Month: September 2026

HUNTSVILLE, AL, Sept. 10, 2026 (GLOBE NEWSWIRE) — Serina Therapeutics, Inc. (“Serina” or the “Company”) (NYSE American: SER), a clinical-stage biotechnology company developing its proprietary POZ Platform^™ drug optimization technology enabling drug product candidates to treat neurological diseases and other indications, today announced that Steve Ledger, Chief Executive Officer, will present at the upcoming H.C. Wainwright 28th Annual Global Investment Conference. The Company will also attend one-on-one investor meetings during the conference taking place September 14-16, 2026 in New York, New York.

The presentation will be available for on-demand viewing starting on Monday, September 14, 2026, at 7:00 a.m. ET at this link.

About Serina Therapeutics

Serina is a clinical-stage biotechnology company developing a pipeline of wholly owned drug product candidates to treat neurological diseases and other indications. Serina’s proprietary POZ Platform^™ drug optimization technology is designed to improve the integrated efficacy and safety profile of multiple therapeutic modalities, including small molecules, RNA-based therapeutics and antibody-drug conjugates. The Company’s lead program, SER-252 (POZ-apomorphine), is being developed as a long-acting treatment for advanced Parkinson’s disease. For more information, please visit https://serinatx.com.

For inquiries, please contact:
Stefan Riley
sriley@serinatherapeutics.com
(256) 327-9630

• Record fourth quarter revenue grew 12% versus prior year quarter, sixth consecutive quarter of double-digit growth
• Nine new logo wins in the fourth quarter, including two strategic AI Agent wins
• Strong operating cash flow of $24.8 million and free cash flow of $21.7 million in the fourth quarter
• Record full-year revenue, net income, adjusted net income, adjusted EBITDA, EPS, adjusted EPS, operating cash flow, and free cash flow
• Full-year revenue grew over 15% versus prior year; full-year diluted EPS grew 33% to $3.13, full-year adjusted EPS grew 28% to $3.52
• Introduces fiscal year and first quarter 2027 guidance, forecasting continued strong revenue and adjusted EBITDA growth

WASHINGTON, Sept. 10, 2026 (GLOBE NEWSWIRE) — IBEX Limited (“ibex”) (Nasdaq: IBEX), a global leader in outsourced business services and AI-powered customer experience solutions, today announced financial results for its fourth quarter and fiscal year ended June 30, 2026.

	Three months ended June 30,											Twelve months ended June 30,
($ millions, except per share amounts)	2026				2025				Change			2026				2025				Change
Revenue(2)	$	164.3			$	147.1			11.6	%		$	644.1			$	558.3			15.4	%
Net income(2)	$	8.7			$	9.6			(8.8	)%		$	46.3			$	36.9			25.7	%
Net income margin(2)		5.3	%			6.5	%		(120) bps				7.2	%			6.6	%		60 bps
Adjusted net income(1)	$	12.7			$	12.6			0.8	%		$	52.2			$	43.0			21.3	%
Adjusted net income margin(1)		7.7	%			8.5	%		(80) bps				8.1	%			7.7	%		40 bps
Adjusted EBITDA(1, 2)	$	20.2			$	20.5			(1.3	)%		$	82.4			$	72.0			14.5	%
Adjusted EBITDA margin(1)		12.3	%			13.9	%		(160) bps				12.8	%			12.9	%		(10) bps
Earnings per share – diluted(1,2)	$	0.59			$	0.66			(11.3	)%		$	3.13			$	2.36			32.8	%
Adjusted earnings per share – diluted(1,2)	$	0.85			$	0.87			(1.9	)%		$	3.52			$	2.75			28.3	%
(1) See accompanying Exhibits for the reconciliation of each non-GAAP measure to its most directly comparable GAAP measure.
(2) The current period percentages are calculated based on exact amounts, and therefore may not recalculate exactly using rounded numbers as presented.

“ibex delivered another record-breaking quarter with revenue growth of 12% to $164.3 million, our sixth straight double-digit growth quarter, capping off an amazing year with top-line organic growth of over 15%, and adjusted EPS growth of over 28%,” said Bob Dechant, ibex CEO. “Our differentiation continues to shine, enabling us to win new trophy clients and outperform our competition operationally which leads to significant market share gains.”

“Fiscal 2026 also marked a transformational step forward as ibex defined a new era of BPO, one powered by AI agents. Our strategic partnership with Sierra, a leader in conversational AI, has firmly strengthened our leadership position in this evolving market. To date, we have delivered more than 10 successful AI Agent implementations across five verticals. Momentum continues to build for these solutions, further separating us from traditional BPO providers.”

Fourth Quarter Financial Performance
Revenue

• Revenue of $164.3 million, an increase of 11.6% from $147.1 million in the prior year quarter, was driven by strong performance across four verticals: HealthTech (+42.3%), Technology (+27.4%), Travel, Transportation and Logistics (+17.8%), and Retail & E-Commerce (+7.0%), with accelerating growth in our Wave iX solutions.

Net Income and Earnings Per Share

• Net income of $8.7 million decreased from $9.6 million in the prior year quarter.
• Diluted earnings per share decreased to $0.59 compared to $0.66 in the prior year quarter.
• Net income margin decreased to 5.3% compared to 6.5% in the prior year primarily driven by training costs related to new client wins and the temporary impact of work transferring from nearshore to offshore delivery centers.
• Non-GAAP adjusted net income remained relatively consistent at $12.7 million when compared to the prior year quarter (see Exhibit 1 for reconciliation).
• Non-GAAP adjusted diluted earnings per share was $0.85 compared to $0.87 in the prior year quarter (see Exhibit 1 for reconciliation). 

Adjusted EBITDA

• Adjusted EBITDA was $20.2 million compared to $20.5 million in the prior year quarter (see Exhibit 2 for reconciliation).
• Adjusted EBITDA margin decreased to 12.3% compared to 13.9% in the prior year quarter (see Exhibit 2 for reconciliation).

Fiscal Year 2026 Financial Performance
Revenue

• Revenue of $644.1 million, an increase of 15.4% from $558.3 million in the prior year, was driven by broad-based growth across four verticals: HealthTech (+38.5%), Technology (+25.6%) Travel, Transportation and Logistics (+17.2%), and Retail & E-commerce (+14.1%), with growth in our Wave iX solutions and digital acquisition business.

Net Income and Earnings Per Share

• Net income increased to $46.3 million compared to $36.9 million in the prior year. Net income was favorably impacted by revenue growth in our higher margin offshore regions as well as lower selling, general, and administrative and income tax expenses as a percentage of revenue compared to the prior year.
• Diluted earnings per share increased to $3.13 compared to $2.36 in the prior year.
• Net income margin increased to 7.2% compared to 6.6% in the prior year.
• Non-GAAP adjusted net income increased to $52.2 million compared to $43.0 million in the prior year (see Exhibit 1 for reconciliation).
• Non-GAAP adjusted diluted earnings per share increased to $3.52 compared to $2.75 in the prior year (see Exhibit 1 for reconciliation).

Adjusted EBITDA

• Adjusted EBITDA increased to $82.4 million compared to $72.0 million in the prior year (see Exhibit 2 for reconciliation).
• Adjusted EBITDA margin remained relatively consistent at 12.8% when compared to the prior year (see Exhibit 2 for reconciliation). 

Cash Flow and Balance Sheet

• Capital expenditures were $27.8 million compared to $18.4 million in the prior year. The planned increase in capital expenditures during the year was driven by expansions in our offshore regions and purchases of IT and telecommunications equipment to support the Company’s continued growth.
• Cash flow from annual operating activities increased to a record of $59.0 million compared to $45.7 million in the prior year. The increase was primarily driven by an increase in revenue and profit, offset by a higher use of working capital.
• Free cash flow of $21.7 million for the fourth quarter contributed to record annual free cash flow of $31.2 million, up from $27.3 million in the prior year (see Exhibit 3 for reconciliation).
• Net cash was $30.9 million, an improvement of $17.2 million compared to net cash of $13.7 million as of June 30, 2025 (see Exhibit 4 for reconciliation).
• Repurchased 0.1 million shares in the fourth quarter for $4.3 million at an average price of $29.83. Repurchased approximately 0.5 million shares for $14.4 million at an average price of $31.70 during fiscal year 2026.

Fiscal Year and First Quarter Fiscal 2027 Business Outlook
“Fiscal 2026 was a banner year that included record performance across many key operating metrics, including revenue, adjusted EBITDA, EPS, and free cash flow. Our financial results were driven by consistent performance throughout the year, supported by our differentiated strategy and increased traction in our AI-enabled solution offerings. Looking ahead, this momentum gives us confidence that our strategy will continue generating results that outpace our market as we head to fiscal year 2027,” said Taylor Greenwald, CFO of ibex.

“Forecasting the year ahead, our healthy balance sheet and cash flows are enabling us to continue to make smart investments to support increased capacity for anticipated growth as well as to further extend our current AI leadership position. Reflective of our current position and forward momentum, we are providing initial first quarter and fiscal year 2027 revenue and adjusted EBITDA guidance.”

Fiscal Year and First Quarter Fiscal 2027 Guidance

• For fiscal year 2027, revenue is expected to be in the range of $700 to $715 million for 9-11% growth. Adjusted EBITDA is expected to be in the range of $90 to $94 million for 9-14% growth.
• For first quarter fiscal year 2027, revenue is expected to be in the range of $168 to $170 million for 11-12% growth. Adjusted EBITDA is expected to be in the range of $22 to $23 million for 13-18% growth.
• Capital expenditures for the year are expected to be in the range of $25 to $30 million.

Conference Call and Webcast Information
IBEX Limited will host a conference call and live webcast to discuss its fourth quarter and fiscal year 2026 financial results at 4:30 p.m. Eastern Time today, September 10, 2026. We will also post to this section of our website the earning slides, which will accompany our conference call and live webcast, and encourage you to review the information that we make available on our website.

Live and archived webcasts can be accessed at: https://investors.ibex.co/.

Non-GAAP Financial Measures
We present non-GAAP financial measures because we believe that they and other similar measures are widely used by certain investors, securities analysts and other interested parties as supplemental measures of performance and liquidity. We also use these measures internally to establish forecasts, budgets and operational goals to manage and monitor our business, as well as evaluate our underlying historical performance, as we believe that these non-GAAP financial measures provide a more helpful depiction of our performance of the business by encompassing only relevant and manageable events, enabling us to evaluate and plan more effectively for the future. The non-GAAP financial measures may not be comparable to other similarly titled measures of other companies, have limitations as analytical tools, and should not be considered in isolation or as a substitute for analysis of our operating results as reported in accordance with accounting principles generally accepted in the United States (“GAAP”). Non-GAAP financial measures and ratios are not measurements of our performance, financial condition or liquidity under GAAP and should not be considered as alternatives to operating profit or net income / (loss) or as alternatives to cash flow from operating, investing or financing activities for the period, or any other performance measures, derived in accordance with GAAP.

ibex is not providing a quantitative reconciliation of forward-looking non-GAAP adjusted EBITDA to the most directly comparable GAAP measure because it is unable to predict with reasonable certainty the ultimate outcome of certain significant items without unreasonable effort. These items include, but are not limited to, non-recurring expenses, foreign currency gains and losses, and stock-based compensation expense. These items are uncertain, depend on various factors, and could have a material impact on GAAP reported results for the guidance period.

About ibex
ibex is a global leader in outsourced business services and AI-powered customer experience solutions, enabling the world’s best brands to deliver truly differentiated experiences for their customers. Leveraging a global team of approximately 35,000 human CX experts – powered by the best AI technology, decades of CX innovation, and deep business insights – ibex engineers seamless, end-to-end customer journeys from AI agents to human agents at scale across retail, e-commerce, healthcare, fintech, utilities, technology, logistics, and more. Discover more at ibex.co and connect with us on LinkedIn.

Forward Looking Statements
In addition to historical information, this press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by terminology such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “should,” “plan,” “expect,” “predict,” “potential,” “forecast,” or the negative of these terms or other similar expressions. These statements include, but are not limited to, statements regarding our future financial and operating performance, including our outlook and guidance, and our strategies, priorities and business plans. Our expectations and beliefs regarding these matters may not materialize, and actual results in future periods are subject to risks and uncertainties that could cause actual results to differ materially from those projected. Factors that could impact our actual results include: our ability to attract new business and retain key clients; our profitability based on our utilization, pricing and managing costs; our access to financing to support our operations and growth; the potential for our clients or potential clients to consolidate; our clients deciding to enter into or further expand their insourcing activities and current trends toward outsourcing services may reverse; our ability to compete effectively in our industry; general economic uncertainty in global markets and unfavorable economic conditions, including inflation, rising interest rates, recession, and foreign exchange fluctuations; our ability to manage our international operations, particularly in the Philippines, Jamaica, Pakistan and Nicaragua; natural events, health epidemics, global geopolitical conditions, including developing or ongoing conflicts, widespread civil unrest, terrorist attacks and other attacks of violence involving any of the countries in which we or our clients operate; our ability to anticipate, develop and implement information technology solutions that keep pace with evolving industry standards and changing client demands, including the effective adoption of Artificial Intelligence into our offerings; our ability to recruit, engage, motivate, manage and retain our global workforce; our ability to comply with applicable laws and regulations, including those regarding privacy, data protection and information security, employment and anti-corruption; the effect of cyberattacks or cybersecurity vulnerabilities on our information technology systems; the impact of tax matters, including new legislation and actions by taxing authorities; and other factors discussed in the “Risk Factors” described in our periodic reports filed with the U.S. Securities and Exchange Commission (“SEC”), including our annual reports on Form 10-K, quarterly reports on Form 10-Q, and past filings on Form 20-F, and any other risk factors we include in subsequent filings with the SEC. Because of these uncertainties, you should not make any investment decisions based on our estimates and forward-looking statements. Except as required by law, we undertake no obligation to publicly update any forward-looking statements for any reason after the date of this press release whether as a result of new information, future events or otherwise.

IR Contact:  ir@ibex.co
Media Contact:  Daniel Burris, VP, Marketing and Communication, ibex, daniel.burris@ibex.co

IBEX LIMITED AND SUBSIDIARIES Consolidated Balance Sheets (Unaudited) (in thousands)
	June 30, 2026				June 30, 2025
Assets
Current assets
Cash and cash equivalents	$	32,566			$	15,350
Accounts receivable, net		125,292				117,136
Prepaid expenses		15,205				9,443
Due from related parties		—				40
Tax advances and receivables		4,226				1,522
Other current assets		2,348				2,128
Total current assets		179,637				145,619
Non-current assets
Property and equipment, net		40,725				32,563
Operating lease assets		55,496				62,276
Goodwill		11,832				11,832
Deferred tax asset, net		7,170				7,163
Other non-current assets		14,275				13,762
Total non-current assets		129,498				127,596
Total assets	$	309,135			$	273,215
Liabilities and stockholders’ equity
Current liabilities
Accounts payable and accrued liabilities	$	22,996			$	18,692
Accrued payroll and employee-related liabilities		40,914				38,588
Current deferred revenue		6,384				5,498
Current operating lease liabilities		13,936				14,332
Current debt		882				823
Due to related parties		—				22
Income taxes payable		427				1,986
Total current liabilities		85,539				79,941
Non-current liabilities
Non-current deferred revenue		2,075				1,130
Non-current operating lease liabilities		46,849				53,804
Long-term debt		777				796
Other non-current liabilities		3,665				3,235
Total non-current liabilities		53,366				58,965
Total liabilities		138,905				138,906
Stockholders’ equity
Common shares		2				1
Treasury shares		(117,703	)			(103,338	)
Additional paid-in capital		227,346				218,241
Accumulated other comprehensive loss		(11,487	)			(6,336	)
Retained earnings		72,072				25,741
Total stockholders’ equity		170,230				134,309
Total liabilities and stockholders’ equity	$	309,135			$	273,215

IBEX LIMITED AND SUBSIDIARIES Consolidated Statements of Comprehensive Income (Unaudited) (in thousands, except per share data)
	Three months ended June 30,								Twelve months ended June 30,
		2026				2025				2026				2025
Revenue	$	164,269			$	147,138			$	644,076			$	558,273
Cost of services (exclusive of depreciation and amortization presented separately below)		117,349				100,872				456,169				385,692
Selling, general and administrative		31,474				29,756				113,021				108,738
Depreciation and amortization		5,624				4,248				19,922				17,232
Total operating expenses		154,447				134,876				589,112				511,662
Income from operations		9,822				12,262				54,964				46,611
Interest income		115				29				266				955
Interest expense		(222	)			(448	)			(936	)			(1,634	)
Income before income taxes		9,715				11,843				54,294				45,932
Provision for income tax expense		(968	)			(2,247	)			(7,963	)			(9,068	)
Net income	$	8,747			$	9,596			$	46,331			$	36,864
Other comprehensive income / (loss)
Foreign currency translation adjustments	$	(436	)		$	263			$	(3,140	)		$	1,114
Unrealized gain / (loss) on cash flow hedging instruments, net of tax		1,748				204				(2,535	)			775
Actuarial gain / (loss) on defined benefit plan		524				(312	)			524				(312	)
Total other comprehensive income / (loss)		1,836				155				(5,151	)			1,577
Total comprehensive income	$	10,583			$	9,751			$	41,180			$	38,441
Net income per share
Basic	$	0.65			$	0.72			$	3.45			$	2.51
Diluted	$	0.59			$	0.66			$	3.13			$	2.36
Weighted average common shares outstanding
Basic		13,372				13,380				13,414				14,678
Diluted		14,892				14,491				14,808				15,725

IBEX LIMITED AND SUBSIDIARIES Consolidated Statements of Cash Flows (Unaudited) (in thousands)
	Three months ended June 30,								Twelve months ended June 30,
		2026				2025				2026				2025
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$	8,747			$	9,596			$	46,331			$	36,864
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		5,624				4,248				19,922				17,232
Noncash lease expense		3,592				3,358				13,911				13,378
Noncash gain on lease terminations		(85	)			—				(85	)			—
Deferred income tax		782				(1,168	)			(8	)			(2,877	)
Stock-based compensation expense		3,285				1,926				7,737				5,432
Allowance of expected credit losses		114				86				427				514
Impairment losses		1,092				1,429				1,092				1,429
Change in assets and liabilities:
Decrease / (increase) in accounts receivable		3,695				2,788				(8,659	)			(19,262	)
(Increase) / decrease in prepaid expenses and other current assets		(983	)			(31	)			(11,356	)			361
Increase in accounts payable and accrued liabilities		3,051				9,290				2,506				6,248
(Decrease) / increase in deferred revenue		(204	)			(451	)			1,830				752
Decrease in operating lease liabilities		(3,887	)			(3,134	)			(14,647	)			(14,403	)
Net cash inflow from operating activities		24,823				27,937				59,001				45,668
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property and equipment		(3,163	)			(5,159	)			(27,807	)			(18,375	)
Net cash outflow from investing activities		(3,163	)			(5,159	)			(27,807	)			(18,375	)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from line of credit		3,000				13,400				38,600				82,710
Repayments of line of credit		(3,000	)			(32,500	)			(38,600	)			(82,710	)
Proceeds from the exercise of options		195				773				4,009				4,307
Taxes paid related to net share settlement of equity awards		(36	)			—				(2,338	)			—
Principal payments on finance leases		(383	)			(314	)			(1,216	)			(953	)
Purchase of treasury shares		(4,249	)			(1,593	)			(14,382	)			(78,014	)
Net cash outflow from financing activities		(4,473	)			(20,234	)			(13,927	)			(74,660	)
Effects of exchange rate difference on cash and cash equivalents		(30	)			(171	)			(51	)			(3	)
Net increase / (decrease) in cash and cash equivalents		17,157				2,373				17,216				(47,370	)
Cash and cash equivalents, beginning		15,409				12,977				15,350				62,720
Cash and cash equivalents, ending	$	32,566			$	15,350			$	32,566			$	15,350

IBEX LIMITED AND SUBSIDIARIES
Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures

EXHIBIT 1: Adjusted net income, adjusted net income margin, and adjusted earnings per share

We define adjusted net income as net income before the effect of the following items: severance costs, impairment losses, gains or losses on asset disposals, gains or losses on lease terminations, foreign currency gains and losses, and stock-based compensation expense, net of the tax impact of such adjustments. We define adjusted net income margin as adjusted net income divided by revenue. We define adjusted earnings per share as adjusted net income divided by weighted average diluted shares outstanding.

The following table provides a reconciliation of net income to adjusted net income, net income margin to adjusted net income margin, and diluted earnings per share to adjusted earnings per share for the periods presented:

	Three months ended June 30,								Twelve months ended June 30,
($000s, except per share amounts)	2026				2025				2026				2025
Net income	$	8,747			$	9,596			$	46,331			$	36,864
Net income margin		5.3	%			6.5	%			7.2	%			6.6	%
Severance costs		267				558				1,240				558
Impairment losses		1,092				1,429				1,092				1,429
Gain on asset disposals		(150	)			—				(150	)			—
Loss on lease terminations		744				—				744				—
Foreign currency (gains) / losses		(499	)			27				(3,177	)			693
Stock-based compensation expense		3,285				1,926				7,737				5,432
Total adjustments	$	4,739			$	3,940			$	7,486			$	8,112
Tax impact of adjustments1		(821	)			(969	)			(1,650	)			(1,975	)
Adjusted net income	$	12,665			$	12,567			$	52,167			$	43,001
Adjusted net income margin		7.7	%			8.5	%			8.1	%			7.7	%
Diluted earnings per share	$	0.59			$	0.66			$	3.13			$	2.36
Per share impact of adjustments to net income		0.26				0.21				0.39				0.39
Adjusted earnings per share	$	0.85			$	0.87			$	3.52			$	2.75
Weighted average diluted shares outstanding		14,892				14,491				14,808				15,725

________________________________
¹ The tax impact of each adjustment is calculated using the effective tax rate in the relevant jurisdictions.

EXHIBIT 2:  EBITDA, adjusted EBITDA, and adjusted EBITDA margin

EBITDA is a non-GAAP profitability measure that represents net income before the effect of the following items: interest expense, income tax expense, and depreciation and amortization. Adjusted EBITDA is a non-GAAP profitability measure that represents EBITDA before the effect of the following items: interest income, severance costs, impairment losses, gains or losses on asset disposals, gains or losses on lease terminations, foreign currency gains and losses, and stock-based compensation expense. Adjusted EBITDA margin is a non-GAAP profitability measure that represents adjusted EBITDA divided by revenue.

The following table provides a reconciliation of net income to EBITDA and adjusted EBITDA and net income margin to adjusted EBITDA margin for the periods presented:

	Three months ended June 30,								Twelve months ended June 30,
($000s)	2026				2025				2026				2025
Net income	$	8,747			$	9,596			$	46,331			$	36,864
Net income margin		5.3	%			6.5	%			7.2	%			6.6	%
Interest expense		222				448				936				1,634
Income tax expense		968				2,247				7,963				9,068
Depreciation and amortization		5,624				4,248				19,922				17,232
EBITDA	$	15,561			$	16,539			$	75,152			$	64,798
Interest income		(115	)			(29	)			(266	)			(955	)
Severance costs		267				558				1,240				558
Impairment losses		1,092				1,429				1,092				1,429
Gain on asset disposals		(150	)			—				(150	)			—
Loss on lease terminations		744				—				744				—
Foreign currency (gains) / losses		(499	)			27				(3,177	)			693
Stock-based compensation expense		3,285				1,926				7,737				5,432
Adjusted EBITDA	$	20,185			$	20,450			$	82,372			$	71,955
Adjusted EBITDA margin		12.3	%			13.9	%			12.8	%			12.9	%

EXHIBIT 3: Free cash flow

We define free cash flow as net cash provided by operating activities less capital expenditures.

	Three months ended June 30,								Twelve months ended June 30,
($000s)		2026				2025				2026				2025
Net cash provided by operating activities	$	24,823			$	27,937			$	59,001			$	45,668
Less: capital expenditures		3,163				5,159				27,807				18,375
Free cash flow	$	21,660			$	22,778			$	31,194			$	27,293

EXHIBIT 4: Net cash

We define net cash as total cash and cash equivalents less debt.

($000s)	June 30, 2026				June 30, 2025
Cash and cash equivalents	$	32,566			$	15,350
Debt
Current	$	882			$	823
Non-current		777				796
Total debt	$	1,659			$	1,619
Net cash	$	30,907			$	13,731

• Technology transfer to LyFE Manufacturing Center™ completed following FDA review of improved manufacturing process and updated analytical methods
• Dosing of additional patients with the new process at LyFE continues with the goal of determining the recommended Phase 2 dose and optimized safety management plan to support End-of-Phase 1 discussions with the FDA
• Additional clinical data from the Phase 1/2 trial of LYL273 in patients with third- or later-line relapsed/refractory metastatic colorectal cancer and End-of-Phase 1 meeting with FDA expected in 2027

SOUTH SAN FRANCISCO, Calif., Sept. 10, 2026 (GLOBE NEWSWIRE) — Lyell Immunopharma, Inc. (Nasdaq: LYEL), a late-stage clinical company advancing a pipeline of next-generation chimeric antigen receptor (CAR) T-cell therapies for patients with cancer, today announced successful completion of the planned technology transfer for LYL273, a guanylyl cyclase C (GCC)-targeted CAR T-cell product candidate, to its LyFE Manufacturing Center™ (LyFE) in Bothell, Washington, following review by the U.S. Food and Drug Administration (FDA). LyFE is implementing an improved manufacturing process and updated analytical methods to enhance manufacturing performance and increase capacity. The Phase 1/2 clinical trial of LYL273 in patients with relapsed/refractory metastatic colorectal cancer (R/R mCRC) continues to enroll patients with the goal of determining the recommended Phase 2 dose and optimized safety management plan. Additional clinical data from the trial and a planned End-of-Phase 1 meeting with the FDA are now expected in 2027.

“The LYL273 Phase 1/2 clinical trial continues to build momentum. We are activating additional clinical sites for the expansion phase of the trial, with strong interest in the study across our group of highly experienced investigators,” said Lynn Seely, MD, President and Chief Executive Officer of Lyell. “LYL273 has already generated encouraging clinical activity data in patients with metastatic colorectal cancer. We are now focused on determining the recommended Phase 2 dose and optimizing the safety management plan, including with results from patients treated with LYL273 manufactured at LyFE. We look forward to sharing additional clinical data and bringing a more complete data package to the FDA as we plan for our End-of-Phase 1 meeting in 2027.”

About LYL273

LYL273 is a guanylyl cyclase C (GCC)-targeted CAR T-cell product candidate enhanced with CD19 CAR expression and controlled cytokine release, designed to improve CAR T-cell expansion, immune cell infiltration and cancer cell killing in the hostile solid tumor microenvironment. CARABiNER (NCT05319314) is an ongoing Phase 1/2 dose-escalation, dose-expansion trial of LYL273 in the United States in patients with R/R mCRC. Lyell announced in June 2026 safety data from the trial demonstrating that gastrointestinal prophylaxis consisting of infliximab, vedolizumab and budesonide reduced Grade ≥ 2 diarrhea/colitis from 55% without prophylaxis to 10% with prophylaxis. Enrollment in the trial is continuing with dose escalation to determine the recommended Phase 2 dose, including with data from the improved LyFE manufacturing process and analytical methods, as well as to optimize the prophylaxis and safety management plan to calibrate immune suppression.

About Lyell Immunopharma, Inc.

Lyell is a late-stage clinical company advancing a pipeline of next-generation CAR T-cell therapies for patients with hematologic malignancies and solid tumors. To realize the potential of cell therapy for cancer, Lyell utilizes a suite of technologies to arm CAR T cells with enhancements needed to drive durable tumor cytotoxicity and achieve consistent and long-lasting clinical responses, including the ability to resist exhaustion, maintain qualities of durable stemness and function in the hostile tumor microenvironment. Lyell’s proprietary LyFE Manufacturing Center™ has commercial launch capability and is expected to have the capacity to manufacture more than 1,200 CAR T-cell doses per year. To learn more, please visit www.lyell.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements expressed or implied in this press release include, but are not limited to, statements regarding: Lyell’s expectations around the progress of the U.S. Phase 1/2 trial for LYL273, including expectations around patient enrollment and site activation, activities to determine a recommended Phase 2 dose and optimized safety plan and the timing for release of additional clinical data from this trial and a planned End-of-Phase 1 FDA meeting; the potential clinical benefits and therapeutic potential of LYL273; manufacturing activities at LyFE and the capability of LyFE to manufacture drug supply through potential commercial launch and its expected manufacturing capacity; and other statements that are not historical fact. These statements are based on Lyell’s current plans, objectives, estimates, expectations and intentions, are not guarantees of future performance and inherently involve significant risks and uncertainties. Actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of these risks and uncertainties, which include, but are not limited to, risks and uncertainties related to: Lyell operates in a rapidly evolving industry and has a limited operating history; Lyell’s ability to successfully develop, manufacture and commercialize product candidates or its experiencing significant delays in doing so; Lyell’s dependence on the enrollment and retention of patients in its current and planned clinical trials for its product candidates; the potential for results of Lyell’s research, nonclinical studies or earlier clinical trials to not be predictive of future results; clinical development involving a lengthy and expensive process with uncertain outcomes; Lyell’s product candidates and technologies being based on novel technologies that are unproven and may not result in approvable or marketable products; Lyell facing substantial competition in a rapidly changing industry, which may result in others discovering, developing or commercializing products before or more successfully than it does; Lyell’s ability to obtain and maintain sufficient intellectual property protection for its product candidates; the complexity of manufacturing cellular therapies; Lyell’s ability to manufacture drug products for its clinical trials itself and any potential delays in further qualifying or in receiving regulatory approvals for any manufacturing facility or product candidates or in expanding its manufacturing capacity; Lyell’s reliance on third parties; implementation of Lyell’s strategic plans for its business and product candidates and Lyell’s realization of the expected benefits of such plans; the potential reduction of Lyell’s cash resources and fluctuations in Lyell’s operating results and financial condition as a result of Lyell’s milestone, royalty and success payment obligations; the sufficiency of Lyell’s capital resources and need for additional capital to achieve its goals; and other risks, including those described under the heading “Risk Factors” in Lyell’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2026, filed with the U.S. Securities and Exchange Commission on August 6, 2026. Forward-looking statements contained in this press release are made as of this date, and Lyell undertakes no duty to update such information except as required under applicable law.

Contact:
Lyell Investor Relations
IR@lyell.com

SANTA CLARA, Calif., Sept. 10, 2026 (GLOBE NEWSWIRE) — Applied Materials, Inc. today announced that its Board of Directors has approved a quarterly cash dividend of $0.53 per share payable on the company’s common stock. The dividend is payable on Dec. 10, 2026 to shareholders of record as of Nov. 19, 2026.

The cash dividend is a key component of Applied’s capital allocation strategy. In March 2026, Applied announced a 15-percent increase in the quarterly dividend per share, from $0.46 to $0.53, marking nine consecutive years of dividend increases. With that increase, Applied has grown its dividend per share at a compound annual growth rate of 18 percent over the past decade.

Over the past 10 fiscal years, the company has distributed nearly 90 percent of free cash flow to shareholders through dividends and share repurchases.

In the third quarter of fiscal 2026, Applied distributed $860 million to shareholders through dividends and share repurchases. The company had approximately $12.8 billion remaining in its share repurchase authorization at the end of the period.

Forward-Looking Statements
This press release may contain forward-looking statements, express or implied, regarding future rates of cash dividends and our share repurchase program. While we expect to continue to pay dividends in the future, the declaration of any future dividends or dividends at any particular rate is subject to the discretion of the Board of Directors and will depend on our financial condition, results of operations, capital requirements, business conditions and other factors, as well as a determination by the Board of Directors that dividends are in the best interests of our stockholders. The timing and amount of share repurchases will depend on market conditions, our other funding requirements and other considerations. Additional factors that could cause actual results to differ materially from those expressed or implied by such statements are described in our SEC filings, including our recent Forms 10-K, 10-Q and 8-K. All forward-looking statements are based on management’s current estimates, projections and assumptions, and we assume no obligation to update them.

Use of Non-GAAP Financial Measure
For reconciliation of the GAAP to non-GAAP financial measure related to free cash flow, see non-GAAP reconciliation materials on the Investor Relations website at ir.appliedmaterials.com.

About Applied Materials
Applied Materials, Inc. (Nasdaq: AMAT) is the leader in materials engineering solutions that are at the foundation of virtually every new semiconductor and advanced display in the world. The technology we create is essential to advancing AI and accelerating the commercialization of next-generation chips. At Applied, we push the boundaries of science and engineering to deliver material innovation that changes the world. Learn more at www.appliedmaterials.com.

Contact:
Ricky Gradwohl (editorial/media) 408.235.4676
Mike Sullivan (financial community) 408.986.7977

● Contract manufacturing of GMP drug substance and commercial-scale tablets to support the XRX-OXY-102 clinical study and future US FDA marketing approval ●

CALGARY, Alberta, Sept. 10, 2026 (GLOBE NEWSWIRE) — XORTX Therapeutics Inc. (“XORTX” or the “Company”) (NASDAQ: XRTX), a late-stage clinical pharmaceutical company focused on developing innovative therapies to treat gout and progressive kidney disease, announces the launch of production of drug material and tablet manufacturing to support the Company’s XRx-026 program for the treatment of gout. This manufacturing supports a planned two-part clinical study of XORLO^TM, the Company’s proprietary formulation of oxypurinol, a xanthine oxidase inhibitor. The clinical trial, XRX-OXY-102, is being advanced based on positive and supportive prior clinical trial results and discussions with the US Food and Drug Administration (the “FDA”).

The two-part clinical study will require production of GMP drug and clinical supply tablets representative of material intended for FDA marketing approval. Contract production of pure oxypurinol drug substance, the active pharmaceutical ingredient in XORLO^TM, using the Company’s proprietary synthetic pathway, has begun.

XORTX is now working closely with its contract manufacturing partner toward the manufacture of commercial drug batches. Validation and stability data from this work is expected to provide key support for FDA marketing approval in the future.

“Advancing our clinical manufacturing and the work underway with our commercial manufacturing partner is a foundational step toward bringing XORLO^TM to patients,” stated Dr. Allen Davidoff, Co-Chief Executive Officer of XORTX, who added, “This progress provides the material we require for the XRX-OXY-102 clinical trial and builds the validation and stability record that we expect will support our NDA filing.”

This manufacturing progress is one part of the Company’s broader plan to advance XRx-026 toward FDA marketing approval, and XORTX looks forward to providing further updates on its regulatory and clinical strategy in the coming weeks.

About Hyperuricemia and Gout

In the United States, approximately 44 million individuals have uric acid levels above the normal range, with 9.2 million individuals living with gout¹. Gout is associated with severe pain, reduced quality of life², decreased physical function³, increased healthcare costs⁴, and lost economic productivity⁵. It is also strongly associated with metabolic syndrome⁵, myocardial infarction^6,7, Type 2 diabetes mellitus⁸, chronic kidney disease⁹, and premature mortality^6,10,11. Importantly, the global prevalence of gout is increasing, with cases expected to increase 70% over the next 25 years^*.

__________________
* https://pubmed.ncbi.nlm.nih.gov/38996590/

About the XRx-026 Program and XORLO™

The XRx-026 program is developing XORLO™, a proprietary formulation of oxypurinol, to treat individuals with gout. Oral xanthine oxidase inhibitors (XOIs) are the current standard of care, but limitations remain: approximately 3–5% of patients cannot tolerate allopurinol, and febuxostat, while once achieving >US$450 million in annual sales, now carries a boxed warning for cardiovascular risk. XORLO™ is designed to address this unmet need by providing an alternative therapeutic option with a differentiated safety and efficacy profile. Advancement of XRx-026 through NDA filing is a strategic priority for XORTX.

References

1. Chen-Xu M, et al. Prevalence of Gout and Hyperuricemia in the US. Arthritis Rheumatol. 2019;71(6):991–999.
2. Singh JA. Quality of life and quality of care for patients with gout. Curr Rheumatol Rep. 2009;11(2):154–60.
3. Burke BT, et al. Physical Function, Hyperuricemia, and Gout in Older Adults. Arthritis Care Res. 2015;67(12):1730–8.
4. Rai SK, et al. The economic burden of gout: a systematic review. Semin Arthritis Rheum. 2015;45(1):75–80.
5. Choi HK, et al. Prevalence of the metabolic syndrome in individuals with hyperuricemia. Am J Med. 2007;120(5):442–7.
6. Choi HK, Curhan G. Independent impact of gout on mortality and risk for coronary heart disease. Circulation. 2007;116(8):894–900.
7. Liu S-C, et al. Gout and Risk of Myocardial Infarction: A Systematic Review. PLoS ONE. 2015;10(7):e0134088.
8. Choi HK, et al. Gout and the risk of type 2 diabetes among men with high cardiovascular risk profile. Rheumatology. 2008;47(10):1567–70.
9. Roughley MJ, et al. Gout and risk of chronic kidney disease and nephrolithiasis: meta-analysis. Arthritis Res Ther. 2015;17(1).
10. Kuo C-F, et al. Gout: an independent risk factor for all-cause and cardiovascular mortality. Rheumatology. 2010;49(1):141–6.
11. Fisher MC, et al. Premature mortality gap in gout: a general population-based study. Ann Rheum Dis. 2017;76(7):1289–94.

About XORTX Therapeutics Inc.

XORTX is a pharmaceutical company with three clinically advanced products in development: 1) our lead XRx-026 program for the treatment of gout; 2) XRx-008 program for ADPKD; and 3) XRx-101 for acute kidney and other acute organ injury associated with respiratory virus infections. In addition, the Company is developing XRx-225, a pre-clinical stage program for Type 2 diabetic nephropathy, and the recently acquired VB4-P5 program, which is currently at the pre-IND stage of development and targets both rare and prevalent forms of kidney disease. XORTX is working to advance products that target aberrant purine metabolism and xanthine oxidase to decrease or inhibit production of uric acid. At XORTX, we are dedicated to developing medications that improve the quality of life and health of individuals with gout and other important diseases.

For more information, please contact:

Allen Davidoff, Co-CEO		Mika Grasso, Co-CEO
adavidoff@xortx.com		mgrasso@xortx.com
+1 403 455 7727		+1 949 244 6011

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, as well as “forward-looking information” within the meaning of applicable Canadian securities laws. Forward-looking statements may be identified by the use of words such as “anticipate,” “believe,” “expect,” “estimate,” “plan,” “intend,” “will,” “designed to,” “positions,” and similar expressions, and include all statements that are not statements of historical fact. These forward-looking statements include, but are not limited to, statements regarding the initiation and completion of manufacturing of GMP oxypurinol drug substance and clinical and commercial-scale supply of XORLO™ tablets; the timing, design, and conduct of the planned XRX-OXY-102 clinical study; the expected contribution of validation and stability data to a future NDA filing and FDA marketing approval; and the advancement of the Company’s XRx-026 program, its other development programs, and its strategy.

Forward-looking statements are based on the Company’s current expectations and assumptions and are subject to known and unknown risks, uncertainties, and other factors that could cause actual results, performance, or achievements to differ materially from those expressed or implied by such statements. Such risks and uncertainties include, among others: the Company’s need for, and ability to obtain, additional capital to fund its development programs and operations; the Company’s reliance on third-party contract manufacturers, and the risk of delays, failures, or increased costs in the production of GMP drug substance and clinical or commercial supply tablets; the risk that validation and stability data do not support an NDA filing or FDA marketing approval; the Company’s ability to initiate, conduct, and complete the planned XRX-OXY-102 clinical study on the timelines currently anticipated, or at all; the Company’s ability to advance, and obtain regulatory approval for, the XRx-026 program and its other product candidates on the timelines currently anticipated, or at all; the evolving regulatory environment applicable to the Company’s business in the United States and Canada; and the Company’s ability to attract and retain qualified personnel.

For a more detailed discussion of these and other risks and uncertainties, investors should review the disclosures contained under the heading “Risk Factors” in the Company’s Annual Report on Form 20-F for the fiscal year ended December 31, 2025, and in the Company’s subsequent Reports of Foreign Private Issuer on Form 6-K, each as filed with or furnished to the SEC and available at www.sec.gov, as well as in the Company’s continuous disclosure documents filed with the Canadian securities regulatory authorities and available at www.sedarplus.ca.

The forward-looking statements in this press release speak only as of the date hereof. Except as required by law, the Company undertakes no obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise. Readers are cautioned not to place undue reliance on these forward-looking statements.

NEW YORK, Sept. 10, 2026 (GLOBE NEWSWIRE) — OceanLight Acquisition Corporation (Nasdaq: OCLTU) (the “Company”), a Cayman Islands exempted company, announced that holders of the Company’s units sold in its initial public offering may elect to separately trade the ordinary shares, rights and warrants included in the units, commencing on or about September 11, 2026.

Any units not separated will continue to trade on the Nasdaq Global Market under the symbol “OCLTU” and the separated ordinary shares, rights and warrants are expected to trade under the symbols “OCLT,” “OCLTR” and “OCLTW,” respectively. Holders of units will need to have their brokers contact Continental Stock Transfer & Trust Company, the Company’s transfer agent, in order to separate the units into ordinary shares, rights and warrants.

Each unit consists of one ordinary share, one right to receive one-fourth (1/4) of one ordinary share upon the consummation of the Company’s initial business combination, and one redeemable warrant, with each whole warrant entitling the holder thereof to purchase one ordinary share at an exercise price of $11.50 per share, subject to adjustment as described in the Company’s prospectus.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About OceanLight Acquisition Corporation

OceanLight Acquisition Corporation is a blank check company formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. The Company’s efforts to identify a prospective target business will not be limited to a particular industry or geographic region.

Forward-Looking Statements

This press release includes forward-looking statements that involve risks and uncertainties. Forward-looking statements are statements that are not historical facts. Such forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ from the forward-looking statements. The Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.

Contact
Ping Zhang
OceanLight Acquisition Corporation
Chief Executive Officer
(212) 574-4425

NEW YORK, Sept. 10, 2026 (GLOBE NEWSWIRE) — Adamas Trust, Inc. (Nasdaq: ADAM) (the “Company” or “Adamas”) announced today that its Board of Directors (the “Board”) declared cash dividends on the Company’s 8.000% Series D Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock (“Series D Preferred Stock”), 7.875% Series E Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock (“Series E Preferred Stock”), 6.875% Series F Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock (“Series F Preferred Stock”) and 7.000% Series G Cumulative Redeemable Preferred Stock (“Series G Preferred Stock”) as stated below.

Quarterly Preferred Stock Dividends
The Board declared cash dividends for the dividend period that began on July 15, 2026 and ends on October 14, 2026 as follows:

Class of Preferred Stock

Series D

Series E

Series F

Series G

Record Date

October 1, 2026

October 1, 2026

October 1, 2026

October 1, 2026

Payment Date

October 15, 2026

October 15, 2026

October 15, 2026

October 15, 2026

Cash Dividend Per Share

$0.50

$0.6672255

$0.4296875

$0.4375

About Adamas Trust
Adamas Trust, Inc. is an internally managed real estate investment trust (“REIT”) focused on strategically deploying capital across complementary businesses to generate durable earnings and long-term value for stockholders through disciplined portfolio management and an operating platform designed to capture opportunities across real estate and capital markets.

Forward-Looking Statements
When used in this press release, in future filings with the Securities and Exchange Commission (the “SEC”) or in other written or oral communications, statements which are not historical in nature, including those containing words such as “will,” “believe,” “expect,” “anticipate,” “estimate,” “plan,” “continue,” “intend,” “could,” “would,” “should,” “may” or similar expressions, are intended to identify “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and, as such, may involve known and unknown risks, uncertainties and assumptions. Statements regarding the following subject, among others, may be forward-looking: the payment of dividends.

Forward-looking statements are based on estimates, projections, beliefs and assumptions of management of the Company at the time of such statements and are not guarantees of future performance. Forward-looking statements involve risks and uncertainties in predicting future results and conditions. Actual results and outcomes could differ materially from those projected in these forward-looking statements due to a variety of factors, including, without limitation: changes in the Company’s business and investment strategy; inflation and changes in interest rates and the fair market value of the Company’s assets, including negative changes resulting in margin calls relating to the financing of the Company’s assets; changes in credit spreads; changes in the long-term credit ratings of the U.S., Fannie Mae, Freddie Mac, and Ginnie Mae; general volatility of the markets in which the Company invests; changes in prepayment rates on the loans the Company owns or that underlie the Company’s investment securities; increased rates of default, delinquency or vacancy and/or decreased recovery rates on or at the Company’s assets; the Company’s ability to identify and acquire targeted assets, including assets in its investment pipeline; the Company’s ability to dispose of assets from time to time on terms favorable to it; changes in relationships with the Company’s financing counterparties and the Company’s ability to borrow to finance its assets and the terms thereof; changes in the Company’s relationships with and/or the performance of its operating partners; the Company’s ability to predict and control costs; changes in laws, regulations or policies affecting the Company’s business; the Company’s ability to make distributions to its stockholders in the future; the Company’s ability to maintain its qualification as a REIT for U.S. federal income tax purposes; the Company’s ability to maintain its exemption from registration under the Investment Company Act of 1940, as amended; impairments and declines in the value of the collateral underlying the Company’s investments; changes in the benefits the Company anticipates from the acquisition of Constructive Loans, LLC; the Company’s ability to effectively integrate Constructive Loans, LLC into the Company and the risks associated with the ongoing operation thereof; the Company’s ability to manage or hedge credit risk, interest rate risk, and other financial and operational risks; the Company’s exposure to liquidity risk, risks associated with the use of leverage, and market risks; and risks associated with investing in real estate assets and/or operating companies, including changes in business conditions and the general economy, the availability of investment opportunities and conditions in markets for residential loans, mortgage-backed securities, structured multi-family investments and other assets that the Company owns or in which the Company invests.

These and other risks, uncertainties and factors, including the risk factors and other information described in the Company’s reports filed with the SEC pursuant to the Exchange Act, could cause the Company’s actual results to differ materially from those projected in any forward-looking statements the Company makes. All forward-looking statements speak only as of the date on which they are made. New risks and uncertainties arise over time and it is not possible to predict those events or how they may affect the Company. Except as required by law, the Company is not obligated to, and does not intend to, update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

For Further Information

AT THE COMPANY
Investor Relations
Phone: 212-792-0107
Email: InvestorRelations@adamasreit.com

· Announces Record Quarterly Revenue of $23.5 Million, Up 70% Year-over-Year and 52% Sequentially

· Announces Record $129 Million Funded Backlog, up 82% Year-over-Year and 16% Sequentially

· Strong Operating Leverage Demonstrated, with Operating Margin North of 22%

MITCHEL FIELD, N.Y., Sept. 10, 2026 (GLOBE NEWSWIRE) — Frequency Electronics, Inc. (“FEI,” “Frequency,” the “Company,” “we” or “us”) (NASDAQ-FEIM) today announced its financial results for the first quarter of fiscal year 2027.

FEI President and CEO, Tom McClelland, commented, “I am very pleased to report first quarter revenue of $23.5 million, an all-time record for FEI, up 70% year-over-year and up 52% sequentially. As we told you on our fourth quarter 2026 earnings call in July, we expect to return to growth starting in this current fiscal 2027, and this first quarter is a strong proof point of that. Further, this performance gives us increasing confidence in our ability to meet or exceed the $150 million or more in annual revenue that we previously guided to by Fiscal 2029, which ends April 30, 2029.

“Further growth is supported by our funded backlog, which reached a record $129 million at the end of our fiscal first quarter, up 82% year-over-year and 16% sequentially, as well as by our growing order book and the significantly larger end-markets that we are now selling into, all of which are based on technology that leverages our long-standing market leadership in space and defense applications. I look forward to sharing more color on exciting developments in our end-markets on our earnings call this afternoon.

“The strong revenue growth this quarter also allowed FEI to demonstrate significant profitability improvement, with gross margin expanding to approximately 46% and operating margin exceeding 22%. Further, we were cash-generative and expect to be so on annual basis going forward. We remain debt-free and our balance sheet was also significantly enhanced by the secondary offering we completed during the quarter, which added approximately $73 million in cash, of which approximately $14 million came in after the quarter ended. We will have more to say about this on the earnings call as well.

“In short, business is booming for FEI. We have many attractive organic growth opportunities that leverage our core strengths, and we look forward to continuing to demonstrate our ability to generate more profitable, cash-generative revenue growth for years to come.”

Reported Results and Adjusted Levels

Revenue for the three months ended July 31, 2026, was approximately $23.5 million, compared to $13.8 million reported for the same period of fiscal year 2026. Operating income for the three months ended July 30, 2026 was $5.2 million, compared to an operating income of $0.4 million reported for the same period of the previous fiscal year. Net income from operations for the three months ended July 31, 2026, was $4.2 million or $0.41 per diluted share, compared to a net income from operations for the three months ended July 31, 2025 of $0.6 million or $0.07 per diluted share. Net cash provided by operating activities was approximately $3.0 million in the three months of fiscal year 2027, compared to net cash used in operations of $1.2 million for the same period of fiscal year 2026. Backlog at July 31, 2026 was approximately $129 million compared to $111 million at April 30, 2026.

Investor Conference Call

As previously announced, the Company will hold a conference call to discuss these results on Thursday, September 10, 2026, at 4:30 PM Eastern Time. Investors and analysts may access the call by dialing 1-888-506-0062. International callers may dial 1-973-528-0011. Callers should provide participant access code: 582877 or ask for the Frequency Electronics conference call. The archived call may be accessed by calling 1-877-481-4010 (domestic), or 1-919-882-2331 (international), for one week following the call (replay passcode: 54512). Subsequent to that, the call can be accessed via a link available on the Company’s website through December 10, 2026.

About Frequency Electronics

Frequency Electronics, Inc. (FEI) is a world leader in precision time and frequency generation technology, which is incorporated into commercial and U.S. Government satellites, Command, Control, Communication, Computer, Intelligence, Surveillance and Reconnaissance (“C4ISR”), and Electronic Warfare (“EW”) systems. Its technology is used for a wide range of space and non-space applications. FEI has received over 100 awards of excellence for achievements in providing high performance electronic assemblies for over 150 space and DOW programs. The Company invests significant resources in research and development to expand its capabilities and markets.

FEI’s Mission Statement: “Our mission is to transform discoveries and demonstrations made in research laboratories into practical, real-world products. We are proud of a legacy which has delivered precision time and frequency generation products, for space and other world-changing applications that are unavailable from any other source. We aim to continue that legacy while adapting our products and expertise to the needs of the future. With a relentless emphasis on excellence in everything we do, we aim, in these ways, to create value for our customers, employees, and stockholders.”

Forward-Looking Statements

The statements in this press release regarding future earnings and operations, including statements regarding our three-year gross margin target, our three-year operating margin target, our three-year revenue target and similar targets or objectives, and other statements relating to the future constitute “forward-looking” statements pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Factors that would cause or contribute to such differences include, but are not limited to, the risks associated with reliance on key customers, including the U.S. government, the Company’s use of estimates when accounting for contracts, actions by significant customers or competitors, competitive factors, new products and technological changes, continued acceptance of the Company’s products in the marketplace, dependence upon third-party vendors, product prices and raw material costs, the Company’s ability to attract and retain key employees, general domestic and international economic conditions, health epidemics and pandemics, external disruptions to the Company’s facilities or supply chain, the Company’s operations in a highly regulated industry, the outcome of any litigation and arbitration proceedings, cybersecurity attacks, noncompliance with any of the covenants in the credit agreement, volatility in the Company’s stock price, including due to the relatively low trading volume of its common stock, and failure to maintain an effective system of internal controls over financial reporting. The factors listed above are not exhaustive and should be read in conjunction with the other cautionary statements that are included in this release and in our filings with the Securities and Exchange Commission. The Company’s Annual Report on Form 10-K for the fiscal year ended April 30, 2026, filed on July 17, 2026 with the Securities and Exchange Commission includes additional factors that could materially and adversely impact the Company’s business, financial condition and results of operations, as such factors are updated from time to time in our periodic filings with the Securities and Exchange Commission, which are accessible on the Securities and Exchange Commission’s website at www.sec.gov. Moreover, the Company operates in a very competitive and rapidly changing environment. New factors emerge from time to time and it is not possible for management to predict the impact of all these factors on the Company’s business, financial condition or results of operations or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. Given these risks and uncertainties, investors should not rely on forward-looking statements as a prediction of actual results. Any or all of the forward-looking statements contained in this press release and any other public statement made by the Company or its management may turn out to be incorrect. The Company expressly disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

Contact information:	Dr. Thomas McClelland, President and Chief Executive Officer;
	Steven Bernstein, Chief Financial Officer;
TELEPHONE: (516) 794-4500 ext.5000	WEBSITE: www.freqelec.com

Frequency Electronics, Inc. and Subsidiaries Condensed Consolidated Statements of Operations (in thousands except per share data)
	Three Months Ended
	July 31,
	(unaudited)
	2026				2025
Revenues	$	23,451			$	13,812
Cost of revenues		12,701				8,730
Gross margin		10,750				5,082
Selling, general, and administrative		4,105				3,585
Research and development		1,445				1,133
Operating income		5,200				364
Interest and other, net		42				193
Income before Income Taxes		5,242				557
(Benefit) provision for Income Taxes		1,026				(77	)
Net income	$	4,216			$	634
Net income per share:
Basic and diluted income per share	$	0.41			$	0.07
Weighted average shares outstanding
Basic and diluted		10,232				9,723

Frequency Electronics, Inc. and Subsidiaries Condensed Consolidated Balance Sheets (in thousands)
		July 31, 2026				April 30, 2026
		(unaudited)
ASSETS
Cash and cash equivalents	$	61,407			$	1,603
Accounts receivable, net		6,224				4,637
Contract assets		19,637				17,277
Inventories, net		22,206				22,618
Other current assets		1,578				1,841
Property, plant & equipment, net		7,661				7,105
Other assets		13,354				12,801
Deferred taxes		13,219				14,084
Right-of-use assets – operating leases		6,953				7,409
Restricted cash		1,338				1,331
	$	153,577			$	90,706
LIABILITIES AND STOCKHOLDERS’ EQUITY
Lease liability – current	$	1,679			$	2,002
Contract liabilities		11,519				9,418
Other current liabilities		7,612				9,564
Other long-term obligations		7,647				7,671
Operating lease liability – non-current		5,283				5,648
Stockholders’ equity		119,837				56,403
	$	153,577			$	90,706

SCHAFFHAUSEN, Switzerland, Sept. 10, 2026 (GLOBE NEWSWIRE) — Monolithic Power Systems, Inc. (“MPS”) (Nasdaq: MPWR), a global company that provides high-performance, semiconductor-based power electronics solutions, announced today its third quarter dividend of $2.00 per common share to all stockholders of record as of the close of business on September 30, 2026. The dividend will be paid on October 15, 2026.

Safe Harbor Statement 
This news release includes “forward-looking statements” intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on our current expectations, estimates and projections about our business and industry, management’s beliefs, and certain assumptions made by us, all of which are subject to change. Forward-looking statements can often be identified by words such as “anticipates,” “expects,” “forecasts,” “intends,” “believes,” “plans,” “may,” “will,” or “continue,” and similar expressions and variations or negatives of these words. All such statements are subject to certain risks, assumptions and uncertainties, including those described in our most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Qs, and in other documents that we file or furnish with the Securities and Exchange Commission. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially and adversely from those projected, and may affect our future operating results, financial position and cash flows. Accordingly, you are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date they are made. Except to the extent required by law, MPS does not undertake, and expressly disclaims, any duty or obligation to update publicly any forward-looking statement after the initial distribution of this release, whether as a result of new information, future events, changes in assumptions or otherwise.

About Monolithic Power Systems
Monolithic Power Systems, Inc. (“MPS”) is a fabless global company that provides high-performance, semiconductor-based power electronics solutions. MPS’s mission is to reduce energy and material consumption to improve all aspects of quality of life and create a sustainable future. Founded in 1997 by our CEO Michael Hsing, MPS has three core strengths: deep system-level knowledge, strong semiconductor design expertise, and innovative proprietary technologies in the areas of semiconductor processes, system integration, and packaging. These combined advantages enable MPS to deliver reliable, compact, and monolithic solutions that are highly energy-efficient, cost-effective, and environmentally responsible while providing a consistent return on investment to our stockholders. MPS can be contacted through its website at www.monolithicpower.com or its support offices around the world.

Monolithic Power Systems, MPS, and the MPS logo are registered trademarks of Monolithic Power Systems, Inc. in the U.S. and trademarked in certain other countries.

Contact:
Tony Balow
Vice President, Finance
Monolithic Power Systems, Inc.
MPSInvestor.Relations@monolithicpower.com

Merlin showcased how autonomy can support safer, more efficient aviation operations

BOSTON, Sept. 10, 2026 (GLOBE NEWSWIRE) — Merlin, Inc. (NASDAQ: MRLN), an aerospace and defense technology company building the operating system of record for autonomous flight, today participated as an invited guest in the kickoff event for the Texas Department of Transportation’s (TxDOT) Electric Vertical Takeoff and Landing (eVTOL) Integration Pilot Program (eIPP), alongside eIPP partners Joby Aviation, BETA Technologies, and other industry leaders. TxDOT launched Project NEXUS at the Alliance Airport with multiple industry flight demonstrations and participation from Secretary of Transportation Sean Duffy and Senate Commerce Committee Chairman Ted Cruz, along with many senior transportation and congressional leaders at the federal and state level.

TxDOT invited Merlin to the event as a supporting participant, enabling Merlin to demonstrate core capabilities of its AI-powered autonomy platform, the Merlin Pilot™, including autonomous takeoff and landing, AI-powered Air Traffic Control communications, and dynamic autonomous in-flight re-planning and threat avoidance. The demonstration, narrated by CEO and founder, Matt George, showcased how the Merlin Pilot can safely and effectively perform responsibilities traditionally managed by human pilots, supporting TxDOT’s efforts to progress Advanced Air Mobility (AAM) technologies that could enable faster, more efficient, and potentially more sustainable ways to transport people and goods.

Merlin’s participation in the event builds on the company’s ongoing work around the world with aviation regulators and government customers to develop, test, and eventually certify autonomy across both civil and military aircraft. By participating in events such as the Project NEXUS kickoff, Merlin is helping demonstrate how autonomy can predictably operate in the United States National Airspace System (NAS), while reducing pilot workload, improving operational efficiency, and enhancing safety. 

“Safely integrating advanced air mobility into the National Airspace System requires close collaboration among industry, regulators, and government leaders,” said Tim Burns, Chief Technology Officer at Merlin. “The Project NEXUS kickoff provides an important forum for that work, and we were pleased to have the opportunity to demonstrate how Merlin Pilot can safely execute critical flight responsibilities traditionally managed by human pilots. Events like this help generate the real world operational data and shared understanding needed to move autonomy as well as other next generation technologies from development toward safe deployment at scale.”

TxDOT’s Project NEXUS was selected for the Federal Aviation Administration’s (FAA) eIPP earlier this year. The multi-state initiative brings together Texas, Oklahoma, Louisiana and the Choctaw Nation to help advance the safe integration of AAM into the NAS. Project NEXUS will provide the FAA and the broader federal government with a diverse operational environment in which to evaluate emerging technologies and use cases.

About Merlin
Merlin is an aerospace and defense technology company building the operating system of record for autonomous flight. Through a first-principles approach, the company is redefining what’s possible across aviation, aerospace, and defense with the goal of delivering full-stack autonomy for any aircraft, military or civilian, from takeoff to touchdown. The Merlin Pilot system powers a growing range of aircraft and mission profiles, proven through hundreds of autonomous flights from test facilities across the globe. With $100M+ total in IDIQ contract ceiling value under its C-130J autonomy program with USSOCOM, Merlin is advancing American leadership in autonomous aviation. To learn more, visit www.merlinlabs.com or follow us on X @merlinaero.

Cautionary Statement Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact should be considered forward-looking statements, including without limitation statements regarding: the anticipated outcomes, timing, and scope of TxDOT’s Project NEXUS and the FAA’s eVTOL and Advanced Air Mobility Integration Pilot Program (eIPP); Merlin’s expectations regarding the capabilities, performance, and applications of the Merlin Pilot autonomy platform; and the anticipated benefits and future development of Merlin’s autonomous flight technology generally. These forward-looking statements are based on our current expectations, assumptions, and projections about future events and trends. These forward-looking statements are neither promises nor guarantees, but involve known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied by the forward-looking statements, including without limitation the risks and uncertainties detailed under the section entitled “Risk Factors” of our final prospectus, dated May 13, 2026, filed with the SEC on May 13, 2026, and in our Quarterly Report on Form 10-Q for the quarter ended June 30, 2026, filed with the SEC on August 13, 2026. Except as required by applicable law, we undertake no obligation to update any of these forward-looking statements after the date of this press release.

Media Contacts
Kristen Georgette
617-842-6064
merlin@pluckpr.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/22b52767-de3f-4992-b235-4763e844d840