Month: September 2026

TAIPEI, Taiwan, Sept. 29, 2026 (GLOBE NEWSWIRE) — J-Star Holding Co., Ltd. (Nasdaq: YMAT) (“J-Star” or the “Company”), a global manufacturer of carbon fiber and composite material products, today announced that Jonathan Chiang, Chairman and Chief Executive Officer, will relocate full-time to the United States to lead the Company’s U.S. operations and support the next phase of its growth strategy.

Mr. Chiang will focus on strengthening J-Star’s presence in the U.S. market, working directly with customers, manufacturing partners, and other strategic stakeholders as the Company continues to reposition its business toward higher-value carbon fiber and composite material applications. Mr. Chiang brings nearly four-decades of experience in the chemicals and advanced materials industries, including hands-on U.S. manufacturing experience.

Since announcing its exit from China operations in January 2026, J-Star has focused on advancing its core carbon fiber and composite materials expertise, originally developed in high-performance cycling components, into higher-value applications, including healthcare products, structural automotive parts, and its own branded consumer products. The Company views this progression as a continuation of a strategy it has pursued for more than a decade: applying its manufacturing know-how to increasingly specialized markets.

As part of this ongoing evolution, the Company continues to evaluate opportunities to expand its U.S. manufacturing footprint, including in high-growth aerospace and defense-adjacent markets, building on its prior experience manufacturing precision composite components. The Company will provide further updates if and when any specific plans in these areas are finalized.

“The United States is where I see the greatest opportunity for our next phase of growth,” said Jonathan Chiang, Chairman and CEO of J-Star.” We have spent more than a decade building on our expertise in carbon fiber and composite manufacturing and applying it into higher-value markets. By relocating here full-time, I will be able to work more closely with our customers, partners, and teams as we pursue these opportunities.”

Separately, the Company noted that its previously filed shelf registration statement on Form F-3 was declared effective by the U.S. Securities and Exchange Commission on September 23, 2026.

About J-Star Holding Co., Ltd.

J-Star Holding Co., Ltd. is a global manufacturer of carbon fiber and composite material products, with a legacy in high-performance cycling components and a growing portfolio of applications across healthcare, automotive, and other advanced materials markets. For more information, visit j-starholding.com.

Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995, including statements regarding the Company’s capital markets strategy, its U.S. expansion plans, and its evaluation of opportunities in aerospace and defense-adjacent markets. These statements are based on current expectations and assumptions and are subject to risks and uncertainties that could cause actual results to differ materially, including those described in the Company’s filings with the U.S. Securities and Exchange Commission, including its Annual Report on Form 20-F and its registration statement on Form F-3, as amended. The Company undertakes no obligation to update any forward-looking statements, except as required by law.

Contact

Matt Chesler, CFA
FNK IR
646-809-2183
investor@j-starholding.com

Pittsburgh, PA, Sept. 29, 2026 (GLOBE NEWSWIRE) — Alpha Compute Corp. (Nasdaq: ALP) (“Alpha Compute” or the “Company”), a vertically integrated technology pioneer in Sovereign Intelligence, Confidential Compute and GPU-as-a-service (GPUaaS), today announced an update on the Alpha Energy 02 transaction, first announced on September 22, 2026 with a total purchase price is USD $5.5 million.

Last week, Alpha Compute’s oil, gas, and minerals leadership visited the property to review additional due diligence documents, met with the sellers/managers, and toured the pad sites. Information on the operations, financials,  on-site verification of well resources, and equipment inventory were obtained and completed. 

Evaluation of log files from one natural gas test well into the Marcellus shale indicates substantial recoverable gas resources across multiple formations linked to the acquired land and mineral rights. Supplemented by potential unconstrained production-type curves from adjacent analog wells of two producing shallow gas wells, these reserves correspond to an estimated 200 MW of power generation capacity dedicated to Alpha Compute data center planned for Q1 2028. Beyond providing on-site, behind-the-meter power for planned data center developments, the transaction encompasses over 75 active oil wells with an estimated 2.9 million barrels of remaining oil-in-place.

Update On Assets

The acquisition delivers a stacked-resource position on more than 300 acres of surface, mineral and gas rights spanning both the Marcellus and Utica shale formations. The assets include:

• One natural gas test-well with proven natural gas reserves;
• More than 75 existing, producing oil and shallow gas wells with complete pump jack inventories;
• Operational maintenance facilities, heavy equipment and associated gathering infrastructure; and
• Full surface control, enabling co-location of power generation and compute on the same parcel.

Oil in Place and Illustrative Asset Value

Historical documentation and test-well logs obtained in due diligence from an assessment estimates approximately 10,000 barrels per acre of light Pennsylvania-grade sweet crude oil across the subsurface parcels, implying roughly 3.0 million barrels of original oil in place across the acquired acreage. Preliminary evaluations indicate that only an estimated 4% of that volume has been extracted to date, leaving approximately 2.9 million barrels of oil in place.

For context, at prevailing West Texas Intermediate prices of roughly $90 per barrel in late September 2026, the remaining in-place volume carries an illustrative gross, undiscounted value on the order of $260 million. 

Based on standard primary-recovery rates of 5% to 15% for shallow Appalachian crude, estimated recoverable reserves range from 145,000 to 435,000 barrels. At current market rates, this projects to roughly $13 million to $39.1 million in gross top-line revenue, prior to royalties, taxes, and operational expenses. Backed by more than two decades of documented financial history, the current wells remain active and cash-flow positive today. A planned workover capital expenditure of approximately $3.5 million is projected to restore field output to these higher historical rates. 

Marcellus and Utica Gas Potential

One test-well is the near-term catalyst. Horizontal wells completed in the Pennsylvania Marcellus and Utica typically recover on the order of 10 to 20 billion cubic feet (Bcf) of natural gas each over their producing lives, implying combined estimated ultimate recovery of approximately 20 to 40 Bcf for the one well, depending on lateral length, completion design and reservoir quality. Bringing the well online is expected to cost approximately $10 million to $12 million per well.

At an illustrative realized price of $2.00 to $2.50 per MMBtu, reflecting Henry Hub pricing of roughly $3.00 less Appalachian basis differentials, the one well alone represent approximately $40 million to $100 million of gross lifetime gas revenue if sold to market. Across the full 300-acre block, the stacked Marcellus and Utica formations are estimated to hold roughly 50 to 70 Bcf of recoverable gas, supporting additional drilling locations beyond the one existing well.

Alpha Compute does not intend to simply sell this gas. Consumed on site through simple-cycle generation at approximately 7.5 MMBtu per megawatt-hour, initial combined production of 20 to 40 million cubic feet per day from the one well could support roughly 100 to 200 MW of generation capacity at first production, with the combined 20 to 40 Bcf of recoverable gas sufficient to sustain approximately 30 to 60 MW of continuous load for a decade. This converts a commodity exposed to Appalachian basis discounts into low-cost, dispatchable power for AI compute.

“We paid $5.5 million for an operating business that produces oil and cash flow today, and that sits on roughly 2.9 million barrels of oil in place and one gas well ready to complete,” said Enzo Villani, Executive Chairman and President of Alpha Compute Corp. “Our updated geological work, modern appraisals and third-party reserve engineering are underway, and we expect them to support a substantial revaluation of these assets on our balance sheet. In the meantime, the site pays for itself.”

“This acquisition gives Alpha Compute something few AI infrastructure companies have: the fuel, the land and the compute on a single asset,” said Brittany Kaiser, CEO of Alpha Compute Corp. “With one well already drilled. Completing them is the fastest path in Pennsylvania to behind-the-meter power for our next data center, and we will do it under Pennsylvania DEP oversight, in partnership with the county and with the local community at the forefront of our plans.”

Next Steps

• Complete updated geological assessments, modern appraisals and independent reserve engineering to map recoverable oil and gas volumes;
• Advance DEP permitting and contracting for the hydraulic fracturing and completion of the one gas well;
• Finalize the design of on-site generation and the planned data center, replicating the community-first framework developed for Alpha Compute’s Northern Pennsylvania site; and
• Enter binding covenants with local and county governments aligned with municipal development goals.

Facility Design and Environmental Compliance

Development will comply fully with local county ordinances and land-use regulations, regional grid policies and interconnection standards, and Pennsylvania Department of Environmental Protection (DEP) regulations, including applicable operator registration, bonding and well-plugging requirements.

Community Partnership and Economic Impact

• Job Creation: Projected creation of skilled permanent and construction positions;
• Infrastructure Investment: Modernization of site utilities and sustainable integration with local energy grid capacity;
• Environmental Stewardship: Post-closing environmental compliance, plugging assurances and responsible well management under DEP oversight.

Summary of Illustrative Estimates

Metric	Basis	Illustrative Estimate
Original oil in place (historical Halliburton assessment)	~10,000 bbl/acre × ~300 acres	~3.0 million barrels
Oil extracted to date (preliminary)	~4% of estimated in-place volume	~120,000 barrels
Remaining oil in place	In-place, not recovered volume	~2.9 million barrels
Illustrative gross value of remaining oil in place	WTI ~$90/bbl (late Sept. 2026); Penn Grade crude priced near WTI	~$260 million (undiscounted, in-place)
Illustrative recoverable oil (primary recovery)	5-15% of remaining in-place volume	~145,000–435,000 barrels (~$13M–$39.1M gross at ~$90/bbl)
One test-drilled, uncompleted gas wells – estimated ultimate recovery	Typical PA Marcellus/Utica horizontal well: ~10–20 Bcf each	~20–40 Bcf combined
Illustrative gross gas revenue, One wells (life of well)	Realized ~$2.00–$2.50/MMBtu (Henry Hub ~$3.00 less Appalachian basis)	~$40M–$100M (undiscounted)
Estimated completion cost to bring the one well online	Industry range for Appalachian horizontal completions	~$10M–$12M per well
Behind-the-meter generation potential, One test well	Initial ~20–40 MMcf/d combined; ~7.5 MMBtu per MWh simple-cycle	~100–200 MW initially; ~30–60 MW sustained over 10 years Plus access to major gas lines on property.
Recoverable gas across the ~300-acre block (both formations)	~0.08–0.12 Bcf/acre per formation, Marcellus + Utica	~50–70 Bcf

All figures above are illustrative, order-of-magnitude estimates prepared by the Company from historical third-party documentation, publicly available basin-level type curves and prevailing commodity prices as of late September 2026. They are not estimates of proved, probable or possible reserves as defined by the U.S. Securities and Exchange Commission, have not been prepared or reviewed by an independent petroleum engineer, are undiscounted, and are stated before royalties, operating costs, capital costs and taxes. Actual results will depend on completed reserve engineering, well performance, commodity prices, permitting and financing. See “Forward-Looking Statements.”

About Alpha Compute Corp.

Alpha Compute Corp. (Nasdaq: ALP) is a vertically integrated AI infrastructure company specializing in GPU-as-a-service and AI Confidential Compute. Alpha Compute’s mission is to support clients, subsidiaries, and partners across critical sectors including: finance, defense, intelligence, and media with the essential framework for any organization requiring secure, confidential computing environments. 

Alpha Compute Corp is domiciled in the British Virgin Islands with offices in New York, Los Angeles, Miami, Amsterdam and Toronto. Alpha Compute is a founding partner of the Right2Compute Coalition.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of applicable securities laws. All statements other than statements of historical fact, including those preceded by, followed by, or incorporating words such as “believes,” “expects,” “anticipates,” “intends,” “estimates,” “plans,” “may,” “will,” “potential,” “continues,” or similar expressions are forward-looking statements.

Forward-looking statements in this release include, without limitation: estimates of oil and gas in place, recoverable volumes, estimated ultimate recovery, completion costs, commodity prices, realized prices, gross revenue and generation capacity; the anticipated revaluation of the acquired assets; the completion and performance of the one drilled gas wells; title, acreage and net revenue interest; the development, permitting, financing, construction and commercial operation of on-site generation and the planned data center; and potential economic, environmental and community impacts.

These statements involve known and unknown risks and uncertainties that may cause actual results to differ materially from those expressed or implied, including: the results of updated geological assessments, appraisals and independent reserve engineering; well performance and recovery factors; volatility in oil and natural gas prices and Appalachian basis differentials; permitting, environmental and well-plugging risks; the timing and progress of the Company’s strategic initiatives; reliance on third-party vendors and partners; the ability to secure additional financing; uncertainty around the Company’s investments and legacy business; risks related to technology platforms and ecosystems; and general market and economic conditions. A more complete discussion of these risks is set forth under “Item 3 – Key Information – Risk Factors” in the Company’s Annual Report on Form 20-F for the year ended March 31, 2026, as amended.

Undue reliance should not be placed on these forward-looking statements. The forward-looking statements contained herein are made as of the date of this press release, and the Company undertakes no obligation to update or revise them publicly, except as required by law.

Investor & Media Contact

Alpha Compute Corp.
ir@alphacompute.ai
www.alphacompute.ai

ROSEVILLE, Minn., Sept. 29, 2026 (GLOBE NEWSWIRE) — Hawkins, Inc. (Nasdaq: HWKN), a leading water treatment and specialty ingredients company, has completed the acquisition of the assets of Eagle Labs, Inc. (“Eagle Labs”). Eagle Labs distributes water treatment products directly to customers in Texas from its operations in the Dallas–Fort Worth region and has in-house manufacturing capabilities.

“The acquisition of Eagle Labs extends our reach into the Dallas–Fort Worth region and continues our growth in the State of Texas by adding two more locations, resulting in seven Water Treatment facilities throughout the state, which we first entered in fiscal 2022. With Texas now the world’s eighth-largest economy and Dallas–Fort Worth the fastest-growing of the top five U.S. metros since 2020, Eagle Labs positions us in one of the most dynamic markets in the country,” said Hawkins Chief Executive Officer Patrick H. Hawkins. “Eagle Labs brings a customer service model and expertise in coagulants and polymers that complement our Water Treatment offering across the state. For more than 30 years, Eagle Labs has built strong relationships within its local communities, and we intend to maintain and expand those connections. In addition, we have opened a new Hawkins facility in the Dallas–Fort Worth area, which, together with Eagle Labs, strengthens our ability to serve the region’s demand.”

Dwight Hodel, founder and CEO of Eagle Labs, Inc., said, “For more than 30 years, Eagle Labs has served North Texas and its surrounding areas with enhanced technical products and services to produce safe drinking water and meet other essential water treatment needs. And now it is time to find the one company to trust with our legacy, and that is the Hawkins team with premier resources and dedication to excellence. Hawkins is trusted to continue a legacy built by my employees, customers, and suppliers over the decades. Hawkins shares all the same values as Eagle Labs and believes in treating people the way you want to be treated. And most importantly, Hawkins shares our unwavering commitment by offering outstanding products and services to meet the needs of our customers, a principle I have always believed in.”

Mr. Hawkins concluded, “I would like to welcome the Eagle Labs team to the Hawkins organization and look forward to our continued growth together.”

About Hawkins, Inc.

Hawkins, Inc. was founded in 1938 and is a leading water treatment and specialty ingredients company that formulates, manufactures, distributes and blends products for its Water Treatment, Food & Health Sciences and Industrial Solutions customers. Headquartered in Roseville, Minnesota, the Company has 69 facilities in 28 states and creates value for its customers through superb customer service and support, quality products and personalized applications. Hawkins, Inc. generated approximately $1.1 billion of revenue in fiscal 2026 and has approximately 1,200 employees. For more information, including registering to receive email alerts, please visit www.hawkinsinc.com/investors.

Contact:   Jack Shufelt        
                Investor Relations, Mergers and Acquisitions and Treasury Director
                612/617-8582                
                ir@hawkinsinc.com
                jack.shufelt@hawkinsinc.com

TORONTO, Sept. 29, 2026 (GLOBE NEWSWIRE) — Middlefield is pleased to announce the launch of the Middlefield Global Multi-Sector Fixed Income Fund, available today in an ETF series (TSX:MGFI) and mutual fund format. The Fund is managed by Alexandre Cousineau, M.Sc, CFA, CAIA, head of fixed income at Middlefield. The fund is launching with a limited time Founders Series, with a management fee of 0.15%.

“Fixed income markets are increasingly global and interconnected, creating opportunities that extend well beyond traditional domestic bond portfolios,” said Dean Orrico, president and CEO of Middlefield. “Alexandre’s extensive global fixed income experience has been instrumental in developing a strategy that broadens the opportunity set for investors across changing market environments.”

Middlefield Global Multi-Sector Fixed Income Fund is designed to provide monthly income and long-term capital preservation by investing in a globally diversified portfolio of fixed income securities. The Fund is actively managed and includes broad diversification across fixed income sectors, geographies and monetary policy environments, as well as flexible risk allocation across duration, yield curve positioning, sector allocation and security selection.

This launch marks another milestone for Middlefield as the firm continues to build out its fixed income platform. Under the leadership of Mr. Cousineau, the Fund will also receive support from Jack Boyd, principal, global fixed income; Gordon McKay, senior portfolio manager; Michael O’Donnell, portfolio manager; Karen Ko, investment strategist; and Sean Irvine, client portfolio manager.

Fund	Fund Series Available
Middlefield Global Multi-Sector Fixed Income Fund	Series A (MID 101) Series F (MID 151) Series I (MID 157) Series O (MID 156) ETF Series (TSX:MGFI)

About Alexandre Cousineau

Alexandre Cousineau joined Middlefield in 2026 as head of fixed income. He has over 15 years of experience in active global fixed income portfolio management, credit trading and risk management. He most recently served as a vice president and portfolio manager at Fiera Capital, where he managed multi-billion-dollar mandates across investment-grade, high yield, securitization and emerging market debt.

Mr. Cousineau is a CFA and CAIA Charterholder with a bachelor’s degree in actuarial mathematics and a master’s degree in financial engineering.

About Middlefield

Founded in 1979, Middlefield is an income-focused asset manager with offices in Toronto, Canada and London, England. Our investment team has developed a disciplined investment process over many years that seeks to identify attractive opportunities while evaluating the risks that impact returns. Our specialized suite of innovative investment solutions for both individual and institutional investors include Exchange-Traded Funds trading in Canada, the UK, Italy and Germany as well as Canadian Mutual Funds, Split Share Corporations, Closed-End Funds and Flow-through LPs. Our core business currently includes seven income mandates: Real Estate, Healthcare, Innovation, Infrastructure, Energy, Diversified Income and Fixed Income, all of which incorporate our focus on diversification across market sectors and companies which can generate growing levels of cash flows. For more information about Middlefield’s income-generating investment solutions, please visit www.middlefield.com.

This press release contains forward-looking information. The forward-looking information contained in this press release is based on historical information concerning distributions and dividends paid on the securities of issuers historically included in the portfolio of the Fund. Actual future results, including the amount of distributions paid by the Fund, may differ from the monthly distribution amount. Specifically, the income from which distributions are paid may vary significantly due to: changes in portfolio composition; changes in distributions and dividends paid by issuers of securities included in the Fund’s portfolio from time to time; there being no assurance that those issuers will pay distributions or dividends on their securities; the declaration of distributions and dividends by issuers of securities included in the portfolio will generally depend upon various factors, including the financial condition of each issuer and general economic and stock market conditions; the level of borrowing by the Fund; and the uncertainty of realizing capital gains. The risks, uncertainties and other factors that could influence actual results are described under “Risk Factors” in the Fund’s prospectus and other documents filed by the Fund with the Canadian securities regulatory authorities. The forward-looking information contained in this press release constitutes the Fund’s current estimate, as of the date of this press release, with respect to the matters covered hereby. Investors and others should not assume that any forward-looking statement contained in this press release represents the Fund’s estimate as of any date other than the date of this press release.

For further information, please visit our website www.middlefield.com or contact our Sales and Marketing Department at 1.888.890.1868

LOWELL, Mass., Sept. 29, 2026 (GLOBE NEWSWIRE) — MACOM Technology Solutions Inc. (“MACOM”), a leading supplier of semiconductor solutions, will exhibit at the upcoming European Microwave Week (EuMW) from October 6 – 8, 2026, in London, England. MACOM’s demonstrations in its Booth #B45 will highlight its latest RF, microwave, millimeter wave and photonic technologies, along with its high reliability and foundry capabilities. MACOM technical experts will also participate in conference presentations.

Featured Demonstrations at EuMW 2026:

K- and Ka-Band Signal Chains with VVA Temperature Compensation
Featuring MACOM’s thermal compensation attenuator technology, this demonstration showcases K- and Ka-Band uplink and downlink signal chains designed to maintain consistent gain performance across temperature fluctuations, making this an ideal solution for satellite communications.

2 to 20 GHz Wideband GaN Power Amplifier
MACOM’s wideband 10 W GaN-on-SiC power amplifier, suitable for electronic warfare, communications, radar and test instrumentation applications requiring high output power and broad frequency coverage.

AlGaAs Hot Via Technology
MACOM’s innovative Hot Via process technology will be on display and enables direct surface mount attachment while reducing assembly complexity and supporting high performance operation at millimeter-wave frequencies.

Fast-Recovery X-Band GaN LNA
This demonstration highlights the fast recovery performance of MACOM’s GaN-on-Si technology, showing significantly improved recovery times compared to traditional GaAs LNAs for radar, electronic warfare and communications applications.

Advanced Foundry Services
MACOM will showcase its extensive GaAs and GaN foundry capabilities, including wafer fabrication, custom packaging and testing services, with a focus on the manufacturing capabilities of MACOM’s European Semiconductor Center.

RF-over-Fiber (RFoF) and Free Space Optical (FSO) Communications
This demonstration highlights MACOM’s RF-over-Fiber portfolio, including lasers, photodiodes, TOSAs and ROSAs supporting applications across L-, S-, C-, X- and Ku-Band frequencies, as well as FSO communication systems.

Space and Hi-Rel Solutions
A display of optical and RF technologies designed for demanding space, satellite and defense applications, including optical power amplifiers, lasers, laser drivers, photodiodes, transimpedance amplifiers and RFoF subsystems.

MACOM Presentations at EuMW 2026:

Topic:	EuMIC06-2: Generalized Two-Port Feedback Analysis​
Date:	October 5
Location:	Room 10
Author:	Thomas Winslow

Visit MACOM at Booth B45:

Exhibit Hours:		Tuesday, October 6: 09:30 to 18:00
		Wednesday, October 7: 09:30 to 17:30
		Thursday, October 8: 09:30 to 16:30

To schedule a meeting with MACOM during EuMW 2026, please visit https://www.macom.com/meet.

About MACOM
MACOM designs and manufactures semiconductor products for telecommunications, industrial and defense and data center applications. Headquartered in Lowell, Massachusetts, MACOM has design centers and sales offices throughout North America, Europe and Asia. MACOM is certified to the ISO9001 international quality standard and ISO14001 environmental management standard. To learn more, visit https://www.macom.com/.

Company Contact:
MACOM Technology Solutions Inc.
Stephen Ferranti
Senior Vice President, Corporate Development and Investor Relations
P: 978-656-2977
E: stephen.ferranti@macom.com

Revenue increased 172.7% to €15.0 million (approximately $17.2 million); operating income turned positive, representing a €1.7 million year-over-year improvement

VALENCIA, Spain, Sept. 29, 2026 (GLOBE NEWSWIRE) — Turbo Energy, S.A. (Nasdaq: TURB) (“Turbo Energy” or the “Company”), a technology-driven integrator of energy storage and intelligent energy-management solutions, today reported its unaudited consolidated financial results for the six months ended June 30, 2026.

Total revenue for the first half of 2026 increased 172.7% to €15,033,238 (approximately $17.2 million), compared with €5,512,458 in the first half of 2025. The Company achieved positive operating income of €510,542 (approximately $0.58 million) in the first half of 2026, compared with an operating loss of €1,164,274 in the prior-year period, representing a year-over-year improvement of €1,674,816 (approximately $1.91 million). Turbo Energy also reported net income of €65,647 (approximately $75,000) in the first half of 2026, compared with a net loss of €1,397,715 in the first half of 2025.

Revenue growth reflected the continued expansion of the Company’s intelligent energy solutions business, including the execution of its 366 MWh industrial energy-storage project and continued activity across its broader product portfolio.

The results are consistent with the preliminary results announced in July 2026 and mark an important step in Turbo Energy’s transition from a period focused on technology investment and market expansion toward greater operating discipline and improved financial performance.

First Half 2026 Financial Highlights

• Record revenue: Total revenue increased 172.7% to €15,033,238 (approximately $17.2 million), from €5,512,458 in the first half of 2025.
• Higher gross profit: Gross profit increased 87.6% to €2,484,022 (approximately $2.8 million), from €1,324,430.
• Positive operating and net income: Operating income reached €510,542 (approximately $0.58 million), and net income was €65,647 (approximately $75,000), compared with an operating loss of €1,164,274 and a net loss of €1,397,715.
• Stronger equity position: Shareholders’ equity increased to €5,518,529 (approximately $6.3 million) as of June 30, 2026, from €1,599,640 as of December 31, 2025.

“The first half of 2026 marks an important financial milestone for Turbo Energy,” said Mariano Soria, the Chief Executive Officer of Turbo Energy. “We delivered record revenue and moved from an operating loss to positive operating income. This performance reflects the growing scale of our project execution and the investments we have made in technology and industrial energy-storage capabilities.”

“Our next priority is to build on this progress by improving project mix and margins, converting working capital more efficiently into cash and increasing the contribution of our proprietary energy-management technology and service-based business models. We believe these capabilities can create a more differentiated and higher-value energy-storage platform.”

Operating income reflects higher gross profit and lower operating expenses

Gross profit increased 87.6% to €2,484,022 (approximately $2.8 million), from €1,324,430 in the prior-year period. Cost of revenue increased 199.7% to €12,549,216 (approximately $14.3 million), from €4,188,028, reflecting the substantial increase in sales volume and the greater contribution of large-scale industrial project deliveries. As a result, gross margin was 16.5%, compared with 24.0% in the first half of 2025. Improving project mix and increasing the contribution of proprietary software and service-based revenue remain key priorities for the Company.

Total operating expenses decreased 20.7% to €1,973,480 (approximately $2.3 million), from €2,488,704. The combination of higher gross profit and lower operating expenses resulted in operating income of €510,542 (approximately $0.58 million), compared with an operating loss of €1,164,274 in the first half of 2025.

Total other expense increased to €444,895 (approximately $0.51 million), from €233,441, primarily due to higher interest expense and foreign-exchange losses. After these items, Turbo Energy reported net income of €65,647 (approximately $75,000), compared with a net loss of €1,397,715 in the prior-year period.

Strengthened financial position

Shareholders’ equity increased to €5,518,529 (approximately $6.3 million) as of June 30, 2026, from €1,599,640 as of December 31, 2025. The increase primarily reflected €3.78 million (approximately $4.32 million) in net proceeds from the Company’s registered direct offering and at-the-market issuances during the first half of 2026.

Working capital improved to €6,547,449 (approximately $7.5 million) as of June 30, 2026, from negative working capital of €910,135 as of December 31, 2025. The improvement primarily reflected the restructuring of €4,870,491 (approximately $5.6 million) of bank debt into long-term financing, the proceeds from Turbo Energy’s equity offerings and a reduction in current liabilities.

Toward a higher-value energy-storage platform

Turbo Energy is evolving its offering beyond the supply and integration of energy-storage systems toward a model combining project execution, intelligent energy management and service-based revenue opportunities. Turbo Energy believes this combination can increase the operational and economic value of deployed storage infrastructure while creating a more differentiated and scalable business over time.

Availability of financial information

Turbo Energy’s unaudited condensed interim consolidated financial statements and its Operating and Financial Review and Prospects for the six months ended June 30, 2026, and 2025 are included in a Report on Form 6-K furnished to the U.S. Securities and Exchange Commission.

The Company’s condensed interim consolidated financial statements are presented in euros, its functional currency. Unless otherwise indicated, all U.S. dollar amounts translated from euros in this press release are approximate and were calculated using an exchange rate of $1.1417 per euro, which was the June 30, 2026, exchange rate according to the U.S. Federal Reserve. These translations are provided solely for the convenience of readers and should not be construed as representations that the euro amounts could have been or could be converted into U.S. dollars at that or any other rate.

About Turbo Energy, S.A.

Founded in 2013, Turbo Energy, S.A. (Nasdaq: TURB) is a global technology integrator specializing in AI-driven energy storage and energy management solutions. The Company integrates advanced battery storage, proprietary software and energy management systems into intelligent energy solutions that help residential, commercial and industrial customers optimize energy consumption, reduce costs, improve resilience and maximize the value of their energy assets.

As part of Umbrella Global Energy, Turbo Energy plays a strategic role in driving innovation in intelligent energy storage, electrification and software-defined energy management across Europe, North America and Latin America. For more information, please visit www.turbo-e.com.

Forward-Looking Statements

Statements in this press release about future expectations, plans and prospects, as well as any other statements regarding matters that are not historical facts, may constitute “forward-looking statements” within the meaning of The Private Securities Litigation Reform Act of 1995. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on current beliefs, expectations and assumptions regarding the future of the business of the Company, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” “would” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of the Company’s control, including the risks described in the Company’s registration statements and annual reports under the heading “Risk Factors” as filed with the Securities and Exchange Commission. Actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Any forward-looking statements contained in this press release speak only as of the date hereof, and Turbo Energy, S.A. specifically disclaims any obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise.

For more information, please contact:

Turbo Energy | Investor Relations
Email: investors@turbo-e.com
Website: investors.turbo-e.com

(tables follow) TURBO ENERGY, S.A. Condensed Interim Consolidated Statements of Operations (Unaudited) (Expressed in Euro)
						Six Months Ended June 30,
		Note				2026				2025
Revenue			18			€	7,835,027			€	5,026,963
Revenue – related parties			11,18				7,186,691				410,342
Other operating income							11,520				75,153
Total Revenue							15,033,238				5,512,458
Cost and Expenses
Cost of revenues			19				12,549,216				4,188,028
Selling and administrative			20				1,378,224				1,137,050
Selling and administrative – related parties			11,20				101,744				356,912
Salaries and benefits							400,755				870,583
Salaries and benefits – related parties			11				69,063				124,159
Bad debt expense			4				23,694				–
Total Cost and Expenses							14,522,696				6,676,732
Income (loss) from operations							510,542				(1,164,274	)
Other Income (Expense)
Other income							–				208
Interest income							–				3,457
Interest expense							(351,691	)			(157,432	)
Interest expense – related party							(26,448	)			(40,627	)
Foreign exchange gain (loss)							(66,756	)			(39,047	)
Total Other Income (Expense)							(444,895	)			(233,441	)
Net Income (Loss) Before Income Tax							65,647				(1,397,715	)
Income tax Expense (Recovery)
– Current							–				–
– Deferred							–				–
Net Income (Loss)						€	65,647			€	(1,397,715	)
Basic Net Income (Loss) per Ordinary Share						€	0.00			€	(0.03	)
Diluted Net Income (Loss) per Ordinary Share						€	0.00			€	(0.03	)
Weighted Average Number of Ordinary Shares Outstanding – Basic							59,415,835				55,085,700
Weighted Average Number of Ordinary Shares Outstanding – Diluted							61,143,577				55,085,700

TURBO ENERGY, S.A. Condensed Interim Consolidated Statements of Financial Position (Unaudited) (Expressed in Euro)
						June 30,				December 31,
As at		Note				2026				2025
Assets
Current
Cash and cash equivalent			2			€	503,586			€	493,129
Accounts receivable and other receivables			4				3,274,020				1,739,775
Inventories			5				4,830,099				3,444,184
Amount due from related parties			11				5,942,031				10,443,887
Prepaid expense			6				3,712,271				3,643,077
Investments			7				34,557				34,557
Total Current Assets							18,296,564				19,798,609
Non- Current Assets
Property and equipment, net			8				204,452				214,966
Intangible assets, net			9				1,882,964				2,102,151
Right-of-use assets			16				15,470				21,444
Deferred tax assets							2,272,573				2,272,573
Total Assets						€	22,672,023			€	24,409,743
Liabilities and Shareholders’ Equity
Current Liabilities
Accounts payable and accrued liabilities			10			€	6,848,799			€	12,647,530
Accrued interest payable			12				34,310				355,711
Accrued interest payable – related party			11				26,448				–
Amount due to related parties			11				3,400,635				2,929,117
Lease liabilities – current portion			16				10,163				12,203
Bank loans – current portion			13				1,175,408				4,510,831
Debt bond – current portion			12				253,352				253,352
Total Current Liabilities							11,749,115				20,708,744
Non-Current Liabilities
Lease liabilities			16				6,068				10,059
Bank loans			13				3,433,687				–
Deferred tax liabilities							30,595				30,595
Debt bond – noncurrent portion			12				1,934,029				2,060,705
Total Liabilities							17,153,494				22,810,103
Shareholders’ Equity
Share Capital			14				3,143,855				2,754,285
Additional paid in capital			14				7,404,278				3,940,606
Reserve			15				1,411,846				1,411,846
Accumulated Deficit							(6,441,450	)			(6,507,097	)
Total Shareholders’ Equity							5,518,529				1,599,640
Total Liabilities and Shareholders’ Equity						€	22,672,023			€	24,409,743

TURBO ENERGY, S.A. Condensed Interim Consolidated Statements of Cash Flows (Unaudited) (Expressed in Euro)
						Six Months Ended June 30,
		Note				2026				2025
Cash Provided by (Used in)
Operating Activities
Net income (loss) before income tax						€	65,647			€	(1,397,715	)
Items not affecting cash:
Stock-based compensation			2				67,220				63,682
Bad debt expense			4				23,694				–
Depreciation of property and equipment			8				10,514				5,937
Amortization of intangible assets			9				244,527				48,763
Amortization of right-of-use assets			16				5,974				38,250
Accretion of lease liabilities			16				430				2,442
Gain on lease cancellation			16				–				(137	)
Changes in non-cash working capital items:
Inventories			5				(1,385,915	)			(636,450	)
Accounts receivable and other receivables			4				(1,557,939	)			1,934,794
Deferred tax assets			17				–				3,390
Due from related parties			11				5,097,469				(151,543	)
Due to related parties			11				(67,154	)			(1,329	)
Prepaid expense			6				(69,194	)			(580,865	)
Accounts payable and accrued liabilities			10				(5,798,731	)			(733,186	)
Accrued interest payable			12				(321,401	)			23,436
Accrued interest payable – related party			11				26,448				40,627
Net cash used in operating activities							(3,658,411	)			(1,339,904	)
Investing Activities
Purchase of equipment			8				–				(9,008	)
Purchase of intangible assets			9				(25,340	)			(450,962	)
Net cash used in investing activities							(25,340	)			(459,970	)
Financing Activities
Net proceed from Issuance of common stock through public offering			13				3,786,022				–
Proceeds from debt bond			12				–				1,667,638
Repayment of debt bond			12				(126,676	)			(126,676	)
Repayment of bank loans			13				–				(90,374	)
Net proceeds (repayment) from lines of credit			13				98,264				276,052
Repayment of lease liabilities			16				(6,461	)			(40,488	)
Payments to related parties			11				(59,083	)			(907,213	)
Proceeds from related parties			11				2,142				370
Net cash provided by financing activities							3,694,208				779,309
Net change in cash							10,457				(1,020,565	)
Cash – beginning of period							493,129				2,384,625
Cash – end of period						€	503,586			€	1,364,060

Improves Handling and Freight Economics, Lowers Materials Cost and Makes Weight Competitive

BOCA RATON, Fla., Sept. 29, 2026 (GLOBE NEWSWIRE) — Xeriant, Inc. (OTCQB: XERI), a company dedicated to the discovery, development, and commercialization of transformative technologies, today provided an update on the ongoing production of NexBoard^™ at its contract manufacturer.

The proprietary manufacturing process was set up in stages to meet specific goals, including establishing parameters related to input materials compatibility, understanding equipment capabilities and cycle times for future scaling, and managing specific product features, consistency and quality. One of the top priorities in the production run was to optimize lightweighting of the panel, making it competitive with other wall panels in the market with the same thickness, a goal which was achieved with nearly a 25 percent reduction in weight while maintaining the same dimensions.

“Lightweighting was among the most important goals we wanted to achieve as we scale up production. We were able to reduce the panel’s weight by almost 25 percent without sacrificing strength, which is an amazing result. Lower weight improves handling and installation and at the same time lowers the cost of freight and materials,” said Keith Duffy, CEO of Xeriant.

Production continues at the Company’s contract manufacturing partner as they accomplish each of the product objectives. The panels are being used to support sample fulfillment for leading homebuilders and commercial construction firms who are evaluating NexBoard as a universal construction panel.

Under the DUREVER™ brand, NexBoard is an eco-friendly composite construction panel made from recycled plastic and fiber waste and incorporating Xeriant’s proprietary Durazite™ fire-retardant technology. Independent third-party testing has previously confirmed a Class A rating under ASTM E84 and a pass on the NFPA 286 corner room burn test, along with strong results in impact resistance, tensile strength, water absorption, and mold resistance.

About Xeriant, Inc.

Xeriant, Inc. is dedicated to the discovery, development, and commercialization of transformative technologies, with a focus on advanced materials that can be successfully integrated and deployed across multiple industrial sectors. The Company’s advanced materials line is marketed under the DUREVER™ brand and includes NexBoard™, an eco-friendly composite construction panel made from recycled plastic and fiber waste, and NexPatch™, its companion fire-resistant joint compound.

For more information, visit www.xeriant.com.

SAFE HARBOR / FORWARD-LOOKING STATEMENTS

In connection with the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, Xeriant, Inc. hereby provides cautionary statements identifying important factors that could cause actual results to differ materially from those projected in forward-looking statements. Any statements that are not historical facts and that express or involve discussions about expectations, beliefs, plans, objectives, assumptions or future events or performance may be forward-looking and may involve estimates and uncertainties that could cause actual results to differ materially from those expressed. These statements include, but are not limited to, expectations concerning completion of the current production campaign, product performance following lightweighting, sample fulfillment, customer evaluations, and commercialization progress.

We caution that the factors described herein could cause actual results to differ materially from those expressed in any forward-looking statements, and investors should not place undue reliance on such statements. Any forward-looking statement speaks only as of the date it is made, and the company undertakes no obligation to update any forward-looking statement to reflect events or circumstances after that date.

This press release does not constitute an offer of any securities for sale.

Xeriant, Inc.
Investor Relations Department
(561) 491-9595
IR@xeriant.com
www.xeriant.com