Author: Ravi Shankar

HOUSTON, Nov. 10, 2026 (GLOBE NEWSWIRE) — Evolution Petroleum Corporation (NYSE American: EPM) (“Evolution” or the “Company”) today announced its financial and operating results for its fiscal first quarter ended September 30, 2026. On November 9, 2026, Evolution also declared its 18^th consecutive $0.12 cash dividend per common share, payable on December 31, 2026, marking its 53^rd consecutive quarterly cash dividend payment.

Financial & Operational Highlights

($ in thousands)		Q1 2027				Q1 2026				Q4 2026				% Change vs Q1/Q1			% Change vs Q1/Q4
Average BOEPD			6,978				7,315				6,901			(5	)%		1	%
Oil, Natural Gas, and NGL Revenues		$	22,554			$	21,288			$	24,208			6	%		(7	)%
Net Income (Loss)(1)		$	(2,992	)		$	824			$	4,614			NM			NM
Adjusted Net Income (Loss)(1)(2)		$	(310	)		$	(79	)		$	(587	)		292	%		(47	)%
Adjusted EBITDA(3)		$	6,844			$	7,301			$	6,522			(6	)%		5	%

_____________________________

(1) “NM” means “Not Meaningful.”
(2) Adjusted Net Income is a non-GAAP financial measure; see the non-GAAP reconciliation schedules to the most comparable GAAP measures at the end of this release for more information.
(3) Adjusted EBITDA is Adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization and is a non-GAAP financial measure; see the non-GAAP reconciliation schedules to the most comparable GAAP measures at the end of this release for more information.

• Fiscal Q1 production averaged 6,978 barrels of oil equivalent per day (“BOEPD”), with oil accounting for 62% of revenue, natural gas for 24%, and natural gas liquids (“NGLs”) for 14%.
• Higher realized oil and NGL prices drove a 6% increase in revenue to $22.6 million year-over-year.
• The Permian Minerals portfolio has exceeded acquisition expectations, averaging approximately 218 BOE/d since the August 20th effective date. Additionally, operators brought at least 21 gross wells online between closing and September 30. Evolution expects these additions to increase the portfolio’s production rate in fiscal Q2, with a full quarter of ownership further enhancing results.
• Subsequent to quarter-end, Evolution completed a farm out of 636 net acres with minimal current production in the Williston Basin for approximately $2.5 million plus a small overriding royalty interest (“ORRI”).
• Returned $4.9 million to shareholders through cash dividends in fiscal Q1, with cash flow from operations before changes in working capital of $8.4 million.

Management Comments

Kelly Loyd, President and Chief Executive Officer, commented: “We are encouraged by our fiscal first quarter results and excited about the outlook for our diversified portfolio, particularly the increasing contributions from our growing mineral and royalty interests. Our recently acquired Permian Minerals exceeded production expectations, and our late fiscal 2026 acquisitions of Haynesville and Bossier Shale minerals and royalties are contributing in line with expectations as new wells enter production. We bought these assets for both their existing production and their substantial development potential and are encouraged to see that potential begin to translate into results at the end of the fiscal quarter. Looking ahead, with a full quarter of Permian Minerals ownership and additional wells coming online there as well as in the Haynesville and Bossier Shales, we expect our recent investments to meaningfully add to cash flow in the coming quarters.

“We continue to unlock value from acreage that contributes little to no current production. After quarter-end, we sold 636 net acres from our roughly 40,000-net-acre Williston position for $2.5 million while retaining a 0.25% overriding royalty interest in up to 6-8 miles of horizontal completions. Together with last quarter’s $3.0 million sale of nonproducing mineral acreage, these transactions demonstrate our ability to convert potential future value into cash today with minimal impact on current production or cash flow. We are also negotiating additional potential farmouts of nonproducing working interest acreage across multiple areas of our portfolio and hope to announce further agreements soon.”

Mr. Loyd continued, “The unsolicited interest we are receiving highlights opportunities to realize additional value from assets we already own. Additional farmouts could generate upfront cash to reduce debt, while preserving royalty participation in future production without requiring us to fund drilling and completion costs. They could also put acreage to work that might otherwise remain undeveloped in our portfolio. Our near-term focus is on realizing the benefits of our recent investments, strengthening our balance sheet, and sustaining our quarterly dividend. We see opportunities for continued growth within our existing portfolio, which sets a high bar for new investments as we focus on translating those opportunities into greater value per share.”

Fiscal First Quarter 2027 Financial Results

Oil, natural gas, and natural gas liquids revenues increased 6% to $22.6 million, up from $21.3 million in the year-ago quarter. The change was driven primarily by an 11% increase in average realized equivalent prices, partially offset by a 5% decrease in average daily production.

Lease operating costs (“LOE”) decreased to $12.4 million compared to $13.1 million in the year-ago quarter. The decrease reflected lower operating costs at TexMex following a change of operator since the prior-year quarter, as well as lower taxes and gathering and transportation costs associated with decreased natural gas prices at Jonah Field and Barnett Shale. On a per-unit basis, LOE was $19.25 per BOE compared to $19.45 per BOE in the year-ago quarter, partly reflecting the addition of minerals and royalty (“M&R”) assets, which have lower operating costs per BOE.

Depletion, depreciation, and accretion expense was $5.7 million compared to $6.0 million in the year-ago period. On a per-BOE basis, the Company’s current quarter depletion rate was $8.32 per BOE, compared to $8.26 per BOE in the year-ago period.

General and administrative (“G&A”) expenses (excluding stock-based compensation) increased to $2.1 million from $1.8 million in the year-ago quarter due to higher professional fees and an increase in employee salaries and benefits. On a per-BOE basis, G&A (excluding stock-based compensation) was $3.22 compared to $2.66 in the year-ago period, in part due to lower production volumes.

The Company reported net losses of $3.0 million, or $0.08 per share, compared to net income of $0.8 million, or $0.02 per share, in the year-ago period. Excluding the impact of selected items, which include a net loss on the unrealized portion of hedges, the Company reported an adjusted net loss of $0.3 million, compared to an adjusted net loss of $0.1 million in the year-ago period.⁽¹⁾

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(1) Adjusted net income (loss) is a non-GAAP financial measure; see the non-GAAP reconciliation schedules to the most comparable GAAP measures at the end of this release for more information.

Adjusted EBITDA was $6.8 million compared to $7.3 million in the year-ago quarter. The decrease was primarily due to lower production and lower realized natural gas prices compared to the prior-year period.⁽²⁾

Production & Pricing

Average price per unit:		Q1 2027			Q1 2026			% Change vs Q1/Q1
Crude oil (BBL)		$	81.74		$	62.18		31	%
Natural gas (MCF)			2.51			2.74		(8	)%
Natural Gas Liquids (BBL)			29.47			23.30		26	%
Equivalent (BOE)			35.13			31.63		11	%

Total production for the first quarter of fiscal 2027 decreased to 6,978 net BOEPD compared to 7,315 net BOEPD in the year-ago period. Total production for the first quarter of fiscal 2027 included approximately 1,848 barrels per day (“BOPD”) of crude oil, 3,956 BOEPD of natural gas, and 1,174 BOEPD of NGLs. Production decreased in the current quarter primarily due to unplanned downtime at Delhi and TexMex, as well as natural decline across the portfolio, partially offset by M&R acquisitions in the Haynesville and Bossier Shales, and the Permian, and development on the mineral acreage in the SCOOP/STACK. In addition, the prior-year period includes flush production from wells brought online at Chaveroo Field, which was 100% crude oil.

The Company’s average realized commodity price (excluding the impact of derivative contracts) increased 11% to $35.13 per BOE in fiscal Q1, compared to $31.63 per BOE in the year-ago period.

Operations Update

This quarter, the Company integrated its Permian Minerals assets into its portfolio, and since the August 20^th acquisition date, the Company has production data confirmed for 21 gross wells. As of quarter-end, the Company has 853 gross PDP wells, 45 gross wells in progress, 50 gross permitted wells, and over 1,200 additional drilling locations across its Permian position. Evolution expects an increased contribution of production and cash flow, as additional wells are brought online, and the Company will be able to report a full quarter of ownership.

At SCOOP/STACK, new well activity continued across Evolution’s working interest and M&R positions, resulting in flat production sequentially. LOE decreased in total and on a per-unit basis compared to the year-ago quarter, in part due to the addition of Evolution’s M&R interests in August of 2025, which incur lower operating costs than the Company’s working interest assets. During fiscal Q1, two gross wells were brought online, eight gross wells were in progress, and the Company had elected to participate in three additional gross working-interest wells.

The Company’s aggregate production from the Jonah, Barnett, Williston, and Hamilton Dome properties increased slightly over the prior quarter, demonstrating the value of high-quality, long-life reserves.

In Louisiana, production from the Company’s Haynesville and Bossier Shale M&R interests continued to come online. During the quarter, Evolution acquired approximately $0.3 million of additional Haynesville and Bossier Shale M&R interests, primarily targeting undeveloped acreage with near-term third-party operator activity. As of quarter-end, the Company had 92 gross PDP wells, an additional 42 gross PUD locations, and an estimated 50 additional drilling locations across its Haynesville and Bossier Shale M&R portfolio. The Company continues to benefit from this activity without funding drilling and completion costs.

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(2) Adjusted EBITDA is Adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization and is a non-GAAP financial measure; see the non-GAAP reconciliation schedules to the most comparable GAAP measures at the end of this release for more information.

At TexMex, operating costs declined compared to the year-ago quarter following the operator change. At the Barnett Shale, the Company has met with the new operator, whose entire focus is solely on Barnett operations and improving field profitability through operational efficiencies and workover opportunities. At Delhi, production was impacted by compressor downtime during the quarter.

At Chaveroo, the Company continues to evaluate the timing of future drilling with its partner. Based on performance to date of the seven wells drilled, Evolution views the development inventory as attractive and potentially substantial. Timing and level of participation are subject to operator plans, commodity prices, and capital availability.

Balance Sheet, Liquidity, and Capital Spending

As of September 30, 2026, the Company had cash and cash equivalents of $3.1 million, outstanding borrowings of $60.0 million, and $0.8 million in letters of credit outstanding under its Senior Secured Credit Facility, with a weighted average interest rate of 6.48%. As of quarter-end, availability under the facility was $12.2 million, bringing total liquidity to $15.3 million. In the first quarter of fiscal 2027, Evolution paid $4.9 million in common stock dividends, $16.0 million for the Permian Minerals Acquisitions, and incurred $0.7 million in capital expenditures. These cash outlays were partially offset by $12.5 million in net proceeds from the Company’s August 2026 public equity offering, $3.5 million in net borrowings under its Senior Secured Credit Facility, and $3.3 million in net cash provided by operating activities. These figures do not include approximately $2.5 million in proceeds received from the first Williston Basin farmout transaction that closed in November 2026.

On August 20, 2026, Evolution entered into a letter agreement with MidFirst Bank pursuant to which the borrowing base on the Company’s Senior Secured Credit Facility was temporarily increased from $65.0 million to $73.0 million to provide additional capacity for the Permian Minerals acquisition. On October 20, 2026, under the terms of the Senior Secured Credit Facility, it was redetermined at $70.0 million based on the semi-annual review of all the Company’s properties. As of October 20, 2026, availability under the facility was $9.2 million.

Cash Dividend on Common Stock

On November 9, 2026, Evolution’s Board of Directors declared a cash dividend of $0.12 per share of common stock, payable on December 31, 2026, to common stockholders of record on December 15, 2026. This will be the 53^rd consecutive quarterly cash dividend on the Company’s common stock since December 31, 2013. To date, Evolution has returned approximately $156.6 million, or $4.65 per share, back to stockholders in common stock dividends.

Conference Call

As previously announced, Evolution Petroleum will host a conference call on Wednesday, November 11, 2026, at 10:00 a.m. CT to review its fiscal first quarter 2027 financial and operating results. Participants can join online at https://event.choruscall.com/mediaframe/webcast.html?webcastid=uYSuksKF or by dialing (844) 481-2813. Dial-in participants should ask to join the Evolution Petroleum Corporation call. A replay will be available through November 10, 2027, via the provided webcast link and on Evolution’s Investor Relations website at www.ir.evolutionpetroleum.com.

About Evolution Petroleum

Evolution Petroleum Corporation is an independent energy company focused on maximizing total shareholder returns through the ownership of and investment in working and royalty interests in onshore oil and natural gas properties in the U.S. The Company aims to build and maintain a diversified portfolio of long-life oil and natural gas properties through acquisitions, selective development opportunities, production enhancements, and other exploitation efforts. Visit www.evolutionpetroleum.com for more information.

Cautionary Statement

All forward-looking statements contained in this press release regarding the Company’s current and future expectations, potential results, and plans and objectives involve a wide range of risks and uncertainties. Statements herein using words such as “anticipate,” “believe,” “expect,” “may,” “plans,” “outlook,” “should,” “will,” and words of similar meaning are forward-looking statements. Although the Company’s expectations are based on business, engineering, geological, financial, and operating assumptions that it believes to be reasonable, many factors could cause actual results to differ materially from its expectations. The Company gives no assurance that its goals will be achieved. These factors and others are detailed under the heading “Risk Factors” and elsewhere in the Company’s periodic reports filed with the Securities and Exchange Commission (“SEC”). The Company undertakes no obligation to update any forward-looking statement.

Contact

Investor Relations
(713) 935-0122
ir@evolutionpetroleum.com

Evolution Petroleum Corporation Condensed Consolidated Statements of Operations (Unaudited) (In thousands, except per share amounts)
		Three Months Ended
		September 30,								June 30,
		2026				2025				2026
Revenues
Oil, natural gas, and natural gas liquids revenues:
Crude oil		$	13,895			$	12,872			$	16,514
Natural gas			5,476				5,900				4,413
Natural gas liquids			3,183				2,516				3,281
Total oil, natural gas, and natural gas liquids revenues			22,554				21,288				24,208
Other			19				—				—
Total revenues			22,573				21,288				24,208
Operating costs
Lease operating costs			12,360				13,087				12,782
Depletion, depreciation, and accretion			5,744				5,961				5,606
General and administrative expenses			2,608				2,325				2,355
Total operating costs			20,712				21,373				20,743
Income (loss) from operations			1,861				(85	)			3,465
Other income (expense)
Net gain (loss) on derivative contracts			(5,365	)			2,181				2,603
Interest and other income			12				10				26
Interest expense			(1,031	)			(917	)			(969	)
Income (loss) before income taxes			(4,523	)			1,189				5,125
Income tax (expense) benefit			1,531				(365	)			(511	)
Net income (loss)		$	(2,992	)		$	824			$	4,614
Net income (loss) per common share:
Basic		$	(0.08	)		$	0.02			$	0.13
Diluted		$	(0.08	)		$	0.02			$	0.13
Weighted average number of common shares outstanding:
Basic			37,186				33,725				35,070
Diluted			37,186				33,977				35,262

Evolution Petroleum Corporation Condensed Consolidated Balance Sheets (Unaudited) (In thousands, except share and per share amounts)
		September 30, 2026				June 30, 2026
Assets
Current assets
Cash and cash equivalents		$	3,131			$	6,137
Receivables from crude oil, natural gas, and natural gas liquids revenues			11,471				10,089
Derivative contract assets			2,694				2,094
Prepaid expenses and other current assets			3,823				2,199
Total current assets			21,119				20,519
Property and equipment, net of depletion, depreciation, and impairment
Oil and natural gas properties — full-cost method of accounting:
Oil and natural gas properties, subject to amortization, net			151,502				146,967
Oil and natural gas properties, not subject to amortization			6,911				—
Other property and equipment, net			94				—
Total property and equipment, net			158,507				146,967
Other noncurrent assets
Derivative contract assets			292				478
Other assets, net			613				734
Total assets		$	180,531			$	168,698
Liabilities and Stockholders’ Equity
Current liabilities
Accounts payable		$	12,215			$	13,817
Accrued liabilities and other			5,443				5,674
Derivative contract liabilities			6,991				2,865
Total current liabilities			24,649				22,356
Long term liabilities
Senior secured credit facility			60,000				56,500
Deferred income taxes			5,507				5,271
Asset retirement obligations			24,030				23,626
Derivative contract liabilities			532				190
Operating lease liability			332				351
Total liabilities			115,050				108,294
Commitments and contingencies
Stockholders’ equity
Common stock; par value $0.001; 100,000,000 shares authorized: issued and
outstanding 40,646,428 and 35,949,843 shares as of September 30, 2026
and June 30, 2026, respectively			41				36
Additional paid-in capital			67,553				54,611
Retained earnings (Accumulated deficit)			(2,113	)			5,757
Total stockholders’ equity			65,481				60,404
Total liabilities and stockholders’ equity		$	180,531			$	168,698

Evolution Petroleum Corporation Condensed Consolidated Statements of Cash Flows (Unaudited) (In thousands)
		Three Months Ended
		September 30,								June 30,
		2026				2025				2026
Cash flows from operating activities:
Net income (loss)		$	(2,992	)		$	824			$	4,614
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depletion, depreciation, and accretion			5,744				5,961				5,606
Stock-based compensation			538				537				599
Settlement of asset retirement obligations			(11	)			(19	)			(15	)
Deferred income taxes			236				(386	)			1,442
Unrealized (gain) loss on derivative contracts			4,054				(1,303	)			(5,777	)
Accrued settlements on derivative contracts			697				(385	)			(47	)
Amortization of debt issuance costs			58				39				39
Tenant improvement allowance			74				—				—
Other			(3	)			(3	)			25
Changes in operating assets and liabilities:
Receivables from crude oil, natural gas, and natural gas liquids revenues			(1,137	)			2,555				(403	)
Prepaid expenses and other current assets			(1,584	)			1,202				(214	)
Accounts payable, accrued liabilities and other			(2,386	)			(1,272	)			1,355
State and federal taxes payable			—				55				(425	)
Net cash provided by operating activities			3,288				7,805				6,799
Cash flows from investing activities:
Acquisition of oil and natural gas properties			(16,284	)			(16,867	)			(1,680	)
Proceeds from the sale of oil and natural gas properties			2				—				3,093
Capital expenditures for oil and natural gas properties			(920	)			(3,819	)			(1,360	)
Capital expenditures for other property and equipment			(95	)			—				—
Net cash used in investing activities			(17,297	)			(20,686	)			53
Cash flows from financing activities:
Common stock dividends paid			(4,878	)			(4,157	)			(4,330	)
Common stock repurchases, including stock surrendered for tax withholding			(120	)			(132	)			—
Borrowings under senior secured credit facility			3,500				17,500				—
Repayments of senior secured credit facility			—				(2,000	)			—
Debt issuance costs			(28	)			(379	)			—
Issuance of common stock			12,999				266				1,126
Offering costs			(470	)			(10	)			(127	)
Net cash provided by financing activities			11,003				11,088				(3,331	)
Net increase (decrease) in cash and cash equivalents			(3,006	)			(1,793	)			3,521
Cash and cash equivalents, beginning of period			6,137				2,507				2,616
Cash and cash equivalents, end of period		$	3,131			$	714			$	6,137

Evolution Petroleum Corporation
Non-GAAP Reconciliation – Adjusted EBITDA (Unaudited)
(In thousands)

Adjusted EBITDA and Net income (loss) and earnings per share excluding selected items are non-GAAP financial measures that are used as supplemental financial measures by EPM management and by external users of Evolution’s financial statements, such as investors, commercial banks, and others, to assess its operating performance as compared to that of other companies in the energy industry, without regard to financing methods, capital structure, or historical costs basis. The Company uses these measures to assess its ability to incur and service debt and fund capital expenditures. Evolution’s Adjusted EBITDA and Net income (loss) and earnings per share, excluding selected items, should not be considered alternatives to net income (loss), operating income (loss), cash flows provided by (used in) operating activities, or any other measure of financial performance or liquidity presented in accordance with U.S. GAAP. The Company’s Adjusted EBITDA and Net income (loss) and earnings per share excluding selected items may not be comparable to similarly titled measures of another company because all companies may not calculate Adjusted EBITDA and Net income (loss) and earnings per share excluding selected items in the same manner.

Evolution defines Adjusted EBITDA as net income (loss) plus interest expense, income tax expense (benefit), depreciation, depletion, and accretion (DD&A), stock-based compensation, ceiling test impairment, and other impairments, unrealized loss (gain) on change in fair value of derivatives, and other non-recurring or non-cash expense (income) items.

		Three Months Ended
		September 30,								June 30,
		2026				2025				2026
Net income (loss)		$	(2,992	)		$	824			$	4,614
Adjusted by:
Interest expense			1,031				917				969
Income tax expense (benefit)			(1,531	)			365				511
Depletion, depreciation, and accretion			5,744				5,961				5,606
Stock-based compensation			538				537				599
Unrealized loss (gain) on derivative contracts			4,054				(1,303	)			(5,777	)
Adjusted EBITDA		$	6,844			$	7,301			$	6,522

Evolution Petroleum Corporation Non-GAAP Reconciliation – Adjusted Net Income (Unaudited) (In thousands, except per share amounts)
		Three Months Ended
		September 30,								June 30,
		2026				2025				2026
As Reported:
Net income (loss), as reported		$	(2,992	)		$	824			$	4,614
Impact of Selected Items:
Unrealized loss (gain) on commodity contracts			4,054				(1,303	)			(5,777	)
Selected items, before income taxes		$	4,054			$	(1,303	)		$	(5,777	)
Income tax effect of selected items(1)			1,372				(400	)			(576	)
Selected items, net of tax		$	2,682			$	(903	)		$	(5,201	)
As Adjusted:
Net income (loss), excluding selected items(2)		$	(310	)		$	(79	)		$	(587	)
Undistributed earnings allocated to unvested restricted stock			(92	)			(82	)			(103	)
Net income (loss), excluding selected items for earnings per share calculation		$	(402	)		$	(161	)		$	(690	)
Net income (loss) per common share — Basic, as reported		$	(0.08	)		$	0.02			$	0.13
Impact of selected items			0.07				(0.02	)			(0.15	)
Net income (loss) per common share — Basic, excluding selected items(2)		$	(0.01	)		$	—			$	(0.02	)
Net income (loss) per common share — Diluted, as reported		$	(0.08	)		$	0.02			$	0.13
Impact of selected items			0.07				(0.02	)			(0.15	)
Net income (loss) per common share — Diluted, excluding selected items(2)(3)		$	(0.01	)		$	—			$	(0.02	)

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(1) The tax impact for the three months ended September 30, 2026 and 2025, is represented using estimated tax rates of 33.8% and 30.7%, respectively. The tax impact for the three months ended June 30, 2026, is represented using estimated tax rates of 10.0%.
(2) Net income (loss) and earnings per share excluding selected items are non-GAAP financial measures presented as supplemental financial measures to enable a user of the financial information to understand the impact of these items on reported results. These financial measures should not be considered an alternative to net income (loss), operating income (loss), cash flows provided by (used in) operating activities, or any other measure of financial performance or liquidity presented in accordance with U.S. GAAP. The Company’s Adjusted Net Income (Loss) and earnings per share may not be comparable to similarly titled measures of another company because all companies may not calculate Adjusted Net Income (Loss) and earnings per share in the same manner.
(3) The impact of selected items for the three months ended September 30, 2026 and 2025, were each calculated based upon weighted average diluted shares of 37.2 million and 33.7 million, respectively, due to the net income (loss), excluding selected items. The impact of selected items for the three months ended June 30, 2026, was calculated based upon weighted average diluted shares of 35.1 million due to the net income (loss), excluding selected items.

Evolution Petroleum Corporation Supplemental Information on Oil and Natural Gas Operations (Unaudited) (In thousands, except per unit and per BOE amounts)
		Three Months Ended
		September 30,						June 30,
		2026			2025			2026
Revenues:
Crude oil		$	13,895		$	12,872		$	16,514
Natural gas			5,476			5,900			4,413
Natural gas liquids			3,183			2,516			3,281
Total oil, natural gas, and natural gas liquids revenues		$	22,554		$	21,288		$	24,208
Lease operating costs:
Ad valorem and production taxes		$	1,376		$	1,420		$	1,438
Gathering, transportation, and other costs			2,742			2,892			2,746
Other lease operating costs			8,242			8,775			8,598
Total lease operating costs		$	12,360		$	13,087		$	12,782
Depletion of full cost proved oil and natural gas properties		$	5,339		$	5,560		$	5,205
Production:
Crude oil (MBBL)			170			207			182
Natural gas (MMCF)			2,182			2,150			2,069
Natural gas liquids (MBBL)			108			108			101
Equivalent (MBOE)(1)			642			673			628
Average daily production (BOEPD)(1)			6,978			7,315			6,901
Average price per unit:(2)
Crude oil (BBL)		$	81.74		$	62.18		$	90.74
Natural gas (MCF)			2.51			2.74			2.13
Natural Gas Liquids (BBL)			29.47			23.30			32.49
Equivalent (BOE)(1)		$	35.13		$	31.63		$	38.55
Average cost per unit:
Ad valorem and production taxes		$	2.14		$	2.11		$	2.29
Gathering, transportation, and other costs			4.27			4.30			4.37
Other lease operating costs			12.84			13.04			13.69
Total lease operating costs		$	19.25		$	19.45		$	20.35
Depletion of full cost proved oil and natural gas properties		$	8.32		$	8.26		$	8.29

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(1) Equivalent oil reserves are defined as six MCF of natural gas and 42 gallons of NGLs to one barrel of oil conversion ratio, which reflects energy equivalence and not price equivalence. Natural gas prices per MCF and NGL prices per barrel often differ significantly from the equivalent amount of oil.
(2) Amounts exclude the impact of cash paid or received on the settlement of derivative contracts since we did not elect to apply hedge accounting.

Evolution Petroleum Corporation Summary of Production Volumes and Average Sales Price (Unaudited)
		Three Months Ended
		September 30,												June 30,
		2026						2025						2026
		Volume			Price			Volume			Price			Volume			Price
Production:
Crude oil (MBBL)
SCOOP/STACK			24		$	89.98			34		$	64.12			28		$	98.33
Chaveroo Field			19			79.86			29			60.92			20			92.98
Jonah Field			6			79.43			7			61.05			6			86.28
Williston Basin			28			81.19			31			59.01			29			93.70
Barnett Shale			2			85.97			3			61.43			2			91.58
Hamilton Dome Field			33			71.07			34			53.36			33			77.51
Delhi Field			41			83.60			49			68.96			49			91.82
TexMex and Other			17			89.67			20			64.86			15			94.28
Total			170		$	81.74			207		$	62.18			182		$	90.74
Natural gas (MMCF)
SCOOP/STACK			383		$	2.65			381		$	3.07			358		$	3.23
Jonah Field			674			2.72			728			2.96			688			1.23
Williston Basin			29			1.54			26			1.62			25			3.22
Barnett Shale			873			2.41			953			2.55			853			2.33
TexMex and Other			223			2.14			62			1.66			145			2.36
Total			2,182		$	2.51			2,150		$	2.74			2,069		$	2.13
Natural gas liquids (MBBL)
SCOOP/STACK			28		$	23.65			26		$	19.27			28		$	29.33
Jonah Field			7			32.67			8			23.16			7			33.15
Williston Basin			8			19.95			7			15.97			6			22.96
Barnett Shale			52			32.20			55			25.75			50			32.59
Delhi Field			12			34.07			12			24.78			10			47.56
TexMex and Other			1			33.12			—			—			—			—
Total			108		$	29.47			108		$	23.30			101		$	32.49
Equivalent (MBOE)(1)
SCOOP/STACK			116		$	33.30			124		$	31.23			116		$	40.64
Chaveroo Field			19			79.86			29			60.92			20			92.98
Jonah Field			125			20.44			136			20.43			128			12.85
Williston Basin			41			61.22			42			46.90			39			75.77
Barnett Shale			200			19.81			217			18.54			194			19.54
Hamilton Dome Field			33			71.07			34			53.36			33			77.51
Delhi Field			53			72.28			61			60.55			59			84.55
TexMex and Other			55			36.27			30			46.04			39			44.39
Total			642		$	35.13			673		$	31.63			628		$	38.55
Average daily production (BOEPD)(1)
SCOOP/STACK			1,261						1,348						1,275
Chaveroo Field			207						315						220
Jonah Field			1,359						1,478						1,407
Williston Basin			446						457						429
Barnett Shale			2,174						2,359						2,132
Hamilton Dome Field			359						370						363
Delhi Field			576						663						648
TexMex and Other			596						325						427
Total			6,978						7,315						6,901

___________________________
(1) Equivalent oil reserves are defined as six MCF of natural gas and 42 gallons of NGLs to one barrel of oil conversion ratio, which reflects energy equivalence and not price equivalence. Natural gas prices per MCF and NGL prices per barrel often differ significantly from the equivalent amount of oil.

Evolution Petroleum Corporation Summary of Average Production Costs (Unaudited)
		Three Months Ended
		September 30,												June 30,
		2026						2025						2026
		Amount			per BOE			Amount			per BOE			Amount			per BOE
Production costs (in thousands, except per BOE):
Total lease operating costs(1)
SCOOP/STACK		$	988		$	8.51		$	1,123		$	9.07		$	1,196		$	10.33
Chaveroo Field			302			15.64			338			11.66			338			16.90
Jonah Field			1,967			15.62			2,040			15.00			1,737			13.53
Williston Basin			1,188			29.34			1,179			28.07			1,249			31.88
Barnett Shale			3,507			17.58			3,825			17.61			3,512			18.11
Hamilton Dome Field			1,338			40.99			1,240			36.32			1,422			43.12
Delhi Field			1,810			34.29			1,936			31.95			1,710			29.18
TexMex and Other			1,260			22.82			1,406			46.97			1,618			41.57
Total		$	12,360		$	19.25		$	13,087		$	19.45		$	12,782		$	20.35

___________________________
(1) Total lease operating costs includes lifting costs; workover expenses; and gathering, transportation, processing, and other expenses.

Evolution Petroleum Corporation

Summary of Open Derivative Contracts (Unaudited)

For more information on the Company’s hedging practices, see Note 7 to its financial statements included on Form 10-Q filed with the SEC for the quarter ended September 30, 2026.

The Company has the following open crude oil and natural gas derivative contracts:

						Volumes in		Weighted Average Price per MMBTU/BBL
Period		Commodity		Instrument		MMBTU/BBL		Swap			Sub Floor			Floor			Ceiling
January 2027 – December 2027		Crude Oil		Fixed-Price Swap		199,662		$	68.43
October 2026 – December 2026		Crude Oil		Two-Way Collar		72,862								$	68.01		$	79.45
January 2027 – December 2027		Crude Oil		Two-Way Collar		273,839									62.28			74.57
October 2026 – December 2026		Crude Oil		Three-Way Collar		60,861					$	50.00			58.71			70.35
October 2026 – December 2026		Natural Gas		Fixed-Price Swap		862,862			3.63
January 2027 – December 2027		Natural Gas		Fixed-Price Swap		2,417,182			3.38
January 2027 – March 2028		Natural Gas		Fixed-Price Swap		393,933			4.01
October 2026 – December 2026		Natural Gas		Two-Way Collar		577,171									3.63			4.79
January 2027 – September 2027		Natural Gas		Two-Way Collar		1,792,568									3.10			4.50

This press release was published by a CLEAR® Verified individual.

FORT WASHINGTON, Pa., Nov. 10, 2026 (GLOBE NEWSWIRE) — Toll Brothers, Inc. (NYSE:TOL), the nation’s leading builder of luxury homes, will broadcast live on its website, www.TollBrothers.com, a conference call to discuss results for its fourth quarter ended October 31, 2026. The call is scheduled for 8:30 a.m. (ET) on Tuesday, December 8, 2026 and will be hosted by Douglas C. Yearley, Jr., Executive Chairman of the Board, and Karl K. Mistry, Chief Executive Officer. The Company will announce its fourth quarter FY 2026 results after the market close on Monday, December 7, 2026.

The call can be accessed through the Investor Relations section of the Toll Brothers website, www.TollBrothers.com. To hear the call, visit the Toll Brothers website, then click on the Investor Relations page, and select “Events & Presentations.” The call can be heard live or through an online replay which will follow.

ABOUT TOLL BROTHERS
Toll Brothers, Inc., a Fortune 500 Company, is the nation’s leading builder of luxury homes. The Company was founded in 1967 and became a public company in 1986 with common stock listed on the New York Stock Exchange under the symbol “TOL.” Toll Brothers builds new homes and communities in over 60 markets across the United States, serving first-time, move-up, active-adult, and second-home buyers. The Company also operates its own architectural, engineering, mortgage, title, land development, smart home technology, landscape, and building components manufacturing businesses. 

Toll Brothers was named the #1 Most Admired Home Builder in Fortune magazine’s 2026 list of the World’s Most Admired Companies®, the ninth year the Company has achieved this honor. Toll Brothers has also been named Builder of the Year by Builder magazine and is the first two-time recipient of Builder of the Year from Professional Builder magazine. For more information visit TollBrothers.com. 

From Fortune, ©2026 Fortune Media IP Limited. All rights reserved. Used under license. 

INVESTOR CONTACT: 
November 10, 2026 Gregg Ziegler (215) 938-8365
 gziegler@tollbrothers.com

MEDIA CONTACT:
Heather Reeves (215) 328-7634
hreeves@tollbrothers.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/d4e7204c-4b0c-4650-a430-1ba591188b85

Presented additional preclinical data supporting IBIO-610’s potential to drive fat selective weight loss in combination with GLP-1 therapy

Completed dosing in the single ascending dose portion of the Phase 1 clinical trial of IBIO-600

Plans to participate in upcoming scientific and investor conferences

SAN DIEGO, Nov. 10, 2026 (GLOBE NEWSWIRE) — iBio, Inc. (NASDAQ: IBIO), a clinical-stage biotechnology company developing long-acting antibody therapeutics for obesity, cardiometabolic and cardiopulmonary diseases, today announced its financial results for the first quarter of fiscal year 2027, ended September 30, 2026, and provided a corporate update on its progress.

“This was a quarter of focus and execution as we advanced our portfolio of long-acting antibody therapeutics designed to address important challenges in obesity care,” said Martin Brenner, DVM, Ph.D., Chief Executive Officer and Chief Scientific Officer of iBio. “The data presented at EASD strengthen our conviction in IBIO-610’s potential to deliver high-quality weight loss and provide important preclinical validation as we advance toward an IND-equivalent filing by the end of 2026, with plans to initiate first-in-human studies in the first half of 2027. We also anticipate advancing IBIO-600 in the multiple ascending dose portion of the Phase 1 trial in the first quarter of 2027 and progressing our preclinical programs that aim to address the entire spectrum of cardiometabolic disease care. Together, this progress brings us closer to our broader goal of helping people living with obesity achieve high-quality weight loss and better long-term health.”

First Fiscal Quarter 2027 & Recent Corporate Updates

• Presented additional preclinical body composition data from a study of IBIO-610, iBio’s long-acting Activin E antibody, in obese non-human primates (NHPs) at the European Association for the Study of Diabetes (EASD) Annual Meeting on October 1st.
  • At week eight, fat accounted for 93% of the weight lost by NHPs receiving IBIO-610 in combination with semaglutide, compared with 77% for NHPs receiving semaglutide alone. Lean mass accounted for 6% and 22% of weight lost, respectively.
  • These preclinical findings further support the potential of IBIO-610 to improve body composition, both as a standalone therapy and in combination with GLP-1 receptor agonists.
  • iBio expects to initiate first-in-human trials of IBIO-610 in the first half of 2027.
• Completed dosing in the single ascending dose (SAD) portion of the first-in-human Phase 1 clinical trial of IBIO-600, iBio’s long-acting anti-myostatin antibody being developed to preserve muscle and improve body composition.
  • iBio anticipates interim Phase 1 data of the SAD study in the first quarter of 2027.
  • The multiple ascending dose portion of the Phase 1 clinical trial is anticipated to start in the first quarter of 2027.
• Plans to participate in upcoming scientific and investor conferences, including:
  • Guggenheim Healthcare Innovation Conference: November 9-11, 2026
  • ObesityWeek 2026: November 14-17, 2026
  • Protein & Antibody Engineering (PEGS) Europe 2026: November 16-19, 2026
  • Jefferies Global Healthcare Conference: November 16-19, 2026
  • Piper Sandler 38th Annual Healthcare Conference: December 1-3, 2026
  • Amylin-Based Therapeutics Summit: December 1-3, 2026

Financial Results

• Revenues for the three months ended September 30, 2026 were approximately $1.1 million, an increase of $1.0 over the $0.1 million in revenue for the three months ended September 30, 2025.
• Research and Development (“R&D”) expenses for the three months ended September 30, 2026 and 2025 were approximately $6.7 million and $3.6 million, respectively, an increase of approximately $3.1 million or approximately 87%. The increase in R&D expenses is primarily due to increased spending of approximately $2.6 million for consultants and outside services supporting our R&D efforts, including the IBIO-600 Phase 1 human clinical trial, NHP studies and CMC activities, and an increase of approximately $0.3 million in personnel costs as a result of advancing research activities for our IBIO-600, IBIO-610, and IBIO-800 programs and other preclinical pipeline assets.
• General and Administrative expenses for the three months ended September 30, 2026 and September 30, 2025, were approximately $2.8 million and $2.5 million, respectively, an increase of approximately $0.3 million or approximately 10%. The increase is primarily attributable to an increase in personnel costs and legal fees.
• iBio held cash and cash equivalents and investments in debt securities of approximately $76.7 million as of September 30, 2026.

About iBio, Inc.

iBio (Nasdaq: IBIO) is a clinical-stage biotechnology developing long-acting antibody therapeutics for obesity, cardiometabolic and cardiopulmonary diseases, cancer, and other hard-to-treat diseases. Combining advanced antibody engineering with AI-driven discovery, iBio is advancing a differentiated pipeline designed to deliver sustained therapeutic effects and address significant unmet medical needs. iBio’s mission is to transform drug discovery, accelerate development timelines, and unlock new possibilities in precision medicine.

For more information, visit www.ibioinc.com or follow us on LinkedIn.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the federal securities laws. These statements include, among others, statements regarding IBIO-610’s potential to deliver high-quality weight loss and provide important preclinical validation; iBio advancing toward an IND-equivalent filing for IBIO-610 by the end of 2026, with plans to initiate first-in-human studies in the first half of 2027; advancing IBIO-600 in the multiple ascending dose portion of the Phase 1 trial in the first quarter of 2027 and progressing iBio’s preclinical programs that aim to address the entire spectrum of cardiometabolic disease care; iBio helping people living with obesity achieve high-quality weight loss and better long-term health; the potential that adding IBIO-610 to GLP-1 therapy may improve the quality of weight loss by increasing the proportion of weight lost from fat while preserving muscle; initiating first-in-human trials of IBIO-610 in the first half of 2027; anticipated interim Phase 1 data of the SAD study in the first quarter of 2027; the multiple ascending dose portion of the Phase 1 clinical trial for IBIO-600 anticipated to start in the first quarter of 2027; and iBio’s planned participation in upcoming conferences. These statements reflect iBio’s current expectations and assumptions and are subject to risks and uncertainties that could cause actual results to differ materially, including risks associated with meeting anticipated timelines, including an IND-equivalent filing for IBIO-610 by the end of 2026, initiating first-in-human studies in the first half of 2027, advancing IBIO-600 in the multiple ascending dose portion of the Phase 1 trial in the first quarter of 2027, initiating first-in-human trials of IBIO-610 in the first half of 2027 and the multiple ascending dose portion of the Phase 1 clinical trial for IBIO-600 starting in the first quarter of 2027 clinical trial enrollment and execution, the possibility that preclinical findings will not be replicated in humans, product development and regulatory approval, and the other risks described in iBio’s filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended June 30, 2026, and subsequent filings.

Forward-looking statements speak only as of the date of this release. iBio undertakes no obligation to update them except as required by law.

Investor Contact

Matt Beck
astr partners
matthew.beck@astrpartners.com 
(917) 415-1750

Media Contact

Jason Braco, Ph.D.
Valence Communications
jason@valencecomms.com 

iBio, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations and Comprehensive Loss
(Unaudited; in thousands, except per share amounts)
		Three Months Ended
		September 30,
		2026				2025
Revenue		$	1,075			$	100
Operating expenses:
Research and development			6,650				3,550
General and administrative			2,763				2,501
Total operating expenses			9,413				6,051
Operating loss			(8,338	)			(5,951	)
Other income (expense):
Interest income			787				265
Interest expense			—				(34	)
Total other income			787				231
Net loss before income taxes			(7,551	)			(5,720	)
Income tax expense			—				—
Net loss		$	(7,551	)		$	(5,720	)
Comprehensive loss:
Net loss		$	(7,551	)		$	(5,720	)
Other comprehensive loss – unrealized loss on debt securities			(78	)			(15	)
Comprehensive loss		$	(7,629	)		$	(5,735	)
Loss per common share – basic and diluted		$	(0.05	)		$	(0.11	)
Weighted-average common shares outstanding – basic and diluted – see Note 16			151,574				52,981

iBio, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(In thousands, except share and per share amounts)
		September 30,				June 30,
		2026				2026
		(Unaudited)
Assets
Current assets:
Cash and cash equivalents		$	45,435			$	56,395
Accounts receivable – trade, net of allowance for credit losses of $65 as of September 30, 2026 and June 30, 2026			125				—
Investments in debt securities (adjusted cost $31,342 and $31,689 as of September 30, 2026 and June 30, 2026, respectively – see Note 6)			31,219				31,644
Promissory note receivable and accrued interest			1,124				1,104
Prepaid expenses and other current assets			3,336				3,078
Total Current Assets			81,239				92,221
Restricted cash			228				228
Operating lease right-of-use asset, net of accumulated amortization			1,566				1,667
Fixed assets, net of accumulated depreciation			3,021				3,086
Intangible assets, net of accumulated amortization			2,570				1,825
Prepaid expenses – noncurrent			—				73
Security deposits			27				10
Total Assets		$	88,651			$	99,110
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable		$	4,409			$	4,423
Accrued expenses			3,404				5,626
Operating lease obligation – current portion			561				546
Contract liabilities			200				1,150
Total Current Liabilities			8,574				11,745
Operating lease obligation – net of current portion			1,507				1,652
Total Liabilities			10,081				13,397
Stockholders’ Equity
Preferred Stock – $0.001 par value; 1,000,000 shares authorized; 0 shares issued and outstanding (see Note 15)			—				—
Common Stock – $0.001 par value; 275,000,000 shares authorized; 64,307,256 and 55,698,561 shares issued and outstanding as of September 30, 2026 and June 30, 2026, respectively (see Note 15)			64				56
Additional paid-in capital			451,448				450,970
Accumulated other comprehensive loss			(123	)			(45	)
Accumulated deficit			(372,819	)			(365,268	)
Total Stockholders’ Equity			78,570				85,713
Total Liabilities and Stockholders’ Equity		$	88,651			$	99,110

OMAHA, Neb., Nov. 10, 2026 (GLOBE NEWSWIRE) — Exodus Movement, Inc. (NYSE American: EXOD) (“Exodus” or the “Company”), a leading self-custodial finance and payments platform, today announced October 2026 operating metrics in connection with its Digital Asset and Payment Processing services.

“October reflected steady activity across our payments business, with monthly active cards increasing approximately 6% from September. On the wallet side, monthly active users remained steady at 1.4 million,” said James Gernetzke, CFO of Exodus. “We continue to focus on expanding our payments capabilities and lowering ongoing costs to support profitable growth.”

Digital Asset Services
Exchange provider processed volume was $372.1 million for the month of October 2026 compared with $402.7 million exchange provider processed volume in September 2026. XO Swap partners accounted for 24% of October volume, compared to 26% in September.

Monthly Active Users (MAUs) were 1.4 million as of October 31, 2026, compared to 1.4 million as of September 30, 2026.

Payment Processing Services
Gross transaction volume was $373.9 million for the month of October 2026, compared to $355.1 million in gross transaction volume for the month of September 2026. Gross transaction volume is calculated by converting total monthly transaction volume from British Pounds (GBP) to U.S. Dollars (USD) using the average currency conversion rate of 1 GBP to 1.34 USD for October and 1 GBP to 1.34 USD for September.

Monthly Active Cards were 760.6 thousand as of October 31, 2026, compared to 711.2 thousand as of September 30, 2026. Monthly Active Cards represents the total number of unique payment cards issued on behalf of enterprise customers that made transactions during the applicable month.

About Exodus
Founded in 2015, Exodus Movement, Inc. (NYSE American: EXOD) is pioneering self-custodial finance by giving people the tools to earn rewards, spend, manage, and swap digital assets across borders, all without giving up control. Exodus serves millions of users through its products built on a simple principle: your money should be yours.

Exodus also powers crypto infrastructure and card/payment services for enterprise platforms serving millions of users through its enterprise product suite. Headquartered in Omaha, Nebraska, Exodus is financial software where ownership is the default. For more information, visit exodus.com.

Investor Contact
investors@exodus.com

Media Contact
Aubrey Strobel/Elena Nisonoff, Halcyon Communications
exodus@halcyonpr.xyz

Disclosure Information
Exodus uses the following as means of disclosing material nonpublic information and for complying with disclosure obligations under Regulation FD: websites exodus.com/investors and exodus.com; press releases; public videos, calls, and webcasts; and social media: X (@exodus and JP Richardson’s feed @jprichardson), Facebook, LinkedIn, and YouTube.

Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, may be forward-looking statements. Forward-looking statements are based on our beliefs and assumptions and on information currently available to us as of the date hereof. In some cases, you can identify forward-looking statements by the following words: “will,” “expect,” “would,” “should,” “intend,” “believe,” “likely,” “believes,” “views”, “estimates”, or other comparable terminology.

Forward-looking statements in this document include, but are not limited to, management statements regarding management’s confidence in our products, services, business trajectory and plans, the expansion of our payment processing and card-issuing operations, including the onboarding of new program managers and commencement of card issuance; anticipated cost reductions and sustainable profitability; and expectations regarding demand for our products. Such forward-looking statements involve a number of risks, uncertainties and other important factors that could cause our actual results to differ materially from those expressed or implied by our forward-looking statements. Such factors include those set forth in “Item 1. Business” and “Item 1A. Risk Factors” of Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on March 11, 2026, the Q3 2026 Form 10-Q as well as in our other reports filed with the SEC from time to time.

All forward-looking statements are expressly qualified in their entirety by such cautionary statements. Readers are cautioned not to place undue reliance on such forward-looking statements. Except as required by law, we undertake no obligation to update or revise any forward-looking statements that have been made to reflect events or circumstances that arise after the date made or to reflect the occurrence of unanticipated events.

Debt Reduction Further Strengthens Balance Sheet and Financial Flexibility

Repurchased 710,000 Shares in October 2026

WEST PALM BEACH, FL, Nov. 10, 2026 (GLOBE NEWSWIRE) — AVAX One Technology Ltd. (NASDAQ: AVX) (“AVAX One” or the “Company”) today announced that it has eliminated all remaining convertible debt from its balance sheet and continued executing under its $40 million share repurchase program, further demonstrating its commitment to disciplined capital allocation and long-term shareholder value creation.

Following the significant reduction in convertible debt announced on October 7, 2026, the Company has now eliminated the remaining approximately $970,000 in outstanding convertible debt, bringing its total convertible debt balance to zero. This milestone follows the elimination of more than $14.9 million of debt during the third quarter of 2026 and represents another important step in simplifying the Company’s capital structure, reducing financial obligations and enhancing its financial flexibility.

In addition, in October 2026, AVAX One repurchased 710,000 of its common shares at an average purchase price of $5.46 per share, including all fees and commissions. These purchases bring the Company’s cumulative repurchases as of October 31, 2026, to 1,496,761 common shares since November 2025 (as adjusted to reflect the Company’s one-for-twelve reverse stock split effected on June 15, 2026). Approximately $30.4 million remains available under the Company’s $40 million share repurchase program.

“We have taken decisive steps to strengthen our financial position, simplify our capital structure and enhance shareholder value,” said Pete Wylie, Interim Chief Executive Officer and Chief Operating Officer of AVAX One. “With the elimination of all of our convertible debt, we have removed a significant financial overhang and positioned AVAX One with greater flexibility to execute on our strategic priorities. At the same time, we continue to view our share repurchase program as a compelling opportunity to deploy capital at what we believe are attractive valuations. Together, these actions reflect our commitment to disciplined financial management and building long-term value for our shareholders.”

Repurchases under the program may be made from time to time through open market purchases or other means permitted under applicable securities laws and regulations. The timing and amount of future repurchases, if any, will depend on market conditions, capital allocation priorities, regulatory requirements and other corporate considerations. The Company is not obligated to repurchase any specific number of shares, and the program may be modified, suspended or discontinued at any time.

About AVAX One Technology Ltd.

AVAX One Technology Ltd. (NASDAQ: AVX) is a digital infrastructure company accelerating the transition to an onchain financial economy. The Company maintains a strategic Avalanche digital asset treasury, accumulating AVAX and generating onchain yield through native staking and ecosystem participation. It also operates bitcoin mining facilities and develops modular data centers. These three pillars give public market investors unique exposure to both the onchain economy and the digital infrastructure layer. For more information, please visit www.avax-one.com.

Forward Looking Statements

This press release includes 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. Forward-looking statements can generally be identified by the use of words such as “anticipate,” “expect,” “intend,” “plan,” “could,” “may,” “will,” “would,” “believe,” “estimate,” “target,” “project,” and other words of similar meaning. Each forward-looking statement contained in this press release is subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statement. Applicable risks and uncertainties include, among others: risks relating to the Company’s operations and business, including the highly volatile nature of the price of Bitcoin, AVAX, and other digital assets, and the risk that the price of the Company’s securities may be highly correlated to the price of the digital assets it holds; plans to repurchase the Company’s common shares and the timing and amount of any such repurchases; increased competition in the data center, AI/HPC, and digital asset industries; and legal, commercial, regulatory, and technical uncertainties affecting the Company’s business, as well as those risks and uncertainties identified in the Company’s filings with the U.S. Securities and Exchange Commission. Actual results could differ materially from anticipated or preliminary results or estimates. The forward-looking statements in this press release speak only as of the date of this document, and the Company undertakes no obligation to update or revise any of these statements, whether as a result of new information, future events, or otherwise.

Investor Relations Contact
Sean Mansouri, CFA or Aaron D’Souza
Elevate IR
(720) 330-2829
AVX@elevate-ir.com

Media Contact
Ethan Lyle
Prospero
avax-one@prospero.agency

Nine-Month Net Income of $1.1 Million, an Improvement of $2.1 Million Over the Prior-Year Period

Conference Call to be Held Wednesday, November 11, 2026 at 10:00 a.m. Eastern Time

QUINCY, Mass., Nov. 10, 2026 (GLOBE NEWSWIRE) — Stran & Company, Inc. (“Stran” or the “Company”) (NASDAQ: SWAG), a leading outsourced marketing solutions provider that leverages its promotional products and loyalty incentive expertise, today announced its financial results for the three and nine months ended September 30, 2026, and provided a business update. Management will host a conference call at 10:00 a.m. Eastern Time on Wednesday, November 11, 2026.

Third Quarter 2026 Financial Highlights

• Sales: $28.1 million, up 8.2% year-over-year
• Gross Profit: $9.4 million, up 32.4% year-over-year
• Gross Margin: 33.3%, compared to 27.2% in the prior-year period, an increase of approximately 610 basis points
• Net Income: $35,000, compared to a net loss of $1.2 million in the prior-year period
• EBITDA: $0.3 million, compared to $(1.1) million in the prior-year period
• Stran Loyalty Solutions (“SLS”) Segment: gross profit of $3.0 million and income from operations of $0.7 million, compared to gross profit of $1.6 million and a loss from operations of $0.4 million in the prior-year period
• Cash, Cash Equivalents and Investments: $12.6 million as of September 30, 2026

Nine-Month 2026 Financial Highlights

• Sales: $92.7 million, up 6.3% year-over-year
• Gross Profit: $29.0 million, up 14.2% year-over-year
• Gross Margin: 31.3%, compared to 29.1% in the prior-year period
• Net Income: $1.1 million, compared to a net loss of approximately $1.0 million in the prior-year period
• EBITDA: $1.8 million, compared to $(0.4) million in the prior-year period
• Operating Cash Flow: $1.8 million of net cash provided by operating activities, compared to $4.8 million used in the prior-year period

“Our third-quarter results reflect the progress we are making in building a stronger, more profitable business,” said Andy Shape, Chief Executive Officer of Stran. “Revenue grew 8.2% to $28.1 million, gross profit increased 32.4% to $9.4 million, and gross margin expanded by approximately 610 basis points to 33.3%. We are beginning to see the benefits of the operational improvements and strategic investments we have made across the organization, particularly within Stran Loyalty Solutions, which is becoming a more meaningful contributor to our overall profitability, with segment gross profit increasing to $3.0 million from $1.6 million a year ago. Importantly, for the first nine months of 2026, we generated net income of $1.1 million, compared to a net loss of $1.0 million in the prior-year period.”

“Looking ahead, our focus remains on translating revenue growth into stronger earnings and cash flow, while maintaining the financial flexibility to pursue new customer opportunities and strategic growth initiatives. We also continue to execute our share repurchase program as part of our disciplined approach to capital allocation. During the third quarter, we repurchased approximately 109,000 shares. With an improving earnings profile, positive operating cash flow and a strong balance sheet, we believe Stran is entering its next phase of growth from a stronger financial position.”

Financial Results for the Three Months Ended September 30, 2026

• Total sales increased 8.2% to $28.1 million for the three months ended September 30, 2026, compared to $26.0 million for the three months ended September 30, 2025. Sales by our Stran segment increased 4.7% to $18.5 million, compared to $17.6 million, and sales by our SLS segment increased 15.4% to $9.6 million, compared to $8.3 million.
• Gross profit increased 32.4% to $9.4 million, compared to $7.1 million in the prior-year period. Gross profit margin increased to 33.3%, compared to 27.2%, an improvement of approximately 610 basis points. Gross profit for the Stran segment increased 15.4% to $6.4 million, with a gross margin of 34.4%, compared to 31.2%. Gross profit for the SLS segment increased 92.4% to $3.0 million, with a gross margin of 31.2%, compared to 18.7%, reflecting improved customer mix, effective cost management and lower tariffs, and including a tariff refund of approximately $0.2 million.
• Total operating expenses increased 7.5% to $9.5 million, compared to $8.9 million in the prior-year period. As a percentage of sales, total operating expenses decreased to 33.9%, compared to 34.1%.
• Net income was approximately $35,000, compared to a net loss of $1.2 million in the prior-year period.
• EBITDA was $0.3 million, compared to $(1.1) million in the prior-year period, an improvement of $1.4 million.

Financial Results for the Nine Months Ended September 30, 2026

• Total sales increased 6.3% to $92.7 million for the nine months ended September 30, 2026, compared to $87.3 million for the nine months ended September 30, 2025. Sales by our Stran segment increased 8.0% to $65.2 million, compared to $60.3 million, and sales by our SLS segment increased 2.3% to $27.5 million, compared to $26.9 million.
• Gross profit increased 14.2% to $29.0 million, compared to $25.4 million in the prior-year period. Gross profit margin improved to 31.3%, compared to 29.1%. Gross profit for the Stran segment increased 7.2% to $21.3 million, with a gross margin of 32.7%, compared to 33.0%. Gross profit for the SLS segment increased 39.3% to $7.7 million, with a gross margin of 28.0%, compared to 20.5%.
• Total operating expenses increased 4.0% to $28.4 million, compared to $27.3 million in the prior-year period. As a percentage of sales, total operating expenses decreased to 30.7%, compared to 31.3%.
• Net income was approximately $1.1 million, compared to a net loss of approximately $1.0 million in the prior-year period.
• EBITDA was $1.8 million, compared to $(0.4) million in the prior-year period, an improvement of $2.2 million.

Conference Call

Management will host a conference call at 10:00 A.M. Eastern Time on Wednesday, November 11, 2026, to discuss the Company’s financial results, as well as the Company’s corporate progress and other developments.

The conference call will be available via telephone by dialing toll free 888-506-0062 for U.S. callers or +1 973-528-0011 for international callers and using entry code: 185399. A webcast of the call may be accessed at https://www.webcaster5.com/Webcast/Page/2855/54736 or on the Investor Relations section of the Company’s website: ir.stran.com/news-events/ir-calendar.

A webcast replay will be available on the Investor Relations section of the Company’s website (ir.stran.com/news-events/ir-calendar) through November 11, 2027. A telephone replay of the call will be available approximately one hour following the call, through November 25, 2026, and can be accessed by dialing 877-481-4010 for U.S. callers or +1 919-882-2331 for international callers and entering conference ID: 54736.

About Stran

For over 30 years, Stran has grown to become a leader in the promotional products industry, specializing in complex marketing programs to help recognize the value of promotional products, branded merchandise, and loyalty incentive programs as a tool to drive awareness, build brands and impact sales. Stran is the chosen promotional programs manager of many Fortune 500 companies, across a variety of industries, to execute their promotional marketing, loyalty and incentive, sponsorship activation, recruitment, retention, and wellness campaigns. Stran provides world-class customer service and utilizes cutting-edge technology, including efficient ordering and logistics technology to provide order processing, warehousing and fulfillment functions. The Company’s mission is to develop long-term relationships with its clients, enabling them to connect with both their customers and employees in order to build lasting brand loyalty. Additional information about the Company is available at: www.stran.com.

Forward Looking Statements

This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). All statements, other than statements of historical fact, contained in this press release are forward-looking statements. Forward-looking statements contained in this press release may be identified by the use of words such as “anticipate,” “believe,” “contemplate,” “could,” “estimate,” “expect,” “intend,” “seek,” “may,” “might,” “plan,” “potential,” “predict,” “project,” “target,” “aim,” “should,” “will,” “would,” or the negative of these words or other similar expressions, although not all forward-looking statements contain these words. Forward-looking statements in this press release include, but are not limited to, the Company’s belief that it is building a stronger, more profitable business; the Company’s belief that it is beginning to see the benefits of its operational improvements and strategic investments; the Company’s expectation that SLS will become a more meaningful contributor to its profitability; the Company’s focus on translating revenue growth into stronger earnings and cash flow; the Company’s ability to maintain financial flexibility and to pursue new customer opportunities and strategic growth initiatives; the Company’s expectations regarding future repurchases under its share repurchase program and its approach to capital allocation; the Company’s belief that it has an improving earnings profile, positive operating cash flow and a strong balance sheet; and the Company’s belief that it is entering its next phase of growth from a stronger financial position. These forward-looking statements are based on the Company’s current expectations and beliefs concerning future developments and their potential effects on the Company. There can be no assurance that future developments affecting the Company will be those that the Company has anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond the Company’s control) and other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to: the Company’s ability to achieve or sustain profitability, including in its SLS segment; the Company’s ability to sustain recent gross margin levels, including because results for the three months ended September 30, 2026 benefited from a tariff refund of approximately $0.2 million that may not recur; evolving trade matters, including tariffs under Section 301 of the Trade Act of 1974 and other trade measures on goods the Company purchases from manufacturers in China and other countries, the Company’s ability to pass increased costs through to customers or to shift sourcing cost-effectively, and the uncertain timing, amount and availability of any further refunds of previously paid tariffs, which remain subject to ongoing litigation; volatility in energy and oil markets, including as a result of geopolitical tensions in the Middle East, and its impact on manufacturing, transportation and packaging costs; the Company’s ability to retain key clients and secure new client engagements, including realizing expected revenue from new contracts and personnel; the Company’s dependence on a limited number of significant clients, including concentration of sales and accounts receivable with individual customers; the Company’s ability to generate positive operating cash flow, which may fluctuate due to the timing of customer orders, inventory purchases, customer deposits and rewards program funding; the Company’s ability to maintain sufficient liquidity and capital resources, and the extent to which it continues to repurchase shares, which depends on its capital needs, market conditions, the price of its common stock and other considerations; the Company’s ability to expand its Stran and SLS segments as planned and to realize the expected benefits of its strategic investments; changes in demand for promotional products, branded merchandise, and loyalty incentive programs; the Company’s ability to manage its growth effectively and control operating expenses; the impact of general economic conditions, including inflation, supply chain disruptions, and changes in consumer and corporate spending; increased competition in the promotional products industry; the Company’s ability to identify, complete, and successfully integrate acquisitions; the Company’s ability to attract and retain qualified personnel; the Company’s ability to remediate the material weaknesses in its internal control over financial reporting and to maintain effective disclosure controls and procedures; increased costs and obligations once the Company ceases to qualify as an emerging growth company; risks associated with goodwill and intangible asset impairment; and fluctuations in the Company’s quarterly and annual results of operations. These and other risks and uncertainties are described more fully in the section titled “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 and in the Company’s other periodic reports filed with the Securities and Exchange Commission. Should one or more of these risks or uncertainties materialize, or should any of the Company’s assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. The Company cautions investors not to place undue reliance on any forward-looking statements contained in this press release. Forward-looking statements speak only as of the date they are made. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

Contacts:

Investor Relations Contact:
Crescendo Communications, LLC
Tel: (212) 671-1021
SWAG@crescendo-ir.com

Press Contact:
Howie Turkenkopf
press@stran.com

CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except share and per share amounts)
		September 30, 2026				December 31, 2025
		(Unaudited)
ASSETS
CURRENT ASSETS:
Cash and cash equivalents		$	7,383			$	6,753
Investments			5,200				4,872
Accounts receivable, net			15,438				17,252
Inventory			10,789				7,621
Prepaid expenses			2,231				1,778
Deposits			1,589				363
Other current assets			—				2
Total current assets			42,630				38,641
Property and equipment, net			1,452				1,944
OTHER ASSETS:
Intangible assets – customer lists, net			3,323				3,690
Intangible assets – trade name			654				654
Goodwill			2,321				2,321
Other assets			207				53
Right of use assets			1,636				2,045
Total other assets			8,141				8,763
Total assets		$	52,223			$	49,348
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable and accrued expenses		$	10,396			$	8,568
Accrued payroll and related			2,538				1,970
Unearned revenue			4,564				3,201
Rewards program liability			924				1,500
Sales tax payable			290				327
Current portion of contingent earn-out liabilities			145				105
Current portion of installment payment liabilities			175				230
Current portion of vehicle loan			5				—
Current portion of lease liabilities			571				602
Total current liabilities			19,608				16,503
LONG-TERM LIABILITIES:
Long-term contingent earn-out liabilities			—				455
Long-term installment payment liabilities			—				147
Long-term lease liabilities			1,311				1,695
Long-term vehicle loan			28				47
Total long-term liabilities			1,339				2,344
Total liabilities			20,947				18,847
Commitments and contingencies
STOCKHOLDERS’ EQUITY:
Preferred stock, $0.0001 par value; 50,000,000 shares authorized, 0 shares issued and outstanding as of September 30, 2026 and December 31, 2025, respectively			—				—
Common stock, $0.0001 par value; 300,000,000 shares authorized, 18,554,776 and 18,508,157 shares issued and outstanding as of September 30, 2026 and December 31, 2025, respectively			2				2
Additional paid-in capital			37,628				37,925
Accumulated deficit			(6,401	)			(7,489	)
Accumulated other comprehensive income			47				63
Total stockholders’ equity			31,276				30,501
Total liabilities and stockholders’ equity		$	52,223			$	49,348

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2026 AND 2025 (in thousands, except share and per share amounts) (unaudited)
		For the Three Months Ended September 30,								For the Nine Months Ended September 30,
		2026				2025				2026				2025
Sales		$	28,099			$	25,981			$	92,706			$	87,252
Cost of sales			18,738				18,909				63,680				61,829
GROSS PROFIT			9,361				7,072				29,026				25,423
OPERATING EXPENSES:
General and administrative expenses			9,514				8,854				28,448				27,345
Total operating expenses			9,514				8,854				28,448				27,345
(LOSS) INCOME FROM OPERATIONS			(153	)			(1,782	)			578				(1,922	)
OTHER INCOME:
Other income, net			126				304				369				584
Interest income			99				87				233				206
Realized gain on investments			2				79				12				146
Total other income			227				470				614				936
INCOME (LOSS) BEFORE INCOME TAXES			74				(1,312	)			1,192				(986	)
Provision (benefit) for income taxes			39				(72	)			104				4
NET INCOME (LOSS)		$	35			$	(1,240	)		$	1,088			$	(990	)
NET INCOME (LOSS) PER COMMON SHARE
Basic		$	0.00			$	(0.07	)		$	0.06			$	(0.05	)
Diluted		$	0.00			$	(0.07	)		$	0.06			$	(0.05	)
WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING
Basic			18,598,888				18,384,904				18,651,811				18,526,004
Diluted			18,625,131				18,384,904				18,679,075				18,526,004

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS NINE MONTHS ENDED SEPTEMBER 30, 2026 AND 2025 (in thousands) (unaudited)
		2026				2025
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)		$	1,088			$	(990	)
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization			870				808
Noncash operating lease expense			515				682
Noncash earnout liability adjustment			(329	)			—
Provision for credit losses			43				536
Noncash interest accretion			23				35
Stock-based compensation			202				65
Realized gain on short-term investment			(12	)			—
Changes in operating assets and liabilities:
Accounts receivable, net			1,770				931
Accounts receivable – related parties, net			—				172
Inventory			(3,168	)			(2,352	)
Prepaid corporate taxes			—				(34	)
Prepaid expenses			(453	)			146
Deposits			(1,226	)			(157	)
Other assets			(152	)			507
Accounts payable and accrued expenses			1,830				(1,460	)
Accrued payroll and related			569				92
Unearned revenue			1,363				(264	)
Rewards program liability			(576	)			(3,049	)
Sales tax payable			(37	)			(103	)
Operating lease liabilities			(522	)			(399	)
Net cash provided by (used in) operating activities			1,798				(4,834	)
CASH FLOWS FROM INVESTING ACTIVITIES:
Additions to property and equipment			(21	)			(700	)
Proceeds from sale of investments			800				9,043
Purchase of investments			(1,133	)			(5,210	)
Net cash (used in) provided by investing activities			(354	)			3,133
CASH FLOWS FROM FINANCING ACTIVITIES:
Payment of contingent earn-out liabilities			(86	)			(151	)
Payment of installment payment liabilities			(225	)			(255	)
Payment for stock repurchase			(499	)			(554	)
Repayment of vehicle loan			(4	)			—
Net cash used in financing activities			(814	)			(960	)
NET CHANGE IN CASH AND CASH EQUIVALENTS			630				(2,661	)
CASH AND CASH EQUIVALENTS – BEGINNING			6,753				9,358
CASH AND CASH EQUIVALENTS – ENDING		$	7,383			$	6,697

Non-GAAP Financial Measures

EBITDA is a numerical measure that the Company believes helps investors to compare its operating performance to that of other companies. “EBITDA” is defined as net income (loss) excluding interest income/expense, provision (benefit) for income taxes and depreciation and amortization expense. The Company believes EBITDA is an important measure of operating performance because it allows management, investors and others to evaluate and compare the Company’s core operating results from period to period by removing (i) the impact of the Company’s capital structure (interest income/expense), (ii) tax consequences and (iii) asset base (depreciation and amortization). EBITDA is a “non-GAAP financial measure” as defined under Regulation G under the Exchange Act. EBITDA should not be considered in isolation or as an alternative to net income, cash flows from operating activities or any other measure determined in accordance with GAAP. The items excluded to calculate EBITDA are significant components in understanding and assessing the Company’s results of operations. The Company’s EBITDA may not be comparable to a similarly titled measure of another company because other entities may not calculate EBITDA in the same manner.

The following table presents the reconciliation of EBITDA to its most comparable GAAP measure, net income (loss), as reported (unaudited):

RECONCILIATION OF NET INCOME (LOSS) TO EBITDA THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2026 AND 2025 (in thousands) (unaudited)
		For the Three Months Ended September 30,								For the Nine Months Ended September 30,
		2026				2025				2026				2025
Net income (loss) (GAAP)		$	35			$	(1,240	)		$	1,088			$	(990	)
Interest income			(99	)			(87	)			(233	)			(206	)
Provision (benefit) for income taxes			39				(72	)			104				4
Depreciation and amortization			285				287				870				808
EBITDA		$	260			$	(1,112	)		$	1,829			$	(384	)

HOUSTON, Nov. 10, 2026 (GLOBE NEWSWIRE) — Big Sky Industrial Inc. (NASDAQ: BSIN) (“Big Sky Industrial” or the “Company”), an integrated industrial gas, energy, and carbon management company, today reported financial and operating results for the three and nine months ended September 30, 2026, while highlighting construction and development progress during the quarter at the Company’s Big Sky Carbon Hub, its flagship project in Montana.

MANAGEMENT COMMENTS

“The third quarter was about execution, and we are pleased with where the project stands,” said Ryan Smith, President and Chief Executive Officer of Big Sky Industrial. “Our in-field gathering and injection lines are complete, and our long-lead equipment has been procured, including the natural gas-fired generators that will power the plant. Plant fabrication is underway, on-site civil work begins in the coming weeks, and construction remains on schedule. We are targeting first production in spring 2027, a window that leaves sensible room for commissioning and the Montana winter. From day one, our helium is sold under a five-year, 100% take-or-pay contract. In October, the Department of Energy designated helium a critical material, which underscores the value of the domestic supply we are building in Montana.

“Our Big Rose MRV plan is in the final stage of the EPA’s approval process. We submitted the plan in October 2025 and, because of the federal government shutdown, it was accepted by the agency in November 2025. Historically, EPA approvals of comparable plans have generally taken 12 months or longer, so our timing is in line with precedent, even if we had hoped for a quicker outcome. Our materials are complete, nothing in the agency’s feedback has changed our expectation of approval, and while the timing of a final decision rests with the EPA, we remain confident in the outcome. On the financing side, we are in discussions on a new, larger credit facility that would expand our borrowing capacity and financial flexibility, and our 45Q monetization discussions are progressing. The path to first production is clear, and we are executing against our plan.”

THIRD QUARTER 2026 STRATEGIC AND OPERATIONAL HIGHLIGHTS

• Phase 1 Processing Facility Fabrication Underway. Fabrication of the modular Phase 1 processing facility for the Big Sky Carbon Hub has begun under the Company’s fixed-scope engineering, procurement, and construction (“EPC”) agreement with CANUSA EPC. Equipment installation at the site is planned from late in the fourth quarter of 2026 into the first quarter of 2027, and the schedule allows for winter weather in Montana. The plant is designed to produce approximately 14 MMcf of high-purity helium per year and to capture and permanently sequester or utilize approximately 125,000 metric tons of CO₂ annually at initial operations.

• Five-Year, 100% Take-or-Pay Helium Offtake in Place. In April 2026, the Company executed a five-year helium sales agreement with an investment-grade global industrial gas company for the sale of contained helium produced at Big Sky. The contract is structured as 100% take-or-pay over a five-year initial term at a fixed, all-in price of $285 per Mcf realized at the plant gate, with CPI-linked escalation beginning March 1, 2028, and a year-three pricing redetermination. The buyer is responsible for all transportation, logistics, and downstream delivery, so the Company realizes the full $285 per Mcf at the plant gate with no midstream or delivery deductions. The agreement provides contracted revenue from first production.

• Expanded Credit Facility and 45Q Financing Advancing. The Company is advancing two complementary financing processes. It is in discussions on a new, larger senior secured credit facility that would expand its borrowing capacity and financial flexibility. In parallel, discussions on monetizing its Phase 1 Section 45Q tax credits are progressing.

• Big Rose MRV Plan in Final Stage of EPA Approval Process. The Company has submitted two Monitoring, Reporting, and Verification (“MRV”) plans to the EPA. The Big Rose plan and its associated injection well are where the Company plans to sequester the CO₂ captured in Phase 1 as well as future phases. The plan was submitted on October 9, 2025 and, following the federal government shutdown, was accepted by the EPA on November 12, 2025. The plan is now in the final stage of the EPA’s approval process. Historically, EPA approvals of comparable plans have generally taken 12 months or longer. The Company has addressed the EPA’s comments and is awaiting final agency action. The Cut Bank plan, which was submitted on December 17, 2025, supports the Company’s CO₂-enhanced oil recovery development at its Cut Bank field over the longer term as the Company moves through future phases. That plan also continues to move through the EPA process. MRV approval is not a condition to starting the Phase 1 plant or selling helium.

• In-Field Gathering and Injection Lines Complete. Installation of the in-field lines connecting the Company’s production wells to the processing facility and carrying CO₂ to the Big Rose injection well has been completed. The Company’s three production wells are drilled, completed, and ready for tie-in to the installed gathering lines, and two Class II permitted injection wells are operational.

• Phase 2 Planning Underway. Engineering and planning are underway for Phase 2, a second processing plant on the same footprint that would use the Company’s existing infrastructure, permits, and field operations. A final investment decision on Phase 2 is expected in the coming months. The Company expects to provide additional detail as planning progresses.

• Helium Added to U.S. Critical Materials List. On October 23, 2026, the U.S. Department of Energy designated helium a critical material under the Energy Act of 2020, citing helium’s essential role in semiconductor manufacturing and other advanced technologies, as well as growing supply chain risk. The Company believes the designation underscores the strategic value of secure, domestic helium supply such as the Big Sky Carbon Hub.

NEXT MILESTONES

• Big Rose MRV Approval. In the final stage of the EPA approval process. Timing of a final determination rests with the EPA.
• Phase 1 Plant Installation. On-site civil work beginning in the coming weeks, with equipment installation from late in the fourth quarter of 2026 into the first quarter of 2027.
• Expanded Credit Facility. Discussions ongoing on a new, larger senior secured credit facility.
• Section 45Q Credit Monetization. Discussions ongoing and progressing.

• First Production and First Helium Sales. Spring 2027.
• Phase 2 Final Investment Decision. To follow completion of financing and final plant sizing.

BALANCE SHEET AND LIQUIDITY UPDATE

As of September 30, 2026, Big Sky Industrial had a cash balance of $2.9 million and total available liquidity of $14.4 million, including $11.5 million of undrawn capacity under the Company’s amended senior secured credit facility. Subsequent to quarter end, the Company sold 15 non-core wells in East Texas for net proceeds of approximately $0.4 million, with the buyer assuming approximately $0.9 million of asset retirement obligations.

		Balance as of
		September 30, 2026				December 31, 2025
Cash and debt balance:
Total debt outstanding		$	8,500			$	2,500
Less: Cash balance		$	2,915			$	429
Net debt balance		$	5,585			$	2,071
Liquidity:
Cash balance		$	2,915			$	429
Plus Credit facility availability		$	11,500			$	7,500
Total Liquidity		$	14,415			$	7,929

THIRD QUARTER 2026 FINANCIAL RESULTS

Third quarter 2026 production was 30,628 barrels of oil equivalent (“BOE”) (76% oil), compared to 35,326 BOE in the third quarter of 2025. For the third quarter 2026 revenue totaled $2.0 million (93% oil), compared to third quarter of 2025 revenue of $1.7 million. Third quarter 2026 realized average sales prices of $77.30/bbl and $3.35/mcf for oil and natural gas, respectively, resulting in an average realized price of $63.83/BOE as compared to third quarter 2025 which averaged $60.12/bbl, $2.82/mcf for oil and natural gas, respectively, resulting in an average realized price of $49.20/BOE. Revenue increased 12% year over year, as a 30% increase in the average realized price per BOE more than offset lower volumes. The decline in production primarily reflects the Company’s 2025 divestitures of its Wyoming and West Texas properties and natural production declines in its remaining assets. As previously communicated, the legacy asset monetization program funded the Company’s pivot to its industrial gas, energy, and carbon management platform.

Third quarter 2026 lease operating expense totaled $2.1 million, compared to $1.0 million for the third quarter 2025. The increase reflects approximately $1.2 million of remediation and related costs associated with the previously disclosed release of produced fluids from a gathering line in the Company’s legacy oil operations, which was identified and remediated during the quarter. The Company has submitted a claim under its general liability insurance policy, which provides $1.0 million of coverage for pollution clean-up costs after a $0.1 million per-occurrence deductible, and the Company expects to recover up to $1.0 million of these costs. Due to the claim pending approval, no insurance receivable was recognized as of September 30, 2026. Excluding these costs, lease operating expense was $0.9 million, or $29.71 per BOE, compared to $29.58 per BOE in the third quarter of 2025.

Cash general and administrative expense totaled $1.6 million for the third quarter 2026 compared to $1.7 million for the third quarter 2025. The decrease primarily reflects lower accounting and tax professional fees. On a sequential basis, cash general and administrative expense declined from $1.8 million in the second quarter of 2026. Equity compensation expense totaled $0.6 million for the third quarter of 2026, compared to $0.4 million for the third quarter of 2025.

Big Sky Industrial reported a net loss of $3.5 million, or ($0.07) per share during the third quarter 2026, compared to a net loss of $3.3 million, or ($0.10) per share in the third quarter of 2025, which included a $0.9 million impairment of oil and natural gas properties. Adjusted EBITDA, which excludes $1.2 million of environmental remediation costs, was $(0.8) million, compared to $(1.3) million in the third quarter of 2025.

CONFERENCE CALL DETAILS

Big Sky Industrial will host a conference call to discuss its third quarter 2026 financial and operating results on Wednesday, November 11, 2026 at 9:00 a.m. Eastern Time/8:00 a.m. Central Time, followed by a question-and-answer period. Interested parties may submit questions prior to the call by emailing the Company’s investor relations email at IR@bigskyindustrialinc.com. A webcast of the call will be available on the Investor Relations section of the Company’s website at www.bigskyindustrialinc.com, and a replay of the teleconference will be available through November 25, 2026.

Date: Wednesday, November 11, 2026
Time: 9:00 a.m. Eastern Time
Toll-free dial-in number: 877-407-3982
International dial-in number: 201-493-6780

Conference Registration: Link
Webcast Registration: Link

Domestic Replay: 844-512-2921
International Replay: 412-317-6671
Access ID: 13763553

ABOUT BIG SKY INDUSTRIAL INC.

Big Sky Industrial Inc. (NASDAQ: BSIN) is a Houston-based industrial gas, carbon management, and energy company with operations focused on the Big Sky Carbon Hub and Cut Bank oil field in Montana’s Kevin Dome region. The Company’s asset base supports three distinct business lines: helium production, carbon management, and low-decline oil production. Big Sky Industrial is focused on developing an integrated platform that leverages helium, which the U.S. Department of Energy has designated a critical material, carbon management opportunities supported by Section 45Q federal tax credits, and conventional oil production from its owned and operated assets. The Company’s operations are designed to generate revenue from multiple independent sources across helium, carbon management, and oil. For more information, please visit www.bigskyindustrialinc.com.

INVESTOR RELATIONS CONTACT

Mason McGuire

IR@bigskyindustrialinc.com
(303) 993-3200
www.bigskyindustrialinc.com

MEDIA CONTACT

media@bigskyindustrialinc.com

X: @BSIN_IR
LinkedIn: Big Sky Industrial Inc.

FORWARD-LOOKING STATEMENTS

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

Important factors that may cause actual results and outcomes to differ materially from those contained in such forward-looking statements include, without limitation, risks relating to: the Company’s ability to complete construction of the Big Sky Carbon Hub on time and on budget; the Company’s ability to comply with the terms of its senior credit facilities; the Company’s access to capital on acceptable terms and potential dilution caused thereby; the Company’s ability to enter into a new credit facility and complete the monetization of its Section 45Q credits on acceptable terms or at all; the timing and outcome of the EPA’s review of the Company’s Monitoring, Reporting, and Verification plans; the amount and timing of any insurance recovery; the volatility of commodity prices, including helium, oil and natural gas; the Company’s success in discovering, estimating, developing and replacing reserves; risks related to the status and availability of gathering, transportation, processing, and storage facilities; risks relating to regulatory changes, including those related to the Section 45Q tax credit, carbon dioxide and greenhouse gas emissions; the business, economic and political conditions in the markets in which the Company operates; actions of competitors or regulators; inflationary risks and changes in interest rates; the potential disruption or interruption of the Company’s operations due to war, accidents, political events, severe weather, cyber threats, terrorist acts, or other natural or human causes beyond the Company’s control; and other risk factors included from time to time in documents the Company files with the Securities and Exchange Commission, including, but not limited to, its Form 10-Ks, Form 10-Qs and Form 8-Ks. Other important factors that may cause actual results and outcomes to differ materially from those contained in the forward-looking statements included in this communication are described in the Company’s publicly filed reports, including, but not limited to, the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 and Quarterly Report on Form 10-Q for the quarter ended September 30, 2026, and future annual reports and quarterly reports. These reports and filings are available at www.sec.gov. Unknown or unpredictable factors also could have material adverse effects on the Company’s future results.

FINANCIAL STATEMENTS

BIG SKY INDUSTRIAL INC. AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except share and per share amounts)

		September 30, 2026				December 31, 2025
ASSETS
Current assets:
Cash and equivalents		$	2,915			$	429
Oil and natural gas sales receivables			704				454
Marketable equity securities			89				146
Other current assets			853				956
Total current assets			4,561				1,985
Oil and natural gas properties under full cost method and industrial gas properties:
Evaluated oil and natural gas properties			132,837				132,459
Less accumulated depreciation, depletion and amortization			(118,239	)			(117,237	)
Net oil and natural gas properties			14,598				15,222
Unproved industrial gas properties, not subject to amortization			42,502				22,479
Other Assets:
Property and equipment, net			274				318
Right-of-use asset			220				356
Other assets			328				270
Total other assets			822				944
Total assets		$	62,483			$	40,630
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable and accrued liabilities		$	7,054			$	1,592
Revenue and royalties payable			3,977				3,921
Commodity derivative liability			140				–
Asset retirement obligations			477				300
Lease obligation			221				210
Total current liabilities			11,869				6,023
Noncurrent liabilities:
Credit facility			8,500				2,500
Asset retirement obligations			7,939				7,706
Lease obligation, net of current			38				206
Total noncurrent liabilities			16,477				10,412
Total liabilities			28,346				16,435
Commitments and contingencies (Note 8)
Shareholders’ equity:
Common stock, $0.01 par value; 245,000,000 shares authorized; 52,499,955 and 34,405,143 shares issued and outstanding at September 30, 2026 and December 31, 2025, respectively			525				345
Additional paid-in capital			254,484				235,762
Accumulated deficit			(220,872	)			(211,912	)
Total shareholders’ equity			34,137				24,195
Total liabilities and shareholders’ equity		$	62,483			$	40,630

BIG SKY INDUSTRIAL INC. AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2026 AND 2025
(In thousands, except share and per share amounts)

		Three Months Ended September 30,								Nine Months Ended September 30,
		2026				2025				2026				2025
Revenue:
Oil		$	1,810			$	1,587			$	5,221			$	5,201
Natural gas and liquids			145				151				473				758
Total revenue			1,955				1,738				5,694				5,959
Operating expenses:
Lease operating expenses			2,110				1,045				4,016				4,189
Production taxes			158				136				453				432
Depreciation, depletion, accretion and amortization			531				816				1,681				3,053
Impairment of oil and natural gas properties			–				869				–				3,628
Exploration expense			88				128				310				174
General and administrative expenses			2,201				2,113				7,895				6,754
Loss on sale of assets			–				10				–				434
Total operating expenses			5,088				5,117				14,355				18,664
Operating loss			(3,133	)			(3,379	)			(8,661	)			(12,705	)
Other income (expense):
Commodity derivative (loss), net			(336	)			–				(169	)			–
Interest expense, net			–				(72	)			(74	)			(167	)
Other income, net			(27	)			110				(56	)			362
Total other (expense)			(363	)			38				(299	)			195
Net loss before income taxes		$	(3,496	)		$	(3,341	)		$	(8,960	)		$	(12,510	)
Income tax expense			–				–				–				–
Net loss		$	(3,496	)		$	(3,341	)		$	(8,960	)		$	(12,510	)
Basic and diluted weighted average shares outstanding			52,495,280				32,793,272				48,556,122				33,630,832
Basic and diluted loss per share		$	(0.07	)		$	(0.10	)		$	(0.18	)		$	(0.37	)

BIG SKY INDUSTRIAL INC. AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2026 AND 2025
(in thousands)

		2026				2025
Cash flows from operating activities:
Net loss		$	(8,960	)		$	(12,510	)
Adjustments to reconcile net loss to net cash (used in) operating activities:
Depreciation, depletion, accretion, and amortization			1,681				3,053
Impairment of oil and natural gas properties			–				3,628
Loss on sale of assets			–				434
Commodity derivatives loss			140				–
Loss (gain) on marketable equity securities			57				(180	)
Amortization of debt issuance costs			28				100
Stock-based compensation			1,708				1,454
Right-of-use asset amortization			135				129
Shares issued to consultants			176				–
Changes in operating assets and liabilities:
Oil and natural gas sales receivables			(250	)			807
Accounts payable and accrued liabilities			516				(2,583	)
Other operating assets and liabilities, net			161				(467	)
Payments on operating lease liability			(156	)			(146	)
Net cash used in operating activities			(4,764	)			(6,281	)
Cash flows from investing activities:
Acquisition of industrial gas properties			–				(2,128	)
Industrial gas properties capital expenditures			(15,170	)			(7,653	)
Oil and natural gas properties capital expenditures			(485	)			(18	)
Property and equipment expenditures			–				(4	)
Net proceeds from sale of oil and natural gas properties			–				134
Net cash used in investing activities			(15,655	)			(9,668	)
Cash flows from financing activities:
Borrowings on credit facility			6,000				–
Financing costs			(113	)			–
Shares withheld to settle tax withholding obligations for restricted stock awards			(171	)			(346	)
Repurchases of common stock			–				(316	)
Related party share repurchase			–				(1,574	)
Proceeds from underwritten offering			8,086				11,877
Proceeds from committed equity facility			9,103				–
Net cash provided by financing activities			22,905				9,641
Net change in cash and equivalents			2,486				(6,308	)
Cash and equivalents, beginning of period			429				7,723
Cash and equivalents, end of period		$	2,915			$	1,415

ADJUSTED EBITDA RECONCILIATION

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

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

		Three months ended September 30,
		2026				2025
Adjusted EBITDA Reconciliation
Net Income (Loss)		$	(3,496	)		$	(3,341	)
Depreciation, depletion, accretion and amortization			531				816
Non-cash loss on commodity derivatives			307				–
Interest Expense, net			–				72
Income tax benefit			–				–
Non-cash stock based compensation			593				420
Loss on sale of assets			–				10
Loss (gain) on marketable securities			27				(101	)
Impairment of oil and natural gas properties			–				869
Environmental remediation costs			1,200				–
Total Adjustments			2,658				2,086
Total Adjusted EBITDA		$	(838	)		$	(1,255	)