Month: October 2026

New license agreements drive Q3 results above guidance and increased FY26 outlook
Annualized recurring revenue¹ at all-time high of $629 million
Revenue up 17% YoY; Net income up 19% YoY; Adjusted EBITDA² up 25% YoY

WILMINGTON, Del., Oct. 29, 2026 (GLOBE NEWSWIRE) — InterDigital, Inc. (Nasdaq: IDCC), a wireless, video, and AI technology research and development company, today announced results for the quarter ended September 30, 2026.

“This was another excellent quarter, with double-digit growth in revenue and profitability and record annualized recurring revenue,” said Liren Chen, President and CEO of InterDigital. “We secured a new PC license through arbitration and advanced our video services program. Building on last quarter’s increase in annual guidance, our strong execution in Q3 supports another increase to the midpoint of our full-year revenue guidance, this time based only on revenue already under contract. We continue to pursue additional business in Q4 to build on these results.”

Recent Business Highlights:

• Reached agreement with a top PC manufacturer, with final terms to be determined by binding arbitration; we now have licensed 4 of the top 5 PC makers in the world
• Signed new IoT license agreement with EV charging company KEBA
• Earned revenue of $193 million up 17% year-over-year
• Achieved record annualized recurring revenue of $629 million
• Declared increase in quarterly cash dividend from $0.70 to $0.75 per share
• Awarded two new injunctions against Disney by Europe’s Unified Patent Court; in total eight injunctions won against Disney out of eight patent cases decided to date
• Recognized as one of America’s Greatest Companies by Newsweek and one of America’s Growth Leaders by Time

Third Quarter 2026 Financial Summary:

Third quarter 2026 revenue included $36.2 million of catch-up revenue, compared with $17.7 million in third quarter 2025.

	Three Months Ended September 30,
($ in millions, except per share data)	2026		2025		Change
GAAP Results:
Revenue	$193.4		$164.7		17%
Operating expenses	$94.1		$88.9		6%
Net income	$80.2		$67.5		19%
Net income margin	41%		41%		— ppt
Diluted EPS	$2.34		$1.93		21%
Non-GAAP Results:
Adjusted EBITDA 2	$131.3		$104.9		25%
Adjusted EBITDA margin 2	68%		64%		4 ppt
Non-GAAP Net income 3	$95.7		$78.2		22%
Non-GAAP EPS 3	$3.11		$2.55		22%
Additional Information:
Revenue by type:
Annualized recurring revenue	$628.9		$588.0		7%
Catch-up revenue	$36.2		$17.7		105%
Revenue by program:
Smartphone	$122.6		$136.4		(10)%
CE, IoT/Auto	$55.7		$28.2		97%
Streaming and Cloud Services	$15.0		$—		N/M
Other	$0.1		$0.1		54%

N/M         indicates not meaningful

Return of Capital

(in millions, except per share data)	Share Repurchases				Dividends Declared				Reduction of Debt		Total Return of Capital
	Shares		Value		Per Share		Value
Third quarter 2026	<0.1		$18.7		$0.75		$19.3		$83.2		$121.2

Near Term Outlook

The Company has provided an outlook for fourth quarter and full year 2026 in the table below, in both cases based on contracted revenue only and does not include any new agreements or enforcement action results we may sign or receive over the balance of the fourth quarter. Any new agreements and/or enforcement actions we may receive over the balance of the fourth quarter would be additive.

(in millions, except per share data)	Q4 2026		Full Year 2026
Revenue	$154 – $160		$813 – $819
Adjusted EBITDA 2	$80 – $88		$507 – $515
Diluted EPS	$1.04 – $1.27		$8.93 – $9.16
Non-GAAP EPS 3	$1.72 – $1.98		$11.99 – $12.25

Convertibility of 2027 Notes

Pursuant to the terms of the Indenture governing InterDigital’s 3.50% Senior Convertible Notes due 2027 (the “Notes”), the Notes are convertible during the calendar quarter ending December 31, 2026. The current conversion rate of the Notes is 13.0351 shares of InterDigital’s Common Stock per $1,000 principal amount of the Notes.

Upon the conversion of any Notes, InterDigital will pay cash up to the aggregate principal amount of the Notes to be converted, and will pay cash, shares of its Common Stock or a combination of cash and shares of its Common Stock for any conversion obligation in excess of the aggregate principal amount being converted, if any, at InterDigital’s election, as set forth in the Indenture governing the Notes.

At the time InterDigital issued the Notes, InterDigital entered into call spread transactions that together were designed to have the economic effect of reducing the net number of shares that will be issued in the event of conversion of the Notes by, in effect, increasing the conversion price of the Notes from InterDigital’s economic standpoint from $76.72 to $105.30. In connection with the Notes issuance, we also issued warrants to acquire, subject to customary anti-dilution adjustments, approximately 6.0 million shares of common stock. Refer to “Management’s Discussion and Analysis of Financial Condition and Results of Operations – Notes, Hedge, and Warrant Transactions” in InterDigital’s Form 10-Q for the quarter ended September 30, 2026 for more information.

As of September 30, 2026, $296.7 million in principal of the 2027 Notes remains outstanding, of which holders have elected to convert $2.2 million principal amount, which will settle in fourth quarter 2026. No incremental outstanding shares will result from such conversions due to the offsetting impact of hedging arrangements.

As of September 30, 2026, warrants to acquire 6.0 million shares of common stock remain outstanding at a strike price of $105.30, subject to adjustment, which mature on a net-share basis beginning September 2027 through April 2028.

Conference Call Information

InterDigital will host a conference call on Thursday, October 29, 2026 at 10:00 a.m. ET to discuss its third quarter 2026 financial performance and other company matters.

For a live webcast of the conference call visit www.interdigital.com and click on the “Webcast” link on the Investors page. The company encourages participants to take advantage of the webcast option.

See below for dial-in details to join the call telephonically:
USA – Toll-Free (800) 715-9871
USA / International Toll +1 (646) 307-1963
Conference ID 9344581  or Conference Name

A replay of the conference call will be available on InterDigital’s website under Events in the Investors section. The replay will be available for one year.

About InterDigital^®

InterDigital is a global research and development company focused primarily on wireless, video, artificial intelligence (“AI”), and related technologies. We design and develop foundational technologies that enable connected, immersive experiences in a broad range of communications and entertainment products and services. We license our innovations worldwide to companies providing such products and services, including makers of wireless communications devices, consumer electronics, IoT devices, cars and other motor vehicles, and providers of cloud-based services such as video streaming. As a leader in wireless technology, our engineers have designed and developed a wide range of innovations that are used in wireless products and networks, from the earliest digital cellular systems to 5G and today’s most advanced Wi-Fi technologies. We are also a leader in video processing and video encoding/decoding technology, with a significant AI research effort that intersects with both wireless and video technologies. Founded in 1972, InterDigital is listed on Nasdaq.

InterDigital is a registered trademark of InterDigital, Inc.

For more information, visit the InterDigital website: www.interdigital.com.

For additional financial measures, refer to our third quarter 2026 Form 10-Q and the financial metrics tracker, which are available on the Investor Relations section of our website.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. Such statements include information regarding our current beliefs, plans and expectations. Words such as “believe,” “anticipate,” “estimate,” “expect,” “project,” “intend,” “plan,” “forecast,” “outlook,” “goal,” “could,” “would,” “should,” “if,” “may,” “might,” “future,” “target,” “trend,” “seek to,” “will continue,” “predict,” “likely,” “in the event,” and variations of any such words or similar expressions are intended to identify such forward-looking statements.

Forward-looking statements are made on the basis of management’s current views and assumptions and are not guarantees of future performance. Forward-looking statements, including but not limited to statements regarding our outlook for Q4 and full year 2026, are inherently subject to risks and uncertainties that could cause actual results, and actual events that occur, to differ materially from results contemplated by the forward-looking statements. These risks and uncertainties include, but are not limited to: (i) unanticipated delays or difficulties in the execution of patent license agreements on acceptable terms or at all; (ii) our ability to expand our revenue opportunities by entering into licensing arrangements with streaming and cloud-based service providers; (iii) the initiation of new legal proceedings or the resolution of ongoing legal proceedings, including any awards or judgments relating to such proceedings, and changes in the schedules or costs associated therewith; (iv) our ability to maintain a strong patent portfolio and make strategic decisions related to our intellectual property protection; (v) our ability to successfully integrate Deep Render and to recognize the anticipated benefits of the transaction; (vi) the failure of markets for our technologies to materialize to the extent that we expect; (vii) our continued ability to develop new technologies; (viii) changes in our interpretations of, and assumptions and calculations with respect to the impact on us of, the One Big Beautiful Bill Act, the 2017 Tax Cuts and Jobs Act and other U.S. and non-U.S. tax laws and other tax matters; (ix) the timing and impact of potential regulatory, administrative and legislative matters; (x) the potential effects of macroeconomic conditions or global conflicts; (xi) our ability to hire and retain key personnel; (xii) operational risks, including cybersecurity events, human failures or other difficulties with our information technology systems; and (xiii) risks related to any new accounting standards or our estimates, assumptions and the application of relevant accounting standards, including with respect to revenue recognition.

You should not place undue reliance on the forward-looking statements contained herein, which are made only as of the date of this release. We undertake no duty to revise or update publicly any forward-looking statement for any reason, except as otherwise required by law.

Footnotes

1          Annualized recurring revenue (“ARR”) for any quarter is defined as total revenue for the quarter less catch-up revenue for the quarter, multiplied by four. Management believes ARR provides useful information about our financial performance, and our progress toward our 2030 targets. ARR is not a projection or forecast, and actual recurring revenue for any 12-month period will depend on a number of factors beyond our ability to predict or control, including those risks and uncertainties listed above. Additionally, ARR may be calculated differently from, and therefore may not be comparable to, similarly titled measures used by other companies.

2          Adjusted EBITDA and Adjusted EBITDA margin are supplemental non-GAAP financial measures that InterDigital believes provide investors with important insight into the Company’s ongoing business performance. InterDigital defines Adjusted EBITDA as net income plus income tax provision, other income, net & interest expense, depreciation and amortization, share-based compensation, and other items. Other items include restructuring costs, impairment charges and other non-recurring items. Adjusted EBITDA margin is Adjusted EBITDA over total revenue. These non-GAAP financial measures used by the company may be calculated differently from, and therefore may not be comparable to, similarly titled measures used by other companies. The presentation of these financial measures, which are not prepared under any comprehensive set of accounting rules or principles, is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP. A reconciliation of Adjusted EBITDA to the most directly comparable GAAP financial measure is provided below.

3          Non-GAAP net income, Non-GAAP earnings per share (“EPS”), and Non-GAAP weighted-average diluted shares are supplemental non-GAAP financial measures that InterDigital believes provide investors with important insight into the Company’s ongoing business performance. InterDigital defines Non-GAAP net income as net income plus share-based compensation, acquisition related amortization, restructuring costs, impairment charges and one-time adjustments, losses on extinguishments of long-term debt, the related income tax effect of the preceding items, and adjustments to income taxes. Non-GAAP EPS is defined as Non-GAAP net income divided by Non-GAAP weighted-average diluted shares, which adjusts the weighted-average number of common shares outstanding for the dilutive effect of the Company’s convertible notes, offset by our hedging arrangements. InterDigital’s computation of these non-GAAP financial measures might not be comparable to similarly named measures reported by other companies. The presentation of these financial measures, which are not prepared under any comprehensive set of accounting rules or principles, is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP. A reconciliation of each of these metrics to its most directly comparable GAAP financial measure is provided below.

SUMMARY CONSOLIDATED STATEMENTS OF INCOME
(in thousands except per share data)
(unaudited)
	Three Months Ended September 30,								Nine Months Ended September 30,
	2026				2025				2026				2025
Revenue	$	193,429			$	164,682			$	659,015			$	675,785
Operating expenses:
Research and portfolio development		56,692				53,068				168,934				154,172
Licensing		24,371				19,715				111,215				61,301
General and administrative		13,001				16,091				58,001				47,245
Total operating expenses		94,064				88,874				338,150				262,718
Income from operations		99,365				75,808				320,865				413,067
Interest expense		(8,956	)			(10,019	)			(26,606	)			(29,427	)
Other income, net		9,098				10,188				28,420				35,590
Income before income taxes		99,507				75,977				322,679				419,230
Income tax provision		(19,278	)			(8,474	)			(50,749	)			(55,557	)
Net income	$	80,229			$	67,503			$	271,930			$	363,673
Net income per common share:
Basic	$	3.11			$	2.62			$	10.55			$	14.09
Diluted	$	2.34			$	1.93			$	7.86			$	10.68
Weighted-average number of common shares outstanding:
Basic		25,795				25,797				25,782				25,818
Diluted		34,214				34,925				34,585				34,051
Cash dividends declared per common share	$	0.75			$	0.70			$	2.15			$	1.90

SUMMARY CONSOLIDATED CASH FLOWS
(in thousands)
(unaudited)
	Three Months Ended September 30,								Nine Months Ended September 30,
	2026				2025				2026				2025
Cash flows from operating activities:
Net income	$	80,229			$	67,503			$	271,930			$	363,673
Non-cash adjustments		12,043				90,142				207,520				107,678
Working capital changes		58,084				238,285				(230,477	)			9,708
Net cash provided by operating activities		150,356				395,930				248,973				481,059
Cash flows from investing activities:
Net sales, maturities, and purchases of short-term investments		13,694				338				25,755				18,325
Capitalized expenditures and patent costs		(14,141	)			(15,055	)			(45,156	)			(55,262	)
Long-term investments		—				—				1,709				—
Net cash used in investing activities		(447	)			(14,717	)			(17,692	)			(36,937	)
Cash flows from financing activities:
Payments on long-term debt and warrants		(83,239	)			(14	)			(171,258	)			(1,298	)
Repurchase of common stock		(18,741	)			(35,252	)			(49,887	)			(66,669	)
Dividends paid		(18,064	)			(15,507	)			(54,150	)			(42,641	)
Other		(7,547	)			(10,646	)			(63,553	)			(36,431	)
Net cash used in financing activities		(127,591	)			(61,419	)			(338,848	)			(147,039	)
Net increase (decrease) in cash, cash equivalents, and restricted cash		22,318				319,794				(107,567	)			297,083
Cash, cash equivalents, and restricted cash, beginning of period		624,383				528,836				754,268				551,547
Cash, cash equivalents, and restricted cash, end of period	$	646,701			$	848,630			$	646,701			$	848,630

SUMMARY CONSOLIDATED BALANCE SHEETS
(in thousands)
(unaudited)
	September 30, 2026			December 31, 2025
Assets
Cash, cash equivalents, and short-term investments	$	1,122,603		$	1,243,160
Accounts receivable		116,170			69,816
Prepaid and other current assets		87,096			74,994
Property & equipment and patents, net		335,401			342,469
Other long-term assets, net		496,396			333,851
Total assets	$	2,157,666		$	2,064,290
Liabilities and Shareholders’ equity
Current portion of long-term debt	$	295,750		$	458,376
Current deferred revenue		294,935			193,722
Other current liabilities		108,785			100,404
Long-term deferred revenue		138,363			135,882
Long-term debt & other long-term liabilities		71,431			74,786
Total liabilities		909,264			963,170
Total shareholders’ equity		1,248,402			1,101,120
Total liabilities and shareholders’ equity	$	2,157,666		$	2,064,290

RECONCILIATION OF NON-GAAP MEASURES

The following tables present InterDigital’s GAAP financial measures reconciled to the non-GAAP financial measures included in this release for the third quarter ended September 30, 2026 and 2025:

	Three Months Ended September 30,								Nine Months Ended September 30,
	(in thousands)								(in thousands)
	2026				2025				2026				2025
Net income	$	80,229			$	67,503			$	271,930			$	363,673
Income tax provision		19,278				8,474				50,749				55,557
Other income, net & interest expense		(142	)			(169	)			(1,814	)			(6,163	)
Depreciation and amortization		19,663				19,804				58,353				57,482
Share-based compensation		13,316				9,301				47,758				30,635
Other items 4		(1,034	)			—				221				(483	)
Adjusted EBITDA 2	$	131,310			$	104,913			$	427,197			$	500,701

	Three Months Ended September 30,								Nine Months Ended September 30,
	(in thousands, except for per share data)								(in thousands, except for per share data)
	2026				2025				2026				2025
Net income	$	80,229			$	67,503			$	271,930			$	363,673
Share-based compensation		13,316				9,301				47,758				30,635
Acquisition related amortization		7,998				9,058				23,976				26,608
Other operating items 4		(1,034	)			—				221				(483	)
Other non-operating items 5		—				—				(967	)			—
Related income tax effect of above items		(4,259	)			(3,855	)			(14,907	)			(11,920	)
Adjustments to income taxes		(566	)			(3,771	)			(11,533	)			(9,337	)
Non-GAAP net income 3	$	95,684			$	78,236			$	316,478			$	399,176
Weighted-average dilutive shares – GAAP		34,214				34,925				34,585				34,051
Less: Dilutive impact of the Convertible Notes		3,471				4,276				3,845				3,912
Weighted-average dilutive shares – Non-GAAP 3		30,743				30,649				30,740				30,139
Diluted EPS	$	2.34			$	1.93			$	7.86			$	10.68
Non-GAAP EPS 3	$	3.11			$	2.55			$	10.30			$	13.24

4     Other items in the above tables include one-time net expenses related to litigation fee reimbursements.
5     Other non-operating items includes gains from observable price changes of our long-term strategic investments.

The following tables present a reconciliation between GAAP and non-GAAP versions of the estimated financial measures for the fourth quarter of 2026 and full year fiscal 2026 included in this release:

	Outlook
	(in millions)
	Q4 2026		Full Year 2026
Net income	$35 – $43		$307 – $315
Income tax provision	10		61
Other income, net & interest expense	—		(2	)
Depreciation and amortization	20		78
Share-based compensation	15		63
Adjusted EBITDA 2	$80 – $88		$507 – $515

	Outlook
	(in millions)
	Q4 2026			Full Year 2026
Net income	$35 – $43			$307 – $315
Share-based compensation	15			63
Acquisition related amortization	8			32
Other non-operating items	—			(1	)
Related income tax effect of above items	(5	)		(20	)
Adjustments to income taxes	—			(12	)
Non-GAAP net income 3	$53 – $61			$369 – $377
Weighted-average dilutive shares – GAAP	33.8			34.4
Less: Dilutive impact of the Convertible Notes	3.0			3.6
Weighted-average dilutive shares – Non-GAAP 3	30.8			30.8
Diluted EPS	$1.04 – $1.27			$8.93 – $9.16
Non-GAAP EPS 3	$1.72 – $1.98			$11.99 – $12.25

CONTACT:	InterDigital, Inc.
	Email: investor.relations@interdigital.com
	+1 (302) 300-1857

SEATTLE, Oct. 29, 2026 (GLOBE NEWSWIRE) — Marchex, Inc. (NASDAQ: MCHX) (“Marchex” or the “Company”), a vertically focused, AI-driven conversation analytics, customer acquisition and optimization company, today announced that it will release financial results for the third quarter ended September 30, 2026, on Tuesday, November 10, 2026, after the close of the market. At that time, Marchex will post the press release in the Press Center section of its corporate website (https://www.marchex.com/about-us/press/). 

Following the release, management will hold a conference call at 5:00 p.m. ET on Tuesday, November 10, 2026, to discuss the results and outlook for the company. A live webcast will be available on the Investors section of the Marchex website (http://investors.marchex.com/financial-information/quarterly-results), where an archived version of the webcast will also be available two hours after completion of the call.

About Marchex

Marchex and Archenia together harness proprietary AI-powered conversational intelligence and advanced customer acquisition technologies to transform consumer intent into actionable, outcome-driven business results. The combination of Marchex’s prescriptive analytics and omnichannel intelligence with Archenia’s AI-verified qualification, natural-language analytics, and automated decisioning capabilities creates a highly differentiated customer acquisition and optimization technology platform. 

Leveraging real-time AI signals, machine-learning models, and deep vertical market expertise, the Company identifies consumer intent, improves qualification accuracy, and delivers verified outcomes such as high-intent conversations, appointments, and sales. Serving market-leading companies across major verticals including automotive, insurance, home services, healthcare, and advertising/media, Marchex empowers organizations to optimize customer engagement and drive revenue growth through AI-driven insights, actions, and outcomes.

Please visit www.marchex.com, www.marchex.com/press-awards-recognition/, or follow Marchex on LinkedIn, where Marchex discloses material information from time to time about the Company, its financial information, and its business.

For further information, contact:
Marchex Investor Relations
Email: ir@marchex.com

Company intends to explore future opportunities in interceptor drone and counter-drone systems, cybersecurity and critical infrastructure protection

BOCA RATON, Fla., Oct. 29, 2026 (GLOBE NEWSWIRE) — Powell Max Limited (Nasdaq: PMAX) (“Powell Max,” “PMAX” or the “Company”) today announced its intention to enter the defense and security sector. The Company plans to do so through a strategy of acquiring and consolidating complementary defense, technology, manufacturing and protection businesses.

The first part of this strategy is the Company’s continued pursuit of the previously announced proposed acquisition of the remaining ownership interests in Blackrod Holdings, LLC (“Blackrod”). Blackrod holds the exclusive rights to manufacture and sell Remington Firearms. As of the date of this release, the proposed Blackrod transaction is the only acquisition that is the subject of a letter of intent or agreement with the Company. The Company has not entered into a letter of intent or definitive agreement with any other company, including any company involved in the military technology, cybersecurity, drones, counter-drone technology or any other defense or security sector.

PMAX may also evaluate opportunities in related areas of interest that include interceptor drone systems, counter-drone technologies, cybersecurity, military support, protective equipment and critical infrastructure security. These areas reflect the Company’s exploratory strategy only. They do not represent pending, imminent or committed transactions. The Company’s long-term goal is to build a diversified operating group serving the physical and digital security needs of eligible government, military, law enforcement and commercial customers in the United States and approved international markets.

As part of this strategy, PMAX may seek to acquire controlling interests in businesses that offer established products, specialized technology, manufacturing capacity or service capabilities. Where appropriate, the Company may also consider minority investments, joint ventures, licensing arrangements and strategic partnerships. The Company’s objective over time is to develop an integrated defense business, with disciplined capital allocation and accountability at each operating company.

“We intend to build a defense and security business that brings together the products, technology and manufacturing capabilities needed to protect people, critical assets and national interests,” said Geordan Pursglove, Chairman and Chief Executive Officer of Powell Max. “The proposed Remington transaction is the first step toward that goal. We plan to explore opportunities where we believe a well-capitalized group could help businesses develop and grow. We intend to pursue acquisitions only at sensible valuations and to focus on capabilities that customers can use.”

Building a Defense Business Through Acquisitions and Integration

PMAX intends to pursue a roll-up strategy to assemble businesses with complementary capabilities and identifiable opportunities to work together. Under the proposed model, the parent company would oversee capital allocation, financial reporting and risk management. Each operating team would remain responsible for its customer relationships, product performance and business execution.

If the Company completes acquisitions, potential benefits could include coordinated purchasing, access to additional manufacturing resources, joint product development, broader distribution and shared administrative services. The Company would pursue integration only where it is expected to improve performance, and would seek to preserve specialized engineering talent, customer relationships and each business’s distinct requirements. Any expected savings or commercial benefits would be evaluated for each transaction rather than assumed across the portfolio, and there can be no assurance that any such benefits would be realized.

In evaluating potential opportunities, the Company intends to prioritize businesses with a clear customer need, defensible capabilities and a credible path to sustainable cash generation. Its evaluation would consider product readiness, intellectual property rights, customer concentration, contract terms, working capital requirements, production capacity and the cost of supporting a business after acquisition.

Remington Firearms as a Potential Manufacturing Foundation

PMAX intends to continue pursuing the proposed acquisition of the remaining ownership interests in Blackrod. In September 2026, PMAX previously announced an initial stand-alone 1.5% equity investment in Blackrod.

The Company’s September 2026 agreement with Blackrod provides the Company with an exclusive negotiating period of up to 12 months to acquire the remaining equity of Blackrod. Any such acquisition would require a definitive agreement, satisfaction of applicable conditions, and any necessary financing and approvals. This announcement does not represent completion of that acquisition, and there can be no assurance that a definitive agreement will be signed or that the transaction will be completed.

If completed, the acquisition could provide the planned group with an established firearms business, a recognized American brand and manufacturing capabilities at Remington’s LaGrange, Georgia facility. PMAX would seek to support Remington’s existing commercial business while evaluating potential opportunities in law enforcement, government procurement and other authorized markets. Entry into any additional market would depend on suitable products, customer qualification and applicable legal and regulatory requirements.

Advanced Interceptor Drones and Counter-Drone Systems

The Company has identified interceptor drone and counter-drone systems as a priority area of interest for its planned defense strategy. PMAX has not entered into a letter of intent or definitive agreement with any company in this sector. In the future, PMAX may evaluate businesses and technologies focused on protection against unauthorized or hostile unmanned aircraft, including interceptor platforms, threat detection and tracking, supporting sensors, command software and related services.

Areas of potential interest include solutions that protect military personnel and installations, airports, ports, energy facilities, industrial sites and other critical assets. Any evaluation would emphasize demonstrated performance, reliability, affordability, manufacturing scalability and compatibility with customers’ existing systems.

PMAX may also consider adjacent unmanned systems used for authorized surveillance, inspection, logistics and situational awareness. Potential opportunities could involve established manufacturers, specialized technology providers or development partnerships. The Company would disclose any material transaction if and when it is entered into, as required.

Cybersecurity and Secure Communications

PMAX may, in the future, evaluate cybersecurity businesses that help government and commercial customers protect networks, sensitive information, connected equipment and industrial operations. The Company has not entered into a letter of intent or definitive agreement with any cybersecurity company. Areas of interest include AI-enabled threat detection, managed security services, threat monitoring, incident response, identity and access management, cloud security and protection of operational technology.
The Company may also consider secure communications, data protection and software that supports coordination across physical security and cyber defense systems. In any evaluation, the Company would look for durable customer relationships, qualified technical personnel and opportunities for recurring service revenue. It would also assess the liabilities and performance obligations that come with protecting customer systems.

Protection and Critical Infrastructure Security

PMAX may also explore potential future acquisitions involving protective equipment, facility security, access control, perimeter monitoring and integrated security services. Potential end markets include military installations, government facilities, utilities, transportation networks, data centers, communications infrastructure and industrial operations.

Areas of interest could include body armor and other personal protective equipment, specialized protective materials, emergency preparedness products, physical security systems and resilience services. The Company would evaluate whether these capabilities could be combined with surveillance, counter-drone and cybersecurity offerings to address customer needs across multiple layers of protection.

Military Support and Defense Industrial Capabilities

Additional areas of interest may also include precision manufacturing, defense electronics, ruggedized components, power systems, specialized vehicles, maritime security equipment and other products used by defense and security customers. PMAX may also consider maintenance, repair, training, logistics and lifecycle support businesses that help customers keep equipment and facilities operational.

These areas of interest may extend to suppliers to larger defense contractors, as well as businesses that sell directly to eligible end users. Any acquisition decision would focus on the strength of the target’s products and services, its ability to fulfill customer obligations, and the investment required to sustain quality and delivery.

Capital Discipline and Transaction Execution

PMAX intends to evaluate each potential transaction against financial, operational and strategic criteria. These include purchase price, debt and contingent liabilities, funding requirements, integration costs, management capability and the expected contribution to the group over time. Potential financing structures could include cash, equity, debt, seller financing or a combination, depending on the transaction and available capital.

The Company’s ability to execute this strategy will depend in part on obtaining financing on acceptable terms, which may not be available. Equity financing could dilute existing shareholders, and debt financing could increase financial obligations and impose operating restrictions. As of the date of this release, the Company has not secured funding for the proposed roll-up strategy or for any particular acquisition, including the proposed Blackrod transaction.

PMAX plans to develop leadership and oversight appropriate for a defense operating group, including expertise in manufacturing, engineering, government contracting and cybersecurity. The structure of any prospective acquisition would be evaluated in light of ownership, governance, security and customer eligibility requirements. Any transaction involving affiliated parties would be subject to appropriate conflict review and applicable approvals.

Global Reach and Market Access

The Company’s long-term goal is to build a business with the potential to serve U.S. customers and authorized customers in allied and other approved international markets. Any international reach would depend on the capabilities acquired, customer demand and the authorizations required for each product, service and jurisdiction.

Before committing to any transaction or market entry, PMAX would assess applicable requirements. These include export controls, sanctions, firearms licensing, procurement rules, foreign ownership restrictions, and any security clearances or other authorizations relevant to a target business.

Planned Next Steps

PMAX’s intended priorities are to advance the proposed Blackrod transaction, identify potential defense and security acquisition candidates, assess financing alternatives and develop an operating structure capable of supporting multiple businesses. The sequencing of any future transactions would depend on readiness, financing availability, valuation and strategic fit.

The Company expects to provide updates as material developments occur and as disclosure is appropriate. The planned strategy does not establish an acquisition timetable, a minimum number of transactions, a revenue target or any assurance of financial results. There can be no assurance that the Company will be successful in identifying suitable acquisition opportunities or, if such opportunities are identified, that the Company will be able to negotiate or enter into definitive agreements, consummate any proposed transactions, or secure terms acceptable to the Company. Any potential transaction would remain subject to applicable due diligence, financing requirements, necessary approvals and other customary conditions. Any future change to the Company’s name, branding or trading symbol would be considered separately and announced if approved.

About Powell Max Limited

Powell Max Limited (Nasdaq: PMAX) currently provides financial communications services supporting Hong Kong capital markets, including reporting, printing, translation and related services for companies and their advisers. The Company is headquartered in Hong Kong and maintains a Delaware subsidiary with corporate personnel in Boca Raton, Florida. PMAX is pursuing expansion opportunities, including its announced investment in Blackrod Holdings, LLC and the proposed defense and security strategy described in this release.

Forward-Looking Statements

This release contains forward-looking statements, including statements concerning PMAX’s proposed expansion into defense and security; its acquisition and consolidation strategy; the proposed Blackrod transaction; potential future investments in drones, cybersecurity, protection, manufacturing and support services; financing plans; integration; market access; and anticipated operating benefits. These statements reflect the Company’s current intentions and expectations and are subject to change.

Actual results may differ materially because of risks and uncertainties, including: the failure to enter into a definitive agreement for, or to complete, the proposed Blackrod transaction, including the expiration or earlier termination of the exclusive negotiating period; the inability to identify suitable targets, agree on definitive terms, obtain financing or approvals, or complete transactions; shareholder dilution and borrowing costs; undisclosed liabilities; integration difficulties; loss of key personnel or customers; product development, testing and manufacturing challenges; intellectual property disputes; product liability and cybersecurity incidents; export restrictions, licensing and foreign ownership requirements; government procurement eligibility and spending changes; supply constraints; competition; geopolitical developments; and the Company’s limited operating history in the defense and security sector. Expected efficiencies, revenue opportunities and other benefits may not be achieved. The proposed strategy and transactions are not assurances of future performance.

Readers should consider these statements together with the risk disclosures in the Company’s most recent Annual Report on Form 20-F and subsequent filings with the U.S. Securities and Exchange Commission. Forward-looking statements speak only as of the date of this release. Except as required by law, the Company assumes no obligation to update or revise any forward-looking statement to reflect later events or information.

Investors Contact:  

IR@PMAXltd.com

• Presentation will highlight Virtue SAB’s fundamentally different approach of infusing a large liquid volume of proprietary extended-release SirolimusEFR™ directly into and throughout the vessel wall.
• Virtue SAB’s mechanism is designed to achieve sustained, transmural sirolimus tissue levels substantially exceeding those achieved by drug-eluting stents and drug-coated balloons.
• The Virtue Trial, a pivotal, head-to-head, randomized controlled IDE trial of Virtue SAB versus a commercially available drug-coated balloon in coronary in-stent restenosis, is currently enrolling.

NEW HOPE, Pa., Oct. 29, 2026 (GLOBE NEWSWIRE) —  Orchestra BioMed Holdings, Inc. (Nasdaq: OBIO) (“Orchestra BioMed” or the “Company”), a biomedical innovation company accelerating high-impact technologies to patients through strategic collaborations with market-leading global medical device companies, today announced that its Virtue® Sirolimus AngioInfusion™ Balloon (“Virtue SAB”) will be featured in a presentation at Transcatheter Cardiovascular Therapeutics (“TCT”) 2026. TCT, the Cardiovascular Research Foundation’s annual scientific symposium and the world’s premier educational meeting in interventional cardiovascular medicine, will take place October 31–November 3, 2026, at the San Diego Convention Center in San Diego, California.

The presentation will be delivered by Allen Jeremias, MD, Co-Principal Investigator of the Virtue Trial and Director of Interventional Cardiology Research and Director of the Cardiac Catheterization Laboratory at St. Francis Hospital & Heart Center. Dr. Jeremias will review the differentiated mechanism of action of Virtue SAB, the preclinical and clinical evidence supporting it, and the design of the Virtue Trial, the Company’s actively enrolling U.S. Investigational Device Exemption (“IDE”) pivotal trial comparing Virtue SAB head-to-head with the AGENT™ paclitaxel-coated balloon for the treatment of coronary in-stent restenosis (“ISR”) (NCT07045194).

Presentation Details

The Virtue Sirolimus AngioInfusion Balloon (SAB): Differential Mechanism, Clinical Benefit, and Pivotal IDE Trial Design (Sunday, November 1, 2026, 9:03–9:10 a.m. PT)

• Session: TCT Innovation 2: Innovations in Intravascular Imaging and Coronary Technologies
• Location: Innovation Theater, Sails Pavilion, Upper Level, San Diego Convention Center
• Presenter: Allen Jeremias, MD

The presentation will focus on three key points related to Virtue SAB:

• A fundamentally different approach to sirolimus delivery, uptake, and extended release: Sirolimus is the proven antiproliferative drug with well-established safety and effectiveness, but its optimal benefit depends on achieving and sustaining sufficient drug concentrations in tissue through the healing period. Coating-based drug delivery is limited by dose, drug loss in transit, and uneven transfer and diffusion from the surface. Virtue SAB is designed to infuse a large liquid volume of submicron, particle-encapsulated SirolimusEFR directly into the vessel wall through a non-coated, microporous AngioInfusion Balloon to inhibit proliferation and modulate inflammation, the key drivers of restenosis.
• Promising preclinical and clinical evidence: Published preclinical data showed that Virtue SAB achieved sirolimus tissue concentrations exceeding those of published drug-eluting stents and drug-coated balloons benchmarks through the critical healing period. In the SABRE study in coronary ISR, Virtue SAB achieved a low three-year target lesion failure rate of 14.3% in all treated patients (intent-to-treat analysis), with no additional target lesion revascularizations between years one and three.
• The head-to-head, randomized design of the Virtue Trial: The Virtue Trial is a prospective, multicenter, randomized, single-blind, non-inferiority trial with a planned enrollment of approximately 740 patients comparing Virtue SAB with the commercially available AGENT™ paclitaxel-coated balloon.

Dr. Jeremias commented, “Patients with coronary in-stent restenosis frequently face renewed narrowing of a previously treated artery that requires another intervention. We need more durable treatment options that better address this recurring problem without adding another permanent layer of metal inside the artery. Virtue SAB offers the potential to achieve better vessel healing following intervention through optimized sirolimus drug delivery via balloon-based infusion. The Virtue Trial is an opportunity to determine whether this novel approach can translate into meaningful clinical benefit for patients. I look forward to sharing this innovative technology and the pivotal IDE trial design with the TCT community.”

About Orchestra BioMed

Orchestra BioMed is a biomedical innovation company accelerating high-impact technologies to patients through strategic collaborations with market-leading global medical device companies. The Company’s two flagship product candidates, Atrioventricular Interval Modulation (AVIM) Therapy and Virtue® Sirolimus AngioInfusion™ Balloon (Virtue SAB), are currently undergoing pivotal clinical trials for their lead indications, each representing multi-billion-dollar annual global market opportunities.

AVIM Therapy is a bioelectronic treatment for hypertension, the leading risk factor for death worldwide, and is designed to be delivered by a pacemaker and achieve immediate, substantial, and sustained reductions in blood pressure in patients with hypertensive heart disease. The Company has a strategic collaboration with Medtronic (NYSE: MDT), one of the largest medical device companies in the world and the global leader in cardiac pacing therapies, for the development and commercialization of AVIM Therapy for the treatment of uncontrolled hypertension in pacemaker-indicated patients. AVIM Therapy has two FDA Breakthrough Device Designations. The BACKBEAT Global Pivotal Trial evaluating AVIM Therapy in this population has completed enrollment.

Virtue SAB is a first-of-its-kind, non-coated drug delivery AngioInfusion balloon system designed to infuse a large liquid dose of a proprietary extended-release formulation of sirolimus, SirolimusEFR™, for the treatment of atherosclerotic artery disease, the leading cause of mortality worldwide. Virtue SAB exceeded the published tissue concentrations of leading limus drug-eluting stents and demonstrated positive three-year clinical data in coronary ISR in the SABRE study, a multicenter, prospective, independent core laboratory–adjudicated pilot clinical study of 50 patients conducted in Europe. Virtue SAB has been granted Breakthrough Device Designation by the FDA for the treatment of coronary in-stent restenosis, coronary small vessel disease, and below-the-knee peripheral artery disease, in each case, within specified parameters. The Virtue Trial evaluating Virtue SAB for the treatment of coronary in-stent restenosis is currently enrolling patients.

CAUTION: Investigational device. Limited by United States law to investigational use.

For further information about Orchestra BioMed, please visit www.orchestrabiomed.com, and follow us on LinkedIn.

Forward-Looking Statements

Certain statements included in this press release that are not historical facts are forward-looking statements for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,” “predict,” “potential,” “seem,” “seek,” “future,” “outlook” and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements relating to the enrollment, timing, implementation and design of the Virtue Trial and the Company’s other ongoing pivotal trials, the ability of data from the Virtue Trial to support regulatory approval in the U.S., realizing the clinical and commercial value of AVIM Therapy and Virtue SAB, the potential safety and efficacy of the Company’s product candidates, and the ability of the Company’s partnerships to accelerate clinical development. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of the Company’s management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as and must not be relied on as a guarantee, an assurance, a prediction, or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and may differ from assumptions. Many actual events and circumstances are beyond the control of the Company. These forward-looking statements are subject to a number of risks and uncertainties, including changes in domestic and foreign business, market, financial, political, and legal conditions; risks related to regulatory approval of the Company’s product candidates and ongoing regulation of the Company’s product candidates, if approved; the timing of, and the Company’s ability to achieve, expected regulatory and business milestones; the impact of competitive products and product candidates; and the risk factors discussed under the heading “Item 1A. Risk Factors” in the Company’s Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission on March 12, 2026, and in its subsequent Quarterly Reports on Form 10-Q.

The Company operates in a very competitive and rapidly changing environment. New risks emerge from time to time. Given these risks and uncertainties, the Company cautions against placing undue reliance on these forward-looking statements, which only speak as of the date of this press release. The Company does not plan and undertakes no obligation to update any of the forward-looking statements made herein, except as required by law.

Contacts

Investor Contact:
Silas Newcomb
Orchestra BioMed
snewcomb@orchestrabiomed.com

Media Contact:
Nina Premutico
Orchestra BioMed
npremutico@orchestrabiomed.com

Strategic relocation strengthens the Company’s presence in a major international business hub and supports its expanding global operations and partnerships

MIAMI, Oct. 29, 2026 (GLOBE NEWSWIRE) — Axe Compute Inc. (NASDAQ: AGPU), a neocloud AI infrastructure platform delivering dedicated enterprise GPU compute capacity at global scale, today announced the relocation of its corporate headquarters from Pittsburgh, Pennsylvania, to Miami, Florida. The Company’s new headquarters will be located at 801 Brickell Avenue, Suite 510, Miami, FL 33131.

The relocation establishes Axe Compute’s corporate headquarters in one of the United States’ leading international business and financial centers, providing greater proximity to strategic partners, investors and a growing network of global business relationships. With its international connectivity, access to capital and expanding technology ecosystem, Miami offers a strategic base from which Axe Compute can support its worldwide operations and pursue new opportunities across the global AI infrastructure market.

The move also reflects Axe Compute’s broader commitment to strengthening its corporate presence as it scales its AI infrastructure platform, deepens enterprise relationships and expands its international reach.

“Miami has become one of the fastest-growing centers for finance and technology in the United States, and a gateway for international business, which makes it a natural home for a global company serving a global client base,” said Christopher Miglino, Chief Executive Officer of Axe Compute. “Being here brings us closer to our partners, gives them better international access to us, and puts us at the intersection of the capital and talent building the next generation of AI infrastructure. Miami’s favorable tax treatment for corporations and individuals also helps us attract and retain top talent. We look forward to expanding our footprint in Miami.”

About Axe Compute Inc.

Axe Compute Inc. (NASDAQ: AGPU) is a neocloud AI infrastructure platform built on a fundamental premise: AI innovation should not be constrained by hardware choice or availability. The company provides enterprises and AI innovators with flexibility across hardware, geography, and deployment models. Axe Compute provides the design, deployment, ownership, and operation of large-scale, dedicated AI infrastructure worldwide, supported by enterprise-grade SLAs and operational expertise. For more information, visit axecompute.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including statements regarding the Company’s headquarters relocation, operations and growth plans. These statements are based on current expectations 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 Securities and Exchange Commission. The Company undertakes no obligation to update forward-looking statements except as required by law.

Investor Relations Contact:

Erin McMahon
Chief Marketing Officer & Head of Investor Relations
IR@axecompute.com

Multi-line Hybrid System deployment, sourced at INTERPHEX, extends TOMI’s integrated automated SteraMist iHP decontamination platform into Latin American pharmaceutical manufacturing

FREDERICK, Md., Oct. 29, 2026 (GLOBE NEWSWIRE) — TOMI Environmental Solutions, Inc.^® (“TOMI”) (NASDAQ: TOMZ), a global leader in disinfection and decontamination solutions, today announced it has received a three-phase order valued at approximately $402,000 from Zeyco, a Mexican company dedicated to developing and manufacturing medicines and medical devices, as a global player in the market of dental anesthetics injectable cartridges.

The order covers the phased deployment of SteraMist ionized Hydrogen Peroxide (iHP) decontamination across three aseptic manufacturing lines at Zeyco’s facility in Guadalajara, Jalisco, including the rooms supporting the filling of injectable solutions. It also includes installation, validation and qualification services, hydrogen peroxide monitoring equipment, and an initial supply of BIT Solution.

The deployment is built on SteraMist’s Hybrid configuration, which connects a SteraMist Environment System generator to ceiling-mounted applicators through a central docking station. This allows multiple connected rooms to be decontaminated from one control point without moving equipment between spaces.

• Phase 1: A SteraMist Environment System with three mobile applicators, plus a three-applicator Hybrid installation on Manufacturing Line No. 2.
• Phase 2: A three-applicator Hybrid installation on Manufacturing Line No. 1, powered by the same Environment System generator.
• Phase 3: A second Environment System generator and a six-applicator Hybrid network for Manufacturing Line No. 3.

Once complete, Zeyco will operate two generators supporting 12 ceiling-mounted Hybrid applicators across three lines. The two generators can treat Line No. 3 in full, or Lines No. 1 and 2 simultaneously. Each phase includes on-site installation, qualification (IQ/OQ/PQ), and operator training.

“For more than 45 years, Zeyco has built its reputation on the quality of the medicines and medical devices we deliver to patients in Mexico and abroad,” said Alejandro Zepeda Sahagun, Pharmaceutical Plant Director of Zeyco. “As we strengthen our aseptic manufacturing operations, we needed a decontamination platform that is validated, repeatable and practical to run across every line. SteraMist iHP technology gives us a system we can grow into phase by phase, with the documentation and on-site support our quality team requires.”

“Zeyco’s decision to standardize three aseptic manufacturing lines with SteraMist reflects what we are seeing across the pharmaceutical market: manufacturers want validated, repeatable decontamination that fits inside their production schedule,” said Elissa J. (E.J.) Shane, Chief Operating Officer of TOMI Environmental Solutions. “A phased, multi-line commitment of this kind builds our installed base in Latin America and supports recurring BIT Solution demand for years to come.”

To learn more, contact TOMI at info@tomimist.com or visit SteraMist.com.

About TOMI™ Environmental Solutions, Inc.: Innovating for a safer world®

TOMI™ Environmental Solutions, Inc. (NASDAQ: TOMZ) is a global decontamination and infection prevention company providing environmental disinfection and bio-decontamination solutions through manufacturing, sales, and licensing of its Binary Ionization Technology® (BIT®) platform. Developed under a defense grant with DARPA, BIT® utilizes low-percentage hydrogen peroxide to produce ionized hydrogen peroxide (iHP®) fog. SteraMist® products serve hospitals, laboratories, government and military installations, cruise ships, office buildings, schools, restaurants, food processing facilities, and residences, delivering protection against a broad range of bacteria, viruses, mold, mycotoxins, and biological and chemical warfare agents. For additional information, please visit https://www.steramist.com or contact us at info@tomimist.com.

Forward-Looking Statements

This press release contains forward-looking statements that are based on current expectations, estimates, forecasts and projections of future performance based on management’s judgment, beliefs, current trends, and anticipated product performance. These forward-looking statements include, without limitation, statements relating to TOMI’s products and services to serve the life sciences sector. Forward-looking statements involve risks and uncertainties that may cause actual results to differ materially from those contained in the forward-looking statements. These factors include, but are not limited to, our ability to acquire new customers and expands sales; our ability to maintain and manage growth and generate sales, our reliance on a single or a few products for a majority of revenues; the general business and economic conditions; and other risks as described in our SEC filings, including our Annual Report on Form 10-K for the fiscal year ended December 31, 2025 filed by us with the SEC and other periodic reports we filed with the SEC. The information provided in this document is based upon the facts and circumstances known at this time. Other unknown or unpredictable factors or underlying assumptions subsequently proving to be incorrect could cause actual results to differ materially from those in the forward-looking statements. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, level of activity, performance, or achievements. You should not place undue reliance on these forward-looking statements. All information provided in this press release is as of today’s date, unless otherwise stated, and we undertake no duty to update such information, except as required under applicable law.

INVESTOR RELATIONS CONTACT: 
John Nesbett/Zach Nevas
IMS Investor Relations 
tomi@imsinvestorrelations.com  

SOUTH BOSTON, Va., Oct. 29, 2026 (GLOBE NEWSWIRE) — IperionX Limited (Nasdaq | ASX: IPX) is pleased to present its quarterly report for the period ended September 30, 2026. Highlights during and subsequent to the end of the quarter include:

Operations – Titanium powder and product manufacturing

• HAMR™ Furnace Capacity Validated Above 200 tpa: HAMR™ titanium powder production continued to ramp on a 24/7 schedule, completing 1.6 tons of back-to-back deoxygenation runs in 63 hours and validated furnace capacity above the 200 tpa target annualized run-rate.
• Aerospace-Grade Quality: HAMR™ powder consistently met or exceeded Grade 5 titanium quality specifications, confirming HAMR™ as a commercially proven process for primary titanium metal production.
• Production & Inventory Volumes: Produced 8.7 tons of titanium HAMR™ powder during the quarter (June quarter: 1.4 tons), closing the period with 19 tons of finished titanium powder inventory and 207 tons of titanium scrap feedstock.
• Near-term Commercial Programs: With titanium powder capacity validated and inventory established, downstream manufacturing and near-term commercial program execution are now the operational priorities, supported by increased customer qualification.
• Titanium Fastener Manufacturing: Optimized the 300-ton, six-axis SACMI powder metallurgy press tooling and pressing parameters for a large range of titanium fastener geometries across defense and commercial applications.
• Domestic Billet & Bar Products: Dedicated wet-bag cold isostatic press (CIP) production to large titanium billet and bar production for internal fastener manufacturing and as a domestic alternative to conventional titanium bar and wire mill products.
• Sintering Bottleneck Relieved: Commissioned the first of two additional Elnik HSPT™ sintering furnaces, with the second furnace now installed and scheduled for commissioning in the December quarter, removing a key downstream manufacturing constraint and increasing finished titanium product output.
• In-House Virginia Fastener Manufacturing: Expanded in-house finish machining and thread-rolling capabilities. Fastener production now runs largely in-house in Virginia to meet current needs, spanning uniaxial pressing, HSPT™ sintering, THRM™ heat treatment, finish machining, and thread rolling, with centerless grinding to be brought in-house under Task Order 2. Produced 1,500 fasteners with further production now scaling for U.S. Army and commercial programs.
• Multi-Sector Component Development: Advanced additive manufacturing and powder-to-product programs across defense, aerospace, consumer electronics, and industrial applications, alongside advancing titanium plate and large-format titanium component manufacturing.

GenX™ continuous titanium production

• Breakthrough Continuous Validation: Validated the next-generation GenX™ continuous HAMR™ production platform, processing over 500 kg of titanium powder across four continuous runs (41 hours), with 100% of valid samples meeting ASTM oxygen specifications.
• Step-Change in Unit Economics: Compared to batch HAMR™ on a like-for-like run-time basis, GenX™ delivered 6x higher throughput while reducing power consumption by >75%, magnesium usage by >45%, and hydrogen consumption by >60% per kilogram of titanium powder.
• 100 tpa Titanium Powder Production Capacity: Validated the current GenX™ platform at an equivalent run-rate of ~100 tpa; engineering is underway to integrate the full production line and bring this incremental capacity online.

Customers and product development

• U.S. Navy + Carver Pump: Completed manufacturing of all titanium components under the Carver Pump purchase order; components are now undergoing final customer testing to support commercial-scale orders for U.S. Navy pump contractors.
• U.S. Army + American Rheinmetall Vehicles: Advanced manufacturing of large format titanium track pins under the U.S. Army prototype order, leveraging new Elnik HSPT™ sintering capacity to support larger follow-on production orders across U.S. Army ground combat platforms.
• U.S. Army GVSC Titanium Fasteners: Secured a follow-on purchase order from the U.S. Army Ground Vehicle Systems Center (GVSC) for titanium fasteners for the Joint Light Tactical Vehicle (JLTV) and trailer. Independent test work validated that IperionX titanium fasteners exceed SAE Grade 8 steel torque-to-yield performance.
• Targeting Mill Markets: U.S. titanium mill product supply remains constrained, underscored by the sectors’ record order backlog and near 20-month lead times for premium titanium products. IperionX’s CIP billet and bar program directly targets this supply gap.
• Commercial Pipeline Maturation: Advanced the customer pipeline from material validation to component testing, prototype orders, and funded scale-up, targeting recurring, higher-value revenue across four core verticals:
  • Titanium mill products for established mill and aerospace customers;
  • Aerospace defense primes, with an emphasis on missile systems;
  • Ground and naval defense contractors, building on active U.S. Army and U.S. Navy programs; and
  • Spherical titanium powder for consumer goods and electronics.

Atlas-Titan Critical Minerals Development

• Tier-1 Project Economics: The U.S. Government-supported Titan Definitive Feasibility Study (DFS), completed in June, demonstrated an after-tax NPV₈ of US$813 million, an after-tax IRR of 39.4%, a 3.6-year payback period, and US$1.9 billion in cumulative after-tax free cash flow over an initial 14-year mine life.
• Strategic Atlas Acquisition Closed: Completed the US$3 million acquisition of the adjacent Atlas critical mineral and infrastructure assets on July 1, 2026 (following the June agreement).
• Immediate Infrastructure & Resource Synergies: Atlas adds ~70 acres of at-surface stockpiles, 180 acres of pre-stripped critical mineral mineralization, and established power, water, natural gas, and rail infrastructure. The full integrated Atlas-Titan economic assessment is underway.

U.S. Department of War (DoW) programs

• US$18.5M Task Order 2 Award: The U.S. Army awarded Task Order 2 under IperionX’s US$99 million SBIR Phase III IDIQ contract, with an US$18.5 million base value (US$11.5 million initially funded) and scoped options bringing the total potential value to US$25.4 million.
• Remaining Contract Ceiling: Task Order 2 funding for continuous HSPT™ and dehydride furnaces alongside in-house fastener finishing in Virginia. Combined awards under Task Orders 1 and 2 total ~US$19.8 million, leaving US$79.2 million available under the existing US$99 million contract ceiling.
• U.S. titanium Supply Chain Funding Proposal Submitted: Submitted a formal proposal under Defense Industrial Base Consortium solicitation RPP-CM-26-02 (Domestic Processing Capabilities of Critical Minerals), which designates titanium, including titanium sponge substitutes, as a priority defense material.
• 1,400 tpa Expansion: Continued execution of the 1,400 tpa titanium capacity expansion under the fully obligated US$47.1 million IBAS award, the US$12.7 million DPA Title III award, and ~290 metric tons of no-cost U.S. Government titanium scrap transfers.

Corporate and liquidity

• Strong Balance Sheet & Liquidity: Closed the quarter with US$63.0 million in cash (June 30, 2026: US$35.2 million), supplemented by US$33.7 million in remaining obligated, reimbursable U.S. Government funding (including US$0.5 million in incurred expenditure pending reimbursement for IBAS and another $0.3m pending reimbursement from SBIR) – providing approximately US$96.7 million in total available liquidity. Net operating cash outflow was US$12.6 million, deployed across the Virginia production ramp, product qualification, and GenX™ R&D.
• US$50M U.S. Public Offering: Priced an underwritten U.S. public offering on July 7, 2026, issuing 2,275,000 ADSs at US$21.98 per ADS for gross proceeds of ~US$50.0 million (net proceeds of ~US$46.1 million).
• Director On-Market Purchases: Directors acquired ~US$1.9 million of IperionX shares via on-market purchases in July, underscoring strong board alignment with shareholders.
• Proposed U.S. Redomiciliation: Announced plans on August 3, 2026, to redomicile to a Texas parent company with common stock listed directly on Nasdaq (replacing the current ADS structure), subject to shareholder, court, and regulatory approvals.
• Board Strengthened: Appointed Michael J. Loparco as an Independent Non-Executive Director on August 3, 2026, bringing over 25 years of global advanced manufacturing and supply-chain leadership at Jabil and Symbotic.

A link to the full release can be found here.

Contacts

Anastasios (Taso) Arima, Founder and CEO
Toby Symonds, President
Dominic Allen, Chief Commercial Officer

Investors: investorrelations@iperionx.com
Media: media@iperionx.com

+1 980 237 8900
www.iperionx.com

NEW YORK, Oct. 29, 2026 (GLOBE NEWSWIRE) — via AINewsWire — Nightfood Holdings Inc. (OTCQB: NGTFD) today announces its placement in an editorial published by AINewsWire (“AINW”), one of 75+ brands within the Dynamic Brand Portfolio@IBN (InvestorBrandNetwork), a specialized communications platform with a focus on financial news and content distribution for private and public companies and the investment community.

To view the full publication, “Semiconductor Equipment Market Outlook: How AI Demand Is Driving Test, Packaging and Inspection Growth,” please visit: https://ibn.fm/yarC1

Conversations about artificial intelligence tend to center on models, semiconductors and server farms. Before any of those processors can do useful work, though, each one has to be packaged, checked for defects and turned out at scale, and all of that takes place inside manufacturing plants. TrendForce estimates that capital spending by the nine biggest cloud companies is projected to reach roughly $830 billion in 2026. Whether those dollars become functioning hardware hinges on the automated production and inspection tools that support the buildout.

Operating as TechForce Robotics, Nightfood Holdings Inc. is pushing into this link of the production chain. Through a recent deal, the company took ownership of a defined set of CoWoS automated optical inspection technology, and a production site of 20,000 square feet is being planned for Taiwan. First deliveries are slated for late November or early December 2026, though timing will depend on whether production is ready and on orders coming in from customers.

About Nightfood Holdings Inc. (dba TechForce Robotics)
Nightfood Holdings Inc., doing business as TechForce Robotics, is an advanced robotics and automation company focused on delivering intelligent, scalable solutions for industrial and commercial applications. The company integrates robotics, artificial intelligence and software-driven systems to optimize operations, improve efficiency and enable next-generation automation. TechForce Robotics partners with organizations to design and deploy customized robotic solutions that address evolving operational requirements.

About TechForce Advanced Manufacturing
TechForce Advanced Manufacturing Inc. is a Nevada corporation formed to develop, manufacture, commercialize, install and support semiconductor automation and inspection systems. Its initial focus is expanding Wafer Sorter and AOI production for wafer-based semiconductor and CoWoS-related advanced-packaging applications, while pursuing future applications supporting emerging Chip-on-Panel-on-Substrate (“CoPoS”) manufacturing process.

NOTE TO INVESTORS: The latest news and updates relating to NGTF are available in the company’s newsroom at http://ibn.fm/NGTF

For more information, visit Nightfood Holdings.

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Australian acquisitions of Byrne Consultants and Hopkins Consultants expected to expand global Drone as a Service network for planned adoption of proprietary AI software and drone-based surveying

VANCOUVER, British Columbia, Oct. 29, 2026 (GLOBE NEWSWIRE) — ZenaTech, Inc. (Nasdaq: ZENA) (FSE: 49Q) (BMV: ZENA) (“ZenaTech” or the “Company”), a technology solution provider specializing in AI (Artificial Intelligence) drone, Drone as a Service (DaaS), enterprise SaaS, and Quantum Computing solutions, today anticipates faster commercial survey delivery and increased capacity across its DaaS land surveying operations through its recently unveiled proprietary AI software suite, and drone surveying automation as it continues its AI-driven Drone as a Service workflow development. Recently, the Company closed its 30^th and 31^st DaaS acquisitions adding four new locations to its Australian and global footprint including a civil engineering consultancy based in Darwin, Australia, and a surveying, civil engineering and town planning consultancy based in Port Macquarie, New South Wales. Each firm is expected to be able to benefit from the technology’s continued development as the AI software suite begins formal testing across the DaaS network in 2027.

“Every surveying firm we acquire brings added value and new revenue streams through established clients and licensed surveyors. We expect that the continued development of our AI-driven methodology will give those teams significantly expanded capacity to continue to drive the Company’s growth,” said Shaun Passley, Ph.D., CEO of ZenaTech. “Drones shorten the time in the field, and our AI is designed to shorten the time in the office. The combination of shortened workflow with consistency across our network will allow the completion of more projects with the same crews and grow the recurring revenue base, which is at the center of our DaaS strategy.”

ZenaTech’s internal estimates compared field and office workflows on a representative 100-acre topographic survey. Using conventional methods, a land surveyor typically covers about 3 acres a day, or approximately 267 hours of field work for the full site. Capturing the same site by drone requires approximately 65 hours. Surveyors still use ground-based survey equipment to set control points and verify accuracy, while the drone takes over the slow, point-by-point collection of routine terrain measurements. This comparison could indicate potential fieldwork time savings equivalent to more than 25 eight-hour workdays per 100-acre survey.

The Company’s AI addresses the next constraint: the office work after the drone lands. A LiDAR-equipped drone records a site as a point cloud containing millions of 3D measurements. Sorting those points into ground, vegetation, buildings and utility lines, and drawing features such as curbs, pavement edges and retaining walls, has traditionally taken technicians days of manual work. The Company’s proprietary AI software suite is designed to automate point cloud classification and feature extraction and has the potential to reduce post-processing workflows by as much as 80% according to internal estimates. Survey teams review classifications and verify accuracy before any deliverable reaches a client.

Australia represents a growing opportunity for drone-based surveying, mapping and inspection services. Grand View Research estimates the country’s broader drone-as-a-service market at US$110 million in 2025 and projects it to reach US$455.5 million by 2033, with annual growth of approximately 19% during 2026–2033. Separately, research commissioned by Airservices Australia forecasts approximately 1.8 million annual drone flights across construction, infrastructure and utilities by 2043, driven largely by inspection activities.

The Company’s recent acquisitions include Byrne Consultants, based in Darwin, with two additional offices on Queensland’s Gold Coast and Sunshine Coast, has provided civil engineering services to federal and state authorities across Australia for more than 20 years. The firm holds pre-qualified consultant status with Queensland’s Department of Transport and Main Roads for traffic engineering, hydraulic design and highway engineering. Its projects include roads and intersections, land development, utilities, water and wastewater systems, aerodromes, remote community infrastructure, and mining and port facilities, for clients including government departments, local councils, land developers, construction companies and defense contractors.

Hopkins Consultants was founded in 1992 and provides town planning, cadastral and detail surveying, civil engineering and design, landscape and environmental management, and contract administration for developers, local councils, public authorities and private clients across regional New South Wales. Its work includes master planned communities along with residential, rural, commercial and industrial subdivisions and the roads, drainage, stormwater and sewer infrastructure that serve them. The acquisition is ZenaTech’s first in New South Wales, where the state government has committed to delivering 377,000 new homes by mid-2029 under the National Housing Accord. In Port Macquarie-Hastings alone, the local council is planning for approximately 16,000 new homes by 2046.

“We plan for our acquisitions to be immediately accretive, and we continue our disciplined, strategic approach when we determine to acquire a company. In addition, we have structured all acquisitions in a combination of 50% cash and 50% seller’s three-year note paid out of the proceeds based on revenue milestones. In this way, management is aligned with our shareholders to avoid any dilution,” concluded Dr. Passley.

The Company now has a total of seven DaaS locations across Australia along with the June acquisition of NorthGroup Consulting in Queensland. These locations are expected to adopt drone-based data capture for topographic, cadastral and construction surveys, earthwork volume calculations and construction progress monitoring, and are slated for AI software suite integration as it rolls out across the DaaS network.

For commercial land surveying clients, including builders, developers, and public works agencies, shorter survey turnaround time means earlier commencement of construction projects or permitting. Actual results vary with site conditions, vegetation, accuracy requirements and deliverables. The Company is preparing documented case studies from its DaaS locations and will report verified results as they are completed.

ZenaTech’s Drone as a Service division provides on-demand turn-key drone piloting, data capture and data processing services to commercial, government and infrastructure customers, giving them access to aerial data and automation without owning or operating their own drone fleets. The division is being built through an acquisition-led strategy that combines local surveying and inspection providers into a global network, creating a scalable platform for recurring aerial and data services such as surveying, inspections, power washing and construction progress monitoring.

About ZenaTech

ZenaTech, Inc. (Nasdaq: ZENA) (FSE: 49Q) (BMV: ZENA) is a technology company that specializes in AI autonomy drone platforms to transform commercial, government, and defense sectors. Its subsidiaries include drone manufacturing through ZenaDrone, a global Drone as a Service (DaaS) business, and an enterprise SaaS division of software brands. The Company is executing an acquisition-led DaaS roll-up strategy to digitize and automate legacy service industries like land surveys and inspections, driving drone-based scalable, recurring revenue growth. With an operating footprint spanning North America, Europe, the Middle East, Asia, and Australia, ZenaTech is advancing AI drones for applications such as agriculture and logistics, as well as ISR, cargo, and counter-UAS for U.S. defense and NATO allies. The company is investing in next-generation technologies, including drone swarms, quantum computing, and advanced AI autonomy to capture long-term opportunities in key markets through its R&D initiatives.

About ZenaDrone

ZenaDrone, a subsidiary of ZenaTech, develops and manufactures AI-powered multifunction autonomous drone solutions integrating machine learning, predictive analytics, and advanced computing technologies, for government, defense, and industrial applications. This includes multifunctional drones for surveying, inspections, logistics, security, and defense applications. Its product portfolio under development includes the ZenaDrone 1000 for ISR defense and specialized cargo, the IQ Nano for indoor inventory management and security, the IQ Square for outdoor inspections and maintenance, the IQ Quad for land surveying, the IQ Aqua, for underwater applications, and the IQ Octo for precision agriculture. ZenaDrone operates three global manufacturing facilities in Arizona, Dubai, and Taiwan, and is advancing counter-UAS maritime interceptor drones and an integrated defense system.

Contacts for more information:

Company, Investors and Media:
Linda Montgomery
ZenaTech
312-241-1415

Investors:
Michael Mason
CORE IR
investors@zenatech.com

Safe Harbor

This press release and related comments by management of ZenaTech, Inc. include “forward-looking statements” within the meaning of U.S. federal securities laws and applicable Canadian securities laws. These forward-looking statements are subject to the safe harbor provisions under the Private Securities Litigation Reform Act of 1995. This forward-looking information relates to future events or future performance of ZenaTech and reflects management’s expectations and projections regarding ZenaTech’s growth, results of operations, performance, and business prospects and opportunities, including statements about survey productivity and turnaround time, the integration of acquired businesses, and the development, features, availability, commercialization and market adoption of ZenaAI. Such forward-looking statements reflect management’s current beliefs and are based on information currently available to management. In some cases, forward-looking information can be identified by terminology such as “may”, “will”, “should”, “expect”, “plan”, “anticipate”, “aim”, “seek”, “intend”, “is/are likely to”, “believe”, “estimate”, “predict”, “potential”, “continue” or the negative of these terms or other comparable terminology intended to identify forward-looking statements. Forward-looking information in this document includes, but is not limited to ZenaTech’s expectations regarding its revenue, expenses, production, operations, costs, cash flows, and future growth; estimated productivity improvements, which are based on internal estimates and may differ by project; ZenaTech’s ability to integrate acquired businesses and deploy its technology across them; ZenaTech’s ability to deliver products to the market as currently contemplated, including software platforms such as ZenaAI; ZenaTech’s anticipated cash needs and its needs for additional financing; ZenaTech’s intention to grow the business and its operations and execution risk; the volatility of stock prices and market conditions in the industries in which ZenaTech operates; risks related to the development, testing, accuracy and performance of artificial intelligence and machine learning models; regulatory risks, including regulations governing drone operations in the United States, Canada, Australia and other jurisdictions; product development, validation and data quality and accuracy risks; customer adoption and recurring revenue opportunities; the competitive conditions of the industry; the ability to complete any contemplated acquisitions; market uncertainty; and applicable laws, regulations, and any amendments affecting the business of ZenaTech. Readers should not place undue reliance on forward-looking statements, which speak only as of the date of this release, and ZenaTech undertakes no obligation to update them except as required by law.

• XEN1701 achieved target profile, including desired Na_V1.7 receptor occupancy in both the peripheral and central nervous system, and was generally well-tolerated with no notable autonomic cardiovascular effects
• XEN1120 achieved plasma levels predictive of analgesic effects based on preclinical modeling and was generally well-tolerated
• New preclinical data in cynomolgus monkeys demonstrated significant reductions in capsaicin-evoked heat pain for Na_V1.7 and K_V7 compounds
• Phase 2 proof-of-concept studies assessing XEN1701 and XEN1120 in acute pain expected to initiate in H1 2027

VANCOUVER, BC and BOSTON, MA, Oct. 29, 2026 (GLOBE NEWSWIRE) — Xenon Pharmaceuticals Inc. (Nasdaq: XENE), a neuroscience-focused biopharmaceutical company dedicated to drug discovery, clinical development, and commercialization of life-changing therapeutics for patients in need, today announced positive Phase 1 study results and new preclinical data supporting the advancement of XEN1701 and XEN1120 to Phase 2 proof-of-concept studies in acute pain. Data were presented in two poster presentations during the International Association for the Study of Pain (IASP) 2026 World Congress on Pain, taking place October 26–30, 2026 in Bangkok, Thailand.

XEN1701 and XEN1120 are potent, selective ion channel modulators designed to target Na_V1.7 and K_V7, respectively. Na_V1.7 and K_V7 represent novel, non-opioid pain targets with significant supportive preclinical, clinical, and human genetic and expression data. XEN1701 and XEN1120 have been developed using Xenon’s deep expertise in genetics, ion channel biology, and novel chemistries to enable potent, selective ion channel targeting.

“This is an incredibly exciting milestone for Xenon given our significant history with both Na_V1.7 and K_V7, and it brings us closer to delivering a new generation of innovative non-opioid therapeutics for acute and chronic pain,” said Ian Mortimer, President and CEO of Xenon. “The XEN1701 data are especially exciting as Na_V1.7 has long been recognized by the field as having the strongest genetic evidence among novel pain targets, and many companies have tried to develop Na_V1.7 inhibitors without success. The Phase 1 data strengthen our belief that XEN1701 has a profile unlike any Na_V1.7 compound previously tested in the clinic, achieving high target receptor occupancy without a notable pattern of cardiovascular effects. We are optimistic that we may be on the precipice of realizing the potential of this promising pain target.”

“Our Phase 1 studies of XEN1701 and XEN1120 achieved all of our goals, demonstrating the desired profiles for both compounds and strongly supporting their advancement to Phase 2 acute pain studies for rapid proof-of-concept,” said Chris Kenney, MD, Chief Medical Officer of Xenon. “We also are highly encouraged by additional preclinical data shared in these posters, including data in cynomolgus monkeys where a Xenon Na_V1.7 inhibitor comparable to XEN1701 demonstrated up to a 100% reduction in evoked pain when central and peripheral receptor occupancies were above 75%, without effects on blood pressure or heart rate in this preclinical model. In the same model, a K_V7 compound comparable to XEN1120 also demonstrated a significant reduction in evoked pain, and XEN1120 has also demonstrated analgesic activity in the mouse formalin model during the acute phase, which has typically only been seen with opioids.”

Xenon is finalizing Phase 2 acute pain study designs for each program and expects to initiate both studies in the first half of 2027.

Highlights from XEN1701 Poster: “XEN1701, a Phase 2-Ready Na_V1.7 Inhibitor: Advancing a Novel Non-Opioid Strategy for Pain”

• Study Design: Healthy participants were enrolled in Single Ascending Dose (SAD), Multiple Ascending Dose (MAD), food-effect, and cerebrospinal fluid (CSF) collection cohorts (n=76 XEN1701 and n=22 placebo) to assess the safety, tolerability, pharmacokinetics (PK), food effect, and central nervous system (CNS) penetration of XEN1701. CSF sampling was performed in open-label cohorts to measure CNS drug exposure.
• Free Drug Exposure: XEN1701 exhibited dose-dependent and rapid increases in plasma exposure across the evaluated dose ranges. XEN1701 and its active metabolite demonstrated a consistent metabolite-to-parent exposure ratio across all doses and the combined exposure profile supports the potential to achieve therapeutically relevant Na_V1.7 inhibition.
• High Receptor Occupancy: Plasma and CSF sampling and predicted receptor occupancy modeling indicated that the proposed Phase 2 dose levels achieved and maintained more than 75% Na_V1.7 receptor occupancy in both the peripheral and central nervous system with twice-daily (BID) dosing. Human genetic evidence has established that more than 75% Na_V1.7 inhibition is associated with a pain-free clinical phenotype.
• Generally Well-Tolerated Safety Profile: There were no treatment-related, dose-limiting treatment-emergent adverse events (TEAEs), serious TEAEs, or TEAEs leading to study drug discontinuation. Most TEAEs were mild; those observed in more than one participant in the MAD cohorts included headache (10% XEN1701 overall vs. 10% pooled placebo), dizziness (6.7% vs. 10% placebo), and postural dizziness (6.7% vs. 0% placebo).
  • Treatment-related TEAEs potentially related to autonomic cardiovascular effects were infrequent and balanced (6.6% vs. 4.2% placebo), with no consistent dose- or exposure-related patterns and none occurring at the highest dose levels. These findings support that the proposed Phase 2 dose levels have not shown a consistent pattern of autonomic cardiovascular effects of the kind reported for other Na_V1.7 compounds in published literature.
• Significant Pain Reduction Observed in Non-Human Primates: Preclinical data evaluating XPC-4, a Xenon compound comparable to XEN1701, in cynomolgus monkeys demonstrated that doses achieving more than 75% Na_V1.7 receptor occupancy were associated with significant reductions in capsaicin-evoked heat pain, including ~85-100% reduction at the two highest doses tested. No clinically meaningful change in systolic arterial blood pressure or heart rate relative to vehicle was observed with XPC-4 at the highest two doses tested.

Highlights from XEN1120 Poster: “XEN1120, a Phase 2-Ready K_V7 Channel Opener: Advancing a Novel Non-Opioid Strategy for Pain”

• Study Design: Healthy participants were enrolled in SAD, MAD, and food-effect cohorts (n=54 XEN1120 and n=18 placebo) to assess the safety, tolerability, PK, and food effect of XEN1120.
• Plasma Levels in Predicted Efficacious Range: Clinical PK data demonstrated that XEN1120 exceeded the predicted efficacious exposures established from preclinical rodent and non-human primate efficacy models. PK modeling demonstrated that a loading dose rapidly achieved target exposures while maintenance dosing sustained plasma concentrations within the predicted efficacious range for the duration required for an acute pain proof-of-concept study.
• Generally Well-Tolerated Safety Profile: There were no treatment-related, dose-limiting TEAEs, serious or severe TEAEs, or TEAEs leading to study drug discontinuation. Most TEAEs were mild and the most common TEAEs observed in more than one participant in the MAD cohorts included tachycardia (33.2% XEN1120 overall vs. 12.5% pooled placebo), dizziness (29.2% vs. 0% placebo) and somnolence (25% vs. 0% placebo).
• Robust Analgesic Activity in Mouse Formalin Model: The mouse formalin model involves a biphasic pain response consisting of an acute nociceptive phase, followed by a longer lasting inflammatory phase. Many analgesics work in the inflammatory phase, whereas only opioids typically show efficacy in the acute phase. XEN1120 demonstrated dose-dependent pain reductions in the acute phase of the formalin model, and notably, at exposures that were substantially lower than the comparator flupirtine, an earlier generation pain treatment with a mechanism of action involving potassium channel opening.
• Significant Pain Reduction Observed in Non-Human Primates: Preclinical data evaluating XPC-B, a Xenon compound comparable to XEN1120, demonstrated dose-dependent reductions in capsaicin-evoked heat pain in cynomolgus monkeys. Analgesic activity was achieved at approximately 2.3-fold lower exposures relative to the formalin mouse model, suggesting the potential to achieve analgesic activity at lower doses in humans.

Acute and chronic pain affects more people than diabetes, heart disease, and cancer combined, yet effective, long-term treatment options are scarce. Acute pain serves as the body’s normal, short-term alarm signal in response to an injury or illness. In contrast, chronic pain is a widespread condition defined by IASP as pain that lasts or recurs for more than three months, and may persist even after the initial cause has healed. It’s more common than many realize; 2021 data from the U.S. Centers for Disease Control and Prevention (CDC) show that it affects more than one in five American adults, often impacting daily life and well-being.

About Xenon’s Pain Pipeline
Xenon’s clinical-stage pain pipeline includes three investigational therapeutic programs, including XEN1701 and XEN1720, which are designed to block the activity of the sodium channels (Na_V1.7) that trigger pain signaling, and XEN1120, which is designed to enhance the activity of the potassium channels (K_V7) that mitigate pain signals.

Xenon has extensive history researching Na_V1.7 as a novel pain target. This history started more than 20 years ago with the identification of a loss of function in SCN9A, which encodes the Na_V1.7 sodium channel, as the cause of congenital indifference to pain (CIP), an extremely rare autosomal recessive disorder whose carriers are unable to feel pain but are otherwise healthy. More recently, Xenon has focused on optimizing chemistry to address the limitations of earlier drug candidates targeting Na_V1.7, resulting in its current clinical candidates XEN1701 and XEN1720.

XEN1120 reflects more than a decade of Xenon’s research on K_V7 channels. Multiple lines of evidence support K_V7 as a therapeutic target for pain. K_V7 channels are broadly expressed throughout the peripheral and central pain pathways. They play a significant role in the initial transduction of pain stimuli into pain signals, the transmission of those pain signals along nociceptive neurons, and the relay from peripheral sensory neurons to spinal cord neurons in the central nervous system. Dysfunction or downregulation of K_V7 channel activity has also been observed in altered pain states, contributing to sensory neuron hyperexcitability and enhanced pain signaling.

About Xenon Pharmaceuticals Inc.
Xenon Pharmaceuticals (Nasdaq: XENE) is a neuroscience-focused biopharmaceutical company dedicated to drug discovery, clinical development, and commercialization of life-changing therapeutics for patients in need. Xenon’s lead molecule, azetukalner, is a novel, potent K_V7 potassium channel opener in late-stage clinical development for the treatment of epilepsy, major depressive disorder and bipolar depression. Xenon is also advancing an early-stage portfolio of multiple promising potassium and sodium channel modulators, including K_V7 and Na_V1.7 programs in Phase 1 development for the potential treatment of pain. Xenon has offices in Vancouver, British Columbia, and Boston, Massachusetts. For more information, visit www.xenon-pharma.com and follow us on LinkedIn and X.

Xenon and the Xenon logo are registered trademarks or trademarks of Xenon Pharmaceuticals Inc. in the US, Canada and elsewhere. All other trademarks belong to their respective owner.

Safe Harbor Statement
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995 and Canadian securities laws. These forward-looking statements are not based on historical fact, and include statements regarding the status of, and potential results from, pre-clinical and clinical studies; the potential efficacy, safety profile, future development plans in current and anticipated indications, addressable market, regulatory success and commercial potential of our and our partners’ product candidates; the efficacy of our clinical study designs; our ability to achieve milestones in our pipeline and development programs, including the initiation of clinical studies; and our ability to successfully develop, obtain regulatory approval for, and commercialize our product candidates. These forward-looking statements are based on current assumptions that involve risks, uncertainties and other factors that may cause the actual results, events, or developments to be materially different from those expressed or implied by such forward-looking statements. These risks and uncertainties, many of which are beyond our control, include, but are not limited to: clinical studies may not demonstrate safety and efficacy of any of our or our collaborators’ product candidates; promising results from pre-clinical development activities or early clinical study results may not be replicated in later clinical studies; our assumptions regarding our planned expenditures and sufficiency of our cash to fund operations may be incorrect; our ongoing discovery and pre-clinical efforts may not yield additional product candidates; any of our or our collaborators’ product candidates may fail in development, may not receive required regulatory approvals, or may be delayed to a point where they are not commercially viable; we may not achieve additional milestones in our proprietary or partnered programs; regulatory agencies may delay the initiation or completion of clinical studies or impose additional requirements prior to approval; the impact of market, industry, and regulatory conditions on clinical study enrollment; the impact of competition; the impact of expanded product development and clinical activities on operating expenses; the impact of new or changing laws and regulations; the impact of unstable economic conditions in the general domestic and global economic markets; adverse conditions from geopolitical events; as well as the other risks identified in our filings with the U.S. Securities and Exchange Commission and the securities commissions in British Columbia, Alberta, and Ontario. These forward-looking statements speak only as of the date hereof and we assume no obligation to update these forward-looking statements, and readers are cautioned not to place undue reliance on such forward-looking statements.

Contacts
For Investors:
Laura Perry/Emily Huang
Argot Partners
Xenon@argotpartners.com

For Media:
Colleen Alabiso
Senior Vice President, Corporate Affairs
media@xenon-pharma.com