Market Newsdesk

SAN FRANCISCO, Aug. 18, 2026 /PRNewswire/ — Hagens Berman Sobol Shapiro LLP urges Alibaba Group Holding Limited (NYSE: BABA) investors who suffered substantial losses submit their losses now.

A securities fraud class action lawsuit has been filed against Alibaba, and investors are encouraged to contact the firm regarding potential recoveries and lead plaintiff rights. The case, captioned Wistisen v. Alibaba Group Holding Limited, et al., No. 1:26-cv-06654 (S.D.N.Y.), accuses Alibaba and certain of its executive officers of violating the Securities Exchange Act of 1934.

Class Period: June 26, 2025 – June 24, 2026
Lead Plaintiff Deadline: Oct. 5, 2026
Visit: www.hbsslaw.com/cases/alibaba
Contact the Firm Now: [email protected]
                                        844-916-0895

Core Allegations

The lawsuit alleges that Alibaba and certain executives misrepresented and failed to disclose adverse facts pertaining to the Company’s business which were known to Defendants or recklessly disregarded by them. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that:

• Under the National Defense Authorization Act (NDAA), any entities directly or indirectly controlled by or affiliated with the Chinese Ministry of Industry and Information Technology (MIIT) were considered a Chinese military company;
• Alibaba was directly or indirectly controlled by or affiliated with the MIIT;
• The risk of Alibaba carrying out distillation attacks against third- party AI models was not a mere hypothetical or inadvertent, but ongoing; and
• As a result, Defendants’ public statements about Alibaba’s business, operations, and prospects were materially false and/or misleading at all relevant times.

The Truth Emerges

The truth regarding Alibaba’s regulatory exposure and illicit business practices was revealed through a series of partial corrective disclosures:

• June 8, 2026: The U.S. Department of Defense added Alibaba to its list of Chinese military companies under the NDAA due to its ties to the MIIT. On this news, Alibaba ADSs fell $4.69 per share, or 3.9%, over two trading sessions.
• June 24, 2026: Bloomberg reported that Anthropic alerted U.S. officials that Alibaba fraudulently accessed Anthropic’s Claude AI models via thousands of fake accounts to execute unauthorized “distillation” attacks to train its own models. On this news, Alibaba ADSs fell $4.73 per share, or 4.7%, to close at $95.07 on June 25, 2026.

The complaint alleges that as a result of Defendants’ misleading statements and omissions, investors suffered substantial losses when the artificial inflation was removed from the stock.

Hagens Berman’s Investigation

“We are investigating whether Alibaba executives intentionally concealed the company’s regulatory ties and engaged in fraudulent operational practices to mislead the market about its true risk profile and competitive position,” said Reed Kathrein, the Hagens Berman partner leading the firm’s investigation of the alleged claims in the pending suit.

What Affected BABA Investors Should Do
If you purchased or acquired Alibaba securities between June 26, 2025, and June 24, 2026, and suffered significant financial losses, you have until October 5, 2026, to ask the court to appoint you as lead plaintiff. You do not need to seek lead plaintiff status to share in any potential recovery.

To learn more about your legal options, submit your information to Hagens Berman, visit www.hbsslaw.com/cases/alibaba, call Reed Kathrein at 844-916-0895, or email [email protected].

Whistleblowers: Persons with non-public information regarding Alibaba should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email [email protected].

About Hagens Berman


Hagens Berman is a global plaintiffs’ rights complex litigation firm focusing on corporate accountability. The firm is home to a robust practice and represents investors as well as whistleblowers, workers, consumers and others in cases achieving real results for those harmed by corporate negligence and other wrongdoings. Hagens Berman’s team has secured more than $2.9 billion in this area of law. More about the firm and its successes can be found at hbsslaw.com. Follow the firm for updates and news at @ClassActionLaw. 

Attorney Advertising. Prior results do not guarantee a similar outcome in any future case.

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SOURCE Hagens Berman Sobol Shapiro LLP

The unprecedented partnership celebrates the year of Senna’s third world title, with 1,991 units available worldwide.

VALCOURT, QC, Aug. 18, 2026 /CNW/ — Sea-Doo, iconic brand of BRP Inc. (TSX: DOO) (NASDAQ: DOO), is thrilled to announce its one-year partnership with Senna Brand, a global company created by the Senna family to perpetuate the legacy and values of the three-time Formula 1 world champion across generations. Together, Sea-Doo and Senna Brand have created a limited edition, top-of-the-line personal watercraft, that pays tribute to the relentless pursuit of excellence and courage that defined the career of Brazilian legend Ayrton Senna.

The limited edition Sea-Doo RXP-X Senna 350 will provide riders the opportunity to experience the thrill of venturing beyond the shoreline with the spirit of a legend, endless power and exclusivity. Sea-Doo chose the RXP-X platform for this collaboration because of its performance which blends perfectly with Senna’s champion legacy. 

“The RXP-X has always represented the pinnacle of personal watercraft performance, and partnering with Senna Brand elevates that standard to an entirely new level,” said James Heintz, Director, Global Product Strategy, Sea-Doo & Vehicle Connectivity at BRP. “This is more than a watercraft – it’s a tribute to a champion whose bold, individual spirit proved that true greatness comes from having the courage to trust your instincts, explore beyond the expected, and do more with every moment.”

“Ayrton Senna never accepted limits – he was driven by a desire to inspire others to go beyond what they believed possible,” said Bruno Senna, Nephew of Ayrton Senna and Ambassador of Senna Brand. “Every partnership we build carries the responsibility to translate Ayrton’s values into relevant experiences. Sea-Doo embraced that from day one, combining performance with passion. We are proud to see his legacy continue to inspire a new generation on the water.”

The partnership between Sea-Doo and Senna Brand has created a unique opportunity to highlight the RXP-X Senna 350 as the flagship model. This unit debuts Sea-Doo’s all-new and most powerful personal watercraft engine from the factory, the Rotax 1630 ACE. It delivers 350 horsepower and a 15 percent faster 0-60 mph acceleration compared to previous models.

To capture the same relentless pursuit of excellence, the RXP-X Senna 350 features exclusive Ayrton Senna-inspired branding such as:

• Integrated Signature & Championships: Ayrton Senna’s iconic signature is laser-integrated into the craft, alongside recognition of his three world championship victories.
• Senna Inspired Quotes: Two inspirational quotes “Seek your truth” and “Born to win” are inscribed around the unit, representing the mindset that has inspired generations to pursue excellence with courage, authenticity and determination
• Matching Passenger Seat: A coordinating passenger seat is included, allowing friends and family to ride together.
• Senna-Branded Protective Cover: A custom Senna-branded cover is included to protect and showcase the craft when not in use.
• Numbered Tribute Plate: A numbered plate bearing 1991 pays homage to Ayrton’s final World’s Championship.
• Helmet-Matched Colorway: Through a highly exclusive coloration process, the RXP-X Senna 350 was meticulously designed to mirror Senna’s original racing helmet, ensuring an authentic and visually stunning tribute.

The RXP-X Senna 350 is a limited and exclusive production run of 1,991 unique personal watercraft worldwide, available for pre-order as of now.

For more information on Sea-Doo’s personal watercrafts or the Senna Brand partnership, visit sea-doo.brp.com. Fans of both brands can follow along on the Sea-Doo social channels – Facebook, Instagram, TikTok.

About BRP

BRP Inc. is a global leader in the world of powersports products and powertrains, built on over 80 years of ingenuity, innovation, and intensive consumer focus. Through its portfolio of industry-leading and distinctive brands featuring Ski-Doo and Lynx snowmobiles, Sea-Doo watercraft and pontoons, Can-Am on- and off-road vehicles, Quintrex boats as well as Rotax engines for karts, recreational aircraft and jet boats, BRP unlocks exhilarating adventures and provides access to experiences across different playgrounds. The Company completes its product lines with a dedicated parts, accessories and apparel portfolio to fully optimize the riding experience. Headquartered in Quebec, Canada, BRP had annual sales of CA$8.4 billion from over 110 countries and employed close to 17,000 driven, resourceful people as of January 31, 2026.

www.brp.com

LinkedIn

Ski-Doo, Lynx, Sea-Doo, Can-Am, Rotax, Quintrex and the BRP logo are trademarks of Bombardier Recreational Products Inc. or its affiliates. All other trademarks are the property of their respective owners.

About Senna Brand

Senna is a global brand that connects the legacy and values of three-time Formula 1 World Champion Ayrton Senna to audiences around the world, inspiring generations to become the best version of themselves. Founded in 1990, the brand today spans more than 60 partners with a direct presence in over 70 countries through licensed products and strategic collaborations. Brand royalties help fund Instituto Ayrton Senna, supporting public education in Brazil for over 30 years.

View original content to download multimedia:https://www.prnewswire.com/news-releases/sea-doo-partners-with-senna-brand-to-honor-ayrton-sennas-timeless-legacy-with-an-exclusive-limited-edition-302853300.html

SOURCE BRP Inc.

The unprecedented partnership celebrates the year of Senna’s third world title, with 1,991 units available worldwide.

VALCOURT, QC, Aug. 18, 2026 /PRNewswire/ — Sea-Doo, iconic brand of BRP Inc. (TSX: DOO) (NASDAQ: DOO), is thrilled to announce its one-year partnership with Senna Brand, a global company created by the Senna family to perpetuate the legacy and values of the three-time Formula 1 world champion across generations. Together, Sea-Doo and Senna Brand have created a limited edition, top-of-the-line personal watercraft, that pays tribute to the relentless pursuit of excellence and courage that defined the career of Brazilian legend Ayrton Senna.

The limited edition Sea-Doo RXP-X Senna 350 will provide riders the opportunity to experience the thrill of venturing beyond the shoreline with the spirit of a legend, endless power and exclusivity. Sea-Doo chose the RXP-X platform for this collaboration because of its performance which blends perfectly with Senna’s champion legacy. 

“The RXP-X has always represented the pinnacle of personal watercraft performance, and partnering with Senna Brand elevates that standard to an entirely new level,” said James Heintz, Director, Global Product Strategy, Sea-Doo & Vehicle Connectivity at BRP. “This is more than a watercraft – it’s a tribute to a champion whose bold, individual spirit proved that true greatness comes from having the courage to trust your instincts, explore beyond the expected, and do more with every moment.”

“Ayrton Senna never accepted limits – he was driven by a desire to inspire others to go beyond what they believed possible,” said Bruno Senna, Nephew of Ayrton Senna and Ambassador of Senna Brand. “Every partnership we build carries the responsibility to translate Ayrton’s values into relevant experiences. Sea-Doo embraced that from day one, combining performance with passion. We are proud to see his legacy continue to inspire a new generation on the water.”

The partnership between Sea-Doo and Senna Brand has created a unique opportunity to highlight the RXP-X Senna 350 as the flagship model. This unit debuts Sea-Doo’s all-new and most powerful personal watercraft engine from the factory, the Rotax 1630 ACE. It delivers 350 horsepower and a 15 percent faster 0-60 mph acceleration compared to previous models.

To capture the same relentless pursuit of excellence, the RXP-X Senna 350 features exclusive Ayrton Senna-inspired branding such as:

• Integrated Signature & Championships: Ayrton Senna’s iconic signature is laser-integrated into the craft, alongside recognition of his three world championship victories.
• Senna Inspired Quotes: Two inspirational quotes “Seek your truth” and “Born to win” are inscribed around the unit, representing the mindset that has inspired generations to pursue excellence with courage, authenticity and determination
• Matching Passenger Seat: A coordinating passenger seat is included, allowing friends and family to ride together.
• Senna-Branded Protective Cover: A custom Senna-branded cover is included to protect and showcase the craft when not in use.
• Numbered Tribute Plate: A numbered plate bearing 1991 pays homage to Ayrton’s final World’s Championship.
• Helmet-Matched Colorway: Through a highly exclusive coloration process, the RXP-X Senna 350 was meticulously designed to mirror Senna’s original racing helmet, ensuring an authentic and visually stunning tribute.

The RXP-X Senna 350 is a limited and exclusive production run of 1,991 unique personal watercraft worldwide, available for pre-order as of now.

For more information on Sea-Doo’s personal watercrafts or the Senna Brand partnership, visit sea-doo.brp.com. Fans of both brands can follow along on the Sea-Doo social channels – Facebook, Instagram, TikTok.

About BRP

BRP Inc. is a global leader in the world of powersports products and powertrains, built on over 80 years of ingenuity, innovation, and intensive consumer focus. Through its portfolio of industry-leading and distinctive brands featuring Ski-Doo and Lynx snowmobiles, Sea-Doo watercraft and pontoons, Can-Am on- and off-road vehicles, Quintrex boats as well as Rotax engines for karts, recreational aircraft and jet boats, BRP unlocks exhilarating adventures and provides access to experiences across different playgrounds. The Company completes its product lines with a dedicated parts, accessories and apparel portfolio to fully optimize the riding experience. Headquartered in Quebec, Canada, BRP had annual sales of CA$8.4 billion from over 110 countries and employed close to 17,000 driven, resourceful people as of January 31, 2026.

www.brp.com

LinkedIn

Ski-Doo, Lynx, Sea-Doo, Can-Am, Rotax, Quintrex and the BRP logo are trademarks of Bombardier Recreational Products Inc. or its affiliates. All other trademarks are the property of their respective owners.

About Senna Brand

Senna is a global brand that connects the legacy and values of three-time Formula 1 World Champion Ayrton Senna to audiences around the world, inspiring generations to become the best version of themselves. Founded in 1990, the brand today spans more than 60 partners with a direct presence in over 70 countries through licensed products and strategic collaborations. Brand royalties help fund Instituto Ayrton Senna, supporting public education in Brazil for over 30 years.

View original content to download multimedia:https://www.prnewswire.com/news-releases/sea-doo-partners-with-senna-brand-to-honor-ayrton-sennas-timeless-legacy-with-an-exclusive-limited-edition-302853300.html

SOURCE BRP Inc.

BEIJING, Aug. 18, 2026 /PRNewswire/ — VNET Group, Inc. (Nasdaq: VNET) (“VNET” or the “Company”), a leading carrier- and cloud-neutral internet data center services provider in China, today announced that it has entered into a strategic cooperation agreement (the “Strategic Cooperation Agreement”) with Contemporary Amperex Technology Co., Limited (stock codes: 300750.SZ and 03750.HK) (“CATL”), a global leader in zero-carbon new energy technology.

Under the Strategic Cooperation Agreement, VNET and CATL will establish a partnership to deepen compute-energy integration by synergistically combining VNET’s leadership in large‑scale computing infrastructure development and operations with CATL’s expertise in zero‑carbon new energy technologies. With the goal of shaping next generation digital energy infrastructure globally, and leveraging green DC and direct green power connection technologies, the parties plan to jointly develop a three‑layer integrated compute-energy ecosystem comprising gigawatt‑scale compute-energy facilities, distributed compute-energy networks, and a zero‑carbon token ecosystem.

“We are delighted to establish this strategic partnership with CATL,” said Mr. Josh Sheng Chen, Founder, Executive Chairperson of VNET. “By combining our complementary strengths and deepening cooperation across technology, infrastructure and supply chains, we will jointly advance innovation in integrated compute-energy systems. Together, we aim to contribute to the next generation of digital energy infrastructure in the intelligent era.”

About VNET

VNET Group, Inc. is a leading carrier- and cloud-neutral internet data center services provider in China. VNET provides hosting and related services, including IDC services, cloud services, and business VPN services to improve the reliability, security, and speed of its customers’ internet infrastructure. Customers may locate their servers and equipment in VNET’s data centers and connect to China’s internet backbone. VNET operates in more than 30 cities throughout China, servicing a diversified and loyal base of over 7,000 hosting and related enterprise customers that span numerous industries ranging from internet companies and government entities to blue-chip enterprises and small- to mid-sized enterprises.

Safe Harbor Statement

This announcement contains forward-looking statements. These forward-looking statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “target,” “believes,” “estimates” and similar statements. Among other things, quotations from management in this announcement as well as VNET’s strategic and operational plans contain forward-looking statements. VNET may also make written or oral forward-looking statements in its reports filed with, or furnished to, the U.S. Securities and Exchange Commission, in its annual reports 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 VNET’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the implementation of the contemplated cooperation under the Strategic Cooperation Agreement; the negotiation and execution of definitive agreements for specific cooperation projects; the timing, scope and anticipated benefits of such cooperation; VNET’s goals and strategies; VNET’s liquidity conditions; VNET’s expansion plans; the expected growth of the data center services market; expectations regarding demand for, and market acceptance of, VNET’s services; VNET’s expectations regarding keeping and strengthening its relationships with customers; VNET’s plans to invest in research and development to enhance its solutions and service offerings; and general economic and business conditions in the regions where VNET provides solutions and services. Further information regarding these and other risks is included in VNET’s reports filed with, or furnished to, the U.S. Securities and Exchange Commission. All information provided in this press release is as of the date of this press release, and VNET undertakes no duty to update such information, except as required under applicable law.

Investor Relations Contact:

VNET IR Team

Tel: +86 10 8456 2121
Email: [email protected]

View original content:https://www.prnewswire.com/news-releases/vnet-announces-strategic-cooperation-with-catl-302853932.html

SOURCE VNET Group, Inc.

BEIJING, Aug. 18, 2026 /PRNewswire/ — VNET Group, Inc. (Nasdaq: VNET) (“VNET” or the “Company”), a leading carrier- and cloud-neutral internet data center services provider in China, today announced its unaudited financial results for the second quarter ended June 30, 2026.

Second Quarter 2026 Financial Highlights

• Total net revenues increased by 14.2% year-over-year to RMB2.78 billion (US$409.5 million) in the second quarter of 2026 (2Q2025: RMB2.43 billion).
• Net revenues from the wholesale IDC business (“wholesale revenues”) increased by 29.3% year-over-year to RMB1.10 billion (US$162.8 million) in the second quarter of 2026 (2Q2025: RMB854.1 million).
• Adjusted cash gross profit (non-GAAP) increased by 9.4% year-over-year to RMB1.16 billion (US$171.2 million) in the second quarter of 2026 (2Q2025: RMB1.06 billion).
• Adjusted cash gross margin (non-GAAP) was 41.8% in the second quarter of 2026 (2Q2025: 43.6%).
• Adjusted EBITDA (non-GAAP) increased by 25.4% year-over-year to RMB918.3 million (US$135.3 million) in the second quarter of 2026 (2Q2025: RMB732.5 million).
• Adjusted EBITDA margin (non-GAAP) was 33.0% in the second quarter of 2026 (2Q2025: 30.1%).
• Adjusted net income (non-GAAP) was RMB7.4 million (US$1.1 million) in the second quarter of 2026 (2Q2025: adjusted net loss of RMB53.6 million).

Second Quarter 2026 Operational Highlights

• Wholesale capacity in service increased by 49.4% year-over-year to 1,007MW as of June 30, 2026 (June 30, 2025: 674MW).
• Wholesale capacity utilized by customers increased to 45.5% year-over-year to 744MW as of June 30, 2026 (June 30, 2025: 511MW).
• Retail monthly recurring revenue (MRR) per retail cabinet increased by 9.9% year-over-year to RMB9,799 in the second quarter of 2026 (2Q2025: RMB8,915).

“We achieved robust growth across our key financial and operational metrics in the second quarter of 2026, as our execution capabilities and high-quality deliveries continued to attract new orders,” said Josh Sheng Chen, Founder, Executive Chairperson of VNET. “We secured a 345MW wholesale order from a leading cloud service provider in the second quarter, bringing our total wholesale order wins to 862MW year-to-date. Meanwhile, we continued to expand our strategic resource reserves, securing approximately 1.4GW of land bank capacity during the second quarter, including 908MW in the Chinese mainland and 478MW overseas. This increased our total capacity to over 4GW, providing a clear, multi-year growth runway across both domestic and international markets.

“In addition, we deepened our collaboration with Contemporary Amperex Technology Co., Limited and signed a strategic cooperation agreement to jointly develop a three‑layer integrated compute-energy ecosystem comprising gigawatt‑scale compute-energy facilities, distributed compute-energy networks, and a zero‑carbon token ecosystem. By combining our complementary strengths and deepening cooperation across technology, infrastructure and supply chains, we will jointly advance innovation in integrated compute-energy systems. Together, we aim to contribute to the next generation of digital energy infrastructure in the intelligent era.”

Peter Zhihua Zhang, Senior Vice President, Operational Finance of VNET, commented, “In the second quarter, our total net revenues increased by 14.2% year-over-year to RMB2.78 billion, mainly driven by 29.3% year-over-year growth in wholesale revenues. Wholesale revenues once again surpassed retail, increasing wholesale’s contribution to 39.8% of our total net revenues and reinforcing its position as our primary growth engine. Strong order momentum, long-term customer commitments and our well-paced delivery roadmap strengthen the visibility into our future revenue growth. Adjusted EBITDA increased by 25.4% year-over-year to RMB918.3 million, with its margin expanding by 3.0 percentage points to 33.0%. Moving forward, we will remain focused on disciplined execution across delivery, capacity expansion and capital allocation, driving high-quality growth and creating value for our shareholders.”

Second
Quarter 2026 Financial
Results

TOTAL NET REVENUES: Total net revenues in the second quarter of 2026 were RMB2.78 billion (US$409.5 million), representing an increase of 14.2% from RMB2.43 billion in the same period of 2025. The year-over-year increase was mainly driven by the continued growth of our wholesale IDC business.

Net revenues from IDC busines


s
increased by 18.6% to RMB2.15 billion (US$316.9 million) from RMB1.81 billion in the same period of 2025. The year-over-year increase was mainly driven by an increase in wholesale revenues.

• 
  Wholesale revenues
  increased by 29.3% to RMB1.10 billion (US$162.8 million) from RMB854.1 million in the same period of 2025.
• 
  Retail revenues
   increased by 9.1% to RMB1.05 billion (US$154.1 million) from RMB958.7 million in the same period of 2025.

Net revenues from non-IDC business
increased by 1.1% to RMB628.4 million (US$92.6 million) from RMB621.4 million in the same period of 2025.

GROSS
PROFIT
: Gross profit in the second quarter of 2026 was RMB505.2 million (US$74.5 million), representing a decrease of 7.8% from RMB547.7 million in the same period of 2025, mainly due to increased depreciation costs associated with our rapid capacity expansion. Gross margin in the second quarter of 2026 was 18.2%, compared with 22.5% in the same period of 2025.

ADJUSTED CASH GROSS
PROFIT
(non-GAAP), which excludes depreciation and amortization and share-based compensation expenses from gross profit, increased by 9.4% to RMB1.16 billion (US$171.2 million) in the second quarter of 2026 from RMB1.06 billion in the same period of 2025. Adjusted cash gross margin (non-GAAP) in the second quarter of 2026 was 41.8%, compared with 43.6% in the same period of 2025.

OPERATING EXPENSES: Total operating expenses in the second quarter of 2026 were RMB275.9 million (US$40.7 million), compared with RMB374.7 million in the same period of 2025.

Sales and marketing expenses
were RMB58.8 million (US$8.7 million) in the second quarter of 2026, compared with RMB70.0 million in the same period of 2025.

Research and development expenses
were RMB75.2 million (US$11.1 million) in the second quarter of 2026, compared with RMB67.6 million in the same period of 2025.

General and administrative expenses
were RMB164.9 million (US$24.3 million) in the second quarter of 2026, compared with RMB212.5 million in the same period of 2025.

ADJUSTED OPERATING EXPENSES (non-GAAP), which exclude share-based compensation expenses from operating expenses, were RMB271.0 million (US$39.9 million) in the second quarter of 2026, compared with RMB365.6 million in the same period of 2025. As a percentage of total net revenues, adjusted operating expenses (non-GAAP) in the second quarter of 2026 were 9.8%, compared with 15.0% in the same period of 2025.

ADJUSTED EBITDA (non-GAAP), which excludes depreciation and amortization and share-based compensation expenses from operating profit, was RMB918.3 million (US$135.3 million) in the second quarter of 2026, representing an increase of 25.4% from RMB732.5 million in the same period of 2025. Adjusted EBITDA margin (non-GAAP) in the second quarter of 2026 was 33.0%, compared with 30.1% in the same period of 2025.

NET
LOSS
ATTRIBUTABLE TO VNET GROUP, INC.: Net loss attributable to VNET Group, Inc. in the second quarter of 2026 was RMB135.6 million (US$20.0 million), compared with RMB11.9 million in the same period of 2025. The increase in net loss was primarily attributable to a loss of RMB47.1 million from changes in the fair value of financial instruments in the second quarter of 2026. By comparison, the Company recognized a gain of RMB70.4 million from changes in the fair value of financial instruments in the second quarter of 2025.

ADJUSTED NET INCOME (LOSS) (non-GAAP)
excludes changes in the fair value of financial instruments from net income (loss). Adjusted net income in the second quarter of 2026 was RMB7.4 million (US$1.1 million), compared with an adjusted net loss of RMB53.6 million in the same period of 2025.

LOSS
PER SHARE: Basic and diluted loss per share in the second quarter of 2026 were both RMB0.09 (US$0.01), which represents the equivalent of RMB0.54 (US$0.06) per American depositary share (“ADS”). Each ADS represents six Class A ordinary shares. Diluted loss per share is calculated using adjusted net loss attributable to ordinary shareholders divided by the weighted average number of diluted shares outstanding.

LIQUIDITY: As of June 30, 2026, the aggregate amount of the Company’s cash and cash equivalents, restricted cash and short-term investments was RMB7.21 billion (US$1.06 billion).

Total short-term debt, consisting of short-term bank borrowings and the current portion of long-term borrowings, was RMB4.18 billion (US$616.1 million). Total long-term debt was RMB19.24 billion (US$2.84 billion), comprised of long-term borrowings of RMB14.40 billion (US$2.12 billion) and convertible notes of RMB4.84 billion (US$712.8 million).

Net cash generated from operating activities in the second quarter of 2026 was RMB218.1 million (US$32.1 million), compared with RMB366.6 million in the same period of 2025. During the second quarter of 2026, the Company obtained new debt financing, refinancing facilities, equity financing and other financings of RMB3.77 billion (US$556.0 million).

Second Quarter 2026 Operational Results

Wholesale IDC Business

• Capacity in service was 1,007MW as of June 30, 2026, compared with 907MW as of March 31, 2026, and 674MW as of June 30, 2025. Capacity under construction was 585MW as of June 30, 2026.
• Capacity utilized by customers reached 744MW as of June 30, 2026, compared with 687MW as of March 31, 2026, and 511MW as of June 30, 2025. The sequential increase of 57MW was mainly contributed by the N-HB Campus 03 and N-OR Campus 01 data centers.
• Utilization rate^[1] of wholesale capacity was 73.9% as of June 30, 2026, compared with 75.7% as of March 31, 2026, and 75.9% as of June 30, 2025.
  • Utilization rate of mature wholesale capacity^[2] was 92.5% as of June 30, 2026, compared with 93.8% as of March 31, 2026, and 94.6% as of June 30, 2025.
  • Utilization rate of ramp-up wholesale capacity^[3] was 36.6% as of June 30, 2026, compared with 45.0% as of March 31, 2026, and 20.8% as of June 30, 2025.
• Total capacity committed^[4] was 970MW as of June 30, 2026, compared with 869MW as of March 31, 2026, and 674MW as of June 30, 2025.
• Commitment rate^[5] for capacity in service was 96.3% as of June 30, 2026, compared with 95.7% as of March 31, 2026, and 100% as of June 30, 2025.

Retail IDC Business^[6]

• Capacity in service was 50,081 cabinets as of June 30, 2026, compared with 50,170 cabinets as of March 31, 2026, and 52,131 cabinets as of June 30, 2025.
• Capacity utilized by customers was 32,314 cabinets as of June 30, 2026, compared with 32,165 cabinets as of March 31, 2026, and 33,292 cabinets as of June 30, 2025.
• Utilization rate of retail capacity was 64.5% as of June 30, 2026, compared with 64.1% as of March 31, 2026, and 63.9% as of June 30, 2025.
  • Utilization rate of mature retail capacity^[7] was 68.7% as of June 30, 2026, compared with 68.5% as of March 31, 2026, and 68.6% as of June 30, 2025.
  • Utilization rate of ramp-up retail capacity^[8] was 26.9% as of June 30, 2026, compared with 24.2% as of March 31, 2026, and 26.4% as of June 30, 2025.
• Monthly recurring revenue (MRR) per retail cabinet was RMB9,799 in the second quarter of 2026, compared with RMB9,448 in the first quarter of 2026 and RMB8,915 in the second quarter of 2025.

Recent Developments

On August 18, 2026, we signed a strategic cooperation agreement with Contemporary Amperex Technology Co., Limited (“CATL”), under which both parties will establish a partnership to deepen compute-energy integration by synergistically combining VNET’s leadership in large‑scale computing infrastructure development and operations with CATL’s expertise in zero‑carbon new energy technologies. With the goal of shaping next generation digital energy infrastructure globally, and leveraging green DC and direct green power connection technologies, the parties plan to jointly develop a three‑layer integrated compute-energy ecosystem comprising gigawatt‑scale compute-energy facilities, distributed compute-energy networks, and a zero‑carbon token ecosystem.

Business Outlook

For the full year of 2026, the Company expects its total net revenues to be in the range of RMB11.5 billion to RMB11.8 billion, representing year-over-year growth of 15.6% to 18.6%, and adjusted EBITDA (non-GAAP) to be in the range of RMB3,550 million to RMB3,750 million, representing year-over-year growth of 19.2% to 25.9%. In addition, the Company expects capital expenditure to be in the range of RMB10 billion to RMB12 billion for the full year of 2026. The above outlook remains unchanged from the previously provided estimates.

The forecast reflects the Company’s current and preliminary views on the market and its operational conditions and is subject to change.

Conference Call

The Company’s management will host an earnings conference call at 8:00 AM U.S. Eastern Time on Tuesday, August 18, 2026, or 8:00 PM Beijing Time on Tuesday, August 18, 2026.

For participants who wish to join the call, please access the links provided below to complete the online registration process.

English line:
https://s1.c-conf.com/diamondpass/10056504-wstpwx.html

Chinese line (listen-only mode):
https://s1.c-conf.com/diamondpass/10056507-c7sjs6e.html

Participants can choose between the English and Chinese options for pre-registration above. Please note that the Chinese option will be in listen-only mode. Upon registration, each participant will receive an email containing details for the conference call, including dial-in numbers, a conference call passcode and a unique access PIN, which will be used to join the conference call.

Additionally, a live and archived webcast of the conference call will be available on the Company’s investor relations website at http://ir.vnet.com.

A replay of the conference call will be accessible through August 25, 2026, by dialing the following numbers:

Non-GAAP Disclosure

In evaluating its business, VNET considers and uses the following non-GAAP measures defined as non-GAAP financial measures by the U.S. Securities and Exchange Commission as a supplemental measure to review and assess its operating performance: adjusted cash gross profit, adjusted cash gross margin, adjusted operating expenses, adjusted EBITDA, adjusted EBITDA margin and adjusted net income (loss). The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP. For more information on these non-GAAP financial measures, please see the table captioned “Reconciliations of GAAP and non-GAAP results” set forth at the end of this press release.

The non-GAAP financial measures are provided as additional information to help investors compare business trends among different reporting periods on a consistent basis and to enhance investors’ overall understanding of the Company’s current financial performance and prospects for the future. These non-GAAP financial measures should be considered in addition to results prepared in accordance with U.S. GAAP, but should not be considered a substitute for, or superior to, U.S. GAAP results. In addition, the Company’s calculation of the non-GAAP financial measures may be different from the calculation used by other companies, and therefore comparability may be limited.

Exchange Rate

This announcement contains translations of certain RMB amounts into U.S. dollars (“USD”) at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from RMB to USD were made at the rate of RMB6.7851 to US$1.00, the noon buying rate in effect on June 30, 2026, in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or USD amounts referred to could be converted into USD or RMB, as the case may be, at any particular rate or at all. For analytical presentation, all percentages are calculated using the numbers presented in the financial statements contained in this earnings release.

Statement Regarding Unaudited Condensed Financial Information

The unaudited financial information set forth above is preliminary and subject to potential adjustments. Adjustments to the consolidated financial statements may be identified when audit work has been performed for the Company’s year-end audit, which could result in significant differences from this preliminary unaudited condensed financial information.

About VNET

VNET Group, Inc. is a leading carrier- and cloud-neutral internet data center services provider in China. VNET provides hosting and related services, including IDC services, cloud services, and business VPN services to improve the reliability, security, and speed of its customers’ internet infrastructure. Customers may locate their servers and equipment in VNET’s data centers and connect to China’s internet backbone. VNET operates in more than 30 cities throughout China, servicing a diversified and loyal base of over 7,000 hosting and related enterprise customers that span numerous industries ranging from internet companies and government entities to blue-chip enterprises and small- to mid-sized enterprises.

Safe Harbor Statement

This announcement contains forward-looking statements. These forward-looking statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “target,” “believes,” “estimates” and similar statements. Among other things, quotations from management in this announcement. VNET’s strategic and operational plans as well as Business Outlook contain forward-looking statements. VNET may also make written or oral forward-looking statements in its reports filed with, or furnished to, the U.S. Securities and Exchange Commission, in its annual reports 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 VNET’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: VNET’s goals and strategies; VNET’s liquidity conditions; VNET’s expansion plans; the expected growth of the data center services market; expectations regarding demand for, and market acceptance of, VNET’s services; VNET’s expectations regarding keeping and strengthening its relationships with customers; VNET’s plans to invest in research and development to enhance its solution and service offerings; and general economic and business conditions in the regions where VNET provides solutions and services. Further information regarding these and other risks is included in VNET’s reports filed with, or furnished to, the U.S. Securities and Exchange Commission. All information provided in this press release is as of the date of this press release, and VNET undertakes no duty to update such information, except as required under applicable law.

Investor Relations Contact:

VNET IR Team
Tel: +86 10 8456 2121
Email: [email protected]

 

 

 

 

 

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SOURCE VNET Group, Inc.

ATLANTA, Aug. 18, 2026 /PRNewswire/ — The Home Depot^®, the world’s largest home improvement retailer, today reported sales of $47.9 billion for the second quarter of fiscal 2026, an increase of $2.6 billion, or 5.7% from the second quarter of fiscal 2025. Comparable sales for the second quarter of fiscal 2026 increased 1.7%, and comparable sales in the U.S. increased 1.3%. 

Net earnings for the second quarter of fiscal 2026 were $4.8 billion, or $4.79 per diluted share, compared with net earnings of $4.6 billion, or $4.58 per diluted share, in the same period of fiscal 2025.

Adjusted⁽¹⁾ diluted earnings per share for the second quarter of fiscal 2026 were $4.92, compared with adjusted diluted earnings per share of $4.68 in the same period of fiscal 2025.

“Our second quarter results exceeded our expectations. We saw broad based demand across the business as customers continued to engage in smaller projects,” said Richard McPhail, Executive Vice President and Chief Financial Officer. 

“This quarter’s results were a testament to our investments across the business and our associates’ focus on customer service. Our teams did an exceptional job executing throughout a dynamic environment, and I would like to thank them for their continued hard work and dedication,” said Ann-Marie Campbell, Senior Executive Vice President.

Fiscal 2026 Guidance

The Company reaffirms its fiscal 2026 guidance. Guidance includes IEEPA tariff refunds, which are expected to partially offset unplanned fuel, energy, and other product input costs throughout the fiscal year.

• Total sales growth of approximately 2.5% to 4.5%
• Comparable sales growth of approximately flat to 2.0%
• Approximately 15 new stores
• Gross margin of approximately 33.1%
• Operating margin of approximately 12.4% to 12.6%
• Adjusted⁽¹⁾ operating margin of approximately 12.8% to 13.0%
• Effective tax rate of approximately 24.3%
• Net interest expense of approximately $2.3 billion
• Diluted earnings-per-share to grow approximately flat to 4.0% from $14.23 in fiscal 2025
• Adjusted⁽¹⁾ diluted earnings-per-share to grow approximately flat to 4.0% from $14.69 in fiscal 2025
• Capital expenditures of approximately 2.5% of total sales

The Home Depot will conduct a conference call today at 9 a.m. ET to discuss information included in this news release and related matters. The conference call will be available in its entirety through a webcast and replay at ir.homedepot.com/events-and-presentations.

At the end of the second quarter, the company operated a total of 2,364 retail stores and over 1,340 SRS locations across all 50 states, the District of Columbia, Puerto Rico, the U.S. Virgin Islands, Guam, 10 Canadian provinces and Mexico. The Company employs over 470,000 associates. The Home Depot’s stock is traded on the New York Stock Exchange (NYSE: HD) and is included in the Dow Jones industrial average and Standard & Poor’s 500 index.

Cautionary Note Regarding Forward-Looking Statements





Certain statements contained herein constitute “forward-looking statements” under the federal securities laws, including as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on currently available information and our current assumptions, expectations and projections about future events, and use words such as “may,” “will,” “could,” “should,” “would,” “anticipate,” “intend,” “estimate,” “project,” “plan,” “believe,” “expect,” “target,” “prospects,” “potential,” “commit” and “forecast,” or words of similar import or meaning or refer to future time periods. Forward-looking statements may relate to, among other things: our brand and reputation; the demand for our products and services, including as a result of macroeconomic conditions and changing customer preferences and expectations; net sales growth; comparable sales; the effects of competition; implementation of interconnected, store, supply chain, technology, innovation and other strategic initiatives, including with respect to real estate; inventory, on-shelf availability, and in-stock positions; the state of the economy; the state of the housing and home improvement markets; the state of the credit markets, including mortgages, home equity loans, and consumer and trade credit; the impact of tariffs; trade policy changes or restrictions, or international trade disputes and efforts and ability to continue to diversify our supply chain; issues related to the payment methods we accept; demand for credit offerings including trade credit; management of relationships with our associates, jobseekers, suppliers and service providers; cost and availability of labor; costs of fuel and other energy sources; events that could disrupt our business, supply chain, technology infrastructure, or demand for our products and services, such as tariffs, trade policy changes or restrictions or international trade disputes, natural disasters, climate change, public health issues, cybersecurity events, and labor disputes; geopolitical tensions or conflicts, military conflicts, or acts of war; our ability to maintain a safe and secure store environment; our ability to address expectations regarding sustainability and human capital management matters and meet related goals; continuation or suspension of share repurchases; net earnings and margin performance; earnings per share; future dividends; capital allocation and expenditures; productivity;


liquidity; return on invested capital; expense and debt leverage; changes in interest rates; changes in foreign currency exchange rates; commodity or other price inflation and deflation; our ability to issue debt on terms and at rates acceptable to us; the impact and expected outcome of investigations, inquiries, claims, and litigation; the timing and expected impact of organizational changes, including within the Company’s senior leadership team;
the challenges of operating in international markets; the adequacy of insurance coverage; the effect of accounting charges; the effect of adopting certain accounting standards; the impact of legal and regulatory changes, including executive orders and other administrative or legislative actions, such as changes to tax laws and regulations; store openings and closures; financial outlook, including guidance for fiscal 2026; and the impact of acquired companies, including SRS and GMS, on our organization and the ability to recognize the anticipated benefits of completed or pending acquisitions.

These statements are not guarantees of future performance and are subject to future events, risks and uncertainties – many of which are beyond our control, dependent on the actions of third parties, or currently unknown to us – as well as potentially inaccurate assumptions that could cause actual results to differ materially from our historical experience and our expectations and projections. These risks and uncertainties include, but are not limited to, those described in Part I, Item 1A. “Risk Factors,” and elsewhere in our Annual Report on Form 10-K for our fiscal year ended February 1, 2026 and also as described from time to time in reports subsequently filed with the Securities and Exchange Commission. There also may be other factors that we cannot anticipate or that are not described herein, generally because we do not currently perceive them to be material. Such factors could cause results to differ materially from our expectations. Forward-looking statements speak only as of the date they are made, and we do not undertake to update these statements other than as required by law. You are advised, however, to review any further disclosures we make on related subjects in our filings with the Securities and Exchange Commission and in our other public statements.

Non-GAAP Financial Measures





To provide additional transparency, we supplement our disclosure with certain non-GAAP financial measures. When used in conjunction with our GAAP financial measures, we believe these supplemental non-GAAP financial measures will help management and investors to better understand and analyze our performance. However, this supplemental information should not be considered in isolation or as a substitute for the related GAAP measures. Refer to the end of this release for an explanation and definitions of these non-GAAP financial measures and reconciliations to the most directly comparable GAAP measures. 

 

 

NON-GAAP FINANCIAL MEASURES

Adjusted operating income, adjusted operating margin, and adjusted diluted earnings per share are presented as supplemental financial measures in the evaluation of our business that are not required by or presented in accordance with GAAP. The Company excludes the impact of amortization expense from acquired intangible assets from adjusted operating income and adjusted operating margin, and the impact of amortization expense from acquired intangible assets, including the related tax effects, from adjusted diluted earnings per share. We do not adjust for the revenue that is generated in part from the use of our acquired intangible assets. Amortization expense, unlike the related revenue, is not affected by operations in any particular period unless an intangible asset becomes impaired, or the useful life of an intangible asset is revised.

When used in conjunction with our GAAP results, we believe these non-GAAP measures provide investors with meaningful supplemental measures of our performance period to period, make it easier for investors to compare our underlying business performance to peers, and align to how management analyzes trends and evaluates performance internally. The Company provides non-GAAP financial information on this basis to facilitate comparability when we report earnings results. These non-GAAP measures should not be considered in isolation or as a substitute for their comparable GAAP financial measures. Investors should rely primarily on our GAAP results and use non-GAAP financial measures only supplementally in making investment decisions. Our calculation of non-GAAP measures may not be comparable to similarly titled measures reported by other companies and other companies may not define these non-GAAP financial measures in the same way, which may limit their usefulness as comparative measures.

Our adjusted operating margin guidance for fiscal 2026 excludes an expected approximately 40 basis point impact from acquired intangible asset amortization.

Our adjusted diluted earnings per share guidance for fiscal 2026 excludes an expected after-tax impact of approximately $0.50 from acquired intangible asset amortization.

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SOURCE The Home Depot

Shared enterprise AI operating model accelerates deployment, strengthens operating leverage and supports scalable expansion across businesses

BEIJING, Aug. 18, 2026 /PRNewswire/ — Yiren Digital Ltd. (NYSE: YRD) (“Yiren Digital” or the “Company”), a leading company specializing in financial technology and artificial intelligence innovation across multiple industries in China and global markets, today announced continued progress in upgrading AI capabilities across core enterprise functions, establishing a shared operating model that enables AI capabilities developed within one business to be rapidly deployed across additional functions. This progress advances the Company’s transition toward an AI-native, multi-industry operating platform.

Beyond developing AI independently for individual use cases, Yiren Digital has built a common enterprise AI framework that standardizes models, agents, workflows and governance. This approach fosters modularity, resource sharing and model reusability, shortening development cycles and creating a scalable operating model capable of supporting long-term expansion into additional AI-enabled verticals. As a result, AI capabilities developed for one business function can be adapted to additional businesses without rebuilding core models, workflows or governance, reducing implementation time while improving consistency across the organization.

Deploying technology into production across the Company’s credit and insurance businesses has enabled Yiren Digital to develop, validate and standardize enterprise AI capabilities before expanding them across the broader organization. These deployments demonstrate how AI can evolve from solving isolated business problems to becoming an integrated enterprise capability.

“Our architecture prioritizes module and model reusability – every fraud detection model, validation framework, and decision layer is built as a composable component. This means our partners aren’t adopting a rigid black box; they are gaining access to modular intelligence they can integrate, adapt and combine with their own systems,” said Mr. Ning Tang, Chairman and Chief Executive Officer of Yiren Digital. “As the AI agent ecosystem matures, our fraud detection capabilities can be seamlessly integrated into autonomous workflows. Ultimately, we are building the technology for autonomous financial system.”

Recent production deployments across customer operations, capital operations, marketing, risk management and asset recovery demonstrate that AI capabilities developed within one function can be successfully standardized and deployed across additional enterprise workflows. These deployments provide real-world validation of the Company’s shared enterprise AI operating model.

Yiren Digital’s enterprise AI architecture combines proprietary large language models, multi-agent infrastructure, workflow execution and centralized governance into a shared enterprise framework supporting customer operations, marketing, capital operations, risk management, compliance and research and development.

Key components include the Zhiyu and Yizhi large language models, the MagiCube 2.0 multi-agent platform, the XuanJi workflow execution engine and the ZhiNao orchestration layer. Together, these technologies provide standardized AI capabilities that can be deployed consistently across multiple business functions while maintaining governance and operational control.

Credit and insurance have served as Yiren Digital’s initial production environments for developing enterprise AI capabilities. As these capabilities become standardized, the Company expects future AI deployments to require less incremental development while benefiting from shared governance, workflows and operating knowledge.

Yiren Digital plans to continue expanding enterprise AI across its existing businesses while selectively extending standardized capabilities into additional AI application-layer opportunities. By establishing a repeatable enterprise AI operating model, the Company is creating a scalable foundation that supports faster innovation, stronger operating leverage and long-term multi-industry growth.

About Yiren Digital

Yiren Digital Ltd. is a leading company specializing in financial technology and artificial intelligence innovation across multiple industries in China and global markets. The Company leverages advanced artificial intelligence and emerging technologies to enhance customer experience, optimize capital efficiency, and expand financial inclusion. Following the regulatory filing of its in-house developed Large Language Model Zhiyu, and the significant enhancement of its MagiCube Agent platform, Yiren Digital is establishing a new growth engine to accelerate its evolution into an AI-native, multi-industry operating platform extending beyond traditional financial services. For more information, please visit https://ir.yiren.com.

Safe Harbor Statement

This press release contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “aim,” “anticipate,” “believe,” “estimate,” “expect,” “hope,” “going forward,” “intend,” “ought to,” “plan,” “project,” “potential,” “seek,” “may,” “might,” “can,” “could,” “will,” “would,” “shall,” “should,” “is likely to” and the negative form of these words and other similar expressions. This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “target,” “confident,” and similar expressions. Forward-looking statements are based on management’s current expectations, assumptions, and assessments of current market and operating conditions. These statements involve inherent risks, uncertainties, and other factors, many of which are outside the control of the Company, and which could cause actual results to differ materially from those expressed or implied in such statements. Actual results may differ materially from those expressed or implied in forward-looking statements due to a variety of factors and other risks described in the Company’s filings with the U.S. Securities and Exchange Commission. All forward-looking statements speak only as of the date of this press release. The Company undertakes no, and expressly disclaims any, obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required under applicable law.

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SOURCE Yiren Digital Ltd.

DALLAS, Aug. 18, 2026 /PRNewswire/ — XTI Aerospace, Inc. (Nasdaq: XTIA) (“XTI Aerospace,” “XTI,” or the “Company”), an aerospace and advanced technology platform and parent company of Drone Nerds, LLC, (“Drone Nerds”), a leading drone solutions platform serving commercial, enterprise and government customers, today announced two leadership changes designed to streamline management and position the company to address the significant growth opportunities across the commercial, industrial and defense drone markets. Effective immediately, Scott Pomeroy has resigned as Chairman and Chief Executive Officer. The Board of Directors has appointed Jeremy Schneiderman as Interim CEO, and elected Jonathan Ornstein as Interim Chairman of the Board of Directors.

“The Board is committed to ensuring strong leadership to guide XTI Aerospace into its next chapter,” said Ornstein. “We thank Scott for his contributions over the last two and a half years and wish him the best in his next chapter. We are confident that the team, with Jeremy as Interim CEO, will serve the best interests of the Company and its objectives, employees and shareholders.”

“I’m honored to lead XTI at such an exciting inflection point, with U.S. sourcing becoming a critical point of differentiation in the commercial drone market,” said Schneiderman. “Meaningful work lies ahead, and I’m committed to driving disciplined execution and delivering sustained growth. I’m looking forward to continuing to work with the Drone Nerds team as we support our customers in this evolving, high-growth market.”

Jeremy Schneiderman has served as the chief executive officer of Drone Nerds since 2014, and under his leadership, Drone Nerds has grown into one of the premier providers of enterprise drone solutions, services, and hardware in the United States. With more than a decade of experience in the UAV industry, Jeremy has helped establish Drone Nerds as a trusted authority across multiple sectors through a combination of technical expertise, strong vendor partnerships, and a customer-first approach. He brings a program-focused perspective shaped by supporting organizations as they evaluate, deploy, and scale drone operations through platform selection, training, integration, and long-term support.

Mr. Ornstein served as chief executive officer of Mesa Air Group, Inc. (“Mesa”) from 1998 until November 2025 and as chairman of the board of directors of Mesa from 1999 until November 2025. Following his departure, Mesa completed a merger transaction and changed its name to Republic Airways Holdings Inc. Mr. Ornstein co-founded Virgin Express S.A./N.V., an airline in Brussels, Belgium, where he served as chief executive officer and chairman from 1995 until 1999. In 1994, Mr. Ornstein served as chief executive officer of Continental Express, and was later named senior vice president of airport services for Continental Airlines. Mr. Ornstein served as executive vice president and president of Mesa’s then-wholly owned subsidiary WestAir Holding, Inc. from 1988 to 1994. Mr. Ornstein began his career in aviation in 1986 with AirLA, a commuter airline in Los Angeles. Mr. Ornstein attended the University of Pennsylvania.

The Board is confident in the management team’s ability to maintain operational stability and advance the company’s strategic priorities during this transition.

The change in management and the review of corporate governance policies has resulted in the Company’s filing of a Form 12b-25, Notification of Late Filing, with the Securities and Exchange Commission with respect to its Quarterly Report on Form 10-Q for the fiscal quarter ended June 30, 2026. The Company intends to file its Quarterly Report on Form 10-Q as soon as practicable. The delayed filing relates to the efforts the Company is taking to complete an internal review of the Registrant’s former Chief Executive Officer, and other related corporate governance matters.

As a result of the filing of Form 12b-25 Notification of Late Filing, management unfortunately will not be participating in Needham’s Annual Virtual Industrial Tech, Robotics and Power Conference on August 17-18.

About XTI Aerospace, Inc.

XTI Aerospace, Inc. (Nasdaq: XTIA) is an aerospace company providing unmanned aircraft systems (“UAS”) solutions through its commercial drone solutions division, operated through Drone Nerds, LLC and two development-stage divisions focused on autonomous defense systems and domestic manufacturing of unmanned systems components designed to support federal procurement and sourcing requirements. XTI’s commercial drone solutions business provides hardware distribution, training, service, repair, and lifecycle support to enterprise, public safety and government customers.

XTI Aerospace is headquartered in Dallas, Texas. For more information about XTI, please visit xtiaerospace.com and follow XTI on LinkedIn, Instagram, X, and YouTube.

Cautionary Statement Regarding Forward-Looking Statements

Certain statements included in this press release that are not historical facts (including any statements concerning plans and objectives of management for future operations of economic performance, or assumptions or forecasts related thereto) are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended and the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,” “project,” “forecast,” “predict,” “poised,” “positioned,” “potential,” “seem,” “seek,” “future,” “outlook,” “target,” and similar expressions that predict or indicate future events or trends or that are not statements of historical matters, but the absence of these words does not mean that a statement is not forward-looking. These forward-looking statements include, but are not limited to, 1) the anticipated expansion of XTI’s sales and operations and increased availability of XTI’s drone and other products; (2) XTI’s business and growth plans and future financial performance; and (3) current and future demand for XTI products. These statements are based on various assumptions and estimates, whether or not identified in this press release, and on the current expectations of XTI’s management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor as a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of XTI. These forward-looking statements are subject to a number of risks and uncertainties, including, but not limited to: changes in domestic and foreign business, market, financial, political and legal conditions; XTI’s successful integration of any products (including achievement of synergies and cost reductions); XTI’s ability to successfully and timely develop, sell and expand its services, and otherwise implement its growth strategy; risks relating to XTI’s operations and business, including information technology and cybersecurity risks, loss of requisite licenses, drone safety risks, loss of key customers and deterioration in relationships between XTI and its employees; risks related to increased competition; risks relating to potential disruption of current plans, operations and infrastructure of XTI, including as a result of the consummation of any acquisition; risks that XTI is unable to secure or protect its intellectual property; risks that XTI experiences difficulties managing its growth and expanding operations; XTI’s ability to compete with existing or new companies that could cause downward pressure on prices, fewer customer orders, reduced margins, the inability to take advantage of new business opportunities, and the loss of market share; the ability to successfully select, execute or integrate future acquisitions into XTI’s business, which could result in material adverse effects to operations and financial conditions; and those factors discussed in the sections entitled “Risk Factors” and “Cautionary Statement Regarding Forward-Looking Statements” included in XTI’s Annual Report filed with the U.S. Securities and Exchange Commission (the “SEC”) on April 15, 2026 for the fiscal year ended December 31, 2025 and in subsequent filings made by XTI with the SEC from time to time. If any of these risks materialize or XTI management’s assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. The risks and uncertainties above are not exhaustive, and there may be additional risks that XTI presently does not know or that XTI currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect XTI’s expectations, plans or forecasts of future events and views as of the date of this press release. XTI anticipates that subsequent events and developments will cause XTI’s assessments to change. However, while XTI may elect to update these forward-looking statements at some point in the future, XTI specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing XTI’s assessments as of any date subsequent to the date of this press release. Accordingly, undue reliance should not be placed upon the forward-looking statements contained in this press release.

Contacts

General inquiries:
Email: [email protected]
Web: https://xtiaerospace.com/contact

Investor Relations:

[email protected]

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SOURCE XTI Aerospace, Inc.