Author: Ravi Shankar

Delivers Positive GAAP Net Income and $2.3 million of Adjusted EBITDA

Proprietary Brand Sales Increase 19.3% Year-Over-Year, Reaching 40.6% of Cultivation and Gardening Revenue

Gross Margin Expands 520 Basis Points to 32.4%; Operating Expenses Decline 7.1%

Company Narrows Full-Year Revenue Guidance to $163 Million–$165 Million and Announces Additional Cost-Reduction Initiatives to Support Improved Profitability in 2027

$41.8 million in Cash, Cash Equivalents, and Marketable Securities; No Debt

DENVER, Nov. 10, 2026 (GLOBE NEWSWIRE) — GrowGeneration Corp. (NASDAQ: GRWG) (“GrowGeneration,” “GrowGen,” or the “Company”), one of the nation’s largest suppliers of specialty products for controlled environment agriculture (CEA), commercial cultivation, and garden centers, today announced financial results for the third quarter of 2026.

Third Quarter 2026 Summary

• Net sales of $44.8 million, compared to $47.3 million in the prior-year period;
• Proprietary brand sales increased 19.3% year-over-year to $14.4 million, representing 40.6% of Cultivation and Gardening revenue, compared to 31.6% in the prior-year period;
• Gross profit margin of 32.4%, compared to 27.2% for the third quarter of 2025;
• Store and other operating expenses declined approximately 11.9% to $6.4 million, compared to $7.2 million in the third quarter of 2025;
• Total operating expenses decreased $1.1 million, or 7.1%, to $14.6 million in the third quarter of 2026, compared to $15.7 million for the same period in the prior-year;
• Net income improved $2.7 million to $0.2 million, compared to a net loss of $2.4 million for the same period in 2025;
• Adjusted EBITDA⁽¹⁾ of $2.3 million, a $0.9 million year-over-year improvement compared to $1.3 million for the comparable prior-year period; and
• Cash, cash equivalents, and marketable securities of $41.8 million and no debt.

Darren Lampert, GrowGen’s Co-Founder and Chief Executive Officer, commented, “Our third-quarter results reflect the continued progress of GrowGeneration’s transformation into a national commercial cultivation supply and proprietary-brand platform. We delivered $44.8 million in revenue, expanded gross margin to 32.4%, and generated $2.3 million in Adjusted EBITDA. Proprietary-brand sales increased approximately 19% year-over-year and represented more than 40% of Cultivation and Gardening revenue, demonstrating the progress we are making in shifting our business toward higher-margin products and commercial customers.

“We are also continuing to take meaningful actions to improve our cost structure, including a strategic restructuring plan initiated in the fourth quarter. Store and other operating expenses declined approximately 12% year-over-year, and we are moving forward with four to five store closures in the fourth quarter, along with additional restructuring initiatives designed to further reduce fixed costs and improve operating efficiency. While these actions may impact near-term profitability, we believe they will position GrowGeneration to operate more efficiently and achieve higher levels of profitability in 2027.

“We are pleased with our progress through the first nine months of 2026 and remain focused on building a stronger, more profitable business. With $41.8 million in cash, cash equivalents and marketable securities and no debt, we have the financial flexibility to execute our strategic initiatives while maintaining a disciplined approach to capital allocation. Our priorities remain consistent, expanding our commercial business, increasing proprietary-brand penetration, and leveraging our distribution infrastructure and technology investments to support profitable growth,” added Mr. Lampert.

Third Quarter 2026 Consolidated Results

Net sales were $44.8 million for the third quarter of 2026, compared to $43.2 million in the second quarter of 2026 and $47.3 million in the third quarter of 2025. Sequential revenue growth was driven largely by our commercial B2B business and continued expansion of proprietary brand penetration; the year-over-year change reflects our lower store count compared to last year. Cultivation and Gardening net sales were $35.6 million for the third quarter of 2026, compared to $34.9 million in the second quarter of 2026 and $38.4 million for the same period in the prior-year. Net sales in our Storage Solutions segment were $9.2 million for the third quarter of 2026, compared to $8.3 million last quarter and $8.9 million in the third quarter of 2025.

Proprietary brand sales as a percentage of Cultivation and Gardening net sales increased to 40.6%, compared to 31.6% for the same period in the prior year. Our increasing proprietary brands penetration continues to be driven by our strategic initiatives to expand our sales mix of higher-margin proprietary products.

Gross profit was $14.5 million for the third quarter of 2026, compared to gross profit of $12.9 million for the third quarter of 2025. The improvement included a $2.6 million reduction in cost of sales associated with IEEPA tariff refunds. A higher mix of proprietary-brand products also contributed favorably to gross margin, partially offset by higher transportation costs, increased estimated inventory obsolescence expenses, and lower sales volume associated with the Company’s reduced store footprint.

Total operating expenses, which include store operations and other operational expenses, selling, general, and administrative expense, estimated credit losses, depreciation and amortization, and impairment loss decreased in the third quarter of 2026 by $1.1 million, or 7.1%, to $14.6 million, compared to $15.7 million in the third quarter of 2025.

Store and other operating expenses in the third quarter of 2026 declined by approximately 11.9% to $6.4 million, compared to $7.2 million in the third quarter of 2025, reflecting the benefits of our streamlined retail footprint and cost-reduction initiatives.

Selling, general, and administrative expenses in the third quarter of 2026 were $6.8 million, compared to $5.7 million in the third quarter of 2025. The year-over-year change was primarily due to increases in our commercial sales structure that support our growth initiatives and certain non-recurring expenses incurred during the quarter.

GAAP net income was $0.2 million in the third quarter of 2026, a $2.7 million improvement compared to a net loss of $2.4 million in the third quarter of 2025. The improvement was primarily driven by higher gross profit, driven largely by the IEEPA tariff refund and higher proprietary brand penetration, reduced operating expenses, and lower depreciation and amortization.

Non-GAAP Adjusted EBITDA(1) was $2.3 million in the third quarter of 2026, our second consecutive quarter of positive Adjusted EBITDA and a $0.9 million year-over-year improvement compared to $1.3 million in the third quarter of 2025, reflecting gross margin improvement and the continued realization of operational cost-reduction initiatives.

Cash, cash equivalents, and marketable securities as of September 30, 2026 were $41.8 million. Inventory as of September 30, 2026 was $33.6 million, and prepaid and other current assets were $9.3 million. During the third quarter, the Company repurchased approximately 0.7 million shares of common stock at an average price of $1.46 per share, for an aggregate purchase price of approximately $1.0 million, with approximately $8.0 million remaining available under its share repurchase authorization as of September 30, 2026.

Total current liabilities, including accounts payable, accrued payroll, and other liabilities, as of September 30, 2026 were $28.9 million.

Geographic Footprint

Our geographic footprint for our Cultivation and Gardening segment spans 492,000 square feet of retail and warehouse space and includes 19 retail locations across 9 states as of September 30, 2026. During the first nine months of 2026, we closed four retail locations. In connection with our strategic restructuring plan initiated in the fourth quarter of 2026, we expect to close four to five additional locations during the fourth quarter, including two locations that have already been closed, as part of our ongoing efforts to reduce fixed costs and improve operating efficiency. We continue to serve customers through our remaining locations, commercial sales organization, and online platforms, including growgeneration.com and GrowGenPro.

2026 Outlook

GrowGeneration is narrowing its full-year 2026 net revenue guidance to a range of $163 million to $165 million, compared to its previous guidance of $162 million to $168 million. The Company exceeded its previously established year-end target of approximately 40% proprietary-brand penetration of Cultivation and Gardening revenue during the third quarter, achieving 40.6%, ahead of expectations.

While the Company is satisfied with its third-quarter performance and results through the first nine months of 2026, which exceeded its initial operating plan, management is taking additional steps during the fourth quarter to further reduce its ongoing cost structure and position the business for improved profitability in 2027.

These initiatives include four to five retail store closures during the fourth quarter, two of which have already been completed, as well as other restructuring and operational efficiency measures. Given the potential fourth-quarter financial impact of these activities, including closure-related and restructuring costs and the timing of anticipated savings, the Company is withdrawing its previously issued full-year 2026 Adjusted EBITDA guidance of $2 million to $3 million.

The Company expects these initiatives to reduce its ongoing fixed-cost base and support higher levels of profitability in 2027, while maintaining its focus on commercial sales growth, proprietary-brand expansion, and disciplined capital allocation.

Footnotes

(1)

Adjusted EBITDA represents earnings before interest, taxes, depreciation, and amortization as adjusted for certain items as set forth in the reconciliation table of U.S. GAAP to non-GAAP information and is a measure calculated and presented on the basis of methodologies other than in accordance with GAAP. Please refer to the Use of Non-GAAP Financial Information herein for further discussion and reconciliation of this measure to GAAP measures.

Conference Call

The Company will host a conference call today, November 10, 2026, at 4:30 p.m. Eastern Time to discuss financial results for the third quarter ended September 30, 2026. To participate in the call, please dial 1-(888)-699-1199 (domestic) or 1-(416)-945-7677 (international). The conference code is 23541. The call will also be webcast and can be accessed at https://app.webinar.net/NW2glmzDekL or on the Investor Relations section of the GrowGen website at: https://ir.growgeneration.com. A replay of the webcast will be available approximately two hours after the conclusion of the call and remain available for approximately 90 calendar days.

About GrowGeneration Corp:

GrowGen is one of the nation’s largest suppliers of specialty products for controlled environment agriculture (CEA), commercial cultivation, and garden centers. GrowGen carries and sells thousands of products, such as nutrients, additives, growing media, lighting, environmental control systems, and benching and racking, including proprietary brands such as Char Coir, Drip Hydro, Power Si, Ion lights, The Harvest Company, and more. The Company also operates an online superstore for cultivators at growgeneration.com, as well as a wholesale business for resellers, and a benching, racking, and storage solutions business, MMI Storage Solutions.

To be added to the GrowGeneration email distribution list, please email GrowGen@kcsa.com with GRWG in the subject line.

Forward-Looking Statements

This press release contains predictions, estimates or other information that are considered forward-looking statements, including without limitation, statements regarding the Company’s financial outlook, guidance, and strategic expectations, within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and is intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. When used herein, words such as “look forward,” “expect,” “believe,” “anticipate,” “estimate,” “guidance,” “outlook,” “projected,” “intend,” “may,” or variations of such words and similar expressions are intended to identify forward-looking statements. These forward-looking statements represent management’s current expectations and are based on assumptions and estimates that management believes are reasonable as of the date of this press release. You are cautioned not to place undue reliance on these forward-looking statements. Actual results may differ materially from those anticipated due to a number of risks and uncertainties, including but not limited to those discussed in filings made with the United States Securities and Exchange Commission, available at: www.sec.gov, and on the Company’s website, at: www.growgeneration.com. The Company does not undertake any obligation to revise or publicly release the results of any revision to these forward-looking statements, except as required by applicable securities laws, whether as a result of new information, future events, or otherwise.

Contact:

KCSA Strategic Communications
Philip Carlson
Managing Director
T: 212-896-1233
E: GrowGen@kcsa.com 

GROWGENERATION CORP. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited, in thousands, except share and per share amounts)
	September 30, 2026				December 31, 2025
ASSETS
Current assets:
Cash and cash equivalents	$	26,012			$	30,406
Marketable securities		15,748				15,658
Accounts receivable, net of allowance for credit losses of $2,297 and $2,109, respectively		18,132				10,668
Notes receivable, current, net of allowance for credit losses of $194 and $214, respectively		1,958				507
Inventory		33,600				38,776
Prepaid and other current assets		9,260				7,732
Total current assets		104,710				103,747
Property and equipment, net		6,104				9,795
Operating leases right-of-use assets, net		25,701				27,050
Intangible assets, net		1,605				3,326
Goodwill		2,080				2,080
Other assets		1,012				1,042
TOTAL ASSETS	$	141,212			$	147,040
LIABILITIES & STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	10,932			$	8,775
Accrued liabilities		6,110				3,269
Payroll and payroll tax liabilities		2,534				2,589
Customer deposits		2,093				4,015
Sales tax payable		1,272				872
Current maturities of operating lease liabilities		5,932				6,455
Total current liabilities		28,873				25,975
Operating lease liabilities, net of current maturities		22,095				23,022
Other long-term liabilities		515				544
Total liabilities		51,483				49,541
Commitments and contingencies
Stockholders’ equity:
Common stock; $0.001 par value; 100,000,000 shares authorized, 58,954,773 and 60,090,905 shares issued, 58,953,943 and 60,090,905 shares outstanding, respectively		59				60
Treasury stock, at cost; 830 and zero shares, respectively		(1	)			—
Additional paid-in capital		378,076				377,128
Accumulated deficit		(288,405	)			(279,689	)
Total stockholders’ equity		89,729				97,499
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	141,212			$	147,040

GROWGENERATION CORP. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited, in thousands, except share and per share amounts)
	Three Months Ended September 30,								Nine Months Ended September 30,
		2026				2025				2026				2025
Net sales	$	44,783			$	47,254			$	126,389			$	123,920
Cost of sales (exclusive of depreciation and amortization shown below)		30,257				34,398				89,803				89,763
Gross profit		14,526				12,856				36,586				34,157
Operating expenses:
Store operations and other operational expenses		6,384				7,245				18,928				23,904
Selling, general, and administrative		6,824				5,706				20,208				18,969
Estimated credit losses		114				98				517				353
Depreciation and amortization		1,186				2,649				4,301				8,921
Impairment loss		70				—				290				—
Total operating expenses		14,578				15,698				44,244				52,147
Loss from operations		(52	)			(2,842	)			(7,658	)			(17,990	)
Other income:
Interest income		289				407				960				1,367
Total other income		289				407				960				1,367
Net income (loss) before income taxes		237				(2,435	)			(6,698	)			(16,623	)
Provision for income taxes		—				(2	)			—				(2	)
Net income (loss)	$	237			$	(2,437	)		$	(6,698	)		$	(16,625	)
Net income (loss) per share, basic	$	0.00			$	(0.04	)		$	(0.11	)		$	(0.28	)
Net income (loss) per share, diluted	$	0.00			$	(0.04	)		$	(0.11	)		$	(0.28	)
Weighted average shares outstanding, basic		59,042,424				59,783,202				59,642,434				59,593,357
Weighted average shares outstanding, diluted		59,255,456				59,783,202				59,642,434				59,593,357

Use of Non-GAAP Financial Information

The following non-GAAP financial measures of EBITDA and Adjusted EBITDA are not in accordance with, or an alternative for, generally accepted accounting principles (“GAAP”) and should be considered in addition to, and not as a substitute for, the most directly comparable GAAP financial measures. We believe these non-GAAP financial measures, when used in conjunction with their most directly comparable GAAP financial measures, net income (loss), provide meaningful supplemental information to both management and investors, facilitating the evaluation of performance across reporting periods, identification of trends affecting our business, and projection of future performance. Management uses these non-GAAP financial measures for internal planning and reporting purposes, and we believe that these non-GAAP financial measures may be useful to investors in their assessment of our operating performance, our ability to generate cash, and valuation. In addition, these non-GAAP financial measures address questions routinely received from analysts and investors and, in order to ensure that all investors have access to the same data, we have determined that it is appropriate to make this data available to all investors. These non-GAAP financial measures may be different from non-GAAP financial measures used by other companies.

EBITDA and Adjusted EBITDA

EBITDA and Adjusted EBITDA are non-GAAP financial measures commonly used in our industry and should not be construed in isolation as substitutes for net income (loss) as indicators of operating performance or as alternatives to cash flow provided by operating activities as a measure of liquidity (each as determined in accordance with GAAP). GrowGeneration defines EBITDA as net income (loss) before interest income, interest expense, income tax expense, depreciation and amortization, and Adjusted EBITDA as further adjusted to exclude certain items such as stock-based compensation, impairment losses, restructuring and corporate rationalization costs, and other non-core or non-recurring expenses and to include income from our marketable securities as these investments are part of our operational business strategy and increase the cash available to us.

Set forth below is a reconciliation of EBITDA and Adjusted EBITDA to net income (loss) (in thousands):

	Three Months Ended September 30,								Nine Months Ended September 30,
		2026				2025				2026				2025
Net income (loss)	$	237			$	(2,437	)		$	(6,698	)		$	(16,625	)
Provision for income taxes		—				2				—				2
Interest income		(289	)			(407	)			(960	)			(1,367	)
Depreciation and amortization		1,186				2,649				4,301				8,921
EBITDA (1)	$	1,134			$	(193	)		$	(3,357	)		$	(9,069	)
Share-based compensation		474				421				999				1,239
Investment income		277				407				870				1,379
Acquisition transaction costs		—				9				—				59
Impairment loss		70				—				290				—
Restructuring plan		—				—				—				1,141
Consolidation and other charges (2)		321				694				2,145				1,257
Adjusted EBITDA (1)	$	2,276			$	1,338			$	947			$	(3,994	)
(1) EBITDA and Adjusted EBITDA for the three and nine months ended September 30, 2026 include $2.6 million of IEEPA tariff refunds related to tariff costs incurred and recognized in prior periods. Consistent with the Company’s treatment of the related tariff costs, which were not excluded from EBITDA and Adjusted EBITDA, the refunds have not been excluded.
(2) Consists primarily of expenditures related to legal settlements and contingencies, the activity of store and distribution consolidation, one-time severances outside of the restructuring plan announced July 2024, and other non-core or non-recurring expenses

FDA clearance enables initiation of a first-in-human Phase 1/2 trial of MGX-001 in patients with hemophilia A

MGX-001 is designed to deliver durable, endogenous Factor VIII (FVIII) activity from a one-time treatment for adults and children

Company plans to initiate the INTEGR8 clinical trial in the first half of 2027 and provide initial clinical data in the second half of 2027

$101.7 million in cash, cash equivalents, and available-for-sale marketable securities as of September 30, 2026, with runway anticipated to support operations into 2028

EMERYVILLE, Calif., Nov. 10, 2026 (GLOBE NEWSWIRE) — Metagenomi Therapeutics, Inc. (Nasdaq: MGX) (the “Company”), an in vivo genome editing company capitalizing on its proprietary technologies to create potentially curative genetic medicines for patients, today announced that the U.S. Food and Drug Administration (FDA) has cleared the Company’s Investigational New Drug (IND) application for MGX-001, its lead, wholly owned program for the treatment of hemophilia A. The Company also reported financial results for the third quarter ended September 30, 2026, and provided business updates.

“We are thrilled to reach this pivotal milestone with the FDA clearance of our IND for MGX-001, our lead, wholly owned program in hemophilia A,” said Jian Irish, Ph.D., M.B.A., President and Chief Executive Officer of Metagenomi Therapeutics. “MGX-001 is designed to leverage our proprietary genome editing platform to integrate a Factor VIII (FVIII) gene site-specifically into the genome, harnessing the power of the body’s native albumin promoter to drive durable, endogenous FVIII production. This represents an exciting departure from prior approved gene therapy for hemophilia A that relied on episomal FVIII expression. The MGX-001 preclinical data demonstrated FVIII activity in the normal physiologic range and durable expression in non-human primates and no detectable off-target editing. In a landscape with no cure for hemophilia A, we believe MGX-001 has the potential to provide long-term benefit to both adult and pediatric patients. We plan to initiate the INTEGR8 global clinical trial in the first half of 2027 and provide initial clinical data, including safety, tolerability, and FVIII functional activity data, in the second half of 2027.”

Third Quarter 2026 and Recent Updates

MGX-001 – Hemophilia A Program

• IND clearance enables initiation of the INTEGR8 trial in the U.S. The Company also intends to expand the INTEGR8 trial to hemophilia treatment centers beyond the U.S., subject to clinical clearances in additional jurisdictions.
• The INTEGR8 Phase 1/2 trial of MGX-001 is designed to evaluate the safety and tolerability of MGX-001, and to identify a dose that achieves target FVIII activity levels in the normal physiologic range. The clinical trial is expected to be a global, multi-center, open-label, single-arm, dose escalation followed by dose expansion trial in adult patients with moderately severe to severe hemophilia A.
• Additional MGX-001 preclinical data, including the most recent efficacy and safety results, will be presented in an oral presentation (Abstract 952) at the 68^th American Society of Hematology (ASH) Annual Meeting on Monday, December 14, 2026 in New Orleans.

Site-Specific Large Gene Integration for Other Protein Deficiency Diseases

• The Company continues to evaluate additional disease indications which may be treated by protein replacement via gene insertion leveraging the same site-specific large gene integration at the albumin locus as used in MGX-001. The potential for application in other diseases was previously demonstrated by the Company in non-human primates in another secreted protein disorder.

Third Quarter 2026 Financial Results

Cash Position: Cash, cash equivalents and available-for-sale marketable securities were $101.7 million as of September 30, 2026. The Company anticipates that the runway will support operations into 2028.

R&D Expenses: Research and development (R&D) expenses were $17.5 million for the quarter ended September 30, 2026, compared to $25.3 million for the comparable period in 2025.

G&A Expenses: General and administrative (G&A) expenses were $6.9 million for the quarter ended September 30, 2026 including a $1.2 million one-time net litigation settlement expense, compared to $6.2 million for the comparable period in 2025.

About MGX-001

MGX-001 is an investigational, one-time genome editing treatment designed to provide life-long protection from bleeding events and joint damage in adults and children with hemophilia A. MGX-001 is designed to site-specifically integrate the FVIII gene in a “safe harbor” location within an intron of the albumin gene, leveraging the strong native albumin promoter to drive endogenous FVIII expression. MGX-001 consists of an adeno-associated virus (AAV) vector that delivers the promoterless FVIII gene cassette as donor DNA, and a lipid nanoparticle (LNP) that delivers mRNA encoding the Company’s proprietary Type V CRISPR nuclease, MG29-1, together with a guide RNA targeting the albumin gene.   This represents a departure from prior approved gene therapy for hemophilia A that relied on episomal FVIII expression.

In preclinical studies in non-human primates (NHPs), MGX-001 demonstrated FVIII activity in the normal physiologic range, with clear dose dependency across both the AAV and LNP components, and, in an earlier study, durable FVIII activity over approximately 19 months. MGX-001 has also shown no detectable off-target editing in a series of orthogonal assays.

About Hemophilia A

Hemophilia A is the most common X-linked inherited and de novo bleeding disorder, largely affecting males, and is caused by a variety of mutations in the FVIII gene that all lead to loss of functional FVIII protein. Hemophilia A affects approximately 25,000 patients in the United States and an estimated 500,000 worldwide. Current standard-of-care treatments, including FVIII replacement therapy and bispecific antibody therapy, require lifelong, repeated dosing, are not curative and carry a risk of breakthrough bleeding.

About Metagenomi Therapeutics

Metagenomi Therapeutics, Inc. is an in vivo genome editing company capitalizing on its proprietary technologies to create potentially curative genetic medicines for patients. The Company was founded on the science of metagenomics, the study of genetic materials recovered from the natural environment, to discover and develop a suite of novel CRISPR gene-editing tools potentially capable of correcting any type of genetic mutation found anywhere in the human genome. The Company focuses on high value programs in disease indications with well-understood biology and clearly defined clinical development and regulatory pathways. Going forward, the Company intends to continue to expand its pipeline by leveraging its proprietary genetic editing capabilities in site-specific deletion, insertion and correction.

MGX-001, the Company’s lead, wholly owned development program in hemophilia A, has demonstrated a preclinical profile with best-in-class treatment potential, including targeted genome editing and durable gene expression in a one-time treatment. The FDA has cleared the Company’s Investigational New Drug (IND) application for MGX-001, and the Company is advancing MGX-001 into the clinic in its global Phase 1/2 INTEGR8 trial. MGX-001 is designed to provide curative, life-long protection from bleeding events and joint damage in adults and children, potentially enabling a new standard of care for the treatment of hemophilia A. The Company is also currently pursuing indications leveraging the same site-specific large gene integration at the albumin locus as used in MGX-001 and partnered assets targeting cardiometabolic diseases. For more information, please visit https://metagenomi.co/.

Cautionary Note Regarding Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, each as amended. Such statements, which are often indicated by terms such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “goal,” “intend,” “look forward to,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “will,” “would” and similar expressions include, but are not limited to, any statements relating to our product development programs, including the timing of and our ability to make regulatory filings such as INDs, the design and timing of the INTEGR8 trial and initial clinical data, expectations regarding MGX-001 including the preclinical profile with best-in-class treatment potential, statements regarding the Company’s plans to prioritize its preclinical pipeline and potential for value creation and sustainable growth, statements regarding upcoming milestones, statements concerning the potential of therapies and product candidates, statements concerning the impact of the organizational restructuring, statements concerning our anticipated cash runway, and any other statements that are not historical facts. Forward-looking statements are based on management’s current expectations and are subject to risks and uncertainties that could negatively affect our business, operating results, financial condition, and stock value. Factors that could cause actual results to differ materially from those currently anticipated include: risks relating to our growth strategy; our ability to obtain, perform under, and maintain financing and strategic agreements and relationships; risks relating to the results of research and development activities; risks relating to the timing of IND submissions and starting and completing clinical trials; the risk that the FDA or other regulatory authorities may place a clinical hold on our clinical trials or that initiation of our clinical trials may be delayed; uncertainties relating to preclinical and clinical testing; our dependence on third party suppliers; our ability to attract, integrate and retain key personnel; the early stage of products under development; our need for substantial additional funds; government regulation and the current regulatory environment; patent and intellectual property matters; competition; the volatility of capital markets and other adverse macroeconomic factors; as well as other risks described in “Risk Factors,” in our most recent Form 10-K and Form 10-Q and other risk factors set forth from time to time in our filings with the Securities and Exchange Commission made pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended. We expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in our expectations or any changes in events, conditions or circumstances on which any such statement is based, except as required by law, and we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.

Investor Contact:
Brian Ritchie
LifeSci Advisors
britchie@lifesciadvisors.com

Media Contact:
Michael Fitzhugh
LifeSci Communications
mfitzhugh@lifescicomms.com

Condensed Financial Statements Condensed Balance Sheet Data (Unaudited)
		September 30,				December 31,
(In thousands)		2026				2025
Cash, cash equivalents and available-for-sale marketable securities		$	101,674			$	160,799
Total assets		$	157,388			$	221,103
Total liabilities		$	64,200			$	62,507
Total stockholders’ equity		$	93,188			$	158,596
Total liabilities and stockholders’ equity		$	157,388			$	221,103

Condensed Statements of Operations (Unaudited)
		Three Months Ended September 30,								Nine Months Ended September 30,
(In thousands, except share and per share data)		2026				2025				2026				2025
Collaboration revenue		$	2,184			$	8,659			$	3,175			$	21,299
Operating expenses:
Research and development			17,532				25,283				59,344				72,932
General and administrative			6,878				6,215				19,417				20,013
Total operating expenses			24,410				31,498				78,761				92,945
Loss from operations			(22,226	)			(22,839	)			(75,586	)			(71,646	)
Other income (expense):
Interest income			1,047				2,214				3,842				7,586
Change in fair value of long-term investments			—				—				—				(1,292	)
Other income (expense), net			53				(2	)			87				(80	)
Total other income (expense), net			1,100				2,212				3,929				6,214
Net loss before provision for income taxes			(21,126	)			(20,627	)			(71,657	)			(65,432	)
Benefit from (provision for) income taxes			—				234				(10	)			92
Net loss		$	(21,126	)		$	(20,393	)		$	(71,667	)		$	(65,340	)
Net loss per share attributable to common stockholders, basic and diluted		$	(0.56	)		$	(0.55	)		$	(1.90	)		$	(1.76	)
Weighted average common shares outstanding, basic and diluted			37,775,051				37,349,449				37,672,176				37,176,361

WOODLAND PARK, N.J., Nov. 10, 2026 (GLOBE NEWSWIRE) — Anterix (NASDAQ: ATEX) today announced its second quarter fiscal 2027 results and filed its Form 10-Q for the three and six months ended September 30, 2026.

Financial and Operational Highlights

• Approximately $33.1 million of contracted proceeds outstanding with approximately $9.6 million expected to be received during the remainder of fiscal 2027
• Exchanged narrowband for broadband licenses in 6 counties and recorded a $6.1 million gain on exchange of broadband licenses
• Invested $5.4 million in spectrum clearing costs
• Announced that iPhone 18 Pro and iPhone Duo are the first iPhone models to operate on dedicated private LTE networks using Anterix 900 MHz (Band 106) spectrum
• Subsequent to quarter end, on October 29, 2026, the Federal Communications Commission advanced a Notice of Proposed Rulemaking to modify its Supplemental Coverage from Space (“SCS”) rules, which includes consideration of adding the 900 MHz band to the list of SCS bands

Liquidity and Balance Sheet

At September 30, 2026, the Company had no debt and cash and cash equivalents of $107.5 million. In addition, the Company had a restricted cash balance of $3.2 million in escrow deposits.

The Company has an authorized share repurchase program for up to $250.0 million of the Company’s common stock on or before September 22, 2029. In fiscal 2027 second quarter, Anterix had no share repurchase activity. As of September 30, 2026, $250.0 million remained available under the share repurchase program.

Conference Call Information

Anterix senior management will hold an analyst and investor conference call to provide a business update at 9:00 A.M. ET on Wednesday, November 11, 2026. Participants interested in joining the call’s live question and answer session are required to pre-register by clicking on the following link https://bit.ly/anterixQ2FY27 to obtain a dial-in number and unique PIN. It is recommended that participants join the call at least 10 minutes before the conference call begins. The call is also being webcast live and will be accessible on the Investor Relations section of Anterix’s website at https://investors.anterix.com/events-presentations. Following the event, a replay of the call will also be available on the Anterix website.

About Anterix Inc.

Anterix is transforming how critical infrastructure stays connected. As the market leader in mission-critical private wireless broadband spectrum for the utility sector, Anterix delivers more secure, private 900 MHz licensed spectrum and advanced intelligent infrastructure solutions that enhance efficiency, strengthen resilience, and accelerate digital transformation. Backed by a growing ecosystem of industry-leading partners, Anterix provides the connectivity foundation that powers a more resourceful and resilient future. Learn more at www.anterix.com.

Forward-Looking Statements

Certain statements contained in this press release constitute forward-looking statements within the meaning of the federal securities laws that involve risks and uncertainties. Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate or imply future events or achievements such as statements in this press release related to Anterix’s business, financial results, outlook, regulatory actions or opportunities. Actual events or results may differ materially from those contemplated in this press release. Forward-looking statements speak only as of the date they are made and readers are cautioned not to put undue reliance on such statements, as they are subject to a number of risks and uncertainties that could cause Anterix’s actual future results to differ materially from results indicated in the forward-looking statement. Such statements are based on assumptions that could cause actual results to differ materially from those in the forward-looking statements, including: (i) the timing of payments under customer agreements; (ii) Anterix’s ability to clear the 900 MHz Broadband Spectrum on a timely basis and on commercially reasonable terms; (iii) Anterix’s ability to timely secure broadband licenses; (iv) Anterix’s ability to successfully commercialize its spectrum assets and services to its targeted utility or other customers in accordance with its plans and expectations; (v) Anterix’s ability to execute on its customer engagement initiatives; and (vi) competition in the market for spectrum and spectrum solutions offered by Anterix. Actual events or results may differ materially from those contemplated in this press release. Anterix’s filings with the Securities and Exchange Commission (“SEC”), which you may obtain for free at the SEC’s website at http://www.sec.gov, discuss some of the important risk factors that may affect the Company’s financial outlook, business, results of operations and financial condition. Anterix undertakes no obligation to update publicly or revise any forward-looking statements contained herein.

Shareholder Contact

Natasha Vecchiarelli
VP, Investor Relations & Corporate Communications
Anterix
nvecchiarelli@anterix.com

Anterix Inc. Earnings Release Tables Consolidated Balance Sheets (Unaudited, in thousands, except share and per share data)
	September 30, 2026				March 31, 2026
ASSETS
Current assets
Cash and cash equivalents	$	107,467			$	98,533
Spectrum receivable		16,063				10,638
Broadband licenses held for sale		13,607				—
Escrow deposits		3,172				6,130
Prepaid expenses and other current assets		4,773				4,684
Total current assets		145,082				119,985
Property and equipment, net		706				827
Right of use assets, net		4,345				4,069
Intangible assets		317,823				310,712
Deferred broadband costs		29,423				29,069
Other assets		534				548
Total assets	$	497,913			$	465,210
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities
Accounts payable and other accrued expenses	$	11,667			$	15,028
Accrued severance and other related charges		1,221				2,810
Operating lease liabilities		1,316				1,424
Contingent liability		2,220				2,220
Deferred revenue		14,331				14,513
Total current liabilities		30,755				35,995
Operating lease liabilities		3,331				2,995
Contingent liability		6,000				6,000
Deferred revenue		159,005				146,665
Deferred gain on sale of intangible assets		4,911				4,911
Deferred income tax		6,759				6,323
Total liabilities		210,761				202,889
Commitments and contingencies (See Note 12)
Stockholders’ equity
Preferred stock, $0.0001 par value per share, 10,000,000 shares authorized and no shares outstanding at September 30, 2026 and March 31, 2026		—				—
Common stock, $0.0001 par value per share, 100,000,000 shares authorized and 19,663,183 shares issued and outstanding at September 30, 2026 and 18,914,271 shares issued and outstanding at March 31, 2026		2				2
Additional paid-in capital		594,201				564,617
Accumulated deficit		(307,051	)			(302,298	)
Total stockholders’ equity		287,152				262,321
Total liabilities and stockholders’ equity	$	497,913			$	465,210

Anterix Inc. Earnings Release Tables Consolidated Statements of Operations (Unaudited, in thousands, except share and per share data)
	Three months ended September 30,								Six months ended September 30,
		2026				2025				2026				2025
Spectrum revenue	$	1,958			$	1,552			$	3,916			$	2,970
Operating expenses
General and administrative		10,029				8,398				19,653				18,847
Sales and support		2,253				1,449				4,164				2,942
Product development		1,177				1,212				2,397				2,332
Severance and other related charges		205				735				205				1,355
Depreciation and amortization		96				133				197				257
Operating expenses		13,760				11,927				26,616				25,733
Gain on exchange of intangible assets, net		(6,092	)			(59,602	)			(16,745	)			(93,518	)
Gain on sale of intangible assets, net		—				(11,469	)			—				(12,430	)
Loss from disposal of long-lived assets, net		—				21				1				29
(Loss) income from operations		(5,710	)			60,675				(5,956	)			83,156
Interest income		949				379				1,794				821
Other income		32				—				47				—
(Loss) income before income taxes		(4,729	)			61,054				(4,115	)			83,977
Income tax expense		264				7,518				638				5,261
Net (loss) income	$	(4,993	)		$	53,536			$	(4,753	)		$	78,716
Net (loss) income per common share basic	$	(0.25	)		$	2.86			$	(0.25	)		$	4.22
Net (loss) income per common share diluted	$	(0.25	)		$	2.86			$	(0.25	)		$	4.21
Weighted-average common shares used to compute basic net (loss) income per share		19,595,743				18,687,082				19,342,122				18,654,570
Weighted-average common shares used to compute diluted net (loss) income per share		19,595,743				18,705,801				19,342,122				18,710,311

Anterix Inc. Earnings Release Tables Consolidated Statements of Cash Flows (Unaudited, in thousands)
	Three months ended September 30,								Six months ended September 30,
		2026				2025				2026				2025
CASH FLOWS FROM OPERATING ACTIVITIES
Net (loss) income	$	(4,993	)		$	53,536			$	(4,753	)		$	78,716
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities
Depreciation and amortization		96				133				197				257
Stock compensation expense		4,065				2,947				7,347				6,579
Deferred income taxes		308				2,387				436				(120	)
Right of use assets		(588	)			403				(276	)			516
Gain on exchange of intangible assets, net		(6,092	)			(59,602	)			(16,745	)			(93,518	)
Gain on sale of intangible assets, net		—				(11,469	)			—				(12,430	)
Loss from disposal of long-lived assets, net		—				21				1				29
Changes in operating assets and liabilities
Non-trade receivable		—				—				—				2,926
Prepaid expenses and other assets		1,026				(26	)			(46	)			351
Accounts payable and other accrued expenses		1,466				4,668				(1,055	)			2,112
Accrued severance and other related charges		(412	)			337				(1,589	)			432
Due to related parties		—				(30	)			—				(30	)
Operating lease liabilities		559				(474	)			228				(660	)
Contingent liability		—				6,371				—				7,425
Deferred revenue		(1,577	)			2,202				12,158				5,744
Other liabilities		—				—				—				(65	)
Net cash (used in) provided by operating activities		(6,142	)			1,404				(4,097	)			(1,736	)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of intangible assets and other related costs		(5,384	)			(13,181	)			(12,087	)			(17,147	)
Proceeds from sale of spectrum		—				12,577				—				13,878
Purchases of equipment		(41	)			—				(77	)			—
Net cash used in investing activities		(5,425	)			(604	)			(12,164	)			(3,269	)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from stock option exercises		2,894				157				23,161				157
Repurchases of common stock		—				(990	)			—				(990	)
Payments of withholding tax on net issuance of restricted stock		(608	)			(74	)			(924	)			(716	)
Net cash provided by (used in) financing activities		2,286				(907	)			22,237				(1,549	)
Net change in cash and cash equivalents and restricted cash		(9,281	)			(107	)			5,976				(6,554	)
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH
Cash and cash equivalents and restricted cash at beginning of the period		119,920				48,577				104,663				55,024
Cash and cash equivalents and restricted cash at end of the period	$	110,639			$	48,470			$	110,639			$	48,470

	Three months ended September 30,						Six months ended September 30,
	2026			2025			2026			2025
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash paid during the period:
Taxes paid, including excise tax	$	620		$	859		$	836		$	859
Operating leases paid	$	392		$	546		$	811		$	1,115
Non-cash investing activity:
Capitalized change in estimated asset retirement obligations	$	—		$	77		$	—		$	63
Derecognition of contingent liability related to sale of intangible assets	$	—		$	13,776		$	—		$	14,948
Right of use assets new leases	$	242		$	—		$	284		$	321
Right of use assets modifications and renewals	$	705		$	10		$	700		$	47

The following tables provide a reconciliation of cash and cash equivalents and restricted cash reported on the Consolidated Balance Sheets that sum to the total of the same such amounts on the Consolidated Statements of Cash Flows:

		September 30, 2026			June 30, 2026			March 31, 2026
Cash and cash equivalents		$	107,467		$	116,010		$	98,533
Escrow deposits			3,172			3,910			6,130
Total cash and cash equivalents and restricted cash		$	110,639		$	119,920		$	104,663
		September 30, 2025			June 30, 2025			March 31, 2025
Cash and cash equivalents		$	39,070		$	41,432		$	47,374
Escrow deposits			9,400			7,145			7,650
Total cash and cash equivalents and restricted cash		$	48,470		$	48,577		$	55,024

Anterix Inc. Earnings Release Tables Other Financial Information (Unaudited, in thousands except per share data)
	Three months ended September 30,						Six months ended September 30,
	2026			2025			2026			2025
Number of shares repurchased and retired		—			43			—			43
Average price paid per share*	$	—		$	22.94		$	—		$	22.94
Total cost to repurchase	$	—		$	990		$	—		$	990

* Average price paid per share includes costs associated with the repurchases, excluding excise taxes associated with the share repurchases. 

As of September 30, 2026, $250.0 million is remaining under the share repurchase program.

• Revenue of $10,512,712 in Q3 2026, up 24.9% from Q2 2026; gross margin of 30.4%
• $101.7 million in total contract value through 2031, including up to $26 million in customer options
• Adjusted EBITDA loss narrowed 34.3% from Q2 2026 to $2,861,177 in Q3 2026
• Awarded a five-year Government of Canada contract to supply tactical ISR uncrewed aircraft systems to the Canadian Armed Forces, its first award under the Defence Drone Initiative Marketplace
• Exited the quarter with cash of $50,605,356 and working capital of $57,762,322
• This foundation positions Volatus to accelerate the manufacturing ramp at Mirabel, advance product development for the defence market, and pursue the larger government and commercial programs that its expanding pipeline and sovereign capability increasingly bring within reach

MONTREAL, Nov. 10, 2026 (GLOBE NEWSWIRE) — Volatus Aerospace Inc. (TSX:FLT) (OTCQX:TAKOF) (Frankfurt:A3DP5Y/ABB.F) (“Volatus” or “the Company”), a Canadian-headquartered global aerospace and defence company, is pleased to announce its financial results for the three and nine months ended September 30, 2026 (Q3 2026). All dollar figures are stated in Canadian dollars, unless otherwise indicated.

The third quarter of fiscal 2026 marked continued execution of Volatus Aerospace’s transition into a sovereign aerospace and defence platform. Revenue increased 24.9% from Q2 2026, consistent with the Company’s normal seasonal pattern, and was 0.9% below Q3 2025. During the quarter, Volatus converted its qualification under the Government of Canada’s Defence Drone Initiative (DDI) Marketplace into its first Canadian Armed Forces contract and continued to scale manufacturing and systems integration at its Mirabel, Québec facility. Subsequent to quarter end, on October 7, 2026, the Company completed delivery of the initial tranche of approximately $4.5 million under its NATO-allied ISR training system contract, originally anticipated for Q1 2026. The customer has begun exercising its option on the second tranche of up to approximately $4.5 million, which remains exercisable through the end of 2027.

As of November 10, 2026, Volatus had a total contract value of approximately $101.7 million, which is expected to be executed through 2031. Of this amount, $75.7 million relates to signed contracts and multi-year agreements with established customers across defence, government, energy, and infrastructure markets. A portion of these agreements is fulfilled through purchase orders issued by customers as work is required; while such agreements do not commit customers to minimum volumes, the Company has executed consistently over the past several years. The remaining up to $26 million represents options held by customers, including under the DDI (Defence Drone Initiative) contract and the NATO-allied contracts, which are exercisable at each customer’s sole discretion.

Q3 2026 Financial Highlights:

• Revenue: $10,512,712, compared with $10,605,438 in Q3 2025 and $8,418,830 in Q2 2026. Revenue for the nine months ended September 30, 2026 was $24,562,101, compared with $26,905,671 in the prior-year period, a decrease of 8.7%. The decline reflected delays in certain commercial contract awards and in delivery under the ISR system contract.
• Gross Profit: $3,191,252, representing a gross margin of 30.4%, compared with 32.7% in Q3 2025 and 29.3% in Q2 2026. The year-over-year decline reflects a heavier weighting of defence programs, which are delivered at lower margins in the initial fulfilment phase than the Company’s established commercial service lines.
• Net Loss: $(6,182,288), compared with $(4,539,732) in Q3 2025 and $(7,500,130) in Q2 2026.
• Adjusted EBITDA: Loss of $(2,861,177), compared with $(800,708) in Q3 2025 and $(4,352,154) in Q2 2026. The year-over-year change reflects higher personnel, office, professional fees, and marketing costs tied to the defence vertical, the Mirabel manufacturing base, R&D, and defence and capital markets positioning, together with lower gross profit.
• Financial Position: Cash of $50,605,356 at September 30, 2026, compared with $59,199,739 at June 30, 2026 and $41,114,832 at December 31, 2025. Working capital of $57,762,322, up from $36,482,718 at year-end 2025, with a current ratio of 9.19.
• Revenue Mix: Services and training accounted for 54.7% of Q3 revenue and products and equipment 45.3%. For the nine months, services and training represented 55% and products and equipment 45%, compared with 51% and 49% in the prior-year period, within the Company’s long-term target range. The Revenue Mix transition towards long-term defence sustainment, Services and Training will increase gross margins and the overall revenue profile of Volatus as we head into 2027.

Q3 2026 Operational Highlights:

• September 29, 2026: Inaugurated its 53,000-square-foot Mirabel manufacturing and systems integration facility with stakeholders; production of proprietary tech is underway
• September 22, 2026: Completed initial flight testing of its proprietary V-Cortex™ AI flight controller and autonomy operating system, demonstrating GNSS-denied navigation using onboard sensors
• September 10, 2026: Awarded a five-year Government of Canada contract to supply Low-Cost Tactical ISR uncrewed aircraft systems to the Canadian Armed Forces, with an initial order of 100 systems and options for up to 4,900 additional systems
• September 8, 2026: Confirmed qualification across all five streams of the Government of Canada’s Defence Drone Initiative (DDI) Marketplace, following selection as a qualified supplier on September 3, 2026
• July 21, 2026: Joined Forces with Concordia University’s Volt-Age research program to collaborate on energy technologies for uncrewed aircraft systems
• July 20, 2026: Participated in the Farnborough International Airshow as part of the Team Canada delegation, showcasing its aerospace, autonomy, and aerial intelligence solutions
• July 9, 2026: Participated in the Maritime & Arctic Security & Safety (MASS) 2026 conference in St. John’s, Newfoundland and Labrador
• July 8, 2026: Received a Letter of Acceptance from Transport Canada under the new Pre-Validated Declaration (PVD) process for its Canary Remotely Piloted Aircraft System (RPAS)

Subsequent to Q3 2026 Highlights:

• November 4, 2026: Announced MOU with Calian Group Ltd. (TSX:CGY) and Instrumar Ltd. to evaluate integrated ice detection, de-icing and Arctic-hardening technologies for uncrewed aircraft systems
• October 28, 2026: Completed the acquisition of AISPECO UAB, a Vilnius, Lithuania-based developer and manufacturer of modular airborne sensor systems and proprietary flight-management software, for base consideration of US$10.5 million plus up to US$2.5 million in milestone-based consideration
• October 7, 2026: Completed delivery of the initial tranche of approximately $4.5 million under its NATO-allied ISR training system contract

Management Commentary

“We qualified across all five DDI streams and won our first Canadian Armed Forces contract in the same month. That is what sovereign capability looks like when it turns into orders. With Mirabel open and the first NATO tranche delivered, our job now is execution: converting a growing pipeline into revenue and closing the gap to Adjusted EBITDA breakeven,” said Glen Lynch, CEO of Volatus Aerospace.

Strategic Outlook

Volatus continues to deepen its presence in established commercial verticals such as energy, utilities, and infrastructure inspection against a backdrop of significant geopolitical realignment, accelerating domestic defence investment, and structural shifts in the global drone and autonomous systems markets. Canada’s Defence Industrial Strategy is now being translated into procurement through mechanisms such as the DDI Marketplace, where Volatus is qualified across all five streams and has secured its first Stream 1 award. The Company is advancing commercialization of its proprietary platform portfolio across hardware and software, including the SKYDRA™ C-UAS SaaS platform and the V-Cortex™ AI autonomy platform, and integrate the acquisition of AISPECO to add proprietary airborne sensor systems, mission software, and a European engineering and manufacturing base.

The Company remains committed to achieving sustained profitability through operational efficiency, cost structure optimization, long-term contract growth, and an increasing proportion of higher-margin services, software, and defence revenue. Management expects Adjusted EBITDA to improve as defence pipeline opportunities convert to revenue, with the path to breakeven predicated on revenue growth rather than further cost reduction.

Webinar Details:

In conjunction with this release, Volatus will host a webinar on Tuesday, November 10, 2026 at 5PM EST at which time Glen Lynch, Chief Executive Officer, and Abhinav Singhvi, Chief Financial Officer, will review financial results and major milestones with Kristina Davis, Vice-President of Corporate Affairs, as moderator.

Registration Link: https://us06web.zoom.us/webinar/register/WN_l8T7DVhoQlyCb_uqCVyf7A#/registration

Audio Replay Options: An audio replay of the event will be archived on the Investor Relations page of the company’s website https://investor.volatusaerospace.com/videos/

	Q3 2026		Q2 2026		Q1 2026		Q4 2025		Q3 2025		Q2 2025		Q1 2025		Q4 2024
Revenue	10,512,712		8,418,830		5,630,559		7,298,364		10,605,438		10,587,075		5,713,158		6,783,176
Direct costs	7,321,460		5,950,646		3,660,884		4,873,412		7,134,827		7,211,655		3,883,185		4,209,577
Gross Profit	3,191,252		2,468,184		1,969,675		2,424,952		3,470,611		3,375,420		1,829,973		2,573,599
	30%		29%		35%		33%		33%		32%		32%		38%
OPERATING EXPENSES
Advertising & marketing	595,636		996,721		489,016		273,142		321,558		428,128		135,575		100,878
IT & tech	347,338		293,619		264,451		369,988		521,629		118,017		245,180		157,851
Personnel	3,477,458		3,583,245		2,939,596		3,444,560		2,574,798		2,147,111		2,650,905		1,958,572
R&D	506,958		313,995		289,714		234,868		834		4,390		11,756		25,429
Office cost	942,728		1,011,161		735,538		644,280		395,516		795,819		617,569		673,047
Travel	262,404		285,764		268,897		277,446		101,097		73,765		64,288		38,959
Professional fees	856,952		921,662		767,826		1,004,383		399,524		473,874		200,637		386,259
Depreciation and amortization	1,254,475		1,441,645		1,449,275		1,651,141		1,334,223		1,663,083		1,496,425		1,315,544
Share based Payments	472,320		518,990		380,032		262,934		670,844		179,399		165,454		77,523
Provision for expected credit loss	(50,170	)	–		67,875		–		–		–		–		–
	8,666,099		9,366,802		7,652,220		8,162,742		6,320,023		5,883,586		5,587,789		4,734,061
(Loss) from Operations	(5,474,847	)	(6,898,618	)	(5,682,545	)	(5,737,790	)	(2,849,412	)	(2,508,166	)	(3,757,816	)	(2,160,462	)
OTHER ITEMS – INCOME/(EXPENSE)
Finance cost	(1,130,030	)	(939,429	)	(1,012,658	)	(944,859	)	(1,874,601	)	(1,743,710	)	(645,685	)	(1,072,341	)
Other income (expense)	379,917		271,834		220,377		129,788		42,803		17,104		(62,431	)	113,777
Impairment Loss – PPE	–		–		–		(178,175	)	–		–		–		–
Loss on extinguishment of financial liabilities	–		–		–		–		–		(1,558,758	)	–		–
Loss on impairment of property and equipment	–		(500	)	(45,509	)	–		–		–		–		–
Gain (Loss) on disposal of property and equipment	–		–		–		2,416		597		–		–		(1,541	)
Loss on redemption	–		–		–		–		–		(672,444	)	–		–
Foreign exchange translation	42,672		66,583		(72,825	)	109,779		140,881		(58,413	)	1,225		92,541
Net Loss	(6,182,288	)	(7,500,130	)	(6,593,160	)	(6,618,840	)	(4,539,732	)	(6,524,387	)	(4,464,707	)	(3,028,025	)
Deferred Tax Income/ (Expense)	–		–		–		152,389		–		–		–		283,457
Net Loss	(6,182,288	)	(7,500,130	)	(6,593,160	)	(6,466,451	)	(4,539,732	)	(6,524,387	)	(4,464,707	)	(2,744,568	)
OTHER COMPREHENSIVE LOSS
Foreign currency translation adjustment	(13,818	)	(19,853	)	(11,838	)	195,269		–		–		–		–
Net loss and comprehensive loss	(6,196,106	)	(7,519,983	)	(6,604,998	)	(6,271,183	)	(4,539,732	)	(6,524,387	)	(4,464,707	)	(2,744,568	)
Total Comprehensive loss attributable to
Owners of Volatus Aerospace	(6,109,330	)	(7,424,305	)	(6,225,215	)	(6,016,955	)	(4,545,679	)	(6,509,690	)	(4,116,411	)	(2,715,484	)
Non-controlling interest	(86,776	)	(95,678	)	(379,783	)	(254,228	)	5,947		(14,697	)	(348,296	)	(29,085	)
	(6,196,106	)	(7,519,983	)	(6,604,998	)	(6,271,183	)	(4,539,732	)	(6,524,387	)	(4,464,707	)	(2,744,568	)
Loss per share
Basic and Diluted	(0.01	)	(0.01	)	(0.01	)	(0.01	)	(0.01	)	(0.01	)	(0.01	)	(0.01	)

RECONCILIATION OF ADJUSTED EBITDA TO NET LOSS

	Three months ended September 30
	2026		2025
Adjusted EBITDA (loss)	(2,861,177	)	(800,708	)
Finance cost	1,130,030		1,874,601
Depreciation and amortization	1,254,475		1,334,223
Share-based payments	472,320		670,844
(Gain) loss on disposal of property & equipment	–		(597	)
Foreign exchange translation	(42,672	)	(140,881	)
R&D	506,958		834
Net Loss	(6,182,288	)	(4,539,732	)

ABOUT VOLATUS AEROSPACE INC.

Volatus Aerospace Inc. is a Canadian integrated aerospace company providing unmanned aerial systems, aerial intelligence services, autonomy software, and advanced training solutions supporting civil infrastructure, public safety, and defence markets. Through its combination of manufacturing, operations, and technology development, Volatus Aerospace is advancing the adoption of autonomous systems while supporting sovereign aerospace capability development in Canada and allied markets.

The Company operates a global platform supporting drone operations, pilot training, equipment sales, and data services while continuing to expand its capabilities in autonomy, remote operations, and next-generation aerial technologies.

NOTE REGARDING NON-GAAP MEASURES

In this press release we describe certain income and expense items that are unusual or non-recurring. There are terms not defined by International Financial Reporting Standards (IFRS). Our usage of these terms may vary from the usage adopted by other companies. Specifically, gross profit, gross margin, Adjusted EBITDA or Normalized EBITDA, and operating leverage are undefined terms by IFRS that may be referenced herein. We provide this detail so that readers have a better understanding of the significant events and transactions that have had an impact on our results.

Throughout this release, reference is made to “gross profit,” “gross margin”, “Adjusted EBITDA”, and “operating leverage”, which are non-IFRS measures. Management believes that gross profit, defined as revenue less direct costs, is a useful supplemental measure of operations. Gross profit helps provide an understanding on the level of costs needed to create revenue. Gross margin illustrates the gross profit as percentage of revenue. Adjusted earnings before interest, taxes, depreciation and amortization (“Adjusted EBITDA”). The Company defines Adjusted EBITDA as IFRS net loss excluding interest expense, depreciation and amortization expense, foreign exchange, share-based payments, research and development, income tax expense, integration and due diligence costs, one time profit or loss (non-recurring), and impairment of goodwill, property, plant, and equipment and right-of-use assets (ROU). The Company believes that Adjusted EBITDA is a meaningful financial metric as it measures cash generated from operations which the Company can use to fund working capital requirements, service future interest and principal debt repayments and fund future growth initiatives. In addition, the Company refers to “operating leverage.” Operating leverage measures how sensitively operating income responds to changes in revenue, based on the proportion of fixed versus variable costs in the Company’s cost structure. A business with high operating leverage typically experiences a more-than-proportionate increase in operating income when revenue grows, while declines in revenue can have an amplified negative effect. Management monitors operating leverage to evaluate margin scalability, understand cost-structure dynamics, and assess the potential impact of volume changes on profitability. Readers are cautioned that these non-IFRS measures may not be comparable to similar measures used by other companies. Readers are also cautioned not to view these non-IFRS financial measures as an alternative to financial measures calculated in accordance with International Financial Reporting Standards (“IFRS”). Adjusted EBITDA does not have any standardized meaning under IFRS and therefore may not be comparable to similar measures presented by other issuers and should not be construed as alternatives to comprehensive loss or income determined in accordance with IFRS. Total contract value” is a supplementary operating measure that has no standardized meaning under IFRS and may not be comparable to similar measures presented by other issuers. The Company defines total contract value as the estimated remaining unrecognized revenue under signed contracts, firm purchase orders, and multi-year agreements with customers, together with the value of unexercised options contained in those contracts. Amounts under agreements fulfilled through customer purchase orders are estimated based on contract terms and historical ordering patterns. Total contract value excludes framework or standing-offer ceilings beyond contracted options, and expected renewals not provided for in existing agreements. There is no assurance that total contract value will be realized as revenue, in full or within the expected timeframe. For more information with respect to financial measures which have not been defined by GAAP, including reconciliations to the closest comparable GAAP measure, see the “Non-GAAP Measures and Additional GAAP Measures”‎ section of the Company’s most recent MD&A which is available on SEDAR.

FORWARD-LOOKING STATEMENT

This news release contains statements that constitute “forward-looking information” and “forward-looking statements” within the meaning of applicable securities laws, including statements regarding the plans, intentions, beliefs, and current expectations of the Company with respect to future business activities and operating performance. Often, but not always, forward-looking information and forward-looking statements can be identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or variations (including negative variations) of such words and phrases, or statements formed in the future tense or indicating that certain actions, events or results “may”, “could”, “would”, “might” or “will” (or other variations of the foregoing) be taken, occur, be achieved, or come to pass. Forward-looking information includes information regarding: (i) the business plans and expectations of the Company; and (ii) expectations for other economic, business, and/or competitive factors. Forward-looking information is based on currently available competitive, financial, and economic data and operating plans, strategies, or beliefs as of the date of this news release, but involve known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors may be based on information currently available to the Company, including information obtained from third-party industry analysts and other third-party sources, and are based on management’s current expectations or beliefs. Any and all forward-looking information contained in this news release is expressly qualified by this cautionary statement. Investors are cautioned that forward-looking information is not based on historical facts but instead reflects expectations, estimates or projections concerning future results or events based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made. Forward-looking information and forward-looking statements reflect the Company’s current beliefs and is based on information currently available to it and on assumptions it believes to be not unreasonable in light of all of the circumstances. In some instances, material factors or assumptions are discussed in this news release in connection with statements containing forward-looking information. Such material factors and assumptions include, but are not limited to: the commercialization of drone flights beyond visual line of sight and potential benefits to the Company; and meeting the continued listing requirements of the TSX. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. The forward-looking information contained herein is made as of the date of this news release and, other than as required by law, the Company disclaims any obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information.

No securities regulatory authority has either approved or disapproved of the contents of this news release. The Toronto Stock Exchange accepts no responsibility for the adequacy or accuracy of this news release.

SOURCE: Volatus Aerospace Inc.

For additional information, please contact:

Volatus Aerospace Inc.
Abhinav Singhvi, Chief Financial Officer
+1-833-865-2887
investorrelations@volatusaerospace.com

COMPANY WEBSITE: https://volatusaerospace.com

Net sales increased 3.3% year-over-year to $76.4 million

Updates fiscal year 2026 outlook

OCEANSIDE, Calif., Nov. 10, 2026 (GLOBE NEWSWIRE) — Suja Life, Inc. (NASDAQ: SUJA) (“Suja Life,” “Suja” or the “Company”), a leading better-for-you beverage company and maker of Suja Organic, Vive Organic, and Slice Soda, today announced financial results for the third quarter ended September 28, 2026.

“We continued to gain share of natural healthy beverage in the third quarter while most of the category’s largest players lost share,” said Maria Stipp, Chief Executive Officer. “Even with continued pressure in grocery, we’re winning where shoppers are going, our newer lines are leading the way, and we expect adjusted EBITDA to grow roughly 70% this year, with margin expanding to nearly 20%, while investing deliberately behind our brands. With only about 11% of U.S. households buying our brands today, we see significant room to grow over the long term.”

Third Quarter 2026 Highlights Compared to Prior Year Period

• Net sales increased 3.3% to $76.4 million compared to $74.0 million

• Gross profit margin of 43.9% compared to 46.3%

• Net loss improved 43% to $8.3 million, compared to $14.6 million, with net loss margin of (10.9)% compared to (19.8)%

• Adjusted EBITDA increased $9.6 million to $10.5 million, with Adjusted EBITDA margin of 13.8% compared to 1.3%

Adjusted EBITDA is a non-GAAP financial measure. See definition and reconciliation of Adjusted EBITDA to net loss under “Non-GAAP Financial Measures.”

Stipp continued, “Owning our production gives us more control over our costs and supply, which helps us navigate inflationary pressures such as fuel, packaging and other inputs. We’re concentrating our investment on the brands, channels and programs with the potential of delivering the clearest returns, and we believe this positions Suja for more consistent, profitable growth over time.”

Third Quarter 2026 Results

Net sales increased 3.3% to $76.4 million, compared to $74.0 million in the prior year period. The increase in net sales was driven primarily by volume gains across key products and new distribution, partially offset by higher trade investment in response to increased competitive promotional activity. Net sales also benefited from the timing of approximately $2.0 million of shipments that had been expected in the fourth quarter.

• Suja Core net sales increased 3.0% to $74.8 million, compared to $72.6 million in the prior year period, driven by growth in cold-pressed juice, led by Refreshers, and continued growth in wellness shot multipacks, partially offset by softer single-serve shots and higher trade investment. Segment net sales include intersegment sales eliminated in consolidation.
• Emerging Brands net sales increased 3.0% to $2.7 million, as new distribution built more slowly than expected amid slower growth in the better-for-you soda category.

Gross profit decreased 2.2% to $33.5 million, or 43.9% of net sales, compared to $34.3 million, or 46.3% of net sales, in the prior year period. The decline in gross margin was primarily driven by higher promotional investment in a more competitive environment, unfavorable fixed-cost absorption from lower production volumes, and higher inbound freight and packaging costs.

Selling, general and administrative expenses were $36.5 million, or 47.8% of net sales, compared to $41.4 million or 56.0% of net sales, in the prior year period. The 820 basis points of leverage was primarily driven by lapping one-time launch investment in Emerging Brands in the prior year period, partially offset by higher transportation costs and the costs of operating as a public company.

Net loss was $8.3 million, or (10.9)% of net sales, compared to a net loss of $14.6 million, or (19.8)% of net sales, in the prior year period. Net loss included $6.7 million of one-time items, including a loss on debt extinguishment of $1.8 million and restructuring costs of $1.5 million.

Adjusted EBITDA increased $9.6 million to $10.5 million, or 13.8% of net sales, compared to $1.0 million, or 1.3% of net sales, in the prior year period.

Balance Sheet
As of September 28, 2026, the Company had cash of $15.5 million and total debt of $163.0 million, compared to cash of $31.0 million and total debt of $303.9 million as of December 29, 2025, prior to the completion of the IPO.

Debt Refinancing
On August 20, 2026, the Company entered into an Amended and Restated Credit Agreement under which the applicable interest rate is the Term SOFR Rate plus 1.75%, 2.00%, or 2.25% per annum based on the Company’s consolidated net leverage ratio. The refinancing did not add debt and delivers a notable reduction in the Company’s borrowing spread, lowering its cost of capital.

Fiscal Year 2026 Outlook

The Company is updating its outlook for the full fiscal year 2026 ending December 28, 2026, primarily reflecting current macroeconomic conditions and continued softness in the grocery channel.

The Company now expects:

• Net sales of $351.0 million to $354.0 million, reflecting growth of 7.5% to 8.4% compared to $326.6 million in fiscal 2025, which implies fourth-quarter net sales of $83.7 million to $86.7 million, and

• Adjusted EBITDA of $68.0 million to $70.0 million, reflecting growth of 67.9% to 72.8% compared to $40.5 million in fiscal 2025, which implies fourth-quarter Adjusted EBITDA of $17.8 million to $19.8 million.

The Company continues to expect a base tax rate of 26.1% and interest expense of approximately $18.0 million for the fiscal year ending December 28, 2026, consistent with the expectation provided in connection with the Company’s August 2026 refinancing.

See “Non-GAAP Financial Measures” below for an explanation of Adjusted EBITDA. The Company is unable to provide a reconciliation for forward-looking outlook of Adjusted EBITDA to net loss, the most closely comparable GAAP measure without unreasonable effort, because certain material reconciling items cannot be estimated due to factors outside of the Company’s control and could have a material impact on the reported results.

Outlook is based on information available as of today, November 10, 2026, and may be impacted by factors outside the Company’s control. See “Forward-Looking Statements.”

Conference Call and Webcast Details
The Company will host a conference call and webcast at 4:30 p.m. Eastern Time today to discuss these results.

The live audio webcast will be accessible in the “Events” section of the Company’s Investor Relations website at https://ir.sujalife.com/. Those interested in participating in the live call can register here to receive dial-in details and a unique pin. An archived replay of the webcast will be available shortly after the live event has concluded.

About Suja Life
At Suja Life, we’re changing what beverages bring to the table. We make organic, cold-pressed juices, wellness shots, and better-for-you sodas that deliver real functional benefits, exceptional taste, and high-quality ingredients, because we believe beverages should be as delicious as they are good for you. Our three brands – Suja Organic, Vive Organic, and Slice Soda – reach consumers through thousands of retail doors nationally. We operate a vertically integrated high-pressure processing and cold-pressed beverage facility, processing approximately 1 million pounds of organic produce each week and moving from farm to bottle in as few as eight days. With category-leading brands, a dedication to operational excellence, and a proven innovation engine, Suja Life is positioned at the front of the growing natural healthy beverage space.

Investor and Press Contact:
Michael Mougias
Investors@Sujalife.com 
Press@Sujalife.com 

Non-GAAP Financial Measures
We use certain non-GAAP key performance indicators to evaluate our business operations, including EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin. The non-GAAP financial measures presented in this press release and related conference call are supplemental measures of our performance that we believe help investors understand our financial condition and operating results and assess our future prospects. We believe that these non-GAAP financial measures provide investors with greater transparency to the information used by management for its operational decision-making. We further believe that providing this information assists our investors in understanding our operating performance and the methodology used by management to evaluate and measure such performance. Management recognizes that these non-GAAP financial measures have limitations, including that they may be calculated differently by other companies or may be used under different circumstances or for different purposes, thereby affecting their comparability from company to company. In order to compensate for these and the other limitations discussed below, management does not consider these measures in isolation from or as alternatives to the comparable financial measures determined in accordance with GAAP. Readers should review the reconciliations below and should not rely on any single financial measure to evaluate our business. The reasons we use these non-GAAP financial measures and the reconciliations to their most directly comparable GAAP financial measures are described further below.

EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin

We define EBITDA as net income (loss) as adjusted to exclude tax expense, net interest expense, and depreciation and amortization. We define Adjusted EBITDA as EBITDA further adjusted to exclude stock-based compensation expense, IPO-related costs and adjustments, sponsor fees which will not recur subsequent to the IPO, and other non-recurring expenses. We define Adjusted EBITDA Margin as Adjusted EBITDA divided by net sales. We believe that EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin are important metrics for management and investors in evaluating our operating results, as they exclude the impact of items that we do not consider reflective of our core business operations. These measures also facilitate consistent comparison of our operating performance over time and relative to our peers.

The following table presents a reconciliation of net loss to EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin for the three and nine months ended September 28, 2026 and September 29, 2025:

	Three Months Ended						Nine Months Ended
($ in thousands)	September 28, 2026			September 29, 2025			September 28, 2026			September 29, 2025
EBITDA and Adjusted EBITDA:
Net loss	(8,305	)		(14,628	)		(28,369	)		(21,078	)
Provision for income taxes	84			8			677			1,036
Interest expense	3,255			7,569			16,151			22,506
Depreciation and amortization	7,071			7,144			21,810			20,983
EBITDA	2,105			93			10,269			23,447
Stock-based compensation	1,725			140			2,980			367
Non-recurring costs (1)	2,172			404			3,020			895
Sponsor costs (2)	—			355			2,055			1,097
Transaction costs (3)	—			—			25,077			—
Loss on debt extinguishment	1,826			—			4,099			—
Loss on remeasurement of TRA	270			—			270			—
Regulatory write-off (4)	965			—			965			—
Restructuring costs (5)	1,481			—			1,481			—
Adjusted EBITDA	10,545			992			50,216			25,806
Net loss margin	(10.9)%			(19.8)%			(10.6)%			(8.9)%
Adjusted EBITDA margin	13.8	%		1.3	%		18.8	%		10.9	%
EBITDA margin	2.8	%		0.1	%		3.8	%		9.9	%
(1) Non-Recurring Costs – for the three and nine months ended September 28, 2026, costs consists of (i) legal costs related to loan modification, (ii) public company technical step-up consulting costs and advisory costs related to public company strategy evaluation, (iii) consulting fees related to one-time system improvements, (iv) inventory write-offs related to discontinuation and exit from a line of business, (v) strategic talent recruiting costs, and (vi) one-time transition costs incurred to transition to a new storage facility. For the three and nine months ended September 29, 2025, costs consists of consulting fees related to one-time system improvements, transaction bonuses, and other one-time transition costs. These items are non-recurring in nature and do not reflect the Company’s ongoing operating performance.
(2) Sponsor Costs – Includes fees paid in cash to the Company’s sponsor which do not recur subsequent to the IPO.
(3) Transaction Costs – Consists of costs directly attributable to the IPO, including IPO-related professional fees and expenses, equity-based compensation costs incurred as a result of the acceleration and modification of equity awards in connection with the IPO, one-time IPO-related transaction bonuses, and investor relations and travel expenses. These items are non-recurring in nature and do not reflect the Company’s ongoing operating performance.
(4) Regulatory write-off – Consists of write-off of product inventory and related settlement amounts in connection with legal settlements of certain product labeling claims arising after updated FDA labeling regulations. These items are non-recurring in nature and do not reflect the Company’s ongoing operating performance.
(5) Restructuring costs – Consists of severance costs related to the reorganization of the Company’s commercial operations in connection with the Company’s operations as a public company. The restructuring activities were completed during the three months ended September 28, 2026, and no additional costs are expected to be incurred.

Forward-Looking Statements

This press release and related conference call contain forward-looking statements that are subject to risks and uncertainties. All statements other than statements of historical fact included in this press release and related conference call are forward-looking statements. Forward-looking statements give our current expectations and projections relating to our financial condition, results of operations, plans, objectives, future performance and business. You can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. These statements may include words such as “anticipate,” “estimate,” “expect,” “project,” “plan,” “intend,” “believe,” “may,” “will,” “should,” “can have,” “likely” and other words and terms of similar meaning in connection with any discussion of the timing or nature of future operating or financial performance or other events. For example, all statements we make relating to expected consumer spending, macro-economic and competitive and promotional pressures, including in the grocery channel, velocity rates, market share, household penetration and our long-term growth opportunity, marketing, distribution and other investments and initiatives and their expected benefits, our ability to manage inflationary pressures, including fuel, packaging, freight, transportation and other input costs, the timing of customer shipments, growth rates and future financial results and outlook, estimated costs, expenditures, cash flows, our plans and objectives for future operations, growth or initiatives, strategies or the expected outcome or impact of pending or threatened litigation are forward-looking statements. All forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those that we expected, including: an overall decline in the health of the economy and other factors impacting consumer spending; a reduction in demand for and sales of our cold-pressed juices, wellness shots and functional sodas or a decrease in consumer demand for such products generally; strong competition in the food and beverage retail industry; reduced traffic in the grocery channel and shifts in consumer purchasing across retail channels; the success of our marketing strategies and channels at maintaining consumer awareness of our brands, building brand loyalty and generating interest in our products from existing and new consumers; a reduction or limited availability of organic fruits, vegetables and other raw materials and ingredients for our juice products, or an increase in the price of such materials and ingredients; real or perceived quality or food safety issues with our products, which may diminish our brands and reputation; our indebtedness, including our ability to comply with the covenants in our credit agreement, and changes in interest rates; our reliance on distributor and retail customers for a significant portion of our sales, and our ability to maintain or further develop our sales channels; our reliance on our local and regional farming partners and other third-party partners and those third parties’ ability to fulfill their obligations; our reliance on our limited suppliers for materials used to package our products, the costs of which have in the past been, and may continue to be, volatile and subject to price increases; inflationary pressures, including increases in fuel, packaging, freight, transportation and other input costs; failure by our transportation providers to deliver our products on time, or at all, and problems with our logistics network and arrangements; our ability to manage our future growth effectively; our ability to successfully forecast and manage our inventory at appropriate levels for our demand; the seasonal nature of our business, which may cause our quarterly results to fluctuate and may not be indicative of full-year performance; any damage or disruption at our production facilities in Oceanside, California, where our products are primarily manufactured; our ability to quickly respond to new trends by introducing new products or successfully improving existing products; our ability to develop and maintain our brands and company image; our success with making acquisitions and integrating newly acquired products or businesses; increased costs of operating as a public company; and the other factors set forth in our filings with the U.S. Securities and Exchange Commission (the “SEC”).

We derive many of our forward-looking statements from our operating budgets and forecasts, which are based on many detailed assumptions. Important factors that could cause actual results to differ materially from our expectations, or cautionary statements, are disclosed under the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections in our final prospectus filed with the SEC under Rule 424(b) on May 8, 2026 in connection with our IPO. All written and oral forward-looking statements attributable to us, or people acting on our behalf, are expressly qualified in their entirety by these cautionary statements as well as other cautionary statements that are made from time to time in our other SEC filings and public communications. You should evaluate all forward-looking statements made in this press release and related conference call in the context of these risks and uncertainties.

We caution you that the important factors referenced above may not contain all of the factors that are important to you. In addition, we cannot assure you that we will realize the results or developments we expect or anticipate or, even if substantially realized, that they will result in the consequences or affect us or our operations in the way we expect. The forward-looking statements included in this press release and related conference call are made only as of the date hereof. We undertake no obligation to update or revise any forward-looking statement as a result of new information, future events or otherwise, except as otherwise required by law.

References and links to websites have been provided as a convenience, and the information contained on such websites is not incorporated by reference into this press release. Suja is not responsible for the content of third-party websites.

SUJA LIFE INC.
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
($ in thousands, except unit and share data)
	September 28, 2026				December 29, 2025
Assets
Current Assets
Cash	$	15,503			$	31,015
Restricted cash		1,010				1,010
Trade receivables, net		15,279				14,081
Inventories		21,618				22,412
Prepaid expenses and other current assets		3,116				2,636
Total current assets		56,526				71,154
Property and equipment, net		58,999				45,671
Operating lease right-of-use assets, net		24,644				23,387
Trade name and other intangible assets, net		163,105				178,463
Goodwill		106,201				106,201
Other assets		1,416				701
Deferred transaction costs		—				2,536
Total assets	$	410,891			$	428,113
Liabilities and Stockholders’ Equity
Current Liabilities
Accounts payable	$	14,976			$	19,408
Accrued expenses		12,434				19,563
Accrued compensation		9,965				14,596
Current portion of operating lease obligations		2,890				2,450
Current portion of finance lease obligations		37				110
Short-term debt		4,125				2,740
Total current liabilities		44,427				58,867
Long-term operating lease obligations		24,936				24,051
Long-term finance lease obligations		70				98
Long-term debt, net		158,846				301,157
Deferred tax liabilities, net		—				11,370
Tax receivable agreement liability		270				—
Total liabilities		228,549				395,543
Equity
Unlimited Class A Units authorized, no par value, zero and 222,881 units issued and outstanding    as of September 28, 2026 and December 29, 2025, respectively		—				—
Unlimited Class B Units authorized, no par value, zero and 18,680 units issued and outstanding    as of September 28, 2026 and December 29, 2025, respectively		—				—
Unlimited Class C Units, no par value, zero and 200 units issued and outstanding as of    September 28, 2026 and December 29, 2025, respectively		—				—
Zero and 4,840 Class D Units, no par value, issued and outstanding as of September 28, 2026    and December 29, 2025, respectively		—				—
Unlimited Class E Units authorized, no par value, zero and 1,434 units issued and outstanding as    of September 28, 2026 and December 29, 2025, respectively		—				—
Unlimited Class F Units, no par value, zero and 1,000 units issued and outstanding as of    September 28, 2026 and December 29, 2025, respectively		—				—
Preferred stock, $0.0001 par value per share – 50,000,000 shares authorized; zero shares issued    and outstanding as of September 28, 2026 and December 29, 2025		—				—
Class A common stock, $0.0001 par value per share – 500,000,000 shares authorized; 23,788,700    and zero shares issued and outstanding as of September 28, 2026 and December 29, 2025, respectively		2				—
Class V common stock, $0.0001 par value per share – 100,000,000 shares authorized;    14,836,312 and zero shares issued and outstanding as of September 28, 2026 and    December 29, 2025, respectively		1				—
Additional paid-in capital		200,969				144,712
Noncontrolling interest		68,226				—
Accumulated deficit		(86,856	)			(112,142	)
Total partners’/stockholders’ equity		182,342				32,570
Total liabilities and partners’/stockholders’ equity	$	410,891			$	428,113

SUJA LIFE INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
($ in thousands)
	Three Months Ended								Nine Months Ended
	September 28, 2026				September 29, 2025				September 28, 2026				September 29, 2025
Net sales	$	76,366			$	73,956			$	267,279			$	236,483
Cost of sales		(42,867	)			(39,702	)			(140,499	)			(124,442	)
Gross profit		33,499				34,254				126,780				112,040
Operating expenses		(36,484	)			(41,397	)			(108,951	)			(109,827	)
Transaction costs		—				—				(25,077	)			—
Income (loss) from operations		(2,985	)			(7,143	)			(7,248	)			2,214
Other income (expense), net		(155	)			92				(194	)			249
Loss on debt extinguishment		(1,826	)			—				(4,099	)			—
Interest expense		(3,255	)			(7,569	)			(16,151	)			(22,506	)
Loss before taxes		(8,221	)			(14,620	)			(27,692	)			(20,043	)
Provision for (benefit from) income taxes		(84	)			(8	)			(677	)			(1,036	)
Net loss	$	(8,305	)		$	(14,628	)		$	(28,369	)		$	(21,078	)
Net loss attributable to Suja Life Holdings, LP and subsidiaries through the IPO organizational transactions	$	—			$	—			$	(15,052	)		$	—
Net loss attributable to noncontrolling interests	$	(3,054	)		$	—			$	(4,798	)		$	—
Net loss attributable to Suja Life, Inc.	$	(5,251	)		$	—			$	(8,519	)		$	—
	Three Months Ended September 28, 2026								Period from May 8, 2026 to September 28, 2026
Net loss per Class A common stock – basic and diluted	$	(0.22					)		$	(0.36					)
Weighted-average Class A common stock outstanding—basic and diluted		23,788,700								23,788,700

SUJA LIFE INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
($ in thousands, except unit data)
	Nine Months Ended
	September 28, 2026				September 29, 2025
Operating activities
Net Loss	$	(28,369	)		$	(21,078	)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization		21,809				20,983
Bad debt expense (recovery)		(64	)			42
Non-cash operating lease expense		3,458				2,993
Finance lease right-of-use amortization		103				116
Non-cash interest on financing leases		8				19
Amortization of discount on debt		524				745
Provision for excess and obsolete inventory		831				1,902
Stock-based compensation		14,888				367
Loss on debt extinguishment		4,099				—
Loss on remeasurement of tax receivable liability		270				—
Deferred taxes		156				—
Change in operating assets and liabilities
Trade receivables, net		(1,134	)			541
Inventories		(37	)			(8,866	)
Prepaid expenses and other current assets		(480	)			(562	)
Other assets		(488	)			(34	)
Accounts payable		(4,626	)			7,591
Accrued compensation		(4,631	)			(882	)
Accrued expenses		(7,129	)			(1,375	)
Deferred transaction costs		2,536				—
Operating lease obligations		(3,390	)			(2,902	)
Net cash used in operating activities		(1,666	)			(400	)
Investing activities
Purchase of intangible assets		(882	)			(42	)
Purchase of property and equipment		(18,563	)			(10,558	)
Net cash used in investing activities		(19,445	)			(10,600	)
Financing activities
Proceeds from revolving loan		—				10,000
Repayments of revolver loan		(40,000	)			—
Principal payments on financing lease obligations		(579	)			(127	)
Repayments of term loan		(267,540	)			(1,370	)
Proceeds from term loan		165,000				—
Prepayment premium on debt extinguishment		(2,318	)			—
Proceeds from the IPO, net underwriting discounts and offering expenses		164,829				—
Payments for settlement of incentive units		(13,102	)			—
Financing costs from term loan		(691	)			—
Deferred offering costs paid		—				(61	)
Distributions		—				(1,810	)
Net cash provided by (used in) financing activities		5,599				6,632
Change in cash and restricted cash		(15,512	)			(4,368	)
Cash and restricted cash at beginning of period		32,025				16,882
Cash and restricted cash at end of period	$	16,513			$	12,514
Supplemental Disclosure of Cash Flow Information
Cash paid for interest	$	19,129			$	21,825
Cash paid for income taxes	$	609			$	—
Supplemental Disclosures of Non-Cash Activities
Amounts included in accounts payable for equipment purchased	$	585			$	763
Operating lease liabilities arising from obtaining operating lease assets	$	3,277			$	3,428

CAMBRIDGE, Mass., Nov. 10, 2026 (GLOBE NEWSWIRE) — Prime Medicine, Inc. (Nasdaq: PRME), a biotechnology company committed to delivering a new class of differentiated one-time curative genetic therapies, today announced that it has commenced an underwritten public offering of $125.0 million of shares of its common stock. Prime Medicine also intends to grant the underwriters a 30-day option to purchase up to an additional $18.75 million of shares of its common stock. All of the shares of common stock in the proposed offering are to be sold by Prime Medicine. The proposed offering is subject to market and other conditions, and there can be no assurance as to whether or when the offering may be completed, or the actual size or terms of the offering.

Jefferies, TD Cowen and Goldman Sachs & Co. LLC are acting as joint book-running managers for the proposed offering. Oppenheimer & Co. and LifeSci Capital are acting as passive bookrunning managers for the proposed offering.

The shares of common stock are being offered by Prime Medicine pursuant to a shelf registration statement on Form S-3ASR (File No. 333-291348) filed with the U.S. Securities and Exchange Commission (SEC) on November 7, 2025, as amended by that certain Post-Effective Amendment No. 1 to Form S-3 (No. 333-291348) and that certain Post-Effective Amendment No. 2 to Form S-3 (No. 333-291348), each filed with the SEC on March 3, 2026, and declared effective by the SEC on March 4, 2026. The offering is being made only by means of a written prospectus and prospectus supplement that form a part of the registration statement. A preliminary prospectus supplement relating to and describing the terms of the offering will be filed with the SEC and will be available on the SEC’s website at www.sec.gov.

When available, copies of the preliminary prospectus supplement relating to the offering may also be obtained from: Jefferies LLC, Attention: Equity Syndicate Prospectus Department, 520 Madison Avenue, New York, New York 10022, by telephone at (877) 821-7388, or by email at Prospectus_Department@Jefferies.com; TD Securities (USA) LLC, Attention: Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717 or by email at TDManualrequest@broadridge.com or Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200 West Street, New York, New York 10282, by telephone at (866) 471-2526, or by email at prospectus-ny@ny.email.gs.com.

The final terms of the offering will be disclosed in a final prospectus supplement to be filed with the SEC.

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

About Prime Medicine

Prime Medicine is a leading biotechnology company dedicated to creating and delivering the next generation of gene editing therapies to patients. The Company is deploying its proprietary Prime Editing platform, a versatile, precise and efficient gene editing technology, to develop a new class of differentiated one-time curative genetic therapies. Prime Editors are designed to make only the right edit at the right position within a gene while minimizing unwanted DNA modifications.

Prime Medicine is currently progressing a diversified portfolio of investigational therapeutic programs organized around its core areas of focus: liver, lung, and immunology and oncology. Across each core area, Prime Medicine is focused initially on a set of high-value programs, each targeting a disease with well-understood biology and a clearly defined clinical development and regulatory path.

© 2026 Prime Medicine, Inc. All rights reserved. PRIME MEDICINE, the Prime Medicine logos, and PASSIGE are trademarks of Prime Medicine, Inc. All other trademarks referred to herein are the property of their respective owners.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, including, without limitation, implied and express statements about Prime Medicine’s beliefs and expectations regarding: the timing, terms and size of the proposed public offering, and the possibility that the proposed offering will be completed on the anticipated terms or at all. The words “may,” “might,” “will,” “could,” “would,” “should,” “expect,” “plan,” “anticipate,” “intend,” “believe,” “estimate,” “seek,” “predict,” “future,” “project,” “potential,” “continue,” “target” and similar words or expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words.

Any forward-looking statements in this press release are based on management’s current expectations and beliefs and are subject to a number of risks, uncertainties and important factors that may cause actual events or results to differ materially from those expressed or implied by any forward-looking statements contained in this press release, including, without limitation, uncertainties related to market conditions and satisfaction of customary closing conditions related to the proposed offering. These and other risks and uncertainties are described in greater detail in the section entitled “Risk Factors” in Prime Medicine’s most recent Annual Report on Form 10-K, Quarterly Report on Form 10-Q for the quarter ended June 30, 2026, and any of its subsequent filings with the SEC. In addition, any forward-looking statements represent Prime Medicine’s views only as of today and should not be relied upon as representing its views as of any subsequent date. Prime Medicine explicitly disclaims any obligation to update any forward-looking statements subject to any obligations under applicable law. No representations or warranties (expressed or implied) are made about the accuracy of any such forward-looking statements.

Investor and Media Contacts

Gregory Dearborn
Prime Medicine
857-209-0696
gdearborn@primemedicine.com

Hannah Deresiewicz
Precision AQ
212-362-1200
hannah.deresiewicz@precisionaq.com

SOL per Share Up 2.3% since September 30, 2026, approximately 21% on an annualized basis.

AUSTIN, TX, Nov. 10, 2026 (GLOBE NEWSWIRE) — Forward Industries, Inc. (NASDAQ: FWDI) (the “Company” or “Forward”), the leading Solana treasury company, today provided a mid-quarter update on its SOL treasury strategy for its fiscal first quarter of 2027, which began October 1, 2026. From October 1, 2026 through November 9, 2026, Forward increased its SOL and SOL equivalent holdings by 226,396 SOL, or 2.7%, from 8,501,298 as of September 30, 2026 to 8,727,694 as of November 9, 2026, representing approximately 1.5% of Solana’s circulating supply.¹ The SOL added during the period came at an average cost of $75 per SOL.²

SOL per share on a fully diluted basis increased to 0.0824 as of November 9, 2026, from 0.0806 as of September 30, 2026, representing growth of 2.3% over the 40-day period, or approximately 21% on an annualized basis.³

• In addition to continued SOL and SOL per share growth, Forward announced multiple strategic developments:
• Secured a $50 million credit facility at an interest rate of SOFR + 150 basis points (Floored at SOFR at Origination Date) and with a term of two years. The facility is provided by a federally chartered, FDIC-insured national bank, and is secured by SOL held in Forward’s treasury. The longer-dated, two-year facility lets Forward borrow against its SOL while the pledged collateral remains staked and continues to earn native staking yield, with no rehypothecation. Forward intends to use the proceeds to accelerate its SOL++ strategy.
• Committed up to $50 million to USHP, which Forward believes is the first tokenized liquid index product tracking U.S. home prices, co-anchoring its $100 million launch. Through USHPi, USHP’s income-bearing token, Forward expects to earn U.S. dollar income sourced from the housing market, which it intends to direct toward SOL accumulation. Forward intends to work with USHP to expand to Solana in 2027. In connection with its commitment, Forward also acquired a strategic minority interest in Index Industries, along with warrants to acquire additional Index Industries equity.
• Added Barclays as a sales agent to Forward’s at-the-market (“ATM”) equity offering program, alongside Cantor, broadening Forward’s access to institutional demand as it continues to grow SOL per share.

“Just six weeks into the quarter, we have increased SOL per share by 2.3% and added approximately 226,000 SOL to our holdings, marking a strong start to our fiscal year,” said Ryan Navi, Chief Investment Officer of Forward Industries. “We are also putting our all-weather SOL++ strategy into action, securing a $50 million credit facility and allocating capital to USHP. These steps advance our vision to build the ‘Berkshire Hathaway of Solana’ by growing SOL per share and creating durable value for shareholders.”

Quarter-to-Date Summary

		September 30, 2026				November 9, 2026
SOL and SOL equivalents			8,501,298				8,727,694
Percent of SOL circulating supply			~1.4%				~1.5%
SOL per fully diluted share			0.0806				0.0824
Fully diluted shares outstanding			105,535,801				105,933,854
Common shares outstanding			76,288,215				76,288,215
Cash and marketable securities		$	7,292,000			$	5,247,704
Institutional debt outstanding		$	167,500,000			$	187,500,000
Net asset value		$	870,382,702			$	600,251,077
mNAV (fully diluted)			0.946	x			0.976	x

Capitalization Table

The tables below present Forward’s net asset value and capitalization as of November 9, 2026. Figures are preliminary and unaudited and are provided as a mid-quarter update.⁴

Net Asset Value Calculation		Quantity				Price				Value ($)
Total FV of SOL Treasury*			8,727,694			$	86.61			$	755,905,553
Other digital assets – FV			42,741,109				Various			$	26,597,820
Cash & Marketable Securities		$	5,247,704			$	1.00			$	5,247,704
Institutional debt		($	187,500,000	)		$	1.00			($	187,500,000	)
Total net asset value										$	600,251,077

* Includes SOL, fwdSOL, pledged SOL, and excludes borrowed SOL

Capitalization Table		Quantity				Price				Market Cap ($)				NAV/Sh				mNAV
Common shares			76,288,215			$	5.53			$	421,873,829			$	7.87				0.703	x
In-the-money warrants – vested			12,272,101			$	0.00
In-the-money options – vested			449,010			$	4.86
In-the-money options – unvested			240,000			$	4.98
Restricted stock units – unvested			1,050,996
In-the-money fully diluted share count			90,300,322			$	5.53			$	499,360,781			$	6.65				0.832	x
Advisor and lead investor warrants			13,376,388			$	0.01
Out-of-the-money warrants – vested			111,111			$	6.50
Out-of-the-money options – vested			199,103			$	15.22
Out-of-the-money options – unvested			1,071,606			$	12.97
Performance stock units – unvested			875,324
Fully diluted share count			105,933,854			$	5.53			$	585,814,213			$	5.67				0.976	x

Notes
¹ “SOL Holdings” and “SOL and SOL equivalents” includes SOL, fwdSOL, and pledged SOL; and excludes borrowed SOL.
² Average cost reflects purchased SOL and SOL earned through staking, and ascribes no cash cost to SOL earned through staking.
³ SOL per share on a fully diluted basis is total SOL and SOL equivalents divided by fully diluted shares outstanding. Because this update covers a partial quarter, annualized growth is the percentage change since September 30, 2026 multiplied by 365 and divided by the number of days in the period.
⁴ Figures are preliminary and unaudited. Figures as of September 30, 2026 remain subject to completion of the Company’s annual audit. Net asset value is the fair value of treasury and other assets less institutional debt. mNAV is the FWDI share price divided by net asset value per share.

About Forward Industries, Inc.

Forward Industries, Inc. (NASDAQ: FWDI) is a Solana focused digital asset treasury company, with the strategy to buy, hold, stake, trade, invest in, and grow SOL and SOL related digital assets, protocols and businesses. Forward’s mission is to expand and strengthen the Solana ecosystem by acquiring and staking SOL and engaging with, providing tools to and investing in the Solana network, Solana developers and Solana related projects in order to increase shareholder value. In connection with a private placement transaction in September 2025, Forward launched a digital asset treasury strategy supported by industry leading investors and operating partners including Galaxy Digital and Jump Crypto. For more information on the Company’s Solana treasury strategy, visit www.forwardindustries.com.

Cautionary Statement Regarding Forward-Looking Statements

This press release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and includes this statement for purposes of complying with these safe harbor provisions. These forward-looking statements generally can be identified by the use of words such as “anticipate,” “expect,” “plan,” “could,” “may,” “will,” “believe,” “estimate,” “forecast,” “goal,” “project,” “target,” “intend,” “potential,” “should,” “continue,” and other words of similar meaning. These forward-looking statements address various matters including statements relating to the Company’s SOL treasury strategy and its ability to grow SOL and SOL per share, the Company’s plan for value creation and strategic advantages, the Company’s expectations regarding the Solana ecosystem and the market for tokenized real-world assets, the Company’s use of proceeds from its credit facility, the performance of the Company’s investments, including its commitment to USHP and its investment in Index Industries, market size and growth opportunities. Each forward-looking statement contained in this press release is subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statement. Applicable risks and uncertainties include, among others: the failure to realize the anticipated benefits of the digital asset treasury strategy; the extreme volatility of the price of Solana and other digital assets, including the risk of rapid and substantial declines or increases in price; the risk that preliminary and unaudited financial and operating information included in this press release (including information as of September 30, 2026) may change in connection with the completion of the Company’s annual audit or its quarterly closing procedures; the volume and timing of sales under the at-the-market offering program and of repurchases under the share repurchase program; changes in business, market, financial, political and regulatory conditions; risks relating to the Company’s operations and business, including the highly volatile nature of the price of Solana and other cryptocurrencies and the incurrence of indebtedness, including the risk that declines in the price of SOL pledged as collateral could require the Company to post additional collateral or repay borrowings; the risk that the price of the Company’s common stock may be highly correlated to the price of the digital assets that it holds; risks related to the performance and expected return of the companies and projects in which the Company has invested, including that such investments may decline in value or become worthless; risks related to increased competition in the industries and markets in which the Company does and will operate (including the applicable digital assets market); risks relating to significant legal, commercial, regulatory and technical uncertainty regarding digital assets generally, including potential changes in regulatory treatment or new regulations that could adversely affect the Company’s strategy; cybersecurity and custody risks relating to the Company’s digital asset holdings; risks relating to the treatment of digital assets for U.S. federal and state and foreign tax purposes; and other risks and uncertainties described in the “Risk Factors” section of the Company’s Annual Report on Form 10-K for the fiscal year ended September 30, 2025 and subsequent filings with the Securities and Exchange Commission. The forward-looking statements in this press release speak only as of the date of this document, and the Company undertakes no obligation to update or revise any of these statements, whether as a result of new information, future events or otherwise, except as required by law.

Contacts
Media Contact
comms@forwardindustries.com

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

 Reported worldwide net sales of $271 million increase 0.4%; Constant currency worldwide net sales up 2.0%

Gross margin expands 10.8 percentage points to 59.8%

Third quarter operating income of $25 million and operating margin of 9%; constant currency adjusted operating income of $30 million and constant currency adjusted operating margin of 11%

Raises full year 2026 financial outlook

RICHARDSON, Texas, Nov. 10, 2026 (GLOBE NEWSWIRE) — Fossil Group, Inc. (NASDAQ: FOSL) today announced financial results for the fiscal third quarter ended October 3, 2026.

“Our strong third quarter results reflect momentum across brands, channels and geographies and demonstrate that our product innovation and storytelling is connecting with consumers around the globe,” said Franco Fogliato, CEO. “The three strategic pillars under our turnaround plan are translating to top line growth and accelerating profitability. We are pleased that year-to-date results are outpacing our expectations, supporting an increase in our full year financial outlook on both the top and bottom line. Our teams are continuing to deliver strong execution and we believe we are just at the beginning of our long-term growth journey, providing us with confidence in our ability to drive lasting shareholder value.”

Third Quarter 2026 Operating Results

Amounts referred to as “adjusted” as well as “constant currency” are non-GAAP financial measures. Reconciliations of these non-GAAP financial measures to their closest reported GAAP measures are included at the end of this press release.

• Net sales totaled $271.2 million, an increase of 0.4% on a reported basis and 2.0% in constant currency, compared to $270.2 million in the third quarter of fiscal 2025. The sales increase was driven by strong consumer response to our product innovation and storytelling. Our store rationalization initiatives unfavorably impacted sales by approximately 190 basis points in the third quarter. From a regional view in constant currency, Asia net sales increased 15.1% and the Americas increased 0.1%, while Europe decreased 5.6%. Wholesale sales in constant currency increased 4.4%, and our direct to consumer sales decreased 5.9%. Within our direct to consumer channels, which include e-commerce and Fossil retail stores, comparable retail sales increased 0.1%. In our major product categories, traditional watch sales increased 6.4% in constant currency in the third quarter compared to the prior year period. The leathers category decreased 20.5% and jewelry sales declined 10.8%, each in constant currency during the third quarter. From a brand lens, the Fossil brand increased 13.6% in constant currency during the third quarter as compared to the prior year.

• Gross profit totaled $162.3 million compared to $132.4 million in the third quarter of 2025. Gross margin increased 10.8 percentage points to 59.8% versus 49.0% in the third quarter of 2025. The year-over-year increase primarily reflects reduced licensed brand minimum royalties, the accelerated timing of minimum royalty recognition as compared to the prior year and improved product margins in our core categories driven by benefits from our full price selling model, sourcing initiatives and reduced tariffs.
• Operating expenses totaled $137.0 million, a decrease of 11.1% compared to $154.1 million a year ago. As a percentage of net sales, operating expenses were 50.5% in the third quarter of 2026 compared to 57.0% in the prior year third quarter. Operating expenses in the third quarter of 2026 included $2.9 million of restructuring costs, primarily related to professional services and employee costs, while operating expenses in the third quarter of 2025 included $6.8 million of restructuring costs. SG&A expenses were $133.9 million, a decrease of 8.8% compared to the third quarter of 2025. As a percentage of net sales, SG&A expenses were 49.4% in the third quarter of 2026 compared to 54.3% in the prior year third quarter, largely driven by cost reductions and efficiencies gained through our restructuring programs.
• Operating income (loss) was $25.3 million compared to $(21.7) million in the third quarter of 2025. Operating margin was 9.3% in the third quarter of 2026 compared to (8.0)% in the prior year third quarter. Constant currency adjusted operating income totaled $30.2 million compared to adjusted operating loss of $14.4 million in the third quarter of 2025. Constant currency adjusted operating margin was 11.0% in the third quarter of 2026 compared to adjusted operating margin of (5.3)% in the prior year third quarter.
• Interest expense was $8.9 million compared to $4.2 million in the third quarter of 2025 due to increased debt issuance cost amortization, higher debt balances and increased interest rates.
• Other income (expense) was $4.2 million of income compared to $6.2 million of expense in the third quarter of 2025, primarily reflecting net currency gains in the third quarter of 2026 as compared to net currency losses in the prior year third quarter. The prior year third quarter also included a $1.7 million loss on extinguishment of debt.
• Income (loss) before income taxes was $20.6 million compared to $(32.1) million in the third quarter of 2025.
• Adjusted EBITDA was $36.7 million, or 13.5% of net sales in the third quarter of 2026 and $(15.0) million, or (5.6)% of net sales in the prior year quarter.
• Provision (benefit) for income taxes was an expense of $9.2 million, resulting in an effective income tax rate of 44.6% compared to an expense of $8.0 million and an effective tax rate of (24.8)% in the prior year third quarter. The change in effective tax rate was primarily due to the Company generating pre-tax income in the third quarter of 2026 compared to a pre-tax loss in the prior year third quarter, as well as shifts in the global mix of earnings and valuation allowance adjustments.
• Net income (loss) totaled $11.7 million with net income per diluted share of $0.19, which compares to net loss of $39.9 million and net loss per diluted share of $0.76 in the prior year third quarter. Adjusted net income was $14.2 million for the third quarter of 2026 with adjusted net income per diluted share of $0.23 compared to adjusted net loss of $32.8 million with adjusted net loss per diluted share of $0.63 in the prior year third quarter.

Balance Sheet Summary

As of October 3, 2026, the Company had total liquidity of $111.7 million, consisting of $77.0 million of cash and cash equivalents and $34.7 million of availability under its asset-based revolving credit facility (“ABL”). Inventories at the end of the third quarter of 2026 totaled $189.2 million, an increase of 13.4% compared to a year ago, reflecting investments to support our product innovation and demand pipeline. Total debt was $208.0 million.

Financial Outlook

The Company is raising 2026 financial guidance to reflect the strength of year-to-date performance and continuing momentum across the business:

• Worldwide net sales in the range of $980 million to $990 million
• Adjusted operating margin⁽¹⁾ in the range of 5.5% to 6.5%
• Positive free cash flow⁽²⁾

Worldwide net sales and adjusted operating margin guidance exclude impacts from foreign currency.

(1) A reconciliation of adjusted operating margin, a non-GAAP financial measure, to a corresponding GAAP measure is not available on a forward-looking basis without unreasonable effort due to the high variability and low visibility of certain income and expense items that are excluded in calculating adjusted operating margin.

(2) Free cash flow is a non-GAAP financial measure, defined as net cash from operating activities less net cash used in investing activities. A corresponding reconciliation of free cash flow to a corresponding GAAP measure is not available on a forward-looking basis without unreasonable effort.

Conference Call Information

Fossil Group will host a conference call to discuss these results at 5:00 p.m. Eastern Time today, November 10, 2026. A live webcast of the conference call will be available on the investor relations section of Fossil Group’s website at https://www.fossilgroup.com/investors and will also be archived for replay.

Safe Harbor

This press release and related statements by our management contain forward-looking statements (as such term is defined in the Private Securities Litigation Reform Act of 1995). These statements include, without limitation, statements regarding our current assumptions, projections and expectations about our business, financial outlook, turnaround plan and future events. These forward-looking statements are based on our current expectations and beliefs concerning future developments and their potential effect on us. While management believes that these forward-looking statements are reasonable as and when made, there can be no assurance that future developments affecting us will be those that we anticipate. Any such forward-looking statements involve risks and uncertainties and are subject to change based on various important factors, many of which may be beyond our control. The inclusion of such information should not be regarded as a representation by the company, or any other person, that the expectations of the company will be achieved. Words such as “estimate,” “project,” “plan,” “goal,” “believe,” “expect,” “anticipate,” “intend,” “should,” “are confident,” “will,” “could,” “outlook,” and similar expressions may identify forward-looking statements. Except as may be required by applicable law, we assume no obligation to publicly update or revise any forward-looking statements, including any financial targets, projections, estimates, or performance outlook, whether as a result of new information, future events, or otherwise. Factors that may cause actual results to differ from those expressed in our forward-looking statements include, but are not limited to, the factors disclosed in Part I, Item 1A. “Risk Factors” of the company’s most recent Annual Report on Form 10-K, and in our subsequent reports and filings with the Securities and Exchange Commission, as well as the following factors: increased political uncertainty; acts of war, military actions or acts of terrorism; the effect of worldwide economic conditions; lower levels of consumer spending resulting from inflation, a general economic downturn or generally reduced shopping activity caused by public safety or consumer confidence concerns; government regulation and tariffs; risks related to the success of our turnaround plan and goals; significant changes in consumer spending patterns or preferences; interruptions or delays in the supply of key components or products; the termination or non-renewal of significant license agreements; loss or shut down of key facilities; a data security or privacy breach or information systems disruptions; changes in foreign currency valuations in relation to the U.S. dollar; compliance with debt covenants and other contractual provisions and meeting debt service obligations; risks related to the success of our business strategy; impact of any minimum royalty commitments in excess of royalties payable on actual sales; risks related to foreign operations and manufacturing; the effect of any pandemic; changes in the costs of materials and labor; levels of traffic to and management of our retail stores; loss of key personnel or failure to attract and retain key employees and the outcome of current and possible future litigation. Readers of this press release should consider these factors in evaluating, and are cautioned not to place undue reliance on, the forward-looking statements contained herein.

About Fossil Group, Inc.

Fossil Group, Inc. is a global design, marketing, distribution and innovation company specializing in lifestyle accessories. Under a diverse portfolio of owned and licensed brands, our offerings include watches, jewelry, handbags, small leather goods, belts and sunglasses. We are committed to delivering the best in design and innovation across our owned brands, Fossil, Michele, Relic, Skagen and Zodiac, and licensed brands, Armani Exchange, Diesel, Emporio Armani, Michael Kors, Skechers and Tory Burch. We bring each brand story to life through an extensive distribution network across numerous geographies, categories and channels. Certain press release and SEC filing information concerning the Company is also available at www.fossilgroup.com.

Investor Relations:	Christine DiSanto (Greany)
	The Blueshirt Group
	christine@blueshirtgroup.com
Media Relations:	Michael McMullan
	Berns & Co.
	mmcmullan@bernsandco.com

Consolidated Income Statement Data	For the 13 Weeks Ended				For the 13 Weeks Ended				For the 39 Weeks Ended				For the 40 Weeks Ended
($ in millions, except per share data):	October 3, 2026				October 4, 2025				October 3, 2026				October 4, 2025
Net sales	$	271.2			$	270.2			$	705.7			$	723.9
Cost of sales		108.9				137.8				277.9				321.8
Gross profit		162.3				132.4				427.8				402.1
Gross margin		59.8	%			49.0	%			60.6	%			55.6	%
Operating expenses:
Selling, general and administrative expenses		133.9				146.8				377.9				391.6
Other long-lived asset impairments		0.2				0.5				0.9				0.6
Restructuring charges		2.9				6.8				8.4				29.9
Total operating expenses	$	137.0			$	154.1			$	387.2			$	422.1
Total operating expenses (% of net sales)		50.5	%			57.0	%			54.9	%			58.3	%
Operating income (loss)		25.3				(21.7	)			40.6				(20.0	)
Operating margin		9.3	%			(8.0	)%			5.8	%			(2.8	)%
Interest expense		8.9				4.2				25.7				13.0
Other income (expense) – net		4.2				(6.2	)			3.6				(9.4	)
Income (loss) before income taxes		20.6				(32.1	)			18.5				(42.4	)
Provision (benefit) for income taxes		9.2				8.0				18.3				17.6
Less: Net income attributable to noncontrolling interest		(0.3	)			(0.2	)			—				(0.3	)
Net income (loss) attributable to Fossil Group, Inc.	$	11.7			$	(39.9	)		$	0.2			$	(59.7	)
Earnings per share:
Basic	$	0.20			$	(0.76	)		$	—			$	(1.13	)
Diluted	$	0.19			$	(0.76	)		$	—			$	(1.13	)
Weighted average common shares outstanding:
Basic		59.1				52.4				58.9				53.1
Diluted		61.2				52.4				60.9				53.1

Consolidated Balance Sheet Data ($ in millions):	October 3, 2026			October 4, 2025
Assets:
Cash and cash equivalents	$	77.0		$	79.2
Accounts receivable – net		150.0			162.5
Inventories		189.2			166.8
Other current assets		67.1			62.6
Total current assets	$	483.3		$	471.1
Property, plant and equipment – net	$	31.3		$	35.9
Operating lease right-of-use assets		145.9			122.5
Intangible and other assets – net		62.9			71.5
Total long-term assets	$	240.1		$	229.9
Total assets	$	723.4		$	701.0
Liabilities and stockholders’ equity:
Accounts payable, accrued expenses and other current liabilities	$	279.6		$	295.8
Short-term debt		—			7.0
Total current liabilities	$	279.6		$	302.8
Long-term debt	$	208.0		$	169.1
Long-term operating lease liabilities		134.8			108.6
Other long-term liabilities		20.3			24.4
Total long-term liabilities	$	363.1		$	302.1
Stockholders’ equity		80.7			96.1
Total liabilities and stockholders’ equity	$	723.4		$	701.0

Constant Currency Financial Information

The following table presents the Company’s business segment and product net sales on a constant currency basis which are non-GAAP financial measures. To calculate net sales on a constant currency basis, net sales for the current fiscal year period for entities reporting in currencies other than the U.S. dollar are translated into U.S. dollars at the average rates during the comparable period of the prior fiscal year. The Company presents constant currency information to provide investors with a basis to evaluate how its underlying business performed excluding the effects of foreign currency exchange rate fluctuations. The constant currency financial information presented herein should not be considered a substitute for, or superior to, the measures of financial performance prepared in accordance with GAAP.

	Net Sales For the 13 Weeks Ended													Net Sales For the
	October 3, 2026										October 4, 2025			39 Weeks Ended October 3, 2026										40 Weeks Ended October 4, 2025
($ in millions)	As Reported			Impact of Foreign Currency Exchange Rates				Constant Currency			As Reported			As Reported			Impact of Foreign Currency Exchange Rates				Constant Currency			As Reported
Segment:
Americas	$	110.0		$	(0.2	)		$	109.8		$	109.7		$	303.5		$	(2.9	)		$	300.6		$	303.2
Europe		85.2			0.9				86.1			91.2			212.5			(5.3	)			207.2			235.7
Asia		75.7			3.7				79.4			69.0			188.5			7.0				195.5			183.7
Corporate		0.3			—				0.3			0.3			1.2			—				1.2			1.3
Total net sales	$	271.2		$	4.4			$	275.6		$	270.2		$	705.7		$	(1.2	)		$	704.5		$	723.9
Product categories:
Watches:
Traditional watches	$	232.3		$	4.1			$	236.4		$	222.2		$	596.8		$	0.1			$	596.9		$	585.3
Smartwatches		0.9			(0.1	)			0.8			3.8			4.0			—				4.0			9.3
Total watches	$	233.2		$	4.0			$	237.2		$	226.0		$	600.8		$	0.1			$	600.9		$	594.6
Leathers		12.0			—				12.0			15.1			34.3			(0.5	)			33.8			49.2
Jewelry		22.0			0.4				22.4			25.1			59.4			(0.7	)			58.7			66.7
Other		4.0			—				4.0			4.0			11.2			(0.1	)			11.1			13.4
Total net sales	$	271.2		$	4.4			$	275.6		$	270.2		$	705.7		$	(1.2	)		$	704.5		$	723.9

Adjusted EBITDA, Adjusted Operating Income (Loss), Constant Currency Adjusted Operating Income (Loss), Adjusted Net Income (Loss) and Adjusted Earnings (Loss) per Share

Adjusted EBITDA, Adjusted operating income (loss), Constant currency adjusted operating income (loss), Adjusted net income (loss) and Adjusted earnings (loss) per share are non-GAAP financial measures. We define Adjusted EBITDA as our income (loss) before the impact of income taxes, plus interest expense, amortization and depreciation, impairment expense, other non-cash charges, stock-based compensation expense, restructuring expense and unamortized debt issuance costs included in loss on extinguishment of debt, minus the gain on sale of our subsidiary, gains on asset divestitures, IEEPA refund claims for tariffs incurred in the prior year and interest income. We define Adjusted operating income (loss) as operating income (loss) before impairment expense, restructuring expense, gains on asset divestitures, IEEPA refund claims for tariffs incurred in the prior year and unamortized debt issuance costs included in loss on extinguishment of debt. We define Constant currency adjusted operating income (loss) as operating income (loss) before impairment expense, restructuring expense, gains on asset divestitures and IEEPA refund claims for tariffs incurred in the prior year and excluding the effects of foreign currency exchange rate fluctuations. We define Adjusted net income (loss) and Adjusted earnings (loss) per share as net income (loss) attributable to Fossil Group, Inc. and diluted earnings (loss) per share, respectively, before impairment expense, restructuring expense, the gain on sale of our subsidiary, gains on asset divestitures, IEEPA refund claims for tariffs incurred in the prior year and unamortized debt issuance costs included in loss on extinguishment of debt. We have included Adjusted EBITDA, Adjusted operating income (loss), Constant currency adjusted operating income (loss), Adjusted net income (loss) and Adjusted earnings (loss) per share herein because they are widely used by investors for valuation and for comparing our financial performance with the performance of our competitors. We also use these non-GAAP financial measures to monitor and compare the financial performance of our operations. Our presentation of Adjusted EBITDA, Adjusted operating income (loss), Constant currency adjusted operating income (loss), Adjusted net income (loss) and Adjusted earnings (loss) per share may not be comparable to similarly titled measures other companies report. Adjusted EBITDA, Adjusted operating income (loss), Constant currency adjusted operating income (loss), Adjusted net income (loss) and Adjusted earnings (loss) per share are not intended to be used as alternatives to any measure of our performance in accordance with GAAP.

The following tables reconcile Adjusted EBITDA to the most directly comparable GAAP financial measure, which is income (loss) before income taxes. Certain line items presented in the tables below, when aggregated, may not foot due to rounding.

	Fiscal 2025				Fiscal 2026
($ in millions):	Q4				Q1			Q2				Q3			Total
Income (loss) before income taxes	$	(7.3	)		$	4.8		$	(6.9	)		$	20.6		$	11.2
Plus:
Interest expense		7.3				8.5			8.3				8.9			33.0
Amortization and depreciation		3.3				1.8			3.0				2.2			10.3
Other long-lived asset impairments		1.0				0.1			0.7				0.2			2.0
Other non-cash charges		(0.8	)			0.3			(0.6	)			0.2			(0.9	)
Stock-based compensation		0.5				0.7			1.6				1.8			4.6
Restructuring expense		10.7				2.0			3.4				2.9			19.0
Loss on extinguishment of debt		1.4				—			—				—			1.4
Less:
IEEPA tariff refund claims		—				3.6			—				—			3.6
Gain on sale of subsidiary(1)		—				—			0.8				—			0.8
Interest income		0.3				0.1			0.1				0.1			0.6
Adjusted EBITDA	$	15.8			$	14.5		$	8.6			$	36.7		$	75.6

⁽¹⁾ Includes the gain on sale of our South Africa subsidiary

	Fiscal 2024				Fiscal 2025
($ in millions):	Q4				Q1				Q2				Q3				Total
Income (loss) before income taxes	$	(25.2	)		$	(14.5	)		$	4.1			$	(32.1	)		$	(67.7	)
Plus:
Interest expense		4.9				4.5				4.3				4.2				17.9
Amortization and depreciation		3.8				3.4				3.0				3.3				13.5
Other long-lived asset impairments		0.6				0.1				—				0.5				1.2
Other non-cash charges		3.7				0.2				(0.5	)			0.2				3.6
Stock-based compensation		0.7				0.6				0.6				0.6				2.5
Restructuring expense		28.2				15.8				7.3				6.8				58.1
Restructuring cost of sales		7.5				—				—				—				7.5
Loss on extinguishment of debt		—				—				—				1.7				1.7
Less:
Gains on asset divestitures(1)		—				—				11.5				—				11.5
Interest income		1.1				1.0				0.3				0.2				2.6
Adjusted EBITDA	$	23.1			$	9.1			$	7.0			$	(15.0	)		$	24.2

⁽¹⁾ Includes the gains on sale of our European distribution center and equipment from a Swiss manufacturing facility

The following tables reconcile Adjusted operating income (loss), Constant currency adjusted operating income (loss), Adjusted net income (loss) and Adjusted earnings (loss) per share to the most directly comparable GAAP financial measures, which are operating income (loss), net income (loss) attributable to Fossil Group, Inc. and diluted earnings (loss) per share, respectively. Certain line items presented in the tables below, when aggregated, may not foot due to rounding.

	For the 13 Weeks Ended October 3, 2026
($ in millions, except per share data):	As Reported			Other Long-Lived Asset Impairment		Restructuring Expenses		As Adjusted			Impact of Foreign Currency Exchange Rates		As Adjusted Constant Currency
Operating income (loss)	$	25.3		$	0.2	$	2.9	$	28.4		$	1.8	$	30.2
Operating margin (% of net sales)		9.3	%						10.5	%				11.0	%
Interest expense		(8.9	)		—		—		(8.9	)
Other income (expense) – net		4.2			—		—		4.2
Income (loss) before income taxes		20.6			0.2		2.9		23.7
Provision (benefit) for income taxes		9.2			—		0.6		9.8
Less: Net income attributable to noncontrolling interest		(0.3	)		—		—		(0.3	)
Net income (loss) attributable to Fossil Group, Inc.	$	11.7		$	0.2	$	2.3	$	14.2
Diluted earnings (loss) per share	$	0.19		$	—	$	0.04	$	0.23

	For the 13 Weeks Ended October 4, 2025
($ in millions, except per share data):	As Reported			Other Long-Lived Asset Impairment		Restructuring Expenses		Loss on Extinguishment of Debt		As Adjusted
Operating income (loss)	$	(21.7	)	$	0.5	$	6.8	$	—	$	(14.4	)
Operating margin (% of net sales)		(8.0	)%								(5.3	)%
Interest expense		(4.2	)		—		—		—		(4.2	)
Other income (expense) – net		(6.2	)		—		—		1.7		(4.5	)
Income (loss) before income taxes		(32.1	)		0.5		6.8		1.7		(23.1	)
Provision for income taxes		8.0			0.1		1.4		0.4		9.9
Less: Net income attributable to noncontrolling interest		(0.2	)		—		—		—		(0.2	)
Net income (loss) attributable to Fossil Group, Inc.	$	(39.9	)	$	0.4	$	5.4	$	1.3	$	(32.8	)
Diluted earnings (loss) per share	$	(0.76	)	$	0.01	$	0.10	$	0.02	$	(0.63	)

	For the 39 Weeks Ended October 3, 2026
($ in millions, except per share data):	As Reported			Other Long-Lived Asset Impairment		Restructuring Expenses		IEEPA Tariff Refund Claims			Gain on Sale of Subsidiary (1)			As Adjusted			Impact of Foreign Currency Exchange Rates		As Adjusted Constant Currency
Operating income (loss)	$	40.6		$	0.9	$	8.4	$	(3.6	)	$	—		$	46.3		$	2.0	$	48.3
Operating margin (% of net sales)		5.8	%												6.6	%				6.9	%
Interest expense		(25.7	)		—		—		—			—			(25.7	)
Other income (expense) – net		3.6			—		—		—			(0.8	)		2.8
Income (loss) before income taxes		18.5			0.9		8.4		(3.6	)		(0.8	)		23.4
Provision (benefit) for income taxes		18.3			0.2		1.8		(0.8	)		(0.2	)		19.3
Less: Net income attributable to noncontrolling interest		—			—		—		—			—			—
Net income (loss) attributable to Fossil Group, Inc.	$	0.2		$	0.7	$	6.6	$	(2.8	)	$	(0.6	)	$	4.1
Diluted earnings (loss) per share	$	0.00		$	0.01	$	0.11	$	(0.05	)	$	(0.01	)	$	0.06

⁽¹⁾ Includes the gain on sale of our South Africa subsidiary

	For the 40 Weeks Ended October 4, 2025
($ in millions, except per share data):	As Reported			Other Long-Lived Asset Impairment		Restructuring Expenses		Loss on Extinguishment of Debt		Gains on Asset Divestiture(1)			As Adjusted
Operating income (loss)	$	(19.9	)	$	0.6	$	29.9	$	—	$	(11.5	)	$	(0.9	)
Operating margin (% of net sales)		(2.8	)%										(0.1) %
Interest expense	$	(13.0	)		—		—	$	—		—			(13.0	)
Other income (expense) – net		(9.5	)		—		—		1.7		—			(7.8	)
Income (loss) before income taxes		(42.4	)		0.6		29.9		1.7		(11.5	)		(21.7	)
Provision for income taxes		17.6			0.1		6.3		0.4		(2.4	)		22.0
Less: Net income attributable to noncontrolling interest		(0.3	)		—		—		—		—			(0.3	)
Net income (loss) attributable to Fossil Group, Inc.	$	(59.7	)	$	0.5	$	23.6	$	1.3	$	(9.1	)	$	(43.4	)
Diluted earnings (loss) per share	$	(1.13	)	$	0.01	$	0.44	$	0.02	$	(0.17	)	$	(0.83	)

⁽¹⁾ Includes the gain on sale of our European distribution center and equipment from a Swiss manufacturing facility

Store Count Information

	October 4, 2025		Opened		Closed		Converted to Franchise		October 3, 2026
Americas	97		0		8		0		89
Europe	49		0		3		11		35
Asia	58		4		12		0		50
Total stores	204		4		23		11		174