Market Newsdesk

May 7, 2026 7:16 am

Opus Genetics Completes Enrollment in Cohort 1 of Phase 1/2 OPGx-BEST1 Gene Therapy Study

Target Enrollment Achieved with the Inclusion of Participants with Both Dominant and Recessive Forms of BEST Disease

Baseline Demographics Presented at ARVO Annual Meeting with Summary Audio and Slide Presentation Available on Opus Website

Three-Month Topline Results from Cohort 1 Expected in September 2026

RESEARCH TRIANGLE PARK, N.C., May 07, 2026 (GLOBE NEWSWIRE) — Opus Genetics, Inc. (Nasdaq: IRD) (“Opus Genetics” or the “Company”), a clinical-stage biopharmaceutical company developing gene therapies to restore vision and prevent blindness in patients with inherited retinal diseases (IRDs), today announced the completion of enrollment in Cohort 1 of its ongoing Phase 1/2 study of OPGx-BEST1 gene therapy.

The adaptive, open-label study is evaluating the safety and efficacy of single-eye subretinal administration of OPGx-BEST1 up to two dose levels in adult participants with Best Vitelliform Macular Dystrophy (BVMD) or Autosomal-Recessive Bestrophinopathy (ARB). Five participants have been enrolled in the study, three with BVMD and two with ARB. The first four participants have been dosed and the fifth participant is scheduled for the dosing procedure this month.

“As planned, we enrolled a mix of participants with the dominant and recessive forms of BEST disease to evaluate OPGx-BEST1 in both conditions,” said George Magrath, M.D., Chief Executive Officer, Opus Genetics. “We collaborated closely with our study sites and investigators to identify participants who met our carefully defined entry criteria. In the dominant participants, we completed the added step of using an in vitro platform to confirm that each participant’s disease mutation is amenable to gene augmentation. The promising tolerability data and early efficacy signals we saw in the sentinel participant show the promise for individuals living with this potentially blinding disease. We are grateful to the participants and clinical sites who are participating in the trial, and we look forward to presenting the three-month data on the full cohort later this year.”

In a session today at the Association for Research in Vision and Ophthalmology (ARVO) Annual Meeting, the study’s principal investigator, Mark Pennesi, M.D., Ph.D., Chief Medical Officer and Director, Inherited Retinal Degeneration Clinic, Retina Foundation of the Southwest, presented baseline demographics of Cohort 1 (summarized in Table 1) and 3-month results from the first (sentinel) participant treated in the study, highlighting positive tolerability and biological activity following subretinal administration of OPGx-BEST1.

The ARVO poster presentation and a video recording of Dr. Pennesi’s summary of Cohort 1 Baseline Demographics and Key Endpoints for IRDs are available on the Opus Genetics website in the Events section.

Opus expects to announce 3-month topline data from Cohort 1 in September 2026, followed by the presentation of data at an ophthalmology medical conference later this year. Data is expected to be provided on multiple outcome measures including structural optical coherence tomography (OCT) measures, microperimetry, best‑corrected visual acuity, low luminance visual acuity and contrast sensitivity.

About OPGx-BEST1

OPGx-BEST1 leverages Opus Genetics’ proprietary AAV-based gene therapy platform, designed to deliver a functional copy of the BEST1 gene directly to the retinal pigment epithelium (RPE) cells where the defective gene resides. The program builds on extensive preclinical work demonstrating restoration of BEST1 protein expression and improved retinal function in relevant disease models.

By restoring BEST1 function, the therapy aims to address the underlying genetic cause of retinal degeneration and support preservation of photoreceptor health and visual function. BEST1-associated IRDs affect an estimated 22,000 patients worldwide and currently have no approved treatments.

About Opus Genetics

Opus Genetics is a clinical-stage biopharmaceutical company developing gene therapies to restore vision and prevent blindness in patients with inherited retinal diseases (IRDs). The Company is developing durable, one-time treatments designed to address the underlying genetic causes of severe retinal disorders. The Company’s pipeline includes seven AAV-based programs, led by OPGx-LCA5 for LCA5-related mutations and OPGx-BEST1 for BEST1-related retinal degeneration, with additional candidates targeting RDH12, MERTK, RHO, CNGB1 and NMNAT1. Opus Genetics is based in Research Triangle Park, NC. For more information, visit www.opusgtx.com.

Forward Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements related to the clinical development, clinical results, preclinical data, and future plans for OPGx-BEST1 and expectations regarding us, our business prospects, and our results of operations and are subject to certain risks and uncertainties posed by many factors and events that could cause our actual business, prospects and results of operations to differ materially from those anticipated by such forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those described under the heading “Risk Factors” included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025, our subsequent Quarterly Reports on Form 10-Q, and in our other filings with the U.S. Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. These forward-looking statements are based upon our current expectations and involve assumptions that may never materialize or may prove to be incorrect. Actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of various risks and uncertainties. In some cases, you can identify forward-looking statements by the following words: “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “aim,” “may,” “ongoing,” “plan,” “potential,” “predict,” “project,” “should,” “strive,” “will,” “would” or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. We undertake no obligation to revise any forward-looking statements in order to reflect events or circumstances that might subsequently arise.

Contacts:

Investors

Jenny Kobin
Remy Bernarda
IR Advisory Solutions
[email protected]

Media

Kimberly Ha
KKH Advisors
917-291-5744
[email protected]

Source: Opus Genetics, Inc.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/c8c9006e-0278-4c21-a78c-6da68677c067

May 7, 2026 7:16 am

Valvoline Inc. Reports Second Quarter Results

Valvoline Inc. Reports Second Quarter Results

Delivers 25% top-line growth, 8.2% system-wide SSS growth; Updates guidance

LEXINGTON, Ky.–(BUSINESS WIRE)–
Valvoline Inc. (NYSE: VVV), the quick, easy, trusted leader in preventive automotive maintenance, today reported financial results for its second quarter ended March 31, 2026. All comparisons in this press release are made to the same prior-year period unless otherwise noted.

“We delivered a strong second quarter with results that reflect our focus on driving the full potential of the core business,” said Lori Flees, President & CEO. “Top-line sales grew 25% underpinned by system-wide same-store sales growth of 8.2% and the contribution from new stores, including Breeze, which is performing well as we continue to execute against our integration plans. We also delivered strong profit growth and margin expansion this quarter by maintaining high productivity in our stores and improving SG&A leverage.”

Continuing Operations – Operating Results

Sales of $504 million grew 25% and system-wide store sales increased 20% to $987 million
System-wide same store sales (SSS) growth of 8.2%
Reported income from continuing operations of $45 million grew 18% and diluted earnings per share (EPS) of $0.35 increased 17%
Adjusted EBITDA of $134 million increased 28% and adjusted EPS of $0.41 increased 21%
System-wide net store additions in the quarter totaled 29 (15 franchise and 14 company-operated additions)

Balance Sheet and Cash Flow

Cash and cash equivalents balance of $85 million; total debt of $1.7 billion
Year-to-date operating cash flow from continuing operations of $160 million and free cash flow of $45 million, an improvement of $57 million over the prior year

Outlook

Flees added, “Our proven business model and resilient customer demand, combined with our team’s strong execution, reinforces our confidence in the growth algorithm. We are pleased with the momentum in the business and are updating our full-year guidance to reflect that.”

Information regarding the Company’s outlook for fiscal 2026 is provided in the table below:

	Updated Outlook	Prior Outlook
System-wide SSS growth¹	5% – 6.5%	4% – 6%
System-wide store additions¹	no change	330 – 360
Net revenues	no change	$2.0 – $2.1 billion
Adjusted EBITDA¹	$540 – $560 million	$525 – $550 million
Adjusted EPS¹	$1.65 – $1.75	$1.60 – $1.70
Capital expenditures	no change	$250 – $280 million

¹ Refer to the Key Business Measures and Use of Non-GAAP Measures sections herein for further information regarding management’s use of these measures.

Valvoline’s outlook for adjusted EBITDA and adjusted EPS are non-GAAP financial measures that are expected to be impacted by items affecting comparability. Valvoline is unable to reconcile these forward-looking non-GAAP financial measures to the comparable GAAP measures estimated for fiscal 2026 without unreasonable efforts, as the Company is currently unable to predict with a reasonable degree of certainty the type and extent of certain items that would be expected to impact these GAAP measures in fiscal 2026 but would not impact non-GAAP adjusted results.

SecondQuarter Operating Results

(In millions, except per share amounts and store counts)	Q2 results		YoY growth
Net revenues	$	503.8	25	%
Operating income^(a)	$	86.0	29	%
Income from continuing operations^(a)	$	45.3	18	%
EPS ^(a)	$	0.35	17	%
Adjusted EPS^(b)	$	0.41	21	%
Adjusted EBITDA^(b)	$	133.6	28	%
System-wide store sales^(b)	$	986.6	20	%
	Q2 results		Quarter change
System-wide stores^(b)		2,409	+29
Company-operated stores^(c)		1,210	+14
Franchised stores^{(b) (c)}		1,199	+15
	Q2 – YoY growth
System-wide SSS^(b)			8.2	%

(a)		Includes the effects of certain unusual, infrequent or non-operational activity not directly attributable to the underlying business, which management believes impacts the comparability of operational results between periods (“key items”). These key items are delineated within Table 6 – Non-GAAP Reconciliation – Income from Continuing Operations and Diluted Earnings per Share.
(b)		Refer to Key Business Measures, Use of Non-GAAP Measures, Table 4 – Retail Stores Operating Information, Table 6 – Non-GAAP Reconciliation – Income from Continuing Operations and Diluted Earnings per Share, and Table 7 – Non-GAAP Reconciliation – Net Revenues and EBITDA from Continuing Operations for management’s definitions of the metrics presented above and reconciliation to the corresponding GAAP measures, where applicable.
(c)		Changes reflect the effects of conversions between company-operated and franchised stores, representing changes in the mix of stores that do not impact the total system-wide store count.

Conference Call Webcast

Valvoline will host a live audio webcast of its second quarter fiscal 2026 conference call today, May 7, 2026, at 9 a.m. ET. The webcast and supporting materials will be accessible through Valvoline’s website at http://investors.valvoline.com. Following the live event, an archived version of the webcast and supporting materials will be available.

Key Business Measures

Valvoline tracks its operating performance and manages its business using certain key measures, including system-wide, company-operated and franchised store counts and system-wide SSS and store sales. Management believes these measures are useful to evaluating and understanding Valvoline’s operating performance and should be considered as supplements to, not substitutes for, Valvoline’s net revenues and operating income, as determined in accordance with U.S. GAAP.

Net revenues are influenced by the number of service center stores and the business performance of those stores. Stores are considered open upon acquisition or opening for business. Temporary store closings remain in the respective store counts with only permanent store closures reflected in the activity and end of period store counts. SSS is defined as net revenues of U.S. Valvoline Instant Oil Change^SM (VIOC^SM) system-wide stores that have been in operation for at least 12 full months within the system, and beginning in fiscal 2026, mobile service net revenues in markets that leverage store marketing channels.

Net revenues are limited to sales at company-operated stores, in addition to royalties and other fees from independent franchised and Express Care stores. Although Valvoline does not recognize store-level sales from franchised stores as net revenues in its Statements of Condensed Consolidated Income, management believes system-wide and franchised SSS comparisons, store counts, and total system-wide store sales are useful to assess market position relative to competitors and overall store and operating performance.

Use of Non-GAAP Measures

The following non-GAAP measures are included herein: EBITDA, adjusted EBITDA, and adjusted EBITDA margin; adjusted net income and adjusted diluted earnings per share; and free cash flow and free cash flow excluding growth capital expenditures. Refer to the tables herein for management’s definition of each non-GAAP measure and reconciliation to the most comparable U.S. GAAP measure.

Non-GAAP measures include adjustments from results based on U.S. GAAP that management believes enables comparison of certain financial trends and results between periods and provides a useful supplemental presentation of Valvoline’s operating performance that allows for transparency with respect to key metrics used by management in operating the business and measuring performance. These non-GAAP measures have limitations as analytical tools and should not be considered in isolation from, an alternative to, or more meaningful than, the financial results presented in accordance with U.S. GAAP. The financial results presented in accordance with U.S. GAAP and the reconciliations of non-GAAP measures should be carefully evaluated. The manner used to compute the non-GAAP information used by management may differ from the methods used by other companies and may not be comparable.

Refer to the Appendix at the end of this release for descriptions of the adjustments that depart from the computations in accordance with U.S. GAAP.

About Valvoline^Inc.

Valvoline Inc. (NYSE: VVV) delivers quick, easy, trusted service at more than 2,400 franchised and company-operated service centers across the United States and Canada. The Company completes more than 30 million services annually system-wide, from about 15-minute stay-in-your-car oil changes to a variety of manufacturer-recommended maintenance services such as wiper replacements and tire rotations. At Valvoline Inc., it all starts with our people, including the 13,000 team members who are working to drive the full potential of our core business, deliver sustainable network growth and innovate to meet the evolving needs of our customers and the car parc. For more information, visit vioc.com.

Forward-Looking Statements

Certain statements herein, other than statements of historical fact, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements may include, without limitation, statements about the acquisition of Breeze Autocare, including its Oil Changers stores, and the integration of the Breeze Autocare business and the anticipated benefits and synergies of the acquisition; executing on the growth strategy to create shareholder value by driving the full potential in Valvoline’s core business, delivering sustainable network growth and innovating to meet the changing needs of customers and the car parc; realizing the benefits from acquisitions and refranchising transactions; and future opportunities for the stand-alone retail business; and any other statements regarding Valvoline’s future operations, financial or operating results, capital allocation, debt leverage ratio, anticipated business levels, dividend policy, anticipated growth, market opportunities, strategies, competition, and other expectations and targets for future periods. Valvoline has identified some of these forward-looking statements with words such as “anticipates,” “believes,” “expects,” “estimates,” “is likely,” “predicts,” “projects,” “forecasts,” “may,” “will,” “should,” and “intends,” and the negative of these words or other comparable terminology. These forward-looking statements are based on Valvoline’s current expectations, estimates, projections, and assumptions as of the date such statements are made and are subject to risks and uncertainties that may cause results to differ materially from those expressed or implied in the forward-looking statements. Additional information regarding these risks and uncertainties are described in Valvoline’s filings with the Securities and Exchange Commission (the “SEC”), including in the “Risk Factors,” “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” and “Quantitative and Qualitative Disclosures about Market Risk” sections of Valvoline’s most recently filed periodic reports on Forms 10-K and 10-Q, which are available on Valvoline’s website at http://investors.valvoline.com/sec-filings or on the SEC’s website at http://www.sec.gov. Valvoline assumes no obligation to update or revise these forward-looking statements for any reason, even if new information becomes available in the future, unless required by law.

^TM Trademark, Valvoline Inc., or its subsidiaries, registered in various countries

^SM Service mark, Valvoline Inc., or its subsidiaries, registered in various countries

Valvoline Inc. and Consolidated Subsidiaries										Table 1
Statements of Consolidated Income
(In millions, except per share amounts – preliminary and unaudited)

	Three months ended March 31						Six months ended
	Three months ended March 31						March 31
	2026			2025			2026			2025
Net revenues	$	503.8		$	403.2		$	965.6		$	817.5
Cost of sales		316.8			252.7			606.1			514.1
Gross profit		187.0			150.5			359.5			303.4
Selling, general and administrative expenses		98.7			83.6			205.5			164.0
Net legacy and separation-related expenses		0.9			0.8			6.1			1.2
Other loss (income), net		1.4			(0.8	)		43.6			(72.5	)
Operating income		86.0			66.9			104.3			210.7
Net pension and other postretirement plan income		(1.2	)		(0.9	)		(2.4	)		(1.8	)
Net interest and other financing expenses		27.7			16.9			53.2			34.4
Income before income taxes		59.5			50.9			53.5			178.1
Income tax expense		14.2			12.6			40.4			45.9
Income from continuing operations		45.3			38.3			13.1			132.2
Loss from discontinued operations, net of tax		(0.5	)		(0.7	)		(1.1	)		(3.0	)
Net income	$	44.8		$	37.6		$	12.0		$	129.2

Net earnings per share
Basic earnings (loss) per share
Continuing operations	$	0.35		$	0.30		$	0.10		$	1.03
Discontinued operations		—			(0.01	)		(0.01	)		(0.02	)
Basic earnings per share	$	0.35		$	0.29		$	0.09		$	1.01

Diluted earnings (loss) per share
Continuing operations	$	0.35		$	0.30		$	0.10		$	1.02
Discontinued operations		—			(0.01	)		(0.01	)		(0.02	)
Diluted earnings per share	$	0.35		$	0.29		$	0.09		$	1.00

Weighted average common shares outstanding
Basic		127.8			127.6			127.7			128.2
Diluted		128.4			128.2			128.3			128.9

Valvoline Inc. and Consolidated Subsidiaries			Table 2
Condensed Consolidated Balance Sheets
(In millions – preliminary and unaudited)

	March 31		September 30
	2026		2025
Assets
Current assets
Cash and cash equivalents	$	84.7	$	51.6
Receivables, net		92.6		89.6
Inventories, net		47.6		42.6
Prepaid expenses and other current assets		47.4		59.9
Total current assets		272.3		243.7

Noncurrent assets
Property, plant and equipment, net		1,246.4		1,134.6
Operating lease assets		395.3		331.8
Goodwill and intangibles, net		1,280.2		740.5
Other noncurrent assets		226.9		219.8
Total assets	$	3,421.1	$	2,670.4

Liabilities and Stockholders’ Equity
Current liabilities
Current portion of long-term debt	$	31.2	$	23.8
Trade and other payables		112.7		118.9
Accrued expenses and other liabilities		227.4		204.7
Total current liabilities		371.3		347.4

Noncurrent liabilities
Long-term debt		1,626.5		1,050.2
Employee benefit obligations		180.0		187.5
Operating lease liabilities		371.0		315.3
Other noncurrent liabilities		519.2		431.5
Total noncurrent liabilities		2,696.7		1,984.5

Stockholders’ equity		353.1		338.5

Total liabilities and stockholders’ equity	$	3,421.1	$	2,670.4

Valvoline Inc. and Consolidated Subsidiaries				Table 3
Condensed Consolidated Statements of Cash Flows
(In millions – preliminary and unaudited)

	Six months ended
	March 31
	2026			2025
Cash flows from operating activities
Net income	$	12.0		$	129.2
Adjustments to reconcile net income to cash flows from operating activities:
Loss from discontinued operations		1.1			3.0
Loss (gain) on sale of operations		43.6			(71.7	)
Depreciation and amortization		71.1			56.4
Deferred income taxes		0.1			—
Stock-based compensation expense		5.9			4.6
Other, net		4.0			1.0
Change in operating assets and liabilities		22.4			(29.3	)
Operating cash flows from continuing operations		160.2			93.2
Operating cash flows from discontinued operations		—			(4.8	)
Total cash provided by operating activities		160.2			88.4
Cash flows from investing activities
Additions to property, plant and equipment		(115.2	)		(105.4	)
Acquisitions, net of cash acquired		(644.1	)		(9.6	)
Proceeds from sale of operations		63.6			121.0
Purchases of investments		(4.5	)		(4.5	)
Proceeds from investments		—			6.0
Other investing activities, net		0.8			2.8
Total cash (used in) provided by investing activities		(699.4	)		10.3
Cash flows from financing activities
Proceeds from borrowings		755.0			75.0
Payments of debt issuance costs and discounts		(13.7	)		(1.6	)
Repayments on borrowings		(158.7	)		(91.9	)
Repurchases of common stock, including excise taxes of $16.4 in 2025		—			(76.8	)
Other financing activities, net		(10.3	)		(9.1	)
Total cash provided by (used in) financing activities		572.3			(104.4	)
Effect of currency exchange rate changes on cash, cash equivalents and restricted cash		—			(0.7	)
Increase (decrease) in cash, cash equivalents and restricted cash		33.1			(6.4	)
Cash, cash equivalents and restricted cash – beginning of period		51.6			68.7
Cash, cash equivalents and restricted cash – end of period	$	84.7		$	62.3

Valvoline Inc. and Consolidated Subsidiaries										Table 4
Retail Stores Operating Information
(Preliminary and unaudited)

	Three months ended March 31						Six months ended
	Three months ended March 31						March 31
	2026			2025			2026			2025
Sales information
Store sales – in millions
Company-operated	$	450.7		$	352.7		$	859.0		$	718.0
Franchised ^(a)		535.9			472.8			1,051.2			927.8
System-wide store sales^(a)	$	986.6		$	825.5		$	1,910.2		$	1,645.8
Year-over-year growth^(a)		19.5	%		10.6	%		16.1	%		12.0	%

System-wide same-store sales growth ^(a)(b)		8.2	%		5.8	%		7.0	%		6.9	%

	Number of stores at end of period
	Second Quarter 2026	First Quarter 2026	Fourth Quarter 2025	Third Quarter 2025		Second Quarter 2025
Company-operated	1,210	1,196	1,016	983		950
Franchised ^(a)	1,199	1,184	1,164	1,141		1,128

				As of March 31
				2026		2025
System-wide store count ^(a)				2,409		2,078
Year-over-year growth^(a)				15.9	%	7.8	%

(a) Measures include Valvoline franchisees, which are independent legal entities. Valvoline does not consolidate the results of operations of its franchisees.
(b) Valvoline determines SSS growth as the year-over-year change in net revenues of U.S. VIOC system-wide same stores with same stores defined as those that have been in operation within the system for at least 12 full months, and beginning in fiscal 2026, mobile service net revenues in markets that leverage store marketing channels.

Valvoline Inc. and Consolidated Subsidiaries									Table 5
System-wide Retail Stores
(Preliminary and unaudited)

	Company-operated
	Second Quarter 2026		First Quarter 2026		Fourth Quarter 2025		Third Quarter 2025		Second Quarter 2025
Beginning of period	1,196		1,016		983		950		932
Opened	8		26		26		19		12
Acquired	3		210		8		8		6
Divested^(a)	—		(45	)	—		—		—
Net conversions between company-operated and franchised	4		(10	)	—		6		—
Closed	(1	)	(1	)	(1	)	—		—
End of period	1,210		1,196		1,016		983		950

	Franchised ^(b)
	Second Quarter 2026		First Quarter 2026		Fourth Quarter 2025		Third Quarter 2025		Second Quarter 2025
Beginning of period	1,184		1,164		1,141		1,128		1,113
Opened	20		13		24		19		17
Acquired^(c)	—		—		—		—		—
Net conversions between company-operated and franchised	(4	)	10		—		(6	)	—
Closed	(1	)	(3	)	(1	)	—		(2	)
End of period	1,199		1,184		1,164		1,141		1,128

Total system-wide stores^(b)	2,409		2,380		2,180		2,124		2,078

(a) Divested stores represent those acquired in connection with the Breeze Autocare acquisition and immediately divested as required by the Federal Trade Commission.
(b) Measures include Valvoline franchisees, which are independent legal entities. Valvoline does not consolidate the results of operations of its franchisees.
(c) Represents the acquisition of franchise stores that are new to the Valvoline retail store system by Valvoline Inc.

Valvoline Inc. and Consolidated Subsidiaries										Table 6
Non-GAAP Reconciliation – Income from Continuing Operations and Diluted Earnings per Share
(In millions, except per share amounts – preliminary and unaudited)

	Three months ended March 31						Six months ended
	Three months ended March 31						March 31
	2026			2025			2026			2025
Reported income from continuing operations	$	45.3		$	38.3		$	13.1		$	132.2
Adjustments:
Net pension and other postretirement plan income		(1.2	)		(0.9	)		(2.4	)		(1.8	)
Net legacy and separation-related expenses		0.9			0.8			6.1			1.2
Information technology transition costs		2.7			4.9			5.8			6.4
Investment and divestiture-related costs (income) ^(a)		7.3			3.4			69.5			(67.5	)
Total adjustments, pre-tax		9.7			8.2			79.0			(61.7	)
Income tax (benefit) expense of adjustments		(1.9	)		(2.3	)		4.1			15.6
Income tax adjustments ^(b)		(1.1	)		—			3.4			—
Total adjustments, after tax		6.7			5.9			86.5			(46.1	)
Adjusted income from continuing operations^{(c) (d)}	$	52.0		$	44.2		$	99.6		$	86.1

Reported diluted earnings per share from continuing operations	$	0.35		$	0.30		$	0.10		$	1.02
Adjusted diluted earnings per share from continuing operations^{(d) (e)}	$	0.41		$	0.34		$	0.78		$	0.67

Weighted average diluted common shares outstanding		128.4			128.2			128.3			128.9

(a) Includes certain pre-tax key item activity within amortization and net interest and other financing expenses that do not impact EBITDA but impact pre-tax adjusted earnings.
(b) Income tax adjustments include the effects associated with investment and divestiture-related activity, which is further described in the Appendix.
(c) Adjusted income from continuing operations is defined as income from continuing operations adjusted for the effects of key items.
(d) Represents a non-GAAP measure. Refer to “Use of Non-GAAP Measures” and the Appendix for additional details.
(e) Adjusted diluted earnings per share from continuing operations is defined as diluted earnings per share calculated using adjusted income from continuing operations.

Valvoline Inc. and Consolidated Subsidiaries										Table 7
Non-GAAP Reconciliation – Net Revenues and EBITDA from Continuing Operations
(In millions – preliminary and unaudited)

	Three months ended March 31						Six months ended
	Three months ended March 31						March 31
	2026			2025			2026			2025
Reported net revenues ^(a)	$	503.8		$	403.2		$	965.6		$	817.5

Income from continuing operations	$	45.3		$	38.3		$	13.1		$	132.2
Add:
Income tax expense		14.2			12.6			40.4			45.9
Net interest and other financing expenses		27.7			16.9			53.2			34.4
Depreciation and amortization		37.6			28.4			71.1			56.4
EBITDA from continuing operations^{(b) (c)}		124.8			96.2			177.8			268.9
Key items:
Net pension and other postretirement plan income		(1.2	)		(0.9	)		(2.4	)		(1.8	)
Net legacy and separation-related expenses		0.9			0.8			6.1			1.2
Information technology transition costs		2.7			4.9			5.8			6.4
Investment and divestiture-related costs (income) ^(d)		6.4			3.4			63.7			(67.5	)
Key items – subtotal		8.8			8.2			73.2			(61.7	)
Adjusted EBITDA from continuing operations^{(b) (c)}	$	133.6		$	104.4		$	251.0		$	207.2

Net profit margin^(e)		9.0	%		9.5	%		1.4	%		16.2	%
Adjusted EBITDA margin^{(b) (f)}		26.5	%		25.9	%		26.0	%		25.3	%

(a)		Net revenues do not have any key item adjustments in the periods presented herein; therefore, GAAP net revenues and Adjusted net revenues are the same.
(b)		Represents a non-GAAP measure. Refer to “Use of Non-GAAP Measures” and the Appendix for additional details.
(c)		EBITDA from continuing operations is defined as income from continuing operations, plus income tax expense, net interest and other financing expenses, and depreciation and amortization attributable to continuing operations. Adjusted EBITDA from continuing operations is EBITDA adjusted for key items attributable to continuing operations.
(d)		Includes certain pre-tax key item activity within amortization and net interest and other financing expenses that do not impact Adjusted EBITDA but impact pre-tax adjusted earnings.
(e)		Net profit margin is defined as reported income from continuing operations divided by reported net revenues.
(f)		Adjusted EBITDA margin is defined as Adjusted EBITDA from continuing operations divided by adjusted net revenues.

Valvoline Inc. and Consolidated Subsidiaries				Table 8
Non-GAAP Reconciliation – Free Cash Flows from Continuing Operations
(In millions – preliminary and unaudited)

Free cash flow^(a)	Six months ended
	March 31
	2026			2025
Operating cash flows from continuing operations	$	160.2		$	93.2
Adjustments:
Additions to property, plant and equipment		(115.2	)		(105.4	)
Free cash flow from continuing operations ^(b)	$45.0			($12.2		)

Free cash flow excluding growth capital expenditures^(c)	Six months ended
	March 31
	2026			2025
Operating cash flows from continuing operations	$	160.2		$	93.2
Adjustments:
Maintenance additions to property, plant and equipment		(27.4	)		(15.6	)
Free cash flow excluding growth capital expenditures ^(b)	$132.8			$77.6

(a)		Free cash flow is defined as operating cash flows less additions to property, plant and equipment.
(b)		Represents a non-GAAP measure. Refer to “Use of Non-GAAP Measures” and the Appendix for additional details.
(c)		Free cash flow excluding growth capital expenditures is defined as operating cash flows less maintenance additions to property, plant and equipment.

Valvoline Inc. and Consolidated Subsidiaries

Appendix – Description of Non-GAAP Measures and Adjustments

EBITDA measures

Management believes EBITDA measures provide a meaningful supplemental presentation of Valvoline’s operating performance between periods on a comparable basis due to the depreciable assets associated with the nature of the Company’s operations, as well as income tax and interest costs related to Valvoline’s tax and capital structures, respectively.

Free cash flow measures

Management uses free cash flow and free cash flow excluding growth capital expenditures as additional non-GAAP metrics of cash flow generation. By including capital expenditures, management is able to provide an indication of the ongoing cash being generated that is ultimately available for both debt and equity holders as well as other investment opportunities. Free cash flow includes the impact of capital expenditures, providing a supplemental view of cash generation. Free cash flow excluding growth capital expenditures includes maintenance capital expenditures, which are uses of cash that are necessary to maintain the Company’s existing business operations, including its retail service center store network, service portfolio, and support functions. Free cash flow excluding growth capital expenditures provides a supplemental view of cash flow generation before investments in growth capital, which expand future business operations, including the opening or expansion of retail service center stores and service capabilities. Free cash flow and free cash flow excluding growth capital expenditures have certain limitations, including that they do not reflect adjustments for certain non-discretionary cash expenditures, such as mandatory debt repayments.

Adjusted profitability measures

Adjusted profitability measures (i.e., adjusted net income, diluted earnings per share and EBITDA) enable the comparison of financial trends and results between periods where certain items may not be reflective of the Company’s underlying and ongoing operational performance or vary independent of business performance.

Key items

The non-GAAP measures used by management exclude the impact of certain unusual, infrequent or non-operational activity not directly attributable to the underlying business, which management believes impacts the comparability of operational results between periods (“key items”). Key items are often related to legacy matters or market-driven events considered by management to not be reflective of the ongoing operating performance. Key items may consist of adjustments related to: legacy businesses, including the separation from Valvoline’s former parent company, the sale of the former Global Products reportable segment, and the associated impacts of related activity and indemnities; non-service pension and other postretirement plan activity; restructuring-related matters, including organizational restructuring plans, significant acquisitions or divestitures, debt extinguishment and modification, and tax reform legislation; in addition to other matters that management considers non-operational, infrequent or unusual in nature.

Refer to the following for descriptions of the key items that comprise the adjustments which depart from the computations in accordance with U.S. GAAP:

Net pension and other postretirement plan income: Includes several elements impacted by changes in plan assets and obligations that are primarily driven by the debt and equity markets, including remeasurement gains and losses, when applicable; and recurring non-service pension and other postretirement net periodic activity, which consists of interest cost, expected return on plan assets and amortization of prior service credits. Management considers these elements are more reflective of changes in current conditions in global markets (in particular, interest rates), outside the operational performance of the business, and are also legacy amounts that are not directly related to the underlying business and do not have an impact on the compensation and benefits provided to eligible employees for current service.

Net legacy and separation-related expenses: Activity associated with legacy businesses, including the separation from Valvoline’s former parent company and its former Global Products reportable segment. This activity includes the recognition of and adjustments to indemnity obligations to its former parent company; certain legal, financial, professional advisory and consulting fees; and other expenses incurred by the continuing operations in connection with and directly related to these separation transactions and legacy matters. This incremental activity directly attributable to legacy matters and separation transactions is not considered reflective of the underlying operating performance of the Company’s continuing operations.

Information technology transition costs: Consists of expenses incurred directly related to the Company’s information technology transitions, primarily efforts related to implementing stand-alone enterprise resource planning and human resource information systems that generally began in fiscal 2023 following the sale of the former Global Products reportable segment. These expenses include data conversion, training, redundant expenses incurred from duplicative technology platforms, and temporary support, which includes consulting fees and professional services to support certain enhanced manual procedures and material weakness remediation efforts. These incremental costs are directly associated with technology transitions and are not considered to be reflective of the ongoing expenses of operating the Company’s technology platforms.

Investment and divestiture-related costs (income):Consists of activity directly associated with specific significant acquisitions, investments and divestitures, including professional and consulting fees for legal and advisory services, in addition to gains or losses recognized upon disposition, temporary financing costs directly associated with transactions, certain acquisition-related incentive compensation costs, amortization of Breeze acquired intangible assets, and expense recognized to reduce the carrying values of related assets determined to be impaired. This activity is not considered to be reflective of the underlying operating performance of the Company’s ongoing continuing operations.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260507673605/en/

FURTHER INFORMATION

Investor Inquiries

Elizabeth B. Clevinger

+1 (859) 357-3155

[email protected]

Media Inquiries

Angela Davied

[email protected]

KEYWORDS: Kentucky United States North America

INDUSTRY KEYWORDS: Aftermarket Retail Automotive General Automotive Other Automotive Other Retail

MEDIA:

Logo

Posted on May 7, 2026 7:16 am
Cullinan Therapeutics Provides Corporate Update and Reports First Quarter 2026 Financial Results

Initial clinical data in SLE and RA for CLN-978, a CD19 T cell engager, to be presented at the EULAR 2026 Congress in June; multi-dose regimen data in RA expected in Q3 2026

Zipalertinib NDA for relapsed EGFR ex20ins NSCLC accepted by U.S. FDA; PDUFA target action date of February 27, 2027

Cash and investments of $393.3 million as of March 31, 2026; runway into 2029

CAMBRIDGE, Mass., May 07, 2026 (GLOBE NEWSWIRE) — Cullinan Therapeutics, Inc. (Nasdaq: CGEM; “Cullinan”), a clinical-stage biopharmaceutical company accelerating potential first- or best-in-class, high-impact therapies in autoimmune diseases and cancer, today provided an update on recent and anticipated business highlights and announced its financial results for the first quarter ended March 31, 2026.

“T cell engagers have the potential to transform outcomes for people living with autoimmune diseases and cancer, and emerging clinical data underscore their promise as a compelling therapeutic modality. We look forward to sharing initial clinical data for CLN-978 and velinotamig throughout 2026. CD19 and BCMA are now well-validated autoimmune targets, and by addressing both, we aim to comprehensively treat more diseases and redefine standards of care for more patients with these two clinical-stage programs. Similarly, the early success of CLN-049 in AML further reinforces the remarkable promise of T cell engagers in many high unmet need disease settings across immunology and oncology,” said Nadim Ahmed, President and CEO of Cullinan Therapeutics.

“Further, with our partner Taiho, we announced FDA acceptance of our first NDA submission, representing a significant milestone for Cullinan Therapeutics and bringing zipalertinib meaningfully closer to being available for patients, with a PDUFA date of February 27, 2027. With multiple upcoming catalysts and milestones across the pipeline through 2026 and beyond, the company is well-positioned for continued momentum and value creation.”

Portfolio Highlights and 2026 Milestones

Immunology

CLN-978 (CD19xCD3 T cell engager): treatment-refractory moderate to severe systemic lupus erythematosus (SLE), difficult-to-treat rheumatoid arthritis (RA), and treatment-refractory moderate to severe Sjögren’s disease (SjD)

OUTRACE SLE

In June, the Company will share initial data from Part A (single target dose escalation) with a focus on safety and B cell depletion in peripheral blood, as well as other biomarker data and preliminary clinical activity data. The initial data will be presented in a poster session at the EULAR 2026 Congress on June 6, 2026.

OUTRACE RA

In June, the Company will share initial data from the single target dose escalation portion of the study with a focus on safety and B cell depletion in peripheral blood and tissue, as well as other biomarker data and preliminary clinical activity data. The initial data will be presented in a poster session at the EULAR 2026 Congress on June 6, 2026.

In Q3 2026, the Company plans to share initial multi-dose regimen data, including B cell depletion in peripheral blood and tissue, as well as other biomarker data and preliminary clinical activity data.

OUTRACE SjD

In Q4 2026, the Company plans to share initial data from Part A (single target dose escalation) with a focus on safety and B cell depletion in peripheral blood and tissue, as well as other biomarker data and preliminary clinical activity data.

Velinotamig (BCMAxCD3 T cell engager): treatment-refractory autoimmune diseases

Genrix Bio is enrolling a Phase 1 study in China in patients with autoimmune diseases, starting with moderate to severe SLE and to be followed by planned expansion into other indications. Initial multi-dose regimen data from the dose escalation phase in patients with SLE are expected to be shared in Q4 2026. Cullinan intends to use the data generated to accelerate global clinical development.

Oncology

CLN-049 (FLT3xCD3 T cell engager): acute myeloid leukemia (AML) and myelodysplastic syndrome (MDS)

The Company plans to share an update from the dose escalation portion of the Phase 1 study in patients with relapsed/refractory AML or MDS in H2 2026. Dose level expansion continues in order to determine the recommended Phase 2 dose (RP2D) by Q4 2026 for a potential single-arm pivotal registrational trial.

In Q4 2026, the Company plans to initiate a Phase 1/2 combination study in patients with previously untreated AML.

Enrollment continues in a parallel Phase 1 study in patients with AML and measurable residual disease (MRD) immediately following induction therapy.

Zipalertinib (EGFR ex20ins inhibitor), collaboration with Taiho Oncology: EGFR ex20ins NSCLC

In April, the U.S. FDA accepted an NDA for zipalertinib for the treatment of patients with locally advanced or metastatic EGFR ex20ins NSCLC whose disease has progressed on or after platinum-based chemotherapy, with or without amivantamab. The Prescription Drug User Fee Act (PDUFA) target action date is February 27, 2027.

In February, Taiho completed enrollment of the pivotal study REZILIENT3 in 1L EGFR ex20ins NSCLC. Taiho expects to obtain top-line results by the end of 2026.

Cullinan is eligible to receive $30 million and up to $100 million upon 2L and 1L U.S. regulatory approvals, respectively, and a 50/50 profit share in the U.S.

First Quarter 2026 Financial Results

Cash Position: Cash, cash equivalents, short- and long-term investments, and interest receivable were $393.3 million as of March 31, 2026. Cullinan expects its cash resources to provide runway into 2029 under its current operating plan.

R&D Expenses: Research and development expenses were $42.1 million for the first quarter of 2026, compared to $41.5 million for the same period in 2025.

G&A Expenses: General and administrative expenses were $11.6 million for the first quarter of 2026, compared to $13.5 million for the same period in 2025.

Net Loss: Net loss was $49.7 million for the first quarter of 2026, compared to $48.5 million for the same period in 2025.

About Cullinan Therapeutics

Cullinan Therapeutics, Inc. (Nasdaq: CGEM) is a biopharmaceutical company developing potential first- or best-in-class, high-impact therapies for autoimmune diseases and cancer. Cullinan pursues promising therapeutic targets while leveraging core expertise in T cell engagers, which are established in oncology and are now advancing into autoimmune diseases. With a clinical-stage pipeline built on a rigorous scientific approach and purposeful innovation, Cullinan is advancing its mission to deliver new standards of care for patients. Learn more about Cullinan at https://cullinantherapeutics.com/, and follow Cullinan on LinkedIn and X.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, express or implied statements regarding the company’s beliefs and expectations regarding: our clinical development plans and timelines for our product candidates, the clinical and therapeutic potential of our product candidates, the strategy of our product candidates, our research and development activities, our plans regarding future data presentations, our cash runway, and other statements that are not historical facts. The words “believe,” “continue,” “could,” “estimate,” “expect,” “intends,” “may,” “plan,” “potential,” “project,” “pursue,” “will,” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words.

Any forward-looking statements in this press release are based on management’s current expectations and beliefs of future events and are subject to known and unknown risks and uncertainties that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. These risks include, but are not limited to, the following: uncertainty regarding the timing and results of regulatory submissions; the risk that any INDs, NDAs or other global regulatory submissions we may file with the United States Food and Drug Administration or other global regulatory agencies are not cleared or approved on our expected timelines, or at all; the success of our clinical trials and preclinical studies; the risks related to our ability to protect and maintain our intellectual property position; the risks related to manufacturing, supply, and distribution of our product candidates; the risk that any one or more of our product candidates, including those that are co-developed, will not be successfully developed and commercialized; the risk that the results of preclinical studies or clinical studies will not be predictive of future results in connection with future studies; the effect of changes in global economic conditions, including uncertainties related to international trade policies, tariffs and supply chain dynamics on our business and operations; and the success of any collaboration, partnership, license or similar agreements. These and other important risks and uncertainties discussed in our filings with the Securities and Exchange Commission, including under the caption “Risk Factors” in our most recent Annual Report on Form 10-K and subsequent filings with the SEC, could cause actual results to differ materially from those indicated by the forward-looking statements made in this press release. While we may elect to update such forward-looking statements at some point in the future, we disclaim any obligation to do so, even if subsequent events cause our views to change, except to the extent required by law. These forward-looking statements should not be relied upon as representing our views as of any date subsequent to the date of this press release. Moreover, except as required by law, neither the company nor any other person assumes responsibility for the accuracy and completeness of the forward-looking statements included in this press release. Any forward-looking statement included in this press release speaks only as of the date on which it was made.

Cullinan Therapeutics, Inc.

Selected Condensed Consolidated Balance Sheet Data

(unaudited)

(in thousands)

March 31, 2026 December 31, 2025

Cash, cash equivalents, investments, and interest receivable $ 393,282 $ 438,960

Total assets $ 402,984 $ 448,374

Total current liabilities $ 35,154 $ 37,741

Total liabilities $ 36,812 $ 39,644

Total stockholders’ equity $ 366,172 $ 408,730

Cullinan Therapeutics, Inc.

Consolidated Statements of Operations

(unaudited)

(in thousands, except per share amounts)

Three Months Ended
March 31,

2026 2025

Operating expenses:

Research and development $ 42,123 $ 41,459

General and administrative 11,574 13,537

Total operating expenses 53,697 54,996

Loss from operations (53,697 ) (54,996 )

Other income (expense):

Interest income 4,098 6,580

Other income (expense), net (62 ) (85 )

Net loss $ (49,661 ) $ (48,501 )

Basic and diluted net loss per share:

Common stock $ (0.75 ) $ (0.74 )

Preferred stock $ (7.52 ) $ (7.42 )

Weighted-average shares used in computing net loss per share:

Common stock 60,462 58,905

Preferred stock 555 648

Contacts:

Investors

Nick Smith
+1 401.241.3516
[email protected]

Media
 

Rose Weldon
+1 215.801.7644
[email protected]

Posted on May 7, 2026 7:16 am
Genius Sports Reports 31% Revenue Growth and 21% Adjusted EBITDA Growth; Raises 2026 Guidance, Targeting 28% Adjusted EBITDA Margin Following Legend Acquisition

Genius Sports Reports 31% Revenue Growth and 21% Adjusted EBITDA Growth; Raises 2026 Guidance, Targeting 28% Adjusted EBITDA Margin Following Legend Acquisition

Following the close of the Legend acquisition, 2026 Group Revenue and Adjusted EBITDA guidance increased to $990 million to $1.01 billion and $270 to 280 million, respectively

Full Year 2026 Group Adjusted EBITDA Margin target increased from 23% to 28%

Group Revenue of $188.0m, representing 31% growth year-over-year

LONDON & NEW YORK–(BUSINESS WIRE)–
Genius Sports Limited (NYSE:GENI) (“Genius Sports,” “Genius” or the “Group”), the operating system of modern sport, today announced financial results for its fiscal first quarter ended March 31, 2026.

“Our first quarter results underscore the durability and visibility of our business model, with strong revenue growth across both Betting and Media driven by long-term contracts, expanding customer relationships, and delivery of new products across the global sports and betting ecosystem,” said Mark Locke, Genius Sports Founder and CEO. “With the acquisition of Legend now complete, we are expanding our platform deeper into fan engagement and participation, creating new opportunities across sports, media and iGaming. The combination strengthens our long-term growth profile, enhances monetization across our ecosystem, and is expected to drive meaningful margin expansion and cash flow over time.”

$ in thousands

Q126

Q125

%

Group Revenue

187,952

143,991

30.5

%

Betting Technology, Content & Services

146,213

109,708

33.3

%

Media Technology, Content & Services

41,739

34,283

21.7

%

Group Net Loss

(55,470

)

(8,198

)

(576.6

%)

Group Adjusted EBITDA

23,982

19,775

21.3

%

Group Adjusted EBITDA Margin

12.8

%

13.7

%

(90

bps)

Q1 2026 Financial Highlights

Group Revenue: Group revenue increased $44.0 million year-over-year to $188.0 million.

Betting Technology, Content & Services: Revenue increased 33% year-over-year to $146.2 million, driven primarily by growth in business with existing customers as a result of price increases on contract renewals and renegotiations, expansion of value-add services, growth and expansion in existing markets, and new service offerings.

Media Technology, Content & Services: Revenue increased 22% year-over-year to $41.7 million, driven by an increase in sales of products built on GeniusIQ technology and the launch of our Moment Engine.

Group Net Loss: Group net loss was ($55.5 million) in the first quarter ended March 31, 2026, representing a $47.3 million increase compared to the ($8.2 million) loss in the first quarter ended March 31, 2025. This primarily reflects foreign currency movements, stock-based compensation, and one-time Legend transaction expenses.

Group Adjusted EBITDA: Group Adjusted (non-GAAP) EBITDA was $24.0 million in the quarter, representing a 21% increase compared to the $19.8 million reported in the first quarter ended March 31, 2025. Group Adjusted EBITDA Margin of 12.8% reflects the timing of growth investments, with full-year guidance implying meaningful margin expansion in the second half of 2026.

Q1 2026 Business Highlights

Delivered a record-breaking March Madness in our first year as the NCAA’s exclusive official data provider, driving increased in-play betting, strong operator performance, best-in-class uptime, and enhanced betting integrity

Integrated the Moment Engine with partners spanning agencies, broadcasters, SSPs, and demand platforms, including Publicis Sports, DIRECTV Advertising, Equativ, FreeWheel, Index Exchange, Magnite, OpenX, PubMatic, and The Weather Company

Partnered with WPP Media to pioneer holistic sports media advertising intelligence and launch WPP Brand Sports

Momentum Score, a new intelligence tool that identifies the right sports, audiences, and moments to invest in to drive year-round engagement and ROI

Announced new partnership with Magnite, embedding official live sports moments into scaled programmatic infrastructure

Entered into a wide-ranging integrity, technology and AI partnership with the Pac-12 to power authorized betting, moment-based advertising, and performance analysis

Launched BetVision for Tennis in partnership with Infront to enhance live betting experiences

Launched exclusive augmented advertising platform with NBC Sports Regional Networks, unlocking real-time AI-powered

contextual advertising on NBA broadcasts

After the reporting period:

Announced the close of the acquisition of Legend on May 1, 2026

Struck a landmark technology and AI partnership with Liga MX, powering a suite of dynamic advertising, enhanced broadcast, officiating and performance solutions to drive the future of Mexican soccer

Financial Outlook

With the acquisition of Legend, Genius Sports expects to generate Group Revenue of $990 million to $1.01 billion and Group Adjusted EBITDA of $270 to $280 million in the full year of 2026. This is raised from prior full year 2026 Group Revenue guidance of $810 to $820 million and Group Adjusted EBITDA guidance of $180 to $190 million. This implies a Group Adjusted EBITDA Margin of approximately 28% at the midpoint, raised from the prior estimate of approximately 23%.

In the fiscal second quarter ending June 30, 2026, Genius Sports also expects to generate Group Revenue and Adjusted EBITDA of approximately $185 million and $45 million, respectively, which includes the combination of the two companies beginning May 1, 2026.

Financial Statements & Reconciliation Tables

Genius Sports Limited

Condensed Consolidated Statements of Operations

(Unaudited)

(Amounts in thousands, except share and per share data)

Three Months Ended March 31,

2026

2025

Revenue

$

187,952

$

143,991

Cost of revenue

144,628

108,789

Gross profit

43,324

35,202

Operating expenses:

Sales and marketing

13,669

11,413

Research and development

11,402

8,946

General and administrative

53,915

34,535

Transaction expenses

7,503

732

Total operating expenses

86,489

55,626

Loss from operations

(43,165

)

(20,424

)

Interest (expense) income, net

(928

)

437

Loss on disposal of assets

(73

)

(12

)

Impairment of equity method investment

(1,735

)

—

(Loss) gain on foreign currency

(9,697

)

12,249

Total other (expense) income

(12,433

)

12,674

Loss before income taxes

(55,598

)

(7,750

)

Income tax benefit (expense)

85

(542

)

Gain from equity method investment

43

94

Net loss

$

(55,470

)

$

(8,198

)

Loss per share attributable to common stockholders:

Basic and diluted

$

(0.21

)

$

(0.03

)

Weighted average common stock outstanding:

Basic and diluted

269,373,708

248,432,320

Genius Sports Limited

Condensed Consolidated Balance Sheets

(Amounts in thousands, except share and per share data)

(Unaudited)

March 31,

December 31,

2026

2025

ASSETS

Current assets:

Cash and cash equivalents

$

197,444

$

280,559

Accounts receivable, net

109,896

130,340

Contract assets

53,439

57,358

Prepaid expenses

64,527

66,150

Other current assets

11,927

15,276

Total current assets

437,233

549,683

Property and equipment, net

34,825

32,322

Intangible assets, net

143,028

144,203

Operating lease right-of-use assets

28,090

28,321

Goodwill

338,049

338,049

Deferred tax asset

1,696

1,643

Investments

30,943

32,585

Other assets

3,804

3,481

Total assets

$

1,017,668

$

1,130,287

LIABILITIES AND SHAREHOLDERS’ EQUITY

Current liabilities:

Accounts payable

$

61,250

$

112,246

Accrued expenses

112,916

118,017

Deferred revenue

74,602

97,098

Operating lease liabilities, current

5,011

5,024

Other current liabilities

20,178

20,498

Total current liabilities

273,957

352,883

Deferred tax liability

6,787

7,186

Operating lease liabilities, non-current

25,539

25,471

Other liabilities

16,286

20,272

Total liabilities

322,569

405,812

Shareholders’ equity

Common stock, $0.01 par value, unlimited shares authorized, 261,644,124 shares issued and 257,538,176 shares outstanding at March 31, 2026; unlimited shares authorized, 250,412,239 shares issued and 246,306,291 shares outstanding at December 31, 2025

2,616

2,504

B Shares, $0.0001 par value, 22,500,000 shares authorized, 10,000,000 shares issued and outstanding at March 31, 2026; 22,500,000 shares authorized, 10,000,000 shares issued and outstanding at December 31, 2025

1

1

Additional paid-in capital

2,010,131

1,992,257

Treasury stock, at cost, 4,105,948 shares at March 31, 2026 and December 31, 2025

(17,653

)

(17,653

)

Accumulated deficit

(1,254,578

)

(1,199,108

)

Accumulated other comprehensive loss

(45,418

)

(53,526

)

Total shareholders’ equity

695,099

724,475

Total liabilities and shareholders’ equity

$

1,017,668

$

1,130,287

Genius Sports Limited

Condensed Consolidated Statements of Cash Flows

(Unaudited)

(Amounts in thousands)

Three Months Ended March 31,

2026

2025

Cash Flows from operating activities:

Net loss

$

(55,470

)

$

(8,198

)

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

Depreciation and amortization

20,980

16,396

Loss on disposal of assets

73

12

Stock-based compensation

21,258

12,835

Non-cash consideration, net

(15,133

)

—

Non-cash interest expense, net

938

—

Non-cash lease expense

1,531

839

Amortization of contract costs

339

362

Deferred income taxes

(452

)

(174

)

Provision for expected credit losses

747

95

Gain from equity method investment

(43

)

(94

)

Impairment of equity method investment

1,735

—

Loss (gain) on foreign currency remeasurement

9,338

(12,382

)

Changes in operating assets and liabilities

Accounts receivable

21,369

3,802

Contract assets

3,919

(1,015

)

Prepaid expenses

16,848

(9,998

)

Other current assets

3,081

(642

)

Other assets

(394

)

(1,038

)

Accounts payable

(50,996

)

3,302

Accrued expenses

(8,372

)

(12,361

)

Deferred revenue

(27,715

)

(15,193

)

Other current liabilities

(8,653

)

(6,549

)

Operating lease liabilities

(1,341

)

(797

)

Net cash used in operating activities

(66,413

)

(30,798

)

Cash flows from investing activities:

Purchases of property and equipment

(5,338

)

(4,124

)

Capitalization of internally developed software costs

(12,275

)

(13,349

)

Distributions from equity method investments

3,521

2,498

Purchases of intangible assets

(84

)

—

Net cash used in investing activities

(14,176

)

(14,975

)

Cash flows from financing activities:

Proceeds from issuance of common shares, net of equity issuance costs

—

144,000

Repayment of loans and mortgage

—

(5

)

Net cash provided by financing activities

—

143,995

Effect of exchange rate changes on cash and cash equivalents

(2,526

)

2,201

Net (decrease) increase in cash, cash equivalents and restricted cash

(83,115

)

100,423

Cash, cash equivalents and restricted cash at beginning of period

280,559

135,239

Cash, cash equivalents and restricted cash at end of period

$

197,444

$

235,662

Supplemental disclosure of cash activities:

Cash paid during the period for interest

$

1,216

$

644

Cash (received) paid during the period for income taxes

$

(984

)

$

919

Supplemental disclosure of noncash investing and financing activities:

Cash-settled withholding tax on stock‑based compensation

$

3,272

$

—

Genius Sports Limited

Reconciliation of U.S. GAAP Net loss to Adjusted EBITDA

(Unaudited)

(Amounts in thousands)

Three Months Ended

2026

2025

(dollars, in thousands)

Net loss

$

(55,470

)

$

(8,198

)

Adjusted for:

Net, interest expense (income)

928

(437

)

Income tax (benefit) expense

(85

)

542

Amortization of acquired intangibles ⁽¹⁾

2,725

2,182

Other depreciation and amortization⁽²⁾

18,594

14,576

Stock-based compensation⁽³⁾

30,904

17,312

Transaction expenses

7,503

732

Litigation and related costs⁽⁴⁾

6,037

3,368

Impairment of equity method investment

1,735

—

Loss (gain) on foreign currency

9,697

(12,249

)

Other ⁽⁵⁾

1,414

1,947

Adjusted EBITDA

$

23,982

$

19,775

________________

⁽¹⁾

Includes amortization of intangible assets generated through business acquisitions (inclusive of amortization for marketing products, acquired technology, and historical data rights related to the acquisition of a majority interest in Genius in 2018).

⁽²⁾

Includes depreciation of Genius’ property and equipment, amortization of contract costs, and amortization of internally developed software and other intangible assets. Excludes amortization of intangible assets generated through business acquisitions.

⁽³⁾

Includes stock options, equity-settled restricted share units, cash-settled restricted share units and equity-settled performance-based restricted share units granted to employees and directors (including related employer payroll taxes) and equity-classified non-employee awards issued to suppliers.

⁽⁴⁾

Includes litigation and related costs incurred by Genius relating to discrete and non-routine legal proceedings that are not part of the normal operations of Genius’ business. For the three months ended March 31, 2026, legal proceedings included Sportscastr litigation, dMY litigation, and Volleystation litigation (as described in Note 16 – Commitments and Contingencies). For the three months ended March 31, 2025, legal proceedings included Sportscastr litigation and dMY litigation. All other legal proceedings are expensed as part of our on-going operations and included in general and administrative expenses.

⁽⁵⁾

Includes severance costs, non-recurring compensation payments, tax penalties, gain/loss on disposal of assets, professional fees for finance transformation project, and expenses incurred related to earn-out payments on historical acquisitions.

Webcast and Conference Call Details

Genius Sports management will host a conference call and webcast today at 8:00AM ET to discuss the Group’s first quarter results.

The live conference call and webcast may be accessed on the Genius Sports investor relations website at investors.geniussports.com along with Genius’ earnings press release and related materials. A replay of the webcast will be available on the website within 24 hours after the call.

About Genius Sports

Genius Sports is the official data, technology and broadcast partner that powers the global sports, betting and media ecosystem. As the operating system of modern sport, our technology is used in over 150 countries worldwide, creating highly immersive products that enrich fan experiences across the entire sports industry.

We are the trusted partner to over 1,000 organizations across the sports ecosystem, including many of the world’s largest leagues, teams, sportsbooks, brands, advertising agencies and broadcasters, such as the NFL, English Premier League, NCAA, DraftKings, FanDuel, bet365, Coca-Cola, EA Sports, Publicis, WPP, CBS, NBC and ESPN.

Genius Sports is uniquely positioned through AI, computer vision and big data to power the future of sports fan experiences. From delivering augmented broadcasts and enhanced highlights, to automated officiating tools, immersive betting solutions and personalized marketing activations, we connect the entire sports value chain from the rights holder all the way through to the fan.

Non-GAAP Financial Measures

This press release includes non-GAAP financial measures not presented in accordance with U.S. GAAP.

We present Group adjusted EBITDA, Group adjusted EBITDA margin and Free Cash Flow, non-GAAP performance measures, to supplement our results presented in accordance with U.S. GAAP. Group Adjusted EBITDA is defined as earnings before interest, income tax, depreciation and amortization and other items that are unusual or not related to Genius’ revenue-generating operations, including but not limited to stock-based compensation expense (including related employer payroll taxes), litigation and related costs, transaction expenses and gain or loss on foreign currency. Group adjusted EBITDA margin is defined as Group adjusted EBITDA as a percentage of Group Revenue. Free Cash Flow is defined as Group adjusted EBITDA less capitalization of internally developed software costs, purchases of property and equipment, changes in net working capital, and taxes.

Group Adjusted EBITDA, Group Adjusted EBITDA margin and Free Cash Flow are used by management to evaluate Genius’ core operating performance on a comparable basis and to make strategic decisions. Genius believes these measures are useful to investors for the same reasons as well as in evaluating Genius’ operating performance against competitors, which commonly disclose similar performance measures. However, Genius’ calculation of Group Adjusted EBITDA, Group Adjusted EBITDA margin and Free Cash Flow may not be comparable to other similarly titled performance measures of other companies. These measures are not intended to be a substitute for any US GAAP financial measure.

We do not provide a reconciliation of non-GAAP measures on a forward-looking basis because we are unable to forecast certain items required to develop meaningful comparable GAAP financial measures without unreasonable efforts. These items are difficult to predict and estimate and are primarily dependent on future events. The impact of these items could be significant to our projections.

Important Cautionary Note About Combined Financial Information and Projections

The projected financial information for the combined company is based on management’s estimates, assumptions and projections and has not been prepared in conformance with the applicable requirements of Regulation S-X relating to pro forma financial information, and the required pro forma adjustments have not been applied and are not reflected therein. This information is provided for illustrative purposes only and should not be considered in isolation from, or as a substitute for, the historical financial statements of Genius Sports.

Our independent auditors have not audited, reviewed, compiled, or performed any procedures with respect to the projections for the purpose of their inclusion in this press release and, accordingly, have not expressed an opinion or provided any other form of assurance with respect thereto for the purpose of this press release. The assumptions and estimates underlying the projected information are inherently uncertain and are subject to a wide variety of significant business, economic and competitive risks and uncertainties that could cause actual results to differ materially from those contained in the projected information. Various factors could cause actual future results to differ materially from those currently estimated by management, including, but not limited to, the risks described below and in Genius’ filings with the U.S. Securities and Exchange Commission. Accordingly, there can be no assurance that our actual results will not differ materially from those presented in the projected information. Inclusion of the projected information in this press release should not be regarded as a representation by any person that the results contained in the projected information will be achieved.

Forward-Looking Statements

This press release contains forward-looking statements as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that involve significant risks and uncertainties. All statements other than statements of historical facts are forward-looking statements, including but not limited to statements relating to the results of the combined company, the benefits from the acquisition of Legend (the “Transaction”) and our updated financial outlook. These forward-looking statements include information about our possible or assumed future results of operations or our performance. Words such as “expects,” “intends,” “plans,” “believes,” “anticipates,” “estimates,” and variations of such words and similar expressions are intended to identify such forward looking statements. Although we believe that the forward-looking statements contained in this press release are based on reasonable assumptions, you should be aware that many factors could affect our actual financial results or results of operations and could cause actual results to differ materially from those in such forward-looking statements, including but not limited to: the outcome of any legal proceedings related to the Transaction or otherwise, including the risk of shareholder litigation in connection with the Transaction, including resulting expense; the ability of the combined company to successfully manage legal, tax and regulatory risks relating to the Transaction; difficulties and delays in integrating Legend’s business into that of Genius’ business; failing to fully realize anticipated cost savings and other anticipated benefits of the Transaction when expected or at all; business disruptions from the Transaction that will harm the combined company’s business, including current plans and operations; potential adverse reactions or changes to business relationships resulting from the completion of the Transaction; the ability of the combined company to retain and hire key personnel; the diversion of management’s attention from ongoing business operations; uncertainty as to the long-term value of the ordinary shares of Genius following the Transaction, including the dilution caused by Genius’ issuance of additional shares as earn-out consideration; the continued availability of capital and financing following the Transaction; the effects of global economic, political, market, and social events or other conditions; risks related to our reliance on relationships with sports organizations and the potential loss of such relationships or failure to renew or expand existing relationships; fraud, corruption or negligence related to sports events, or by our employees or contracted statisticians; risks related to changes in domestic and foreign laws and regulations or their interpretation; compliance with applicable data protection and privacy laws; pending litigation and investigations; the failure to protect or enforce our proprietary and intellectual property rights; claims for intellectual property infringement; our reliance on information technology; elevated interest rates and inflationary pressures, including fluctuating foreign currency and exchange rates; risks related to domestic and international political and macroeconomic uncertainty; our share repurchase program; and other factors included under the heading “Risk Factors” in our Annual Report on Form 20-F for the year ended December 31, 2025.

Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Although we believe that the expectations reflected in such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. These statements involve known and unknown risks and are based upon a number of assumptions and estimates which are inherently subject to significant uncertainties and contingencies, many of which are beyond our control. Actual results may differ materially from those expressed or implied by such forward-looking statements. We undertake no obligation to publicly update or revise any forward-looking statements contained in this press release, or the documents or communications to which we refer readers in this press release, to reflect any change in our expectations with respect to such statements or any change in events, conditions or circumstances upon which any statement is based.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260507731693/en/

Media

Tony Marlow, Chief Marketing Officer

+1 (917) 767-9826

[email protected]

Investors

Brandon Bukstel, Investor Relations Manager

+1 (954)-554-7932

[email protected]

KEYWORDS: New York Europe United States United Kingdom North America

INDUSTRY KEYWORDS: Other Technology Software Artificial Intelligence Data Management Casino/Gaming Professional Services Technology Entertainment General Sports Basketball Data Analytics Tennis Sports Advertising Communications Media Soccer General Entertainment

MEDIA:

Logo

Posted on May 7, 2026 7:16 am
Entrada Therapeutics Announces Positive Topline Results from Cohort 1 of Participants with Duchenne Muscular Dystrophy Treated with ENTR-601-44 in Phase 1/2 ELEVATE-44-201 Study

— Achieved the primary objective with favorable safety and tolerability, no discontinuations and no serious adverse events —

— Markers of kidney function via eGFR, Cystatin C and magnesium were all within normal ranges and comparable to placebo —

— Observed lower plasma exposure in Cohort 1 participants who are all between six and 17 years of age when compared with healthy adult volunteers; A similar trend was seen between recently received juvenile and adult NHP PK data —

— Consequently, Cohort 1 demonstrated an increase of 2.36% in dystrophin over a baseline of 4.00% and an increase of 2.31% in exon skipping over a baseline of 2.66% in treated participants —

— Statistically significant and potentially differentiated improvement in treated participants versus placebo in Time to Rise velocity, a clinically validated functional measurement —

— Company’s updated PK modeling predicts Cohort 2, building upon Cohort 1 data and combined with the recently received juvenile NHP data, will result in a significant increase of plasma AUC and substantially higher dystrophin levels with continued benefit in muscle function —

— Company has initiated dosing of ELEVATE-44-201 Cohort 2 at the increased dose of 12 mg/kg and is on track to report data by year-end 2026 —

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

BOSTON, May 07, 2026 (GLOBE NEWSWIRE) — Entrada Therapeutics, Inc. (Nasdaq: TRDA) today announced positive topline data from Cohort 1 of the double-blind, placebo-controlled, multiple ascending dose (MAD) portion of the Phase 1/2 ELEVATE-44-201 clinical study. ELEVATE-44-201 is a clinical study of ENTR-601-44 in ambulatory participants ages four to 20 with a confirmed mutation in the DMD gene amenable to exon 44 skipping. Study participants in Cohort 1 were randomized 3:1 to receive three doses of 6 mg/kg of ENTR-601-44, the lead investigational product in Entrada’s Duchenne muscular dystrophy (DMD) franchise, or placebo. Muscle biopsies were performed at the time of screening and six weeks after the last dose.

The average age of treated participants in the Cohort 1 study was 9.3 years old with a mean age of disease onset of 2.2 years. Per protocol, all participants were ambulatory and all were on a stable dose of steroids. Baseline dystrophin in both the placebo and treatment population was also lower than that reported in competitive exon 44 skipping clinical studies. This is also notable, as treatment response generally correlates with higher baseline dystrophin levels.

Table 1: Demographics and baseline characteristics

The results demonstrated a favorable safety and tolerability profile with no reported serious adverse events (SAEs) and no adverse events (AEs) leading to discontinuation from the study. Markers of kidney function were normal.

“The first dosing cohort readout from ELEVATE-44-201 is a major step forward, showing that ENTR-601-44 has a strong safety profile and is driving important, clinically meaningful and potentially differentiated early functional benefits. We were very encouraged to see that the Cohort 1 data delivered statistically significant improvement in Time to Rise velocity across participants treated with ENTR-601-44. TTR velocity is an approvable clinical endpoint in Phase 3 studies and importantly, ENTR-601-44’s TTR velocity data are compelling and we believe differentiated,” said Dipal Doshi, Chief Executive Officer at Entrada Therapeutics. “We were initially surprised to see a significant difference in the pharmacokinetics between juveniles and adults; however the consistency seen between our recently received juvenile nonhuman primate (NHP) data and the Cohort 1 participant data explains these differences. This clear explanation gives us confidence that we will see higher plasma exposure, which we expect will drive continued functional responses in Cohort 2. We are incredibly grateful to those living with Duchenne, their care partners and the study investigators and personnel who are taking part in our clinical study.”

All study participants in Cohort 1 have now progressed to the open-label, Phase 2 portion of the study, where they will receive six additional doses of 6 mg/kg of ENTR-601-44. Additional study participants are now being dosed in Cohort 2, in which they will receive three doses of 12 mg/kg of ENTR-601-44 or placebo. The Company expects to report results from the Cohort 1 open-label study and Cohort 2 MAD study by year-end 2026, with data from Cohort 3 (up to 18 mg/kg) to follow.

Natarajan Sethuraman, PhD, President of R&D at Entrada Therapeutics, said, “We believe we have a highly differentiated delivery mechanism, including the ability to access quiescent satellite cells. Access to satellite cells enables the repair of existing muscle fibers and importantly, the formation of new healthy fibers. These drivers are emerging as a potentially significant competitive differentiator and may explain why the dystrophin levels in Cohort 1 were sufficient to improve TTR velocity.”

Dr. Sethuraman further commented, “Safety and functional benefit are at the forefront of consideration for patients. Our Cohort 1 data show that ENTR-601-44 is safe at the 6 mg/kg dose and is promoting early functional benefit which represent an important point of differentiation versus other approved and investigational approaches. We look forward to seeing the results from our Cohort 1 open-label and Cohort 2 MAD study later this year.”

Highlights from the topline results of Cohort 1 ELEVATE-44-201 include:

Safety and tolerability

Favorable safety and tolerability with ENTR-601-44 at the 6 mg/kg dose.

All treatment emergent adverse events (TEAEs) were mild to moderate.

No reported SAEs and no AEs leading to discontinuation from the study.

The most common AE was headache.

Markers of kidney function including eGFR, Cystatin C and magnesium were within normal ranges and comparable to placebo.

There were no discontinuations and all eight Cohort 1 participants have transitioned to the open-label portion of the study.

Table 2: Adverse events: All TEAEs were mild to moderate

Table 3: Renal markers were within normal range and comparable to placebo

(Participant-level data)

Pharmacokinetics

Consistent with the recently received data in juvenile NHPs, the Company observed a lower-than-expected plasma C_max and AUC (area under the curve) in pediatric DMD participants when compared with that seen in healthy adult volunteers and the adult NHPs. The levels observed in Cohort 1 were in line with the exposures observed in juvenile NHPs, thus providing confidence on future modeling of exposure. Updated modeling, following review of the juvenile NHP data, suggest that the AUC will significantly increase in Cohort 2, resulting in higher muscle concentration, exon skipping and dystrophin production. The DMD community at large continues to learn about the biology of Duchenne and the relationship between dystrophin and functional benefit. Despite the drug plasma concentration and dystrophin levels, the Company obtained earlier-than-expected functional responses that were both statistically significant and clinically meaningful.

Efficacy and functional improvement

Mean change in TTR velocity is a robust, low variability measure which carries the largest absolute and proportional annual signal and is used as an early prognostic factor for disease progression and loss of ambulation. Cohort 1 results demonstrated a statistically significant improvement in mean TTR velocity in treated versus placebo participants (p<.05, post hoc analysis) which was 3.5 times higher than the minimal clinically important difference (MCID) threshold of 0.023, suggesting ENTR-601-44 is potentially changing the trajectory of the disease.

Positive change in TTR velocity was seen across the majority of participants, irrespective of their severity of disease or age, which likely supports that Cohort 1’s functional benefit represents a true drug-related effect.

Further, the end of Cohort 1 dystrophin levels correlated with the end of Cohort 1 TTR velocity improvement, suggesting that dystrophin production in both damaged muscle fibers and activated satellite cells may have crossed a critical threshold for functional improvement.

Importantly, a majority of participants on treatment achieved functional benefit.

In ELEVATE-44-201 Cohort 1, a statistically significant change from baseline in TTR velocity was observed:

Mean change in TTR velocity versus placebo of 0.115.

Mean change in TTR velocity for the treatment group of 0.08.

Demonstrated 2.36% increase in dystrophin over 4.00% baseline in treated participants.

Demonstrated 2.31% increase in exon skipping over 2.66% baseline in treated participants.

“The topline results from Cohort 1 of the ELEVATE-44-201 study are promising. Individuals with Duchenne are in urgent need of new treatments that can provide functional improvements while also offering a more targeted treatment option,” said Dr. Laurent Servais, Professor of Paediatric Neuromuscular Diseases at the University of Oxford and principal investigator in the ELEVATE-44-201 clinical study. “For those living with Duchenne, a therapy that could lead to both near- and long-term improvements in functional outcomes would be an important breakthrough. I am excited to be a part of this clinical study and look forward to the data from Cohort 2.”

Investor Webcast and Conference Call Information

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

Patients and Their Care Partners

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

About the ELEVATE-44-201 Phase 1/2 Study

ELEVATE-44-201 is a global, two-part, randomized, double-blind, placebo-controlled Phase 1/2 study evaluating the safety, tolerability and effectiveness of ENTR-601-44 in ambulatory participants ages four to 20 with Duchenne who are exon 44 skipping amenable. The multiple ascending dose (MAD) Part A portion of the study is evaluating the safety, pharmacokinetics, pharmacodynamics and functional parameters following intravenous administration of ENTR-601-44 to study participants in three cohorts at sites in the U.K. and EU. The Cohort 1 MAD portion of the study enrolled eight participants ages six to 17 with Duchenne. They were randomized 3:1 to receive ENTR-601-44 at a dose of 6 mg/kg or placebo, administered intravenously. During this double-blind period, doses were administered on days one, 43 and 85, and muscle biopsies were performed at the time of screening and at six weeks after the last dose. Following the initial three doses administered in Part A, all participants continued into the Phase 2, open-label portion in which the safety and efficacy of ENTR-601-44 are evaluated over a longer period of time.

About ENTR-601-44

ENTR-601-44 is a proprietary Endosomal Escape Vehicle (EEV™)-conjugated oligonucleotide that has a sequence designed and optimized for people with a confirmed mutation in the DMD gene that is amenable to exon 44 skipping, which comprises approximately eight percent of the Duchenne patient population globally. ENTR-601-44 is designed to address the underlying cause of Duchenne, facilitating production of functional dystrophin from the endogenous (naturally occurring) DMD gene.

In December 2025, the U.S. Food and Drug Administration (FDA) granted Rare Pediatric Disease Designation to ENTR-601-44.

About Duchenne Muscular Dystrophy

Duchenne muscular dystrophy (DMD) is a rare disease caused by mutations in the DMD gene, which encodes for the dystrophin protein. These mutations lead to inadequate dystrophin production. Dystrophin is essential to maintaining the structural integrity and function of muscle cells. Lack of functional dystrophin leads to progressive loss of muscle strength, impacting mobility and causing heart or respiratory complications that contribute to high mortality rates. An estimated 41,000 people in the U.S. and Europe are living with Duchenne. Of those, 14,000 are amenable to exon 44, 45, 50 and 51 skipping.

About Entrada Therapeutics

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

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

Forward-Looking Statements

This press release contains express and implied forward-looking statements that involve substantial risks and uncertainties. All statements, other than statements of historical facts, contained in this press release, including statements regarding Entrada’s strategy, future operations, prospects and plans, objectives of management, the validation and differentiation of Entrada’s approach and EEV platform and its ability to provide a potential treatment for patients, the timing of data from Entrada’s Phase 1/2 MAD clinical study of ENTR-601-44, including the Cohort 1 open-label study and Cohort 2 MAD by year-end 2026 with data from Cohort 3 to follow, the ability to recruit for and complete the global Phase 2 clinical study for ENTR-601-44, the potential of TTR velocity data observed in Cohort 1 to predict clinically meaningful and potentially differentiated early functional benefits, expectations regarding the Cohort 1 open-label portion of ENTR-601-44, expectations regarding Cohort 2 of ENTR-601-44, including the potential for higher plasma concentrations with a significant increase in plasma exposure, higher muscle concentrations, exon skipping, dystrophin production and substantially higher dystrophin levels, a deepening of functional responses, the potential for further enhanced muscle function, and continued functional benefit, expectations regarding planned Cohort 3 of Entrada’s ELEVATE-44-201 study, the potential therapeutic benefits of Entrada’s EEV product candidates, including the potential for ENTR-601-44 to be a transformative treatment option, the continued development and advancement of ENTR-601-44, ENTR-601-45, ENTR-601-50, and ENTR-601-51 for the treatment of DMD and the partnered product candidate VX-670 for the potential treatment of DM1, the ability to continue to expand and develop additional therapeutic programs and modalities, including further exon skipping programs and the potential treatment of neuromuscular and inherited retinal diseases, constitute forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “objective,” “ongoing,” “plan,” “predict,” “project,” “potential,” “should,” or “would,” or the negative of these terms, or other comparable terminology are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Entrada may not actually achieve the plans, intentions or expectations disclosed in these forward-looking statements, and you should not place undue reliance on these forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in these forward-looking statements as a result of various important factors, including: uncertainties inherent in the identification and development of product candidates, including the conduct of research activities and the initiation and completion of preclinical studies and clinical studies; uncertainties as to the availability and timing of results from preclinical and clinical studies; the timing of and Entrada’s ability to submit and obtain regulatory clearance and initiate clinical studies; whether results from preclinical studies or clinical studies will be predictive of the results of later preclinical studies and clinical studies; whether Entrada’s cash resources will be sufficient to fund the Company’s foreseeable and unforeseeable operating expenses and capital expenditure requirements; as well as the risks and uncertainties identified in Entrada’s filings with the Securities and Exchange Commission (SEC), including the Company’s most recent Form 10-K and in subsequent filings Entrada may make with the SEC. In addition, the forward-looking statements included in this press release represent Entrada’s views as of the date of this press release. Entrada anticipates that subsequent events and developments will cause its views to change. However, while Entrada may elect to update these forward-looking statements at some point in the future, it specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing Entrada’s views as of any date subsequent to the date of this press release.

Investor and Media Contact

Karla MacDonald
Chief Corporate Affairs Officer
[email protected] Patient Advocacy Contact

Sarah Friedhoff
Head of Patient Advocacy
[email protected]

Photos accompanying this announcement are available at:

https://www.globenewswire.com/NewsRoom/AttachmentNg/85d2df5e-d704-4ac3-9f40-b22b777ab67a

https://www.globenewswire.com/NewsRoom/AttachmentNg/374e15d0-cdb6-4bd4-9d2d-82f29b78411c

https://www.globenewswire.com/NewsRoom/AttachmentNg/f284b659-1630-47b8-9529-9984b005761e

Posted on May 7, 2026 7:15 am
Arrow Electronics Reports First-Quarter 2026 Results

Arrow Electronics Reports First-Quarter 2026 Results

–Total Revenue of $9.5 billion, up 39%, Above High End of Guidance–

–Earnings Per Share of $4.55 and Non-GAAP Earnings Per Share of $5.22, Both Above High End of Guidance–

CENTENNIAL, Colo.–(BUSINESS WIRE)–
Arrow Electronics, Inc. (NYSE:ARW) today announced financial results for its first quarter of 2026.

“The first quarter marked a strong start to 2026 as total revenue, profit margins, and EPS grew significantly year over year, exceeding our guidance ranges,” said Bill Austen, Arrow’s interim president and chief executive officer. “We saw continued operational momentum across both Global Components and ECS, supported by an accelerated recovery that spanned geographies and industry verticals, improved book-to-bill ratios, and a healthy backlog that continues to build.”

“Looking ahead, we are confident the progress we are achieving positions us well to continue executing our strategy with discipline. This is supported by the continued expansion of our higher margin, value‑added offerings, a scalable cost structure, and a focused capital allocation framework. Together, these initiatives position us to drive profitable growth and deliver long‑term value for our customers and shareholders.”

Arrow Consolidated

Quarter Ended

April 4,

March 29,

(in millions except per share data)

2026

2025

Change

Consolidated sales

$

9,474

$

6,814

39

%

Net income attributable to shareholders

235

80

195

%

Net income per diluted share

4.55

1.51

201

%

Non-GAAP net income attributable to shareholders ⁽¹⁾

270

95

185

%

Non-GAAP net income per diluted share ⁽¹⁾

5.22

1.80

190

%

In the first quarter of 2026, sales increased 39 percent year over year, and increased 34 percent year over year on a constant currency basis. Changes in foreign currencies had a positive impact on growth of $274 million on sales and $0.07 on earnings per share on a diluted basis compared to the first quarter of 2025.

Global Components

Quarter Ended

April 4,

March 29,

(in millions)

2026

2025

Change

Global components sales

$

6,640

$

4,778

39

%

Global components operating income

364

171

112

%

Global components non-GAAP operating income ⁽¹⁾

365

173

111

%

In the first quarter of 2026, global components sales increased 39 percent year over year and increased 35 percent year over year on a constant currency basis. Americas components first-quarter sales increased 47 percent year over year. EMEA components first-quarter sales increased 32 percent year over year and increased 19 percent year over year on a constant currency basis. Asia-Pacific components first-quarter sales increased 37 percent year over year and increased 36 percent year over year on a constant currency basis.

Global Enterprise Computing Solutions (“ECS”)

Quarter Ended

April 4,

March 29,

(in millions)

2026

2025

Change

Global ECS sales

$

2,833

$

2,036

39

%

Global ECS operating income

104

77

34

%

Global ECS non-GAAP operating income ⁽¹⁾

105

78

34

%

In the first quarter of 2026, Global ECS sales increased 39 percent year over year, and increased 32 percent year over year on a constant currency basis. Global ECS gross billings increased 39 percent year over year. Global ECS first-quarter operating income and non-GAAP operating income increased 34 percent year over year. EMEA ECS first-quarter sales increased 46 percent year over year and increased 33 percent year over year on a constant currency basis. Americas ECS first-quarter sales increased 30 percent year over year.

Other Financial Information

In the first quarter of 2026, Arrow generated $700 million of cash flow from operations partly due to the timing of cash flows within Arrow’s supply chain services offering. Arrow also repurchased $25 million of shares in the first quarter.

¹ A reconciliation of non-GAAP financial measures to GAAP financial measures is presented in the reconciliation tables included herein.

Second-Quarter 2026 Outlook

Consolidated sales of $9.15 billion to $9.75 billion, with global components sales of $6.80 billion to $7.20 billion, and global enterprise computing solutions sales of $2.35 billion to $2.55 billion

Net income per share on a diluted basis of $3.91 to $4.11, and non-GAAP net income per share on a diluted basis of $4.32 to $4.52

Average tax rate in the range of 23 percent to 25 percent

Interest expense of approximately $60 million

Changes in foreign currencies to increase sales by approximately $117 million, and earnings per share on a diluted basis by $0.11 compared to the second quarter of 2025

Changes in foreign currencies to increase quarter-over-quarter growth in sales by $21 million, and earnings per share on a diluted basis to increase by $0.03 compared to the first quarter of 2026

Second-Quarter 2026 GAAP to non-GAAP Outlook Reconciliation

NON-GAAP SALES RECONCILIATION

Quarter Ended

Quarter Ended

July 4,

June 28,

July 4,

April 4,

(in billions)

2026

2025

% Change

2026

2026

% Change

Global components sales, GAAP

$

6.80 – 7.20

$

5.28

29% – 36%

$

6.80 – 7.20

$

6.64

2% – 8%

Impact of changes in foreign currencies

—

0.07

—

0.01

Global components sales, constant currency

$

6.80 – 7.20

$

5.35

27% – 34%

$

6.80 – 7.20

$

6.65

2% – 8%

Global ECS sales, GAAP

$

2.35 – 2.55

$

2.30

2% – 11%

$

2.35 – 2.55

$

2.83

(17)% – (10)%

Impact of changes in foreign currencies

—

0.05

—

0.01

Global ECS sales, constant currency

$

2.35 – 2.55

$

2.35

0% – 9%

$

2.35 – 2.55

$

2.84

(17)% – (10)%

NON-GAAP EARNINGS RECONCILIATION

Reported

Intangible amortization

Restructuring &

GAAP measure

expense

integration charges

Non-GAAP measure

Net income per diluted share

$3.91 to $4.11

$0.07

$0.34

$4.32 to $4.52

Earnings Presentation

Please refer to the earnings presentation, which can be found at investor.arrow.com, as a supplement to the company’s earnings release. The company may use this website as a means of disclosing material, non-public information and for complying with its disclosure obligations under Regulation FD. Accordingly, investors should monitor the website noted above, in addition to following the company’s press releases, SEC filings, and public conference calls and webcasts.

Webcast and Conference Call Information

Arrow Electronics will host a conference call to discuss first-quarter 2026 financial results on May 7, 2026, at 8:30 a.m. ET.

A live webcast of the conference call will be available via the events section of investor.arrow.com or by accessing the webcast link directly at https://events.q4inc.com/attendee/218062703. Shortly after the conclusion of the conference call, a webcast replay will be available on the Arrow website for one year.

About Arrow Electronics

Arrow Electronics (NYSE:ARW) sources and engineers technology solutions for thousands of leading manufacturers and service providers. With global 2025 sales of $30.9 billion, Arrow’s portfolio enables technology across major industries and markets. Learn more at arrow.com.

Key Business Metrics

Management uses gross billings as an operational metric to monitor operating performance of its global ECS reportable segment, including sales performance by geographic region, as it provides meaningful supplemental information to the reader in evaluating the overall performance of the global ECS business. The company uses this key metric to develop financial forecasts, make strategic decisions, and prepare and approve annual budgets. Gross billings represent amounts invoiced to customers for goods and services during a specified period and do not include the impact of recording sales on a net basis or sales adjustments, such as trade discounts and other allowances. The use of gross billings has certain limitations as an analytical tool and should not be considered in isolation or as a substitute for revenue.

Information Relating to Forward-Looking Statements

This press release includes “forward-looking statements,” as the term is defined under the federal securities laws. Forward-looking statements are those statements which are not statements of historical or current fact. These forward-looking statements can be identified by forward-looking words such as “expects,” “anticipates,” “intends,” “plans,” “may,” “will,” “would,” “could,” “believes,” “seeks,” “projected,” “potential,” “estimates,” and similar expressions, and include, but are not limited to, statements regarding: Arrow’s future financial performance, including its outlook on financial results for the second quarter of fiscal 2026 such as sales, net income per diluted share, non-GAAP net income per diluted share, average tax rate, interest and other expense, impact to sales due to changes in foreign currencies, intangible amortization expense per diluted share, restructuring and integration charges per diluted share, the timing of the completion of the Operating Expense Efficiency Plan (the “Plan”) and Arrow’s estimated costs and expected operating expense reductions from the Plan, industry trends and expectations regarding market demand and conditions, and shareholder returns. These and other forward-looking statements are subject to numerous assumptions, risks, and uncertainties, which could cause actual results or facts to differ materially from such statements for a variety of reasons, including, but not limited to: unfavorable economic conditions or changes, including those that may occur in connection with recession, inflation, tax rates, foreign currency exchange rates, or the availability of capital; political instability and changes; impacts of military conflict and sanctions; trade protection measures, tariffs, increased trade tensions, trade agreements and policies, and other restrictions, duties, and value-added taxes, and the associated macroeconomic impacts; disruptions, shortages, or inefficiencies in the supply chain; non-compliance with certain laws, regulations, or executive orders, such as trade, export, antitrust, and anti-corruption laws, or regulatory restrictions relating to the company or its subsidiaries or the permissibility of third-parties to transact therewith; the inability to realize sufficient sales to cover non-cancellable purchase obligations under certain ECS distribution agreements; management transitions, including the company’s search for a permanent CEO; the incurrence of unanticipated charges or failure to realize contemplated cost savings in connection with the Plan; changes in product supply, pricing, and customer demand; increased profit-margin pressure resulting from industry conditions, competition, or other factors; changes in relationships with key suppliers; other vagaries in the Global Components and the Global ECS markets; changes to applicable laws, regulations, executive orders, or rules relating to government contractors and the resulting legal and reputational exposure, including but not limited to those relating to environmental, social, governance, cybersecurity, data privacy, and artificial intelligence issues; commercial disputes, patent infringement claims, product liability lawsuits, or other legal proceedings; foreign tax and other loss contingencies; failure, disruption, or compromise of the company’s information systems or those of a third-party service provider, including unauthorized use or disclosure of company, supplier, or customer information; outbreaks, epidemics, pandemics, or public health crises; the effects of natural or man-made catastrophic events; and the company’s ability to generate positive cash flow. For a further discussion of these and other factors that could cause the company’s future results to differ materially from any forward-looking statements, see the section entitled “Risk Factors” in the company’s most recent Quarterly Report on Form 10-Q and the company’s most recent Annual Report on Form 10-K, as well as in other filings the company makes with the Securities and Exchange Commission. Shareholders and other readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. The company undertakes no obligation to update publicly or revise any of the forward-looking statements.

Certain Non-GAAP Financial Information

In addition to disclosing financial results that are determined in accordance with accounting principles generally accepted in the United States (“GAAP”), the company also provides certain non-GAAP financial information. The company provides the following non-GAAP metrics: sales, operating income (including by business segment), income before income taxes, provision for income taxes, consolidated net income, noncontrolling interest, net income attributable to shareholders, effective tax rate, and net income per share on a diluted basis. The foregoing non-GAAP measures are adjusted by certain of the following, as applicable: impact of changes in foreign currencies (referred to as “changes in foreign currencies” or “on a constant currency basis”) by re-translating prior-period results at current period foreign exchange rates; identifiable intangible asset amortization, restructuring, integration, and other; net gains (losses) on investments; and inventory write downs (recoveries) related to the wind down of a businesses within global components (“impact of wind down”). Management believes that providing this additional information is useful to the reader to better assess and understand the company’s operating performance and future prospects in the same manner as management, especially when comparing results with previous periods. Management typically monitors the business as adjusted for these items, in addition to GAAP results, to understand and compare operating results across accounting periods, for internal budgeting purposes, for short- and long-term operating plans, and to evaluate the company’s financial performance. However, analysis of results on a non-GAAP basis should be used as a complement to, in conjunction with, and not as a substitute for, data presented in accordance with GAAP.

ARROW ELECTRONICS, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands except per share data)

(Unaudited)

Quarter Ended

April 4, 2026

March 29, 2025

Sales

$

9,473,548

$

6,814,017

Cost of sales

8,383,088

6,040,025

Gross profit

1,090,460

773,992

Operating expenses:

Selling, general, and administrative

656,141

562,316

Depreciation and amortization

36,053

35,810

Restructuring, integration, and other

36,664

17,313

728,858

615,439

Operating income

361,602

158,553

Equity in earnings of affiliated companies

896

1,320

(Loss) gain on investments, net

(5,792

)

140

Post-retirement expense

(962

)

(622

)

Interest and other financing expense, net

(48,484

)

(56,182

)

Income before income taxes

307,260

103,209

Provision for income taxes

71,230

23,345

Consolidated net income

236,030

79,864

Noncontrolling interests

924

144

Net income attributable to shareholders

$

235,106

$

79,720

Net income per share:

Basic

$

4.58

$

1.53

Diluted

$

4.55

$

1.51

Weighted-average shares outstanding:

Basic

51,321

52,266

Diluted

51,707

52,674

ARROW ELECTRONICS, INC.

CONSOLIDATED BALANCE SHEETS

(In thousands except par value)

(Unaudited)

April 4,

December 31,

2026

2025

ASSETS

Current assets:

Cash and cash equivalents

$

286,512

$

306,467

Accounts receivable, net

25,961,193

19,738,666

Inventories

5,722,706

5,081,863

Other current assets

584,831

533,035

Total current assets

32,555,242

25,660,031

Property, plant, and equipment, at cost:

Land

5,691

5,691

Buildings and improvements

208,821

199,433

Machinery and equipment

1,722,427

1,715,415

1,936,939

1,920,539

Less: Accumulated depreciation and amortization

(1,465,448

)

(1,445,889

)

Property, plant, and equipment, net

471,491

474,650

Investments in affiliated companies

59,226

59,315

Intangible assets, net

72,251

77,022

Goodwill

2,109,008

2,120,071

Other assets

686,752

687,049

Total assets

$

35,953,970

$

29,078,138

LIABILITIES AND EQUITY

Current liabilities:

Accounts payable

$

24,739,718

$

17,383,796

Accrued expenses

1,434,256

1,461,261

Short-term borrowings, including current portion of long-term debt

113,371

341

Total current liabilities

26,287,345

18,845,398

Long-term debt

2,352,395

3,084,715

Other liabilities

498,509

489,326

Equity:

Shareholders’ equity:

Common stock, par value $1:

Authorized – 160,000 shares in both 2026 and 2025

Issued – 56,007 and 55,838 shares in 2026 and 2025, respectively

56,007

55,838

Capital in excess of par value

595,704

586,993

Treasury stock (4,923 and 4,768 shares in 2026 and 2025, respectively), at cost

(511,106

)

(483,571

)

Retained earnings

6,787,198

6,552,092

Accumulated other comprehensive loss

(186,132

)

(126,640

)

Total shareholders’ equity

6,741,671

6,584,712

Noncontrolling interests

74,050

73,987

Total equity

6,815,721

6,658,699

Total liabilities and equity

$

35,953,970

$

29,078,138

ARROW ELECTRONICS, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

(Unaudited)

Quarter Ended

April 4, 2026

March 29, 2025

Cash flows from operating activities:

Consolidated net income:

$

236,030

$

79,864

Adjustments to reconcile consolidated net income to net cash provided by operations:

Depreciation and amortization

36,053

35,810

Amortization of stock-based compensation

9,599

18,559

Equity in earnings of affiliated companies

(896

)

(1,320

)

Deferred income taxes

9,754

(5,841

)

Loss (gain) on investments, net

5,871

(32

)

Other

8,104

(678

)

Change in assets and liabilities:

Accounts receivable, net

(6,280,326

)

731,226

Inventories

(656,543

)

(62,384

)

Accounts payable

7,390,689

(251,057

)

Accrued expenses

6,910

(79,683

)

Other assets and liabilities

(65,493

)

(112,785

)

Net cash provided by operating activities

699,752

351,679

Cash flows from investing activities:

Acquisition of property, plant, and equipment

(32,108

)

(24,979

)

Net cash used for investing activities

(32,108

)

(24,979

)

Cash flows from financing activities:

Change in short-term and other borrowings

2,681

180,616

Repayments of long-term bank borrowings, net

(623,096

)

(464,223

)

Proceeds from exercise of stock options

5,038

904

Repurchases of common stock

(33,292

)

(59,413

)

Net cash used for financing activities

(648,669

)

(342,116

)

Effect of exchange rate changes on cash

(38,930

)

58,491

Net (decrease) increase in cash and cash equivalents

(19,955

)

43,075

Cash and cash equivalents at beginning of period

306,467

188,807

Cash and cash equivalents at end of period

$

286,512

$

231,882

ARROW ELECTRONICS, INC.

ECS Gross Billings

(In thousands)

(Unaudited)

Global Enterprise Computing Solutions – Gross Billings⁽¹⁾

Quarter Ended

April 4,

March 29,

2026

2025

% Change

Gross billings:

Americas ECS

$

2,959,611

$

2,307,737

28.2

%

EMEA ECS

3,473,712

2,331,217

49.0

%

Global ECS

$

6,433,323

$

4,638,954

38.7

%

_________________

(1)
Refer to page 4 for discussion about key business metrics. Gross billings are not a substitute for revenue.

ARROW ELECTRONICS, INC.

NON-GAAP SALES RECONCILIATION

(In thousands)

(Unaudited)

Quarter Ended

April 4, 2026

March 29, 2025

% Change

Consolidated sales, as reported

$

9,473,548

$

6,814,017

39.0

%

Impact of changes in foreign currencies

—

273,514

Consolidated sales, constant currency

$

9,473,548

$

7,087,531

33.7

%

Global components sales, as reported

$

6,640,335

$

4,777,722

39.0

%

Impact of changes in foreign currencies

—

154,698

Global components sales, constant currency

$

6,640,335

$

4,932,420

34.6

%

Americas components sales, as reported

$

2,312,147

$

1,568,570

47.4

%

Impact of changes in foreign currencies

—

588

Americas components sales, constant currency

$

2,312,147

$

1,569,158

47.3

%

EMEA components sales, as reported

$

1,765,179

$

1,340,001

31.7

%

Impact of changes in foreign currencies

—

142,292

EMEA components sales, constant currency

$

1,765,179

$

1,482,293

19.1

%

Asia components sales, as reported

$

2,563,009

$

1,869,151

37.1

%

Impact of changes in foreign currencies

—

11,818

Asia components sales, constant currency

$

2,563,009

$

1,880,969

36.3

%

Global ECS sales, as reported

$

2,833,213

$

2,036,295

39.1

%

Impact of changes in foreign currencies

—

118,816

Global ECS sales, constant currency

$

2,833,213

$

2,155,111

31.5

%

Americas ECS sales, as reported

$

1,185,050

$

909,903

30.2

%

Impact of changes in foreign currencies

—

4,736

Americas ECS sales, constant currency

$

1,185,050

$

914,639

29.6

%

EMEA ECS sales, as reported

$

1,648,163

$

1,126,392

46.3

%

Impact of changes in foreign currencies

—

114,080

EMEA ECS sales, constant currency

$

1,648,163

$

1,240,472

32.9

%

ARROW ELECTRONICS, INC.

NON-GAAP EARNINGS RECONCILIATION

(In thousands except per share data)

(Unaudited)

Three months ended April 4, 2026

Reported

Intangible

Restructuring,

Impact of

GAAP

amortization

Integration

Wind

Non-GAAP

measure

expense

and other

Down⁽¹⁾

Other⁽²⁾

measure

Operating income

$

361,602

$

4,765

$

36,664

$

(2,248

)

$

—

$

400,783

Income before income taxes

307,260

4,765

36,664

(2,248

)

5,792

352,233

Provision for income taxes

71,230

1,164

8,052

(707

)

1,391

81,130

Consolidated net income

236,030

3,601

28,612

(1,541

)

4,401

271,103

Noncontrolling interests

924

—

—

—

—

924

Net income attributable to shareholders

$

235,106

$

3,601

$

28,612

$

(1,541

)

$

4,401

$

270,179

Net income per diluted share ⁽³⁾

$

4.55

$

0.07

$

0.55

$

(0.03

)

$

0.09

$

5.22

Effective tax rate ⁽⁴⁾

23.2

%

23.0

%

Three months ended March 29, 2025

Reported

Intangible

Restructuring,

Impact of

GAAP

amortization

Integration

Wind

Non-GAAP

measure

expense

and other

Down⁽¹⁾

Other⁽²⁾

measure

Operating income

$

158,553

$

5,360

$

17,313

$

(2,467

)

$

—

$

178,759

Income before income taxes

103,209

5,360

17,313

(2,467

)

(140

)

123,275

Provision for income taxes

23,345

1,316

4,351

(781

)

(33

)

28,198

Consolidated net income

79,864

4,044

12,962

(1,686

)

(107

)

95,077

Noncontrolling interests

144

132

—

—

—

276

Net income attributable to shareholders

$

79,720

$

3,912

$

12,962

$

(1,686

)

$

(107

)

$

94,801

Net income per diluted share ⁽³⁾

$

1.51

$

0.07

$

0.25

$

(0.03

)

$

—

$

1.80

Effective tax rate ⁽⁴⁾

22.6

%

22.9

%

_________________

(1)

Includes recoveries of inventory related to the wind down of businesses.

(2)

Other primarily includes loss (gain) on investments, net.

(3)

The sum of the components for non-GAAP diluted EPS, as adjusted may not agree to totals, as presented, due to rounding.

(4)

The items as shown in this table, represent the reconciling items for the tax rate as reported and as a non-GAAP measure.

ARROW ELECTRONICS, INC.

SEGMENT INFORMATION

(In thousands)

(Unaudited)

Quarter Ended

April 4,

March 29,

2026

2025

Sales:

Global components

$

6,640,335

$

4,777,722

Global ECS

2,833,213

2,036,295

Consolidated

$

9,473,548

$

6,814,017

Operating income:

Global components (a)

$

363,520

$

171,385

Global ECS (b)

103,738

77,314

Segment operating income

$

467,258

$

248,699

Corporate operating expenses (c)

(105,656

)

(90,146

)

Consolidated

$

361,602

$

158,553

(a)
Global Components operating income includes recoveries of $2.2 million and $2.5 million in inventory write-downs related to the wind down of a business for the first quarter of 2026 and 2025, respectively.

(b)
Global ECS gross profit margin decreased during the first quarter of 2026 compared with the year-earlier period primarily due to a $21.7 million loss related to underperformance of a certain non-cancellable multi-year purchase obligation.

(c)
Corporate unallocated operating expenses includes restructuring, integration, and other charges of $36.7 million and $17.3 million for the first quarter of 2026 and 2025, respectively.

ARROW ELECTRONICS, INC.

NON-GAAP SEGMENT RECONCILIATION

(In thousands)

(Unaudited)

Quarter Ended

April 4,

March 29,

2026

2025

Global components gross profit, as reported

$

806,748

$

554,945

Impact of wind down to inventory

(2,248

)

(2,467

)

Global components non-GAAP gross profit

$

804,500

$

552,478

Global components gross profit as a percentage of sales, as reported

12.1

%

11.6

%

Global components non-GAAP gross profit as a percentage of sales

12.1

%

11.6

%

Global ECS gross profit, as reported

$

283,712

$

219,047

Global ECS gross profit as a percentage of sales, as reported

10.0

%

10.8

%

Quarter Ended

April 4,

March 29,

2026

2025

Global components operating income, as reported

$

363,520

$

171,385

Intangible assets amortization expense

3,837

4,438

Impact of wind down to inventory

(2,248

)

(2,467

)

Global components non-GAAP operating income

$

365,109

$

173,356

Global components operating income as a percentage of sales, as reported

5.5

%

3.6

%

Global components non-GAAP operating income as a percentage of sales

5.5

%

3.6

%

Global ECS operating income, as reported

$

103,738

$

77,314

Intangible assets amortization expense

928

922

Global ECS non-GAAP operating income

$

104,666

$

78,236

Global ECS operating income as a percentage of sales, as reported

3.7

%

3.8

%

Global ECS non-GAAP operating income as a percentage of sales

3.7

%

3.8

%

View source version on businesswire.com: https://www.businesswire.com/news/home/20260507904503/en/

Investors:

Michael Nelson,

Vice President, Investor Relations

720-654-9893

Media:

John Hourigan,

Vice President, Public Affairs and Corporate Marketing

303-824-4586

KEYWORDS: Colorado United States North America

INDUSTRY KEYWORDS: Electronic Design Automation Engineering Technology Manufacturing Software Hardware

MEDIA:

Logo

Posted on May 7, 2026 7:14 am
Ligand Reports First Quarter 2026 Financial Results

First quarter performance driven by strong year-over-year royalty revenue growth of
56%

Reaffirms Previously Raised 2026 Full-Year Financial Guidance Reflecting Anticipated Partial-Year Contribution from Pending XOMA Royalty Acquisition

Conference call begins at 8:30 a.m. Eastern Time today

JUPITER, Fla., May 07, 2026 (GLOBE NEWSWIRE) — Ligand Pharmaceuticals Incorporated (Nasdaq: LGND) today reported financial results for the three months ended March 31, 2026, and provided an operating forecast and business update. Ligand management will host a conference call and webcast today at 8:30 a.m. Eastern Time to discuss the results and answer questions.

“The first few months of 2026 have already proven to be highly productive and transformative for Ligand,” said Todd Davis, CEO of Ligand. “In April, we announced a definitive agreement to acquire XOMA Royalty Corporation (“XOMA Royalty” or “XOMA”), a highly complementary business that we expect to accelerate both near and long-term growth. Upon closing, the transaction will add more than 120 commercial, clinical and preclinical-stage assets to our royalty portfolio, including seven commercial assets and 14 late-stage programs, and meaningfully diversify Ligand across therapeutic areas, stages of development, and biopharma partners. We were also pleased to see the full FDA approval of Filspari in focal segmental glomerulosclerosis (“FSGS”), a transformative milestone that further strengthens one of our most valuable royalty assets. Filspari is now the largest royalty contributor within our commercial portfolio and, as the first and only FDA-approved medicine for this rare and serious kidney disease, is well positioned to be a key driver of long-term royalty growth.”

First Quarter 2026 Financial Results

First-quarter 2026 results reflect continued strong momentum in the royalty business, with royalty revenue growing 56% year-over-year. Total revenues and income for the first quarter of 2026 were $51.7 million, compared with $45.3 million for the same period in 2025, with the 14% increase primarily driven by higher royalty revenue. Royalties for the first quarter of 2026 were $43.0 million, compared with $27.5 million for the same period in 2025, with the 56% increase primarily attributable to royalties earned on Travere Therapeutics’ Filspari and Merck’s Ohtuvayre and Capvaxive. Captisol^® sales were $8.7 million for the first quarter of 2026, compared with $13.5 million for the same period in 2025, with the decrease due to the timing of customer orders.

Cost of Captisol for the first quarter of 2026 was $3.3 million, compared with $4.8 million for the same period in 2025, with the change due to a decrease in Captisol sales. Amortization of intangibles was $8.1 million for the first quarter of 2026, compared with $8.3 million for the same period in 2025. Research and development expenses were $2.1 million for the first quarter of 2026, compared with $50.1 million for the same period in 2025. The first quarter of 2025 included a $44.3 million one-time charge in connection with the royalty financing agreement with Castle Creek Biosciences to fund the Phase 3 clinical study of D-Fi (FCX-007), which was accounted for as a research and development funding agreement under ASC 730-20, Research and Development Arrangements, and $2.7 million research and development expenses of our former Pelthos business. General and administrative expenses were $20.8 million for the first quarter of 2026, compared with $18.8 million for the same period in 2025. The increase primarily reflects higher employee-related costs, including increased headcount and share-based compensation, consistent with the Company’s continued investment in its business development and portfolio management functions.

Non-operating expense, net, was $41.6 million for the first quarter of 2026, compared with $14.0 million for the same period in 2025. The change was primarily attributable to a $49.2 million non-cash loss from changes in the fair value of the Company’s equity-method investment in Pelthos Therapeutics and Pelthos Series A Preferred Shares, partially offset by a $3.9 million gain from short-term investments and $4.9 million of net interest income.

GAAP net loss was $13.3 million, or $0.67 per share for the first quarter of 2026, compared with GAAP net loss of $42.5 million, or $2.21 per share, for the same period in 2025. Adjusted net income for the first quarter of 2026 was $34.6 million, or $1.63 per diluted share, representing growth of 30% and 23%, respectively, compared with $26.6 million, or $1.33 per diluted share, for the same period in 2025. The increase was primarily driven by the 56% year-over-year growth in royalty revenue. Adjusted net income represents a non-GAAP financial measure. See the table below for a reconciliation of net loss to adjusted net income.

As of March 31, 2026, Ligand had cash, cash equivalents, and short-term investments of $779.4 million, compared with $733.5 million at December 31, 2025.

2026 Financial Guidance Update

Ligand is reaffirming its 2026 full-year financial guidance, which was raised on April 27, 2026 in connection with the announced entry into a definitive agreement to acquire XOMA. The transaction is expected to close in the third quarter of 2026, subject to customary closing conditions, including approval by XOMA stockholders, and certain entity restructuring. The previously announced increase to guidance is entirely attributable to the anticipated partial-year contribution from XOMA and reflects: (i) incremental royalty revenue of approximately $25 million generated from XOMA’s commercial-stage portfolio, principally Vabysmo, Ojemda and Miplyffa; (ii) anticipated cost synergies resulting from the XOMA acquisition that are expected to substantially offset incremental operating expenses associated with the acquired business; partially offset by (iii) modestly lower other income, reflecting capital deployed to fund the XOMA acquisition and the related reduction in interest income on cash balances. The Company continues to expect adjusted earnings per diluted share¹ of approximately $8.50 to $9.50 and full-year 2026 royalty revenue to be in the range of $225 million to $250 million. Revenue from sales of Captisol is unchanged at $35 million to $40 million and contract revenue is unchanged at $10 million to $20 million, resulting in total revenue of $270 million to $310 million.

First Quarter 2026 Corporate Highlights and Portfolio Updates

On April 27, 2026, Ligand and XOMA, both biotechnology royalty aggregators, announced that the companies entered into a definitive agreement under which Ligand will acquire XOMA for $39.00 per share of common stock in cash. XOMA stockholders are expected to separately receive one non-transferable Contingent Value Right (“CVR”) per share entitling the holders to receive a portion of 75% of the net proceeds that may result from certain pending litigation at XOMA. The cash purchase price at close represents an approximately 14% premium to XOMA’s 30 trading day volume weighted average price as of April 24, 2026, the last trading day prior to announcement of the transaction. The transaction is expected to close in the third quarter of 2026, subject to customary closing conditions. Ligand intends to fund the transaction through a combination of cash on hand and borrowings under its existing revolving credit facility, and expects to retain sufficient capital capacity to continue executing its capital deployment strategy of investing approximately $150 million to $250 million annually in high-value royalty assets.

The acquisition further diversifies Ligand’s royalty portfolio across therapeutic areas such as ophthalmology, oncology, CNS and rare diseases and across stages of development and biopharma partners. The anticipated XOMA acquisition will add over 120 commercial, clinical, and preclinical-stage assets to Ligand’s broad and growing royalty portfolio, highlighted by Roche’s Vabysmo (faricimab-svoa), Day One Pharmaceuticals’, now Servier’s, Ojemda (tovorafenib), Zevra Therapeutics’ Miplyffa (arimoclomol), and 14 programs in late-stage development, highlighted by Takeda’s mezagitamab and certain assets from Takeda’s externalized asset portfolio, including osavampator, volixibat and OHB-607.

Filspari

On April 13, 2026, Travere announced the U.S. Food and Drug Administration (FDA) approved Filspari to reduce proteinuria in adult and pediatric patients aged 8 years and older with FSGS, in patients without nephrotic syndrome. Filspari is currently the first and only medicine approved by the FDA for the treatment of FSGS, marking its expansion beyond IgA nephropathy (IgAN) into a second rare kidney disease.

People with FSGS who do not have nephrotic syndrome span across different types of FSGS and represent a population aligned with the KDIGO guidelines for treating glomerular diseases. Travere estimates that the addressable population in the U.S. is more than 30,000 individuals with FSGS who do not have nephrotic syndrome.

On May 4, 2026, Travere announced first quarter results and recent business highlights:

Filspari achieved record 993 new patient start forms for IgAN in the U.S. in the first quarter; U.S. net product sales grew 88% year over year to $105 million

The first FSGS patients were treated within one week of approval

The SPARX Study evaluating Filspari in post-transplant patients with recurrent IgAN or FSGS is on track to complete enrollment in the second quarter of 2026

Qtorin rapamycin

On February 24, 2026, Palvella announced positive topline results from its Phase 3 SELVA study of Qtorin rapamycin for the treatment of microcystic lymphatic malformations (MLMs). The Phase 3 trial met its primary endpoint with statistically significant improvement on the Microcystic LM Investigator Global Assessment and achieved statistical significance on its pre-specified key secondary endpoint and all four secondary efficacy endpoints. Qtorin rapamycin was well tolerated, with no drug-related serious adverse events reported and systemic rapamycin levels below 2 ng/mL at all timepoints for all participants. 98% of participants who completed the efficacy evaluation period elected to continue to receive Qtorin rapamycin in the ongoing treatment extension period.

On March 31, 2026, Palvella announced fourth quarter results and recent business highlights:

NDA for Qtorin rapamycin for the treatment of MLM is on track for planned submission in second half of 2026

Accelerating U.S. launch readiness for Qtorin rapamycin for MLMs; potential to become the first FDA-approved therapy and first-line, standard-of-care treatment for this serious, lifelong disease affecting an estimated more than 30,000 diagnosed patients in the U.S.

Initiation of the Phase 3 trial of Qtorin rapamycin for the treatment of cutaneous venous malformations is planned for second half of 2026

Initiation of the Phase 2 trial of Qtorin rapamycin for the treatment of clinically significant angiokeratomas is planned for second quarter of 2026

On May 4, 2026, Palvella announced the first patients have been dosed in LOTU, a Phase 2 clinical trial designed to evaluate the safety and efficacy of Qtorin rapamycin for the treatment of clinically significant angiokeratomas. Clinically significant angiokeratomas represent a rare, chronic and debilitating lymphatic malformation with no FDA approved therapies and an estimated more than 50,000 diagnosed patients in the U.S. Topline results from the Phase 2 trial are expected in the second half of 2027.

Lasofoxifene

On March 26, 2026, LeonaBio announced fourth quarter results and recent business highlights:

Lasofoxifene is currently in a Phase 3 clinical trial in combination with abemaciclib, a CDK4/6 inhibitor, as a targeted therapy for estrogen receptor-positive (ER+), HER2-negative, ESR1-mutated metastatic breast cancer, a population with limited treatment options following progression on aromatase inhibitors and CDK4/6 inhibitors. The primary endpoint of the study is statistically significant improvement in progression free survival (PFS) as determined by blinded, independent central review (BICR). The ongoing Phase 3 trial aims to establish a new standard of care for this genetically defined patient group

LeonaBio is amending the ELAINE-3 trial protocol to increase the sample size from 500 participants to up to 600 participants. The primary goal of the amendment is to help ensure that the trial will have the appropriate number of disease progression events. The Company expects to complete enrollment of the Phase 3 ELAINE-3 clinical trial in the fourth quarter of 2026 and to have topline data in the second half of 2027

AVIM Therapy/Virtue SAB

On March 12, 2026, Orchestra BioMed announced fourth quarter results and recent business highlights:

Accelerated patient enrollment of the BACKBEAT global pivotal study, in collaboration with Medtronic, evaluating the efficacy and safety of AVIM Therapy for the treatment of uncontrolled hypertension in patients indicated for a pacemaker

Initiated patient enrollment in the Virtue SAB U.S. pivotal trial, a randomized head-to-head IDE registrational clinical trial comparing Virtue SAB with the commercially available AGENT paclitaxel-coated balloon for the treatment of coronary in-stent restenosis

On April 30, 2026, Orchestra BioMed announced that the FDA has granted Breakthrough Device Designation (“BDD”) for AVIM Therapy specific to patients with uncontrolled hypertension despite the use of anti-hypertensive medications, and an indication for a pacemaker.

Together, the two BDD’s for AVIM Therapy cover indications that encompass both the broader population of patients with uncontrolled hypertension despite medication and increased cardiovascular risk as well as the specific pacemaker-indicated population with uncontrolled hypertension being evaluated in the BACKBEAT global pivotal trial, which Orchestra BioMed is conducting in collaboration with Medtronic. This additional BDD supports strategic optionality for the clinical, regulatory and commercial reimbursement strategies for AVIM Therapy.

Bot/Bal

On April 1, 2026, Agenus announced the first patient enrolled in the landmark global Phase 3 BATTMAN trial. This study is evaluating Agenus’ immunotherapy combination of botensilimab plus balstilimab (“Bot/Bal”) versus best supportive care in patients with refractory, unresectable microsatellite stable (MSS)/mismatch repair proficient (pMMR) metastatic colorectal cancer (mCRC), a population long considered resistant to immunotherapy. The BATTMAN trial serves as the registrational-enabling study for Bot/Bal, enrolling approximately 830 patients and is expected to complete global enrollment quickly, reflecting the unprecedented investigator and patient enthusiasm worldwide.

Tzield

On April 22, 2026, Sanofi announced the FDA approved the supplemental biologic license application for Tzield, expanding the indication from eight years and older to as young as one year of age to delay the onset of stage 3 type 1 diabetes (T1D) in patients diagnosed with stage 2 T1D. The approval was granted under a priority review process and is supported by one-year data from the PETITE-T1D Phase 4 study, evaluating safety and pharmacokinetics in young children.

Adjusted Financial Measures

Ligand reports adjusted net income from continuing operations, adjusted net income per diluted share and adjusted earnings per diluted share in addition to, and not as a substitute for, financial measures calculated in accordance with GAAP, and does not consider such measures superior to GAAP results. The Company also reports “core” versions of these measures, which exclude any realized gains from the sale of Viking Therapeutics common stock.

Adjusted earnings per diluted share is a key component of the financial metrics utilized by the Company’s board of directors to evaluate management performance and determine certain elements of management compensation. GAAP results include items such as share‑based compensation expense, amortization of acquisition‑related and intangible assets, changes in contingent liabilities, mark‑to‑market adjustments on investments in public companies, transaction‑related costs and related tax effects, which are excluded from adjusted results and are detailed in the reconciliations included at the end of this press release.

Conference Call and Webcast

Ligand management will host a conference call today beginning at 8:30 a.m. Eastern Time (5:30 a.m. Pacific Time) to discuss its results and answer questions. To participate via telephone, please dial (833) 461-5787 using the conference ID 304603090. International participants outside of Canada may use the toll number +1(585) 542-9983. To participate via live or replay webcast, a link is available at www.ligand.com.

About Ligand Pharmaceuticals

Ligand is a leading royalty aggregator, partnering with biopharmaceutical companies to finance and advance late-stage clinical development programs. The company owns and manages one of the largest and most diversified portfolios of biopharmaceutical royalties in the industry, with economic interests in more than 100 development and commercial-stage assets. Ligand funds high-value programs in exchange for long-term economic interests, aligning capital with clinical and commercial success. The company’s royalty portfolio is designed to deliver consistent and predictable revenue streams across a broad range of therapeutic assets. Ligand also licenses its proprietary technologies, Captisol® and NITRICIL™, to support drug development and formulation across its global partner network. For more information, visit www.ligand.com or follow Ligand on X and LinkedIn.

Forward-Looking Statements

This press release contains forward-looking statements, as defined in Section 21E of the Securities Exchange Act of 1934, regarding Ligand’s current expectations. All statements, other than statements of historical fact, could be deemed to be forward-looking statements. In some instances, words such as “plans,” “believes,” “expects,” “anticipates,” and “will,” and similar expressions, are intended to identify forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect our good faith beliefs (or those of the indicated third parties) and speak only as of the date hereof. These forward-looking statements include, without limitation, Ligand’s ability to expand its portfolio with life sciences royalty opportunities; the timing of clinical and regulatory events of Ligand’s partners and other commercialization and marketing efforts; the timing of the initiation or completion of preclinical studies and clinical trials by Ligand and its partners; the timing of product launches by Ligand or its partners; and guidance regarding projected 2026 financial results. Actual events or results may differ from Ligand’s expectations due to risks and uncertainties inherent in Ligand’s business, including, without limitation: Ligand relies on collaborative partners for milestone payments, royalties, materials revenue, contract payments and other revenue projections and may not receive expected revenue; Ligand may not receive expected revenue from Captisol material sales; Ligand and its partners may not be able to timely or successfully advance any product(s) in its internal or partnered pipeline or receive regulatory approval and there may not be a market for the product(s) even if successfully developed and approved; Ligand may not achieve its financial guidance for 2026; Ligand faces competition in acquiring royalties and locating suitable royalties to acquire; Ligand may not be able to create future revenues and cash flows through the acquisition of royalties or by developing innovative therapeutics; products under development by Ligand or its partners may not receive regulatory approval; the total addressable market for our partners’ products may be smaller than estimated; Ligand faces competition with respect to its technology platforms which may demonstrate greater market acceptance or superiority; Ligand is currently dependent on a single source sole supplier for Captisol and failures by such supplier may result in delays or inability to meet the Captisol demands of its partners; Ligand’s partners may change their development focus and may not execute on their sales and marketing plans for marketed products for which Ligand has an economic interest; Ligand’s collaboration partners may become insolvent; Ligand’s and its partners’ products may not be proved to be safe and efficacious and may not perform as expected and uncertainty regarding the commercial performance of such products; Ligand or its partners may not be able to protect their intellectual property and patents covering certain products and technologies may be challenged or invalidated; cyber-attacks or other failures in telecommunications or information technology systems could result in information theft, data corruption and significant disruption to Ligand’s business operations; Ligand’s partners may terminate any of their agreements or the development or commercialization of any of its products; Ligand and its partners may experience delays in the commencement, enrollment, completion or analysis of clinical testing for its product candidates, or significant issues regarding the adequacy of its clinical trial designs or the execution of its clinical trials, challenges, costs and charges associated with integrating acquisitions with Ligand’s existing businesses; Ligand may not be able to successfully implement its strategic growth plan and continue the development of its proprietary programs; restrictions under Ligand’s credit agreement may limit its flexibility in operating its business and a default under the agreement could result in a foreclosure of the collateral securing such obligations; Ligand may not realize the anticipated benefits from investments in financing instruments such as convertible notes; XOMA’s products pipeline and the anticipated timing of completion of the proposed XOMA acquisition; and changes in general economic conditions, including as a result of war, conflict, epidemic diseases, the imposition and/or announcement of tariffs and ongoing or future litigation could expose Ligand to significant liabilities and have a material adverse effect on the Company. The failure to meet expectations with respect to any of the foregoing matters may reduce Ligand’s stock price. Additional information concerning these and other risk factors affecting Ligand can be found in prior press releases available at www.ligand.com as well as in Ligand’s public periodic filings with the Securities and Exchange Commission available at www.sec.gov. Ligand disclaims any intent or obligation to update these forward-looking statements beyond the date of this release, including the possibility of additional license fees and milestone revenues we may receive. This caution is made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.

Other Disclaimers and Trademarks

The information in this press release regarding certain third-party products and programs, including Lasofoxifene, a LeonaBio product, AVIM Therapy and Virtue SAB, Orchestra products, Botensilimab and Balstilimab, Agenus products, Filspari, a Travere Therapeutics product, Ohtuvayre, a Merck product, Tzield, a Sanofi product, and Qtorin rapamycin, a Palvella Therapeutics product candidate, comes from information publicly released by the owners of such products and programs. Ligand is not responsible for, and has no role in, the development of such products or programs.

Ligand owns or has rights to trademarks and copyrights that it uses in connection with the operation of its business including its corporate name, logos and websites. Other trademarks and copyrights appearing in this press release are the property of their respective owners. The trademarks Ligand owns include Ligand, Captisol, NITRICIL and Zelsuvmi. Solely for convenience, some of the trademarks and copyrights referred to in this press release are listed without the®,© and™ symbols, but Ligand will assert, to the fullest extent under applicable law, its rights to its trademarks and copyrights.

References to “Ligand,” the “Company,” “we,” “our” and similar expressions include Ligand Pharmaceuticals Incorporated and our wholly-owned subsidiaries.

Contacts:

Investors:

Melanie Herman

[email protected]

(858) 550-7761

Media:

Kellie Walsh

[email protected]

(914) 315-6072

[Tables Follow]

LIGAND PHARMACEUTICALS INCORPORATED

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited, in thousands, except per share amounts)

Three Months Ended March 31,

2026 2025

Revenues and income:

Revenue from intangible royalty assets $ 32,931 $ 21,587

Income from financial royalty assets 10,027 5,902

Royalties 42,958 27,489

Captisol 8,654 13,460

Contract revenue and income 110 4,384

Total revenues and income 51,722 45,333

Operating costs and expenses:

Cost of Captisol 3,273 4,849

Amortization of intangibles 8,097 8,257

Research and development 2,148 50,085

General and administrative 20,836 18,801

Fair value adjustments to partner program derivatives — (443 )

Total operating costs and expenses 34,354 81,549

Operating income (loss) 17,368 (36,216 )

Non-operating income and expenses:

Gain (loss) from short-term investments 3,869 (12,367 )

Loss from change in fair value of equity-method investments and other investments (49,229 ) —

Interest income, net 4,908 904

Other non-operating expense, net (1,175 ) (2,501 )

Total non-operating expenses, net (41,627 ) (13,964 )

Loss before income taxes (24,259 ) (50,180 )

Income tax benefit 10,914 7,729

Net loss $ (13,345 ) $ (42,451 )

Basic net loss per share $ (0.67 ) $ (2.21 )

Shares used in basic per share calculation 19,883 19,191

Diluted net loss per share $ (0.67 ) $ (2.21 )

Shares used in diluted per share calculation 19,883 19,191

LIGAND PHARMACEUTICALS INCORPORATED

CONDENSED CONSOLIDATED BALANCE SHEETS

(unaudited, in thousands)

March 31, 2026 December 31, 2025

Assets

Current assets:

Cash, cash equivalents and short-term investments $ 779,405 $ 733,521

Accounts receivable, net 53,383 59,601

Inventory 13,266 9,126

Short-term portion of financial royalty assets, net 12,151 22,792

Income taxes receivable 1,415 1,446

Other current assets 5,795 5,785

Total current assets 865,415 832,271

Goodwill and intangible assets, net 318,882 326,979

Long-term portion of financial royalty assets, net 193,536 196,877

Noncurrent derivative assets 13,527 15,632

Equity method investments 31,515 46,500

Other investments 87,770 121,451

Deferred income taxes, net 8,473 8,345

Other assets 12,987 12,582

Total assets $ 1,532,105 $ 1,560,637

Liabilities and Stockholders’ Equity

Current liabilities:

Accounts payable and accrued liabilities $ 37,109 $ 34,691

Income taxes payable 1,893 1,239

Current contingent liabilities 277 287

Current operating lease liabilities 1,088 1,095

Other current liabilities 300 135

Total current liabilities 40,667 37,447

Long-term contingent liabilities 3,498 2,934

Long-term operating lease liabilities 3,993 4,204

2030 Convertible Senior Notes, net 446,896 446,192

Deferred income taxes, net 22,614 36,019

Other long-term liabilities 17,115 16,629

Total liabilities 534,783 543,425

Total stockholders’ equity 997,322 1,017,212

Total liabilities and stockholders’ equity $ 1,532,105 $ 1,560,637

LIGAND PHARMACEUTICALS INCORPORATED

ADJUSTED FINANCIAL MEASURES

(Unaudited, in thousands, except per share amounts)

Three Months Ended March 31,

2026 2025

Net loss $ (13,345 ) $ (42,451 )

Adjustments:

Share-based compensation expense 10,596 7,836

Non-cash interest expense⁽¹⁾ 435 762

Amortization of intangible assets 8,097 8,257

Amortization of financial royalty assets⁽²⁾ 1,198 2,565

Change in contingent liabilities⁽³⁾ 624 1,879

Pelthos operating loss — 4,745

(Gain) loss from short-term investments (3,869 ) 12,367

Realized gain (loss) from short-term investments 1,190 (20 )

Provision for current expected credit losses on financial royalty assets 21 (330 )

Castle Creek R&D funding — 44,340

Loss from derivative assets 837 174

Loss from change in fair value of equity-method investments and other investments⁽⁴⁾ 49,229 —

Other⁽⁵⁾ — 1,273

Income tax effect of adjusted reconciling items above (16,218 ) (13,945 )

Excess tax shortfall from share-based compensation⁽⁶⁾ (4,173 ) (854 )

Adjusted net income $ 34,622 $ 26,598

Diluted per-share amounts attributable to common stockholders:

Diluted net loss per share $ (0.67 ) $ (2.21 )

Adjustments:

Share-based compensation expense 0.50 0.39

Non-cash interest expense⁽¹⁾ 0.02 0.04

Amortization of intangible assets 0.38 0.41

Amortization of financial royalty assets⁽²⁾ 0.06 0.13

Change in contingent liabilities⁽³⁾ 0.03 0.09

Pelthos operating loss — 0.24

(Gain) loss from short-term investments (0.18 ) 0.62

Realized gain (loss) from short-term investments 0.06 —

Provision for current expected credit losses on financial royalty assets — (0.02 )

Castle Creek R&D funding — 2.22

Loss from derivative assets 0.04 0.01

Loss from change in fair value of equity-method investments and other investments⁽⁴⁾ 2.32 —

Other⁽⁵⁾ — 0.07

Income tax effect of adjusted reconciling items above (0.77 ) (0.70 )

Excess tax shortfall from share-based compensation⁽⁶⁾ (0.20 ) (0.04 )

Adjustment for shares excluded due to anti-dilution effect on GAAP net loss 0.04 0.08

Adjusted diluted net income per share $ 1.63 $ 1.33

GAAP – weighted average number of common shares – diluted 19,883 19,191

Shares excluded due to anti-dilutive effect on GAAP net loss 1,336 757

Adjusted weighted average number of common shares – diluted 21,219 19,948

(1) Amounts represent (a) non-cash interest expense in connection with the royalty and milestone payments purchase agreement assumed as part of the Novan acquisition in September 2023; (b) non-cash debt related costs that are calculated in accordance with the authoritative accounting guidance for our convertible debt instruments that may be settled in cash and revolving credit facility; and (c) non-cash interest income from notes receivable.

(2) Amounts represent a portion of the contract payments and royalty receipts that are applied to reduce the carrying balance of our financial royalty assets.

(3) Amounts represent changes in fair value of contingent consideration related to CyDex and Metabasis transactions.

(4) Amounts represent loss from change in fair value of equity-method investment in Pelthos and Pelthos Series A Preferred Shares.

(5) Amounts primarily relate to R&D funding expense and other.

(6) Excess tax shortfall from share-based compensation is recorded as a discrete item within the provision for income taxes on the consolidated statements of operations as a result of the adoption of an accounting pronouncement (ASU 2016-09) on January 1, 2017. Prior to the adoption, the amount was recognized in additional paid-in capital on the consolidated statement of stockholders’ equity.

¹ The financial outlook, expectations and other forward-looking statements provided by Ligand for 2026 and beyond reflect Ligand’s judgment based on the information available at the time of this release. Please see the “Cautionary Note Regarding Forward-looking Statements” section in this release for factors that may impact Ligand’s ability to meet expectations. A reconciliation of forward-looking non-GAAP core adjusted earnings per diluted share for 2026 to the most directly comparable GAAP measures was provided in Ligand’s Acquisition of XOMA Royalty presentation on April 27, 2026, which is available on Ligand’s investor relations website.

Posted on May 7, 2026 7:13 am
Myers Industries Announces 2026 First Quarter Results

Myers Industries Announces 2026 First Quarter Results

Strong Performance and Benefits from Focused Transformation Initiatives Improved Financial Metrics

EPS From Continuing Operations and Adjusted EPS Grew 94.7% and 57.1% Year-over-year Respectively

Operating Income Margin and Adjusted EBITDA Margin Expanded 450 bps and 420 bps Year-over-year Respectively

Free Cash Flow of $23.9 Million, up 28.5% vs Fourth Quarter

Myers Tire Supply Reported as Discontinued Operations; Myers Now Reports as One Operating Segment

AKRON, Ohio–(BUSINESS WIRE)–
Myers Industries Inc. (NYSE: MYE), a leading manufacturer of Products that Protect™, today announced results for the first quarter ended March 31, 2026.

Myers Industries President and CEO Aaron Schapper commented, “We began 2026 on a positive trajectory, delivering improved earnings and strong cash flow as our teams performed well and we benefited from recent actions to improve margins. Our decision to sell Myers Tire Supply better positions us to focus on our mission of providing our customers with Products that Protect™. I am pleased with our performance and confident that we are well on our way to deliver consistent, reliable results and create sustainable shareholder value.”

First Quarter 2026 Financial Summary

Quarter Ended March 31,

(Dollars in thousands, except per share data)

2026

2025

% Inc

(Dec)

Net sales

$

164,580

$

161,667

1.8%

Gross profit

$

56,545

$

50,219

12.6%

Gross margin

34.4

%

31.1

%

+330 bps

Operating income

$

24,852

$

17,201

44.5%

Operating income margin

15.1

%

10.6

%

+450 bps

Income from continuing operations

$

13,799

$

7,188

92.0%

Income per diluted share from continuing operations

$

0.37

$

0.19

94.7%

Adjusted operating income

$

25,905

$

18,418

40.7%

Adjusted operating income margin

15.7

%

11.4

%

+430 bps

Adjusted income from continuing operations

$

16,746

$

10,603

57.9%

Adjusted income per diluted share from continuing operations

$

0.44

$

0.28

57.1%

Adjusted EBITDA

$

35,070

$

27,608

27.0%

Adjusted EBITDA margin

21.3

%

17.1

%

+420 bps

Net sales increased 5% excluding the impact from our decision to exit approximately $5 million low-margin products with the idling of two rotational molding facilities in the fourth quarter of 2025. Infrastructure grew 26% and Consumer grew 14%, offset by soft Vehicle and Food & Beverage demand, down 14% and 12%, respectively.

Gross profit and Operating income increased due to favorable mix, lower material costs, and lower manufacturing costs from our Focused Transformation program.

Balance Sheet & Cash Flow

Total liquidity was $289.3 million, including $244.7 million of availability under the revolving credit facility and $44.6 million in cash on hand.

Cash flow from operations was $26.7 million, free cash flow was $23.9 million, and capital expenditures were $2.8 million.

Net debt as defined by the credit agreement was reduced by $18.3 million with a net leverage ratio of 2.2x.

Portfolio Transformation

The Company realigned its organizational structure into a single segment. With the change, the Company revised its financial presentation to improve peer comparability and incorporate shareholder input. To this end, the Company has:

Elected to exclude intangible asset amortization from adjusted EPS calculation to better reflect current operating performance

Reclassified shipping and handling costs into Cost of Sales effective January 1, 2026. Previously, the internal costs were included in operating expenses within SG&A and the external costs were included within Freight Out.

Restated sales by end market for the past five quarters to exclude Myers Tire Supply:

Quarter Ended

March 31,

2026

December 31,

2025

September 30,

2025

June 30,

2025

March 31,

2025

Industrial

$

61,268

$

65,486

$

68,637

$

65,311

$

62,917

Infrastructure

37,600

35,065

29,648

32,018

29,763

Vehicle

23,337

18,427

22,714

25,423

27,034

Consumer

23,747

12,913

20,174

26,121

20,823

Food and beverage

18,628

23,228

17,301

14,359

21,130

Total net sales

$

164,580

$

155,119

$

158,474

$

163,232

$

161,667

2026 End Market Outlook

The following table presents the Company’s current 2026 outlook for each of its end markets.

End Markets (% of TTM Sales as of March 31, 2026)

2026 Outlook*

Industrial (41% of sales)

Akro-Mils®, Buckhorn® & Jamco® containers, organizational bins, totes, carts and cabinets; Scepter® military ammunition containers; OEM parts for general industrial equipment

Moderate growth

Infrastructure (21% of sales)

Signature Systems® ground protection matting for construction, industrial sites, and event venues

Strong growth

Vehicle (14% of sales)

RV, marine, and automotive components

Stable

Consumer (13% of sales)

Scepter® fuel containers; outdoor furniture and equipment

Stable, affected by normal level of storm response

Food & Beverage (11% of sales)

Buckhorn® seed boxes, intermediate bulk containers, and Tuff Series bulk containers for agricultural and chemical customers

Slightly down

*Excludes impact from exiting low-margin products and idling two rotational molding facilities in Q4 2025

Conference Call Details

The Company will host an earnings conference call and webcast for investors and analysts on Thursday, May 7, 2026, at 10:00 a.m. ET. The call is anticipated to last one hour and may be accessed using the online participation registration link. Upon registering, each participant will be provided with call details and a registrant ID. Reminders will also be sent to registered participants via email. Alternatively, the conference call will be available via a live webcast. To access the live webcast or a replay, visit the Company’s website www.myersindustries.com and click on the Investor Relations tab. An archived replay of the call will also be available shortly after the event.

Use of Non-GAAP Financial Measures

The Company uses certain non-GAAP measures in this release. Adjusted gross profit, adjusted gross margin, adjusted operating income (loss), adjusted operating income margin, adjusted earnings before interest, taxes, depreciation and amortization (EBITDA), adjusted EBITDA margin, adjusted net income, adjusted earnings per diluted share (adjusted EPS), and free cash flow are non-GAAP financial measures and are intended to serve as a supplement to results provided in accordance with accounting principles generally accepted in the United States. Myers Industries believes that such information provides an additional measurement and consistent historical comparison of the Company’s performance. A reconciliation of the non-GAAP financial measures to the most directly comparable GAAP measures is available in this news release.

About Myers Industries

Myers Industries Inc., based in Akron, Ohio, is a leading manufacturer of sustainable plastic and metal Products that Protect™ the world from the ground up for Consumer, Vehicle, Food & Beverage, Industrial, and Infrastructure end markets. Myers Industries has a rich history that is built on strong brands and innovative products. Through years of continuous product development and strategic acquisitions, we have established ourselves as a leading diversified industrial company. We provide critical solutions to our customers, delivering exceptional value. Visit www.myersindustries.com to learn more.

Caution on Forward-Looking Statements

Statements in this release include “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995, including information regarding the Company’s financial outlook, future plans, objectives, business prospects and anticipated financial performance. Forward-looking statements can be identified by words such as “will,” “believe,” “anticipate,” “expect,” “estimate,” “intend,” “plan,” or variations of these words, or similar expressions. These forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on the Company’s current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, these statements inherently involve a wide range of uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. The Company’s actual actions, results, and financial condition may differ materially from what is expressed or implied by the forward-looking statements.

Specific factors that could cause such a difference on our business, financial position, results of operations and/or liquidity include, without limitation, raw material availability, increases in raw material costs, or other production costs; risks associated with our strategic growth initiatives or the failure to achieve the anticipated benefits of such initiatives; unanticipated downturn in business relationships with customers or their purchases; competitive pressures on sales and pricing; changes in the markets for the Company’s business segments; changes in trends and demands in the markets in which the Company competes; operational problems at our manufacturing facilities or unexpected failures at those facilities; future economic and financial conditions in the United States and around the world, including the impacts of U.S. and foreign tariff policies; inability of the Company to meet future capital requirements; claims, litigation and regulatory actions against the Company; changes in laws and regulations affecting the Company; unforeseen events, including natural disasters, unusual or severe weather events and patterns, public health crises, geopolitical crises, and other catastrophic events; our ability to successfully execute our announced intended divestiture of the Myers Tire Supply business; and other risks and uncertainties detailed from time to time in the Company’s filings with the SEC, including without limitation, the risk factors disclosed in Item 1A, “Risk Factors,” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025. Given these factors, as well as other variables that may affect our operating results, readers should not rely on forward-looking statements, assume that past financial performance will be a reliable indicator of future performance, nor use historical trends to anticipate results or trends in future periods. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date thereof. The Company expressly disclaims any obligation or intention to provide updates to the forward-looking statements and the estimates and assumptions associated with them.

M-INV

MYERS INDUSTRIES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

(Dollars in thousands, except share and per share data)

Quarter Ended

March 31, 2026

March 31, 2025

Net sales

$

164,580

$

161,667

Cost of sales

108,035

111,448

Gross profit

56,545

50,219

Selling, general and administrative expenses

27,995

29,285

Depreciation and amortization

3,698

3,752

(Gain) loss on disposal of fixed assets

—

(19

)

Operating income (loss)

24,852

17,201

Interest expense, net

6,692

7,386

Income (loss) from continuing operations before income taxes

18,160

9,815

Income tax expense (benefit)

4,361

2,627

Income (loss) from continuing operations

13,799

7,188

Income (loss) from discontinued operations, net of income tax

(15,627

)

(383

)

Net income (loss)

$

(1,828

)

$

6,805

Income (loss) per common share from continuing operations:

Basic

$

0.37

$

0.19

Diluted

$

0.37

$

0.19

Income (loss) per common share from discontinued operations:

Basic

$

(0.42

)

$

(0.01

)

Diluted

$

(0.42

)

$

(0.01

)

Net income (loss) per common share:

Basic

$

(0.05

)

$

0.18

Diluted

$

(0.05

)

$

0.18

Weighted average common shares outstanding:

Basic

37,409,060

37,298,967

Diluted

37,707,504

37,414,010

MYERS INDUSTRIES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (UNAUDITED)

(Dollars in thousands)

March 31, 2026

December 31, 2025

Assets

Current Assets

Cash

$

44,592

$

40,514

Trade accounts receivable, net

106,968

95,435

Other accounts receivable, net

9,153

12,195

Inventories, net

65,346

67,559

Other current assets

5,145

9,816

Assets held for sale – current

68,828

55,940

Total Current Assets

300,032

281,459

Property, plant, & equipment, net

124,264

127,943

Right of use asset – operating leases

20,971

22,199

Goodwill and intangible assets, net

383,911

387,343

Other assets

7,556

8,230

Assets held for sale

—

25,402

Total Assets

$

836,734

$

852,576

Liabilities & Shareholders’ Equity

Current Liabilities

Accounts payable

$

64,464

$

51,270

Accrued expenses

44,710

49,722

Operating lease liability – short-term

6,077

5,974

Finance lease liability – short-term

654

645

Long-term debt – current portion

39,447

34,601

Liabilities held for sale – current

26,905

26,801

Total Current Liabilities

182,257

169,013

Long-term debt

291,910

311,210

Operating lease liability – long-term

14,870

16,130

Finance lease liability – long-term

7,180

7,349

Other liabilities

13,500

14,916

Deferred income taxes

38,139

37,727

Liabilities held for sale

—

2,005

Total Shareholders’ Equity

288,878

294,226

Total Liabilities & Shareholders’ Equity

$

836,734

$

852,576

MYERS INDUSTRIES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

(Dollars in thousands)

Quarter Ended March 31,

2026

2025

Cash Flows From Operating Activities

Net income (loss)

$

(1,828

)

$

6,805

Income (loss) from discontinued operations, net of income taxes

(15,627

)

(383

)

Income (loss) from continuing operations

13,799

7,188

Adjustments to reconcile net income (loss) from continuing operations to net cash provided by (used for) operating activities

Depreciation and amortization

9,165

9,190

Amortization of deferred financing costs

664

540

Non-cash stock-based compensation expense

1,238

977

(Gain) loss on disposal of fixed assets

—

(19

)

Other

(2,507

)

564

Cash flows provided by (used for) working capital

Accounts receivable – trade and other, net

(8,559

)

(20,734

)

Inventories

2,072

(6,554

)

Prepaid expenses and other current assets

987

433

Accounts payable and accrued expenses

9,861

18,691

Net cash provided by (used for) operating activities – continuing operations

26,720

10,276

Net cash provided by (used for) operating activities – discontinued operations, net

(516

)

(145

)

Net cash provided by (used for) operating activities

26,204

10,131

Cash Flows From Investing Activities

Capital expenditures

(2,774

)

(8,048

)

Proceeds from sale of property, plant, and equipment

415

76

Net cash provided by (used for) investing activities – continuing operations

(2,359

)

(7,972

)

Net cash provided by (used for) investing activities – discontinued operations, net

(213

)

(35

)

Net cash provided by (used for) investing activities

(2,572

)

(8,007

)

Cash Flows From Financing Activities

Net borrowings (repayments) on revolving credit facility

—

13,000

Repayments of Term Loan A

(15,000

)

(5,000

)

Payments on finance lease

(160

)

(154

)

Cash dividends paid

(5,147

)

(5,317

)

Proceeds from issuance of common stock

292

295

Shares withheld for employee taxes on equity awards

(676

)

(828

)

Repurchase of common stock

—

(1,008

)

Net cash provided by (used for) financing activities – continuing operations

(20,691

)

988

Net cash provided by (used for) financing activities – discontinued operations, net

—

—

Net cash provided by (used for) financing activities

(20,691

)

988

Foreign exchange rate effect on cash

408

(32

)

Net increase (decrease) in cash – continuing operations

4,078

3,260

Beginning Cash

40,514

28,626

Ending Cash

$

44,592

$

31,886

MYERS INDUSTRIES, INC.

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

ADJUSTED GROSS PROFIT, ADJUSTED OPERATING INCOME, ADJUSTED EBITDA AND FREE CASH FLOW (UNAUDITED)

(Dollars in thousands)

Quarter Ended March 31,

2026

2025

Adjusted gross profit reconciliation:

Gross profit

$

56,545

$

50,219

Restructuring expenses and other adjustments

636

108

Adjusted gross profit

$

57,181

$

50,327

Adjusted operating income (loss) reconciliation:

Operating income (loss)

$

24,852

$

17,201

Restructuring expenses and other adjustments

653

1,217

Environmental reserves, net

400

—

Adjusted operating income (loss)

$

25,905

$

18,418

Adjusted EBITDA reconciliation:

Income (loss) from continuing operations

$

13,799

$

7,188

Income tax expense (benefit)

4,361

2,627

Interest expense, net

6,692

7,386

Operating income (loss)

24,852

17,201

Depreciation and amortization

9,165

9,190

Restructuring expenses and other adjustments

653

1,217

Environmental reserves, net

400

—

Adjusted EBITDA

$

35,070

$

27,608

Free cash flow reconciliation:

Net cash provided by (used for) operating activities – continuing operations

$

26,720

$

10,276

Capital expenditures

(2,774

)

(8,048

)

Free cash flow

$

23,946

$

2,228

MYERS INDUSTRIES, INC.

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

ADJUSTED INCOME (LOSS) FROM CONTINUING OPERATIONS AND ADJUSTED INCOME (LOSS) PER DILUTED SHARE FROM CONTINUING OPERATIONS (UNAUDITED)

(Dollars in thousands, except per share data)

Quarter Ended March 31,

2026

2025

Adjusted income (loss) from continuing operations reconciliation:

Income (loss) from continuing operations

$

13,799

$

7,188

Income tax expense (benefit)

4,361

2,627

Income (loss) before income taxes

18,160

9,815

Restructuring expenses and other adjustments

653

1,217

Intangible amortization

3,265

3,296

Environmental reserves, net

400

—

Adjusted income (loss) before income taxes

22,478

14,328

Income tax expense, as adjusted ⁽¹⁾

(5,732

)

(3,725

)

Adjusted income (loss) from continuing operations

$

16,746

$

10,603

Adjusted income (loss) per diluted share from continuing operations reconciliation:

Income (loss) per diluted share from continuing operations

$

0.37

$

0.19

Restructuring expenses and other adjustments

0.02

0.03

Intangible amortization

0.09

0.09

Environmental reserves, net

0.01

—

Adjusted effective income tax rate impact

(0.04

)

(0.03

)

Adjusted income (loss) per diluted share from continuing operations ⁽²⁾

$

0.44

$

0.28

Items in this table may not recalculate due to rounding

(1) Income taxes are calculated using the normalized effective tax rate for each period. The rate used in 2026 is 25.5% and in 2025 is 26.0%.

(2) Adjusted income (loss) per diluted share from continuing operations is calculated using the weighted average common shares outstanding for the respective period.

MYERS INDUSTRIES, INC.

FIVE QUARTER COMPARATIVE CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

(Dollars in thousands, except per share data)

Quarter Ended

March 31,

2026

December 31,

2025

September 30,

2025

June 30,

2025

March 31,

2025

Net sales

$

164,580

$

155,119

$

158,474

$

163,232

$

161,667

Cost of sales

108,035

106,403

109,217

112,179

111,448

Gross profit

56,545

48,716

49,257

51,053

50,219

Selling, general and administrative expenses

27,995

24,740

28,711

27,353

29,285

Depreciation and amortization

3,698

3,746

3,716

3,756

3,752

(Gain) loss on disposal of fixed assets

—

505

112

105

(19

)

Operating income (loss)

24,852

19,725

16,718

19,839

17,201

Interest expense, net

6,692

7,174

7,497

7,364

7,386

Income (loss) from continuing operations before income taxes

18,160

12,551

9,221

12,475

9,815

Income tax expense (benefit)

4,361

1,223

2,931

2,858

2,627

Income (loss) from continuing operations

13,799

11,328

6,290

9,617

7,188

Income (loss) from discontinued operations, net of income tax

(15,627

)

2

798

88

(383

)

Net income (loss)

$

(1,828

)

$

11,330

$

7,088

$

9,705

$

6,805

Income (loss) per common share from continuing operations:

Basic

$

0.37

$

0.30

$

0.17

$

0.26

$

0.19

Diluted

$

0.37

$

0.30

$

0.17

$

0.26

$

0.19

Income (loss) per common share from discontinued operations:

Basic

$

(0.42

)

$

—

$

0.02

$

—

$

(0.01

)

Diluted

$

(0.42

)

$

—

$

0.02

$

—

$

(0.01

)

Net income (loss) per common share:

Basic

$

(0.05

)

$

0.30

$

0.19

$

0.26

$

0.18

Diluted

$

(0.05

)

$

0.30

$

0.19

$

0.26

$

0.18

Weighted average common shares outstanding:

Basic

37,409,060

37,390,627

37,393,620

37,391,097

37,298,967

Diluted

37,707,504

37,646,478

37,582,062

37,412,937

37,414,010

MYERS INDUSTRIES, INC.

FIVE QUARTER COMPARATIVE RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

ADJUSTED GROSS PROFIT, ADJUSTED OPERATING INCOME, ADJUSTED EBITDA AND FREE CASH FLOW (UNAUDITED)

(Dollars in thousands)

Quarter Ended

March 31,

2026

December 31,

2025

September 30,

2025

June 30,

2025

March 31,

2025

Adjusted gross profit reconciliation:

Gross profit

$

56,545

$

48,716

$

49,257

$

51,053

$

50,219

Restructuring expenses and other adjustments

636

749

1,102

388

108

Adjusted gross profit

$

57,181

$

49,465

$

50,359

$

51,441

$

50,327

Adjusted operating income (loss) reconciliation:

Operating income (loss)

$

24,852

$

19,725

$

16,718

$

19,839

$

17,201

Restructuring expenses and other adjustments

653

1,499

3,147

2,290

1,217

Pension termination

—

—

—

1,585

—

Recovery of purchased credit deteriorated assets

—

—

—

(3,175

)

—

Environmental reserves, net

400

200

—

—

—

Adjusted operating income (loss)

$

25,905

$

21,424

$

19,865

$

20,539

$

18,418

Adjusted EBITDA reconciliation:

Income (loss) from continuing operations

$

13,799

$

11,328

$

6,290

$

9,617

$

7,188

Income tax expense (benefit)

4,361

1,223

2,931

2,858

2,627

Interest expense, net

6,692

7,174

7,497

7,364

7,386

Operating income (loss)

24,852

19,725

16,718

19,839

17,201

Depreciation and amortization

9,165

9,149

9,087

9,375

9,190

Restructuring expenses and other adjustments

653

1,499

3,147

2,290

1,217

Pension termination

—

—

—

1,585

—

Recovery of purchased credit deteriorated assets

—

—

—

(3,175

)

—

Environmental reserves, net

400

200

—

—

—

Adjusted EBITDA

$

35,070

$

30,573

$

28,952

$

29,914

$

27,608

Quarter Ended

March 31,

2026

December 31,

2025

September 30,

2025

June 30,

2025

March 31,

2025

Free cash flow reconciliation:

Net cash provided by (used for) operating activities – continuing operations

$

26,720

$

21,908

$

26,011

$

27,638

$

10,276

Capital expenditures

(2,774

)

(3,280

)

(4,176

)

(3,561

)

(8,048

)

Free cash flow

$

23,946

$

18,628

$

21,835

$

24,077

$

2,228

MYERS INDUSTRIES, INC.

FIVE QUARTER COMPARATIVE RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

ADJUSTED INCOME (LOSS) FROM CONTINUING OPERATIONS AND ADJUSTED INCOME (LOSS) PER DILUTED SHARE FROM CONTINUING OPERATIONS (UNAUDITED)

(Dollars in thousands, except per share data)

Quarter Ended

March 31,

2026

December 31,

2025

September 30,

2025

June 30,

2025

March 31,

2025

Adjusted income (loss) from continuing operations reconciliation:

Income (loss) from continuing operations

$

13,799

$

11,328

$

6,290

$

9,617

$

7,188

Income tax expense (benefit)

4,361

1,223

2,931

2,858

2,627

Income (loss) before income taxes

18,160

12,551

9,221

12,475

9,815

Restructuring expenses and other adjustments

653

1,499

3,147

2,290

1,217

Pension termination

—

—

—

1,585

—

Recovery of purchased credit deteriorated assets

—

—

—

(3,175

)

—

Intangible amortization

3,265

3,278

3,295

3,296

3,296

Environmental reserves, net

400

200

—

—

—

Adjusted income (loss) before income taxes

22,478

17,528

15,663

16,471

14,328

Income tax expense, as adjusted ⁽¹⁾

(5,732

)

(4,238

)

(4,072

)

(4,282

)

(3,725

)

Adjusted income (loss) from continuing operations

$

16,746

$

13,290

$

11,591

$

12,189

$

10,603

Adjusted income (loss) per diluted share from continuing operations reconciliation:

Income (loss) per diluted share from continuing operations

$

0.37

$

0.30

$

0.17

$

0.26

$

0.19

Restructuring expenses and other adjustments

0.02

0.04

0.08

0.06

0.03

Pension termination

—

—

—

0.04

—

Recovery of purchased credit deteriorated assets

—

—

—

(0.08

)

—

Intangible amortization

0.09

0.09

0.09

0.09

0.09

Environmental reserves, net

0.01

0.01

—

—

—

Adjusted effective income tax rate impact

(0.04

)

(0.08

)

(0.03

)

(0.04

)

(0.03

)

Adjusted income (loss) per diluted share from continuing operations ⁽²⁾

$

0.44

$

0.35

$

0.31

$

0.33

$

0.28

Items in this table may not recalculate due to rounding

(1) Income taxes are calculated using the normalized effective tax rate for each period. The rate used for the quarters ended March 31, 2026 and December 31, 2025 is 25.5% and the rate used for the quarters ended September 30, 2025, June 30, 2025 and March 31, 2025 is 26.0%.

(2) Adjusted income (loss) per diluted share from continuing operations is calculated using the weighted average common shares outstanding for the respective period.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260507371963/en/

Meghan Beringer, Senior Director Investor Relations, 252-536-5651

KEYWORDS: Ohio United States North America

INDUSTRY KEYWORDS: Automotive Manufacturing Supply Chain Management Automotive Manufacturing Trucking Transport Other Automotive Retail Logistics/Supply Chain Management Packaging Chemicals/Plastics

MEDIA:

Logo

Posted on May 7, 2026 7:12 am
Climb Bio Reports First Quarter 2026 Financial Results and Provides Business Updates

Robust B-cell depletion observed with budoprutug subcutaneous formulation in healthy volunteers, supporting continued development

CLYM116 modeling and initial Phase 1 safety data to be presented at ERA 2026 with initial Phase 1 PK/PD data expected mid-2026

Budoprutug pMN, ITP, and SLE clinical trials enrolling to plan; anticipate data from all ongoing trials in 2026

Secured $110 million private placement led by top-tier healthcare investors

WELLESLEY HILLS, Mass., May 07, 2026 (GLOBE NEWSWIRE) — Climb Bio, Inc. (Nasdaq: CLYM), a clinical-stage biotechnology company developing therapeutics for patients with immune-mediated diseases, today reported financial results for the first quarter ended March 31, 2026, and provided business updates.

“During the first quarter, we continued to execute on a focused development strategy aimed at generating clear clinical and translational data across our two programs,” said Aoife Brennan, M.B., Ch.B., President and Chief Executive Officer of Climb Bio. “For budoprutug, our anti-CD19 monoclonal antibody, we recently hosted an R&D Spotlight highlighting our clinical progress, including topline data from the subcutaneous formulation and the broader potential opportunity for CD19 targeting in autoimmune disease. With multiple studies underway, we believe we are well positioned to assess the potential of budoprutug across several indications with significant unmet need. In parallel, we continue to advance CLYM116, our anti-APRIL monoclonal antibody, and look forward to sharing additional data on this program in the coming months. As we move through 2026, we remain focused on disciplined execution and building a robust data foundation to inform the long-term potential of both programs.”

Budoprutug Program Updates and Anticipated Milestones

Budoprutug CD19 R&D Spotlight held May 5, 2026. The Company held a webcast to review the development strategy and program updates for budoprutug, the potential opportunity presented by targeting CD19, and anticipated upcoming data readouts.

Presented data from Phase 1 trial of subcutaneous (SC) formulation in healthy volunteers. At the recent R&D Spotlight the Company shared data from the completed Phase 1 trial of budoprutug’s SC formulation. Data demonstrated robust B-cell depletion that was similar between SC and intravenous (IV) administration at matched doses. These results, together with a favorable pharmacodynamic and tolerability profile, support advancement into an autoimmune patient study to evaluate full B-cell depleting doses and optimal dosing regimen. Plan to initiate a multiple-dose study of the SC formulation in autoimmune patients.

PrisMN Phase 2 primary membranous nephropathy (pMN) trial, enrollment ongoing; Fast Track Designation (FTD) granted by FDA. PrisMN is a global open-label, dose-ranging Phase 2 study designed to evaluate pharmacodynamics (including B cells, anti-PLA2R (Phospholipase A2 Receptor), and total immunoglobulin) and preliminary efficacy (including complete and partial remission) in pMN patients with persistent proteinuria despite optimized renin-angiotensin-aldosterone system (RAAS) inhibition, and to identify a dose for Phase 3 clinical development. In April, the U.S. Food & Drug Administration (FDA) granted FTD to budoprutug for the treatment of pMN. Anticipate initial data, including preliminary B cell and anti-PLA2R data from low dose cohort (200mg at 12-24 weeks), in Q4 2026.

Phase 1b/2a immune thrombocytopenia (ITP) trial, enrollment ongoing. This global open-label, dose-escalation Phase 1b/2a trial of budoprutug in previously treated patients with ITP is designed to evaluate safety, tolerability, pharmacokinetics (PK), pharmacodynamics (PD), and preliminary efficacy, including B-cell depletion and platelet counts. Data from this trial are expected to provide a deeper understanding of budoprutug activity and dosing and will help inform future development. Anticipate initial data, including initial B-cell depletion and platelet data from the low dose cohort (250mg at 24 weeks), in June 2026

Global Phase 1b systemic lupus erythematosus (SLE) trial, enrollment ongoing; China Phase 1b/2a SLE trial, in study start-up. The global, open-label, dose-escalation Phase 1b trial of budoprutug in moderate to severe SLE is designed to evaluate safety, tolerability, pharmacokinetics, pharmacodynamics, and preliminary efficacy, including B-cell depletion, autoantibody levels, and clinical activity. The parallel China Phase 1b/2a trial in SLE is anticipated to provide complementary data and will also seek to enroll SLE patients with lupus nephritis. Data from these trials are expected to provide insights into budoprutug activity and will also help to inform future development efforts for our program broadly. Anticipate initial B cell data from the Global study, in Q4 2026 and anticipate first patient dosed in China SLE study in Q2 2026.

CLYM116 Program Updates and Anticipated Milestones

Climb Bio to present modeling data for CLYM116 at the upcoming European Renal Association Congress in June. These data will include PK and PD modeling from nonhuman primates to humans, as well as initial safety data from the ongoing Phase 1 study in healthy volunteers.

Phase 1 healthy volunteer study, enrollment ongoing. This Phase 1 trial in healthy volunteers is evaluating safety, pharmacokinetics, and pharmacodynamics of CLYM116. Separately, the Company’s partner, Beijing Mabworks Biotech Co., Ltd. (NEEQ Code: 874070, Mabworks), continues to enroll its Phase 1/2 study consisting of a single ascending dose study in healthy volunteers, followed by a multiple ascending dose study in IgAN patients. Anticipate initial PK/PD data from Phase 1 healthy volunteer study in mid-2026.

Corporate Updates

On April 29, 2026, the Company completed a private placement financing, generating approximately $110 million in gross proceeds, further strengthening the balance sheet ahead of multiple anticipated data readouts.

Fourth Quarter and Full Year 2025 Financial Results and Guidance

Cash Position: Cash, cash equivalents, and marketable securities were $146.3 million as of March 31, 2026. Based on its current operating plan, the Company expects this balance to fund operations into 2028, excluding the gross proceeds received from the April 2026 private placement. The Company is currently evaluating the impact of the recently completed financing on its operating plan and expects to provide updated cash runway guidance at a later date.

Research and Development (R&D) expenses: R&D expenses were $9.4 million for the three months ended March 31, 2026, compared to $17.3 million for the comparable period in 2025, including the $9 million upfront payment to Beijing Mabworks Biotech Co., Ltd. as part of the license agreement for CLYM116.

General and Administrative (G&A) expenses: G&A expenses were $5.8 million for the three months ended March 31, 2026, compared to $6.0 million for the comparable period in 2025.

Other income, net: Other income, net was $1.5 million for the three months ended March 31, 2026, compared to $2.2 million for the comparable period in 2025.

About Climb Bio, Inc.

Climb Bio, Inc. is a clinical-stage biotechnology company with a mission to deliver high impact, disease-modifying medicines for individuals living with immune-mediated diseases, including those affecting kidney health. The Company’s pipeline includes, budoprutug, an anti-CD19 monoclonal antibody that has potential to treat a broad range of B-cell mediated diseases, and CLYM116, an anti-APRIL monoclonal antibody being developed for IgA nephropathy. For more information, please visit climbbio.com.

About Budoprutug

Budoprutug is a clinical-stage, anti-CD19 monoclonal antibody with the potential to address a broad range of B-cell mediated, immune-driven diseases. Designed with enhanced effector function and low picomolar affinity, budoprutug targets and depletes CD19-expressing B cells, including plasmablasts and certain plasma cells, key sources of pathogenic autoantibodies. Early clinical data suggest budoprutug may offer durable B-cell depletion, rapid reductions in autoantibodies, and clinical remission in primary membranous nephropathy (pMN). Budoprutug is being evaluated in clinical trials for pMN, immune thrombocytopenia (ITP), and systemic lupus erythematosus (SLE). A subcutaneous formulation is also in development to enable broader patient access. Budoprutug has been granted Orphan Drug Designation and Fast Track Designation by the FDA for the treatment of pMN.

About CLYM116

CLYM116 is a clinical-stage monoclonal antibody targeting APRIL (A Proliferation-Inducing Ligand), a key driver of pathogenic B-cell activity in autoimmune diseases. CLYM116 employs a novel pH-dependent bind-and-release ‘sweeper’ mechanism to potently block APRIL signaling, promote lysosomal degradation of APRIL, and recycle the antibody to extend its half-life. This differentiated design offers the potential for rapid, deep, and durable inhibition of APRIL with a favorable safety profile and less frequent dosing. CLYM116 is being advanced for the treatment of IgA nephropathy (IgAN) and may also have broader utility across other B-cell mediated diseases where APRIL plays a critical role.

Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including without limitation statements regarding: future expectations, plans and prospects for Climb Bio; expectations regarding the therapeutic benefits, clinical potential and clinical development of budoprutug and CLYM116; the anticipated timelines for initiating Climb Bio’s Phase 1b/2a clinical trial of budoprutug in systemic lupus erythematosus in China; the anticipated timelines for announcing data from Climb Bio’s ongoing and planned clinical trials and Beijing Mabworks Biotech Co., Ltd.’s (“Mabworks”) Phase 1/2 trial of CLYM116; the anticipated benefits of Climb Bio’s technology transfer and exclusive license agreement with Mabworks; the sufficiency of Climb Bio’s cash resources for the period anticipated; the impact of the proceeds from the April 2026 private placement on Climb Bio’s balance sheet; and other statements containing the words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “would,” “will,” “working” and similar expressions. Forward-looking statements are based on management’s current expectations of future events and are subject to a number of risks and uncertainties that could cause actual results to differ materially and adversely from those set forth in, or implied by, such forward-looking statements. Climb Bio may not actually achieve the plans, intentions or expectations disclosed in these forward-looking statements, and you should not place undue reliance on these forward-looking statements. These risks and uncertainties include, but are not limited to, important risks and uncertainties associated with: the ability of Climb Bio to timely and successfully achieve or recognize the anticipated benefits of its acquisition of Tenet Medicines, Inc. and its technology transfer and exclusive license agreement with Mabworks; Climb Bio’s ability to advance budoprutug and CLYM116 on the timelines expected or at all and to obtain and maintain necessary approvals from the U.S. Food and Drug Administration and other regulatory authorities; obtaining and maintaining the necessary approvals from investigational review boards at clinical trial sites and independent data safety monitoring boards; replicating in clinical trials positive results found in early-stage clinical trials or nonclinical studies; competing successfully with other companies that are seeking to develop treatments for primary membranous nephropathy, immune thrombocytopenia, systemic lupus erythematosus, IgA nephropathy and other immune-mediated diseases; maintaining or protecting intellectual property rights related to budoprutug, CLYM116 and/or its other product candidates; the outcome of any legal proceedings or other disputes; managing expenses; changes in applicable laws or regulation; the possibility that Climb Bio may be adversely affected by other economic, business and/or competitive factors; and raising the substantial additional capital needed, on the timeline necessary, to continue development of budoprutug, CLYM116 and any other product candidates Climb Bio may develop. For a discussion of other risks and uncertainties, and other important factors, any of which could cause Climb Bio’s actual results to differ materially from those contained in the forward-looking statements, see the “Risk Factors” section, as well as discussions of potential risks, uncertainties and other important factors, in Climb Bio’s most recent filings with the U.S. Securities and Exchange Commission. In addition, the forward-looking statements included in this press release represent Climb Bio’s views as of the date hereof and should not be relied upon as representing Climb Bio’s views as of any date subsequent to the date hereof. Climb Bio anticipates that subsequent events and developments will cause Climb Bio’s views to change. However, while Climb Bio may elect to update these forward-looking statements at some point in the future, Climb Bio specifically disclaims any obligation to do so, except as required by law.

Investors and Media

Carlo Tanzi, Ph.D.
Kendall Investor Relations
[email protected]

Climb Bio, Inc.

Condensed Consolidated Balance Sheets

(In thousands)

(unaudited)

March 31, 2026 December 31, 2025

Assets

Cash, cash equivalents and marketable securities $ 146,305 $ 160,652

Other assets 6,067 7,092

Total assets $ 152,372 $ 167,744

Liabilities and stockholders’ equity

Liabilities $ 4,287 $ 7,269

Total stockholders’ equity 148,085 160,475

Total liabilities and stockholders’ equity $ 152,372 $ 167,744

Condensed Consolidated Statements of Operations

(In thousands, except per share amounts)

(unaudited)

Three Months Ended

March 31,

2026
2025

Operating expenses:

Research and development $ 9,373 $ 17,327

General and administrative 5,838 5,691

Total operating expenses 15,211 23,018

Loss from operations (15,211) (23,018)

Other income, net 1,489 2,237

Net loss $ (13,722) $ (20,781)

Net loss per share, basic and diluted $ (0.20) $ (0.31)

Posted on May 7, 2026 7:11 am
Shake Shack Announces First Quarter 2026 Financial Results

Shake Shack Announces First Quarter 2026 Financial Results

Total revenue of $366.7 million, up 14.3% versus 2025, including $354.0 million of Shack sales and $12.7 million of Licensing revenue.

System-wide sales of $558.3 million, up 14.1% versus 2025.

Same-Shack sales up 4.6% versus 2025.

Operating loss of $2.6 million versus operating income of $2.8 million in 2025.

Restaurant-level profit⁽¹⁾of $75.1 million, or 21.2% of Shack sales.

Net loss of $0.3 million versus net income of $4.5 million in 2025.

Adjusted EBITDA⁽¹⁾ of $37.0 million, down 9.3% versus 2025.

Net loss attributable to Shake Shack Inc. of $0.3 million, or loss of $0.01 per diluted share.

Adjusted pro forma net income⁽¹⁾ of $0.1 million, or earnings of $0.00 per fully exchanged and diluted share.

Opened 17 new Company-operated Shacks and five new licensed Shacks.

NEW YORK–(BUSINESS WIRE)–Shake Shack Inc. (“Shake Shack” or the “Company”) (NYSE: SHAK) has posted its results for the first quarter of 2026 in a Shareholder Letter in the Quarterly Results section of the Company’s Investor Relations website, which can be found here: Q1 2026 Shake Shack Shareholder Letter.

Shake Shack will host a conference call at 8:00 a.m. ET. Hosting the call will be Robert Lynch, Chief Executive Officer. The conference call can be accessed live over the phone by dialing (877) 407-0792, or for international callers by dialing (201) 689-8263. A replay of the call will be available until May 14, 2026 by dialing (844) 512-2921 or for international callers by dialing (412) 317-6671; the passcode is 13759466.

The live audio webcast of the conference call will be accessible in the Events & Presentations section of the Company’s Investor Relations website at investor.shakeshack.com. An archived replay of the webcast will also be available shortly after the live event has concluded.

(1)

Restaurant-level profit, Adjusted EBITDA and Adjusted pro forma net income are non-GAAP measures. A reconciliation to the most directly comparable financial measures presented in accordance with GAAP is set forth in the schedules accompanying this release. See “Non-GAAP Financial Measures” below.

About Shake Shack

Shake Shack serves elevated versions of American classics using only the best ingredients. It’s known for its delicious made-to-order Angus beef burgers, crispy chicken, hand-spun milkshakes, house-made lemonades, beer, wine, and more. With its high-quality food at a great value, warm hospitality, and a commitment to crafting uplifting experiences, Shake Shack quickly became a cult-brand with widespread appeal. Shake Shack’s purpose is to Stand For Something Good®, from its premium ingredients and employee development, to its inspiring designs and deep community investment. Since the original Shack opened in 2004 in NYC’s Madison Square Park, the Company has expanded to over 685 locations system-wide, including over 440 in 35 U.S. States and the District of Columbia, and 245 international locations across London, Hong Kong, Shanghai, Singapore, Mexico City, Istanbul, Dubai, Tokyo, Seoul and more.

Skip the line with the Shack App, a mobile ordering app that lets you save time by ordering ahead! Guests can select their location, pick their food, choose a pickup time and their meal will be cooked-to-order and timed to arrival. Available on iOS and Android.

Definitions

The following definitions apply to these terms as used in this release:

“Shack sales” is defined as the aggregate sales of food, beverages, gift card breakage income and Shake Shack branded merchandise at Company-operated Shacks and excludes sales from licensed Shacks.

“System-wide sales” is an operating measure and consists of sales from Company-operated Shacks and licensed Shacks. The Company does not recognize the sales from licensed Shacks as revenue. Of these amounts, revenue is limited to licensing revenue based on a percentage of sales from licensed Shacks, as well as certain up-front fees, such as territory fees, opening fees, and termination fees.

“Same-Shack sales” represents Shack sales for the comparable Shack base, which is defined as the number of Company-operated Shacks open for 24 full fiscal months or longer. For consecutive days that Shacks were temporarily closed, the comparative period was also adjusted.

“Restaurant-level profit,” a non-GAAP measure, is defined as Shack sales less Shack-level operating expenses including Food and paper costs, Labor and related expenses, Other operating expenses and Occupancy and related expenses.

“Restaurant-level profit margin,” a non-GAAP measure, is defined as Shack sales less Shack-level operating expenses including Food and paper costs, Labor and related expenses, Other operating expenses and Occupancy and related expenses as a percentage of Shack sales.

“EBITDA,” a non-GAAP measure, is defined as Net income (loss) before interest expense (net of interest income), Income tax expense (benefit), and Depreciation and amortization expense.

“Adjusted EBITDA,” a non-GAAP measure, is defined as EBITDA (as defined above), excluding equity-based compensation expense, Impairments, loss on disposal of assets, and Shack closures, amortization of cloud-based software implementation costs, as well as certain non-recurring items that the Company does not believe directly reflect its core operations and may not be indicative of the Company’s recurring business operations.

“Adjusted pro forma net income,” a non-GAAP measure, represents Net income (loss) attributable to Shake Shack Inc. assuming the full exchange of all outstanding SSE Holdings, LLC membership interests (“LLC Interests”) for shares of Class A common stock, adjusted for certain non-recurring items that the Company does not believe are directly related to its core operations and may not be indicative of its recurring business operations.

SHAKE SHACK INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(UNAUDITED)

(in thousands, except share and per share amounts)

April 1

2026

December 31

2025

ASSETS

Current assets:

Cash and cash equivalents

$

313,650

$

360,123

Accounts receivable, net

29,171

32,962

Inventories

6,610

7,182

Prepaid expenses and other current assets

44,438

30,080

Total current assets

393,869

430,347

Property and equipment, net of accumulated depreciation of $577,755 and $551,004, respectively.

649,245

625,851

Operating lease assets

539,238

507,253

Deferred income taxes, net

325,179

322,385

Other assets

10,101

10,373

TOTAL ASSETS

$

1,917,632

$

1,896,209

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities:

Accounts payable

$

27,017

$

24,747

Accrued expenses

95,488

103,354

Accrued wages and related liabilities

21,151

25,481

Operating lease liabilities, current

65,195

63,553

Other current liabilities

23,761

27,783

Total current liabilities

232,612

244,918

Long-term debt

247,993

247,731

Long-term operating lease liabilities

608,605

575,138

Liabilities under tax receivable agreement, net of current portion

244,613

244,463

Other long-term liabilities

29,220

30,210

Total liabilities

1,363,043

1,342,460

Commitments and contingencies

Stockholders’ equity:

Preferred stock, no par value—10,000,000 shares authorized; none issued and outstanding as of April 1, 2026 and December 31, 2025.

—

—

Class A common stock, $0.001 par value—200,000,000 shares authorized; 40,350,155 and 40,254,281 shares issued and outstanding as of April 1, 2026 and December 31, 2025, respectively.

40

40

Class B common stock, $0.001 par value—35,000,000 shares authorized; 2,430,789 and 2,434,789 shares issued and outstanding as of April 1, 2026 and December 31, 2025, respectively.

2

2

Additional paid-in capital

453,457

452,577

Retained earnings

72,419

72,709

Accumulated other comprehensive loss

(6

)

(1

)

Total stockholders’ equity attributable to Shake Shack Inc.

525,912

525,327

Non-controlling interests

28,677

28,422

Total equity

554,589

553,749

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY

$

1,917,632

$

1,896,209

SHAKE SHACK INC.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)

(UNAUDITED)

(in thousands, except per share amounts)

Thirteen Weeks Ended

April 1

2026

March 26

2025

Shack sales

$

354,047

96.5

%

$

309,838

96.6

%

Licensing revenue

12,690

3.5

%

11,060

3.4

%

TOTAL REVENUE

366,737

100.0

%

320,898

100.0

%

Shack-level operating expenses⁽¹⁾:

Food and paper costs

100,023

28.3

%

86,037

27.8

%

Labor and related expenses

92,717

26.2

%

86,668

28.0

%

Other operating expenses

57,512

16.2

%

48,262

15.6

%

Occupancy and related expenses

28,654

8.1

%

24,631

7.9

%

General and administrative expenses

53,608

14.6

%

40,640

12.7

%

Depreciation and amortization expense

29,120

7.9

%

26,543

8.3

%

Pre-opening costs

6,870

1.9

%

3,218

1.0

%

Impairments, loss on disposal of assets, and Shack closures

867

0.2

%

2,057

0.6

%

TOTAL EXPENSES

369,371

100.7

%

318,056

99.1

%

INCOME (LOSS) FROM OPERATIONS

(2,634

)

(0.7

)%

2,842

0.9

%

Other income, net

2,743

0.7

%

2,971

0.9

%

Interest expense

(548

)

(0.1

)%

(563

)

(0.2

)%

INCOME (LOSS) BEFORE INCOME TAXES

(439

)

(0.1

)%

5,250

1.6

%

Income tax expense (benefit)

(145

)

—

%

737

0.2

%

NET INCOME (LOSS)

(294

)

(0.1

)%

4,513

1.4

%

Less: Net income (loss) attributable to non-controlling interests

(4

)

—

%

268

0.1

%

NET INCOME (LOSS) ATTRIBUTABLE TO SHAKE SHACK INC.

$

(290

)

(0.1

)%

$

4,245

1.3

%

Earnings (Loss) per share of Class A common stock:

Basic

$

(0.01

)

$

0.11

Diluted

$

(0.01

)

$

0.10

Weighted-average shares of Class A common stock outstanding:

Basic

40,289

40,120

Diluted

40,289

41,864

(1)

As a percentage of Shack sales.

SHAKE SHACK INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

(in thousands)

Thirteen Weeks Ended

April 1

2026

March 26

2025

OPERATING ACTIVITIES

Net income (loss) (including amounts attributable to non-controlling interests)

$

(294

)

$

4,513

Adjustments to reconcile net income (loss) to net cash provided by operating activities:

Depreciation and amortization expense

29,120

26,543

Amortization of debt issuance costs

262

262

Amortization of cloud computing assets

512

606

Non-cash operating lease cost

24,687

20,674

Equity-based compensation

5,160

4,541

Deferred income taxes

(1,590

)

(644

)

Non-cash interest

26

33

Impairments, loss on disposal of assets, and Shack closures

867

2,057

Changes in operating assets and liabilities:

Accounts receivable

3,857

1,403

Inventories

572

702

Prepaid expenses and other current assets

(13,677

)

(3,786

)

Other assets

(2,128

)

(2,375

)

Accounts payable

3,301

(2,225

)

Accrued expenses

(12,516

)

5,566

Accrued wages and related liabilities

(4,330

)

(4,874

)

Other current liabilities

(5,332

)

(409

)

Operating lease liabilities

(21,536

)

(23,128

)

Other long-term liabilities

1,528

1,763

NET CASH PROVIDED BY OPERATING ACTIVITIES

8,489

31,222

INVESTING ACTIVITIES

Purchases of property and equipment

(47,192

)

(29,352

)

NET CASH USED IN INVESTING ACTIVITIES

(47,192

)

(29,352

)

FINANCING ACTIVITIES

Payments on principal of finance leases

(1,591

)

(1,290

)

Distributions paid to non-controlling interest holders

(12

)

(21

)

Payments under tax receivable agreement, including interest

(977

)

(24

)

Net proceeds from stock option exercises

69

123

Employee withholding taxes related to net settled equity awards

(5,254

)

(8,450

)

NET CASH USED IN FINANCING ACTIVITIES

(7,765

)

(9,662

)

Effect of exchange rate changes on cash and cash equivalents

(5

)

(1

)

DECREASE IN CASH AND CASH EQUIVALENTS

(46,473

)

(7,793

)

CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD

360,123

320,714

CASH AND CASH EQUIVALENTS AT END OF PERIOD

$

313,650

$

312,921

SHAKE SHACK INC.

NON-GAAP FINANCIAL MEASURES

(UNAUDITED)

To supplement the condensed consolidated financial statements, which are prepared and presented in accordance with U.S. generally accepted accounting principles (“GAAP”), the Company uses the following non-GAAP financial measures: Restaurant-level profit, Restaurant-level profit margin, EBITDA, adjusted EBITDA, adjusted EBITDA margin, adjusted pro forma net income and adjusted pro forma earnings per fully exchanged and diluted share (collectively the “non-GAAP financial measures”).

Restaurant-Level Profit

Restaurant-level profit is defined as Shack sales less Shack-level operating expenses including Food and paper costs, Labor and related expenses, Other operating expenses and Occupancy and related expenses.

How This Measure Is Useful

When used in conjunction with GAAP financial measures, Restaurant-level profit and Restaurant-level profit margin are supplemental measures of operating performance that the Company believes are useful measures to evaluate the performance and profitability of its Shacks. Additionally, Restaurant-level profit and Restaurant-level profit margin are key metrics used internally by management to develop internal budgets and forecasts, as well as assess the performance of its Shacks relative to budget and against prior periods. It is also used to evaluate employee compensation as it serves as a metric in certain performance-based employee bonus arrangements. The Company believes presentation of Restaurant-level profit and Restaurant-level profit margin provides investors with a supplemental view of its operating performance that can provide meaningful insights to the underlying operating performance of the Shacks, as these measures depict the operating results that are directly impacted by the Shacks and exclude items that may not be indicative of, or are unrelated to, the ongoing operations of the Shacks. It may also assist investors to evaluate the Company’s performance relative to peers of various sizes and maturities and provides greater transparency with respect to how management evaluates the business, as well as the financial and operational decision-making.

Limitations of the Usefulness of this Measure

Restaurant-level profit and Restaurant-level profit margin may differ from similarly titled measures used by other companies due to different methods of calculation. Presentation of Restaurant-level profit and Restaurant-level profit margin is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. Restaurant-level profit excludes certain costs, such as General and administrative expenses and Pre-opening costs, which are considered normal, recurring cash operating expenses and are essential to support the operation and development of the Company’s Shacks. Therefore, this measure may not provide a complete understanding of the Company’s operating results as a whole and Restaurant-level profit and Restaurant-level profit margin should be reviewed in conjunction with the Company’s GAAP financial results.

A reconciliation of Restaurant-level profit to Income (loss) from operations, the most directly comparable GAAP financial measure, is set forth below.

Thirteen Weeks Ended

(dollar amounts in thousands)

April 1

2026

March 26

2025

Income (loss) from operations

$

(2,634

)

$

2,842

Less:

Licensing revenue

12,690

11,060

Add:

General and administrative expenses

53,608

40,640

Depreciation and amortization expense

29,120

26,543

Pre-opening costs

6,870

3,218

Impairments, loss on disposal of assets, and Shack closures

867

2,057

Restaurant-level profit

$

75,141

$

64,240

Total revenue

$

366,737

$

320,898

Less: Licensing revenue

12,690

11,060

Shack sales

$

354,047

$

309,838

Restaurant-level profit margin⁽¹⁾

21.2

%

20.7

%

(1)

As a percentage of Shack sales.

SHAKE SHACK INC.

NON-GAAP FINANCIAL MEASURES

(UNAUDITED)

EBITDA and Adjusted EBITDA

EBITDA, a non-GAAP measure, is defined as Net income (loss) before interest expense (net of interest income), Income tax expense (benefit) and Depreciation and amortization expense. Adjusted EBITDA, a non-GAAP measure, is defined as EBITDA excluding equity-based compensation expense, Impairments, loss on the disposal of assets, and Shack closures, amortization of cloud-based software implementation costs, as well as certain non-recurring items that the Company does not believe directly reflect its core operations and may not be indicative of the Company’s recurring business operations.

How These Measures Are Useful

When used in conjunction with GAAP financial measures, EBITDA and adjusted EBITDA are supplemental measures of operating performance that the Company believes are useful measures to facilitate comparisons to historical performance and competitors’ operating results. Adjusted EBITDA is a key metric used internally by management to develop internal budgets and forecasts and also serves as a metric in its performance-based equity incentive programs and certain bonus arrangements. The Company believes presentation of EBITDA and adjusted EBITDA provides investors with a supplemental view of the Company’s operating performance that facilitates analysis and comparisons of its ongoing business operations because they exclude items that may not be indicative of the Company’s ongoing operating performance.

Limitations of the Usefulness of These Measures

EBITDA and adjusted EBITDA may differ from similarly titled measures used by other companies due to different methods of calculation. Presentation of EBITDA and adjusted EBITDA is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. EBITDA and adjusted EBITDA exclude certain normal recurring expenses. Therefore, these measures may not provide a complete understanding of the Company’s performance and should be reviewed in conjunction with the GAAP financial measures.

A reconciliation of EBITDA and adjusted EBITDA to Net income (loss), the most directly comparable GAAP measure, is set forth below.

Thirteen Weeks Ended

(dollar amounts in thousands)

April 1

2026

March 26

2025

Net income (loss)

$

(294

)

$

4,513

Depreciation and amortization expense

29,120

26,543

Interest expense, net

516

523

Income tax expense (benefit)

(145

)

737

EBITDA

$

29,197

$

32,316

Equity-based compensation

5,160

4,541

Amortization of cloud-based software implementation costs

512

606

Impairments, loss on disposal of assets, and Shack closures

867

2,057

Executive transition costs⁽¹⁾

1,130

—

Legal settlements⁽²⁾

—

983

Restatement costs⁽³⁾

—

254

Other⁽⁴⁾

99

(12

)

Adjusted EBITDA

$

36,965

$

40,745

Adjusted EBITDA margin⁽⁵⁾

10.1

%

12.7

%

(1)

Expenses incurred in connection with the termination, search, and hiring of certain executive positions.

(2)

Expenses incurred to establish accruals related to the settlements of legal matters.

(3)

Expenses incurred related to the restatement of prior periods in the 2023 Form 10-K.

(4)

Amounts related to the conflict in the Middle East and expenses incurred for professional fees related to non-recurring matters.

(5)

Calculated as a percentage of Total revenue, which was $366.7 million and $320.9 million for the thirteen weeks ended April 1, 2026 and March 26, 2025, respectively.

SHAKE SHACK INC.

NON-GAAP FINANCIAL MEASURES

(UNAUDITED)

Adjusted Pro Forma Net Income and Adjusted Pro Forma Earnings Per Fully Exchanged and Diluted Share

Adjusted pro forma net income represents Net income (loss) attributable to Shake Shack Inc. assuming the full exchange of all outstanding SSE Holdings, LLC membership interests (“LLC Interests”) for shares of Class A common stock, adjusted for certain non-recurring items that the Company does not believe are directly related to its core operations and may not be indicative of recurring business operations. Adjusted pro forma earnings per fully exchanged and diluted share is calculated by dividing adjusted pro forma net income by the weighted-average shares of Class A common stock outstanding, assuming the full exchange of all outstanding LLC Interests, after giving effect to the dilutive effect of outstanding equity-based awards.

How These Measures Are Useful

When used in conjunction with GAAP financial measures, adjusted pro forma net income and adjusted pro forma earnings per fully exchanged and diluted share are supplemental measures of operating performance that the Company believes are useful measures to evaluate performance period over period and relative to its competitors. By assuming the full exchange of all outstanding LLC Interests, the Company believes these measures facilitate comparisons with other companies that have different organizational and tax structures, as well as comparisons period over period because it eliminates the effect of any changes in Net income (loss) attributable to Shake Shack Inc. driven by increases in its ownership of SSE Holdings, which are unrelated to the Company’s operating performance, and excludes items that are non-recurring or may not be indicative of ongoing operating performance.

Limitations of the Usefulness of These Measures

Adjusted pro forma net income and adjusted pro forma earnings per fully exchanged and diluted share may differ from similarly titled measures used by other companies due to different methods of calculation. Presentation of adjusted pro forma net income and adjusted pro forma earnings per fully exchanged and diluted share should not be considered alternatives to Net income (loss) and earnings (loss) per share, as determined under GAAP. While these measures are useful in evaluating the Company’s performance, it does not account for the earnings attributable to the non-controlling interest holders and therefore does not provide a complete understanding of the Net income (loss) attributable to Shake Shack Inc. Adjusted pro forma net income and adjusted pro forma earnings per fully exchanged and diluted share should be evaluated in conjunction with GAAP financial results.

A reconciliation of adjusted pro forma net income to Net income (loss) attributable to Shake Shack Inc., the most directly comparable GAAP measure, and the computation of adjusted pro forma earnings per fully exchanged and diluted share are set forth below.

Thirteen Weeks Ended

(in thousands, except per share amounts)

April 1

2026

March 26

2025

Numerator:

Net income (loss) attributable to Shake Shack Inc.

$

(290

)

$

4,245

Adjustments:

Reallocation of Net income (loss) attributable to non-controlling interests from the assumed exchange of LLC Interests⁽¹⁾

(4

)

268

Impairment charges and Shack closures⁽²⁾

29

1,653

Executive transition costs⁽³⁾

1,130

—

Legal settlements⁽⁴⁾

—

983

Restatement costs⁽⁵⁾

—

254

Other⁽⁶⁾

99

(12

)

Tax impact of above adjustments⁽⁷⁾

(876

)

(993

)

Adjusted pro forma net income

$

88

$

6,398

Denominator:

Weighted-average shares of Class A common stock outstanding—diluted

40,289

41,864

Adjustments:

Assumed exchange of LLC Interests for shares of Class A common stock⁽¹⁾

2,433

2,449

Dilutive effect of equity awards

124

—

Dilutive effect of convertible notes

1,467

—

Adjusted pro forma fully exchanged weighted-average shares of Class A common stock outstanding—diluted

44,313

44,313

Adjusted pro forma earnings per fully exchanged share—diluted

$

—

$

0.14

Thirteen Weeks Ended

April 1

2026

March 26

2025

Earnings (loss) per share of Class A common stock—diluted

$

(0.01

)

$

0.10

Non-GAAP adjustments⁽⁸⁾

0.01

0.04

Adjusted pro forma earnings per fully exchanged share—diluted

$

—

$

0.14

(1)

Assumes the exchange of all outstanding LLC Interests for shares of Class A common stock, resulting in the elimination of the non-controlling interest and recognition of the net income (loss) attributable to non-controlling interests.

(2)

Expenses incurred related to Shack closures during fiscal 2024 and fiscal 2025.

(3)

Expenses incurred in connection with the termination, search, and hiring of certain executive positions.

(4)

Expenses incurred to establish accruals related to the settlements of legal matters.

(5)

Expenses incurred related to the restatement of prior periods in the 2023 Form 10-K.

(6)

Amounts related to the conflict in the Middle East and expenses incurred for professional fees related to non-recurring matters.

(7)

Represents the tax effect of the aforementioned adjustments and pro forma adjustments to reflect corporate income taxes at assumed effective tax rates of 89.3% and 21.3% for the thirteen weeks ended April 1, 2026 and March 26, 2025, respectively. Amounts include provisions for U.S. federal income taxes, certain LLC entity-level taxes and foreign withholding taxes, assuming the highest statutory rates apportioned to each applicable state, local and foreign jurisdiction.

(8)

Represents the per share impact of non-GAAP adjustments for each period. Refer to the reconciliation of Adjusted pro forma net income above for additional information.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260507885203/en/

Media:

Meg Davis, Shake Shack

[email protected]

Investor Relations:

Alison Sternberg, Head of Investor Relations

(844) SHACK-04 (844-742-2504)

[email protected]

KEYWORDS: New York United States North America

INDUSTRY KEYWORDS: Retail Restaurant/Bar Food/Beverage

MEDIA:

Logo

Posts pagination

Previous page Page 1 … Page 96 Page 97 Page 98 … Page 43,120 Next page