Market Newsdesk

NEW HAVEN, Conn., May 07, 2026 (GLOBE NEWSWIRE) — Invivyd, Inc. (Nasdaq: IVVD), a biopharmaceutical company focused on delivering protection from serious viral infectious diseases, today announced that it will host a conference call on Thursday, May 14, 2026 at 8:30 a.m. ET to discuss its first quarter 2026 financial results and provide a corporate update.  

Interested parties can register for the webcast via this link. Analysts wishing to participate in the question-and-answer session should use this link. A replay of the webcast will be available via the company’s investor website approximately two hours after the call’s conclusion. Those who plan on participating are advised to join 15 minutes prior to the start time.

About Invivyd 

Invivyd, Inc. (Nasdaq: IVVD) is a biopharmaceutical company devoted to delivering protection from serious viral infectious diseases, beginning with SARS-CoV-2. Invivyd deploys a proprietary integrated technology platform unique in the industry designed to assess, monitor, develop, and adapt to create best in class antibodies. In March 2024, Invivyd received emergency use authorization (EUA) from the U.S. FDA for a monoclonal antibody (mAb) in its pipeline of innovative antibody candidates. Visit https://invivyd.com/ to learn more.

Contacts: 
Media Relations 
(781) 208-0160 
[email protected] 

Investor Relations 
(781) 208-1747 
[email protected] 

Quarterly Net Sales and Earnings Beat Consensus

GARDEN CITY, N.Y., May 07, 2026 (GLOBE NEWSWIRE) — Lifetime Brands, Inc. (NasdaqGS: LCUT), a leading global designer, developer and marketer of a broad range of branded consumer products used in the home, today reported its financial results for the quarter ended March 31, 2026.

Rob Kay, Lifetime’s Chief Executive Officer, commented, “Our first quarter results validate decisions that carried short-term cost, but were right for the business. We moved first on pricing, took deliberate action on our cost structure, and continued investing in new products while many in our industry pulled back. The payoff is showing up, as net sales and adjusted EBITDA both grew year-over-year, we believe we outperformed our peers, and we are providing full-year guidance that reflects our confidence in where this business is headed. Home Solutions grew nearly 23% in the quarter, with the Dolly Parton brand continuing to build on its strong trajectory, and our kitchen tools division, our largest division, delivered a strong performance. The pricing tailwind we created by moving early is now fully embedded and structural. The new Hagerstown distribution center is online, on time and favorable to plan, and we continue to see compelling growth opportunities that could further strengthen our competitive positioning. We have a proven playbook and the momentum to deliver on our commitments to shareholders.”

First


Quarter Financial Results:

Consolidated net sales for the three months ended March 31, 2026 were $143.5 million, representing an increase of $3.4 million, or 2.4%, as compared to net sales of $140.1 million for the corresponding period in 2025. In constant currency, a non-GAAP financial measure, which excludes the impact of foreign exchange fluctuations and was determined by applying 2026 average rates to 2025 local currency amounts, consolidated net sales increased by $2.5 million, or 1.8%, as compared to consolidated net sales in the corresponding period in 2025. A table reconciling this non-GAAP financial measure to consolidated net sales, as reported, is included below.

Gross margin for the three months ended March 31, 2026 was $54.2 million, or 37.7%, as compared to $50.6 million, or 36.1%, for the corresponding period in 2025.

Selling, general and administrative expenses for the three months ended March 31, 2026 were $36.8 million, an increase of $5.3 million, or 16.8%, as compared to $31.5 million for the corresponding period in 2025.

Loss from operations was $(2.2) million, as compared to income from operations of $1.1 million for the corresponding period in 2025.

Adjusted income from operations⁽¹⁾ was $5.4 million, as compared to adjusted loss from operations of $(0.9) million for the corresponding period in 2025. The 2026 period included adjustments for acquisition-related intangible amortization expense of $4.4 million, restructuring expenses of $2.0 million, acquisition-related diligence expenses of $1.1 million and warehouse relocation and redesign expenses of $0.1 million. The 2025 period included adjustments for acquisition-related intangible amortization expense of $4.4 million and a non-recurring gain related to a litigation settlement of $6.4 million.

Net loss was $(4.8) million, or $(0.22) per diluted share, as compared to net loss of $(4.2) million, or $(0.19) per diluted share, in the corresponding period in 2025.

Adjusted net income⁽¹⁾ was $0.8 million, or $0.04 per diluted share, as compared to adjusted net loss of $(5.3) million, or $(0.25) per diluted share, in the corresponding period in 2025.

Adjusted EBITDA⁽¹⁾ was $52.7 million for the trailing twelve months ended March 31, 2026.

Liquidity as of March 31, 2026 was $110.2 million, consisting of $13.9 million of cash and cash equivalents, $80.0 million of availability under the ABL Agreement, limited by the Term Loan financial covenant, and $16.3 million of available funding under the Receivables Purchase Agreement.

^{(1)
A table reconciling this non-GAAP financial measure to its most comparable GAAP financial measure, as reported, is included below.}

Full Year


2026


Guidance

For the full year ending December 31, 2026, the Company is providing the following financial guidance
(in millions – except per share data):

	Net sales		$650 to $700
	Income from operations		$12 to $14.5
	Adjusted income from operations		$44.5 to $47
	Net loss		$(6.5) to $(5)
	Adjusted net income		$16 to $17.5
	Diluted loss per common share(1)		$(0.30) to $(0.23) per share
	Adjusted diluted income per common share(2)		$0.73 to $0.80 per share
	Weighted-average diluted shares		22
	Adjusted EBITDA, before limitation		$53.5 to $56

<sup>(1) Diluted loss per common share is calculated based on weighted-average shares outstanding of 21.8 million.

(2) Adjusted dilutive income per common share is calculated based on weighted-average diluted shares of 22 million, which 
includes the effect of dilutive securities of 0.2 million.</sup>

Tables reconciling non-GAAP financial measures to GAAP financial measures, as reported, are included below.

Conference


Call

The Company has scheduled a conference call for Thursday, May 7, 2026 at 11:00 a.m. (Eastern Time). The dial-in number for the conference call is 1-844-826-3035 (USA) or 1-412-317-5195 (International).

In addition, a live webcast of the conference call will be accessible through:
https://viavid.webcasts.com/starthere.jsp?ei=1759261&tp_key=a7a59b56d9

For those who cannot listen to the live broadcast, an audio replay of the webcast will be available on the Company’s investor relations website at https://lifetimebrands.gcs-web.com/ or via telephone replay by dialing 1-844-512-2921 (USA) or 1-412-317-6671 (International) and entering access code 10208255. The replay of the webcast will be available for one year.

Non-GAAP Financial Measures

This earnings release contains non-GAAP financial measures, including constant currency net sales, adjusted income (loss) from operations, adjusted net income (loss), adjusted diluted income (loss) per common share, adjusted EBITDA and adjusted EBITDA, before limitation. A non-GAAP financial measure is a numerical measure of a company’s historical or future financial performance, financial position or cash flows that excludes amounts, or is subject to adjustments that have the effect of excluding amounts, that are included in the most directly comparable measure calculated and presented in accordance with GAAP in the statements of income, balance sheets, or statements of cash flows of a company; or, includes amounts, or is subject to adjustments that have the effect of including amounts, that are excluded from the most directly comparable measure so calculated and presented. These non-GAAP financial measures are provided because the Company’s management uses these financial measures in evaluating the Company’s on-going financial results and trends, and management believes that exclusion of certain items allows for more accurate period-to-period comparison of the Company’s operating performance by investors and analysts. Management uses these non-GAAP financial measures as indicators of business performance. These non-GAAP financial measures should be viewed as a supplement to, and not a substitute for, GAAP financial measures of performance. As required by SEC rules, the Company has provided reconciliations of the non-GAAP financial measures to the most directly comparable GAAP financial measures.

Forward-Looking Statements


In this press release, the use of the words “advance,” “believe,” “continue,” “could,” “deliver,” “drive,” “enable,” “expect,” “gain,” “goal,” “grow,” “intend,” “maintain,” “manage,” “may,” “outlook,” “plan,” “positioned,” “project,” “projected,” “should,” “take,” “target,” “unlock,” “will,” “would”, or similar expressions is intended to identify forward-looking statements. Such statements include all statements regarding the growth of the Company, the Company’s financial guidance, the Company’s ability to navigate the current environment and advance the Company’s strategy, the Company’s commitment to increasing investments in future growth initiatives, the Company’s initiatives to create value, the Company’s efforts to mitigate geopolitical factors and tariffs, the Company’s current and projected financial and operating performance, results, and profitability and all guidance related thereto, including forecasted exchange rates and effective tax rates, as well as the Company’s continued growth and success, future plans and intentions regarding the Company and its consolidated subsidiaries. Such statements represent the Company’s current judgments, estimates, and assumptions. The Company believes these judgments, estimates, and assumptions are reasonable, but these statements are not guarantees of any events or financial or operational results, and actual results may differ materially due to a variety of important factors. Such factors might include, among others, the Company’s ability to comply with the requirements of its credit agreements; the availability of funding under such credit agreements; the Company’s ability to maintain adequate liquidity and financing sources and an appropriate level of debt, as well as to deleverage its balance sheet; seasonality of the Company’s cash flows; the possibility of impairments to the Company’s goodwill; the possibility of impairments to the Company’s intangible assets; the highly seasonal nature of the Company’s business; the Company’s ability to drive future growth and profitability from its European operations; changes in U.S. or foreign trade or tax law and policy; changes in general economic conditions that could impact the Company’s customers and affect customer purchasing practices or consumer spending; customer ordering behavior; the performance of the Company’s newer products; expenses and other challenges relating to the integration of any future acquisitions; changes in demand for the Company’s products; changes in the Company’s management team; the significant influence of the Company’s largest stockholder; fluctuations in foreign exchange rates; changes in U.S. trade policy or the trade policies of nations in which the Company or the Company’s suppliers do business; shortages of and price volatility for certain commodities; global health epidemic; social unrest, including related protests and disturbances; the emergence, continuation and consequences of geopolitical conditions, including political instability in the U.S. and abroad, unrest, sanctions, war and armed conflicts, increasing regional and global tensions, and associated disruptions and volatility in energy and oil markets; macro-economic challenges, including labor disputes, depreciation of the U.S. dollar, volatility in the capital markets, inflationary impacts and disruptions to the global supply chain; dependence on third-party manufacturers; increase in supply chain costs, including raw materials, sourcing, transportation and energy; the imposition of duties and tariffs and other trade barriers and retaliatory countermeasures and/or economic sanctions implemented by the U.S. and other governments; impact of tariffs and trade policies, particularly with respect to China; the Company’s ability to successfully integrate acquired businesses; the Company’s expectations regarding customer purchasing practices and the future level of demand for the Company’s products; the Company’s ability to execute on the goals and strategies set forth in the Company’s Project Concord plan; and significant changes in the competitive environment and the effect of competition on the Company’s markets, including on the Company’s pricing policies, financing sources and ability to maintain an appropriate level of debt. The Company undertakes no obligation to update these forward-looking statements other than as required by law.

Lifetime Brands, Inc.

Lifetime Brands is a leading global designer, developer and marketer of a broad range of branded consumer products used in the home. The Company markets its products under well-known kitchenware brands, including Farberware®, KitchenAid®, Sabatier®, Amco Houseworks®, Chef’n® Chicago™ Metallic, Copco®, Fred® & Friends, Houdini™, KitchenCraft®, Kamenstein®, La Cafetière®, MasterClass®, Misto®, Swing-A-Way®, Taylor® Kitchen, Rabbit®, and Dolly®; respected tableware and giftware brands, including Mikasa®, Pfaltzgraff®, Fitz and Floyd®, Empire Silver™, Gorham®, International® Silver, Towle® Silversmiths, Wallace®, Wilton Armetale®, V&A®, Royal Botanic Gardens Kew®, Year & Day®, Dolly®, Royal Leerdam®, and ONIS®; and valued home solutions brands, including BUILT NY®, S’well®, Taylor® Bath, Taylor® Kitchen, Taylor® Weather, Elements®, Planet Box®, and Dolly®. The Company also provides exclusive private label products to leading retailers worldwide.

The Company’s corporate website is www.lifetimebrands.com.

Contacts:

Lifetime Brands, Inc.

Laurence Winoker, Chief Financial Officer
516-203-3590
[email protected]

or

MZ North America

Shannon Devine
Main: 203-741-8811
[email protected]

LIFETIME BRANDS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands—except per share data)
(unaudited)
	Three Months Ended March 31,
		2026				2025
Net sales	$	143,508			$	140,085
Cost of sales		89,339				89,448
Gross margin		54,169				50,637
Distribution expenses		17,583				18,070
Selling, general and administrative expenses		36,786				31,468
Restructuring expenses		2,030				—
(Loss) income from operations		(2,230	)			1,099
Interest expense		(4,512	)			(4,915	)
Mark to market gain (loss) on interest rate derivatives		294				(527	)
Loss before income taxes		(6,448	)			(4,343	)
Income tax benefit		1,676				142
NET LOSS	$	(4,772	)		$	(4,201	)
BASIC LOSS PER COMMON SHARE	$	(0.22	)		$	(0.19	)
DILUTED LOSS PER COMMON SHARE	$	(0.22	)		$	(0.19	)

LIFETIME BRANDS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands—except share data)
	March 31, 2026				December 31, 2025
	(unaudited)
ASSETS
CURRENT ASSETS
Cash and cash equivalents	$	13,864			$	4,267
Accounts receivable, less allowances of $11,042 at March 31, 2026 and $11,970 at December 31, 2025		114,949				161,861
Inventory		190,299				194,046
Prepaid expenses and other current assets		11,704				12,147
Income taxes receivable		3,384				1,572
TOTAL CURRENT ASSETS		334,200				373,893
PROPERTY AND EQUIPMENT, net		18,260				15,441
OPERATING LEASE RIGHT-OF-USE ASSETS		45,008				48,506
INTANGIBLE ASSETS, net		128,557				132,922
OTHER ASSETS		1,836				1,793
TOTAL ASSETS	$	527,861			$	572,555
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES
Current maturity of term loan	$	5,057			$	5,022
Accounts payable		26,710				45,844
Accrued expenses		67,104				64,294
Current portion of operating lease liabilities		15,237				16,143
TOTAL CURRENT LIABILITIES		114,108				131,303
OTHER LONG-TERM LIABILITIES		13,552				14,261
INCOME TAXES PAYABLE, LONG-TERM		686				686
OPERATING LEASE LIABILITIES		39,239				42,442
DEFERRED INCOME TAXES		1,519				1,554
REVOLVING CREDIT FACILITY		36,611				54,105
TERM LOAN		124,650				125,927
STOCKHOLDERS’ EQUITY
Preferred stock, $1.00 par value, shares authorized: 100 shares of Series A and 2,000,000 shares of Series B; none issued and outstanding		—				—
Common stock, $0.01 par value, shares authorized: 50,000,000 at March 31, 2026 and December 31, 2025; shares issued and outstanding: 22,855,008 at March 31, 2026 and 22,654,207 at December 31, 2025		229				227
Paid-in capital		284,305				283,449
Accumulated deficit		(69,132	)			(63,354	)
Accumulated other comprehensive loss		(17,906	)			(18,045	)
TOTAL STOCKHOLDERS’ EQUITY		197,496				202,277
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	527,861			$	572,555

LIFETIME BRANDS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
	Three Months Ended March 31,
		2026				2025
OPERATING ACTIVITIES
Net loss	$	(4,772	)		$	(4,201	)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization		5,282				5,698
Amortization of financing costs		669				704
Mark to market (gain) loss on interest rate derivatives		(294	)			527
Operating leases, net		(593	)			(556	)
Provision for doubtful accounts		8				704
Stock compensation expense		1,043				1,062
Changes in operating assets and liabilities
Accounts receivable		46,774				50,832
Inventory		3,282				(6,324	)
Prepaid expenses, other current assets and other assets		324				(3,345	)
Accounts payable, accrued expenses and other liabilities		(16,160	)			(28,038	)
Income taxes receivable		(1,812	)			—
Income taxes payable		8				(352	)
NET CASH PROVIDED BY OPERATING ACTIVITIES		33,759				16,711
INVESTING ACTIVITIES
Purchases of property and equipment		(3,843	)			(1,573	)
NET CASH USED IN INVESTING ACTIVITIES		(3,843	)			(1,573	)
FINANCING ACTIVITIES
Proceeds from revolving credit facility		48,669				88,894
Repayments of revolving credit facility		(65,875	)			(93,363	)
Repayments of term loan		(1,875	)			(1,875	)
Payments for finance lease obligations		(12	)			(11	)
Payments of tax withholding for stock based compensation		(183	)			(416	)
Cash dividends paid		(1,015	)			(996	)
NET CASH USED IN FINANCING ACTIVITIES		(20,291	)			(7,767	)
Effect of foreign exchange on cash		(28	)			75
INCREASE IN CASH AND CASH EQUIVALENTS		9,597				7,446
Cash and cash equivalents at beginning of period		4,267				2,929
CASH AND CASH EQUIVALENTS AT END OF PERIOD	$	13,864			$	10,375

LIFETIME BRANDS, INC.
Supplemental Information
(in thousands)
Reconciliation of GAAP to Non-GAAP Operating Results
Adjusted EBITDA for the twelve months ended March 31, 2026:
	Quarter Ended																Twelve Months Ended March 31, 2026
	June 30, 2025				September 30, 2025				December 31, 2025				March 31, 2026
	(in thousands)
Net (loss) income as reported	$	(39,699	)		$	(1,189	)		$	18,152			$	(4,772	)		$	(27,508	)
Income tax (benefit) provision		(2,782	)			2,861				(3,220	)			(1,676	)			(4,817	)
Interest expense		5,054				5,013				5,048				4,512				19,627
Depreciation and amortization		5,437				5,398				5,315				5,282				21,432
Gain on disposition of fixed assets		—				(94	)			—				—				(94	)
Mark to market loss (gain) on interest rate derivatives		220				8				(1	)			(294	)			(67	)
Goodwill impairment		33,237				—				—				—				33,237
Stock compensation expense		1,044				994				201				1,043				3,282
Severance expense		270				—				241				—				511
Acquisition-related diligence expenses		123				49				1,799				1,104				3,075
Restructuring expenses		—				304				24				2,030				2,358
Warehouse relocation and redesign expenses(1)		139				76				48				159				422
Pro forma adjustments(2)																		1,250
Adjusted EBITDA(3)	$	3,043			$	13,420			$	27,607			$	7,388			$	52,708

^(
1
) For the twelve months ended March 31, 2026, warehouse relocation and redesign expenses were related to the U.S. segment.
⁽²⁾ Pro forma adjustments represent operating expense reductions projected by the Company as a result of actions taken through March 31, 2026 or expected to be taken within 18 months of March 31, 2026, net of the benefits realized during the twelve months ended March 31, 2026. These actions include cost savings initiatives for the U.S. segment related to reductions in employee expenses and cost savings for the International segment related to Project Concord.
⁽³⁾ Adjusted EBITDA is a non-GAAP financial measure that is defined in the Company’s debt agreements. Adjusted EBITDA is defined as net (loss) income, adjusted to exclude income tax (benefit) provision, interest expense, depreciation and amortization, gain on disposition of fixed assets, mark to market loss (gain) on interest rate derivatives, goodwill impairment, stock compensation expense, and other items detailed in the table above that are consistent with exclusions permitted by the Company’s debt agreements.

LIFETIME BRANDS, INC.
Supplemental Information
(in thousands—except per share data)
Reconciliation of GAAP to Non-GAAP Operating Results (continued)
Adjusted net income (loss) and adjusted diluted income (loss) per common share (in thousands -except per share data):
	Three Months Ended March 31,
		2026				2025
Net loss as reported	$	(4,772	)		$	(4,201	)
Adjustments:
Acquisition-related intangible amortization expense		4,350				4,365
Legal settlement gain, net		—				(6,400	)
Acquisition-related diligence expenses		1,104				—
Restructuring expenses		2,030				—
Warehouse relocation and redesign expenses(1)		159				—
Mark to market (gain) loss on interest rate derivatives		(294	)			527
Income tax effect on adjustments		(1,773	)			395
Adjusted net income (loss)(2)	$	804			$	(5,314	)
Adjusted diluted income (loss) per common share(3)	$	0.04			$	(0.25	)

⁽¹⁾ For the three months ended March 31, 2026 and 2025, warehouse relocation and redesign expenses were related to the U.S. segment.
⁽²⁾ Adjusted net income and adjusted diluted income per common share for the three months ended March 31, 2026 excludes acquisition-related intangible amortization expense, acquisition-related diligence expenses, restructuring expenses, warehouse relocation and redesign expenses, and mark to market gain on interest rate derivatives. The income tax effect on adjustments reflects the statutory tax rates applied on the adjustments and the income tax provision adjustment.
Adjusted net loss and adjusted diluted loss per common share for the three months ended March 31, 2025 excludes acquisition-related intangible amortization expense, a legal settlement gain, net, and mark to market loss on interest rate derivatives. The income tax effect on adjustments reflects the statutory tax rates applied on the adjustments.
⁽³⁾ Adjusted diluted income (loss) per common share is calculated based on diluted weighted-average shares outstanding of 22,037 and 21,592 for the three months ended March 31, 2026 and 2025, respectively. The diluted weighted-average shares outstanding for the three months ended March 31, 2026 and 2025 include the effect of dilutive securities of 219 and zero, respectively.

Adjusted income (loss) from operations (in thousands):
	Three Months Ended March 31,
		2026				2025
(Loss) income from operations	$	(2,230	)		$	1,099
Adjustments:
Acquisition-related intangible amortization expense		4,350				4,365
Legal settlement gain, net		—				(6,400	)
Acquisition-related diligence expenses		1,104				—
Restructuring expenses		2,030				—
Warehouse relocation and redesign expenses(1)		159				—
Total adjustments		7,643				(2,035	)
Adjusted income (loss) from operations(2)	$	5,413			$	(936	)

⁽¹⁾ For the three months ended March 31, 2026 and 2025, warehouse relocation and redesign expenses were related to the U.S. segment.
⁽²⁾ Adjusted income from operations for the three months ended March 31, 2026 excludes acquisition-related intangible amortization expense, acquisition-related diligence expenses, restructuring expenses, and warehouse relocation and redesign expenses. Adjusted loss from operations for the three months ended March 31, 2025, excludes acquisition-related intangible amortization expense, and a legal settlement gain, net.

LIFETIME BRANDS, INC.
Supplemental Information
(in thousands)
Reconciliation of GAAP to Non-GAAP Operating Results (continued)
Constant Currency:
	As Reported Three Months Ended March 31,									Constant Currency (1) Three Months Ended March 31,													Year-Over-Year Increase (Decrease)
Net sales		2026			2025		Increase (Decrease)				2026			2025		Increase (Decrease)			Currency Impact				Excluding Currency			Including Currency			Currency Impact
U.S.	$	130,707		$	128,510		$	2,197		$	130,707		$	128,525		$	2,182		$	(15	)		1.7	%		1.7	%		—	%
International		12,801			11,575			1,226			12,801			12,493			308			(918	)		2.5	%		10.6	%		8.1	%
Total net sales	$	143,508		$	140,085		$	3,423		$	143,508		$	141,018		$	2,490		$	(933	)		1.8	%		2.4	%		0.6	%

⁽¹⁾ “Constant Currency” is determined by applying the 2026 average exchange rates to the prior year local currency sales amounts, with the difference between the change in “As Reported” net sales and “Constant Currency” net sales, reported in the table as “Currency Impact.” Constant currency sales growth is intended to exclude the impact of fluctuations in foreign currency exchange rates.

LIFETIME BRANDS, INC.
Supplemental Information
Reconciliation of GAAP to Non-GAAP Updated Guidance
Adjusted EBITDA guidance for the full year ending December 31, 2026 (in millions):
Net loss guidance	$(6.5) to $(5)
Income tax expense	0.5 to 1.5
Interest expense(1)	18
Depreciation and amortization	22
Stock compensation expense	4
Acquisition-related diligence expenses	1.5
Restructuring expenses	7
Warehouse relocation and redesign expenses	7
Adjusted EBITDA guidance, before limitation	$53.5 to $56

Adjusted net income and adjusted diluted income per common share guidance for the full year ending December 31, 2026 (in millions – except per share data):
Net loss guidance	$(6.5) to $(5)
Acquisition-related intangible amortization expense	17
Acquisition-related diligence expenses	1.5
Restructuring expenses	7
Warehouse relocation and redesign expenses	7
Mark to market gain on interest rate derivatives	(0.5)
Income tax effect on adjustment	(9.5)
Adjusted net income guidance	$16 to $17.5
Adjusted diluted income per share guidance	$0.73 to $0.80

Adjusted income from operations guidance for the full year ending December 31, 2026 (in millions):
Income from operations guidance	$12 to $14.5
Acquisition-related intangible amortization expense	17
Acquisition-related diligence expenses	1.5
Restructuring expenses	7
Warehouse relocation and redesign expenses	7
Adjusted income from operations	$44.5 to $47

⁽¹⁾ Includes estimate for interest expense and mark to market gain on interest rate derivatives.

LAS VEGAS, May 07, 2026 (GLOBE NEWSWIRE) — AI Financial Corporation (NASDAQ:AIFC)(FRA:5AR1) (“AiFi” or the “Company”), a fintech company providing blockchain-powered payment, trading, and settlement infrastructure for digital assets, today announced a strategic commercial agreement with SuperQ Quantum Computing Inc. (“SuperQ Quantum” or “SuperQ”) (CSE: QBTQ; OTCQB: QBTQF; Frankfurt: 25X), a company specializing in hybrid quantum computing and post-quantum cybersecurity.

The partnership is focused on supporting infrastructure security initiatives across portions of AiFi’s digital asset platform as digital finance systems continue to evolve.

AiFi’s infrastructure has processed more than USD $8 billion in cumulative transaction volume since inception, including approximately USD $3.5 billion during fiscal 2025. As institutional adoption of digital assets continues to grow, the Company believes infrastructure security and operational resilience will remain important across payments, settlement, custody, and software-driven financial systems.

Under the agreement, SuperQ will support AiFi in evaluating and strengthening portions of its infrastructure using SuperPQC™, SuperQ’s post-quantum cryptography framework. The engagement is expected to include implementation work related to selected payment, trading, and settlement work environments across the Company’s platform.

The scope of work includes security measures intended to support secure communications, transaction authentication, and infrastructure resilience across portions of ALT5 Pay, ALT5 Prime, and ALT5 AI. The agreement also includes evaluation of infrastructure frameworks intended to support compute availability, resource metering, and future AI-driven financial applications.

Any future commercialization of compute-linked infrastructure initiatives would remain subject to ongoing technical evaluation, regulatory considerations, separate blockchain and tokenized development workstreams, and additional commercial agreements between parties.

The engagement is expected to focus on:

• Evaluation and potential deployment of post-quantum cryptographic protections across selected portions of AiFi’s infrastructure stack
• Secure communications and authentication protections for covered payment, trading, and settlement environments
• Infrastructure assessment related to long-term operational resilience and evolving cybersecurity requirements
• Evaluation of infrastructure frameworks supporting compute availability, resource monitoring, and future AI-driven financial applications

The initial implementation timeline contemplated under the agreement is expected to span approximately four months, subject to milestone completion and ongoing technical evaluation.

Tony Isaac, CEO of AI Financial Corporation, stated:

“As digital finance infrastructure continues to evolve, long-term security and operational resilience are becoming increasingly important. This agreement supports our focus on strengthening infrastructure resilience across key areas of our platform while also providing a framework to evaluate future infrastructure opportunities tied to evolving digital financial systems.”

Dr. Muhammad Khan, CEO and Board Chair of SuperQ Quantum Computing Inc., added:

“We are proud to support AiFi as it continues building modern institutional infrastructure for digital finance. Demand for advanced cybersecurity, infrastructure protection, and next-generation compute frameworks continues to grow as financial systems evolve.”

About AI Financial Corporation

AI Financial Corporation (NASDAQ:AIFC)(FRA:5AR1) is a fintech company providing global payments, trading, and settlement infrastructure for digital assets, including solutions that support crypto-to-fiat and fiat-to-crypto transactions. Built on infrastructure that has processed more than $8 billion in cumulative transaction volume since inception, AiFi serves institutional and enterprise clients across the evolving digital financial ecosystem. The Company is focused on expanding its platform capabilities to support emerging forms of financial activity, including tokenization, software-driven financial systems, and AI-enabled applications and autonomous transaction infrastructure.

About SuperQ Quantum Computing Inc.

SuperQ Quantum Computing Inc. (CSE: QBTQ; Frankfurt: 25X; OTCQB: QBTQF) is focused on reducing the technical and financial barriers to quantum and supercomputing commercialization. Through its Super™ platform and SuperPQC™ security framework, the Company delivers enterprise-focused quantum computing, AI optimization, and post-quantum cybersecurity solutions across finance, healthcare, logistics, government, and other sectors.

Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and other applicable securities laws. Forward-looking statements generally relate to future events or the Company’s future financial or operating performance and may include statements regarding the expected benefits of the acquisition, the Company’s strategic direction, and potential future initiatives.

In some cases, forward-looking statements can be identified by terminology such as “may,” “will,” “could,” “should,” “expect,” “plan,” “anticipate,” “intend,” “believe,” “estimate,” “potential,” “continue,” or the negative of these terms or other comparable terminology. These statements are based on management’s current expectations, assumptions, and beliefs, and are subject to a number of risks, uncertainties, and other factors that could cause actual results to differ materially from those described in the forward-looking statements.

These risks and uncertainties include, but are not limited to: the Company’s ability to successfully integrate Block Street’s operations and technology; the timing and extent of any commercial deployment of acquired capabilities; the Company’s ability to realize anticipated benefits from the acquisition; the availability of capital to support future development; the Company’s ability to develop, acquire, or integrate new technologies; the Company’s ability to execute on its strategy under its new corporate identity and ticker symbol; changes in market conditions; regulatory developments affecting the Company’s business; and other risks and uncertainties described in the Company’s filings with the Securities and Exchange Commission, including its most recent Annual Report on Form 10-K and subsequent filings.

Forward-looking statements relating to potential future platform capabilities, including those associated with tokenized assets and on-chain financial infrastructure, are subject to ongoing evaluation. The Company does not currently offer certain of these capabilities within its commercial platform, and there can be no assurance that such capabilities will be successfully developed or implemented.

Forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law.

Investor Relations

Gateway Group, Inc.
Phone: +1 (949) 574-3860
Email: [email protected]

First Quarter Total Revenue of $86.8 Million, an Increase of 5% Versus Prior Year. Total ARR of $359.8 Million, an Increase of 3% Versus Prior Year. GAAP Net Income of $3.7 Million Versus Net Loss in Prior Year Period. Operating Cash Flow of $18.4 Million.

AUSTIN, Texas, May 07, 2026 (GLOBE NEWSWIRE) — Commerce.com, Inc. (Nasdaq: CMRC), a data-centric provider of an open, AI-driven commerce ecosystem that enables businesses to unlock data, power intelligent discovery and deliver personalized experiences at scale, today announced financial results for its first quarter ended March 31, 2026.

“We’re off to a strong start in 2026, delivering solid financial results while continuing to execute against the strategy we laid out at the beginning of the year,” said Travis Hess, CEO of Commerce. “This quarter reflects our shift from foundation-building to execution and monetization, with meaningful progress across payments, AI-driven commerce and our core platform. We’re operating at the center of a structural shift as commerce evolves from a storefront-centric model to one that is increasingly AI-driven and distributed across channels. The storefront remains critical, but it’s no longer the sole driver of demand. We’ve been positioning the business for this transition over the past 18 months, integrating our platform across product intelligence, experience orchestration and transactions. In this environment, data and orchestration become increasingly important, and we’re well positioned to help merchants capture demand wherever it originates and convert it efficiently. This business has never been better positioned. We have the scale, the infrastructure, the financial profile and the product momentum to deliver on the growth potential of this product suite. Our focus is execution.”

First Quarter Financial Highlights:

• Total revenue was $86.8 million, up 5% compared to the three months ended March 31, 2025.

• Total annual revenue run-rate (“ARR”) as of March 31, 2026 was $359.8 million, up 3% compared to March 31, 2025.

• Subscription solutions revenue was $63.7 million, up 3% compared to the three months ended March 31, 2025.

• Gross Merchandise Volume (GMV) was $8.3 billion, up 14% compared to the three months ended March 31, 2025.

• Net Revenue Retention (NRR) was 95.4%, compared to 95.0% in the three months ended March 31, 2025.

• GAAP gross margin was 77%, compared to 79% in the three months ended March 31, 2025.

• Non-GAAP gross margin was 77%, compared to 80% in the three months ended March 31, 2025.

Other Key Business Metrics

• Revenue in the United States grew by 5% compared to the three months ended March 31, 2025.

• Revenue in EMEA grew by 14% and revenue in APAC was largely unchanged compared to the three months ended March 31, 2025.

Income (Loss) from Operations and Non-GAAP Operating Income

• GAAP income from operations was $5.8 million, compared to a loss of ($2.4) million in the three months ended March 31, 2025.

• Non-GAAP operating income was $12.4 million, compared to $7.6 million in the three months ended March 31, 2025.

GAAP Net Income (Loss), Non-GAAP Net Income and Earnings Per Share

• GAAP net income was $3.7 million, compared to a net loss of ($0.4) million in the three months ended March 31, 2025.

• Non-GAAP net income was $10.4 million or 12% of revenue, compared to $5.7 million or 7% of revenue in the three months ended March 31, 2025.

• GAAP basic net income per share was $0.05 based on 82.0 million weighted average shares outstanding, compared to ($0.00) based on 78.8 million weighted average shares outstanding in the three months ended March 31, 2025.

• GAAP diluted net income per share was $0.05 based on 82.3 million weighted average shares outstanding compared to ($0.00) based on 78.8 million weighted average shares outstanding for the three months ended March 31, 2025.

• Non-GAAP basic net income per share was $0.13 based on 82.0 million shares of weighted average shares outstanding, compared to $0.07 based on 78.8 million shares of weighted average shares outstanding in the three months ended March 31, 2025.

• Non-GAAP diluted net income per share was $0.13 based on 82.3 million shares of dilutive shares, compared to $0.07 based on 80.5 million dilutive shares in the three months ended March 31, 2025.

Adjusted EBITDA

• Adjusted EBITDA was $13.8 million, compared to $8.8 million in the three months ended March 31, 2025.

Cash

• Cash, cash equivalents, restricted cash, and marketable securities totaled $157.0 million as of March 31, 2026.

• For the three months ended March 31, 2026, net cash provided by operating activities was $18.4 million, compared to $0.4 million provided by operating activities for the same period in 2025. 

• Free cash flow of $14.1 million in the three months ended March 31, 2026, compared to ($2.9) million in the three months ended March 31, 2025.

Business Highlights:

Corporate Highlights

• Earlier this week, Commerce announced that BigCommerce Payments by PayPal is now available to U.S. merchants. The solution integrates payment processing directly into the BigCommerce platform, enabling merchants to manage transactions, balances and financial operations from a single interface while maintaining a direct PayPal relationship.

• In conjunction with Commerce Live in April 2026, the Company announced a broad set of product innovations, spanning core platform advancements, new growth capabilities and emerging agentic commerce experiences. The announcements highlight how Commerce is evolving its platform to help merchants move faster, scale across channels and adapt to new forms of commerce driven by AI.

• Commerce announced the integration of PayPal’s Store Sync offering in the BigCommerce App Marketplace and Channel Manager, enabling BigCommerce merchants to seamlessly connect their product catalogs, inventory, and order management to AI surfaces. As a result, Commerce merchants benefit from their products becoming discoverable and purchasable across a growing network of AI-powered shopping surfaces, including Microsoft Copilot, Meta and Perplexity.

• In April 2026, the Company announced that merchants are now syndicating catalog data to key agentic discovery channels including OpenAI and Google Gemini, using Feedonomics Agentic Catalog Exports (ACE), a new enterprise service designed to help merchants make their product catalogs discoverable across emerging AI-powered and agent-driven shopping environments. Dell is among the early enterprises leveraging Feedonomics to support its agentic commerce initiatives.

• In January 2026, Commerce announced a significant expansion of its partnership with Stripe, giving BigCommerce merchants worldwide access to Stripe’s Optimized Checkout Suite, including a range of dynamic local and alternative payment methods such as Link, Buy Now, Pay Later (BNPL) and regional payment methods. The integration also offers merchants the opportunity to utilize Stripe’s advanced AI-driven fraud prevention tools.

• In January 2026, Commerce announced its endorsement of Google’s new Universal Commerce Protocol (UCP). The new, open-source standard creates a common language for agents and systems to work together across the entire shopping journey from discovery and buying to post-purchase experiences, so they can interact seamlessly providing merchants with a frictionless way to reach customers across the entire AI ecosystem.

Customer Highlights

• Nunu Trading International, a Barcelona-based wholesale distributor of perfumes, cosmetics and hair-care products serving trade customers across the EU and beyond, launched a new B2B ecommerce platform on Commerce’s B2B Edition in partnership with agency Synapsis, leveraging multi-storefront architecture to serve five European markets across multiple languages with Stripe payments, Klaviyo for marketing automation, and a Dolibarr ERP integration for product and customer data synchronization.

• Optibac Probiotics, a leading UK probiotic brand from Wren Laboratories, launched a new headless storefront built on Commerce’s Catalyst framework in partnership with agency Ridgeway, migrating over 4,300 active subscriptions from their legacy platform and integrating OrderGroove for subscription management, Access Worldpay for payments, Storyblok CMS, and NetSuite ERP to support their growing DTC business. The new platform provides improved flexibility, performance and scalability to support Optibac’s continued international growth.

• Helix Linear, a precision motion components manufacturer serving industrial automation, robotics, aerospace and defense, went live on a headless Catalyst storefront with B2B Edition.

Q2 and 2026 Financial Outlook:

For the second quarter of 2026, we currently expect:

• Total revenue between $84.5 million and $85.5 million.

• Non-GAAP operating income between $4 million and $5 million.

For the full year 2026, we currently expect:

• Total revenue between $347.5 million and $369.5 million.

• Non-GAAP operating income between $34 million and $53 million.

Our second quarter and 2026 financial outlook is based on a number of assumptions that are subject to change and many of which are outside our control. If actual results vary from these assumptions, our expectations may change. There can be no assurance that we will achieve these results.

We do not provide guidance for GAAP income (loss) from operations, the most directly comparable GAAP measure to Non-GAAP operating income, and similarly cannot provide a reconciliation between our forecasted Non-GAAP operating income and these comparable GAAP measures without unreasonable effort due to the unavailability of reliable estimates for certain items. These items are not within our control and may vary greatly between periods and could significantly impact future financial results.

Conference Call Information

Commerce will host a conference call and webcast at 7:00 a.m. CT (8:00 a.m. ET) on Thursday, May 7, 2026, to discuss its financial results and business highlights. The conference call can be accessed by dialing (800) 715-9871 from the United States and Canada or (646) 307-1963 internationally and requesting to join the “Commerce conference call.” The live webcast of the conference call and other materials related to Commerce’s financial performance can be accessed from Commerce’s investor relations website at http://investors.commerce.com.

Following the completion of the call through 11:59 p.m. ET on Thursday, May 14, 2026, a telephone replay will be available by dialing (877) 344-7529 from the United States, or (412) 317-0088 internationally with conference ID 8069801. A webcast replay will also be available at http://investors.commerce.com for 12 months.

About Commerce

Commerce
(Nasdaq: CMRC) empowers businesses to innovate, grow, and thrive by providing an open, AI-driven commerce ecosystem. As the parent company of BigCommerce, Feedonomics, and Makeswift, Commerce connects the tools and systems that power growth, enabling businesses to unlock the full potential of their data, deliver seamless and personalized experiences across every channel, and adapt swiftly to an ever-changing market. Trusted by leading businesses like Coldwater Creek, Cole Haan, Dell, Harvey Nichols, King Arthur Baking Co., Mizuno, Pacsun, Perry Ellis, Skechers, SportsShoes and Uplift Desk, Commerce delivers the storefront control, optimized data, and AI-ready tools businesses need to grow, serve diverse buyers, and operate with confidence in an increasingly intelligent, multi-surface world. For more information, visit www.commerce.com or follow us on X and LinkedIn.

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. In some cases, you can identify forward-looking statements by terms such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “outlook,” “may,” “might,” “plan,” “project,” “will,” “would,” “should,” “could,” “can,” “predict,” “potential,” “strategy, “target,” “explore,” “continue,” or the negative of these terms, and similar expressions intended to identify forward-looking statements. However, not all forward-looking statements contain these identifying words. These statements may relate to our market size and growth strategy, our estimated and projected costs, margins, revenue, expenditures and customer and financial growth rates, our Q2 and fiscal 2026 financial outlook, our plans and objectives for future operations, growth, initiatives or strategies. By their nature, these statements are subject to numerous uncertainties and risks, including factors beyond our control, that could cause actual results, performance or achievement to differ materially and adversely from those anticipated or implied in the forward-looking statements. These assumptions, uncertainties and risks include that, among others, the anticipated benefits and opportunities related to our 2025 realignment may not be realized or may take longer to realize than expected, our ability to pay the interest and principal on our indebtedness depends upon cash flows generated by our operating performance, our business would be harmed by any decline in new customers, renewals or upgrades, our limited operating history makes it difficult to evaluate our prospects and future results of operations, we operate in competitive markets, we may not be able to sustain our revenue growth rate in the future, our business would be harmed by any significant interruptions, delays or outages in services from our platform or certain social media platforms, and a cybersecurity-related attack, significant data breach or disruption of the information technology systems or networks could negatively affect our business. Additional risks and uncertainties that could cause actual outcomes and results to differ materially from those contemplated by the forward-looking statements are included under the caption “Risk Factors” and elsewhere in our filings with the Securities and Exchange Commission (the “SEC”), including our Annual Report on Form 10-K for the year ended December 31, 2025 and the future quarterly and current reports that we file with the SEC. Forward-looking statements speak only as of the date the statements are made and are based on information available to Commerce.com, Inc. at the time those statements are made and/or management’s good faith belief as of that time with respect to future events. Commerce.com, Inc. assumes no obligation to update forward-looking statements to reflect events or circumstances after the date they were made, except as required by law.

Use of Non-GAAP Financial Measures

We have provided in this press release certain financial information that has not been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”). Our management uses these Non-GAAP financial measures internally in analyzing our financial results and believes that use of these Non-GAAP financial measures is useful to investors as an additional tool to evaluate ongoing operating results and trends and in comparing our financial results with other companies in our industry, many of which present similar Non-GAAP financial measures. Non-GAAP financial measures are not meant to be considered in isolation or as a substitute for comparable financial measures prepared in accordance with GAAP and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP. A reconciliation of our historical Non-GAAP financial measures to the most directly comparable GAAP measures has been provided in the financial statement tables included in this press release, and investors are encouraged to review these reconciliations.

Annual Revenue Run-Rate

We calculate annual revenue run-rate (“ARR”) at the end of each month as the sum of: (1) contractual monthly recurring revenue at the end of the period, which includes platform subscription fees, invoiced growth adjustments, feed management subscription fees, recurring professional services revenue, and other recurring revenue, multiplied by twelve to prospectively annualize recurring revenue, and (2) the sum of the trailing twelve-month non-recurring and variable revenue, which includes one-time partner integrations, one-time fees, payments revenue share, and any other revenue that is non-recurring and variable.

Gross Merchandise Volume (GMV)

Gross Merchandise Volume (“GMV”) represents the total dollar value of completed checkout transactions facilitated through the Commerce platform during the reporting period, including shipping and taxes. GMV is reported on a gross basis before deducting refunds or discounts. GMV is not a measure of revenue.

Net Revenue Retention (NRR)

Net Revenue Retention (“NRR”) measures our ability to retain and expand revenue from existing customers over time. NRR is calculated by dividing total billings and allocated partner revenue from a cohort of customers during the trailing twelve-month period by the total billings and allocated partner revenue from the same customer cohort in the corresponding prior-year period. NRR reflects the impact of customer expansion and contraction and excludes revenue from customers added after the prior twelve-month period.

Adjusted EBITDA

We define Adjusted EBITDA as our GAAP net income (loss), excluding the impact of stock-based compensation expense and related payroll tax costs, amortization of intangible assets, acquisition related costs, restructuring charges, depreciation, gain on convertible note extinguishment, interest income, interest expense, other expense, and our provision for income taxes. Acquisition related costs include contingent compensation arrangements entered into in connection with acquisitions and achieved earnout related to an acquisition.

Restructuring charges include severance benefits, right-of-use asset impairments, lease termination gain, contract costs, accelerated depreciation, professional services costs, and other related costs.

Depreciation includes depreciation expenses related to the Company’s fixed assets.

The most directly comparable GAAP measure is net income (loss).

Non-GAAP Operating Income

We define Non-GAAP Operating Income as our GAAP Income (Loss) from operations, excluding the impact of stock-based compensation expense and related payroll tax costs, amortization of intangible assets, acquisition-related costs, and restructuring charges. The most directly comparable GAAP measure is our income (loss) from operations.

Non-GAAP Net Income

We define Non-GAAP Net Income as our GAAP net income (loss), excluding the impact of stock-based compensation expense and related payroll tax costs, amortization of intangible assets, acquisition-related costs, restructuring charges, and gain on convertible notes extinguishment. The most directly comparable GAAP measure is our net income (loss).

Non-GAAP Basic and Dilutive Net Income per Share

We define Non-GAAP Basic Net Income (Loss) per Share as our Non-GAAP net income, defined above, divided by our basic and diluted GAAP weighted average shares outstanding. The most directly comparable GAAP measure is our basic net income (loss) per share.

Free Cash Flow

We define Free Cash Flow as our GAAP cash flow provided by operating activities less our GAAP purchases of capitalized internal-use software, leasehold improvements, and property and equipment (Capital Expenditures) and cash paid for website domain name. The most directly comparable GAAP measure is our cash flow provided by operating activities.

BigCommerce®, the Commerce logo, and other brands are the trademarks or registered trademarks of BigCommerce Pty. Ltd. Third-party trademarks and service marks are the property of their respective owner.

Media Relations Contact	Investor Relations Contact
Brad Hem	Tyler Duncan
[email protected]	[email protected]

Commerce.com, Inc.
Condensed Consolidated Balance Sheets (in thousands)
	March 31, 2026				December 31, 2025
	(unaudited)
Assets
Current assets
Cash and cash equivalents	$	57,204			$	44,258
Restricted cash		1,887				1,905
Marketable securities		97,936				96,838
Accounts receivable, net		49,555				49,967
Prepaid expenses and other assets, net		18,197				15,349
Deferred commissions		5,214				6,045
Total current assets		229,993				214,362
Property and equipment, net		16,216				13,983
Operating lease, right-of-use-assets		6,697				7,090
Prepaid expenses and other assets, net of current portion		6,812				6,677
Deferred commissions, net of current portion		2,856				3,466
Intangible assets, net		9,757				11,286
Goodwill		51,927				51,927
Total assets	$	324,258			$	308,791
Liabilities and stockholders’ equity
Current liabilities
Accounts payable	$	8,540			$	9,870
Accrued liabilities		4,504				4,787
Deferred revenue		68,841				59,576
Convertible notes		4,042				4,037
Operating lease liabilities		1,757				1,576
Other liabilities		28,753				28,340
Total current liabilities		116,437				108,186
Convertible notes, net of current portion – related party		152,754				153,012
Operating lease liabilities, net of current portion		6,575				6,892
Other liabilities, net of current portion		1,611				1,347
Total liabilities		277,377				269,437
Stockholders’ equity
Common stock		7				7
Additional paid-in capital		684,189				680,153
Accumulated other comprehensive income		(14	)			224
Accumulated deficit		(637,301	)			(641,030	)
Total stockholders’ equity		46,881				39,354
Total liabilities and stockholders’ equity	$	324,258			$	308,791

Commerce.com, Inc.
Condensed Consolidated Statements of Operations (in thousands, except per share amounts) (unaudited)
	For the three months ended March 31,
	2026				2025
Revenue	$	86,842			$	82,370
Cost of revenue(1)		20,191				16,984
Gross profit		66,651				65,386
Operating expenses:
Sales and marketing(1)		26,196				30,366
Research and development(1)		18,033				19,206
General and administrative(1)		14,215				13,644
Amortization of intangible assets		1,529				2,335
Acquisition related costs		0				333
Restructuring charges		910				1,912
Total operating expenses		60,883				67,796
Income (loss) from operations		5,768				(2,410	)
Gain on convertible note extinguishment		0				3,931
Interest income		1,170				1,300
Interest expense		(2,483	)			(2,543	)
Other expense		(274	)			(107	)
Income before provision for income taxes		4,181				171
Provision for income taxes		(452	)			(524	)
Net income (loss)	$	3,729			$	(353	)
Basic net income (loss) per share	$	0.05			$	(0.00	)
Diluted net income (loss) per share	$	0.05			$	(0.00	)
Shares used to compute basic net income (loss) per share		82,044				78,835
Shares used to compute diluted net income (loss) per share		82,319				78,835

⁽¹⁾ Amounts include stock-based compensation expense and associated payroll tax costs, as follows:

	For the three months ended March 31,
	2026			2025
Cost of revenue	$	534		$	746
Sales and marketing		204			1,775
Research and development		1,502			3,042
General and administrative		1,994			(144	)

Commerce.com, Inc.
Condensed Consolidated Statements of Cash Flows (in thousands) (unaudited)
	Three months ended March 31,
	2026				2025
Cash flows from operating activities
Net income (loss)	$	3,729			$	(353	)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization expense		2,886				4,281
Amortization of discount on convertible notes		174				187
Amortization of premium on convertible notes		(427	)			(402	)
Accretion on marketable securities, net		(463	)			0
Stock-based compensation expense		4,090				5,209
Provision for expected credit losses		614				930
Gain on convertible notes extinguishment		0				(3,931	)
Changes in operating assets and liabilities:
Accounts receivable		(12	)			3,020
Prepaid expenses and other assets		(2,939	)			(5,084	)
Deferred commissions		1,441				1,935
Accounts payable		(884	)			678
Accrued and other liabilities		900				(8,137	)
Deferred revenue		9,265				2,068
Net cash provided by operating activities		18,374				401
Cash flows from investing activities:
Cash paid for website domain name		0				(2,444	)
Purchase of capitalized internal-use software, leasehold improvements, and property and equipment		(4,285	)			(825	)
Maturity of marketable securities		24,000				28,579
Purchase of marketable securities		(25,107	)			(7,945	)
Net cash provided by (used in) investing activities		(5,392	)			17,365
Cash flows from financing activities:
Proceeds from exercise of stock options		539				1,096
Taxes paid related to net share settlement of stock options		(593	)			(1,225	)
Payment of convertible note issuance costs		0				(217	)
Repayment of convertible notes and financing obligation		0				(54,528	)
Net cash used in financing activities		(54	)			(54,874	)
Net change in cash and cash equivalents and restricted cash		12,928				(37,108	)
Cash and cash equivalents and restricted cash, beginning of period		46,163				90,356
Cash and cash equivalents and restricted cash, end of period	$	59,091			$	53,248
Supplemental cash flow information:
Cash paid for interest	$	0			$	60
Cash paid for interest – related party	$	0			$	5,625
Noncash investing and financing activities:
Capital additions, accrued but not paid	$	833			$	205
Right-of-use asset obtained in exchange for new operating lease liability	$	0			$	5,516

Commerce.com, Inc.

Disaggregation of Revenue

Disaggregated Revenue:

	Three months ended March 31,
(in thousands)	2026			2025
Subscription solutions	$	63,675		$	62,114
Partner and services		23,167			20,256
Revenue	$	86,842		$	82,370

Revenue by Geography:

	Three months ended March 31,
(in thousands)	2026			2025
Revenue:
United States	$	65,755		$	62,621
EMEA		11,344			9,965
APAC		5,946			5,925
Rest of World		3,797			3,859
Revenue	$	86,842		$	82,370

Commerce.com, Inc

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

Reconciliation of loss from operations to Non-GAAP operating income:

	Three months ended March 31,
	2026				2025
(in thousands)
Revenue	$	86,842			$	82,370
Income (loss) from operations	$	5,768			$	(2,410	)
Plus:
Stock-based compensation expense and associated payroll tax costs		4,234				5,419
Amortization of intangible assets		1,529				2,335
Acquisition related costs		0				333
Restructuring charges		910				1,912
Non-GAAP operating income	$	12,441			$	7,589
Non-GAAP operating income as a percentage of revenue		14.3	%			9.2

Reconciliation of net income (loss) & basic net income (loss) per share to Non-GAAP net income & Non-GAAP basic and diluted net income per share:

	Three months ended March 31,
	2026				2025
(in thousands)
Revenue	$	86,842			$	82,370
Net income (loss)	$	3,729			$	(353	)
Plus:
Stock-based compensation expense and associated payroll tax costs		4,234				5,419
Amortization of intangible assets		1,529				2,335
Acquisition related costs		0				333
Restructuring charges		910				1,912
Gain on convertible notes extinguishment		0				(3,931	)
Non-GAAP net income	$	10,402			$	5,715
Basic net income (loss) per share	$	0.05			$	(0.00	)
Non-GAAP basic net income per share	$	0.13			$	0.07
Non-GAAP diluted net income per share	$	0.13			$	0.07
Shares used to compute basic income (loss) per share and basic Non-GAAP net income per share		82,044				78,835
Shares used to compute diluted Non-GAAP net income per share		82,319				80,464
Non-GAAP net income as a percentage of revenue		12.0	%			6.9	%

Reconciliation of net income (loss) to adjusted EBITDA:

	Three months ended March 31,
	2026				2025
(in thousands)
Revenue	$	86,842			$	82,370
Net income (loss)	$	3,729			$	(353	)
Plus:
Stock-based compensation expense and associated payroll tax costs		4,234				5,419
Amortization of intangible assets		1,529				2,335
Acquisition related costs		0				333
Restructuring charges		910				1,912
Depreciation		1,357				1,244
Gain on convertible notes extinguishment		0				(3,931	)
Interest income		(1,170	)			(1,300	)
Interest expense		2,483				2,543
Other expenses		274				107
Provision for income taxes		452				524
Adjusted EBITDA	$	13,798			$	8,833
Adjusted EBITDA as a percentage of revenue		15.9	%			10.7	%

Reconciliation of Cost of revenue to Non-GAAP cost of revenue:

	Three months ended March 31,
	2026				2025
(in thousands)
Revenue	$	86,842			$	82,370
Cost of revenue	$	20,191			$	16,984
Less:
Stock-based compensation expense and associated payroll tax costs		534				746
Non-GAAP cost of revenue	$	19,657			$	16,238
As a percentage of revenue		22.6	%			19.7	%

Reconciliation of Sales and marketing expense to Non-GAAP sales and marketing expense:

	Three months ended March 31,
	2026				2025
(in thousands)
Revenue	$	86,842			$	82,370
Sales and marketing	$	26,196			$	30,366
Less:
Stock-based compensation expense and associated payroll tax costs		204				1,775
Non-GAAP sales and marketing	$	25,992			$	28,591
As a percentage of revenue		29.9	%			34.7	%

Reconciliation of Research and development expense to Non-GAAP research and development expense:

	Three months ended March 31,
	2026				2025
(in thousands)
Revenue	$	86,842			$	82,370
Research and development	$	18,033			$	19,206
Less:
Stock-based compensation expense and associated payroll tax costs		1,502				3,042
Non-GAAP research and development	$	16,531			$	16,164
As a percentage of revenue		19.0	%			19.6	%

Reconciliation of General and administrative expense to Non-GAAP general and administrative expense:

	Three months ended March 31,
	2026				2025
(in thousands)
Revenue	$	86,842			$	82,370
General & administrative	$	14,215			$	13,644
Less:
Stock-based compensation expense and associated payroll tax costs		1,994				(144	)
Non-GAAP general & administrative	$	12,221			$	13,788
As a percentage of revenue		14.1	%			16.7	%

Reconciliation of net cash provided by operating activities to free cash flow:

	Three months ended March 31,
	2026				2025
(in thousands)
Net cash provided by operating activities	$	18,374			$	401
Cash paid for website domain name		0				(2,444	)
Purchase of capitalized internal-use software, leasehold improvements, and property and equipment		(4,285	)			(825	)
Free cash flow	$	14,089			$	(2,868	)

Annual revenue run-rate (ARR) as of:

	March 31, 2026			December 31, 2025			September 30, 2025			June 30, 2025			March 31, 2025
Total ARR (in thousands)	$	359,827		$	359,136		$	355,716		$	354,608		$	350,835

Gross Merchandise Volume (GMV) for the three months ended:

(in millions)	Three months ended			Sequential % Change
March 31, 2026	$	8,257			(6.7	)%
December 31, 2025		8,852			12.0
September 30, 2025		7,901			2.6
June 30, 2025		7,700			6.3
March 31, 2025		7,242			(10.9	)

Net Revenue Retention (NRR) for the twelve months trailing as of:

	Trailing twelve months as of				Sequential % Change
March 31, 2026		95.4	%			0.2	%
December 31, 2025		95.2				0.7
September 30, 2025		94.5				0.0
June 30, 2025		94.5				(0.5	)
March 31, 2025		95.0				(0.0	)

Subscription annual revenue run-rate as of:

	March 31, 2026			December 31, 2025			September 30, 2025			June 30, 2025			March 31, 2025
Subscription ARR (in thousands)	$	270,191		$	272,411		$	268,617		$	267,951		$	264,922

• Strong start to the year with worldwide revenue of $377.3 million in the first quarter 2026
• GAAP fully diluted earnings per share of $1.80, compared to $1.02 in the first quarter of 2025
• Adjusted fully diluted earnings per share of $1.46, compared to $1.53 in the first quarter of 2025
• FDA approves PYLARIFY TruVu^TM (piflufolastat F18); phased geographic launch planned to begin in the fourth quarter of 2026
• FDA tentative approval for Lutetium Lu 177 Dotatate (PNT2003); expected to be the first radioequivalent for the treatment of gastroenteropancreatic neuroendocrine tumors
• Reaffirmed previously issued corporate guidance for full year 2026 revenue and adjusted fully diluted earnings per share

BEDFORD, Mass., May 07, 2026 (GLOBE NEWSWIRE) — Lantheus Holdings, Inc. (Lantheus or the Company) (NASDAQ: LNTH), the leading radiopharmaceutical-focused company committed to enabling clinicians to Find, Fight and Follow disease to deliver better patient outcomes, today reported financial results for its first quarter ended March 31, 2026.

“Our first quarter results demonstrate disciplined execution across the business, with strong performance from PYLARIFY, Neuraceq, and DEFINITY, and continued progress against the priorities that underpin our long-term strategy,” said Mary Anne Heino, Chief Executive Officer of Lantheus. “During the quarter, we secured FDA approval for PYLARIFY TruVu and achieved tentative approval for PNT2003. For the remainder of 2026, we are focused on sustaining our leadership in PSMA PET as we prepare for the PYLARIFY TruVu conversion later this year, expanding our Alzheimer’s imaging portfolio, and advancing our prioritized pipeline. At the same time, we will remain disciplined in our capital deployment, prioritizing radiodiagnostics while evaluating the best path to maximize value from our radiotherapeutic assets – all as we lay the groundwork for growth acceleration beginning in 2027.”

Summary Financial Results

		Three Months Ended March 31,
(in millions, except per share data – unaudited)		2026				2025				% Change
Worldwide revenue		$	377.3			$	372.8				1.2	%
GAAP net income		$	118.4			$	72.9				62.3	%
GAAP fully diluted earnings per share		$	1.80			$	1.02				76.5	%
Adjusted net income (non-GAAP)		$	95.8			$	109.5				(12.5	%)
Adjusted fully diluted earnings per share (non-GAAP)		$	1.46			$	1.53				(4.6	%)

First Quarter 2026

• Worldwide revenue increased 1.2% to $377.3 million compared to the same period in 2025.
• Sales of PYLARIFY were $240.9 million, a decrease of 6.5%.

• Sales of Neuraceq were $35.4 million.
• Sales of DEFINITY were $84.6 million, an increase of 6.8%.
• Operating income decreased 20.3% to $81.3 million. Adjusted operating income (non-GAAP) decreased 10.5% to $129.1 million.
• Fully diluted earnings per share increased 76.5% to $1.80, compared to fully diluted earnings per share of $1.02 in the prior year period. Adjusted fully diluted earnings per share (non-GAAP) decreased 4.6% to $1.46, compared to $1.53 in the prior year period.
• Net cash provided by operating activities and free cash flow were $125.1 million and $121.9 million, respectively.

Balance Sheet

• At March 31, 2026, the Company’s cash and cash equivalents were $498.6 million, including proceeds of $31.4 million from the sale of the Company’s single-photon emission computerized tomography (“SPECT”) business to SHINE Technologies, LLC (“SHINE”) on January 1, 2026, compared to $359.1 million at December 31, 2025.
• The Company currently has access to up to $750.0 million from a revolving line of credit.

Recent Business Highlights

• Received FDA approval for PYLARIFY TruVu^TM (piflufolastat F18), a new formulation of PYLARIFY^®, the Company’s market-leading PSMA PET imaging agent, designed to enhance manufacturing efficiency and supply flexibility; a phased geographic commercial launch is planned to begin in the fourth quarter of 2026 to align with coding, coverage, payment, and customer and PMF readiness. 
• Completed the divestiture of the legacy SPECT business to SHINE (effective January 1, 2026), a decisive action taken to focus on PET radiodiagnostics and simplify the Company’s operating model.  
• Achieved FDA tentative approval for PNT2003, which upon full approval would be the first radioequivalent to Lutetium Lu 177 Dotatate for the treatment of gastroenteropancreatic neuroendocrine tumors (GEP-NETs); launch timing will consider the following factors: the timing of FDA approval, the expiration of the 30-month Hatch-Waxman stay and disposition of the related legal proceedings, as well as manufacturing and commercial strategy to ensure launch success. 
• The FDA extended the PDUFA date for LNTH-2501(Ga 68 edotreotide), the Company’s PET diagnostic imaging kit for somatostatin receptor-positive neuroendocrine tumors (NETs), by three months to June 29, 2026, to allow additional time to review manufacturing-related information. This standard review extension is not related to the efficacy or safety data of LNTH-2501. 

Full Year 2026 Financial Guidance

		Guidance Issued May 7, 2026		Guidance Issued February 26, 2026
FY 2026 Revenue		$1.4 billion – $1.45 billion		$1.4 billion – $1.45 billion
FY 2026 Adjusted fully diluted EPS		$5.00 – $5.25		$5.00 – $5.25

On a forward-looking basis, the Company does not provide GAAP income per common share guidance or a reconciliation of GAAP income per common share to adjusted fully diluted EPS because the Company is unable to predict with reasonable certainty business development and acquisition related expenses, purchase accounting fair value adjustments, and any one-time, non-recurring charges. These items are uncertain, depend on various factors, and could be material to results computed in accordance with GAAP. As a result, it is the Company’s view that a quantitative reconciliation of adjusted fully diluted EPS on a forward-looking basis is not available without unreasonable effort.

Conference Call and Webcast

As previously announced, the Company will host a conference call and webcast on Thursday, May 7, 2026, at 8:00 a.m. ET. To access the conference call or webcast, participants should register online at https://investor.lantheus.com/news-events/calendar-of-events.

A replay will be available approximately two hours after completion of the webcast and will be archived on the same web page for at least 30 days.

The conference call will include a discussion of non-GAAP financial measures. Reference is made to the most directly comparable GAAP financial measures, the reconciliation of the differences between the two financial measures, and the other information included in this press release, our Form 8-K filed with the SEC today, or otherwise available in the Investor Relations section of our website located at www.lantheus.com.

The conference call may include forward-looking statements. See the cautionary information about forward-looking statements in the safe-harbor section of this press release.

About Lantheus

Lantheus is the leading radiopharmaceutical-focused company, delivering life-changing science to enable clinicians to Find, Fight and Follow disease to deliver better patient outcomes. Headquartered in Massachusetts with offices in New Jersey, Canada, Germany, Switzerland, Sweden and the United Kingdom, Lantheus has been providing radiopharmaceutical solutions for 70 years. For more information, visit www.lantheus.com.

Internet Posting of Information

The Company routinely posts information that may be important to investors in the “Investors” section of its website at www.lantheus.com. The Company encourages investors and potential investors to consult its website regularly for important information about the Company.

Non-GAAP Financial Measures

The Company uses non-GAAP financial measures, such as adjusted net income and its line components; adjusted fully diluted net income per share; adjusted operating income, and free cash flow. The Company’s management believes that the presentation of these measures provides useful information to investors. These measures may assist investors in evaluating the Company’s operations, period over period. However, these measures may exclude items that may be highly variable, difficult to predict and of a size that could have a substantial impact on the Company’s reported results of operations for a particular period. Management uses these and other non-GAAP measures internally for evaluation of the performance of the business, including the evaluation of results relative to employee performance compensation targets. 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.

Safe Harbor for Forward-Looking and Cautionary Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, that are subject to risks and uncertainties and are made pursuant to the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements may be identified by their use of terms such as “advance,” “believe,” “continue,” “could,” “driving,” “expect,” “guidance,” “maintain,” “may,” “on track,” “plan,” “potential,” “predict,” “progress,” “should,” “target,” “will,” “would” and other similar terms. Such forward-looking statements include our guidance for the fiscal year 2026
 
and our plans to
 
successfully
 
execute on the commercialization of marketed products,
 
ensure launch readiness for new products, advance a focused late-stage pipeline, and allocate capital
 
thoughtfully, and our focus mainly on our radiodiagnostic business and pursuing value-maximizing alternatives for our radiotherapeutic assets, and are based upon current plans, estimates and expectations that are subject to risks and uncertainties that could cause actual results to materially differ from those described in the forward-looking statements. The inclusion of forward-looking statements should not be regarded as a representation that such plans, estimates and expectations will be achieved. Readers are cautioned not to place undue reliance on the forward-looking statements contained herein, which speak only as of the date hereof. The Company undertakes no obligation to publicly
 
update
 
any forward-looking statement, whether
 
as a result of
 
new information, future developments or otherwise, except as may be required by law. Risks and uncertainties that could cause our actual results to materially differ from those described in the forward-looking statements include: (i) continued market expansion, penetration and reimbursement for our established commercial products, particularly PYLARIFY, DEFINITY and Neuraceq, in a competitive environment and our ability to clinically and commercially differentiate our products; (ii) our ability to complete the technology transfer across our positron emission tomography (“PET”) manufacturing facilities (“PMF”) network for PYLARIFY TruVu, the new formulation of our F-18 prostate-specific membrane antigen (“PSMA”) PET imaging agent approved by the U.S. Food and Drug Administration (“FDA”) on March 6, 2026, to obtain FDA approval for each PMF to manufacture PYLARIFY TruVu, to obtain adequate coding, coverage and payment, including transitional pass-through payment status, for PYLARIFY TruVu and to have customers adopt PYLARIFY TruVu; (iii) the availability of raw materials, key components, equipment, manufacturing time slots, either used in the production of our products and product candidates, or by customers of our products and product candidates, including, but not limited to PET scanners for PYLARIFY, PYLARIFY TruVu, Neuraceq, MK-6240, LNTH-2501 and NAV-4694; (iv) our ability to have third parties manufacture our products and product candidates and our ability to manufacture DEFINITY in our in-house manufacturing facility, in amounts and at the times needed; (v) our ability to satisfy our obligations under our existing clinical development partnerships using Neuraceq, MK-6240 or NAV-4694 and other assets as a research tool and under the license agreements through which we have rights to those assets, and to further develop and commercialize MK-6240 and NAV-4694 as approved products; (vi) our ability to continue to successfully integrate acquisitions, including of Lantheus Biosciences Ltd. (formerly Life Molecular Imaging Limited) and Evergreen Theragnostics, Inc., which could be impacted by unforeseen expenses related to integration activities, the potential for unforeseen liabilities within those businesses, the ability to integrate disparate information technology systems, retain key talent and create a merged corporate culture that successfully realizes the full potential of the combined organization; (vii) our ability to obtain FDA approval for LNTH-2501, our investigational kit for the preparation of Gallium-68 edotreotide injection, which has been studied for use in conjunction with a PET scan to stage and localize neuroendocrine tumors in adult and pediatric patients and to successfully commercialize LNTH-2501 if approved; (viii) our ability to obtain final FDA approval for PNT2003, which received FDA tentative approval in March 2026, to be successful in the patent litigation associated with PNT2003 and to successfully commercialize PNT2003 if approved; (ix) the cost, efforts and timing for clinical development, manufacturing, regulatory approval, adequate coding, coverage and payment and successful commercialization of our newly approved products, product candidates and new clinical applications and territories for our products, in each case, that we or our strategic partners may undertake, including those investigational assets for which FDA approval has been obtained or is anticipated to be obtained this year; (x) our ability to identify opportunities to collaborate with strategic partners and to acquire or in-license additional diagnostic and therapeutic product opportunities in oncology, neurology and other strategic areas and continue to grow and advance our pipeline of products; (xi) the effect that changes to management, including the recent turnover in our leadership and senior management team, could have on our business; and (xii) the risk and uncertainties discussed in our filings with the Securities and Exchange Commission (including those described in the Risk Factors section in our Annual Reports on Form 10-K and our Quarterly Reports on Form 10-Q).
 

– Tables Follow –
Lantheus Holdings, Inc. Consolidated Statements of Operations (in thousands, except per share data – unaudited)
		Three Months Ended March 31,
		2026				2025
Revenues		$	377,333			$	372,764
Cost of goods sold			146,411				135,064
Gross profit			230,922				237,700
Operating expenses
Sales and marketing			52,684				42,503
General and administrative			57,533				56,816
Research and development			39,379				36,314
Total operating expenses			149,596				135,633
Operating income			81,326				102,067
Interest expense			4,864				4,804
Investment in equity securities – unrealized (gain) loss			(14,905	)			14,862
Gain on sale of business, net of transaction costs			(59,328	)			—
Other income, net			(5,710	)			(14,128	)
Income before income taxes			156,405				96,529
Income tax expense			37,988				23,584
Net income		$	118,417			$	72,945
Net income per common share:
Basic		$	1.83			$	1.06
Diluted		$	1.80			$	1.02
Weighted average common shares outstanding:
Basic			64,736				68,675
Diluted			65,772				71,461

Lantheus Holdings, Inc. Consolidated Revenues Analysis (in thousands, except percent data – unaudited)
		Three Months Ended
		March 31,
		2026				2025				Change $				Change %
PYLARIFY		$	240,924			$	257,654			$	(16,730	)			(6.5	)%
Total oncology			240,924				257,654				(16,730	)			(6.5	)%
Neuraceq			35,439				—				35,439				100.0	%
Total neurology			35,439				—				35,439				100.0	%
DEFINITY			84,627				79,211				5,416				6.8	%
Total cardiology			84,627				79,211				5,416				6.8	%
Strategic partnerships and other			16,343				10,747				5,596				52.1	%
SPECT			—				25,152				(25,152	)			(100.0	)%
Total revenues		$	377,333			$	372,764			$	4,569				1.2	%

Lantheus Holdings, Inc. Reconciliation of GAAP to Non-GAAP Financial Measures (in thousands, except per share and percent data – unaudited)
		Three Months Ended March 31,
		2026				2025
Net income		$	118,417			$	72,945
Stock and incentive plan compensation			16,041				21,198
Amortization of acquired intangible assets			16,723				8,016
Campus consolidation costs			12				60
Contingent consideration fair value adjustments			(358	)			—
Non-recurring fees			7,411				2,478
Gain on sale of business, net of transaction costs			(59,328	)			—
Strategic collaboration and license costs			(131	)			5,413
Investment in equity securities – unrealized (gain) loss			(14,905	)			14,862
Acquisition, integration and divestiture-related items			6,365				4,751
Other			80				(4,452	)
Income tax effect of non-GAAP adjustments(a)			5,474				(15,796	)
Adjusted net income		$	95,801			$	109,475
Adjusted net income, as a percentage of revenues			25.4	%			29.4	%

		Three Months Ended March 31,
		2026				2025
Net income per share – diluted		$	1.80			$	1.02
Stock and incentive plan compensation			0.24				0.30
Amortization of acquired intangible assets			0.25				0.11
Campus consolidation costs			0.00				0.00
Contingent consideration fair value adjustments			(0.01	)			—
Non-recurring fees			0.11				0.03
Gain on sale of business, net of transaction costs			(0.90	)			—
Strategic collaboration and license costs			(0.00	)			0.07
Investment in equity securities – unrealized (gain) loss			(0.23	)			0.21
Acquisition, integration and divestiture-related items			0.10				0.07
Other			0.00				(0.06	)
Income tax effect of non-GAAP adjustments(a)			0.08				(0.22	)
Adjusted net income per share – diluted(b)		$	1.46			$	1.53
Weighted-average common shares outstanding – diluted			65,772				71,461

(a)	Represents the estimated income tax effect of the adjustments between GAAP net income and adjusted net income (non-GAAP).
(b)	Amounts may not add due to rounding.

Lantheus Holdings, Inc. Reconciliation of GAAP to Non-GAAP Financial Measures (Continued) (in thousands, except per share and percent data – unaudited)
		Three Months Ended March 31,
		2026				2025
Operating income		$	81,326			$	102,067
Stock and incentive plan compensation			16,041				21,198
Amortization of acquired intangible assets			16,723				8,016
Campus consolidation costs			12				60
Contingent consideration fair value adjustments			(358	)			—
Non-recurring fees			7,411				2,478
Strategic collaboration and license costs			(131	)			5,413
Acquisition, integration and divestiture-related items			8,044				4,751
Other			80				275
Adjusted operating income		$	129,148			$	144,258
Adjusted operating income, as a percentage of revenues			34.2	%			38.7	%

Lantheus Holdings, Inc. Reconciliation of Free Cash Flow (in thousands – unaudited)
		Three Months Ended March 31,
		2026				2025
Net cash provided by operating activities		$	125,127			$	107,563
Capital expenditures			(3,226	)			(8,718	)
Free cash flow		$	121,901			$	98,845
Net cash provided by (used in) investing activities		$	25,986			$	(63,718	)
Net cash used in financing activities		$	(11,623	)		$	(18,219	)

Lantheus Holdings, Inc. Condensed Consolidated Balance Sheets (in thousands – unaudited)
		March 31,				December 31,
		2026				2025
Assets
Current assets:
Cash and cash equivalents		$	498,582			$	359,121
Accounts receivable, net			355,666				358,640
Inventory, net			61,339				64,674
Income tax receivable			1,487				15,387
Other current assets			25,214				21,400
Assets held for sale			—				80,742
Total current assets			942,288				899,964
Investment in equity securities			58,312				42,213
Long-term notes receivable			92,103				—
Property, plant and equipment, net			157,563				163,686
Intangibles, net			706,058				722,779
Goodwill			239,399				239,517
Deferred tax assets, net			89,122				109,196
Other long-term assets			61,742				50,044
Total assets		$	2,346,587			$	2,227,399
Liabilities and Stockholders’ Equity
Current liabilities:
Current portion of long-term debt and other borrowings		$	803			$	738
Accounts payable			45,875				42,906
Accrued expenses and other current liabilities			286,488				267,307
Liabilities held for sale			—				22,468
Total current liabilities			333,166				333,419
Asset retirement obligations			139				138
Long-term debt and other borrowings, net of current portion			569,604				568,678
Long-term deferred tax liabilities			53,508				54,246
Long-term contingent consideration liabilities, net of current portion			72,647				73,255
Other long-term liabilities			105,235				107,866
Total liabilities			1,134,299				1,137,602
Total stockholders’ equity			1,212,288				1,089,797
Total liabilities and stockholders’ equity		$	2,346,587			$	2,227,399

Contacts: 

Mark Kinarney
Vice President, Investor Relations
978-671-8842
[email protected]

Melissa Downs
Executive Director, External Communications
646-975-2533
[email protected]

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Akebia to host conference call on May 7, 2026, at 8:00 a.m. EST

CAMBRIDGE, Mass., May 07, 2026 (GLOBE NEWSWIRE) —  Akebia Therapeutics®, Inc. (Nasdaq: AKBA), a biopharmaceutical company with the purpose to better the lives of people impacted by kidney disease, today reported financial results for the first quarter ended March 31, 2026 and shared recent business highlights related to the commercial launch of Vafseo® (vadadustat), now in its second year, as well as its advancing pipeline.

“The number of patients on Vafseo increased through the start of the year, and we are further encouraged by trends suggesting continued growth as we leverage improved patient access and adherence as dialysis organizations implement observed dosing protocols,” said John P. Butler, Chief Executive Officer of Akebia. “Increasing the breadth and depth of Vafseo prescribing, complemented by our efforts to generate data that will potentially demonstrate its additional clinical benefits, is critical to achieving our goal to make Vafseo standard of care for patients on dialysis. Separately, I’m pleased with the progress made to advance our clinical pipeline of kidney disease programs, now with two clinical programs enrolling, including a Phase 2 clinical trial of praliciguat in FSGS. We remain on track with plans to initiate a Phase 2 open-label rare kidney disease basket study in the second half of 2026, evaluating AKB-097 in IgA nephropathy, lupus nephritis and C3 glomerulopathy. These efforts were recently highlighted as part of our virtual R&D Day, where key medical experts reinforced the potential of our expanding pipeline.”

Vafseo Q1 2026 Commercial Results:

• Vafseo net product revenues grew to $15.8 million in Q1. Inventory weeks on hand was relatively flat versus Q4 2025.
• Total number of prescribers increased to approximately 1,025 in Q1, representing an increase of approximately 28% over the number of prescribers in Q4 2025.
• Total number of patients on Vafseo increased approximately 60% at the end of Q1 compared to the end of Q4 2025. The number of new patient starts in Q1 was the highest in any quarter since the initial quarter of launch. The majority of new patients began in March.
• Approximately 20% of patients and 30% of prescribers in Q1 2026 were from dialysis organizations other than U.S. Renal Care, representing improved diversification in the patient and prescriber base in Q1.
• First refill adherence rates through the end of March were approximately 86% for patients treated under an observed dosing protocol where we have historically received patient level data. In Q1, approximately two thirds of all patients were treated under an observed dosing protocol.

Akebia continues to build a body of evidence to potentially demonstrate additional clinical benefits of Vafseo.

• In February, Akebia presented an economic analysis on cost of hospitalizations for patients treated with vadadustat vs darbepoetin alfa at the Annual Dialysis Conference. As reported in a poster titled, “Cost comparison analysis of hospitalizations for vadadustat versus darbepoetin alfa based on the INNO₂VATE trials,” of the patients treated with vadadustat versus darbepoetin alfa, 7.7% had fewer hospitalization events annually; 16.0% had fewer hospitalization days; and, based on Medicare cost data, 14.8% had lower annual hospitalization costs per patient.
• The Journal of the American Society of Nephrology, a leading, peer-reviewed journal in nephrology, published post-hoc win statistics analysis of all-cause mortality and hospitalization from Akebia’s global Phase 3 INNO₂VATE program. As reported in the Research Letter titled, “Comparing Vadadustat and Darbepoetin in Maintenance Dialysis with CKD-Related Anemia,” vadadustat demonstrated statistically significant better outcomes relative to the erythropoiesis-stimulating agent (ESA), darbepoetin alfa, on a hierarchical composite endpoint of all-cause mortality and hospitalization in patients with anemia due to chronic kidney disease receiving dialysis.
• Akebia expects topline data from VOCAL, a Phase 3b trial evaluating three times weekly (TIW) dosing of Vafseo versus ESAs, in Q4 2026 and topline data from VOICE, a large Phase IV trial of over 2,100 patients evaluating Vafseo TIW against standard-of-care ESAs using a hierarchical composite endpoint of all-cause mortality and all-cause hospitalization, in early 2027.

Progress on Kidney Disease Pipeline:

• In January, Akebia announced the dosing of the first patient in a Phase 2 clinical trial of praliciguat, an oral, once-daily soluble guanylate cyclase (sGC) stimulator being evaluated for the treatment of biopsy-confirmed FSGS, a rare kidney disease. Akebia expects to enroll up to approximately 60 patients in this trial.
• In April 2026, Akebia held a virtual R&D Day highlighting its robust kidney disease pipeline. The event featured scientific experts, James A. Tumlin, MD (NephroNet), V. Michael Holers, MD (University of Colorado, Anschutz), and Jonathan Barratt, MD. PhD, FRCP (University of Leicester). A replay of the event is available here.
  • Among highlights, Akebia confirmed plans to initiate a Phase 2 open-label basket study to evaluate AKB-097 in IgA nephropathy, lupus nephritis and C3 glomerulopathy. Akebia expects to initiate the study in the second half of 2026 with initial data expected in 2027.
• In April 2026, Akebia initiated a Phase 1 study of AKB-9090 in up to 70 healthy volunteers with topline data expected in early 2027. The initial target indication for AKB-9090 is the prevention of cardiac surgery-associated acute kidney injury.

Financial Results

• Revenues: Total revenues were $53.5 million in the first quarter of 2026 compared to $57.3 million in the first quarter of 2025. This decrease was driven by lower Auryxia® (ferric citrate) revenues which were partially offset by higher Vafseo revenues.
  • Vafseo net product revenues were $15.8 million in the first quarter of 2026 compared to $12.0 million in the first quarter of 2025.
  • Auryxia net product revenues were $36.2 million in the first quarter of 2026 as compared to $43.8 million in the first quarter of 2025. We continue to expect generic competition for Auryxia to expand this year and therefore expect Auryxia revenues to decrease in 2026 as compared to 2025 Auryxia revenues.
  • License, collaboration and other revenues were $1.6 million in the first quarter of 2026 compared to $1.5 million in the first quarter of 2025.
• Cost of Goods Sold: Cost of goods sold was $12.3 million in the first quarter of 2026 compared to $7.6 million in the first quarter of 2025. This increase was primarily due to an increase in inventory write-downs including as a result of excess, obsolescence and scrap during the first quarter of 2026. Of note, Vafseo-related COGS in both periods was derived from pre-launch inventory, which does not include the full cost of manufacturing as a portion of those inventory-related expenses were recorded as research and development expenses in the period incurred prior to Vafseo’s approval in the U.S.
• Research & Development Expenses: Research and development expenses were $14.8 million in the first quarter of 2026 compared to $9.8 million in the first quarter of 2025. The increase in expenses was driven by increased clinical trial activities related to praliciguat and AKB-9090 as well as higher headcount-related costs.
• SG&A Expenses: Selling, general and administrative expenses were $30.4 million in the first quarter of 2026 compared to $25.7 million in the first quarter of 2025. This increase was driven by higher headcount-related costs.
• Net Income (Loss): Net loss was $9.1 million in the first quarter of 2026 compared to net income of $6.1 million in the first quarter of 2025. The change to a net loss in the first quarter of 2026 resulted from lower revenues and higher expenses during the quarter as compared to the first quarter of 2025.
• Cash Position: Cash and cash equivalents as of March 31, 2026 were approximately $162.6 million as compared to $184.8 million as of December 31, 2025. Akebia expects its existing cash resources and cash from operations will be sufficient to fund its current operating plan for at least two years.

Conference Call

Akebia will host a conference call on Thursday, May 7 at 8:00 a.m. EDT to discuss first quarter 2026 earnings. To access the call, please register by clicking on this Registration Link, and you will be provided with dial in details. To avoid delays and ensure timely connection, we encourage dialing into the conference call 15 minutes ahead of the scheduled start time.

A live webcast of the conference call will be available via the “Investors” section of Akebia’s website at: https://ir.akebia.com/. An online archive of the webcast can be accessed via the Investors section of Akebia’s website at https://ir.akebia.com approximately two hours after the event.

About Akebia Therapeutics

Akebia Therapeutics, Inc. is a fully integrated biopharmaceutical company with the purpose to better the lives of people impacted by kidney disease. Akebia was founded in 2007 and is headquartered in Cambridge, Massachusetts. For more information, please visit our website at www.akebia.com, which does not form a part of this release.

About Vafseo® (vadadustat) tablets

Vafseo® (vadadustat) tablets is a once-daily oral hypoxia-inducible factor prolyl hydroxylase inhibitor that activates the physiologic response to hypoxia to stimulate endogenous production of erythropoietin, increasing hemoglobin and red blood cell production to manage anemia. Vafseo is approved for use in 37 countries.

INDICATION

VAFSEO is indicated for the treatment of anemia due to chronic kidney disease (CKD) in adults who have been receiving dialysis for at least three months.

Limitations of Use

• VAFSEO has not been shown to improve quality of life, fatigue, or patient well-being.
• VAFSEO is not indicated for use:
  • As a substitute for red blood cell transfusions in patients who require immediate correction of anemia.
  • In patients with anemia due to CKD not on dialysis.

IMPORTANT SAFETY INFORMATION about VAFSEO (vadadustat) tablets

WARNING: INCREASED RISK OF DEATH, MYOCARDIAL INFARCTION, STROKE, VENOUS THROMBOEMBOLISM, and THROMBOSIS OF VASCULAR ACCESS. 

VAFSEO increases the risk of thrombotic vascular events, including major adverse cardiovascular events (MACE).  
Targeting a hemoglobin level greater than 11 g/dL is expected to further increase the risk of death and arterial and venous thrombotic events, as occurs with erythropoietin stimulating agents (ESAs), which also increase erythropoietin levels.  
No trial has identified a hemoglobin target level, dose of VAFSEO, or dosing strategy that does not increase these risks.  
Use the lowest dose of VAFSEO sufficient to reduce the need for red blood cell transfusions.  

CONTRAINDICATIONS  

• Known hypersensitivity to VAFSEO or any of its components  
• Uncontrolled hypertension 

WARNINGS AND PRECAUTIONS

• Increased Risk of Death, Myocardial Infarction (MI), Stroke, Venous Thromboembolism, and Thrombosis of Vascular Access

  A rise in hemoglobin (Hb) levels greater than 1 g/dL over 2 weeks can increase these risks. Avoid in patients with a history of MI, cerebrovascular event, or acute coronary syndrome within the 3 months prior to starting VAFSEO. Targeting a Hb level of greater than 11 g/dL is expected to further increase the risk of death and arterial and venous thrombotic events. Use the lowest effective dose to reduce the need for red blood cell (RBC) transfusions. Adhere to dosing and Hb monitoring recommendations to avoid excessive erythropoiesis.

• Hepatotoxicity
  
  Hepatocellular injury attributed to VAFSEO was reported in less than 1% of patients, including one severe case with jaundice. Elevated serum ALT, AST, and bilirubin levels were observed in 1.8%, 1.8%, and 0.3% of CKD patients treated with VAFSEO, respectively. Measure ALT, AST, and bilirubin before treatment and monthly for the first 6 months, then as clinically indicated. Discontinue VAFSEO if ALT or AST is persistently elevated or accompanied by elevated bilirubin. Not recommended in patients with cirrhosis or active, acute liver disease.

• Hypertension
  
  Worsening of hypertension was reported in 14% of VAFSEO and 17% of darbepoetin alfa patients. Serious worsening of hypertension was reported in 2.7% of VAFSEO and 3% of darbepoetin alfa patients. Cases of hypertensive crisis, including hypertensive encephalopathy and seizures, have also been reported in patients receiving VAFSEO. Monitor blood pressure. Adjust anti-hypertensive therapy as needed.

• Seizures
  
  Seizures occurred in 1.6% of VAFSEO and 1.6% of darbepoetin alfa patients. Monitor for new- onset seizures, premonitory symptoms, or change in seizure frequency.

• Gastrointestinal (GI) Erosion
  
  Gastric or esophageal erosions occurred in 6.4% of VAFSEO and 5.3% of darbepoetin alfa patients. Serious GI erosions, including GI bleeding and the need for RBC transfusions, were reported in 3.4% of VAFSEO and 3.3% of darbepoetin alfa patients. Consider this risk in patients at increased risk of GI erosion. Advise patients about signs of erosions and GI bleeding and urge them to seek prompt medical care if present.

• Serious Adverse Reactions in Patients with Anemia Due to CKD and Not on Dialysis
  
  The safety of VAFSEO has not been established for the treatment of anemia due to CKD in adults not on dialysis and its use is not recommended in this setting. In large clinical trials in adults with anemia of CKD who were not on dialysis, an increased risk of mortality, stroke, MI, serious acute kidney injury, serious hepatic injury, and serious GI erosions was observed in patients treated with VAFSEO compared to darbepoetin alfa.

• Malignancy
  VAFSEO has not been studied and is not recommended in patients with active malignancies. Malignancies were observed in 2.2% of VAFSEO and 3.0% of darbepoetin alfa patients. No evidence of increased carcinogenicity was observed in animal studies.

ADVERSE REACTIONS

• The most common adverse reactions (occurring at ≥ 10%) were hypertension and diarrhea.

DRUG INTERACTIONS

• Iron supplements and iron-containing phosphate binders: Administer VAFSEO at least 1 hour before products containing iron.
• Non-iron-containing phosphate binders: Administer VAFSEO at least 1 hour before or 2 hours after non-iron-containing phosphate binders.
• BCRP substrates: Monitor for signs of substrate adverse reactions and consider dose reduction.
• Statins: Monitor for statin-related adverse reactions. Limit the daily dose of simvastatin to 20 mg and rosuvastatin to 5 mg.

USE IN SPECIFIC POPULATIONS

• Pregnancy: May cause fetal harm. A pregnancy exposure registry is available to monitor outcomes in women exposed to VAFSEO during pregnancy. Report pregnancies to 1-844-445-3799.
• Lactation: Breastfeeding not recommended until two days after the final dose.
• Hepatic Impairment: Not recommended in patients with cirrhosis or active, acute liver disease.

Please note that this information is not comprehensive. Please click

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for the Full Prescribing Information, including BOXED WARNING and Medication Guide.

Forward-Looking Statements

Statements in this presentation regarding Akebia Therapeutics, Inc.’s (“Akebia’s”) strategy, plans, prospects, expectations, beliefs, intentions and goals are forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, as amended, and include, but are not limited to, statements regarding: Akebia’s plans, strategies and prospects for its business; Akebia’s beliefs regarding the continued growth of the number of patients on Vafseo and ability to leverage improved patient access and adherence; Akebia’s plans with respect to its U.S. commercial launch of Vafseo®, including the potential U.S. market opportunity and plans to increase the breadth and depth of Vafseo prescribing; Akebia’s plans for Vafseo to become standard of care for treatment of anemia due to CKD in dialysis, including its ability to continue to build on the body of evidence demonstrating Vafseo’s value potential, and progress towards that goal; Akebia’s expectations and beliefs about demand for Vafseo, including the number of patients with access to Vafseo and the focus of dialysis organizations; Akebia’s plans and expectations with respect to the VOCAL and VOICE trials, including the timing of top-line data; Akebia’s expectations with respect to the potential of its expanding pipeline; Akebia’s plans and expectations with respect to praliciguat and the Phase 2 trial, including the number of patients to be enrolled in the trial; Akebia’s plans and expectations with respect to AKB-097, including the timing of initiation of, and initial data from, an open label Phase 2 basket study and the indications to be evaluated; Akebia’s plans and expectations with respect to AKB-9090, including the timing of initiation of, and top-line data from, a Phase 1 trial and the indication to be evaluated; the sufficiency of, and the period in which Akebia expects to have, cash to fund its current operating plan.

The terms “intend,” “believe,” “plan,” “goal,” “potential,” “anticipate, “estimate,” “expect,” “future,” “will,” “continue,” “could”, derivatives of these words, and similar references are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Actual results, performance or experience may differ materially from those expressed or implied by any forward-looking statement as a result of various risks, uncertainties and other factors, including, but not limited to, risks associated with: the potential therapeutic benefits, safety profile, and effectiveness of Vafseo and Akebia’s development candidates; the results of preclinical and clinical research; Akebia’s ability to initiate and enroll patients in its clinical trials; decisions made by health authorities, such as the FDA, with respect to regulatory filings and other interactions; the potential demand and market potential and acceptance of, as well as coverage and reimbursement related to Akebia’s commercial products , including estimates regarding the potential market opportunity; the competitive landscape for Akebia’s commercial products, including generic entrants and the timing thereof; the ability of Akebia to attract and retain qualified personnel; Akebia’s ability to achieve and maintain profitability and to maintain operating expenses consistent with its operating plan; manufacturing, supply chain and quality matters and any recalls, write-downs, impairments or other related consequences or potential consequences; early termination of any of Akebia’s collaborations; and changes in the geopolitical environment and uncertainty surrounding U.S. trade policy on tariffs. Other risks and uncertainties include those identified under the heading “Risk Factors” in Akebia’s Report on Form 10-K for the year ended December 31, 2025, and other filings that Akebia may make with the U.S. Securities and Exchange Commission in the future. These forward-looking statements (except as otherwise noted) speak only as of the date of this presentation, and, except as required by law, Akebia does not undertake, and specifically disclaims, any obligation to update any forward-looking statements contained in this presentation.

Akebia Therapeutics®, Auryxia® and Vafseo® are registered trademarks of Akebia Therapeutics, Inc. and its affiliates.

Akebia Therapeutics Contact

Mercedes Carrasco
[email protected] 

AKEBIA THERAPEUTICS, INC.
Unaudited Condensed Consolidated Statements of Operations
	Three Months Ended March 31,
(in thousands, except per share data)		2026				2025
Revenues
Product revenue, net	$	51,992			$	55,791
License, collaboration and other revenue		1,552				1,545
Total revenues		53,544				57,336
Cost of goods sold
Cost of product and other revenue		12,290				7,625
Total cost of goods sold		12,290				7,625
Operating expenses
Research and development		14,807				9,754
Selling, general and administrative		30,436				25,742
License		707				701
Total operating expenses		45,950				36,197
Income (loss) from operations		(4,696	)			13,514
Other expense, net		(4,688	)			(7,557	)
Change in fair value of warrant liability		456				155
Income (loss) before income taxes		(8,928	)			6,112
Income tax expense		(126	)			—
Net income (loss)	$	(9,054	)		$	6,112
Net income (loss) per share – basic	$(0.03		)		$0.03
Net income (loss) per share – diluted	$(0.03		)		$0.03
Weighted-average number of common shares – basic		267,046,755				235,497,720
Weighted-average number of common shares – diluted		267,046,755				241,602,853

Unaudited Selected Balance Sheet Data
(in thousands)	March 31, 2026			December 31, 2025
Cash and cash equivalents	$	162,644		$	184,844
Working capital	$	69,597		$	90,017
Total assets	$	362,520		$	376,565
Total stockholders’ equity	$	27,375		$	32,610

Achieves Final Investment Decision and Executes Fixed-Scope EPC Contract on Phase 1 Processing Facility

Signs Five-Year, 100% Take-or-Pay Helium Offtake Agreement with Investment-Grade Industrial Gas Counterparty

Completes Phase 1 Capital Stack and Suspends Equity Line of Credit

HOUSTON, May 07, 2026 (GLOBE NEWSWIRE) — U.S. Energy Corporation (NASDAQ: USEG) (“U.S. Energy” or the “Company”), an integrated industrial gas, energy, and carbon management company, today reported financial and operating results for the three months ended March 31, 2026, while highlighting significant operational, commercial, and financial milestones achieved during the quarter that materially advance the development of the Company’s Big Sky Carbon Hub, its flagship project in Montana.

MANAGEMENT COMMENTS

“The first quarter of 2026 marked the inflection point in U.S. Energy’s transformation,” said Ryan Smith, President and Chief Executive Officer of U.S. Energy Corp. “In the past 90 days, we reached Final Investment Decision on our Phase 1 processing facility at the Big Sky Carbon Hub, executed a fixed-scope EPC contract with CANUSA — an experienced engineering firm with a track record in gas processing and energy infrastructure, — completed our Phase 1 capital stack, formally suspended our equity line of credit, and signed a five-year, 100% take-or-pay helium offtake agreement with an investment-grade global industrial gas counterparty. Each of these would be a meaningful milestone on its own. Together, they materially advance U.S. Energy’s transition from a legacy E&P company toward an integrated industrial gas, energy, and carbon management platform.

“With Phase 1 funded, our commercial offtake in place, our regulatory path advancing, and construction underway, we have a clear sequence of catalysts between now and first revenue in the first quarter of 2027. The macro tailwinds behind helium supply, federal CCUS policy, and domestic energy production have rarely been more favorable, and we believe the value we are building will become increasingly visible to the market as these milestones are achieved. We remain focused on executing against this plan and delivering long-term shareholder value.”

FIRST QUARTER 2026 STRATEGIC AND OPERATIONAL HIGHLIGHTS

• Final Investment Decision (“FID”) Achieved on Phase 1 Processing Facility. On March 18, 2026, the Company announced FID on the Phase 1 processing facility at the Big Sky Carbon Hub and executed a fixed-scope engineering, procurement, and construction (“EPC”) agreement with CANUSA EPC. The plant is designed for approximately 8 MMcf/d of inlet capacity, targeting approximately 14 MMcf of high-purity helium and approximately 125,000 metric tons of refined CO₂ per year at initial operations, with commercial operations targeted for the first quarter of 2027.
• Five-Year, 100% Take-or-Pay Helium Offtake Agreement Executed. On April 27, 2026, the Company executed a five-year helium sales agreement with an investment-grade global industrial gas company for the sale of contained helium produced at Big Sky. The contract is structured as 100% take-or-pay over a five-year initial term at a fixed plant-gate price of $285 per Mcf, with CPI-linked escalation beginning March 1, 2028, and a year-three pricing redetermination. The agreement establishes contracted, initial helium revenue and supports the commercial viability of the Big Sky development.
• Phase 1 Capital Stack Completed. During the quarter, the Company completed an underwritten equity offering and, on April 20, 2026, amended its senior secured credit agreement, doubling the borrowing base to $20 million, fixing the interest margin at 200 basis points over the alternate base rate, and suspending quarterly financial covenant testing through the fiscal quarter ending March 31, 2027. The facility matures May 31, 2029, with no prepayment penalties. The Phase 1 capital stack is expected to fund the project through commercial operations.
• Equity Line of Credit Suspended. Concurrently with the closing of the expanded debt facility, the Company suspended further use of its equity line of credit, addressing the perceived dilution overhang associated with the facility. The Company has not drawn on the ELOC since March 2, 2026.
• MRV Applications Advancing in Active EPA Review. Both Monitoring, Reporting, and Verification (“MRV”) submissions — Big Rose and Cut Bank — are in active EPA review, with the Company continuing to expect approvals during the summer of 2026. These approvals are required to access the Section 45Q tax credit framework, which represents approximately $130 million of credit value over the first 12 years of Phase 1 operations alone.
• Field Development on Schedule. Drilling and completions were completed in August 2025 with three successfully drilled wells, plus two acquired wells. Two Class II permitted injection wells are operational. Gathering infrastructure installation is scheduled for summer 2026, with facility commissioning targeted for late 2026 and first gas in Q1 2027.

BALANCE SHEET AND LIQUIDITY UPDATE

As of April 30, 2026, U.S. Energy had a cash balance of $10.4 million and total available liquidity of $27.9 million, including $17.5 million of undrawn capacity under the Company’s recently amended senior secured credit facility. With the Phase 1 capital stack now complete and the equity line of credit suspended, the Company believes it has sufficient liquidity to advance Phase 1 to commercial operations in Q1 2027 without anticipated reliance on the public equity markets, while maintaining the flexibility to pursue additional value-enhancing opportunities as they arise.

		Balance as of
		December 31, 2025				March 31, 2026				April 30, 2026*
Cash and debt balance:
Total debt outstanding		$	2,500			$	2,500			$	2,500
Less: Cash balance		$	429			$	10,451			$	10,360
Net debt balance		$	2,071			$	(7,951	)		$	(7,860	)
Liquidity:
Cash balance		$	429			$	10,451			$	10,360
Plus Credit facility availability		$	7,500			$	7,500			$	17,500
Total Liquidity		$	7,929			$	17,951			$	27,860

*Represents liquidity profile as of April 30, 2026, which includes the completion of the Company’s recently amended credit facility on April 20,2026.

FIRST


QUARTER 2026 FINANCIAL RESULTS

First quarter 2026 production was 34,290 barrels of oil equivalent (“BOE”) (68% oil), compared to 47,008 BOE the first quarter of 2025. For the first quarter 2026 revenue totaled $1.6 million (84% oil), compared to first quarter of 2025 revenue of $2.2 million. First quarter 2026 realized average sales prices of $63.00/bbl and $3.05/Mcf for oil and natural gas, respectively, resulting in an average realized price of $46.78/BOE as compared to first quarter 2025 which averaged $59.01/bbl, $4.14/mcf for oil and natural gas, respectively, resulting in an average realized price of $46.65/BOE. The sequential decline in production and revenue was primarily driven by Company’s strategic divestitures, representing the final significant step in the Company’s legacy asset optimization program. The divestitures, combined with natural production declines, accounted for substantially all of the quarter-over-quarter variance. As previously communicated, this monetization program funded the Company’s pivot to its industrial gas, energy, and carbon management platform and is now substantially complete.

First quarter 2026 lease operating expense totaled $0.9 million, compared to $1.6 million for the first quarter of 2025, reflecting the contracted legacy oil and gas footprint. Cash general and administrative expense totaled $2.6 million for the first quarter of 2026, compared to $1.9 million for the first quarter of 2025. The year-over-year increase reflects elevated professional fees and compensation expense associated with the Company’s strategic transformation, including legal, technical, and advisory work supporting FID, the EPC contract negotiation, the helium offtake agreement, and the amended credit facility. These costs are expected to normalize as Phase 1 transitions from development to construction execution. Equity compensation expense totaled $0.4 million for both the first quarter of 2026 and the first quarter of 2025.

U.S. Energy reported a net loss of $3.2 million, or $(0.08) per diluted share during the first quarter 2026. Adjusted EBITDA was $(2.1) million.

CONFERENCE CALL DETAILS

U.S. Energy will host a conference call to discuss its first quarter 2026 financial and operating results on May 7, 2026 , at 9:00 a.m. Eastern Time/8:00 a.m. Central time. A replay of the call will be available on the Investor Relations section of the Company’s website at www.usnrg.com following the call.

Date: Thursday, May 7, 2026

Time: 9:00 a.m. Eastern Time

Toll-free dial-in number: 800-717-1738
International dial-in number: 646-307-1865

Conference Registration:
Link

Webcast Registration:
Link

ABOUT U.S. ENERGY CORP.

U.S. Energy Corp. (NASDAQ: USEG) is building an integrated energy and carbon management platform. The Company owns and operates the Big Sky Carbon Hub and Cut Bank oil field in Montana, generating three independent revenue streams — helium, carbon management, and oil — from a fully owned and operated asset base. U.S. Energy is positioned at the intersection of critical supply, domestic energy production, and federal energy policy. More information can be found at www.usnrg.com.

INVESTOR RELATIONS CONTACT

Mason McGuire

[email protected]
(303) 993-3200
www.usnrg.com

FORWARD-LOOKING STATEMENTS

Certain of the matters discussed in this communication which are not statements of historical fact constitute forward-looking statements within the meaning of the federal securities laws, including the Private Securities Litigation Reform Act of 1995, that involve a number of risks and uncertainties. Words such as “strategy,” “expects,” “continues,” “plans,” “anticipates,” “believes,” “would,” “will,” “estimates,” “intends,” “projects,” “goals,” “targets” and other words of similar meaning are intended to identify forward-looking statements but are not the exclusive means of identifying these statements.

Important factors that may cause actual results and outcomes to differ materially from those contained in such forward-looking statements include, without limitation: (1) the size, timing and completion of the offering, as well as the expected use of proceeds related thereto; (2) the ability of the Company to grow and manage growth profitably and retain its key employees; (3) risks associated with the integration of recently acquired assets; (4) the Company’s ability to comply with the terms of its senior credit facilities; (5) the ability of the Company to retain and hire key personnel; (6) the business, economic and political conditions in the markets in which the Company operates; (7) the volatility of oil and natural gas prices; (8) the Company’s success in discovering, estimating, developing and replacing oil, natural gas and helium reserves; (9) risks of the Company’s operations not being profitable or generating sufficient cash flow to meet its obligations; (10) risks relating to the future price of oil, natural gas, NGLs and helium; (11) risks related to the status and availability of oil, natural gas and helium gathering, transportation, and storage facilities; (12) risks related to changes in the legal and regulatory environment governing the oil, gas and helium industry, and new or amended environmental legislation and regulatory initiatives; (13) risks relating to crude oil production quotas or other actions that might be imposed by the Organization of Petroleum Exporting Countries and other producing countries; (14) technological advancements; (15) changing economic, regulatory and political environments in the markets in which the Company operates; (16) general domestic and international economic, market and political conditions, including the military conflict between Russia and Ukraine and the global response to such conflict; (17) actions of competitors or regulators; (18) the potential disruption or interruption of the Company’s operations due to war, accidents, political events, severe weather, cyber threats, terrorist acts, or other natural or human causes beyond the Company’s control; (19) pandemics, governmental responses thereto, economic downturns and possible recessions caused thereby; (20) inflationary risks and recent changes in inflation and interest rates, and the risks of recessions and economic downturns caused thereby or by efforts to reduce inflation; (21) risks related to military conflicts in oil producing countries; (22) changes in economic conditions; limitations in the availability of, and costs of, supplies, materials, contractors and services that may delay the drilling or completion of wells or make such wells more expensive; (23) the amount and timing of future development costs; (24) the availability and demand for alternative energy sources; (25) regulatory changes, including those related to carbon dioxide and greenhouse gas emissions; (26) uncertainties inherent in estimating quantities of oil, natural gas and helium reserves and projecting future rates of production and timing of development activities; (27) risks relating to the lack of capital available on acceptable terms to finance the Company’s continued growth, potential future sales of debt or equity and dilution caused thereby; (28) the review and evaluation of potential strategic transactions and their impact on stockholder value and the process by which the Company engages in evaluation of strategic transactions; and (29) other risk factors included from time to time in documents U.S. Energy files with the Securities and Exchange Commission, including, but not limited to, its Form 10-Ks, Form 10-Qs and Form 8-Ks. Other important factors that may cause actual results and outcomes to differ materially from those contained in the forward-looking statements included in this communication are described in the Company’s publicly filed reports, including, but not limited to, the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 and Quarterly Report on Form 10-Q for the quarter ended March 31, 2026, and future annual reports and quarterly reports. These reports and filings are available at www.sec.gov. Unknown or unpredictable factors also could have material adverse effects on the Company’s future results.

FINANCIAL STATEMENTS

U.S. ENERGY CORP. AND SUBSIDIARIES UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except share and per share amounts)
		March 31, 2026				December 31, 2025
ASSETS
Current assets:
Cash and equivalents		$	10,451			$	429
Oil and natural gas sales receivables			714				454
Marketable equity securities			168				146
Other current assets			1,158				956
Total current assets			12,491				1,985
Oil and natural gas properties under full cost method and industrial gas properties:
Proved oil and natural gas properties			132,514				132,459
Less accumulated depreciation, depletion and amortization			(117,619	)			(117,237	)
Net oil and natural gas properties			14,895				15,222
Unproved industrial gas properties, not subject to amortization			26,974				22,479
Other Assets:
Property and equipment, net			275				318
Right-of-use asset			311				356
Other assets			245				270
Total other assets			831				944
Total assets		$	55,191			$	40,630
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable and accrued liabilities		$	1,885			$	1,592
Revenue and royalties payable			3,823				3,921
Asset retirement obligations			595				300
Current lease obligation			214				210
Total current liabilities			6,517				6,023
Noncurrent liabilities:
Credit facility			2,500				2,500
Asset retirement obligations			7,548				7,706
Long-term lease obligation, net of current portion			151				206
Total noncurrent liabilities			10,199				10,412
Total liabilities			16,716				16,435
Commitments and contingencies (Note 8)
Shareholders’ equity:
Common stock, $0.01 par value; 245,000,000 shares authorized; 52,320,429 and 34,405,143 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively			523				345
Additional paid-in capital			253,049				235,762
Accumulated deficit			(215,097	)			(211,912	)
Total shareholders’ equity			38,475				24,195
Total liabilities and shareholders’ equity		$	55,191			$	40,630

U.S. ENERGY CORP. AND SUBSIDIARIES UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS FOR THE THREE MONTHS ENDED AND 2025 (In thousands, except share and per share amounts)
		Three Months Ended March 31,
		2026				2025
Revenue:
Oil		$	1,376			$	1,770
Natural gas and liquids			228				423
Total revenue			1,604				2,193
Operating expenses:
Lease operating expenses			910				1,625
Production taxes			130				148
Depreciation, depletion, accretion and amortization			559				1,119
Exploration Expense			101				–
General and administrative expenses			3,048				2,389
Total operating expenses			4,748				5,281
Operating loss			(3,144	)			(3,088	)
Other income (expense):
Interest expense, net			(63	)			(47	)
Other income, net			22				24
Total other (expense)			(41	)			(23	)
Net loss before income taxes		$	(3,185	)		$	(3,111	)
Income tax expense			–				–
Net loss		$	(3,185	)		$	(3,111	)
Basic and diluted weighted average shares outstanding			40,065,555				32,724,922
Basic and diluted loss per share		$	(0.08	)		$	(0.10	)

U.S. ENERGY CORP. AND SUBSIDIARIES UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE THREE MONTHS ENDED MARCH 31, 2026 AND 2025 (in thousands)
		2026				2025
Cash flows from operating activities:
Net loss		$	(3,185	)		$	(3,111	)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:
Depreciation, depletion, accretion, and amortization			559				1,119
Loss (gain) on marketable equity securities			(22	)			66
Amortization of debt issuance costs			4				23
Stock-based compensation			446				471
Right-of-use asset amortization			45				42
Changes in operating assets and liabilities:
Oil and natural gas sales receivable			(260	)			689
Accounts payable and accrued liabilities			200				(2,580	)
Accrued compensation and benefits			(19	)			(747	)
Other operating assets and liabilities, net			(170	)			(468	)
Payments on operating lease liability			(51	)			(48	)
Net cash used in operating activities			(2,452	)			(4,544	)
Cash flows from investing activities:
Acquisition of industrial gas properties			–				(2,128	)
Industrial gas capital expenditures			(4,383	)			(277	)
Oil and natural gas capital expenditures			(48	)			(14	)
Property and equipment expenditures			–				(3	)
Net cash used in investing activities			(4,431	)			(2,422	)
Cash flows from financing activities:
Financing costs			(114	)			–
Shares withheld to settle tax withholding obligations for restricted stock awards			(170	)			(324	)
Repurchases of common stock			–				(234	)
Related party share repurchase			–				(1,574	)
Proceeds from underwritten offering			8,086				11,877
Proceeds from committed equity facility			9,103				–
Net cash provided by financing activities			16,905				9,745
Net change in cash and equivalents			10,022				2,779
Cash and equivalents, beginning of period			429				7,723
Cash and equivalents, end of period		$	10,451			$	10,502

ADJUSTED EBITDA RECONCILIATION

In addition to our results calculated under generally accepted accounting principles in the United States (“GAAP”), in this earnings release we also present Adjusted EBITDA. Adjusted EBITDA is a “non-GAAP financial measure” presented as supplemental measures of the Company’s performance. It is not presented in accordance with accounting principles generally accepted in the United States, or GAAP. The Company defines Adjusted EBITDA as net income (loss), plus net interest expense, net unrealized loss (gain) on change in fair value of derivatives, income tax (benefit) expense, deferred income taxes, depreciation, depletion, accretion and amortization, one-time costs associated with completed transactions and the associated assumed derivative contracts, non-cash share-based compensation, transaction related expenses, transaction related acquired realized derivative loss (gain), and loss (gain) on marketable securities. Company management believes this presentation is relevant and useful because it helps investors understand U.S. Energy’s operating performance and makes it easier to compare its results with those of other companies that have different financing, capital and tax structures. Adjusted EBITDA is presented because we believe it provides additional useful information to investors due to the various noncash items during the period. Adjusted EBITDA has limitations as an analytical tool, and you should not consider it in isolation, or as a substitute for analysis of our operating results as reported under GAAP. Some of these limitations are: Adjusted EBITDA does not reflect cash expenditures, or future requirements for capital expenditures, or contractual commitments; Adjusted EBITDA does not reflect changes in, or cash requirements for, working capital needs; Adjusted EBITDA does not reflect the significant interest expense, or the cash requirements necessary to service interest or principal payments, on debt or cash income tax payments; although depreciation and amortization are noncash charges, the assets being depreciated and amortized will often have to be replaced in the future, and Adjusted EBITDA does not reflect any cash requirements for such replacements; and other companies in this industry may calculate Adjusted EBITDA differently than the Company does, limiting its usefulness as a comparative measure.

The Company’s presentation of this measure should not be construed as an inference that future results will be unaffected by unusual or nonrecurring items. We compensate for these limitations by providing a reconciliation of this non-GAAP measure to the most comparable GAAP measure, below. We encourage investors and others to review our business, results of operations, and financial information in their entirety, not to rely on any single financial measure, and to view this non-GAAP measure in conjunction with the most directly comparable GAAP financial measure.

		Three months ended March 31,
		2026				2025
Adjusted EBITDA Reconciliation
Net Income (Loss)		$	(3,185	)		$	(3,111	)
Depreciation, depletion, accretion and amortization			559				1,161
Interest Expense, net			63				47
Income tax benefit			–				–
Non-cash stock based compensation			446				471
Loss on sale of assets			–				–
Loss (gain) on marketable securities			(22	)			(66	)
Impairment of oil and natural gas properties			–				–
Total Adjustments			1,046				1,613
Total Adjusted EBITDA		$	(2,139	)		$	(1,498	)