Market Newsdesk

– VY1706 IND application process on track for Q2 2026; clinical entry expected H2 2026 –

– Data from eight ASGCT presentations highlight Voyager’s continued innovation in gene therapy –

LEXINGTON, Mass., May 13, 2026 (GLOBE NEWSWIRE) — Voyager Therapeutics, Inc. (Nasdaq: VYGR), a biotechnology company dedicated to leveraging genetics to treat neurological diseases, today presented three-month good laboratory practice (GLP) toxicology data for VY1706, the Company’s investigational tau silencing gene therapy for Alzheimer’s disease (AD), in a late-breaking presentation at the American Society of Gene & Cell Therapy’s (ASGCT) 2026 Annual Meeting in Boston, May 11-15, 2026. Data presented showed that VY1706 was well tolerated, with no adverse clinical pathology or histopathological findings up to the highest dose tested (5E13 vg/kg), and reduced tau protein up to 64% in key brain regions of non-human primates (NHPs) at 13 weeks following a single IV dose.

Voyager’s U.S. Food and Drug Administration (FDA) investigational new drug (IND) application process for VY1706 is on track for Q2 2026 to support projected first-in-human dosing in AD patients in H2 2026.

“These latest 3-month GLP toxicology data with tau silencing gene therapy VY1706 are consistent with the robust preclinical data package we have established to date, and we look forward to advancing into clinical trials for Alzheimer’s disease later this year,” said Todd Carter, Ph.D., Chief Scientific Officer of Voyager Therapeutics. “VY1706 has the potential to be the first gene therapy approach to targeting tau, and we believe the ability to knock down intracellular and extracellular tau with a one-time, IV dose could be transformative for patients living with Alzheimer’s disease.”

Late-Breaking Oral Presentation

Intravenous delivery of VY1706, a CNS penetrant AAV gene therapy for Alzheimer’s disease, demonstrates compelling pharmacology and safety in a 3-month GLP toxicology study in NHPs (#163).

• VY1706 delivered a potent vectorized MAPT siRNA with broad central nervous system (CNS) distribution via a single IV dose, using ALPL as its primary blood-brain barrier (BBB) receptor.
• 3-month GLP toxicology data for VY1706 demonstrated a favorable tolerability profile with no adverse findings up to the highest dose tested (5E13 vg/kg).
• Treatment with VY1706 resulted in dose-dependent reductions of up to 51-75% MAPT mRNA and 48-64% tau protein in key brain regions at 13 weeks in NHPs.

Data from Voyager’s seven additional oral and poster presentations at ASGCT demonstrate continued capsid innovation via muscular and neuromuscular targeting, immune evasion, and manufacturability.

Oral Presentation

Directed evolution of muscular and neuromuscular capsid variants in both mice and non-human primates (#422). 

• Voyager leveraged its TRACER^™ platform to develop novel AAV9-based capsids with significantly increased muscle tropism over AAV9 in both mice and NHPs.
• In mice, the top muscle-targeted capsid achieved 100X increased expression over AAV9 in skeletal muscle and 10X increased expression in heart muscle.
• In NHPs, the top muscle-targeted capsid achieved 25-30X increased expression over AAV9 in skeletal muscle and 13X increased expression in heart muscle.
• Voyager generated neuromuscular capsids with features of both muscle and brain capsids, achieving comparable transduction levels to top muscle and brain capsids in NHPs while demonstrating significantly reduced liver exposure relative to AAV9.

Alzheimer’s Disease Targets

Intravenous delivery of a bi-functional AAV gene therapy to reduce endogenous ApoE4 and express ApoE2 in ApoE4 humanized mice (#1460). 

• A novel BBB-penetrant capsid delivering a bi-functional payload significantly reduced endogenous ApoE4 while achieving expression of ApoE2 at physiological levels following single dose IV-delivery in murine studies.

Leveraging TRACER Beyond the CNS and Reducing Immunogenicity

Engineering an AAV9-derived muscle-tropic capsid to evade pre-existing human neutralizing antibodies (#1028). 

• A next-generation “stealth” capsid was able to evade pre-existing neutralizing antibodies while retaining muscle tropism, potentially increasing the number of patients eligible to receive muscle-targeted AAV gene therapies.

Leveraging artificial intelligence to design AAV mutant capsids optimized for antibody evasion (#2027). 

• Novel AAV capsid variants, generated using advanced AI models, showed improvements in antibody evasion, while maintaining favorable manufacturing and CNS-transduction properties.

Enhancing Developability and Manufacturing of Capsids

Exploiting an AAV capsid specific receptor to develop stable cell lines for transduction based assays for gene therapies (#3148). 

• Cell lines overexpressing a receptor associated with Voyager’s TRACER^™ capsids overcome the challenge of lower transduction efficiency observed for engineered capsids in cell-based assays.

Evaluating affinity chromatography media for capture of novel blood-brain-barrier penetrant AAV capsids (#3161). 

• Analyses of variables in affinity chromatography provide insights into optimizing scale-up to support manufacturing of Voyager’s novel capsids.

Optimized transfection platform with improved productivity and transgene packaging for scalable rAAV production (#3139). 

• Optimization of manufacturing processes delivers a higher product quality profile and improved yields to enable scale-up for GLP toxicology and good manufacturing practice (GMP) production of Voyager’s novel capsids. 

About the TRACER™ Capsid Discovery Platform

Voyager’s TRACER™ (Tropism Redirection of AAV by Cell-type-specific Expression of RNA) capsid discovery platform is a broadly applicable, RNA-based screening platform that enables rapid discovery of novel AAV capsids to enable gene therapy. Voyager has leveraged TRACER to create multiple families of novel capsids that, following intravenous delivery in preclinical studies, harness the extensive vasculature of the central nervous system (CNS) to cross the blood-brain barrier and transduce a broad range of CNS regions and cell types. In cross-species preclinical studies (rodents and multiple non-human primate species), intravenous delivery of TRACER-generated capsids resulted in widespread payload expression across the CNS at relatively low doses, enabling selection of multiple development candidates in Voyager’s wholly-owned and partnered gene therapy programs for neurologic diseases.

About Voyager Therapeutics

Voyager Therapeutics, Inc. (Nasdaq: VYGR) is a biotechnology company dedicated to leveraging the power of human genetics to modify the course of – and ultimately cure – neurological diseases. Our pipeline includes programs for Alzheimer’s disease, Friedreich’s ataxia, Parkinson’s disease, amyotrophic lateral sclerosis (ALS), and multiple other diseases of the central nervous system. Many of our programs are derived from our TRACER™ AAV capsid discovery platform, which we have used to generate novel capsids and identify associated receptors to potentially enable high brain penetration with genetic medicines following intravenous dosing. Some of our programs are wholly owned, and some are advancing with partners including Alexion, AstraZeneca Rare Disease; Novartis Pharma AG; and Neurocrine Biosciences, Inc. For more information, visit http://www.voyagertherapeutics.com.

Voyager Therapeutics^® is a registered trademark, and TRACER™
and Voyager NeuroShuttle™ are trademarks, of Voyager Therapeutics, Inc.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995 and other federal securities laws, including, without limitation, implied and express statements about Voyager’s belief and expectations regarding Voyager’s advancement of its AAV-based gene therapy programs, including expectations for and timing with regards to achievement of preclinical and clinical development milestones for VY1706 such as the IND application process in the second quarter of 2026 and achievement of first-in-human dosing in AD patients in the second half of 2026, pending successful IND clearance; the preclinical data for and potential safety and pharmacological effect of VY1706; the potential for VY1706 to be the first gene therapy approach to targeting tau and its transformative potential in treating AD; the importance of tau as a target for the treatment of AD; the potential for Voyager’s novel TRACER capsids to achieve desired results in humans, including to expand potential indications beyond the CNS via muscular and neuromuscular targeting and to expand the eligible patient population via immune evasion; the ability of Voyager’s improvements in manufacturing to enable increased yields and large-scale development of AAV gene therapies; Voyager’s ability to execute across our pipeline and platforms, including continued innovation in capsid discovery; and the mission, goals and value drivers for our business. The use of words such as “may,” “will,” “might,” “would,” “could,” “should,” “expect,” “plan,” “anticipate,” “believe,” “potential,” “intend,” “seek,” “predict,” “estimate,” “project,” “target,” or “continue” and other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words.

All forward-looking statements are based on management’s current estimates and assumptions and are subject to a number of risks, uncertainties and important factors that may cause actual results to differ materially from any forward-looking statements in this press release. Factors include, among others, the risks and uncertainties inherent in the development of product candidates, including the initiation, timing, cost, progress, and results of Voyager’s planned and future clinical trials; expectations and decisions of regulatory authorities; Voyager’s ability to replicate positive results from earlier preclinical studies or clinical trials in current or future clinical trials; potential adverse events Voyager may encounter that could negatively impact development; outcomes of third-party preclinical studies and clinical trials that could impact Voyager’s development plans; Voyager’s ability to demonstrate that current or future product candidates are safe and effective for their proposed indications; Voyager’s scientific approach and continued development of our technology platforms, including the TRACER and non-viral discovery platforms; the development by third parties of capsid identification platforms that may be competitive to our platforms and programs; Voyager’s ability to create and protect our intellectual property rights; the progress and success of programs under current or future collaboration and license agreements; the sufficiency of Voyager’s cash resources to fund our operations and pursue our corporate objectives; and technical and other unexpected hurdles in the development, manufacture and supply of our product candidates, may delay our timing, change our plans, increase our costs, or otherwise negatively impact our business or the sufficiency of our cash resources to fund operations.

These risks and uncertainties are described in Voyager’s most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission, as updated by its subsequent filings with the Securities and Exchange Commission. All information in the press release is as of the date of this press release, and any forward-looking statement speaks only as of the date on which it was made. Voyager undertakes no obligation to publicly update or revise this information or any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law.

Contacts

Trista Morrison, NACD.DC, [email protected]
Investors: Sarah McCabe, [email protected]
Media: Adam Silverstein, [email protected]

GMV Increased 40% YoY and Revenue Increased 33% YoY

Adjusted EBITDA Margins Expanded 330 Basis Points YoY to 19.9%

Raising FY 2026 Outlook Across All Guidance Metrics

PETAH-TIKVA, Israel, May 13, 2026 (GLOBE NEWSWIRE) — Global-e Online Ltd. (Nasdaq: GLBE) the platform powering global direct-to-consumer e-commerce, today reported financial results for the first quarter of 2026.

“The first quarter showed strong momentum, fueled by volume growth from both existing merchants and recently launched brands, translating into GMV growth of 40% and an increase in our Adjusted EBITDA margin to nearly 20%, once again demonstrating the operating leverage inherent in our model,” said Amir Schlachet, Founder and CEO of Global-e. “We believe these results and our consistent execution validate our market leadership position. We remain slightly ahead of plan in our progress towards reaching our long-term goals.”

Q1 2026 Financial Results

• GMV¹ in the first quarter of 2026 was $1,742 million, an increase of 40% year over year
• Revenue in the first quarter of 2026 was $252.1 million, an increase of 33% year over year, of which service fees revenue was $120.8 million and fulfillment services revenue was $131.3 million
• Non-GAAP gross profit² in the first quarter of 2026 was $118.5 million, an increase of 37% year over year. GAAP gross profit in the first quarter of 2026 was $114.9 million
• Non-GAAP gross margin² in the first quarter of 2026 was 47%, compared to 45.4% in the first quarter of 2025. GAAP gross margin in the first quarter of 2026 was 45.6%
• Adjusted EBITDA³ in the first quarter of 2026 was $50.2 million compared to $31.6 million in the first quarter of 2025, up 59% compared with Q1 2025
• Non-GAAP net profit⁴ in the first quarter of 2026 was $46.9 million compared to $32.4 million in the first quarter of 2025. Net profit in the first quarter of 2026 was $30.4 million
• Free Cash Flow⁵ used in the first quarter of 2026 was $72.9 million compared to $72.6 million used in the first quarter of 2025. Net cash used for operating activities in the first quarter of 2026 was $72.6 million.

Recent Business Highlights

• Strong volume trends from both existing merchants as well as recently launched merchants
• Continued to develop our Duty Drawback offering, expanding it into new markets and extending the drawback programs in certain markets to allow duty reclaim with additional shipping partners 
• Continued progress on the Shopify white-label Managed Markets Version 2.0 with increasing merchant adoption
  • Expanded the offering into Canada (currently in early access mode) with anticipated expansion into the UK to follow
  • Migrated a large batch of merchants from the legacy version to version 2.0
• Continued launching with enterprise brands across geographies and verticals in Q1 2026, including:
  • North American brands such as:
    • Gallery Department, an LA-based streetwear brand; Andie Swim, the fast growing swimwear brand; Fembites, selling woman’s wellness gummy supplements; and Fresh, the LVMH-owned premium skincare brand
  • European and UK brands such as:
    • Quadrant, the motorsport lifestyle and streetwear brand by F1 world champion Lando Norris; Coperni, the Paris-based womenswear brand; Paraboot, the handcrafted leather shoe maker; Lafaurie Paris, a menswear brand; the online store of the Roland Garros grand slam tennis tournament; and the new Audi Revolut Formula 1 Team
  • APAC brands such as:
    • Two brands from Tokyo-based Universal Music Japan; Asian Portal, the online exporter of Japanese fishing gear and outdoor equipment; Singaporean fashion brand Something to Hold; Shanghai Tang, the Hong Kong-based luxury fashion brand; and Weber Workshops, the Taiwanese maker of high-end coffee grinders and tools
• Expanded scope of business with a number of merchants, such as:
  • Alo Yoga – expanded into several additional markets, and enabled Global-e’s Buy Online Pickup In Store (BOPIS) offering into Canada, the UK and several European markets
  • Figs – launched throughout Eastern Europe and expanded in Asia
  • Bandai Namco – expanded to additional markets throughout the Middle East, Africa and Eastern Europe 
•  Executed $59 million of share repurchases in Q1 2026. To date, we have repurchased shares in an aggregate amount of approximately $131 million out of the $200 million 2025 share repurchase plan.

Q2 2026 and Full Year Outlook

Global-e is introducing second quarter guidance and is increasing the full year guidance, as follows:

	Q2 2026		FY 2026		Previous FY 2026
	(in millions)
GMV (1)	$1,945 – $1,985		$8,530 – $8,880		$8,450 – $8,800
Revenue	$278.5 – $285.5		$1,220 – $1,280		$1,211 – $1,271
Adjusted EBITDA (3)	$55 – $58		$264.5 – $289.5		$259 – $284

¹ Gross Merchandise Value (GMV) is a key operating metric. See “Non-GAAP Financial Measures and Key Operating Metrics” for additional information regarding this metric.

² Non-GAAP Gross Profit and Non-GAAP Gross Margin are non-GAAP financial measures. See “Non-GAAP Financial Measures and Key Operating Metrics” for additional information regarding these metrics.

³ Adjusted EBITDA is a non-GAAP financial measure. See “Non-GAAP Financial Measures and Key Operating Metrics” for additional information regarding this metric, including the reconciliations to Net Profit (Loss), its most directly comparable GAAP financial measure. The Company is unable to provide a reconciliation of Adjusted EBITDA to Net Profit (Loss), its most directly comparable GAAP financial measure, on a forward-looking basis without unreasonable effort because items that impact this GAAP financial measure are not within the Company’s control and/or cannot be reasonably predicted. These items may include, but are not limited to, stock-based compensation expenses, acquisition-related expenses, financial expenses (income), and the tax effects of these adjustments. Such information may have a significant, and potentially unpredictable impact on the Company’s future financial results.

⁴ Non-GAAP net profit is a non-GAAP financial measure. See “Non-GAAP Financial Measures and Key Operating Metrics” for additional information regarding this metric, including the reconciliations to Net Profit (Loss), its most directly comparable GAAP financial measure.

⁵ Free Cash Flow is a non-GAAP financial measure. See “Non-GAAP Financial Measures and Key Operating Metrics” for additional information regarding this metric, including the reconciliations to Operating Cash Flow, its most directly comparable GAAP financial measure.

Conference Call Information:

Global-e will host a conference call at 8:00 a.m. ET on Wednesday, May 13, 2026.
The call will be available, live, to interested parties by dialing:

United States/Canada Toll Free:                         1-800-717-1738
International Toll:                                                 1-646-307-1865

A live webcast will also be available in the Investor Relations section of Global-e’s website at: https://investors.global-e.com/news-events/events-presentations

Approximately two hours after completion of the live call, an archived version of the webcast will be available on the Investor Relations section of the Company’s web site and will remain available for approximately 30 calendar days.

The press release with the financial results will be accessible on the Company’s Investor Relations website prior to the conference call.

Non-GAAP Financial Measures and Key Operating Metrics

To supplement Global-e’s financial information presented in accordance with generally accepted accounting principles in the United States of America, or GAAP, Global-e considers certain financial measures and key performance metrics that are not prepared in accordance with GAAP including:

• Non-GAAP gross profit, which Global-e defines as gross profit adjusted for amortization of acquired intangibles. Non-GAAP gross margin is calculated as Non-GAAP gross profit divided by revenues
• Adjusted EBITDA, which Global-e defines as net profit (loss) adjusted for income tax (benefit) expenses, financial expenses (income) net, stock based compensation expenses, depreciation and amortization, commercial agreement assets amortization, amortization of acquired intangibles, merger related contingent consideration, and acquisition related expenses.
• Non-GAAP net profit, which Global-e defines as net profit adjusted for stock-based compensation expenses, commercial agreements amortization, amortization of acquired intangibles, merger related contingent consideration and acquisition related expenses.
• Non-GAAP net profit per share, which Global-e defines as Non-GAAP net profit divided by GAAP weighted-average shares outstanding, basic and diluted.
• Free Cash Flow, which Global-e defines as net cash provided by operating activities less the purchase of property and equipment.

Global-e also uses Gross Merchandise Value (GMV) as a key operating metric. Gross Merchandise Value or GMV is defined as the combined amount we collect from the shopper and the merchant for all components of a given transaction, including products, duties and taxes and shipping.

The aforementioned key performance indicators and non-GAAP financial measures are used, in conjunction with GAAP measures, by management and our board of directors to assess our performance, including the preparation of Global-e’s annual operating budget and quarterly forecasts, for financial and operational decision-making, to evaluate the effectiveness of Global-e’s business strategies, and as a means to evaluate period-to-period comparisons. These measures are frequently used by analysts, investors and other interested parties to evaluate companies in our industry. We believe that these non-GAAP financial measures are appropriate measures of operating performance because they remove the impact of certain items that we believe do not directly reflect our core operations, and permit investors to view performance using the same tools that we use to budget, forecast, make operating and strategic decisions, and evaluate historical performance.

Global-e’s definition of Non-GAAP measures may differ from the definition used by other companies and therefore comparability may be limited. In addition, other companies may not publish these metrics or similar metrics. Furthermore, these metrics have certain limitations in that they do not include the impact of certain expenses that are reflected in our consolidated statement of operations that are necessary to run our business. Thus, Non-GAAP measures should be considered in addition to, not as substitutes for, or in isolation from, measures prepared in accordance with GAAP.

For more information on the non-GAAP financial measures, please see the reconciliation tables provided below. The accompanying reconciliation tables have more details on the GAAP financial measures that are most directly comparable to non-GAAP financial measures and the related reconciliations between these financial measures.

Cautionary Note Regarding Forward Looking Statements

This press release contains estimates and forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements as contained in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). All statements contained in this press release other than statements of historical fact, including, without limitation, statements regarding our future strategy and projected Q2 2026 and full year 2026 guidance for revenue, GMV, Adjusted EBITDA and other future financial and operational results, growth strategy, long-term financial or operational targets, and plans and objectives of management for future operations, including, among others, expansion in new and existing markets, the launch of large enterprise merchants, our competitive positioning and market leadership, and our ongoing partnership with Shopify, the continued expansion of our value-added services, including Duty Drawback and customs reclaim programs, the anticipated expansion of Managed Markets Version 2.0, go-to-market initiatives, share repurchases, product innovation and platform enhancements, including omnichannel fulfillment capabilities such as Buy Online Pickup In Store (BOPIS), are forward-looking statements. As the words “may,” “might,” “will,” “could,” “would,” “should,” “expect,” “plan,” “anticipate,” “intend,” “target,” “seek,” “believe,” “estimate,” “predict,” “potential,” “continue,” “contemplate,” “possible,” “project,” “forecast,” “outlook,” “goal” or the negative of these terms or other similar expressions are intended to identify forward-looking statements, though not all forward-looking statements use these words or expressions. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Global-e believes there is a reasonable basis for its expectations and beliefs, but they are inherently uncertain. Many factors could cause actual future events to differ materially from the forward-looking statements in this announcement, including but not limited to, our rapid growth and growth rates in recent periods may not be indicative of future growth; our ability to retain existing merchants and to attract new merchants; our ability to anticipate merchant needs or develop or integrate new functionality or enhance our existing platforms to meet those needs; the impact of imposed tariffs or other trade regulations on our business and financial results; our ability to implement and use artificial intelligence and machine learning technologies successfully; our ability to compete in our industry; our reliance on third-parties, including our ability to realize the benefits of any strategic alliances, joint ventures, or partnership arrangements and to integrate our platforms with third-party platforms;  our ability to adapt our platform and services for the Shopify platforms; our ability to develop or maintain the functionality of our platforms, including real or perceived errors, failures, vulnerabilities, or bugs in our platforms; our history of net losses; our ability to manage our growth and manage expansion into additional markets and the introduction of new platforms and offerings; our ability to accommodate increased volumes during peak seasons and events; our ability to effectively expand our marketing and sales capabilities; our expectations regarding our revenue, expenses and operations; our ability to operate internationally; our reliance on third-party services, including third-party providers of cross-docking services and third-party data centers, in our platforms and services and harm to our reputation by our merchants’ or third-party service providers’ unethical business practices; our operation as a merchant of record for sales conducted using our platform; regulatory requirements and additional fees related to payment transactions through our e-commerce platforms could be costly and difficult to comply with; compliance and third-party risks related to anti-money laundering, anti-corruption, anti-bribery, regulations, economic sanctions and export control laws and import regulations and restrictions; changes in customers, duty drawback or trade compliance regulations that could affect the availability or scope of our Duty Drawback programs; our business’s reliance on the personal importation model; our ability to securely store personal information of merchants and shoppers; increases in shipping rates; fluctuations in the exchange rate of foreign currencies has impacted and could continue to impact our results of operations; our ability to offer high quality support; our ability to expand the number of merchants using our platforms and increase our GMV and to enhance our reputation and awareness of our platforms; our ability to adapt to emerging or evolving regulatory developments, changing laws, regulations, standards and technological changes related to privacy, data protection, data security and machine learning technology and generative artificial intelligence evolves; our role in the fulfilment chain of the merchants, which may cause third parties to confuse us with the merchants; our ability to establish and protect intellectual property rights; and our use of open-source software which may pose particular risks to our proprietary software technologies; our dependency on our executive officers and other key employees and our ability to hire and retain skilled key personnel, including our ability to enforce non-compete agreements we enter into with our employees; litigation for a variety of claims which we may be subject to; the adoption by merchants of a D2C model; our anticipated cash needs and our estimates regarding our capital requirements and our needs for additional financing; our ability to maintain our corporate culture; our ability to maintain an effective system of disclosure controls and internal control over financial reporting; our ability to accurately estimate judgments relating to our critical accounting policies; changes in tax laws or regulations to which we are subject, including the enactment of legislation implementing changes in taxation of international business activities and the adoption of other corporate tax reform policies; requirements to collect sales or other taxes relating to the use of our platforms and services in jurisdictions where we have not historically done so; global events or conditions in individual markets such as financial and credit market fluctuations, war, climate change, and macroeconomic events; risks relating to our ordinary shares, including our share price, the concentration of our share ownership with insiders, our status as a foreign private issuer, provisions of Israeli law and our amended and restated articles of association and actions of activist shareholders; risks related to our incorporation and location in Israel, including risks related to the ongoing war and related hostilities; and the other risks and uncertainties described in Global-e’s Annual Report on Form 20-F for the year ended December 31, 2025, filed with the SEC on March 26, 2026 and other documents filed with or furnished by Global-e from time to time with the Securities and Exchange Commission (the “SEC”). The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. These statements reflect management’s current expectations regarding future events and operating performance and speak only as of the date of this press release. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee that future results, levels of activity, performance and events and circumstances reflected in the forward-looking statements will be achieved or will occur and you should not place undue reliance on our forward-looking statements. We undertake no obligation to update any forward-looking statements made in this press release to reflect events or circumstances after the date of this press release or to reflect new information or the occurrence of unanticipated events, except as required by law.

About Global-E Online Ltd.

Global-e (Nasdaq: GLBE) is the world’s leading platform enabling and accelerating global, Direct-To-Consumer e-commerce. The chosen partner of over 1,500 brands and retailers across North America, EMEA and APAC, Global-e makes selling internationally as simple as selling domestically. The company enables merchants to increase the conversion of international traffic into sales by offering online shoppers in over 200 destinations worldwide a seamless, localized shopping experience. Global-e’s end-to-end e-commerce solutions combine best-in-class localization capabilities, big-data best-practice business intelligence models, streamlined international logistics and vast global e-commerce experience, enabling international shoppers to buy seamlessly online and retailers to sell to, and from, anywhere in the world. For more information, please visit: www.global-e.com.

Investor Contact:

Alan Katz
Global-e Investor Relations
[email protected]

Press Contact:

Allison Grey
Headline Media
[email protected]
+1 323 283 8176

Global-E Online Ltd. CONSOLIDATED BALANCE SHEETS (In thousands)
		Period Ended
		December 31,				March 31,
		2025				2026
		(Audited)				(Unaudited)
Assets
Current assets:
Cash and cash equivalents		$	245,860			$	175,198
Short-term deposits			302,829				302,884
Accounts receivable, net			55,706				44,149
Prepaid expenses and other current assets			126,470				119,075
Marketable securities			74,147				74,444
Funds receivable, including cash in banks			181,650				116,178
Total current assets			986,662				831,928
Property and equipment, net			11,234				10,992
Operating lease right-of-use assets			20,496				20,805
Deferred contract acquisition and fulfillment costs, noncurrent			4,242				4,198
Long-term investments and other long-term assets			11,838				11,658
Commercial agreement asset			531				–
Goodwill			375,399				375,399
Intangible assets, net			52,385				46,407
Total long-term assets			476,125				469,459
Total assets		$	1,462,787			$	1,301,387
Liabilities and Shareholders ’ Equity
Current liabilities:
Accounts payable		$	91,585			$	65,826
Accrued expenses and other current liabilities			231,665				182,366
Funds payable to Customers			181,650				116,178
Short term operating lease liabilities			5,053				5,257
Total current liabilities			509,953				369,627
Long-term liabilities:
Long term operating lease liabilities			18,449				18,641
Deferred tax liabilities, net			286				286
Other long-term liabilities			1,415				1,440
Total liabilities		$	530,103			$	389,994
Shareholders’ equity:
Share capital and additional paid-in capital			1,466,231				1,476,290
Accumulated comprehensive income (loss)			2,800				40
Accumulated deficit			(536,347	)			(564,937	)
Total shareholders’ equity			932,684				911,393
Total liabilities and shareholders’ equity		$	1,462,787			$	1,301,387

Global-E Online Ltd. CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except share and per share data)
		Three Months Ended
		March 31,
		2025				2026
		(Unaudited)
Revenue		$	189,882			$	252,086
Cost of revenue			105,798				137,206
Gross profit			84,084				114,880
Operating expenses:
Research and development			28,138				32,975
Sales and marketing			63,938				34,432
General and administrative			11,193				14,501
Total operating expenses			103,269				81,908
Operating profit (loss)			(19,185	)			32,972
Financial expenses (income), net			(1,870	)			1,454
Profit (loss) before income taxes			(17,315	)			31,518
Income taxes			541				1,163
Net profit (loss) attributable to ordinary shareholders		$	(17,856	)		$	30,355
Net profit (loss) per share attributable to ordinary shareholders, basic		$	(0.11	)			0.18
Net profit (loss) per share attributable to ordinary shareholders, diluted			(0.11	)			0.17
Weighted-average shares used in computing net loss per share attributable to ordinary shareholders, basic			169,346,771				168,262,673
Weighted-average shares used in computing net loss per share attributable to ordinary shareholders, diluted			169,346,771				174,006,949

Global-E Online Ltd. CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands)
		Three Months Ended
		March 31,
		2025				2026
		(Unaudited)
Operating activities
Net profit (loss)		$	(17,856	)		$	30,355
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization			536				605
Share-based compensation expense			8,793				9,950
Commercial agreement asset amortization			37,017				531
Intangible assets amortization			4,402				5,978
Changes in accrued interest and exchange rate on short-term deposits			(842	)			(5	)
Unrealized loss (gain) on foreign currency			(1,477	)			(1,205	)
Accounts receivable			6,471				11,557
Prepaid expenses and other assets			(28,405	)			5,381
Funds receivable			(9,182	)			4,375
Long-term receivables			101				316
Funds payable to customers			(35,500	)			(65,472	)
Operating lease ROU assets			1,064				1,040
Deferred contract acquisition and fulfillment costs			(101	)			28
Accounts payable			(12,375	)			(25,759	)
Accrued expenses and other liabilities			(23,710	)			(49,276	)
Operating lease liabilities			(983	)			(953	)
Net cash (used in) provided by operating activities			(72,047	)			(72,554	)
Investing activities
Investment in marketable securities			(17,768	)			(4,406	)
Proceeds from marketable securities			999				3,391
Investment in short-term investments and deposits			(70,972	)			(112,980	)
Proceeds from short-term investments			67,059				112,930
Investment in long-term deposits			–				(136	)
Purchases of property and equipment			(548	)			(361	)
Net cash (used in) provided by investing activities			(21,230	)			(1,562	)
Financing activities
Repurchase of shares			–				(58,945	)
Proceeds from exercise of share options		210					81
Net cash (used in) provided by financing activities		210					(58,864	)
Exchange rate differences on balances of cash, cash equivalents and restricted cash			1,477				1,205
Net increase (decrease) in cash, cash equivalents, and restricted cash			(91,590	)			(131,775	)
Cash and cash equivalents and restricted cash—beginning of period			331,682				374,915
Cash and cash equivalents and restricted cash—end of period		$	240,092			$	243,140

Global-E Online Ltd. SELECTED OTHER DATA (In thousands)
		Three Months Ended
		March 31,
		2025								2026
		(Unaudited)
Key performance metrics
Gross Merchandise Value			1,242,514								1,742,121
Adjusted EBITDA (a)			31,563								50,159
Revenue by Category
Service fees			83,983				44	%			120,820				48	%
Fulfillment services			105,899				56	%			131,266				52	%
Total revenue		$	189,882				100	%		$	252,086				100	%
Revenue by merchant outbound region
United States			100,554				53	%			126,379				50	%
United Kingdom			41,747				22	%			47,271				19	%
European Union			33,530				18	%			53,404				21	%
Israel			401				0	%			367				0	%
Other			13,650				7	%			24,665				10	%
Total revenue		$	189,882				100	%		$	252,086				100	%

(a) See reconciliation to Adjusted EBITDA table

Global-E Online Ltd. RECONCILIATION TO Non-GAAP GROSS PROFIT (In thousands)
		Three Months Ended
		March 31,
				2025					2026
		(Unaudited)
Gross profit			84,084					114,880
Amortization of acquired intangibles included in cost of revenue			2,198					3,574
Non-GAAP gross profit			86,282					118,454

Global-E Online Ltd. RECONCILIATION TO ADJUSTED EBITDA (In thousands)
		Three Months Ended
		March 31,
		2025					2026
		(Unaudited)
Net profit (loss)			(17,856		)			30,355
Income tax (benefit) expenses			541					1,163
Financial expenses (income), net			(1,870		)			1,454
Stock-based compensation:
Cost of revenue			267					255
Research and development			3,625					4,449
Selling and marketing			1,438					1,621
General and administrative			3,463					3,625
Total stock-based compensation			8,793					9,950
Depreciation and amortization			536					605
Commercial agreement asset amortization				37,017				531
Merger related contingent consideration			–					123
Amortization of acquired intangibles				4,402				5,978
Adjusted EBITDA			31,563					50,159

Global-E Online Ltd. RECONCILIATION TO FREE CASH FLOW (In thousands)
		Three Months Ended
		March 31,
				2025					2026
		(Unaudited)
Net cash (used in) provided by operating activities			(72,047		)			(72,554		)
Purchase of property and equipment			(548		)			(361		)
Free Cash Flow			(72,595		)			(72,915		)

Global-E Online Ltd. RECONCILIATION TO NON-GAAP NET PROFIT AND NON-GAAP NET PROFIT PER SHARE (In thousands)
	Three Months Ended
	March 31,
	2025				2026
	(Unaudited)
Net profit (loss)	$	(17,856	)		$	30,355
Stock-based compensation		8,793				9,950
Commercial agreement asset amortization		37,017				531
Amortization of acquired intangibles		4,402				5,978
Merger related contingent consideration		–				123
Non-GAAP net profit	$	32,356			$	46,937
Non-GAAP net profit per share, basic	$	0.19			$	0.28
Non-GAAP net profit per share, diluted	$	0.18			$	0.27
Weighted-average shares used in computing Non-GAAP net profit per share attributable to ordinary shareholders, basic		169,346,771				168,262,673
Weighted-average shares used in computing Non-GAAP net profit per share attributable to ordinary shareholders, diluted		176,050,241				174,006,949

MONACO, May 13, 2026 (GLOBE NEWSWIRE) — Costamare Bulkers Holdings Limited (“Costamare Bulkers” or the “Company”) (NYSE: CMDB) today reported unaudited financial results for the first quarter ended March 31, 2026 (“Q1 2026”).

Financial Highlights


¹


and Operational Updates

I. PROFITABILITY – LIQUIDITY – DEBT

• Q1 2026 Net Income of $9.9 million ($0.41 earnings per share).
• Q1 2026 Adjusted Net Income² of $12.4 million ($0.51 earnings per share).
• Q1 2026 liquidity of $353.3 million³.
• Cash⁴ exceeding Debt⁵ by $127.2 million as of the end of Q1 2026.
  
  

II. FLEET RENEWAL 

Vessel Acquisition

• Conclusion of the purchase of the 2018-built, 60,297 DWT capacity dry bulk vessel, Astros (ex. Koushun)⁶.

Long-term Charter-in Agreements

• Delivery of the newbuild, 81,800 DWT capacity dry bulk vessel, Hermes Century:
  • Minimum tenor of charter-in period of 5 years.
  • Company retains extension options and purchase options for the tenor of the charter-in period.
  • Vessel has been time-chartered out for a period of approximately one year at a rate generating a daily gross profit of approximately $3,600.
• Agreement to charter-in an additional newbuild Kamsarmax vessel under a long‑term period charter with extension and purchase options upon delivery (expected Q2 2027–Q1 2028).

Vessel Disposals

• Conclusion of the sale of the 2011-built, 180,643 DWT capacity dry bulk vessel, Miracle, resulting in capital gains of approximately $7.0 million.

_______________
¹ This earnings release focuses on the financial results and management’s discussion and analysis of Costamare Bulkers for the three-month period ended March 31, 2026. Costamare Bulkers had nominal operations during the corresponding period in 2025 and remained a wholly owned subsidiary of Costamare Inc. (“Costamare”), a New York Stock Exchange (“NYSE”) listed company, until May 6, 2025, when it became an independent publicly traded company listed on the NYSE through a spin-off from Costamare. Accordingly, no comparative figures are presented for the three-month period ended March 31, 2025.
² Adjusted Net Income and respective per share figures are non-GAAP measures and should not be used in isolation or as substitutes for Costamare Bulkers financial results presented in accordance with U.S. generally accepted accounting principles (“GAAP”). For the definition and reconciliation of these measures to the most directly comparable financial measure calculated and presented in accordance with GAAP, please refer to Exhibit I.
³ Liquidity includes Cash (as defined in footnote 4) and $84.7 million of available undrawn funds from one hunting license facility as of March 31, 2026.
⁴ Cash denotes Cash and cash equivalents (including restricted cash) of $258.5 million plus margin deposits of $10.1 million relating mainly to our forward freight agreements (“FFAs”) and bunker swaps.
⁵ Debt denotes Long-term debt including current and non-current portion.
⁶ The vessel is currently on time charter, expiring in February 2027 (at the earliest) with charterers’ option to extend until June 2028.

III. OPERATING PLATFORM 

• Completion⁷ of the transfer of the majority of the trading book⁸ to Cargill International S.A. (“Cargill”).
• The operating platform⁹ is currently focused on Kamsarmax-type vessels and consists of 20 third-party owned dry bulk vessels including:
  • Two Capesize vessels chartered-in under period charters (one expected to be redelivered within 2026).
  • 18 Kamsarmax vessels, 17 of which are chartered-in under short-term period charters or time charter trips.
    
    

IV. OWNED FLEET 

• Costamare Bulkers currently owns a fleet of 30 dry bulk vessels with a total capacity of approximately 2.7 million DWT, consisting of:
  • 6 Capesize vessels, all of which are on period charters.
  • 7 Kamsarmax vessels, all of which are on period charters.
  • 9 Ultramax vessels, out of which 7 are on period charters.
  • 8 Supramax vessels, out of which 6 are on period charters.
• The majority of the period charters are on index-linked charter agreements with owner’s option to convert to fixed rate based on the prevailing FFA curve.

_______________
⁷ Excluding one vessel whose charter-in agreement is scheduled to be novated to Cargill in Q2 2026.
⁸ As of September 29, 2025 and pursuant to the Strategic Cooperation Agreement with Cargill.
⁹ As of May 12, 2026, and excluding one vessel whose charter-in agreement is scheduled to be novated to Cargill and two vessels sub-chartered out to Cargill on back to back terms pursuant to the Strategic Cooperation Agreement.

Mr. Gregory Zikos, Chief Executive Officer of Costamare Bulkers Holdings Limited, commented:

“During the first quarter of the year Costamare Bulkers generated an adjusted net income of $12.4 million.

As of today, we have successfully transferred a majority of the Company’s legacy trading portfolio pursuant to our deal with Cargill, effectively de-risking our balance sheet. We expect that our trading platform will be free of the remaining legacy trades by year end.

As part of our fleet renewal program, we recently concluded the sale of one 2011-built Capesize vessel and the acquisition of one 2018-built Ultramax. At the same time we accepted delivery of one newbuilding Kamsarmax chartered in for a minimum period of 5 years. The vessel has been chartered out at a profitable rate for a minimum period of 11 months.

With total cash of about $270 million and debt of ca. $140 million, the Company is net cash positive, positioning us favorably to grow countercyclically in a low asset value environment.

Regarding the market, during the first four months of the year the market exhibited elevated volatility relative to historical averages, driven by increased activity and inefficiencies, while geopolitical instability contributed additional uncertainty.

Capesize earnings were supported by robust iron ore and bauxite volumes, coupled with limited fleet growth. Ton-mile demand was further reinforced by the expansion of West Africa–China trade flows across both commodities.

Alongside the firm Capesize market and broadly positive dry bulk sentiment, the Panamax index was further supported by a record soybean harvest in Brazil, as well as the U.S.–China agreement reached at the end of 2025, which drove long-haul soybean shipments during the first quarter.

Finally, the Supramax segment recorded a solid start to the year, as increased grain and minor bulk flows offset the negative impact of the Strait of Hormuz closure, which reduced Persian Gulf export volumes by approximately 50%.”

Financial Summary
(Expressed in thousands of U.S. dollars, except share and per share data)	Three-month period ended March 31, 2026
Voyage revenue	$	103,963
Voyage revenue – related parties	$	7,545
Total voyage revenue	$	111,508
Total voyage revenue adjusted on a cash basis (1)	$	111,508
Adjusted Net Income (2)	$	12,424
Weighted Average number of shares		24,181,817
Adjusted Earnings per share (2)	$	0.51
Net Income	$	9,936
Weighted Average number of shares		24,181,817
Earnings per share	$	0.41

(1) “Total voyage revenue adjusted on a cash basis” represents Total voyage revenue adjusted for any non-cash revenue recognized during the period resulting from certain charter arrangements with escalating or descending rates. This measure is not a recognized measurement under U.S. generally accepted accounting principles (“GAAP”). Management believes that the presentation of Total voyage revenue adjusted on a cash basis is useful to investors because it reflects charter revenue for the relevant period based on the applicable contractual charter rates during such period. No such adjustment was required for the three-month period ended March 31, 2026.

(2) Adjusted Net Income and Adjusted Earnings per Share are non-GAAP measures. Refer to the reconciliation of Net Income to Adjusted Net Income and Adjusted Earnings per Share.

Non-GAAP Measures

The Company reports its financial results in accordance with U.S. GAAP. However, management believes that certain non-GAAP financial measures used in managing the business may provide users of these financial measures additional meaningful comparisons, between current results and results in prior operating periods. Management believes that these non-GAAP financial measures can provide additional meaningful reflection of underlying trends of the business because they provide a comparison of historical information that excludes certain items that impact the overall comparability. Management also uses these non-GAAP financial measures in making financial, operating and planning decisions and in evaluating the Company’s performance. The tables below set out supplemental financial data and corresponding reconciliations to GAAP financial measures for the relevant period. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, voyage revenue, net income, or other measures determined in accordance with GAAP. Non-GAAP financial measures include (i) Total voyage revenue adjusted on a cash basis (reconciled above), (ii) Adjusted Net Income and (iii) Adjusted Earnings per Share.

Exhibit I

Reconciliation of Net Income to Adjusted Net Income and Adjusted Earnings per Share

		Three-month period ended March 31, 2026
(Expressed in thousands of U.S. dollars, except share and per share data)
Net Income	$	9,936
Deferred charter-in expense		(456	)
General and administrative expenses – non-cash component		936
Non-recurring, non-cash write-off of loan deferred financing costs		166
Non-recurring expenses for realignment of operating platform		5,071
Gain on derivative instruments, excluding realized (gain) / loss on derivative instruments (1)		(3,229	)
Adjusted Net Income	$	12,424
Adjusted Earnings per Share	$	0.51
Weighted average number of shares		24,181,817

Adjusted Net Income and Adjusted Earnings per Share represent Net Income before deferred charter-in expense, non-recurring, non-cash write-off of loan deferred financing costs, non-recurring expenses for realignment of operating platform, general and administrative expenses – non-cash component and gain on derivative instruments, excluding realized (gain)/loss on derivative instruments. However, Adjusted Net Income and Adjusted Earnings per Share are not recognized measurements under U.S. GAAP. We believe that the presentation of Adjusted Net Income and Adjusted Earnings per Share are useful to investors because they are frequently used by securities analysts, investors and other interested parties in the evaluation of companies in our industry. We also believe that Adjusted Net Income and Adjusted Earnings per Share are useful in evaluating our ability to service additional debt and make capital expenditures. In addition, we believe that Adjusted Net Income and Adjusted Earnings per Share are useful in evaluating our operating performance and liquidity position compared to that of other companies in our industry because the calculation of Adjusted Net Income and Adjusted Earnings per Share generally eliminates the effects of the accounting, effects of certain hedging instruments and other accounting treatments, items which may vary for different companies for reasons unrelated to overall operating performance and liquidity. In evaluating Adjusted Net Income and Adjusted Earnings per Share, you should be aware that in the future we may incur expenses that are the same as or similar to some of the adjustments in this presentation. Our presentation of Adjusted Net Income and Adjusted Earnings per Share should not be construed as an inference that our future results will be unaffected by unusual or non-recurring items. Previously, the Company’s calculation of Adjusted Net Income and Adjusted Earnings per Share included adjustments for any gain/loss incurred in connection with the sale of vessels and for any loss on vessels held for sale. As the Company’s fleet management activities may, subject to market and other conditions, periodically include the sale of dry bulk vessels, the Company no longer includes such adjustments in its calculation of these non-GAAP measures beginning with the results for the first quarter ended March 31, 2026. We believe this updated methodology provides a more meaningful view of the Company’s operating performance.

(1) Items to consider for comparability, when prior period figures are presented, include gains and charges. Gains positively impacting Net Income are reflected as deductions to Adjusted Net Income. Charges negatively impacting Net Income are reflected as increases to Adjusted Net Income.

Exhibit II

Owned Dry Bulk Fleet Utilization

<sup>(


1


)</sup>

	Three-month period ended March 31, 2026
Owned Dry Bulk Fleet Available Days	2,587
Owned Dry Bulk Fleet Utilization	97.4	%

⁽¹⁾ We calculate utilization of our owned dry bulk fleet (including vessels chartered-in by CBI) by dividing (i) the aggregate number of our on-hire days and ballast days (excluding dry dock ballast days) in a period of our owned dry bulk fleet by (ii) the number of our available days (owned dry bulk fleet) during such period. We use the following definitions in our calculation of utilization of owned dry bulk fleet:

• On-hire days. We define on-hire days as the total days that a vessel was on-hire during a period.

• Ballast days (excluding dry dock ballast days). We define ballast days (excluding dry dock ballast days) during a period, as the total number of days that a vessel is not on-hire, but is conducting ordinary ship operations (other than dry dock ballast days) which includes repositioning from a discharging port to a loading port, sailing to a port for the conclusion of a prospective sale of a vessel or a change of the technical manager of a vessel.

• Available days. We define available days as the number of our ownership days of our owned dry bulk fleet during a period less the aggregate number of dry dock days and dry dock ballast days during such period. We use the following definitions in our calculation of available days (owned dry bulk fleet):
  • Dry dock days. We define dry dock days as the days during a period that a vessel underwent scheduled repairs or repairs under guarantee, vessel upgrades, scheduled dry-docking or special surveys.
  • Dry dock ballast days. We define dry dock ballast days as the total days during a period that a vessel spends sailing to and from a shipyard for scheduled repairs or repairs under guarantee, vessel upgrades, scheduled dry-docking or special surveys.

Results of Operations

Three-month period ended March 31, 2026



¹⁰

During the three-month period ended March 31, 2026, we had an average of 30.5 vessels in our owned fleet. Furthermore, during the three-month period ended March 31, 2026, we chartered-in an average of 23.8 third-party dry bulk vessels.

During the three-month period ended March 31, 2026, we sold the vessels Clara and Miracle with an aggregate DWT capacity of 237,200.

During the three-month period ended March 31, 2026, our fleet ownership days totaled 2,742. Ownership days are one of the primary drivers of voyage revenue and vessels’ operating expenses and represent the aggregate number of days in a period during which each vessel in our fleet is owned.

Consolidated Financial Results and Vessels’ Operational Data

			Three-month period ended March 31, 2026
(Expressed in millions of U.S. dollars)
Voyage revenue		$	104.0
Voyage revenue – related parties			7.5
Total voyage revenue			111.5
Voyage expenses			(23.0		)
Charter-in hire expenses			(46.0		)
Voyage expenses – related parties			(0.8		)
Vessels’ operating expenses			(16.7		)
General and administrative expenses			(2.3		)
Management and agency fees – related parties			(5.4		)
General and administrative expenses – non-cash component			(0.9		)
Amortization of dry-docking and special survey costs			(1.6		)
Depreciation			(8.6		)
Gain on sale of vessels			7.7
Foreign exchange losses			(0.1		)
Interest income			1.6
Interest and finance costs			(2.6		)
Other, net			(5.2		)
Gain on derivative instruments, net			2.3
Net Income		$	9.9

_______________
¹⁰ The discussion below reflects the first quarter 2026 consolidated financial results of Costamare Bulkers. No comparative figures are presented for the first quarter of 2025, as Costamare Bulkers had nominal operations during that time.

(Expressed in millions of U.S. dollars)		Three-month period ended March 31, 2026
Total voyage revenue	$	111.5
Total voyage revenue adjusted on a cash basis(I)	$	111.5
Vessels’ operational data
		Three-month period ended March 31, 2026
Average number of vessels(II)		30.5
Ownership days(II)		2,742
Number of vessels under dry-docking and special survey(II)		3

^(
I
) Total voyage revenue adjusted on a cash basis represents Total voyage revenue adjusted for any non-cash revenue recognized during the period resulting from certain charter arrangements and is not a recognized measurement under GAAP. No such adjustment was required for the three-month period ended March 31, 2026.

^(
II
) Vessels in our owned fleet.

Total Voyage Revenue

Total voyage revenue was $111.5 million during the three-month period ended March 31, 2026, and mainly includes voyage revenue earned by the charter-out activities of both owned and chartered-in vessels and contractual reimbursements from certain of our charterers for EU Emissions Allowances (“EUAs”) and Fuel EU Maritime penalties.

Voyage Expenses

Voyage expenses were $23.0 million for the three-month period ended March 31, 2026. Voyage expenses mainly include (i) fuel consumption, primarily relating to the activities of the charter-in vessels, (ii) third-party commissions, (iii) port expenses, (iv) canal tolls and (v) EUAs and Fuel EU Maritime expenses; however, a significant portion of EUAs and Fuel EU Maritime expenses are contractually reimbursed by the charterers, as discussed in “Total Voyage Revenue”, mitigating the net expenses impact.

Charter-in Hire Expenses

Charter-in hire expenses were $46.0 million for the three-month period ended March 31, 2026, relating to the chartering-in of third-party dry bulk vessels.

Voyage Expenses – related parties

Voyage expenses – related parties were $0.8 million for the three-month period ended March 31, 2026. Voyage expenses – related parties represent (i) fees of 1.25%, in the aggregate, on voyage revenues earned by our owned fleet charged by a related manager and a related service provider and (ii) address commissions on certain charter-out agreements payable to a related agent. This commission is subsequently paid in full on a back-to-back basis by the related agent to its respective third-party clients with no benefit for the related agent.

Vessels’ Operating Expenses

Vessels’ operating expenses were $16.7 million during the three-month period ended March 31, 2026. Daily vessels’ operating expenses were $6,094 for the three-month period ended March 31, 2026. Daily operating expenses are calculated as vessels’ operating expenses for the period over the ownership days of the period.

General and Administrative Expenses

General and administrative expenses were $2.3 million during the three-month period ended March 31, 2026 and include an amount of $0.7 million that was paid to a related service provider.

Management and Agency Fees – related parties

Management fees charged by our related party managers were $3.0 million during the three-month period ended March 31, 2026. The amounts charged by our related party managers include amounts paid to third party managers of $0.6 million for the three-month period ended March 31, 2026. Furthermore, during the three-month period ended March 31, 2026, agency fees of $2.4 million, in aggregate, were charged by four related agents.

General and Administrative Expenses – non-cash component

General and administrative expenses – non-cash component for the three-month period ended March 31, 2026 amounted to $0.9 million, representing the value of the shares issued to a related service provider on March 30, 2026.

Amortization of Dry-Docking and Special Survey Costs

Amortization of deferred dry-docking and special survey costs was $1.6 million during the three-month period ended March 31, 2026. During the three-month period ended March 31, 2026, two vessels underwent and completed their dry-docking and special surveys and one vessel was in the process of completing her dry-docking and special survey.

Depreciation

Depreciation expense for the three-month period ended March 31, 2026 was $8.6 million.

Gain on Sale of Vessels

During the three-month period ended March 31, 2026, we recorded an aggregate gain of $7.7 million from the sale of the dry bulk vessels Clara and Miracle.

Interest Income

Interest income amounted to $1.6 million for the three-month period ended March 31, 2026.

Interest and Finance Costs

Interest and finance costs were $2.6 million during the three-month period ended March 31, 2026. Interest and finance costs include mainly interest expense on our bank loans, amortization of deferred financing costs, bank charges and other financial expenses.

Other, net

Other, net, amounted to $5.2 million during the three-month period ended March 31, 2026, mainly related to certain non-recurring expenses in connection with the realignment of the operating platform.

Gain on Derivative Instruments, net

As of March 31, 2026, we hold derivative financial instruments that do not qualify for hedge accounting. The change in the fair value of each derivative instrument that does not qualify for hedge accounting is recorded in the consolidated statements of income.

As of March 31, 2026, the fair value of these instruments, in aggregate, amounted to a net asset of $2.7 million. During the three-month period ended March 31, 2026, the change in the fair value (fair value as of, March 31, 2026 compared to fair value as of December 31, 2025) of the derivative instruments, including their realized components during the period, resulted in a net gain of $2.3 million, which has been included in Gain on Derivative Instruments, net.

Cash Flows


Three-month period ended March 31, 2026



¹¹

Condensed cash flows
(Expressed in millions of U.S. dollars)	Three-month period ended March 31, 2026
Net Cash Provided by Operating Activities	$	18.9
Net Cash Provided by Investing Activities	$	38.6
Net Cash Used in Financing Activities	$	(14.6	)

Net Cash Provided by Operating Activities

Net cash flows provided by operating activities for the three-month period ended March 31, 2026, was $18.9 million. Net cash flows are mainly affected by (i) the net cash from operations, (ii) the working capital (Current assets minus Current liabilities) position, excluding the current portion of long-term debt, (iii) the dry-docking and special survey costs and (iv) the interest payments.

Net Cash Provided by Investing Activities

Net cash provided by investing activities was $38.6 million in the three-month period ended March 31, 2026, which mainly consisted of proceeds we received from the sale of the dry bulk vessels Clara and Miracle; partly offset by (i) an advance payment for the acquisition of the secondhand dry bulk vessel Astros (ex. Koushun) and (ii) payments for upgrades for certain of our dry bulk vessels.

Net Cash Used in Financing Activities
  

Net cash used in financing activities was $14.6 million in the three-month period ended March 31, 2026, which consisted of payments relating to our debt financing agreements.

Liquidity and Unencumbered Vessels

Cash and cash equivalents

As of March 31, 2026, we had Cash and cash equivalents (including restricted cash) of $258.5 million and $10.1 million in margin deposits in relation to our FFAs, bunker swaps and EUA futures. Including the $84.7 million of available undrawn funds from our hunting license facility, our total liquidity as of March 31, 2026, was approximately $353.3 million.

Debt-free vessels

As of May 12, 2026, the following vessels were free of debt.

Unencumbered Vessels
Vessel Name		Year Built		DWT Capacity
ALWINE		2014		61,090
AUGUST		2015		61,090
ASTROS		2018		60,297

_______________
¹¹ The discussion below reflects the first quarter 2026 consolidated condensed cash flows of Costamare Bulkers. No comparative figures are presented for the first quarter of 2025, as Costamare Bulkers had nominal operations during that time.

Conference Call details:

On May 13, 2026 at 8:30 a.m. EST, Costamare Bulkers management team will hold a conference call to discuss the financial results. Participants should dial into the call 10 minutes before the scheduled time using the following numbers: 1-844-887-9405 (from the US) or +1-412-317-9258 (from outside the US). Please quote “Costamare Bulkers”. A replay of the conference call will be available until May 20, 2026. The United States replay number is +1-855-669-9658; the standard international replay number is +1-412-317-0088; and the access code required for the replay is 1424684.

Live webcast:

There will also be a simultaneous live webcast over the Internet, through the Costamare Bulkers website (www.costamarebulkers.com). Participants to the live webcast should register on the website approximately 10 minutes prior to the start of the webcast.

About Costamare Bulkers Holdings Limited

Costamare Bulkers Holdings Limited is an international owner and operator of dry bulk vessels. Costamare Bulkers’ owned dry bulk fleet consists of 30 vessels with a total carrying capacity of approximately 2,665,000 DWT. Costamare Bulkers also owns a dry bulk operating platform (CBI) which charters in/out dry bulk vessels, enters into contracts of affreightment, forward freight agreements and may also utilize hedging solutions. Costamare Bulkers’ common stock trades on the New York Stock Exchange under the symbol “CMDB”.

Forward-Looking Statements

This earnings release contains “forward-looking statements”. In some cases, you can identify these statements by forward-looking words such as “believe”, “intend”, “anticipate”, “estimate”, “project”, “forecast”, “plan”, “potential”, “may”, “should”, “could”, “expect” and similar expressions. You should not place undue reliance on these statements. These statements are not historical facts but instead represent only the Company’s beliefs regarding future results, many of which, by their nature, are inherently uncertain and outside of the Company’s control. Although the Company believes that its expectations stated in this earnings release are based on reasonable assumptions, it is possible that actual results may differ, possibly materially, from those anticipated in these forward-looking statements. For a discussion of some of the risks and important factors that could affect future results, see the discussion in the Company’s Annual Report on Form 20-F (File No. 001-42581). All forward-looking statements reflect management’s current views with respect to certain future events, and the Company expressly disclaims any obligation to update or revise any of these forward-looking statements, whether because of future events, new information, a change in the Company’s views or expectations, or otherwise.

Company
Contacts:

Gregory Zikos – Chief Executive Officer
Dimitris Pagratis – Chief Financial Officer
Konstantinos Tsakalidis – Business Development

Costamare Bulkers Holdings Limited, Monaco
Tel: (+377) 92 00 1745
Email: [email protected]

Owned Vessels Fleet List

The table below provides information about our owned fleet as of May 12, 2026.

	Vessel Name	Year Built	Capacity (DWT)
1	FRONTIER	2012	181,415
2	PROSPER	2012	179,895
3	DORADO	2011	179,842
4	MAGNES	2011	179,546
5	IMPERATOR	2012	176,387
6	ENNA	2011	175,975
7	AEOLIAN	2012	83,478
8	GRENETA	2010	82,166
9	HYDRUS	2011	81,601
10	PHOENIX	2012	81,569
11	BUILDER	2012	81,541
12	FARMER	2012	81,541
13	SAUVAN	2010	79,700
14	MERCHIA	2015	63,585
15	DAWN	2018	63,561
16	SEABIRD	2016	63,553
17	ORION	2015	63,473
18	DAMON	2012	63,301
19	ARYA	2013	61,424
20	ALWINE	2014	61,090
21	AUGUST	2015	61,090
22	ASTROS (ex. KOUSHUN)	2018	60,297
23	ATHENA	2012	58,018
24	ERACLE	2012	58,018
25	NORMA	2010	58,018
26	CURACAO	2011	57,937
27	URUGUAY	2011	57,937
28	SERENA	2010	57,266
29	LIBRA	2010	56,701
30	BERMONDI	2009	55,469

Chartered-In Vessels Fleet List

The table below provides information about our chartered-in fleet¹² as of May 12, 2026.

	Vessel Name	Year Built	Capacity (DWT)	Earliest Redelivery to Owners
1	SHANDONG MIGHTINESS	2021	210,896	September 2026
2	CAPE PROTEUS(i)	2011	180,585	April 2027
3	GRAMPUS CHARM	2013	82,937	July 2026
4	GRAND OCEAN	2023	82,698	TC Trips
5	APJ PRITI 2	2006	82,574	July 2026
6	NEW ERA	2011	82,153	September 2026
7	M EXPLORER	2010	82,094	TC Trip
8	ADMIRAL JIMMU	2020	82,024	October 2026
9	EVER MAJESTY	2021	81,936	TC Trips
10	MAJESTIC STAR	2020	81,878	July 2026
11	PACIFIC CELERITY	2025	81,869	TC Trip
12	HERMES CENTURY	2026	81,800	February 2031
13	LADY ANNE	2020	81,688	TC Trip
14	GEORGITSI(i)	2012	81,309	September 2026
15	PLATANOS	2011	81,123	TC Trips
16	W-LUNA	2016	81,115	TC Trip
17	SEA UNITY	2016	81,112	September 2026
18	RB JAKE	2016	81,039	TC Trip
19	GEMINI OCEAN	2017	80,982	September 2026
20	STAHLA	2012	76,049	TC Trip

(i) Time-chartered out for the whole remaining charter-in period.

Chartered-In Newbuilding Vessel

	Vessel	Capacity (DWT)	Estimated Delivery
1	Newbuilding	82,400	Q2 2027 – Q1 2028

_______________
¹² Excluding (i) two vessels already sub-chartered out to Cargill on back to back terms and (ii) one vessel whose charter-in agreement is scheduled to be novated to Cargill, pursuant to the Cooperation Agreement.

COSTAMARE BULKERS HOLDINGS LIMITED Consolidated Statement of Income
		Three-month period ended March 31,
(Expressed in thousands of U.S. dollars, except share and per share amounts)		2025			2026
		(Unaudited)			(Unaudited)
REVENUES:
Voyage revenue	$	–		$	103,963
Voyage revenue – related parties		–			7,545
Total voyage revenue		–			111,508
EXPENSES:
Voyage expenses		–			(22,977	)
Charter-in hire expenses		–			(45,976	)
Voyage expenses – related parties		–			(793	)
Vessels’ operating expenses		–			(16,709	)
General and administrative expenses		–			(2,274	)
Management and agency fees – related parties		–			(5,421	)
General and administrative expenses – non-cash component		–			(936	)
Amortization of dry-docking and special survey costs		–			(1,607	)
Depreciation		–			(8,645	)
Gain on sale of vessels		–			7,741
Foreign exchange losses		–			(74	)
Operating Income		–			13,837
OTHER INCOME / (EXPENSES):
Interest income		18			1,643
Interest and finance costs		–			(2,635	)
Other, net		–			(5,250	)
Gain on derivative instruments, net		–			2,341
Total other income / (expenses), net		18			(3,901	)
Net income	$	18		$	9,936
Earnings per common share, basic and diluted	$	1.80		$	0.41
Weighted average number of shares, basic and diluted		10,000			24,181,817

COSTAMARE BULKERS HOLDINGS LIMITED Consolidated Balance Sheets
(Expressed in thousands of U.S. dollars)		As of December 31, 2025			As of March 31, 2026
ASSETS		(Audited)			(Unaudited)
CURRENT ASSETS:
Cash and cash equivalents	$	211,845		$	255,105
Margin deposits		10,825			10,148
Accounts receivable		22,597			13,607
Inventories		14,217			14,569
Due from related parties		4,444			4,322
Insurance claims receivable		4,785			4,567
Fair value of derivatives		268			2,673
Prepayments and other		24,668			17,273
Total current assets		293,649			322,264
FIXED ASSETS, NET:
Vessels and advances, net		565,547			527,379
Total fixed assets, net		565,547			527,379
NON-CURRENT ASSETS:
Deferred charges, net		18,357			22,160
Operating leases, right-of-use assets		41,667			21,216
Accounts receivable, non-current		5,503			5,586
Due from related parties, non-current		1,050			975
Restricted cash		3,650			3,350
Total assets	$	929,423		$	902,930
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Current portion of long-term debt	$	14,995		$	13,962
Operating lease liabilities, current portion		39,155			20,648
Accounts payable		26,028			26,260
Due to related parties		5,145			4,815
Accrued liabilities		9,732			11,134
Unearned revenue		11,911			6,725
Fair value of derivatives		825			–
Other current liabilities		15,385			14,439
Total current liabilities		123,176			97,983
NON-CURRENT LIABILITIES:
Long-term debt, net of current portion		140,599			127,401
Other non-current liabilities		–			1,026
Total non-current liabilities		140,599			128,427
COMMITMENTS AND CONTINGENCIES		–			–
STOCKHOLDERS’ EQUITY:
Preferred stock		–			–
Common stock		2			2
Additional paid-in capital		702,992			703,928
Accumulated deficit		(37,346	)		(27,410	)
Total stockholders’ equity		665,648			676,520
Total liabilities and stockholders’ equity	$	929,423		$	902,930

Exhibit III


¹³

COSTAMARE BULKERS HOLDINGS LIMITED PREDECESSOR Combined Carve-out Statements of Operations
	For the three-month period ended March 31,
(Expressed in thousands of U.S. dollars)	2024				2025
REVENUES:	(Unaudited)				(Unaudited)
Voyage revenue	$	254,616			$	167,671
Voyage revenue – related parties		–				55,689
Total voyage revenue		254,616				223,360
EXPENSES:
Voyage expenses		(88,684	)			(78,803	)
Charter-in hire expenses		(144,350	)			(111,518	)
Voyage expenses-related parties		(572	)			(2,409	)
Vessels’ operating expenses		(21,316	)			(19,553	)
General and administrative expenses		(2,969	)			(4,344	)
General and administrative expenses – related parties		(872	)			(767	)
Management and agency fees – related parties		(7,529	)			(6,953	)
Amortization of dry-docking and special survey costs		(1,430	)			(1,606	)
Depreciation		(8,969	)			(10,088	)
Gain on sale of vessels, net		993				–
Loss on vessels held for sale		–				(4,669	)
Vessel’s impairment loss		–				(179	)
Foreign exchange gains/ (losses)		(68	)			136
Operating loss		(21,150	)			(17,393	)
OTHER INCOME / (EXPENSES):
Interest income		433				198
Interest and finance costs, net		(6,098	)			(5,478	)
Interest expense – related parties		–				(629	)
Other, net		81				(50	)
Gain on derivative instruments, net		25,786				9,673
Total other income, net		20,202				3,714
Net loss	$	(948	)		$	(13,679	)

_______________
¹³This exhibit includes combined carve-out financial information for Costamare Bulkers Holdings Limited Predecessor, prepared in accordance with the same accounting principles as disclosed in Costamare Bulkers’ Annual Report on Form 20-F (File No. 001-42581).

COSTAMARE BULKERS HOLDINGS LIMITED PREDECESSOR Combined Carve-out Balance Sheet
(Expressed in thousands of U.S. dollars)
	December 31, 2024
ASSETS	(Audited)
CURRENT ASSETS:
Cash and cash equivalents	$	49,858
Restricted cash		941
Margin deposits		45,221
Accounts receivable, net		39,648
Inventories		44,500
Due from related parties		7,014
Fair value of derivatives		197
Insurance claims receivable		2,842
Prepayments and other assets		49,796
Total current assets		240,017
FIXED ASSETS, NET:
Vessels and advances, net		671,844
Total fixed assets, net		671,844
OTHER NON-CURRENT ASSETS:
Accounts receivable, net, non-current		1,610
Deferred charges, net		19,119
Due from related parties, non-current		1,050
Fair value of derivatives, non-current		147
Restricted cash, non-current		9,236
Operating leases, right-of-use assets		297,975
Total assets	$	1,240,998
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES:
Current portion of long-term debt, net of deferred financing costs	$	30,505
Related party loans		85,000
Accounts payable		41,477
Due to related parties		5,319
Operating lease liabilities, current portion		205,172
Accrued liabilities		11,906
Unearned revenue		22,911
Fair value of derivatives		14,465
Other current liabilities		3,902
Total current liabilities		420,657
NON-CURRENT LIABILITIES:
Long-term debt, net of current portion and deferred financing costs		305,724
Operating lease liabilities, non-current portion		87,424
Fair value of derivatives, non-current portion		5,174
Total non-current liabilities		398,322
COMMITMENTS AND CONTINGENCIES		–
SHAREHOLDERS’ EQUITY:
Common shares		250
Additional paid-in capital		207,284
Net Parent Investment		312,546
Accumulated deficit		(98,061	)
Total shareholders’ equity		422,019
Total liabilities and shareholders’ equity	$	1,240,998

MACAU, May 13, 2026 (GLOBE NEWSWIRE) — Studio City Company Limited (“Studio City Company”) today announces the results of its previously announced conditional cash tender offer for any and all of its outstanding 7.00% senior secured notes due 2027 (CUSIP Numbers G8539E AC9 and 86400G AC3; ISIN USG8539EAC96 and US86400GAC33) (the “2027 SCC Senior Secured Notes” and such conditional tender offer, the “Conditional Tender Offer”) as further described in the Offer to Purchase dated May 6, 2026 (the “Offer to Purchase”) and the related Notice of Guaranteed Delivery. Capitalized terms used in this announcement but not defined herein have the meanings given to them in the Offer to Purchase.

The Conditional Tender Offer expired at 5:00 p.m., New York City time, on May 12, 2026 (the “Expiration Time”). The deadline for delivery of Notes tendered pursuant to the guaranteed delivery procedures described in the Offer to Purchase is 5:00 p.m., New York City time, on May 14, 2026. At or prior to the Expiration Time, US$196,421,000 aggregate principal amount of the Notes were validly tendered (and not validly withdrawn) and an additional US$1,500,000 aggregate principal of the Notes were subject to the guaranteed delivery procedures.

The consideration for each US$1,000 principal amount of the 2027 SCC Senior Secured Notes validly tendered prior to the Expiration Time and accepted for purchase pursuant to the Conditional Tender Offer will be US$1,001.25. Subject to the conditions (including the Financing Condition) set out in “Terms of the Offer—Conditions to the Offer” in the Offer to Purchase having been satisfied or otherwise waived by Studio City Company, as the case may be, Studio City Company expects to accept for purchase all of the 2027 SCC Senior Secured Notes that were validly tendered (and not validly withdrawn) pursuant to the Conditional Tender Offer and pay the consideration to the Holders of the 2027 SCC Senior Secured Notes accepted for purchase in the Conditional Tender Offer promptly after the Expiration Time on the settlement date, which is expected to be on May 15, 2026.

The Conditional Tender Offer was made solely pursuant to the Offer to Purchase, which sets forth the complete terms of the Conditional Tender Offer. Copies of the Offer to Purchase are available from the Tender and Information Agent at the following website: https://deals.is.kroll.com/studiocity. Studio City Company has engaged Deutsche Bank AG, Singapore Branch to act as the dealer manager for the Conditional Tender Offer. Questions regarding the terms of the Conditional Tender Offer should be directed to Deutsche Bank AG, Singapore Branch at One Raffles Quay, #17-00 South Tower, Singapore 048583, Attention: Global Risk Syndicate (Tel: +65 6423-4229), with a copy to Deutsche Bank AG, London Branch at 21 Moorfields, London EC2Y 9DB, United Kingdom, Attention: Liability Management Group (Tel: +44 20-7545-8011) and Deutsche Bank Securities Inc. at 1 Columbus Circle, New York, New York 10019, United States of America, Attention: Liability Management Group (Tel: +1 212-250-7527) with a copy at the same address to Attention of the General Counsel, 19th Floor at the email of [email protected]. Studio City Company has appointed Kroll Issuer Services Limited to serve as the Tender and Information Agent for the Conditional Tender Offer. Questions regarding the Conditional Tender Offer or requests for additional copies of the Offer to Purchase should be directed to Kroll Issuer Services Limited, Attention: Kevin Wong / Alison Lee (Tel: +852 2281 0114 / +44 20 7704 0880, Email: [email protected]).

This press release is not an offer to sell, a solicitation to buy or an offer to purchase or sell any securities. The Conditional Tender Offer was made solely by the Offer to Purchase.

The distribution of this announcement in certain jurisdictions may be restricted by law. Persons into whose possession this press release comes are required to inform themselves about, and to observe, any such restrictions.

This press release is for information purposes only and does not constitute an invitation or offer to acquire, purchase or subscribe for the securities referred to herein. Nothing in this press release constitutes an offer to buy, or a solicitation of an offer to sell, securities in the United States or any other jurisdiction in which such offer or solicitation would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

Safe Harbor Statement

This press release contains forward-looking statements. Without limiting the generality of the foregoing, forward-looking statements contained in this press release specifically include statements regarding Studio City Company’s plans and expected timing with respect to the Conditional Tender Offer. Studio City International Holdings Limited may also make forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about the Studio City Company’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, and a number of factors could cause actual results to differ materially from those contained in any forward-looking statement. These factors include, but are not limited to, (i) changes in the gaming market and visitations in Macau, (ii) local and global economic conditions, (iii) capital and credit market volatility, (iv) our anticipated growth strategies, (v) risks associated with the implementation of the amended Macau gaming law by the Macau government, (vi) gaming authority and other governmental approvals and regulations, and (vii) our future business development, results of operations and financial condition. In some cases, forward-looking statements can be identified by words or phrases such as “may,” “will,” “expect,” “anticipate,” “target,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to” or other similar expressions. Further information regarding these and other risks, uncertainties or factors is included in the Offer to Purchase. All information provided in this press release is as of the date of this press release, and Studio City Company undertakes no duty to update such information, except as required under applicable law.

For the investment community, please contact:

Jeanny Kim
Senior Vice President, Group Treasurer
Tel: +852 2598 3698
Email: [email protected]

For media enquiries, please contact:

Chimmy Leung
Executive Director, Corporate Communications
Tel: +852 3151 3765
Email: [email protected]