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Syntec Optics Holdings, Inc. (Nasdaq: OPTX) Reports First Quarter 2026 Results and Strengthened Post-Quarter Balance Sheet

ROCHESTER, NEW YORK, May 15, 2026 (GLOBE NEWSWIRE) — Syntec Optics Holdings, Inc. (Nasdaq: OPTX) (“Syntec” or the “Company”), a leading provider of advanced optics and photonics solutions across defense, biomedical, communications, and consumer markets, today reported financial results for the first quarter ended March 31, 2026.

Management Commentary

“Our first quarter results were impacted by temporary timing delays of shipments to biomedical end markets, due to purchase order revisions. However, operational execution remained solid, and shipments normalized beginning in April,” stated Dean Rudy, Chief Financial Officer of Syntec Optics. “We continued executing operational efficiency and cost reduction initiatives while advancing multiple strategic growth programs across defense tech and space tech markets.”

Mr. Rudy continued, “Subsequent to quarter end, we significantly strengthened our balance sheet and liquidity position through the successful completion of our public offering. We believe the additional $23 million of capital, including next-day execution of green shoe, combined with pay down of our revolving line of credit balance to zero while maintaining continued access to the facility, positions the Company to support future growth opportunities and operational scale improvements.”

Q1 2026 Financial Results

Revenue

  • Q1 2026 revenue was $6.5 million, compared to $7.1 million in Q1 2025.
  • The decrease was primarily attributable to temporary shipment timing delays related to a biomedical end-market purchase order, resulting from Syntec’s requested changes to improve production efficiency.
  • The Company received updated purchase orders subsequent to quarter-end, and shipments returned to normalized levels beginning in April 2026.

Gross Profit

  • Gross profit for Q1 2026 was $1.0 million, compared to $2.3 million in Q1 2025.
  • Gross margin was impacted primarily by a $1 million reduction in production volume in January, which led to a higher fixed manufacturing overhead absorption rate. Some of this lower production was also affected by the extended two-week holiday shutdown at the end of the previous quarter, which the Company intends to better manage going forward.
  • Direct labor and material costs remained generally stable as a percentage of revenue, reflecting continued operational discipline across core manufacturing processes.
  • During the quarter, the Company also continued selective investments in operational infrastructure and staffing intended to support anticipated future growth programs.

Operating Expenses

  • Selling, general, and administrative expenses were $1.7 million for Q1 2026, compared to $1.8 million in Q1 2025.
  • The Company continued to implement cost-control initiatives and operational efficiency improvements intended to support long-term margin improvement.

EPS

  • Net loss for Q1 2026 was approximately $0.9 million, or $(0.02) per diluted share, compared to net income of approximately $0.3 million, or $0.01 per diluted share, for Q1 2025.
  • Results primarily reflected the timing of the temporary shipment delay and the holiday shutdown impacts discussed above, partially offset by continued operational cost management initiatives.

Improved Cash and Liquidity

  • The Company generated approximately $0.5 million of cash from operating activities during Q1 2026, despite temporary shipment timing delays.
  • Cash at quarter-end was approximately $0.6 million, and total liquidity, including availability under the Company’s revolving line of credit, was approximately $1.3 million as of March 31, 2026.
  • Subsequent to quarter-end, the Company successfully completed a public offering, raising approximately $21.5 million in net proceeds, thereby significantly strengthening its balance sheet.
  • Following the offering, the Company paid down its revolving line of credit to zero while maintaining access to its $7.5 million revolving credit facility with its commercial bank.
  • Management believes that, after completing the Company’s capital structure optimization, the raise provides additional flexibility to acquire or invest in complementary businesses, technologies, products, or assets, as well as for working capital and capital expenditures.

Operational Execution

  • Syntec continued executing operational efficiency and cost-reduction initiatives to improve throughput, manufacturing scalability, gross profit, and EBITDA performance.
  • The Company achieved continued yield and throughput improvements across several strategic growth programs, including:
    • LEO Satellite Optics
    • Night Vision Optics
    • Micro cameras and Display windows for Artificial Intelligence AR/VR glasses
    • AI/Data Center Optics
  • Manufacturing investments made during the quarter included selective expansion of production staffing and operational infrastructure intended to support anticipated demand growth beginning in Q2 2026 and beyond.
  • Multiple customer programs continued progressing from design and pilot phases toward production-stage manufacturing, strengthening the Company’s future revenue pipeline.
  • The Company also continued implementing operational and supply chain initiatives designed to partially offset inflationary cost pressures and support long-term margin expansion.

Outlook

The Company expects improved operating momentum in Q2 2026, supported by normalized customer shipment activity following temporary purchase order timing delays in Q1 2026.

Syntec expects growth drivers during 2026 to include:

  • Continued ramp of Space Tech optics product lines
  • Expansion of defense-related optics production for over $4M in previously announced orders
  • Increased space optics production activity in March 2026, as previously reported
  • Conversion of defense tech product from initial launch quantities to larger scale 10-year production orders expected for display optics and micro-cameras used in Artificial Intelligence Soldier AR/VR systems
  • Ongoing operational efficiency and cost reduction initiatives

The Company currently expects:

  • Q2 2026 net sales to improve sequentially from Q1 2026 levels to higher than $7.5M

Management believes the Company’s achievement of the capital raise milestone enabled the optimization of the capital structure and provided additional flexibility to acquire or invest in complementary businesses, technologies, products, or assets, as well as for working capital and capital expenditures.

About Syntec Optics

Syntec Optics Holdings, Inc. (Nasdaq: OPTX), headquartered in Rochester, NY, is one of the largest custom and diverse end-market optics and photonics manufacturers in the United States. Operating for over two decades, Syntec Optics runs a state-of-the-art facility with extensive core capabilities of various optics manufacturing processes, both horizontally and vertically integrated, to provide a competitive advantage for mission-critical OEMs. As more products become light-enabled, Syntec Optics continues to add new product lines, including recent Low Earth Orbit (LEO) satellite optics for communications, lightweight night-vision goggle optics for defense, biomedical optics for diagnostics and surgery, and data center optics for Artificial Intelligence. According to SPIE, across the entire field of optics and photonics, the monetary value of all light-enabled products and related services amounts to over 15% of worldwide economic output (nearly $16 trillion of the total $106 trillion value of all finished goods and services produced worldwide in 2023). To learn more, visit www.syntecoptics.com.

Forward-Looking Statements

This press release contains certain “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended (the “Securities Act”) and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact contained in this press release, including statements as to the intended use of net proceeds from the public offering, are forward-looking statements. Some of these forward-looking statements can be identified by the use of forward-looking words, including “may,” “should,” “expect,” “intend,” “will,” “estimate,” “anticipate,” “believe,” “predict,” “plan,” “targets,” “projects,” “could,” “would,” “continue,” “forecast” or the negatives of these terms or variations of them or similar expressions. All forward-looking statements are subject to risks, uncertainties, and other factors (some of which are beyond the control of Syntec Optics), which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. All forward-looking statements are based upon estimates, forecasts and assumptions that, while considered reasonable by Syntec Optics and its management, as the case may be, are inherently uncertain and many factors may cause the actual results to differ materially from current expectations which include, but are not limited to: 1) risk outlined in any prior SEC filings; 2) ability of Syntec Optics to successfully increase market penetration into its target markets; 3) the addressable markets that Syntec Optics intends to target do not grow as expected; 4) the loss of any key executives; 5) the loss of any relationships with key suppliers including suppliers abroad; 6) the loss of any relationships with key customers; 7) the inability to protect Syntec Optics’ patents and other intellectual property; 8) the failure to successfully execute manufacturing of announced products in a timely manner or at all, or to scale to mass production; 9) costs related to any further business combination; 10) changes in applicable laws or regulations; 11) the possibility that Syntec Optics may be adversely affected by other economic, business and/or competitive factors; 12) Syntec Optics’ estimates of its growth and projected financial results for the future and meeting or satisfying the underlying assumptions with respect thereto; 13) the impact of any pandemic, including any mutations or variants thereof and the Russian/Ukrainian or Israeli conflict, and any resulting effect on business and financial conditions; 14) inability to complete any investments or borrowings in connection with any organic or inorganic growth; 15) the potential for events or circumstances that result in Syntec Optics’ failure to timely achieve the anticipated benefits of Syntec Optics’ customer arrangements; and 16) other risks and uncertainties set forth in the sections entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in prior SEC filings. 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. Nothing in this press release should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. Syntec Optics does not give any assurance that Syntec Optics will achieve its expected results. Syntec Optics does not undertake any duty to update these forward-looking statements except as otherwise required by law.

For further information, please contact:

Investor Relations

[email protected] 

SOURCE: Syntec Optics Holdings, Inc. (Nasdaq: OPTX)

SYNTEC OPTICS HOLDINGS, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

MARCH 31, 2026 AND DECEMBER 31, 2025

  

    2026 (unaudited)     2025  
ASSETS                
                 
Current Assets                
Cash   $ 617,007     $ 358,867  
Accounts Receivable, Net     5,439,501       6,241,768  
Inventory     7,798,397       7,884,943  
Prepaid Expenses and Other Assets     509,110       655,827  
                 
Total Current Assets     14,364,015       15,141,405  
                 
Property and Equipment, Net     9,137,149       9,172,703  
                 
Total Assets   $ 23,501,164     $ 24,314,108  
                 
LIABILITIES AND STOCKHOLDERS’ EQUITY                
                 
Current Liabilities                
Accounts Payable   $ 2,433,745     $ 2,691,748  
Accrued Expenses     855,915       683,397  
Federal Income Tax Payable     169,582       169,582  
Deferred Revenue     74,794       66,420  
Line of Credit     6,763,863       6,763,863  
Current Maturities of Debt Obligations     94,586       93,358  
Current Maturities of Debt Obligations – Related Party     463,530       406,495  
Current Maturities of Finance Lease Obligations     361,717       354,499  
                 
Total Current Liabilities     11,217,732       11,229,362  
                 
Long-Term Liabilities                
Long-Term Debt Obligations     1,246,936       1,267,043  
Long-Term Debt Obligations – Related Party     1,005,203       862,237  
Long-Term Finance Lease Obligations     1,313,295       1,414,611  
                 
Total Long-Term Liabilities     3,565,434       3,543,891  
                 
Total Liabilities     14,783,166       14,773,253  
                 
Stockholders’ Equity                
CL A Common Stock, Par value $.0001 per share; 121,000,000 authorized; 36,994,164 issued and outstanding as of March 31, 2026; 36,920,226 issued and outstanding as of December 31, 2025;     3,699       3,692  
Additional Paid-In Capital     2,752,174       2,677,181  
Retained Earnings     5,962,125       6,859,982  
                 
Total Stockholders’ Equity     8,717,998       9,540,855  
                 
Total Liabilities and Stockholders’ Equity   $ 23,501,164     $ 24,314,108  



SYNTEC OPTICS HOLDINGS, INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

FOR THE THREE MONTHS ENDED MARCH 31, 2026 AND 2025

    2026     2025  
             
Net Sales   $ 6,513,366     $ 7,069,042  
                 
Cost of Goods Sold     5,552,574       4,760,424  
                 
Gross Profit     960,792       2,308,618  
                 
General and Administrative Expenses     1,736,839       1,780,166  
                 
(Loss) Income from Operations     (776,047 )     528,452  
                 
Other (Expense) Income                
Other Income     69,300       5,697  
Interest Expense, Including Amortization of Debt Issuance Costs     (191,110 )     (200,896 )
Total Other Expense     (121,810 )     (195,199 )
                 
(Loss) Income Before Provision for (Benefit) Income Taxes     (897,857 )     333,253  
                 
Provision for Income Taxes     –       9,588  
                 
Net (Loss) Income   $ (897,857 )   $ 323,665  
                 
Net (Loss) Income per Common Share                
Basic and diluted   $ (0.02 )   $ 0.01  
                 
Weighted Average Number of Common Shares Outstanding                
Basic and diluted     36,953,087       36,920,226  



SYNTEC OPTICS HOLDINGS, INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE THREE MONTHS ENDED MARCH 31, 2026 AND 2025

    2026     2025  
Cash Flows From Operating Activities                
Net (Loss) Income   $ (897,857 )   $ 323,665  
Adjustments to Reconcile (Loss) Income to Net Cash                
Provided By Operating Activities:                
Depreciation     539,682       710,804  
Amortization of Debt Issuance Costs     4,170       2,416  
Stock-Based Compensation     75,000       –  
Change in Allowance for Expected Credit Losses     105,195       (15,244 )
Change in Reserve for Obsolescence     2,298       50,345  
(Increase) Decrease in:                
Accounts Receivable     697,072       (568,310 )
Inventory     84,248       (692,092 )
Prepaid Expenses and Other Assets     146,717       33,487  
Increase (Decrease) in:                
Accounts Payables and Accrued Expenses     (295,288 )     279,142  
Federal Income Tax Payable     –       179,376  
Deferred Revenue     8,374       (4,299 )
Net Cash Provided By Operating Activities     469,611       299,290  
                 
Cash Flows From Investing Activities                
Purchases of Property and Equipment     (294,325 )     (214,731 )
                 
Net Cash Used in Investing Activities     (294,325 )     (214,731 )
                 
Cash Flows From Financing Activities                
Borrowing on Debt Obligations – Related Parties     200,001       –  
Repayments on Debt Obligations     (23,049 )     (114,277 )
Repayments on Finance Lease Obligations     (94,098 )     (28,165 )
                 
Net Cash Provided By (Used in) Financing Activities     82,854       (142,442 )
                 
Net Increase (Decrease) in Cash     258,140       (57,883 )
                 
Cash – Beginning     358,867       598,787  
                 
Cash – Ending   $ 617,007     $ 540,904  
                 
Supplemental Cash Flow Disclosures:                
                 
Cash Paid for Interest   $ 159,714     $ 201,956  
                 
Cash Paid for Taxes   $ –     $ –  
                 
Supplemental Disclosures of Non-Cash Investing Activities:                
                 
Assets Acquired and Included in Accounts Payable   $ 209,803     $ 168,628  
Issuance of common stock for stock-based compensation   $ 7     $ 23  

NON-GAAP RECONCILIATION OF EBITDA

FOR THE THREE MONTHS ENDED MARCH 31, 2026 AND 2025

    2026     2025  
Net (Loss) Income   $ (897,857 )   $ 323,665  
Stock-Based Compensation Expense BOD (1)     75,000       –  
Depreciation     539,682       710,804  
Amortization of Debt Issuance Costs     4,170       2,416  
Interest Expenses     159,714       201,956  
Taxes     –       9,588  
Non-Recurring Items                
Executive Transition (2)     –       113,944  
One-time Contract exit costs     –       4,675  
Non-recurring property damage     23,211       21,261  
Adjusted EBITDA   $ (96,080 )   $ 1,388,309  

In the quarters ended March 31, 2026, and 2025:

(1) Stock-based compensation was issued to independent Board members.

(2) A succession plan was required for the transition of the CEO at the 2024 year-end.



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CDT Environmental Technology Files 2025 Annual Report on Form 20-F

  • YE 2025 total revenues of $18.2 million, representing a decrease of approximately $11.5 million or a 38.8% decrease year-over-year
  • YE 2025 reported net loss of ($10.3) million driven by increase in stock-based compensation of $1.7 million and the recording of a provision for credit losses, net of recoveries, of approximately $14.7 million
  • Restructuring activities, previously implemented, have streamlined operations and improved efficiency, supporting a more competitive cost structure
  • As of March 31, 2026, the Company had three projects in backlog with a total provisional contract value of approximately US$26.8 million and currently has bids on two new wastewater treatment system projects
  • Prioritizing investments in accelerated innovation with a focus on new energy opportunities

SHENZHEN, China, May 15, 2026 (GLOBE NEWSWIRE) — CDT Environmental Technology Investment Holdings Limited (Nasdaq: CDTG) (“CDT”, the “Company”, or “we”), a leading provider of waste treatment systems and services throughout China, announced to today that it has filed its annual report on Form 20-F for the fiscal year ended December 31, 2025 with the U.S. Securities and Exchange Commission (the “SEC”) on May 15, 2026. The annual report on Form 20-F, which contains CDT’s audited consolidated financial statements, can be accessed through the SEC’s website at www.sec.gov or CDT’s website at https://www.cdthb.cn.

All amounts are expressed in US dollars unless otherwise stated.

2025 Financial Results

  • Total revenues decreased by approximately $11.5 million, or 38.8%, to approximately $18.2 million for the year ended December 31, 2025.
  • Revenues from sewage treatment system installations decreased by approximately $11.1 million, or 39.2%, to approximately $17.3 million for the year ended December 31, 2025, from approximately $28.4 million for the same period in 2024. This decline is primarily attributable to delays in the progress of projects initiated between 2021 and 2024, which were mainly caused by prolonged local government review and approval processes that pushed project timelines beyond initial expectations, as well as a decrease in the number of new projects secured in 2025 compared to the previous year.
  • Revenues from sewage treatment services decreased by approximately $0.4 million, or 29.8%, to approximately $0.9 million for the year ended December 31, 2025, from approximately $1.3 million for the year ended December 31, 2024. The decrease was primarily due to reduced demand for our services as a result of the ongoing economic downturn in the PRC
  • Gross profit decreased by approximately $3.7 million, or 32.8%, to approximately $7.6 million for the year ended December 31, 2025, from approximately $11.2 million for the year ended December 31, 2024. The decrease in gross profit is primarily due to the decline in revenue from the wastewater treatment system and wastewater treatment system services as discussed above.
  • For the years ended December 31, 2025 and 2024, overall gross profit margin was 41.5% and 37.8%, respectively. The 3.7% increase was primarily due to a higher proportion of profitable projects completed during 2025, partially offset by a decrease in the gross profit percentage for our sewage treatment services business primarily due to increased labor costs.
  • Total operating expenses increased by approximately $10.0 million or 107.7% to approximately $19.2 million for the year ended December 31, 2025 from approximately $9.2 million for the year ended December 31, 2024. The increase was mainly attributable to approximately $1.7 million increase in stock-based compensation and the recording of a provision for credit losses, net of recoveries, of approximately $14.7 million for the year ended December 31, 2025, compared to a net recovery of approximately $6.5 million for the same period in 2024. The increase in the recording of a provision for credit losses, net of recoveries, was primarily due to higher provisions made in 2025 in response to increased credit risk and collectability concerns.

The Company has considered historical experience, the economic environment, trends in the sewage treatment industry, and the expected collectability of accounts receivable and contract assets as of December 31, 2025. Since its sewage treatment systems customers are mainly state-owned companies, which are backed by the local governments, the Company believes its current allowance policy is reasonable as of December 31, 2025.

As such, the Company currently expects to realize these outstanding balances, net of allowance within the normal operating cycle of twelve months. As of the date of the issuance of these consolidated financial statements, the Company has received approximately $1.9 million of its accounts receivable. The liquidity of the Company’s operations highly depends on the timing of payments from its major customers, and should there be any delay in payment, its operations and liquidity may be impacted.

  • Net loss was approximately $10.3 million for the year ended December 31, 2025, compared to net income of approximately $1.4 million for the same period in 2024. The decline was primarily attributable to delays in the progress of projects initiated between 2021 and 2024, a decrease in the number of new projects secured in 2025 and reduced demand for the Company’s services amid the ongoing economic downturn in the PRC.
  • As of December 31, 2025, our working capital was approximately $26.4 million compared to $26.0 million.

Update on Current and Planned Projects

As of March 31, 2026, the Company had three projects in backlog: Phase VI of the Jimei Guankou Project, the Xiamen Xinglin Pipeline Network Renovation Project, and the Hubei Wuxue Project. Phase VI of the Jimei Guankou Project was signed in February 2025 and commenced construction in March 2025; the Xiamen Xinglin Pipeline Network Renovation Project was signed in July 2025 and commenced construction in August 2025; and the Hubei Wuxue Project was signed and commenced construction in March 2026. According to the project agreements, the total provisional contract value for these three projects is RMB 187 million (approximately US$26.8 million), of which the provisional contract value for Phase VI of the Jimei Guankou Project is RMB 30 million (approximately US$4.3 million), the Xiamen Xinglin Pipeline Network Renovation Project has a provisional contract value of RMB 87 million (approximately US$12.5 million), and the Hubei Wuxue Project has a provisional contract value of RMB 70 million (approximately US$10 million), subject to the specific terms of the agreements.

In addition, the Company is currently participating in the bidding process for two wastewater treatment system projects, with results expected by the third quarter of 2026. There is no guarantee that the Company will be awarded these contracts, nor is there any guarantee that, even if awarded, the projects will be completed on time or at all.

Update on the Development of
New Energy Opportunities to Diversify Revenue Streams

The Company is currently in discussions with potential industry partners to convert organic solid waste into new energy and renewable energy to promote commercialization of market-ready innovative energy solutions needed to achieve sustainable development goals and carbon neutrality, laying a foundation for the Company’s future growth. The Company is currently engaged in the planning stages of this new energy opportunity, and therefore a number of uncertainties exist relating to the successful launch of this new project and the ability of the Company to create a new revenue stream in the future.

Li Yunwu,
Chief Executive Officer
of CDT, commented, “During fiscal year 2025, customer demand across our primary end markets aligned with expectations, despite macroeconomic headwinds in China and isolated project delays. While the external environment remains dynamic, our teams are executing well, staying close to customers, and advancing long-term priorities. Our cost optimization program to enhance operating efficiency and further strengthen our competitive position, continued to deliver benefits as we expanded our operating margin by 370 basis points year-over-year.

Entering 2026, we are confident that the enduring need to safeguard the supply of clean water will continue to underpin demand for our services across our key municipal end markets over the long term. Combined with our durable business model and the critical role our technologies and services play in supporting the daily operations of our customers, we expect to see an improvement in core sales growth and stable margins as the year progresses. This belief is underpinned by the three significant projects in the backlog totaling approximately $27 million along with several new projects that we are bidding on.”

Li Yunwu concluded, “As part of our continued effort to deliver essential technologies that help customers address their biggest wastewater challenges, we have been establishing strategic partnerships with major Chinese enterprises to help achieve the country’s ‘Dual Carbon’ goals. Driven by the 2030 carbon peaking target, local governments and industries must undergo significant transformations. Decarbonization aligns with CDT’s new energy development strategy designed to diversify our revenue streams while we continue to drive organic growth opportunities in our core business. These are important steps in our roadmap to drive sustained, profitable growth and deliver meaningful long-term value for our shareholders.”

About CDT Environmental Technology Investment Holdings Limited

CDT, headquartered in Shenzhen, China, is a leading national player in China’s waste treatment sector that designs, develops, manufactures, sells, installs, operates and maintains sewage treatment systems and provides sewage treatment services in China, and is dedicated to promoting sustainable development through innovative solutions. Founded by pioneers in waste treatment, CDT aims to advance next-generation technologies that directly address environmental challenges and promote sustainable solutions. CDT is a recognized brand in China and is committed to innovation and customer satisfaction.

CDT’s mission is to help its customers achieve their critical infrastructure objectives while enabling positive changes in technological environmental protection. It collaborates with industry leaders, environmental experts, and stakeholders to develop and implement advanced waste treatment solutions. Recently listed on the Nasdaq Capital Market, CDT is a prominent player in the waste treatment market, capable of providing comprehensive solutions to diverse customer needs, and has completed more than 150 plants across China.

For more information, please visit CDT’s website at https://www.cdthb.cn.

For more information, please contact:

Investor and Media Contact

United States

PCG Advisory
Kevin McGrath
Tel: +1-646-418-7002
Email: [email protected]

Forward-looking Statements

This press release contains forward-looking statements that are based on the beliefs and assumptions of the management of CDT and on information currently available to such management. These forward-looking statements are subject to numerous risks and uncertainties, many of which are beyond CDT’s control. When the Company uses words such as “may,” “should,” “will,” “future,” “expect,” “anticipate,” “project,” “estimate,” “believe,” and “intend,” or similar expressions that do not relate solely to historical matters, it is intended to identify forward-looking statements. All statements, other than statements of historical fact, contained in this press release, including statements regarding future events, future financial performance, business strategy and plans, and objectives of CDT for future operations, are forward-looking statements. Although CDT does not make forward-looking statements unless it believes it has a reasonable basis for doing so, CDT cannot guarantee their accuracy. These statements are only predictions and involve known and unknown risks, uncertainties and other factors, which may cause the actual results, levels of activity, performance or achievements of CDT and its markets to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. For these reasons, among others, investors should not place undue reliance on any forward-looking statement. CDT undertakes no obligation to publicly update or revise any forward-looking statements to reflect events or circumstances that arise after the date hereof, whether as a result of new information, future events or otherwise, except as may be required by applicable law.

CDT ENVIRONMENTAL TECHNOLOGY INVESTMENT HOLDINGS LIMITED AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
                 
    December 31,   December 31,
    2025   2024
ASSETS
CURRENT ASSETS                
Cash   $ 66,686     $ 124,379  
Accounts receivable, net     44,128,933       45,188,231  
Other receivables, net     189,800       424,313  
Other receivables – related parties     124,752       123,532  
Contract assets     39,309,995       31,438,860  
Prepayments and other current assets, net     497,181       405,136  
Total current assets     84,317,347       77,704,451  
                 
OTHER ASSETS                
Property and equipment, net     1,087,057       1,291,322  
Intangible assets, net     —       5,628  
Deferred tax assets, net     3,499,649       1,208,689  
Contract assets, noncurrent     —       8,550,498  
Escrow     —       600,000  
Total other assets     4,586,706       11,656,137  
                 
Total assets   $ 88,904,053     $ 89,360,588  
                 
LIABILITIES AND SHAREHOLDERS’ EQUITY
                 
CURRENT LIABILITIES                
Accounts payable   $ 39,221,439     $ 36,347,893  
Short-term loans – banks     1,153,654       1,814,551  
Short-term loans – third parties     2,057,311       836,765  
Short-term loans – related parties     2,560,675       2,794,894  
Other payables and accrued liabilities     2,298,833       2,220,896  
Other payables – related party     256,348       256,863  
Contract liabilities     28,809       28,026  
Taxes payable     10,329,598       7,408,674  
Total current liabilities     57,906,667       51,708,562  
                 
OTHER LIABILITIES                
Long-term loan – bank     357,495       213,969  
Total other liabilities     357,495       213,969  
                 
Total liabilities     58,264,162       51,922,531  
                 
COMMITMENTS AND CONTINGENCIES                
                 
SHAREHOLDERS’ EQUITY                
                 
Class A Ordinary Shares, $0.0025 par value, 94,000,000 shares authorized, 13,525,000 and 10,825,000 shares issued and outstanding as of December 31, 2025 and 2024, respectively     33,813       27,063  
Class B Ordinary Shares, $0.0025 par value, 6,000,000 shares authorized, none issued and outstanding as of December 31, 2025 and 2024     —       —  
Additional paid-in capital     14,316,883       11,578,633  
Statutory reserves     3,433,589       3,433,589  
Retained earnings     14,258,161       24,455,403  
Accumulated other comprehensive loss     (1,429,733 )     (2,210,909 )
Total CDT Environmental Technology Investment Holdings Limited shareholders’ equity     30,612,713       37,283,779  
                 
Noncontrolling interests     27,178       154,278  
Total shareholders’ equity     30,639,891       37,438,057  
                 
Total liabilities and shareholders’ equity   $ 88,904,053     $ 89,360,588  
                 

  

CDT ENVIRONMENTAL TECHNOLOGY INVESTMENT HOLDINGS LIMITED AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
             
    For the Years Ended
    December 31,
             
    2025   2024   2023
             
REVENUES                        
Sewage treatment systems   $ 17,279,031     $ 28,417,150     $ 32,267,593  
Sewage treatment services and others     946,788       1,348,055       1,942,326  
Total revenues     18,225,819       29,765,205       34,209,919  
                         
COST OF REVENUES                        
Sewage treatment systems     10,074,628       17,779,226       21,630,216  
Sewage treatment services and others     592,234       739,502       1,194,817  
Total cost of revenues     10,666,862       18,518,728       22,825,033  
                         
GROSS PROFIT     7,558,957       11,246,477       11,384,886  
                         
OPERATING EXPENSES:                        
Selling     162,602       108,637       106,147  
General and administrative     2,160,434       2,164,457       2,674,519  
Research and development     47,602       61,786       80,948  
Share-based compensation     2,145,000       454,250       —  
Provision for (Recovery from) credit loss, net     14,694,723       6,459,240       (88,221 )
Total operating expenses     19,210,361       9,248,370       2,773,393  
                         
(LOSS) INCOME FROM OPERATIONS     (11,651,404 )     1,998,107       8,611,493  
                         
OTHER INCOME (EXPENSE)                        
Interest income     105       471       15,510  
Interest expense     (91,446 )     (136,757 )     (106,130 )
Other income (expense), net     110,637       6,504       (92,939 )
Total other income (expense), net     19,296       (129,782 )     (183,559 )
                         
(LOSS) INCOME BEFORE INCOME TAXES     (11,632,108 )     1,868,325       8,427,934  
                         
INCOME TAXES (BENEFIT) EXPENSE     (1,266,021 )     462,043       1,403,880  
                         
NET (LOSS) INCOME     (10,366,087 )     1,406,282       7,024,054  
                         
Less: net loss attributable to noncontrolling interest     (168,845 )     (46,909 )     (393,652 )
                         
NET(LOSS) INCOME ATTRIBUTABLE TO SHAREHOLDERS OF CDT ENVIRONMENTAL TECHNOLOGY INVESTMENT HOLDINGS LIMITED   $ (10,197,242 )   $ 1,453,191     $ 7,417,706  
                         
NET (LOSS) INCOME     (10,366,087 )     1,406,282       7,024,054  
                         
FOREIGN CURRENCY TRANSLATION ADJUSTMENT     789,332       (204,383 )     (497,722 )
                         
TOTAL COMPREHENSIVE (LOSS) INCOME     (9,576,755 )     1,201,899       6,526,332  
                         
Less: Comprehensive loss attributable to noncontrolling interest     (160,689 )     (49,804 )     (372,574 )
                         
COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO SHAREHOLDERS OF CDT ENVIRONMENTAL TECHNOLOGY INVESTMENT HOLDINGS LIMITED   $ (9,416,066 )   $ 1,251,703     $ 6,898,906  
                         
WEIGHTED AVERAGE NUMBER OF ORDINARY SHARES                        
Basic and diluted     12,141,807       10,320,628       9,200,000  
                         
(LOSS) EARNINGS PER SHARE                        
Basic and diluted   $ (0.84 )   $ 0.14     $ 0.81  
                         



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Natuzzi Filed Its Annual Report on Form 20-F With the SEC

Natuzzi Filed Its Annual Report on Form 20-F With the SEC

SANTERAMO IN COLLE, Bari, Italy–(BUSINESS WIRE)–
Natuzzi S.p.A. (NYSE: NTZ) (“Natuzzi” or the “Company”) announced today that it filed its annual report on Form 20-F (the “Annual Report”) for the fiscal year ended on December 31, 2025, with the U.S. Securities and Exchange Commission (“SEC”). The Annual Report is available on the Company’s website www.natuzzi.com within the Investor Relations page (https://www.natuzzigroup.com/en-EN/ir/investors.html), or under the “SEC Filings” section.

The Company’s shareholders can request a hard copy of the Annual Report, that includes the audited consolidated financial statements, free of charge, by contacting the Company at [email protected].

About Natuzzi S.p.A.

Founded in 1959 by Pasquale Natuzzi, Natuzzi S.p.A. is one of the most renowned brands in the production and distribution of design and luxury furniture. As of December 31, 2025, Natuzzi distributes its collections worldwide through a global retail network of 564 monobrand stores, 487 Natuzzi galleries, along with more than 550 curated placements within larger, multi-brand environments. Natuzzi products embed the finest spirit of Italian design and the unique craftmanship details of the “Made in Italy”, where a predominant part of its production takes place. Natuzzi has been listed on the New York Stock Exchange since May 13, 1993. Committed to social responsibility and environmental sustainability, Natuzzi S.p.A. is ISO 9001 and 14001 certified (Quality and Environment), ISO 45001 certified (Safety on the Workplace) and FSC® Chain of Custody, CoC (FSC-C131540).

Natuzzi Investor Relations

Piero Direnzo | tel. +39 080-8820-812 | [email protected]

Natuzzi Corporate Communication

Giancarlo Renna (Communication Manager) | tel. +39. 342.3412261 | [email protected]

Barbara Colapinto | tel. +39 331 6654275 | [email protected]

KEYWORDS: Europe United States Italy North America

INDUSTRY KEYWORDS: Other Manufacturing Luxury Construction & Property Department Stores Other Retail Home Goods Manufacturing Interior Design Retail

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Sharon AI Reports First Quarter 2026 Results

Sharon AI Reports First Quarter 2026 Results

Acceleration of AI Cloud Growth in Australia and Asia-Pacific Continues

NEW YORK–(BUSINESS WIRE)–
Today, SharonAI Holdings Inc. (NASDAQ:SHAZ) and its subsidiaries (“Sharon AI” or “the Company”), a leading Australian Neocloud, announced the release of its financial and operational results for the first quarter of 2026.

Key activities in first quarter 2026 included:

  • Nasdaq IPO: Sharon AI IPO which took place in February 2026, raising US$125m, led by Oaktree Capital Management L.P. & Two Seas Capital LP.

  • Completion of the Sale of 50% holding in Texas Critical Data Centers (TCDC) joint venture for approximately US$74M: with that recycled capital expected to accelerate the growth of the company’s core Australian AI Cloud business

  • Key customer wins – Canva Inc, GMI Cloud

  • Key customer win – ESDS Software Solutions – US$1.25BN TCV, five-year, take or pay contract for an 8K B300 cluster with revenue expected to commence in the third quarter of 2026

  • Sharon AI and Cisco Launch Australia’s First Secure AI Factory –Cisco Strategic Enterprise go-to-market Partnership – 1K B300 cluster deployment with NEXTDC

  • Strategic Partnership with World Wide Technology for Large Scale, High-Performance AI Infrastructure Engineering & Supply Chain Solutions

  • Sharon AI, Lenovo Infrastructure and Vast Data AI Operating System – 1K B200 cluster deployment with NEXTDC

  • Sharon AI Co-Founder & Chairman Mr. James Manning appointed Chief Executive Officer

Events subsequent to 31 March 2026;

  • Key customer win – global technology company with major Asia-pacific presence – US$950M TCV, five-year contract, with revenue expected to commence by the end of each of the third quarter and fourth quarter of 2026

  • US$350M convertible note announced, led by Oaktree Capital Management L.P. and Two Seas Capital L.P. to expand GPU and network procurement

  • Expanded expected data center capacity from 70MWs to 100MWs for deployment in 2026 and early 2027, data center capacity pipeline continues to grow

  • Significant additions to technical and management team to support expected growth

  • Sharon AI presents at Macquarie Australia Conference and Canaccord Rapid Insights Conference in May 2026

James Manning, Co-Founder and CEO, Sharon AI said “We are pleased to have exited the first quarter of 2026 with significant business momentum, and this has accelerated into the second quarter. Our AI Cloud business has expanded significantly, and we continue to see both Australian and Rest of World demand materially outweighing available supply. Having now upgraded our expected data center capacity twice this year, from initially 55MW, to 70MW, to now 100MW, and with the previously announced US$350M convertible note, we are well placed to continue to grow our customer base over the coming quarters. We continue to see strong demand across enterprise, hyperscale, research, government and AI native sectors throughout Australia and Asia-Pacific.”

Disclosure Information

Sharon AI primarily uses its Investor Relations page (https://sharonai.com/investors/) to disclose material non-public information and to comply with its disclosure obligations under Regulation FD. The Company also notes that, at times, it uses other communication mediums including, but not limited to, its X account (sharon__ai) and/or LinkedIn account (sharon-AI) to disseminate information about the Company, and can be additional sources of information outside press releases, regulatory filings with the Securities and Exchange Commission (SEC) and any other conference calls, webcasts, investor days, etc. that the company may hold.

About Sharon AI

SharonAI Holdings Inc. (NASDAQ: SHAZ) and its subsidiaries (“Sharon AI”), a leading Australian Neocloud, is a High-Performance Computing company focused on Artificial Intelligence and Cloud GPU/CPU Compute Infrastructure. Our AI Cloud platform and compute infrastructure is accelerating the build of AI factories and sovereign AI solutions, powering the next wave of accelerated computing adoption. For more information, visit www.sharonai.com.

Forward-Looking Statements

This press release may contain, and our officers and representatives may from time to time make, “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995, which are not historical facts, and which are not assurances of future performance. Forward-looking statements are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. In some cases you can identify these statements by forward-looking words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “could,” “should,” “would,” “project,” “strategy,” “plan,” “expect,” “goal,” “seek,” “future,” “likely” or the negative or plural of these words or similar expressions or references to future periods. Forward-looking statements in this release include specific statements regarding the completion of the offering and the intended use of proceeds. Examples of such forward-looking statements include but are not limited to express or implied statements regarding Sharon AI’s management team’s expectations, hopes, beliefs, intentions or strategies regarding the future including, without limitation, statements regarding:

  • Service and product offerings;

  • Receipt and use of proceeds;

  • The deployment of assets and expansion of network procurement;

  • Sharon AI’s ability to engage with additional potential customers;

  • Expansion of Sharon AI’s data center footprint and capacity;

    and

  • The strengthening of Sharon AI’s partner network.

In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. You are cautioned that such statements are not guarantees of future performance and that actual results or developments may differ materially from those set forth in these forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause actual results to differ materially from these forward-looking statements include, among others, all of the risks described in the “Risk Factors” section of the Company’s most recent Annual Report on Form 10-K filed with the SEC. Additional assumptions, risks and uncertainties are described in detail in our registration statements, reports and other filings with the SEC, which are available at www.sec.gov.

The forward-looking statements and other information contained in this news release are made as of the date hereof and Sharon AI does not undertake any obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

Sharon AI Media Enquiries:

Ross Barrows – Head of Capital Strategy & Investor Relations

[email protected]

Zachary Nevas

IMS Investor Relations

+1 203.972.9200

[email protected]

KEYWORDS: New York Australia/Oceania Australia United States North America

INDUSTRY KEYWORDS: Technology Internet Artificial Intelligence

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Maui Land & Pineapple Company, Inc. Reports Fiscal First Quarter 2026 Results

KAPALUA, Hawai‘i, May 15, 2026 (GLOBE NEWSWIRE) — Maui Land & Pineapple Company, Inc. (NYSE: MLP) today reported financial results covering the quarter ended March 31, 2026.

“We are pleased with the Company’s first quarter operational results which reflect our continued progress repositioning the Company’s multiple-asset portfolio to maximize productivity, create new value, and contribute to meeting the needs of Maui’s local businesses and families. This progress is fueled by accelerating deal flow including over $11 million in contracted land sales, $12 million in new property listings, ongoing negotiations for the sale of water-related assets, and strong recurring revenue from commercial real estate and agricultural land leasing.  This quarter we also updated our reportable segmentation to help stakeholders track progress on our strategic plans which combine to demonstrate our Company’s significant value.” said Race Randle, CEO, Maui Land & Pineapple Company, Inc.

Notable achievements this period include the following:

– The Company revised its reportable segments during the first quarter to better reflect its business strategy, align its management reporting and increase transparency for investors. Under the revised segment structure, the Company will report on four operating segments which consist of the following:

  • Land Development & Sales – consists of land development and sales projects including primary housing, workforce housing, farm lots, and resort development. Sales of developed projects, home lots and non-strategic parcels will also be reported through this segment.
  • Commercial Real Estate Leasing – consists of the company’s approximately 247,000 leasable square feet of industrial, office, retail, and residential properties. The commercial town centers reported via this segment include the Kapalua Resort in West Maui and the Haliimaile Town Center in Upcountry Maui.
  • Land Leasing & Management – consists of operations related to our over 21,000 acres of agricultural and conservation land, and associated water and wastewater infrastructure. Land leasing revenues and expenses will be reported in this segment to improve transparency of net operating income. Water and sewer infrastructure operations will also report financial results through this segment.
  • Agribusiness Ventures – consists of the Company’s efforts to self-perform certain value-added agriculture rather than lease to tenants. Currently, this segment will report on the Company’s drought-resistant agave farm and operations. As other value-added and diversified agribusinesses are developed, they will be reported through this segment.
– Land Development & Sales – In the quarter ended March 31, 2026, the Company has progressed predevelopment efforts for approximately 1,000 acres of resort residential and mixed-use lands along with over 1,800 acres of agricultural land for individual farm lots. The Company currently has two binding land sales totaling $11.2 million in escrow, an additional $15.0 million of land in contract negotiations and $12.0 million of parcels publicly listed for active sale. In the quarter ended March 31, 2026, there was a $2.4 million decrease in revenues with a $2.6 million decrease in expenses, which are directly attributed to the suspension of the Honokeana Homes Housing Project by the State of Hawaii in April 2025. The net operating results for this segment were consistent in this segment year over year.
   
– Commercial Real Estate Leasing – In the quarter ended March 31, 2026, the Company reached an occupancy level of 93% in its commercial real estate portfolio and expects to see increasing revenue as the leased properties reach stabilization. For the quarter overall results from this segment were consistent with revenues at $2.0 million and net operating income ats $1.2 million for both 2025 and 2026. 
   
– Land Leasing & Management – In the quarter ending March 31, 2026, the company increased the quantity of leased agricultural lands by 33.73%, or 1,581 acres, from 4,687 leased acres to 6,268 leased acres of over 21,000 leasable acres, aimed at improving revenue and NOI in this segment in future quarters.  Revenues for agricultural land leases and utilities were consistent year over year at $1.2 million. Expenses related to land management, conservation, watershed management and infrastructure operations increased by $1.1 million, from $0.7 million to $1.8 million compared to the prior year as raw land is prepared for utilization and assets are positioned for productivity. Negotiations for the sale and lease of water-related assets continue to progress. 
   
– Agribusiness ventures – In the quarter ended March 31, 2026, $0.3 million was spent on advancing the cultivation of drought-resistant blue agave related to the Company’s 325-acre Hali’imaile Ranch subdivision in process. To date, a strategic investment of approximately $2.0 million has been expended to launch this business.
   

The Company’s Chairman, Scot Sellers, commented: “The Company has continued to make progress on our mission to put our land and assets to their most productive uses, building value through the advancement of an increasing volume of development and leasing projects. The refined segmentation should aid stakeholders in tracking progress as the management team advances the exciting pipeline of projects, poised to create significant value for our shareholders and the community.”

Non-GAAP Financial Measures

Certain non-GAAP financial measures are presented in this press release, including Adjusted EBITDA, to provide information that may assist investors in understanding the Company’s financial results and assessing its prospects for future performance. We believe that Adjusted EBITDA is an important indicator of our operating performance because it excludes items that are unrelated to, and may not be indicative of, our core operating results. This non-GAAP financial measure is not intended to represent and should not be considered a more meaningful measure than, or alternative to, measures of operating performance as determined in accordance with GAAP. To the extent we utilize such non-GAAP financial measures in the future, we expect to calculate them using a consistent method from period to period.

EBITDA is a non-GAAP financial measure defined as net income (loss) excluding interest, taxes, depreciation and amortization. Adjusted EBITDA is further adjusted for non-cash stock-based compensation expense, pension and post-retirement expenses, and bad debt. Adjusted EBITDA is a key measure used by the Company to evaluate operating performance, generate future operating plans and make strategic decisions for the allocation of capital. The Company presents Adjusted EBITDA to provide information that may assist investors in understanding its financial results. However, Adjusted EBITDA is not intended to be a substitute for net income (loss). A reconciliation of Adjusted EBITDA to the most directly comparable GAAP financial measure is provided further below.

Additional Information

More information about Maui Land & Pineapple Company’s first quarter 2026 operating results are available in the Form 10-Q filed with the Securities and Exchange Commission and posted at mauiland.com.

About Maui Land & Pineapple Company 

Maui Land & Pineapple Company, Inc. (NYSE: MLP) is dedicated to the thoughtful stewardship of its portfolio, including over 22,000 acres of land along with approximately 247,000 square feet of commercial real estate. The Company envisions a future where Maui residents thrive in more resilient communities with sufficient housing supply, economic stability, food and water security, and deep connections between people and place. For over a century, MLP has built a legacy of thoughtful stewardship through conservation, agriculture, community building, and land management. The Company continues this legacy today with a mission to thoughtfully maximize the productive use of its assets to meet the critical needs of current and future generations.

Company assets include land for future residential communities and mixed-use projects within the world-renowned Kapalua Resort, home to luxury hotels such as The Ritz-Carlton Maui and The Resort at Kapalua Bay, pristine beaches, a network of walking and hiking trails, and the Pu‘u Kukui Watershed, the largest private nature preserve in Hawai‘i. 

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements regarding the Company’s ability to put its land into productive use, our ability to cultivate and commercialize Agave, our ability to market and sell nonstrategic parcels in our portfolio, and our ability to consummate land sales in escrow or active negotiations. These forward-looking statements are based upon the current beliefs and expectations of management and are inherently subject to significant business, economic and competitive uncertainties, and contingencies, many of which are beyond the control of the Company. In addition, these forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. Actual results may differ materially from the anticipated results discussed in these forward-looking statements because of possible uncertainties. Factors that could cause actual results to differ materially from those expressed in the forward-looking statements are discussed in the Company’s reports (such as Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K) filed with the SEC and available on the SEC’s Internet site (http://www.sec.gov). We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether because of new information, future developments or otherwise.

CONTACT

Investors: Wade Kodama | Chief Financial Officer | Maui Land & Pineapple Company
  e: [email protected]

Media: Ashley Takitani Leahey | Vice President | Maui Land & Pineapple Company
e: [email protected]
Dylan Beesley | Senior Vice President | Bennet Group Strategic Communications
e: [email protected]

MAUI LAND & PINEAPPLE COMPANY, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

(Unaudited)
       
       
  Three Months Ended
March 31,
    2026       2025  
  (in thousands except
  per share amounts)
OPERATING REVENUES      
       
Land leasing and management $ 1,192     $ 1,234  
Agribusiness venture   –       –  
Land development and sales   257       2,619  
Commercial real estate leasing   1,956       1,951  
Total operating revenues   3,405       5,804  
       
OPERATING COSTS AND EXPENSES      
Land leasing and management   1,784       652  
Agribusiness venture   55       –  
Land development and sales   338       2,933  
Commercial real estate leasing   773       714  
General and administrative   1,298       1,517  
Share-based compensation   939       1,581  
Depreciation   233       186  
Total operating costs and expenses   5,420       7,583  
       
OPERATING LOSS   (2,015 )     (1,779 )
       
Gain (loss) on assets disposal, net   –       1  
Other income   38       105  
Pension and other post-retirement expenses   (20 )     (6,919 )
Interest expense   (62 )     (48 )
NET LOSS $ (2,059 )   $ (8,640 )
Other comprehensive income – pension, net   –       79  
       
TOTAL COMPREHENSIVE LOSS $ (2,059 )   $ (8,561 )
       
NET LOSS PER COMMON SHARE-BASIC AND DILUTED $ (0.10 )   $ (0.44 )
       

MAUI LAND & PINEAPPLE COMPANY, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS
     
  March 31, 2026 December 31, 2025
  (audited)   (audited)
  (in thousands except share data)
ASSETS      
CURRENT ASSETS      
Cash and cash equivalents $ 3,845     $ 5,295  
Accounts receivable, net   1,889       1,371  
Prepaid expenses and other assets   402       608  
Assets held for sale   1,862       1,827  
Total current assets   7,998       9,101  
       
PROPERTY & EQUIPMENT, NET   18,117       18,243  
       
OTHER ASSETS      
Deferred development costs – Development projects   16,543       15,720  
Deferred development costs – Agave venture   1,950       1,680  
Right of use assets   554       518  
Other noncurrent assets   2,710       2,706  
Total other assets   21,757       20,624  
TOTAL ASSETS $ 47,872     $ 47,968  
       
LIABILITIES & STOCKHOLDERS’ EQUITY      
LIABILITIES      
CURRENT LIABILITIES      
Accounts payable $ 1,680     $ 2,774  
Payroll and employee benefits   607       1,159  
Accrued retirement benefits, current portion   1,609       1,620  
Deferred revenue, current portion   1,106       833  
Long-term debt, current portion   85       85  
Lease liability, current portion   88       106  
Other current liabilities   604       786  
Total current liabilities   5,779       7,363  
       
LONG-TERM LIABILITIES      
Line of credit   6,500       4,000  
Deferred revenue, noncurrent portion   1,066       1,100  
Deposits   1,927       1,927  
Long-term debt, noncurrent portion   88       102  
Lease liability, noncurrent portion   461       413  
Total long-term liabilities   10,042       7,542  
TOTAL LIABILITIES   15,821       14,905  
       
COMMITMENTS AND CONTINGENCIES      
       
STOCKHOLDERS’ EQUITY      
Preferred stock–$0.0001 par value; 5,000,000 shares authorized;    
no shares issued and outstanding   –       –  
Common stock–$0.0001 par value; 43,000,000 shares authorized;    
19,799,569 and 19,755,431 shares issued and outstanding      
at March 31, 2026 and December 31, 2025, respectively   88,308       87,580  
Additional paid-in-capital   17,665       17,346  
Accumulated deficit   (73,646 )     (71,587 )
Accumulated other comprehensive loss   (276 )     (276 )
Total stockholders’ equity   32,051       33,063  
TOTAL LIABILITIES & STOCKHOLDERS’ EQUITY $ 47,872     $ 47,968  
       

MAUI LAND & PINEAPPLE COMPANY, INC. AND SUBSIDIARIES
SUPPLEMENTAL FINANCIAL INFORMATION
(NON-GAAP) UNAUDITED
         
    Three Months Ended
    March 31,
      2026       2025  
    (In thousands except per share
    amounts)
         
NET LOSS $ (2,059 )   $ (8,640 )
Non-cash income and expenses      
  Interest expense   5       2  
  Depreciation   233       186  
  Amortization of licensing fee revenue   (33 )     (33 )
  Share-based compensation      
  Vesting of Stock Options granted to Board Chair and Directors   120       975  
  Vesting of Stock Compensation granted to Board Chair and Directors   193       174  
  Vesting of Stock Options granted to CEO   198       199  
  Vesting of employee Incentive Stock   428       231  
  Non-cash loss/(gain)   –       –  
  Bad debt expense and impairments   24       209  
  Pension and other post-retirement expenses   –       6,897  
         
  ADJUSTED EBITDA (LOSS) $ (891 )   $ 200  
         



Posted on

Natuzzi Announces Financial Results for the Fourth Quarter of 2025

Natuzzi Announces Financial Results for the Fourth Quarter of 2025

4Q 2025: Highlights

  • Total net sales amounted to €77.5 million, up 3.4% from €74.9 million in 4Q 2024.
  • Gross margin at 30.2% of revenue, compared to 38.1% in 4Q 2024, primarily impacted by the planned production shift of Natuzzi Editions from China to Italy—which saw Italian volumes increased four times year-over-year—alongside lower sales for Natuzzi Italia and the direct retail network, and a €2.3 million impairment of machinery and equipment at selected Italian factories and included in the cost of sales.
  • Operating loss of (€13.6) million, compared to an operating loss of (€2.7) million in 4Q 2024. Excluding €7.6 million of total impairment—of which €3.4 million in the selling expenses, €1.9 million in the administrative expenses, and the above mentioned €2.3 million in the cost of sales—the operating loss would have been (€6.0) million mainly due to the production allocation and sales mix.
  • Net finance costs were (€1.8) million, compared to net finance costs of (€1.4) million in 4Q 2024 as a result of Euro strengthening.
  • Loss for the period of (€15.5) million, compared to a loss of (€3.9) million in 4Q 2024.
  • As of December 31, 2025, we held €20.3 million in cash, the same as at December 31, 2024.
  • Disposal of a Company’s asset completed in January 2026 for total cash consideration of €7.1 million. This transaction will be reflected in 1Q 2026 financial statements.
  • Notwithstanding the positive collaboration with government institutions, negotiations with trade unions to address labor-related actions are progressing but still complex.
  • In December 2025, the Company has initiated a due diligence process with a potential Italian institutional investor as part of its capital strengthening strategy.
  • The Board of Directors has authorized the CEO to initiate an out-of-court negotiated composition proceeding (“Composizione Negoziata della Crisi”) under protective measures from applicable Italian statutory frameworks. This voluntary restructuring framework, specific only for Italian companies, is designed to support constructive discussions with stakeholders and to facilitate an early and orderly management of the Group’s financial position, with limited court involvement. Under this procedure, the Company’s management retains both ordinary and extraordinary powers of administration and the Company’s shareholders continue to exercise their ordinary rights as equity holders of the Company. The formal filing is expected to take place in the coming weeks.
  • Store traffic and written orders continue to remain below our expectations, due to persistent geopolitical uncertainty and macroeconomic headwinds that continue to discourage consumer demand and, consequently, sales. This may adversely affect our results of operations.

SANTERAMO IN COLLE, Bari, Italy–(BUSINESS WIRE)–
Natuzzi S.p.A. (NYSE: NTZ) (“we”, “Natuzzi” or the “Company” and, together with its subsidiaries, the “Group”), one of the most renowned brands in the production and distribution of design and luxury furniture, today reports its unaudited financial information for the fourth quarter ended December 31, 2025.

Pasquale Natuzzi, Chairman and Chief Executive Officer ad interim of the Group, commented: “The global furniture market is navigating through one of its most challenging periods in the last twenty years. Trade tariffs, geopolitical instability, and softening consumer demand in key markets have placed the furniture sector under significant pressure. Furthermore, the escalation of the conflict involving the US, Iran and Israel this past March has introduced new uncertainties, which may likely lead to further discouraging consumers’ demand for semi-durable goods.

Full-year results, which include asset impairments, reflect both the uncertainty surrounding the current business environment, and Company specific challenges. Notably, unexpected U.S. trade tariffs imposed on EU following the production shift of Natuzzi Editions from China to Italy offset the anticipated benefits of this relocation

To navigate these challenges, the Company has prepared a strategic plan aimed at streamlining our cost base and pursuing long-term sustainability. This plan reflects a necessary evolution of our organizational model as it includes the optimization of our manufacturing footprint in Italy to realign production capacity with current market demand and drive structural operational efficiency. This process will be further supported by overhead restructuring actions at HQ and certain commercial subsidiaries, the review of our direct retail network, the strategic outsourcing of selected non-core activities, tight control and revision of discretionary spending.

In line with our strategy to enhance operational flexibility and focus on core business, we completed the sale of an asset earlier this year. The financial impact of this transaction will be reflected in our first quarter results for 2026. We remain committed to further optimizing our portfolio and are evaluating the potential divestiture of additional non-core assets in Italy that no longer align with our long-term strategic objectives.

While our dialogue with labor unions has proven complex, it remains constructive and open. We appreciate the positive collaboration with government institutions as we work together to identify mutually agreed solutions. Over the past few weeks, I have personally led intensive discussions with both union and government representatives to address our immediate challenges, with a strict focus on workforce reorganization and cost-optimization initiatives. Securing this agreement with the trade unions is a critical milestone in driving our comprehensive turnaround. The Company’s primary objective is to facilitate an orderly workforce restructuring and form the basis for strengthening the Company’s capital structure—an essential step in advancing the Group’s broader and structural restructuring, subject to the successful completion of ongoing negotiations. In this regard, the Company’s management and directors are progressing in evaluating capital-raising alternatives, including a potential capital increase involving also an Italian institutional investor, with which due-diligence procedures have already started.

At the same time, the Group has continued to invest in product development and innovation. In 2025, we introduced 50 new projects, with additional developments underway this year. We have won prestigious design awards around the world. Since 2018, the Group has expanded its retail footprint by nearly 90 stores while prioritizing network quality. This transformation included opening new Natuzzi locations alongside strategic relocations and closures, the introduction of updated retail concepts, as well as renovating Natuzzi galleries—all aimed at improving the customer experience.

The ‘Salone del Mobile 2026’, held in Milan in April, marked the return of the Natuzzi Italia brand, the first time since 2020. On that occasion, we presented our most innovative collections alongside a new retail concept—Natuzzi Studio—which introduces an efficient, exclusive, and experiential concept specifically engineered to facilitate collaboration with architects, designers, and clients. This new retail concept is strategically designed to support sales performance across our retail network. These initiatives are intended to strengthen Natuzzi’s position in international design.

We have set an intense agenda of commercial, marketing and customer engagement activities for the rest of the year, including our participation at the most prestigious international design events and the upcoming sales congress to be held at our headquarters in Italy where, from May 18th onwards, we aim to welcome a majority of our retail partners and new prospects to engage in discussions and plans to promote business and sales development. While recent performance has been below expectations, we are actively rebalancing our business towards a more scalable B2B and contract-driven model. This transition is already reflected in an encouraging growing contribution from trade sales, alongside the rollout of new, design-oriented store layout.

The transformation we are undertaking is a necessary step to address current challenges and position the organization for long-term sustainability. The measures set out in our plan are designed to strengthen our market presence and lay the foundations for a solid and sustainable relaunch of the Company, should market conditions improve.”

**********

Pursuant to the protective measures provided under applicable Italian statutory frameworks, on May 14, 2026, the Board of Directors of Natuzzi S.p.A. granted a mandate to the Chief Executive Officer ad interim, to initiate a negotiated crisis settlement procedure (Composizione Negoziata della Crisi – “CNC”), aimed at enabling the Company to accelerate financial and operational rebalancing while preserving business continuity, industrial value, and the interests of all stakeholders. The formal application to initiate the CNC process will be submitted in the coming weeks.

The CNC is an out-of-court restructuring framework designed to facilitate consensual negotiations, where the Company’s management retains both ordinary and extraordinary powers of administration. Under this procedure, the Company’s shareholders continue to exercise their ordinary rights as equity holders of the Company.

Under the guidance of an independent expert appointed by the competent Chamber of Commerce, the procedure aims to reach mutually agreed solutions with creditors and stakeholders, thereby supporting corporate turnaround in times of—even temporary—financial or operational difficulty.

The primary objective is to restore a sustainable economic and financial equilibrium. This aims to enable the Company to address market challenges while seeking to safeguard business continuity, protect employment, maintain dealer relations, and preserve supplier support—all of which represent fundamental pillars for the Company’s long-term sustainability.

**********

2025 – FOURTH QUARTER

CONSOLIDATED REVENUE

Consolidated revenue for 4Q 2025 amounted to €77.5 million, up 3.4% compared to €74.9 million in 4Q 2024.

Sales from upholstered and other home furnishings products amounted to €75.4 million, up 3.6% compared to 4Q 2024.

Revenues from upholstered and other home furnishings products are hereafter described according to the main dimensions of the Group’s business: i) Branded/Unbranded Business; ii) Key Markets; iii) Distribution.

I) Branded/Unbranded business

The Group operates in the branded business (with Natuzzi Italia, Natuzzi Editions and Divani&Divani by Natuzzi) and unbranded business, the latter with collections dedicated to large-scale distribution.

The following is the contribution of each brand in terms of invoiced sales for 4Q 2025:

 

4Q 2025

4Q 2024

Delta €

Delta %

Natuzzi Italia

27.9

 

28.6

 

(0.7)

(2.7)%

Natuzzi Editions

33.6

 

30.7

 

2.9

9.5%

Divani&Divani by Natuzzi

9.9

 

7.4

 

2.5

33.4%

Unbranded

4.0

 

6.0

 

(2.0)

(32.9)%

Total

75.4

 

72.7

 

2.7

3.6%
 

Figures in €/million, except percentage.

II) Key Markets

Below is a breakdown of upholstery and home-furnishings invoiced sales for 4Q 2025, compared to 4Q 2024, according to the following geographic areas.

 

4Q 2025

4Q 2024

Delta €

Delta %

North America

19.9

 

21.3

 

(1.4)

(6.7)%

Greater China

4.9

 

3.9

 

1.0

26.9%

West & South Europe

25.7

 

25.0

 

0.7

2.6%

Emerging Markets

14.2

 

12.0

 

2.2

17.9%

Rest of the World*

10.7

 

10.5

 

0.2

2.1%

Total

75.4

 

72.7

 

2.7

3.6%
 

Figures in €/million, except percentage.
*Includes South and Central America, Rest of APAC.

III) Distribution

During 4Q 2025, the Group distributed its branded collections in 95 countries, according to the following table.

 

Direct Retail

FOS**

Total retail stores

(Dec. 31, 2025)

North America

22(1)

11

33

Greater China

15(2)

221

236

West & South Europe

28

95

123

Emerging Markets

─

79

79

Rest of the World*

4

89

93

Total

69

495

564
 

(1) Included 3 Directly Operated Stores (DOS) in the U.S. managed in joint venture with a local partner. Since the Natuzzi Group does not have full control over each of these DOS, we consolidate only the sell-in from such DOS.

(2) All directly operated by our joint venture in China. Since the Natuzzi Group owns a 49% stake in the joint venture and does not control it, we consolidate only the sell-in from such DOS.

*Includes South and Central America, Rest of APAC.

** FOS = Franchise stores managed by independent partners.

Below is a breakdown of upholstery and home-furnishings invoiced sales for 4Q 2025, compared to 4Q 2024, according to distribution channels.

 

4Q 2025

4Q 2024

Delta €

Delta %

Retail DOS

17.9

 

18.7

 

(0.8)

(4.6%)

Retail FOS

29.4

 

27.4

 

2.0

7.5%

Contract

 

1.1

 

–

 

1.1

 

N.M.

Wholesale Gallery

21.5

 

19.5

 

2.0

10.2%

Wholesale (Free market)

5.5

 

7.1

 

(1.6)

(22.1%)

Total

75.4

 

72.7

 

2.7

3.6%
 

Figures in €/million, except percentage.

N.M. = Not meaningful

GROSS MARGIN

Gross Profit as percentage of revenue (“gross margin”) was 30.2%, compared to 38.1% in 4Q 2024. Gross margin was adversely affected primarily by the planned production shift of Natuzzi Editions from China to Italy—which saw Italian volumes increased four times year-over-year—alongside lower sales for Natuzzi Italia and the direct retail network, and a €2.3 million impairment of machinery and equipment at selected Italian factories and included in the cost of sales.

Furthermore, the planned shift of Natuzzi Editions production in 2025 from China to Italy resulted in an increase in consumption of raw materials on revenue, which passed from 34.2% in 4Q 2024 to 39.2% in 4Q 2025.

During 4Q 2025, industrial labor cost totaled (€17.1) million, or (22.1%) of revenue, compared to (€16.8) million, or (22.4%) of revenue in 4Q 2024. In 4Q 2025, the cost of industrial labor included (€0.7) million of severance-related accruals to reduce the number of workers, compared to (€0.4) million in 4Q 2024.

“Other industrial costs” were (€6.6) million, compared to (€4.0) million in 4Q 2024, and included €2.3 million of the above mentioned impairment. Excluding this impairment, gross margin would have been 33.2% in 4Q 2025.

OPERATING EXPENSES

During 4Q 2025, operating expenses, which include selling expenses, administrative expenses, other operating income/expenses, and the impairment of trade receivables, totaled (€37.0) million, or (47.7%) of revenue, compared to (€31.2) million, or (41.6%) of revenue in 4Q 2024, including non-recurrent impairment losses for €5.3 million for non-financial assets related to our retail operations in the U.S. and Europe and corporate assets, compared to a €0.4 million impairment recognized in 4Q 2024.

Trade duties to goods manufactured in Europe and delivered in the U.S were €2.0 million, compared to €0.7 million in 4Q 2024. The Company continues to implement price-list adjustments to counterbalance the increase in trade duties.

Transportation costs were stable at (€5.8) million, representing 7.5% of revenue, compared to 7.7% in 4Q 2024.

Salaries within Selling and Administrative expenses were €12.0 million, compared to €11.8 million in 4Q 2024. 4Q 2025 salaries included €0.5 million of severance related costs, compared to €0.1 million in 4Q 2024.

NET FINANCE INCOME/(COSTS)

Net Finance costs were (€1.8) million, compared to a total of (€1.4) million of Net Finance costs in 4Q 2024, mainly due to the strengthening of Euro.

CASH FLOW AND BALANCE SHEET

As of December 31, 2025, we held €20.3 million in cash, the same as at December 31, 2024. The difference in cash during the period is the result of the following:

  • Net cash used in the operating activities of (€4.5) million;

  • Net cash provided by investing activities of €2.8 million, which includes proceeds of €7.5 million from the sale of a property in High Point, NC, and €2.4 million from the sale of a plot of land in Romania;

  • Net cash provided by financing activities of €1.4 million, which includes also €10.0 million received from the majority shareholder to support cash requirements and the transformation process;

  • Effect of movements in exchange rates on cash equal to (€0.6) million;

  • Net cash from increased bank-overdraft repayable on demand of €0.8 million.

As of December 31, 2025, we had a net financial position before lease liabilities (cash and cash equivalents minus long-term borrowings minus bank overdraft and short-term borrowings minus current portion of long-term borrowings) of (€32.2) million, compared to (€21.7) million as of December 31, 2024, indicating a deterioration of €10.5 million in the period.

******

Natuzzi S.p.A. and Subsidiaries
Unaudited consolidated statement of profit or loss for the fourth quarter of 2025 and 2024
on the basis of IFRS-IAS (expressed in millions Euro, except as otherwise indicated)
Fourth quarter ended on Change Percentage of revenue
31-Dec-25 31-Dec-24 % 31-Dec-25 31-Dec-24
Revenue

77.5

 

74.9

 

3.4

%

100.0

%

100.0

%
Cost of Sales

(54.1

)

(46.4

)

16.5

%

-69.8

%

-61.9

%
Gross profit

23.4

 

28.5

 

-18.0

%

30.2

%

38.1

%
Other income

1.2

 

1.0

 

1.6

%

1.3

%
Selling expenses

(26.5

)

(23.0

)

15.2

%

-34.2

%

-30.7

%
Administrative expenses

(11.6

)

(9.0

)

28.5

%

-15.0

%

-12.1

%
Impairment on trade receivables

0.0

 

0.0

 

0.0

%

0.0

%
Other expenses

(0.1

)

(0.2

)

-0.2

%

-0.2

%
Operating profit/(loss)

(13.6

)

(2.7

)

-17.5

%

-3.5

%
Finance income

0.2

 

0.2

 

0.2

%

0.3

%
Finance costs

(2.0

)

(2.9

)

-2.6

%

-3.8

%
Net exchange rate gains/(losses)

(0.0

)

1.3

 

0.0

%

1.7

%
Net finance income/(costs)

(1.8

)

(1.4

)

-2.3

%

-1.8

%
Share of profit/(loss) of equity-method investees

(0.1

)

0.3

 

-0.2

%

0.4

%
Profit/(Loss) before tax

(15.5

)

(3.7

)

-20.0

%

-5.0

%
Income tax expense/(benefit)

(0.0

)

(0.2

)

0.0

%

-0.2

%
Profit/(Loss) for the period

(15.5

)

(3.9

)

-20.0

%

-5.2

%
Profit/(Loss) attributable to:
Owners of the Company

(14.5

)

(3.3

)
Non-controlling interests

(1.0

)

(0.6

)
Natuzzi S.p.A. and Subsidiaries
Unaudited consolidated statement of profit or loss for the twelve months of 2025 and 2024
on the basis of IFRS-IAS (expressed in millions Euro, except as otherwise indicated)
Twelve months ended on Change Percentage of revenue
31-Dec-25 31-Dec-24 % 31-Dec-25 31-Dec-24
Revenue

308.2

 

318.8

 

-3.3

%

100.0

%

100.0

%
Cost of Sales

(204.8

)

(203.1

)

0.8

%

-66.4

%

-63.7

%
Gross profit

103.4

 

115.7

 

-10.6

%

33.6

%

36.3

%
Other income

9.6

 

4.8

 

3.1

%

1.5

%
Selling expenses

(90.5

)

(90.2

)

0.3

%

-29.4

%

-28.3

%
Administrative expenses

(40.8

)

(36.0

)

13.3

%

-13.2

%

-11.3

%
Impairment on trade receivables

(0.0

)

(0.3

)

0.0

%

-0.1

%
Other expenses

(0.5

)

(0.3

)

-0.2

%

-0.1

%
Operating profit/(loss)

(18.8

)

(6.3

)

-6.1

%

-2.0

%
Finance income

0.6

 

0.8

 

0.2

%

0.3

%
Finance costs

(8.7

)

(10.2

)

-2.8

%

-3.2

%
Net exchange rate gains/(losses)

(2.2

)

0.6

 

-0.7

%

0.2

%
Net finance income/(costs)

(10.4

)

(8.8

)

-3.4

%

-2.8

%
Share of profit/(loss) of equity-method investees

(0.4

)

0.4

 

-0.1

%

0.1

%
Profit/(Loss) before tax

(29.6

)

(14.7

)

-9.6

%

-4.6

%
Income tax expense/(benefit)

(1.0

)

(0.7

)

-0.3

%

-0.2

%
Profit/(Loss) for the period

(30.6

)

(15.4

)

-9.9

%

-4.8

%
Profit/(Loss) attributable to:
Owners of the Company

(29.9

)

(15.2

)
Non-controlling interests

(0.7

)

(0.2

)

Natuzzi S.p.A. and Subsidiaries

Unaudited consolidated statements of financial position (condensed)

on the basis of IFRS-IAS (Expressed in millions of Euro)
 
31-Dec-25

31-Dec-24
ASSETS
Non-current assets

146.9

175.6
Current assets

122.0

143.4
TOTAL ASSETS

268.9

319.0
 
EQUITY AND LIABILITIES
Equity attributable to Owners of the Company

23.0

54.0
Non-controlling interests

2.9

4.2
Non-current liabilities

98.7

102.5
Current liabilities

144.3

158.3
TOTAL EQUITY AND LIABILITIES

268.9

319.0
Natuzzi S.p.A. and Subsidiaries
Reconciliations between Net Financial Position and the most directly comparable measures under IFRS (Expressed in millions of Euro)
31-Dec-25 31-Dec-24
Cash and cash equivalents

20.3

 

20.3

 
Less:
Bank overdrafts and short-term borrowings

22.2

 

23.3

 
Current portion of long-term borrowings

7.3

 

4.5

 
Long-term borrowings

23.1

 

14.2

 
Net Financial Position before lease liabilities

(32.2

)

(21.7

)
Natuzzi S.p.A. and Subsidiaries
Unaudited consolidated statements of cash flows (condensed)
(Expressed in millions of Euro) 31-Dec-25 31-Dec-24
 
Net cash provided by (used in) operating activities

(4.5

)

1.7

 
Net cash provided by (used in) investing activities

2.8

 

(4.3

)
Net cash provided by (used in) financing activities

1.4

 

(12.8

)
Increase (decrease) in cash and cash equivalents

(0.3

)

(15.4

)
Cash and cash equivalents, beginning of the year

17.0

 

31.6

 
Effect of movements in exchange rates on cash held

(0.6

)

0.8

 
Cash and cash equivalents, end of the period

16.1

 

17.0

 
 
For the purpose of the statements of cash flow, cash and cash equivalents comprise the following:
(Expressed in millions of Euro) 31-Dec-25 31-Dec-24
Cash and cash equivalents in the statement of financial position

20.3

 

20.3

 
Bank overdrafts repayable on demand

(4.2

)

(3.3

)
Cash and cash equivalents in the statement of cash flows

16.1

 

17.0

 

**********

CONFERENCE CALL

The Company will host a conference call on Tuesday, May 19, 2026, at 9:30 a.m. U.S. Eastern time (3.30 p.m. Italy time) to discuss financial information.

To join live the conference call, interested persons will need to either:

i)

dial-in the following number:

Toll/International: +1-412-717-9633, then passcode 39252103#,

or

ii)

click on the following link: https://www.c-meeting.com/web3/join/3PQUFXRW48XTKQ

to join via video. Participants also have the option to listen via phone after registering to the link.

**********

This press release does not constitute an offer to sell or the solicitation of an offer to buy securities, and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of that jurisdiction. Any such securities have not been registered under the U.S. Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.

CAUTIONARY STATEMENT CONCERNING FORWARD-LOOKING STATEMENTS

Certain statements included in this press release constitute forward-looking statements within the meaning of the safe harbor provisions of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, as amended. These statements may be expressed in a variety of ways, including the use of future or present tense language. Words such as “estimate,” “forecast,” “project,” “anticipate,” “likely,” “target,” “expect,” “intend,” “continue,” “seek,” “believe,” “plan,” “goal,” “could,” “should,” “would,” “may,” “might,” “will,” “strategy,” “synergies,” “opportunities,” “trends,” “ambition,” “objective,” “aim,” “future,” “potentially,” “outlook” and words of similar meaning may signify forward-looking statements. These statements involve inherent risks and uncertainties, as well as other factors that may be beyond our control. The Company cautions readers that a number of important factors could cause actual results to differ materially from those contained in any forward-looking statement. Such factors include, but are not limited to: effects on the Group from competition with other furniture producers, material changes in consumer demand or preferences, significant economic developments in the Group’s primary markets, the Group’s execution of its reorganization plans for its manufacturing facilities, significant changes in labor, material and other costs affecting the construction of new plants, significant changes in the costs of principal raw materials and in energy costs, significant exchange rate movements or changes in the Group’s legal and regulatory environment, including developments related to the Italian Government’s investment incentive or similar programs, the duration, severity and geographic spread of any public health outbreaks (including the spread of any future epidemic), consumer demand, our supply chain and the Company’s financial condition, business operations and liquidity, the geopolitical tensions and market uncertainties resulting from the ongoing armed conflict between Russia and Ukraine, the Israel-Hamas war and other conflicts in the Middle East, the inflationary environment and potential increases in interest rates and energy prices, as well as protectionist trade policies, tariffs and related retaliatory measures. The Company cautions readers that the foregoing list of important factors is not exhaustive. When relying on forward-looking statements to make decisions with respect to the Company, investors and others should carefully consider the foregoing factors and other uncertainties and events. Additional information about potential factors that could affect the Company’s business and financial results is included in the Company’s filings with the U.S. Securities and Exchange Commission, including the Company’s most recent Annual Report on Form 20-F. The Company undertakes no obligation to update any of the forward-looking statements after the date of this press release.

Use of non-GAAP Measures

This press release discusses Net Financial Position, which is a non-IFRS measure used by management internally and constitutes a non-GAAP financial measure defined in accordance with US Securities and Exchange Commission rules and regulations. We believe that Net Financial Position provides useful and relevant information regarding our performance and our ability to assess our financial performance and financial position. Reconciliations between Net Financial Position and the most directly comparable measures under IFRS is provided in this press release.

About Natuzzi S.p.A.

Founded in 1959 by Pasquale Natuzzi, Natuzzi S.p.A. is one of the most renowned brands in the production and distribution of design and luxury furniture. As of December 31, 2025, Natuzzi distributes its collections worldwide through a global retail network of 564 monobrand stores, 487 Natuzzi galleries, along with more than 550 curated placements within larger, multi-brand environments. Natuzzi products embed the finest spirit of Italian design and the unique craftmanship details of the “Made in Italy”, where a predominant part of its production takes place. Natuzzi has been listed on the New York Stock Exchange since May 13, 1993. Committed to social responsibility and environmental sustainability, Natuzzi S.p.A. is ISO 9001 and 14001 certified (Quality and Environment), ISO 45001 certified (Safety on the Workplace) and FSC® Chain of Custody, CoC (FSC-C131540).

Natuzzi Investor Relations

Piero Direnzo | tel. +39 080-8820-812 | [email protected]

Natuzzi Corporate Communication

Giancarlo Renna (Communication Manager) | tel. +39. 342.3412261 | [email protected]

Barbara Colapinto | tel. +39 331 6654275 | [email protected]

KEYWORDS: Italy Europe

INDUSTRY KEYWORDS: Home Goods Interior Design Luxury Retail Construction & Property

MEDIA:

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TEN Holdings Reports First Quarter 2026 Financial Results

PR Newswire

LANGHORNE, Pa., May 15, 2026 /PRNewswire/ — TEN Holdings, Inc. (Nasdaq: XHLD) through its subsidiary, Ten Events, Inc., (“Ten Events” or the “Company”), a provider of event planning, production, and broadcasting services, today announced its financial results for the quarter ended March 31, 2026.

Management Commentary

“We are pleased with the 15% top line revenue growth the Company reported for the first three months of 2026,” said Virgilio Torres, Chief Executive Officer of TEN Holdings.  “This increase demonstrates that the investments we made in the business last year to create a stronger foundation for successful operations, platforms, and strategic acquisitions started to produce positive sales growth results.

“Our 37.6% reduction of our quarterly net loss is a direct result of these improved operations, which allowed us to slash SG&A expenses by nearly a third over first quarter of 2025.

“During the first quarter of 2026, we also completed a key SOC 2 examination for Broadcast Media Production and Distribution Services Systems. This achievement will help support our provision of high-stakes corporate events including town halls, investor days, executive communications, and regulated broadcasts, where reliability, security, and operational discipline are essential.

“Throughout the balance of 2026, we will focus on leveraging last year’s partnership with Webinar.net to strengthen our technology ecosystem. This relationship reflects the major cornerstone of our business plan to use best-in-class technologies to deliver scalable, enterprise-grade solutions for our customers.

“We are confident that the initiatives we completed in the last fiscal year, including strengthening strategic partnerships, advancing platform capabilities, enhancing enterprise security, expanding the customer base, and establishing a presence in the public capital markets, have positioned our business to pursue growth opportunities, increase market penetration, and, most importantly, continue to achieve the operational improvements that will drive long-term value for our shareholders.”

Financial Results

The Company’s first quarter of 2026 earnings reported a total revenue increase of $114,000, or 15.4%, to $853,000. This increase was primarily driven by one of the Company’s major customers increasing their revenue contribution by 100%.

a.) Virtual & Hybrid events increased by $0.1 million, or 11% due to one of our major customers increasing their revenue by over 10% year over year.

b.) Physical events increased by $0.04 million or 139% due to providing higher premium physical events in the quarter, resulting in higher revenue growth from the same period last year.

  • Cost of revenue in the quarter increased by $121,000, or 65.1%, to $307,000, driven by one major customer event that took place in first quarter of 2026 that did not take place during the same period last year.
  • Gross profit margin declined to 64.0% from 74.8% due to higher costs from one specific event that took place from one of our customers which had a high labor intensive component.
  • Selling, general and administrative expenses decreased by $1.8 million, or 34.6%, to $3.4 million, due to lower headcount cost during the same period last year. 
  • Net loss was $3.0 million, or $(0.76) per share, a 37.6% reduction compared to a net loss of $4.8 million, or $(2.68) per share, during the three months ended March 31, 2025. This improvement was driven primarily by the Company’s significant reduction in selling, general and administrative expenses.
  • Interest expenses increased by $8,000, or 11.6%, to $61,000 primarily due to continued interest accumulation on the loans taken by the Company.
  • Weighted average number of common shares outstanding was 3,977,443 for the three months ended March 31, 2026 compared to 1,805,086 for the three months ended March 31, 2025.

Selected Balance Sheet and Cash Flow Results

  • As of March 31, 2026, the Company had total cash of approximately $79,000 compared to $1.6 million at the same date in 2025.
  • Net cash used in operating activities decreased to $1.1 million in the first three months of 2026 compared to $6.8 million during the same period of 2025. The reason for the reduction is primarily due to the IPO expenses that took place during the same period last year.
  • Net cash from investing activities was zero compared to $273,000 during the same period of 2025, due to the acquisition of computer hardware, equipment and capitalized software.
  • Net cash used for financing activity was $450,000 compared to net cash generated by financing activities of $7.3 million in the first quarter of 2025. The financing activities that took place during the same period last year were related to the IPO proceeds.

Company Outlook

Mr. Torres added that TEN Holdings plans to:

  • Promote future business growth by strengthening customer relationships, improving customer loyalty, and increasing marketing and sales efforts with additional investment in digital marketing and sales team expansion.
     
  • Increase product and market expansion of the software-as-a-service, Ten Events Pro, designed to provide professional-grade production quality for virtual and hybrid events with flexibility, speed, and control. Management anticipates that this strategic expansion will broaden the customer base, enhance market reach, and generate sustainable recurring revenue streams.
     
  • Maximize partnership with Webinar.net to penetrate new market opportunities.
     
  • Continue to raise capital to facilitate investments in, partnerships with, and acquisitions of appropriate businesses that offer complementary and strategic advantages to enhance overall competitiveness and growth.

About TEN Holdings, Inc.
The Company, through its subsidiary, Ten Events, Inc., is a provider of event technology, planning, production, and broadcasting services headquartered in Pennsylvania. The Company mainly produces virtual and hybrid events and physical events. Virtual and hybrid events involve virtual and hybrid event planning, production and broadcasting services, and continuing education services, all of which are supported by the Company’s Xyvid Pro and Ten Pro Platforms. Physical events mainly involve live streaming and video recording of physical events. To learn more, visit www.tenholdingsinc.com.

FORWARD-LOOKING STATEMENTS

Certain statements contained in this press release may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” “would” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including, but not limited to: the uncertainties related to market conditions and other factors discussed in the “Risk Factors” section of the Company’s most recent Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission  (the “SEC”) and other filings with the SEC. For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Any forward-looking statements contained in this press release speak only as of the date hereof, and TEN Holdings, Inc. specifically disclaims any obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law.

For more information, please contact:

Investor Relations Inquiries:
Skyline Corporate Communications Group, LLC
Scott Powell, President
1177 Avenue of the Americas, 5th Floor
New York, New York 10036
Office: (646) 893-5835
Email: [email protected]

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/ten-holdings-reports-first-quarter-2026-financial-results-302773826.html

SOURCE TEN Holdings, Inc.

Posted on

Citius Oncology, Inc. Reports Fiscal Second Quarter 2026 Financial Results and Provides Business Update

PR Newswire

$5.6 million in net revenue for the first half of fiscal 2026 as LYMPHIR

®

launch progresses

Up to $36.5 million in debt and equity capital secured

Broad payer coverage established with no reimbursement denials

83% of target accounts on formulary or in review

CRANFORD, N.J., May 15, 2026 /PRNewswire/ — Citius Oncology, Inc. (“Citius Oncology” or the “Company”) (Nasdaq: CTOR), the oncology-focused subsidiary of Citius Pharmaceuticals, Inc. (“Citius Pharma”) (Nasdaq: CTXR), today reported financial results for the fiscal second quarter ended March 31, 2026, and provided a business update.

“LYMPHIR’s commercial launch gives us confidence in the trajectory ahead. In the first six months of fiscal 2026, which includes only four months of commercial sales since LYMPHIR’s December 2025 launch, we generated $5.6 million in net revenue at gross margins of approximately 80%. This reflects initial orders by distributors during the first quarter, and subsequent reorders during the second quarter as we begin to see increased institutional demand for the therapy. As leading medical centers continue to add LYMPHIR to formulary and we build out our sales force, we believe we are moving through the expected transition from initial channel fill to sustained treatment-driven demand. We have achieved strong institutional penetration for a newly launched specialty therapy, with 83% of our target accounts having added LYMPHIR or actively progressing it through formulary review. Payer coverage has expanded to near 100% of covered commercial lives, with no reimbursement denials reported to date,” said Leonard Mazur, Chairman and Chief Executive Officer of Citius Oncology and Citius Pharma.

“With market access efforts underway, our focus is on establishing LYMPHIR’s position in the CTCL treatment journey. The financing we secured, subsequent to quarter end, is the catalyst that provides us with resources to complete the buildout of our commercial field force. We expect to have the full commercial team deployed by mid-summer. We have ample finished goods and work-in-process inventory on hand to support anticipated commercial demand for the foreseeable future. A fully staffed sales organization, reinforced by broad market access and sufficient inventory to support anticipated demand, is how we plan to drive continued momentum. The fundamentals of a successful specialty pharmaceutical launch, which include strong formulary and payer access, a funded commercial buildout, and healthy margins, are all moving in the right direction,” added Mazur.

“Building on the commercial foundation we are establishing in the U.S., we have initiated our first European shipment as part of the international distribution agreements we have in place across 19 markets in Southern Europe, the Middle East, and additional Western and Eastern European territories. At the same time, we continue to strengthen LYMPHIR’s long-term value proposition through our support of clinical evidence generation. Recent preliminary topline Phase 1 investigator-initiated trial data reinforce the immuno-oncology rationale for LYMPHIR in combination settings, including its T-regulatory cell (Treg) depletion mechanism, and we look forward to additional data readouts in the future. Together, these execution milestones and data-driven catalysts reinforce our view that LYMPHIR can be developed beyond U.S. CTCL as a platform asset in combination regimens. We look forward to sharing continued positive momentum as LYMPHIR establishes itself as a meaningful new option in the treatment of relapsed or refractory CTCL, and we remain confident in its broader long-term commercial potential,” concluded Mazur.

Fiscal Second Quarter 2026 Business Highlights and Subsequent Developments

  • Advanced formularly inclusion with 83% of target accounts having added or actively progressing LYMPHIR through formulary review;
  • Secured near 100% of covered commercial lives; no reimbursement denials or prior authorization barriers reported;
  • Initiated community infusion center penetration, with patients beginning to transition from larger academic cancer centers, a critical next phase of commercial scaling;
  • Initiated shipment of LYMPHIR to Europe, with LYMPHIR being made available through Named Patient Programs (NPPs) per local regulations;
  • Continued deployment of a proprietary AI-powered machine learning platform to support targeted physician engagement and efficient penetration of the highly concentrated CTCL prescriber base;
  • Recruited and trained initial field sales team, with expanded field force recruitment underway;
  • Announced positive topline results from two investigator-initiated Phase 1 studies evaluating LYMPHIR in combination settings, including:
    • Phase 1 trial of LYMPHIR in combination with pembrolizumab (KEYTRUDA®) in patients with recurrent or refractory gynecologic cancers, including ovarian and endometrial malignancies;
    • Phase 1 trial of LYMPHIR administered prior to CAR-T therapy in patients with high-risk relapsed or refractory diffuse large B-cell lymphoma (DLBCL), with positive topline safety and efficacy results; and,
  • Initiated evaluation of new bulk drug substance (BDS) suppliers with letter of intent with a new contract manufacturing organization (CMO) expected by the end of June 2026; $22.7 million of finished goods and work-in-process inventory as of March 31, 2026 to support anticipated commercial demand during the transition;

Fiscal Second Quarter 2026 Financial Highlights and Subsequent Developments

  • Cash and cash equivalents of $2.6 million as of March 31, 2026, prior to the up to $36.5 million concurrent debt and equity financings that closed in early May 2026;
  • Secured up to $36.5 million in combined financing subsequent to quarter end, consisting of:
    • a senior secured term loan facility of up to $25 million from Avenue Venture Opportunities Fund II, L.P. (Avenue Capital Group), with $10 million funded at close on May 6, 2026, up to $7 million available beginning October 1, 2026 subject to revenue and liquidity milestones, and up to $8 million available beginning January 1, 2027 subject to additional revenue milestones; and,
    • approximately $11.5 million in gross proceeds received May 5, 2026 from the exercise of certain outstanding warrants; and,
  • Net product revenues of $1.7 million for the three months ended March 31, 2026, compared to no revenue for the three months ended March 31, 2025; and $5.6 million for the six months ended March 31, 2026, compared to no revenue for the six months ended March 31, 2025;
  • Gross profit of $1.3 million (80% margin) for the three months ended March 31, 2026, and $4.5 million (80% margin) for the six months ended March 31, 2026;
  • R&D expenses of $1.1 million for the three months ended March 31, 2026, compared to $3.1 million for the three months ended March 31, 2025; and $2.1 million for the six months ended March 31, 2026, compared to $4.4 million for the six months ended March 31, 2025;
  • G&A expenses of $23.6 million for the three months ended March 31, 2026, compared to $2.2 million for the three months ended March 31, 2025, primarily driven by the $19.7 million one-time CMO contract cancellation charge. G&A expenses were $26.5 million for the six months ended March 31, 2026, compared to $5.6 million for the six months ended March 31, 2025;
  • Stock-based compensation expense of $3.5 million for the three months ended March 31, 2026, compared to $2.1 million for the three months ended March 31, 2025; and $7.5 million for the six months ended March 31, 2026, compared to $3.9 million for the six months ended March 31, 2025;
  • Recognized a gain of $1.76 million from the sale of New Jersey state net operating losses under the New Jersey Technology Business Tax Certificate Transfer Program; and,
  • Net loss of $26.6 million for the three months ended March 31, 2026, compared to a net loss of $7.7 million for the three months ended March 31, 2025; and a net loss of $32.1 million for the six months ended March 31, 2026, compared to a net loss of $14.4 million for the six months ended March 31, 2025.

Fiscal Second Quarter 2026 Financial Results:

Liquidity

As of March 31, 2026, the Company had $2.6 million in cash and cash equivalents.

Subsequent to quarter end, on May 5, 2026, the Company received approximately $11.5 million in gross proceeds from the exercise of certain outstanding warrants, and on May 6, 2026, the Company funded $10 million in gross proceeds under the first tranche of a senior secured term loan facility with Avenue Capital Group providing access to up to $25 million in total gross proceeds.

We plan to continue to partially rely on funding from Citius Pharma, to raise capital through equity and debt financings, and to generate revenue from sales of LYMPHIR. We also have retained Jefferies LLC as our exclusive financial advisor in evaluating strategic alternatives aimed at maximizing shareholder value.

After giving effect to the May 2026 equity and debt financings, we expect that Citius Oncology and Citius Pharma collectively will have sufficient funds to continue operations through November 2026.   

Net Revenue

Net product revenues were $1.7 million for the three months ended March 31, 2026, compared to no revenue for the three months ended March 31, 2025. For the six months ended March 31, 2026, net product revenues were $5.6 million, compared to no revenue for the six months ended March 31, 2025.

The Company launched LYMPHIR in December 2025. The quarterly decrease in product revenues is primarily attributable to larger initial orders in the quarter ended December 31, 2025, as US distributors established their initial inventories. We believe that revenues will increase in the future as LYMPHIR gains market acceptance and initial accounts continue placing repeat orders. At the end of April 2026, we announced an initial shipment of LYMPHIR to Europe.

Research and Development (R&D) Expenses

R&D expenses were $1.1 million for the three months ended March 31, 2026, compared to $3.1 million for the three months ended March 31, 2025, a decrease of $2.0 million. For the six months ended March 31, 2026, R&D expenses were $2.1 million, compared to $4.4 million for the six months ended March 31, 2025, a decrease of $2.3 million. The decrease in both periods primarily reflects reduced clinical development activity, as the prior-year periods included costs for a pre-license inspection batch of LYMPHIR previously manufactured.

General and Administrative (G&A) Expenses

G&A expenses were $23.6 million for the three months ended March 31, 2026, compared to $2.2 million for the three months ended March 31, 2025, an increase of $21.4 million. For the six months ended March 31, 2026, G&A expenses were $26.5 million, compared to $5.5 million for the six months ended March 31, 2025, an increase of $21.9 million. The increase in both periods was primarily driven by a $19.7 million one-time contract cancellation charge related to the CMO termination recognized in March 2026.

Stock-based Compensation Expense

Stock-based compensation expense was $3.5 million for the three months ended March 31, 2026, compared to $2.1 million for the three months ended March 31, 2025. For the six months ended March 31, 2026, stock-based compensation was $7.5 million, compared to $3.9 million for the six months ended March 31, 2025.

Net Loss

Net loss was $26.6 million for the three months ended March 31, 2026, compared to $7.7 million for the three months ended March 31, 2025, an increase of $18.9 million. For the six months ended March 31, 2026, net loss was $32.1 million, compared to $14.4 million for the six months ended March 31, 2025, an increase of $17.7 million. The increase in net loss for the three-month period was primarily attributable to the $19.7 million CMO contract cancellation charge, partially offset by $1.7 million in LYMPHIR revenues and the $1.76 million gain on the sale of New Jersey net operating losses.

About Citius Oncology, Inc.

Citius Oncology, Inc. (Nasdaq: CTOR) is a platform to develop and commercialize novel targeted oncology therapies. In December 2025, Citius Oncology launched LYMPHIR, approved by the FDA for the treatment of adults with relapsed or refractory Stage I–III CTCL who had had at least one prior systemic therapy. Management estimates the initial market for LYMPHIR currently exceeds $400 million, is growing, and is underserved by existing therapies. Robust intellectual property protections that span orphan drug designation, complex technology, trade secrets and pending patents for immuno-oncology use as a combination therapy with checkpoint inhibitors would further support Citius Oncology’s competitive positioning. For more information, please visit www.citiusonc.com.

About Citius Pharmaceuticals, Inc.

Citius Pharmaceuticals, Inc. (Nasdaq: CTXR) is a biopharmaceutical company dedicated to the development and commercialization of first-in-class critical care products. Citius Pharma owns approximately 71% of Citius Oncology. In December 2025, Citius Oncology launched LYMPHIR, a targeted immunotherapy for the treatment of adults with relapsed or refractory Stage I–III CTCL who had had at least one prior systemic therapy. Citius Pharma’s late-stage pipeline also includes Mino-Lok®, a catheter lock solution to salvage catheters in patients with catheter-related bloodstream infections, and CITI-002 (Halo-Lido), a topical formulation for the relief of hemorrhoids. A pivotal Phase 3 trial for Mino-Lok and a Phase 2b trial for Halo-Lido were completed in 2023. Mino-Lok met primary and secondary endpoints of its Phase 3 trial. Citius Pharma is actively engaged with the FDA to outline next steps for both programs. For more information, please visit www.citiuspharma.com.

Forward-Looking Statements

This press release may contain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such statements are made based on our expectations and beliefs concerning future events impacting Citius Oncology. You can identify these statements by the fact that they use words such as “will,” “anticipate,” “estimate,” “expect,” “plan,” “should,” and “may” and other words and terms of similar meaning or use of future dates. Forward-looking statements are based on management’s current expectations and are subject to risks and uncertainties that could negatively affect our business, operating results, financial condition and stock price.  Factors that could cause actual results to differ materially from those currently anticipated are: our need for substantial additional funds and our ability to raise additional money to fund our operations for at least the next 12 months as a going concern; our ability to obtain, perform under and maintain financing, strategic and third party agreements and relationships, including obtaining a new bulk drug substance supplier; our ability to regain compliance with Nasdaq’s continued listing standards; our ability to successfully commercialize LYMPHIR and establish a sustainable revenue stream; the estimated markets for LYMPHIR and our product candidates and the acceptance thereof by any market; our ability to secure strategic partnerships and expand international access to LYMPHIR; our ability to use the latest technology to support our commercialization efforts for LYMPHIR; physician and patient acceptance of LYMPHIR in a competitive treatment landscape; our reliance on third-party logistics providers, distributors, and specialty pharmacies to support commercial operations; our ability to educate providers and payers, secure adequate reimbursement, and maintain uninterrupted product supply; post-marketing requirements and ongoing regulatory compliance related to LYMPHIR; the ability of LYMPHIR and our product candidates to impact the quality of life of our target patient populations; risks relating to the results of research and development activities, including those from any new pipeline assets; our ability to procure cGMP commercial-scale supply; market and other conditions; risks related to our growth strategy; patent and intellectual property matters; government regulation; as well as other risks described in our Securities and Exchange Commission (“SEC”) filings. These risks have been and may be further impacted by any future public health risks. Accordingly, these forward-looking statements do not constitute guarantees of future performance, and you are cautioned not to place undue reliance on these forward-looking statements. Risks regarding our business are described in detail in our SEC filings which are available on the SEC’s website at www.sec.gov, including in Citius Oncology’s Annual Report on Form 10-K for the year ended September 30, 2025, filed with the SEC on December 23, 2025. These forward-looking statements speak only as of the date hereof, and we expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in our expectations or any changes in events, conditions or circumstances on which any such statement is based, except as required by law.

Investor Contact:
Ilanit Allen
[email protected]
908-967-6677 x113

Media Contact:
STiR-communications
Greg Salsburg
[email protected] 

– Financial Tables Follow –


CITIUS ONCOLOGY, INC.


CONDENSED CONSOLIDATED BALANCE SHEETS


(Unaudited)


March 31,

2026


September 30,
2025


Current Assets:

Cash and cash equivalents

$

2,632,634

$

3,924,908

Accounts receivable, net of allowances

1,079,055


—

Inventory

22,659,590

22,286,693

Prepaid expenses

3,052,387

1,331,280


Total Current Assets

29,423,666

27,542,881


Other Assets:

In-process research and development, net of accumulated amortization

71,106,250

73,400,000

Deferred financing costs

169,252


—


Total Other Assets

71,275,502

73,400,000


Total Assets

$

100,699,168

$

100,942,881


LIABILITIES AND STOCKHOLDERS’ EQUITY


Current Liabilities:

Accounts payable

$

8,883,239

$

13,234,684

License payable

17,650,000

22,650,000

Accrued expenses

24,057,573

4,093,124

Due to related party

8,221,486

9,513,771


Total Current Liabilities

58,812,298

49,491,579

Deferred tax liability

2,817,990

2,784,960

Note payable to related party

3,800,111

3,800,111


Total Liabilities

65,430,399

56,076,650


Stockholders’ Equity:

Preferred stock – $0.0001 par value; 10,000,000 shares authorized: no shares issued
     and outstanding


—


—

Common stock – $0.0001 par value; 400,000,000 shares authorized at March 31,
     2026 and September 30, 2025; 92,981,204 and 83,513,442 shares issued and
     outstanding at March 31, 2026 and September 30, 2025, respectively

9,298

8,351

Additional paid-in capital

131,443,191

108,897,836

Accumulated deficit

(96,183,720)

(64,039,956)


Total Stockholders’ Equity

35,268,769

44,866,231


Total Liabilities and Stockholders’ Equity

$

100,699,168

$

100,942,881

 


CITIUS ONCOLOGY, INC.


CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS


FOR THE THREE AND
SIX MONTHS ENDED MARCH 31, 2026 AND 2025
(Unaudited)


Three Months Ended


Six Months Ended


March 31,


March 31,


March 31,


March 31,


2026


2025


2026


2025


Revenues

$

1,667,298

$

—

$

5,611,409

$

—

Cost of revenues

(328,878)

—

(1,118,086)

—


Gross Profit

1,338,420

—

4,493,323

—


Operating Expenses

Research and development

1,079,354

3,139,413

2,097,706

4,403,921

Amortization of in-process research and development

1,720,312

—

2,293,750

—

General and administrative

23,625,639

2,243,327

26,484,978

5,565,306

Stock-based compensation – general and administrative

3,526,710

2,088,572

7,482,760

3,897,050


Total Operating Expenses

29,952,015

7,471,312

38,359,194

13,866,277


Operating Loss

(28,613,595)

(7,471,312)

(33,865,871)

(13,866,277)


Other Income (Expense)

Interest income

43,721

—

72,009

—

Gain on sale of New Jersey net operating losses

1,762,000

—

1,762,000

—

Interest expense

(33,031)

—

(78,872)

—


Total Other Income

1,772,690

—

1,755,137

—


Loss before Income Taxes

(26,840,905)

(7,471,312)

(32,110,734)

(13,866,277)

Income tax expense (benefit)

(231,210)

264,240

33,030

528,480


Net Loss

$

(26,609,695)

$

(7,735,552)

$

(32,143,764)

$

(14,394,757)


Net Loss Per Share – Basic and Diluted

$

(0.27)

$

(0.11)

$

(0.34)

$

(0.20)


Weighted Average Common Shares Outstanding

Basic and diluted (includes pre-funded warrants from the
     December 2025 offering)

100,027,204

71,552,402

93,657,757

71,552,402

 


CITIUS ONCOLOGY, INC.


CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS


FOR THE
SIX MONTHS ENDED MARCH 31, 2026 AND 2025


(Unaudited)


2026


2025


Cash Flows From Operating Activities:

Net loss

$

(32,143,764)

$

(14,394,757)

Adjustments to reconcile net loss to net cash provided by operating activities:

Stock-based compensation expense

7,482,760

3,897,050

Amortization of in-process research and development

2,293,750

–

Deferred income tax expense

33,030

528,480

Changes in operating assets and liabilities:

Accounts receivable, net of allowances

(1,079,055)

–

Inventory

(372,897)

(7,070,487)

Prepaid expenses

(1,721,107)

–

Accounts payable

(4,351,445)

3,964,688

Accrued expenses

19,964,449

8,722,168

Due to related party

(1,292,285)

4,352,858


Net Cash (Used In) Provided By Operating Activities

(11,186,564)

–


Cash Flows From Investing Activities

    License payments

(5,000,000)

–


Net Cash Used In Investing Activities

(5,000,000)

–


Cash Flows From Financing Activities

    Deferred financing costs

(169,252)

–

    Net proceeds from issuance of common stock

15,063,542

–


Net Cash Provided by Financing Activities

14,894,290

–


Net Change in Cash and Cash Equivalents

(1,292,274)

–


Cash and Cash Equivalents – Beginning of Period

3,924,908

112


Cash and Cash Equivalents – End of Period

$

2,632,634

$

112


Supplemental Disclosures of Cash Flow Information and Non-cash
     Transactions:

Interest Paid

$

14,460

$

–

 

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SOURCE Citius Oncology, Inc.

Posted on

NEUBERGER MUNICIPAL FUND ANNOUNCES MONTHLY DISTRIBUTION

PR Newswire

NEW YORK, May 15, 2026 /PRNewswire/ — Neuberger Municipal Fund Inc. (NYSE American: NBH) (the “Fund”) has announced a distribution declaration of $0.05417 per share of common stock. The distribution announced today is payable on June 15, 2026, has a record date of May 29, 2026, and has an ex-date of May 29, 2026. The Fund seeks to provide income that is exempt from regular federal income tax. Distributions of the Fund may be subject to the federal alternative minimum tax for some stockholders.

The distribution announced today, as well as future distributions, may consist of net investment income, realized capital gains, and return of capital. In the event the Fund distributes more than its net investment income during any yearly period, such distributions may also include realized gains and/or a return of capital. To the extent that a distribution includes a return of capital, the NAV per share may decline and an investor’s cost basis of their shares will be reduced. In compliance with Section 19 of the Investment Company Act of 1940, as amended, a notice would be provided for any distribution that does not consist solely of net investment income. The notice would be for informational purposes and not for tax reporting purposes, and would disclose, among other things, estimated portions of the distribution, if any, consisting of net investment income, capital gains and return of capital. The final determination of the source and tax characteristics of all distributions paid in 2026 will be made after the end of the year.

About Neuberger

Neuberger is an employee-owned, private, independent investment manager founded in 1939 with approximately 3,000 employees across 26 countries. The firm manages $567 billion of equities, fixed income, private markets, real estate and hedge fund portfolios for global institutions, advisors and individuals. Neuberger’s investment philosophy is founded on active management, fundamental research and engaged ownership. The firm is proud to be recognized for its commitment to its two constituents, clients and employees. Again in 2025, we were named Best Asset Manager for Institutional Investors in the US (Crisil Coalition Greenwich) and the #1 Best Place to Work in Money Management (Pensions & Investments, firms with more than 1,000 employees). Neuberger has no corporate parent or unaffiliated external shareholders. Visit www.nb.com for more information, including www.nb.com/disclosure-global-communications for information on awards. Data as of March 31, 2026.

Statements made in this release that look forward in time involve risks and uncertainties. Such risks and uncertainties include, without limitation, the adverse effect from a decline in the securities markets or a decline in the Fund’s performance, a general downturn in the economy, competition from other closed end investment companies, changes in government policy or regulation, inability of the Fund’s investment adviser to attract or retain key employees, inability of the Fund to implement its investment strategy, inability of the Fund to manage rapid expansion and unforeseen costs and other effects related to legal proceedings or investigations of governmental and self-regulatory organizations.

Contact:                                                      
Neuberger Berman Investment Advisers LLC
Investor Information   
(877) 461-1899 

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SOURCE Neuberger Berman

Posted on

Citius Pharmaceuticals, Inc. Reports Fiscal Second Quarter 2026 Financial Results and Provides Business Update

PR Newswire

$5.6 Million in net revenue for the first half of fiscal 2026 from ongoing launch of LYMPHIR

®

Citius Pharma raised $5 million in a registered direct offering; Citius Oncology secured up to $36.5 million in debt and equity financing

Advanced patient access with payer coverage near 100% of commercial lives and 83% of LYMPHIR target accounts on formulary or in review

CRANFORD, N.J., May 15, 2026 /PRNewswire/ — Citius Pharmaceuticals, Inc. (“Citius Pharma” or the “Company”) (Nasdaq: CTXR), a biopharmaceutical company dedicated to the development and commercialization of first-in-class critical care products, today reported business and financial results for the fiscal second quarter ended March 31, 2026, and provided a business update, including progress at its majority-owned subsidiary, Citius Oncology, Inc. (Nasdaq: CTOR).

“The first half of fiscal 2026 demonstrated meaningful commercial progress at our majority-owned subsidiary Citius Oncology. In the four months of commercial sales since the December 2025 launch of LYMPHIR, Citius Oncology generated $5.6 million in net revenue at approximately 80% gross margins, advanced 83% of target accounts to formulary inclusion or active review, and secured payer coverage representing near 100% of covered commercial lives with no reimbursement denials reported to date. Importantly, major academic centers have begun to transition patients to local community infusion centers for treatment, a critical next phase of commercial scaling. These results reflect our efforts to build a durable patient access foundation upon which to drive growth,” said Leonard Mazur, Chairman and Chief Executive Officer of Citius Pharma and Citius Oncology.

“Subsequent to quarter end, Citius Oncology secured up to $36.5 million in combined debt and equity financing through its senior secured credit facility with Avenue Capital and the exercise of outstanding warrants, complemented by Citius Pharma’s $5 million registered direct offering. Together, these proceeds are expected to fund Citius Pharma’s activities as well as the completion of the LYMPHIR commercial field force buildout by mid-summer. This will support expanded physician engagement and broader market penetration, positioning Citius Oncology to accelerate growth as the launch matures. We believe Citius Oncology maintains sufficient inventory to support anticipated commercial demand, as well as additional demand outside the U.S., as we begin to see orders for product through our global distribution partners.”

“Moreover, we are encouraged by positive preliminary topline Phase 1 data from two investigator-initiated combination studies, with pembrolizumab and prior to CAR-T therapy, which reinforce LYMPHIR’s potential as a platform asset in combination regimens. At the Citius Pharma level, we also remain focused on advancing Mino-Lok and Halo-Lido with the FDA and on disciplined execution of our mission to bring first-in-class therapies to patients,” concluded Mazur.

Fiscal Second Quarter 2026 Business Highlights and Subsequent Developments

  • Reported key commercial metrics of LYMPHIR launch:
    • 83% of target accounts had added or were actively progressing LYMPHIR through formulary review;
    • Secured near 100% of covered commercial lives; no reimbursement denials or prior authorization barriers reported;
    • Initial accounts placing repeat orders;
    • Patients beginning to transition from larger academic cancer centers to community infusion centers;
  • Announced initial shipment of LYMPHIR to Europe on April 29, 2026 through Uniphar, a leading international healthcare services company, with LYMPHIR being made available to eligible patients through Named Patient Programs (NPPs) in accordance with local regulations across 19 markets in Southern Europe, the Middle East, and additional European territories;
  • Announced positive topline results from two investigator-initiated Phase 1 studies, including:
    • LYMPHIR in combination with pembrolizumab in patients with recurrent or refractory gynecologic cancers, including ovarian and endometrial malignancies;
    • LYMPHIR administered prior to commercial CD19-directed CAR-T therapy in patients with high-risk relapsed or refractory diffuse large B-cell lymphoma (DLBCL), with positive topline safety and efficacy results; and,
  • Continued FDA engagement on Mino-Lok®, an antibiotic lock solution to salvage catheters in patients with catheter-related bloodstream infections, and on Halo-Lido (CITI-002), a topical formulation for hemorrhoids.

Fiscal Second Quarter 2026 Financial Highlights and Subsequent Events

  • Cash and cash equivalents of $4.6 million as of March 31, 2026;
  • Citius Pharma closed a $5 million registered direct offering in April 2026;
  • Citius Oncology secured up to $36.5 million in financing subsequent to quarter end, consisting of:
    • $11.5 million in gross proceeds received May 5, 2026 from the exercise of certain outstanding warrants;
    • a loan agreement of up to $25 million from Avenue Capital Group, with $10 million in gross proceeds funded at close on May 6, 2026, and up to $15 million available in subsequent tranches pending certain revenue and liquidity milestones; and,
  • Citius Pharma and Citius Oncology collectively expect to have sufficient funds to continue operations through November 2026;
  • Net product revenues of $1.7 million for the three months ended March 31, 2026, compared to no revenue in the three months ended March 31, 2025, and $5.6 million for the six months ended March 31, 2026, compared to no revenue in the six months ended March 31, 2025; quarter over quarter decline reflects larger initial orders from specialty distributors at launch in the first quarter;
  • Gross profit of $1.3 million for the three months ended March 31, 2026, and $4.5 million for the six months ended March 31, 2026; approximately 80% in both periods, reflecting continued commercial progress since the December 2025 launch of LYMPHIR;
  • R&D expenses of $1.6 million for the three months ended March 31, 2026, compared to $3.8 million for the three months ended March 31, 2025; and $3.2 million for the six months ended March 31, 2026, compared to $5.9 million for the six months ended March 31, 2025. The decrease in both periods primarily reflects reduced clinical development activity, as the prior-year periods included costs for a pre-license inspection batch of LYMPHIR previously manufactured;
  • G&A expenses of $26.4 million for the three months ended March 31, 2026, compared to $4.8 million for the three months ended March 31, 2025, primarily driven by a $19.7 million one-time CMO contract cancellation charge. G&A expenses were $32.1 million for the six months ended March 31, 2026, compared to $10.2 million for the six months ended March 31, 2025;
  • Stock-based compensation expense was $3.8 million for the three months ended March 31, 2026, compared to $2.7 million for the three months ended March 31, 2025. For the six months ended March 31, 2026, stock-based compensation was $8.1 million, compared to $5.2 million for the six months ended March 31, 2025;
  • Recognized a gain of $3.8 million from the sale of New Jersey state net operating losses under the New Jersey Technology Business Tax Certificate Transfer Program; and,
  • Net loss applicable to common stockholders of $21.2 million, or $(0.95) per share, for the three months ended March 31, 2026, compared to $10.9 million, or $(1.27) per share, for the three months ended March 31, 2025; and $29.5 million, or $(1.34) per share, for the six months ended March 31, 2026, compared to $20.7 million, or $(2.58) per share, for the six months ended March 31, 2025.

About Citius Oncology, Inc.

Citius Oncology, Inc. (Nasdaq: CTOR) is a platform to develop and commercialize novel targeted oncology therapies. In December 2025, Citius Oncology launched LYMPHIR, approved by the FDA for the treatment of adults with relapsed or refractory Stage I–III CTCL who had had at least one prior systemic therapy. Management estimates the initial market for LYMPHIR currently exceeds $400 million, is growing, and is underserved by existing therapies. Robust intellectual property protections that span orphan drug designation, complex technology, trade secrets and pending patents for immuno-oncology use as a combination therapy with checkpoint inhibitors would further support Citius Oncology’s competitive positioning. For more information, please visit www.citiusonc.com.

About Citius Pharmaceuticals, Inc.

Citius Pharmaceuticals, Inc. (Nasdaq: CTXR) is a biopharmaceutical company dedicated to the development and commercialization of first-in-class critical care products. Citius Pharma owns approximately 71% of Citius Oncology. In December 2025, Citius Oncology launched LYMPHIR, a targeted immunotherapy for the treatment of adults with relapsed or refractory Stage I–III CTCL who had had at least one prior systemic therapy. Citius Pharma’s late-stage pipeline also includes Mino-Lok®, a catheter lock solution to salvage catheters in patients with catheter-related bloodstream infections, and CITI-002 (Halo-Lido), a topical formulation for the relief of hemorrhoids. A pivotal Phase 3 trial for Mino-Lok and a Phase 2b trial for Halo-Lido were completed in 2023. Mino-Lok met primary and secondary endpoints of its Phase 3 trial. Citius Pharma is actively engaged with the FDA to outline next steps for both programs. For more information, please visit www.citiuspharma.com.

Forward-Looking Statements

This press release may contain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such statements are made based on our expectations and beliefs concerning future events impacting Citius Pharmaceuticals. You can identify these statements by the fact that they use words such as “will,” “anticipate,” “estimate,” “expect,” “plan,” “should,” and “may” and other words and terms of similar meaning or use of future dates. Forward-looking statements are based on management’s current expectations and are subject to risks and uncertainties that could negatively affect our business, operating results, financial condition and stock price.  Factors that could cause actual results to differ materially from those currently anticipated are: our need for substantial additional funds and our ability to raise additional money to fund our operations for at least the next 12 months as a going concern; our ability to obtain, perform under and maintain financing, strategic and third party agreements and relationships, including obtaining a new bulk drug substance supplier; our ability to regain compliance with Nasdaq’s continued listing standards; our ability to successfully commercialize LYMPHIR and establish a sustainable revenue stream; the estimated markets for LYMPHIR and our product candidates and the acceptance thereof by any market; our ability to secure strategic partnerships and expand international access to LYMPHIR; our ability to use the latest technology to support our commercialization efforts for LYMPHIR; physician and patient acceptance of LYMPHIR in a competitive treatment landscape; our reliance on third-party logistics providers, distributors, and specialty pharmacies to support commercial operations; our ability to educate providers and payers, secure adequate reimbursement, and maintain uninterrupted product supply; post-marketing requirements and ongoing regulatory compliance related to LYMPHIR; the ability of LYMPHIR and our product candidates to impact the quality of life of our target patient populations; risks relating to the results of research and development activities, including those from any new pipeline assets; our ability to procure cGMP commercial-scale supply; market and other conditions; risks related to our growth strategy; patent and intellectual property matters; government regulation; as well as other risks described in our Securities and Exchange Commission (“SEC”) filings. These risks have been and may be further impacted by any future public health risks. Accordingly, these forward-looking statements do not constitute guarantees of future performance, and you are cautioned not to place undue reliance on these forward-looking statements. Risks regarding our business are described in detail in our SEC filings which are available on the SEC’s website at www.sec.gov, including in Citius Oncology’s Annual Report on Form 10-K for the year ended September 30, 2025, filed with the SEC on December 23, 2025 and as amended on January 28, 2026. These forward-looking statements speak only as of the date hereof, and we expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in our expectations or any changes in events, conditions or circumstances on which any such statement is based, except as required by law.

Investor Contact:
Ilanit Allen
[email protected]
908-967-6677 x113

Media Contact:
STiR-communications
Greg Salsburg
[email protected] 

– Financial Tables Follow –

 


CITIUS PHARMACEUTICALS, INC.


CONDENSED CONSOLIDATED BALANCE SHEETS


(Unaudited)


March 31,


September 30,


2026


2025


ASSETS


Current Assets:

Cash and cash equivalents

$

4,590,174

$

4,252,290

Accounts receivable, net of allowances

1,079,055

–

Inventory

22,659,590

22,286,693

Prepaid expenses

3,356,882

1,395,490


Total Current Assets

31,685,701

27,934,473

Operating lease right-of-use asset, net

794,518

818,694

Deposits

38,062

38,062

In-process research and development, net of accumulated amortization

90,506,250

92,800,000

Deferred financing costs

169,252

–

Goodwill

9,346,796

9,346,796


Total Other Assets

100,060,360

102,184,858


Total Assets

$

132,540,579

$

130,938,025


LIABILITIES AND STOCKHOLDERS’ EQUITY


Current Liabilities:

Accounts payable

$

9,453,803

$

13,693,692

License payable

17,650,000

22,650,000

Accrued expenses

24,138,264

4,190,253

Accrued compensation

3,602,007

3,292,447

Note payable

–

1,000,000

Operating lease liability

171,495

88,348


Total Current Liabilities

55,015,569

44,914,740

Deferred tax liability

7,803,790

7,770,760

Operating lease liability – noncurrent

636,667

724,925


Total Liabilities

63,456,026

53,410,425


Commitments and Contingencies


Stockholders’ Equity:

Preferred stock – $0.001 par value; 10,000,000 shares authorized; no shares issued
and outstanding

–

–

Common stock – $0.001 par value; 250,000,000 shares authorized; 22,376,427 and
18,067,744 shares issued and outstanding at March 31, 2026 and September 30,
2025, respectively

22,376

18,068

Additional paid-in capital

329,775,214

306,336,239

Accumulated deficit

(268,256,054)

(238,804,129)


Total Citius Pharmaceuticals, Inc. Stockholders’ Equity

61,541,536

67,550,178

Non-controlling interest

7,543,017

9,977,422


Total Equity

69,084,553

77,527,600


Total Liabilities and Equity

$

132,540,579

$

130,938,025

 


CITIUS PHARMACEUTICALS, INC.


CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS


FOR THE THREE AND SIX MONTHS ENDED MARCH 31, 2026 AND 2025


(Unaudited)


Three Months Ended


Six Months Ended


March 31,


March 31,


March 31,


March 31,


2026


2025


2026


2025


Revenues

$

1,667,298

$

—

$

5,611,409

$

—

Cost of revenues

(328,878)

—

(1,118,086)

—


Gross Profit

1,338,420

—

4,493,323

—


Operating Expenses

Research and development

1,633,518

3,766,525

3,233,237

5,893,563

Amortization of in-process research and development

1,720,312

—

2,293,750

—

General and administrative

26,391,101

4,792,122

32,111,828

10,179,874

Stock-based compensation – general and administrative

3,788,275

2,702,031

8,068,502

5,226,855


Total Operating Expenses

33,533,206

11,260.678

45,707,317

21,300,292


Operating Loss

(32,194,786)

(11,260,678)

(41,213,994)

(21,300,292)


Other Income (Expense)

Interest income

53,584

13,413

98,681

36,021

Gain on sale of New Jersey net operating losses

3,833,277

—

3,833,277

—

Interest expense

(33,031)

—

(188,569)

—


Total Other Income, Net

3,853,830

13,413

3,743,389

36,021


Loss before Income Taxes

(28,340,956)

(11,247,265)

(37,470,605)

(21,264,271)

Income tax expense (benefit)

(231,210)

264,240

33,030

528,480


Net Loss

(28,109,746)

(11,511,505)

(37,503,635)

(21,792,751)

Net loss attributable to non-controlling interest

6,878,606

595,000

8,051,710

1,108,000

Net loss applicable to common stockholders

$

(21,231,140)

$

(10,916,505)

$

(29,451,925)

$

(20,684,751)


Net Loss Per Share – Basic and Diluted

$

(0.95)

$

(1.27)

$

(1.34)

$

(2.58)


Weighted Average Common Shares Outstanding

Basic and diluted (includes pre-funded warrants from the
October 2025 offering)

22,376,427

8,581,207

21,931,009

8,029,834

 


CITIUS PHARMACEUTICALS, INC.


CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS


FOR THE SIX MONTHS ENDED MARCH 31, 2026 AND 2025


(Unaudited)


2026


2025


Cash Flows From Operating Activities:

Net loss

$

(37,503,635)

$

(21,792,751)

Adjustments to reconcile net loss to net cash used in operating activities:

Stock-based compensation expense

8,068,502

5,226,855

Issuance of common stock for services

107,510

–

Issuance of common stock warrant

68,597

–

Amortization of in-process research and development

2,293,750

–

Amortization (accretion) of operating lease right-of-use asset

24,176

110,845

Deferred income tax expense

33,030

528,480

Changes in operating assets and liabilities:

Accounts receivable, net of allowances

(1,079,055)

–

Inventory

(372,897)

(7,070,487)

Prepaid expenses

(1,961,392)

(308,791)

Accounts payable

(4,239,889)

4,441,023

Accrued expenses

19,948,011

8,762,217

Accrued compensation

309,560

955,048

Operating lease liability

(5,111)

(117,767)


Net Cash Used In Operating Activities

(14,308,843)

(9,265,328)


Cash Flows From Investing Activities:

License fee payments

(5,000,000)

—


Net Cash Used in Investing Activities

(5,000,000)

—


Cash Flows From Financing Activities:

Repayment of note payable

(1,000,000)

—

Deferred financing costs

(169,252)

—

Proceeds from exercise of Citius Oncology pre-funded warrants

818

—

Net proceeds from common stock offerings

20,815,161

6,039,858


Net Cash Provided By Financing Activities

19,646,727

6,039,858


Net Change in Cash and Cash Equivalents

337,884

(3,225,470)


Cash and Cash Equivalents – Beginning of Period

4,252,290

3,251,880


Cash and Cash Equivalents – End of Period

$

4,590,174

$

26,410


Supplemental Disclosures of Cash Flow Information and Non-cash Transactions:

Interest paid

$

105,310

$

—

Operating lease right-of-use asset and liability recorded

$

—

$

786,697

 

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/citius-pharmaceuticals-inc-reports-fiscal-second-quarter-2026-financial-results-and-provides-business-update-302773890.html

SOURCE Citius Pharmaceuticals, Inc.