Kevin Vann, Senior Vice President and CFO, and other management team members to discuss the Company’s first quarter fiscal year 2026 results. Dial-in information for the conference call is (800)-343-4136 for domestic callers or (203)-518-9843 for international callers. The call access code is ‘Helmerich’. Participants can listen to the live webcast of the conference call and access the accompanying earnings presentation by visiting our website at www.hpinc.com. Navigate to the “Investors” section, click on “News and Events – Events & Presentations,” and select the event to access the webcast and materials.

About Helmerich & Payne, Inc.

Founded in 1920, Helmerich & Payne, Inc. (H&P) (NYSE: HP) is committed to delivering industry leading levels of drilling productivity and reliability. H&P operates with the highest level of integrity, safety and innovation to deliver superior results for its customers and returns for shareholders. Through its subsidiaries, the Company designs, fabricates and operates high-performance drilling rigs in conventional and unconventional plays around the world. H&P also develops and implements advanced automation, directional drilling and survey management technologies. As of February 4, 2026, H&P’s fleet includes 203 land rigs in the United States, 131 international land rigs and four offshore platform rigs, plus operating 31 offshore labor contracts. For more information, see H&P online at www.hpinc.com.

Forward-Looking Statements

This release includes “forward-looking statements” within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, and such statements are based on current expectations and assumptions that are subject to risks and uncertainties. All statements other than statements of historical facts included in this release, including, without limitation, outlook for fiscal 2026, the Company’s business strategy, future financial position, operations outlook, future cash flow, future use of generated cash flow, dividend amounts and timing, amounts of any future dividends, investments, active rig count projections, projected costs and plans, objectives of management for future operations, contract terms, financing and funding, debt reduction plans, capex spending and budgets, outlook for domestic and international markets, future commodity prices, and future customer activity and relationships are forward-looking statements. For information regarding risks and uncertainties associated with the Company’s business, please refer to the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections and other disclosures in the Company’s SEC filings, including but not limited to its annual report on Form 10‑K and quarterly reports on Form 10‑Q. As a result of these factors, Helmerich & Payne, Inc.’s actual results may differ materially from those indicated or implied by such forward-looking statements. Investors are cautioned not to put undue reliance on such statements. We undertake no duty to publicly update or revise any forward-looking statements, whether as a result of new information, changes in internal estimates, expectations or otherwise, except as required under applicable securities laws.

Helmerich & Payne uses its Investor Relations website as a channel of distribution for material company information. Such information is routinely posted and accessible on its Investor Relations website at www.hpinc.com. Information on our website is not part of this release.

Note Regarding Trademarks. Helmerich & Payne, Inc. owns or has rights to the use of trademarks, service marks and trade names that it uses in conjunction with the operation of its business. Some of the trademarks that appear in this release or otherwise used by H&P include FlexRig and FlexRobotics, which may be registered or trademarked in the United States and other jurisdictions.

(1) Adjusted net income, which is considered a non-GAAP metric, is defined as net income (loss), excluding the impact of ‘select items’ which management defines as certain items that do not reflect the ongoing performance of our core business operations. Adjusted net income is included as supplemental disclosure as management uses it to assess and understand current operational performance, especially in analyzing historical trends which are used in forecasting future period results. For this reason, we believe this measure will be useful information to investors. The presence of non-GAAP metrics is not intended to suggest that such measures should be considered as a substitute for certain GAAP metrics and, given that not all companies define adjusted net income the same way, this financial measure may not be comparable to similarly titled metrics disclosed by other companies. See Non-GAAP Measurements for a reconciliation of net income (loss) to adjusted net income.

(2) Direct margin, which is considered a non-GAAP metric, is defined as operating revenues (less reimbursements) less direct operating expenses (less reimbursements) and is included as a supplemental disclosure. We believe it is useful in assessing and understanding our current operational performance, especially in making comparisons over time. See Non-GAAP Measurements for a reconciliation of segment operating income (loss) to direct margin. Expected direct margin for the first quarter of fiscal 2026 is provided on a non-GAAP basis only because certain information necessary to calculate the most comparable GAAP measure is unavailable due to the uncertainty and inherent difficulty of predicting the occurrence and the future financial statement impact of certain items. Therefore, as a result of the uncertainty and variability of the nature and amount of future items and adjustments, which could be significant, we are unable to provide a reconciliation of expected direct margin to the most comparable GAAP measure without unreasonable effort.

(3) Adjusted EBITDA is considered to be a non-GAAP metric. Adjusted EBITDA is defined as net income (loss) before taxes, depreciation and amortization, gains and losses on asset sales, other income and expense – which includes interest income and interest expense, and excludes the impact of ‘select items’ which management defines as certain items that do not reflect the ongoing performance of our core business operations. Adjusted EBITDA is included as supplemental disclosure as management uses it to assess and understand current operational performance, especially in analyzing historical trends which are used in forecasting future period results. For this reason, we believe this measure will be useful to information to investors. The presence of non-GAAP metrics is not intended to suggest that such measures should be considered as a substitute for certain GAAP metrics and, given that not all companies define Adjusted EBITDA the same way, this financial measure may not be comparable to similarly titled metrics disclosed by other companies. See Non-GAAP Measurements for a reconciliation of net income to Adjusted EBITDA.

(4) Select items are considered non-GAAP metrics and are included as a supplemental disclosure as the Company believes identifying and excluding select items is useful in assessing and understanding current operational performance, especially in making comparisons over time involving previous and subsequent periods and/or forecasting future periods results. Select items are excluded as they are deemed to be outside the Company’s core business operations. See Non-GAAP Measurements.

(5) Does not include 24 rigs that have either suspended operations or have been notified to suspend operations in Saudi Arabia

Interim Financial Information

Prior to the three months ended March 31, 2025, foreign currency exchange gains and losses were presented in the operating costs and expense line items to which they relate, namely within Drilling services operating expenses, on our Unaudited Condensed Consolidated Statements of Operations. To conform with the current period presentation, we reclassified amounts previously presented in separate line items within operating costs and expenses to the Foreign currency exchange gain (loss) line on our Unaudited Condensed Consolidated Statements of Operations for the three months ended December 31, 2025. The impact of this change was not material to any period presented.

HELMERICH & PAYNE, INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
	Three Months Ended
(in thousands, except per share amounts)	December 31,			September 30,			December 31,
(in thousands, except per share amounts)		2025			2025			2024
OPERATING REVENUES
Drilling services	$	981,125		$	990,211		$	674,613
Other		35,901			21,537			2,689
		1,017,026			1,011,748			677,302
OPERATING COSTS AND EXPENSES
Drilling services operating expenses, excluding depreciation and amortization		682,780			694,611			410,916
Other operating expenses		31,260			20,319			1,156
Depreciation and amortization		181,919			188,857			99,080
Research and development		6,646			7,567			9,359
Selling, general and administrative		70,444			77,645			63,098
Acquisition transaction costs		3,405			5,677			10,535
Asset impairment charges		103,086			18,928			—
Restructuring charges		1,591			7,450			—
Gain on reimbursement of drilling equipment		(6,120	)		(7,249	)		(9,403	)
Other (gain) loss on sale of assets		1,926			(595	)		1,673
		1,076,937			1,013,210			586,414
OPERATING INCOME (LOSS)		(59,911	)		(1,462	)		90,888
Other income (expense)
Interest and dividend income		2,758			3,353			21,741
Interest expense		(25,607	)		(27,972	)		(22,298	)
Gain (loss) on investment securities		929			(36,461	)		(13,367	)
Foreign currency exchange gain (loss)		27			6,455			(905	)
Other		(1,926	)		(5,985	)		360
		(23,819	)		(60,610	)		(14,469	)
Income (loss) before income taxes		(83,730	)		(62,072	)		76,419
Income tax expense (benefit)		11,201			(6,265	)		21,647
NET INCOME (LOSS)	$	(94,931	)	$	(55,807	)	$	54,772
Net income attributable to non-controlling interest		1,775			1,556			—
NET INCOME (LOSS) ATTRIBUTABLE TO HELMERICH & PAYNE, INC.	$	(96,706	)	$	(57,363	)	$	54,772

Earnings (loss) per share attributable to Helmerich & Payne, Inc:
Basic	$	(0.98	)	$	(0.58	)	$	0.55
Diluted	$	(0.98	)	$	(0.58	)	$	0.54

Weighted average shares outstanding:
Basic		99,544			99,441			98,867
Diluted		99,544			99,441			99,159

HELMERICH & PAYNE, INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
	December 31,			September 30,
(in thousands except share data and share amounts)		2025			2025
ASSETS
Current Assets:
Cash and cash equivalents	$	247,195		$	196,848
Restricted cash		30,884			27,412
Short-term investments		21,775			21,496
Accounts receivable, net of allowance of $20,206 and $19,647, respectively		726,819			782,644
Inventories of materials and supplies, net		324,814			324,326
Prepaid expenses and other, net		85,030			97,518
Assets held-for-sale		25,820			15,231
Total current assets		1,462,337			1,465,475

Investments, net		70,538			68,198
Property, plant and equipment, net		4,100,077			4,313,074
Other Noncurrent Assets:
Goodwill		182,576			182,854
Intangible assets, net		463,082			485,540
Operating lease right-of-use assets		117,294			123,598
Restricted cash		1,429			1,640
Other assets, net		61,763			65,359
Total other noncurrent assets		826,144			858,991

Total assets	$	6,459,096		$	6,705,738

LIABILITIES & SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	188,312		$	217,923
Dividends payable		25,417			25,199
Accrued liabilities		501,264			564,855
Current portion of long-term debt, net		6,859			6,859
Total current liabilities		721,852			814,836

Noncurrent Liabilities:
Long-term debt, net		2,026,314			2,057,084
Deferred income taxes		631,121			624,000
Retirement benefit obligation		104,795			109,864
Other		272,738			270,616
Total noncurrent liabilities		3,034,968			3,061,564

Shareholders’ Equity:
Common stock, 0.10 par value, 160,000,000 shares authorized, 112,222,865 shares issued as of December 31, 2025 and September 30, 2025, and 99,849,488 and 99,446,577 shares outstanding as of December 31, 2025 and September 30, 2025, respectively		11,222			11,222
Preferred stock, no par value, 1,000,000 shares authorized, no shares issued		—			—
Additional paid-in capital		499,943			513,050
Retained earnings		2,496,928			2,619,090
Accumulated other comprehensive income (loss)		42,680			44,964
Treasury stock, at cost, 12,373,377 shares and 12,776,288 shares as of December 31, 2025 and September 30, 2025, respectively		(447,763	)		(463,536	)
Non-controlling interest		99,266			104,548
Total shareholders’ equity		2,702,276			2,829,338
Total liabilities and shareholders’ equity	$	6,459,096		$	6,705,738

HELMERICH & PAYNE, INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
	Three Months Ended December 31,
(in thousands)		2025			2024
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$	(94,931	)	$	54,772
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization		181,919			99,080
Asset impairment charge		103,086			—
Amortization of debt discount and debt issuance costs		1,250			2,390
Stock-based compensation		9,287			6,851
Gain (loss) on investment securities		(929	)		13,367
Gain on reimbursement of drilling equipment		(6,120	)		(9,403	)
Other loss on sale of assets		1,926			1,673
Deferred income tax		7,182			(9,923	)
Other		(2,345	)		(381	)
Changes in assets and liabilities		(17,896	)		(68	)
Net cash provided by operating activities		182,429			158,358

CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures		(67,565	)		(106,485	)
Purchase of short-term investments		(18,019	)		(95,956	)
Purchase of long-term investments		—			(646	)
Proceeds from sale of short-term investments		16,645			242,920
Insurance proceeds from involuntary conversion		—			698
Proceeds from asset sales		11,020			12,120
Other		(374	)		—
Net cash provided by (used in) investing activities		(58,293	)		52,651

CASH FLOWS FROM FINANCING ACTIVITIES:
Dividends paid		(25,238	)		(25,021	)
Distributions to non-controlling interests		(7,000	)		—
Debt issuance costs		—			(1,216	)
Payments for employee taxes on net settlement of equity awards		(5,835	)		(6,913	)
Payments on unsecured long-term debt		(30,000	)		—
Other		(1,715	)		—
Net cash used in financing activities		(69,788	)		(33,150	)
Effect of exchange rate changes on cash, cash equivalents and restricted cash		(740	)		—
Net increase in cash, cash equivalents and restricted cash		53,608			177,859
Cash, cash equivalents and restricted cash, beginning of period		225,900			1,528,660
Cash, cash equivalents and restricted cash, end of period	$	279,508		$	1,706,519

HELMERICH & PAYNE, INC.
SEGMENT REPORTING
	Three Months Ended
	December 31,			September 30,			December 31,
(in thousands, except operating statistics)		2025			2025			2024
NORTH AMERICA SOLUTIONS
Operating revenues	$	563,938		$	572,274		$	598,145
Direct operating expenses		325,133			330,235			332,347
Depreciation and amortization		84,244			88,248			88,336
Research and development		6,408			7,580			9,440
Selling, general and administrative expense		14,022			25,781			15,809
Asset impairment charges		97,922			—			—
Restructuring charges		—			2,272			—
Segment operating income	$	36,209		$	118,158		$	152,213
Financial Data and Other Operating Statistics^1:
Direct margin (Non-GAAP)²	$	238,805		$	242,039		$	265,798
Revenue days³		13,126			12,999			13,708
Average active rigs⁴		143			141			149
Number of active rigs at the end of period⁵		139			144			148
Number of available rigs at the end of period		203			223			225
Reimbursements of “out-of-pocket” expenses	$	72,797		$	71,289		$	68,426

INTERNATIONAL SOLUTIONS
Operating revenues		234,288		$	241,234		$	47,480
Direct operating expenses		205,573			211,716			54,428
Depreciation and amortization		78,121			90,102			4,828
Selling, general and administrative expense		4,145			4,964			2,708
Acquisition transaction costs		436			1,234			—
Asset impairment charges		—			4,368			—
Restructuring charges		1,318			4,565			—
Segment operating loss	$	(55,305	)	$	(75,715	)	$	(14,484	)
Financial Data and Other Operating Statistics¹:
Direct margin (Non-GAAP)²	$	28,715		$	29,518		$	(6,948	)
Revenue days³		5,444			5,691			1,689
Average active rigs⁴		59			62			18
Number of active rigs at the end of period⁵		59			61			20
Number of available rigs at the end of period		131			137			30
Reimbursements of “out-of-pocket” expenses	$	11,768		$	12,720		$	2,119

OFFSHORE SOLUTIONS
Operating revenues	$	188,282		$	180,327		$	29,210
Direct operating expenses		157,280			145,566			22,661
Depreciation and amortization		10,820			10,023			1,980
Selling, general and administrative expense		1,044			1,297			1,064
Acquisition transaction costs		573			2,911			—
Asset impairment charges		2,128			—			—
Restructuring charges		—			237			—
Segment operating income	$	16,437		$	20,293		$	3,505
Financial Data and Other Operating Statistics¹:
Direct margin (Non-GAAP)²	$	31,002		$	34,761		$	6,549
Revenue days³		276			276			276
Average active rigs⁴		3			3			3
Number of active rigs at the end of period⁵		3			3			3
Number of available rigs at the end of period		4			7			7
Reimbursements of “out-of-pocket” expenses	$	39,664		$	29,458		$	7,225

(1)		These operating metrics and financial data, including average active rigs, are provided to allow investors to analyze the various components of segment financial results in terms of activity, utilization and other key results. Management uses these metrics to analyze historical segment financial results and as the key inputs for forecasting and budgeting segment financial results.
(2)		Direct margin, which is considered a non-GAAP metric, is defined as operating revenues less direct operating expenses and is included as a supplemental disclosure because we believe it is useful in assessing and understanding our current operational performance, especially in making comparisons over time. See — Non-GAAP Measurements below for a reconciliation of segment operating income (loss) to direct margin.
(3)		Defined as the number of contractual days during the reporting period in which revenue was recognized from Company owned rigs. This metric excludes revenue days associated with leased rigs.
(4)		Active rigs generate revenue for the Company; accordingly, ‘average active rigs’ represents the average number of rigs generating revenue during the applicable time period. This metric is calculated by dividing revenue days by total days in the applicable period (i.e. 92 days for the three months ended December 31, 2025, September 30, 2025, and December 31, 2024.)
(5)		Defined as the number of contractual days for owned and leased rigs with recognized revenue for during the period.

Segment operating income (loss) for all segments is a non-GAAP financial measure of the Company’s performance, as it excludes gain on reimbursement of drilling equipment, other gain (loss) on sale of assets, corporate selling, general and administrative costs, corporate depreciation, corporate acquisition transaction costs, corporate asset impairment charges, and corporate restructuring charges. The Company considers segment operating income (loss) to be an important supplemental measure of operating performance for presenting trends in the Company’s core businesses. This measure is used by the Company to facilitate period-to-period comparisons in operating performance of the Company’s reportable segments in the aggregate by eliminating items that affect comparability between periods. The Company believes that segment operating income (loss) is useful to investors because it provides a means to evaluate the operating performance of the segments and the Company on an ongoing basis using criteria that are used by our internal decision makers. Additionally, it highlights operating trends and aids analytical comparisons. However, segment operating income (loss) has limitations and should not be used as an alternative to operating income or loss, a performance measure determined in accordance with GAAP, as it excludes certain costs that may affect the Company’s operating performance in future periods.

The following table reconciles operating income (loss) per the information above to income (loss) before income taxes as reported on the Unaudited Condensed Consolidated Statements of Operations:

	Three Months Ended
	December 31,			September 30,			December 31,
(in thousands)		2025			2025			2024
Operating income (loss)
North America Solutions	$	36,209		$	118,158		$	152,213
International Solutions		(55,305	)		(75,715	)		(14,484	)
Offshore Solutions		16,437			20,293			3,505
Other		(1,223	)		(32,792	)		774
Eliminations		(795	)		(1,752	)		102
Segment operating income (loss)	$	(4,677	)	$	28,192		$	142,110
Gain on reimbursement of drilling equipment		6,120			7,249			9,403
Other gain (loss) on sale of assets		(1,926	)		595			(1,673	)
Corporate selling, general and administrative costs, corporate depreciation, corporate acquisition transaction costs, corporate asset impairment charges, and corporate restructuring charges		(59,428	)		(37,498	)		(58,952	)
Operating income (loss)	$	(59,911	)	$	(1,462	)	$	90,888
Other income (expense):
Interest and dividend income		2,758			3,353			21,741
Interest expense		(25,607	)		(27,972	)		(22,298	)
Gain (loss) on investment securities		929			(36,461	)		(13,367	)
Foreign currency exchange gain (loss)		27			6,455			(905	)
Other		(1,926	)		(5,985	)		360
Total other income (expense)		(23,819	)		(60,610	)		(14,469	)
Income (loss) before income taxes	$	(83,730	)	$	(62,072	)	$	76,419

NON-GAAP MEASUREMENTS

NON-GAAP RECONCILIATION OF SELECT ITEMS AND ADJUSTED NET LOSS(**)

	Three Months Ended December 31, 2025
(in thousands, except per share data)	Pretax		Tax Impact		Net			EPS
Net loss (GAAP basis)					$	(96,706	)	$	(0.98	)
(-) Changes in actuarial assumptions on estimated liabilities	1,607		365			1,242			0.01
(-) Gain on investment security	929		211			718			0.01
(-) Restructuring charges	(1,591	)	—			(1,591	)		(0.02	)
(-) Acquisition transaction costs	(3,405	)	(386	)		(3,019	)		(0.03	)
(-) Impairment expense	(103,086	)	(23,401	)		(79,685	)		(0.80	)
Adjusted net loss					$	(14,371	)	$	(0.15	)

	Three Months Ended September 30, 2025
(in thousands, except per share data)	Pretax		Tax Impact		Net			EPS
Net loss (GAAP basis)					$	(57,363	)	$	(0.58	)
(-) Changes in actuarial assumptions on estimated liabilities	3,864		877			2,987			0.03
(-) Acquisition transaction costs	(5,677	)	(680	)		(4,997	)		(0.05	)
(-) Restructuring charges	(7,450	)	(595	)		(6,855	)		(0.07	)
(-) Credit loss expense associated with long-term note receivable	(9,878	)	(2,242	)		(7,636	)		(0.08	)
(-) Impairment expense	(11,450	)	—			(11,450	)		(0.12	)
(-) Loss on investment security	(36,461	)	(8,277	)		(28,184	)		(0.28	)
Adjusted net loss					$	(1,228	)	$	(0.01	)

^(**)The Company believes identifying and excluding select items is useful in assessing and understanding current operational performance, especially in making comparisons over time involving previous and subsequent periods and/or forecasting future period results. Select items are excluded as they are deemed to be outside of the Company’s core business operations.

NON-GAAP RECONCILIATION OF DIRECT MARGIN

Direct margin is considered a non-GAAP metric. We define “direct margin” as operating revenues (less reimbursements) less direct operating expenses (less reimbursements). Direct margin is included as a supplemental disclosure because we believe it is useful in assessing and understanding our current operational performance, especially in making comparisons over time. Direct margin is not a substitute for financial measures prepared in accordance with GAAP and should therefore be considered only as supplemental to such GAAP financial measures.

The following table reconciles direct margin to segment operating income (loss), which we believe is the financial measure calculated and presented in accordance with GAAP that is most directly comparable to direct margin.

	Three Months Ended
	December 31,			September 30,			December 31,
(in thousands)		2025			2025			2024
NORTH AMERICA SOLUTIONS
Segment operating income	$	36,209		$	118,158		$	152,213
Add back:
Depreciation and amortization		84,244			88,248			88,336
Research and development		6,408			7,580			9,440
Selling, general and administrative expense		14,022			25,781			15,809
Asset impairment charge		97,922			—			—
Restructuring charges		—			2,272			—
Direct margin (Non-GAAP)	$	238,805		$	242,039		$	265,798

INTERNATIONAL SOLUTIONS
Segment operating loss	$	(55,305	)	$	(75,715	)	$	(14,484	)
Add back:
Depreciation and amortization		78,121			90,102			4,828
Selling, general and administrative expense		4,145			4,964			2,708
Acquisition transaction costs		436			1,234			—
Asset impairment charge		—			4,368			—
Restructuring charges		1,318			4,565			—
Direct margin (Non-GAAP)	$	28,715		$	29,518		$	(6,948	)

OFFSHORE SOLUTIONS
Segment operating income	$	16,437		$	20,293		$	3,505
Add back:
Depreciation and amortization		10,820			10,023			1,980
Selling, general and administrative expense		1,044			1,297			1,064
Acquisition transaction costs		573			2,911			—
Asset impairment charges		2,128			—			—
Restructuring charges		—			237			—
Direct margin (Non-GAAP)	$	31,002		$	34,761		$	6,549

NON-GAAP RECONCILIATION OF ADJUSTED EBITDA

Adjusted EBITDA and ‘Select Items’ are considered to be non-GAAP metrics. Adjusted EBITDA is defined as net income (loss) before taxes, depreciation and amortization, gains and losses on asset sales, other income and expense – which includes interest income and interest expense, and excludes the impact of ‘select items’ which management defines as certain items that do not reflect the ongoing performance of our core business operations. These metrics are included as supplemental disclosures as management uses them to assess and understand current operational performance, especially in analyzing historical trends which are used in forecasting future period results. For this reason, we believe this measure will be useful to information to investors. The presence of non-GAAP metrics is not intended to suggest that such measures should be considered as a substitute for certain GAAP metrics and, given that not all companies define Adjusted EBITDA the same way, this financial measure may not be comparable to similarly titled metrics disclosed by other companies.

The following table reconciles adjusted EBITDA to net income (loss), which we believe is the financial measure calculated and presented in accordance with GAAP that is most directly comparable to direct margin.

	Three Months Ended
	December 31,			September 30,			December 31,
(in thousands)		2025			2025			2024
Net income (loss) attributable to Helmerich and Payne, Inc.	$	(96,706	)	$	(57,363	)	$	54,772
Add back:
Net income attributable to non-controlling interest		1,775			1,556			—
Income tax expense (benefit)		11,201			(6,265	)		21,647
Other (income) expense
Interest and dividend income		(2,758	)		(3,353	)		(21,741	)
Interest expense		25,607			27,972			22,298
(Gain) loss on investment securities		(929	)		36,461			13,367
Foreign currency exchange (gain) loss		(27	)		(6,455	)		905
Other		1,926			5,985			(360	)
Depreciation and amortization		181,919			188,857			99,080
Acquisition transaction costs		3,405			5,677			10,535
Asset impairment charges		103,086			18,928			—
Restructuring charges		1,591			7,450			—
Other (gain) loss on sale of assets		1,926			(595	)		1,673
Excluding Select Items (Non-GAAP)
Credit loss expense associated with long-term note receivable		—			9,878			—
Change in actuarial assumptions on estimated liabilities		(1,607	)		(3,864	)		—
Gains related to an insurance claim		—			—			(2,366	)
Adjusted EBITDA (Non-GAAP)	$	230,409		$	224,869		$	199,810

View source version on businesswire.com: https://www.businesswire.com/news/home/20260204290127/en/

Kris Nicol

Vice President of Investor Relations

[email protected]

KEYWORDS: Oklahoma United States North America

INDUSTRY KEYWORDS: Energy Other Energy Oil/Gas

MEDIA:

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February 4, 2026 4:08 pm

Chime to Participate in Upcoming Investor Conferences

Chime to Participate in Upcoming Investor Conferences

SAN FRANCISCO–(BUSINESS WIRE)–
Chime® (Nasdaq: CHYM), a leading consumer financial technology company, announced today that it will participate in the following investor conferences:

On Wednesday, March 4, 2026, Chris Britt, Chime CEO and Co-founder, will attend the Morgan Stanley Technology, Media & Telecom Conference in San Francisco, CA. Mr. Britt will participate in a fireside chat beginning at 1:50 p.m. Pacific Time.
On Tuesday, March 10, 2026, Matt Newcomb, Chime CFO, will attend the Wolfe FinTech Forum in New York City, NY. Mr. Newcomb will participate in a fireside chat beginning at 1:45 p.m. Eastern Time (10:45 a.m. Pacific Time).

A live webcast of the fireside chats will be accessible on Chime’s Investor Relations website at investors.chime.com. Replays will be available for a limited period of time following the conferences.

About Chime

Chime (Nasdaq: CHYM) is a financial technology company founded on the premise that core banking services should be helpful, easy, and free. We offer a broad range of low-cost banking and payments products that address the most critical financial needs of everyday people. Our member-aligned business model has helped millions of people to unlock their financial progress. Member deposits are FDIC-insured through The Bancorp Bank, N.A. or Stride Bank, N.A., Members FDIC, up to applicable limits.¹

Chime® is a financial technology company, not an FDIC-insured bank. Banking services provided by The Bancorp Bank, N.A. or Stride Bank, N.A., Members FDIC. Deposit insurance covers the failure of an insured bank. Certain conditions must be satisfied for pass-through deposit insurance coverage to apply.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260204938316/en/

Investor Relations

[email protected]

Media

[email protected]

KEYWORDS: California United States North America

INDUSTRY KEYWORDS: Banking Fintech Professional Services Finance

MEDIA:

February 4, 2026 4:08 pm

Pulse Biosciences Schedules Fourth Quarter & Full Year 2025 Financial Results Conference Call for February 19, 2026

Pulse Biosciences Schedules Fourth Quarter & Full Year 2025 Financial Results Conference Call for February 19, 2026

HAYWARD, Calif.–(BUSINESS WIRE)–
Pulse Biosciences, Inc. (Nasdaq: PLSE), a company leveraging its novel nPulse™ technology using its proprietary Nanosecond Pulsed Field Ablation™ (nanosecond PFA or nsPFA™) energy, today announced it will report business updates and financial results for the fourth quarter and full year 2025 after market close on Thursday, February 19, 2026.

Company management will host a corresponding conference call beginning at 1:30pm PT / 4:30pm ET. Investors interested in listening to the conference call may do so by dialing 1-800-715-9871 from the U.S. or 1-646-307-1963 internationally and providing Conference ID 7647402. A live and recorded webcast of the event will be available on the Pulse Biosciences Investors website at http://investors.pulsebiosciences.com/.

About Pulse Biosciences®

Pulse Biosciences is a novel bioelectric medicine company committed to health innovation that has the intention as well as the potential to improve the quality of life for patients. The Company’s proprietary nPulse™ technology delivers nanosecond pulses of electrical energy to non-thermally clear cells while sparing adjacent noncellular tissue. The Company is actively pursuing the development of its nPulse technology for use in the treatment of atrial fibrillation and in a select few other markets where it could have a profound positive impact on healthcare for both patients and providers, such as surgical soft tissue ablation.

Pulse Biosciences, nPulse, Vybrance, CellFX, Nano-Pulse Stimulation, NPS, nsPFA, CellFX nsPFA, nanosecond PFA and the stylized logos are among the trademarks and/or registered trademarks of Pulse Biosciences, Inc. in the United States and other countries.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260204165656/en/

Investors:

Pulse Biosciences, Inc.

Jon Skinner, CFO

[email protected]

Gilmartin Group

Philip Trip Taylor

415.937.5406

[email protected]

KEYWORDS: United States North America California

INDUSTRY KEYWORDS: Research Medical Devices Clinical Trials Stem Cells Biotechnology Health Pharmaceutical General Health Science

MEDIA:

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February 4, 2026 4:07 pm

LifeVantage Announces Financial Results for the Second Quarter of Fiscal 2026

Announces New $60 Million Share Repurchase Authorization

SALT LAKE CITY, Feb. 04, 2026 (GLOBE NEWSWIRE) — LifeVantage Corporation (Nasdaq: LFVN), a leading health and wellness company with products designed to activate optimal health processes at the cellular level, today reported financial results for its second fiscal quarter ended December 31, 2025.

Second
Quarter Fiscal
2026
Summary*:

Revenue was $48.9 million, a decrease of 27.8% from the prior year period. Revenue was up 2.9% sequentially from the first quarter.
Revenue in the Americas decreased 32.6%, and revenue in Asia/Pacific & Europe decreased 2.1%.
Net income per diluted share was $0.02, versus $0.19 per diluted share a year ago;
Adjusted earnings per diluted share was $0.15, compared to $0.22 a year ago; and
Adjusted EBITDA was $3.9 million compared to $6.5 million a year ago.

* All comparisons are on a year over year basis and compare the second quarter of fiscal 2026 to the second quarter of fiscal 2025, unless otherwise noted.

“The second quarter reflected challenging competitive dynamics in the weight loss market as we cycled the launch of our MindBody GLP-1 System™ in October 2024,” said Steve Fife, President and CEO of LifeVantage. “We acknowledge that our performance during the quarter did not meet your expectations or ours and we are redoubling our efforts to stabilize our GLP-1 business and make the other changes necessary to return to revenue growth. While the growth trajectory of MindBody may have changed, we remain committed to this proven, scientifically validated natural weight loss solution.”

“We continue to be very well positioned across the broader health and wellness ecosystem and are particularly excited about the momentum we are seeing in LoveBiome^®, including several new products launching over the next couple quarters that will expand the portfolio into adjacent, high-growth categories. This summer and beyond, LifeVantage also plans to expand into new international markets, another key element of our overall growth strategy. With a strong balance and proven track record of returning capital to shareholders, we remain steadfast in our commitment to driving long-term shareholder value.”

Second
Quarter Fiscal
2026
Results

For the second quarter ended December 31, 2025, the Company reported revenue of $48.9 million, a 27.8% decrease over the second quarter of fiscal 2025. Excluding the impact of foreign currency fluctuations, second quarter revenue decreased 28.1%. Revenue in the Americas region for the second quarter of fiscal 2026 decreased 32.6%. The decrease in revenue was primarily driven by declines in sales of the Company’s MindBody GLP-1 System as we cycled the launch of the product in October 2024, partially offset by sales of the LoveBiome product line, which the Company acquired in October 2025. Revenue in the Asia/Pacific & Europe region decreased 2.1%; on a constant currency basis, revenue in the Asia/Pacific & Europe region decreased 3.7%.

Gross profit for the second quarter of fiscal 2026 was $36.2 million, or 74.0% of revenue, compared to $54.6 million, or 80.5% of revenue, for the same period in fiscal 2025. The decrease in gross profit as a percentage of revenue was primarily due to an allowance for inventory obsolescence of $2.4 million related to the MindBody GLP-1 System^™, along with increases in shipping and warehouse related expenses. Adjusted for the allowance for inventory obsolescence, non-GAAP gross profit was $38.6 million, or 78.8% of revenue.

Commissions and incentives expense for the second quarter of fiscal 2026 was $19.9 million, or 40.7% of revenue, compared to $32.5 million, or 48.0% of revenue, for the same period in fiscal 2025. The decrease in commissions and incentives expenses as a percentage of revenue compared to the prior year periods is primarily due to the timing and magnitude of promotional and incentive programs and changes to the mix of customers and independent consultants in our overall Active Accounts.

Selling, general and administrative (SG&A) expense for the second quarter of fiscal 2026 was $15.8 million, or 32.3% of revenue, compared to $18.6 million, or 27.5% of revenue, for the same period in fiscal 2025. The increase in SG&A expenses as a percentage of revenue was primarily due to the overall decrease in sales volume.

Operating income for the second quarter of fiscal 2026 was $0.5 million compared to $3.4 million for the second quarter of fiscal 2025. Adjusted non-GAAP operating income for the second quarter of fiscal 2026 was $2.6 million compared to adjusted non-GAAP operating income of $3.9 million for the second quarter of fiscal 2025.

Net income for the second quarter of fiscal 2026 was $0.3 million, or $0.02 per diluted share, compared to $2.6 million, or $0.19 per diluted share for the second quarter of fiscal 2025. Adjusted non-GAAP net income for the second quarter of fiscal 2026 was $1.9 million, or $0.15 per diluted share, compared to adjusted non-GAAP income of $3.0 million, or $0.22 per diluted share, for the second quarter of fiscal 2025.

Adjusted EBITDA was $3.9 million for the second quarter of fiscal 2026, versus $6.5 million for the comparable period in fiscal 2025.

Balance Sheet & Liquidity

The Company generated $0.5 million of cash from operations during the first six months of fiscal 2026 compared to $8.6 million in the same period in fiscal 2025. The Company’s cash and cash equivalents at December 31, 2025 were $10.2 million, compared to $20.2 million at June 30, 2025, and there was no debt outstanding.

Share Repurchase

During the first six months of fiscal 2026, the Company repurchased 44,000 of its common shares for an aggregate price of approximately $0.6 million. In January 2026, the Company’s Board of Directors also approved a new $60 million share repurchase program. The new program, which replaces the Company’s previous share repurchase program in its entirety, authorizes the Company to repurchase shares in both open market and private transactions through December 31, 2027 under the terms of the program.

Dividend Announcement

Today the Company announced the declaration of a cash dividend of $0.045 per common share. The dividend will be paid on March 16, 2026 to all stockholders of record at the close of business on March 2, 2026.

Fiscal Year 2026 Guidance

The Company anticipates fiscal 2026 revenue in the range of $185 million to $200 million, adjusted EBITDA of $15 million to $19 million, and adjusted earnings per share in the range of $0.60 to $0.80. The Company expects a full year tax rate of approximately 22% to 24%. This guidance reflects the current trends in the business and the Company’s strategic initiatives, including international expansion and new product launches. The Company’s guidance for adjusted non-GAAP EBITDA and adjusted non-GAAP earnings per diluted share excludes any non-operating or non-recurring expenses that may materialize during fiscal 2026.

Conference Call Information

The Company will hold an investor conference call today at 2:30 p.m. MST (4:30 p.m. EST). Investors interested in participating in the live call can dial (877) 704-4453 from the U.S. or international callers can dial (201) 389-0920. A telephone replay will be available approximately two hours after the call concludes and will be available through Wednesday, February 18, 2026, by dialing (844) 512-2921 from the U.S. and entering confirmation code 13757766, or (412) 317-6671 from international locations, and entering confirmation code 13757766.

There will also be a simultaneous, live webcast available on the Investor Relations section of the Company’s web site at https://lifevantage.gcs-web.com/events-and-presentations. The webcast will be archived for approximately 30 days.

About LifeVantage Corporation

LifeVantage Corporation (Nasdaq: LFVN), the Activation company, is a pioneer in nutrigenomics—the study of how nutrition and naturally occurring compounds can unlock your genes and the health coded within. Our products work with your unique biology and help your body make what it needs for health. The line of scientifically validated activators includes the flagship Protandim® family of products, TrueScience® Liquid Collagen, the newest MindBody GLP-1 System™, the comprehensive gut activator P84, the Activation-supporting nutrients such as Omega, D3+, and the Rise AM & Reset PM System®, as well as AXIO® nootropic energy drink mixes, the full TrueScience® line of skin and hair care products, and Petandim®, a pet supplement formulated to combat oxidative stress in dogs. Our independent Consultants sell our products to Customers and share the business opportunity with entrepreneurs seeking to begin their own business. LifeVantage was founded in 2003 and is headquartered in Lehi, Utah. For more information, visit www.lifevantage.com.

Cautionary Note Regarding Forward Looking Statements

This document contains forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Words and expressions reflecting optimism, satisfaction or disappointment with current prospects, as well as words such as “believe,” “will,” “hopes,” “intends,” “estimates,” “expects,” “projects,” “plans,” “anticipates,” “look forward to,” “goal,” “may be,” and variations thereof, identify forward-looking statements, but their absence does not mean that a statement is not forward-looking. The declaration and/or payment of a dividend during any quarter provides no assurance as to future dividends, and the timing and amount of future dividends, if any, could vary significantly in comparison both to past dividends and to current expectations. Examples of forward-looking statements include, but are not limited to, expected financial performance, including revenue margins, statements we make regarding executing against and the benefits of our key initiatives, future growth, including geographic and product expansion, and expected dividend payments in future quarters. Such forward-looking statements are not guarantees of performance and the Company’s actual results could differ materially from those contained in such statements. These forward-looking statements are based on the Company’s current expectations and beliefs concerning future events affecting the Company and involve known and unknown risks and uncertainties that may cause the Company’s actual results or outcomes to be materially different from those anticipated and discussed herein. These risks and uncertainties include, among others, further deterioration to the global economic and operating environments, as well as those discussed in greater detail in the Company’s Annual Report on Form 10-K and the Company’s Quarterly Report on Form 10-Q under the caption “Risk Factors,” and in other documents filed by the Company from time to time with the Securities and Exchange Commission (the “SEC”). The Company cautions investors not to place undue reliance on the forward-looking statements contained in this document. All forward-looking statements are based on information currently available to the Company on the date hereof, and the Company undertakes no obligation to revise or update these forward-looking statements to reflect events or circumstances after the date of this document, except as required by law.

About Non-GAAP Financial Measures

We define Non-GAAP EBITDA as earnings before interest expense, income taxes, depreciation and amortization and Non-GAAP Adjusted EBITDA as earnings before interest expense, income taxes, depreciation and amortization, stock compensation expense, other income, net, and certain other adjustments. Non-GAAP EBITDA and Non-GAAP Adjusted EBITDA may not be comparable to similarly titled measures reported by other companies. We define Non-GAAP Net Income as GAAP net income less certain tax adjusted non-recurring one-time expenses incurred during the period and Non-GAAP Earnings per Share as Non-GAAP Net Income divided by weighted-average shares outstanding.

We are presenting Non-GAAP EBITDA, Non-GAAP Adjusted EBITDA, Non-GAAP Net Income and Non-GAAP Earnings Per Share because management believes that they provide additional ways to view our operations when considered with both our GAAP results and the reconciliation to net income, which we believe provides a more complete understanding of our business than could be obtained absent this disclosure. Non-GAAP EBITDA, Non-GAAP Adjusted EBITDA, Non-GAAP Net Income and Non-GAAP Earnings Per Share are presented solely as supplemental disclosure because: (i) we believe these measures are a useful tool for investors to assess the operating performance of the business without the effect of these items; (ii) we believe that investors will find this data useful in assessing shareholder value; and (iii) we use Non-GAAP EBITDA, Non-GAAP Adjusted EBITDA, Non-GAAP Net Income and Non-GAAP Earnings Per Share internally as benchmarks to evaluate our operating performance or compare our performance to that of our competitors. The use of Non-GAAP EBITDA, Non-GAAP Adjusted EBITDA, Non-GAAP Net Income and Non-GAAP Earnings per Share has limitations and you should not consider these measures in isolation from or as an alternative to the relevant GAAP measure of net income prepared in accordance with GAAP, or as a measure of profitability or liquidity.

The tables set forth below present reconciliations of Non-GAAP EBITDA, Non-GAAP Adjusted EBITDA, Non-GAAP Net Income and Non-GAAP Earnings per Share, which are non-GAAP financial measures to Net Income and Earnings per Share, our most directly comparable financial measures presented in accordance with GAAP.

Investor Relations Contacts:

Reed Anderson, ICR
(646) 277-1260
[email protected]


LIFEVANTAGE CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Unaudited)
(In thousands, except per share data)	December 31, 2025			June 30, 2025
ASSETS
Current assets
Cash and cash equivalents	$	10,181		$	20,201
Accounts receivable		2,256			3,294
Income tax receivable		2,726			635
Inventory, net		18,978			20,669
Prepaid expenses and other		4,416			6,095
Total current assets		38,557			50,894

Property and equipment, net		6,426			6,207
Right-of-use assets		7,274			8,041
Intangible assets, net		3,316			245
Goodwill		472			—
Deferred income tax asset		4,514			5,970
Other long-term assets		610			601
TOTAL ASSETS	$	61,169		$	71,958

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities
Accounts payable	$	4,891		$	4,600
Commissions payable		5,519			7,237
Lease liabilities		1,891			1,867
Other accrued expenses		6,712			13,513
Total current liabilities		19,013			27,217

Long-term lease liabilities		8,800			9,811
Other long-term liabilities		369			289
Total liabilities		28,182			37,317
Commitments and contingencies
Stockholders’ equity
Preferred stock — par value $0.0001 per share, 5,000 shares authorized, no shares issued or outstanding		—			—
Common stock — par value $0.0001 per share, 40,000 shares authorized and 12,787 and 12,429 issued and outstanding as of December 31, 2025 and June 30, 2025, respectively		1			1
Additional paid-in capital		138,041			139,962
Accumulated deficit		(103,441	)		(104,147	)
Accumulated other comprehensive loss		(1,614	)		(1,175	)
Total stockholders’ equity		32,987			34,641
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	61,169		$	71,958


LIFEVANTAGE CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)

	Three Months Ended December 31,						Six Months Ended December 31,
(In thousands, except per share data)		2025			2024			2025			2024
Revenue, net	$	48,931		$	67,762		$	96,493		$	114,976
Cost of sales		12,722			13,195			22,467			22,686
Gross profit		36,209			54,567			74,026			92,290

Operating expenses:
Commissions and incentives		19,895			32,525			40,590			52,830
Selling, general and administrative		15,827			18,614			30,680			33,462
Total operating expenses		35,722			51,139			71,270			86,292
Operating income		487			3,428			2,756			5,998

Other income (expense):
Interest income, net		20			130			107			189
Other expense, net		(34	)		(469	)		(148	)		(520	)
Total other income (expense)		(14	)		(339	)		(41	)		(331	)
Income before income taxes		473			3,089			2,715			5,667
Income tax expense		(197	)		(539	)		(284	)		(1,291	)
Net income	$	276		$	2,550		$	2,431		$	4,376
Net income per share:
Basic	$	0.02		$	0.21		$	0.19		$	0.36
Diluted	$	0.02		$	0.19		$	0.19		$	0.34
Weighted-average shares outstanding:
Basic		12,643			12,211			12,520			12,166
Diluted		12,745			13,177			12,849			12,903


LIFEVANTAGE CORPORATION AND SUBSIDIARIES

Revenue by Region
(Unaudited)

	Three Months Ended December 31,								Six Months Ended December 31,
(In thousands)		2025				2024				2025					2024
Americas	$	38,541	79	%	$	57,154	84	%	$	75,739		78	%	$	94,046	82	%
Asia/Pacific & Europe		10,390	21	%		10,608	16	%		20,754		22	%		20,930	18	%
Total	$	48,931	100	%	$	67,762	100	%	$	96,493		100	%	$	114,976	100	%

Active Accounts
(Unaudited)

	As of December 31,
	2025				2024				Change from Prior Year			Percent Change
Active Independent Consultants ⁽¹⁾
Americas		32,000	68.1	%		35,000	67.3	%		(3,000	)	(8.6	)%
Asia/Pacific & Europe		15,000	31.9	%		17,000	32.7	%		(2,000	)	(11.8	)%
Total Active Independent Consultants		47,000	100.0	%		52,000	100.0	%		(5,000	)	(9.6	)%

Active Customers ⁽²⁾
Americas		54,000	79.4	%		80,000	85.1	%		(26,000	)	(32.5	)%
Asia/Pacific & Europe		14,000	20.6	%		14,000	14.9	%		—		—	%
Total Active Customers		68,000	100.0	%		94,000	100.0	%		(26,000	)	(27.7	)%

Active Accounts ⁽³⁾
Americas		86,000	74.8	%		115,000	78.8	%		(29,000	)	(25.2	)%
Asia/Pacific & Europe		29,000	25.2	%		31,000	21.2	%		(2,000	)	(6.5	)%
Total Active Accounts		115,000	100.0	%		146,000	100.0	%		(31,000	)	(21.2	)%

(1) Active Independent Consultants have purchased product in the prior three months for retail or personal consumption.
(2) Active Customers have purchased product in the prior three months for personal consumption only.
(3) Total Active Accounts is the sum of Active Independent Consultant accounts and Active Customer accounts.


LIFEVANTAGE CORPORATION AND SUBSIDIARIES
Reconciliation of GAAP Net Income to Non-GAAP EBITDA and Non-GAAP Adjusted EBITDA
(Unaudited)

	Three Months Ended December 31,						Six Months Ended December 31,
(In thousands)		2025			2024			2025			2024
GAAP Net income	$	276		$	2,550		$	2,431		$	4,376
Interest income, net		(20	)		(130	)		(107	)		(189	)
Provision for income taxes		197			539			284			1,291
Depreciation and amortization		752			806			1,362			1,603
Non-GAAP EBITDA:		1,205			3,765			3,970			7,081
Adjustments:
Stock compensation expense		553			1,722			1,379			2,639
Other expense, net		34			469			148			520
Other adjustments⁽¹⁾		2,088			518			2,305			662
Total adjustments		2,675			2,709			3,832			3,821
Non-GAAP Adjusted EBITDA	$	3,880		$	6,474		$	7,802		$	10,902

(1) Other adjustments breakout:
Key management severance expenses		—			150			—			188
Executive team recruiting and transition expenses		—			368			—			474
MindBody GLP-1 System^™allowance for inventory obsolescence		2,368			—			2,368			—
LoveBiome acquisition costs		34			—			201			—
Change in fair market value of earnout		(300	)		—			(300	)		—
Other nonrecurring expenses, net		(14	)		—			36			—
Total adjustments	$	2,088		$	518		$	2,305		$	662


LIFEVANTAGE CORPORATION AND SUBSIDIARIES
Reconciliation of GAAP Net Income to Non-GAAP Net Income and Non-GAAP Adjusted EPS
(Unaudited)

	Three Months Ended December 31,						Six Months Ended December 31,
(In thousands)		2025			2024			2025			2024
GAAP Net income	$	276		$	2,550		$	2,431		$	4,376
Adjustments:
Key management severance expenses		—			150			—			188
Executive team recruiting and transition expenses		—			368			—			474
MindBody GLP-1 System™ allowance for inventory obsolescence		2,368			—			2,368			—
LoveBiome acquisition costs		34			—			201			—
Change in fair market value of earnout		(300	)		—			(300	)		—
Other nonrecurring expenses, net		(14	)		—			36			—
Tax impact of adjustments⁽¹⁾		(476	)		(116	)		(530	)		(153	)
Total adjustments, net of tax		1,612			402			1,775			509
Non-GAAP Net income:	$	1,888		$	2,952		$	4,206		$	4,885

	Three Months Ended December 31,						Six Months Ended December 31,
		2025			2024			2025			2024
Diluted earnings per share, as reported	$	0.02		$	0.19		$	0.19		$	0.34
Total adjustments, net of tax		0.13			0.03			0.14			0.04
Non-GAAP adjusted diluted earnings per share	$	0.15		$	0.22		$	0.33		$	0.38

(1) Tax impact is based on the estimated annual tax rate for the years ended June 30, 2026 and 2025, respectively.


Reconciliation of GAAP Gross Profit to Non-GAAP Gross Profit
(Unaudited)

	Three Months Ended December 31,						Six Months Ended December 31,
(In thousands)		2025			2024			2025			2024
Revenue, net	$	48,931		$	67,762		$	96,493		$	114,976
Cost of sales		12,722			13,195			22,467			22,686
GAAP Gross profit		36,209			54,567			74,026			92,290
GAAP Gross profit percentage		74.0	%		80.5	%		76.7	%		80.3	%

Adjustments:
MindBody GLP-1 System^™allowance for inventory obsolescence		2,368			—			2,368			—
Non-GAAP Gross profit	$	38,577		$	54,567		$	76,394		$	92,290
Non-GAAP Gross profit percentage		78.8	%		80.5	%		79.2	%		80.3	%

February 4, 2026 4:07 pm

Arm Holdings plc Reports Results for the Third Quarter of the Fiscal Year Ending 2026

Arm Holdings plc Reports Results for the Third Quarter of the Fiscal Year Ending 2026

CAMBRIDGE, England–(BUSINESS WIRE)–
Arm Holdings plc (NASDAQ: ARM), the company that is building the future of computing, has today published a letter to its shareholders containing the company’s results for its third quarter of fiscal year 2026, which ended Dec. 31, 2025. The letter is available on its investor relations website (https://investors.arm.com/financials/quarterly-annual-results). The shareholder letter will also be furnished to the Securities and Exchange Commission (SEC) on a Form 6-K and will be available on the SEC website at http://www.sec.gov.

Arm will host an audio webcast to discuss its results at 14:00 PT / 17:00 ET / 22:00 GMT today, Feb. 4. The live webcast will be available at https://edge.media-server.com/mmc/p/o443v7p2 and a replay will be at https://investors.arm.com/financials/quarterly-annual-results.

About Arm

Arm is the industry’s highest-performing and most power-efficient compute platform with unmatched scale that touches 100 percent of the connected global population. To meet the insatiable demand for compute, Arm is delivering advanced solutions that allow the world’s leading technology companies to unleash the unprecedented experiences and capabilities of AI. Together with the world’s largest computing ecosystem and 22 million software developers, we are building the future of AI on Arm.

All information is provided “as is” and without warranty or representation. This document may be shared freely, attributed and unmodified. Arm is a registered trademark of Arm Limited (or its subsidiaries or affiliates). All brands or product names are the property of their respective holders. © 1995-2026 Arm Limited.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260204048991/en/

Media

Kristen Ray

[email protected]

Investors

Arm Investor Relations

[email protected]

KEYWORDS: Europe Ireland United Kingdom

INDUSTRY KEYWORDS: Software Technology Hardware Semiconductor

MEDIA:

Logo

February 4, 2026 4:06 pm

PROCEPT BioRobotics® to Attend the TD Cowen 46th Annual Health Care Conference and the 2026 Leerink Global Healthcare Conference

SAN JOSE, Calif., Feb. 04, 2026 (GLOBE NEWSWIRE) — PROCEPT BioRobotics (Nasdaq: PRCT) (the “Company”), a surgical robotics company focused on advancing patient care by developing transformative solutions in urology, announced today that members of management will present at two upcoming investor conferences in March.

TD Cowen 46
^th
Annual Health Care Conference

Location – Boston, MA
Fireside Chat – Monday, March 2^nd at 11:40am ET

2026 Leerink Global Health Care Conference

Location – Miami, FL
Fireside Chat – Tuesday, March 10^th at 8am ET

A live webcast of each event, as well as an archived recording, will be available on the “Investors” section of the Company’s website at: https://ir.procept-biorobotics.com. The webcasts will be archived and available for replay for at least 90 days after the event.

About PROCEPT BioRobotics Corporation

PROCEPT BioRobotics’ mission is to revolutionize BPH treatment globally in partnership with urologists by delivering best-in-class robotic solutions that positively impact patients and drive value. PROCEPT BioRobotics manufactures the AQUABEAM® and HYDROS® Robotic Systems. The HYDROS Robotic System is the only AI-Powered, robotic technology that delivers Aquablation therapy. PROCEPT BioRobotics designed Aquablation therapy to deliver effective, safe, and durable outcomes for males suffering from lower urinary tract symptoms or LUTS, due to BPH that are independent of prostate size and shape or surgeon experience. BPH is the most common prostate disease and impacts approximately 40 million men in the United States.

Investor Contact:

Matt Bacso
VP, Investor Relations and Business Operations
[email protected]

February 4, 2026 4:05 pm

Expand Energy Provides 2025 Fourth Quarter and Full Year Earnings Conference Call Information

OKLAHOMA CITY, Feb. 04, 2026 (GLOBE NEWSWIRE) — Expand Energy Corporation (NASDAQ: EXE) announced today that it will release its 2025 fourth quarter and full year operational and financial results after market close on February 17, 2026. A conference call to discuss the results has been scheduled for February 18, 2026 at 9:00 a.m. EST. Participants can view the live webcast here. Participants who would like to ask a question, can register here, and will receive the dial-in info and a unique PIN to join the call. Links to the conference call will be provided on Expand Energy’s website. A replay will be available on the website following the call.

About Expand Energy

Expand Energy Corporation (NASDAQ: EXE) is North America’s largest natural gas producer, powered by dedicated and innovative employees focused on expanding the value of natural gas by connecting global scale to growing markets. Expand Energy’s returns-driven strategy strives to create sustainable value for its stakeholders by leveraging its advantaged portfolio, financial strength and operational excellence. Expand Energy is committed to expanding America’s energy reach to fuel a more affordable, reliable, lower carbon future.

INVESTOR CONTACT:	MEDIA CONTACT:
Brittany Raiford (405) 935-8870 [email protected]	Brooke Coe (405) 935-8878 [email protected]

February 4, 2026 4:05 pm

Monarch Casino & Resort Reports Record Fourth Quarter and Full Year 2025 Financial Results

Declares Cash Dividend of $0.30 per Share Payable on March 16, 2026

RENO, Nev., Feb. 04, 2026 (GLOBE NEWSWIRE) — Monarch Casino & Resort, Inc. (Nasdaq: MCRI) (“Monarch” or “the Company”) today reported record operating results for the fourth quarter and full year ended December 31, 2025, as summarized below:

($ in thousands, except per share data and percentages)

	Three Months Ended December 31,				Twelve Months Ended December 31,
	2025	2024	Increase		2025	2024	Increase
Net revenue	$140,003	$134,513	4.1	%	$545,125	$522,186	4.4	%

Net income	22,944⁽¹⁾	4,211⁽²⁾	444.9	%	101,392⁽¹⁾	72,769⁽²⁾	39.3	%

Adjusted EBITDA⁽³⁾	$51,805	$47,280	9.6	%	$199,073	$180,394	10.4	%

Basic EPS	$1.27	$0.23	452.2	%	$5.55	$3.91	41.9	%
Diluted EPS	$1.25⁽¹⁾	$0.22⁽²⁾	468.2	%	$5.43⁽¹⁾	$3.84⁽²⁾	41.4	%

(1) For the fourth quarter and year ended December 31, 2025 Net income was negatively impacted by $7.0 million and $8.2 million, respectively, resulting in a Diluted EPS impact of $0.30 and $0.36, respectively, from the following:

$2.75 million, or $0.12 per diluted EPS, from accrued interest expense relating to the principal judgment on the litigation between the Company and Monarch Black Hawk’s general contractor, PCL Construction Services, Inc.;
$0.4 million, or $0.01 per diluted EPS for the quarter and $1.6 million, or $0.07 per diluted EPS for the year, from higher legal and consulting costs relating to the litigation with Monarch Black Hawk’s general contractor PCL Construction Services, Inc. and the Company’s ongoing appeal of the related judgment;
$3.9 million, or $0.17 per diluted EPS, from accrual for other litigation expenses.

(2) In the fourth quarter and year ended December 31, 2024 Net Income and Diluted EPS were negatively impacted by $27.6 million, or $1.14 per diluted EPS, of accrued loss relating to the principal judgment on the litigation between the Company and the Monarch Black Hawk’s general contractor, PCL Construction Services, Inc.
(3) Definitions, disclosures and reconciliations of non-GAAP financial information are included later in the release.

CEO Comment

John Farahi, Co-Chairman and Chief Executive Officer of Monarch, commented: “With all-time high fourth quarter financial results, we delivered another record year in 2025. Fourth quarter net revenue and adjusted EBITDA increased year-over-year by 4.1% and 9.6%, respectively. Fourth quarter adjusted EBITDA margin increased by approximately 185 basis points from 35.1% in the fourth quarter of 2024 to a record fourth quarter margin of 37.0%. Full year 2025 adjusted EBITDA margin increased by approximately 197 basis points from 34.5% in 2024 to a record 36.5% in 2025.

“In the fourth quarter and full year, we increased market share year-over-year at both Atlantis and Monarch Black Hawk. We remain committed to the ongoing capital investment and enhancement at both properties and setting the standard for luxury resorts in each market. We continue to believe that we have opportunities to increase revenue in both markets, while deploying technology to reduce operating costs.

”In the fourth quarter of 2025, we purchased, in open market transactions, 445,715 shares of Monarch common stock for $41.0 million. For the full year, we have purchased 797,279 shares of common stock for $72.2 million.”

Summary of 2025 Fourth Quarter Operating Results

In the fourth quarter of 2025, the Company generated net revenues of $140.0 million compared to $134.5 million in the corresponding prior-year period. Casino revenue increased 5.3%, food and beverage (“F&B”) revenue increased 4.8% and hotel revenues decreased 1.9%, all compared to the same prior-year period.

Selling, general and administrative (“SG&A”) expense for the fourth quarter of 2025 was $27.9 million compared to $27.8 million in the corresponding prior-year period. As a percentage of net revenue, SG&A expense decreased to 19.9% from 20.7% in the corresponding prior-year period. Casino operating expense as a percentage of casino revenue decreased to 35.8% during the fourth quarter of 2025 from 36.8% in the corresponding prior-year period, primarily due to improved labor management and operational efficiencies. During the fourth quarter of 2025, F&B operating expense as a percentage of F&B revenue decreased to 70.0% from 73.4% in the corresponding prior-year period due to labor and cost of sale efficiencies, as well as increases in F&B revenue per cover. Hotel operating expense as a percentage of hotel revenue increased to 36.2% in the fourth quarter of 2025 compared to 34.8% in the corresponding prior-year period primarily due to lower average cash rates at Monarch Black Hawk.

Net income and diluted EPS for the fourth quarter of 2025 increased 445% and 468%, respectively, reflecting the impact of the accrued loss in 2024 related to the Colorado court’s judgment on the litigation between the Company and the Monarch Black Hawk’s general contractor, PCL Construction Services, Inc., accrued interest expense in 2025 relating to the same judgment and year-over-year increase in legal and consulting costs relating to the same litigation and the appeal of the related judgment. In addition, in the fourth quarter of 2025, the Company accrued $3.9 million for other litigation expenses.

In the fourth quarter of 2025, the Company generated consolidated Adjusted EBITDA of $51.8 million, which represents a $4.5 million, or 9.6%, increase, compared to the corresponding prior-year period. In the year ended December 31, 2025, the Company generated consolidated Adjusted EBITDA of $199.1 million, representing $18.7 million, or 10.4%, increase, compared to the prior-year.

Credit Facility and Liquidity

As of December 31, 2025, the Company had cash and cash equivalents of $96.5 million and no borrowings under its credit facility.

Capital expenditures of $3.4 million in the fourth quarter of 2025 were funded from operating cash flow and primarily relate to ongoing maintenance capital expenditures at the Company’s two properties.

On December 15, 2025, the Company paid a cash dividend of $0.30 per share to stockholders of record as of December 1, 2025. The cash dividend was also funded from operating cash flow.

In the fourth quarter of 2025, the Company purchased, under its repurchase plan on the open market, 445,715 shares of its common stock for an aggregate amount of $41.0 million. The purchases were funded from operating cash flow. As of December 31, 2025, the Company has remaining authorization to purchase up to 1,152,761 additional shares under the repurchase plan.

Monarch believes its strong balance sheet and free cash flow favorably position the Company to continue investing in its properties and returning capital to stockholders through cash dividends and share repurchases. The Company continuously evaluates potential M&A transaction opportunities, which, if executed, could drive additional long-term value for stockholders.

Quarterly Dividend Declaration

Today, the Company announced a cash dividend of $0.30 per share of its outstanding common stock. The dividend is payable on March 16, 2026 to stockholders of record as of March 2, 2026. This cash dividend is part of the previously announced annual cash dividend of $1.20 per share payable in quarterly payments and subject to quarterly review and evaluation by the Company’s Board of Directors.

Forward Looking Statements

This press release contains forward-looking statements within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as “plan,” “believe,” “expect,” “seem,” “look,” “look forward,” “positioning,” “future,” “will,” “confident” and similar references to future periods. Example of forward-looking statements include, among others, statements we make regarding: (i) the continuing strength of our balance sheet and our expected free cash flow; (ii) our expectations regarding continuing our dividend payments in the future; (iii) our expectations regarding the cash flow we expect to generate to fund our cash dividends to stockholders; and, (iv) our beliefs regarding the impact of our capital investment strategy and evaluation of potential strategic transactions on our long term success. Actual results and future events and conditions may differ materially from those described in any forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause actual results to differ materially from estimates or projections contained in the forward-looking statements include, without limitation:

adverse impacts of outbreaks of contagious diseases on our business, financial condition and operating results;
actions taken by government officials at the federal, state and/or local level with respect to the containment of disease outbreaks, including, without limitation, temporary or extended shutdowns, travel restrictions, social distancing and shelter-in-place orders;
our ability to manage guest safety concerns in connection with an outbreak of contagious diseases;
our ability to maintain compliance with the terms and conditions of our credit facilities and other material contracts in the event of any unexpected or unplanned events, such as temporary or extended shutdowns;
access to available and reasonable financing on a timely basis;
our ability to maintain strong working relationships with our regulators, employees, lenders, suppliers, insurance carriers, customers, and other stakeholders;
impacts of any uninsured losses;
changes in guest visitation or spending patterns due to economic conditions, health, international relations or other concerns;
construction factors, including delays, disruptions, availability of labor and materials, increased costs of labor and materials, contractor disagreements, zoning issues, environmental restrictions, soil and water conditions, weather and other hazards, site access matters, building permit issues and other regulatory approvals or issues;
ongoing disagreements over costs of and responsibility for delays and other construction related matters with our general contractor at Monarch Casino Resort Spa Black Hawk, PCL Construction Services, Inc., including, as previously reported, the litigation against us by such contractor;
the judgment entered in PCL’s favor and against Monarch in the above-mentioned litigation in the amount of $74,627,657 (the “Judgment”), in Case No. 2019cv33368 in the District Court for the State of Colorado, City and County of Denver (the “Court”), including the outcome of any post-judgment motions filed by PCL in the Court for further release;
the outcome of our appeal of the Judgment;
our potential need to post other bonds or other forms of surety to support our legal remedies;
risks related to development and construction activities (including disputes with and defaults by contractors and subcontractors, construction, equipment or staffing problems and delays, shortages of materials or skilled labor, environmental, health and safety issues, weather and other hazards, site access matters, and unanticipated cost increases);
our ability to generate sufficient operating cash flow to help finance our expansion plans;
changes in laws mandating increases in minimum wages and employee benefits;
changes in laws and regulations permitting expanded and other forms of gaming in our key markets;
the effects of local and national economic, credit and capital market conditions on the economy in general and on the gaming industry and our business in particular, including predictions for a potential recession;
the effects of labor shortages on our market position, growth and financial results;
the potential of increases in state and federal taxation;
potential of increased regulatory and other burdens;
guest acceptance of our expanded facilities once completed and the resulting impact on our market position, growth and financial results;
competition in our target market areas;
the impact of the recently enacted tariffs on our business, including the potential increase in our operating costs;
broad-based inflation, including wage inflation; and,
the impact of the conflicts taking place in Ukraine, Israel, Iran, other areas of the Middle East and other parts of the world.

Additional information concerning potential factors that could adversely affect all forward-looking statements, including the Company’s financial results, is included in our Securities and Exchange Commission filings, including our most recent annual report on Form 10-K and quarterly reports on Form 10-Q, which are available on our website at www.monarchcasino.com.

About Monarch Casino & Resort, Inc.

Monarch Casino & Resort, Inc., through its subsidiaries, owns and operates the Monarch Casino Resort Spa (“Monarch Black Hawk”) in Black Hawk, Colorado, approximately 40 miles west of Denver and the Atlantis Casino Resort Spa (“Atlantis”), a hotel/casino facility in Reno, Nevada. For additional information on Monarch, visit the Company’s website at www.monarchcasino.com.

Atlantis features 817 guest rooms and suites, and approximately 61,000 square feet of casino space. The casino features approximately 1,200 slot and video poker machines; approximately 33 table games, including blackjack, craps, roulette, and others; a race and sports book; a 24-hour live keno lounge; and a poker room. It also includes eight food outlets; two gourmet coffee and pastry bars; retail store; a 30,000 square foot health spa and salon with an enclosed year-round pool; an 8,000 square-foot family entertainment center; and approximately 52,000 square feet of banquet, convention and meeting room space.

Monarch Black Hawk features 516 guest rooms and suites, and approximately 60,000 square feet of casino space. The resort offers approximately 1,000 slot machines; 43 table games; a live poker room; keno; and a sports book. It also includes 10 bars and lounges, as well as four dining options: a twenty-four-hour full-service restaurant, a buffet-style restaurant, the Monarch Chophouse (a fine-dining steakhouse), and Bistro Mariposa (elevated Southwest cuisine), banquet and meeting room space, a retail store, a concierge lounge and an upscale spa and enclosed year-round pool located on the top floor of the tower. The resort is connected to a nine-story parking structure with approximately 1,350 parking spaces, and additional valet parking, with total property capacity of approximately 1,500 spaces.

Contacts:

John Farahi
Chief Executive Officer
775/824-4401 or [email protected]

Joseph Jaffoni
JCIR
212/835-8500 or [email protected]

– financial tables follow –


MONARCH CASINO & RESORT, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share data, unaudited)

	Three months ended December 31,					Twelve months ended December 31,
	2025			2024		2025			2024

Revenues
Casino	$	81,205		$	77,093	$	313,819		$	293,813
Food and beverage		34,147			32,581		130,202			127,474
Hotel		17,864			18,210		76,176			76,357
Other		6,787			6,629		24,928			24,542
Net revenues		140,003			134,513		545,125			522,186

Operating Expenses
Casino		29,091			28,371		113,745			109,172
Food and beverage		23,890			23,914		92,490			93,916
Hotel		6,472			6,330		26,394			26,221
Other		3,169			3,056		12,443			12,061
Selling, general and administrative		27,892			27,837		109,376			108,286
Depreciation and amortization		13,180			13,365		54,022			51,359
Other operating items, net		7,204			27,737		9,160			28,668
Total operating expenses		110,898			130,610		417,630			429,683
Income from operations		29,105			3,903		127,495			92,503

Interest income (expense), net		654			245		1,937			(104	)
Income before income taxes		29,759			4,148		129,432			92,399
(Provision) benefit for income taxes		(6,815	)		63		(28,040	)		(19,630	)
Net income	$	22,944		$	4,211	$	101,392		$	72,769

Earnings per share of common stock
Basic	$	1.27		$	0.23	$	5.55		$	3.91
Diluted	$	1.25		$	0.22	$	5.43		$	3.84

Basic		18,001			18,402		18,282			18,611
Diluted		18,388			18,758		18,660			18,971


MONARCH CASINO & RESORT, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
(In thousands)
	December 31, 2025			December 31, 2024
ASSETS	(unaudited)
Current assets
Cash and cash equivalents	$	96,468		$	58,760
Receivables, net of provision for credit losses		11,067			10,257
Income taxes receivable		3,013			1,523
Inventories		9,089			9,296
Prepaid expenses and other		9,616			10,586
Total current assets		129,253			90,422
Property and equipment, net		556,668			575,287
Goodwill		25,111			25,111
Intangible and other assets, net		1,817			763
Total assets	$	712,849		$	691,583
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities
Accounts payable	$	44,924		$	41,243
Construction accounts payable		50,209			51,101
Accrued expenses		54,049			53,198
Short-term lease liability		1,019			921
Total current liabilities		150,201			146,463
Deferred income taxes		11,626			13,348
Long-term lease liability		12,279			13,143
Other long-term liabilities		1,073			881
Total liabilities		175,179			173,835
Stockholders’ equity
Preferred stock, $.01 par value, 10,000,000 shares authorized; none issued		–			–
Common stock, $.01 par value, 30,000,000 shares authorized; 19,544,290 shares issued and 17,819,020 outstanding at December 31, 2025; 19,364,531 shares issued and 18,436,540 outstanding at December 31, 2024		195			193
Additional paid-in capital		76,038			62,891
Treasury stock, 1,725,270 shares at December 31, 2025 and 927,991 shares at December 31, 2024		(136,411	)		(63,686	)
Retained earnings		597,848			518,350
Total stockholders’ equity		537,670			517,748
Total liabilities and stockholders’ equity	$	712,849		$	691,583


MONARCH CASINO & RESORT, INC. AND SUBSIDIARIES RECONCILIATION OF ADJUSTED EBITDA TO NET INCOME (In thousands, unaudited)

The following table sets forth a reconciliation of Adjusted EBITDA, a non-GAAP financial measure, to net income, a GAAP financial measure:

	Three Months Ended December 31,						Twelve Months Ended December 31,
	2025			2024			2025			2024
Net income	$	22,944		$	4,211		$	101,392		$	72,769
Expenses:
Stock-based compensation		2,316			2,275			8,396			7,864
Depreciation and amortization		13,180			13,365			54,022			51,359
Provision for income taxes		6,815			(63	)		28,040			19,630
Interest (income) expense, net		(654	)		(245	)		(1,937	)		104
Construction litigation expenses (2)		502			135			2,382			799
Principal judgment on the construction litigation accrual (2)		2,748			27,620			2,748			27,620
Other litigation expenses accrual (2)		3,900			–			3,900			–
Lobbying expense to oppose the expansion of iGaming (2)		18			–			71			–
Loss (gain) on disposition of assets (2)		36			(18	)		59			249
Adjusted EBITDA (1)	$	51,805		$	47,280		$	199,073		$	180,394

(1) Adjusted EBITDA, a non-GAAP financial measure, consists of net income plus loss (gain) on disposal of assets, provision for income taxes, stock-based compensation expense, other one-time charges, construction litigation expenses, acquisition expenses, interest expense, depreciation and amortization less interest income, any benefit for income taxes and gain on disposal of assets. Adjusted EBITDA should not be construed as an alternative to operating income (as determined in accordance with US Generally Accepted Accounting Principles), as an indicator of the Company’s operating performance, as an alternative to cash flows from operating activities (as determined in accordance with US GAAP) or as a measure of liquidity. This measure enables comparison of the Company’s performance over multiple periods, as well as against the performance of other companies in our industry that report Adjusted EBITDA, although some companies do not calculate this measure in the same manner and, therefore, the measure as presented may not be comparable to similarly titled measures presented by other companies.
(2) Amount included in the “Other operating items, net” in the Consolidated Statement of Income.

February 4, 2026 4:05 pm

Central Garden & Pet Announces Q1 Fiscal 2026 Financial Results

Central Garden & Pet Announces Q1 Fiscal 2026 Financial Results

Delivers fiscal 2026 Q1 GAAP diluted EPS of $0.11 and non-GAAP diluted EPS of $0.21 compared with $0.21 a year ago

Reaffirms outlook for fiscal 2026 non-GAAP diluted EPS of $2.70 or better

WALNUT CREEK, Calif.–(BUSINESS WIRE)–
Central Garden & Pet Company (NASDAQ: CENT) (NASDAQ: CENTA) (“Central”), a leading consumer goods company in the pet and garden industries, today announced financial results for its fiscal 2026 first quarter ended December 27, 2025.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260204131823/en/

“We delivered a solid start to the fiscal year, with disciplined execution across the business, particularly when measured against a strong prior-year first quarter,” said Niko Lahanas, CEO of Central Garden & Pet. “First quarter results also reflected shipment timing, with volumes shifting into the second quarter. With Cost and Simplicity firmly embedded in our operations, we are sharpening our focus on growth and innovation across the portfolio, recognizing that results will build over time. We remain encouraged by the momentum in the business and confident in our outlook for the year as we advance our Central to Home strategy.”

Fiscal 2026 First Quarter Financial Results

(All comparisons versus Q1 FY 2025)

Net sales were $617 million compared with $656 million.

Gross margin expanded by 110 basis points to 30.9%, compared with 29.8% driven by improved productivity. Non-GAAP gross margin was 30.8%.

Operating income totaled $17 million, compared with $28 million. Non-GAAP operating income was $24 million. Operating margin moved to 2.7% from 4.3%, while non-GAAP operating margin was 3.9%.

Other income was $0.2 million, compared with other expense of $2 million.

Net interest expense of $8 million was fairly consistent with the prior year.

Net income was $7 million compared with $14 million. Non-GAAP net income was $13 million. GAAP diluted earnings per share were $0.11 compared with $0.21, while non-GAAP diluted earnings per share were $0.21.

Adjusted EBITDA was $50 million compared with $55 million.

Pet Segment First Quarter Fiscal 2026 Results

(All comparisons versus Q1 FY 2025)

Net sales in the Pet segment were $416 million compared with $427 million, primarily reflecting portfolio optimization efforts, including the rationalization of lower-margin categories and the closure of Central’s U.K. operations, as well as shipment timing.

Operating income was $50 million compared with $51 million. Non-GAAP operating income was also $50 million. Operating margin was 12.0%, in line with the prior year, and non-GAAP operating margin was 12.1%.

Adjusted EBITDA was $60 million compared with $61 million.

Garden Segment First Quarter Fiscal 2026 Results

(All comparisons versus Q1 FY 2025)

Net sales in the Garden segment were $202 million, compared with $229 million, reflecting shipment timing, with volumes shifting into the second quarter, and portfolio optimization efforts, including the rationalization of select Live Plants categories.

Operating loss was $10 million, compared with operating income of $2 million, and non-GAAP operating loss was $2 million. Operating margin moved to (4.8)% from 1.1%, while non-GAAP operating margin was (1.2)%.

Adjusted EBITDA was $8 million compared with $14 million.

Liquidity and Debt

(All comparisons versus Q1 FY 2025)

Cash and cash equivalents at December 27, 2025, totaled $721 million, compared with $618 million.

Cash used by operations was $70 million, compared with $69 million.

Total debt was $1.2 billion, consistent with the prior year. Gross leverage, calculated using the definitions for Indebtedness and EBITDA in Central’s credit agreement, ended the first quarter at 2.9x, consistent with the prior year and below the target range of 3.0 to 3.5x. Central had no borrowings outstanding under its credit facility at quarter end.

Central repurchased 660,000 shares for $18.5 million during the quarter. As of December 27, 2025, $28 million remained available for future stock repurchases.

Cost and Simplicity Agenda

Central made further progress in its multi-year Cost and Simplicity agenda, a broad-based effort spanning sourcing, manufacturing, distribution, portfolio optimization, and overhead efficiency. These actions are streamlining operations, reducing complexity, and driving margin improvement across the organization.

During the quarter, non-GAAP adjustments totaled $8 million, primarily related to facility closures in the Garden segment, with costs largely associated with lease exit and severance expenses.

Fiscal 2026 Guidance

Central continues to expect fiscal 2026 non-GAAP diluted EPS of $2.70 or better, reflecting continued margin discipline, cost efficiency initiatives, and portfolio optimization.

The outlook incorporates current assumptions regarding a competitive and promotional retail environment, value-oriented consumer behavior, current tariffs, and inflation in select commodity categories, within a dynamic macroeconomic and geopolitical environment.

Capital expenditures are projected to be approximately $50 million to $60 million, focused on maintenance, productivity initiatives, and targeted growth investments across both segments.

This outlook excludes any potential impacts from acquisitions, divestitures, or restructuring activities that may occur during fiscal 2026, including projects under Central’s Cost and Simplicity agenda.

Conference Call

Central will hold a conference call today at 4:30 p.m. Eastern Time (1:30 p.m. Pacific Time), hosted by CEO Niko Lahanas and CFO Brad Smith, to discuss these results and to provide a general business update. The conference call and related materials can be accessed at http://ir.central.com.

Alternatively, to listen to the call by telephone, dial (201) 689-8345 (domestic and international) using confirmation #13757410.

About Central Garden & Pet

Central Garden & Pet Company (NASDAQ: CENT) (NASDAQ: CENTA) is a leading consumer goods company in the pet and garden industries. Guided by the belief that home is central to life, the company’s purpose is to proudly nurture happy and healthy homes. For over 45 years, its innovative and trusted solutions have helped lawns grow greener, gardens bloom bigger, pets live healthier, and communities grow stronger. Central is home to a diversified portfolio of market-leading brands including Amdro^®, Aqueon^®, Best Bully Sticks^®, Cadet^®, C&S^®, Farnam^®, Ferry-Morse^®, Kaytee^®, Nylabone^®, Pennington^®, Sevin^® and Zoёcon^®. With fiscal 2025 net sales of $3.1 billion, the company has strong manufacturing and logistics capabilities supported by a passionate, entrepreneurial growth culture that incorporates sustainability. Central is headquartered in Walnut Creek, California, and employs more than 6,000 people, primarily across North America. Visit www.central.com to learn more.

Safe Harbor Statement

“Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995: The statements contained in this release which are not historical facts, including statements concerning evolving consumer demand and unfavorable retailer dynamics, productivity initiatives, estimated capital spending, and earnings guidance for fiscal 2026, are forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those set forth in or implied by forward-looking statements. All forward-looking statements are based upon Central’s current expectations and various assumptions. There are a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements contained in this release including, but not limited to, the following factors:

economic uncertainty and other adverse macroeconomic conditions, including a potential recession or inflationary pressure;
impacts of further tariffs or a trade war;
risks associated with international sourcing;
fluctuations in energy prices, fuel and related petrochemical costs;
declines in consumer spending and the associated increased inventory risk;
seasonality and fluctuations in our operating results and cash flow;
adverse weather conditions and climate change;
the success of our Central to Home strategy and our Cost and Simplicity agenda;
fluctuations in market prices for seeds and grains and other raw materials, including the impact of significant declines in grass seed market prices on our inventory valuation;
risks associated with new product introductions, including the risk that our new products will not produce sufficient sales to recoup our investment;
dependence on a small number of customers for a significant portion of our business;
consolidation trends in the retail industry;
supply shortages in pet birds, small animals and fish;
potential credit risk associated with certain brick and mortar retailers in the pet specialty segment;
reductions in demand for our product categories;
competition in our industries;
continuing implementation of an enterprise resource planning information technology system;
regulatory issues;
potential environmental liabilities;
access to and cost of additional capital;
the impact of product recalls;
risks associated with our acquisition strategy, including our ability to successfully integrate acquisitions and the impact of purchase accounting on our financial results;
potential goodwill or intangible asset impairment;
the potential for significant deficiencies or material weaknesses in internal control over financial reporting, particularly of acquired companies;
our dependence upon our key executives;
our ability to recruit and retain members of our management team and employees to support our businesses;
potential costs and risks associated with actual or potential cyberattacks;
our ability to protect our trademarks and other proprietary rights;
litigation and product liability claims;
the impact of new accounting regulations and the possibility our effective tax rate will increase as a result of future changes in the corporate tax rate or other tax law changes;
potential dilution from issuance of authorized shares; and
the voting power associated with our Class B stock.

These and other risks are described in greater detail in Central’s Annual Report on Form 10-K for the fiscal year ended September 27, 2025, filed with the Securities and Exchange Commission on November 26, 2025. Central has not filed its Form 10-Q for the fiscal quarter ended December 27, 2025. As a result, all financial results described here should be considered preliminary, and are subject to change to reflect any necessary adjustments or changes in accounting estimates that are identified prior to the time the Company files the Form 10-Q. Central assumes no obligation to publicly update these forward-looking statements to reflect new information, future events, or any other development.

CENTRAL GARDEN & PET COMPANY
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except share and per share amounts, unaudited)

	December 27, 2025			December 28, 2024			September 27, 2025
ASSETS
Current assets:
Cash and cash equivalents	$	721,150		$	618,020		$	882,488
Restricted cash		16,090			14,649			15,945
Accounts receivable (less allowance for credit losses and customer allowances of $8,328, $5,996 and $8,011)		357,803			399,443			325,297
Inventories, net		836,270			815,782			722,106
Prepaid expenses and other		34,381			39,919			30,294
Total current assets		1,965,694			1,887,813			1,976,130
Plant, property and equipment, net		359,004			370,673			363,188
Goodwill		554,692			551,361			554,692
Other intangible assets, net		441,270			465,914			447,643
Operating lease right-of-use assets		204,503			195,775			222,863
Other assets		118,264			64,319			61,127
Total	$	3,643,427		$	3,535,855		$	3,625,643
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$	263,587		$	221,903		$	234,618
Accrued expenses		257,497			262,952			247,213
Current lease liabilities		52,850			58,623			56,865
Current portion of long-term debt		61			173			62
Total current liabilities		573,995			543,651			538,758
Long-term debt		1,192,092			1,190,271			1,191,641
Long-term lease liabilities		181,056			163,271			191,739
Deferred income taxes and other long-term obligations		120,324			118,831			118,572
Equity:
Common stock ($0.01 par value; 9,650,221, 10,718,231, 9,650,221 outstanding at December 27, 2025, December 28, 2024 and September 27, 2025, respectively)		97			107			97
Class A common stock ($0.01 par value: 51,005,497, 53,128,604 and 51,618,682 shares outstanding at December 27, 2025, December 28, 2024 and September 27, 2025, respectively)		510			531			516
Class B stock ($0.01 par value: 1,602,374 shares outstanding at December 27, 2025, December 28, 2024 and September 27, 2025)		16			16			16
Additional paid-in capital		568,702			586,777			571,392
Retained earnings		1,009,448			936,344			1,015,096
Accumulated other comprehensive loss		(3,357	)		(4,661	)		(3,849	)
Total Central Garden & Pet Company shareholders’ equity		1,575,416			1,519,114			1,583,268
Noncontrolling interest		544			717			1,665
Total equity		1,575,960			1,519,831			1,584,933
Total	$	3,643,427		$	3,535,855		$	3,625,643

CENTRAL GARDEN & PET COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts, unaudited)

	Three Months Ended
	December 27, 2025			December 28, 2024
Net sales	$	617,373		$	656,436
Cost of goods sold		426,765			460,737
Gross profit		190,608			195,699
Selling, general and administrative expenses		174,075			167,707
Operating income		16,533			27,992
Interest expense		(14,511	)		(14,470	)
Interest income		6,744			6,740
Other income (expense)		182			(1,717	)
Income before income taxes and noncontrolling interest		8,948			18,545
Income tax expense		2,089			4,364
Income including noncontrolling interest		6,859			14,181
Net income attributable to noncontrolling interest		18			172
Net income attributable to Central Garden & Pet Company	$	6,841		$	14,009
Net income per share attributable to Central Garden & Pet Company:
Basic	$	0.11		$	0.22
Diluted	$	0.11		$	0.21
Weighted average shares used in the computation of net income per share:
Basic		61,409			64,552
Diluted		62,064			65,449

CENTRAL GARDEN & PET COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands, unaudited)

	Three Months Ended
	December 27, 2025			December 28, 2024
Cash flows from operating activities:
Net income	$	6,859		$	14,181
Adjustments to reconcile net income to net cash used by operating activities:
Depreciation and amortization		20,659			21,934
Amortization of deferred financing costs		635			673
Non-cash lease expense		15,223			15,131
Stock-based compensation		4,825			5,510
Deferred income taxes		1,796			1,276
Other operating activities		3,968			(600	)
Change in assets and liabilities (excluding businesses acquired):
Accounts receivable		(32,288	)		(73,439	)
Inventories		(113,016	)		(59,356	)
Prepaid expenses and other assets		(3,371	)		(7,522	)
Accounts payable		29,632			10,342
Accrued expenses		10,108			17,450
Other long-term obligations		(61	)		(73	)
Operating lease liabilities		(15,191	)		(14,339	)
Net cash used in operating activities		(70,222	)		(68,832	)
Cash flows from investing activities:
Additions to plant, property and equipment		(10,812	)		(6,100	)
Payments to acquire companies, net of cash acquired		(57,000	)		(3,318	)
Net cash used in investing activities		(67,812	)		(9,418	)
Cash flows from financing activities:
Repayments of long-term debt		(14	)		(78	)
Repurchase of common stock, including shares surrendered for tax withholding		(20,011	)		(54,022	)
Distribution to noncontrolling interest		(1,139	)		(1,346	)
Payment of financing costs		(2,329	)		—
Net cash used in financing activities		(23,493	)		(55,446	)
Effect of exchange rate changes on cash, cash equivalents and restricted cash		334			(2,038	)
Net decrease in cash, cash equivalents and restricted cash		(161,193	)		(135,734	)
Cash, cash equivalents and restricted cash at beginning of period		898,433			768,403
Cash, cash equivalents and restricted cash at end of period	$	737,240		$	632,669
Supplemental information:
Cash paid for interest	$	19,944		$	19,903
Lease liabilities arising from obtaining right-of-use assets	$	444		$	4,789

Use of Non-GAAP Financial Measures

We report our financial results in accordance with GAAP. However, to supplement the financial results prepared in accordance with GAAP, we use non-GAAP financial measures including non-GAAP net income and diluted net income per share, non-GAAP operating income, and adjusted EBITDA. Management uses these non-GAAP financial measures that exclude the impact of specific items (described below) in making financial, operating and planning decisions and in evaluating our performance. Also, Management believes that these non-GAAP financial measures may be useful to investors in their assessment of our ongoing operating performance and provide additional meaningful comparisons between current results and results in prior operating periods. While Management believes that non-GAAP measures are useful supplemental information, such adjusted results are not intended to replace our GAAP financial results and should be read in conjunction with those GAAP results.

Adjusted EBITDA is defined by us as income before income tax, net other expense, net interest expense and depreciation and amortization and stock-based compensation expense (or operating income plus depreciation and amortization expense and stock-based compensation expense). Adjusted EBITDA further excludes charges related to facility closures. We present adjusted EBITDA because we believe that adjusted EBITDA is a useful supplemental measure in evaluating the cash flows and performance of our business and provides greater transparency into our results of operations. Adjusted EBITDA is used by our management to perform such evaluations. Adjusted EBITDA should not be considered in isolation or as a substitute for cash flow from operations, income from operations or other income statement measures prepared in accordance with GAAP. We believe that adjusted EBITDA is frequently used by investors, securities analysts and other interested parties in their evaluation of companies, many of which present adjusted EBITDA when reporting their results. Other companies may calculate adjusted EBITDA differently and it may not be comparable.

The reconciliations of these non-GAAP measures to the most directly comparable financial measures calculated and presented in accordance with GAAP are shown in the tables below.

Non-GAAP financial measures reflect adjustments based on the following items:

Facility closures and business exit: we have excluded charges related to the closure of distribution and manufacturing facilities and our decisions to exit businesses as they represent infrequent transactions that impact the comparability between operating periods. We believe these exclusions supplement the GAAP information with a measure that may be useful to investors in assessing the sustainability of our operating performance.
Tax impact: adjustment represents the impact of the tax effect of the pre-tax non-GAAP adjustments excluded from non-GAAP net income. The tax impact of the non-GAAP adjustments is calculated based on the consolidated effective tax rate on a GAAP basis, applied to the non-GAAP adjustments.

From time to time in the future, there may be other items that we may exclude if we believe that doing so is consistent with the goal of providing useful supplemental information to investors and management.

We have not provided a reconciliation of non-GAAP measures to the corresponding GAAP measures on a forward-looking basis as we cannot do so without unreasonable efforts due to the potential variability and limited visibility of excluded items; these excluded items may include facility closures and exit costs, impairment charges and restructuring costs, among others.

During the first quarter of fiscal 2026, we recognized incremental expense of $7.7 million in the consolidated statement of operations, $7.2 million in our Garden segment related to the closure of three distribution centers in fiscal 2025 and 2024, and an incremental $0.5 million in our Pet segment related to the closure of a sales and logistics facility in Pennsylvania.

Net Income and Diluted Net Income Per Share
GAAP to Non-GAAP Reconciliation			Three Months Ended
			December 27, 2025			December 28, 2024
			(in thousands, except per share amounts)
GAAP net income attributable to Central Garden & Pet Company			$	6,841		$	14,009
Facility closures	(1	)		7,746			—
Tax effect of adjustments				(1,808	)		—
Non-GAAP net income attributable to Central Garden & Pet Company			$	12,779		$	14,009
GAAP diluted net income per share			$	0.11		$	0.21
Non-GAAP diluted net income per share			$	0.21		$	0.21
Shares used in GAAP and non-GAAP diluted net earnings per share calculation				62,064			65,449

Operating Income
GAAP to Non-GAAP Reconciliation	Three Months Ended December 27, 2025
	GAAP			Non-GAAP adjustments⁽¹⁾			Non-GAAP
	(in thousands)
Net sales	$	617,373		$	—		$	617,373
Cost of goods sold		426,765			(601	)		427,366
Gross profit	$	190,608		$	601		$	190,007
Selling, general and administrative expenses		174,075			8,347			165,728
Income from operations	$	16,533		$	(7,746	)	$	24,279

Gross margin		30.9	%					30.8	%
Operating margin		2.7	%					3.9	%

Pet Segment Operating Income
GAAP to Non-GAAP Reconciliation			Three Months Ended
			December 27, 2025			December 28, 2024
			(in thousands)
GAAP operating income			$	49,800		$	51,257
Facility closures	(1	)		506			—
Non-GAAP operating income			$	50,306		$	51,257

GAAP operating margin				12.0	%		12.0	%
Non-GAAP operating margin				12.1	%		12.0	%

Garden Segment Operating Income
GAAP to Non-GAAP Reconciliation			Three Months Ended
			December 27, 2025			December 28, 2024
			(in thousands)
GAAP operating (loss) income			$	(9,679	)	$	2,423
Facility closures	(1	)		7,240			—
Non-GAAP operating (loss) income			$	(2,439	)	$	2,423

GAAP operating margin				(4.8	)%		1.1	%
Non-GAAP operating margin				(1.2	)%		1.1	%

Adjusted EBITDA
GAAP to Non-GAAP Reconciliation			Three Months Ended December 27, 2025
			Pet		Garden			Corporate			Total
			(in thousands)
Net income attributable to Central Garden & Pet Company			$	—	$	—		$	—		$	6,841
Interest expense, net				—		—			—			7,767
Other income				—		—			—			(182	)
Income tax expense				—		—			—			2,089
Net income attributable to noncontrolling interest				—		—			—			18
Income (loss) from operations				49,800		(9,679	)		(23,588	)		16,533
Depreciation & amortization				10,137		10,274			248			20,659
Noncash stock-based compensation				—		—			4,825			4,825
Facility closures	(1	)		506		7,240			—			7,746
Adjusted EBITDA			$	60,443	$	7,835		$	(18,515	)	$	49,763

Adjusted EBITDA
GAAP to Non-GAAP Reconciliation	Three Months Ended December 28, 2024
	Pet		Garden		Corporate			Total
	(in thousands)
Net income attributable to Central Garden & Pet Company	$	—	$	—	$	—		$	14,009
Interest expense, net		—		—		—			7,730
Other expense		—		—		—			1,717
Income tax expense		—		—		—			4,364
Net income attributable to noncontrolling interest		—		—		—			172
Income (loss) from operations		51,257		2,423		(25,688	)		27,992
Depreciation & amortization		10,080		11,131		723			21,934
Noncash stock-based compensation		—		—		5,510			5,510
Adjusted EBITDA	$	61,337	$	13,554	$	(19,455	)	$	55,436

View source version on businesswire.com: https://www.businesswire.com/news/home/20260204131823/en/

Investor & Media Contact

Friederike Edelmann

VP, Investor Relations & Corporate Sustainability

(925) 412-6726

[email protected]

KEYWORDS: California United States North America

INDUSTRY KEYWORDS: Retail Consumer Other Retail Home Goods Pets Construction & Property Landscape

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