Market Newsdesk

May 7, 2026 6:03 am

T1 Energy Announces First Quarter 2026 Earnings Release and Conference Call Schedule

AUSTIN, Texas and NEW YORK, May 07, 2026 (GLOBE NEWSWIRE) — T1 Energy Inc. (NYSE: TE) (“T1,” “T1 Energy,” or the “Company”) announced this morning that the Company will publish a press release detailing first quarter 2026 results and conduct a conference call on Tuesday, May 12, 2026.

The first quarter 2026 press release will be issued at or around 6:00 am Eastern Daylight Time. The conference call is scheduled to begin at 8:00 am Eastern Daylight Time.

T1 Q1 2026 conference call access:

Participants can access the conference call by clicking the following link and completing the online registration form. Upon registering participants will receive the dial-in info and PIN to join the call.

The call will also be available by clicking the webcast link.

Investor contact:

Jeffrey Spittel

EVP, Investor Relations and Corporate Development
[email protected]
Tel: +1 409 599-5706

Media contact:

Russell Gold

EVP, Strategic Communications
[email protected]
Tel: +1 214 616-9715

About T1 Energy

T1 Energy Inc. (NYSE: TE) is an energy solutions provider building an integrated U.S. supply chain for solar and batteries. In December 2024, T1 completed a transformative transaction, positioning the Company as one of the leading solar manufacturing companies in the U.S., with a complementary solar and battery storage strategy. Based in the U.S. with plans to expand its operations in America, the Company is also exploring value optimization opportunities across its portfolio of assets in Europe.

To learn more about T1, please visit www.T1energy.com and follow on social media.

May 7, 2026 6:03 am

Celsius Holdings Reports First Quarter 2026 Financial Results

Celsius Holdings Reports First Quarter 2026 Financial Results

Record first quarter revenue of $783 million reflects scale and disciplined growth in fast-growing energy category

Strategic energy leadership and portfolio integration within PepsiCo system better positions company for sustainable growth

Celsius Holdings’ portfolio contributed 45% of the zero-sugar l U.S. energy category’s $800 million growth in the first quarter of 2026¹

BOCA RATON, Fla.–(BUSINESS WIRE)–
Celsius Holdings, Inc. (Nasdaq: CELH) (“Celsius Holdings” or “the company”) today reported first quarter 2026 financial results.

Summary of First Quarter 2026 Financial Results

Summary Financials	1Q 2026	1Q 2025	Change
(Millions except for percentages and EPS)	1Q 2026	1Q 2025	Change
Revenue	$782.6	$329.3	138%
North America	$747.3	$306.5	144%
International	$35.3	$22.7	55%
Gross Margin	48.3%	52.3%	-400 BPS
Net Income	$110.1	$44.4	148%
Net Income att. to Common Shareholders	$85.1	$34.4	147%
Diluted EPS	$0.33	$0.15	120%
Adjusted Diluted EPS*	$0.41	$0.18	128%
Adjusted EBITDA*	$195.5	$69.7	181%

*The company reports financial results in accordance with generally accepted accounting principles in the United States (“GAAP”), but management believes that disclosure of Adjusted EBITDA and Adjusted Diluted EPS, which are non-GAAP financial measures that management uses to assess our performance, may provide users with additional insights into operating performance. Please see “Use of Non-GAAP Measures” and reconciliations of these non-GAAP measures to the most directly comparable GAAP measures, both of which can be found below.

John Fieldly, Chairman and CEO of Celsius Holdings, said: “The first quarter of 2026 was a defining period for Celsius Holdings as we delivered record first-quarter revenue of $783 million, underscoring the power of our brands and the strength of our growth model. With CELSIUS, Alani Nu, and Rockstar Energy, we’re building a scaled Modern Energy portfolio with distinct roles, recruiting new consumers and expanding consumption occasions. As PepsiCo’s energy category captain in the U.S. and with an aligned commercial strategy, we reached an approximate 20.9% dollar share of the U.S. energy drink category in Q1 2026. With an evolved operating model and our brand integration firmly on track, we are entering 2026 with positive momentum, scale and confidence in our ability to deliver sustainable, long-term shareholder value.”

_________________________________
¹ Circana Total US MULO+ w/C L13W ended 3/29/2026, RTD Energy.

FINANCIAL AND MARKET HIGHLIGHTS FOR THE FIRST QUARTER OF 2026

For the three months ended March 31, 2026, revenue totaled approximately $782.6 million, compared to $329.3 million for the prior-year period, representing 138% growth. The increase reflected the acquisitions of Alani Nu on April 1, 2025, and Rockstar Energy on August 28, 2025. Alani Nu achieved record sales of approximately $368.1 million in the first quarter of 2026, benefiting from significant ongoing customer demand as well as increased orders from our largest distributor as Alani Nu moved out of its prior distribution system and into the PepsiCo distribution system. Rockstar Energy contributed approximately $66.6 million in revenue in the first quarter of 2026. CELSIUS brand revenue increased approximately 6% in the first quarter of 2026 compared to the same period last year.

International revenue totaled $35.3 million for the first quarter of 2026, representing a 55% increase compared to the same period in 2025, driven by growth in the Nordics, and continued momentum in our expansion markets including the UK, Ireland, France, Australia, New Zealand and Benelux.

For the three months ended March 31, 2026, gross profit increased by $205.7 million to $378.1 million from $172.4 million for the prior-year period. Gross profit margin was 48.3% for the three months ended March 31, 2026, compared to 52.3% for the prior-year period.

The change in gross profit margin was driven by the addition of Alani Nu and Rockstar Energy, both of which had a lower margin profile upon acquisition. When compared to the fourth quarter of 2025, underlying raw material COGS improved quarter over quarter as we continue to bring Alani and Rockstar into our purchasing structure, with the COGS write-offs and transition costs from Q4 largely behind us. The underlying initiatives that are anticipated to drive margin expansion across the year — our orbit model, freight structure optimization, raw material alignment, and mix improvement through price-pack architecture continue to progress, offset in part by rising commodity costs.

During the first quarter of 2026, we executed disciplined capital allocation, including approximately $24.1 million of share repurchases, reflecting our confidence in the company’s business and our focus on long-term shareholder value creation.

Selling, general and administrative expenses for the three months ended March 31, 2026, increased $114.3 million, or 95.0%, to $234.6 million from $120.3 million for the prior-year period, representing 30.0% of revenue compared to 36.5% for the same period in 2025. Adjusted selling, general and administrative expenses, which excludes litigation costs and acquisition-related costs, represented 26.4% of revenue in the first quarter of 2026.²

Diluted earnings per share for the first quarter of 2026 was $0.33 compared to $0.15 for the prior-year period. Non-GAAP adjusted diluted earnings per share for the first quarter of 2026 was $0.41 compared to $0.18 for the prior-year period.

Retail Performance

Retail sales of the Celsius Holdings portfolio (CELSIUS, Alani Nu and Rockstar Energy) in U.S. tracked channels (MULO+ w/C) increased 29.8% for the 13-week period ended March 29, 2026.³ Celsius Holdings held an approximate 20.9%³ dollar share in the U.S. RTD energy category for the period.

CELSIUS brand retail sales increased 6% year over year for the 13-week period ended March 29, 2026,³ and brand CELSIUS held a 9.9% dollar share in the U.S. RTD energy category for the period³.

Alani Nu retail sales increased 100.0% year over year for the 13-week period ended March 29, 2026,³continuing its category outperformance driven by strong innovation, distribution and adoption by new consumers. The brand held a 9.0% dollar share in the U.S. RTD energy category for the period³. Celsius Holdings acquired the Alani Nu brand on April 1, 2025.

Rockstar Energy retail sales decreased 13% year over year for the 13-week period ended March 29, 2026,³ and Rockstar Energy held a 2.0% dollar share in the U.S. RTD energy category for the period³. Celsius Holdings acquired the Rockstar Energy brand in the U.S. and Canada on August 28, 2025.

________________________________
² Please see “Use of Non-GAAP Measures”
³ Circana Total US MULO+ w/C L13W ended 3/29/26, RTD Energy

First Quarter Earnings Webcast

Management will host a webcast today, Thursday, May 7, 2026, at 8:00 a.m. ET to discuss the company’s first quarter 2026 financial results with the investment community. Investors are invited to join the webcast accessible from https://ir.celsiusholdingsinc.com. Downloadable files, an audio replay and transcript will be made available on the Celsius Holdings investor relations website.

About Celsius Holdings, Inc.

Celsius Holdings, Inc. (Nasdaq: CELH) is a functional beverage company and the owner of energy drink brand CELSIUS^®_, health and wellness brand Alani Nu^®and Rockstar Energy^®. Born in fitness and pioneering the rapidly growing, better-for-you, functional beverage category, the company creates and markets leading functional beverage products. For more information, please visit www.celsiusholdingsinc.com.

Forward-Looking Statements

This press release contains statements by Celsius Holdings, Inc. (“Celsius Holdings”, “we”, “us”, “our” or the “Company”) that are not historical facts and are considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements may address, among other things, our prospects, plans, business strategy and expected financial and operational results. You can identify these statements by the use of words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “should,” “will,” “would”, ”could”, ”project”, ”plan”, “potential”, ”designed”, “seek”, “target”, variations of these terms, the negatives of such terms and similar expressions. These statements are based on certain assumptions that we have made in light of our experience in the industry as well as our perceptions of historical trends, current conditions, expected future developments and other factors we believe are appropriate in these circumstances. These forward-looking statements are based on our current expectations and beliefs concerning future developments and their potential effect on us. You should not rely on forward-looking statements because our actual results may differ materially from those indicated by forward-looking statements as a result of a number of important factors. These factors include, but are not limited to: changes to our commercial agreements with PepsiCo, Inc.; management’s plans and objectives for international expansion and global operations; general economic and business conditions; our business strategy for expanding our presence in our industry; our expectations of revenue; operating costs and profitability; our expectations regarding our strategy and investments; our ability to successfully integrate business that we may acquire, including Alani Nutrition LLC (“Alani Nu”) and Rockstar Energy; our ability to achieve the benefits that we expect to realize as a result of our acquisitions, including Alani Nu and Rockstar Energy; the potential negative impact on our financial condition and results of operations if we fail to achieve the benefits that we expect to realize as a result of our business acquisitions, including Alani Nu and Rockstar Energy; liabilities of the businesses that we acquire that are not known to us; our expectations regarding our business, including market opportunity, consumer demand and our competitive advantage; anticipated trends in our financial condition and results of operation; the impact of competition and technology change; existing and future regulations affecting our business; the Company’s ability to comply with the rules and regulations of the Securities and Exchange Commission (the “SEC”);ongoing and potential litigation matters; the impact of third parties attempting to replicate our product attributes; and those other risks and uncertainties discussed in our most recently filed Annual Report on Form 10-K and in our other reports filed with the Securities and Exchange Commission, including our Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Forward-looking statements speak only as of the date the statements were made. We do not undertake any obligation to update forward-looking information, except to the extent required by applicable law.

CELSIUS HOLDINGS, INC. – FINANCIAL TABLES

Consolidated Balance Sheets (In thousands, except per share amounts) (Unaudited)

	March 31, 2026			December 31, 2025
ASSETS
Current assets:
Cash and cash equivalents	$	549,201		$	398,866
Restricted cash		—			141,121
Accounts receivable-net¹		832,373			755,499
Inventories-net		364,146			337,698
Prepaid expenses and other current assets²		69,086			128,806
Deferred other costs-current³		49,472			49,164
Total current assets		1,864,278			1,811,154

Property, plant and equipment-net		96,783			87,910
Deferred tax assets		86,448			96,013
Other long-term assets		45,452			43,434
Deferred other costs-non-current³		759,081			771,635
Brands-net		1,280,264			1,280,311
Customer relationships-net		105,494			111,604
Goodwill		919,793			917,560
Total Assets	$	5,157,593		$	5,119,621

LIABILITIES, MEZZANINE EQUITY AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable⁴	$	198,225		$	137,930
Accrued expenses⁵		278,013			230,721
Income taxes payable		64,447			49,612
Accrued distributor termination fees		39,990			264,088
Accrued promotional allowance⁶		401,084			307,922
Contingent consideration		—			25,000
Deferred revenue – current⁷		26,869			26,988
Other current liabilities		42,705			36,465
Total current liabilities		1,051,333			1,078,726

Long-term debt		668,881			669,926
Deferred revenue-non-current³		395,279			401,155
Other long term liabilities		31,363			28,372
Total Liabilities		2,146,856			2,178,179

Commitment and contingencies

Mezzanine Equity:
Series A convertible preferred stock, $0.001 par value, 1,467 shares issued and outstanding as of both March 31, 2026 and December 31, 2025		852,355			852,355
Series B convertible preferred stock, $0.001 par value, 390 and 0 shares issued and outstanding as of both March 31, 2026 and December 31, 2025		907,620			907,620
Stockholders’ Equity:
Common stock, $0.001 par value; 400,000 shares authorized, 258,601 shares issued and 256,549 shares outstanding as of March 31, 2026; and 258,108 shares issued and 256,906 shares outstanding as of December 31, 2025, respectively.		101			101
Treasury stock, at cost, 2,052 shares and 1,202 shares as of March 31, 2026 and December 31, 2025, respectively		(81,121	)		(48,226	)
Additional paid-in capital		1,058,144			1,050,518
Accumulated other comprehensive income (loss)		1,619			3,162
Retained earnings		272,019			175,912
Total Stockholders’ Equity		1,250,762			1,181,467
Total Liabilities, Mezzanine Equity and Stockholders’ Equity	$	5,157,593		$	5,119,621

________________________________
¹	Includes $378.4 million and $349.1 million from a related party as of March 31, 2026 and December 31, 2025, respectively.
²	Includes no amounts from a related party as of March 31, 2026 and $64.2 million from a related party as of December 31, 2025.
³	Amounts in this line item are associated with a related party for all periods presented.
⁴	Includes $38.5 million and $28.6 million from a related party as of March 31, 2026 and December 31, 2025, respectively.
⁵	Includes $3.3 million and $1.8 million from a related party as of March 31, 2026 and December 31, 2025, respectively.
⁶	Includes $197.0 million and $128.9 million from a related party as of March 31, 2026 and December 31, 2025, respectively.
⁷	Includes $25.8 million and $26.3 million from a related party as of March 31, 2026 and December 31, 2025, respectively.

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (In thousands, except per share amounts) (Unaudited)

	Three Months Ended March 31,
		2026			2025
Revenue¹	$	782,615		$	329,276
Cost of revenue²		404,548			156,903
Gross profit		378,067			172,373
Selling, general and administrative expenses³		234,647			120,342
Distributor Termination fees		4,427			—
Income from operations		138,993			52,031

Other (expense) income:
Interest income		2,992			7,846
Interest expense		(11,843	)		—
Other, net⁴		7,394			1,116
Total other (expense) income		(1,457	)		8,962

Net income (loss) before provision for income taxes		137,536			60,993

Provision for income taxes		(27,437	)		(16,574	)
Net income	$	110,099		$	44,419

Dividends on convertible preferred stock⁵		(13,993	)		(6,781	)
Income allocated to participating preferred stock⁵		(11,026	)		(3,219	)
Net income attributable to common stockholders	$	85,080		$	34,419

Other comprehensive income:
Foreign currency translation gain (loss), net of income tax		(1,543	)		2,249
Comprehensive income	$	83,537		$	36,668

Earnings (loss) per share
Basic	$	0.33		$	0.15
Diluted	$	0.33		$	0.15

________________________________
¹	Includes $461.7 million and $189.7 million for the three months ended March 31, 2026 and 2025, respectively, from a related party.
²	Includes $11.8 million and no amounts for the three months ended March 31, 2026 and 2025, respectively, from a related party.
³	Includes $2.9 million and $0.8 million for the three months ended March 31, 2026 and 2025, respectively, from a related party.
⁴	Includes $7.0 million and no amounts for the three months ended March 31, 2026 and 2025, respectively, from a related party.
⁵	Amounts in this line are associated with a related party for all periods presented.

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES Reconciliation of GAAP net income to non-GAAP adjusted EBITDA and Adjusted EBITDA Margin

	Three Months Ended March 31,
		2026			2025
Net income (GAAP measure)	$	110,099		$	44,419
*Add back/(Deduct):*
Net interest (expense) income		8,851			(7,846	)
Provision for income taxes		27,437			16,574
Depreciation and amortization expense		9,134			2,611
Non-GAAP EBITDA		155,521			55,758
Stock-based compensation¹		7,626			5,029
Foreign exchange		(408	)		(920	)
Acquisition and Integration Costs²		3,755			9,112
Penalties³		—			710
Distributor Termination⁴		4,427			—
Legal Settlement Costs⁵		24,557			—
Non-GAAP Adjusted EBITDA	$	195,478		$	69,689

Non-GAAP Adjusted EBITDA Margin		25.0	%		21.2	%

Reconciliation of GAAP diluted Earnings per share to non-GAAP Adjusted diluted Earnings per share

	Three Months Ended March 31,
		2026		2025
Diluted earnings per share (GAAP measure)	$	0.33	$	0.15
*Add back/(Deduct)⁶:*

Acquisition and Integration Costs²		0.01		0.03
Distributor Termination⁴		0.01		—
Legal Settlement Costs⁵		0.06		—
Non-GAAP adjusted diluted earnings per share	$	0.41	$	0.18

__________________________________

¹Selling, general and administrative expenses related to employee non-cash stock-based compensation expense. Stock-based compensation expense consists of non-cash charges for the estimated fair value of unvested restricted share unit granted to our employees and directors and the discount provided under the employee stock purchase plan. The Company believes that the exclusion provides a more accurate comparison of operating results and is useful to investors to understand the impact that stock-based compensation expense has on its operating results.

²Fees and professional services related to acquisition activity.

³Accrued expense for the quarter ended March 31, 2025 related to contractual co-packer obligations.

⁴Distributor termination expense.

⁵2026 accrued expense for estimated liability in connection with certain ongoing litigation for the quarter ended March 31, 2026.

⁶Add backs and deductions are net of their respective impacts from tax and reallocation of earnings to participating securities. The total tax effect of the adjusted items for the quarter ended March 31, 2026 was $(0.08) per diluted share, which includes the tax effect of deductible acquisition costs, distributor termination, and legal settlement costs. Tax effects are determined based on the tax treatment of the related item, the incremental statutory rate of the jurisdictions pertaining to the adjustment, and their effects on pre-tax income (loss).

Reconciliation of GAAP SG&A as a % of Revenue to non-GAAP Adjusted SG&A as a % of Revenue

	Three Months Ended March 31,
		2026			2025
Sales and Marketing expense	$	150,593		$	80,898
Percentage of Revenue		19.2	%		24.6	%

General and Administrative expense	$	84,054		$	39,444
Percentage of Revenue		10.7	%		12.0	%
(Deduct):
Acquisition and Integration Costs¹		(3,755	)		(9,112	)
Penalties²		—			(710	)
Legal Settlement Costs³		(24,557	)		—
Non-GAAP Adjusted General and Administrative expense	$	55,742		$	29,622
Percentage of Revenue		7.1	%		9.0	%

Selling, General and Administrative expenses	$	234,647		$	120,342
Percentage of Revenue		30.0	%		36.5	%
*(Deduct):*
Acquisition and Integration Costs¹		(3,755	)		(9,112	)
Penalties²		—			(710	)
Legal Settlement Costs³		(24,557	)		—
Non-GAAP Adjusted SG&A	$	206,335		$	110,520
Percentage of Revenue		26.4	%		33.6	%

_________________________________
¹ Fees and professional services related to acquisition activity.
² Accrued expense in the quarter ended March 31, 2025 related to contractual co-packer obligations.
³ 2026 accrued expense for estimated liability in connection with certain ongoing litigation for the quarter ended March 31, 2026.

USE OF NON-GAAP MEASURES

Celsius defines Adjusted EBITDA as net income before net interest (expense) income, income tax expense (benefit), and depreciation and amortization expense, further adjusted by excluding stock-based compensation expense, foreign exchange gains or losses, distributor termination fees, legal settlement costs, reorganization costs, acquisition and integration costs, penalties, and inventory step-up adjustment. Adjusted EBITDA Margin is the ratio between the company’s Adjusted EBITDA and net revenue, expressed as a percentage. Adjusted diluted earnings per share is GAAP diluted earnings per share net of add backs and deductions for distributor termination, legal settlement costs, reorganization costs, acquisitions and integration costs, penalties, and inventory step-up adjustment. Adjusted SG&A is GAAP SG&A adjusted for acquisition costs, distributor termination fees, penalties and certain legal accruals. Adjusted SG&A as a % of revenue is the ratio between Adjusted SG&A and net revenue. Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted diluted earnings per share, Adjusted SG&A, and Adjusted SG&A as a percentage of revenue are non-GAAP financial measures.

Celsius uses Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted diluted earnings per share, Adjusted SG&A, and Adjusted SG&A as a percentage of revenue for operational and financial decision-making and believes these measures are useful in evaluating its performance because they eliminate certain items that management does not consider indicators of Celsius’ operating performance. Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted diluted earnings per share, Adjusted SG&A, and Adjusted SG&A as a percentage of revenue may also be used by many of Celsius’ investors, securities analysts, and other interested parties in evaluating its operational and financial performance across reporting periods. Celsius believes that the presentation of Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted diluted earnings per share, Adjusted SG&A, and Adjusted SG&A as a percentage of revenue, provides useful information to investors by allowing an understanding of measures that it uses internally for operational decision-making, budgeting and assessing operating performance.

Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted diluted earnings per share, Adjusted SG&A, and Adjusted SG&A as a percentage of revenue are not recognized terms under GAAP and should not be considered as a substitute for net income or any other financial measure presented in accordance with GAAP. Non-GAAP financial measures have limitations as analytical tools and should not be considered in isolation or as substitutes for analysis of Celsius’ results as reported under GAAP. Celsius strongly encourages investors to review its financial statements and publicly filed reports in their entirety and not to rely on any single financial measure.

Because non-GAAP financial measures are not standardized, Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted diluted earnings per share. Adjusted SG&A, and Adjusted SG&A as percentage of revenue as defined by Celsius, may not be comparable to similarly titled measures reported by other companies. It therefore may not be possible to compare Celsius’ use of these non-GAAP financial measures with those used by other companies.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260507453822/en/

Paul Wiseman

Investors: [email protected]

Press: [email protected]

KEYWORDS: Florida United States North America

INDUSTRY KEYWORDS: Retail Fitness & Nutrition Health Food/Beverage

MEDIA:

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May 7, 2026 6:03 am

ACM Research Reports First Quarter 2026 Results

FREMONT, Calif., May 07, 2026 (GLOBE NEWSWIRE) — ACM Research, Inc. (“ACM”) (NASDAQ: ACMR), a leading supplier of wafer processing solutions for semiconductor and advanced wafer-level packaging applications, today reported financial results for its first quarter ended March 31, 2026.

“We are off to a solid start in 2026, with revenue of $231 million, up 34% year-over-year, and shipments of $241 million, up 54% year-over-year. Growth in the quarter was driven by strong performance in ECP and advanced packaging applications, reflecting increasing customer adoption of our differentiated technologies in high performance applications,” said Dr. David Wang, President and Chief Executive Officer of ACM. “This quarter, at Semicon China, we announced the ACM Planetary Family, a unified portfolio that reflects ACM’s status as a global, multi-product company, serving a broad range of semiconductor manufacturing steps.”

Dr. Wang continued, “We expect 2026 to be a big year for new products at ACM. Our R&D over the past 5 years, together with our internal Lingang mini-line, is paying off with industry-leading offerings across several product categories enabling our global customers to solve their evolving production challenges. We expect incremental revenue contribution from Tahoe, single-wafer SPM and vertical furnace, and increased evaluations in our panel-level horizontal plating, low-pressure panel-level flux cleaning, track, and PECVD platforms. We are also taking additional steps to expand our capabilities in global markets, including the proposed Hong Kong listing of ACM Research (Shanghai), Inc., ACM’s principal operating subsidiary (“ACM Shanghai”) and the ramp-up of our Oregon facility later this year.”

“We are maintaining our 2026 revenue outlook for 21%-30% growth, supported by new product cycles, market share gains, and increasing engagement from global customers,” Dr. Wang concluded, “Our business has momentum, our strategy is working, and we remain firmly committed to delivering world-class innovative solutions to meet current and future requirements across a broad and expanding global customer base.”

		Three Months Ended March 31,
		GAAP						Non-GAAP(1)
		2026			2025			2026			2025
		(dollars in thousands, except EPS)
Revenue		$	231,263		$	172,347		$	231,263		$	172,347
Gross margin			46.4	%		47.9	%		46.5	%		48.2	%
Income from operations		$	36,177		$	25,777		$	41,798		$	35,594
Net income attributable to ACM Research, Inc.		$	17,307		$	20,380		$	24,334		$	31,279
Basic EPS		$	0.26		$	0.32		$	0.37		$	0.49
Diluted EPS		$	0.24		$	0.30		$	0.34		$	0.46

(1)	Reconciliations to U.S. generally accepted accounting principles (“GAAP”) financial measures from non-GAAP financial measures are presented below under “Reconciliation of GAAP to Non-GAAP Financial Measures.” Non-GAAP financial measures exclude stock-based compensation and, with respect to net income (loss) attributable to ACM Research, Inc. and basic and diluted earnings per share, also exclude unrealized gain (loss) on short-term investments.

Outlook

ACM is maintaining its revenue guidance range of $1.08 billion to $1.175 billion for fiscal year 2026. This expectation is based on ACM management’s current assessment of the continuing impact from international trade policy, together with various expected spending scenarios of key customers, supply chain constraints, and the timing of acceptances for first tools under evaluation in the field, among other factors.

Operating Highlights and Recent Announcements

Shipments. Total shipments in the first quarter of 2026 were $240.7 million, versus $156.7 million in the first quarter of 2025, up 53.6%. Total shipments include deliveries of repeat tools and deliveries of first tools awaiting customer acceptance for potential revenue recognition in future quarters.

Shipped First PECVD SiCN System. ACM announced that it has shipped its first plasma-enhanced chemical vapor deposition (PECVD) silicon carbonitride (SiCN) system to a leading semiconductor manufacturer. As part of the Saturn Series within the ACM Planetary Family, the system met customer-defined process specifications in ACM’s Lingang lab and has been delivered to the customer site for final validation. Targeting advanced back-end-of-line (BEOL) requirements, the system further expands ACM’s capabilities in advanced packaging applications.

Shipment of Advanced Packaging Equipment to Leading Global Customers. ACM completed, on schedule, shipments of its Ultra C vac-p panel-level advanced packaging vacuum cleaning system to a leading global semiconductor packaging manufacturer outside mainland China, and of its wafer-level advanced packaging systems to a leading OSAT customer in Singapore.

Introduced ACM Planetary Family™ Product Portfolio Structure. ACM launched a unified, process‑based portfolio structure, the ACM Planetary Family, organizing its products into eight distinct families aligned with key semiconductor manufacturing steps, collectively referred to as the Eight Planets series.

Sale of Shares of ACM Shanghai. On February 6, 2026, ACM completed the sale of approximately 4.8 million shares of ACM Shanghai, at a price of RMB160.00 per share (approximately $23.05 per share based on the exchange rate in effect on the date of the sale), generating approximately $110 million in gross proceeds and approximately $86 million net of taxes.

ACM Shanghai Proposed H share listing in Hong Kong. On April 17, 2026, ACM Shanghai, announced a proposed issuance of overseas listed H shares and an application for a secondary listing on the Hong Kong Stock Exchange. The initiative is intended to strengthen ACM Shanghai’s capital base, enhance competitiveness, attract and retain talent, and further expand its international market presence.

First Quarter 2026 Financial Summary

Unless otherwise noted, the following figures refer to the first quarter of 2026 and comparisons are with the first quarter of 2025.

Revenue was $231.3 million, up 34.2%, reflecting growth from ECP (front-end and packaging), furnace and other technologies, and advanced packaging (excluding ECP), services & spares.

Gross margin was 46.4% versus 47.9%. Non-GAAP gross margin, which excludes stock-based compensation, was 46.5% versus 48.2%. Gross margin was above the mid-point of ACM’s long-term business model target range of 42% to 48%. ACM expects gross margin to vary from period to period due to a variety of factors, such as product mix, currency impacts and sales volume.

Operating expenses were $71.1 million, an increase of 25.2%. Operating expenses as a percentage of revenue decreased to 30.7% from 32.9%. Non-GAAP operating expenses, which exclude the effect of stock-based compensation, were $65.8 million, up 38.5%. Non-GAAP operating expenses as a percentage of revenue increased to 28.4% from 27.6%.

Operating income was $36.2 million, up 40.3% compared to $25.8 million. Operating margin was 15.6% compared to 15.0%. Non-GAAP operating income, which excludes the effect of stock-based compensation, was $41.8 million, up 17.4% compared to $35.6 million. Non-GAAP operating margin, which excludes stock-based compensation, was 18.1% compared to 20.7%.

Unrealized loss on short-term investments was $1.4 million, compared to an unrealized loss of $1.1 million. Unrealized loss reflects the change in market value of the investments by ACM Shanghai. The value is marked-to-market quarterly and is excluded in the non-GAAP financial metrics.

Income tax expense was $3.8 million, compared to $2.2 million.

Net income attributable to ACM Research, Inc. was $17.3 million, compared to $20.4 million. Non-GAAP net income attributable to ACM Research, Inc., which excludes the effect of stock-based compensation and unrealized loss on short-term investments, was $24.3 million, compared to $31.3 million.

Net income per diluted share attributable to ACM Research, Inc. was $0.24, compared to $0.30. Non-GAAP net income per diluted share, which excludes the effect of stock-based compensation and unrealized loss on short-term investments, was $0.34, compared to $0.46.

Cash and cash equivalents, plus restricted cash and short-term time deposits were $1.25 billion at March 31, 2026, compared to $1.13 billion at December 31, 2025. Net cash, which excludes short-term and long-term borrowings, was $924.2 million at March 31, 2026, versus $844.5 million at December 31, 2025.

Conference Call Details

A conference call to discuss results will be held on Thursday, May 7, 2026, at 8:00 a.m. Eastern Time (8:00 p.m. China Time). To join the conference call via telephone, participants must use the following link to complete an online registration process. Upon registering, each participant will receive email instructions to access the conference call, including dial-in information and a PIN number allowing access to the conference call. This pre-registration process is designed by the operator to reduce delays due to operator congestion when accessing the live call.

Online Registration:
https://register-conf.media-server.com/register/BI67a35ea588fa4ef486e4e5460faf9982

Participants who have not pre-registered may join the webcast by accessing the link at ir.acmr.com/news-events/events.

A live and archived webcast will be available on the Investors section of the ACM website at www.acmr.com.

Use of Non-GAAP Financial Measures

ACM presents non-GAAP gross margin, operating expenses, operating income, net income attributable to ACM Research, Inc. and basic and diluted earnings per share as supplemental measures to GAAP financial measures regarding ACM’s operational performance. These supplemental measures exclude the impact of stock-based compensation, which ACM does not believe is indicative of its core operating results. In addition, non-GAAP net income attributable to ACM Research, Inc. and basic and diluted earnings per share exclude the effect of stock-based compensation and unrealized gain (loss) on short-term investments, which ACM also believes are not indicative of its core operating results. A reconciliation of each non-GAAP financial measure to the most directly comparable GAAP financial measure is provided below under “Reconciliation of GAAP to non-GAAP Financial Measures.”

ACM believes these non-GAAP financial measures are useful to investors in assessing its operating performance. ACM uses these financial measures internally to evaluate its operating performance and for planning and forecasting of future periods. Financial analysts may focus on and publish both historical results and future projections based on the non-GAAP financial measures. ACM also believes it is in the best interests of investors for ACM to provide this non-GAAP information.

While ACM believes these non-GAAP financial measures provide useful supplemental information to investors, there are limitations associated with the use of these non-GAAP financial measures. These non-GAAP financial measures may not be reported by competitors, and they may not be directly comparable to similarly titled measures of other companies due to differences in calculation methodologies. The non-GAAP financial measures are not an alternative to GAAP information and are not meant to be considered in isolation or as a substitute for comparable GAAP financial measures. They should be used only as a supplement to GAAP information and should be considered only in conjunction with ACM’s consolidated financial statements prepared in accordance with GAAP.

Forward-Looking Statements

Certain statements contained in this press release are not historical facts and may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “plans,” “expects,” “believes,” “anticipates,” “designed,” and similar words are intended to identify forward-looking statements. Forward-looking statements are based on ACM management’s current expectations and beliefs, and involve a number of risks and uncertainties that are difficult to predict and that could cause actual results to differ materially from those stated or implied by the forward-looking statements. A description of certain of these risks, uncertainties and other matters can be found in filings ACM makes with the U.S. Securities and Exchange Commission, all of which are available at www.sec.gov. Because forward-looking statements involve risks and uncertainties, actual results and events may differ materially from results and events currently expected by ACM. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. ACM undertakes no obligation to publicly update these forward-looking statements to reflect events or circumstances that occur after the date hereof or to reflect any change in its expectations with regard to these forward-looking statements or the occurrence of unanticipated events.

About ACM Research, Inc.

ACM develops, manufactures and sells semiconductor process equipment spanning cleaning, electroplating, stress-free polishing, vertical furnace processes, track, PECVD, and wafer- and panel-level packaging tools, enabling advanced and semi-critical semiconductor device manufacturing. ACM is committed to delivering customized, high-performance, cost-effective process solutions that semiconductor manufacturers can use in numerous manufacturing steps to improve productivity and product yield. For more information, visit www.acmr.com.

© ACM Research, Inc. Ultra C, ACM Planetary Family and the ACM Research logo are trademarks of ACM Research, Inc. For convenience, these trademarks appear in this press release without ™ symbols, but that practice does not mean that ACM will not assert, to the fullest extent under applicable law, its rights to the trademarks.

For investor and media inquiries, please contact:

In the United States:	The Blueshirt Group
	Steven C. Pelayo, CFA
	(360) 808-5154
	[email protected]

In China:	The Blueshirt Group Asia
	Gary Dvorchak, CFA
	+86 (138) 1079-1480
	[email protected]

ACM RESEARCH, INC. Condensed Consolidated Balance Sheets

	March 31, 2026			December 31, 2025
	(Unaudited)
	(In thousands)
Assets
Current assets:
Cash and cash equivalents	$	872,269		$	757,373
Restricted cash		21,866			8,589
Short-term time deposits		358,237			366,591
Short-term investment		34,662			35,524
Accounts receivable, net		526,507			504,250
Other receivables		53,595			48,655
Inventories, net		737,995			702,631
Advances to related parties		870			2,500
Prepaid expenses and other current assets		13,352			10,567
Total current assets		2,619,353			2,436,680
Property, plant and equipment, net		324,020			314,830
Operating lease right-of-use assets, net		17,060			17,925
Intangible assets, net		2,722			2,847
Deferred tax assets		30,224			29,389
Long-term investments		68,467			66,035
Other long-term assets		4,052			4,479
Total assets	$	3,065,898		$	2,872,185
Liabilities and Equity
Current liabilities:
Short-term borrowings	$	93,981		$	74,041
Current portion of long-term borrowings		13,302			35,082
Related parties accounts payable		31,791			32,060
Accounts payable		208,867			215,440
Advances from customers		168,825			187,809
Deferred revenue		10,954			17,388
Income taxes payable		24,780			991
FIN-48 payable		28,308			27,719
Other payables and accrued expenses		160,075			150,396
Current portion of operating lease liability		4,795			4,786
Total current liabilities		745,678			745,712
Long-term borrowings		220,858			178,930
Long-term operating lease liability		4,125			5,069
Other long-term liabilities		11,765			11,965
Total liabilities		982,426			941,676
Commitments and contingencies
Equity:
Stockholders’ equity:
Class A Common stock		6			6
Class B Common stock		1			1
Additional paid-in capital		1,194,786			1,115,504
Retained earnings		367,735			350,428
Statutory surplus reserve		34,164			34,164
Accumulated other comprehensive loss		(15,182	)		(35,740	)
Total ACM Research, Inc. stockholders’ equity		1,581,510			1,464,363
Non-controlling interests		501,962			466,146
Total equity		2,083,472			1,930,509
Total liabilities and equity	$	3,065,898		$	2,872,185

ACM RESEARCH, INC. Condensed Consolidated Statements of Operations and Comprehensive Income

	Three Months Ended March 31,
	2026			2025
	(Unaudited)
	(In thousands, except share and per share data)
Revenue	$	231,263		$	172,347
Cost of revenue		124,025			89,797
Gross profit		107,238			82,550
Operating expenses:
Sales and marketing		20,688			16,343
Research and development		36,549			27,503
General and administrative		13,824			12,927
Total operating expenses		71,061			56,773
Income from operations		36,177			25,777
Interest income		4,719			3,339
Interest expense		(1,933	)		(1,558	)
Unrealized loss on short-term investments		(1,406	)		(1,082	)
Other expense, net		(9,300	)		(262	)
Income from equity method investments		1,749			952
Income before income taxes		30,006			27,166
Income tax expense		(3,771	)		(2,153	)
Net income		26,235			25,013
Less: Net income attributable to non-controlling interests		8,928			4,633
Net income attributable to ACM Research, Inc.	$	17,307		$	20,380
Comprehensive income:
Net income	$	26,235		$	25,013
Foreign currency translation adjustment, net of tax of nil		27,797			1,750
Comprehensive Income		54,032			26,763
Less: Comprehensive income attributable to non-controlling interests		16,167			4,957
Comprehensive income attributable to ACM Research, Inc.	$	37,865		$	21,806

Net income attributable to ACM Research, Inc. per common share:
Basic	$	0.26		$	0.32
Diluted	$	0.24		$	0.30

Weighted average common shares outstanding used in computing per share amounts:
Basic		65,804,254			63,267,834
Diluted		69,769,907			66,952,774

ACM RESEARCH, INC. Total Revenue by Product Category

	Three Months Ended March 31,
	2026		2025
	(Unaudited)
	($ in thousand)
Single wafer cleaning, Tahoe and semi-critical cleaning equipment	$	122,482	$	129,569
ECP (front-end and packaging), furnace and other technologies		84,239		27,630
Advanced packaging (excluding ECP), services & spares		24,542		15,148
Total Revenue By Product Category	$	231,263	$	172,347

ACM RESEARCH, INC.

Reconciliation of GAAP to Non-GAAP Financial Measures

As described under “Use of Non-GAAP Financial Measures” above, ACM presents non-GAAP gross margin, operating expenses, operating income, net income attributable to ACM Research, Inc., and basic and diluted earnings per share as supplemental measures to GAAP financial measures, each of which excludes stock-based compensation (“SBC”) from the equivalent GAAP financial line items. In addition, non-GAAP net income attributable to ACM Research, Inc., and basic and diluted earnings per share exclude unrealized gain (loss) on short-term investments. The following tables reconcile gross margin, operating expenses, operating income, net income attributable to ACM Research, Inc., and basic and diluted earnings per share to the related non-GAAP financial measures:

	Three Months Ended March 31,
	2026												2025
	Actual (GAAP)			SBC			Other non- operating adjustments			Adjusted (Non-GAAP)			Actual (GAAP)			SBC			Other non- operating adjustments			Adjusted (Non-GAAP)
	(In thousands)
Revenue	$	231,263		$	–		$	–		$	231,263		$	172,347		$	–		$	–		$	172,347
Cost of revenue		(124,025	)		(348	)		–			(123,677	)		(89,797	)		(529	)		–			(89,268	)
Gross profit		107,238			(348	)		–			107,586			82,550			(529	)		–			83,079
Gross margin		46.4	%		0.1	%		–			46.5	%		47.9	%		0.3	%		–			48.2	%
Operating expenses:
Sales and marketing		(20,688	)		(1,492	)		–			(19,196	)		(16,343	)		(2,157	)		–			(14,186	)
Research and development		(36,549	)		(1,842	)		–			(34,707	)		(27,503	)		(2,775	)		–			(24,728	)
General and administrative		(13,824	)		(1,939	)		–			(11,885	)		(12,927	)		(4,356	)		–			(8,571	)
Total operating expenses		(71,061	)		(5,273	)		–			(65,788	)		(56,773	)		(9,288	)		–			(47,485	)
Income (loss) from operations		36,177			(5,621	)		–			41,798			25,777			(9,817	)		–			35,594
Unrealized loss on short-term investments		(1,406	)		–			(1,406	)		–			(1,082	)		–			(1,082	)		–
Net income (loss) attributable to ACM Research, Inc.	$	17,307		$	(5,621	)	$	(1,406	)	$	24,334		$	20,380		$	(9,817	)	$	(1,082	)	$	31,279
Basic EPS	$	0.26								$	0.37		$	0.32								$	0.49
Diluted EPS	$	0.24								$	0.34		$	0.30								$	0.46

May 7, 2026 6:03 am

Dorian LPG Ltd. Declares Irregular Cash Dividend of $1.00 Per Share

Dorian LPG Ltd. Declares Irregular Cash Dividend of $1.00 Per Share

STAMFORD, Conn.–(BUSINESS WIRE)–
Dorian LPG Ltd. (NYSE: LPG) (the “Company” or “Dorian LPG”), a leading owner and operator of modern and ECO very large gas carriers (“VLGCs”), today announced that its Board of Directors has declared an irregular cash dividend of $1.00 per share of the Company’s common stock, returning approximately $42.8 million of capital to shareholders. The irregular dividend is payable on or about May 28, 2026 to all shareholders of record as of the close of business on May 18, 2026.

Forward-Looking & Other Cautionary Statements

The cash dividend referenced in this release is an irregular dividend. All declarations of dividends are subject to the determination and discretion of our Board of Directors based on its consideration of various factors, including the Company’s results of operations, financial condition, level of indebtedness, anticipated capital requirements, contractual restrictions, restrictions in its debt agreements, restrictions under applicable law, its business prospects and other factors that our Board of Directors may deem relevant.

This press release contains “forward-looking statements.” Statements that are predictive in nature, that depend upon or refer to future events or conditions, or that include words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “estimates,” “projects,” “forecasts,” “may,” “will,” “should” and similar expressions are forward-looking statements. These statements are not historical facts but instead represent only the Company’s current expectations and observations regarding future results, many of which, by their nature are inherently uncertain and outside of the Company’s control. Where the Company expresses an expectation or belief as to future events or results, such expectation or belief is expressed in good faith and believed to have a reasonable basis. However, the Company’s forward-looking statements are subject to risks, uncertainties, and other factors, which could cause actual results to differ materially from future results expressed, projected, or implied by those forward-looking statements. The Company’s actual results may differ, possibly materially, from those anticipated in these forward-looking statements as a result of certain factors, including changes in the Company’s financial resources and operational capabilities and as a result of certain other factors listed from time to time in the Company’s filings with the U.S. Securities and Exchange Commission. For more information about risks and uncertainties associated with Dorian LPG’s business, please refer to the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Risk Factors” sections of Dorian LPG’s SEC filings, including, but not limited to, its annual report on Form 10-K and quarterly reports on Form 10-Q. The Company does not assume any obligation to update the information contained in this press release.

About Dorian LPG Ltd.

Dorian LPG is a leading owner and operator of modern VLGCs that transport liquefied petroleum gas globally. Dorian LPG’s fleet of twenty-seven modern VLGCs currently includes six dual-fuel ECO VLGCs, nineteen ECO VLGCs, and two modern VLGCs. Its business is centered around safe, reliable, clean and trouble-free transportation for its customers. Dorian LPG has offices in Stamford, Connecticut, USA; Copenhagen, Denmark; and Athens, Greece. For more information visit www.dorianlpg.com.

Visit our website at www.dorianlpg.com. Information on the Company’s website does not constitute a part of and is not incorporated by reference into this press release.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260507685819/en/

Investor Contact Information

Ted Young

Chief Financial Officer

+1 (203) 674-9900

[email protected]

Media Contact Information

Melissa Daly

MFD Communications

[email protected]

+1 (646) 322-9192

KEYWORDS: Connecticut United States North America

INDUSTRY KEYWORDS: Maritime Energy Transport Oil/Gas

MEDIA:

May 7, 2026 6:03 am

22nd Century Group Reports First Quarter 2026 Financial Results

Continues VLN
^®
Commercial Expansion with New Stores Selling Proprietary Branded VLN
^®
Products

Expanded PMTA Portfolio and Licensing Strategy Designed to Unlock Further Retail Penetration Opportunities

MOCKSVILLE, N.C., May 07, 2026 (GLOBE NEWSWIRE) — 22nd Century Group, Inc. (Nasdaq: XXII), the only tobacco products company focused on reducing the harms of smoking through nicotine reduction, today announced results for the first quarter ended March 31, 2026, and provided an update on recent business highlights.

The Company’s proprietary reduced nicotine technology is designed to serve adult smokers who want to change their smoking habits by significantly reducing nicotine consumption. 22nd Century is focusing on smoker health and wellness by giving smokers an opportunity to control their tobacco consumption, rather than switching them to another highly addictive product like a vape or nicotine pouch.

“Following the initial Pinnacle VLN^® distribution in the fourth quarter 2025, smokers began to gravitate to and are purchasing VLN^® cigarettes in a growing number of geographies and stores,” said Larry Firestone, Chief Executive Officer of 22nd Century Group. “Having accumulated a base of state authorizations across our portfolio of brands, we continue to focus on expanding our distribution and introducing smoking consumers to our VLN^® products.

“As we capture sustained adult smoker adoption of VLN^® products, we expect to expand both our retail and category footprint. We are targeting to grow to more than 5,000 retail outlets by the end of 2026 by adding new retail partners across all classes of trade. Supporting this effort, we have significantly advanced further sales efforts with additional retail partners seeking to add VLN^® branded products to their line-ups.

“We believe we are the single commercial tobacco Company that is an ally of the FDA in their efforts to formally establish a low nicotine standard. Our technology and product roadmap is set to build out a robust portfolio of new tobacco products. These products will span multiple categories, creating a flexible and scalable platform that can accommodate evolving market preferences and continue to drive the low nicotine initiative in the regulatory environment. Our business model is set so that all current and any newly authorized combustible tobacco products in this expanded portfolio once authorized will be available for licensing, providing other tobacco companies with compliant, ready-to-market product pathways. This further reinforces 22nd Century’s position as the leader in regulatory-driven innovation within the combustible tobacco segment. This includes the development of our 100mm form factor product and the application of our proprietary low nicotine tobacco to categories such as filtered cigars, pouches and moist snuff.”

“By combining our proprietary plant biotechnology, FDA-authorized claims, expanded retail distribution, broader product categories and readily available licensing, 22nd Century intends to lead the transition away from highly addictive tobacco products and support adult smokers and tobacco users seeking meaningful change,” concluded Firestone.

First Quarter 2026 Financial Results (compared to Fourth Quarter 2025, except as noted)

All figures reported below reflect continuing operations, excluding discontinued operations related to the sale and exit of the Company’s hemp/cannabis business in late 2023, except as noted.

Net revenues increased slightly to $4.1 million from $3.5 million.
Gross profit (loss) improved to $(0.6) million, compared to $(0.8) million.
Operating expenses were $2.4 million, increased from $2.0 million.
Operating loss increased to $3.0 million, compared to $2.8 million.
Net loss was $3.3 million, compared to net loss of $2.8 million.
Adjusted EBITDA loss was $2.6 million, compared to a loss of $2.4 million.
Ended the quarter with cash and cash equivalents of $9.5 million.

2026 Corporate Priorities

22nd Century has identified the below priorities for its business activities in 2026:

Expanding VLN^® product distribution and consumer awareness.
Continuing disciplined cost management and capital allocation.
Advancing toward EBITDA breakeven as higher-margin revenues scale.
Remaining actively engaged with FDA regulators and public-health stakeholders.

The Company believes the convergence of regulatory momentum, consumer awareness, and its differentiated product portfolio creates a compelling opportunity for long-term value creation.

Recent Business Highlights

Continued to generate new retail store locations to expand market access to both VLN^® and Partner VLN^® products, as well as new natural style cigarette products.
Achieved near national level state authorizations to support expanded access to the Company’s branded products.
Continued to support Pinnacle^® VLN^® availability in now over 2,000 stores across 20 states, including in-store marketing materials and digital promotion programs to drive smoker awareness of Pinnacle^® VLN^® as an alternative to conventional nicotine cigarette products.
Leveraged the Company’s ability to supply VLN^® tobacco and manufacturing under license in discussions to expand VLN^®distribution and launch additional VLN^® partner brands, further diversifying the reduced nicotine content product category.
Continued initiatives aimed at margin expansion through mix improvement while maintaining an efficient operating cost and capital allocation profile.
Completed product prototyping and evaluations ahead of a planned PMTA authorization to introduce 100mm format VLN^® cigarettes tailored to consumer preferences in those markets.
Advanced long-term strategic initiatives to grow its unique product portfolio through the submission of multiple PMTAs across a broad range of combustible products, supporting diverse tobacco blends and components, a variety of product sizes, and multiple product formats, including filtered cigars.

First Quarter 2026 Product Line Net Revenues

Cigarette net revenues were $2.8 million, increased from $2.6 million in the fourth quarter of 2025, reflecting a strategic shift away from high volume and low priced CMO export customers and toward higher margin VLN^® products. Continued expansion of new natural style cigarette products launched in 2025 is expected to accelerate revenue and margin growth in this category.
Filtered cigar net revenues were $0.9 million compared to $0.4 million, reflecting the benefit of Company implemented repricing of customer contracts.
Distribution net revenues from other tobacco products, consisting of Pinnacle branded moist snuff and cigarillos were $0.4 million, comparable to the fourth quarter 2025.
VLN^® cigarette net revenues were $0.0 million, following large initial stocking orders in the fourth quarter of 2025, offset by customer returns and product exchanges to the new VLN^® branding. Total new branded VLN^® and partner VLN^® products shipped in the fourth quarter were approximately 8,800 cartons.

Balance Sheet

The Company reported zero long-term debt, having extinguished its remaining senior secured debt in full during 2025.
Cash and equivalents were $9.5 million at quarter end.
Inventories were $4.3 million, including reduced nicotine content tobacco leaf.

Conference Call

22nd Century will host a live webcast today at 8:00 a.m. E.T. to discuss its first quarter 2026 financial results and business highlights. The live and archived webcast will be accessible in the Events section on 22nd Century’s Investor Relations website at https://ir.xxiicentury.com/events.

Summary Financial Results
(dollars in thousands, except per share data)

	Three Months Ended
	March 31,						Change
	2026			2025			$			%
Revenues, net	$	4,105		$	5,956			(1,851	)		(31.1	)
Gross loss	$	(636	)	$	(609	)		(27	)		4.4
Operating loss	$	(3,039	)	$	(2,570	)		(469	)		18.2
Net loss from continuing operations	$	(3,019	)	$	(3,274	)		255			(7.8	)
Basic and diluted loss per common share from continuing operations	$	(5.07	)	$	(634.25	)		629.18			(99.2	)
Adjusted EBITDA (a)	$	(2,595	)	$	(2,320	)		(275	)		(11.8	)

(a) Adjusted EBITDA is a non-GAAP financial measure. Please see “Notes Regarding Non-GAAP Financial Information” for additional information regarding our use of non-GAAP financial measures. Refer to Tables A at the end of this release for reconciliations of adjusted amounts to the closest corresponding GAAP financial measures.

Summary Product Line Results

(in thousands)

	Three Months Ended
	March 31,
	2026					2025						Change
	$			Cartons		$			Cartons			$			Cartons
Contract manufacturing
Cigarettes		2,846			118		5,013			319			(2,167	)		(201	)
Filtered cigars		873			113		1,103			159			(230	)		(46	)
Other tobacco products		389			44		(5	)		–			394			44
Total contract manufacturing		4,108			275		6,111			478			(2,003	)		(203	)
VLN^®		(3	)		–		(155	)		(2	)		152			2
Total product line revenues		4,105			275		5,956			476			(1,851	)		(200	)

About 22nd Century Group, Inc.

22nd Century Group is pioneering the tobacco harm reduction movement by enabling smokers to take control of their nicotine consumption.

Our Technology is Tobacco

Our proprietary non-GMO reduced nicotine tobacco plants were developed using our patented technologies that regulate alkaloid biosynthesis activities resulting in a tobacco plant that contains 95% less nicotine than traditional tobacco plants. Our extensive patent portfolio has been developed to ensure that our high-quality tobacco can be grown commercially at scale. We continue to develop our intellectual property to ensure our ongoing leadership in the tobacco harm reduction movement.

Our Products

We created our flagship product, the VLN^® cigarette using our low nicotine tobacco, to give traditional cigarette smokers an authentic and familiar alternative in the form of a combustible cigarette that helps them take control of their nicotine consumption. VLN^® cigarettes have 95% less nicotine compared to traditional cigarettes and have been proven to allow consumers to greatly reduce their nicotine consumption.

FDA Authorization and Scientific Foundation

VLN^® low nicotine combustible cigarettes were authorized in December 2021, making them the first and still the only combustible cigarettes authorized by the U.S. Food and Drug Administration specifically to help reduce nicotine consumption.

Decades of independent clinical research and peer-reviewed studies—evaluated as part of the FDA’s Modified Risk Tobacco Product (MRTP) authorization process—demonstrated that reducing nicotine content can decrease nicotine intake, increase quit attempts, and reduce overall exposure to nicotine.

FDA-authorized VLN^® claims include:

“95% less nicotine”
“Helps reduce your nicotine consumption”
“Greatly reduces your nicotine consumption”
“Helps you smoke less”

VLN^® and Helps You Smoke Less^® are registered trademarks of 22nd Century Limited LLC.

Learn more at xxiicentury.com, on X (formerly Twitter), on LinkedIn, and on YouTube.

Learn more about VLN^® at tryvln.com.

Cautionary Note Regarding Forward-Looking Statements

Except for historical information, all of the statements, expectations, and assumptions contained in this press release are forward-looking statements, including but not limited to our full year business outlook. Forward-looking statements typically contain terms such as “anticipate,” “believe,” “consider,” “continue,” “could,” “estimate,” “expect,” “explore,” “foresee,” “goal,” “guidance,” “intend,” “likely,” “may,” “plan,” “potential,” “predict,” “preliminary,” “probable,” “project,” “promising,” “seek,” “should,” “will,” “would,” and similar expressions. Forward-looking statements include, but are not limited to, statements regarding (i) our cost reduction initiatives, (ii) our expectations regarding regulatory enforcement, including our ability to receive an exemption from new regulations, and (iii) our financial and operating performance. Actual results might differ materially from those explicit or implicit in forward-looking statements. Important factors that could cause actual results to differ materially are set forth in “Risk Factors” in the Company’s Annual Report on Form 10-K filed on March 26, 2026. All information provided in this release is as of the date hereof, and the Company assumes no obligation to and does not intend to update these forward-looking statements, except as required by law.

Notes regarding Non-GAAP Financial Information

In addition to the Company’s reported results in accordance with generally accepted accounting principles in the United States of America (“GAAP”), the Company provides EBITDA and Adjusted EBITDA.

In order to calculate EBITDA, the Company adjusts net (loss) income by adding back interest expense (income), provision (benefit) for income taxes, and depreciation and amortization expense. Adjusted EBITDA consists of EBITDA adjusted by the Company for certain non-cash and/or non-operating expenses, including adding back equity-based employee compensation expense, restructuring and restructuring-related charges such as impairment, acquisition and transaction costs, and other unusual or infrequently occurring items, if applicable, such as inventory reserves and adjustments, gains or losses on disposal of property, plant and equipment, and gains or losses on investments.

The Company believes that the presentation of EBITDA and Adjusted EBITDA are important financial measures that supplement discussion and analysis of its financial condition and results of operations and enhances an understanding of its operating performance. While management considers EBITDA and Adjusted EBITDA to be important, these financial performance measures should be considered in addition to, but not as a substitute for or superior to, other measures of financial performance prepared in accordance with GAAP, such as operating (loss) income, net (loss) income and cash flows from operations. Adjusted EBITDA is susceptible to varying calculations and the Company’s measurement of Adjusted EBITDA may not be comparable to those of other companies.

Investor Relations & Media Contact

Matt Kreps
Investor Relations
22nd Century Group
[email protected]
214-597-8200

22nd CENTURY GROUP, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

(amounts in thousands, except share and per-share data)

	March 31,			December 31,
	2026			2025
ASSETS
Current assets:
Cash and cash equivalents	$	9,545		$	7,149
Accounts receivable, net		4,779			3,594
Inventories		4,346			4,326
Prepaid expenses and other current assets		2,400			2,562
Total current assets		21,070			17,631
Property, plant and equipment, net		2,366			2,440
Operating lease right-of-use assets, net		688			728
Intangible assets, net		6,137			6,224
Other assets		49			—
Total assets	$	30,310		$	27,023

LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS’ EQUITY
Current liabilities:
Notes and loans payable-current	$	113		$	204
Operating lease obligations		172			168
Accounts payable		1,025			1,000
Accrued expenses and other current liabilities		1,135			836
Accrued excise taxes and fees		3,525			3,343
Contract liabilities		1,936			1,721
Total current liabilities		7,906			7,272
Long-term liabilities:
Notes and loans payable		475			504
Operating lease obligations		556			601
Other long-term liabilities		155			154
Total liabilities		9,092			8,531


Mezzanine equity:
Series A convertible preferred shares, $0.00001 par value; 10,000,000 shares authorized, 0 shares issued and outstanding at March 31, 2026 and 9,650 at December 31, 2025, respectively		—			2,734
Total mezzanine equity		—			2,734

Shareholders’ equity:
Series B convertible preferred shares, $0.00001 par value; 10,000,000 shares authorized, 15,770 shares issued and outstanding at March 31, 2026 and 0 at December 31, 2025, respectively		—			—
Common stock, $.00001 par value, 500,000,000 shares authorized, 769,788 shares issued and outstanding at March 31, 2026 and 510,384 at December 31, 2025, respectively		—			—
Capital in excess of par value		423,404			414,683
Accumulated deficit		(402,186	)		(398,925	)
Total shareholders’ equity		21,218			15,758
Total liabilities, mezzanine equity and shareholders’ equity	$	30,310		$	27,023

22nd CENTURY GROUP, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

(Unaudited)

(amounts in thousands, except share and per-share data)

	Three Months Ended
	March 31,
	2026				2025
Revenues, net	$	4,105			$	5,956
Cost of goods sold		1,925				2,884
Excise taxes and fees on products		2,816				3,681
Gross loss		(636		)		(609	)
Operating expenses:
Sales, general and administrative		2,118				1,799
Research and development		285				162
Total operating expenses		2,403				1,961
Operating loss from continuing operations		(3,039		)		(2,570	)
Other income (expense):
Other expense		—				(162	)
Interest income		31				16
Interest expense		(11		)		(558	)
Total other income (expense), net		20				(704	)
Loss from continuing operations before income taxes		(3,019		)		(3,274	)
(Benefit) provision for income taxes		—				—
Net loss from continuing operations	$	(3,019		)	$	(3,274	)

Discontinued operations:
Loss from discontinued operations before income taxes	$	(242		)	$	(1,054	)
Provision for income taxes		—				—
Net loss from discontinued operations	$	(242		)	$	(1,054	)

Net loss	$	(3,261		)	$	(4,328	)
Comprehensive loss	$	(3,261		)	$	(4,328	)

Net loss	$	(3,261		)	$	(4,328	)
Deemed dividends		(589	)			—
Dividend for redemption of Series A Convertible Preferred Stock		(6,916		)		—
Net loss available to common shareholders	$	(10,766		)	$	(4,328	)

Basic and diluted loss per share:
Basic and diluted loss per common share from continuing operations	$	(5.07		)	$	(634.25	)
Basic and diluted loss per common share from discontinued operations	$	(0.41		)	$	(204.18	)
Basic and diluted loss available to common shareholders per common share	$	(18.08		)	$	(838.43	)

Weighted average shares outstanding – basic and diluted		595,344				5,162

Table A – Reconciliations of Non-GAAP Measures

(dollars in thousands, except share and per-share data)

Below is a table containing information relating to the Company’s Net loss, EBITDA and Adjusted EBITDA for the three months ended March 31, 2026 and 2025, including a reconciliation of these Non-GAAP measures for such periods.

	Year Ended
	March 31,
	Amounts in thousands ($000’s)
	except share and per share data
	(UNAUDITED)
							$ Change
	2026			2025			fav / (unfav) ¹
Net loss from continuing operations	$	(3,019	)	$	(3,274	)	$	255
Interest (income)/expense, net		(20	)		542			(562	)
Provision (benefit) for income taxes		—			—			—
Amortization and depreciation		206			224			(18	)
EBITDA	$	(2,833	)	$	(2,508	)	$	(325	)
Adjustments:
Change in fair value of warrant liabilities		—			162			(162	)
Equity-based employee compensation expense		238			26			212
Adjusted EBITDA	$	(2,595	)	$	(2,320	)	$	(275	)

Adjusted EBITDA loss per common share	$	(4.36	)	$	(449.48	)	$	445.11
Weighted average common shares outstanding – basic and diluted		595,344			5,162

¹Fav = Favorable variance, which increases EBITDA and Adjusted EBITDA; Unfav = unfavorable variance, which reduces EBITDA and Adjusted EBITDA

May 7, 2026 6:03 am

Hercules Capital Announces Date of 2026 Annual Meeting of Stockholders

Hercules Capital Announces Date of 2026 Annual Meeting of Stockholders

SAN MATEO, Calif.–(BUSINESS WIRE)–Hercules Capital, Inc. (NYSE: HTGC) (“Hercules,” “Hercules Capital,” or the “Company”), will conduct its 2026 Annual Meeting of Stockholders by virtual meeting on Thursday, June 18, 2026 at 9:00 a.m. (Eastern Time). The proxy statement for the meeting was filed on April 23, 2026 and mailed to stockholders of record as of April 9, 2026.

2026 Annual Meeting of Stockholders

June 18, 2026 at 9:00 a.m. Eastern Time

Virtual Meeting via Internet: http://www.virtualshareholdermeeting.com/HTGC2026

Matters to be voted on include: 1) election of an independent director, 2) an advisory vote to approve the Company’s named executive officer compensation, 3) an advisory vote on the frequency of the advisory vote to approve the Company’s named executive officer compensation, 4) approval of the amendment and restatement of the Hercules Capital, Inc. Amended and Restated 2018 Equity Incentive Plan, 5) approval of the amendment and restatement of the Hercules Capital, Inc. 2018 Non-Employee Director Plan, and 6) ratification of the appointment of PricewaterhouseCoopers LLP as the Company’s independent registered public accounting firm for the year ending December 31, 2026.

About Hercules Capital, Inc.

Hercules Capital, Inc. (NYSE: HTGC) is the leading and largest specialty finance company focused on providing senior secured venture growth loans to high-growth, innovative venture capital-backed companies in a broad variety of technology and life sciences industries. Since inception (December 2003), Hercules has committed more than $27 billion to over 700 companies and is the lender of choice for entrepreneurs and venture capital firms seeking growth capital financing. Companies interested in learning more about financing opportunities should contact [email protected] or call 650.289.3060.

Hercules, through its wholly owned subsidiary business, Hercules Adviser LLC (the “Adviser Subsidiary”), also maintains an asset management business through which it manages investments for external parties (“Adviser Funds”). The Adviser Subsidiary is registered as an investment adviser under the Investment Advisers Act of 1940.

Hercules’ common stock trades on the New York Stock Exchange (NYSE) under the ticker symbol “HTGC.” In addition, Hercules has one retail bond issuance of 6.25% Notes due 2033 (NYSE: HCXY).

Additional Information

This communication may be deemed solicitation material in respect of the proposals described above (the “proposals”). In connection with the proposals, the Company has filed, and intends to file, relevant materials with the Securities and Exchange Commission (the “SEC”). Promptly after filing its definitive proxy statements with the SEC, the Company will mail the definitive proxy statements and proxy cards to each stockholder entitled to vote at the stockholder meetings relating to such matters. STOCKHOLDERS OF THE COMPANY ARE URGED TO READ THESE MATERIALS (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO), AND ANY OTHER RELEVANT DOCUMENTS THAT THE COMPANY WILL FILE WITH THE SEC WHEN THEY BECOME AVAILABLE, BECAUSE THESE MATERIALS WILL CONTAIN IMPORTANT INFORMATION ABOUT THE COMPANY AND THE PROPOSALS. The preliminary proxy statement, the definitive proxy statements and other relevant materials (when they become available), and any other documents filed by the Company with the SEC, may be obtained free of charge at the SEC’s website (http://www.sec.gov), at the Company’s website (http://www.htgc.com), or by writing to Hercules Capital, Inc. c/o Kiersten Zaza Botelho, Secretary, 31 St. James Avenue, Suite 1005, Boston, Massachusetts, 02116 (telephone number 617-314-9973).

The Company and its directors and officers may be deemed to be participants in the solicitation of proxies from the Company’s stockholders with respect to the proposals. Information about the Company’s directors and officers, as well as the identity of other potential participants, and their respective direct or indirect interests in such matters, by security holdings or otherwise, are set forth in the preliminary proxy statement and will be set forth in the definitive proxy statements and other materials to be filed with the SEC.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260507648962/en/

Michael Hara

Investor Relations and Corporate Communications

Hercules Capital, Inc.

650-433-5578

[email protected]

KEYWORDS: California United States North America

INDUSTRY KEYWORDS: Professional Services Finance

MEDIA:

Logo

May 7, 2026 6:03 am

Radware Reports First Quarter 2026 Financial Results

First

Quarter

2026

Financial

Results and Highlights

R
evenue
of $
79.8
million
,
a
n in
crease of
1
1
%
year
–
over
–
year
C
loud
ARR
of
$
98
million
,
an increase of
2
3
% year
-over-year
N
on-GAAP
dilute
d
EPS
from continuing operation
s
of $0
.3
0
;
GAAP
diluted
EPS
from continuing operation
s
of
$
0.
1
4
Cash flow
provided by continuing
operations
of
$19.9 million dollars

TEL AVIV, Israel, May 07, 2026 (GLOBE NEWSWIRE) — Radware® (NASDAQ: RDWR), a global leader in application security and delivery solutions for multi-cloud environments, today announced its consolidated financial results for the first quarter ended March 31, 2026.

“We delivered a strong start to 2026, marked by solid execution across the business and sustained double-digit revenue growth,” said Roy Zisapel, president and CEO of Radware. “Growth in the quarter was led by our cloud security business supported by strong momentum in our new API Protection, while our on-prem DDoS protection portfolio, led by DefensePro X, performed exceptionally well. We also saw outstanding execution in North America, reflecting the strength of our go-to-market strategy. These results demonstrate the progress we are making in executing our strategy as we scale our platform and capitalize on the growing opportunities in cloud and API security.”

Financial

Highlights

for the

First

Q

uarter

2026

Revenue for the first quarter of 2026 totaled $79.8 million:

Revenue in the Americas region was $38.4 million for the first quarter of 2026, an increase of 40% from $27.4 million in the first quarter of 2025.
Revenue in the Europe, Middle East, and Africa (“EMEA”) region was $25.1 million for the first quarter of 2026, a decrease of 11% from $28.3 million in the first quarter of 2025.
Revenue in the Asia-Pacific (“APAC”) region was $16.3 million for the first quarter of 2026, the same as in the first quarter of 2025.

GAAP net income from continuing operations for the first quarter of 2026 was $6.1 million, or $0.14 per diluted share, compared to GAAP net income from continuing operations of $6.6 million, or $0.15 per diluted share, for the first quarter of 2025.

Non-GAAP net income from continuing operations for the first quarter of 2026 was $13.4 million, or $0.30 per diluted share, compared to non-GAAP net income from continuing operations of $13.6 million, or $0.31 per diluted share, for the first quarter of 2025.

The appreciation of the Israeli shekel against the U.S. dollar had an adverse impact on expenses during the first quarter. Excluding the effect of foreign exchange movements compared to last year, non-GAAP net income and non-GAAP diluted EPS would have been $15.6 million and $0.35 respectively, compared to non-GAAP net income of $13.6 million, or $0.31 per diluted share, for the first quarter of 2025.

As of March 31, 2026, the Company had cash, cash equivalents, short-term and long-term bank deposits, and marketable securities of $433.8 million. Cash flow provided by continuing operations was $19.9 million in the first quarter of 2026.

Non-GAAP results are calculated excluding, as applicable, the impact of stock-based compensation expenses, amortization of intangible assets, litigation costs, acquisition costs, restructuring costs, exchange rate differences, net on balance sheet items included in financial income, net, and tax-related adjustments. A reconciliation of each of the Company’s non-GAAP measures to the most directly comparable GAAP measure is included at the end of this press release.

As announced last quarter, the results of our subsidiary, SkyHawk, have been classified as discontinued operations effective the first quarter of 2026 and are presented accordingly. As a result, all financial results discussed today relate solely to continuing operations. In connection with this change, the previously reported Hawks segment will no longer be presented separately. Comparative prior-year figures have been adjusted to align with this presentation and ensure consistency.

Conference Call

Radware management will host a call today, May 7, 2026, at 8:30 a.m. ET to discuss its first quarter 2026 results and second quarter 2026 outlook. To participate in the call, please use the following the following link: Q1 2026 earnings call registration link.

A replay of the call will be available within approximately 24 hours of the live event on the Investors section of Radware’s website at: https://www.radware.com/ir/financial-reports/.

Use

of Non-GAAP Financial Information

and Key Performance Indicators

In addition to reporting financial results in accordance with generally accepted accounting principles (GAAP), Radware uses non-GAAP measures of gross profit, research and development expense,
selling
and marketing expense, general and administrative expense, total operating expenses, operating income, financial income,
net,
income before taxes on income,
taxes on income,
net income and
diluted
earnings per share, which are adjustments from results based on GAAP to exclude
, as applicable,
stock-based compensation expenses, amortization of intangible assets, litigation costs,
acquisition costs,
restructuring costs,
exchange rate differences, net on balance sheet items included in financ
ial
income
, net,
and tax
–
related
adjustment
s
. Management believes that exclusion of these charges allows for meaningful comparisons of operating results across past, present
,
and future periods. Radware’s management believes the non-GAAP financial measures provided in this release are useful to investors for the purpose of understanding and assessing Radware’s ongoing operations. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for results prepared in accordance with GAAP. A reconciliation of each non-GAAP financial measure to the most directly comparable GAAP financial
measure
is included with the financial information contained in this press release. Management uses both GAAP and non-GAAP financial measures in evaluating and operating the business and, as such, has determined that it is important to provide this information to investors.

Annual recurring revenue (“ARR”) is a key performance indicator defined as the annualized value of booked orders for term-based cloud services, subscription licenses
,
and maintenance contracts that are in effect at the end of a reporting period. ARR should be viewed independently of revenue and deferred revenue and is not intended to be combined with or to replace either of those items. ARR is not a forecast of future revenue, which can be impacted by contract start and end dates and renewal
rates and
does not include revenue reported as perpetual license or professional services revenue in our consolidated statement of operations. We consider ARR a
key performance indicator
of the value of the recurring components of our business
.

Safe Harbor Statement

This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and other U.S. securities laws. Any forward-looking statements made herein that are not statements of historical fact, including statements about Radware’s plans, objectives, expectations, beliefs, projections, future financial performance, business strategies,
market opportunities, and developments in our industry, are forward-looking statements. In some cases, forward-looking statements can be identified by words such as “believe,” “expect,” “anticipate,” “intend,” “estimate,” “plan,” “project,” “forecast,” “target,” and similar expressions, as well as future or conditional verbs such as “will,” “should,” “would,” “may,” and “could.”

Because such statements deal with future events, they are subject to various risks and uncertainties that could cause actual results to differ materially from those expressed or implied in such forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to: the impact of global market and economic conditions; our dependence on independent distributors; disruptions in our supply chain, including shortages of components or manufacturing capacity; our reliance on a limited number of vendors; our ability to attract, train and retain qualified personnel; intense competition in the cybersecurity and application delivery markets; our ability to develop new solutions and enhance existing solutions; risks related to defects, vulnerabilities or failures in our products or services, including cybersecurity incidents affecting our systems or those of our customers; risks associated with the use of artificial intelligence technologies, including evolving regulatory frameworks, litigation exposure and reputational considerations; risks related to our information technology systems, including failures, disruptions or security breaches; outages, interruptions, or delays in hosting or cloud-based services; risks related to the interoperability of our products; risks associated with our global operations; and geopolitical risks, including instability in the Middle East and Israel.

These factors are not exhaustive. For a more detailed description of the risks and uncertainties affecting Radware, please refer to Radware’s Annual Report on Form 20-F and other reports filed with or furnished to the Securities and Exchange Commission (SEC) from time to time.

Forward-looking statements speak only as of the date on which they are made, and, except as required by applicable law, Radware undertakes no obligation to update or revise any forward-looking statements to reflect events or circumstances after the date of such statements. Radware’s public filings are available from the SEC’s website at www.sec.gov or on Radware’s website at

www.radware.com

.

About Radware

Radware® (NASDAQ: RDWR) is a global leader in application security and delivery solutions for multi-cloud environments. The company’s cloud application, infrastructure, API, and AI security solutions use AI-driven algorithms for precise, behavior-based, real-time protection against sophisticated web, application, and DDoS attacks, API abuse, business logic threats, and malicious bots. Radware delivers end-to-end API security, including discovery, posture management, testing, and runtime protection, along with advanced protection for AI agents and models. Enterprises and carriers worldwide rely on Radware to address evolving cyberthreats, protect their brands and business operations, and reduce costs. For more information, please visit the Radware website.

Radware encourages you to join our community and follow us on Facebook, LinkedIn, Radware Blog, X, and YouTube.

©2026 Radware Ltd. All rights reserved. Any Radware products and solutions mentioned in this press release are protected by trademarks, patents, and pending patent applications of Radware in the U.S. and other countries. For more details, please see: https://www.radware.com/LegalNotice/. All other trademarks and names are property of their respective owners.

Radware believes the information in this document is accurate in all material respects as of its publication date. However, the information is provided without any express, statutory, or implied warranties and is subject to change without notice.

The contents of any website or hyperlinks mentioned in this press release are for informational purposes and the contents thereof are not part of this press release.

CONTACTS

Investor Relations:

Yisca Erez, +972-72-3917211, [email protected]

Media Contact:

Gina Sorice, [email protected]

Radware Ltd.
Condensed Consolidated Balance Sheets
(U.S. Dollars in thousands)

	March 31,		December 31,
	2026		2025
	(Unaudited)		(Unaudited)
Assets

Current assets
Cash and cash equivalents	108,812		102,748
Marketable securities	15,550		15,900
Short-term bank deposits	127,447		129,961
Trade receivables, net	31,935		34,604
Other receivables and prepaid expenses	11,132		10,639
Inventories	13,130		13,220
Current assets held for sale	7,056		9,435
	315,062		316,507

Long-term investments
Marketable securities	72,006		71,398
Long-term bank deposits	110,004		131,922
Other assets	2,935		2,830
	184,945		206,150


Property and equipment, net	17,178		16,387
Goodwill and intangible assets, net	78,502		72,159
Other long-term assets	42,165		40,641
Operating lease right-of-use assets	14,999		15,456
Long-term assets held for sale	3,599		3,865
Total assets	656,450		671,165

Liabilities and equity

Current liabilities
Trade payables	6,499		7,231
Deferred revenues	121,506		111,917
Operating lease liabilities	4,817		4,862
Other payables and accrued expenses	63,312		67,948
Current liabilities held for sale	2,158		2,325
	198,292		194,283

Long-term liabilities
Deferred revenues	70,785		65,764
Operating lease liabilities	11,549		11,970
Other long-term liabilities	7,583		8,464
Long-term liabilities held for sale	20		–
	89,937		86,198

Equity
Radware Ltd. equity
Share capital	772		770
Additional paid-in capital	584,160		578,652
Accumulated other comprehensive income (loss)	(166	)	1,393
Treasury stock, at cost	(407,599	)	(377,561	)
Retained earnings	149,651		146,107
Total Radware Ltd. shareholder’s equity	326,818		349,361

Non–controlling interest	41,403		41,323

Total equity	368,221		390,684

Total liabilities and equity	656,450		671,165

Radware Ltd.
Condensed Consolidated Statements of Income
(U.S Dollars in thousands, except share and per share data)

	For the three months ended
	March 31,
	2026		2025
	(Unaudited)		(Unaudited)

Revenues	79,813		72,022
Cost of revenues	15,112		13,562
Gross profit	64,701		58,460

Operating expenses, net:
Research and development, net	21,103		17,552
Selling and marketing	32,592		30,640
General and administrative	6,488		6,232
Total operating expenses, net	60,183		54,424

Operating income	4,518		4,036
Financial income, net	3,772		4,662
Income before taxes on income from continuing operations	8,290		8,698
Taxes on income	2,169		2,100
Net income from continuing operations	6,121		6,598
Loss from discontinued operations	(2,577	)	(2,254	)
Net income	3,544		4,344


Basic net income per share attributed to Radware Ltd.’s shareholders:
Continuing operations	0.14		0.15
Discontinued operations	(0.06	)	(0.05	)
Total basic net income per share attributed to Radware Ltd.’s shareholders	0.08		0.10

Weighted average number of shares used to compute basic net income per share	42,794,944		42,663,787

Diluted net income per share attributed to Radware Ltd.’s shareholders:
Continuing operations	0.14		0.15
Discontinued operations	(0.06	)	(0.05	)
Total diluted net income per share attributed to Radware Ltd.’s shareholders	0.08		0.10

Weighted average number of shares used to compute diluted net income per share	44,497,774		44,192,474

	Radware Ltd.
	Reconciliation of GAAP to Non-GAAP Financial Information
	(U.S Dollars in thousands, except share and per share data)

		For the three months ended
		March 31,
		2026		2025
		(Unaudited)		(Unaudited)
GAAP gross profit		64,701		58,460
	Share-based compensation	166		120
	Amortization of intangible assets	732		733
Non-GAAP gross profit		65,599		59,313

GAAP research and development, net		21,103		17,552
	Share-based compensation	1,688		1,135
Non-GAAP research and development, net		19,415		16,417

GAAP selling and marketing		32,592		30,640
	Share-based compensation	2,652		3,053
Non-GAAP selling and marketing		29,940		27,587

GAAP general and administrative		6,488		6,232
	Share-based compensation	1,002		1,371
	Acquisition costs	289		153
Non-GAAP general and administrative		5,197		4,708

GAAP total operating expenses, net		60,183		54,424
	Share-based compensation	5,342		5,559
	Acquisition costs	289		153
Non-GAAP total operating expenses, net		54,552		48,712

GAAP operating income		4,518		4,036
	Share-based compensation	5,508		5,679
	Amortization of intangible assets	732		733
	Acquisition costs	289		153
Non-GAAP operating income		11,047		10,601

GAAP financial income, net		3,772		4,662
	Exchange rate differences, net on balance sheet items included in financial income, net	774		509
Non-GAAP financial income, net		4,546		5,171

GAAP income before taxes on income from continuing operations		8,290		8,698
	Share-based compensation	5,508		5,679
	Amortization of intangible assets	732		733
	Acquisition costs	289		153
	Exchange rate differences, net on balance sheet items included in financial income, net	774		509
Non-GAAP income before taxes on income from continuing operations		15,593		15,772

GAAP taxes on income		2,169		2,100
	Tax related adjustments	62		62
Non-GAAP taxes on income		2,231		2,162

GAAP net income from continuing operations		6,121		6,598
	Share-based compensation	5,508		5,679
	Amortization of intangible assets	732		733
	Acquisition costs	289		153
	Exchange rate differences, net on balance sheet items included in financial income, net	774		509
	Tax related adjustments	(62	)	(62	)
Non-GAAP net income from continuing operations		13,362		13,610

Non-GAAP loss from discontinued operations		2,294		1,793

Non-GAAP net income		11,068		11,817

GAAP diluted net income per share from continuing operations		0.14		0.15
	Share-based compensation	0.12		0.13
	Amortization of intangible assets	0.01		0.02
	Acquisition costs	0.01		0.00
	Exchange rate differences, net on balance sheet items included in financial income, net	0.02		0.01
	Tax related adjustments	(0.00	)	(0.00	)
Non-GAAP diluted net earnings per share from continuing operations		0.30		0.31

Non-GAAP diluted net loss per share from discontinued operations		(0.05	)	(0.04	)

Non-GAAP diluted net earnings per share		0.25		0.27

Weighted average number of shares used to compute non-GAAP diluted net earnings per share		44,497,774		44,192,474

Radware Ltd.
Condensed Consolidated Statements of Cash Flow
(U.S. Dollars in thousands)

	For the three months ended
	March 31,
	2026		2025
	(Unaudited)		(Unaudited)
Cash flow from operating activities:

Net income	3,544		4,344
Loss from discontinued operations activities	2,577		2,254
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	2,594		2,882
Share-based compensation	5,508		5,679
Amortization of premium, accretion of discounts and accrued interest on marketable securities, net	25		(161	)
Decrease in accrued interest on bank deposits	(468	)	(1,601	)
Increase (decrease) in accrued severance pay, net	(287	)	61
Decrease (increase) in trade receivables, net	2,669		(8,186	)
Increase in other receivables and prepaid expenses and other long-term assets	(3,076	)	(160	)
Decrease in inventories	90		519
Decrease in trade payables	(732	)	(1,840	)
Increase in deferred revenues	14,610		17,732
Increase (decrease) in other payables and accrued expenses	(7,119	)	3,281
Operating lease liabilities, net	(9	)	(228	)
Net cash provided by operating activities – continuing operations	19,926		24,576
Net cash used in operating activities – discontinued operations	(2,286	)	(2,134	)
Net cash provided by operating activities	17,640		22,442

Cash flows from investing activities:

Purchase of property and equipment	(2,653	)	(1,111	)
Proceeds from other long-term assets, net	16		109
Proceeds from (investment in) bank deposits, net	24,900		(27,112	)
Investment in, redemption of and purchase of marketable securities, net	(798	)	16,194
Acquisition of subsidiary, net of cash acquired	(5,938	)	–
Proceeds from other deposits	–		5,000
Net cash provided by (used in) investing activities – continuing operations	15,527		(6,920	)
Net cash provided by (used in) investing activities – discontinued operations	3,001		(1	)
Net cash provided by (used in) investing activities	18,528		(6,921	)

Cash flows from financing activities:

Proceeds from exercise of share options	3		1
Repurchase of shares	(29,392	)	–
Net cash provided by (used in) financing activities – continuing operations	(29,389	)	1
Net cash provided by financing activities – discontinued operations	–		3
Net cash provided by (used in) financing activities	(29,389	)	4

Increase in cash and cash equivalents	6,779		15,525
Cash and cash equivalents at the beginning of the period	105,078		98,714
Cash and cash equivalents at the end of the period	111,857		114,239
Less cash and cash equivalents of discontinued operations	(3,045	)	(741	)
Cash and cash equivalents at the end of the period – continuing operations	108,812		113,498

	Radware Ltd.
	RECONCILIATION OF GAAP NET INCOME TO EBITDA AND ADJUSTED EBITDA (NON-GAAP)
	(U.S Dollars in thousands)

		For the three months ended
		March 31,
		2026		2025
		(Unaudited)		(Unaudited)
GAAP net income for continuing operations		6,121		6,598
	Exclude: Financial income, net	(3,772	)	(4,662	)
	Exclude: Depreciation and amortization expense	2,594		2,882
	Exclude: Taxes on income	2,169		2,100
EBITDA		7,112		6,918

	Share-based compensation	5,508		5,679
	Acquisition costs	289		153
Adjusted EBITDA for continuing operations		12,909		12,750


		For the three months ended
		March 31,
		2026		2025
	Amortization of intangible assets	732		733
	Depreciation	1,862		2,149
		2,594		2,882

May 7, 2026 6:03 am

Lincoln Financial Reports 2026 First Quarter Results

Lincoln Financial Reports 2026 First Quarter Results

RADNOR, Pa.–(BUSINESS WIRE)–
Lincoln Financial (NYSE: LNC) today reported financial results for the first quarter ended March 31, 2026.

Sustained progress against strategic and financial objectives drove solid first quarter performance.
First quarter net loss available to common stockholders was $(211) million, or $(1.10) per diluted share.
First quarter adjusted operating income available to common stockholders was $326 million, or $1.66 per diluted share.
- The difference between net income and adjusted operating income was primarily attributable to the non-economic impact of changes in market risk benefits.
Holding company available liquidity increased to $805 million, net of prefunding amounts.

“Our first quarter results reflect continued disciplined execution and consistent, meaningful progress against our strategic priorities,” said Ellen Cooper, Chairman, President and CEO of Lincoln Financial. “Group Protection delivered record first quarter earnings, while Life Insurance and Retirement Plan Services generated strong earnings growth. In Annuities, we achieved another quarter of diversification in new business with a more balanced mix and less market sensitivity.

“The cumulative impact of the actions we’ve taken — strengthening our capital foundation, optimizing our operating model, and diversifying our business mix — are translating into a more resilient, higher-quality earnings profile. We remain focused on advancing these priorities to further build on this trajectory and create sustainable, long-term value for shareholders.”

Business Highlights

Our 2026 first quarter performance represents sustained, company-wide progress against our strategic and financial objectives.

Retail Solutions

Annuities delivered operating income of $275 million, down 5% compared to the prior-year quarter, driven by the impact of the previously disclosed net investment income allocation refinement and unfavorable tax-related items. Adjusting for these items, operating income was up 1%, driven by favorable equity markets and growth in spread income, offset by variable annuity outflows. Annuities recorded $169 billion in ending account balances, net of reinsurance, and sales of $3.9 billion, up 4% year over year. Spread-based products accounted for approximately two-thirds of total sales in the quarter, reflecting our continued strategic shift towards spread-based business.
Life Insurance delivered operating income of $41 million, a $57 million increase from the prior-year quarter, driven by strong alternative investment income and the impact of the fourth quarter 2025 captive consolidation. Annualized consolidated alternative investment income returns were approximately 12.3%, which is more than 2% higher than our annual target. Total sales were $129 million, up 33% compared to the prior-year quarter, reflecting sales growth across all product lines, most notably in Executive Benefits.

Workplace Solutions

Group Protection delivered operating income of $112 million, compared to $101 million in the prior-year quarter, driven by favorable life experience. Premiums were 2% higher year over year, as strong sales over the prior twelve months were partially offset by a large case lapse. Adjusting for the large case lapse, premiums were up 3.4% compared to the first quarter of 2025. Sales of $150 million were 4% lower year over year and demonstrated a disciplined approach to balanced growth in the segment.
Retirement Plan Services reported operating income of $43 million in the quarter, up 26% year over year, driven by spread expansion and favorable equity markets, partially offset by trailing-twelve-month outflows. Net outflows were $0.2 billion, compared to $2.2 billion in the prior-year quarter. Total deposits were $4.1 billion in the quarter, up 1% over the prior-year quarter, with first-year sales of $1.1 billion, up 3% year over year.

Earnings Summary

(in millions, except per share data)	For the Three Months Ended
	3/31/25			3/31/26
Net income (loss)	$	(722	)	$	(172	)
Net income (loss) available to common stockholders — diluted		(756	)		(211	)
Net income (loss) per diluted share available to common stockholders	$	(4.41	)	$	(1.10	)
Adjusted income (loss) from operations		314			360
Adjusted income (loss) from operations available to common stockholders		280			326
Adjusted income (loss) from operations per diluted share available to common stockholders	$	1.60		$	1.66

Reconciliation of Net Income (Loss) to Adjusted Income (Loss) from Operations⁽¹⁾

(in millions)	For the Three Months Ended
	3/31/25			3/31/26
Net income (loss) available to common stockholders — diluted	$	(756	)	$	(211	)
Less:
Preferred stock dividends declared		(34	)		(34	)
Adjustment for deferred units of LNC stock in our deferred compensation plans		—			(5	)
Net income (loss)		(722	)		(172	)
Less:
Net annuity product features, pre-tax⁽¹⁾		(1,092	)		(695	)
Net life insurance product features, pre-tax		42			22
Credit loss-related adjustments, pre-tax		(28	)		(20	)
Investment gains (losses), pre-tax		(103	)		(42	)
Changes in the fair value of reinsurance-related embedded derivatives, trading securities and certain mortgage loans, pre-tax⁽¹⁾		(90	)		179
Gains (losses) on other non-financial assets, pre-tax		—			(6	)
Other items, pre-tax⁽¹⁾		(35	)		(111	)
Income tax benefit (expense) related to the above pre-tax items		270			141
Adjusted income (loss) from operations	$	314		$	360
Adjusted income (loss) from operations available to common stockholders	$	280		$	326

⁽¹⁾ Refer to the full reconciliation at the back of this release for footnotes.

Variable Investment Income

Alternative Investment Income, after-tax⁽¹⁾	For the Three Months Ended
(in millions)	3/31/25		6/30/25		9/30/25		12/31/25		3/31/26
Annuities	$	2	$	3	$	2	$	3	$	3
Life Insurance		55		74		75		90		95
Group Protection		1		1		2		2		2
Retirement Plan Services		1		2		1		3		2
Other Operations		—		—		—		—		—
Consolidated	$	59	$	80	$	80	$	98	$	102

⁽¹⁾ Excludes alternative investment income on investments supporting our modified coinsurance and coinsurance with funds withheld agreements as we have limited economic interest in those investments.

Prepayment Income, after-tax	For the Three Months Ended
(in millions)	3/31/25		6/30/25		9/30/25		12/31/25		3/31/26
Annuities	$	—	$	3	$	3	$	5	$	1
Life Insurance		1		—		1		1		2
Group Protection		—		1		—		—		1
Retirement Plan Services		—		—		1		1		—
Other Operations		—		—		—		—		—
Consolidated	$	1	$	4	$	5	$	7	$	4

Items Impacting Segment and Other Operations Results

	For the Three Months Ended March 31, 2026
(in millions, after-tax)	Annuities			Life Insurance		Group Protection		Retirement Plan Services		Other Operations
Alternative investment income compared to return target⁽¹⁾	$	—		$	19	$	—	$	—	$	—
Prepayment income⁽²⁾		1			2		1		—		—
Annual assumption review		—			—		—		—		—
Tax items⁽³⁾		(7	)		—		—		—		—
Other		—			—		—		—		—
Total impact	$	(6	)	$	21	$	1	$	—	$	—

	For the Three Months Ended March 31, 2025
(in millions, after-tax)	Annuities			Life Insurance			Group Protection		Retirement Plan Services			Other Operations
Alternative investment income compared to return target⁽¹⁾	$	(1	)	$	(16	)	$	—	$	(1	)	$	—
Prepayment income⁽²⁾		—			1			—		—			—
Annual assumption review		—			—			—		—			—
Tax items		—			—			—		—			—
Other		—			—			—		—			—
Total impact	$	(1	)	$	(15	)	$	—	$	(1	)	$	—

⁽¹⁾Alternative investment income comparison to return target assumes a 10% annual return on the alternative investment portfolio.
⁽²⁾ Prepayment income is actual income reported in the quarter.
⁽³⁾Tax-related items including dividends-received deduction and foreign tax credit true-ups.

Capital and Liquidity

	As of or For the Three Months Ended
(in millions, except percent and per share data)	3/31/25		6/30/25		9/30/25		12/31/25		3/31/26
Holding company available liquidity⁽¹⁾	$	466	$	466	$	461	$	1,055	$	1,205
Holding company available liquidity, net of prefunding	$	466	$	466	$	461	$	655	$	805
RBC ratio⁽²⁾	>420%		>420%		>420%		>420%		>420%
Book value per share (BVPS), including AOCI	$	41.96	$	44.91	$	49.56	$	51.88	$	47.87
Book value per share, excluding AOCI⁽³⁾	$	67.04	$	67.95	$	69.66	$	73.10	$	71.06
Adjusted book value per share⁽³⁾	$	73.19	$	72.77	$	74.23	$	76.33	$	77.77

⁽¹⁾ Holding company available liquidity presented as of 12/31/25 and 3/31/26 includes the $400 million prefunding of a 2026 maturity.
⁽²⁾ The RBC ratio is calculated annually as of December 31, but is reported in the March statutory reporting, and as such, the quarterly ratios presented for 3/31/25, 6/30/25, 9/30/25 and 3/31/26 are considered estimates based on information known at the time of reporting.
⁽³⁾ Refer to the reconciliation to book value per share, including AOCI, at the back of this release.

Annuities

(in millions, except ROA data)	As of or For the Three Months Ended
	3/31/25			6/30/25			9/30/25			12/31/25			3/31/26			Change
Total operating revenues	$	1,198		$	1,214		$	1,270		$	1,308		$	1,283		7.1	%
Total operating expenses		858			876			902			939			949		10.6	%
Income (loss) from operations before taxes		340			338			368			369			334		(1.8	)%
Federal income tax expense (benefit)		50			51			58			58			59		18.0	%
Income (loss) from operations	$	290		$	287		$	310		$	311		$	275		(5.2	)%
Income (loss) from operations, excluding impact of annual assumption review	$	290		$	287		$	318		$	311		$	275		(5.2	)%
Total sales	$	3,789		$	4,019		$	4,467		$	4,889		$	3,939		4.0	%
Net flows	$	(1,676	)	$	(1,162	)	$	(1,143	)	$	(1,227	)	$	(2,196	)	(31.0	)%
Average account balances, net of reinsurance	$	163,688		$	159,806		$	170,318		$	174,668		$	175,173		7.0	%
Return on average account balances (bps)		71			72			73			71			63
Return on average account balances (bps), excluding impact of annual assumption review		71			72			75			71			63

Income from operations was $275 million for the first quarter, compared to $290 million in the prior-year quarter, driven by the impact of the previously disclosed net investment income allocation refinement and unfavorable tax-related items. Adjusting for these items, operating income was up 1%, driven by favorable equity markets and growth in spread income, offset by variable annuity outflows.
Total sales were $3.9 billion in the quarter, increasing 4% compared to the prior year. Spread-based products comprised nearly two-thirds of total sales.
Net outflows were approximately $2.2 billion in the quarter, compared to net outflows of $1.7 billion in the prior-year quarter, primarily driven by traditional variable annuities.
Average account balances, net of reinsurance, were $175 billion. The year-over-year increase of 7% was driven by growth across all product lines.

Life Insurance

(in millions)	As of or For the Three Months Ended
	3/31/25			6/30/25		9/30/25			12/31/25		3/31/26		Change

Total operating revenues	$	1,587		$	1,602	$	1,610		$	1,643	$	1,628	2.6	%
Total operating expenses		1,619			1,568		1,586			1,555		1,586	(2.0	)%
Income (loss) from operations before taxes		(32	)		34		24			88		42	231.3	%
Federal income tax expense (benefit)		(16	)		2		(1	)		11		1	106.3	%
Income (loss) from operations	$	(16	)	$	32	$	25		$	77	$	41	NM
Income (loss) from operations, excluding impact of annual assumption review	$	(16	)	$	32	$	54		$	77	$	41	NM
Average account balances, net of reinsurance	$	44,390		$	45,147	$	47,503		$	49,150	$	49,232	10.9	%
Total sales	$	97		$	121	$	298		$	142	$	129	33.0	%

Income from operations was $41 million, compared to a loss of $16 million in the prior-year quarter. The year-over-year improvement was driven by strong alternative investment income and the impact of the fourth quarter 2025 captive consolidation.
Total sales were $129 million, up 33% compared to the prior-year quarter, as sales of accumulation products continued to drive growth, most notably in Executive Benefits.
Average account balances, net of reinsurance, were $49 billion, up 11% versus the prior-year quarter.

Group Protection

(in millions, except margin data)	As of or For the Three Months Ended
	3/31/25			6/30/25			9/30/25			12/31/25			3/31/26			Change
Total operating revenues	$	1,521		$	1,538		$	1,507		$	1,535		$	1,554		2.2	%
Total operating expenses		1,393			1,319			1,319			1,397			1,412		1.4	%
Income (loss) from operations before taxes		128			219			188			138			142		10.9	%
Federal income tax expense (benefit)		27			46			39			29			30		11.1	%
Income (loss) from operations	$	101		$	173		$	149		$	109		$	112		10.9	%
Income (loss) from operations, excluding impact of annual assumption review	$	101		$	173		$	110		$	109		$	112		10.9	%
Insurance premiums	$	1,371		$	1,386		$	1,352		$	1,380		$	1,399		2.0	%
Total sales	$	157		$	187		$	116		$	391		$	150		(4.5	)%
Total loss ratio		72.4	%		65.9	%		68.3	%		71.4	%		71.1	%
Total loss ratio, excluding the impact of the annual assumption review		72.4	%		65.9	%		72.2	%		71.4	%		71.1	%
Operating margin⁽¹⁾		7.4	%		12.5	%		11.0	%		7.9	%		8.0	%
Operating margin, excluding the impact of annual assumption review		7.4	%		12.5	%		8.1	%		7.9	%		8.0	%

⁽¹⁾Operating margin is calculated by dividing income (loss) from operations by insurance premiums.

Income from operations was $112 million in the quarter, 11% higher than the prior-year quarter driven by favorable life experience.
Operating margin was 8.0%, 60 basis points higher than the prior-year quarter, and the total loss ratio decreased 130 basis points to 71.1%, driven by favorable life experience partially offset by unfavorable disability severity.
Insurance premiums were $1.4 billion in the quarter, increasing 2% year over year, driven by strong sales over the past twelve months. Adjusting for a large case lapse, premiums were up 3.4% compared to the first quarter of 2025.
Sales decreased 4% year over year, demonstrating a disciplined approach to balanced growth in the segment.

Retirement Plan Services

(in millions, except ROA data)	As of or For the Three Months Ended
	3/31/25			6/30/25			9/30/25		12/31/25			3/31/26			Change
Total operating revenues	$	327		$	331		$	343	$	352		$	346		5.8	%
Total operating expenses		289			289			290		298			295		2.1	%
Income (loss) from operations before taxes		38			42			53		54			51		34.2	%
Federal income tax expense (benefit)		4			5			7		8			8		100.0	%
Income (loss) from operations	$	34		$	37		$	46	$	46		$	43		26.5	%

Deposits	$	4,115		$	3,594		$	5,008	$	3,939		$	4,142		0.7	%
Net flows	$	(2,184	)	$	(585	)	$	755	$	(998	)	$	(213	)	90.2	%
Average account balances	$	113,075		$	111,734		$	119,259	$	123,533		$	124,766		10.3	%
Return on average account balances (bps)		12			13			15		15			14

Income from operations was $43 million in the quarter, up 26% compared to the prior year, primarily resulting from spread expansion and favorable equity markets, partially offset by outflows.
Net outflows were $0.2 billion, compared to $2.2 billion of net outflows in the prior-year quarter.
Total deposits were $4.1 billion, up 1% over the prior-year quarter. First-year sales of $1.1 billion were up 3% year over year.
Average account balances were $125 billion, increasing 10% from the prior year, driven by favorable equity markets.

Other Operations

(in millions)	As of or For the Three Months Ended
	3/31/25			6/30/25			9/30/25			12/31/25			3/31/26			Change
Total operating revenues	$	52		$	41		$	50		$	56		$	57		9.6	%
Total operating expenses		164			157			177			181			199		21.3	%
Income (loss) from operations before taxes		(112	)		(116	)		(127	)		(125	)		(142	)	(26.8	)%
Federal income tax expense (benefit)		(17	)		(25	)		(28	)		(27	)		(31	)	(82.4	)%
Income (loss) from operations⁽¹⁾	$	(95	)	$	(91	)	$	(99	)	$	(98	)	$	(111	)	(16.8	)%

⁽¹⁾Income (loss) from operations does not include preferred dividends.

Unrealized Gains and Losses

The company reported a net unrealized loss of $9.1 billion (pre-tax) on its available-for-sale securities as of March 31, 2026, compared to a net unrealized loss of $9.4 billion (pre-tax) as of March 31, 2025. The year-over-year decrease was primarily due to tighter spreads.

The tables attached to this release define and reconcile the non-GAAP measures adjusted income (loss) from operations, adjusted income (loss) from operations available to common stockholders, book value per share excluding AOCI, and adjusted book value per share to net income (loss), net income (loss) available to common stockholders, and book value per share including AOCI, calculated in accordance with GAAP.

This press release contains statements that are forward-looking, and actual results may differ materially. Please see the Forward-looking Statements – Cautionary Language at the end of this release for factors that may cause actual results to differ materially from the company’s current expectations.

For other financial information, please refer to the company’s first quarter 2026 statistical supplement and first quarter 2026 earnings supplement, which are available in the investor relations section of its website http://www.lincolnfinancial.com/investor.

Conference Call Information

Lincoln Financial will discuss the company’s first quarter results with the investment community in a call beginning at 8:00 a.m. Eastern Time on Thursday, May 7, 2026.

The call will be broadcast live through the company’s website at www.lincolnfinancial.com/webcast. Please log on to the webcast at least 15 minutes prior to the start of the call to download and install any necessary streaming media software. A replay of the call will be available by 10:30 a.m. Eastern Time on May 7, 2026, at www.lincolnfinancial.com/webcast.

About Lincoln Financial

Lincoln Financial helps people confidently plan for their vision of a successful financial future. As of December 31, 2025, approximately 17 million customers trust our guidance and solutions across four core businesses – annuities, life insurance, group protection, and retirement plan services. As of March 31, 2026, the company had $340 billion in end-of-period account balances, net of reinsurance. Headquartered in Radnor, PA., Lincoln Financial is the marketing name for Lincoln National Corporation (NYSE: LNC) and its affiliates. Learn more at LincolnFinancial.com.

Non-GAAP Measures

Management believes that the use of the non-GAAP financial measures adjusted income (loss) from operations, adjusted income (loss) from operations available to common stockholders (or adjusted operating income (loss)) and adjusted income (loss) from operations per diluted share available to common stockholders is helpful to investors in evaluating the company’s performance.

Management believes that excluding the following items from adjusted income (loss) from operations enhances understanding of the underlying trends and long-term performance of the company’s business. Management excludes “net annuity product features” as this adjustment primarily represents the difference between the valuation of reserves and thevaluation of derivatives utilized for hedging our variable annuity and indexed annuity products, which can fluctuate significantly from period to period based on changes in equity markets and interest rates. This difference is due to the hedge focus on managing risks to statutory capital as opposed to the GAAP reserves. Management excludes “net life insurance product features” for similar reasons. In addition, management excludes “credit loss-related adjustments” and “investment gains (losses)” as the timing of changes in allowances or sales of credit-impaired investments depends largely on market credit cycles and can vary considerably from period to period and the timing of other sales of investments that would result in gains or losses is driven by market conditions, including interest rates, and other factors. Management excludes “changes in the fair value of reinsurance-related embedded derivatives, trading securities and certain mortgage loans” as this adjustment represents the economics of investments in underlying funds withheld portfolios supporting reinsurance agreements that have been transferred to third-party reinsurers, which is not indicative of our ongoing results.

Finally, management excludes from adjusted income (loss) from operations certain additional items (as set forth in the definition below) that are not necessarily indicative of current operating fundamentals or future performance of the business segments, and, in most instances, decisions regarding these items do not necessarily relate to the operations of the individual segments. Management believes excluding these items better explains the results of the company’s ongoing businesses in a manner that allows for enhanced understanding of underlying trends, company performance and business fundamentals.

Management also believes that the use of the non-GAAP financial measures book value per share, excluding accumulated other comprehensive income (“AOCI”), and adjusted book value per share enables investors to analyze the amount of our net worth that is attributable to our business operations. Book value per share, excluding AOCI is useful to investors because it eliminates the effect of items that can fluctuate significantly from period to period, primarily based on changes in interest rates. Adjusted book value per share is useful to investors because it eliminates the effect of items that can fluctuate significantly from period to period, primarily based on changes in equity markets and interest rates.

For the historical periods, reconciliations of non-GAAP measures used in this press release to the most directly comparable GAAP measure may be included in this Appendix to the press release and/or are included in the Statistical Supplements for the corresponding periods contained in the Earnings section of the Investor Relations page on our website: http://www.lincolnfinancial.com/investor.

Definitions of Non-GAAP Measures Used in this Press Release

Adjusted income (loss) from operations, adjusted income (loss) from operations available to common stockholders, book value per share, excluding AOCI, and adjusted book value per share, as used in the press release, are non-GAAP financial measures and do not replace GAAP net income (loss), net income (loss) available to common stockholders, and book value per share, including AOCI, the most directly comparable GAAP measures.

Adjusted Income (Loss) from Operations

Adjusted income (loss) from operations is GAAP net income (loss) excluding the following items, as applicable:

Items related to annuity product features, which include changes in market risk benefits (“MRBs”), changes in the fair value of the related hedge instruments inclusive of income allocated to support the cost of hedging or future benefits, and changes in the fair value of the embedded derivative liabilities and the associated index options for our indexed annuity products (collectively, “net annuity product features”);

Items related to life insurance product features, which include changes in the fair value of derivatives we hold as part of VUL hedging, changes in reserves resulting from benefit ratio unlocking associated with the impact of capital markets, and changes in the fair value of the embedded derivative liabilities of our IUL contracts and the associated index options we hold to hedge them (collectively, “net life insurance product features”);

Credit loss-related adjustments on fixed maturity AFS securities, mortgage loans on real estate and reinsurance-related assets (“credit loss-related adjustments”);

Changes in the fair value of equity securities and certain other investments, the impact of certain derivatives, and realized gains (losses) on sales, disposals and impairments of financial assets (collectively, “investment gains (losses)”);

Changes in the fair value of reinsurance-related embedded derivatives, trading securities and mortgage loans on real estate electing the fair value option (“changes in the fair value of reinsurance-related embedded derivatives, trading securities and certain mortgage loans”);

Income (loss) from the initial adoption of new accounting standards, accounting policy changes and new regulations, including changes in tax law;

Income (loss) from reserve changes, net of related amortization, on business sold through reinsurance;

Losses from the impairment of intangible assets and gains (losses) on other non-financial assets;

Income (loss) from discontinued operations;

Other items, which include the following: certain legal and regulatory accruals; severance expense related to initiatives that realign the workforce; transaction, integration and other costs related to mergers and acquisitions including the acquisition or divestiture, through reinsurance or other means, of businesses or blocks of business, and certain other corporate initiatives; mark-to-market adjustment related to the LNC stock component of our deferred compensation plans (“deferred compensation mark-to-market adjustment”); gains (losses) on modification or early extinguishment of debt; and impacts from settlement or curtailment of defined benefit obligations; and

Income tax benefit (expense) related to the above pre-tax items, including the effect of tax adjustments such as changes to deferred tax valuation allowances.

Adjusted Income (Loss) from Operations Available to Common Stockholders

Adjusted income (loss) from operations available to common stockholders is defined as after-tax adjusted income (loss) from operations less preferred stock dividends.

Book Value Per Share, Excluding AOCI

Book value per share, excluding AOCI, is calculated based upon a non-GAAP financial measure.

It is calculated by dividing (a) stockholders’ equity, excluding AOCI and preferred stock, by (b) common shares outstanding.

Book value per share is the most directly comparable GAAP measure.

Adjusted Book Value Per Share

Adjusted book value per share is calculated based upon a non-GAAP financial measure.

It is calculated by dividing (a) stockholders’ equity, excluding AOCI, preferred stock, changes in MRBs, guaranteed living benefit (“GLB”) and guaranteed death benefit (“GDB”) hedge instruments gains (losses), and the difference between amounts recognized in net income (loss) on reinsurance-related embedded derivatives and the underlying asset portfolios (“reinsurance-related embedded derivatives and portfolio gains (losses)”) by (b) common shares outstanding.

Book value per share is the most directly comparable GAAP measure.

Other Definitions

Holding Company Available Liquidity

Holding company available liquidity consists of cash and invested cash, excluding cash held as collateral, and certain short-term investments that can be readily converted into cash, net of commercial paper outstanding.

Sales

Sales as reported consist of the following:

Annuities and Retirement Plan Services – deposits from new and existing customers;

Universal life insurance (“UL”), indexed universal life insurance (“IUL”), variable universal life insurance (“VUL”) – first-year commissionable premiums plus 5% of excess premiums received;

MoneyGuard^®linked-benefit products – MoneyGuard^® (UL) and MoneyGuard Market Advantage^®(VUL), 150% of commissionable premiums;

Executive Benefits – insurance and corporate-owned UL and VUL, first-year commissionable premiums plus 5% of excess premium received, and single premium bank-owned UL and VUL, 15% of single premium deposits;

Term – 100% of annualized first-year premiums; and

Group Protection – annualized first-year premiums from new policies.

Lincoln National Corporation

Reconciliation of Net Income (Loss) to Adjusted Income (Loss) from Operations and

Average Stockholders’ Equity to Adjusted Average Stockholders’ Equity

For the

(in millions, except per share data)

Three Months Ended

March 31,

2026

2025

Net Income (Loss) Available to Common

Stockholders – Diluted

$

(211

)

$

(756

)

Less:

Preferred stock dividends declared

(34

)

(34

)

Adjustment for deferred units of LNC stock in our

deferred compensation plans

(5

)

—

Net Income (Loss)

(172

)

(722

)

Less:

Net annuity product features, pre-tax ⁽¹⁾

(695

)

(1,092

)

Net life insurance product features, pre-tax

22

42

Credit loss-related adjustments, pre-tax

(20

)

(28

)

Investment gains (losses), pre-tax

(42

)

(103

)

Changes in the fair value of reinsurance-related

embedded derivatives, trading securities and certain

mortgage loans, pre-tax ⁽²⁾

179

(90

)

Gains (losses) on other non-financial assets, pre-tax

(6

)

—

Other items, pre-tax ^(3)(4)(5)(6)

(111

)

(35

)

Income tax benefit (expense) related to the above pre-tax items

141

270

Total adjustments

(532

)

(1,036

)

Adjusted Income (Loss) from Operations

$

360

$

314

Add:

Preferred stock dividends declared

(34

)

(34

)

Adjusted Income (Loss) from Operations Available to Common Stockholders

$

326

$

280

Earnings (Loss) Per Common Share – Diluted

Net income (loss)

$

(1.10

)

$

(4.41

)

Adjusted income (loss) from operations

1.66

1.60

Stockholders’ Equity, Average

Stockholders’ equity

$

10,559

$

8,231

Less:

Preferred stock

986

986

AOCI

(4,262

)

(4,671

)

Stockholders’ equity, excluding AOCI and preferred stock

13,835

11,916

Changes in MRBs

3,037

2,649

GLB and GDB hedge instruments gains (losses)

(3,820

)

(3,027

)

Reinsurance-related embedded derivatives and portfolio gains (losses)

(172

)

(173

)

Adjusted average stockholders’ equity

$

14,790

$

12,467

⁽¹⁾

For the three months ended March 31, 2026 and 2025, includes changes in MRBs of $(997) million and $(1,302) million, respectively; changes in the fair value of the related hedge instruments inclusive of income allocated to support the cost of hedging or future benefits of $177 million and $268 million, respectively; and changes in the fair value of the embedded derivative liabilities and the associated index options for our indexed annuity products of $125 million and $(58) million, respectively.

⁽²⁾

Includes primarily changes in the fair value of the embedded derivative related to the fourth quarter 2023 reinsurance transaction.

⁽³⁾

Includes certain legal accruals of $(122) million for the three months ended March 31, 2026.

⁽⁴⁾

Includes severance expense related to initiatives to realign the workforce of $(7) million and $(6) million for the three months ended March 31, 2026 and 2025, respectively.

⁽⁵⁾

Includes transaction, integration and other costs related to mergers, acquisitions, divestitures and certain other corporate initiatives of $(20) million related to the sale of our wealth management business for the three months ended March 31, 2025.

⁽⁶⁾

Includes deferred compensation mark-to-market adjustment of $18 million and $(9) million for the three months ended March 31, 2026 and 2025, respectively.

Lincoln National Corporation

Reconciliation of Book Value per Share

As of the Three Months Ended

3/31/25

6/30/25

9/30/25

12/31/25

3/31/26

Book Value Per Common Share

Book value per share

$

41.96

$

44.91

$

49.56

$

51.88

$

47.87

Less:

AOCI

(25.08

)

(23.04

)

(20.10

)

(21.22

)

(23.19

)

Book value per share, excluding AOCI

67.04

67.95

69.66

73.10

71.06

Less:

Changes in MRBs

12.42

15.05

16.42

17.94

13.72

GLB and GDB hedge instruments gains (losses)

(17.43

)

(18.89

)

(19.40

)

(19.94

)

(19.87

)

Reinsurance-related embedded derivatives and portfolio gains (losses)

(1.14

)

(0.98

)

(1.59

)

(1.23

)

(0.56

)

Adjusted book value per share

$

73.19

$

72.77

$

74.23

$

76.33

$

77.77

Lincoln National Corporation

Digest of Earnings

For the

(in millions, except per share data)

Three Months Ended

March 31,

2026

2025

Revenues

$

5,306

$

4,691

Net Income (Loss)

$

(172

)

$

(722

)

Preferred stock dividends declared

(34

)

(34

)

Adjustment for deferred units of LNC stock in our

deferred compensation plans ⁽¹⁾

(5

)

—

Net Income (Loss) Available to Common

Stockholders – Diluted

$

(211

)

$

(756

)

Net Income (Loss) Per Common Share – Basic

$

(1.08

)

$

(4.41

)

Net Income (Loss) Per Common Share – Diluted ⁽²⁾

$

(1.10

)

$

(4.41

)

Average Shares – Basic

191,891,461

171,321,440

Average Shares – Diluted

196,496,544

174,087,020

⁽¹⁾

We exclude deferred units of LNC stock that are antidilutive from our diluted earnings per share calculation.

⁽²⁾

Due to reporting a net loss for the three months ended March 31, 2026 and 2025, basic shares were used in the diluted EPS calculation for these periods as the use of diluted shares would have resulted in a lower loss per share. Additionally, the diluted EPS calculation for the three months ended March 31, 2026, reflects the assumed settlement of certain deferred units of LNC stock in our deferred compensation plans.

FORWARD-LOOKING STATEMENTS – CAUTIONARY LANGUAGE

Certain statements made in this press release and in other written or oral statements made by Lincoln or on Lincoln’s behalf are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 (“PSLRA”). A forward-looking statement is a statement that is not a historical fact and, without limitation, includes any statement that may predict, forecast, indicate or imply future results, performance or achievements. Forward-looking statements may contain words like: “anticipate,” “believe,” “estimate,” “expect,” “project,” “shall,” “will” and other words or phrases with similar meaning in connection with a discussion of future operating or financial performance. In particular, these include statements relating to future actions, trends in Lincoln’s businesses, prospective services or products, future performance or financial results and the outcome of contingencies, such as legal proceedings. Lincoln claims the protection afforded by the safe harbor for forward-looking statements provided by the PSLRA. Forward-looking statements are subject to risks and uncertainties. Actual results could differ materially from those expressed in or implied by such forward-looking statements due to a variety of factors, including:

Certain statements made in this press release and in other written or oral statements made by Lincoln or on Lincoln’s behalf are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 (“PSLRA”). A forward-looking statement is a statement that is not a historical fact and, without limitation, includes any statement that may predict, forecast, indicate or imply future results, performance or achievements. Forward-looking statements may contain words like: “anticipate,” “believe,” “estimate,” “expect,” “project,” “shall,” “will” and other words or phrases with similar meaning in connection with a discussion of future operating or financial performance. In particular, these include statements relating to future actions, trends in Lincoln’s businesses, prospective services or products, future performance or financial results and the outcome of contingencies, such as legal proceedings. Lincoln claims the protection afforded by the safe harbor for forward-looking statements provided by the PSLRA.

Forward-looking statements are subject to risks and uncertainties. Actual results could differ materially from those expressed in or implied by such forward-looking statements due to a variety of factors, including:

Weak general economic and business conditions that may affect demand for our products, account balances, investment results, guaranteed benefit liabilities, premium levels and claims experience;

Adverse global capital and credit market conditions that may affect our ability to raise capital, if necessary, and may cause us to realize impairments on investments and certain intangible assets, including goodwill and the valuation allowance against deferred tax assets, which may reduce future earnings and/or affect our financial condition and ability to raise additional capital or refinance existing debt as it matures;

The inability of our subsidiaries to pay dividends to the holding company in sufficient amounts, which could harm the holding company’s ability to meet its obligations;

Legislative, regulatory or tax changes, both domestic and foreign, that affect: the cost of, or demand for, our subsidiaries’ products; the required amount of reserves and/or surplus; our ability to conduct business; and our affiliate reinsurance arrangements;

Changes in tax law or the interpretation of or application of existing tax laws that could impact our tax costs and the products that we sell;

The impact of regulations adopted by the Securities and Exchange Commission (“SEC”), the Department of Labor or other federal or state regulators or self-regulatory organizations that could adversely affect our distribution model and sales of our products and result in additional disclosure and other requirements related to the sale and delivery of our products;

The impact of existing and emerging rules and regulations relating to privacy, cybersecurity and artificial intelligence (“AI”) that may lead to increased compliance costs, reputation risk and/or changes in business practices, and challenges with properly managing the use of AI that could result in reputational harm, competitive harm and legal liability;

Continued scrutiny and evolving expectations and regulations regarding ESG matters that may adversely affect our reputation and our investment portfolio;

Actions taken by reinsurers to raise rates on in-force business;

Declines in or sustained low interest rates causing a reduction in investment income, the interest margins of our businesses and demand for our products;

Increasing or sustained higher interest rates that may negatively affect our profitability, value of our investment portfolio and capital position and may cause policyholders to surrender annuity and life insurance policies, thereby causing realized investment losses;

The initiation of legal or regulatory proceedings against us, and the outcome of any legal or regulatory proceedings, such as: adverse actions related to present or past business practices common in businesses in which we compete; adverse decisions in significant actions including, but not limited to, actions brought by federal and state authorities and class action cases; new decisions that result in changes in law; and unexpected trial court rulings;

A decline or continued volatility in the equity markets causing a reduction in the sales of our subsidiaries’ products; a reduction of asset-based fees that our subsidiaries charge on various investment and insurance products; and an increase in liabilities related to guaranteed benefits, including riders on certain of our annuity products and secondary guarantees on certain variable universal life insurance products;

Ineffectiveness of our risk management policies and procedures, including our various hedging strategies;

A deviation in actual experience regarding future policyholder behavior, mortality, morbidity, interest rates or equity market returns from the assumptions used in pricing our subsidiaries’ products and in establishing related insurance reserves, which may reduce future earnings;

Changes in accounting principles that may affect our consolidated financial statements;

Lowering of one or more of our debt ratings issued by nationally recognized statistical rating organizations and the adverse effect such action may have on our ability to raise capital and on our liquidity and financial condition;

Lowering of one or more of the insurer financial strength ratings of our insurance subsidiaries and the adverse effect such action may have on the premium writings, policy retention and profitability of our insurance subsidiaries and liquidity;

Significant credit, accounting, fraud, corporate governance or other issues that may adversely affect the value of certain financial assets, as well as counterparties to which we are exposed to credit risk, requiring that we realize losses on financial assets;

Interruption in or failure of the telecommunication, information technology or other operational systems of the company or the third parties on whom we rely or failure to safeguard the confidentiality or privacy of sensitive data on such systems, including from cyberattacks or other breaches in security of such systems;

The effect of acquisitions and divestitures, including the inability to realize the anticipated benefits of acquisitions and dispositions of businesses and potential operating difficulties and unforeseen liabilities relating thereto, as well as the effect of restructurings, product withdrawals and other unusual items;

The inability to realize or sustain the benefits we expect from, greater than expected investments in, and the potential impact of efforts related to, our strategic initiatives;

The adequacy and collectability of reinsurance that we have obtained;

Pandemics, acts of terrorism, war or other man-made and natural catastrophes that may adversely impact liabilities for policyholder claims and adversely affect our businesses and the cost and availability of reinsurance;

Competitive conditions, including pricing pressures, new product offerings and the emergence of new competitors, that may affect the level of premiums and fees that our subsidiaries can charge for their products;

The unknown effect on our subsidiaries’ businesses resulting from evolving market preferences and the changing demographics of our client base; and

The unanticipated loss of key management or wholesalers.

The risks and uncertainties included here are not exhaustive. Our most recent Form 10-K, as well as other reports that we file with the SEC, include additional factors that could affect our businesses and financial performance. Moreover, we operate in a rapidly changing and competitive environment. New risk factors emerge from time to time, and it is not possible for management to predict all such risk factors. Further, it is not possible to assess the effect of all risk factors on our businesses or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. Given these risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual results. In addition, Lincoln disclaims any obligation to correct or update any forward-looking statements to reflect events or circumstances that occur after the date of this press release.

The reporting of Risk-Based Capital (“RBC”) measures is not intended for the purpose of ranking any insurance company or for use in connection with any marketing, advertising or promotional activities.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260507547175/en/

John Muething

Investor Relations

[email protected]

Karyn Baldwin

Media Relations

[email protected]

KEYWORDS: Pennsylvania United States North America

INDUSTRY KEYWORDS: Banking Professional Services Finance

MEDIA:

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Posted on May 7, 2026 6:03 am
Claritev Corporation Reports First Quarter 2026 Results

Claritev Corporation Reports First Quarter 2026 Results

Q1 2026 Revenues of $244.7 million grew 5.8% compared to Q1 2025

Net Loss of $73.6 million

Adjusted EBITDA of $146.9 million increased 3.4% compared to Q1 2025

(Adjusted EBITDA Margin of 60.0% versus 61.4% in Q1 2025)

MCLEAN, Va.–(BUSINESS WIRE)–
Claritev Corporation (“Claritev” or the “Company”) (NYSE: CTEV), a technology, data and insights company focused on making healthcare more affordable, transparent and fair for all, today reported financial results for the first quarter ended March 31, 2026.

“Claritev kicked off 2026 the same way we closed 2025, outperforming on the top and bottom lines with focused execution in sales, operations and financials. We are operating with confidence — confidence in our team, confidence in our growth, and confidence in the durability of the foundation we are building,” said Travis Dalton, Chairman, CEO and President of Claritev.

Mr. Dalton added, “At our Investor Day in March, we laid out the path and key drivers behind Vision 2030. Simply put, we are matching our horizontal products with an expanding vertical market strategy that serves the entire healthcare lifecycle. It’s working and our first quarter performance underscores how the combination of that vision and our competitive position is leading to greater success and faster growth. We will continue to press that competitive advantage — one that is grounded in our long-standing trusted client relationships, scaled data ecosystem, deep domain expertise, and increasingly, our differentiated application of AI to accelerate progress.”

Doug Garis, Claritev Chief Financial Officer, commented, “Our first quarter results demonstrate the consistency and quality of Claritev’s core, and the growth opportunities created by our expansion into new markets and verticals. Our revenue and Adjusted EBITDA outperformance were driven by that consistency in our business, and the favorable market trends that helped drive our return to top line growth in 2025. Notably, the strong Q1 bookings performance comes from our core offerings and markets, alongside significant wins in the provider and government verticals, demonstrating the diversification of Claritev’s revenue streams and the foundation we are building to deliver sustainable, long term growth.”

Business and Financial Highlights

Revenues of $244.7 million for Q1 2026, an increase of 5.8%, compared to revenues of $231.3 million for Q1 2025.

Net loss of $73.6 million for Q1 2026, compared to net loss of $71.3 million for Q1 2025.

Adjusted EBITDA of $146.9 million for Q1 2026, an increase of 3.4%, compared to Adjusted EBITDA of $142.1 million for Q1 2025.

Net cash used in operating activities of $45.8 million for Q1 2026, compared to net cash used in operating activities of $30.1 million for Q1 2025.

Free Cash Flow of $(92.5) million for Q1 2026, compared to Free Cash Flow of $(68.9) million for Q1 2025.

The Company ended Q1 2026 with $21.3 million of unrestricted cash and cash equivalents on the balance sheet.

2026 Financial Guidance¹

The Company is updating its full-year 2026 guidance, detailed in the table below:

Financial Metric

Prior FY 2026 Guidance

Updated FY 2026 Guidance

(as of 2/23/2026)

(as of 5/7/2026)

Revenues

$980 million to $1 billion

$985 million to $1 billion

Adjusted EBITDA¹

$605 million to $615 million

$605 million to $615 million

Capital expenditures

$160 million to $170 million

$160 million to $170 million

Effective tax rate

24% to 28%

24% to 28%

Free Cash Flow

$0 million to $10 million

$0 million to $10 million

Conference Call Information

The Company will host a conference call today, Thursday, May 7, 2026 at 8:00 a.m. U.S. Eastern Time (ET) to discuss its financial results. A live webcast of the conference call can be accessed through the Investor Relations section of the Company’s website at investors.claritev.com/events-and-presentations. Participants should join the webcast ten minutes prior to the start of the conference call. The earnings press release and supplemental slide deck will also be available on this section of the Company’s website.

Participants wishing to join the operator assisted call can dial 646-968-2525 and reference Conference ID 2181839.

A replay of the conference call will be available after the call through the webcast archived on the Investor Relations section of the Company’s website.

About Claritev

Claritev is a healthcare technology, data, and insights company focused on delivering affordability, transparency, and quality across the U.S. healthcare system. Led by deeply experienced associates, data scientists, and innovators, Claritev provides technology-enabled solutions fueled by decades of claims expertise. The company leverages advanced analytics and AI to power a robust enterprise platform that delivers clear, actionable insights to support affordability, price transparency, and optimized network and benefits design. By supporting key stakeholders — including payers, employers, patients, providers, and third parties — Claritev is dedicated to making healthcare more accessible and affordable for all. Claritev serves more than 750 healthcare payers, over 100,000 employers, 60 million consumers, and 1.4 million contracted providers. For more information, visit claritev.com.

_________________

¹We have not reconciled the forward-looking Adjusted EBITDA guidance included above to the most directly comparable GAAP (as defined below) measure because this cannot be done without unreasonable effort due to the variability and low visibility with respect to certain costs, the most significant of which are incentive compensation (including stock-based compensation), transaction-related expenses, and certain fair value measurements, which are potential adjustments to future earnings. We expect the variability of these items to have a potentially unpredictable, and a potentially significant, impact on our future GAAP financial results.

Forward Looking Statements

This press release contains forward-looking statements regarding our opinions, beliefs, projections, business plans and expectations. These forward-looking statements may differ materially from actual results due to a variety of factors and can generally be identified by the use of forward-looking terminology, including the terms “believes,” “estimates,” “anticipates,” “expects,” “seeks,” “projects,” “forecasts,” “intends,” “plans,” “may,” “will” or “should” or, in each case, their negative or other variations or comparable terminology. These statements include all matters that are not historical facts. They appear in a number of places throughout this press release, including, but not limited to, statements relating to our ability to deliver anticipated results; our ability to successfully implement our transformation plan; the anticipated growth of our business, including our expansion into new markets; our expectations regarding future revenue streams; our 2026 outlook and guidance; and the long-term prospects of the Company. Such forward-looking statements are based on available current market information and management’s expectations, beliefs and forecasts concerning future events impacting the business. Although we believe that these forward-looking statements are based on reasonable assumptions at the time they are made, you should be aware that these forward-looking statements involve a number of risks, uncertainties (some of which are beyond our control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These factors include: loss of, or a significant reduction in the work we do for, our clients, particularly our largest clients; the ability to achieve the goals of our strategic plans and recognize the anticipated strategic, operational, growth and efficiency benefits when expected; our ability to enter new lines of business and broaden the scope of our solutions; trends in the U.S. healthcare system, including recent trends of unknown duration of reduced healthcare utilization and increased patient financial responsibility for services; effects of competition; effects of pricing pressure; the inability of our clients to pay for our solutions; changes in our industry and in industry standards and technology; adverse outcomes related to litigation or governmental proceedings; interruptions or security breaches of our information technology systems and other cybersecurity attacks; our ability to maintain the licenses or right of use for the software we use; our ability to protect proprietary information, processes and applications; our inability to expand our network infrastructure; inability to preserve or increase our existing market share or the size of our preferred provider organization networks; decreases in discounts from providers; pressure to limit access to preferred provider networks; changes in our regulatory environment, including healthcare law and regulations; the expansion of privacy and security laws; heightened enforcement activity by government agencies; our ability to obtain additional financing or capital to meet our objectives; our ability to pay interest and principal on our notes and other indebtedness; lowering or withdrawal of our credit ratings; changes in accounting principles or the incurrence of impairment charges; the possibility that we may be adversely affected by other political, economic, business, and/or competitive factors; other factors disclosed in our Securities and Exchange Commission (“SEC”) filings; and other factors beyond our control.

The forward-looking statements contained in this press release are based on our current expectations and beliefs concerning future developments and their potential effects on our business. There can be no assurance that future developments affecting our business will be those that we have anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond our control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to, those factors described in our Annual Report on Form 10-K, our Quarterly Reports on Form 10-Q, and other documents filed or to be filed with the SEC by us. Should one or more of these risks or uncertainties materialize, or should any of the assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements.

We undertake no obligation to update these statements as a result of new information or future events or otherwise, except as may be required under applicable securities laws.

Non-GAAP Financial Measures

In addition to the financial measures prepared in accordance with generally accepted accounting principles in the United States (“GAAP”), this press release contains certain non-GAAP financial measures, including EBITDA, Adjusted EBITDA, free cash flow, unlevered free cash flow and adjusted cash conversion ratio. A non-GAAP financial measure is generally defined as a numerical measure of a company’s financial or operating performance that excludes or includes amounts so as to be different than the most directly comparable measure calculated and presented in accordance with GAAP.

EBITDA, Adjusted EBITDA, free cash flow, unlevered free cash flow and adjusted cash conversion ratio are supplemental measures of Claritev’s performance that are not required by or presented in accordance with GAAP. These measures are not measurements of our financial or operating performance under GAAP, have limitations as analytical tools and should not be considered in isolation or as an alternative to net (loss) income, cash flows or any other measures of performance prepared in accordance with GAAP.

EBITDA represents net (loss) income before interest expense, interest income, income tax provision (benefit), depreciation, amortization of intangible assets, and non-income taxes. Adjusted EBITDA is EBITDA as further adjusted by certain items as described in the table below.

In addition, in evaluating EBITDA and Adjusted EBITDA you should be aware that in the future, we may incur expenses similar to the adjustments in the presentation of EBITDA and Adjusted EBITDA. The presentation of EBITDA and Adjusted EBITDA should not be construed as an inference that our future results will be unaffected by unusual or non-recurring items. The calculations of EBITDA and Adjusted EBITDA may not be comparable to similarly titled measures reported by other companies. Based on our industry and debt financing experience, we believe that EBITDA and Adjusted EBITDA are customarily used by investors, analysts and other interested parties to provide useful information regarding a company’s ability to service and/or incur indebtedness.

We also believe that Adjusted EBITDA is useful to investors and analysts in assessing our operating performance during the periods these charges were incurred on a consistent basis with the periods during which these charges were not incurred. Both EBITDA and Adjusted EBITDA have limitations as analytical tools, and you should not consider either in isolation, or as a substitute for analysis of our results as reported under GAAP. Some of the limitations are:

EBITDA and Adjusted EBITDA do not reflect changes in, or cash requirements for, our working capital needs;

EBITDA and Adjusted EBITDA do not reflect interest expense, or the cash requirements necessary to service interest or principal payments on our debt;

EBITDA and Adjusted EBITDA do not reflect our tax expense or the cash requirements to pay our taxes; and

Although depreciation and amortization are non-cash charges, the tangible assets being depreciated will often have to be replaced in the future, and EBITDA and Adjusted EBITDA do not reflect any cash requirements for such replacements.

Claritev’s presentation of Adjusted EBITDA should not be construed as an inference that our future results and financial position will be unaffected by unusual items.

Free cash flow is defined as net cash provided by operating activities less capital expenditures, all as disclosed in the Consolidated Statements of Cash Flows. Unlevered free cash flow is defined as net cash provided by operating activities less capital expenditures, plus cash interest paid, all as disclosed in the condensed consolidated statements of cash flows. Free cash flow and unlevered free cash Flow are measures of our operational performance used by management to evaluate our business after purchases of property and equipment and, in the case of unlevered free cash flow, prior to the impact of our capital structure. Free cash flow and unlevered free cash Flow should be considered in addition to, rather than as a substitute for, consolidated net income as a measure of our performance and net cash provided by operating activities as a measure of our liquidity. Additionally, Claritev’s definitions of free cash flow and unlevered free cash flow are limited, in that they do not represent residual cash flows available for discretionary expenditures, due to the fact that the measures do not deduct the payments required for debt service, in the case of unlevered free cash flow, and other contractual obligations or payments made for business acquisitions.

Adjusted cash conversion ratio is defined as unlevered free cash flow divided by Adjusted EBITDA. Claritev believes that the presentation of the adjusted cash conversion ratio provides useful information to investors because it is an financial performance measure that shows how much of its Adjusted EBITDA Claritev converts into unlevered free cash flow.

CLARITEV CORPORATION

Condensed Consolidated Balance Sheets (Unaudited)

(in thousands, except share and per share data)

March 31, 2026

December 31, 2025

Assets

Current assets:

Cash and cash equivalents

$

21,327

$

16,814

Restricted cash

13,401

11,527

Trade accounts receivable, net

140,917

127,615

Prepaid expenses

35,349

31,992

Prepaid taxes

4,101

11,526

Unbilled Independent Dispute Resolution fees, net

13,304

10,563

Other current assets, net

13,868

14,330

Total current assets

242,267

224,367

Property and equipment, net

343,599

326,326

Operating lease right-of-use assets

13,549

13,966

Goodwill

2,405,853

2,405,853

Other intangibles, net

1,798,696

1,884,604

Other assets, net

35,335

33,342

Total assets

$

4,839,299

$

4,888,458

Liabilities and Shareholders’ Deficit

Current liabilities:

Accounts payable

$

59,176

$

60,463

Accrued interest

52,277

100,009

Operating lease obligation, short-term

4,907

4,705

Current portion of long-term debt

14,690

14,690

Accrued compensation

19,672

45,238

Other accrued expenses

38,842

36,253

Total current liabilities

189,564

261,358

Long-term debt

4,574,253

4,560,440

2025 Revolving Credit Facility

125,000

20,000

Operating lease obligation, long-term

15,060

16,236

Deferred income taxes

169,836

197,599

Total liabilities

5,073,713

5,055,633

Commitments and contingencies (Note 7)

Shareholders’ deficit:

Shareholder interests

Preferred stock, $0.0001 par value — 10,000,000 shares authorized; no shares issued

—

—

Class A Common stock, $0.0001 par value — 1,500,000,000 shares authorized; 17,743,149 and 17,295,582 issued; 17,000,290 and 16,552,723 shares outstanding as of March 31, 2026 and December 31, 2025, respectively

2

2

Additional paid-in capital

2,402,923

2,398,423

Accumulated deficit

(2,502,980

)

(2,429,420

)

Accumulated other comprehensive loss

(2,351

)

(4,172

)

Treasury stock – 742,859 shares as of March 31, 2026 and December 31, 2025

(138,733

)

(138,733

)

Total shareholders’ (deficit)/equity attributable to Claritev Corporation

(241,139

)

(173,900

)

Non-controlling interests

6,725

6,725

Total shareholders’ deficit

(234,414

)

(167,175

)

Total liabilities and shareholders’ deficit

$

4,839,299

$

4,888,458

CLARITEV CORPORATION

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited)

(in thousands, except share and per share data)

Three Months Ended March 31,

2026

2025

Revenues

$

244,678

$

231,330

Costs of services (exclusive of depreciation and amortization of intangible assets shown below)

69,080

60,436

General and administrative expenses

57,830

46,968

Depreciation

25,183

24,546

Amortization of intangible assets

85,908

85,971

Loss on disposal of leases

38

3,317

Loss on sale of assets

—

350

Total expenses

238,039

221,588

Operating income

6,639

9,742

Interest expense

99,542

91,636

Interest income

(182

)

(488

)

Transaction costs related to refinancing transaction

—

7,792

Loss on extinguishment of debt

—

670

Net loss before taxes

(92,721

)

(89,868

)

Benefit for income taxes

(19,161

)

(18,549

)

Net loss

(73,560

)

(71,319

)

Less: net loss attributable to non-controlling interests

—

—

Net loss attributable to Claritev Corporation

$

(73,560

)

$

(71,319

)

Weighted average shares outstanding – Basic and Diluted

16,692,340

16,273,439

Net loss per share – Basic and Diluted

$

(4.41

)

$

(4.38

)

Net loss attributable to Claritev Corporation

(73,560

)

(71,319

)

Other comprehensive income (loss)

Change in unrealized gain (loss) on interest rate swaps, net of tax

1,821

(1,624

)

Comprehensive loss

$

(71,739

)

$

(72,943

)

CLARITEV CORPORATION

Condensed Consolidated Statements of Cash Flows (Unaudited)

(in thousands)

Three Months Ended March 31,

2026

2025

Operating activities:

Net loss

$

(73,560

)

$

(71,319

)

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

Depreciation

25,183

24,546

Amortization of intangible assets

85,908

85,971

Amortization of the right-of-use asset

556

1,022

Stock-based compensation

6,895

6,329

Deferred income taxes

(28,337

)

(52,820

)

Amortization of debt discounts and issuance costs

1,554

712

Non-cash interest expense

15,952

10,907

Loss on extinguishment of debt

—

670

Loss on disposal of property and equipment

—

350

Loss on disposal of leases

38

3,317

Changes in assets and liabilities:

Trade accounts receivable, net

(16,043

)

(3,708

)

Prepaid taxes

7,425

6,747

Prepaid expenses, other current and non-current assets

600

(4,912

)

Accounts payable

(1,287

)

(51,821

)

Other accrued expenses, accrued interest and accrued liabilities

(69,512

)

15,074

Operating leases, net

(1,151

)

(1,121

)

Net cash used in operating activities

(45,779

)

(30,056

)

Investing activities:

Purchases of property and equipment

(46,767

)

(38,866

)

Net cash used in investing activities

(46,767

)

(38,866

)

Financing activities:

Repayments of Term Loan

(3,672

)

—

Taxes paid on settlement of vested share awards

(2,859

)

(2,884

)

Borrowings on 2025 Revolving Credit Facility

145,000

130,000

Repayment of 2025 Revolving Credit Facility

(40,000

)

(50,000

)

Payment of debt issuance costs

—

(4,267

)

Proceeds from issuance of common stock under ESPP

464

301

Net cash provided by financing activities

98,933

73,150

Net increase in cash, cash equivalents and restricted cash

6,387

4,228

Cash, cash equivalents and restricted cash at beginning of period

28,341

29,672

Cash, cash equivalents and restricted cash at end of period

$

34,728

$

33,900

Cash and cash equivalents

$

21,327

$

23,129

Restricted cash

13,401

10,771

Cash, cash equivalents and restricted cash at end of period

$

34,728

$

33,900

Noncash investing and financing activities:

Purchases of property and equipment not yet paid

$

17,046

$

9,694

Operating lease right-of-use assets obtained in exchange for operating lease liabilities

$

—

$

(10,411

)

Supplemental disclosure of cash flow information:

Cash paid during the period for:

Interest

$

(129,311

)

$

(82,003

)

Income taxes, net of refunds

$

(1,636

)

$

(2,532

)

CLARITEV CORPORATION

Calculation of EBITDA and Adjusted EBITDA

(in thousands)

Three Months Ended March 31,

2026

2025

Net loss

$

(73,560

)

$

(71,319

)

Adjustments:

Interest expense

99,542

91,636

Interest income

(182

)

(488

)

Benefit for income tax

(19,161

)

(18,549

)

Depreciation

25,183

24,546

Amortization of intangible assets

85,908

85,971

Non-income taxes

—

553

EBITDA

$

117,730

$

112,350

Adjustments:

Other expenses, net⁽¹⁾

11,528

2,764

Loss on sale of assets, including right-of-use assets

38

3,667

Transformation costs⁽²⁾

11,790

7,728

Integration expenses

—

380

Transaction costs related to refinancing transaction

—

7,792

Loss on extinguishment of debt

—

670

Stock-based compensation, including cRSUs

5,828

6,718

Adjusted EBITDA

$

146,914

$

142,069

⁽¹⁾

“Other expenses, net” represents impairment of other assets, non-integration related severance costs, legal expenses associated with the antitrust matters, start-up costs related to international expansion and miscellaneous non-recurring expenses.

⁽²⁾

“Transformation costs” represent costs directly associated with our multi-year transformation program called Vision 2030 which includes internal personnel costs for employees that have been either hired or redeployed and are fully dedicated to transformation activities, as well as other non-recurring and duplicative costs. At such time that internal personnel are redeployed to non-transformation activities, they will no longer be included as an adjustment herein.

CLARITEV CORPORATION

Calculation of Unlevered Free Cash Flow and Adjusted Cash Conversion Ratio

(in thousands)

Three Months Ended March 31,

2026

2025

Net cash used in operating activities

$

(45,779

)

$

(30,056

)

Purchases of property and equipment

(46,767

)

(38,866

)

Free cash flow

(92,546

)

(68,922

)

Interest paid

129,311

82,003

Unlevered free cash flow

$

36,765

$

13,081

Adjusted EBITDA

$

146,914

$

142,069

Adjusted cash conversion ratio

25

%

9

%

Net cash used in investing activities

$

(46,767

)

$

(38,866

)

Net cash provided by financing activities

$

98,933

$

73,150

View source version on businesswire.com: https://www.businesswire.com/news/home/20260507038291/en/

Investor Relations Contact

Todd Friedman

VP, Investor Relations

Claritev

[email protected]

Media Relations Contact

Jen O’Connor

VP, Brand Marketing

Claritev

[email protected]

KEYWORDS: Virginia United States North America

INDUSTRY KEYWORDS: Data Management Health Technology Practice Management Health Technology Software Artificial Intelligence

MEDIA:

Logo

Posted on May 7, 2026 6:03 am
Rockwell Medical Announces First Quarter 2026 Results and Additional 2026 Guidance with Focus on Profitability

Rockwell Medical Announces First Quarter 2026 Results and Additional 2026 Guidance with Focus on Profitability

Reports $17.3 million in net sales, $2.9 million in gross profit, and 17% gross margin in the first quarter 2026.

Announces operational changes that are expected to generate more than $3 million in additional gross profit on an annualized basis.

2026 guidance reflects the Company’s emphasis on growth, improved gross margin, and generating positive cash flow.

WIXOM, Mich.–(BUSINESS WIRE)–
Rockwell Medical, Inc. (the “Company”) (Nasdaq: RMTI), a healthcare company that develops, manufactures, commercializes, and distributes a portfolio of hemodialysis products to dialysis providers worldwide, today announced financial and operational results for the three months ended March 31, 2026.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260507118333/en/

Rockwell Medical’s Profitability Trend (2021-2026)

“Our financial and operational performance in the first quarter 2026 builds on the positive trajectory we have established across our key financial metrics, which we expect to continue throughout the remainder of the year,” said Mark Strobeck, Ph.D., Rockwell Medical’s President and CEO. “By streamlining our operations, we are on track to generate meaningful cost savings that we believe will support sustained profitability. Our 2026 guidance is centered around strengthening revenue, expanding gross margin, and generating positive Adjusted EBITDA and cash flow.”

FIRST QUARTER 2026 FINANCIAL HIGHLIGHTS

Net sales for the three months ended March 31, 2026 were $17.3 million, which represents an 8% decrease over net sales of $18.9 million for the same period in 2025. The decrease in net sales was driven by a reduction in purchase volume by one of the Company’s customers.

Gross profit for the three months ended March 31, 2026 was $2.9 million, which was in line with gross profit for the same period in 2025.

Gross margin for the three months ended March 31, 2026 was 17%, representing a slight improvement over gross margin of 16% for the same period in 2025.

Net loss for the three months ended March 31, 2026 was $1.6 million, representing a slight increase over a net loss of $1.5 million for the same period in 2025.

Adjusted EBITDA for the three months ended March 31, 2026 was ($0.3) million, an improvement over Adjusted EBITDA of ($0.4) million for the same period in 2025.

Cash and cash equivalents and investments available-for-sale at March 31, 2026 was $23.9 million compared to cash and cash equivalents and investments available-for-sale of $25.0 million at December 31, 2025. The decrease in cash of approximately $1.1 million was driven by seasonal items historically incurred in the first quarter, as well as a $500,000 payment associated with our acquisition of the hemodialysis concentrates business from Evoqua Water Technologies, which occurred in July 2023. The final Evoqua payment was made in April 2026.

Three Months Ended

March 31,

(In Millions, Except Per Share Amounts)

2026

2025^(a)

Net Sales

$

17.3

$

18.9

Gross Profit

2.9

3.0

Operating Income (Loss)

(1.5

)

(1.4

)

Net Income (Loss)

(1.6

)

(1.5

)

Adjusted EBITDA^(c)

(0.3

)

(0.4

)

Basic and Diluted Net Loss per Share^(b)

$

(0.04

)

$

(0.04

)

Adjusted EPS^(c)

$

(0.01

)

$

(0.01

)

(a)

Three months ended March 31, 2025 includes $0.3 million of deferred revenue related to the distribution and license agreements with Sun Pharmaceuticals Industries Ltd., Jeil Pharmaceutical Co., Ltd. and Drogsan Pharmaceuticals.

(b)

See Note 3 for more details related to Basic and Diluted Weighted Average Shares Outstanding on Form 10-Q filed May 7, 2026.

(c)

See reconciliation to GAAP financial measures in the tables below.

2026 GUIDANCE

In 2026, Rockwell Medical continues to focus on growing revenue, improving operational efficiencies, and achieving sustained profitability. The Company is implementing pricing adjustments to better align product value with market dynamics, which are expected to generate more than $1 million in annualized revenue in addition to net sales anticipated from onboarding new customers. Additionally, the Company is further streamlining and enhancing its operational efficiencies and distribution footprint, initiatives expected to generate more than $2 million in annualized savings.

Rockwell Medical updates its 2026 annual guidance as follows:

2026 Annual Guidance

Net Sales

$70.0M to $75.0M

Gross Margin

18% to 22%

Adjusted EBITDA

$1.0M to $2.0M

Operating Cash Flow

Positive

WEBCAST DETAILS

Date: Thursday, May 7, 2026

Time: 8:00am ET

Webcast and Replay: www.RockwellMed.com/Results

Speakers:

Mark Strobeck, Ph.D. — President and Chief Executive Officer

Jesse Neri — SVP, Chief Financial Officer

Format: Discussion of first quarter 2026 financial and operational results followed by Q&A.

NON-GAAP FINANCIAL MEASURES

To supplement Rockwell Medical’s unaudited condensed consolidated statements of operations and unaudited condensed consolidated balance sheets, which are prepared in conformity with generally accepted accounting principles in the United States of America (“GAAP”), this press release also includes references to Adjusted EBITDA, a non-GAAP financial measure that is defined as net income (loss) before net interest income (expense), net other income (expense), income tax expenses (benefit), depreciation and amortization, impairment charges, stock-based compensation expense, and other items that are considered unusual or not representative of underlying trends of our business, including but not limited to one-time severance costs, deferred revenue and inventory reserve amounts, if applicable for the periods presented. The Company has provided a reconciliation of net loss, the most directly comparable GAAP financial measure, to Adjusted EBITDA. In addition, this press release includes a reference to Adjusted EPS, a non-GAAP financial measure that is defined as Adjusted EBITDA divided by the weighted average number of shares outstanding. The Company has also provided a reconciliation to EPS, or net income divided by the weighted average number of shares outstanding, which is the most directly comparable GAAP financial measure. Each of these adjusted measures is a non-GAAP financial measure. The Company has provided reconciliations to the GAAP measures at the end of this press release.

Adjusted EBITDA and Adjusted EPS are key measures used by Rockwell Medical to understand and evaluate operating performance and trends, to prepare and approve its annual budget and to develop short- and long-term operating plans. The Company provides Adjusted EBITDA because it believes the metric is helpful in highlighting trends in its operating results because it excludes items that are not indicative of Rockwell Medical’s core operating performance. In particular, the Company believes that the exclusion of the items eliminated in calculating Adjusted EBITDA provides useful measures for period-to-period comparisons of Rockwell Medical’s business. This is also true for Adjusted EPS, which is derived from Adjusted EBITDA.

Adjusted EBITDA and Adjusted EPS should not be considered in isolation of, or as an alternative to, measures prepared in accordance with GAAP. Other companies, including companies in the same industry, may calculate similarly titled non-GAAP financial measures differently or may use other measures to evaluate their performance, all of which could reduce the usefulness of Adjusted EBITDA and Adjusted EPS as tools for comparison. There are a number of limitations related to the use of these non-GAAP financial measures rather than the most directly comparable financial measure calculated in accordance with GAAP. When evaluating the Company’s performance, you should consider Adjusted EBITDA and Adjusted EPS alongside other financial performance measures, including net loss, EPS and other GAAP results.

ABOUT ROCKWELL MEDICAL

Rockwell Medical, Inc. (Nasdaq: RMTI) is a healthcare company that develops, manufactures, commercializes, and distributes a portfolio of hemodialysis products for dialysis providers worldwide. Rockwell Medical’s mission is to provide dialysis clinics and the patients they serve with the highest quality products supported by the best customer service in the industry. Rockwell is focused on innovative, long-term growth strategies that enhance its products, its processes, and its people, enabling the Company to deliver exceptional value to the healthcare system and provide a positive impact on the lives of hemodialysis patients. Hemodialysis is the most common form of end-stage kidney disease treatment and is typically performed in freestanding outpatient dialysis centers, hospital-based outpatient centers, skilled nursing facilities, or a patient’s home. Rockwell Medical’s products are vital to vulnerable patients with end-stage kidney disease, and the Company is relentless in providing unmatched reliability and customer service. Certified as a Great Place to Work^® four years in a row (2023-2026) and named Fortune Best Workplaces in Manufacturing & Production™ in 2024 and 2025, Rockwell Medical is Driven to Deliver Life-Sustaining Dialysis Solutions™. For more information, visit www.rockwellmed.com.

FORWARD-LOOKING STATEMENTS

Certain statements in this press release may constitute “forward-looking statements” within the meaning of the federal securities laws. Words such as, “may,” “might,” “will,” “should,” “believe,” “expect,” “anticipate,” “estimate,” “continue,” “could,” “can,” “would,” “develop,” “plan,” “potential,” “predict,” “forecast,” “project,” “intend,” “look forward to,” “remain confident,” “remain steadfast,” “guidance,” “working to,” “goal” or the negative of these terms, and similar expressions, or statements regarding intent, belief, or current expectations, are forward looking statements. Such statements include without limitation statements relating to: our financial guidance, including projections regarding net sales, gross margin, Adjusted EBITDA and operating cash flow; and our expectations regarding the outcome of further streamlining and enhancing operational efficiencies and distribution footprint initiatives; the results of anticipated pricing adjustments; and net sales anticipated from onboarding new customers. While Rockwell Medical believes these forward-looking statements are reasonable, undue reliance should not be placed on any such forward-looking statements, which are based on information available to us on the date of this release. These forward-looking statements are based upon current estimates and assumptions and are subject to various risks and uncertainties (including, without limitation, those set forth in Rockwell Medical’s SEC filings), many of which are beyond our control and subject to change. Actual results could be materially different. Risks and uncertainties include but are not limited to those risks more fully discussed in the “Risk Factors” section of our Annual Report on Form 10-K for the year ended December 31, 2025, as such description may be amended or updated in any subsequent reports filed with the SEC. Rockwell Medical expressly disclaims any obligation to update our forward-looking statements, except as may be required by law.

Financial Tables Follow

ROCKWELL MEDICAL, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(Dollars In Thousands)

March 31,

March 31,

2026

2025

Cash, Cash Equivalents & Investments available-for-sale
$

23,890

$

17,331

Total Assets
$

57,423

$

53,961

Total Liabilities
$

21,566

$

22,439

Total Stockholders’ Equity
$

35,857

$

31,522

Common Stock Outstanding

39,470,299

34,257,903

Common stock and common stock equivalents*

49,850,163

41,902,125

*Common stock and common stock equivalents:

Common stock

39,470,299

34,257,903

Options to purchase common stock

3,200,049

1,884,476

Restricted stock awards

–

891

Restricted stock units

1,073,330

383,326

Preferred stock converted

1,405,001

1,391,045

Restricted stock units – Market Condition

717,000

–

Common stock warrants

3,984,484

3,984,484

Total common stock and common stock equivalents

49,850,163

41,902,125

ROCKWELL MEDICAL, INC. AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS

(In Thousands, Except Shares and Per Share Amounts)

Three Months Ended

March 31, 2026

Three Months Ended

March 31, 2025

Net Sales
$

17,336

$

18,914

Cost of Sales

14,439

15,872

Gross Profit

2,897

3,042

Selling and Marketing

567

711

General and Administrative

3,810

3,691

Operating Income (Loss)

(1,480

)

(1,360

)

Other (Expense) Income

Realized Gain on Investments

120

56

Interest Expense

(282

)

(277

)

Interest Income

37

66

Total Other Expense

(125

)

(155

)

Net Income (Loss)
$

(1,605

)

$

(1,515

)

Basic and Diluted Net Loss per Share
$

(0.04

)

$

(0.04

)

Basic and Diluted Weighted Average Shares Outstanding

39,418,302

34,107,640

Reconciliation to GAAP Financial Measures

(In Thousands, Except Shares and Per Share Amounts)

Three Months Ended

March 31

2026

2025

Net Income (Loss)
$

(1,605

)

$

(1,515

)

Income taxes

–

–

Other Expense, net

125

155

Depreciation and amortization

508

537

EBITDA

(972

)

(823

)

Severance costs

21

48

Stock-based compensation

480

445

Facility transition

178

39

Deferred license revenue

–

(325

)

Triferic inventory write-off

–

178

Adjusted EBITDA
$

(294

)

$

(439

)

Adjusted EPS
$

(0.01

)

$

(0.01

)

Basic Weighted Average Shares Outstanding

39,418,302

34,107,640

View source version on businesswire.com: https://www.businesswire.com/news/home/20260507118333/en/

Heather R. Hunter

(248) 432-1362

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KEYWORDS: Michigan United States North America

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Rockwell Medical’s Profitability Trend (2021-2026)

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Recent Articles

The Walt Disney Company to Participate in the MoffettNathanson Media, Internet & Communications Conference May 8, 2026 2:26 pm

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