Market Newsdesk

May 7, 2026 7:27 am

Entrada Therapeutics Reports First Quarter 2026 Financial Results

— Announced positive ELEVATE-44-201 Cohort 1 topline results in Duchenne muscular dystrophy showing favorable safety, tolerability and early functional benefit —

— Company on track to report ELEVATE-45-201 Cohort 1 data in mid-2026, as well as ELEVATE-44-201 open-label period and Cohort 2 data by year-end 2026 —

— Cash runway expected into Q3 2027 with
$255 million
in cash, cash equivalents and marketable securities as of March 31, 2026
—

— Entrada to host investor webcast and conference call today, Thursday,
May 7,
at 8:30 a.m. ET —

BOSTON, May 07, 2026 (GLOBE NEWSWIRE) — Entrada Therapeutics, Inc. (Nasdaq: TRDA) today reported financial results for the first quarter ended March 31, 2026, and highlighted recent business updates.

“With the recently announced positive data from Cohort 1 of our ELEVATE-44-201 clinical study, this year has already delivered a significant clinical inflection point. Establishing that ENTR-601-44 demonstrated not only favorable safety and tolerability, but early and differentiated functional benefits at 6 mg/kg, is a clear milestone for the program as well as Entrada’s neuromuscular pipeline,” said Dipal Doshi, Chief Executive Officer at Entrada Therapeutics. “With cash runway into the third quarter of 2027, we are well positioned to achieve additional clinical inflection points throughout the year, including data from the first participant cohort of the ELEVATE-45-201 study, as well as the open-label and second cohort of the ELEVATE-44-201 study. The Company is also carefully evaluating the optimal timing for initiating the planned clinical studies of ENTR-601-50 and ENTR-601-51.”

Recent Corporate Highlights

Clinical-Stage Development Pipeline:
Entrada continues to advance multiple clinical programs in people living with Duchenne muscular dystrophy (DMD) in the U.K., EU and U.S., complementing the ongoing clinical progress of its myotonic dystrophy type 1 (DM1) partnership (VX-670) with Vertex.

ELEVATE-44-201: Announced positive topline results from Cohort 1 in the global Phase 1/2 multiple ascending dose (MAD) portion of the clinical study of ENTR-601-44 in ambulatory participants living with DMD who are amenable to exon 44 skipping. Study participants in Cohort 1 received three doses of 6 mg/kg of ENTR-601-44, the lead investigational product in Entrada’s DMD franchise, or placebo. Topline results demonstrated meaningful and potentially differentiated early functional benefits including statistically significant improvement in Time to Rise (TTR) velocity in the majority of participants treated with ENTR-601-44. Results also demonstrated a favorable safety and tolerability profile, all adverse events (AEs) were mild or moderate, there were no reported serious adverse events (SAEs), and no AEs leading to discontinuation from the study. Plasma markers for kidney function were normal. The Company is on track to report data from the Cohort 1 open-label period and Cohort 2 (12 mg/kg) MAD by year-end 2026, with data from Cohort 3 MAD (up to 18 mg/kg) to follow.
ELEVATE-44-102: The Company believes this clinical study, in the underserved adult patient population with advanced disease, would be best to initiate at the highest advisable starting dose. Following a review of safety, pharmacokinetic and pharmacodynamic data from Cohort 1 of the ELEVATE-44-201 study in the U.K. and EU, the Company plans to re-engage with the FDA to discuss increasing the planned doses in this clinical study. As such, the Company will provide an update on clinical study design and timing following interactions with the FDA.
ELEVATE-45-201: Completed enrollment and initiated dosing in Cohort 1 of the global Phase 1/2 MAD clinical study of ENTR-601-45 in ambulatory participants living with DMD who are amenable to exon 45 skipping. The Company is on track to report data from Cohort 1 (5 mg/kg) in mid-2026, with data from Cohort 2 and Cohort 3 (up to 10 mg/kg and 15 mg/kg, respectively) to follow.
ELEVATE-50-201: The Company received regulatory authorization from the U.K.’s Medicines and Healthcare Products Regulatory Agency (MHRA) and Research Ethics Committee to initiate a Phase 1/2 MAD clinical study of ENTR-601-50 in ambulatory participants living with DMD who are amenable to exon 50 skipping. The Company expects to submit additional regulatory applications and obtain authorization in the EU following a review of data from the ongoing studies of its lead programs.
ENTR-601-51: The Company has completed Clinical Trial Authorization (CTA)-enabling studies for people living with DMD who are amenable to exon 51 skipping, which is applicable to the largest sub-population of exon skipping amenable patients. The Company expects to submit regulatory applications and obtain authorization following a review of data from the ongoing studies of its lead programs.
VX-670: Vertex continues to enroll and dose the MAD portion of the GALILEO global Phase 1/2 clinical study of VX-670 in people with DM1. The study assesses both safety and efficacy and Vertex is on track to share results during the second half of 2026.

Expanding Preclinical Pipeline:
The Company has generated compelling preclinical data from programs focused on ocular and metabolic diseases. The pipeline includes the advancement of two novel oligonucleotide-based programs for the potential treatment of inherited retinal diseases, where there exists high unmet need. The first ocular candidate, ENTR-801, for the potential treatment of Usher syndrome type 2A (USH2A) was announced in December 2025. The Company plans to announce a second clinical candidate in ocular disease in the second half of 2026 and will provide additional details on its clinical development strategy at that time.

Upcoming Investor Conferences

H.C. Wainwright 4^th Annual BioConnect Investor Conference, New York, NY on May 19, 2026
2026 Jefferies Global Healthcare Conference, New York, NY on June 3, 2026
Goldman Sachs 47^th Annual Global Healthcare Conference 2026, Miami Beach, FL on June 8, 2026

Investor Webcast and Conference Call Information

Entrada Therapeutics will host an investor webcast and conference call today, Thursday, May 7, 2026, at 8:30 a.m. ET to discuss financial results for the first quarter ended March 31, 2026, recent business updates and topline results from Cohort 1 of the Phase 1/2 ELEVATE-44-201 study. The webcast can be accessed by visiting the Investor Relations section of the Company’s website at www.entradatx.com. Analysts planning to participate during the Q&A portion of the live call can join the conference call at the audio-conferencing link here. The webcast will be archived and available for replay on the Entrada Therapeutics website for 90 days following the call.

Patients and Their Care Partners

Patients and their care partners are a critical part of our community, and we are committed to keeping them informed and connected. To receive community updates in real time and read today’s update, please visit Community Updates on our corporate website.

First Quarter 2026 Financial Results

Cash Position: Cash, cash equivalents and marketable securities were $254.9 million as of March 31, 2026, compared to $295.7 million as of December 31, 2025. The decrease was primarily driven by cash used to fund operations. Based on current operating plans, the Company believes that its cash, cash equivalents and marketable securities as of March 31, 2026 will be sufficient to fund its operations into the third quarter of 2027.

Collaboration Revenue: Collaboration revenue was $0.9 million for the first quarter of 2026, compared to $20.6 million for the same period in 2025. This decrease is primarily attributable to the substantial completion of the collaboration research plan activities associated with VX-670 during the first quarter of 2025.

Research & Development (R&D) Expenses: R&D expenses were $33.1 million for the first quarter of 2026, compared to $32.1 million for the same period in 2025. The increase was primarily driven by additional costs incurred related to the Company’s DMD programs.

General & Administrative (G&A) Expenses: G&A expenses were $10.1 million for the first quarter of 2026, compared to $10.3 million for the same period in 2025. The decrease was primarily driven by fewer professional services costs incurred.

Net Loss: Net loss was $39.7 million for the first quarter of 2026, compared to $17.3 million for the same period in 2025.

About Entrada Therapeutics

Entrada Therapeutics is a clinical-stage biopharmaceutical company aiming to transform the lives of patients by establishing a new class of genetic medicines that engage intracellular targets that have long been considered inaccessible. Through proprietary, versatile and modular approaches, Entrada is advancing a robust development portfolio of genetic medicines for the potential treatment of neuromuscular and inherited retinal diseases, among others. The Company’s lead oligonucleotide programs are in development for the potential treatment of people living with Duchenne muscular dystrophy who are exon 44, 45, 50 and 51 skipping amenable. Entrada has partnered to develop a clinical-stage program, VX-670, for myotonic dystrophy type 1.

For more information about Entrada, please visit our website, www.entradatx.com, and follow us on LinkedIn.

Forward-Looking Statements

This press release contains express and implied forward-looking statements that involve substantial risks and uncertainties. All statements, other than statements of historical facts, contained in this press release, including statements regarding Entrada’s strategy, future operations, prospects and plans, objectives of management, the validation and differentiation of Entrada’s approach and EEV platform and its ability to provide a potential treatment for patients, expectations regarding Entrada’s Phase 1/2 MAD clinical study of ENTR-601-44, including the timing of data from the Cohort 1 open-label period and Cohort 2 by year-end 2026 with data from Cohort 3 to follow, expectations regarding the initiation of the planned ELEVATE-44-102 study in the U.S., including plans to re-engage with the FDA to discuss increasing planned doses, the ability to recruit for and complete the global Phase 2 clinical studies of ENTR-601-44, ENTR-601-45, ENTR-601-50 and ENTR-601-51, the potential therapeutic benefits of Entrada’s EEV product candidates, including the potential for ENTR-601-44 to be a transformative treatment option, the potential of TTR velocity data observed in Cohort 1 to predict early functional benefit, the potential for a deepening of functional responses, continued functional benefit and higher dystrophin levels with increase in plasma exposure during the Cohort 1 open-label Phase 2 portion of the study, the potential for further enhanced muscle function and a meaningful increase in dystrophin in Cohort 2, expectations regarding Entrada’s Phase 1/2 MAD clinical study of ENTR-601-45, including the timing of data from Cohort 1 in mid-2026, with data from Cohort 2 and Cohort 3 to follow, expectations regarding regulatory filings in the EU for the planned Phase 1/2 MAD clinical study of ENTR-601-50, expectations regarding regulatory filings for the ENTR-601-51 program, the potential therapeutic benefits of Entrada’s EEV product candidates and the ability to advance therapeutic candidates in indications beyond neuromuscular disease, including but not limited to ocular disease, expectations regarding the timing of nomination of a second clinical candidate for ocular disease in the second half of 2026, and the continued development and advancement of ENTR-601-44, ENTR-601-45, ENTR-601-50, and ENTR-601-51 for the treatment of DMD and ENTR-801 for the potential treatment of Usher syndrome type 2A and the partnered product candidate VX-670 for the potential treatment of DM1, expectations regarding the progress and success of Entrada’s collaboration with Vertex, including the timing of results from the MAD portion of the global Phase 1/2 study of the VX-670 program in the second half of 2026, the ability to continue to expand and develop additional therapeutic programs and modalities, including further exon skipping programs, and the sufficiency of its cash resources into the third quarter of 2027, constitute forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “objective,” “ongoing,” “plan,” “predict,” “project,” “potential,” “should,” or “would,” or the negative of these terms, or other comparable terminology are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Entrada may not actually achieve the plans, intentions or expectations disclosed in these forward-looking statements, and you should not place undue reliance on these forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in these forward-looking statements as a result of various important factors, including: uncertainties inherent in the identification and development of product candidates, including the conduct of research activities and the initiation and completion of preclinical studies and clinical studies; uncertainties as to the availability and timing of results from preclinical and clinical studies; the timing of and Entrada’s ability to submit and obtain regulatory clearance and initiate clinical studies; whether results from preclinical studies or clinical studies will be predictive of the results of later preclinical studies and clinical studies; whether Entrada’s cash resources will be sufficient to fund the Company’s foreseeable and unforeseeable operating expenses and capital expenditure requirements; as well as the risks and uncertainties identified in Entrada’s filings with the Securities and Exchange Commission (SEC), including the Company’s most recent Form 10-K and in subsequent filings Entrada may make with the SEC. In addition, the forward-looking statements included in this press release represent Entrada’s views as of the date of this press release. Entrada anticipates that subsequent events and developments will cause its views to change. However, while Entrada may elect to update these forward-looking statements at some point in the future, it specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing Entrada’s views as of any date subsequent to the date of this press release.

ENTRADA THERAPEUTICS, INC. Condensed Consolidated Statements of Operations (Unaudited) (In thousands, except share and per share amounts)

	Three Months Ended March 31,
		2026			2025
Collaboration revenue	$	875		$	20,558
Operating expenses:
Research and development		33,054			32,074
General and administrative		10,124			10,274
Total operating expenses		43,178			42,348
Loss from operations		(42,303	)		(21,790	)
Other income:
Interest and other income		2,624			4,441
Total other income		2,624			4,441
Loss before provision for income taxes		(39,679	)		(17,349	)
Provision for income taxes		38			—
Net loss	$	(39,717	)	$	(17,349	)
Net loss per share, basic and diluted	$	(0.95	)	$	(0.42	)
Weighted‑average common shares outstanding, basic and diluted		41,836,275			41,073,732

ENTRADA THERAPEUTICS, INC. Condensed Consolidated Balance Sheet Data (Unaudited) (In thousands)

	March 31,		December 31,
	2026		2025
Cash, cash equivalents and marketable securities	$	254,859	$	295,698
Total assets	$	335,518	$	377,378
Total liabilities	$	64,664	$	71,245
Total stockholders’ equity	$	270,854	$	306,133

Investor Contact

Karla MacDonald
Chief Corporate Affairs Officer
[email protected]

Patient Advocacy Contact

Sarah Friedhoff
Head of Patient Advocacy
[email protected]

Media Contact

Megan Prock McGrath
CTD Comms, LLC
[email protected]

May 7, 2026 7:27 am

Gilat to Present at Upcoming Investor Conferences

PETAH TIKVA, Israel, May 07, 2026 (GLOBE NEWSWIRE) — Gilat Satellite Networks Ltd. (NASDAQ: GILT, TASE: GILT), a worldwide leader in satellite networking technology, solutions, and services, announced today that Mr. Gil Benyamini, Chief Financial Officer, will present at and attend the following upcoming conferences:

21
^st
Annual Needham Technology, Media, & Consumer 1×1 Conference

Date: May 14, 2026
Format: fireside chat and one-on-ones
Location: virtual

27
^th
Annual Oppenheimer Israel Conference

Date: May 18, 2026
Format: fireside chat and one-on-ones
Location: David Intercontinental Hotel, Tel Aviv

About Gilat

Gilat Satellite Networks Ltd. (NASDAQ: GILT, TASE: GILT) is a leading global provider of satellite-based broadband communications. With over 35 years of experience, we develop and deliver deep technology solutions for satellite, ground, and new space connectivity, offering next-generation solutions and services for critical connectivity across commercial and defense applications. We believe in the right of all people to be connected and are united in our resolution to provide communication solutions to all reaches of the world.

Together with our wholly owned subsidiaries Gilat Wavestream, Gilat DataPath, and Gilat Stellar Blu, we offer integrated, high-value solutions supporting multi-orbit constellations, Very High Throughput Satellites (VHTS), and Software-Defined Satellites (SDS) via our Commercial and Defense Divisions. Our comprehensive portfolio is comprised of a software-defined platform and modems, high-performance satellite terminals, advanced Satellite On-the-Move (SOTM) antennas and ESAs, highly efficient, high-power Solid State Power Amplifiers (SSPA) and Block Upconverters (BUC) and includes integrated ground systems for commercial and defense markets, field services, network management software, and cybersecurity services.

Gilat’s products and tailored solutions support multiple applications including government and defense, IFC and mobility, cellular backhaul, enterprise, aerospace and critical infrastructure clients all while meeting the most stringent service level requirements. For more information, please visit: http://www.gilat.com

Certain statements made herein that are not historical are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. The words “estimate”, “project”, “intend”, “expect”, “believe” and similar expressions are intended to identify forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties. Many factors could cause the actual results, performance or achievements of Gilat to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements, including, among others, changes in general economic and business conditions, inability to maintain market acceptance to Gilat’s products, inability to timely develop and introduce new technologies, products and applications, rapid changes in the market for Gilat’s products, loss of market share and pressure on prices resulting from competition, introduction of competing products by other companies, inability to manage growth and expansion, loss of key OEM partners, inability to attract and retain qualified personnel, inability to protect the Company’s proprietary technology and risks associated with Gilat’s international operations and its location in Israel, including those related to the hostilities between Israel and Iran and the Hezbollah in Lebanon. For additional information regarding these and other risks and uncertainties associated with Gilat’s business, reference is made to Gilat’s reports filed from time to time with the Securities and Exchange Commission. We undertake no obligation to update or revise any forward-looking statements for any reason.

Contact:

Gilat Satellite Networks

[email protected]

Investor Relations Contact (U.S.):

Alliance Advisors Investor Relations

[email protected]

May 7, 2026 7:26 am

Xometry Reports Record First Quarter 2026 Results

Q1 revenue increased 36% year-over-year to a record $205 million, driven by robust marketplace growth.
Q1 marketplace revenue growth accelerated to 40% year-over-year, driven by expanding networks of buyers and suppliers and increasing wallet share.
Q1 gross profit increased 39% year-over-year to a record $78.5 million, driven by strong marketplace growth and marketplace gross margin expansion.
Q1 Adjusted EBITDA improved $10.4 million year-over-year to Adjusted EBITDA of $10.5 million, driven by expanding marketplace gross margin and strong operating expense leverage.
Announced a new strategic partnership with Siemens, to embed Xometry’s proprietary manufacturability, pricing, sourcing and execution intelligence directly within Siemens Xcelerator. Siemens is purchasing approximately $50 million of Xometry Class A common stock, underscoring its conviction that AI-powered intelligence will define the next generation of industrial software.
Strong operating results were driven by consistent execution across growth initiatives: expanding buyer and supplier networks, driving deeper enterprise engagement, further expanding the marketplace platform, growing internationally, and enhancing services offerings.

NORTH BETHESDA, Md., May 07, 2026 (GLOBE NEWSWIRE) — Xometry, Inc. (NASDAQ: XMTR), the global AI-native marketplace connecting buyers and suppliers of custom manufacturing, today announced its financial results for the first quarter ended March 31, 2026.

“In the first quarter, we delivered 36% revenue growth year-over-year, underscoring the strength of our marketplace innovation and expanding global network,” said Randy Altschuler, CEO at Xometry. “This quarter marks a significant acceleration of marketplace growth, driven by increasing wallet share and rapid adoption of our supply chain solutions.”

“We delivered robust marketplace gross profit growth in Q1, which increased 53% year-over-year,” said James Miln, CFO at Xometry. “Our Adjusted EBITDA improved by $10.4 million year-over-year to $10.5 million, reflecting the strong leverage in our marketplace model. We expect to continue to deliver 20% annual incremental Adjusted EBITDA margins as we rapidly scale to $1 billion in revenue.”

First Quarter 2026 Financial Highlights

Total revenue for the first quarter of 2026 was $205 million, an increase of 36% year-over-year.
Marketplace revenue for the first quarter of 2026 was $191 million, an increase of 40% year-over-year.
Marketplace Active Buyers increased 20% from 71,454 as of March 31, 2025 to 85,581 as of March 31, 2026.
Marketplace Accounts with Last Twelve-Months Spend of at least $50,000 increased 21% from 1,545 as of March 31, 2025 to 1,864 as of March 31, 2026.
Services revenue for the first quarter of 2026 was $13.8 million, roughly flat quarter-over-quarter.
Net loss attributable to common stockholders for the first quarter of 2026 was $5.3 million.
Adjusted EBITDA for the first quarter of 2026 was $10.5 million, reflecting an improvement of $10.4 million year-over-year.
Non-GAAP net income for the first quarter of 2026 was $6.9 million, as compared to a Non-GAAP net loss of $2.5 million in the first quarter of 2025.
Cash, cash equivalents and marketable securities were $224 million as of March 31, 2026, an increase of $4.8 million from December 31, 2025 driven by $14.6 million of operating cash flow.

First Quarter 2026 Business Highlights:

Xometry introduced a new enterprise machining lead time model into its Instant Quoting Engine, significantly enhancing its predictive intelligence. This deep learning model, trained on a dataset four times larger than previous versions, is designed to improve reliability and execution speed for enterprise buyers. The key results are superior prediction accuracy, expanded rapid delivery (including 1-day lead times), and enhanced operational throughput, leading to a reduction in standard lead time offerings. The model also incorporates critical factors such as specialized certifications, new materials and finishing options.
Xometry enhanced the dynamic pricing logic in its Instant Quoting Engine. Xometry’s approach uses a “conversion rate model” that analyzes unique geometric features, quote configurations, and customer-specific historical data to construct a price-response function tailored for every individual quote and part.
Xometry further improved its injection molding offering in the U.S. by introducing six new materials and three additional finishes to give buyers greater choice. These additions increase the selection of instant quoting injection-molded parts by over 15%. Xometry’s proprietary AI-powered platform manages the full lifecycle of injection molding needs from initial quoting to delivery to reordering in one of the largest custom manufacturing markets in the U.S. The platform enables a spectrum of injection molding options – from prototype and low-volume bridge tooling to high-volume, multi-cavity production tooling.
Xometry simplified the reordering process for marketplace customers by introducing a “name your part” feature which enables customers to match their internal naming conventions and harmonizes their Xometry parts library and SKU structure with their internal systems.

Financial Summary (In thousands, except per share amounts) (Unaudited)
	For the Three Months Ended March 31,
	2026			2025			% Change

Consolidated
Revenue	$	205,138		$	150,971		36	%
Gross profit		78,488			56,331		39	%
Net loss attributable to common stockholders		(5,267	)		(15,078	)	65	%
EPS, basic and diluted, of Class A and Class B common stock		(0.10	)		(0.30	)	67	%
Adjusted EBITDA⁽¹⁾		10,485			78		13,342	%
Non-GAAP net income (loss)⁽¹⁾		6,889			(2,522	)	373	%
Non-GAAP EPS, basic⁽¹⁾, of Class A and Class B common stock		0.13			(0.05	)	360	%
Non-GAAP EPS, diluted⁽¹⁾, of Class A and Class B common stock		0.12			(0.05	)	340	%

Marketplace
Revenue	$	191,318		$	136,353		40	%
Cost of revenue		124,873			93,046		34	%
Gross Profit	$	66,445		$	43,307		53	%
Gross Margin		34.7	%		31.8	%	2.9	%

Services
Revenue	$	13,820		$	14,618		(5	)%
Cost of revenue		1,777			1,594		11	%
Gross Profit	$	12,043		$	13,024		(8	)%
Gross Margin		87.1	%		89.1	%	(2.0	)%

(1) These non-GAAP financial measures, and the reasons why we believe these non-GAAP financial measures are useful, are described below and reconciled to their most directly comparable GAAP measures in the accompanying tables.

Key Operating Metrics
⁽²⁾
:

	As of March 31,
	2026		2025		% Change

Active Buyers⁽³⁾	85,581		71,454		20	%
Percentage of Revenue from Existing Accounts⁽³⁾	98	%	98	%
Accounts with Last Twelve-Months Spend of at Least $50,000⁽³⁾	1,864		1,545		21	%

(2) These key operating metrics are for Marketplace. See “Key Terms for our Key Metrics and Non-GAAP Financial Measures” below for definitions of these metrics.
(3) Amounts shown for Active Buyers and Accounts with Last Twelve-Months Spend of at Least $50,000 are as of March 31, 2026 and 2025, and Percentage of Revenue from Existing Accounts is presented for the quarters ended March 31, 2026 and 2025.

Financial Guidance and Outlook:

	Q2 2026
	(in millions)
	Low		High
Revenue	$	214	$	216
Adjusted EBITDA	$	11	$	12

For Q2 2026, we expect revenue of $214-$216 million, representing 32-33% growth year-over-year driven by 35-36% marketplace growth.
For Q2 2026, we expect Adjusted EBITDA of $11-$12 million, an improvement from Adjusted EBITDA of $3.9 million in Q2 2025.
For Full Year 2026, we are raising our revenue growth outlook from previous guidance of at least 21% to 27-28% driven by approximately 30% marketplace growth.
For Full Year 2026, we expect incremental Adjusted EBITDA margins of at least 20%.

Xometry’s second quarter and full year 2026 financial outlook is based on a number of assumptions that are subject to change and may be outside of its control. If actual results vary from these assumptions, Xometry’s expectations may change. There can be no assurance that Xometry will achieve these results.

Reconciliation of Adjusted EBITDA on a forward-looking basis to net loss, the most directly comparable GAAP measure, is not available without unreasonable efforts due to the high variability and complexity and low visibility with respect to certain charges excluded from this non-GAAP measure, including interest and dividend income, (provision) benefit for income taxes, charitable contributions of common stock and impairment of assets. Xometry expects the variability of these items could have a significant, and potentially unpredictable, impact on its future GAAP financial results.

Use of Non-GAAP Financial Measures

To supplement its consolidated financial statements, which are prepared and presented in accordance with generally accepted accounting principles in the United States of America (“GAAP”), Xometry, Inc. (“Xometry”, the “Company”, “we” or “our”) uses Adjusted EBITDA, non-GAAP net income (loss) and non-GAAP Earnings Per Share, basic and diluted, which are considered non-GAAP financial measures, as described below. These non-GAAP financial measures are presented to enhance the user’s overall understanding of Xometry’s financial performance and should not be considered a substitute for, nor superior to, the financial information prepared and presented in accordance with GAAP. The non-GAAP financial measures presented in this release, together with the GAAP financial results, are the primary measures used by the Company’s management and board of directors to understand and evaluate the Company’s financial performance and operating trends, including period-to-period comparisons, because they exclude certain expenses and gains that management believes are not indicative of the Company’s core operating results. Management also uses these measures to prepare and update the Company’s short and long term financial and operational plans, to evaluate investment decisions, and in its discussions with investors, commercial bankers, equity research analysts and other users of the Company’s financial statements. Accordingly, the Company believes that these non-GAAP financial measures provide useful information to investors and others in understanding and evaluating the Company’s operating results in the same manner as the Company’s management and in comparing operating results across periods and to those of Xometry’s peer companies. In addition, from time to time we may present adjusted information (for example, revenue growth) to exclude the impact of certain gains, losses or other changes that affect period-to-period comparability of our operating performance.

The use of non-GAAP financial measures has certain limitations because they do not reflect all items of income and expense, or cash flows, that affect the Company’s financial performance and operations. Additionally, non-GAAP financial measures do not have standardized meanings, and therefore other companies, including peer companies, may use the same or similarly named measures but exclude or include different items or use different computations. Management compensates for these limitations by reconciling these non-GAAP financial measures to their most comparable GAAP financial measures in the tables captioned “Reconciliations of Non-GAAP Financial Measures” included at the end of this release. Investors and others are encouraged to review the Company’s financial information in its entirety and not rely on a single financial measure.

Change in Non-GAAP Financial Measure

Effective January 1, 2026, we revised our definition of Non-GAAP Net Income (Loss) to exclude depreciation expense which had previously been included as an adjustment. Management believes this revised definition provides a more representative view of our core operating performance. All prior-period amounts have been recast to conform to this new definition.

Key Terms for our Key Metrics and Non-GAAP Financial Measures

Marketplace revenue: includes the sale of parts and assemblies on our platform.

Services revenue: includes the sales of marketing and advertising services and, to a lesser extent, financial service products and SaaS-based solutions.

Active Buyers: The Company defines “buyers” as individuals who have placed an order to purchase on-demand parts or assemblies on our marketplace. The Company defines Active Buyers as the number of buyers who have made at least one purchase on our marketplace during the last twelve months.

Active Suppliers: The Company defines “suppliers” as individuals or businesses that have been approved by us to either manufacture a product on our platform for a buyer or have utilized our supplier services, including our digital marketing services, data services, financial services or tools and materials. The Company defines Active Suppliers as suppliers that have used our platform at least once during the last twelve months to manufacture a product.

Percentage of Revenue from Existing Accounts: The Company defines an “account” as an individual entity, such as a sole proprietor with a single buyer or corporate entities with multiple buyers, having purchased at least one part on our marketplace. The Company defines an existing account as an account where at least one buyer has made a purchase on our marketplace.

Accounts with Last Twelve-Month Spend of at Least $50,000: The Company defines Accounts with Last Twelve-Month Spend of at Least $50,000 as an account that has spent at least $50,000 on our marketplace in the most recent twelve-month period.

Adjusted earnings before interest, taxes, depreciation and amortization (Adjusted EBITDA): The Company defines Adjusted EBITDA as net loss, adjusted for interest expense, interest and dividend income and other expenses, and certain other non-cash or non-recurring items impacting net loss from time to time, principally comprised of depreciation and amortization, amortization of lease intangible, provision for income taxes, stock-based compensation, payroll tax expense related to stock-based compensation, charitable contributions of common stock, income from unconsolidated joint venture, restructuring charges and acquisition and other adjustments not reflective of the Company’s ongoing business, such as adjustments related to purchase accounting, the revaluation of contingent consideration, transaction costs and executive severance.

Non-GAAP net income (loss): The Company defines non-GAAP net income (loss) as net loss adjusted for stock-based compensation, payroll tax expense related to stock-based compensation, amortization of lease intangible, amortization of deferred costs on convertible notes, charitable contributions of common stock, lease termination, restructuring charges, amortization of acquired intangible assets & patents, other amortization and acquisition and other adjustments not reflective of the Company’s ongoing business, such as adjustments related to purchase accounting, the revaluation of contingent consideration, transaction costs and executive severance.

Non-GAAP Earnings Per Share, basic and diluted (Non-GAAP EPS, basic and diluted): The Company calculates non-GAAP earnings per share, basic and diluted as non-GAAP net income (loss) divided by the weighted average number of basic or dilutive shares of common stock outstanding.

Management believes that the exclusion of certain expenses and gains in calculating Adjusted EBITDA, non-GAAP net income (loss) and non-GAAP EPS, basic and diluted, provides a useful measure for period-to-period comparisons of the Company’s underlying core revenue and operating costs that is focused more closely on the current costs necessary to operate the Company’s businesses and reflects its ongoing business in a manner that allows for meaningful analysis of trends. Management also believes that excluding certain non-cash charges can be useful because the amount of such expenses is the result of long-term investment decisions made in previous periods rather than day-to-day operating decisions.

About Xometry

Xometry’s (NASDAQ: XMTR) AI-native marketplace, popular Thomasnet® industrial sourcing platform and suite of cloud-based services are rapidly digitizing the manufacturing industry. Xometry provides manufacturers the critical resources they need to grow their business and streamlines the procurement process for buyers through real-time pricing and lead time data. Learn more at xometry.com and xometry.eu.

Conference Call and Webcast Information

The Company will host a conference call and webcast to discuss the results at 8:30 a.m. ET (5:30 a.m. PT) on May 7, 2026. In addition to its press release announcing its first quarter 2026 financial results, Xometry will release an earnings presentation, which will be available on its investor website at investors.xometry.com.

Xometry, Inc. First Quarter 2026 Earnings Presentation and Conference Call

Thursday, May 7, 2026
8:30 a.m. Eastern / 5:30 a.m. Pacific
To access the webcast use the following link: https://register-conf.media-server.com/register
You may also visit the Xometry Investor Relations Homepage at investors.xometry.com to listen to a live webcast of the call

Cautionary Information Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which statements involve substantial risks and uncertainties. Forward-looking statements generally relate to future events or our future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as “may,” “will,” “should,” “expect,” “plan,” “anticipate,” “could,” “would,” “intend,” “target,” “project,” “contemplate,” “believe,” “estimate,” “predict,” “potential” or “continue” or the negative of these words or other similar terms or expressions that concern our expectations, strategy, plans or intentions. Forward-looking statements in this press release include, but are not limited to, our beliefs regarding our financial position and operating performance, including our outlook and guidance for the second quarter of 2026 and the full year 2026; our expectations regarding our growth; and statements regarding our strategies, initiatives, products and platform capabilities. Our expectations and beliefs regarding these matters may not materialize, and actual results in future periods are subject to risks and uncertainties that could cause actual results to differ materially from those projected, including risks and uncertainties related to: competition, managing our growth, financial performance, our ability to forecast our performance due to our limited operating history, investments in new products or offerings, our ability to attract buyers and sellers to our marketplace, legal proceedings and regulatory matters and developments, any future changes to our business or our financial or operating model, our brand and reputation, and the impact of fluctuations in general macroeconomic conditions, such as fluctuations in inflation and rising interest rates. The forward-looking statements contained in this press release are also subject to other risks and uncertainties that could cause actual results to differ from the results predicted, including those more fully described in our filings with the SEC, including our Annual Report on Form 10-K for the year ended December 31, 2025, our Quarterly Reports on Form 10-Q, and other filings and reports that we may file from time to time with the SEC. All forward-looking statements in this press release are based on information available to Xometry and assumptions and beliefs as of the date hereof, and we disclaim any obligation to update any forward-looking statements, except as required by law.


Investor Contact:	Media Contact:
Shawn Milne	Lauran Cacciatori
VP Investor Relations	VP Communications
240-335-8132	773-610-0806
[email protected]	[email protected]

Xometry, Inc. and Subsidiaries Condensed Consolidated Balance Sheets (In thousands, except share and per share data) (Unaudited)
	March 31,			December 31,
	2026			2025
Assets
Current assets:
Cash and cash equivalents	$	21,046		$	14,996
Marketable securities		202,925			204,145
Accounts receivable, less allowance for credit losses of $7.1 million and $8.0 million as of March 31, 2026 and December 31, 2025, respectively		119,746			97,370
Inventory		3,600			3,917
Prepaid expenses		7,039			7,262
Other current assets		9,699			6,954
Total current assets		364,055			334,644
Software development and property and equipment, net		69,174			60,631
Operating lease right-of-use assets		10,714			11,132
Investment in unconsolidated joint venture		4,115			4,069
Intangible assets, net		27,759			28,563
Goodwill		263,558			263,801
Other assets		888			880
Total assets	$	740,263		$	703,720
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable and accrued cost of revenue	$	62,271		$	44,612
Other accrued expenses		42,086			31,669
Contract liabilities		12,027			10,319
Income taxes payable		283			269
Convertible notes, current portion		85,343			—
Operating lease liabilities, current portion		2,402			2,067
Total current liabilities		204,412			88,936
Convertible notes, net of current portion		242,742			327,514
Operating lease liabilities, net of current portion		9,303			9,841
Deferred income taxes		145			145
Other liabilities		492			547
Total liabilities		457,094			426,983
Commitments and contingencies
Stockholders’ equity
Preferred stock, $0.000001 par value. Authorized; 50,000,000 shares; zero shares issued and outstanding as of March 31, 2026 and December 31, 2025		—			—
Class A Common stock, $0.000001 par value. Authorized; 750,000,000 shares; 50,765,219 shares and 49,842,220 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively		—			—
Class B Common stock, $0.000001 par value. Authorized; 5,000,000 shares; 1,475,311 shares issued and outstanding as of March 31, 2026 and December 31, 2025		—			—
Additional paid-in capital		723,306			710,925
Treasury stock, at cost, 220,994 shares as of March 31, 2026 and December 31, 2025		(8,080	)		(8,080	)
Accumulated other comprehensive income (loss)		4,077			4,772
Accumulated deficit		(437,283	)		(432,016	)
Total stockholders’ equity		282,020			275,601
Noncontrolling interest		1,149			1,136
Total equity		283,169			276,737
Total liabilities and stockholders’ equity	$	740,263		$	703,720

Xometry, Inc. and Subsidiaries Condensed Consolidated Statements of Operations and Comprehensive Loss (In thousands, except share and per share amounts) (Unaudited)
	Three Months Ended March 31,
	2026			2025

Revenue	$	205,138		$	150,971
Cost of revenue		126,650			94,640
Gross profit		78,488			56,331
Operating expenses
Sales and marketing		31,967			26,435
Operations and support		19,659			17,090
Product development		11,428			11,171
General and administrative		20,654			17,026
Total operating expenses		83,708			71,722
Loss from operations		(5,220	)		(15,391	)
Other (expenses) income
Interest expense		(1,258	)		(1,188	)
Interest and dividend income		1,785			2,277
Other expenses		(464	)		(880	)
Income from unconsolidated joint venture		146			106
Total other income		209			315
Loss before income taxes		(5,011	)		(15,076	)
Provision for income taxes		(248	)		—
Net loss		(5,259	)		(15,076	)
Net loss attributable to noncontrolling interest		8			2
Net income attributable to common stockholders	$	(5,267	)	$	(15,078	)
Net loss per share, basic and diluted, of Class A and Class B common stock	$	(0.10	)	$	(0.30	)
Weighted-average number of shares outstanding used to compute net loss per share, basic and diluted, of Class A and Class B common stock		51,912,516			50,335,053

Net loss	$	(5,259	)	$	(15,076	)
Comprehensive loss:
Foreign currency translation		(690	)		1,520
Total other comprehensive (loss) income		(690	)		1,520
Comprehensive loss		(5,949	)		(13,556	)
Comprehensive income (loss) attributable to noncontrolling interest		13			(11	)
Total comprehensive loss attributable to common stockholders	$	(5,962	)	$	(13,545	)

Xometry, Inc. and Subsidiaries Condensed Consolidated Statements of Cash Flows (In thousands) (Unaudited)

	Three Months Ended March 31,
	2026			2025
Cash flows from operating activities:
Net loss	$	(5,259	)	$	(15,076	)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization		4,931			4,246
Reduction in carrying amount of right-of-use asset		552			1,100
Lease termination		—			(30	)
Stock-based compensation		8,327			7,342
Income from unconsolidated joint venture		(86	)		(90	)
Donation of common stock		826			516
Amortization of deferred costs on convertible notes		571			465
Changes in other assets and liabilities:
Accounts receivable, net		(22,664	)		(13,358	)
Inventory		273			(41	)
Prepaid expenses		214			(1,519	)
Other assets		(3,113	)		(1,995	)
Accounts payable and accrued cost of revenue		17,657			15,048
Other accrued expenses		11,014			(540	)
Contract liabilities		1,761			1,877
Lease liabilities		(340	)		(1,531	)
Other liabilities		(55	)		(13	)
Income taxes payable		14			(92	)
Net cash provided by (used in) operating activities		14,623			(3,691	)
Cash flows from investing activities:
Purchases of marketable securities		(12,280	)		(2,271	)
Proceeds from sale of marketable securities		13,500			4,000
Capitalization of software development and purchases of property and equipment		(10,581	)		(5,499	)
Distributions in excess of earnings		40			84
Net cash used in investing activities		(9,321	)		(3,686	)
Cash flows from financing activities:
Proceeds from stock options exercised		830			510
Net cash provided by financing activities		830			510
Effect of foreign currency translation on cash and cash equivalents		(82	)		142
Net increase (decrease) in cash and cash equivalents		6,050			(6,725	)
Cash and cash equivalents at beginning of the period		14,996			22,232
Cash and cash equivalents at end of the period	$	21,046		$	15,507
Supplemental cash flow information:
Cash paid for interest	$	429		$	1,438
Cash paid for income taxes		227			—
Non-cash investing and financing activities:
Stock-based compensation included in capitalized software development costs		2,398			—
Non-cash consideration in connection with business combination		—			625

Xometry, Inc. and Subsidiaries Reconciliations of Non-GAAP Financial Measures (In thousands, except share and per share amounts) (Unaudited)

	For the Three Months Ended March 31,
	2026			2025
Adjusted EBITDA:
Net loss	$	(5,259	)	$	(15,076	)
Add (deduct):
Interest expense, interest and dividend income and other expenses		(63	)		(209	)
Depreciation and amortization⁽¹⁾		4,931			4,246
Amortization of lease intangible		—			180
Provision for income taxes		248			—
Stock-based compensation⁽²⁾		8,327			7,342
Payroll tax expense related to stock-based compensation		1,605			1,473
Acquisition and other⁽³⁾		—			251
Charitable contribution of common stock		826			516
Income from unconsolidated joint venture		(146	)		(106	)
Restructuring charges⁽⁴⁾		16			1,461
Adjusted EBITDA	$	10,485		$	78

	For the Three Months Ended March 31,
	2026			2025
Non-GAAP Net Income (Loss):
Net loss	$	(5,259	)	$	(15,076	)
Add (deduct):
Stock-based compensation⁽²⁾		8,327			7,342
Payroll tax expense related to stock-based compensation		1,605			1,473
Amortization of lease intangible		—			180
Amortization of deferred costs on convertible notes		571			465
Acquisition and other⁽³⁾		—			251
Charitable contribution of common stock		826			516
Lease termination		—			(30	)
Restructuring charges⁽⁴⁾		16			1,461
Amortization of acquired intangible assets & patents⁽⁵⁾		803			804
Other amortization⁽⁵⁾		—			92
Non-GAAP Net Income (Loss)	$	6,889		$	(2,522	)

Adjustments to numerator	$	540		$	—
Weighted-average number of shares outstanding used to compute Non-GAAP Net Income (Loss) per share, basic and diluted, of Class A and Class B common stock		51,912,516			50,335,053
Non-GAAP effect of potentially dilutive Class A common stock		9,691,560			—
Non-GAAP weighted-average shares used to compute Non-GAAP Net Income (Loss) per share, diluted		61,604,076			50,335,053

EPS, basic and diluted, of Class A and Class B common stock	$	(0.10	)	$	(0.30	)
Non-GAAP EPS basic, of Class A and Class B common stock	$	0.13		$	(0.05	)
Non-GAAP EPS diluted, of Class A and Class B common stock	$	0.12		$	(0.05	)

(1)   Represents depreciation expense of the Company’s long-lived tangible assets and amortization expense of its finite-lived intangible assets, as included in the Company’s GAAP results of operations.
(2)   Represents the non-cash expense related to stock-based awards granted to employees, as included in the Company’s GAAP results of operations.
(3)   Includes adjustments related to purchase accounting, the revaluation of contingent consideration, transaction costs and executive severance.
(4)   Costs associated with the 2025 reduction in workforce.
(5)   In the first quarter of 2026, we changed the definition of Non-GAAP Net Income (Loss) to exclude depreciation expense. Prior period amounts were recast to conform to the new definition.

Xometry, Inc. and Subsidiaries Reconciliation of GAAP EPS to Non-GAAP EPS (Unaudited)
	For the Three Months Ended March 31,
	2026			2025
Non-GAAP EPS:
GAAP EPS, diluted, of Class A and Class B common stock	$	(0.10	)	$	(0.30	)
Non-GAAP effect of potentially dilutive Class A common stock		0.02			—
Add (deduct):
Stock-based compensation		0.14			0.15
Payroll tax expense related to stock-based compensation		0.03			0.03
Amortization of lease intangible		—			—
Amortization of deferred costs on convertible notes		0.01			0.01
Acquisition and other		—			—
Charitable contribution of common stock		0.01			0.01
Lease termination		—			—
Restructuring charges		—			0.03
Amortization of acquired intangible assets & patents		0.01			0.02
Other amortization		—			—
Non-GAAP EPS, diluted, of Class A and Class B common stock	$	0.12		$	(0.05	)

Xometry, Inc. and Subsidiaries Segment Results (In thousands) (Unaudited)

	For the Three Months Ended March 31,
	2026			2025
Segment Revenue:
U.S.	$	172,216		$	127,820
International		32,922			23,151
Total revenue	$	205,138		$	150,971

Segment Cost of Revenue:
U.S.	$	106,062		$	79,940
International		20,588			14,700
Total cost of revenue	$	126,650		$	94,640

Segment Adjusted EBITDA:
U.S.	$	13,286		$	3,010
International		(2,801	)		(2,932	)
Total Adjusted EBITDA	$	10,485		$	78

Xometry, Inc. and Subsidiaries Supplemental Information (In thousands) (Unaudited)

	For the Three Months Ended March 31,
	2026		2025
Summary of Stock-based Compensation Expense and Payroll Taxes Related to Stock-Based Compensation Expense
Sales and marketing	$	2,005	$	2,382
Operations and support		2,782		2,978
Product development		1,151		2,016
General and administrative		3,994		1,439
Total stock-based compensation expense and payroll taxes related to stock-based compensation	$	9,932	$	8,815

Summary of Depreciation and Amortization Expense
Cost of revenue	$	177	$	182
Sales and marketing		795		794
Operations and support		34		39
Product development		3,589		2,993
General and administrative		336		238
Total depreciation and amortization expense	$	4,931	$	4,246

Summary of Restructuring Charges
Sales and marketing	$	—	$	85
Operations and support		—		689
Product development		2		534
General and administrative		14		153
Total restructuring charges	$	16	$	1,461

May 7, 2026 7:26 am

Resolute Holdings Reports First Quarter 2026 Results

NEW YORK, May 07, 2026 (GLOBE NEWSWIRE) — Resolute Holdings Management, Inc. (“Resolute Holdings”) (NYSE: RHLD), an operating management company responsible for providing management services to the operating businesses of GPGI, Inc. (“GPGI”) (NYSE: GPGI), today reported financial results for its fiscal first quarter ended March 31, 2026. Resolute Holdings reported first quarter earnings per share attributable to common stockholders of $7.19 compared to ($0.39) in the prior year and Non-GAAP Fee-Related Earnings per share of $0.69 compared to ($0.07) in the prior year. The increase in Non-GAAP profitability was driven by the higher fee stream as a result of the execution of the management agreement with Husky Holdings LLC (“Husky Holdings”) in January 2026, along with organic growth in fees from the CompoSecure management agreement. During the quarter, the company repurchased $38.0 million in common shares in open market purchases.

As a result of the spin-off from GPGI and execution of the management agreement with GPGI Holdings, L.L.C. (“GPGI Holdings”), Resolute Holdings is required to consolidate the financial results of GPGI Holdings (and its subsidiaries, including Husky Holdings) in accordance with U.S. GAAP. This presentation of financial results does not represent the underlying economics or the positive attributes of Resolute Holdings’ standalone business model, which consist of recurring, long-duration management fees and a relatively fixed expense base. The results of the Resolute Holdings standalone business and associated Non-GAAP Fee-Related Earnings calculation are included below to provide a clear picture of the economic performance of the business directly attributable to shareholders of RHLD. This release includes such results presented in accordance with U.S. GAAP, as well as certain Non-GAAP measures, including Fee-Related Earnings. See “Use of Non-GAAP Financial Measures” below.

Resolute Holdings Segment Financial Information (GAAP); Fee-Related Earnings and Fee-Related Earnings Per Share (Non-GAAP) ($ in millions except per share figures)

	Three months			Three months
	ended			ended
	March 31, 2026			March 31, 2025
Management fees	$	12.9		$	1.1
Operating expenses		4.3			3.9
Income from operations		8.6			(2.8	)
Total other income (expense)		(0.1	)		—
Income (loss) before income taxes		8.5			(2.8	)
Income tax (expense)		53.0			(0.6	)
Net income (loss)		61.5			(3.4	)
Net income (loss) attributable to non-controlling interest		—
Net income (loss) attributable to common stockholders		61.5			(3.4	)
Net income (loss) per share attributable to common stockholders – diluted	$	7.19		$	(0.39	)

Adjustments to reconcile Fee-Related Earnings to net income (loss) attributable to common stockholders:
Add: Equity-based compensation expensed at Resolute Holdings under GPGI Equity Plan (1)	$	0.2		$	1.2
Add: Pro forma management fees from Jan 1, 2025 to Feb 27, 2025 (2)		—			2.0
Add: Spin-Off costs (3)		—			0.3
Less: Tax impact from consolidation of GPGI Holdings (4)		(55.8	)		—
Net tax impact of pre-tax adjustments (5)		—			(0.7	)
Fee-Related Earnings	$	5.9		$	(0.6	)
Fee-Related Earnings per share – diluted	$	0.69		$	(0.07	)

(1)	Equity-based compensation required to be reported by Resolute Holdings related to awards issued under the GPGI, Inc Equity Incentive Plan, as amended (the “GPGI Equity Plan”). Equity granted under the GPGI Equity Plan relates to GPGI Class A Common Stock and has no impact on Resolute Holdings’ common stock outstanding.
(2)	Incremental management fees as if the CompoSecure Management Agreement was executed on January 1, 2025.
(3)	One-time costs associated with the Spin-Off from CompoSecure.
(4)	The tax impact of treating Resolute Holdings and GPGI Holdings, including Husky Holdings, as a consolidated entity under ASC 740, to arrive at the Resolute Holdings income tax expense if presented on a non-consolidated basis.
(5)	Tax-effect of pre-tax adjustments at a 32.5% estimated effective rate for 2026 and 31% rate for 2025. Only applied to those adjustments that would impact Resolute Holdings’ taxes. Equity-based compensation expense under the GPGI Equity Plan is expensed for tax purposes at GPGI and not Resolute Holdings.

Exhibit – Structural Relationship & Non-GAAP Financial Summary

About Resolute Holdings Management, Inc.

Resolute Holdings (NYSE: RHLD) is an alternative asset management platform led by David Cote and Tom Knott that provides operating management services including the oversight of capital allocation strategy, operational practices, and M&A sourcing and execution at managed businesses under GPGI, Inc. Resolute Holdings brings a differentiated approach to long-term value creation through the systematic deployment of the Resolute Operating System, which is designed to create value at both the underlying managed businesses and at Resolute Holdings. For additional information on Resolute Holdings, please refer to Resolute Holdings’ filings with the U.S. Securities and Exchange Commission or please visit www.resoluteholdings.com.

Cautionary Note Concerning Forward-Looking Statements

This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. These statements are based on the beliefs and assumptions of management. Although Resolute Holdings believes that its plans, intentions, and expectations reflected in or suggested by these forward-looking statements are reasonable, Resolute Holdings cannot assure you that it will achieve or realize these plans, intentions, or expectations. Forward-looking statements are inherently subject to risks, uncertainties, and assumptions. Generally, statements that are not historical facts, including statements concerning Resolute Holdings’ possible or assumed future actions, business strategies, events, or results of operations, and other matters, are forward-looking statements. In some instances, these statements may be preceded by, followed by or include the words “believes,” “estimates,” “expects,” “projects,” “forecasts,” “may,” “will,” “should,” “seeks,” “plans,” “scheduled,” “anticipates” or “intends” or the negatives of these terms or variations of them or similar terminology. Forward-looking statements are not guarantees of performance. You should not put undue reliance on these statements which speak only as of the date hereof. You should understand that the following important factors, among others, could affect Resolute Holdings’ future results and could cause those results or other outcomes to differ materially from those expressed or implied in Resolute Holdings’ forward-looking statements: the timing and amount of the management fees payable to Resolute Holdings, including unexpected fluctuations therein, unexpected changes in costs, risks associated with the implementation of the Resolute Operating System, unexpected market and macroeconomic developments, demand for Resolute Holdings’ services, the ability of Resolute Holdings to grow and manage growth profitably, compete within its industry and attract and retain its key employees, risks associated with Resolute Holdings’ businesses, including CompoSecure and Husky, risks associated with the acquisition of Husky and the transactions related thereto including the anticipated benefits to GPGI and to Resolute Holdings of such transactions, risks associated with global economic, business, competitive and/or other factors, including but not limited to inflationary pressures, volatile interest rates, variable tariff policies or intensified disruptions in the global financial markets, including but not limited to supply chain disruptions, changes in commodity prices, and their respective impacts on the customers of Resolute Holdings’ businesses, the outcome of any legal proceedings that may be instituted against Resolute Holdings or others, risks associated with our accounting, future exchange and interest rates, and other risks and uncertainties, including those under “Risk Factors” in filings that have been made or will be made with the Securities and Exchange Commission. Resolute Holdings undertakes no obligations to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

Use of Non-GAAP Financial Measures

This press release includes certain non-GAAP financial measures that are not prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and that may be different from non-GAAP financial measures used by other companies. Resolute Holdings believes Fee-Related Earnings and Fee-Related Earnings per share are useful to investors in evaluating Resolute Holdings’ financial performance. Resolute Holdings believes that these non-GAAP financial measures depict the performance of the business and underlying economics attributable to Resolute Holdings common stockholders. Fee-Related Earnings and Fee-Related Earnings per share should not be considered as measures of financial performance under U.S. GAAP, and the items excluded from Fee-Related Earnings and Fee-Related Earnings per share are significant components in understanding and assessing Resolute Holdings’ financial performance. Accordingly, these key business metrics have limitations as an analytical tool. They should not be considered as an alternative to net income, net income per share, or any other performance measures derived in accordance with U.S. GAAP and may be different from similarly titled non-GAAP measures used by other companies.

For investor inquiries, please contact:

Resolute Holdings
(212) 256-8405
[email protected]

Consolidated Balance Sheets Resolute Holdings Management, Inc. ($ in millions, except par value and share amounts)

	March 31,			December 31,
	2026			2025
	Unaudited
ASSETS
CURRENT ASSETS
Cash and cash equivalents	$	113.1		$	161.4
Restricted cash		7.0			—
Short-term investments		—			44.1
Accounts receivable, net		311.7			44.2
Inventories, net		411.1			44.2
Income tax receivable		4.6			0.2
Deferred tax asset		55.7			—
Prepaid expenses and other current assets		34.3			3.4
Total current assets		937.5			297.5

Property and equipment, net		557.9			21.6
Goodwill		3,041.9			—
Intangible assets, net		1,624.1			1.9
Deferred tax asset		3.9			0.2
Other long-term assets		49.7			12.2
Total assets	$	6,215.0		$	333.4

LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)
CURRENT LIABILITIES
Accounts payable	$	100.0		$	11.9
Accrued expenses		255.5			48.4
Deferred revenue		164.8			—
Income tax payable		44.3			0.1
Current portion of long-term debt		9.0			15.0
Other current liabilities		15.0			2.2
Total current liabilities		588.6			77.6

Income tax payable		20.6			—
Long-term debt, net of deferred financing costs		2,178.3			169.8
Deferred tax liability		303.1			—
Other long-term liabilities, net		43.0			8.3
Total liabilities		3,133.6			255.7

Commitments and contingencies (Note 19)		—			—

Preferred stock, $0.0001 par value; 100,000,000 shares authorized, 0 shares issued and outstanding		—			—
Common stock, $0.0001 par value; 1,000,000,000 shares authorized, 8,257,442 and 8,500,694 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively.		—			—
Additional paid-in capital		19.2			18.9
Accumulated deficit		53.2			(8.3	)
Treasury stock		(42.1	)		(4.1	)
Total stockholders’ equity (deficit)		30.3			6.5
Non-controlling interest		3,051.1			71.2
Total equity (deficit)		3,081.4			77.7
Total liabilities and stockholders’ equity (deficit)	$	6,215.0		$	333.4

Consolidated Statements of Operations Resolute Holdings Management, Inc. ($ in millions, except share and per share amounts)

	Three months ended
	March 31,
	2026			2025
Net sales	$	407.8		$	103.9
Cost of sales		252.2			49.4
Gross profit		155.6			54.5
Operating expenses:
Selling, general and administrative expenses		162.6			28.9
Foreign currency (gains) losses		(1.2	)		—
Income (loss) from operations		(5.8	)		25.6

Other income (expense):
Interest income		0.3			1.1
Interest expense		(30.1	)		(3.5	)
Loss on extinguishment of debt		(106.8	)		—
Total other income (expense), net		(136.6	)		(2.4	)
Income (loss) before income taxes		(142.4	)		23.2
Income tax benefit (expense)		49.8			(0.6	)
Net income (loss)	$	(92.6	)	$	22.6

Net income (loss) attributable to non-controlling interest		(154.1	)		26.0

Net income (loss) attributable to common stockholders	$	61.5		$	(3.4	)

Net income (loss) per share attributable common stockholders:
Basic	$	7.27		$	(0.39	)
Diluted	$	7.19		$	(0.39	)

Weighted average shares:
Basic		8,461,131			8,525,998
Diluted		8,547,474			8,525,998

Consolidated Statements of Cash Flows Resolute Holdings Management, Inc. ($ in millions)

	Three months ended March 31,
	2026			2025

Cash flows from operating activities:
Net income (loss)	$	(92.6	)	$	22.6
Adjustments to reconcile net income (loss) to net cash provided by operating activities
Depreciation and amortization		59.3			2.3
Equity-based compensation expense		2.3			6.0
Amortization of deferred financing costs		0.6			0.1
Non-cash operating lease expense		—			0.6
Loss on extinguishment of debt		66.3			—
Deferred tax (benefit) expense		(60.6	)		—
Other		2.3			—
Changes in assets and liabilities
Accounts receivable, net		8.1			(6.7	)
Inventories, net		(24.9	)		(2.6	)
Taxes receivable		(0.8	)		—
Prepaid expenses and other assets		5.4			(0.8	)
Accounts payable		(10.5	)		5.8
Accrued expenses		(86.3	)		(3.9	)
Income tax payable		10.7			—
Deferred revenue		3.9			—
Other liabilities		—			(5.0	)
Net cash provided by (used in) operating activities		(116.8	)		18.4

Cash flows from investing activities:
Purchase of property and equipment		(7.4	)		(0.6	)
Proceeds from sale of property and equipment and intangible assets		0.2			—
Capitalized software costs		(4.3	)		(0.6	)
Cash used for acquisition, net of acquired cash		(665.2	)		—
Maturities of short-term investments		41.1			—
Sales of short-term investments		3.0			—
Net cash used in investing activities		(632.6	)		(1.2	)

Cash flows from financing activities:
Repayment of debt, inclusive of fees		(3,309.1	)		(2.5	)
Proceeds from issuance of long-term debt, net of discounts		2,563.5			—
Repayment of preference share capital		(457.4	)		—
Contributions to GPGI Holdings by GPGI		2,016.8			—
Contribution by GPGI Holdings		—			11.9
Contribution to Resolute Holdings		—			(11.9	)
Payments for taxes related to net share settlement of GPGI equity awards		(26.6	)		(15.3	)
Share repurchases		(38.0	)		—
Debt issuance costs		(38.2	)		—
Net cash provided by (used in) financing activities		711.0			(17.8	)
Effect of exchange rate changes on cash and cash equivalents and restricted cash		(2.9	)		—
Net increase (decrease) in cash and cash equivalents and restricted cash		(41.3	)		(0.6	)
Cash and cash equivalents and restricted cash, beginning of period		161.4			71.6
Cash and cash equivalents and restricted cash, end of period	$	120.1		$	71.0

Supplementary disclosure of cash flow information:
Cash paid for interest expense	$	12.2		$	3.3
Cash paid for income taxes	$	0.1		$	—
Supplemental disclosure of non-cash financing activities:
Equity contribution from GPGI for acquisition using GPGI Class A Common Stock	$	1,143.0		$	—
Equity used for acquisition	$	(1,143.0	)	$
Consolidation of GPGI Holdings net assets (liabilities), excluding cash, from execution of CompoSecure Management Agreement	$	—		$	(98.5	)
Operating lease ROU assets exchanged for lease liabilities	$	0.5		$	—
Derivative asset – interest rate swap	$	—		$	(0.8	)

Segment Statements of Operations and Non-GAAP Reconciliations Resolute Holdings Management, Inc. ($ in millions, except share and per share amounts)

	Three months ended
	March 31, 2026
	($ in millions except per share figures)
	Resolute			GPGI			Intercompany/
	Holdings			Holdings			Eliminations			Consolidated
Management fees	$	12.9		$	—		$	(12.9	)	$	—
Product sales		—			407.8			—			407.8
Net sales		12.9			407.8			(12.9	)		407.8
Cost of sales		—			252.2			—			252.2
Gross profit		12.9			155.6			(12.9	)		155.6
Total operating expenses		4.3			170.0			(12.9	)		161.4
Income from operations		8.6			(14.4	)		—			(5.8	)
Total other income (expense)		(0.1	)		(136.5	)		—			(136.6	)
Income (loss) before income taxes		8.5			(150.9	)		—			(142.4	)
Income tax (expense)		53.0			(3.2	)		—			49.8
Net income (loss)		61.5			(154.1	)		—			(92.6	)
Net income (loss) attributable to non-controlling interest		—			(154.1	)		—			(154.1	)
Net income (loss) attributable to common stockholders	$	61.5		$	—		$	—		$	61.5
Net income (loss) per share attributable to common stockholders – diluted	$	7.19								$	7.19
Add: Equity-based compensation expensed at Resolute Holdings under GPGI Equity Plan (1)	$	0.2								$	0.2
Less: Tax impact from consolidation of GPGI Holdings (2)		(55.8	)								(55.8	)
Net tax impact of pre-tax adjustments (3)		—									—
Fee-Related Earnings	$	5.9								$	5.9
Fee-Related Earnings per share – diluted	$	0.69								$	0.69

Diluted weighted average shares used to compute:
Net income (loss) per share attributable to common stockholders		8,547,474									8,547,474
Fee-Related Earnings per share		8,547,474									8,547,474

	Three months ended
	March 31, 2025
	($ in millions except per share figures)
	Resolute			GPGI			Intercompany/
	Holdings			Holdings			Eliminations			Consolidated
Management fees	$	1.1		$	103.9		$	(1.1	)	$	103.9
Product sales		—			—			—			—
Net sales		1.1			103.9			(1.1	)		103.9
Cost of sales		—			49.4						49.4
Gross profit		1.1			54.5			(1.1	)		54.5
Total operating expenses		3.9			27.9			(2.9	)		28.9
Income from operations		(2.8	)		26.6			1.8			25.6
Total other income (expense)		—			(2.4	)		—			(2.4	)
Income (loss) before income taxes		(2.8	)		24.2			1.8			23.2
Income tax (expense)		(0.6	)		—			—			(0.6	)
Net income (loss)		(3.4	)		24.2			1.8			22.6
Net income (loss) attributable to non-controlling interest		—			24.2			1.8			26.0
Net income (loss) attributable to common stockholders	$	(3.4	)	$	—		$	—		$	(3.4	)
Net income (loss) per share attributable to common stockholders – diluted	$	(0.39	)							$	(0.39	)
Add: Equity-based compensation expensed at Resolute Holdings under GPGI Equity Plan (1)	$	1.2								$	1.2
Add: Pro forma management fees from Jan 1, 2025 to Feb 27, 2025 (2)		2.0									2.0
Add: Spin-Off costs (3)		0.3									0.3
Less: Tax impact from consolidation of GPGI Holdings (4)		—									—
Net tax impact of pre-tax adjustments (5)		(0.7	)								(0.7	)
Fee-Related Earnings	$	(0.6	)							$	(0.6	)
Fee-Related Earnings per share – diluted	$	(0.07	)							$	(0.07	)

Diluted weighted average shares used to compute:
Net income (loss) per share attributable to common stockholders		8,525,998									8,525,998
Fee-Related Earnings per share		8,525,998									8,525,998

(1)	Equity-based compensation required to be reported by Resolute Holdings related to awards issued under the GPGI, Inc Equity Incentive Plan, as amended (the “GPGI Equity Plan”). Equity granted under the GPGI Equity Plan relates to GPGI Class A Common Stock and has no impact on Resolute Holdings’ common stock outstanding.
(2)	Incremental management fees as if the CompoSecure Management Agreement was executed on January 1, 2025.
(3)	One-time costs associated with the Spin-Off from CompoSecure.
(4)	The tax impact of treating Resolute Holdings and GPGI Holdings, including Husky Holdings, as a consolidated entity under ASC 740, to arrive at the Resolute Holdings incometax expense if presented on a non-consolidated basis.
(5)	Tax-effect of pre-tax adjustments at a 32.5% estimated effective rate for 2026 and 31% rate for 2025. Only applied to those adjustments that would impact Resolute Holdings’ taxes. Equity-based compensation expense under the GPGI Equity Plan is expensed for tax purposes at GPGI and not Resolute Holdings.

Additional Information Segment Balance Sheets Resolute Holdings Management, Inc. ($ in millions, except per share amounts)

	March 31, 2026											December 31, 2025
	($ in millions)											($ in millions)
	Resolute			GPGI		Intercompany/						Resolute			GPGI		Intercompany/
	Holdings			Holdings		Eliminations			Consolidated			Holdings			Holdings		Eliminations			Consolidated
ASSETS
CURRENT ASSETS
Cash and cash equivalents	$	5.0		$	108.1	$	—		$	113.1		$	4.4		$	157.0	$	—		$	161.4
Restricted cash		—			7.0		—			7.0			—			—		—			—
Short-term investments		—			—		—			—			3.1			41.0		—			44.1
Accounts receivable		12.9			311.7		(12.9	)		311.7			4.0			44.2		(4.0	)		44.2
Inventories, net		—			411.1		—			411.1			—			44.2		—			44.2
Income tax receivable		0.2			4.4		—			4.6			0.2			—		—			0.2
Deferred tax asset		55.7			—		—			55.7			—			—		—			—
Prepaid expenses and other current assets		0.7			33.6		—			34.3			0.2			3.2		—			3.4
Total current assets		74.5			875.9		(12.9	)		937.5			11.9			289.6		(4.0	)		297.5

Property and equipment, net		—			557.9		—			557.9			—			21.6		—			21.6
Goodwill		—			3,041.9		—			3,041.9			—			—		—			—
Intangible assets, net		—			1,624.1		—			1,624.1			—			1.9		—			1.9
Deferred tax asset		0.2			3.7		—			3.9			0.2			—		—			0.2
Other long-term assets		1.6			48.1		—			49.7			1.0			11.2		—			12.2
Total assets		76.3			6,151.6		(12.9	)		6,215.0			13.1			324.3		(4.0	)		333.4

LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)
CURRENT LIABILITIES
Accounts payable		0.1			99.8		0.1			100.0			—			11.8		0.1			11.9
Accrued expenses		1.9			266.5		(12.9	)		255.5			5.4			47.0		(4.0	)		48.4
Deferred revenue		—			164.8		—			164.8			—			—		—			—
Income tax payable		2.9			41.4		—			44.3			0.1			—		—			0.1
Current portion of long-term debt		—			9.0		—			9.0			—			15.0		—			15.0
Other current liabilities		0.1			14.9		—			15.0			0.1			2.1		—			2.2
Total current liabilities		5.0			596.4		(12.8	)		588.6			5.6			75.9		(3.9	)		77.6

Income tax payable		—			20.6		—			20.6			—			—		—			—
Long-term debt, net of deferred financing costs		40.0			2,138.3		—			2,178.3			—			169.8		—			169.8
Deferred tax liability		—			303.1		—			303.1			—			—		—			—
Other long-term liabilities, net		1.0			42.0		—			43.0			1.0			7.3		—			8.3
Total liabilities		46.0			3,100.4		(12.8	)		3,133.6			6.6			253.0		(3.9	)		255.7

Additional paid-in capital		19.2			—		—			19.2			18.9			—		—			18.9
Accumulated deficit		53.2			—		—			53.2			(8.3	)		—		—			(8.3	)
Treasury stock		(42.1	)		—		—			(42.1	)		(4.1	)		—		—			(4.1	)
Total stockholders’ equity (deficit)		30.3			—		—			30.3			6.5			—		—			6.5
Non-controlling interest		—			3,051.2		(0.1	)		3,051.1			—			71.3		(0.1	)		71.2
Total equity (deficit)		30.3			3,051.2		(0.1	)		3,081.4			6.5			71.3		(0.1	)		77.7
Total liabilities and stockholders’ equity (deficit)	$	76.3		$	6,151.6	$	(12.9	)	$	6,215.0		$	13.1		$	324.3	$	(4.0	)	$	333.4

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/ad48b506-6f42-4956-813a-d757f9f95931

May 7, 2026 7:26 am

Iovance Biotherapeutics Highlights Positive First Quarter 2026 Results, Business Achievements and Corporate Updates

1Q26 Total Revenue of ~$71M Delivers ~
45% Year-over-Year Growth

2Q26 Revenue Guidance of
$86M to $88M and FY26 of $350M to $370M

40% Confirmed Objective Response Rate in Metastatic Serous Endometrial Cancer

SAN CARLOS, Calif., May 07, 2026 (GLOBE NEWSWIRE) — Iovance Biotherapeutics, Inc. (NASDAQ: IOVA), a commercial biotechnology company focused on innovating, developing, and delivering novel polyclonal tumor infiltrating lymphocyte (TIL) therapies for patients with cancer, today reported first quarter 2026 financial results, business achievements, and corporate updates.

Frederick Vogt, Ph.D., J.D., Interim President and Chief Executive Officer of Iovance, stated, “We are accelerating the adoption and commercial expansion for Amtagvi after record high demand. Iovance is well positioned through 2026 for long-term revenue growth, while advancing multiple ongoing and new clinical trials, including our registrational trial in advanced sarcomas now underway and encouraging initial data reported today for lifileucel in metastatic serous endometrial cancer. Internal manufacturing efficiencies, operational improvements, and cost reductions will benefit gross margin and propel future profitability, sustainable growth, and long-term value for patients and shareholders.”

First Quarter 2026
Financial Highlights

Continued Strength in Execution and Cost Discipline

Total product revenue of ~$71 million increased by ~45% over 1Q25, reflecting significant performance improvements over the prior annual maintenance period.
- U.S. Amtagvi revenue was ~$60 million.
- Global Proleukin revenue was ~$11 million.
Gross margin of 41% absorbed one-time costs for the annual maintenance period and the recent internal facility expansion.
Consistent with 1Q25, revenue was affected by maintenance of the Iovance Cell Therapy Center (iCTC). The facility has now been expanded to ensure continuous supply going forward during future maintenance periods.
Research and Development (R&D) expenses decreased by 12% compared to 4Q25, driven by operational efficiencies and marking the third consecutive quarter of improvements.
Successful centralization of manufacturing at iCTC, significant operational excellence initiatives focused on Amtagvi production, and R&D optimization should further reduce costs and improve gross margins in 2026 and 2027.

Second Quarter 2026 and Full Year 2026 Guidance

Strong Growth in Amtagvi Forecast for 2026

Total product revenue guidance for 2Q26 is $86 million to $88 million and for FY26 is $350 million to $370 million.
U.S. Amtagvi revenue for 2Q26 is expected to be $79 million to $81 million, reflecting an expected ~23% increase over 4Q25 (the quarter prior to iCTC maintenance).

Amtagvi Commercial Business

Strong U.S. Commercial Business to Deliver Strong Growth in 2026

Increasing Amtagvi demand, catalyzed by real-world data, is driven by adoption and referrals toward earlier treatment. Recently published real world objective response rates were 52% in patients with two or fewer prior lines of therapy. Five-year follow-up clinical data demonstrated deep and durable responses in heavily pretreated patients, with a median duration of response of 3 years.
Demand and referral patterns are accelerating across a growing network of more than 90 U.S. and Canadian academic and community authorized treatment centers (ATCs). By year-end 2026, at least 110 ATCs will be activated.
Amtagvi turnaround time is 32 days or less with the first scaled, centralized commercial manufacturing process for TIL therapy. This is significantly faster than any other TIL therapy in development.
Amtagvi global expansion is advancing:
- Decisions on marketing authorization application (MAA) approvals are expected in Australia in the first half of 2026 and in Switzerland in the first half of 2027.
- In the United Kingdom, Iovance withdrew its initial MAA for lifileucel in May 2026 for procedural reasons. With the full agreement of the Medicines and Healthcare products Regulatory Agency (MHRA), Iovance will promptly resubmit the MAA with updated information for an expedited review by the MHRA, which is expected to be completed over the coming months.
- Iovance is working to resubmit an MAA to the European Medicines Agency (EMA) in 2026.
- Other regulatory submissions are planned in markets with a high prevalence of advanced melanoma, non-small cell lung cancer (NSCLC), and soft tissue sarcomas.

Pipeline Updates

New Data Across Several Pipeline Programs Anticipated Throughout 2026

Registrational Trials of Lifileucel Treatment in Solid Tumors
- IOV-END-201: Positive initial data in previously treated metastatic serous endometrial cancer:
  - The confirmed objective response rate (cORR) by RECIST v1.1 was 40% and disease control rate was 100% in the first five evaluable patients with a median of 2 prior lines of therapy.
  - All five patients were mismatch repair proficient and progressed on prior chemotherapy and checkpoint inhibitor therapy.
  - These initial responses build on established differentiation of lifileucel from immune checkpoint inhibitors, including in melanoma, and demonstrate its advantages for solid tumor indications.
  - Serous endometrial cancer is a difficult to treat subtype accounting for ~40% of the approximately 12,500 annual U.S. endometrial cancer deaths.¹ The second line setting represents an area of unmet medical need, with no therapy approved by FDA specifically for patients with serous endometrial carcinoma or for patients who have received prior PD-1 blocking antibodies.
  - Engagement on an expedited approval pathway with the ongoing IOV-END-201 trial is planned with the U.S. Food and Drug Administration (FDA).
- IOV-LUN-202: initial results in previously treated, metastatic non-squamous NSCLC supported FDA Fast Track Designation, reflecting the high unmet medical need in this population. Upcoming milestones include:
  - Updated data at a major medical meeting in 2026.
  - Completion of enrollment in 2026 to support a supplemental Biologics License Application (sBLA).
  - Potential for a U.S. accelerated approval and launch in the second half of 2027.
- IOV-SAR-201: a new registrational trial in undifferentiated pleomorphic sarcoma (UPS) and dedifferentiated liposarcoma (DDLPS) is now underway, driven by positive early data with a cORR of 50% in the first six evaluable patients.
  - Site activation and enrollment are on track to begin in the third quarter of 2026.
  - Iovance is actively engaging with FDA on a path to expedited approval for lifileucel in UPS and DDLPS.
- TILVANCE-301: A Phase 3 randomized trial of lifileucel and pembrolizumab in frontline advanced melanoma.
  - Sites are actively enrolling patients across a broad global footprint.
  - An early interim analysis based on cORR is intended for a potential sBLA in frontline advanced melanoma.
  - TILVANCE-301 is also the confirmatory trial to support full approval in second line advanced melanoma.
Next Generation Pipeline
- An Investigational New Drug (IND) application was submitted to FDA for a Phase 1/2 basket trial of IOV-5001, a second-generation IL-12 tethered TIL therapy, to begin enrolling in 2H 2026. Cohorts include advanced colorectal cancer, triple negative and estrogen receptor low breast cancers, and other highly prevalent solid tumors representing more than 100,000 U.S. deaths annually.² IOV-5001 is designed to remodel the suppressive tumor microenvironment (TME) and activate immunologically cold tumors to support TIL responses. A first-generation IL-12 secreted TIL therapy showed a cORR of 63% in 16 melanoma patients at cell doses much lower than used with typical TIL therapies as well as those safely achievable with IOV-5001.³
- A Phase 1/2 trial, IOV-GM1-201, is enrolling using IOV-4001, a PD-1 inactivated TIL therapy, in previously treated advanced melanoma and NSCLC. IOV-4001 is engineered to resist inhibitory signals and enhance the ability of TIL therapies to fight and kill cancer in the TME.
- A Phase 1 safety cohort using IOV-3001 is advancing through multiple dose levels in the Phase 1/2 trial of our second-generation, modified IL-2 analog for the TIL treatment regimen. IOV-3001 selectively expands effector T cells while avoiding activation of regulatory T cells, with the potential for a lower dose IL-2 regimen with reduced adverse events. IOV-3001 exhibits favorable pharmacokinetics and is expected to be superior to Proleukin as a component of future TIL regimens.
- Multiple investigator-sponsored clinical trials of lifileucel are enrolling in cutaneous squamous and Merkel cell carcinomas as well as other new solid tumor indications.

Corporate Updates

Iovance currently owns or licenses nearly 400 granted or allowed U.S. and international patents and patent rights for Amtagvi and other TIL-related technologies, as well as more than 1,000 patent applications worldwide, which are expected to provide exclusivity into 2042 for Amtagvi and beyond for pipeline therapies.
Dr. Friedrich Graf Finckenstein, Chief Medical Officer, will retire from Iovance in June 2026. The company thanks Dr. Finckenstein for his service and contributions to the development of Amtagvi and other pipeline products. A new Chief Medical Officer is expected to be announced in the near term.
Iovance’s cash position was ~$319 million on March 31, 2026.⁴ The current cash position, bolstered by expense reductions, is expected to fund operations well into 2028.

Webcast and Conference Call

Management will host a conference call and live audio webcast to discuss these results and provide a corporate update today at 8:30 a.m. ET. To listen to the live or archived audio webcast, please register at https://edge.media-server.com/mmc/p/wmx3s4fc. The live and archived webcast can be accessed in the Investors section of the Company’s website, IR.Iovance.com, for one year.

^{1.Hamilton, C., Cheung, M., Osann, K. et al. Uterine papillary serous and clear cell carcinomas predict for poorer survival compared to grade 3 endometrioid corpus cancers. Br J Cancer 94, 642–646}

^{2. Surveillance, Epidemiology, and End Results Program Cancer Stat Facts (accessed May 2026).}

^{3. Zhang L, Rosenberg SA, et al, Clin Cancer Res 2015;21(10):2278–2288.}

^{4. Cash, cash equivalents, short-term investments, and restricted cash as of March 31, 2026.}

About
 
Iovance Biotherapeutics, Inc.

Iovance Biotherapeutics, Inc. aims to be the global leader in innovating, developing, and delivering tumor infiltrating lymphocyte (TIL) therapies for patients with cancer. We are pioneering a transformational approach to cure cancer by harnessing the human immune system’s ability to recognize and destroy diverse cancer cells in each patient. The Iovance TIL platform has demonstrated promising clinical data across multiple solid tumors. Iovance’s Amtagvi^® is the first FDA-approved T cell therapy for a solid tumor indication. We are committed to continuous innovation in cell therapy, including gene-edited cell therapy, that may extend and improve life for patients with cancer. For more information, please visit www.iovance.com.

Amtagvi^® and its accompanying design marks, Proleukin^®, Iovance^®, and IovanceCares™ are trademarks and registered trademarks of Iovance Biotherapeutics, Inc. or its subsidiaries. All other trademarks and registered trademarks are the property of their respective owners.

Information on Iovance’s broad, industry-leading patent portfolio is available on the Intellectual Property page on www.iovance.com.

Forward-Looking Statements

Certain matters discussed in this press release are “forward-looking statements” of Iovance Biotherapeutics, Inc. (hereinafter referred to as the “Company,” “we,” “us,” or “our”) within the meaning of the Private Securities Litigation Reform Act of 1995 (the “PSLRA”). Without limiting the foregoing, we may, in some cases, use terms such as “predicts,” “believes,” “potential,” “achievable,” “continue,” “estimates,” “anticipates,” “expects,” “plans,” “intends,” “forecast,” “guidance,” “outlook,” “may,” “can,” “could,” “might,” “will,” “should,” or other words that convey uncertainty of future events or outcomes and are intended to identify forward-looking statements. Forward-looking statements are based on assumptions and assessments made in light of management’s experience and perception of historical trends, current conditions, expected future developments, and other factors believed to be appropriate. Forward-looking statements in this press release are made as of the date of this press release, and we undertake no duty to update or revise any such statements, whether as a result of new information, future events or otherwise. Forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties, and other factors, many of which are outside of our control, that may cause actual results, levels of activity, performance, achievements, and developments to be materially different from those expressed in or implied by these forward-looking statements. Important factors that could cause actual results, developments, and business decisions to differ materially from forward-looking statements are described in the sections titled “Risk Factors” in our filings with the U.S. Securities and Exchange Commission, including our most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, and include, but are not limited to, the following substantial known and unknown risks and uncertainties inherent in our business: the risks related to our ability to successfully commercialize our products; the acceptance by the market of our products and product candidates, if approved, and their potential pricing and/or reimbursement by payors, and whether such acceptance is sufficient to support continued commercialization or development of our products or product candidates; the risk regarding our ability to manufacture our therapies at our iCTC facility, including the risk that our ability to increase manufacturing capacity at our facility may adversely affect our commercial launch; the risk that the successful development or commercialization of our products may not generate sufficient revenue from product sales, and we may not become profitable in the near term, or at all; the risks related to the timing of and our ability to successfully develop, submit, obtain, or maintain regulatory authority approval of our product candidates; whether clinical trial results from our pivotal studies and cohorts, and meetings with regulatory authorities may support registrational studies and subsequent approvals by regulatory authorities, including the risk that the planned registrational trial in advanced sarcomas may not support approval; preliminary and interim clinical results, which may include efficacy and safety results, from ongoing clinical trials or cohorts may not be reflected in the final analyses of our ongoing clinical trials or subgroups within these trials or in other prior trials or cohorts; the risk that we may be required to conduct additional clinical trials or modify ongoing or future clinical trials based on feedback from regulatory authorities; the risk that our interpretation of the results of our clinical trials or communications with regulatory authorities may differ from the interpretation of such results or communications by such regulatory authorities; the risk that clinical data from ongoing clinical trials of Amtagvi will not continue or be repeated in ongoing or planned clinical trials or may not support regulatory approval or renewal of authorization; the risk that unanticipated expenses may decrease our estimated cash balances and forecasts and increase our estimated capital requirements; the risk that we may not be able to recognize revenue for our products; the risk that Proleukin revenues, and other factors such as the number of ATCs, may not serve as a leading indicator for Amtagvi revenues; the risks regarding our anticipated operating and financial performance, including our financial guidance and projections; the effects of global and domestic geopolitical factors or public health events; and other factors, including general economic conditions and regulatory developments, not within our control. Any financial guidance provided in this press release assumes the following: no material change in our ability to manufacture our products; no material change in payor coverage; no material change in revenue recognition policies; no new business development transactions not completed as of the period covered by this press release; and no material fluctuation in exchange rates.

IOVANCE BIOTHERAPEUTICS, INC. Selected Condensed Consolidated Balance Sheets (in thousands)

	March 31, 2026 (unaudited)		December 31, 2025
Cash, cash equivalents, and investments	$	313,443	$	296,980
Restricted cash	$	5,992	$	5,980
Total assets	$	925,665	$	913,170
Stockholders’ equity	$	721,754	$	698,583

Condensed Consolidated Statements of Operations (in thousands, except per share information)

	For the Three Months Ended
	March 31,
	2026 (unaudited)			2025 (unaudited)
Revenue
Product revenue, net	$	71,430		$	49,324
Total revenue		71,430			49,324

Costs and expenses*
Cost of sales**	$	42,498		$	42,715
Research and development**		62,487			75,965
Selling, general and administrative**		38,949			43,800
Depreciation and amortization		8,539			8,065
Total costs and expenses		152,473			170,545
Loss from operations		(81,043	)		(121,221	)
Other income
Interest and other income, net		1,333			3,220
Net Loss before income taxes		(79,710	)		(118,001	)
Income tax (expense) benefit		665			1,838
Net Loss	$	(79,045	)	$	(116,163	)

Net Loss Per Share of Common Stock, Basic and Diluted	$	(0.19	)	$	(0.36	)

Weighted-Average Shares of Common Stock Outstanding, Basic and Diluted		418,511			322,868

*Non-cash stock-based compensation included in cost of sales and operating expenses:
Cost of sales	$	1,019		$	2,420
Research and development		5,117			9,917
Selling, general and administrative		5,133			10,578
Total stock-based compensation included in costs and expenses	$	11,269		$	22,915
** Excludes depreciation and amortization

CONTACTS

Investors

[email protected]
650-260-7120 ext. 150

Media

[email protected]
650-260-7120 ext. 150

May 7, 2026 7:26 am

GPGI Reports First Quarter 2026 Results

CompoSecure delivers record ROS-driven results
Husky impacted by unexpected market headwinds due to oil and resin price shock and continued tariff uncertainty
ROS deployment accelerating across the enterprise

First Quarter Highlights

Results compared to prior year period unless otherwise noted; pro forma metrics inclusive of Husky Technologies for full quarter.

Pro Forma Adjusted Net Sales of $421.2 million, up 3%
GAAP Net Loss of $235.0 million
Pro Forma Adj. EBITDA of $82.1 million, down 16%, and Pro Forma Adj. EBITDA margin of 19.5%, down 430 bps

Second Quarter 2026 Outlook

Following quarterly guidance is based upon expectations for the combined results of CompoSecure and Husky Technologies.

Adjusted Net Sales of $425 to $475 million
Adjusted EBITDA of $105 to $120 million

Full Year 2026 Outlook

Following annual guidance is based upon expectations for the combined results of CompoSecure and Husky Technologies including for full first quarter.

Pro Forma Adjusted Net Sales of $1,950 to $2,100 million
Pro Forma Adjusted EBITDA of $550 to $610 million
Pro Forma Adjusted Free Cash Flow of $275 to $325 million
Non-GAAP year-end Net LTM Leverage of approximately 3.0x

NEW YORK, May 07, 2026 (GLOBE NEWSWIRE) — GPGI, Inc. (NYSE: GPGI), a diversified multi-industry platform for companies with great positions in good industries, today announced its financial and operating results for the first quarter ended March 31, 2026.

Dave Cote, GPGI’s Executive Chairman, noted: “The first quarter was highlighted by record sales at CompoSecure, reflecting the effectiveness of implementing the Resolute Operating System for both growth and profitability. At Husky, we unfortunately encountered unanticipated market headwinds due to oil and resin price volatility and continued tariff uncertainty. As a result, we are taking necessary cost actions while continuing to make strategic investments for future growth. We will navigate these market headwinds, implement ROS, and become a stronger business as we exit the year.”

Tom Knott, GPGI’s Chief Investment Officer, added: “While the abrupt macroeconomic headwinds facing Husky overshadowed the record sales at CompoSecure, we remain focused on driving cultural change, ROS implementation, and continued seed planting to make 2026 a foundational year that sets us up to deliver best-in-class top line growth, margin expansion, and free cash flow generation.”

Financial Results – First Quarter 2026

	1Q 2026			1Q 2025
	Reported GAAP		Pro Forma Non-GAAP (1) (2)	Reported GAAP		Pro Forma Non-GAAP (1) (2)
Adjusted Net Sales ($ in millions)		–	$ 421.2	$59.8		$ 410.7
Adjusted EBITDA ($ in millions)		–	$ 82.1		–	$ 97.7

	Reported GAAP		Adjusted Non-GAAP (2)	Reported GAAP		Adjusted Non-GAAP (2)
Net Income (Loss)	($235.0)		$ 32.7	$21.5		$ 28.3
EPS – Diluted	($0.87)		$ 0.12	$0.07		$ 0.25
Cash & Short-Term Investments ($ in millions) (3)	$6.5		$ 121.6	$9.5		$ 71.7
Total Debt ($ in millions)		–	$ 2,175.0		–	$ 195.0

(1) Pro Forma measures reflect financial results as if the business combination with Husky Technologies had occurred on January 1, 2025. (2) Adjusted measures reflect financial results as if GPGI consolidated the results of GPGI Holdings, L.L.C., including its operating businesses CompoSecure and Husky, for the periods shown. (3) As of March 31, 2026, $115.1mn of cash and restricted cash was held at GPGI Holdings, and not included in the GAAP results.

Note on Accounting Treatment

As a result of the spin-off of Resolute Holdings Management, Inc. (“Resolute Holdings”) and the execution of the management agreement with Resolute Holdings (the “CompoSecure Management Agreement”) on February 28, 2025, GPGI is required to account for the operating results of its wholly owned operating subsidiary, GPGI Holdings, L.L.C. (“GPGI Holdings”), under the equity method in accordance with U.S. GAAP, effective February 28, 2025. Both the CompoSecure and Husky Technologies business units are under GPGI Holdings.

The GAAP results presented above for the first quarter 2026 and the portion of the 2025 comparative period from February 28 to March 30, 2025 reflect the conversion to equity method accounting. For clarity of comparisons and to best reflect the financial results, the Company is also presenting the first quarters of 2026 and 2025 on a consolidated basis consistent with historical presentation under the “Non-GAAP” headings.

First Quarter 2026 Earnings Conference Call

GPGI’s leadership team will discuss the Company’s results during a conference call on Thursday, May 7, 2026, starting at 8:00 a.m. EDT. The call and accompanying presentation will contain forward-looking statements and other material information regarding GPGI’s financial and operating results. A live webcast and replay of the call will be available on the Events & Presentations section of GPGI’s website at https://gpgi.com/events-presentations/.

Date: Thursday, May 7, 2026
Time: 8:00 a.m. EDT
Dial-in registration link: Here
Live webcast registration link: Here

About GPGI

GPGI, Inc. (NYSE: GPGI) is a diversified, multi-industry platform for companies with great positions in good industries. The platform is managed by Resolute Holdings Management, Inc. (NYSE: RHLD) and is purpose-built to acquire, own, and scale high-quality businesses led by great operators, benefiting from a permanent capital base and the systematic deployment of the Resolute Operating System. GPGI currently consists of CompoSecure and Husky Technologies – two market leaders with best-in-class financials and durable opportunities for growth. For more information, please visit GPGI.com.

About CompoSecure, a GPGI Company

Founded in 2000, CompoSecure is a technology partner to market leaders, fintechs, and consumers enabling trust for millions of people around the globe. CompoSecure is a leader in metal payment cards, security, and authentication solutions. CompoSecure combines elegance, simplicity, and security to deliver exceptional experiences and peace of mind in the physical and digital world. CompoSecure’s innovative payment card technology and metal cards with Arculus security and authentication capabilities deliver unique, premium branded experiences, enable people to access and use their financial and digital assets, and ensure trust at the point of a transaction. For more information, please visit CompoSecure.com and GetArculus.com.

About Husky Technologies, a GPGI Company

Founded in 1953, Husky is a technology pioneer that enables the delivery of essential needs to the global community with industry-leading expertise and service. Husky is a leader in highly engineered equipment and aftermarket services. Husky’s products are used to manufacture a wide range of plastic products, including beverage and food containers, medical devices, and consumer electronic parts. Husky provides comprehensive and integrated systems solutions that are comprised of injection molding machines, molds, hot runners, controllers, and auxiliaries. For more information, please visit Husky.co.

Forward-Looking Statements

This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. These statements are based on the beliefs and assumptions of management. Although GPGI believes that its plans, intentions, and expectations reflected in or suggested by these forward-looking statements are reasonable, GPGI cannot assure you that it will achieve or realize these plans, intentions, or expectations. Forward-looking statements are inherently subject to risks, uncertainties, and assumptions. Generally, statements that are not historical facts, including but not limited to statements concerning GPGI’s possible or assumed future actions, business strategies, plans including with respect to cost actions, events, results of operations, demand, the implementation and anticipated impacts of the Resolute Operating System, and statements relating to macroeconomic factors including oil and resin price volatility, trade policy including tariff uncertainty, customer demand, profitability, strategic investments and otherwise with respect to, and guidance for, second quarter and full year 2026, are forward-looking statements. In some instances, these statements may be preceded by, followed by, or include the words “believes,” “estimates,” “expects,” “projects,” “outlook” “forecasts,” “may,” “will,” “should,” “seeks,” “plans,” “scheduled,” “anticipates” or “intends” or the negatives of these terms or variations of them or similar terminology. Forward-looking statements are not guarantees of performance. You should not put undue reliance on these statements which speak only as of the date hereof. You should understand that the following important factors, among others, could affect GPGI’s future results and could cause those results or other outcomes to differ materially from those expressed or implied in GPGI’s forward-looking statements: the ability of GPGI to grow and manage growth profitably, implement the Resolute Operating System successfully, maintain relationships with customers, compete within its industry and retain its key employees; impacts on customers and on us of global geopolitical, economic, business, competitive and/or other factors, including tariffs, conflicts, supply chain constraints, oil and resin prices and financing constraints; risks associated with our plans and strategies including cost actions; the outcome of any legal proceedings that may be instituted against GPGI or others; future exchange and interest rates; changes in our accounting and/or financial presentation; anticipated levels and timing of demand for the products and services of GPGI’s businesses; the successful implementation of GPGI’s strategies; and other risks and uncertainties, including those under “Risk Factors” in filings that have been made or will be made with the Securities and Exchange Commission. GPGI undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

Use of Non-GAAP Financial Measures

Due to the spin-off of Resolute Holdings and the resulting shift to equity method accounting under GAAP beginning February 28, 2025, GPGI is presenting a broader set of Non-GAAP measures, including an Adjusted Statement of Operations (Unaudited), an Adjusted Balance Sheet (Unaudited) and an Adjusted Statement of Cash Flows (Unaudited) to provide investors with financial information that we believe allows for greater comparability with our historical financial presentation and better represents the underlying performance of the standalone business across reporting periods. This press release also includes certain additional Non-GAAP financial measures that are not prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and that may be different from Non-GAAP financial measures used by other companies. GPGI believes Pro Forma Net Sales, Pro Forma Adjusted EBITDA, Pro Forma Adjusted EBITDA Margin, Adjusted Net Income, Adjusted EPS (Basic and Diluted), Adjusted Cash & Short-Term Investments, Adjusted Net Debt, and related measures are useful to investors in evaluating GPGI’s financial performance. Specifically, we believe Adjusted Net Income, Adjusted EPS (Basic and Diluted), Adjusted Cash & Short-Term Investments and Adjusted Net Debt provide greater comparability with historical results, because they show GPGI’s financial results as if GPGI consolidated the financial results of its operating businesses consistently across periods, and exclude certain non-recurring and non-operational items, and Pro Forma Adjusted EBITDA, Pro Forma Adjusted EBITDA Margin further adjust for the results of Husky from January 1-11, 2026, prior to the completion of GPGI’s combination with Husky, for greater visibility of GPGI’s results following the completion of the transaction. Pro Forma Net Sales similarly adjusts for the results of Husky from January 1-11, 2026.GPGI uses these Non-GAAP measures internally to establish forecasts, budgets and operational goals to manage and monitor its business, as well as evaluate its underlying historical performance and/or measure incentive compensation. We believe that these Non-GAAP financial measures depict the true performance of the business by encompassing only relevant and controllable events, adjusting for variable interest entity accounting requirements that render our results incomparable across periods, and show the effect of acquisitions as if they had occurred at the beginning of the relevant period, enabling GPGI to evaluate and plan more effectively for the future. These Non-GAAP measures should not be considered as measures of financial performance under U.S. GAAP, and the items excluded from these measures are significant components in understanding and assessing GPGI’s financial performance. Accordingly, these key business metrics have limitations as an analytical tool. They should not be considered as an alternative to net income or any other performance measures derived in accordance with U.S. GAAP or as an alternative to cash flows from operating activities as a measure of GPGI’s liquidity. These Non-GAAP measures may be different from similarly titled Non-GAAP measures used by other companies. Additionally, GPGI’s debt agreements contain covenants based on variations of certain of these measures for purposes of determining debt covenant compliance. GPGI believes that investors should have access to the same set of tools that its management uses in analyzing operating results. Please refer to the tables below for the reconciliation of GAAP measures to these Non-GAAP measures. Due to the forward-looking nature of the financial guidance included above under “Second Quarter 2026 Outlook” and “Full Year 2026 Outlook,” the charges excluded from the forward-looking Non-GAAP financial measures including Pro Forma Net Sales, Pro Forma Adjusted EBITDA, Pro Forma Adjusted Free Cash Flow and Non-GAAP Year-end Net LTM Leverage including with respect to depreciation, amortization, interest, and taxes that would be required to reconcile the Non-GAAP financial measures to GAAP measures are inherently uncertain or difficult to predict, so it is not feasible to provide accurate forecasted Non-GAAP reconciliations without unreasonable effort. Consequently, no disclosure of estimated comparable GAAP measures is included, and no reconciliation of the forward-looking Non-GAAP financial measures is included.

GPGI Contact

[email protected]

GPGI, Inc. Adjusted Consolidated Statements of Operations (Non-GAAP Reconciliation) ($ in millions) (unaudited)

GAAP to Non-GAAP Operating Results	Three Months Ended March 31, 2026

	GAAP			Elimination of Equity Method Investment		Addition of GPGI Holdings			Addition of Husky Holdings (1/1-1/11)			Pro Forma Non-GAAP GPGI, Inc. (1/1-3/31)
Net sales	$	—		$	—	$	407.8		$	13.4		$	421.2
Cost of sales		—			—		252.2			12.3			264.5
Gross profit	$	—		$	—	$	155.6		$	1.1		$	156.7
Operating expenses:
Research and development		—			—		8.4			—			8.4
Selling, general and administrative expenses		55.6			—		162.8			13.9			232.3
Foreign currency losses (gains)		—			—		(1.2	)		(1.9	)		(3.1	)
Income from operations	$	(55.6	)	$	—	$	(14.4	)	$	(10.9	)	$	(80.9	)

Other (expense) income:
Loss on remeasurement of TRA liability		(21.9	)		—		—			—			(21.9	)
Interest expense		—			—		(29.4	)		(7.1	)		(36.5	)
Interest income		0.2			—		0.2			—			0.4
Loss on extinguishment of debt		—			—		(106.8	)		—			(106.8	)
Amortization of deferred financing costs		—			—		(0.5	)		—			(0.5	)
Loss of sale of assets		—			—		—			—			—
Total other income (expense), net	$	(21.7	)	$	—	$	(136.5	)	$	(7.1	)	$	(165.3	)
Income (loss) before income taxes		(77.3	)		—		(150.9	)		(18.0	)		(246.2	)
Income tax (expense) benefit	$	(3.6	)	$	—	$	(3.2	)	$	—		$	(6.8	)
Earnings in GPGI Holdings L.L.C equity method investment		(154.1	)		154.1		—			—			—
Net income (loss)	$	(235.0	)	$	154.1	$	(154.1	)	$	(18.0	)	$	(253.0	)

Add:
Depreciation and amortization	$	63.7
Income tax expenses		6.8
Interest expense, net (1)		36.7
Stock-based compensation		5.2
Husky transaction costs		98.0
Loss on extinguishment and refinancing of debts		106.8
Loss on remeasurement of TRA liability		21.9
Loss on sale of assets		0.6
FX gain		(4.2	)
Severance costs		0.6
Incremental Pro Forma Management Fee		(1.0	)
Pro Forma Adjusted EBITDA	$	82.1

Note: The Non-GAAP columns represent (1) a consolidation of the Company’s results with those of GPGI Holdings, for consistency with prior consolidated presentation, and (2) the addition of the financial performance of Husky from January 1-11, 2026, prior to the completion of the acquisition of Husky.

(1) Includes amortization of deferred financing costs for the three months ended March 31, 2026.

GPGI, Inc. Adjusted Consolidated Statements of Operations (Non-GAAP Reconciliation) ($ in millions) (unaudited)

GAAP to Non-GAAP Operating Results	Three Months Ended March 31, 2025

		GAAP			Elimination of Equity Method Investment			Addition of GPGI Holdings			Adjusted March 31, 2025
Net sales		$	59.8		$	—		$	44.1		$	103.9
Cost of sales			31.1			—			18.3			49.4
Gross profit		$	28.7		$	—		$	25.8		$	54.5
Operating expenses:
Selling, general and administrative expenses			22.7			—			10.1			32.8
Income from operations		$	6.0		$	—		$	15.7		$	21.7

Other (expense) income:
Revaluation of warrant liability			17.9			—			—			17.9
Revaluation of earnout consideration liability			11.2			—			—			11.2
Change in fair value of derivative liability			—			—			—			—
Interest expense			(1.6	)		—			(1.7	)		(3.3	)
Interest income			0.2			—			0.9			1.1
Amortization of deferred financing costs			—			—			(0.1	)		(0.1	)
Total other income (expense), net		$	27.7		$	—		$	(0.9	)	$	26.8
Income (loss) before income taxes			33.7						14.8			48.5
Income tax (expense) benefit		$	(27.0	)	$	—		$	—		$	(27.0	)
Earnings in GPGI Holdings L.L.C equity method investment			14.8			(14.8	)		—			—
Net income (loss)		$	21.5		$	(14.8	)	$	14.8		$	21.5

Add:
Depreciation and amortization	$	2.3
Income tax expense (benefit)		27.0
Interest expense, net (1)		2.4
Stock-based compensation		5.7
Mark to market adjustments (2)		(29.2	)
Spin-Off cost		5.0
Add back actual 1Q25 Management Fee for one month		1.1
Add back expenses incurred on behalf of Resolute Holdings prior to Spin-Off		1.0
Pro Forma full quarter Management Fee		(3.2	)
Pro Forma Adjusted EBITDA	$	33.7

Note: The Non-GAAP columns represent a consolidation of the Company’s results with those of GPGI Holdings, for consistency with prior consolidated presentation.

(1) Includes amortization of deferred financing cost and for the three months ended March 31, 2025.

(2) Includes the changes in fair value of warrant liability and earnout consideration liability for the three months ended March 31, 2025.

GPGI, Inc. Adjusted Consolidated Balance Sheets (Non-GAAP Reconciliation) ($ in millions) (unaudited)

	GAAP		Non-GAAP		GAAP		Non-GAAP
	March 31, 2026		March 31, 2026		December 31, 2025		December 31, 2025
ASSETS
CURRENT ASSETS
Cash and cash equivalents	$	6.5	$	121.6	$	114.6	$	271.6
Short-term investments		—		—		—		41.1
Accounts receivable		—		328.1		—		44.2
Inventories, net		—		411.1		—		44.2
Prepaid expenses and other current assets		16.4		38.0		5.5		8.6
Total current assets	$	22.9	$	898.8	$	120.1	$	409.7

Property and equipment, net and right of use assets		—		557.9		—		30.7
Deferred tax asset		258.0		261.8		271.7		271.7
Intangibles assets, net		—		1,624.1		—		—
Goodwill		—		3,041.9		—		—
Other assets		—		48.1		—		4.0
Equity method investment		3,133.2		—		125.5		—
Total assets	$	3,414.1	$	6,432.6	$	517.3	$	716.1

LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)
CURRENT LIABILITIES
Accounts payable	$	1.4	$	101.8	$	0.8	$	12.7
Accrued expenses		3.1		269.6		1.9		48.7
Deferred revenues		—		164.8		—		—
Current portion of tax receivable agreement liability		20.4		20.4		16.2		16.2
Current portion of long-term debt		—		9.0		—		15.0
Other current liabilities		—		56.3		—		5.8
Total current liabilities	$	24.9	$	621.9	$	18.9	$	98.4

Long-term debt, net of deferred financing costs		—		2,138.3		—		170.0
Deferred tax liability		—		303.2		—
Tax receivable agreement liability		272.9		272.9		255.2		255.2
Other liabilities		—		62.7		—		7.3
Total liabilities	$	297.8	$	3,399.0	$	274.1	$	530.9

Shareholders’ equity (deficit)		3,116.3		3,033.6		243.2		185.2
Total liabilities and shareholder’s equity (deficit)	$	3,414.1	$	6,432.6	$	517.3	$	716.1

Note: The non-GAAP columns represent a consolidation of the Company’s results with those of GPGI Holdings, for consistency with prior consolidated presentation.

GPGI, Inc. Adjusted Consolidated Statements of Cash Flows (Non-GAAP Reconciliation) ($ in millions) (unaudited)

	Three Months Ended March 31, 2026
	GAAP			Non-GAAP
CASH FLOW FROM OPERATING ACTIVITIES
Net income (loss)	$	(235.0	)	$	(253.0	)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities
Depreciation and amortization		—			63.8
Stock-based compensation expense		2.0			5.3
Earnings in equity method investment		154.1			—
Amortization of deferred financing costs		—			1.0
Non-cash operating lease expense		—			—
Revaluation of earnout consideration liability		—			—
Revaluation of warrant liability		—			—
Cash receipts from Holdings		—			—
Loss on remeasurement of TRA Liability		21.9			21.9
Loss on extinguishment of debt		—			66.3
Non-cash interest on operating lease expense		—			—
Loss/ (gain) on dispositions of property, plant and equipment and intangible assets		—			—
Other		—			2.4
Change in fair value of derivative liability		—			—
Deferred tax expense (benefit)		13.7			4.0
Changes in assets and liabilities		(9.3	)		(65.5	)
Net cash (used in) provided by operating activities	$	(52.6	)	$	(153.8	)

CASH FLOWS FROM INVESTING ACTIVITIES:
Investment in GPGI Holdings	$	(2,016.8	)	$	—
Cash used for acquisition		—			(762.2	)
Purchase of property and equipment		—			(8.9	)
Proceeds from sale of property and equipment and intangible assets		—			0.2
Acquisition of a business, net of cash and cash equivalents acquired		—			—
Maturities of short-term investments		—			41.1
Capitalized software expenditures		—			(4.3	)
Resolute Holdings cash deconsolidated as a result of the Spin-Off		—			—
GPGI Holdings cash deconsolidated as a result of the CompoSecure Management Agreement		—			—
Net cash used in investing activities	$	(2,016.8	)	$	(734.1	)

CASH FLOWS FROM FINANCING ACTIVITIES:
Repayment of preference share capital	$	—		$	(457.4	)
Contributions from GPGI Inc		—			—
Proceeds from employee stock purchase plan and exercise of options		—			—
Payments for taxes related to net share settlement of equity awards		—			(26.6	)
Debt issuance cots		—			(37.5	)
Payment of term loan		—			—
Proceeds from revolving credit facility		—			50.0
Proceeds from issuance of common stock		1,962.0			1,962.0
Payment of debt, net of associated fees		—			(3,309.2	)
Proceeds from issuance of long-term debt – net of discounts		—			2,523.5
Dividend to Class A shareholders		(0.7	)		(0.7	)
Net cash obtained from PIPE in connection with Husky transaction		—			—
Proceeds from the exercise of warrants		—			—
Net cash provided by (used in) financing activities	$	1,961.3		$	704.1
Effect of exchange rate changes on cash and cash equivalents		—			(2.3	)
Net increase (decrease) in cash and cash equivalents		(108.1	)		(186.1	)
Cash and cash equivalents, beginning of period		114.6			307.7
Cash and cash equivalents, end of period	$	6.5		$	121.6

Note: The Non-GAAP column represents a consolidation of the Company’s results with those of GPGI Holdings L.L.C. (“GPGI Holdings”), for consistency with prior consolidated presentation.

GPGI, Inc. Consolidated Earnings Per Share (Non-GAAP Reconciliation) ($ in millions, except share amounts) (unaudited)

	Basic
	Three Months Ended March 31,
		2026			2025
Net (loss) income	$	(235.0	)	$	21.4
Add (less): provision (benefit) for income taxes		6.8			27.0
Add (less): mark-to-market adjustments (1)		—			(29.2	)
Add: stock-based compensation		3.9			5.7
Add: Debt refinance costs and loss on debt extinguishment		106.8			—
Add: Husky transactions costs		92.9			—
Add: Loss on remeasurement of TRA Liability		21.9			—
Add: Foreign exchange (gain) loss		(2.3	)		—
Add: Severance costs		0.6			—
Add: Loss on disposal of assets		0.6			—
Add: Spin-Off costs		—			5.0
Add:Purchase accounting amortization and depreciation		46.8			—
Adjusted net income before tax	$	43.0		$	29.9
Income tax expense (2)		10.3			1.6
Adjusted net income	$	32.7		$	28.3

Common shares outstanding used in computing net income per share, basic:
Class A common shares		269,993,148			102,039,611
Adjusted net income per share – basic	$	0.12		$	0.28

	Diluted
	Three Months Ended March 31,
		2026		2025

Adjusted net income	$	32.7	$	28.3

Common shares outstanding used in computing earnings per share, basic:		269,993,148		102,039,611
Warrants (3)		—		9,878,000
Equity awards		4,391,631		3,533,000
Total shares outstanding used in computing adjusted earnings per share – diluted		274,384,779		115,450,611
Adjusted net income per share – diluted	$	0.12	$	0.25

Note: Non-GAAP EPS does not pro forma for periods preceding the acquisition of Husky.

1. Includes the changes in fair value of warrant liability and earnout consideration liability.

2. Reflects current and deferred income tax expenses. For the three months ended March 31, 2026, it was calculated by applying the Company’s assumed effective tax rate.

3. Applies treasury stock method with assumed exercise at average market price. No warrants were outstanding as of the three months ended March 31, 2026.

May 7, 2026 7:26 am

Appian Announces First Quarter 2026 Financial Results

Cloud subscriptions revenue increased 25% year-over-year to $124.5 million, while cash flow provided by operations totaled $48.8 million

MCLEAN, Va., May 07, 2026 (GLOBE NEWSWIRE) — Appian (Nasdaq: APPN) today announced financial results for the first quarter ended March 31, 2026.

First
Quarter
2026
Financial Highlights:

Revenue: Cloud subscriptions revenue was $124.5 million, up 25% compared to the first quarter of 2025. Total subscriptions revenue, which includes sales of our cloud subscriptions, other subscriptions, and the related maintenance and support, increased 19% year-over-year to $160.3 million. Professional services revenue was $41.9 million, an increase of 31% compared to the first quarter of 2025. Total revenue was $202.2 million, up 21% compared to the first quarter of 2025. Cloud net annualized recurring revenue (“ARR”) expansion was 115% as of March 31, 2026.
Operating income (loss) and non-GAAP operating income: GAAP operating income was $3.2 million, compared to GAAP operating loss of $(0.8) million for the first quarter of 2025. Non-GAAP operating income was $24.4 million, compared to non-GAAP operating income of $14.3 million for the first quarter of 2025.
Net loss and non-GAAP net income: GAAP net loss was $(1.5) million, compared to $(1.2) million for the first quarter of 2025. GAAP net loss per share was $(0.02) for the first quarter of 2026, compared to $(0.02) for the first quarter of 2025. Non-GAAP net income was $19.8 million, compared to $9.8 million for the first quarter of 2025. Non-GAAP net income per share was $0.27, compared to the $0.13 net income per share for the first quarter of 2025.
Adjusted EBITDA: Adjusted EBITDA was $26.6 million, compared to adjusted EBITDA of $16.8 million for the first quarter of 2025.
Cash flows: Net cash provided by operating activities was $48.8 million for the three months ended March 31, 2026 compared to $45.0 million of net cash provided by operating activities for the same period in 2025.

A reconciliation of GAAP to non-GAAP financial measures has been provided in the tables following the financial statements in this press release. An explanation of these measures is also included below under the heading “Non-GAAP Financial Measures.”

Financial Outlook:

As of May 7, 2026, guidance for 2026 is as follows:

Second
Quarter
2026
Guidance:
- Cloud subscriptions revenue is expected to be between $126.0 million and $128.0 million, representing year-over-year growth of 18% to 20%.
- Total revenue is expected to be between $191.0 million and $195.0 million, representing a year-over-year increase of 12% to 14%.
- Adjusted EBITDA is expected to be between $5.0 million and $8.0 million.
- Non-GAAP earnings (loss) per share is expected to be between $(0.02) and $0.02, assuming weighted average common shares outstanding of 74.2 million.

Full Year
2026
Guidance:
- Cloud subscriptions revenue is expected to be between $515.0 million and $521.0 million, representing year-over-year growth of 18% to 19%.
- Total revenue is expected to be between $819.0 million and $831.0 million, representing a year-over-year increase of 13% to 14%.
- Adjusted EBITDA is expected to be between $97.0 million and $105.0 million.
- Non-GAAP earnings per share is expected to be between $0.94 and $1.05, assuming weighted average common shares outstanding of 73.9 million.

Conference Call Details:

Appian will host a conference call today, May 7, 2026, at 8:30 a.m. ET to discuss Appian’s financial results for the first quarter ended March 31, 2026 and business outlook.

To access the call, navigate to the following link⁽¹⁾. Once registered, participants can dial in using their phone with a dial in and PIN, or they can choose the Call Me option for instant dial to their phone. The live webcast of the conference call can also be accessed on the Investor Relations page of our website at https://investors.appian.com.

About Appian

Appian provides process automation technology. We automate complex processes in large enterprises and governments. Our platform is known for its unique reliability and scale. We’ve been automating processes for 25 years and understand enterprise operations like no one else. For more information, visit appian.com. [Nasdaq: APPN]

Non-GAAP Financial Measures

To supplement its consolidated financial statements, which are prepared and presented in accordance with GAAP, Appian provides investors with certain non-GAAP financial performance measures. Appian uses these non-GAAP financial performance measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. Appian’s management believes these non-GAAP financial measures provide meaningful supplemental information regarding Appian’s performance by excluding certain expenses that may not be indicative of our recurring core business operating results. Appian believes both management and investors benefit from referring to these non-GAAP financial measures in assessing Appian’s performance and when planning, forecasting, and analyzing future periods. These non-GAAP financial measures also facilitate management’s internal comparisons to historical performance as well as comparisons to competitors’ operating results. Appian believes these non-GAAP financial measures are useful to investors both because (1) they allow for greater transparency with respect to measures used by management in its financial and operational decision-making and (2) they are used by institutional investors and the analyst community to help them analyze the health of Appian’s business.

The non-GAAP financial performance measures include the following: non-GAAP subscriptions cost of revenue, non-GAAP professional services cost of revenue, non-GAAP total cost of revenue, non-GAAP total operating expense, non-GAAP operating income, non-GAAP income tax expense, non-GAAP net income, and non-GAAP net income per share, basic and diluted. These non-GAAP financial performance measures exclude the effect of stock-based compensation expense, unrealized foreign exchange rate gains and losses, certain non-ordinary litigation-related expenses consisting of legal and other professional fees associated with the Pegasystems cases (net of insurance reimbursements), or Litigation Expense, amortization of the judgment preservation insurance policy, or JPI Amortization, and lease impairments and lease-related charges associated with actions taken to reduce the footprint of our leased office spaces, or Lease Impairment and Lease-Related Charges. While some of these items may be recurring in nature and should not be disregarded in the evaluation of our earnings performance, it is useful to exclude such items when analyzing current results and trends compared to other periods as these items can vary significantly from period to period depending on specific underlying transactions or events that may occur. Therefore, while we may incur or recognize these types of expenses in the future, we believe removing these items for purposes of calculating our non-GAAP financial measures provides investors with a more focused presentation of our ongoing operating performance.

Appian also discusses adjusted EBITDA, a non-GAAP financial performance measure it believes offers a useful view of the overall operation of its businesses. Appian defines adjusted EBITDA as net loss before (1) other income, net, (2) interest expense, (3) income tax expense, (4) depreciation expense and amortization of intangible assets, (5) stock-based compensation expense, (6) Litigation Expense, (7) JPI Amortization, and (8) Lease Impairment and Lease-Related Charges. The most directly comparable GAAP financial measure to adjusted EBITDA is net loss. Users should consider the limitations of using adjusted EBITDA, including the fact this measure does not provide a complete depiction of our operating performance. Adjusted EBITDA is not intended to purport to be an alternative to net loss as a measure of operating performance or to cash flows from operating activities as a measure of liquidity.

The presentation of these non-GAAP financial measures is not intended to be considered in isolation from, as a substitute for, or superior to the financial information prepared and presented in accordance with GAAP, and Appian’s non-GAAP measures may be different from non-GAAP measures used by other companies. For more information on these non-GAAP financial measures, see the reconciliation of these non-GAAP financial measures to their nearest comparable GAAP measures at the end of this press release.

Appian provides guidance ranges for non-GAAP net income (loss) per share and adjusted EBITDA; however, we are not able to reconcile these amounts to their comparable GAAP financial measures without unreasonable efforts because certain information necessary to calculate such measures on a GAAP basis is unavailable, subject to high variability, dependent on future events outside of our control, and cannot be predicted. In addition, Appian believes such reconciliations could imply a degree of precision that might be confusing or misleading to investors. The actual effect of the reconciling items that Appian may exclude from these non-GAAP expense numbers, when determined, may be significant to the calculation of the comparable GAAP measures.

Forward-Looking Statements

This press release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release other than statements of historical facts, including statements regarding Appian’s future financial and business performance for the second quarter and full year 2026, future investment by Appian in its go-to-market initiatives, increased demand for the Appian Platform, market opportunity and plans and objectives for future operations, including Appian’s ability to drive continued subscriptions revenue and total revenue growth, are forward-looking statements. The words “anticipate,” “believe,” “continue,” “estimate,” “expect,” “intend,” “may,” “will,” “plan,” and similar expressions are intended to identify forward-looking statements. Appian has based these forward-looking statements on its current expectations and projections about future events and financial trends that Appian believes may affect its financial condition, results of operations, business strategy, short-term and long-term business operations and objectives, and financial needs. These forward-looking statements are subject to a number of risks and uncertainties, including the risks and uncertainties associated with Appian’s market opportunity and the expansion of its core software markets in general, the opportunity and disruptive impact of AI, the effects of increased competition, as well as innovations by new and existing competitors in its market, Appian’s ability to effectively manage or sustain its growth and to maintain profitability, Appian’s ability to maintain, or strengthen awareness of, its brand, risks and uncertainties associated with the composition and concentration of Appian’s customer base and their demand for its platform and satisfaction with the services provided by Appian, Appian’s ability to operate in compliance with applicable laws and regulations, Appian’s strategic relationships with third parties, and additional risks and uncertainties set forth in the “Risk Factors” section of Appian’s most recent annual report on Form 10-K, quarterly reports on Form 10-Q, and other filings with the Securities and Exchange Commission. Moreover, Appian operates in a very competitive and rapidly changing environment. New risks emerge from time to time. It is not possible for Appian’s management to predict all risks, nor can Appian assess the impact of all factors on its business 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 Appian may make. In light of these risks, uncertainties, and assumptions, Appian cannot guarantee future results, levels of activity, performance, achievements, or events and circumstances reflected in the forward-looking statements will occur. Appian is under no duty to update any of these forward-looking statements after the date of this press release to conform these statements to actual results or revised expectations, except as required by law.

Investor Contact

[email protected]

Media Contact

Valerie Miller
Senior Manager, Media Relations North America
[email protected]

APPIAN CORPORATION CONSOLIDATED BALANCE SHEETS (in thousands, except par value and share data)

	As of
	March 31, 2026			December 31, 2025
Assets	(unaudited)
Current assets
Cash and cash equivalents	$	150,025		$	135,810
Short-term investments and marketable securities		55,963			51,415
Accounts receivable, net of allowance of $3,107 and $3,362, respectively		173,874			255,063
Deferred commissions, current		35,459			35,166
Prepaid expenses and other current assets		38,632			41,970
Total current assets		453,953			519,424
Property and equipment, net of accumulated depreciation of $41,662 and $40,747, respectively		30,279			32,087
Goodwill		28,145			28,811
Intangible assets, net of accumulated amortization of $7,444 and $7,301, respectively		904			1,246
Right-of-use assets for operating leases		26,992			28,075
Deferred commissions, net of current portion		64,199			65,199
Deferred tax assets		4,874			4,850
Other assets		14,017			11,703
Total assets	$	623,363		$	691,395
Liabilities and Stockholders’ Deficit
Current liabilities
Accounts payable	$	4,136		$	6,655
Accrued expenses		21,661			18,483
Accrued compensation and related benefits		32,354			61,781
Deferred revenue		320,401			341,281
Debt		9,598			9,598
Operating lease liabilities		13,201			13,181
Other current liabilities		1,312			1,128
Total current liabilities		402,663			452,107
Long-term debt		228,828			231,228
Non-current operating lease liabilities		43,585			45,693
Deferred revenue, non-current		6,913			8,962
Other non-current liabilities		341			398
Total liabilities		682,330			738,388
Stockholders’ deficit
Class A common stock—par value $0.0001; 500,000,000 shares authorized as of March 31, 2026 and December 31, 2025 and 43,474,509 and 43,408,828 shares issued as of March 31, 2026 and December 31, 2025, respectively		4			4
Class B common stock—par value $0.0001; 100,000,000 shares authorized as March 31, 2026 and December 31, 2025 and 31,087,485 and 31,088,085 shares issued as of March 31, 2026 and December 31, 2025, respectively		3			3
Treasury stock at cost, 1,048,812 and 542,288 shares as of March 31, 2026 and December 31, 2025, respectively		(29,152	)		(16,935	)
Additional paid-in capital		618,798			617,318
Accumulated other comprehensive loss		(36,174	)		(36,462	)
Accumulated deficit		(612,446	)		(610,921	)
Total stockholders’ deficit		(58,967	)		(46,993	)
Total liabilities and stockholders’ deficit	$	623,363		$	691,395

APPIAN CORPORATION CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share data)

	Three Months Ended March 31,
		2026			2025
	(unaudited)
Revenue
Subscriptions	$	160,311		$	134,352
Professional services		41,869			32,074
Total revenue		202,180			166,426
Cost of revenue
Subscriptions		22,904			18,521
Professional services		31,507			25,519
Total cost of revenue		54,411			44,040
Gross profit		147,769			122,386
Operating expenses
Sales and marketing		64,619			56,310
Research and development		46,324			41,830
General and administrative		33,670			25,080
Total operating expenses		144,613			123,220
Operating income (loss)		3,156			(834	)
Other non-operating expense (income)
Other income, net		(84	)		(5,716	)
Interest expense		4,172			5,318
Total other non-operating expense (income)		4,088			(398	)
Loss before income taxes		(932	)		(436	)
Income tax expense		593			741
Net loss	$	(1,525	)	$	(1,177	)
Net loss per Class A and Class B share:
Basic and diluted	$	(0.02	)	$	(0.02	)
Weighted average common shares outstanding:
Basic and diluted		73,820			74,094

APPIAN CORPORATION STOCK-BASED COMPENSATION EXPENSE (in thousands)

	Three months ended March 31,
		2026		2025
	(unaudited)
Cost of revenue
Subscriptions	$	559	$	498
Professional services		1,638		1,456
Operating expenses
Sales and marketing		2,403		2,246
Research and development		3,735		3,014
General and administrative		3,554		2,825
Total stock-based compensation expense	$	11,889	$	10,039

APPIAN CORPORATION CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited, in thousands)

	Three Months Ended March 31,
		2026			2025
Cash flows from operating activities
Net loss	$	(1,525	)	$	(1,177	)
Adjustments to reconcile net loss to net cash provided by operating activities:
Stock-based compensation		11,889			10,039
Depreciation expense and amortization of intangible assets		2,273			2,446
Bad debt expense		(194	)		(125	)
Amortization of debt issuance costs		150			150
Benefit for deferred income taxes		(74	)		(163	)
Foreign currency transaction losses (gains), net		1,119			(3,989	)
Changes in assets and liabilities
Accounts receivable		81,353			60,259
Prepaid expenses and other assets		1,333			6,107
Deferred commissions		707			3,855
Accounts payable and accrued expenses		637			4,755
Accrued compensation and related benefits		(25,569	)		(9,306	)
Other current and non-current liabilities		(468	)		507
Deferred revenue		(21,799	)		(27,554	)
Operating lease assets and liabilities, net		(1,005	)		(838	)
Net cash provided by operating activities		48,827			44,966
Cash flows from investing activities
Proceeds from maturities of investments		39,771			13,611
Purchases of investments		(44,866	)		(37,037	)
Purchases of property and equipment		(188	)		(651	)
Net cash used by investing activities		(5,283	)		(24,077	)
Cash flows from financing activities
Debt repayments		(2,500	)		(2,500	)
Repurchase of common stock		(21,808	)		—
Payments for employee taxes related to the net share settlement of equity awards		(5,117	)		(3,199	)
Proceeds from exercise of common stock options		630			190
Net cash used by financing activities		(28,795	)		(5,509	)
Effect of foreign exchange rate changes on cash and cash equivalents		(534	)		1,050
Net increase in cash and cash equivalents		14,215			16,430
Cash and cash equivalents at beginning of period		135,810			118,552
Cash and cash equivalents at end of period	$	150,025		$	134,982

Supplemental disclosure of cash flow information:
Cash paid for interest	$	3,803		$	5,018
Cash paid for income taxes	$	1,426		$	798
Supplemental disclosure of non-cash investing and financing information:
Accrued capital expenditures	$	37		$	784

APPIAN CORPORATION

RECONCILIATION OF GAAP MEASURES TO NON-GAAP MEASURES

(unaudited, in thousands, except per share data)

	GAAP Measure			Stock-Based Compensation			Litigation Expense			JPI Amortization			Lease Impairment and Lease-Related Charges			Unrealized Foreign Exchange Rate Gains and Losses			Non-GAAP Measure
Three Months Ended March 31, 2026
Subscriptions cost of revenue	$	22,904		$	(559	)	$	—		$	—		$	—		$	—		$	22,345
Professional services cost of revenue		31,507			(1,638	)		—			—			—			—			29,869
Total cost of revenue		54,411			(2,197	)		—			—			—			—			52,214
Sales and marketing expense		64,619			(2,403	)		—			—			—			—			62,216
Research and development expense		46,324			(3,735	)		—			—			—			—			42,589
General and administrative expense		33,670			(3,554	)		(6,948	)		(2,055	)		(302	)		—			20,811
Total operating expense		144,613			(9,692	)		(6,948	)		(2,055	)		(302	)		—			125,616
Operating income		3,156			11,889			6,948			2,055			302			—			24,350
Non-operating income		(84	)		—			—			—			—			(848	)		(932	)
Income tax impact of above items		593			507			—			—			—			199			1,299
Net (loss) income		(1,525	)		11,382			6,948			2,055			302			649			19,811
Net (loss) income per share, basic⁽^c⁾	$	(0.02	)	$	0.15		$	0.09		$	0.03		$	—		$	0.01		$	0.27
Net (loss) income per share, diluted⁽^a^,^c⁾	$	(0.02	)	$	0.15		$	0.09		$	0.03		$	—		$	0.01		$	0.27

Three Months Ended March 31, 2025
Subscriptions cost of revenue	$	18,521		$	(498	)	$	—		$	—		$	—		$	—		$	18,023
Professional services cost of revenue		25,519			(1,456	)		—			—			—			—			24,063
Total cost of revenue		44,040			(1,954	)		—			—			—			—			42,086
Sales and marketing expense		56,310			(2,246	)		—			—			—			—			54,064
Research and development expense		41,830			(3,014	)		—			—			—			—			38,816
General and administrative expense		25,080			(2,825	)		(1,712	)		(3,084	)		(312	)		—			17,147
Total operating expense		123,220			(8,085	)		(1,712	)		(3,084	)		(312	)		—			110,027
Operating (loss) income		(834	)		10,039			1,712			3,084			312			—			14,313
Non-operating (income) expense		(5,716	)		—			—			—			—			4,016			(1,700	)
Income tax impact of above items		741			455			—			—			—			(267	)		929
Net (loss) income		(1,177	)		9,584			1,712			3,084			312			(3,749	)		9,766
Net (loss) income per share, basic⁽^c⁾	$	(0.02	)	$	0.13		$	0.02		$	0.04		$	—		$	(0.05	)	$	0.13
Net (loss) income per share, diluted⁽^b,^c⁾	$	(0.02	)	$	0.13		$	0.02		$	0.04		$	—		$	(0.05	)	$	0.13

⁽ ^a ⁾Accounts for the impact of 0.6 million shares of dilutive securities.
⁽ ^b ⁾Accounts for the impact of 0.4 million shares of dilutive securities.
⁽ ^c ⁾Per share amounts do not foot due to rounding.

	Three months ended March 31,
		2026			2025
Reconciliation of adjusted EBITDA:
GAAP net loss	$	(1,525	)	$	(1,177	)
Other income, net		(84	)		(5,716	)
Interest expense		4,172			5,318
Income tax expense		593			741
Depreciation expense and amortization of intangible assets		2,273			2,446
Stock-based compensation expense		11,889			10,039
Litigation Expense		6,948			1,712
JPI Amortization		2,055			3,084
Lease Impairment and Lease-Related Charges		302			312
Adjusted EBITDA	$	26,623		$	16,759

^¹ https://register-conf.media-server.com/register/BI87cbbf11a9b741df835a46cf74d1b911

May 7, 2026 7:26 am

Ironwood Pharmaceuticals Reports Strong First Quarter 2026 Results With 97% Year-Over-Year LINZESS U.S. Net Sales Growth; Maintains Full-Year 2026 Financial Guidance

Ironwood Pharmaceuticals Reports Strong First Quarter 2026 Results With 97% Year-Over-Year LINZESS U.S. Net Sales Growth; Maintains Full-Year 2026 Financial Guidance

– LINZESS® (linaclotide) U.S. net sales of $273 million in Q1 2026, primarily driven by improved net price and 5% EUTRx demand growth year-over-year –

– Total revenue of $107 million, GAAP net income of $41 million and adjusted EBITDA of $77 million in Q1 2026 –

– On track to begin site initiations for Phase 3 confirmatory trial of apraglutide in short bowel syndrome with intestinal failure (SBS-IF) in the second quarter of 2026 –

– sNDA for LINZESS treatment of functional constipation (FC) in patients 2 to 5 years of age accepted and granted priority review by FDA; PDUFA date set for May 24^th –

BOSTON–(BUSINESS WIRE)–Ironwood Pharmaceuticals, Inc. (Nasdaq: IRWD), a biotechnology company developing and commercializing life‑changing therapies for people living with gastrointestinal (GI) and rare diseases, today reported its first quarter 2026 results and recent business performance.

“Our first quarter of 2026 delivered strong financial performance, driven by significantly improved net price and mid-single digit prescription growth for LINZESS, positioning us well to achieve our full-year 2026 financial guidance,” said Tom McCourt, chief executive officer of Ironwood. “We expect strong first quarter revenue to result in significant operating cash flows in the second quarter of 2026, which will help support repayment of our 2026 convertible notes at maturity in June.”

“We remain on track for site initiation for the confirmatory STARS‑2 Phase 3 clinical trial in the second quarter,” said Michael Shetzline, chief medical officer, senior vice president and head of research and drug development at Ironwood. “Building on the positive results from STARS, we believe that the highly potent, selective, and long-acting pharmacologic properties of apraglutide have the potential to drive best-in-class efficacy and tolerability with once-weekly dosing and redefine the standard of care in SBS-IF. Importantly, the long-term data generated to date show compelling enteral autonomy outcomes, with rapid and sustained reductions in parenteral support over time.”

First Quarter 2026 Financial Highlights¹

(in thousands, except for per share amounts)

	Q1 2026		Q1 2025
Total revenue	$	106,506	$	41,143
Total costs and expenses		33,933		70,251
GAAP net income (loss)		40,773		(37,386	)
GAAP net income (loss) – per share basic		0.25		(0.23	)
GAAP net income (loss) – per share diluted		0.24		(0.23	)
Adjusted EBITDA²		76,671		(4,742	)
Non-GAAP net income (loss)		40,945		(23,228	)
Non-GAAP net income (loss) per share – basic		0.25		(0.14	)
Non-GAAP net income (loss) per share – diluted		0.24		(0.14	)

¹		Refer to the Reconciliation of GAAP Results to Non-GAAP Financial Measures table and to the Reconciliation of GAAP Net Income (Loss) to Adjusted EBITDA table at the end of this press release. Refer to Non-GAAP Financial Measures for additional information.
²		Adjusted EBITDA is calculated by subtracting stock-based compensation, net restructuring expenses, net interest expense, income taxes, depreciation and amortization, from GAAP net income (loss).

First Quarter and Full Year 2026 Corporate Highlights

U.S. LINZESS

In January 2026, the FDA accepted and granted priority review of a supplemental New Drug Application (sNDA) for LINZESS for the treatment of functional constipation (FC) in patients 2 to 5 years of age. The FDA assigned a Prescription Drug User Fee Act (PDUFA) date of May 24^th.
Prescription Demand: Total LINZESS prescription demand in the first quarter of 2026 was 56.0 million LINZESS capsules, a 5% increase compared to the first quarter of 2025, per IQVIA.
U.S. Brand Collaboration: LINZESS U.S. net sales are provided to Ironwood by its U.S. partner, AbbVie Inc. (“AbbVie”). LINZESS U.S. net sales were $272.5 million in the first quarter of 2026, a 97% increase compared to $138.5 million in the first quarter of 2025. Ironwood and AbbVie share equally in U.S. brand collaboration profits.

Q1 2026 LINZESS U.S. net sales growth year-over-year was driven by 5% demand growth and significantly improved net price due to elimination of inflationary rebates and favorable time-phasing of gross-to-net rebate reserves in the first quarter of 2026 relative to 2025.
LINZESS commercial margin was 76% in the first quarter of 2026, compared to 52% in the first quarter of 2025. See the U.S. LINZESS Full Brand Collaboration table at the end of this press release.
Net profit for the LINZESS U.S. brand collaboration, net of commercial and research and development (“R&D”) expenses, was $204.7 million in the first quarter of 2026, a 211% increase compared to $65.9 million in the first quarter of 2025. See the U.S. LINZESS Full Brand Collaboration table at the end of this press release.

Collaboration Revenue to Ironwood: Ironwood recorded $104.2 million in collaboration revenue in the first quarter of 2026 related to sales of LINZESS in the U.S., a 169% increase compared to $38.8 million for the first quarter of 2025. See the U.S. LINZESS Commercial Collaboration table at the end of the press release.

Apraglutide

Apraglutide is a once weekly, long-acting synthetic glucagon-like peptide-2 (“GLP-2”) analog with the potential to treat a range of rare gastrointestinal diseases where GLP-2 can play a central role in addressing disease pathophysiology.
Ironwood is advancing apraglutide for short bowel syndrome (“SBS”) patients dependent on parenteral support (“PS”), a severe chronic malabsorptive condition. Ironwood believes apraglutide has the potential to improve the standard of care for adult patients with SBS who are dependent on PS as the first and only GLP-2 to achieve a statistically significant reduction in weekly PS volume with once-weekly administration.
Ironwood expects to begin initiating clinical sites in the second quarter of 2026, for STARS-2, a confirmatory Phase 3 clinical trial of apraglutide for patients with SBS-IF. STARS-2 is planned to be a 24-week global, randomized, double-blind, placebo-controlled trial. The primary endpoint is relative change from baseline in actual weekly PS volume, with additional key secondary endpoints also planned.
In May, during the 2026 Digestive Disease Week (DDW), Ironwood presented data pooled from the STARS clinical program – including the Phase 2 STARS Nutrition study, STARS Phase 3 randomized placebo-controlled study, and the ongoing open-label extension study STARS Extend – apraglutide showed a safety profile consistent with previous studies. These findings build on the positive data previously announced in 2024.

First Quarter 2026 Financial Results

Total Revenue. Total revenue in the first quarter of 2026 was $106.5 million, compared to $41.1 million in the first quarter of 2025.

Total revenue in the first quarter of 2026 consisted of $104.2 million associated with Ironwood’s share of the net profits from the sales of LINZESS in the U.S., and $2.3 million in royalties and other revenue. Total revenue in the first quarter of 2025 consisted of $38.8 million associated with Ironwood’s share of the net profits from the sales of LINZESS in the U.S., and $2.3 million in royalties and other revenue.

Total Costs and Expenses. Total costs and expenses in the first quarter of 2026 were $33.9 million, compared to $70.3 million in the first quarter of 2025.

Total costs and expenses in the first quarter of 2026 consisted of $21.9 million in R&D expenses, $12.0 million in selling, general and administrative (“SG&A”) expenses, and reversal of an insignificant amount in restructuring expenses. Total costs and expenses in the first quarter of 2025 consisted of $27.4 million in R&D expenses, $24.3 million in SG&A expenses, and $18.6 million in restructuring expenses.

Interest Expense. Interest expense was $9.1 million in the first quarter of 2026, in connection with Ironwood’s convertible senior notes and revolving credit facility. Interest expense was $8.1 million in the first quarter of 2025 in connection with Ironwood’s convertible senior notes and revolving credit facility.
Interest and Investment Income. Interest and investment income was $1.7 million in the first quarter of 2026 and $0.9 million in the first quarter of 2025.
Other. Other income was insignificant in the first quarter of 2026 and in the first quarter of 2025 and pertained to a gain recorded for pension-related activities.
Income Tax Expense. Ironwood recorded $24.4 million of income tax expense in the first quarter of 2026, the majority of which was non-cash, as Ironwood continues to utilize net operating losses to offset taxable income for federal purposes and in many states. Ironwood recorded $1.1 million of income tax expense in the first quarter of 2025, the majority of which was non-cash, as Ironwood continued to utilize net operating losses to offset taxable income for federal purposes and in many states.
GAAP Net Income (Loss). GAAP net income was $40.8 million, or $0.25 per share (basic) and $0.24 per share (diluted) in the first quarter of 2026, compared to GAAP net loss of $37.4 million, or ($0.23) per share (basic and diluted) in the first quarter of 2025.
Non-GAAP Net Income (Loss). Non-GAAP net income was $40.9 million, or $0.25 per share (basic) and $0.24 per share (diluted), in the first quarter of 2026, compared to non-GAAP net loss of $23.2 million, or ($0.14) per share (basic and diluted), in the first quarter of 2025.

Non-GAAP net income (loss) excludes the impact of amortization of acquired intangible assets, and net restructuring expenses, all net of tax effect. See Non-GAAP Financial Measures below.

Adjusted EBITDA. Adjusted EBITDA was $76.7 million in the first quarter of 2026, compared to ($4.7) million in the first quarter of 2025.

Adjusted EBITDA is calculated by subtracting stock-based compensation, net restructuring expenses, net interest expense, income taxes, depreciation and amortization, from GAAP net income (loss). See Non-GAAP Financial Measures below.

Cash Flow Highlights. Ironwood ended the first quarter of 2026 with $220.5 million of cash and cash equivalents, compared to $215.5 million of cash and cash equivalents at the end of 2025.

The outstanding principal balance on the revolving credit facility was $385.0 million as of March 31, 2026.
Ironwood generated $5.1 million in cash from operations in the first quarter of 2026, compared to $20.0 million in cash from operations in the first quarter of 2025.
Ironwood had $105.8 million in accounts receivable as of March 31, 2026, primarily related to first quarter 2026 collaboration revenues.

Ironwood 2026 Financial Guidance. Ironwood continues to expect:

	2026 Guidance
	(May 2026)
U.S. LINZESS Net Sales	$1.125 – $1.175 billion Driven by improved net price and low-single digit percentage demand growth
Total Revenue¹	$450 – $475 million
Adjusted EBITDA²	>$300 million

¹		Ironwood’s U.S. collaborative arrangements revenue includes reimbursement from AbbVie for a portion of Ironwood’s commercial expenses related to sales of LINZESS in the U.S.
²		Adjusted EBITDA is calculated by subtracting stock-based compensation, net restructuring expenses, net interest expense, income taxes, and depreciation and amortization from GAAP net income (loss). For purposes of this guidance, we have assumed that Ironwood will not incur material expenses related to business development activities in 2026. Ironwood does not provide guidance on GAAP net income or a reconciliation of expected adjusted EBITDA to expected GAAP net income because, without unreasonable efforts, it is unable to predict with reasonable certainty the non-GAAP adjustments used to calculate adjusted EBITDA. These adjustments are uncertain, depend on various factors and could have a material impact on GAAP net income for the guidance period. Management believes this non-GAAP information is useful for investors, taken in conjunction with Ironwood’s GAAP financial statements, because it provides greater transparency and period-over-period comparability with respect to Ironwood’s operating performance. These measures are also used by management to assess the performance of the business. Investors should consider these non-GAAP measures only as a supplement to, not as a substitute for or as superior to, measures of financial performance prepared in accordance with GAAP. In addition, these non-GAAP financial measures are unlikely to be comparable with non-GAAP information provided by other companies.

Non-GAAP Financial Measures

Ironwood presents non-GAAP net income (loss) and non-GAAP net income (loss) per share to exclude amortization of acquired intangible assets, and net restructuring expenses, all net of tax effect. Non-GAAP adjustments are further detailed below:

Amortization of acquired intangible assets are non-cash expenses arising in connection with the acquisition of VectivBio and are considered to be non-recurring.
Restructuring expenses are considered to be a non-recurring event as they are associated with distinct operational decisions. Restructuring expenses include costs associated with exit and disposal activities.
Ironwood also presents adjusted EBITDA, a non-GAAP measure, as well as guidance on adjusted EBITDA. Adjusted EBITDA is calculated by subtracting stock-based compensation, net restructuring expenses, net interest expense, income taxes, depreciation and amortization from GAAP net income (loss). The adjustments are made on a similar basis as described above related to non-GAAP net income (loss), as applicable.

Management believes this non-GAAP information is useful for investors, taken in conjunction with Ironwood’s GAAP financial statements, because it provides greater transparency and period-over-period comparability with respect to Ironwood’s operating performance. These measures are also used by management to assess the performance of the business. Investors should consider these non-GAAP measures only as a supplement to, not as a substitute for or as superior to, measures of financial performance prepared in accordance with GAAP. In addition, these non-GAAP financial measures are unlikely to be comparable with non-GAAP information provided by other companies. For a reconciliation of non-GAAP net income (loss) and non-GAAP net income (loss) per share to GAAP net income (loss) and GAAP net income (loss) per share, respectively, and for a reconciliation of adjusted EBITDA to GAAP net income (loss), please refer to the tables at the end of this press release.

Ironwood does not provide guidance on GAAP net income or a reconciliation of expected adjusted EBITDA to expected GAAP net income because, without unreasonable efforts, it is unable to predict with reasonable certainty the non-GAAP adjustments used to calculate adjusted EBITDA. These adjustments are uncertain, depend on various factors and could have a material impact on GAAP net income for the guidance period.

Conference Call Information

Ironwood will host a conference call and webcast at 8:30 a.m. Eastern Time on Thursday, May 7^th, 2026 to discuss its first quarter results and recent business activities. Individuals interested in participating in the call should dial (888) 596-4144 (U.S. and Canada) or (646) 968-2525 (international) using conference ID number and event passcode 3647053. To access the webcast, please visit the Investors section of Ironwood’s website at www.ironwoodpharma.com. The call will be available for replay via telephone starting Thursday, May 7th, 2026, at approximately 11:30 a.m. Eastern Time, running through 11:59 p.m. Eastern Time on Thursday, May 21st, 2026. To listen to the replay, dial (800) 770-2030 (U.S. and Canada) or (609) 800-9909 (international) using conference ID number 3647053. The archived webcast will be available on Ironwood’s website for 1 year beginning approximately one hour after the call has completed.

About Ironwood Pharmaceuticals

Ironwood Pharmaceuticals (Nasdaq: IRWD) is a biotechnology company developing and commercializing life-changing therapies for people living with gastrointestinal (GI) and rare diseases. Ironwood is advancing apraglutide, a next-generation, long-acting synthetic GLP-2 analog being developed for short bowel syndrome patients who are dependent on parenteral support. In addition, Ironwood has been a pioneer in the development of LINZESS® (linaclotide), the U.S. branded prescription market leader for the treatment of irritable bowel syndrome with constipation (IBS-C) or chronic idiopathic constipation (CIC). Building upon our history of innovation, we keep patients at the heart of our R&D and commercialization efforts to reduce the burden of diseases and address significant unmet needs.

Founded in 1998, Ironwood Pharmaceuticals is headquartered in Boston, Massachusetts, with a site in Basel, Switzerland.

We routinely post information that may be important to investors on our website at www.ironwoodpharma.com. In addition, follow us on X and on LinkedIn.

About LINZESS (Linaclotide)

LINZESS® is the #1 prescribed brand in the U.S. for the treatment of patients with irritable bowel syndrome with constipation (“IBS-C”) or chronic idiopathic constipation (“CIC”), based on IQVIA data. LINZESS is a once-daily capsule that helps relieve the abdominal pain and constipation, associated with IBS-C in adults and pediatric patients 7 years of age and older. LINZESS has also been shown to relieve constipation, infrequent stools, hard stools, straining, and incomplete evacuation associated with CIC in adult patients. LINZESS relieves constipation in children and adolescents aged 6 to 17 years with functional constipation.

LINZESS is not a laxative; it is the first medicine approved by the FDA in a class called GC-C agonists. LINZESS contains a peptide called linaclotide that activates the GC-C receptor in the intestine. Activation of GC-C is thought to result in increased intestinal fluid secretion and accelerated transit and a decrease in the activity of pain-sensing nerves in the intestine. The clinical relevance of the effect on pain fibers, which is based on nonclinical studies, has not been established.

In the United States, Ironwood and AbbVie co-develop and co-commercialize LINZESS for the treatment of adults with IBS-C or CIC. In Europe, AbbVie markets linaclotide under the brand name CONSTELLA® for the treatment of adults with moderate to severe IBS-C. In Japan, Ironwood’s partner, Astellas, markets linaclotide under the brand name LINZESS for the treatment of adults with IBS-C or CIC. Ironwood also has partnered with AstraZeneca for development and commercialization of LINZESS in China, and with AbbVie for development and commercialization of linaclotide in all other territories worldwide.

LINZESS Important Safety Information

INDICATIONS AND USAGE

LINZESS® (linaclotide) is indicated for the treatment of irritable bowel syndrome with constipation (IBS-C) in adults and pediatric patients 7 years of age and older, and for the treatment of chronic idiopathic constipation (CIC) in adults, and for the treatment of functional constipation (FC) in pediatric patients 6 years of age and older.

IMPORTANT SAFETY INFORMATION

WARNING: RISK OF SERIOUS DEHYDRATION IN PEDIATRIC PATIENTS LESS THAN 2 YEARS OF AGE

LINZESS is contraindicated in patients less than 2 years of age. In nonclinical studies in neonatal mice, administration of a single, clinically relevant adult oral dose of linaclotide caused deaths due to dehydration.

Contraindications

LINZESS is contraindicated in patients less than 2 years of age due to the risk of serious dehydration.
LINZESS is contraindicated in patients with known or suspected mechanical gastrointestinal obstruction.

Warnings and Precautions

Risk of Serious Dehydration in Pediatric Patients Less Than 2 Years of Age

LINZESS is contraindicated in patients less than 2 years of age. In neonatal mice, linaclotide increased fluid secretion as a consequence of age-dependent elevated guanylate cyclase (GC-C) agonism, which was associated with increased mortality within the first 24 hours due to dehydration. There was no age dependent trend in GC-C intestinal expression in a clinical study of children 2 to less than 18 years of age; however, there are insufficient data available on GC-C intestinal expression in children less than 2 years of age to assess the risk of developing diarrhea and its potentially serious consequences in these patients.

Diarrhea

In adults, diarrhea was the most common adverse reaction in LINZESS-treated patients in the pooled IBS-C and CIC double-blind placebo-controlled trials. The incidence of diarrhea was similar in the IBS-C and CIC populations. Severe diarrhea was reported in 2% of 145 mcg and 290 mcg LINZESS-treated patients and in <1% of 72 mcg LINZESS-treated CIC patients.
In pediatric patients, diarrhea was also the most common adverse reaction of LINZESS-treated patients in IBS-C and FC clinical trials. In two double-blind trials, diarrhea was reported in 4% of pediatric patients 6 to 17 years of age with FC treated with LINZESS 72 mcg once daily, and 7% and 8% of pediatric patients 7 to 17 years of age with IBS-C treated with LINZESS 145 mcg and 290 mcg once daily, respectively. In clinical trials, severe diarrhea was reported in one pediatric patient with FC treated with LINZESS 72 mcg once daily and in one pediatric patient with IBS-C treated with LINZESS at a dosage higher than the recommended 145 mcg once daily dosage for IBS-C.
In post-marketing experience, severe diarrhea associated with dizziness, syncope, hypotension and electrolyte abnormalities (hypokalemia and hyponatremia) requiring hospitalization or intravenous fluid administration have been reported in patients treated with LINZESS.
If severe diarrhea occurs, suspend dosing and rehydrate the patient.

Common Adverse Reactions (incidence ≥2% and greater than placebo)

In IBS-C or CIC adult patients: diarrhea, abdominal pain, flatulence, and abdominal distension.
Most common adverse reaction reported in pediatric patients with FC or IBS-C is diarrhea.

Please see full Prescribing Information including Boxed Warning:

https://www.rxabbvie.com/pdf/linzess_pi.pdf

LINZESS® and CONSTELLA® are registered trademarks of Ironwood Pharmaceuticals, Inc. Any other trademarks referred to in this press release are the property of their respective owners. All rights reserved.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Investors are cautioned not to place undue reliance on these forward-looking statements, including statements about Ironwood’s ability to execute on its mission; Ironwood’s strategy, business, financial position and operations; Ironwood’s ability to drive growth and profitability; the commercial potential of LINZESS; Ironwood’s financial performance and results, and guidance and expectations related thereto; LINZESS prescription demand growth, LINZESS U.S. net sales, total revenue and adjusted EBITDA in 2026; our expectation that the first quarter revenue will result in significant operating cash flows in the second quarter of 2026, which will help support repayment of the senior convertible notes at maturity; the planned confirmatory STARS‑2 Phase 3 clinical trial design, endpoints and timing to initiate such trial; and our belief that highly potent, selective, and long-acting pharmacologic properties of apraglutide have the potential to drive best-in-class efficacy and tolerability with once-weekly dosing and redefine the standard of care in SBS-IF. These forward-looking statements speak only as of the date of this press release, and Ironwood undertakes no obligation to update these forward-looking statements. Each forward-looking statement is subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied in such statements. Applicable risks and uncertainties include those related to the effectiveness of development and commercialization efforts by us and our partners; preclinical and clinical development, manufacturing and formulation development of linaclotide, apraglutide, and our other product candidates; the risk of uncertainty relating to pricing and reimbursement policies in the U.S., which, if not favorable for our products, could hinder or prevent our products’ commercial success; the risk that clinical programs and studies, including for linaclotide pediatric programs and apraglutide, may not progress or develop as anticipated, including that studies are delayed or discontinued for any reason, such as safety, tolerability, enrollment, manufacturing, economic or other reasons; the risk that findings from our completed nonclinical studies and clinical trials may not be replicated in later trials and earlier-stage clinical trials may not be predictive of the results we may obtain in later-stage clinical trials or of the likelihood of regulatory approval; the risk that apraglutide will not be approved by the FDA or other regulatory agencies; the risk of competition or that new products may emerge that provide different or better alternatives for treatment of the conditions that our products are approved to treat; the risk that healthcare reform and other governmental and private payor initiatives may have an adverse effect upon or prevent our products’ or product candidates’ commercial success; the efficacy, safety and tolerability of linaclotide and our product candidates; the risk that the commercial and therapeutic opportunities for LINZESS, apraglutide or our other product candidates are not as we expect; decisions by regulatory and judicial authorities; the risk we may never get additional patent protection for linaclotide, apraglutide and other product candidates, that patents for linaclotide, apraglutide or other products may not provide adequate protection from competition, or that we are not able to successfully protect such patents; the risk that we are unable to manage our expenses or cash use, or are unable to commercialize our products as expected; the risk that the development of any of our linaclotide pediatric programs and/or apraglutide is not successful or that any of our product candidates does not receive regulatory approval or is not successfully commercialized; outcomes in legal proceedings to protect or enforce the patents relating to our products and product candidates, including abbreviated new drug application litigation; the risk that financial and operating results may differ from our projections; developments in the intellectual property landscape; challenges from and rights of competitors or potential competitors; the risk that our planned investments do not have the anticipated effect on our company revenues; developments in accounting guidance or practice; Ironwood’s or AbbVie’s accounting practices, including reporting and settlement practices as between Ironwood and AbbVie; the risk that our indebtedness could adversely affect our financial condition or restrict our future operations; and the risks listed under the heading “Risk Factors” and elsewhere in our Annual Report on Form 10-K for the year ended December 31, 2025, and in our subsequent Securities and Exchange Commission filings.

Condensed Consolidated Balance Sheets
(In thousands)
(unaudited)

	March 31, 2026			December 31, 2025
Assets
Cash and cash equivalents	$	220,471		$	215,456
Accounts receivable, net		105,842			46,745
Prepaid expenses and other current assets		5,979			11,977
Total current assets		332,292			274,178
Property and equipment, net		3,166			3,408
Operating lease right-of-use assets		8,896			9,340
Intangible assets, net		1,838			2,040
Deferred tax assets		84,237			103,433
Other assets		4,137			4,502
Total assets	$	434,566		$	396,901
Liabilities and stockholders’ deficit
Accounts payable	$	3,237		$	2,898
Accrued research and development costs		2,044			3,149
Accrued expenses and other current liabilities		27,903			33,239
Current portion of operating lease liabilities		3,268			3,252
Current portion on convertible senior notes		199,855			199,680
Total current liabilities		236,307			242,218
Operating lease obligations, net of current portion		9,233			9,870
Revolving credit facility		385,000			385,000
Other liabilities		21,170			21,648
Total stockholders’ deficit		(217,144	)		(261,835	)
Total liabilities and stockholders’ deficit	$	434,566		$	396,901

Condensed Consolidated Statements of Income (Loss)
(In thousands, except per share amounts)
(unaudited)

	Three Months Ended March 31,
	2026			2025
Total revenues	$	106,506		$	41,143

Costs and expenses:
Research and development		21,940			27,432
Selling, general and administrative		12,033			24,260
Restructuring, net		(40	)		18,559
Total costs and expenses		33,933			70,251
Income from operations		72,573			(29,108	)
Other income (expense):
Interest expense and other financing costs		(9,141	)		(8,070	)
Interest and investment income		1,698			869
Other		42			37
Other income (expense), net		(7,401	)		(7,164	)
Income before income taxes		65,172			(36,272	)
Income tax expense		(24,399	)		(1,114	)
GAAP net income (loss)	$	40,773		$	(37,386	)

GAAP net income (loss) per share—basic	$	0.25		$	(0.23	)
GAAP net income (loss) per share—diluted	$	0.24		$	(0.23	)

Reconciliation of GAAP Results to Non-GAAP Financial Measures
(In thousands, except per share amounts) (unaudited)


A reconciliation between net income (loss) on a GAAP basis and on a non-GAAP basis is as follows:

	Three Months Ended March 31,
	2026			2025
GAAP net income (loss)	$	40,773		$	(37,386	)
Adjustments:
Amortization of acquired intangible assets		202			202
Restructuring expenses, net		(40	)		18,559
Tax effect of adjustments		10			(4,603	)
Non-GAAP net income (loss)¹	$	40,945		$	(23,228	)

A reconciliation between basic net income (loss) per share on a GAAP basis and on a non-GAAP basis is as follows:

	Three Months Ended March 31,
	2026		2025
GAAP net income (loss) per share – basic	$	0.25	$	(0.23	)
Plus: Net income (loss) per share – basic
Adjustments to GAAP net income (loss) per share
(as detailed above)		–		0.09
Non-GAAP net income (loss) per share – basic	$	0.25	$	(0.14	)
Weighted average number of common shares used to calculate net income (loss) per share — basic		163,451		160,974

A reconciliation between diluted net income (loss) per share on a GAAP basis and on a non-GAAP basis is as follows:

	Three Months Ended March 31,
	2026		2025
GAAP net income (loss) per share – diluted	$	0.24	$	(0.23	)
Plus: Net income (loss) per share – diluted
Adjustments to GAAP net income (loss) per share
(as detailed above)		–		0.09
Non-GAAP net income (loss) per share – diluted	$	0.24	$	(0.14	)
Weighted average number of common shares used to calculate net income (loss) per share — diluted		166,690		160,974

Reconciliation of GAAP Net Income (Loss) to Adjusted EBITDA
(In thousands)
(unaudited)


A reconciliation of GAAP net income (loss) to adjusted EBITDA:

	Three Months Ended March 31,
	2026			2025
GAAP net income (loss)	$	40,773		$	(37,386	)
Adjustments:
Stock-based compensation		3,653			5,291
Restructuring expenses, net		(40	)		18,559
Interest expense		9,141			8,070
Interest and investment income		(1,698	)		(869	)
Income tax expense		24,399			1,114
Depreciation and amortization		443			479
Adjusted EBITDA¹	$	76,671		$	(4,742	)

____________________________________
¹		Adjusted EBITDA is calculated by subtracting restructuring expenses, net interest expense, income taxes, depreciation and amortization and stock-based compensation, from GAAP net income.

U.S. LINZESS Commercial Collaboration¹
Revenue/Expense Calculation
(In thousands)
(unaudited)


	Three Months Ended March 31,
	2026			2025
LINZESS U.S. net sales as reported by AbbVie²	$	272,525		$	138,477
AbbVie & Ironwood commercial costs, expenses and other discounts³		64,627			66,907
Commercial profit on sales of LINZESS	$	207,898		$	71,570
Commercial Margin⁴		76	%		52	%


Ironwood’s share of net profit		103,949			35,785
Reimbursement for Ironwood’s commercial expenses⁵		273			2,983
Ironwood’s U.S. collaborative arrangements revenue	$	104,222		$	38,768

___________________________________
¹		The purpose of this table is to present calculations of Ironwood’s share of net profit (loss) generated from the sales of LINZESS in the U.S. and Ironwood’s collaboration revenue/expense; however, the table does not present the research and development expenses related to LINZESS in the U.S. that are shared equally between the parties under the collaboration agreement. Please refer to the table at the end of this press release for net profit for the U.S. LINZESS brand collaboration with AbbVie.
²		LINZESS net sales are recognized using AbbVie’s revenue recognition accounting policies and reporting conventions. As a result, certain rebates and discounts are classified as LINZESS U.S. commercial costs, expenses and other discounts within Ironwood’s calculation of collaborative arrangements revenue.
³		Includes certain discounts recognized and cost of goods sold incurred by AbbVie; also includes commercial costs incurred by AbbVie and Ironwood that are attributable to the cost-sharing arrangement between the parties.
⁴		Commercial margin is defined as commercial profit on sales of LINZESS as a percent of total LINZESS U.S. net sales.
⁵		Year-over-year decrease reflects impact of the reduction to Ironwood’s commercial expenses and corresponding reimbursement from AbbVie due to Ironwood’s strategic reorganization announced in January 2025.

US LINZESS Full Brand Collaboration¹
Revenue/Expense Calculation
(In thousands)
(unaudited)

	Three Months Ended March 31,
	2026		2025
LINZESS U.S. net sales as reported by AbbVie²	$	272,525	$	138,477
AbbVie & Ironwood commercial costs, expenses and other discounts³		64,627		66,907
AbbVie & Ironwood R&D Expenses⁴		3,202		5,678
Total net profit on sales of LINZESS	$	204,696	$	65,892

_________________________________
¹		Ironwood collaborates with AbbVie on the development and commercialization of linaclotide in North America. Under the terms of the collaboration agreement, Ironwood receives 50% of the net profits and bears 50% of the net losses from the commercial sale of LINZESS in the U.S. The purpose of this table is to present calculations of the total net profit (loss) generated from the sales of LINZESS in the U.S., including the commercial costs and expenses and the research and development expenses related to LINZESS in the U.S. that are shared equally between the parties under the collaboration agreement.
²		LINZESS net sales are recognized using AbbVie’s revenue recognition accounting policies and reporting conventions. As a result, certain rebates and discounts are classified as LINZESS U.S. commercial costs, expenses and other discounts within Ironwood’s calculation of collaborative arrangements revenue.
³		Includes certain discounts recognized and cost of goods sold incurred by AbbVie; also includes commercial costs incurred by AbbVie and Ironwood that are attributable to the cost-sharing arrangement between the parties.
⁴		Expenses related to LINZESS in the U.S. are shared equally between Ironwood and AbbVie under the collaboration agreement.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260507041613/en/

Company contact:

Greg Martini

Chief Financial Officer

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Investors:

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Stephanie Ascher

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KEYWORDS: Massachusetts United States North America

INDUSTRY KEYWORDS: Health FDA Managed Care Clinical Trials Pharmaceutical Biotechnology

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May 7, 2026 7:25 am

Amazon Pharmacy Expands Access to New Ozempic® Pill via Same-Day Delivery, Kiosks

Amazon Pharmacy Expands Access to New Ozempic® Pill via Same-Day Delivery, Kiosks

For the millions of Americans living with diabetes, Amazon Pharmacy offers real-time medication availability, transparent pricing, automatic manufacturer-sponsored coupon savings, Same-Day Delivery and in-office kiosk pickup of the only approved oral GLP-1 medication to treat the condition.

SEATTLE–(BUSINESS WIRE)–Amazon Pharmacy (NASDAQ: AMZN), a full-service digital pharmacy that delivers medications directly to customers’ homes, is expanding access to Novo Nordisk’s Ozempic® pill, the only FDA-approved oral GLP-1 medication to treat type 2 diabetes. Amazon Pharmacy will offer Same-Day prescription delivery and pickup within minutes through in-office kiosk locations soon, addressing a critical access gap for the more than 36 million Americans living with type 2 diabetes.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260506335808/en/

For the millions of Americans living with diabetes, Amazon Pharmacy offers real-time medication availability, transparent pricing, automatic manufacturer-sponsored coupon savings, Same-Day Delivery and in-office kiosk pickup of the only approved oral GLP-1 medication to treat the condition.

Customers with an Ozempic pill prescription can order through Amazon Pharmacy, see real-time availability in their area, view transparent pricing and receive fast delivery directly to their door nationwide, regardless of Prime membership. With insurance, pricing starts as low as $25 per month. For cash-pay customers, pricing begins at $149 per month with manufacturer-sponsored savings offers applied automatically before checkout.

Amazon Pharmacy combines its delivery logistics, advanced technology and industry collaborations to meet customers at their point of need. The Ozempic pill will be available through reliable Same-Day Delivery service to nearly 3,000 cities and towns, expanding to nearly 4,500 cities and towns by year end. Next-day, two-day and three-day prescription delivery will be offered in areas where other mail-order services take between five and 10 days. The medication will soon be dispensed within minutes through in-office, licensed pharmacist-supported kiosks at select One Medical locations immediately after medical appointments, allowing customers to skip long pharmacy lines.

“Amazon Pharmacy continues to provide customers expanded selection and reliable, convenient access to the latest treatments like the Ozempic pill for type 2 diabetes, helping reduce the friction that comes with accessing breakthrough medications,” said Tanvi Patel, Vice President and General Manager of Amazon Pharmacy. “With 24/7 access to licensed pharmacists, Same-Day and next-day delivery and caregiver support for loved ones managing chronic conditions, we are making it easy for customers to get the medication they need to stay healthy.”

Amazon Pharmacy has delivered GLP-1 medications since 2021 and has saved customers more than $200 million through offering an automatic coupon savings program, with GLP-1 medications representing the largest savings category. Customers can compare insurance and cash-pay prices side by side to choose the option that works best for them, with eligible manufacturer coupons automatically applied at checkout.

Ordering prescriptions through Amazon Pharmacy is simple: customers ask their healthcare provider to send a prescription directly to Amazon Pharmacy, just as they would with any pharmacy, and receive fast, reliable delivery to their doorstep or via an in-office kiosk. Customers nationwide receive free delivery on every medication, regardless of Prime membership. Visit pharmacy.amazon.com or choose Amazon Pharmacy in the Amazon app to get started.

About Amazon Pharmacy

Amazon Pharmacy is a full-service pharmacy that brings prescription medications directly to customers’ doors with free two-day delivery for Prime members and Same-Day Delivery in eligible locations. The service offers 24/7 access to pharmacists, transparent pricing, and multiple ways to save. Amazon Pharmacy accepts most insurance plans, automatically applies eligible manufacturer-sponsored coupons, and offers additional savings options for Prime members through RxPass and Prime Rx. For those managing multiple daily medications, PillPack from Amazon Pharmacy sorts medications by date and time into convenient packets, then delivers them to customers’ doors at no extra cost.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260506335808/en/

Amazon.com, Inc.

Media Hotline

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KEYWORDS: Washington United States North America

INDUSTRY KEYWORDS: Men Supply Chain Management Online Retail Pharmaceutical Specialty Consumer Delivery Services Retail Women Seniors Health Diabetes

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May 7, 2026 7:25 am

Pagaya Appoints Chief Strategy Officer Jonathan Dobres as CFO, Succeeding Evangelos Perros

NEW YORK–(BUSINESS WIRE)–
Pagaya Technologies LTD. (NASDAQ: PGY) (“Pagaya” or the “Company”), a global technology company delivering AI-driven product solutions for the financial ecosystem, announced today the appointment of Chief Strategy Officer Jonathan Dobres, as Chief Financial Officer, effective June 15, 2026. Dobres will be succeeding Evangelos Perros, who will remain in his current role until June 15, 2026. Perros will remain with the Company through December 31st, 2026 serving as a Strategic Executive Advisor to Gal Krubiner, Chief Executive Officer, with a focus on building out the Company’s long term funding strategy.

“We are excited to announce Jon Dobres as Chief Financial Officer” said CEO Gal Krubiner. “Jon brings a strong combination of financial discipline, strategic insight and deep familiarity with our business, having played an integral role in our strategic planning, capital allocation, and execution. He is a trusted partner to the leadership team and I am confident in his ability to lead our finance organization and advance our financial goals.”

“On behalf of the Board and the entire team, I want to thank Evangelos for his leadership and dedication over the past 4.5 years,” Krubiner continued. “Under Evangelos Perros’s tenure, we have achieved significant milestones, including the full build of Pagaya’s financial organization and leading it to deliver GAAP Net Income profitability, sustainably and consistently. We appreciate his commitment to a smooth transition. He will continue to support me as a Strategic Executive Advisor through the year end.”

Mr. Dobres joined Pagaya in 2021 as Head of Strategy and Corporate Development before becoming its Chief Strategy Officer. He previously served in senior investment roles at Hudson Executive Capital, including as CFO of several Hudson sponsored investment vehicles, Flexis Capital and P. Schoenfeld Asset Management. Mr. Dobres started his career as a bank regulatory and M&A lawyer at Sullivan & Cromwell and as a Vice President in technology investment banking at Bear Stearns & Co. Mr. Dobres majored in finance at Emory University where he graduated with distinction and received a JD with honors from Georgetown Law School.

“I’m honored to take on this role at such an exciting time for Pagaya and our shareholders,” said Jon Dobres. “EP and I have worked closely over the past two years to position Pagaya’s balance sheet into a strategic asset for the company, and I look forward to building on the strong finance infrastructure he has put in place. I remain focused on executing our financial strategy, maintaining disciplined capital allocation, and delivering durable, profitable growth.”

“We owe a great deal of our success to Evangelos’s commitment over the years, and while he will be missed, he leaves behind a remarkably strong foundation. I am thrilled to see Jon take on this new challenge. After two years of close collaboration with Evangelos, Jon has proven himself, and I have full confidence that he is the right man for the job,” said Sanjiv Das, President of Pagaya.

Evangelos Perros commented, “It has been a pleasure to serve as CFO of Pagaya. I am incredibly proud of what we have accomplished together and the strong foundation we have built. After much reflection, I have decided it is the right time for me to turn to other career opportunities, knowing I leave the company on the best footing in its history. I remain confident in the company’s strategy, its talented team, and in Jon’s ability to continue to deliver for our shareholders, employees and end consumers.”

Today, Pagaya also announced its first quarter 2026 results. You can read the full press release and shareholder letter on pagaya.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact are forward-looking statements, including, but not limited to, statements regarding expected leadership transitions. Forward-looking statements are based on current expectations and involve risks and uncertainties that could cause actual results to differ materially, which are described in more detail in the “Risk Factors” and other sections of our Annual Report on Form 10-K filed on March 2, 2026 and our other filings with the U.S. Securities and Exchange Commission. Forward-looking statements speak only as of the date hereof, and the Company assumes no obligation and does not intend to update these forward-looking statements.

About Pagaya

Pagaya (NASDAQ: PGY) is a global technology company making life-changing financial products and services available to more people nationwide, as it reshapes the financial services ecosystem. By using machine learning, a vast data network and an AI-driven approach, Pagaya provides consumer credit and other products for its partners, their customers, and investors. Its proprietary API and capital solutions integrate into its network of partners to deliver seamless user experiences and greater access to the mainstream economy. For more information, visit pagaya.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260507467621/en/

Pagaya Contacts

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KEYWORDS: New York United States North America

INDUSTRY KEYWORDS: Professional Services Technology Finance Software Fintech Artificial Intelligence

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