Ravi Shankar – Page 2

Crown Point Announces Operating and Financial Results for the Three and Nine Months Ended September 30, 2026

Posted on November 13, 2026 by Ravi Shankar

CALGARY, Alberta, Nov. 13, 2026 (GLOBE NEWSWIRE) — NEX: CWV.H: Crown Point Energy Inc. (“Crown Point”, the “Company”, “our” or “we“) today announced its financial and operating results for the three and nine months ended September 30, 2026. All dollar figures are expressed in United States dollars (“USD”) unless otherwise stated.

In the following discussion, the three months ended September 30, 2026 and June 30, 2026 may be referred to as “Q3 2026” and “Q2 2026”, respectively. The comparative three months ended September 30, 2025, may be referred to as “Q3 2025”.

Q3 2026 SUMMARY

During Q3 2026, the Company:

Reported net cash used in operating activities and funds flow provided by operating activities of $8.2 million and $9.7 million, respectively, as compared to Q3 2025 when the Company reported net cash and funds flow used in operating activities of $3.6 million and $3.5 million, respectively;
Earned $51.8 million of oil and natural gas sales revenue on total average daily sales volumes of 6,933 BOE per day¹, higher than $21.7 million of oil and natural gas sales revenue on total average daily sales volumes of 4,182 BOE per day² in Q3 2025 due to oil sales from the Chubut concessions acquired in the fourth quarter of 2025. The Company’s average daily sales volumes in Q3 2026 were lower than the 9,158 BOE per day reported in Q2 2026 due to a delayed oil shipment from the Chubut concessions, which resulted in higher oil inventory at September 30, 2026;
Average daily production volumes for Q3 2026 were 8,042 BOE per day, lower than 8,531 BOE per day in Q2 2026 mainly due to the expiration of the Tierra del Fuego (“TDF”) concessions on August 18, 2026 and higher than 4,348 BOE per day in Q3 2025 mainly due to oil production volumes from the Chubut concessions.
Received an average of $5.87 per mcf for natural gas and $86.60 per bbl for crude oil compared to $3.84 per mcf for natural gas and $62.83 per bbl for oil received in Q3 2025;
Reported an operating netback of $20.95 per BOE³ up from $(6.60) per BOE in Q3 2025;
Issued $16.5 million of discounted promissory notes and repaid $21.1 million of working capital loans and discounted promissory notes;
Completed a rights offering for gross proceeds of $30 million, the proceeds of which were used to repay the $29.9 million loan from Liminar Energía S.A. (“Liminar”), the Company’s largest shareholder;
Issued $8.26 million principal amount of Series X Notes and $46.77 million principal amount of Series XI Notes, of which $25.0 million was issued in exchange for the surrender and cancellation of the $25 million principal amount of Series VII Notes;
Recognized a $1.1 million loss on the expiration of the TDF concessions on August 18, 2026;
Effective September 11, 2026, transferred its listing to the NEX Board of the TSX Venture Exchange, with its trading symbol changing to “CWV.H”;
Reported income before taxes of $0.1 million, deferred tax provision of $2.7 million and net loss of $2.6 million, as compared to Q3 2025 when the Company reported loss before taxes of $8.7 million, deferred tax recovery of $3.9 million and net loss of $4.8 million; and
Reported a working capital deficit⁴ of $51.7 million at September 30, 2026, as compared to a working capital deficit of $71.8 million at December 31, 2025.

SUBSEQUENT EVENTS

On October 30, 2026, the Company repaid the first principal installment of the Series VI Notes in the amount of $7.3 million, and the Company paid the first principal installment of the Series IX Notes in the amount of $3 million.

OPERATIONAL UPDATE

Chubut Concessions

During Q3 2026, El Tordillo concession oil production averaged 4,182 (net 3,973) bbls of oil per day, La Tapera concession oil production averaged 28 (net 27) bbls of oil per day and Puesto Quiroga concession oil production averaged 160 (net 152) bbls of oil per day. Natural gas production from the El Tordillo and Puesto Quiroga concessions averaged 2,422 (net 2,301) mcf per day. During Q3 2026, the Company drilled the PQO-2005 well to a total depth of 3,618 metres and performed workovers on 12 oil producing wells in the El Tordillo concession perforating new zones in the Comodoro Rivadavia and Mina del Carmen formations.

Santa Cruz Concessions

During Q3 2026, Piedra Clavada concession oil production averaged 1,683 bbls of oil per day and Koluel Kaike concession oil production averaged 944 bbls of oil per day. During Q3 2026, the Company completed workovers on two oil producing wells in the Piedra Clavada concession and completed several interventions on oil wells in both the Koluel Kaike and Piedra Clavada concessions.

Mendoza Concessions

Oil production for Q3 2026 averaged 836 (net 418) bbls of oil per day from the Chañares Herrados concession and 162 (net 81) bbls of oil per day from the Puesto Pozo Cercado Oriental concession.

TDF Concessions

During Q3 2026, San Martin oil production averaged 220 (net 106) bbls of oil per day; Las Violetas concession natural gas production averaged 6,923 (net 3,346) mcf per day and associated oil production averaged 25 (net 12) bbls of oil per day.
The TDF concessions, in which the Company held a 48.3275% non-operating participating interest, expired on August 18, 2026. The averages reported are for the period from July 1 to August 18, 2026.

OUTLOOK

The Company’s capital spending for fiscal 2026 is budgeted at approximately $44.8 million, of which: $32.2 million is allocated to the Chubut concessions for well workovers, facilities improvements and a drilling campaign comprised of 4 wells; $11.3 million is allocated to the Santa Cruz concessions for well workovers, facilities improvements and a drilling campaign comprised of 3 wells; and $1.3 million is allocated to the Mendoza concessions for well workovers and facilities improvements. During the nine months ended September 30, 2026, the Company incurred $19.7 million of capital expenditures in the Chubut, Santa Cruz and Mendoza concessions.

SUMMARY OF FINANCIAL INFORMATION

(expressed in $, except shares outstanding)	September 30 2026		December 31 2025
Current assets	72,162,920		50,655,402
Current liabilities	(123,848,608	)	(122,470,728	)
Working capital deficiency ⁽¹⁾	(51,685,688	)	(71,815,326	)
Exploration and evaluation assets	13,995,604		14,018,547
Property and equipment	225,719,408		226,293,865
Total assets	313,721,932		293,165,032
Non-current financial liabilities ⁽¹⁾	64,106,897		73,009,452
Share capital	86,053,615		56,456,328
Total common shares outstanding	312,903,038		72,903,038

^{(1) We adhere to International Financial Reporting Standards (“IFRS”), however the Company also employs certain non-IFRS measures to analyze financial performance, financial position, and cash flow. Additionally, other financial measures are also used to analyze performance. These non-IFRS and other financial measures do not have any standardized meaning prescribed by IFRS and therefore may not be comparable to similar measures provided by other issuers. “Working capital (deficiency / deficit)” is a capital management measure. “Non-current financial liabilities” is a supplemental financial measure. See “Non-IFRS and Other Financial Measures”.}

RESULTS OF OPERATIONS

Sales Volumes

	Three months ended		Nine months ended
	September 30		September 30
	2026	2025	2026	2025
Total sales volumes (BOE)	637,895	384,804	2,179,885	1,141,542
Oil bbls per day	6,211	3,501	6,970	3,508
NGL bbls per day	8	36	5	20
Natural gas mcf per day	4,286	3,869	6,058	3,921
Total BOE per day	6,933	4,182	7,985	4,182

Operating Netback ⁽¹⁾

	Three months ended										Nine months ended
	September 30										September 30
	2026					2025					2026					2025
		Per BOE					Per BOE					Per BOE					Per BOE
Oil and natural gas sales revenue ($)	51,849,294			81.28		21,703,343			56.40		165,536,816			75.94		67,420,771			59.06
Export tax ($)	(273,106		)	(0.43	)	(113,102		)	(0.29	)	(454,147		)	(0.21	)	(306,857		)	(0.27	)
Royalties and turnover tax ($)	(8,872,635		)	(13.91	)	(3,819,077		)	(9.92	)	(29,584,288		)	(13.57	)	(11,982,219		)	(10.50	)
Operating costs ($)	(29,335,943		)	(45.99	)	(20,313,614		)	(52.79	)	(92,192,647		)	(42.29	)	(59,494,124		)	(52.12	)
Operating netback ⁽¹⁾ ($)	13,367,610			20.95		(2,542,450		)	(6.60	)	43,305,734			19.87		(4,362,429		)	(3.83	)

^{(1) “Operating netback” is a non-IFRS measure. “Operating netback per BOE” is a non-IFRS ratio. See “Non-IFRS and Other Financial Measures”.}

The Company’s unaudited condensed interim consolidated financial statements for the three and nine month periods ended September 30, 2026 and related management’s discussion and analysis (“MD&A”) are being filed with Canadian securities regulatory authorities and will be made available under the Company’s profile at www.sedarplus.ca and on the Company’s website at www.crownpointenergy.com.

For inquiries, please contact:

Brian Moss	Marcos Esteves
Interim President & CEO	Vice-President, Finance & CFO
Ph: (403) 232-1150	Ph: (403) 232-1150
Crown Point Energy Inc.	Crown Point Energy Inc.
bmoss@crownpointenergy.com	mesteves@crownpointenergy.com

About Crown Point
Crown Point Energy Inc. is an international oil and gas exploration and development company headquartered in Buenos Aires, Argentina, incorporated in Canada, trading on the NEX Board of the TSX Venture Exchange and operating in Argentina. Crown Point’s exploration and development activities are focused in three producing basins in Argentina, the Golfo San Jorge Basin in the provinces of Santa Cruz and Chubut, and the Neuquén and Cuyo (or Cuyana) basins in the province of Mendoza.

Advisory

Non-IFRS and Other Financial Measures: Throughout this press release and in other materials disclosed by the Company, we employ certain measures to analyze financial performance, financial position, and cash flow. These non-IFRS and other financial measures do not have any standardized meaning prescribed by IFRS and therefore may not be comparable to similar measures provided by other issuers. The non-IFRS and other financial measures should not be considered to be more meaningful than financial measures which are determined in accordance with IFRS, such as net income (loss), oil and natural gas sales revenue and net cash provided by (used in) operating activities as indicators of our performance.

“Non-current financial liabilities” is a supplemental financial measure. Non-current financial liabilities is comprised of the non-current portions of trade and other payables, loans, notes payable and lease liabilities as presented in the Company’s consolidated statements of financial position. See “Summary of Financial Information”.

“Operating netback” is a non-IFRS measure. Operating netback is comprised of oil and natural gas sales revenue less export tax, royalties and turnover tax and operating costs. Management believes this measure is a useful supplemental measure of the Company’s profitability relative to commodity prices. See “Results of Operations – Operating Netback” for a reconciliation of operating netback to oil and natural gas sales revenue, being our nearest measure prescribed by IFRS.

“Operating netback per BOE” is a non-IFRS ratio. Operating netback per BOE is comprised of operating netback divided by total BOE sales volumes in the period. Management believes this measure is a useful supplemental measure of the Company’s profitability relative to commodity prices. In addition, management believes that operating netback per BOE is a key industry performance measure of operational efficiency and provides investors with information that is also commonly presented by other crude oil and natural gas producers. Operating netback is a non-IFRS measure. See “Results of Operations – Operating Netback” for the calculation of operating netback per BOE.

“Working capital (deficiency / deficit)” is a capital management measure. Working capital is comprised of current assets less current liabilities. Management believes that working capital is a useful measure to assess the Company’s capital position and its ability to execute its existing exploration commitments and its share of any development programs. See “Summary of Financial Information” for a reconciliation of working capital to current assets and current liabilities, being our nearest measures prescribed by IFRS.

Abbreviations and BOE Presentation: “bbl” means barrel; “bbls” means barrels; “BOE” means barrels of oil equivalent; “mcf” means thousand cubic feet; “NGL” means natural gas liquids; and “UTE” means Union Transitoria de Empresas, which is a registered joint venture contract established under the laws of Argentina. All BOE conversions in this press release are derived by converting natural gas to oil in the ratio of six mcf of gas to one bbl of oil. BOE may be misleading, particularly if used in isolation. A BOE conversion ratio of six mcf of gas to one bbl of oil (6 mcf: 1 bbl) is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Given that the value ratio based on the price of crude oil as compared to natural gas in Argentina from time to time may be different from the energy equivalency conversion ratio of 6:1, utilizing a conversion on a 6:1 basis may be misleading as an indication of value.

Forward-looking Information: This document contains forward-looking information. This information relates to future events and the Company’s future performance. All information and statements contained herein that are not clearly historical in nature constitute forward-looking information, and the words “may”, “will”, “should”, “could”, “expect”, “plan”, “intend”, “anticipate”, “believe”, “estimate”, “propose”, “predict”, “potential”, “continue”, “aim”, “project”, “outlook” or the negative of these terms or other comparable terminology are generally intended to identify forward-looking information. Such information represents the Company’s internal projections, estimates, expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. This information involves known or unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information. In addition, this document may contain forward-looking information attributed to third party industry sources. Crown Point believes that the expectations reflected in this forward-looking information are reasonable; however, undue reliance should not be placed on this forward-looking information, as there can be no assurance that the plans, intentions or expectations upon which they are based will occur. This press release contains forward-looking information concerning, among other things, the following: the Company’s focus, our capital expenditure budget for fiscal 2026, the allocation of such capital expenditures that we intend to make on our concessions during 2026, and the operations that we intend to conduct on each of our concessions during such period.

The reader is cautioned that such information, although considered reasonable by the Company, may prove to be incorrect. Actual results achieved during the forecast period will vary from the information provided in this document as a result of numerous known and unknown risks and uncertainties and other factors. A number of risks and other factors could cause actual results to differ materially from those expressed in the forward-looking information contained in this document including, but not limited to, the following: that the tariffs imposed or threatened to be imposed by the U.S. on other countries, and retaliatory tariffs imposed or threatened to be imposed by other countries on the U.S., will trigger a broader global trade war which could have a material adverse effect on global economies, and by extension the Argentine oil and natural gas industry and the Company, including by decreasing demand for (and the price of) oil and natural gas, disrupting supply chains, increasing costs, causing volatility in global financial markets, and limiting access to (and/or increasing the cost of) financing; that the Company is not able to meet its obligations as they become due; risks associated with the insolvency and/or bankruptcy of our joint venture partners and/or the operators of the concessions in which we have an interest, including the risk that any such insolvency and/or bankruptcy has an adverse effect on one of our UTEs, one of our concessions and/or the Company; and the risks and other factors described under “Business Risks and Uncertainties” in our most recently filed MD&A and under “Risk Factors” in the Company’s most recently filed Annual Information Form, which is available for viewing on SEDAR+ at www.sedarplus.ca. With respect to forward-looking information contained in this document, the Company has made assumptions regarding, among other things: the ability and willingness of OPEC+ nations and other major producers of crude oil to balance crude oil production levels and thereby sustain higher global crude oil prices; that our joint venture partners and the operators of our concessions that we do not operate will honour their contractual commitments in a timely fashion and will not become insolvent or bankrupt; the impact of inflation rates in Argentina and the devaluation of the Argentine peso against the USD on the Company; the impact of increasing competition; the general stability of the economic and political environment in which the Company operates, including operating under a consistent regulatory and legal framework in Argentina; future oil, natural gas and NGL prices (including the effects of governmental incentive programs and government price controls thereon); the timely receipt of any required regulatory approvals; the ability of the Company to obtain qualified staff, equipment and services in a timely and cost efficient manner; drilling results; the costs of obtaining equipment and personnel to complete the Company’s capital expenditure program; the ability to operate the projects in which the Company has an interest in a safe, efficient and effective manner; that the Company will not pay dividends for the foreseeable future; the ability of the Company to obtain financing on acceptable terms when and if needed; the ability of the Company to service its debt repayments when required; field production rates and decline rates; the ability to replace and expand oil and natural gas reserves through acquisition, development and exploration activities; the timing and costs of pipeline, storage and facility construction and expansion and the ability of the Company to secure adequate product transportation; currency, exchange, inflation and interest rates; the regulatory framework regarding royalties, taxes and environmental matters in Argentina; and the ability of the Company to successfully market its oil and natural gas products. Management of Crown Point has included the above summary of assumptions and risks related to forward-looking information included in this document in order to provide investors with a more complete perspective on the Company’s future operations. Readers are cautioned that this information may not be appropriate for other purposes. Readers are cautioned that the foregoing lists of factors are not exhaustive. The forward-looking information contained in this document are expressly qualified by this cautionary statement. The forward-looking information contained herein is made as of the date of this document and the Company disclaims any intent or obligation to update publicly any such forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable Canadian securities laws.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

¹ See “Results of Operations – Sales Volumes”.
² See “Results of Operations – Sales Volumes”.
³ Non-IFRS ratio. See “Non-IFRS and Other Financial Measures”.
⁴ Capital management measure. See “Non-IFRS and Other Financial Measures”.

Posted in UncategorizedTagged GlobeNewswire

Syntec Optics’ (Nasdaq: OPTX) Q3 Hits All Time High Revenue, Profits Grow to Double-Digit Adj EBITDA, and Net Income Surges Positive

Posted on November 13, 2026 by Ravi Shankar

ROCHESTER, NEW YORK, Nov. 13, 2026 (GLOBE NEWSWIRE) — Syntec Optics Holdings, Inc. (Nasdaq: OPTX) (“Syntec Optics” or the “Company”), a provider of deep-tech products to industry pioneers connecting and protecting the world, today announced financial results for the third quarter ended September 30, 2026. Supporting mission-critical applications ranging from low-Earth-orbit satellites and bipartisan connected-battlefield defense platforms to life sciences, Syntec delivered an all-time high revenue of $8.5 million, up 23% year over year, and net income improved by $1.6 million to a positive net income of $0.2 million, compared with a $1.4 million net loss in the prior-year quarter. The quarter’s results reflect Syntec’s expanding role in next-generation bipartisan defense and space technologies, including continued growth in major programs of national importance like Artemis III, low-Earth orbit reconnaissance, satellite collision-avoidance, and AR/VR soldier gear. Syntec combined these achievements with lower selling, general, and administrative expenses. Overall cash reserves strengthened, growing by $0.3 million.

Earnings Call information:

Date: Tuesday, November 17, 2026

Time: 5:00 p.m. ET

Register in Advance (Required): https://us06web.zoom.us/meeting/register/wUCh5icdSQm20ccy7aOSoA

(After registering, you will receive a confirmation email containing information about joining the meeting.)

Webcast: A recording of the conference call will be available under the Latest Events section on the Investors page of Syntec Optics’ website at www.syntecoptics.com.

Replay: A replay of the webcast will be available approximately three hours after the call concludes. It will remain accessible until Tuesday, December 1, 2026, in the Investor Relations section of Syntec Optics’ website at www.syntecoptics.com.

“We are excited to be moving quickly with a well-disciplined execution plan, adding proven pioneering programs to existing customer products, all typical with a 7-10 year product life cycle and needing replacement over time,” said Matt Carey, Vice President of Business Development.

Gross profit for the quarter increased 127% year over year to $1.9 million. Gross margin nearly doubled compared with the prior-year quarter. Selling, general, and administrative expenses were $1.7 million, reduced by $0.3 million from the prior-year quarter. Adjusted EBITDA was $0.9 million, or 10% of revenue, compared with approximately break-even and an Adjusted EBITDA margin of nearly 0% in the prior-year quarter.

Beginning this quarter, we are presenting revenue across five end markets: Space Tech, Defense Tech, Life Sciences, AI Data Center, and Other Scientific Instruments. These categories will provide greater visibility into the markets served by our products and the demand drivers affecting our business going forward. Space Tech includes space-related communications, orbital safety, reconnaissance, and rockets. Defense Tech covers bipartisan, cross-administration, proven next-gen AI-driven AR/VR connected battlefield, night-vision, and other soldier gear. Together, Space Tech and Defense Tech represent 64% of our third-quarter revenues and are expected to continue driving our success in subsequent quarters.

Our fastest-growing end market is space technology. Syntec is excited to share that Space Tech revenue increased 117% year over year to $1.3 million. In Q3, Space Tech represented 15% of quarterly revenue and was the fastest-growing segment for the quarter. Our space products support low-Earth-orbiting satellites, debris detection and collision avoidance, reconnaissance, and lunar rocket hardware. In Q3, we announced orders that expand our participation in orbital safety and government satellite reconnaissance. These new product lines broaden our space business across multiple customer programs and mission requirements.

After quarter-end, we announced orders for a new program for our actuator products to support NASA’s Artemis III rockets. This program extends our space portfolio from satellites into hardware supporting lunar missions.

Defense Tech revenues increased 31% year over year to $4.2 million. This represents 49% of quarterly revenue. Our products support AI-enabled AR/VR soldier systems, night vision, missile guidance, and laser targeting products. Announcements during the year included camera and display-window products for military wearable systems, demonstrating expanded participation in customer platforms. Growth across established and newer applications supports our focus on supplying mission-critical products throughout customer program life cycles.

Our Life Sciences revenue increased 12% year over year to $2.7 million, representing 31% of quarterly revenue. Our product lines in this market serve blood diagnostics for early detection of disease, biomedical illumination and visualization, surgical robotics, DNA sequencing, ophthalmology, and veterinary care. These programs provide a substantial revenue base alongside our expanding defense and space base, giving Syntec a more diverse product mix.

AI Data Center revenue was $0.2 million. We expect this category to grow in the coming years as our products are deployed across multiple value chains within the data center. Activities include precision micro-connectors for transceivers and photonic integrated circuits, as well as optics supporting emerging orbital and earth-based fusion energy. A massive energy shortage is predicted by nearly all analysts, and Syntec plans to participate in next-generation products with cutting-edge pioneers. In August, we reported approximately $4.0 million in cumulative orders across the broader AI infrastructure “picks and shovels” opportunity since entering that market roughly two years ago.

Other scientific instruments revenue, which includes products for quantum computing applications, was $0.2 million.

The Company ended the quarter with $14.4 million in cash and cash equivalents, up from $14.0 million at the end of the second quarter. Operating activities generated $1.3 million of cash during the first nine months of the year. “Our strong cash position gives us the flexibility to invest alongside our customers as their next-generation technologies ramp up to high production volumes for 7-10 year product life cycles,” said Dean Rudy, Chief Financial Officer. “We see an opportunity to build on our momentum in defense and space by expanding our manufacturing capabilities, utilizing our open capacity, and pursuing complementary growth opportunities. Our focus is on translating that opportunity into sustained revenue growth and stronger profitability.”

In the fourth quarter and beyond, the company continues to add new programs to utilize our open capacity for long product life cycles.

About Syntec Optics

Headquartered in Rochester, N.Y., Syntec Optics Holdings, Inc. (NASDAQ: OPTX) is one of the nation’s largest bespoke makers of high-precision optics. It pushes the limits of light-based technologies to connect and protect the world. Syntec supports critical missions ranging from low-Earth-orbit satellites to advanced next-gen connected-battlefield defense platforms, moon rocket actuators, AI data centers, and life sciences. As light-enabled technologies continue to account for a significant portion of global economic output—representing nearly $20 trillion of the $111 trillion in total worldwide production as of 2024—Syntec Optics remains positioned at the forefront of the modern optical revolution.

For more information, visit syntecoptics.com.

Forward-Looking Statements

This press release contains certain “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended (the “Securities Act”) and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact contained in this press release, including statements as to the intended use of net proceeds from the public offering, are forward-looking statements. Some of these forward-looking statements can be identified by the use of forward-looking words, including “may,” “should,” “expect,” “intend,” “will,” “estimate,” “anticipate,” “believe,” “predict,” “plan,” “targets,” “projects,” “could,” “would,” “continue,” “forecast” or the negatives of these terms or variations of them or similar expressions. All forward-looking statements are subject to risks, uncertainties, and other factors (some of which are beyond the control of Syntec Optics), which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. All forward-looking statements are based upon estimates, forecasts and assumptions that, while considered reasonable by Syntec Optics and its management, as the case may be, are inherently uncertain and many factors may cause the actual results to differ materially from current expectations which include, but are not limited to: 1) risk outlined in any prior SEC filings; 2) ability of Syntec Optics to successfully increase market penetration into its target markets; 3) the addressable markets that Syntec Optics intends to target do not grow as expected; 4) the loss of any key executives; 5) the loss of any relationships with key suppliers including suppliers abroad; 6) the loss of any relationships with key customers; 7) the inability to protect Syntec Optics’ patents and other intellectual property; 8) the failure to successfully execute manufacturing of announced products in a timely manner or at all, or to scale to mass production; 9) costs related to any further business combination; 10) changes in applicable laws or regulations; 11) the possibility that Syntec Optics may be adversely affected by other economic, business and/or competitive factors; 12) Syntec Optics’ estimates of its growth and projected financial results for the future and meeting or satisfying the underlying assumptions with respect thereto; 13) the impact of any pandemic, including any mutations or variants thereof and the Russian/Ukrainian or Israeli conflict, and any resulting effect on business and financial conditions; 14) inability to complete any investments or borrowings in connection with any organic or inorganic growth; 15) the potential for events or circumstances that result in Syntec Optics’ failure to timely achieve the anticipated benefits of Syntec Optics’ customer arrangements; and 16) other risks and uncertainties set forth in the sections entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in prior SEC filings. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Nothing in this press release should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. Syntec Optics does not give any assurance that Syntec Optics will achieve its expected results. Syntec Optics does not undertake any duty to update these forward-looking statements except as otherwise required by law.

For further information, please contact:

Investor Relations

InvestorRelations@syntecoptics.com

SOURCE: Syntec Optics Holdings, Inc. (Nasdaq: OPTX)

SYNTEC OPTICS HOLDINGS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
SEPTEMBER 30, 2026 AND DECEMBER 31, 2025

	2026 (unaudited)		2025
ASSETS

Current Assets
Cash	$	14,357,869	$	358,867
Accounts Receivable, net of allowance for expected credit losses of $269,013 and $133,022, respectively		6,346,861		6,241,768
Inventory, net		7,365,004		7,884,943
Prepaid Expenses and Other Assets		393,345		655,827

Total Current Assets		28,463,079		15,141,405

Property and Equipment, Net		9,429,324		9,172,703

Total Assets	$	37,892,403	$	24,314,108

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current Liabilities
Accounts Payable	$	1,677,772	$	2,691,748
Accrued Expenses		1,023,470		683,397
Federal Income Tax Payable		169,582		169,582
Deferred Revenue		124,044		66,420
Line of Credit		–		6,763,863
Current Maturities of Debt Obligations		96,541		93,358
Current Maturities of Debt Obligations – Related Party		481,225		406,495
Current Maturities of Finance Lease Obligations		376,598		354,499

Total Current Liabilities		3,949,232		11,229,362

Long-Term Liabilities
Long-Term Debt Obligations		1,206,977		1,267,043
Long-Term Debt Obligations – Related Party		835,010		862,237
Long-Term Finance Lease Obligations		1,104,431		1,414,611

Total Long-Term Liabilities		3,146,418		3,543,891

Total Liabilities		7,095,650		14,773,253

Stockholders’ Equity
CL A Common Stock, Par value $.0001 per share; 121,000,000 authorized; 40,279,878 issued and outstanding as of September 30, 2026; 36,920,226 issued and outstanding as of December 31, 2025;		4,028		3,692
Additional Paid-In Capital		24,327,789		2,677,181
Retained Earnings		6,464,936		6,859,982

Total Stockholders’ Equity		30,796,753		9,540,855

Total Liabilities and Stockholders’ Equity	$	37,892,403	$	24,314,108

SYNTEC OPTICS HOLDINGS, INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2026 AND 2025

	September 30, 2026			September 30, 2025			September 30, 2026			September 30, 2025
	Three Months Ended						Nine Months Ended
	September 30, 2026			September 30, 2025			September 30, 2026			September 30, 2025

Net Sales	$	8,542,554		$	6,950,220		$	23,329,778		$	20,578,717

Cost of Goods Sold		6,599,592			6,095,861			18,282,960			15,817,774

Gross Profit		1,942,962			854,359			5,046,818			4,760,943

General and Administrative Expenses		1,730,807			2,072,962			5,289,322			5,597,344

Income (Loss) from Operations		212,155			(1,218,603	)		(242,504	)		(836,401	)

Other (Expense) Income
Other Income (Expense)		(18,500	)		1,162			49,248			9,124
Interest Income		124,008			2,733			203,742			11,766
Interest Expense, Including Amortization of Debt Issuance Costs		(71,089	)		(214,425	)		(405,532	)		(624,290	)

Total Other Income (Expense)		34,419			(210,530	)		(152,542	)		(603,400	)

Income (Loss) Before Provision for (Benefit From) Income Taxes		246,574			(1,429,133	)		(395,046	)		(1,439,801	)

Provision for Income Taxes		–			–			–			9,588

Net Income (Loss)	$	246,574		$	(1,429,133	)	$	(395,046	)	$	(1,449,389	)

Net Income (Loss) per Common Share
Basic and diluted	$	0.01		$	(0.04	)	$	(0.01	)	$	(0.04	)

Weighted Average Number of Common Shares Outstanding
Basic and diluted		40,279,878			36,920,226			38,820,497			36,920,226

SYNTEC OPTICS HOLDINGS, INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2026 AND 2025

	2026			2025
Cash Flows From Operating Activities
Net Loss	$	(395,046	)	$	(1,449,389	)
Adjustments to Reconcile Net Loss to Net Cash Provided By Operating Activities:
Depreciation		1,620,355			2,033,935
Amortization of Debt Issuance Costs		12,416			7,250
Stock-Based Compensation		225,000			225,000
Change in Allowance for Expected Credit Losses		135,991			21,571
Change in Reserve for Obsolescence		(27,053	)		(6,499	)
Changes in Operating Assets and Liabilities:
Accounts Receivable		(241,084	)		(103,308	)
Inventory		546,992			(962,154	)
Prepaid Expenses and Other Assets		262,482			351,473
Accounts Payable and Accrued Expenses		(906,965	)		395,423
Federal Income Tax Receivable		–			179,376
Deferred Revenue		57,624			(16,149	)
Net Cash Provided By Operating Activities		1,290,712			676,529

Cash Flows From Investing Activities
Purchases of Property and Equipment		(1,643,914	)		(643,808	)

Net Cash Used in Investing Activities		(1,643,914	)		(643,808	)

Cash Flows From Financing Activities
Repayments on Line of Credit		(6,763,863	)		–
Borrowing on Line of Credit		–			500,000
Repayments on Debt Obligations – Related Parties		(152,497	)		–
Borrowing on Debt Obligations – Related Parties		200,000			–
Repayments on Debt Obligations		(69,299	)		(346,463	)
Repayments on Finance Lease Obligations		(288,081	)		(207,121	)
Proceeds from Warrants Exercised		12			–
Gross Proceeds from Issuance of Common Stock		22,999,991			–
Payment of Common Stock Issuance Costs		(1,574,059	)		–
Net Cash Provided (Used) By Financing Activities		14,352,204			(53,584	)

Net Increase (Decrease) in Cash		13,999,002			(20,863	)

Cash – Beginning		358,867			598,787

Cash – Ending	$	14,357,869		$	577,924

Supplemental Cash Flow Disclosures:

Cash Paid for Interest	$	370,586		$	622,197

Cash Paid for Taxes	$	–		$	–

Supplemental Disclosures of Non-Cash Investing Activities:

Assets Acquired and Included in Accounts Payable	$	233,062		$	2,050
Issuance of Common Stock for Stock-Based Compensation	$	7		$	23

NON-GAAP RECONCILIATION OF EBITDA
FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2026 AND 2025

	Three Months Ended						Nine Months Ended
	September 30, 2026			September 30, 2025			September 30, 2026			September 30, 2025
Net Income (Loss)	$	246,574		$	(1,429,133	)	$	(395,046	)	$	(1,449,389	)
Stock-Based Compensation Expense BOD (1)		75,000			225,000			225,000			225,000
Depreciation		548,191			646,508			1,620,355			2,033,935
Amortization of Debt Issuance Costs		–			2,416			12,416			7,250
Interest Income		(124,008	)		(2,733	)		(203,742	)		(11,766	)
Interest Expense		71,089			212,009			393,116			617,040
Taxes		–			–			–			9,588
Non-Recurring Items					–						–
Executive Transition (2)		–			329,972			–			579,161
One-time Contract exit costs		–			–			–			21,063
Non-recurring property damage		–			–			23,211			21,261
Incremental auditor transition costs		35,400			–			35,400			–
Adjusted EBITDA	$	852,246		$	(15,961	)	$	1,710,710		$	2,053,143

In the quarters ended September 30, 2026 and 2025:

(1)	Stock-based compensation was issued to independent Board members.
(2)	A succession plan was required for the transition of the CEO at 2024 year-end.

Posted in UncategorizedTagged GlobeNewswire

Syntec Optics’ (Nasdaq: OPTX) Q3 Hits All Time High Revenue, Profits Grow to Double-Digit Adj EBITDA, and Net Income Surges Positive

Posted on November 13, 2026 by Ravi Shankar

Earnings Call information:

Date: Tuesday, November 17, 2026

Time: 5:00 p.m. ET

Register in Advance (Required): https://us06web.zoom.us/meeting/register/wUCh5icdSQm20ccy7aOSoA

(After registering, you will receive a confirmation email containing information about joining the meeting.)

Webcast: A recording of the conference call will be available under the Latest Events section on the Investors page of Syntec Optics’ website at www.syntecoptics.com.

Other scientific instruments revenue, which includes products for quantum computing applications, was $0.2 million.

In the fourth quarter and beyond, the company continues to add new programs to utilize our open capacity for long product life cycles.

About Syntec Optics

For more information, visit syntecoptics.com.

Forward-Looking Statements

For further information, please contact:

Investor Relations

InvestorRelations@syntecoptics.com

SOURCE: Syntec Optics Holdings, Inc. (Nasdaq: OPTX)

SYNTEC OPTICS HOLDINGS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
SEPTEMBER 30, 2026 AND DECEMBER 31, 2025

	2026 (unaudited)		2025
ASSETS

Current Assets
Cash	$	14,357,869	$	358,867
Accounts Receivable, net of allowance for expected credit losses of $269,013 and $133,022, respectively		6,346,861		6,241,768
Inventory, net		7,365,004		7,884,943
Prepaid Expenses and Other Assets		393,345		655,827

Total Current Assets		28,463,079		15,141,405

Property and Equipment, Net		9,429,324		9,172,703

Total Assets	$	37,892,403	$	24,314,108

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current Liabilities
Accounts Payable	$	1,677,772	$	2,691,748
Accrued Expenses		1,023,470		683,397
Federal Income Tax Payable		169,582		169,582
Deferred Revenue		124,044		66,420
Line of Credit		–		6,763,863
Current Maturities of Debt Obligations		96,541		93,358
Current Maturities of Debt Obligations – Related Party		481,225		406,495
Current Maturities of Finance Lease Obligations		376,598		354,499

Total Current Liabilities		3,949,232		11,229,362

Long-Term Liabilities
Long-Term Debt Obligations		1,206,977		1,267,043
Long-Term Debt Obligations – Related Party		835,010		862,237
Long-Term Finance Lease Obligations		1,104,431		1,414,611

Total Long-Term Liabilities		3,146,418		3,543,891

Total Liabilities		7,095,650		14,773,253

Stockholders’ Equity
CL A Common Stock, Par value $.0001 per share; 121,000,000 authorized; 40,279,878 issued and outstanding as of September 30, 2026; 36,920,226 issued and outstanding as of December 31, 2025;		4,028		3,692
Additional Paid-In Capital		24,327,789		2,677,181
Retained Earnings		6,464,936		6,859,982

Total Stockholders’ Equity		30,796,753		9,540,855

Total Liabilities and Stockholders’ Equity	$	37,892,403	$	24,314,108

SYNTEC OPTICS HOLDINGS, INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2026 AND 2025

	September 30, 2026			September 30, 2025			September 30, 2026			September 30, 2025
	Three Months Ended						Nine Months Ended
	September 30, 2026			September 30, 2025			September 30, 2026			September 30, 2025

Net Sales	$	8,542,554		$	6,950,220		$	23,329,778		$	20,578,717

Cost of Goods Sold		6,599,592			6,095,861			18,282,960			15,817,774

Gross Profit		1,942,962			854,359			5,046,818			4,760,943

General and Administrative Expenses		1,730,807			2,072,962			5,289,322			5,597,344

Income (Loss) from Operations		212,155			(1,218,603	)		(242,504	)		(836,401	)

Other (Expense) Income
Other Income (Expense)		(18,500	)		1,162			49,248			9,124
Interest Income		124,008			2,733			203,742			11,766
Interest Expense, Including Amortization of Debt Issuance Costs		(71,089	)		(214,425	)		(405,532	)		(624,290	)

Total Other Income (Expense)		34,419			(210,530	)		(152,542	)		(603,400	)

Income (Loss) Before Provision for (Benefit From) Income Taxes		246,574			(1,429,133	)		(395,046	)		(1,439,801	)

Provision for Income Taxes		–			–			–			9,588

Net Income (Loss)	$	246,574		$	(1,429,133	)	$	(395,046	)	$	(1,449,389	)

Net Income (Loss) per Common Share
Basic and diluted	$	0.01		$	(0.04	)	$	(0.01	)	$	(0.04	)

Weighted Average Number of Common Shares Outstanding
Basic and diluted		40,279,878			36,920,226			38,820,497			36,920,226

SYNTEC OPTICS HOLDINGS, INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2026 AND 2025

	2026			2025
Cash Flows From Operating Activities
Net Loss	$	(395,046	)	$	(1,449,389	)
Adjustments to Reconcile Net Loss to Net Cash Provided By Operating Activities:
Depreciation		1,620,355			2,033,935
Amortization of Debt Issuance Costs		12,416			7,250
Stock-Based Compensation		225,000			225,000
Change in Allowance for Expected Credit Losses		135,991			21,571
Change in Reserve for Obsolescence		(27,053	)		(6,499	)
Changes in Operating Assets and Liabilities:
Accounts Receivable		(241,084	)		(103,308	)
Inventory		546,992			(962,154	)
Prepaid Expenses and Other Assets		262,482			351,473
Accounts Payable and Accrued Expenses		(906,965	)		395,423
Federal Income Tax Receivable		–			179,376
Deferred Revenue		57,624			(16,149	)
Net Cash Provided By Operating Activities		1,290,712			676,529

Cash Flows From Investing Activities
Purchases of Property and Equipment		(1,643,914	)		(643,808	)

Net Cash Used in Investing Activities		(1,643,914	)		(643,808	)

Cash Flows From Financing Activities
Repayments on Line of Credit		(6,763,863	)		–
Borrowing on Line of Credit		–			500,000
Repayments on Debt Obligations – Related Parties		(152,497	)		–
Borrowing on Debt Obligations – Related Parties		200,000			–
Repayments on Debt Obligations		(69,299	)		(346,463	)
Repayments on Finance Lease Obligations		(288,081	)		(207,121	)
Proceeds from Warrants Exercised		12			–
Gross Proceeds from Issuance of Common Stock		22,999,991			–
Payment of Common Stock Issuance Costs		(1,574,059	)		–
Net Cash Provided (Used) By Financing Activities		14,352,204			(53,584	)

Net Increase (Decrease) in Cash		13,999,002			(20,863	)

Cash – Beginning		358,867			598,787

Cash – Ending	$	14,357,869		$	577,924

Supplemental Cash Flow Disclosures:

Cash Paid for Interest	$	370,586		$	622,197

Cash Paid for Taxes	$	–		$	–

Supplemental Disclosures of Non-Cash Investing Activities:

Assets Acquired and Included in Accounts Payable	$	233,062		$	2,050
Issuance of Common Stock for Stock-Based Compensation	$	7		$	23

NON-GAAP RECONCILIATION OF EBITDA
FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2026 AND 2025

	Three Months Ended						Nine Months Ended
	September 30, 2026			September 30, 2025			September 30, 2026			September 30, 2025
Net Income (Loss)	$	246,574		$	(1,429,133	)	$	(395,046	)	$	(1,449,389	)
Stock-Based Compensation Expense BOD (1)		75,000			225,000			225,000			225,000
Depreciation		548,191			646,508			1,620,355			2,033,935
Amortization of Debt Issuance Costs		–			2,416			12,416			7,250
Interest Income		(124,008	)		(2,733	)		(203,742	)		(11,766	)
Interest Expense		71,089			212,009			393,116			617,040
Taxes		–			–			–			9,588
Non-Recurring Items					–						–
Executive Transition (2)		–			329,972			–			579,161
One-time Contract exit costs		–			–			–			21,063
Non-recurring property damage		–			–			23,211			21,261
Incremental auditor transition costs		35,400			–			35,400			–
Adjusted EBITDA	$	852,246		$	(15,961	)	$	1,710,710		$	2,053,143

In the quarters ended September 30, 2026 and 2025:

(1)	Stock-based compensation was issued to independent Board members.
(2)	A succession plan was required for the transition of the CEO at 2024 year-end.

Posted in UncategorizedTagged GlobeNewswire

Christina Lake Cannabis Appoints Co-Founder Nicco Dehaan as Chief Executive Officer

Posted on November 13, 2026 by Ravi Shankar

VANCOUVER, British Columbia, Nov. 13, 2026 (GLOBE NEWSWIRE) — Christina Lake Cannabis Corp. (the “Company” or “CLC”) (CSE: CLC) (OTCQB: CLCFF) (FRANKFURT: CLB) announces that its Board of Directors has appointed Nicco Dehaan, the Company’s co-founder and Chief Operating Officer, as Chief Executive Officer, effective November 13, 2026. Mr. Dehaan succeeds Mark Aiken, who is moving on to pursue other opportunities.

The appointment follows the Board’s decision, announced November 10, 2026, that CLC will remain independent and pursue its standalone plan: a sharper focus on the cultivation and sale of cannabis flower, lower costs, increased cultivation capacity and continued debt repayment. With that plan centred on CLC’s farms, the Board believes the Company is best led by the executive who built and runs them.

Mr. Dehaan co-founded CLC and has served as a director since 2019. As COO and Master Grower, he has overseen cultivation, processing and production across the Company’s Christina Lake and Midway properties and has worked closely on sales and product strategy. He will continue to serve as Chief Operating Officer and as a director.

“Having chosen to remain independent, our priority now is execution – getting the most out of the land, facilities and people we already have,” said Jay McMillan, Chairman of the Board. “Nicco knows this business from the ground up. He helped build it, and he led the operations behind our strong harvest this year. He is the right person to take CLC into its next phase. On behalf of the Board, I thank Mark for his leadership over the past four years, and wish him every success.”

“I’m proud to lead the company I helped found,” said Mr. Dehaan. “We have excellent land, proven infrastructure and a team that delivered a strong harvest this year. My priorities are clear: grow more high-quality flower from the assets we already own, keep costs down, continue paying down debt and build value for our shareholders. I look forward to working with our team and the Board to get it done.”

About Christina Lake Cannabis Corp.

CLC is a licensed producer of cannabis under the Cannabis Act (Canada) with a standard cultivation licence and corresponding processing amendment from Health Canada as well as a research and development licence. CLC’s facilities consist of a 32-acre property, which includes over 950,000 square feet of outdoor grow space, offices, propagation and drying rooms, research facilities, and a facility dedicated to processing and extraction, and a 342-acre property in Midway, British Columbia, which includes approximately 100 acres of licensed outdoor grow space, greenhouses, and a dry room. CLC focuses on the cultivation and sale of high-quality outdoor cannabis flower to its B2B client base.

For further information, please contact:

For more information about CLC, please visit: www.christinalakecannabis.com

Investor Relations and Media Inquiries
investors@clcannabis.com
1.888.410.0304

THE CANADIAN SECURITIES EXCHANGE (“CSE”) HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ACCURACY OR ADEQUACY OF THIS RELEASE, NOR HAS OR DOES THE CSE’S REGULATION SERVICES PROVIDER.

Cautionary Note Regarding Forward-Looking Information This news release includes certain “forward-looking information” and “forward-looking statements” (collectively, “forward-looking statements”) within the meaning of applicable Canadian securities laws, which are not comprised of historical facts. Forward-looking statements include estimates and statements that describe the Company’s future plans, objectives, priorities or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as “believes”, “anticipates”, “expects”, “estimates”, “intends”, “continue”, “priorities”, “may”, “could”, “would”, “will”, “likely”, “probably”, “often”, or “plan”. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to the Company, the Company provides no assurance that actual results will meet management’s expectations. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward-looking information in this news release includes, but is not limited to, statements regarding: the Company’s standalone plan and revised business model focused on the cultivation and sale of cannabis flower; the Company’s plans to lower costs, increase cultivation capacity and continue to repay debt; Mr. Dehaan’s priorities as Chief Executive Officer, including growing more high-quality flower from the Company’s existing assets, keeping costs down, paying down debt and building value for shareholders; the Board’s expectations regarding the leadership of the Company and the Company’s next phase; Mr. Dehaan’s continued service as Chief Operating Officer and director; the Company’s prospects and business outlook; and future harvests. Such forward-looking information is based on a number of material assumptions, including assumptions regarding the size and quality of future harvests, the demand for and pricing of cannabis flower, the Company’s ability to successfully execute its standalone plan and revised business model, the Company’s ability to increase cultivation capacity using its existing properties and facilities, the Company’s ability to manage and continue to reduce its indebtedness and operating costs, the continued availability of financing on acceptable terms, the Company’s ability to retain key personnel and to complete an orderly leadership transition, the absence of material adverse changes in the regulatory environment applicable to the Company, and general economic and market conditions. Factors that could cause actual results to differ materially from such forward-looking information include risks associated with the leadership transition and with Mr. Dehaan holding the roles of Chief Executive Officer and Chief Operating Officer at the same time, the Company’s dependence on key personnel, risks inherent in outdoor cultivation (including weather, pests and crop disease), the size of future harvests and cashflow generated from such harvests, fluctuations in pricing within cannabis markets, the availability and cost of capital required to increase cultivation capacity, the ability of the Company to successfully execute its standalone plan and achieve its business objectives, the ability of the Company to manage its indebtedness, regulatory changes, including changes affecting licences issued by Health Canada, inability to obtain adequate insurance to cover risks and hazards, fluctuations in general macroeconomic conditions, fluctuations in securities markets and general market conditions. Additional factors and risks include various risk factors discussed in the Company’s disclosure documents which can be found under the Company’s profile on www.sedarplus.ca. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected.

Although the forward-looking statements contained in this news release are based upon what management of the Company believes, or believed at the time, to be reasonable assumptions, the Company cannot assure readers that actual results will be consistent with such forward-looking statements, as there may be other factors that cause results not to be as anticipated, estimated or intended. Readers should not place undue reliance on the forward-looking statements contained in this news release. These statements speak only as of the date of this news release. The Company assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable securities laws.

Posted in UncategorizedTagged GlobeNewswire

News Release Correction: DPM Metals Declares Dividend

Posted on November 13, 2026 by Ravi Shankar

TORONTO, Nov. 13, 2026 (GLOBE NEWSWIRE) — DPM Metals Inc. (TSX: DPM, ASX: DPM) (ARBN: 689370894) (“DPM” or “the Company”) today announced a correction to its news release issued on November 12, 2026, entitled “DPM Metals Declares Dividend.”

The news release incorrectly stated that the payable date for the fourth quarter dividend declared would be January 15, 2026. The correct date is January 15, 2027. This correction does not change any other information reported in the November 12 news release.

About DPM Metals Inc.

DPM Metals Inc. is a Canadian-based international gold mining company with operations and projects located in Bulgaria, Bosnia and Herzegovina, Serbia and Ecuador. Our strategic objective is to become a mid-tier precious metals company, which is based on sustainable, responsible and efficient gold production from our portfolio, the development of quality assets, and maintaining a strong financial position to support growth in mineral reserves and production through disciplined strategic transactions. This strategy creates a platform for robust growth to deliver above-average returns for our shareholders. DPM trades on the Toronto Stock Exchange (symbol: DPM) and the Australian Securities Exchange as a Foreign Exempt Issuer (symbol: DPM).

For further information please contact:

Jennifer Cameron
Director, Investor Relations
Tel: (416) 219-6177
jcameron@dpmmetals.com

Posted in UncategorizedTagged GlobeNewswire

Meritage Reports Third Quarter 2026 Results

Posted on November 13, 2026 by Ravi Shankar

GRAND RAPIDS, Mich., Nov. 13, 2026 (GLOBE NEWSWIRE) — Meritage Hospitality Group Inc. (OTCQX: MHGU), today reported financial results for the third quarter and nine months ended September 27, 2026.

2026 Third Quarter Highlights:

Sales were $133.6 million compared to $154.6 million for the same period last year, which included approximately 70 fewer stores in operation.
Net (Loss) from Operations was ($6.6) million compared to ($6.6) million for the same period last year. The third quarter of 2026 results included one-time professional fees charges of $2.4 million.
Net (Loss) was ($7.7) million compared to ($9.0) million for the same period last year, representing an improvement of $1.3 million.
Consolidated EBITDA (a non-GAAP measure) was a loss of ($2.9) million compared to ($4.3) million for the same period last year, representing an improvement of $1.4 million.

“The Company is undertaking a major restructuring of its business and improving store-level profitability, and we believe in the strength of the brand. Wendy’s has a great legacy with proven long-term resilience, and the new senior leadership team is acutely focused on accelerating product innovation, marketing and clear alignment between franchisees and the brand. Wendy’s CEO, Bob Wright, recently announced that breakfast will become optional for Wendy’s franchisees, which is intended to bolster franchisee profitability $200 million. We have taken many actions to optimize our Wendy’s portfolio and expect to see the full extent of these economic benefits realized at the store-level in 2027,” stated Meritage CEO, Robert E. Schermer, Jr.

Furthermore, the Wendy’s brand recently announced “Dave’s Way” which is intended to lead with an operation first turnaround to strengthen its foundation, enhance menu and marketing performance, and modernize how customers experience the brand. “Dave’s Way” is about igniting the energy and distinctiveness that have always made Wendy’s special, while positioning the brand and its franchisees for profitable store-level growth as we move forward.

2026 Year-To-Date Highlights:

Sales were $407.2 million compared to $472.7 million for the same period last year.
Net (Loss) from Operations was ($31.5) million compared to ($7.3) million for the same period last year. The current year included one-time charges of $19.6 million related to one-time professional fees and closing and disposition costs.
Net (Loss) was ($30.8) million compared to ($12.9) million for the same period last year.
Consolidated EBITDA (a non-GAAP measure) was a loss of ($18.4) million compared to earnings of $5.4 million for the same period last year.

About Meritage:

Meritage Hospitality Group is one of the nation’s premier restaurant operating platforms, currently with 276 restaurants in operation located in Arkansas, Connecticut, Florida, Georgia, Indiana, Massachusetts, Michigan, Missouri, Mississippi, North Carolina, South Carolina, Ohio, Oklahoma, Tennessee, Texas and Virginia. Meritage is headquartered in Grand Rapids, Michigan, operating with a workforce of approximately 9,000 employees. As of the third quarter in 2026, the Company had total weighted average fully diluted common shares outstanding of approximately 7,112,000 shares.

The Company’s current and publicly available information pursuant to amended SEC Rule 15c2-11 and FINRA Rule 6432 can be found at www.otcmarkets.com, under the stock symbol MHGUQ/Disclosures or the Company’s website, www.meritagehospitality.com.

SAFE HARBOR STATEMENT

Certain information in this new release, particularly information regarding future economic performance and finances, and plans, expectations and objectives of management, constitutes forward-looking statements. Factors set forth in our Safe Harbor Statement, in addition to other possible factors not listed, could affect the Company’s actual results and cause such results to differ materially from those expressed in forward-looking statements. Please review the Company’s Safe Harbor Statement at http://www.meritagehospitality.com .

CONTACT:
Robert E. Schermer, Jr., CEO
Meritage Hospitality Group Inc.
(616) 776-2600

Posted in UncategorizedTagged GlobeNewswire

Cerenome Reports Third Quarter 2026 Financial Results and Business Highlights Featuring REYOBIQ ReSPECT- LM Data and CNSide Commercial and Reimbursement Progress

Posted on November 13, 2026 by Ravi Shankar

HOUSTON, Nov. 13, 2026 (GLOBE NEWSWIRE) — Cerenome, Inc. (Nasdaq: CNSY) (“Cerenome” or the “Company”), a CNS oncology company advancing an integrated platform that combines precision diagnostics, targeted radiopharmaceuticals, and artificial intelligence, announces financial results for the third quarter ended September 30, 2026, and provides an overview of recent business progress.

“Recognition of our first quarter of CNSide^® diagnostic revenue and commercial payments beginning in October is a tremendous landmark,” said Marc H. Hedrick, M.D., Cerenome’s President and Chief Executive Officer. “Furthermore, our payer universe continues to expand with now about 80% of U.S. private payers representing approximately 190 million covered lives. Most recently, with Aetna coverage, it gives physicians an in-network option for both tumor cell enumeration and molecular profiling. In parallel, our growing commercial team is focused on helping more cancer centers use our test in patient care. In therapeutics, we materially advanced our two key programs by completing enrollment in our Phase 2 trial in adults with recurrent glioblastoma, opening up higher dose cohorts in the repeat dosing of REYOBIQ™ in patients with leptomeningeal metastases and reporting interim data in that trial.”

Q3 2026 AND RECENT HIGHLIGHTS

Corporate

During the quarter, Plus Therapeutics rebranded as Cerenome, and on August 3 its common stock began trading on Nasdaq under the symbol CNSY. The new name and brand reflect the Company’s focus on integrating CNS diagnostics, therapeutics, and data.
In November, Ron Andrews was appointed as Chief Business Officer to advance CNSide commercial adoption and strategic partnerships. Mr. Andrews continues to serve on the Company’s Board of Directors.

CNSide^® CSF Assay Platform

The company submitted billing claims for approximately $1.55 million in gross billings at list prices and recognized $0.7 million in net diagnostic revenue in the quarter after estimated payer adjustments and price concessions.
Contracted coverage was expanded through agreements with Medical Mutual, Health Care Service Corporation and Blue Cross Blue Shield of Michigan.
Secured in-network agreements were also made with Florida Blue and Aetna. The Aetna agreement, effective November 1, is the first national CNSide payer agreement to include both tumor cell enumeration and molecular profiling. The Company’s aggregate contracted footprint now represents approximately 190 million covered lives.
The company entered into a collaboration with Genomic Testing Cooperative to add DNA and RNA profiling to CNSide. In July, the Company also highlighted updated NCCN CNS Cancers Guidelines recognizing a role for CSF analysis in the assessment of LM.
XiFin was selected for revenue cycle management and clearinghouse services, and Samantha Fowlkes was appointed as Vice President and Head of Commercial Sales for CNSide Diagnostics.
The Company is on track for Medicare reimbursement in 1st half of 2027 and is separately pursuing a coverage determination from Novitas Solutions.
CNSide CSF Molecular Profile tests were launched for solid tumors and hematologic malignancies. The test was available to order beginning October 12, providing DNA and RNA profiling from cerebrospinal fluid (CSF). CNSide can be ordered independently or alongside tumor cell enumeration.

REYOBIQ™ Development

The company presented interim Phase 1 ReSPECT-LM (multi-dose) findings at the Society of Neuro Oncology Annual meeting in November. The first 10 patients have been treated with repeated intraventricular doses of REYOBIQ, with no dose-limiting toxicities or treatment discontinuations due to adverse events reported. This highlights the potential for REYOBIQ to safely administer higher dose of tumor-destroying radiation (compared to single-dose study). Dose escalation is ongoing to identify a recommended multiple-dose regimen for a follow-on randomized study.
Also, enrollment was completed in the Phase 2 ReSPECT-GBM study in recurrent glioblastoma in October. Cerenome expects topline data in mid-2027 following additional patient follow-up, and plans to hold an End-of-Phase 2 meeting with the FDA thereafter.
Investigators reported preclinical data at the Rivkin Ovarian Cancer Research Symposium in October showing the active agent in REYOBIQ was associated with a new mechanism of action, namely positively impacting the tumor environment. The net effect described by investigators was administering REYOBIQ along with anti-PD-1 checkpoint blockade enhanced antitumor activity in these preclinical studies, opening up the possibility of novel combination therapies.
Investigators presented pharmacokinetic, dosimetry, and safety observations from the ReSPECT-LM program at the SNO/ASCO CNS Metastases Conference in August. A separate presentation examined the potential health economic impact of earlier detection of leptomeningeal metastases (LM) using CNSide.

THIRD QUARTER 2026 FINANCIAL RESULTS

Cash, cash equivalents and investments totaled $4.9 million as of September 30, 2026, compared with $8.6 million as of June 30, 2026. In September, the Company announced closing a senior secured financing facility up to $20 million with royalty-based repayments. In addition, the Company raised $3.8M under the Equity Distribution Agreement subsequent to the end of the quarter.
Total revenue was $0.7 million, consisting entirely of net diagnostic revenue.
Cost of revenue was $0.9 million. Research and development expense was $2.1 million, compared with $2.4 million a year earlier. Selling, general and administrative expense was $5.2 million, compared with $3.4 million a year earlier.
Operating loss was $7.5 million, compared with $4.5 million a year earlier. Net loss was $8.7 million, or $1.14 per share, compared with $4.4 million, or $1.03 per share, a year earlier.

ANTICIPATED MILESTONES AND OUTLOOK FOR 2027

CNSide Commercial Rollout

Expand CNSide adoption across cancer centers, build-out the field sales team, enhance the testing menu and build on existing payer collection experience across the CNSide test menu.

REYOBIQ Clinical Program

Continue dose escalation in LM Multi-dose study and follow patients in ReSPECT-GBM for the anticipated mid-2027 topline readouts from both trials.

Conference Call and Webcast
Cerenome will host a conference call and webcast Monday, November 16, 2026, at 8:30 a.m. Eastern Time to discuss third quarter results and provide a business update.

Webcast and Conference Call
Date/Time:		Monday, November 16, 2026 at 8:30 AM ET
Webcast:		https://event.choruscall.com/mediaframe/webcast.html?webcastid=vTAb1pUs
Dial-in:		U.S.: 833-862-0853 International: 412-317-6789
		Please dial in 15 minutes before the start time.

Following the live call, a replay will be available on the Company’s website under the ‘For Investors’ section. The webcast will be available on the Company’s website for 90 days following the live call.

About Leptomeningeal metastases (LM)
Leptomeningeal metastases (LM) are a rare but severe complication of advanced cancer, affecting the fluid-lined structures of the central nervous system. LM occurs in approximately 5% of patients with metastatic cancer, with breast cancer, lung cancer, and melanoma being the most common sources. Median survival is typically 2-6 months, and effective treatment options are limited, highlighting the urgent need for novel therapies.

About REYOBIQ™ (rhenium Re186 obisbemeda)
REYOBIQ (rhenium Re186 obisbemeda) is a novel injectable radiotherapy specifically formulated to deliver direct targeted high-dose radiation in CNS tumors in a safe, effective, and convenient manner to optimize patient outcomes. REYOBIQ has the potential to reduce off-target risks and improve outcomes for CNS cancer patients versus currently approved therapies, with a more targeted and potent radiation dose. Rhenium-186 is an ideal radioisotope for CNS therapeutic applications due to its short half-life, beta energy for destroying cancerous tissue, and gamma energy for real-time imaging. REYOBIQ is being evaluated for the treatment of recurrent glioblastoma, leptomeningeal metastases, and pediatric brain cancer in the ReSPECT-GBM, ReSPECT-LM, and ReSPECT-PBC clinical trials, respectively. ReSPECT-GBM is supported by an award from the National Cancer Institute (NCI), part of the U.S. National Institutes of Health (NIH), and ReSPECT-LM is funded by a three-year $17.6 million grant from the Cancer Prevention & Research Institute of Texas (CPRIT). The Company’s ReSPECT-PBC clinical trial for pediatric brain cancer is supported by a $3 million grant from the U.S. Department of Defense’s Peer Reviewed Cancer Research Program.

About CNSide Diagnostics, LLC
CNSide Diagnostics, LLC is a wholly owned subsidiary of Cerenome, Inc. that develops and commercializes proprietary laboratory-developed tests, such as CNSide^®, designed to identify tumor cells that have metastasized to the central nervous system in patients with carcinomas and melanomas. The CNSide^® CSF Assay Platform enables quantitative analysis of the cerebrospinal fluid that informs and improves the management of patients with leptomeningeal metastases.

About Cerenome
Cerenome (Nasdaq: CNSY) is a CNS oncology company advancing an integrated platform that combines precision diagnostics, targeted therapeutics, and artificial intelligence to improve outcomes for patients with central nervous system cancers. The CNSide^® CSF diagnostics platform combines cellular and molecular testing to support the detection, characterization, and longitudinal assessment of cancers involving the CNS.

Its lead therapeutic platform, REYOBIQ™ (rhenium Re186 obisbemeda), is being evaluated in clinical trials for leptomeningeal metastases, recurrent glioblastoma, and pediatric brain cancers. The data & artificial intelligence platform is designed to integrate diagnostic, molecular, imaging, and clinical data into actionable insights that support precision oncology and therapeutic innovation.

By integrating commercial diagnostics, targeted therapeutics, proprietary longitudinal data, and artificial intelligence within a single organization, Cerenome is building a differentiated CNS oncology platform designed to improve patient care while creating long-term shareholder value. For more information, visit https://www.cerenome.com.

Forward-Looking Statements
This press release contains statements that may be deemed “forward-looking statements” within the meaning of U.S. securities laws, including statements regarding clinical trials, expected operations and upcoming developments. All statements in this press release other than statements of historical fact are forward-looking statements. Such statements are based upon certain assumptions and assessments made by management in light of their experience and their perception of historical trends, current conditions, expected future developments, and other factors they believe to be appropriate. The forward-looking statements included in this press release could differ materially from those expressed or implied by these forward-looking statements because of risks, uncertainties, and other factors that include, but are not limited to, the following: the Company’s ability to maintain the listing of its common stock on Nasdaq; expectations pertaining to 2027 milestones, its platform and its data strategy; the results of the Company’s research and development activities, including uncertainties relating to the continued clinical trials of its product candidates and therapies, and the timing and outcome of the ReSPECT-LM, ReSPECT-GBM, and ReSPECT-PBC trials; the Company’s liquidity position and capital resources and its ability to raise additional cash; the outcome of the Company’s partnering/licensing efforts; risks associated with laws or regulatory requirements applicable to the Company; market conditions and product performance; challenges associated with radiotherapeutic manufacturing, production, and distribution capabilities necessary to support the Company’s clinical trials and any commercial level product demand; and the continued success of CNSide CSF Assay, revenue and corporate profitability expectations including support reimbursements and payments for the CNSide CSF Assay, the development and utility of the CNSide CSF Assay, and expectations as to the Company’s future performance, including the next steps in developing the Company’s product candidates. This list of risks, uncertainties, and other factors is not complete. Any or all forward-looking statements the Company makes may turn out to be wrong and can be affected by inaccurate assumptions the Company might make or by known or unknown risks, uncertainties, and other factors, including those identified in this press release. Cerenome discusses some of these matters more fully, as well as certain risk factors that could affect its business, financial condition, results of operations, and prospects, in its reports filed with the SEC, including its Annual Report on Form 10-K for the fiscal year ended December 31, 2025, Quarterly Reports on Form 10-Q for the three months ended March 31, 2026 and six-months ended June 30, 2026, and Current Reports on Form 8-K. These filings are available for review through the SEC’s website at www.sec.gov. Accordingly, you should not place undue reliance on the forward-looking statements made in this press release, which speak only as of its date. There may be events in the future that the Company is unable to predict, or over which it has no control, and its business, financial condition, results of operations, and prospects may change in the future. The Company assumes no responsibility to update or revise any forward-looking statements to reflect events, trends, or circumstances after the date they are made unless the Company has an obligation under U.S. federal securities laws to do so.

Investor Contact
CORE IR
IR@cerenome.com

(Financial Tables follow)


CERENOME, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (in thousands, except share and par value data)


	September 30, 2026			December 31, 2025
Assets
Current assets:
Cash and cash equivalents	$	879		$	4,256
Restricted cash and cash equivalents		—			4,502
Accounts receivable, net		722			—
Investments		3,992			4,356
Inventory		235			—
Other current assets		2,239			1,734
Total current assets		8,067			14,848

Property and equipment, net		1,349			257
Grant receivable		1,761			322
Operating lease right-of-use assets		29			70
Goodwill		372			372
Intangible assets, net		231			333
Other assets		391			123
Total assets	$	12,200		$	16,325
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable and accrued expenses	$	8,210		$	5,920
Investor liability pursuant to Letter Agreement		—			4,502
Convertible note		3,851			—
Operating lease liability		30			56
Deferred grant liability		927			927
Line of credit		—			750
Other current liabilities		105			159
Total current liabilities		13,123			12,314

Noncurrent operating lease liability		—			15
Total liabilities		13,123			12,329

Stockholders’ equity (deficit):
Preferred stock, $0.001 par value; 5,000,000 shares authorized; 1,952 shares issued and outstanding as of September 30, 2026 and December 31, 2025		—			—
Common stock, $0.001 par value; 2,000,000,000 shares authorized; 7,890,305 and 5,557,371 shares issued as of September 30, 2026 and December 31, 2025, respectively; 7,879,968 and 5,547,034 shares outstanding as of September 30, 2026 and December 31, 2025, respectively		8			6
Treasury stock (at cost), 10,337 shares as of September 30, 2026 and December 31, 2025		(500	)		(500	)
Additional paid-in capital		540,043			520,355
Accumulated deficit		(540,474	)		(515,865	)
Total stockholders’ (deficit) equity		(923	)		3,996
Total liabilities and stockholders’ equity (deficit)	$	12,200		$	16,325


CERENOME, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) (in thousands, except share and per share data)


	Three Months Ended September 30,						Nine Months Ended September 30,
	2026			2025			2026			2025
Grant revenue	$	–		$	1,397		$	1,439		$	3,846
Diagnostic revenue, net		722			—			722			—
Total revenue		722			1,397			2,161			3,846
Operating expenses:
Cost of revenue		912			—			912			—
Research and development		2,107			2,436			9,237			5,438
Selling, general and administrative		5,158			3,443			15,643			7,964
Total operating expenses		8,177			5,879			25,792			13,402
Operating loss		(7,455	)		(4,482	)		(23,631	)		(9,556	)

Other income (expense):
Interest income		119			59			365			87
Interest expense		(14	)		—			(36	)		(548	)
Financing expenses		(1,618	)		—			(1,618	)		(3,061	)
Warrant issuance costs		—			—			—			(964	)
Change in fair value of financial instruments		490			—			490			—
Change in fair value of derivative instruments		—			—			—			(2,631	)
Other expense		(179	)		—			(179	)		—
Total other income (expense)		(1,202	)		59			(978	)		(7,117	)
Net loss	$	(8,657	)	$	(4,423	)	$	(24,609	)	$	(16,673	)

Per share information
Net loss per share of common stock – basic and diluted	$	(1.14	)	$	(1.03	)	$	(3.50	)	$	(7.21	)
Weighted average number of shares of common stock outstanding – basic and diluted		7,566,819			4,297,158			7,040,597			2,313,816


CERENOME, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (in thousands)

	Nine Months Ended September 30,
	2026			2025
Cash flows from operating activities:
Net loss	$	(24,609	)	$	(16,673	)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization		378			300
Stock-based compensation expense		2,561			827
Noncash financing expenses		1,618			3,061
Noncash interest expense		22			—
Loss on investments (Note 5)		179			—
Change in fair value of financial instruments		(490	)		—
Change in fair value of derivative instruments		—			2,631
Accretion of discount on short-term investments		(18	)		(19	)
Operating lease right-of-use asset amortization		41			53
Gain on sale of assets		—			(16	)
Increases (decreases) in cash caused by changes in operating assets and liabilities:
Grant receivable		(1,439	)		571
Accounts receivable		(722	)		—
Other assets		(864	)		64
Accounts payable and accrued expenses		2,491			(6,308	)
Change in operating lease liabilities		(41	)		(54	)
Other liabilities		(151	)		1,045
Net cash used in operating activities		(21,044	)		(14,518	)
Cash flows from investing activities:
Purchases of property and equipment		(1,368	)		(37	)
Proceeds from sale of property and equipment		—			30
Purchase of intangible assets		—			(7	)
Purchase of short-term investments		(15,085	)		(11,068	)
Sales of short-term investments		10,691			—
Redemption of short-term investments		4,597			11,305
Net cash (used in) provided by investing activities		(1,165	)		223
Cash flows from financing activities:
Proceeds from convertible note and royalty obligation		3,000			—
Payments for convertible note and royalty obligation transaction costs		(180	)		—
Proceeds from credit facility		1,000			—
Repayment of credit facility		(1,772	)		(3,292	)
Proceeds from issuance of notes payable and warrants		—			3,738
Repayment of notes payable		—			(3,703	)
Proceeds from sale of common stock, pre-funded warrants and warrants		—			15,927
Payment of financing costs		—			(2,250	)
Proceeds from sale of common stock under Lincoln Park Purchase Agreement		—			19,612
Payment to investors pursuant to Letter Agreement		(4,502	)		(2,293	)
Proceeds from underwritten public offering		15,000			—
Offering costs for sale of common stock		(1,362	)		(231	)
Proceeds from Distribution Agreement		3,337			—
Payments for commissions and offering costs from Distribution Agreement		(191	)		—
Net cash provided by financing activities		14,330			27,508
Net change in cash, restricted cash and cash equivalents		(7,879	)		13,213
Cash, restricted cash and cash equivalents at beginning of period		8,758			76
Cash, restricted cash and cash equivalents at end of period	$	879		$	13,289

Supplemental disclosure of cash flows information:
Cash paid for interest	$	—		$	539
Supplemental schedule of non-cash investing and financing activities:
Unpaid liability to investors pursuant to Letter Agreement (Note 13)	$	—		$	6,391
Exchange of warrants for notes payable	$	—		$	3,694
Redemption of notes by issuance of common stock, pre-funded warrants and warrants	$	—		$	3,512
Unpaid offering cost	$	51		$	252

Posted in UncategorizedTagged GlobeNewswire

BeyondSpring Reports Third-Quarter 2026 Financial Results and Provides Corporate Update

Posted on November 13, 2026 by Ravi Shankar

FDA Fast Track Designation for Plinabulin plus docetaxel marks key regulatory milestone in DUBLIN-4 study population of Post-ICI Non-Squamous NSCLC with no actionable genomic alteration (AGA)

Strategic transaction with Biolin provides data from approximately half of DUBLIN-4’s 442 patients and supports the planned interim analysis at 221 PFS events

FLORHAM PARK, N.J., Nov. 13, 2026 (GLOBE NEWSWIRE) — BeyondSpring Inc. (NASDAQ: BYSI) (“BeyondSpring” or the “Company”), a clinical-stage company developing innovative therapies for the treatment of cancer and other diseases, today announced its financial results for the quarter ended September 30, 2026, and provided a corporate update highlighting regulatory and strategic progress for Plinabulin and its global Phase 3 DUBLIN-4 trial.

“The third quarter marked an important regulatory and strategic step forward for Plinabulin,” said Min Qiu, Chief Executive Officer of BeyondSpring. “The FDA’s Fast Track designation underscores the significant unmet need for new treatment options for NSCLC patients without AGA and progressing after immune checkpoint inhibitor therapy, where docetaxel is still the standard of care. Plinabulin has been shown to improve the tolerability and dose intensity of docetaxel and demonstrated a long-term survival benefit in the previous successful DUBLIN-3 study in second- and third-line EGFR wild-type NSCLC, published in The Lancet Respiratory Medicine in 2024.”

Mr. Qiu continued, “With an FDA-aligned Phase 3 design and a strategic transaction with Biolin to support approximately half of DUBLIN-4’s planned 442-patient enrollment, generating quality data from China, we remain focused on advancing the study toward its prespecified interim analysis at 221 progression-free survival events. We believe positive interim results could represent a significant value inflection point for BeyondSpring, as we continue to pursue financing and strategic opportunities to support global execution.”

Recent Regulatory, Clinical and Corporate Highlights

FDA Fast Track designation for Plinabulin plus docetaxel in post-ICI non-squamous NSCLC

The Company announced that the U.S. Food and Drug Administration granted Fast Track designation to Plinabulin plus docetaxel for advanced or metastatic non-squamous non-small cell lung cancer (NSCLC) without actionable genomic alterations (AGA), following prior anti-PD-(L)1 therapy and platinum-based chemotherapy.
The designated population corresponds to the second- or third-line patient population targeted in the global DUBLIN-4 trial. Fast Track designation may facilitate more frequent FDA interactions and, if applicable criteria are met, rolling review of a future application.

Strategic transaction to fund half of DUBLIN-4’s planned patient enrollment

The Company completed the sale of BeyondSpring Ltd., its wholly owned subsidiary that indirectly held the majority equity interest in Dalian Wanchunbulin Pharmaceuticals Ltd. (“Bulin”), to Biolin Investment Limited (“Biolin”) on September 30, 2026, pursuant to a definitive agreement among the parties.
As non-cash consideration, Biolin will support the funding of DUBLIN-4 clinical development activities conducted by Bulin at participating sites in China, which are expected to include enrollment of approximately 221 patients, or approximately half of the planned 442-patient global enrollment. BeyondSpring will receive access to clinical data generated from the China portion of the trial.

Third Quarter Financial Results

Continuing operations:

Research and development (R&D) expenses were $1.1 million for the quarter ended September 30, 2026, compared to $1.0 million for the quarter ended September 30, 2025. The increase of $0.1 million was primarily due to a $0.3 million increase in preclinical expenses related to Plinabulin treatment combination research in support of strategic business development and partnership initiatives, partially offset by lower patent-related legal services and drug manufacturing costs.
General and administrative (G&A) expenses were $1.0 million for the quarter ended September 30, 2026, compared to $0.7 million for the quarter ended September 30, 2025. The increase of $0.3 million was primarily due to an increase in legal fees related to financing activities and higher consulting expenses related to accounting advisory and audit services, partially offset by lower personnel-related and travel expenses.
Net loss was $2.1 million for the quarter ended September 30, 2026, compared to $1.6 million for the quarter ended September 30, 2025.
Cash, cash equivalents, and short-term investments were $0.6 million as of September 30, 2026, compared to $4.0 million as of December 31, 2025.

Year-to-Date Financial Results

Continuing operations:

Research and development (R&D) expenses were $3.1 million for the nine months ended September 30, 2026, compared to $2.7 million for the nine months ended September 30, 2025. The increase of $0.4 million was primarily due to expanded drug manufacturing activities and increased preclinical Plinabulin treatment combination research, partially offset by lower patent-related legal services and personnel-related expenses.
General and administrative (G&A) expenses were $2.7 million for the nine months ended September 30, 2026, compared to $3.2 million for the nine months ended September 30, 2025. The decrease of $0.5 million was primarily due to lower personnel-related expenses, mainly from lower incentive compensation and share-based compensation, as well as lower professional service expenses in legal advisory and lower travel and entertainment expenses.
Net loss was $5.7 million for the nine months ended September 30, 2026, compared to $5.8 million for the nine months ended September 30, 2025.

About BeyondSpring
BeyondSpring (NASDAQ: BYSI) is a clinical-stage biopharmaceutical company developing first-in-class therapies for cancers with high unmet needs. Its lead asset, Plinabulin, has been studied in more than 700 cancer patients and is in late-stage development across multiple cancer indications. Plinabulin’s novel mechanism as a GEF-H1 agonist with dendritic cell maturation benefit supports both anticancer activity and immune modulation, offering a unique approach to resensitizing tumors that have progressed on checkpoint inhibitors. In addition, it has the potential to synergize with chemotherapy, antibody-drug conjugates (ADCs), radiation, and checkpoint inhibitors. BeyondSpring is also an early incubator of and maintains an equity interest in SEED Therapeutics, a clinical-stage targeted protein degradation molecular glue company with investments from Eli Lilly and Eisai. Learn more at beyondspringpharma.com.

About Plinabulin and the Clinical Rationale for the DUBLIN-4 Trial
Plinabulin is a late-stage, first-in-class investigational GEF-H1 agonist with a differentiated mechanism of action that includes dendritic cell maturation, anti-angiogenic activity and mitigation of chemotherapy-induced neutropenia. To date, more than 700 cancer patients have been treated with Plinabulin across multiple clinical programs in various cancer types, demonstrating an extensive clinical safety database.

The post-ICI setting remains difficult to treat: 12 Phase 3 trials evaluating different treatment approaches against docetaxel, including four involving ADCs, have failed to demonstrate an overall survival benefit over docetaxel.

In the Phase 3 DUBLIN-3 trial, published in The Lancet Respiratory Medicine in 2024, Plinabulin combined with docetaxel demonstrated a statistically significant improvement in OS in second- and third-line EGFR wild-type NSCLC vs. docetaxel alone (n=559), showing superior OS benefit in non-squamous patients (n=332, OS HR 0.72, p=0.0078). The combination also demonstrated statistically significant improvements compared to docetaxel alone, including doubling the 2-year and 3-year survival rates and improvements in PFS and ORR, while also significantly reducing grade 4 neutropenia (p<0.0001).

Importantly, a post hoc analysis of the DUBLIN-3 post-ICI subgroup showed a median OS of 15.8 months with Plinabulin plus docetaxel versus 11.7 months with docetaxel alone (HR 0.55), with ORR of 18.2% versus 8.0%, respectively. These findings support the clinical rationale for Plinabulin’s differentiated dendritic cell maturation mechanism and its further evaluation in DUBLIN-4.

This rationale was further supported by prospective data from the Phase 2 Study 303 (n=47), presented at ASCO 2026. In patients with NSCLC whose disease had progressed following PD-1 inhibitor treatment, the combination of Plinabulin, docetaxel and a PD-1 inhibitor demonstrated encouraging anticancer activity. With a median follow-up of 28.8 months, the Plinabulin combination showed a median PFS of 7.0 months, a disease control rate of 79.5%, and a confirmed ORR of 18.2%, with a 2-year OS rate of 58%, nearly double the historical rate reported with docetaxel in a similar patient population.

Investor Contact: IR@beyondspringpharma.com
Media Contact: PR@beyondspringpharma.com

Cautionary Note Regarding Forward-Looking Statements

This press release includes forward-looking statements that are not historical facts. Words such as “will,” “expect,” “anticipate,” “plan,” “believe,” “design,” “may,” “future,” “estimate,” “predict,” “objective,” “goal,” or variations thereof and similar expressions are intended to identify such forward-looking statements. Forward-looking statements are based on BeyondSpring’s current knowledge, beliefs, and expectations regarding possible future events and are subject to risks, uncertainties, and assumptions. Actual results and the timing of events could differ materially from those anticipated in these forward-looking statements as a result of a number of factors, including, but not limited to, the inability of Biolin and Bulin to perform their respective funding, clinical development, data generation and other obligations; delays or challenges in enrollment or execution of the China portion of DUBLIN-4; regulatory, data-transfer or human-genetic-resources requirements that may affect the transfer or use of China-generated clinical data; the inability of such data to support regulatory submissions outside Greater China; the possibility that the transaction may not achieve the anticipated benefits; the possibility that Fast Track designation may not result in a faster development or regulatory review process, and the fact that such designation does not increase the likelihood of regulatory approval; difficulties raising the anticipated amount needed to finance the Company’s future operations on terms acceptable to the Company, if at all; unexpected results from preclinical studies or clinical trials; the risk that preclinical results may not be predictive of clinical results; delays in, or failure to obtain, regulatory approvals; results that do not meet the Company’s expectations regarding the safety, efficacy, clinical utility, or regulatory pathway of the Company’s product candidates; increased competition in the market; the Company’s ability to meet Nasdaq’s continued listing requirements; and other risks described in BeyondSpring’s most recent Form 10-K and subsequent filings with the U.S. Securities and Exchange Commission. All forward-looking statements made herein speak only as of the date of this release, and BeyondSpring undertakes no obligation to update publicly such forward-looking statements to reflect subsequent events or circumstances, except as otherwise required by law.

Financial Tables to Follow

BEYONDSPRING INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Amounts in thousands of U.S. Dollars (“$”), except for number of shares and per share data)

	As of
	December 31, 2025			September 30, 2026
		$			$
				(Unaudited)
Assets
Current assets:
Cash and cash equivalents		2,967			580
Short term investments		1,000			–
Advances to suppliers		105			112
Prepaid expenses and other current assets		68			592
Current assets of discontinued operations		16,742			–
Total current assets		20,882			1,284

Noncurrent assets:
Property and equipment, net		155			117
Operating right-of-use assets		278			88
Long-term equity investment		–			18,373
Other noncurrent assets		98			–
Noncurrent assets of discontinued operations		4,520			–
Total noncurrent assets		5,051			18,578

Total assets		25,933			19,862

Liabilities and equity

Current liabilities:
Accounts payable		256			743
Accrued expenses		865			2,381
Current portion of operating lease liabilities		307			79
Other current liabilities		770			1,414
Current liabilities of discontinued operations		11,378			–
Total current liabilities		13,576			4,617

Noncurrent liabilities:
Other noncurrent liabilities		90			–
Noncurrent liabilities of discontinued operations		36,257			–
Total noncurrent liabilities		36,347			–

Total liabilities		49,923			4,617



Shareholders’ equity (deficit)
Ordinary shares ($0.0001 par value; 500,000,000 shares authorized; 41,122,320 and 41,409,059 shares issued and outstanding as of December 31, 2025 and September 30, 2026, respectively)		4			4
Additional paid-in capital		375,664			375,924
Accumulated deficit		(408,431	)		(360,647	)
Accumulated other comprehensive income (loss)		602			(36	)

Total BeyondSpring Inc.’s shareholders’ (deficit) equity		(32,161	)		15,245
Noncontrolling interests		8,171			–
Total shareholders’ (deficit) equity		(23,990	)		15,245

Total liabilities and shareholders’ (deficit) equity		25,933			19,862

BEYONDSPRING INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(Amounts in thousands of U.S. Dollars (“$”), except for number of shares and per share data)

(Unaudited)

	Three months ended September 30,						Nine months ended September 30,
	2025			2026			2025			2026
		$			$			$			$

Revenue		–			–			–			–

Operating expenses
Research and development		(968	)		(1,107	)		(2,667	)		(3,071	)
General and administrative		(672	)		(956	)		(3,188	)		(2,674	)

Loss from operations		(1,640	)		(2,063	)		(5,855	)		(5,745	)
Foreign exchange gain (loss), net		1			(1	)		8			(2	)
Interest income		19			–			63			11

Loss before income tax		(1,620	)		(2,064	)		(5,784	)		(5,736	)
Income tax expenses		(2	)		–			(2	)		–

Net loss from continuing operations		(1,622	)		(2,064	)		(5,786	)		(5,736	)

Discontinued operations
Loss from discontinued operations		(3,298	)		(1,015	)		(9,557	)		(9,425	)
Gain on sale of subsidiary interests		–			53,674			6,986			53,674
Income tax expenses		(24	)		(103	)		(66	)		(395	)
Net income (loss) from discontinued operations		(3,322	)		52,556			(2,637	)		43,854

Net income (loss)		(4,944	)		50,492			(8,423	)		38,118
Less: Net loss attributable to noncontrolling interests from discontinued operations		(3,404	)		(300	)		(9,554	)		(9,666	)
Net income (loss) attributable to BeyondSpring Inc.		(1,540	)		50,792			1,131			47,784

Earnings (loss) per share, basic and diluted
Continuing operations		(0.04	)		(0.05	)		(0.14	)		(0.14	)
Discontinued operations		0.00			1.29			0.17			1.30
Basic and diluted earnings (loss) per share		(0.04	)		1.24			0.03			1.16

Weighted-average shares outstanding
Basic and diluted		40,317,266			41,119,820			40,316,639			41,119,820

Other comprehensive loss, net of tax of nil:
Foreign currency translation adjustment loss from continuing operations		–			–			–			–
Foreign currency translation adjustment loss from discontinued operations		(183	)		(281	)		(711	)		(1,248	)
Comprehensive income (loss)		(5,127	)		50,211			(9,134	)		36,870
Less: Comprehensive loss attributable to noncontrolling interests from continuing operations		–			–			–			–
Less: Comprehensive loss attributable to noncontrolling interests from discontinued operations		(3,481	)		(490	)		(9,842	)		(10,276	)
Comprehensive income (loss) attributable to BeyondSpring Inc.		(1,646	)		50,701			708			47,146

Posted in UncategorizedTagged GlobeNewswire

Cheetah Net Supply Chain Service Inc. Announces Third Quarter 2026 Results and Provides Corporate Update

Posted on November 13, 2026 by Ravi Shankar

IRVINE, Calif., Nov. 13, 2026 (GLOBE NEWSWIRE) — Cheetah Net Supply Chain Service Inc. (“Cheetah” or the “Company”) (Nasdaq CM: CTNT), a provider of logistics and warehousing services and international trading services, today reported results for the quarter ended September 30, 2026 and provided a corporate update.

For the quarter ended September 30, 2026, the Company reported total revenue of $3,557,805, compared to $361,935 in the same period in 2025, representing an increase of $3,195,870, or 883.0%. The Company recorded an operating loss of $821,890 for the quarter ended September 30, 2026, compared to an operating loss of $1,564,479 in the same period in 2025, representing a decrease of $742,589, or 47.5%. The decrease was primarily due to an increase of $237,229 in gross profit and the absence of an impairment loss of $731,307 recognized in the same period in 2025, partially offset by an increase of $287,851 in general and administrative expenses compared to the same period in 2025. The Company recognized other expenses, net, of $1,726,105 for the quarter ended September 30, 2026, primarily attributable to a $2,783,884 loss resulting from the change in fair value of acquisition-related contingent consideration asset, partially offset by interest income of $398,232 and other income of $666,508. After accounting for an income tax provision of nil, the Company reported a net loss from continuing operations of $2,547,995, compared to net loss from continuing operations of $1,314,650 for the same period in 2025, representing an increase in net loss of $1,233,345, or 93.8%.

Tony Liu, Cheetah’s Chairman and CEO, commented: “The third quarter of 2026 marked an important step forward in the execution of our business diversification strategy. Following the acquisition of Super International Trading Limited in May, our international trading business demonstrated encouraging momentum, generating approximately $3.56 million in revenue during the quarter. This performance reflects the progress we have made in expanding our business platform and developing new sources of revenue.”

“While our logistics and warehousing business continues to face challenges arising from evolving global trade conditions and cross-border customer demand, we remain focused on optimizing our operating structure and allocating resources toward opportunities that we believe offer greater long-term growth potential. We are encouraged by the progress of our international trading business and will continue to focus on strengthening its operations, expanding business opportunities, and improving operational efficiency.”

“Looking ahead, we remain committed to disciplined capital allocation, prudent financial management, and the pursuit of strategic opportunities that complement our existing capabilities. We believe that our continued efforts to diversify our revenue streams and strengthen our operating platform will position the Company for sustainable long-term growth.”

Third Quarter 2026 Financial Results

Continuing operations – logistics and warehousing business

For the three months ended September 30, 2026, the Company reported revenue of $nil from its logistics and warehousing services segment, compared to $361,935 for the same period in 2025. The decrease was primarily due to the disposition of Edward and the expiration of TWEW’s legacy customer service contracts during late 2025 and early 2026, which were not renewed on their original terms. As of the date of this release, TWEW is renegotiating logistics and labor services arrangements with customers that had business relationships with TWEW prior to its acquisition, and letters of intent and draft contracts with certain of these customers are in the process of being executed.

The Company also reported cost of revenue of $nil and $317,757 for the three months ended September 30, 2026 and 2025, respectively, representing a decrease of $317,757, or 100.0%, consistent with the corresponding decline in revenue from Edward and TWEW.

Gross profit for the three months ended September 30, 2026, was $nil, a decrease of $44,178, or 100.0%, from $44,178 for the three months ended September 30, 2025.

General and administrative expenses for the Company’s continuing operations-logistics and warehousing services segment decreased by $90,368, or 84.1%, to $17,068 for the three months ended September 30, 2026 from $107,436 for the three months ended September 30, 2025. The decrease was mainly due to the disposal of Edward in 2026.

Continuing operations – international trading

For the three months ended September 30, 2026, the Company reported revenue of $3,557,805 from its international trading segment, all of which was generated by Super International Trading Limited (“Super International”), which we acquired on May 27, 2026. The increase was primarily due to the expansion of the Company’s international trading business following the acquisition of Super International.

The Company also reported cost of revenue of $3,276,398 and $nil for the three months ended September 30, 2026 and 2025, respectively, representing an increase of $3,276,398, all of which was attributable to Super International, consistent with the corresponding increase in international trading revenue.

Gross profit for the three months ended September 30, 2026 was $281,407, an increase of $281,407, from $nil for the three months ended September 30, 2025.

General and administrative expenses for the Company’s continuing operations – international trading segment increased to $23,349 for the three months ended September 30, 2026 from $nil for the three months ended September 30, 2025. The increase was mainly due to the commencement of the Company’s international trading operations following the acquisition of Super International on May 27, 2026.

Continuing operations – Corporate Unallocated Operating Adjustments

General and administrative expenses for the Company’s continuing operations- corporate unallocated operating adjustments segment increased by $354,870, or 51.1%, to $1,048,697 for the three months ended September 30, 2026 from $693,827 for the three months ended September 30, 2025. The increase was mainly due to travel and entertainment expenses and legal and accounting fees and other general and administrative expenses.

Share-based compensation expenses were $14,183 and $76,087 for the three months ended September 30, 2026 and 2025, respectively, representing a decrease of $61,904, or 81.4%.

Interest income from continuing operations was $398,232 for the three months ended September 30, 2026, compared to $244,776 for the three months ended September 30, 2025, representing an increase of $153,456 or 62.7%. The increase was primarily due to an increase in average outstanding loan balances as the Company made additional loans to third parties, resulting in higher interest income.

Interest expense incurred from our continuing operations was $6,961 for the three months ended September 30, 2026, which decreased by $888, or 11.3%, from $7,849 for the three months ended September 30, 2025, mainly due to the continued amortization of our long-term borrowings and lower credit card and premium finance interest.

Net other income from continuing operations was $666,508 for the three months ended September 30, 2026, compared to $12,902 for the three months ended September 30, 2025, representing an increase of $653,606, or 5,065.9%. The increase was primarily driven by higher foreign exchange gains resulting from currency rate fluctuations.

The Company’s receivable from withdrawal of investment deposit of $41,762,995 as of September 30, 2026, represents RMB 280,000,000 contributed by Naiside to a PRC investment fund in January 2026 and repayable in full by Shanghai Kesheng on or before December 30, 2026. The receivable is denominated in Renminbi and remeasured at each reporting date. For the three months ended September 30, 2026, the Company recognized an unrealized foreign exchange gain of $652,422 on this receivable. Excluding this non-cash gain, the Company’s loss from continuing operations before income taxes of $2,547,995 for the three months ended September 30, 2026 would have been approximately $3,200,417.

Other expense from the change in fair value of acquisition-related contingent consideration asset was $2,783,884 for the three months ended September 30, 2026, compared to $nil for the three months ended September 30, 2025.

As a result of the above factors, the Company had a net loss of $2,547,995 from continuing operations for the three months ended September 30, 2026, compared to a net loss of $1,314,650 for the same period of 2025.

Nine Months 2026 Financial Results

Continuing operations – logistics and warehousing business

For the nine months ended September 30, 2026, the Company reported revenue of $92,700 from its logistics and warehousing services segment, compared to $1,195,860 for the same period in 2025. The decrease was primarily due to the disposition of Edward and the expiration of TWEW’s legacy customer service contracts, as described above.

The Company also reported cost of revenue of $72,833 and $1,060,526 for the nine months ended September 30, 2026 and 2025, respectively, primarily reflecting labor and logistics costs for TWEW and ocean freight service costs incurred by Edward.

Gross profit for the nine months ended September 30, 2026, was $19,867, a decrease of $115,467, or 85.3%, from $135,334 for the nine months ended September 30, 2025.

General and administrative expenses for the Company’s continuing operations-logistics and warehousing services segment decreased by $179,749, or 50.8%, to $173,757 for the nine months ended September 30, 2026 from $353,506 for the nine months ended September 30, 2025. The decrease was mainly due to lower operating and administrative expenses following the disposal of Edward, as well as ongoing cost control initiatives.

Continuing operations – international trading

For the nine months ended September 30, 2026, the Company reported revenue of $4,426,714 from its international trading segment, of which $208,909, or 4.7%, was attributable to Cheetah, and $4,217,805, or 95.3%, was attributable to Super International, which the Company acquired on May 27, 2026. The increase was primarily due to the expansion of the Company’s international trading business following the acquisition of Super International.

The Company also reported cost of revenue of $4,125,807 and $nil for the nine months ended September 30, 2026 and 2025, respectively, representing an increase of $4,125,807 including $199,409 attributable to Cheetah and $3,926,398 attributable to Super International, consistent with the corresponding increase in international trading revenue.

Gross profit for the nine months ended September 30, 2026, was $300,907, an increase of $300,907, from $nil for the nine months ended September 30, 2025.

General and administrative expenses for the Company’s continuing operations-international trading segment increased to $43,433 for the nine months ended September 30, 2026 from $nil for the nine months ended September 30, 2025. The increase was mainly due to the acquisition of Super International.

Continuing operations – Corporate Unallocated Operating Adjustments

General and administrative expenses for the Company’s continuing operations- corporate unallocated operating adjustments segment increased by $275,462, or 12.2%, to $2,529,043 for the nine months ended September 30, 2026 from $2,253,581 for the nine months ended September 30, 2025. The increase was mainly due to an increase in travel and entertainment expenses and other general and administrative expenses.

Share-based compensation expenses were $42,547 and $102,716 for the nine months ended September 30, 2026 and 2025, respectively, representing a decrease of $60,169, or 58.6%.

Interest income from continuing operations was $814,069 for the nine months ended September 30, 2026, compared to $725,094 for the nine months ended September 30, 2025, representing an increase of $88,975 or 12.3%. The increase was primarily due to an increase in average outstanding loan balances as the Company made additional loans to third parties, resulting in higher interest income.

Interest expense incurred from our continuing operations was $21,460 for the nine months ended September 30, 2026, which decreased by $3,261, or 13.2%, from $24,721 for the nine months ended September 30, 2025, mainly due to lower average outstanding balances under long-term borrowings and premium finance arrangements.

Net other income from continuing operations was $1,669,286 for the nine months ended September 30, 2026, compared to $42,658 for the nine months ended September 30, 2025, representing an increase of $1,626,628, or 3,813.2%. The increase was primarily driven by higher foreign exchange gains resulting from currency rate fluctuations.

During the nine months ended September 30, 2026, the Company recognized an unrealized foreign exchange gain of approximately $1,631,708 related to the receivable arising from the withdrawal of the investment deposit. Excluding this non-cash gain, the Company would have incurred a loss from continuing operations before income taxes of approximately $4,719,313 for the nine months ended September 30, 2026.

Other expense from the change in fair value of acquisition-related contingent consideration asset was $2,783,884 for the nine months ended September 30, 2026, compared to $nil for the nine months ended September 30, 2025.

As a result of the above factors, the Company had a net loss of $3,093,215 from continuing operations for the nine months ended September 30, 2026, compared to a net loss of $2,581,087 for the same period of 2025.

Liquidity and Going Concern Considerations

The Company reported a net loss of approximately $3.1 million for the nine months ended September 30, 2026, and net cash used in operating activities of approximately $2.5 million. As the Company continues to integrate its newly acquired international trading business and develop its logistics and warehousing service business, the Company may continue to incur operating losses and generate negative cash flow. These factors were considered in management’s evaluation of the Company’s ability to continue as a going concern, together with the mitigating factors described below.

As of September 30, 2026, the Company had cash and cash equivalents of approximately $14.5 million and a working capital balance of $87.1 million. In addition, the Company had a receivable from withdrawal of investment deposit of $41.8 million and loans receivable from third parties of approximately $29.5 million, which can be sufficient for the Company to support its ongoing business operations and meet the obligations in the future.

Management has evaluated the Company’s ability to continue as a going concern in accordance with ASC 205-40, Presentation of Financial Statements – Going Concern. This evaluation considered the Company’s current financial condition, expected cash flows, obligations due within the next 12 months, and available sources of liquidity.

The Company is working to further improve its liquidity and capital sources primarily by generating cash from operations, pursuing debt financing, and, if needed, seeking financial support from its principal stockholder. If necessary to fully implement its business plan and sustain continued growth, the Company may seek additional equity financing from outside investors. Based on the current operating plan, management believes that the aforementioned measures collectively will provide sufficient liquidity to meet the Company’s liquidity and capital requirements for at least 12 months from the issuance date of its consolidated financial statements.

Forward-Looking Statements

This press release contains certain forward-looking statements, including statements that are predictive in nature. Forward-looking statements are based on the Company’s current expectations and assumptions. The Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking statements. These statements may be identified by the use of forward-looking expressions, including, but not limited to, “anticipate,” “believe,” “continue,” “estimate,” “expect,” “future,” “intend,” “may,” “outlook,” “plan,” “potential,” “predict,” “project,” “should,” “will,” “would,” and similar expressions that predict or indicate future events or trends or that are not statements of historical matters, but the absence of these words does not mean that a statement is not forward-looking. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise. Important factors that could cause actual results to differ materially from those in the forward-looking statements are set forth in the Company’s filings with the U.S. Securities and Exchange Commission, including its annual report on Form 10-K, under the caption “Risk Factors.”

For more information, please contact:

Cheetah Net Supply Chain Service Inc.

Investor Relations

(949) 418-7804
ir@cheetah-net.com

CHEETAH NET SUPPLY CHAIN SERVICE INC. (UNAUDITED) CONSOLIDATED BALANCE SHEETS
	September 30,			December 31,
	2026			2025*
	(UNAUDITED)			(AUDITED)
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	14,464,614		$	233,217
Accounts receivable, net		419,529			6,540
Loan receivable		29,471,513			7,430,111
Other receivables, net		1,341,520			1,157,130
Prepaid expenses and other current assets		1,026,988			238,648
Receivable from withdrawal of investment deposit		41,762,995			—
TOTAL CURRENT ASSETS		88,487,159			9,065,646
NONCURRENT ASSETS:
Property, plant, and equipment, net		303,167			358,868
Operating lease right-of-use assets		414,992			1,165,517
Intangibles, net		490,000			792,571
Goodwill		2,665,654			475,862
TOTAL NONCURRENT ASSETS		3,873,813			2,792,818
TOTAL ASSETS	$	92,360,972		$	11,858,464

LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable	$	419,058		$	32,762
Current portion of long-term debt		37,750			35,902
Loans payable from premium finance		123,516			82,650
Due to a related party		10,745			5,204
Operating lease liabilities, current		428,852			594,407
Accrued liabilities and other current liabilities		343,781			594,693
TOTAL CURRENT LIABILITIES		1,363,702			1,345,618
NONCURRENT LIABILITIES:
Long-term debt, net of current portion		542,618			572,653
Operating lease liabilities, net of current portion		—			584,606
TOTAL NONCURRENT LIABILITIES		542,618			1,157,259
TOTAL LIABILITIES	$	1,906,320		$	2,502,877

COMMITMENTS AND CONTINGENCIES		—			—

STOCKHOLDERS’ EQUITY
Common stock, $0.0001 par value, 2,200,000,000 and 1,000,000,000 shares authorized; 1,333,445 and 115 shares issued and outstanding as of September 30, 2026 and December 31, 2025, respectively, including: *
Class A common stock, $0.0001 par value, 2,000,000,000 shares and 891,750,000 shares authorized; 1,332,087 and 91 shares issued and outstanding as of September 30, 2026 and December 31, 2025, respectively		133			—
Class B common stock, $0.0001 par value, 200,000,000 shares and 108,250,000 shares authorized; 1,358 and 24 shares issued and outstanding as of September 30, 2026 and December 31, 2025, respectively		—			—
Additional paid-in capital		101,878,048			17,685,901
Accumulated deficit		(11,423,529	)		(8,330,314	)
TOTAL STOCKHOLDERS’ EQUITY		90,454,652			9,355,587

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	92,360,972		$	11,858,464
* Retrospectively restated for effect of the Company’s amended and restated articles of incorporation and bylaws and share reverse splits on April 20, 2026 (1-for-200) and September 21, 2026 (1-for-150).

CHEETAH NET SUPPLY CHAIN SERVICE INC. (UNAUDITED) CONSOLIDATED STATEMENTS OF OPERATIONS
	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
	2026			2025*			2026			2025*
	(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)
REVENUE	$	3,557,805		$	361,935		$	4,519,414		$	1,195,860

COST OF REVENUE		3,276,398			317,757			4,198,640			1,060,526

GROSS PROFIT		281,407			44,178			320,774			135,334

OPERATING EXPENSES
General and administrative expenses		1,089,114			801,263			2,746,233			2,607,087
Impairment loss expenses		—			731,307			—			731,307
Share-based compensation expenses		14,183			76,087			42,547			102,716
TOTAL OPERATING EXPENSES		1,103,297			1,608,657			2,788,780			3,441,110

LOSS FROM OPERATIONS		(821,890	)		(1,564,479	)		(2,468,006	)		(3,305,776	)

OTHER INCOME (EXPENSES)
Interest income		398,232			244,776			814,069			725,094
Interest expenses		(6,961	)		(7,849	)		(21,460	)		(24,721	)
Loss on disposal of Edward		—			—			(297,610	)		—
Other income		666,508			12,900			1,669,286			78,005
Other expenses		—			2			—			(35,347	)
Other expense change in fair value of acquisition-related contingent consideration asset		(2,783,884	)		—			(2,783,884	)		—
OTHER INCOME, NET		(1,726,105	)		249,829			(619,599	)		743,031

INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES		(2,547,995	)		(1,314,650	)		(3,087,605	)		(2,562,745	)

Income tax		—			—			5,610			18,342

INCOME (LOSS) FROM CONTINUING OPERATIONS		(2,547,995	)		(1,314,650	)		(3,093,215	)		(2,581,087	)

LOSS FROM DISCONTINUED OPERATIONS, NET OF TAX		—			—			—			—

NET INCOME (LOSS)	$	(2,547,995	)	$	(1,314,650	)	$	(3,093,215	)	$	(2,581,087	)

Earnings (loss) from continuing operations per ordinary share – basic and diluted	$	(11.23	)	$	(12,170.24	)	$	(38.17	)	$	(23,897.33	)
Earnings (loss) from discontinued operations per ordinary share – basic and diluted	$	0.00		$	0.00		$	0.00		$	0.00
Earnings (loss) per share – basic and diluted	$	(11.23	)	$	(12,170.24	)	$	(38.17	)	$	(23,897.33	)
Weighted average shares – basic and diluted		226,988			108			81,037			108
* Certain reclassifications have been made to the financial statements for the period ended September 30, 2025, to conform to the presentation for the period ended September 30, 2026, with no effect on previously reported net income (loss).

CHEETAH NET SUPPLY CHAIN SERVICE INC. CONSOLIDATED STATEMENTS OF CASH FLOWS
	Nine Months Ended September 30,
	2026			2025
Net cash provided by (used in) operating activities	$	(2,543,247	)	$	733,780
Cash used in operations-continuing operations		(2,543,247	)		(1,806,721	)
Cash provided by operations-discontinued operations		—			2,540,501
Net cash used in investing activities		(67,239,062	)		(2,214,816	)
Cash used in investing activities-continuing operations		(67,239,062	)		(2,214,816	)
Net cash provided by (used in) financing activities		84,022,934			(16,237	)
Cash provided by (used in) financing activities-continuing operations		84,022,934			(16,237	)
Effect of exchange rate fluctuation on cash		(9,228	)		3
Net increase (decrease) in cash	$	14,231,397		$	(1,497,270	)

Posted in UncategorizedTagged GlobeNewswire

Calidi Biotherapeutics Reports Third Quarter 2026 Financial Results and Recent Business Highlights

Posted on November 13, 2026 by Ravi Shankar

– Continued to advance the development of CLD-401 towards the clinic

– Presented new CLD-401 data and in situ TCE platform advances at the ESMO Congress 2026

– Received $1.2 million gross proceeds from at-the-market registered direct offering

– Reduced general and administrative expenses by $1.0 million, or 39%, in the third quarter of 2026 versus the same period in the prior year

SAN DIEGO, Nov. 13, 2026 (GLOBE NEWSWIRE) — Calidi Biotherapeutics, Inc. (NYSE American: CLDI) (“Calidi” or the “Company”), a biotechnology company pioneering the development of targeted genetic medicines, today reported financial and operating results for the three months ended September 30, 2026, and reviewed recent business highlights.

“Throughout the third quarter, Calidi continued to advance its RedTail platform for systemic and local delivery and redefine the potential of oncolytic viruses and genetic medicine,” said Eric Poma, Ph.D., Calidi Biotherapeutics CEO. “In particular, CLD-401 demonstrated remarkable anti-tumor activity with systemic administration in syngeneic tumor models and continues to progress towards the clinic.”

Third Quarter 2026 and Recent Business Developments

Presented two posters at the European Society for Medical Oncology (ESMO) Congress 2026 on October 24, 2026. The presentations showcased new data from the Company’s RedTail platform, a systemically delivered virotherapy platform engineered to selectively target tumors, remodel the tumor microenvironment, and enable high-level expression of therapeutic genetic payloads directly within tumors.
- Preclinical data on Calidi’s lead program, CLD-401, showed complete tumor eradication in 80% of EMT6 breast cancer tumor-bearing mice versus 0% in the control arm. CLD-401 was engineered for systemic delivery, and new data from an MB49 bladder cancer model show it retains antitumor activity with either systemic intravenous or localized intratumoral administration, supporting flexible delivery approaches across tumor accessibility and disease settings.
- Presented preclinical data from Calidi’s in situ T-cell engager (“TCE”) platform, including CLD-501, its TROP-2-targeted candidate, and CLD-502, its EpCAM-targeted candidate. Following intravenous delivery, the platform generated approximately 10 ng/mL of EpCAM-targeted TCE directly within tumors, and both targeted TCEs demonstrated antigen-dependent, does-responsive T-cell mediated cytotoxicity.
Received $1.2 million gross proceeds from an at-the-market registered direct offering that closed on September 18, 2026.
Reduced general and administrative expenses by $1.0 million, or 39%, in the third quarter of 2026 versus the same period in the prior year. Reduced general and administrative expenses by $3.6 million, or 42%, in the nine months ended September 30, 2026, versus the same period in the prior year. On November 6, 2026, Calidi executed a restructuring plan, predominantly through a reduction in headcount, that is expected to save $3 million on an annualized basis to extend the Company’s cash runway to reduce costs, extend the Company’s operating runway, and preserve capital while pursuing additional financing.

Third Quarter 2026 Financial Results

Calidi reported a $3.6 million net loss attributable to common stockholders for the third quarter of 2026, compared to a net loss attributable to common stockholders of $10.8 million for the third quarter of 2025, which included a $5.7 million non-cash charge for a deemed dividend on warrants. There was no such charge during the third quarter of 2026.

Research and development expenses were $2.7 million for the third quarter of 2026, compared to $2.4 million for the same quarter in 2025.

General and administrative expenses were $1.6 million for the third quarter of 2026, compared to $2.7 million for the same quarter in 2025.

The Company had $3.9 million in cash and $0.2 million in restricted cash as of September 30, 2026, compared with $5.6 million in cash and $0.2 million in restricted cash as of December 31. 2025.

About Calidi Biotherapeutics

Calidi Biotherapeutics (NYSE American: CLDI) is a biotechnology company pioneering the development of targeted therapies with the potential to deliver genetic medicines to distal sites of disease. The Company’s proprietary RedTail platform features an engineered enveloped oncolytic virus designed for systemic delivery and targeting of metastatic sites. This advanced enveloped technology is intended to shield the virus from immune clearance, allowing virotherapy to effectively reach tumor sites, induce tumor lysis, and deliver potent genetic medicine(s) to metastatic locations.

CLD-401, the lead candidate from the RedTail platform, currently in IND-enabling studies, targets metastatic non-small cell lung cancer, head and neck cancer, and other tumor types with high unmet medical need. Calidi continues to advance its pipeline utilizing the RedTail platform including its novel approach to incorporate in situ T-cell engagers in solid tumors.

Calidi Biotherapeutics is headquartered in San Diego, California. For more information, please visit www.calidibio.com.

Forward-Looking Statements

This press release may contain forward-looking statements for purposes of the “safe harbor” provisions under the United States Private Securities Litigation Reform Act of 1995. Terms such as “anticipates,” “believe,” “continue,” “could,” “estimate,” “expect,” “intends,” “may,” “might,” “plan,” “possible,” “potential,” “predicts,” “project,” “should,” “towards,” “would” as well as similar terms, are forward-looking in nature, but the absence of these words does not mean that a statement is not forward-looking. These forward-looking statements include, but are not limited to, the Company’s plans strategies, priorities and key operational initiatives for fiscal year 2026 and 2027, including the Company’s plan to dose the first patient in the second half of 2027, statements concerning key milestones, including certain pre-clinical data, planned clinical trials, and statements relating to the safety and efficacy of Calidi’s therapeutic candidates in development. Any forward-looking statements contained in this discussion are based on Calidi’s current expectations and beliefs concerning future developments and their potential effects and are subject to multiple risks and uncertainties that could cause actual results to differ materially and adversely from those set forth or implied in such forward-looking statements. These risks and uncertainties include, but are not limited to, the risk that Calidi is not able to raise sufficient capital to support its current and anticipated clinical trials, the risk that early results of clinical trials do not necessarily predict final results and that one or more of the clinical outcomes may materially change following more comprehensive review of the data, and as more patient data becomes available, the risk that Calidi may not receive FDA approval for some or all of its therapeutic candidates; and, with respect to the Company’s fiscal year 2026 and 2027 initiatives, including the timing and ability to open a phase 1 clinical study in the second half of 2027, the risk that actual results may differ materially due to, among other things, the timing, cost and results of research and development activities and preclinical studies; interactions with, and the timing and substance of feedback from, regulatory authorities (including that any preliminary interactions with the FDA may not be indicative of future outcomes or regulatory success); changes in applicable laws or regulations; manufacturing and supply chain matters; the availability of capital and other resources; and changes in business, market, economic or competitive conditions. Other risks and uncertainties are set forth in the section entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in the Company’s annual report filed with the SEC on Form 10-K on March 27, 2026, as may be amended or supplemented by other reports we file with the SEC from time to time. We disclaim any obligation to update any forward-looking statement to reflect events or circumstances after the date of this press release or to reflect the occurrence of unanticipated events.

Investors Contact:
IR@calidibio.com

Media Contact:
PR@calidibio.com

CALIDI BIOTHERAPEUTICS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except par value data)

	September 30, 2026		December 31, 2025
	(unaudited)
ASSETS
Current assets:
Cash	$	3,947	$	5,600
Restricted cash, current		219		100
Prepaid expenses and other current assets		570		556
Total current assets		4,736		6,256
Noncurrent assets:
Restricted cash, noncurrent		–		119
Machinery and equipment, net		704		781
Operating lease right-of-use assets, net		83		1,682
Other noncurrent assets		–		19
Total assets	$	5,523	$	8,857

LIABILITIES AND TOTAL EQUITY
Current liabilities:
Accounts payable	$	1,347	$	595
Related party accounts payable		–		18
Accrued expenses and other current liabilities		1,517		1,186
Related party accrued expenses and other current liabilities		–		530
Promissory note and accrued interest, current		668		90
Operating leases, current		53		1,405
Finance leases, current		141		111
Total current liabilities		3,726		3,935
Noncurrent liabilities:
Operating leases, noncurrent		30		277
Finance leases, noncurrent		132		171
Promissory note, noncurrent		–		600
Warrant liability		4		107
Related party warrant liability		–		8
Total liabilities		3,892		5,098
Total equity		1,631		3,759
Total liabilities and total equity	$	5,523	$	8,857

CALIDI BIOTHERAPEUTICS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except par value data)

	Three months ended September 30,
	2026			2025
Operating expenses:
Research and development	$	2,703		$	2,361
General and administrative		1,642			2,687
Total operating expenses		4,345			5,048
Loss from operations		(4,345	)		(5,048	)
Other income (expense), net:
Interest expense		(29	)		(31	)
Interest expense – related party		(8	)		(10	)
Change in fair value of other liabilities and derivatives		59			(93	)
Change in fair value of other liabilities and derivatives – related party		5			(7	)
Other income, net		681			18
Total other income (expense), net		708			(123	)
Loss before income taxes		(3,637	)		(5,171	)
Provision for income taxes		(9	)		(10	)
Net loss		(3,646	)		(5,181	)
Net loss attributable to noncontrolling interest		–			(32	)
Net loss attributable to controlling interest		(3,646	)		(5,149	)
Deemed dividend on warrants		–			(5,673	)
Net loss attributable to common stockholders	$	(3,646	)	$	(10,822	)
Net loss per share – basic and diluted	$	(1.47	)	$	(35.25	)
Weighted average shares outstanding – basic and diluted		2,476			307

Posted in UncategorizedTagged GlobeNewswire