Author: Ravi Shankar

• BACKBEAT Global Pivotal Trial evaluating AVIM Therapy completed enrollment and exceeded enrollment target, with a total of 349 patients randomized.
• BACKBEAT Trial primary endpoint data planned to be submitted for late-breaking presentation at the Heart Rhythm Society 2027 (“HRS 2027”).
• Medtronic planning to submit AVIM Therapy Premarket Approval (“PMA”) supplement to the FDA following data presentation, assuming positive trial results.
• Site activation and patient enrollment accelerating in the Virtue Trial, the Company’s U.S. Investigational Device Exemption (“IDE”) pivotal trial comparing Virtue SAB head-to-head with the commercially available AGENT™ paclitaxel-coated balloon for coronary In-Stent Restenosis.
• Raised approximately $80.5 million in net proceeds through an underwritten public offering of common stock, which closed on November 9, 2026, including proceeds from the underwriters’ full exercise of their option to purchase additional shares. 
• $101.9 million of cash and cash equivalents, and marketable securities as of September 30, 2026 and public offering proceeds provide projected cash runway through 2028.
• Company hosting R&D Day on Thursday, November 12, 2026, in New York City and via live webcast, featuring in-depth reviews of AVIM Therapy and Virtue SAB with leading physician investigators.

NEW HOPE, Pa., Nov. 10, 2026 (GLOBE NEWSWIRE) — Orchestra BioMed Holdings, Inc. (Nasdaq: OBIO, “Orchestra BioMed” or the “Company”), a biomedical innovation company accelerating high-impact technologies to patients through strategic collaborations with market-leading global medical device companies, today announced financial results for the third quarter ended September 30, 2026, and provided a business update on its two pivotal-stage investigational cardiovascular programs: Atrioventricular Interval Modulation Therapy (“AVIM Therapy”) for the treatment of uncontrolled hypertension, for which the Company has a strategic collaboration with Medtronic (NYSE: MDT) for the treatment of pacemaker-indicated patients, and Virtue® Sirolimus AngioInfusion™ Balloon (“Virtue SAB”) for the treatment of coronary artery disease.

David Hochman, Chairman and Chief Executive Officer of Orchestra BioMed, stated, “With the completion of enrollment of the BACKBEAT Trial, AVIM Therapy is nearing pivotal primary endpoint results. Alongside our collaborators at Medtronic, we now move to the completion of three-month follow-up in all patients, locking the primary endpoint database, and submitting a robustly powered data set for late-breaking presentation at HRS 2027 in May. We believe the results from the BACKBEAT Trial could set AVIM Therapy on a clear course to redefining the clinical impact of cardiac pacing and provide a powerful new therapeutic option for millions of higher-risk hypertensive patients who remain above blood pressure target despite medication.”

Hochman continued, “The third quarter also saw Virtue Sirolimus AngioInfusion™ Balloon advance in its own IDE pivotal, randomized trial. The Virtue^® Trial is testing Virtue SAB’s fundamentally different approach to arterial drug delivery, liquid infusion of SirolimusEFR™ directly into the vessel wall without the need for a fragile balloon coating. We are also grateful to our new and existing shareholders that participated in the oversubscribed public equity offering we closed yesterday. The net proceeds from our public offering along with the over $100 million we had at the end of the quarter provide funding through 2028. We are in a strong position to deliver key value-creating milestones for both pivotal stage programs and support Medtronic as they drive toward potential global commercialization of AVIM Therapy. We look forward to showcasing both of our high-impact therapeutic device platforms at our investor R&D Day this Thursday, where leading physician investigators will join us to examine the clinical and commercial potential of AVIM Therapy and Virtue SAB.”

Q3 2026 and Recent Business Highlights:

• Completed enrollment in the BACKBEAT Trial in collaboration with Medtronic. A total of 349 patients with uncontrolled hypertension and an implanted dual-chamber pacemaker were randomized across 92 sites in 15 countries. Orchestra BioMed and Medtronic intend to submit primary endpoint results for late-breaking presentation consideration at HRS 2027.
• Received written confirmation from FDA that Medtronic’s marketing submission for AVIM Therapy will be a PMA supplement. The submission is planned to be made promptly following presentation of the primary endpoint results of the BACKBEAT Trial, assuming positive trial results.
• Advanced site activation and patient enrollment in the Virtue Trial, the Company’s U.S. IDE pivotal trial comparing Virtue SAB head-to-head with the commercially available AGENT™ paclitaxel-coated balloon for coronary in-stent restenosis (“ISR”). The prospective, multicenter, randomized, single-blind, non-inferiority trial has a planned enrollment of approximately 740 patients, with an enrollment completion target date by the end of 2027.
  
• Virtue SAB mechanistic and clinical evidence presented at Transcatheter Cardiovascular Therapeutics 2026. On November 1, 2026, Allen Jeremias, MD, Co-Principal Investigator of the Virtue Trial, presented Virtue SAB’s differentiated mechanism of action for infusing a large liquid volume of submicron, particle-encapsulated SirolimusEFR™ directly into the vessel wall. Dr. Jeremias also outlined existing preclinical and clinical evidence and the pivotal IDE trial design.
• AVIM Therapy was featured in two sessions at HRX Live 2026 in Atlanta, including a sponsored roundtable on the Medtronic–Orchestra BioMed strategic collaboration and a panel exploring the expanding role of permanent cardiac pacing beyond bradycardia. The discussions highlighted AVIM Therapy’s mechanism of action, clinical evidence and potential in hypertensive heart disease. A recording of the roundtable is available on the Company’s website.
• Received a $6.1 million milestone payment on September 14, 2026, in connection with Haemonetics Corporation’s (NYSE: HAE) acquisition of Vivasure Medical Limited (“Vivasure”). Together with approximately $5 million received in January 2026, total cash proceeds received from the transaction are approximately $11 million. The FDA recently approved the PerQseal® Elite vascular closure system, originally developed by Vivasure, for large-bore arterial procedures.

Public Offering

On November 9, 2026, the Company closed an underwritten public offering of 17,250,000 shares of its common stock at a price to the public of $5.00 per share, resulting in net proceeds to the Company of approximately $80.5 million (including proceeds from the underwriters’ full exercise of their option to purchase additional shares), after deducting underwriting discounts and commissions and estimated offering expenses (the “Public Offering”).

R&D Day: Thursday, November 12, 2026

The Company will host its R&D Day on Thursday, November 12, 2026, at 3:00 p.m. ET in New York City and via live webcast. Company leadership, leading cardiologists and trial investigators will discuss the clinical and treatment burden associated with uncontrolled hypertension in pacemaker-indicated patients and restenosis in coronary stent interventions, the potential for AVIM Therapy and Virtue SAB to address these unmet needs, key upcoming clinical milestones and the commercial potential of AVIM Therapy and Virtue SAB. Physician speakers include Vivek Reddy, MD, Marat Fudim, MD, Dean Kereiakes, MD, and Allen Jeremias, MD. Webcast of the R&D Day is available for registered participants and a replay of the event will be available through the Investors section of the Company’s website.

Financial Results for the Third Quarter Ended September 30, 2026

• Cash and cash equivalents and Marketable securities totaled $101.9 million as of September 30, 2026, not including the $80.5 million in net proceeds from the Public Offering.
• Net cash used in operating activities and for the purchase of fixed assets was $19.9 million during the third quarter of 2026, compared with $14.9 million for the third quarter in 2025, with the primary drivers being increased research and development costs, including clinical trial activities, as well as personnel and consulting expenditures during the third quarter of 2026.
• Research and development expenses for the third quarter of 2026 were $17.7 million, compared with $14.0 million for the third quarter in 2025, which represents an increase of 26%. The increase was primarily due to additional costs associated with the ongoing BACKBEAT Trial and to advance the Virtue SAB program, including the Virtue Trial.
• Selling, general and administrative expenses for the third quarter of 2026 were $5.6 million, compared with $7.1 million for the third quarter of 2025, which represents a decrease of 21%. The decrease was primarily due to a decrease in legal and professional fees.
• Net loss attributable to common stockholders for the third quarter of 2026 was $19.6 million, or ($0.30) per share, compared with a net loss attributable to common stockholders of $20.8 million, or ($0.40) per share, for the third quarter of 2025, which represents a decrease of 6%. Net loss attributable to common stockholders for the third quarter of 2026 included $3.4 million in net interest expense for the third quarter of 2026 as compared to $1.2 million for the same period in 2025, of which a portion was non-cash in each period. Non-cash stock-based compensation expense was $2.3 million as compared to $3.0 million for the same period in 2025.

About Orchestra BioMed

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

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

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

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

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

Forward-Looking Statements

Certain statements included in this press release that are not historical facts are forward-looking statements for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,” “predict,” “potential,” “seem,” “seek,” “future,” “outlook” and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements relating to the enrollment, timing, implementation, results and design of the Company’s ongoing pivotal trials, the timing of the presentation of clinical data, the timing of regulatory submissions, realizing the clinical and commercial value of AVIM Therapy and Virtue SAB, the potential safety and efficacy of the Company’s product candidates, the size of the potential markets for the Company’s product candidates, the ability of the Company’s partnerships to accelerate clinical development and the Company’s projected cash runway. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of the Company’s management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as and must not be relied on as a guarantee, an assurance, a prediction, or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and may differ from assumptions. Many actual events and circumstances are beyond the control of the Company. These forward-looking statements are subject to a number of risks and uncertainties, including changes in domestic and foreign business, market, financial, political, and legal conditions; risks related to regulatory approval of the Company’s commercial product candidates and ongoing regulation of the Company’s product candidates, if approved; the timing of, and the Company’s ability to achieve expected regulatory and business milestones; the impact of competitive products and product candidates; and the risk factors discussed under the heading “Item 1A. Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, which was filed with the SEC on March 12, 2026. The Company operates in a very competitive and rapidly changing environment. New risks emerge from time to time. Given these risks and uncertainties, the Company cautions against placing undue reliance on these forward-looking statements, which only speak as of the date of this press release. The Company does not plan and undertakes no obligation to update any of the forward-looking statements made herein, except as required by law.

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

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

ORCHESTRA BIOMED HOLDINGS, INC. Condensed Consolidated Balance Sheets (in thousands, except share and per share data) (Unaudited)
	September 30,				December 31,
	2026				2025
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	27,761			$	34,690
Marketable securities		74,146				71,822
Accounts receivable, net		56				95
Inventory		221				310
Prepaid expenses and other current assets		987				994
Total current assets		103,171				107,911
Property and equipment, net		2,284				1,715
Right-of-use assets		1,001				1,496
Strategic investments		—				2,495
Deposits and other assets		1,280				1,240
TOTAL ASSETS	$	107,736			$	114,857
LIABILITIES, SERIES A PREFERRED STOCK AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable	$	5,030			$	6,095
Accrued expenses and other liabilities		8,367				9,890
Operating lease liability, current portion		831				751
Total current liabilities		14,228				16,736
Royalty purchase agreement		36,795				16,482
Note payable		21,152				—
Loan payable		14,462				14,268
Derivative liability		1,593				2,749
Operating lease liability, less current portion		304				936
Other long-term liabilities		456				308
TOTAL LIABILITIES		88,990				51,479
Series A Preferred Stock, $0.0001 par value per share; 200,000 issued and outstanding at September 30, 2026 and December 31, 2025; aggregate liquidation preference of $20,000		10,964				9,808
STOCKHOLDERS’ EQUITY
Preferred stock, $0.0001 par value, 10,000,000 shares authorized		—				—
Common stock, $0.0001 par value per share; 340,000,000 shares authorized; 61,453,041 and 57,032,963 shares issued and outstanding as of September 30, 2026 and December 31, 2025, respectively.		6				6
Additional paid-in capital		433,704				416,083
Accumulated other comprehensive (loss) income		(153	)			60
Accumulated deficit		(425,775	)			(362,579	)
TOTAL STOCKHOLDERS’ EQUITY		7,782				53,570
TOTAL LIABILITIES, SERIES A PREFERRED STOCK AND STOCKHOLDERS’ EQUITY	$	107,736			$	114,857

ORCHESTRA BIOMED HOLDINGS, INC. Condensed Consolidated Statements of Operations and Comprehensive Loss (in thousands, except share and per share data) (Unaudited)
	Three Months Ended September 30,
	2026				2025
Revenue:
Partnership revenue	$	—			$	721
Product revenue		91				140
Total revenue		91				861
Expenses:
Cost of product revenues		28				49
Research and development		17,734				14,027
Selling, general and administrative		5,625				7,098
Total expenses		23,387				21,174
Loss from operations		(23,296	)			(20,313	)
Other income (expense):
Interest expense, net		(2,463	)			(515	)
Change in the fair value of derivative liability		867				—
Gain on sale of strategic investments		6,142				—
Total other income (expense)		4,546				(515	)
Net loss		(18,750	)			(20,828	)
Adjustment to carrying value of Series A Preferred Stock		(867	)			—
Net loss attributable to common stockholders	$	(19,617	)		$	(20,828	)
Net loss attributable to common stockholders per share
Basic and diluted	$	(0.30	)		$	(0.40	)
Weighted-average shares used in computing net loss attributable to common stockholders per share, basic and diluted		64,620,127				52,186,503
Comprehensive loss
Net loss	$	(18,750	)		$	(20,828	)
Unrealized (loss) gain on marketable securities		(72	)			29
Comprehensive loss	$	(18,822	)		$	(20,799	)

RALEIGH, N.C., Nov. 10, 2026 (GLOBE NEWSWIRE) — Lumexa Imaging (Nasdaq: LMRI), one of the nation’s largest providers of outpatient imaging services, today reported results for the third quarter ended September 30, 2026.

“In Q3, we advanced our business in several meaningful ways while executing against our strategy. Advanced modalities reached a record high as a percent of our volumes, and our newer de novo cohorts continue to ramp on plan. We are actively opening three new de novo centers and are on pace to achieve our goal for 8–10 new center openings this year,” said Caitlin Zulla, Chief Executive Officer of Lumexa Imaging. “These achievements mark progress toward our long-term growth plans, and that progress is translating into strong, durable cash generation. We enter the fourth quarter confident in our ability to deliver for patients, partners, and shareholders.”

“We are leading a transformation in healthcare – delivering high-quality imaging in more convenient settings, more quickly and at meaningfully lower cost through our wholly owned centers and alongside health system partners, improving clinical and financial outcomes.”

Third Quarter 2026 Highlights

All comparisons are to the quarter ended September 30, 2025, unless otherwise noted

• Revenue growth of 5.0% consolidated and 7.7% system-wide; consolidated revenues of $272.0 million as compared to $258.9 million
• Advanced outpatient volume growth of 7.9% consolidated and 8.1% system-wide
• Same-center advanced outpatient volume growth of 6.6% consolidated and 6.8% system-wide
• Advanced procedure mix of 31.8% consolidated and 38.2% system-wide, up 127 and 145 basis points, respectively
• Net income of $7.2 million as compared to net loss of $3.5 million
• Adjusted EBITDA of $62.6 million as compared to $59.1 million; and a 23.0% Adjusted EBITDA margin as compared to 22.8%
• GAAP EPS of $0.07 per share and Adjusted EPS of $0.26 per share

2026 Full Year Outlook:

Lumexa Imaging provided an update on its guidance for the full year ended December 31, 2026.

• Reiterating full-year 2026 consolidated revenue guidance of $1.045 billion to $1.097 billion.
• Narrowing its full-year 2026 Adjusted EBITDA guidance range to $236 million to $240 million, from its prior range of $235 million to $241 million. The midpoint of $238 million is unchanged. This includes approximately $7 million of public company costs that were not incurred in 2025. (At the midpoint of guidance, the addition of these costs lowers Adjusted EBITDA growth for 2026 versus 2025 from 7% to 4%)
• Raising guidance for Adjusted EPS to $0.86 to $0.90 from $0.71 to $0.77 per share, driven by lower assumed effective tax rate.

Lumexa Imaging Earnings Conference Call and Webcast
Lumexa Imaging will host a conference call to discuss its third quarter 2026 results on November 10, 2026 at 5:00 p.m. ET. The call can be accessed via live audio webcast online at ir.lumexaimaging.com. A replay of the webcast will be available at the same link shortly after the completion of the call and will remain available for approximately one year.

Statement Regarding Use of Non-GAAP Financial Measures
This press release uses Adjusted EBITDA and Adjusted EPS, financial measures that are not calculated in accordance with GAAP. We use  Adjusted EBITDA and Adjusted EPS, in conjunction with GAAP financial measures, as an integral part of managing our business and to, among other things: (i) monitor and evaluate the performance of our business operations and financial performance; (ii) facilitate internal comparisons of the historical operating performance of our business operations; (iii) review and assess the operating performance of our management team; and (iv) analyze and evaluate financial and strategic planning decisions regarding future operations and annual operating budgets. For a reconciliation of Adjusted EBITDA and Adjusted EPS to the most directly comparable measure calculated in accordance with GAAP, please see below.

We have not reconciled our Adjusted EBITDA or Adjusted EPS guidance to their most directly comparable GAAP measures because we do not and are not able to provide guidance for those GAAP measures due to the uncertainty and potential variability of certain reconciling items, including transaction costs, severance and executive recruiting. Because such items cannot be provided without unreasonable efforts, we are unable to provide the corresponding reconciliations. However, such reconciling items could have a significant impact on our future results.

About Lumexa Imaging

Lumexa Imaging is a nationwide provider of outpatient medical imaging. With over 5,000 team members and approximately 190 outpatient imaging centers, our team conducted approximately 4 million outpatient procedures system-wide in 2025. We are a partner of choice for health systems and radiologists, delivering best-in-class clinical excellence, operations, and state-of-the-art technology across our platform.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts contained in this press release may be forward-looking statements. Forward-looking statements generally relate to future events or our future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as “anticipate,” “believe,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” or “will,” or the negative of these words or other similar terms or expressions that concern our expectations, strategy, plans or intentions. Forward-looking statements in this release include, but are not limited to, statements regarding our expectations regarding our financial position and operating performance, including our guidance for full year 2026 and our assumptions underlying such guidance; and our ability to drive future growth and execute on our goals and strategies. Our expectations and beliefs regarding these matters may not materialize, and actual results in future periods are subject to risks and uncertainties that could cause actual results to differ materially from those projected, including but not limited to those risk factors identified in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of our Annual Report on Form 10-K for the year ended December 31, 2025 and our later dated Quarterly Reports on Form 10-Q, each as filed with the Securities and Exchange Commission. The forward-looking statements in this press release are based on information available to us as of the date hereof, and we disclaim any obligations to update any forward-looking statements, except as required by law.

Investor Contact
Sue Dooley
Lumexa Imaging
Sue.Dooley@LumexaImaging.com

Media Contact
Melissa Weston
Lumexa Imaging
Melissa.Weston@LumexaImaging.com

Lumexa Imaging Q3 2026 Outpatient Volumes Highlights:

Consolidated		3Q26		3Q25		Increase YoY
	Consolidated total procedures	631,131		609,352		3.6%
	Consolidated advanced procedures	200,600		185,913		7.9%
	% advanced procedures	31.8%		30.5%		127bps
	Consolidated same-center advanced volume growth	——		——		6.6%
System-wide
	System-wide total procedures	1,049,491		1,009,029		4.0%
	System-wide advanced procedures	400,581		370,501		8.1%
	% advanced procedures	38.2%		36.7%		145bps
	System-wide same-center advanced volume growth	——		——		6.8%
Note: Advanced Procedures includes MRI and CT modalities. As of September 30, 2026 Center count was 190 total, 87 JV and 103 consolidated.

LUMEXA IMAGING HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(IN THOUSANDS, EXCEPT FOR COMMON SHARES)
(Unaudited)
		September 30, 2026				December 31, 2025
ASSETS
Cash and cash equivalents		$	90,011			$	58,828
Accounts receivable			117,769				112,942
Accounts receivable, related party			22,570				18,893
Other receivables			33,174				19,015
Prepaid expenses			14,789				17,582
Total current assets			278,313				227,260
Property and equipment, net of accumulated depreciation			158,847				144,709
Operating lease right-of-use assets			74,833				76,555
Investments in unconsolidated affiliates			428,019				423,191
Intangible assets, net of accumulated amortization			38,582				41,335
Goodwill			807,554				807,554
Other assets			46,988				43,953
TOTAL ASSETS		$	1,833,136			$	1,764,557
LIABILITIES AND EQUITY
Accounts payable		$	20,382			$	44,857
Accrued expenses and other current liabilities			117,920				95,561
Accounts receivable pledging arrangement			2,322				1,599
Current portion of long-term debt			15,548				13,112
Current portion of finance lease liabilities			15,007				11,552
Current portion of operating lease liabilities			12,277				12,513
Total current liabilities			183,456				179,194
Long-term debt, less current maturities			821,524				819,029
Long-term finance lease liabilities, less current maturities			39,782				33,262
Long-term operating lease liabilities, less current maturities			70,377				71,437
Deferred income taxes			47,044				40,772
Other liabilities			36,870				34,740
Total liabilities			1,199,053				1,178,434
COMMITMENTS AND CONTINGENCIES
EQUITY:
Common stock, $0.001 par value, 1,000,000,000 shares authorized, 96,062,177 shares issued and outstanding at September 30, 2026 and 96,109,927 shares issued and outstanding at December 31, 2025			96				96
Additional paid-in-capital			1,253,407				1,217,087
Accumulated deficit			(619,420	)			(631,060	)
Total equity			634,083				586,123
TOTAL LIABILITIES AND EQUITY		$	1,833,136			$	1,764,557

LUMEXA IMAGING HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
(IN THOUSANDS, EXCEPT FOR SHARE AND PER SHARE DATA)
(Unaudited)
		Three Months Ended September 30,
			2026			2025
REVENUES:
Net patient service revenue		$	211,115		$	201,695
Management fee and other revenue			60,858			57,249
Total revenues			271,973			258,944
OPERATING EXPENSES:
Cost of operations, excluding depreciation and amortization			225,571			219,236
General and administrative expenses			30,025			17,081
Depreciation and amortization			10,331			9,654
Loss on disposal of property and equipment			779			623
Total operating expenses			266,706			246,594
Equity in earnings of unconsolidated affiliates			22,846			17,990
INCOME FROM OPERATIONS			28,113			30,340
OTHER EXPENSES:
Interest expense			15,674			30,577
Fair market value adjustment on debt			654			–
Total other expenses			16,328			30,577
INCOME (LOSS) BEFORE INCOME TAXES			11,785			(237	)
Income tax provision			4,607			3,264
NET INCOME (LOSS) AND COMPREHENSIVE INCOME (LOSS)		$	7,178		$	(3,501	)
Weighted average shares outstanding:
Basic			95,983,246			69,531,530
Diluted			96,256,077			69,531,530
Net income (loss) per common share
Basic		$	0.07		$	(0.05	)
Diluted		$	0.07		$	(0.05	)

LUMEXA IMAGING HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
(IN THOUSANDS, EXCEPT FOR SHARE AND PER SHARE DATA)
(Unaudited)
		Nine Months Ended September 30,
			2026			2025
REVENUES:
Net patient service revenue		$	612,168		$	592,178
Management fee and other revenue			176,504			163,169
Total revenues			788,672			755,347
OPERATING EXPENSES:
Cost of operations, excluding depreciation and amortization			668,611			639,898
General and administrative expenses			74,757			53,262
Depreciation and amortization			30,336			27,984
Loss on disposal of property and equipment			892			477
Total operating expenses			774,596			721,621
Equity in earnings of unconsolidated affiliates			56,489			49,835
INCOME FROM OPERATIONS			70,565			83,561
OTHER EXPENSES:
Interest expense			48,227			90,523
Loss on extinguishment and modification of debt			1,053			–
Fair market value adjustment on debt			654			–
Total other expenses			49,934			90,523
INCOME (LOSS) BEFORE INCOME TAXES			20,631			(6,962	)
Income tax provision			8,991			11,452
NET INCOME (LOSS) AND COMPREHENSIVE INCOME (LOSS)		$	11,640		$	(18,414	)
Weighted average shares outstanding:
Basic			95,983,242			69,527,181
Diluted			96,092,916			69,527,181
Net income (loss) per common share
Basic		$	0.12		$	(0.26	)
Diluted		$	0.12		$	(0.26	)

LUMEXA IMAGING HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(IN THOUSANDS)
(Unaudited)
		Nine Months Ended September 30,
			2026				2025
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)		$	11,640			$	(18,414	)
Adjustments to reconcile net income (loss) to net cash provided by operating activities
Depreciation and amortization			30,336				27,984
Amortization of operating lease right-of-use assets			11,879				11,162
Amortization of debt issuance costs			2,161				4,337
Amortization of cloud computing implementation costs			1,332				271
Unrealized fair market value adjustment on debt			263				–
Write-off of debt issuance costs related to extinguishment of debt			46				–
Equity in earnings of unconsolidated affiliates			(56,489	)			(49,835	)
Distributions from investments in unconsolidated affiliates			55,028				41,223
Loss on disposal of property and equipment			892				477
Deferred income taxes			6,272				3,502
Stock-based compensation			37,350				23,032
Other			(1,030	)			–
Changes in operating assets and liabilities:
Accounts receivable			(4,827	)			(7,206	)
Accounts receivable, related party			(3,677	)			2,189
Capitalized cloud computing implementation costs			(2,773	)			(1,686	)
Other receivables			(14,159	)			(7,494	)
Prepaid expenses			2,094				(6,369	)
Other assets			(2,196	)			(15,418	)
Accounts payable			(24,475	)			5,007
Accrued expenses and other current liabilities			29,725				(10,889	)
Other liabilities			2,605				7,700
Operating lease liabilities			(11,453	)			(9,602	)
Net cash provided by (used in) operating activities			70,544				(29	)
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from sale or disposal of property and equipment			196				794
Acquisition of intangible asset			(600	)			–
Purchases of property and equipment			(29,192	)			(19,228	)
Contributions to investments in unconsolidated affiliates			(3,366	)			(123	)
Net cash used in investing activities			(32,962	)			(18,557	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Payment of third-party debt issuance costs			(154	)			–
Proceeds from long-term debt			15,675				2,818
Payments of long-term debt			(11,925	)			(11,807	)
Proceeds from revolving line of credit			–				5,000
Payments of finance lease liabilities			(10,455	)			(4,926	)
Capital contributions			–				835
Proceeds from accounts receivable pledging arrangement			1,080				726
Repayments on accounts receivable pledging arrangement			(620	)			–
Net cash used in financing activities			(6,399	)			(7,354	)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS			31,183				(25,940	)
CASH AND CASH EQUIVALENTS, beginning of period			58,828				26,131
CASH AND CASH EQUIVALENTS, end of period		$	90,011			$	191

LUMEXA IMAGING HOLDINGS, INC. AND SUBSIDIARIES
RECONCILIATION OF GAAP NET INCOME (LOSS) TO ADJUSTED EBITDA
(IN THOUSANDS)
(Unaudited)
		Three Months Ended September 30,
			2026				2025
Net income (loss)		$	7,178			$	(3,501	)
Depreciation and amortization			10,331				9,654
Income tax provision			4,607				3,264
Amortization of basis difference			573				500
Interest expense			15,674				30,577
Stock-based compensation			12,339				8,312
Loss on disposal of property and equipment			779				623
Fair market value adjustment on debt			654				–
Severance and executive recruiting(1)			622				365
Strategic initiatives and implementation(2)			2,365				1,198
Transaction costs(3)			(661	)			2,899
Litigation and settlements(4)			3,578				(14	)
Other(5)			362				728
Adjustments for equity in earnings
of unconsolidated affiliates(6)			4,194				4,525
Adjusted EBITDA		$	62,595			$	59,130
(1)Includes severance and recruiting expenses for executive leadership departures as part of strategic organizational changes.
(2)Includes third-party consulting, implementation, and integration expenses incurred as part of our strategic transformation and optimization initiatives related to the deployment of a new technology system, the development, customization, and integration of a new enterprise resource planning system, and related transformation of our finance organization, including enhancements to our accounting capabilities and internal control processes.
(3)Includes costs for third party non-recurring IPO costs, buy-side and sell-side due diligence activities to evaluate and execute potential mergers and acquisitions, integrate acquired businesses and one-time employee retention bonuses related to potential mergers and acquisitions.
(4)Consists of litigation and settlement costs for matters not related to core operations.
(5)Consists of other costs related to debt financing, certain de novo start-up costs related to outpatient imaging centers and certain exit costs related to closed outpatient imaging centers.
(6)To adjust for Lumexa Imaging’s proportional share of depreciation and amortization, interest expense and losses/gains on asset disposals, which are included in equity in earnings from unconsolidated affiliates.

LUMEXA IMAGING HOLDINGS, INC. AND SUBSIDIARIES
RECONCILIATION OF GAAP NET INCOME (LOSS) TO ADJUSTED EBITDA
(IN THOUSANDS)
(Unaudited)
		Nine Months Ended September 30,
			2026			2025
Net income (loss)		$	11,640		$	(18,414	)
Depreciation and amortization			30,336			27,984
Income tax provision			8,991			11,452
Amortization of basis difference			1,678			1,500
Interest expense			48,227			90,523
Stock-based compensation			37,350			23,032
Loss on extinguishment and modification of debt			1,053			–
Loss on disposal of property and equipment			892			477
Fair market value adjustment on debt			654			–
Severance and executive recruiting(1)			2,253			2,538
Strategic initiatives and implementation(2)			5,849			3,084
Transaction costs(3)			2,628			10,363
Litigation and settlements(4)			4,780			(142	)
Other(5)			444			886
Adjustments for equity in earnings
of unconsolidated affiliates(6)			13,464			13,121
Adjusted EBITDA		$	170,239		$	166,404
(1)Includes severance and recruiting expenses for executive leadership departures as part of strategic organizational changes.
(2)Includes third-party consulting, implementation, and integration expenses incurred as part of our strategic transformation and optimization initiatives related to the deployment of a new technology system, the development, customization, and integration of a new enterprise resource planning system, and related transformation of our finance organization, including enhancements to our accounting capabilities and internal control processes.
(3)Includes costs for third party non-recurring IPO costs, buy-side and sell-side due diligence activities to evaluate and execute potential mergers and acquisitions, integrate acquired businesses and one-time employee retention bonuses related to potential mergers and acquisitions.
(4)Consists of litigation and settlement costs for matters not related to core operations.
(5)Consists of other costs related to debt financing, certain de novo start-up costs related to outpatient imaging centers and certain exit costs related to closed outpatient imaging centers.
(6)To adjust for Lumexa Imaging’s proportional share of depreciation and amortization, interest expense and losses/gains on asset disposals, which are included in equity in earnings from unconsolidated affiliates.

LUMEXA IMAGING HOLDINGS, INC. AND SUBSIDIARIES
SCHEDULE OF ADJUSTED EARNINGS AND EARNINGS PER SHARE
(IN THOUSANDS, EXCEPT PER SHARE DATA)
(Unaudited)
		Three Months Ended September 30,
			2026				2025
Net income (loss)		$	7,178			$	(3,501	)
Stock-based compensation			12,339				8,312
Loss on disposal of property and equipment			779				623
Fair market value adjustment on debt			654				–
Severance and executive recruiting(1)			622				365
Strategic initiatives and implementation(2)			2,365				1,198
Transaction costs(3)			(661	)			2,899
Litigation and settlements(4)			3,578				(14	)
Other(5)			362				728
Adjustments for equity in earnings
of unconsolidated affiliates(6)			160				255
Total adjustments			20,198				14,366
Tax impact of adjustments(7)			(2,722	)			(1,515	)
Adjusted net income		$	24,654			$	9,350
Weighted average shares outstanding
Basic			95,983,246				69,531,530
Diluted			96,256,077				69,531,530
Adjusted basic net income per share		$	0.26			$	0.13
Adjusted diluted net income per share		$	0.26			$	0.13
(1)Includes severance and recruiting expenses for executive leadership departures as part of strategic organizational changes.
(2)Includes third-party consulting, implementation, and integration expenses incurred as part of our strategic transformation and optimization initiatives related to the deployment of a new technology system, the development, customization, and integration of a new enterprise resource planning system, and related transformation of our finance organization, including enhancements to our accounting capabilities and internal control processes.
(3)Includes costs for third party non-recurring IPO costs, buy-side and sell-side due diligence activities to evaluate and execute potential mergers and acquisitions, integrate acquired businesses and one-time employee retention bonuses related to potential mergers and acquisitions.
(4)Consists of litigation and settlement costs for matters not related to core operations.
(5)Consists of other costs related to debt financing, certain de novo start-up costs related to outpatient imaging centers and certain exit costs related to closed outpatient imaging centers.
(6)To adjust for Lumexa Imaging’s proportional share of losses/gains on asset disposals, which are included in equity in earnings from unconsolidated affiliates.
(7)Tax effected adjustments using blended federal and state effective income tax rate.

LUMEXA IMAGING HOLDINGS, INC. AND SUBSIDIARIES
SCHEDULE OF ADJUSTED EARNINGS AND EARNINGS PER SHARE
(IN THOUSANDS, EXCEPT PER SHARE DATA)
(Unaudited)
		Nine Months Ended September 30,
			2026				2025
Net income (loss)		$	11,640			$	(18,414	)
Stock-based compensation			37,350				23,032
Loss on disposal of property and equipment			892				477
Loss on extinguishment and modification of debt			1,053				–
Fair market value adjustment on debt			654				–
Severance and executive recruiting(1)			2,253				2,538
Strategic initiatives and implementation(2)			5,849				3,084
Transaction costs(3)			2,628				10,363
Litigation and settlements(4)			4,780				(142	)
Other(5)			444				886
Adjustments for equity in earnings
of unconsolidated affiliates(6)			755				309
Total adjustments			56,658				40,547
Tax impact of adjustments(7)			(7,183	)			(4,381	)
Adjusted net income		$	61,115			$	17,752
Weighted average shares outstanding
Basic			95,983,242				69,527,181
Diluted			96,092,916				69,527,181
Adjusted basic net income per share		$	0.64			$	0.26
Adjusted diluted net income per share		$	0.64			$	0.26
(1)Includes severance and recruiting expenses for executive leadership departures as part of strategic organizational changes.
(2)Includes third-party consulting, implementation, and integration expenses incurred as part of our strategic transformation and optimization initiatives related to the deployment of a new technology system, the development, customization, and integration of a new enterprise resource planning system, and related transformation of our finance organization, including enhancements to our accounting capabilities and internal control processes.
(3)Includes costs for third party non-recurring IPO costs, buy-side and sell-side due diligence activities to evaluate and execute potential mergers and acquisitions, integrate acquired businesses and one-time employee retention bonuses related to potential mergers and acquisitions.
(4)Consists of litigation and settlement costs for matters not related to core operations.
(5)Consists of other costs related to debt financing, certain de novo start-up costs related to outpatient imaging centers and certain exit costs related to closed outpatient imaging centers.
(6)To adjust for Lumexa Imaging’s proportional share of losses/gains on asset disposals, which are included in equity in earnings from unconsolidated affiliates.
(7)Tax effected adjustments using blended federal and state effective income tax rate.

LUMEXA IMAGING HOLDINGS, INC. AND SUBSIDIARIES
DETAILS OF MANAGEMENT FEE AND OTHER REVENUES
(IN THOUSANDS)
(Unaudited)
		Three Months Ended September 30,
			2026			2025
Components of “management fee and other revenues:”
Fees for managing joint ventured outpatient sites and other third party services		$	25,889		$	23,843
Zero margin pass-throughs of employee, IT and other site level costs paid by Lumexa			34,969			33,406
Total revenues		$	60,858		$	57,249
		Nine Months Ended September 30,
			2026			2025
Components of “management fee and other revenues:”
Fees for managing joint ventured outpatient sites and other third party services		$	73,490		$	64,497
Zero margin pass-throughs of employee, IT and other site level costs paid by Lumexa			103,014			98,672
Total revenues		$	176,504		$	163,169

LUMEXA IMAGING HOLDINGS, INC. AND SUBSIDIARIES
SEGMENT REVENUES
(IN THOUSANDS)
(Unaudited)
		THREE MONTHS ENDED SEPTEMBER 30, 2026
		OUTPATIENT			PROFESSIONAL			INTERSEGMENT ELIMINATIONS				TOTAL OF REPORTABLE SEGMENTS
Revenue
Net patient service revenue		$	148,975		$	66,342		$	(4,202	)		$	211,115
Management fee and other revenue			52,974			7,884			–				60,858
Total revenues		$	201,949		$	74,226		$	(4,202	)		$	271,973

The recognition reflects feedback from 200 Tyson team members across key operational areas

JOHNS CREEK, Ga., Nov. 10, 2026 (GLOBE NEWSWIRE) — Saia Inc. (NASDAQ: SAIA) announced today that it has been named Tyson’s LTL Carrier of the Year for the company’s fiscal year ending September 2026.

The annual award recognizes one carrier in the less-than-truckload (LTL) category and is based on feedback from approximately 200 Tyson team members representing functions across the organization, including operational service, invoicing, claims, and customer service.

“We’re honored to be recognized by Tyson as its ‘LTL Carrier of the Year,’” said Executive Vice President and Chief Customer Officer Ray Ramu. “What makes this recognition especially meaningful is that it reflects feedback from people across many different areas of Tyson’s business. It speaks to the commitment of our employees who work every day to provide reliable service and a positive experience for our customers.”

Saia’s recognition underscores the company’s continued focus on delivering consistent service and supporting customers throughout every stage of the shipping experience.

“Strong carrier partnerships are important to our business, and Saia has consistently shown its commitment to supporting our teams,” said Tyson Director of Transportation Todd Skidmore. “We’re proud to recognize Saia as our ‘LTL Carrier of the Year’ and appreciate the service and partnership they provide.”

“We value our relationship with Tyson and appreciate the confidence they place in Saia,” added Ramu. “This award belongs to our employees across the network whose dedication makes that trust possible.”

For more information about Saia and its freight and logistics capabilities, visit Saia.com.

About Saia, Inc.

Saia, Inc. (NASDAQ: SAIA) is a full-service freight and logistics provider with a national footprint built to deliver reliable, flexible shipping solutions. With industry-leading operations and a strong emphasis on the customer experience, the company helps keep freight – and businesses – moving. Saia offers customers a wide range of less-than-truckload, brokered truckload, expedited transportation, and other logistics services. Headquartered in Johns Creek, Georgia, the company operates 219 terminals providing national service. Saia has repeatedly been recognized for its people-centric, safety-driven, and sustainability-minded focus. For more information on Saia, Inc., visit Saia.com. For more information, contact:

Jeannie S. Jump
Saia Corporate Communications
Phone: 770-232-4069 · E-mail jjump@saia.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/d2f45098-e8ea-47b7-b9c3-a811aabf01c2

DELRAY BEACH, Fla., Nov. 10, 2026 (GLOBE NEWSWIRE) — PetMed Express, Inc. dba PetMeds and parent company of PetCareRx (NASDAQ: PETS) today announced its financial results for its second quarter ended September 30, 2026. 

Quarterly Highlights

• For the second quarter ended September 30, 2026, net sales were $35.8 million compared to $44.4 million for the prior year period, a decrease of 19.4%, primarily driven by a decline in prescription medication sales and higher consumer promotional usage.
• Net loss for the quarter ended September 30, 2026, was $6.4 million, or $(0.31) per diluted share, compared to a net loss of $8.5 million, or $(0.41) per diluted share, for the prior year period. The decrease in net loss was primarily driven by lower general and administrative expenses and advertising expenses. These favorable factors were partially offset by lower gross profit primarily driven by unfavorable product mix shift and lower manufacturer rebates as a percentage of sales, partially offset by lower net freight costs per order.
• Adjusted EBITDA¹ was $(3.6) million compared to $(2.3) million in the prior year period.

“We have stabilized the operations of the business and our focus now is on transforming our core direct-to-consumer pharmacy business and making PetMeds a leaner, more profitable company at the size we are today,” said Jeff Willard, Chief Executive Officer and President of PetMeds. “We are already making progress: this quarter we cut our cost to acquire a new customer by 32% from a year ago. Next, we are repositioning the brand so pet parents know exactly why to choose PetMeds, making our marketing work harder, making our website easier to buy from, and keeping more of the customers we win. Every one of these steps is built to create a profitable PetMeds that can grow again.”

Earnings Webcast
PetMeds will host a webcast reviewing financial results for the second quarter ended September 30, 2026 at 4:30pm Eastern Time today. The webcast can be accessed at the “News & Events” section of the Company’s investor relations website at https://investors.petmeds.com/News–Events/events-and-presentations/default.aspx or directly here.

About PetMed Express, Inc.

Founded in 1996, PetMeds is a pioneer in the direct-to-consumer pet healthcare sector. As a trusted national online pharmacy, PetMeds is licensed across all 50 states and staffed with expert pharmacists dedicated to supporting pet wellness, pets and pet parents, and the veterinarians who serve them. Through its PetMeds family of brands and through its PetCareRx subsidiary, the Company offers a comprehensive range of pet health solutions – including top-brand and generic pharmaceuticals, compounded medications, and better-for-your-pet OTC supplements and nutrition. Focused on value, convenience, and care, PetMeds and PetCareRx empower pet parents to help their dogs, cats, and horses live longer, healthier lives. To learn more, visit www.PetMeds.com and www.PetCareRx.com

Forward Looking Statement

This press release may contain “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, that involve a number of risks and uncertainties, including the Company’s ability to meet the objectives included in its business plan. Important factors that could cause results to differ materially from those indicated by such forward-looking statements are set forth in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections in the Company’s Annual Report on Form 10-K for the year ended March 31, 2026, filed on June 2, 2026. The Company’s future results may also be impacted by other risk factors listed from time to time in the Company’s filings with the Securities and Exchange Commission, including, but not limited to, the Company’s Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and periodic filings on Form 8-K. You should not place undue reliance on these forward-looking statements, which apply only as of the date of this press release and should not be relied upon as representing the Company’s views as of any subsequent date. The Company explicitly disclaims any obligation to update any forward-looking statements, other than as may be required by law. If the Company does update one or more forward-looking statements, no inference should be made that the Company will make additional updates with respect to those or other forward-looking statements.

Investor Contact:
ICR, LLC
Reed Anderson
(646) 277-1260
investor@petmeds.com

PETMED EXPRESS, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (In thousands, except for share and per share amounts)
	September 30, 2026				March 31, 2026
	(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents	$	11,418			$	21,412
Accounts receivable, less allowance for credit losses of $0 and $25, respectively		1,373				1,908
Inventories		6,303				13,608
Prepaid expenses and other current assets		6,187				6,378
Prepaid income taxes		62				258
Total current assets		25,343				43,564
Noncurrent assets:
Property and equipment, net		23,472				26,326
Intangible and other assets, net		10,310				10,789
Operating lease right-of-use assets		278				512
Total noncurrent assets		34,060				37,627
Total assets	$	59,403			$	81,191
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	15,258			$	20,906
Sales tax payable		18,927				22,261
Accrued expenses and other current liabilities		7,302				7,665
Current operating lease liabilities		291				493
Deferred revenue		588				689
Income taxes payable		—				20
Total current liabilities		42,366				52,034
Deferred tax liabilities, net		175				175
Operating lease liabilities, net of current lease liabilities		—				42
Total liabilities		42,541				52,251
Shareholders’ equity:
Preferred stock, $0.001 par value, 5,000,000 shares authorized:
Convertible preferred stock, $0.001 par value, with a liquidation preference of $4 per share, 250,000 shares authorized; 2,500 and 2,500 convertible shares issued and outstanding, respectively		9				9
Series A Junior Participating Preferred Stock, $0.001 par value, 100,000 shares authorized; no shares issued or outstanding		—				—
Common stock, $.001 par value, 40,000,000 shares authorized; 22,131,508 and 21,385,638 shares issued and outstanding, respectively		22				21
Additional paid-in capital		20,147				19,647
Retained earnings		(3,316	)			9,263
Total shareholders’ equity		16,862				28,940
Total liabilities and shareholders’ equity	$	59,403			$	81,191

PETMED EXPRESS, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except for share and per share amounts) (Unaudited)
	Three Months Ended September 30,								Six Months Ended September 30,
		2026				2025				2026				2025
Net sales	$	35,770			$	44,364			$	76,785			$	95,544
Cost of sales		25,967				31,949				55,649				68,726
Gross profit		9,803				12,415				21,136				26,818
Operating expenses:
General and administrative		11,968				14,176				23,165				27,124
Advertising		2,072				4,341				6,292				10,387
Depreciation and amortization		2,182				2,278				4,330				4,561
Impairment of goodwill and intangible assets		—				—				—				27,258
Total operating expenses		16,222				20,795				33,787				69,330
Loss from operations		(6,419	)			(8,380	)			(12,651	)			(42,512	)
Other income:
Interest (expense) income, net		(195	)			(326	)			(533	)			(524	)
Other, net		194				195				632				382
Total other (expense) income		(1	)			(131	)			99				(142	)
Loss before provision for income taxes		(6,420	)			(8,511	)			(12,552	)			(42,654	)
Provision for income taxes		14				9				27				18
Net loss	$	(6,434	)		$	(8,520	)		$	(12,579	)		$	(42,672	)
Basic and diluted net loss per share	$	(0.31	)		$	(0.41	)		$	(0.60	)		$	(2.05	)
Basic and diluted weighted-average common shares outstanding		21,072,155				20,889,124				21,059,843				20,822,270

PETMED EXPRESS, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) (Unaudited)
	Six Months Ended September 30,
		2026				2025
Cash flows from operating activities:
Net loss	$	(12,579	)		$	(42,672	)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization		4,330				4,561
Impairment of goodwill and intangible assets		—				27,258
Share-based compensation		524				839
Bad debt (recovery) expense		—				6
(Increase) decrease in operating assets and increase (decrease) in operating liabilities:
Accounts receivable		535				346
Inventories		7,305				1,437
Prepaid income taxes		196				36
Prepaid expenses and other current assets		191				(1,031	)
Operating lease right-of-use assets		234				225
Accounts payable		(5,648	)			(4,445	)
Sales tax payable		(3,334	)			416
Accrued expenses and other current liabilities		(133	)			(23	)
Lease liabilities		(244	)			(228	)
Deferred revenue		(101	)			(1,090	)
Income taxes payable		(20	)			(80	)
Net cash used in operating activities		(8,744	)			(14,445	)
Cash flows from investing activities:
Purchases of property and equipment		(1,227	)			(3,916	)
Net cash used in investing activities		(1,227	)			(3,916	)
Cash flows from financing activities:
Dividends paid		—				(23	)
Cash paid for tax withholding on net settlement of restricted stock		(23	)			(238	)
Net cash used in financing activities		(23	)			(261	)
Net decrease in cash and cash equivalents		(9,994	)			(18,622	)
Cash and cash equivalents, at beginning of period		21,412				54,720
Cash and cash equivalents, at end of period	$	11,418			$	36,098
Supplemental disclosure of cash flow information:
Cash paid for income taxes, net of refunds	$	(137	)		$	66
Dividends payable in accrued expenses and other current liabilities	$	—			$	1
Non-cash investing activity for property and equipment additions	$	(230	)		$	(854	)

Non-GAAP Financial Measures

To provide investors and the market with additional information regarding our financial results, we have disclosed (see below) adjusted EBITDA, a non-GAAP financial measure that we calculate as net income excluding share-based compensation expense (benefit), depreciation and amortization; income tax provision, interest income (expense), and certain other non-operational expenses. We have provided reconciliations below of net (loss) income to adjusted EBITDA, the most directly comparable GAAP financial measures.

We have included adjusted EBITDA, herein, because it is a key measure used by our management and Board of Directors to evaluate our operating performance, generate future operating plans, and make strategic decisions regarding the allocation of capital. In particular, the exclusion of certain expenses in calculating adjusted EBITDA facilitates operating performance comparability across reporting periods by removing the effect of non-cash expenses and other expenses. Accordingly, we believe that adjusted EBITDA provides useful information to investors and others in understanding and evaluating our operating results in the same manner as our management and Board of Directors.

We believe it is useful to exclude non-cash charges, such as share-based compensation expense (benefit) and depreciation and amortization from our adjusted EBITDA because the amount of such expenses in any specific period may not directly correlate to the underlying performance of our business operations. We believe it is useful to exclude income tax provision and interest income (expense), as neither are components of our core business operations. We also believe that it is useful to exclude other non-operational expenses, employee severance, impairment of goodwill and intangible assets, and interest expense relating to an estimated unremitted prior sales tax accrual as these items are not indicative of our ongoing operations. Adjusted EBITDA has limitations as a financial measure, and these non-GAAP measures should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. Some of these limitations are:

• Although depreciation and amortization are non-cash charges, the assets being depreciated and amortized may have to be replaced in the future and adjusted EBITDA does not reflect capital expenditure requirements for such replacements or for new capital expenditures;
• Adjusted EBITDA does not reflect net share-based compensation. Share-based compensation has been, and will continue to be for the foreseeable future, a material recurring expense in our business and an important part of our compensation strategy;
• Adjusted EBITDA does not reflect interest income (expense), net; or changes in, or cash requirements for, our working capital;
• Adjusted EBITDA does not reflect transaction related costs and other items which are either not representative of our underlying operations or are incremental costs that result from an actual or planned transaction and include litigation matters, integration consulting fees, internal salaries and wages (to the extent the individuals are assigned full-time to integration and transformation activities) and certain costs related to integrating and converging IT systems;
• Adjusted EBITDA does not reflect certain non-operating expenses including the employee severance which reduces cash available to us;
• Adjusted EBITDA does not reflect certain non-operating expenses (income) including sales tax expense (income) relating to recording a liability for sales tax we did not collect from our customers;
• Other companies, including companies in our industry, may calculate adjusted EBITDA differently, which reduces the measures usefulness as comparative measures.

Because of these and other limitations, Adjusted EBITDA should only be considered as supplemental to, and alongside with other GAAP based financial performance measures, including various cash flow metrics, net income, net margin, and our other GAAP results.

The following table presents a reconciliation of net loss, the most directly comparable GAAP measure to Adjusted EBITDA for each of the periods indicated:

Reconciliation of Unaudited Non-GAAP Measures PetMed Express, Inc.
	Three Months Ended								Increase (Decrease)
($ in thousands, except percentages)	September 30, 2026				September 30, 2025				$				%
Consolidated Reconciliation of GAAP Net Loss to Adjusted EBITDA:
Net loss	$	(6,434	)		$	(8,520	)		$	2,086			24	%
Add (subtract):
Share-based Compensation Expense		326				248				78			31	%
Income Taxes		14				9				5			56	%
Depreciation and Amortization		2,182				2,278				(96	)		(4)%
Interest Expense (Income), Net		195				326				(131	)		(40)%
Employee Severance		74				1,223				(1,149	)		(94)%
Professional Fees(1)		—				2,120				(2,120	)		(100)%
Adjusted EBITDA	$	(3,643	)		$	(2,316	)		$	(1,327	)		(57)%

	Six Months Ended								Increase (Decrease)
($ in thousands, except percentages)	September 30, 2026				September 30, 2025				$ Change				% Change
Consolidated Reconciliation of GAAP Net Loss to Adjusted EBITDA:
Net loss	$	(12,579	)		$	(42,672	)		$	30,093			71	%
Add (subtract):
Share-based Compensation Expense		524				839				(315	)		(38)%
Income Taxes		27				18				9			50	%
Depreciation and Amortization		4,330				4,561				(231	)		(5)%
Interest Expense (Income), Net		533				524				9			2	%
Employee Severance		74				1,319				(1,245	)		(94)%
Professional Fees(1)		—				3,141				(3,141	)		(100)%
Impairment of goodwill and intangible assets		—				27,258				(27,258	)		(100)%
Adjusted EBITDA	$	(7,091	)		$	(5,012	)		$	(2,079	)		(41)%

(1) Consists of professional fees related to the completed Audit Committee investigation as previously disclosed in the Company’s Annual Report on Form 10-K for the fiscal year ended March 31, 2025.

______________________
¹ Adjusted EBITDA is a non-GAAP financial measure. See “Non-GAAP Financial Measures” for additional information on non-GAAP financial measures and a reconciliation to the most comparable GAAP measures.

– Managed Premiums In-Force Grows 72% from Prior-Year Quarter End to $678 million –

– Managed Premiums Written Grows 60% Year-over-Year to $204 million –

– Net Income Increases 32% Year-over-Year to $11 million –

– Completed Initial Public Offering in September 2026 –

MELBOURNE, Fla., Nov. 10, 2026 (GLOBE NEWSWIRE) — Orion180 Insurance Group Inc. (NASDAQ: OIG) (“Orion180” or the “Company”), a leading provider of flexible, customer-centric homeowners and flood insurance solutions, today announced financial results for the third quarter ended September 30, 2026.

Third Quarter 2026 Highlights

• Managed premiums in-force was $678 million as of September 30, 2026 vs. $394 million as of September 30, 2025.
• Managed premiums written grew 60% to $204 million during the third quarter of 2026 vs. $127 million in the prior-year period.
• New business premiums written increased 62% to $102 million during the third quarter of 2026 vs. $63 million in the prior-year period.
• Policy retention rate was 88% during the third quarter of 2026 vs. 90% in the prior-year period.
• Net income grew 32% to $11 million during the third quarter of 2026 vs. $9 million in the same quarter during the prior year.
• Consolidated adjusted EBITDA increased 65% to $25 million during the third quarter of 2026, compared to $15 million in the prior-year period.

“We delivered an excellent quarter across our key metrics, rapidly growing our managed premiums while significantly increasing our profitability on a year-over-year basis,” said Kenneth Gregg, Chief Executive Officer of Orion180. “In addition, we achieved a major milestone in our Company’s history by successfully completing our initial public offering. We believe our results reflect the strength, differentiation and scalability of the business model we have built over the past eight years.”

“We are well-positioned to produce durable growth on both our top and bottom lines, which is driven by our attractive suite of homeowners solutions – including our flagship FLEX product – as well as our proprietary end-to-end MY180 tech platform, which allows us to seamlessly combine best-in-class underwriting, claims management, and real-time analytic capabilities,” added Mr. Gregg. “As a result, we are able to compound our competitive advantage and continue our growth with underwriting discipline across our growing 14-state footprint. We also continue to develop our MY180 tech platform capabilities to further drive future growth. Moving forward, we are well-positioned to sustainably continue gaining market share while increasing long-term value for shareholders, leading the way as a premier provider of specialty property insurance solutions.”

Third Quarter 2026 Key Results

	Three Months Ended September 30,
($ in thousands)	2026				2025				Change
GAAP Financial Measures
Gross premiums written	$	203,815			$	127,181			$	76,634		60.3	%
Net income	$	11,466			$	8,665			$	2,801		32.3	%
Non-GAAP Financial Measures
Consolidated adjusted EBITDA (1)	$	25,129			$	15,267			$	9,862		64.6	%
Segment Performance Measures
Services Segment
Commission and fees (2)	$	75,065			$	45,673			$	29,392		64.4	%
Services adjusted EBITDA (3)	$	18,585			$	15,977			$	2,608		16.3	%
Underwriting Segment
Net premiums earned	$	29,935			$	19,648			$	10,287		52.4	%
Gross loss ratio		32.8	%			27.3	%			—		5.5	pp

________

(1)	Information regarding the non-GAAP financial measures included in this press release, including definitions of these measures, reconciliations to the most comparable GAAP measures and limitations related thereto, is described below under “Use of Non-GAAP Financial Measures” and in the tables attached to this press release.
(2)	Commission and fees revenue is a non-GAAP financial measure and services segment metric. It represents total services segment revenue, less other services segment income. Please see the section titled “—Segment results—Services segment” within this earnings release for a description of the segment and the key performance measures that management uses.
(3)	Services Adjusted EBITDA for the Services segment is a key performance measure that management uses to measure segment profitability. Please see the section titled “—Segment results—Services segment” within this earnings release for a description of the segment and a reconciliation to consolidated net income.

The following table presents a summary of the Company’s premium and policy retention rates:

	Three Months Ended September 30,
($ in thousands)	2026				2025				$ Change			% Change
Managed premiums in-force (period-end)	$	678,220			$	393,519			$	284,701		72.3	%
Managed premiums written	$	203,858			$	127,204			$	76,654		60.3	%
New business premiums written	$	102,397			$	63,399			$	38,998		61.5	%
Policy retention rate		87.6	%			89.6	%			—		-2.0	pp

Liquidity and Capital Resources

Orion180 closed its initial public offering of 20,000,000 shares of Class A common stock on September 21, 2026. As of September 30, 2026, the Company has 99,058,193 shares of common stock outstanding.

As of September 30, 2026, the Company had cash and cash equivalents of $166 million and outstanding debt of $56 million on its balance sheet.

Webcast and Conference Call

Orion180 will hold a conference call to discuss its financial results today at 5:00 pm Eastern Time. A live webcast of the conference call will be available at ir.orion180.com. The dial-in for the conference call is (877) 269-7751 (toll-free) or (201) 389-0908 (international). Please dial the number 10 minutes prior to the scheduled start time.

A webcast replay of the call will be available at ir.orion180.com for one year following the call.

About Orion180

Orion180 Insurance Group Inc. (Orion180) (NASDAQ: OIG) is a founder-led technology-focused, high growth, high-margin specialty insurance group delivering innovative insurance solutions with a growing footprint across the United States. Since beginning operations in 2018, they have organically grown to become the second largest excess and surplus (“E&S”) lines homeowners insurance provider in the United States by direct written premiums with a presence in 14 states. Their diverse product offerings across E&S and admitted homeowners’ insurance, private flood insurance, and a range of ancillary products are distributed through a network of approximately 17,000 active independent agents as of September 30, 2026.

Orion180’s business is built on four core principles: (i) a relentless focus on innovation, (ii) real-time, data-driven decision making through their proprietary, end-to-end MY180 platform, (iii) ease of doing business, and (iv) long-term partnerships with their distribution providers and reinsurance partners. Headquartered in Melbourne, Florida, Orion180 also has offices in Irving, Texas and Draper, Utah. Learn more at www.orion180.com.

Orion180® is a registered trademark of Orion180 Insurance Group Inc.

Investor Relations	Media Relations
ir@orion180.com	media@orion180.com

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including without limitation statements regarding the scalability of our business model, our anticipated growth, including our ability to produce durable growth, our ability to continue gaining market share while creating long-term value for shareholders, our becoming a premier provider of specialty property insurance solutions over time, our future financial performance, business prospects and strategy, our future results of operations and financial condition and liquidity position, how macroeconomic conditions affect our business, including future industry and market dynamics and regulatory and market constraints, our access to capacity and reinsurance, and the development and performance of our proprietary technology platform. Without limiting the generality of the foregoing, you can identify forward-looking statements because they contain words such as “may,” “will,” “shall,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “target,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “potential,” “goal,” “objective,” “seeks,” or “continue” or the negative of these words or other similar terms or expressions that concern our expectations, strategy, plans, or intentions. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to, the following: our dependence on third-party independent agents to distribute our products; intense competition in the property insurance markets; our ability to accurately price risks and maintain adequate loss reserves; the availability and cost of reinsurance; severe weather conditions, catastrophes, and the effects of climate change; our reliance on our proprietary technology platform and rapid changes in technology, including AI; our dependence on the services of our founder and senior management team; regulatory developments; cybersecurity and data privacy risks; our level of indebtedness; general economic conditions, including changes in the housing market; and the dual class structure of our common stock. These and other important factors discussed under the caption “Risk Factors” in our final prospectus filed pursuant to Rule 424(b) on September 21, 2026 related to our initial public offering, as such factors may be updated from time to time in our filings with the SEC, including without limitation, our Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2026 and our other filings with the SEC, could cause actual results to differ materially from those indicated by the forward-looking statements made in this press release. Any such forward-looking statements represent management’s estimates as of the date of this press release. While we may elect to update such forward-looking statements at some point in the future, we disclaim any obligation to do so, even if subsequent events cause our views to change.

Non-GAAP Financial Measures

In addition to the metrics and indicators set forth above, this press release contains certain financial measures that are not presented in accordance with generally accepted accounting principles in the United States (“GAAP”), including Consolidated Adjusted EBITDA, Consolidated Adjusted EBITDA Margin, and Commission and Fees Revenue (collectively, “non-GAAP financial measures”). We utilize these measures to analyze our business and provide useful information about our financial performance. The non-GAAP financial measures are not recognized terms under GAAP and should not be considered as alternatives to the corresponding GAAP measures of financial performance, or any other performance measure derived in accordance with GAAP. Because not all companies use identical calculations, the presentation of the non-GAAP financial measures may not be comparable to other similarly titled measures of other companies and can differ significantly from company to company. Our management uses these non-GAAP financial measures, in conjunction with GAAP financial measures, as an integral part of managing our business and to, among other things: (i) monitor and evaluate the performance of our business operations and financial performance; (ii) facilitate internal comparisons of the historical operating performance of our business operations; (iii) facilitate external comparisons of the results of our overall business to the historical operating performance of other companies that may have different capital structures and debt levels and different go-to-market models; (iv) review and assess the operating performance of our management team; (v) analyze and evaluate financial and strategic planning decisions regarding future operating investments; and (vi) plan for and prepare future annual operating budgets and determine appropriate levels of operating investments.

We monitor the following key business metrics and non-GAAP financial measures that assist us in evaluating our business, measuring our performance, identifying trends and making strategic decisions.

Consolidated Adjusted EBITDA and Consolidated Adjusted EBITDA Margin

Consolidated adjusted EBITDA removes non-cash and non-recurring charges that occur in the affected period and provides a basis for measuring our core financial performance against other periods. We define consolidated adjusted EBITDA as earnings before interest, taxes, depreciation, amortization (i.e., software and loan), and non-recurring charges.

Consolidated adjusted EBITDA is a non-GAAP financial measure used as an analytical indicator to assess business performance. Consolidated adjusted EBITDA should not be construed as a measure of financial performance, liquidity, or cash flows provided by or (used) in operating, investing, and financing activities, as there may be significant factors or trends that it fails to address. Consolidated adjusted EBITDA should not be considered in isolation or as an alternative to net income (loss), or other financial statement data presented in our consolidated financial statements as an indicator of financial performance. Consolidated adjusted EBITDA is not a measurement determined in accordance with GAAP and is therefore susceptible to varying methods of calculation and this measure, as presented, may not be comparable to other similarly titled measures of other companies. We caution investors that non-GAAP financial information departs from traditional accounting conventions. Therefore, its use can make it difficult to compare our results with the results of other companies.

Consolidated adjusted EBITDA margin is a non-GAAP financial measure that management uses to evaluate operating profitability relative to revenue and to facilitate period-over-period comparisons of our core performance.

We define Consolidated adjusted EBITDA margin as consolidated adjusted EBITDA divided by total revenues.

Orion180 Insurance Group, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(in thousands, except share and par value data)
	September 30, 2026				December 31, 2025
	(unaudited)				(audited)
Assets
Fixed maturities, available-for-sale, at fair value (amortized cost of $59,821 and $33,817)	$	59,184			$	33,876
Fixed maturities, held-to-maturity, at amortized cost, net of credit loss allowance (fair value of $26,064 and $32,823)		26,239				32,694
Short-term investments		20,147				39,362
Total invested assets		105,570				105,932
Cash and cash equivalents		165,673				47,853
Restricted cash		7,715				8,299
Accrued investment income		775				806
Commission and service fee income receivable		5,753				4,338
Premiums and other receivables, net		41,817				25,902
Reinsurance recoverable on paid and unpaid losses, net		95,840				42,159
Prepaid reinsurance premiums		468,688				258,027
Capitalized software, net		18,312				13,773
Other assets		26,729				10,743
Total assets		936,872				517,832
Liabilities, mezzanine equity and shareholders’ equity
Liabilities:
Unpaid losses and loss adjustment expenses		57,516				23,352
Unearned premiums		385,250				240,206
Other policyholders’ funds		3,098				834
Reinsurance payable		283,300				112,633
Deferred policy acquisition costs, net of ceding commissions		27,336				9,170
Accounts payable and other liabilities		69,549				39,504
Income taxes payable		2,520				3,787
Debt, net of unamortized issuance costs		55,962				60,955
Total liabilities		884,531				490,441
Commitments and contingencies
Mezzanine equity:
Preferred stock ($0.001 and $0.00 par value, 50,000,000 and 1,000,000 shares authorized, 0 and 600,000 shares issued and outstanding)		—				15,283
Total mezzanine equity		—				15,283
Shareholders’ equity:
Class A common stock, $0.001 par value; 400,000,000 shares authorized; 39,122,933 and 0 shares issued and outstanding. Class B common stock, $0.001 par value; 100,000,000 shares authorized, 59,935,260 and 0 shares issued and outstanding. Common stock, $0.00 par value; 0 and 120,000,000 shares authorized, 0 and 78,792,040 shares issued and outstanding.		99				—
Additional paid-in capital		224,702				2,770
Accumulated other comprehensive income (loss), net of taxes		(510	)			54
Retained earnings (Accumulated deficit)		(171,950	)			9,284
Total shareholders’ equity		52,341				12,108
Total liabilities, mezzanine equity and shareholders’ equity	$	936,872			$	517,832

Orion180 Insurance Group Inc. and Subsidiaries
Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited)
(in thousands, except share and per share data)
	Three Months Ended September 30,								Nine Months Ended September 30,
	2026				2025				2026				2025
Revenues:
Net premiums earned	$	29,935			$	19,648			$	72,206			$	49,070
Policy fee income		17,166				10,077				45,082				24,737
Commission and service fee income		4,128				2,353				10,231				5,018
Net investment income		2,665				2,044				6,447				5,954
Realized gain (loss) on investments		4				—				9				(241	)
Total revenues		53,898				34,122				133,975				84,538
Expenses:
Losses and loss adjustment expenses, net		11,052				8,154				36,769				34,775
General and administrative expenses		32,392				16,140				70,170				42,797
Policy acquisition expenses		(14,486	)			(4,405	)			(26,832	)			(8,556	)
Interest expense		4,637				1,637				8,436				5,067
Other expenses		4,802				1,027				10,758				2,740
Total expenses		38,397				22,553				99,301				76,823
Income before income taxes		15,501				11,569				34,674				7,715
Income tax expense		4,035				2,904				9,661				2,092
Net income	$	11,466			$	8,665			$	25,013			$	5,623
Other comprehensive income (loss):
Unrealized holding gain (loss) on available-for-sale securities, net of taxes	$	(224	)		$	(21	)		$	(564	)		$	50
Total other comprehensive income (loss)		(224	)			(21	)			(564	)			50
Comprehensive income	$	11,242			$	8,644			$	24,449			$	5,673
Earnings per common share:
Basic earnings per common share	$	0.14			$	0.11			$	0.31			$	0.07
Diluted earnings per common share	$	0.14			$	0.11			$	0.31			$	0.07
Weighted average number of common shares outstanding – basic		81,717,917				78,792,040				79,778,050				78,792,040
Weighted average number of common shares outstanding – diluted		82,377,121				78,792,040				80,309,456				78,792,040

Orion180 Insurance Group Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows (Unaudited)
(in thousands)
	Nine Months Ended September 30,
	2026				2025
Operating activities
Net income	$	25,013			$	5,623
Adjustments to reconcile net income to net cash from operating activities:
Amortization and depreciation		3,527				2,441
Deferred income taxes		(2,186	)			(604	)
Share-based compensation expense		2,165				450
Credit loss expense		362				(228	)
Realized (gain) loss on investments		(9	)			241
Unrealized (gain) loss on interest rate swaps		(550	)			509
Loss on extinguishment of debt		4,333				—
Changes in operating assets and liabilities:
Accrued investment income		31				(168	)
Commission and service fee income receivable		(1,415	)			(218	)
Premiums and other receivables		(16,220	)			(2,926	)
Reinsurance recoverable on paid and unpaid losses		(53,730	)			(17,276	)
Prepaid reinsurance premiums		(210,661	)			(124,479	)
Other assets		(9,268	)			(5,998	)
Unpaid losses and loss adjustment expenses		34,164				5,106
Unearned premiums		145,044				87,970
Other policyholders’ funds		2,264				237
Reinsurance payable		170,667				85,745
Deferred policy acquisition costs, net of ceding commissions		18,166				5,100
Accounts payable and other liabilities		26,847				8,771
Income taxes payable		(1,267	)			(744	)
Net cash from operating activities		137,277				49,552
Investing activities
Purchases of fixed maturities held-to-maturity		(9,790	)			(15,263	)
Proceeds from maturities of fixed maturities held-to-maturity		16,543				17,015
Purchases of fixed maturities available-for-sale		(33,954	)			(17,217	)
Proceeds from sales and maturities of fixed maturities available-for-sale		8,376				365
Purchases of short-term investments		(20,250	)			(48,504	)
Proceeds from sales and maturities of short-term investments		39,580				10,591
Purchases of fixed assets		(4,375	)			(71	)
Capitalized software expenditures		(8,540	)			(5,310	)
Proceeds from disposal of investment in non-affiliate		—				172
Net cash used in investing activities		(12,410	)			(58,222	)
Financing activities
Proceeds from issuance of common stock, net of underwriting costs		224,400				—
Payments of deferred offering costs		(1,386	)			—
Dividends paid		(206,530	)			(12,000	)
Proceeds from debt		281,543				—
Debt issuance costs		(3,858	)			(452	)
Payments on debt		(287,400	)			(5,250	)
Stock option exercises		600				—
Repurchase of preferred stock		(15,000	)			—
Proceeds from issuance of preferred stock		—				7,500
Net cash used in financing activities		(7,631	)			(10,202	)
Change in cash, cash equivalents and restricted cash		117,236				(18,872	)
Cash, cash equivalents and restricted cash at beginning of period		56,152				109,630
Cash, cash equivalents and restricted cash at end of period	$	173,388			$	90,758
Supplemental disclosures of cash flow information
Interest paid	$	8,385			$	4,103
Income taxes paid	$	12,839			$	3,057
Noncash financing activities
Deferred offering costs in accounts payable and other liabilities	$	3,748			$	—

The following tables present a summary of Consolidated adjusted EBITDA and Consolidated adjusted EBITDA margin and a reconciliation of Consolidated adjusted EBITDA from net income (loss):

Comparison of the three months ended September 30, 2026 and 2025

	Three Months Ended September 30,								$ Change				% Change(4)
($ in thousands)	2026				2025
Total revenues	$	53,898			$	34,122			$	19,776			58.0	%
Net income	$	11,466			$	8,665			$	2,801			32.3	%
Net income margin		21.3	%			25.4	%			—			(4.1)	pp
Interest expense	$	4,637			$	1,637			$	3,000			183.3	%
Income tax expense		4,035				2,904				1,131			38.9	%
Depreciation		7				3				4			133.3	%
Software amortization		1,366				991				375			37.8	%
Litigation and settlements (1)		(105	)			192				(297	)		NM
Sponsorship fees (2)		875				875				—			—	%
Other non-recurring costs (3)		2,848				—				2,848			NM
Consolidated adjusted EBITDA	$	25,129			$	15,267			$	9,862			64.6	%
Consolidated adjusted EBITDA margin		46.6	%			44.7	%			—			1.9	pp

(1)	Represents costs associated with the legal fees and a $6,250 settlement loss contingency, incurred in 2025, offset by a $6,000 settlement recovery, incurred in 2026, resulting from the termination of our underwriting relationship with a previous unrelated fronting carrier and transferring the policies to OIC and OSI.
(2)	Sponsorship fees are associated with our Formula 1 sponsorship agreement.
(3)	Other non-recurring costs consist of non-recurring consulting and audit expenses for public company transition and loss on debt extinguishment.
(4)	NM indicates that change is not meaningful.

Comparison of the nine months ended September 30, 2026 and 2025

	Nine Months Ended September 30,								$ Change				% Change(4)
($ in thousands)	2026				2025
Total revenues	$	133,975			$	84,538			$	49,437			58.5	%
Net income	$	25,013			$	5,623			$	19,390			344.8	%
Net income margin		18.7	%			6.7	%			—			12.0	pp
Interest expense	$	8,436			$	5,067			$	3,369			66.5	%
Income tax expense		9,661				2,092				7,569			361.8	%
Depreciation		13				5				8			160.0	%
Software amortization		4,000				2,681				1,319			49.2	%
Litigation and settlements (1)		(5,657	)			879				(6,536	)		NM
Sponsorship fees (2)		2,625				2,625				—			—	%
Other non-recurring costs (3)		6,422				195				6,227			3193.3	%
Consolidated adjusted EBITDA	$	50,513			$	19,167			$	31,346			163.5	%
Consolidated adjusted EBITDA margin		37.7	%			22.7	%			—			15.0	pp

(1)	Represents costs associated with the legal fees and a $6,250 settlement loss contingency, incurred in 2025, offset by a $6,000 settlement recovery, incurred in 2026, resulting from the termination of our underwriting relationship with a previous unrelated fronting carrier and transferring the policies to OIC and OSI.
(2)	Sponsorship fees are associated with our Formula 1 sponsorship agreement.
(3)	Other non-recurring costs consist of non-recurring consulting and audit expenses for public company transition and discontinued capital raises, loss on debt extinguishment. actuarial consulting fees incurred for the establishment of the carrier business, and one-time costs for the Dallas and Melbourne office spaces.
(4)	NM indicates that change is not meaningful.

Segment Results

We have identified two operating segments: Services and Underwriting.

Services segment

The Services segment includes technology-enabled policy servicing operations, which include intercompany revenue earned through service arrangements in place between the Services segment and the Underwriting segment.

We evaluate the performance of the Services segment primarily using Services Adjusted EBITDA as the key performance measure and also using commission and fees revenue, as an additional performance measure.

Commission and fees revenue is a non-GAAP measure and additional services segment performance measure that management uses, which reflects services segment revenue less other income as such items are not directly attributable to the operating performance of the services segment. Management uses this non-GAAP financial measure to monitor operating revenue for the services business. Commission and fees revenue should not be considered in isolation or as an alternative to revenue.

Underwriting segment

The Underwriting segment includes a conventional, regulated insurance model focused on risk selection, pricing, and statutory capital management. The segment also includes a segregated account designed to assume reinsurance risk.

Management evaluates the performance of the Underwriting segment using total revenue, net premiums earned, underwriting adjusted EBITDA, and key underwriting ratios, including gross loss ratio, net loss ratio, expense ratio, and combined ratio. These measures collectively provide insight into premium growth, underwriting effectiveness, cost efficiency, and overall profitability of our risk-bearing operations.

Segment results

Segment Adjusted EBITDA of each operating segment represents net income before interest expense, income tax expense, depreciation, amortization, sponsorship fees and other non-recurring costs. For purposes of this measure, interest expense excludes amortization of debt issuance costs and unrealized losses on interest rate swap agreements, which are included in interest expense in our consolidated statements of operations.

We consider the segment presentation of our Services and Underwriting segments prior to elimination to be the best way to evaluate our business and how these business components would be presented if each were standalone operations.

The following tables present supplemental information of revenue and profitability by operating segment for our two reportable segments:

Three Months Ended September 30, 2026		Underwriting				Services				Elimination				Consolidated
Revenues:
Gross premiums written		$	203,815			$	—			$	—			$	203,815
Change in gross unearned premiums			(43,884	)			—				—				(43,884	)
Gross premiums earned			159,931				—				—				159,931
Ceded premiums earned			(129,996	)			—				—				(129,996	)
Net premiums earned			29,935				—				—				29,935
Policy fee income			—				17,166				—				17,166
Commission income			—				54,520				(50,952	)			3,568
Service fee income			—				3,379				(2,819	)			560
Other income*			2,156				513				—				2,669
Total segment revenues		$	32,091			$	75,578			$	(53,771	)		$	53,898
Expenses:
Losses and loss adjustment expenses, net(1)			12,808				371				(2,127	)			11,052
Policy acquisition expenses			3,897				27,626				(46,009	)			(14,486	)
Salaries and software development costs			—				15,348				—				15,348
Capitalization of salaries and software development costs			—				(3,712	)			—				(3,712	)
Other general and administrative expenses			3,897				17,360				(690	)			20,567
Total segment expenses		$	20,602			$	56,993			$	(48,826	)		$	28,769
Segment Adjusted EBITDA		$	11,489			$	18,585			$	(4,945	)		$	25,129
Reconciliation of Segment Adjusted EBITDA:
Interest expense															(4,637	)
Income tax expense															(4,035	)
Depreciation															(7	)
Software amortization															(1,366	)
Litigation and settlement(2)															105
Sponsorship fees(3)															(875	)
Other non-recurring costs(4)															(2,848	)
Net income														$	11,466

*	Other income consists of net investment income and realized gain / (loss) on investments.
(1)	Loss adjustment expenses on Services segment represent costs incurred adjusting claims of OIC and OSI.
(2)	Represents costs associated with the legal fees and a $6,250 settlement loss contingency, incurred in 2025, offset by a $6,000 settlement recovery, incurred in 2026, resulting from the termination of our underwriting relationship with a previous unrelated fronting carrier and transferring the policies to OIC and OSI.
(3)	Sponsorship fees are associated with our Formula 1 sponsorship agreement.
(4)	Other non-recurring costs consist of non-recurring consulting and audit expenses for public company transition and loss on debt extinguishment.

Three Months Ended September 30, 2025		Underwriting				Services				Elimination				Consolidated
Revenues:
Gross premiums written		$	127,181			$	—			$	—			$	127,181
Change in gross unearned premiums			(35,359	)			—				—				(35,359	)
Gross premiums earned			91,822				—				—				91,822
Ceded premiums earned			(72,174	)			—				—				(72,174	)
Net premiums earned			19,648				—				—				19,648
Policy fee income			—				10,077				—				10,077
Commission income			—				34,647				(32,294	)			2,353
Service fee income			—				949				(949	)			—
Other income*			1,850				194				—				2,044
Total segment revenues		$	21,498			$	45,867			$	(33,243	)		$	34,122
Expenses:
Losses and loss adjustment expenses, net			9,332				—				(1,178	)			8,154
Policy acquisition expenses			7,214				16,792				(28,411	)			(4,405	)
Salaries and software development costs			—				7,786				—				7,786
Capitalization of salaries and software development costs			—				(1,422	)			—				(1,422	)
Other general and administrative expenses			2,280				6,734				(272	)			8,742
Total segment expenses		$	18,826			$	29,890			$	(29,861	)		$	18,855
Segment Adjusted EBITDA		$	2,672			$	15,977			$	(3,382	)		$	15,267
Reconciliation of Segment Adjusted EBITDA:
Interest expense															(1,637	)
Income tax expense															(2,904	)
Depreciation															(3	)
Software amortization															(991	)
Litigation and settlement(1)															(192	)
Sponsorship fees(2)															(875	)
Net income														$	8,665

*	Other income consists of net investment income and realized gain / (loss) on investments.
(1)	Represents costs associated with the legal fees and a $6,250 settlement loss contingency, incurred in 2025, offset by a $6,000 settlement recovery, incurred in 2026, resulting from the termination of our underwriting relationship with a previous unrelated fronting carrier and transferring the policies to OIC and OSI.
(2)	Sponsorship fees are associated with our Formula 1 sponsorship agreement.

 

Nine Months Ended September 30, 2026		Underwriting				Services				Elimination				Consolidated
Revenues:
Gross premiums written		$	558,199			$	—			$	—			$	558,199
Change in gross unearned premiums			(145,223	)			—				—				(145,223	)
Gross premiums earned			412,976				—				—				412,976
Ceded premiums earned			(340,770	)			—				—				(340,770	)
Net premiums earned			72,206				—				—				72,206
Policy fee income			—				45,082				—				45,082
Commission income			—				148,230				(139,548	)			8,682
Service fee income			—				9,802				(8,253	)			1,549
Other income*			5,488				968				—				6,456
Total segment revenues		$	77,694			$	204,082			$	(147,801	)		$	133,975
Expenses:
Losses and loss adjustment expenses, net(1)			42,229				1,080				(6,540	)			36,769
Policy acquisition expenses			21,330				76,550				(124,712	)			(26,832	)
Salaries and software development costs			—				36,346				—				36,346
Capitalization of salaries and software development costs			—				(8,540	)			—				(8,540	)
Other general and administrative expenses			9,761				37,670				(1,712	)			45,719
Total segment expenses		$	73,320			$	143,106			$	(132,964	)		$	83,462
Segment Adjusted EBITDA		$	4,374			$	60,976			$	(14,837	)		$	50,513
Reconciliation of Segment Adjusted EBITDA:
Interest expense															(8,436	)
Income tax expense															(9,661	)
Depreciation															(13	)
Software amortization															(4,000	)
Litigation and settlement(2)															5,657
Sponsorship fees(3)															(2,625	)
Other non-recurring costs(4)															(6,422	)
Net income														$	25,013

*	Other income consists of net investment income and realized gain / (loss) on investments.
(1)	Loss adjustment expenses on Services segment represent costs incurred adjusting claims of OIC and OSI.
(2)	Represents costs associated with the legal fees and a $6,250 settlement loss contingency, incurred in 2025, offset by a $6,000 settlement recovery, incurred in 2026, resulting from the termination of our underwriting relationship with a previous unrelated fronting carrier and transferring the policies to OIC and OSI.
(3)	Sponsorship fees are associated with our Formula 1 sponsorship agreement.
(4)	Other non-recurring costs consist of non-recurring consulting and audit expenses for public company transition and loss on debt extinguishment.

Nine Months Ended September 30, 2025		Underwriting				Services				Elimination				Consolidated
Revenues:
Gross premiums written		$	324,754			$	—			$	—			$	324,754
Change in gross unearned premiums			(87,970	)			—				—				(87,970	)
Gross premiums earned			236,784				—				—				236,784
Ceded premiums earned			(187,714	)			—				—				(187,714	)
Net premiums earned			49,070				—				—				49,070
Policy fee income			—				24,737				—				24,737
Commission income			—				86,685				(81,667	)			5,018
Service fee income			—				3,436				(3,436	)			—
Other income*			5,111				602				—				5,713
Total segment revenues		$	54,181			$	115,460			$	(85,103	)		$	84,538
Expenses:
Losses and loss adjustment expenses, net			38,211				—				(3,436	)			34,775
Policy acquisition expenses			21,811				43,159				(73,526	)			(8,556	)
Salaries and software development costs			—				21,584				—				21,584
Capitalization of salaries and software development costs			—				(5,284	)			—				(5,284	)
Other general and administrative expenses			5,420				17,934				(502	)			22,852
Total segment expenses		$	65,442			$	77,393			$	(77,464	)		$	65,371
Segment Adjusted EBITDA		$	(11,261	)		$	38,067			$	(7,639	)		$	19,167
Reconciliation of Segment Adjusted EBITDA:
Interest expense															(5,067	)
Income tax expense															(2,092	)
Depreciation															(5	)
Software amortization															(2,681	)
Litigation and settlement(1)															(879	)
Sponsorship fees(2)															(2,625	)
Other non-recurring costs (3)															(195	)
Net income														$	5,623

*	Other income consists of net investment income and realized gain / (loss) on investments.
(1)	Represents costs associated with the legal fees and a $6,250 settlement loss contingency, incurred in 2025, offset by a $6,000 settlement recovery, incurred in 2026, resulting from the termination of our underwriting relationship with a previous unrelated fronting carrier and transferring the policies to OIC and OSI.
(2)	Sponsorship fees are associated with our Formula 1 sponsorship agreement.
(3)	Other non-recurring costs consist of non-recurring consulting and audit expenses for discontinued capital raises, actuarial consulting fees incurred for the establishment of the carrier business, and one-time costs for the Dallas and Melbourne office spaces.

Services Segment

The following tables present the specified performance measures of the Services segment:

	Three Months Ended September 30,
($ in thousands)	2026			2025			$ Change			% Change
Commission and fees revenue	$	75,065		$	45,673		$	29,392		64.4	%
Services adjusted EBITDA	$	18,585		$	15,977		$	2,608		16.3	%

	Nine Months Ended September 30,
($ in thousands)	2026			2025			$ Change			% Change
Commission and fees revenue	$	203,114		$	114,858		$	88,256		76.8	%
Services adjusted EBITDA	$	60,976		$	38,067		$	22,909		60.2	%

The following tables present a reconciliation of commission and fees revenue to that of total revenues for the Services segment:

	Three Months Ended September 30,
($ in thousands)	2026			2025			$ Change			% Change
Policy fee income	$	17,166		$	10,077		$	7,089		70.3	%
Commission income		54,520			34,647			19,873		57.4	%
Service fee income		3,379			949			2,430		256.1	%
Commission and fees revenue		75,065			45,673			29,392		64.4	%
Other income		513			194			319		164.4	%
Total Services segment revenue	$	75,578		$	45,867		$	29,711		64.8	%

	Nine Months Ended September 30,
($ in thousands)	2026			2025			$ Change			% Change
Policy fee income	$	45,082		$	24,737		$	20,345		82.2	%
Commission income		148,230			86,685			61,545		71.0	%
Service fee income		9,802			3,436			6,366		185.3	%
Commission and fees revenue		203,114			114,858			88,256		76.8	%
Other income		968			602			366		60.8	%
Total Services segment revenue	$	204,082		$	115,460		$	88,622		76.8	%

Underwriting Segment

The following tables present the specified performance measures of the Underwriting segment:

	Three Months Ended September 30,
($ in thousands)	2026				2025				$ Change			% Change
Total revenue*	$	32,091			$	21,498			$	10,593		49.3	%
Net premiums earned	$	29,935			$	19,648			$	10,287		52.4	%
Underwriting adjusted EBITDA (1)	$	11,489			$	2,672			$	8,817		330.0	%
Gross loss ratio		32.8	%			27.3	%			—		5.5	pp
Net loss ratio		42.8	%			47.5	%			—		(4.7)	pp
Expense ratio		26.0	%			48.3	%			—		(22.3)	pp
Combined ratio		68.8	%			95.8	%			—		(27.0)	pp

*	Total revenue consists of net premiums earned, net investment income and realized gain / (loss) on investments.
(1)	Underwriting adjusted EBITDA is a GAAP segment performance measure used by management to evaluate the Underwriting segment. For further information, see “Segment Results” within this earnings release.

	Nine Months Ended September 30,
($ in thousands)	2026				2025				$ Change			% Change
Total revenue*	$	77,694			$	54,181			$	23,513		43.4	%
Net premiums earned	$	72,206			$	49,070			$	23,136		47.1	%
Underwriting adjusted EBITDA (1)	$	4,374			$	(11,261	)		$	15,635		NM
Gross loss ratio		36.2	%			33.7	%			—		2.5	pp
Net loss ratio		58.5	%			77.8	%			—		(19.3)	pp
Expense ratio		43.1	%			55.5	%			—		(12.4)	pp
Combined ratio		101.5	%			133.3	%			—		(31.8)	pp

*	Total revenue consists of net premiums earned, net investment income and realized gain / (loss) on investments.
(1)	Underwriting adjusted EBITDA is a GAAP segment performance measure used by management to evaluate the Underwriting segment. For further information, see “Segment Results” within this earnings release.