Author: Ravi Shankar

Delivered Revenue of $405 Million, up 4.4% (ex-FX) Year-over-Year 

2026 Full Year Guidance Updated to Include Modine Performance Technologies

Repurchased $60 Million of Common Stock in October

NOVI, Mich., Oct. 22, 2026 (GLOBE NEWSWIRE) — Gentherm (NASDAQ:THRM), a global leader of innovative thermal and precision flow management technologies, today announced its financial results for the third quarter ended September 30, 2026.

“Our third quarter results were in line with expectations as we made continued progress on growth and operational excellence initiatives, while completing the Modine Performance Technologies combination on October 1,” said Bill Presley, the Company’s President and CEO. “With the completion of the transaction, we are fundamentally a different company. We are entering an exciting new phase for Gentherm with industry leading platforms and I am increasingly confident in the significant value creation opportunities ahead.”

Third Quarter Highlights

• Secured Automotive New Business Awards totaling $555 million in the quarter.
• Expanded portfolio of differentiated technologies with launch of ThermAffyx™ Patient Safety System and Puls.A™.
• Product revenues of $405.1 million increased 4.7% from $386.9 million in the prior year. Excluding the impact of foreign currency translation, product revenues increased 4.4%.
• Automotive Climate and Comfort Solutions revenue increased 8.8% year over year, or 8.5% excluding the impact of foreign currency translation, outperforming S&P Global’s mid-October light vehicle production report in our relevant markets by 12 percentage points.
• Gross margin was 23.3%, compared to 24.6% in the prior year. The decrease was primarily driven by foreign exchange, higher net material costs and inflation, partially offset by strong operating leverage.
• Net (loss) income was $(2.6) million, compared to $14.9 million in the prior year.
• Adjusted EBITDA was $45.0 million, or 11.1% of revenue, compared to $49.0 million, or 12.7% of revenue, in the prior year.
• GAAP diluted (loss) earnings per share was $(0.08), compared to $0.49 in the prior year.
• Adjusted diluted earnings per share was $0.33, compared to $0.73 in the prior year.
• Cash flow from operations was $36.0 million, compared to $87.8 million in the prior year.
• Adjusted free cash flow was $59.5 million, compared to $72.3 million in the prior year.

The Company provides various non-GAAP financial measures in this release. See “Use of Non-GAAP Measures” below for additional information, including definitions, usefulness for investors and limitations, as well as reconciliations below to the most directly comparable GAAP financial measures.

Guidance

The Company updated its full year 2026 guidance to reflect the expected contribution from Modine Performance Technologies in the fourth quarter¹.

	As of July 2026	As of October 2026
Product Revenues	$1.55B – $1.65B	$1.825B – $1.925B
Adjusted EBITDA	$185M – $200M	$210M – $230M
Adjusted Free Cash Flow	$85M – $100M	$100M – $120M

¹2026 guidance based on tariffs currently in effect as of today, our current forecast of customer demand and expectations of near-term conditions, light vehicle production in our relevant markets decreasing at a low single digit rate for full year 2026 versus 2025, and a EUR to USD exchange rate of $1.15/Euro.

Capital Allocation Update

• On July 1, acquired Innovative Medical Equipment, LLC, provider of the ThermaZone® thermal therapy device, expanding thermal management product portfolio and providing strong cross-selling opportunities by leveraging complementary customer bases across additional healthcare channels.
• On October 1, completed combination with Modine’s Performance Technologies business.
• On October 7, returned $63.5 million to shareholders through a special cash dividend of $2.07 per share as part of the Modine transaction.
• In July, the Board of Directors authorized a new stock repurchase program of up to $400 million of the Company’s issued and outstanding common stock. Following the closing of the transaction with Modine in October, the Company repurchased $60 million of common stock. As of today, the program has approximately $340 million of stock repurchase authorization remaining.
• Third quarter ended with net leverage of ~0.4x and liquidity of $494.2 million.

“As expected, following the combination with Modine Performance Technologies, we remain in a strong financial position and continue to have confidence in the ability to generate significant cash moving forward,” said Jon Douyard, the Company’s Chief Financial Officer. “We believe the current share price does not reflect the value of the Company. We previously communicated our intention to repurchase shares following the Modine transaction. Since closing, we have repurchased $60 million and we remain committed to returning capital to shareholders, particularly in times of value dislocation.”

Conference Call

As previously announced, Gentherm will conduct a conference call today at 8:00 am Eastern Time to review these results. The dial-in number for the call is 1-877-407-4018 (callers in the U.S.) or +1-201-689-8471 (callers outside the U.S.). The passcode for the live call is 13763267.

A live webcast and one-year archived replay of the call, as well as a copy of the supplemental materials that will be used during the conference call, can be accessed on the Events page of the Investor section of Gentherm’s website at www.gentherm.com.

A telephonic replay will be available approximately two hours after the call until 11:59 pm Eastern Time on November 5, 2026. The replay can be accessed by dialing 1-844-512-2921 (callers in the U.S.), or +1-412-317-6671 (callers outside the U.S.). The passcode for the replay is 13763267.

Investor Contact 
Gregory Blanchette
investors@gentherm.com
248.308.1702 

Media Contact 
Haley Baur 
media@gentherm.com
248.289.9711

About Gentherm
Gentherm (NASDAQ: THRM) is a global leader of innovative thermal and precision flow management technologies. The Company brings together industry leading products from Gentherm’s climate, comfort and valves businesses serving the light vehicle, medical, and home and office markets, with Modine’s highly engineered, mission-critical thermal solutions serving commercial vehicle, off-highway equipment, light vehicle and power generation markets. Gentherm has more than 18,000 employees in facilities across 17 countries. For more information, go to www.gentherm.com. 

Forward-Looking Statements 
Except for historical information contained herein, statements in this release are forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements represent Gentherm Incorporated’s goals, beliefs, plans and expectations about its prospects for the future and other future events. The forward-looking statements included in this release are made as of the date hereof or as of the date specified herein and are based on management’s reasonable expectations and beliefs. In making these statements we rely on assumptions and analysis based on our experience and perception of historical trends, current conditions and expected future developments, third party information and projections from sources that management believes to be reputable, as well as other factors we consider appropriate under the circumstances. Such statements are subject to a number of important assumptions, significant risks and uncertainties (some of which are beyond our control) and other factors that may cause actual results or performance to differ materially from that described in or indicated by the forward-looking statements, including but not limited to:

• macroeconomic, geopolitical and similar global factors in the cyclical Automotive industry;
• the impact of, and our ability to mitigate the effects of, global economic and trade policies, including increases in duties, tariffs and taxation on the import or export of our products related to U.S. trade disputes;
• increasing U.S. and global competition, including with non-traditional entrants;
• our ability to effectively manage new product launches and research and development, and the market acceptance of such products and technologies;
• the evolution and challenges of the automotive industry towards electric vehicles, autonomous vehicles and mobility on demand services, and related consumer behaviors and preferences;
• our ability to convert automotive new business awards into product revenues;
• the constraints in the supply chain environment, and inflationary and other cost pressures;
• the production levels of our major customers and OEMs in our relevant markets and sudden fluctuations in such production levels;
• our business in China, which is subject to unique operational, competitive, geopolitical, regulatory and economic risks;
• the impact of our global operations, including our cost structure and global manufacturing footprint, operations within Ukraine, and foreign currency and exchange risk;
• our product quality and safety and impact of product safety recalls and alleged defects in products;
• our ability to attract and retain highly skilled employees and wage inflation;
• a tightening labor market, labor shortages or work stoppages impacting us, our customers or our suppliers, such as recent labor strikes among certain OEMs and suppliers;
• our achievement of product cost reductions to offset customer-imposed price reductions or other pricing pressures;
• our ability to execute efforts to optimize our global supply chain and manufacturing footprint, including opening new facilities and transferring production;
• our ability to source, consummate, integrate and achieve planned benefits of strategic acquisitions, investments and, as applicable, exits;
• any security breaches and other disruptions to our information technology networks and systems, as well as privacy, data security and data protection risks, including risks associated with use of artificial intelligence capabilities in our business operations;
• any loss or insolvency of our key customers and OEMs, or key suppliers;
• our ability to project future sales volume based on third-party information, based on which we manage our business;
• the protection of our intellectual property in certain jurisdictions;
• our compliance with global anti-corruption laws and regulations;
• legal and regulatory proceedings and claims involving us or one of our major customers;
• the extensive regulation of our patient temperature management business;
• risks associated with our manufacturing processes;
• the effects of climate change and regulatory and stakeholder-imposed requirements to address climate change and other sustainability issues;
• our product quality and safety;
• our borrowing availability under our revolving credit facility, as well as the ability to access the capital markets, to support our planned growth; and
• our indebtedness and compliance with our debt covenants.

Furthermore, important factors related to the combination with Modine Performance Technologies (the “Transaction”) could cause actual results to differ materially from those currently anticipated, including:

• uncertainty of the expected financial performance of the combined company following completion of the Transaction;
• failure to realize the anticipated benefits of the Transaction;
• the ability of the combined company to implement its business strategy;
• difficulties and delays in the combined company achieving revenue and cost synergies;
• inability of the combined company to retain and hire key personnel;
• evolving legal, regulatory and tax regimes;
• changes in general economic and/or industry specific conditions or any volatility resulting from the imposition of and changing policies, including those policies with respect to tariffs; and
• actions by third parties, including government agencies.

The foregoing risks should be read in conjunction with the Company’s reports filed with or furnished to the Securities and Exchange Commission (the “SEC”), including “Risk Factors,” in its most recent Annual Report on Form 10-K and subsequent SEC filings, for a discussion of these and other risks and uncertainties. In addition, with reasonable frequency, we have entered into business combinations, acquisitions, divestitures, strategic investments and other significant transactions. Such forward-looking statements do not include the potential impact of any such transactions that may be completed after the date hereof, each of which may present material risks to the Company’s future business and financial results. Moreover, we operate in a very competitive and rapidly changing environment and new risks emerge from time to time.

Except as required by law, the Company expressly disclaims any obligation or undertaking to update any forward-looking statements to reflect any change in its strategies or expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based. 

Use of Non-GAAP Financial Measures
In addition to the results reported in accordance with GAAP throughout this release, the Company has provided here or elsewhere information regarding: adjusted earnings before interest, taxes, depreciation and amortization (“Adjusted EBITDA”); Adjusted EBITDA margin; Adjusted net income; Adjusted earnings per share (“Adjusted earnings per share” or “Adjusted EPS”); Quarter-to-date Operating Cash Flow; Free Cash Flow; Adjusted Free Cash Flow; Adjusted Free Cash Flow Conversion rate; net capital expenditures (“net CAPEX”); Net Debt; Liquidity; Net Leverage Ratio (“Net Leverage”); revenue, segment revenue and product revenue excluding foreign currency translation and other specified gains and losses; Adjusted operating expenses; Pro Forma Revenue; Pro Forma Adjusted EBITDA; and Pro Forma Adjusted EBITDA Margin, each a non-GAAP financial measure. The Company defines Adjusted EBITDA as earnings before interest, taxes, depreciation and amortization, deferred financing cost amortization, non-cash stock based compensation expenses, restructuring expenses, net, unrealized currency gain or loss and other gains and losses not reflective of the Company’s ongoing operations and related tax effects. The Company defines Adjusted EBITDA margin as Adjusted EBITDA divided by product revenues. The Company defines Adjusted net income as earnings adjusted by restructuring expenses, net, unrealized currency gain or loss and other gains and losses not reflective of the Company’s ongoing operations and related tax effects. The Company defines Adjusted EPS as Adjusted net income divided by the Company’s weighted average shares outstanding. The Company defines Quarter-to-date Operating Cash Flow as Net cash provided by/(used in) operating activities for the current period, less that of the immediately preceding period. The Company defines Free Cash Flow as Net cash provided by/(used in) operating activities plus Proceeds from the sale of property and equipment less Purchases of property and equipment. The Company defines net CAPEX as Purchases of property and equipment less Proceeds from the sale of property and equipment. The Company defines Adjusted Free Cash Flow as Net cash provided by/(used in) operating activities, excluding cash restructuring expenses, net and other gains and losses not reflective of the Company’s ongoing operations, less net CAPEX. The Company defines Adjusted Free Cash Flow Conversion rate as Adjusted Free Cash Flow divided by Adjusted EBITDA. The Company defines Net Debt as the principal amount of all Consolidated Funded Indebtedness (as defined in the Credit Agreement) less cash and cash equivalents. The Company defines Liquidity as the sum of cash and cash equivalents and availability under the Company’s revolving line of credit. The Company defines Net Leverage as Net Debt divided by Adjusted EBITDA for the trailing four fiscal quarters. The Company defines revenue, segment revenue or product revenue excluding foreign currency translation and other specified gains and losses as such revenue, excluding the estimated effects of foreign currency exchange on revenue by translating actual revenue using the prior period foreign currency exchange rates and excluding the other items specified. The Company defines Adjusted operating expenses as operating expenses excluding related non-cash stock based compensation, restructuring expenses, net, and other gains and losses not reflective of the Company’s ongoing operations. The Company defines Pro Forma Revenue as Gentherm’s product revenues for the trailing four fiscal quarters (from the date specified), plus Modine Performance Technologies’ Net sales for the trailing four fiscal quarters (from the date specified), as reported by Modine Manufacturing Company, adjusted to reflect the latest business structure. The Company defines Pro Forma Adjusted EBITDA as Gentherm’s Adjusted EBITDA for the trailing four fiscal quarters (from the date specified), plus Modine Performance Technologies’ Adjusted EBITDA for the trailing four fiscal quarters (from the date specified), as reported by Modine Manufacturing Company, adjusted to reflect the latest business structure and go-forward operational alignment. The Company defines Pro Forma Adjusted EBITDA Margin as Pro Forma Adjusted EBITDA divided by Pro Forma Revenue.

The Company’s reconciliations are included in this release or can be found in the supplemental materials for this reporting period on the Company’s website.

In evaluating its business, the Company considers and uses Quarter-to-date Operating Cash Flow, Free Cash Flow, Adjusted Free Cash Flow, Adjusted Free Cash Flow Conversion rate, Net Debt, Net Leverage and Liquidity as supplemental measures of its liquidity and the other non-GAAP financial measures as supplemental measures of its operating performance. Management provides such non-GAAP financial measures so that investors will have the same financial information that management uses with the belief that it will assist investors in properly assessing the Company’s performance on a period-over-period basis by excluding matters not indicative of the Company’s ongoing operating or liquidity results and therefore enhance the comparability of the Company’s results and provide additional information for analyzing trends in the business. In evaluating our non-GAAP financial measures, you should be aware that in the future we may incur revenues, expenses, and cash and non-cash obligations that are the same as or similar to some of the adjustments in our presentation of non-GAAP financial measures. Our presentation of non-GAAP financial measures should not be construed as an inference that our future results will be unaffected by unusual or non-recurring items. There also can be no assurance that we will not modify the presentation of our non-GAAP financial measures in the future, and any such modification may be material. Other companies in our industry may define and calculate these non-GAAP financial measures differently than we do and those calculations may not be comparable to our metrics. These non-GAAP measures have limitations as analytical tools, and when assessing the Company’s operating performance or liquidity, investors should not consider these non-GAAP measures in isolation, or as a substitute for net income/(loss), revenue or other consolidated income/(loss) statement or cash flow statement data prepared in accordance with GAAP.

Non-GAAP measures referenced in this release and other public communications may include estimates of future Adjusted EBITDA, Adjusted EBITDA margin, Adjusted Free Cash Flow, Adjusted Free Cash Flow Conversion rate, Adjusted EPS, Pro Forma Revenue, Pro Forma Adjusted EBITDA and Pro Forma Adjusted EBITDA Margin. The Company has not reconciled the non-GAAP forward-looking guidance included in this release to the most directly comparable GAAP measures because this cannot be done without unreasonable effort due to the variability and low visibility with respect to taxes and non-recurring items, which are potential adjustments to future earnings. We expect the variability of these items to have a potentially unpredictable, and a potentially significant, impact on our future GAAP financial results.

GENTHERM INCORPORATED CONSOLIDATED CONDENSED STATEMENTS OF (LOSS) INCOME (Dollars in thousands, except per share data) (Unaudited)
		Three Months Ended September 30,								Nine Months Ended September 30,
		2026				2025				2026				2025
Product revenues		$	405,102			$	386,870			$	1,214,974			$	1,115,814
Cost of sales			310,798				291,722				927,016				844,439
Gross margin			94,304				95,148				287,958				271,375
Operating expenses:
Net research and development expenses			23,465				24,429				71,480				71,203
Selling, general and administrative expenses			51,638				42,875				162,648				122,440
Restructuring expenses, net			4,838				3,986				17,493				10,608
Loss on sale of land and building, net			—				—				—				2,196
Total operating expenses			79,941				71,290				251,621				206,447
Operating income			14,363				23,858				36,337				64,928
Interest expense, net			(3,832	)			(3,313	)			(9,755	)			(10,911	)
Foreign currency gain (loss)			193				339				(1,104	)			(27,391	)
Other income (loss)			116				—				300				(1,124	)
Earnings before income tax			10,840				20,884				25,778				25,502
Income tax expense			13,430				5,935				19,730				10,204
Net (loss) income		$	(2,590	)		$	14,949			$	6,048			$	15,298
Basic (loss) earnings per share		$	(0.08	)		$	0.49			$	0.20			$	0.50
Diluted (loss) earnings per share		$	(0.08	)		$	0.49			$	0.19			$	0.50
Weighted average number of shares – basic			30,672				30,480				30,613				30,619
Weighted average number of shares – diluted			30,672				30,748				31,078				30,802

GENTHERM INCORPORATED REVENUE BY PRODUCT CATEGORY AND RECONCILIATION OF FOREIGN CURRENCY TRANSLATION IMPACT (Dollars in thousands) (Unaudited)
		Three Months Ended September 30,												Nine Months Ended September 30,
		2026				2025				% Change				2026				2025				% Change
Climate Control Seats		$	215,603			$	201,275				7.1	%		$	639,656			$	592,448				8.0	%
Lumbar and Massage Comfort Solutions			70,923				55,799				27.1	%			205,772				153,642				33.9	%
Climate Control Interiors			51,939				52,638				(1.3	)%			155,241				147,564				5.2	%
Climate and Comfort Electronics			7,925				8,599				(7.8	)%			25,831				22,220				16.3	%
Automotive Climate and Comfort Solutions			346,390				318,311				8.8	%			1,026,500				915,874				12.1	%
Valve Systems			21,596				24,487				(11.8	)%			73,271				72,803				0.6	%
Other Automotive			22,611				31,413				(28.0	)%			77,807				91,260				(14.7	)%
Subtotal Automotive segment			390,597				374,211				4.4	%			1,177,578				1,079,937				9.0	%
Medical segment			14,505				12,659				14.6	%			37,396				35,877				4.2	%
Total Company		$	405,102			$	386,870				4.7	%		$	1,214,974			$	1,115,814				8.9	%
Foreign currency translation impact(a)			1,025				—								20,617				—
Total Company, excluding foreign currency translation impact		$	404,077			$	386,870				4.4	%		$	1,194,357			$	1,115,814				7.0	%
(a) Foreign currency translation impacts for the Automotive segment and Medical segment were $967 and $58 respectively, for the three months ended September 30, 2026. Foreign currency translation impacts for Automotive Climate and Comfort Solutions was $1,102 for the three months ended September 30, 2026. Foreign currency translation impacts for the Automotive segment and Medical segment were $20,107 and $510 respectively, for the nine months ended September 30, 2026. Foreign currency translation impacts for Automotive Climate and Comfort Solutions was $16,320 for the nine months ended September 30, 2026.

GENTHERM INCORPORATED RECONCILIATION OF NET (LOSS) INCOME TO ADJUSTED EBITDA AND ADJUSTED EBITDA MARGIN (Dollars in thousands) (Unaudited)
		Three Months Ended September 30,								Nine Months Ended September 30,
		2026				2025				2026				2025
Net (loss) income		$	(2,590	)		$	14,949			$	6,048			$	15,298
Add back:
Depreciation and amortization			14,704				13,274				43,087				39,120
Income tax expense			13,430				5,935				19,730				10,204
Interest expense, net			3,832				3,313				9,755				10,911
Adjustments:
Non-cash stock based compensation			2,925				3,980				10,371				10,569
Restructuring expenses, net			4,838				3,986				17,493				10,608
Unrealized currency loss			681				1,865				855				30,349
Merger and acquisition expenses			6,528				—				34,187				—
Leadership transition expenses			328				777				1,738				2,935
Loss on sale of land and building, net			—				—				—				2,196
Other(a)			328				928				(130	)			2,055
Adjusted EBITDA		$	45,004			$	49,007			$	143,134			$	134,245
Product revenues		$	405,102			$	386,870			$	1,214,974			$	1,115,814
Net (loss) income margin			(0.6	)%			3.9	%			0.5	%			1.4	%
Adjusted EBITDA margin			11.1	%			12.7	%			11.8	%			12.0	%
(a) Includes a $1,294 decrease in fair value of an equity investment for the nine months ended September 30, 2025.

GENTHERM INCORPORATED RECONCILIATION OF NET (LOSS) INCOME TO ADJUSTED NET INCOME AND ADJUSTED EARNINGS PER SHARE (Dollars in thousands, except per share data) (Unaudited)
		Three Months Ended September 30,								Nine Months Ended September 30,
		2026				2025				2026				2025
Net (loss) income		$	(2,590	)		$	14,949			$	6,048			$	15,298
Amortization of acquisition related intangibles			2,427				1,676				5,802				4,873
Restructuring expenses, net			4,838				3,986				17,493				10,608
Unrealized currency loss			681				1,865				855				30,349
Merger and acquisition expenses			6,528				—				34,187				—
Leadership transition expenses			328				777				1,738				2,935
Loss on sale of land and building, net			—				—				—				2,196
Other			(116	)			928				(574	)			2,055
Tax effect of above			(2,089	)			(1,582	)			(6,550	)			(13,422	)
Adjusted net income		$	10,007			$	22,599			$	58,999			$	54,892
Weighted average shares outstanding:
Basic			30,672				30,480				30,613				30,619
Diluted			30,672				30,748				31,078				30,802
(Loss) Earnings per share, as reported:
Basic		$	(0.08	)		$	0.49			$	0.20			$	0.50
Diluted		$	(0.08	)		$	0.49			$	0.19			$	0.50
Adjusted earnings per share:
Basic		$	0.33			$	0.74			$	1.93			$	1.79
Diluted		$	0.33			$	0.73			$	1.90			$	1.78

GENTHERM INCORPORATED CONSOLIDATED CONDENSED BALANCE SHEETS (Dollars in thousands, except share data) (Unaudited)
		September 30, 2026				December 31, 2025
ASSETS
Current Assets:
Cash and cash equivalents		$	252,098			$	160,833
Accounts receivable, net			326,217				281,083
Inventory:
Raw materials			127,403				128,314
Work in process			44,437				35,429
Finished goods			91,647				88,959
Inventory, net			263,487				252,702
Other current assets			85,678				82,332
Total current assets			927,480				776,950
Property and equipment, net			263,561				270,614
Goodwill			122,258				108,918
Other intangible assets, net			63,858				52,796
Operating lease right-of-use assets			48,674				56,524
Deferred income tax assets			93,853				93,552
Other non-current assets			42,615				37,075
Total assets		$	1,562,299			$	1,396,429
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current Liabilities:
Accounts payable		$	298,183			$	260,487
Current lease liabilities			7,846				9,646
Current maturities of long-term debt			912				73
Other current liabilities			144,999				134,104
Total current liabilities			451,940				404,310
Long-term debt, less current maturities			319,531				189,000
Non-current lease liabilities			42,469				48,105
Pension benefit obligation			3,281				3,748
Other non-current liabilities			23,760				30,943
Total liabilities		$	840,981			$	676,106
Shareholders’ Equity:
Common Stock:
No par value; 110,000,000 shares authorized 30,710,902 and 30,526,231 issued and outstanding at September 30, 2026 and December 31, 2025, respectively			13,442				5,611
Paid-in capital			1,590				1,590
Accumulated other comprehensive loss			(13,848	)			(964	)
Accumulated earnings			720,134				714,086
Total shareholders’ equity			721,318				720,323
Total liabilities and shareholders’ equity		$	1,562,299			$	1,396,429

GENTHERM INCORPORATED CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (Dollars in thousands) (Unaudited)
		Nine Months Ended September 30,
		2026				2025
Operating Activities:
Net income		$	6,048			$	15,298
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization			44,201				39,478
Deferred income taxes			(9,548	)			(12,836	)
Stock based compensation			10,371				10,573
Loss on disposition of property and equipment			121				2,671
Provisions for inventory			4,086				5,234
Other non-cash items, including unrealized foreign currency (gain) loss			(1,018	)			30,957
Changes in assets and liabilities:
Accounts receivable, net			(43,474	)			(20,543	)
Inventory			(22,133	)			(20,136	)
Other assets			(1,403	)			(22,325	)
Accounts payable			43,305				33,514
Other liabilities			5,451				25,935
Net cash provided by operating activities			36,007				87,820
Investing Activities:
Purchases of property and equipment			(22,558	)			(33,378	)
Proceeds from the sale of property and equipment			83				3,770
Acquisition of business, net of cash acquired			(34,152	)			—
Cost of technology investments			(121	)			(915	)
Proceeds from deferred purchase price of factored receivables			—				744
Net cash used in investing activities			(56,748	)			(29,779	)
Financing Activities:			—				—
Borrowings on debt			204,000				72,000
Repayments of debt			(85,887	)			(103,112	)
Cash paid for financing new loans			(2,761	)			—
Taxes withheld and paid on employees’ stock based compensation			(2,540	)			(1,306	)
Cash paid for the repurchase of Common Stock			—				(10,015	)
Net cash provided by (used in) financing activities			112,812				(42,433	)
Foreign currency effect			(806	)			4,508
Net increase in cash and cash equivalents			91,265				20,116
Cash and cash equivalents at beginning of period			160,833				134,134
Cash and cash equivalents at end of period		$	252,098			$	154,250

GENTHERM INCORPORATED OTHER NON-GAAP RECONCILIATIONS (Dollars in thousands) (Unaudited)
		Three Months Ended September 30,								Nine Months Ended September 30,
		2026				2025				2026				2025
Total operating expenses		$	79,941			$	71,290			$	251,621			$	206,447
Restructuring expense, net			(4,838	)			(3,986	)			(17,493	)			(10,608	)
Non-cash stock based compensation			(2,889	)			(3,979	)			(9,843	)			(10,211	)
Merger and acquisition expenses			(6,528	)			—				(34,187	)			—
Leadership transition expenses			(328	)			(777	)			(1,738	)			(2,935	)
Loss on sale of land and building, net			—				—				—				(2,196	)
Other			—				(927	)			—				(927	)
Adjusted operating expenses		$	65,358			$	61,621			$	188,360			$	179,570

		September 30, 2026				September 30, 2025
Cash and cash equivalents		$	252,098			$	154,250
Revolving line of credit availability			242,141				307,938
Total liquidity		$	494,239			$	462,188

									September 30, 2026								September 30, 2025
Current maturities of long-term debt									$	912							$	109
Long-term debt, less current maturities										319,531								189,000
Total Debt										320,443								189,109
Cash and cash equivalents										252,098								154,250
Net Debt									$	68,345							$	34,859
Adjusted EBITDA for the trailing four fiscal quarters									$	181,034							$	175,620
Net Leverage										0.4								0.2

		Three Months Ended September 30,								Nine Months Ended September 30,
		2026				2025				2026				2025
Net cash provided by operating activities		$	33,735			$	56,119			$	36,007			$	87,820
Purchases of property and equipment			(8,355	)			(9,650	)			(22,558	)			(33,378	)
Proceeds from the sale of property and equipment			13				25				83				3,770
Free Cash Flow			25,393				46,494				13,532				58,212
Cash effect of adjustments:
Restructuring expenses, net			5,352				2,308				11,970				6,648
Merger and acquisition expenses			11,915				15				32,967				15
Leadership transition expenses			989				650				1,015				6,711
Other			—				2,103				—				704
Adjusted Free Cash Flow		$	43,649			$	51,570			$	59,484			$	72,290

22 October 2026

Notification no. 86/2026

Transactions made by persons obliged to report transactions to the Danish FSA and Nasdaq Copenhagen, cf. the EU Market Abuse Regulation.

In connection with the share buy-back program in Danske Bank A/S, APMH Invest A/S continuously sells shares pro rata.

For further details, please find the attached templates for notifications and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them.

Contact: Stefan Kailay Wind, Nordic Head of Media Relations, tel. +45 45 14 14 00

Attachment

• APMH Invest AS – sale – 2026 10 21

kt-5000AI delivers potent and selective ATR inhibition, CNS-oriented properties and preclinical tumour-growth control, advancing a capital-efficient drug discovery program toward candidate selection

VANCOUVER, British Columbia, Oct. 22, 2026 (GLOBE NEWSWIRE) — Rakovina Therapeutics Inc. (TSX-V: RKV) (FSE: 7JO0) (OTCMKTS: RKVTF), a biopharmaceutical company advancing innovative cancer therapies through AI-powered drug discovery, today announced significant preclinical progress from its kt-5000AI program, a collaboration with Vancouver-based Variational AI Inc. (“Variational AI”) focused on the discovery and development of novel, brain-penetrant inhibitors of ataxia telangiectasia and Rad3-related protein kinase (ATR).

Rakovina has advanced the program from target specification through lead generation and five cycles of iterative lead optimization in approximately two years, using Variational AI’s Enki™ generative AI platform together with focused experimental validation.

The program has progressed from target specification to an advanced lead-optimization stage in approximately two years, with 122 compounds synthesized program-wide and direct external discovery expenditure of approximately US$1 million. By comparison, a conventional program to the same stage would typically synthesize 600–1,700 compounds over roughly 4.5 years at a modelled direct external cost of US$7.6 million, demonstrating the potential for AI-enabled drug discovery to compress timelines and concentrate capital on experiments designed to generate decision-enabling data.

“ATR is one of the best-validated targets in the DNA damage response. Eight ATR inhibitors have entered the clinic, and none of them reaches the brain at levels that could support treating CNS tumours or brain metastases,” said Dr. Mads Daugaard, President and Chief Scientific Officer of Rakovina Therapeutics. “That is not an accident of chemistry; the hinge-binding features that make these molecules potent are the same features that keep them out of the brain. Patients with glioblastoma, medulloblastoma and brain metastases from breast, lung and melanoma have no access to this class of medicine, and radiation, the standard of care for these tumours, is exactly the setting where ATR inhibition should add the most. Brain penetration was therefore the defining requirement of the kt-5000AI program from day one. We now have multiple compounds demonstrating the potency, selectivity, metabolic stability and CNS-oriented properties required to pursue a differentiated, brain-penetrant ATR program. Our work with Variational AI has demonstrated that generative AI can help us explore novel chemical space while optimizing the properties that matter most.”

“Enki™ compressed hit-finding/ID and hit-to-lead into a single generative AI design cycle: 35 compounds made, four IP-clear lead series, and a brain-penetrant compound in the first round,” said Handol Kim, Co-Founder and CEO of Variational AI. “From there, with each design-make-test-analyze (DMTA) cycle, the program’s own experimental results were fed back into the Enki™ model, so every round of optimization started from better molecules than the last. The lead optimization campaign ran five cycles with only 87 compounds synthesized to reach sub-nanomolar potency, efflux ratios near unity and a tenfold gain in metabolic stability. Typical lead optimization campaigns require 10’s to over 100 DMTA cycles generating thousands of compounds that do not work.”

“For a company like Rakovina, AI is how we take cost and time out of drug discovery, and that is a strategic advantage, not an accounting exercise,” said Kim Oishi, Chief Executive Officer of Rakovina Therapeutics. “Instead of synthesizing and testing more than a thousand compounds over four or five years, Enki™ designed molecules that already satisfied the full target product profile, so we made 122 and spent about US$1 million of direct external capital to reach candidate-ready in roughly two years. Our cost per compound is in line with conventional rates; the saving comes from making far fewer molecules, and from getting decision-enabling data in weeks rather than months. That is what allows an emerging biotechnology company to advance a program, and to keep more of the value with our shareholders.”

Building a Differentiated ATR Asset Around Brain Penetration

ATR is a central regulator of the DNA damage response and an important vulnerability in tumours characterized by elevated replication stress and DNA-repair defects. While several ATR inhibitors have entered clinical development, none has been shown to reach the brain at levels that would support the treatment of CNS tumours. Rakovina and Variational AI established CNS penetration as a core design requirement from the outset of the kt-5000AI campaign.

The initial campaign produced multiple novel lead series. In pharmacokinetic studies in mice, a first-generation compound reached levels in brain tissue equivalent to those in plasma. Subsequent optimization has focused on transferring this CNS-penetrant property into increasingly potent and developable chemical series.

Multiple Indicators of a Developable Drug Profile

The kt-5000AI program has progressed through successive design-make-test-analyze cycles, with resulting compounds demonstrating:

• Potent ATR inhibition: Multiple optimized compounds reaching single-digit nanomolar and sub-nanomolar potency in a qualified biochemical assay.
• Strong selectivity: Substantial selectivity over other PIKK-family members such as ATM, DNA-PK, PI3Kα and mTOR.
• Improved metabolic stability: Intrinsic clearance substantially improved through lead optimization.
• Favourable permeability and efflux: Apparent permeability consistent with CNS drug-discovery objectives and efflux ratios approaching unity.
• CNS exposure: Brain penetration established in first-generation compounds within the program’s novel chemical space. Studies to characterize CNS exposure in the optimized series are ongoing.
• In vivo antitumour activity: An earlier kt-5000AI compound demonstrated tumour-growth control comparable to the clinical-stage ATR inhibitor ceralasertib in a prostate cancer xenograft model, while maintaining favourable tolerability observations. 

These findings build upon data previously presented by Rakovina and its collaborators at the AACR-NCI-EORTC International Conference on Molecular Targets and Cancer Therapeutics 2025, the Society for Neuro-Oncology 2025 Annual Meeting and the 2026 AACR Annual Meeting.

Advancing Toward Development-Candidate Selection

The kt-5000AI program remains in preclinical development, with lead optimization continuing through the end of 2026.

Planned work includes:

• Selection of lead and backup compounds
• Expanded pharmacokinetic characterization
• Formulation and solubility studies
• Safety and metabolic profiling
• Scale-up
• Other studies required to support IND-enabling development 

The current results represent preclinical drug-discovery and development progress and do not establish clinical efficacy or safety in humans. kt-5000AI has not entered clinical trials, and a final development candidate has not yet been formally nominated.

Rakovina believes the combination of potent and selective ATR inhibition, CNS-oriented drug properties, demonstrated preclinical activity and multiple optimized chemical series provides a strong foundation for continued development and potential pharmaceutical partnering.

Joint Webinar

Rakovina will host a joint webinar with Variational AI on November 5^th at 9:30AM PST to discuss the kt-5000AI collaboration and the program’s progress to date, including the results described in the case study. The webinar will feature Dr. Mads Daugaard, President and Chief Scientific Officer of Rakovina Therapeutics, and Handol Kim, Co-Founder and CEO of Variational AI. Registration details are available at https://us02web.zoom.us/meeting/register/mxBaSUVySR-gz86NaoMSEQ#/registration

About the kt-5000AI Program

Rakovina’s kt-5000AI program is focused on the discovery and preclinical development of next-generation ATR inhibitors for cancers associated with DNA damage response vulnerabilities, including tumours affecting the CNS.

The program is being advanced with Variational AI using the Enki™ generative AI platform. The collaboration combines AI-enabled molecular design, experimental validation and iterative lead optimization to identify novel compounds with optimized potency, selectivity, pharmacokinetic and CNS-penetrant properties. Rakovina retains control over compound selection and development strategy.

A detailed case study describing the kt-5000AI program, published by Variational AI, is available at https://variational.ai/news/case-study.

About Variational AI

Variational AI is redefining the unit economics of drug discovery for better patient outcomes. Founded in 2019 and headquartered in Vancouver, the company has built Enki™, a generative AI platform based on a proprietary foundation model. Enki™ rapidly generates novel, potent, selective, and synthesizable lead-like compounds across 873 pretrained drug targets, including kinases, GPCRs, proteases, and ion channels. With Enki™ 4, the platform extends beyond small molecules to degraders, PROTACs, molecular glues, and ADC payloads.

Enki™ supports drug discovery teams with lead generation without relying on high-throughput screening or traditional libraries, eliminating Hit ID and Hit-to-lead.

In lead optimization, Enki™’s scaffold-constrained generative engine helps biotech and pharma partners, including Merck/MSD, reach candidate compounds in fewer design-make-test cycles than conventional approaches. More information: https://variational.ai/

About Rakovina Therapeutics Inc.

Rakovina Therapeutics is a biopharmaceutical research company focused on the development of innovative cancer treatments. Our work is based on unique technologies for targeting the DNA-damage response powered by Artificial Intelligence (AI) using validated, proprietary platforms. By using AI, we can review and optimize drug candidates at a much greater pace than ever before.

The Company has established a pipeline of distinctive DNA-damage response inhibitors with the goal of advancing one or more drug candidates into human clinical trials in collaboration with pharmaceutical partners. Further information may be found at www.rakovinatherapeutics.com.

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

For Further Information Contact:

Rakovina Therapeutics Inc.
Kim Oishi
CEO
Kim.oishi@rakovinatherapeutics.com

Mark Mitchell
IR@rakovinatherapeutics.com

Variational AI Inc.
Valentin Beuchillot
Director, Business Development & Marketing
valentin@variational.ai

Notice Regarding Rakovina Therapeutics Forward-Looking Statements:

This release includes forward-looking statements regarding the company and its respective business, which may include, but is not limited to, statements with respect to the proposed business plan of the company and other statements. Often, but not always, forward-looking statements can be identified by the use of words such as “plans,” “is expected,” “expects,” “scheduled,” “intends,” “contemplates,” “anticipates,” “believes,” “proposes” or variations (including negative variations) of such words and phrases, or state that certain actions, events, or results “may,” “could,” “would,” “might,” or “will” be taken, occur, or be achieved. Such statements are based on the current expectations of the management of the company. The forward-looking events and circumstances discussed in this release may not occur by certain specified dates or at all and could differ materially as a result of known and unknown risk factors and uncertainties affecting the company, including risks regarding the biopharmaceutical industry, economic factors, regulatory factors, the equity markets generally, and risks associated with growth and competition.

Although the company has attempted to identify important factors that could cause actual actions, events, or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events, or results to differ from those anticipated, estimated, or intended. No forward-looking statement can be guaranteed. Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made, and the company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise. The reader is referred to the company’s most recent filings on SEDAR+ for a more complete discussion of all applicable risk factors and their potential effects, copies of which may be accessed through the company’s profile page at www.sedarplus.ca.

One in four business owners have been required to personally guarantee business financing with their own home and assets; younger entrepreneurs show greater reliance on credit as a financial safety net

TORONTO, Oct. 22, 2026 (GLOBE NEWSWIRE) — The financial pressures facing Canadian small businesses are extending beyond the business itself, with some owners relying on personal credit and assets to support their companies, according to a new Equifax Canada survey.

One in four surveyed business owners (26 per cent) say they have been required to provide a personal guarantee to obtain business financing, potentially putting personal assets such as savings or a family home on the line to help keep their business afloat. Separately, one in five surveyed owners (21 per cent) say they have applied for or opened a personal line of credit as a financial safety net for their business during the past two years.

Customers, costs and cash flow add to the pressure
The survey found that finding or retaining customers is the most cited challenge facing small businesses, identified by 53 per cent of owners surveyed. Rising operating costs followed closely with 48 per cent of owners citing this as their top challenge.

Other top challenges identified by those surveyed include: managing workload, stress or mental health (42 per cent), competition (38 per cent), and a lack of capital or cash flow (30 per cent).

“Running a small business has always involved financial risk, but these findings highlight how closely business and personal finances can become connected,” said Jeff Brown, Head of Commercial Solutions at Equifax Canada.

Business principals stretched thin, rely on personal credit
According to Equifax data, business principals are business owners who disproportionately depend on personal credit to fund and run their businesses. They rely heavily on personal credit, carrying higher credit utilization (31 per cent higher than consumers), higher balances (105 per cent higher balance on their personal credit), and managing 44 per cent more trades compared to the average consumer.

In addition, business owners are also demonstrating increased use of certain credit products, with high percentages of use for both Revolving credit and HELOC (Home Equity Line of Credit) usage. “This data clearly demonstrates a disproportionate dependence on personal credit to secure timely funding and sustain their operations. To put this in perspective, if businesses are relying on HELOCs to sustain operations – and they are doing this amid challenging real estate market fluctuations – this could put them in a difficult situation. When owners are using personal credit or pledging personal assets to support their business, the financial health of the company can have implications well beyond the business itself, ” notes Brown.

Younger entrepreneurs relying on credit
Among younger business owners surveyed (those aged 18 to 34 years old), 54 per cent say they have been required to provide a personal guarantee, compared with just 15 per cent of owners aged 55 and older.

The same proportion of younger owners — 54 per cent — say they have applied for or opened a personal or business line of credit as a financial safety net for their business during the past two years, compared with 15 per cent among owners aged 55 and older.

Among the smaller group of surveyed owners who have used a personal line of credit or provided a personal guarantee for their business, 45 per cent report that doing so has affected their personal finances. Reported impacts include reduced personal credit availability (20 per cent), greater difficulty qualifying for a car loan (20 per cent), difficulty obtaining other personal credit (15 per cent) and difficulty qualifying for a mortgage (13 per cent).

“The findings suggest that younger business owners are managing several pressures simultaneously: maintaining customers and revenue, absorbing higher costs and, in some cases, finding additional financing to bridge cash-flow gaps,” notes Brown.

Business credit awareness remains uneven
Despite the financial pressures facing business owners, many are not actively monitoring their business credit profile.

Just over half or 54 per cent of surveyed owners say they have checked their business credit report at least once, including 34 per cent who have done so within the past 12 months. Fifteen per cent say they do not know how to access their business credit report, while 10 per cent were unaware their business had a separate credit report.

At the same time, there is considerable interest in making business credit information easier to access. Nearly two-thirds (64 per cent) of business owners surveyed say they would be interested in being able to monitor their business credit score directly through their bank’s commercial banking platform. Among surveyed owners who have checked their business credit report within the past year, interest in monitoring their business credit score through their bank rises to 86 per cent.

Younger owners also show greater interest in access to business credit information. Nearly three-quarters (74 per cent) of surveyed owners under age 55 say they would be interested in accessing their business credit score through their bank, compared with 52 per cent of those aged 55 and older.

Last month Equifax Canada reported on the state of businesses with its latest Commercial Credit Trends which also showed that there is a divide in how Canadian businesses are managing their financial obligations, with businesses making difficult choices about where their cash goes.

“You cannot manage what you cannot see,” said Brown. “Understanding a company’s commercial credit profile can help business owners better understand how lenders may view their business and the financing options that may be available to them. Making that information easier to access could help owners make more informed financial decisions.”

Equifax is committed to partnering with small business lenders to support the growth and long-term health of Canadian small businesses, empowering Canada’s financial ecosystem with data and insights to move the Canadian economy forward, including the Equifax Business Credit Report which provides a vital financial business snapshot.

* An online survey was conducted via Leger’s LEO panel from September 21 to September 25, 2026, among n=107 Canadian business owners, co-owners, and operators aged 18 and older. For comparison purposes, a probability sample of n=107 respondents yields a margin of error no greater than ±9.5%, 19 times out of 20.

About Equifax
At Equifax, we believe knowledge drives progress. As a global data, analytics, and technology company, we play an essential role in the global economy by helping financial institutions, companies, employers, and government agencies make critical decisions with greater confidence. Our unique blend of differentiated data, analytics, and cloud technology drives insights to power decisions to move people forward. Headquartered in Atlanta and supported by nearly 15,000 employees worldwide, Equifax operates or has investments in 24 countries in North America, Central and South America, Europe, and the Asia Pacific region. For more information, visit Equifax.ca.

Contact:

Andrew Findlater
SELECT Public Relations
afindlater@selectpr.ca
(647) 444-1197

Angie Andich
Equifax Canada Media Relations
MediaRelationsCanada@equifax.com

Company receives occupancy permit for new headquarters and research facility, targets additional property acquisition by month-end, advances auditor engagement and prepares to resume Texatron™ bunker testing at Texas Tech

FORT WORTH, Texas, Oct. 22, 2026 (GLOBE NEWSWIRE) — American Fusion™ Inc. (OTCQB: AMFN) (“American Fusion™” or the “Company”), developer of the proprietary Texatron™ fusion energy platform, today announced several important corporate, operational and commercialization developments as the Company continues advancing its fusion energy technology toward future commercial deployment.

The Company is currently preparing proposals for at least four additional Texas data center projects, finalizing its engagement of a new independent auditor, preparing to occupy its newly permitted research and assembly facility, working toward the acquisition of property for a permanent North Texas research and testing campus, and negotiating financing proposals received from several established investment banking institutions.

At the same time, American Fusion™ continues to improve and refine its proprietary Texatron™ technology while preparing to resume testing at Texas Tech University and expand its testing activities to additional locations.

American Fusion™ Preparing Proposals for at Least Four Additional Texas Data Center Projects

American Fusion™ announced that it is preparing detailed proposals for at least four additional data center projects planned for development in Texas, which the Company expects to present to the respective project developers over the coming weeks. These prospective projects represent additional opportunities for American Fusion™ to introduce its Texatron™ technology to the rapidly expanding data center industry, where rising electricity demand is creating opportunities for alternative power generation technologies.

The proposals are expected to focus on the potential integration of Texatron™ power generation systems into large-scale data center developments, with the objective of supplying dedicated electricity through the Company’s proposed Power-as-a-Service business model. Under this model, American Fusion™ intends to retain ownership and operational control of its Texatron™ systems, while customers purchase electricity under long-term power agreements.

Management believes Texas is a particularly attractive market for initial Texatron™ deployments because of the state’s substantial data center development activity, growing electricity demand and established energy infrastructure. The Company intends to keep shareholders informed as material developments occur.

New Independent Auditor Engagement in Final Review

American Fusion™ also announced that the proposed engagement of its new independent registered public accounting firm is in final review. The Company is completing the documentation and procedures required to finalize the engagement.

Once the engagement is finalized, American Fusion™ intends to issue a separate press release and file a Current Report on Form 8-K, as required by applicable Securities and Exchange Commission regulations. The Company anticipates that the new firm will complete its review of the Company’s interim financial statements, and that the Company will file its Quarterly Report on Form 10-Q for the quarter ended September 30, 2026 on a timely basis.

Management views the engagement of a PCAOB-registered independent auditor as an important corporate governance and financial reporting milestone as American Fusion™ continues to strengthen its public-company infrastructure and pursue its longer-term capital markets objectives. The firm, which was introduced to the Company by its SEC counsel, Lucosky Brookman LLP, is larger than the Company’s previous auditor and is expected to have the resources to support the Company’s growing complexity and to complete audits on a timely basis.

The Company will provide additional information once the engagement is formally completed.

Company Receives Occupancy Permit for New Permanent Operating Facility

American Fusion™ is pleased to announce that it has received the occupancy permit for its new operating facility, marking an important milestone toward establishing a permanent headquarters, research and assembly location for the Company’s Texatron™ development program.

The Company expects to begin moving into the facility on or before November 1, 2026. The new facility will provide a dedicated location for the Company’s engineering team to assemble, develop, modify and improve Texatron™ systems and related research equipment.

Management believes that a permanent operating base will provide greater continuity for the Company’s ongoing engineering activities, equipment preparation and research coordination. With its own facility, the Company expects to be able to test and develop its Texatron™ units on a continuous basis, without the scheduling delays or conflicts associated with shared or temporary space. The facility is expected to support the development program as the Company expands its technical infrastructure and prepares for increasingly advanced Texatron™ testing.

Dr. John E. Brandenburg, Chief Technology Officer of American Fusion™ and inventor of the Texatron™, commented: “I am extremely excited that American Fusion™ now has a permanent facility we can call our home base. Having a dedicated location for our engineering, assembly and research activities is an important step forward for the Texatron™ development program. I am particularly looking forward to setting up our new assembly and research facility, where we can bring our equipment, technical resources and engineering efforts together in one location. We have a great deal of work underway, and a permanent home for these activities will allow us to organize and advance our research program more effectively. I look forward to getting moved in and continuing the development of the Texatron™ as we prepare for the next stages of testing.”

American Fusion™ Working to Acquire Property for Permanent North Texas Research and Testing Campus

In addition to its newly permitted operating facility, American Fusion™ announced that it is working toward closing the acquisition of property in North Texas for the development of a permanent, purpose-built Texatron™ research and testing campus. The Company currently anticipates that the transaction could close by the end of October 2026, subject to satisfaction of customary closing conditions.

The proposed campus is intended to serve as the Company’s long-term center for Texatron™ research, engineering, assembly and experimental testing. Management envisions a specialized research environment that combines advanced engineering facilities with dedicated experimental infrastructure.

The proposed development is expected to include:

• A permanent Texatron™ experimental testing facility with appropriate containment and safety systems
• Dedicated Texatron™ assembly and engineering areas
• Advanced pulsed-power equipment, capacitor-bank systems and associated electrical infrastructure
• Research laboratories and diagnostic facilities
• A dedicated advanced research and development environment designed to support rapid prototyping, innovation and experimental engineering

The Company believes that owning its own research and testing campus could provide significant long-term advantages by giving its engineering team greater control over facility design, equipment installation, research scheduling and future expansion.

Dewight Cartwright, Chief Operating Officer of American Fusion™, commented: “I am thrilled about the opportunity to build a permanent research, testing and assembly campus for American Fusion™ here in North Texas. We have already completed preliminary planning and have the initial plans and surveys needed to move the project forward. My goal is to be ready to break ground the day after closing, subject to the necessary permits and approvals.

“We are approaching this project with a clear understanding of what our engineering team needs, both for current Texatron™ development and for future generations of the technology. Designing and building a dedicated research campus from the ground up is a rare opportunity. We want to create a facility that gives our scientists and engineers the infrastructure and flexibility to develop, assemble, test and continuously improve Texatron™ technology.”

The Company expects to provide further details regarding the property acquisition and development plans following the closing of the transaction.

Company Receives Multiple Investment Banking Term Sheets

American Fusion™ also reported that it has received several financing and transaction proposals from established investment banking firms. The Company is reviewing and negotiating these proposals as it evaluates potential financing and capital markets transactions to support its continued growth. Management is working toward finalizing a transaction in the coming weeks.

American Fusion™ believes that institutional investment banking relationships could provide important financial resources and strategic support as the Company expands its research infrastructure, continues development of the Texatron™ and pursues future commercial opportunities.

The Company is evaluating the proposals based on several factors, including financing structure, proposed terms, institutional capabilities, the avoidance of variable-priced or otherwise highly dilutive structures, strategic alignment and the potential long-term benefit to American Fusion™ and its shareholders.

The Company intends to announce any definitive transaction when appropriate and in accordance with applicable disclosure requirements. There can be no assurance that any of the current proposals will result in a completed transaction or that financing will be available on acceptable terms.

Texatron™ Engineering and Development Continues Daily

American Fusion™ reported that its engineering team continues to work on the Texatron™ development program daily, with ongoing efforts focused on improving system performance, refining engineering components and preparing equipment for the next phase of experimental testing.

Current development activities include continued improvements to the Company’s pulsed-power architecture, switching systems, capacitor-bank infrastructure and related Texatron™ components. Management believes this continuous engineering approach is essential to advancing the Company’s experimental program.

American Fusion™ is also actively working toward resuming bunker testing at Texas Tech University and is evaluating several additional locations for its broader testing program. The Company believes that access to multiple testing environments could support more efficient experimentation, specialized research activities and greater scheduling flexibility. The expanded testing program is intended to complement the Company’s proposed North Texas research campus.

American Fusion™ remains focused on advancing its Texatron™ technology through disciplined engineering development, experimental testing and scientific evaluation. The Company emphasizes that the Texatron™ remains under development and that future testing will be necessary to establish its technical performance, fusion energy output and commercial viability.

Executive Chairman Brent Nelson Comments on American Fusion™’s Progress

Brent Nelson, Executive Chairman of American Fusion™, stated:

“American Fusion™ is making significant progress on multiple fronts as we continue building the infrastructure necessary to support the development and eventual commercialization of our Texatron™ technology.

“We are particularly encouraged by the commercial opportunities developing here in Texas. Our team is currently preparing proposals for at least four additional data center projects, which we expect to present to the developers over the coming weeks. We believe the increasing electricity requirements of artificial intelligence and large-scale data centers could create an enormous future market for Texatron™.

“At the same time, we are taking important steps to strengthen our corporate and operating infrastructure. We have received the occupancy permit for our new facility and expect to begin moving in on or before November 1. We are also working toward closing on property for our own permanent North Texas research and testing campus before the end of October.

“Our independent auditor engagement is in final stages, and we have received several investment banking term sheets that we are actively negotiating. We believe these developments could help position the Company for its next phase of growth.

“Most importantly, our engineering team continues working every day to improve the Texatron™. We are preparing to resume bunker testing at Texas Tech while evaluating additional testing locations that could allow us to expand our experimental program.

“We have an ambitious development strategy, and our focus remains on advancing the technology, building the right infrastructure, securing the necessary capital and developing commercial relationships that can support our long-term objectives.

“We look forward to keeping our shareholders informed as these initiatives continue to progress.”

Building the Foundation for Commercial Fusion Energy

American Fusion™ believes the developments announced today reflect its strategy of advancing several important aspects of the Company’s business simultaneously.

The Company’s immediate priorities include completing its auditor engagement, establishing operations in its new facility, pursuing the acquisition of its permanent North Texas research property, negotiating institutional financing, expanding its experimental testing infrastructure and presenting new Texatron™ proposals to prospective data center customers.

Together, these initiatives are intended to strengthen the Company’s organizational and engineering capabilities while supporting its longer-term objective of commercializing the Texatron™ fusion energy platform.

Management intends to provide shareholders with additional updates as material milestones are achieved.

About American Fusion™ Inc.

American Fusion™ Inc. (OTCQB: AMFN) is an advanced energy technology company developing the proprietary Texatron™ fusion energy platform, a compact pulsed fusion system intended for future commercial electricity generation.

The Texatron™ development program combines pulsed-power technology, toroidal magnetic plasma confinement, proprietary rifled chamber geometry and advanced plasma physics. The Company’s longer-term technology objectives include deuterium–helium-3 fusion and the potential direct conversion of fusion-generated charged-particle energy into electricity.

American Fusion™ intends to commercialize Texatron™ through a Power-as-a-Service business model, under which the Company would retain ownership and operational control of its systems while supplying electricity to data centers, industrial facilities and other customers under long-term contractual arrangements.

Trading Symbol: OTC: AMFN Website: www.americanfusionenergy.com Email: info@americanfusionenergy.com

View the American Fusion Investor Deck here.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including statements regarding the development, testing, validation and commercialization of the Texatron™ Fusion Engine™; equipment upgrades and future experimental results; potential testing facilities; scientific review and publication of technical research; prospective customer relationships, commercial proposals, letters of intent and power purchase agreements; financing, regulatory approvals and potential uplisting to a national securities exchange. Words such as “anticipate,” “believe,” “expect,” “intend,” “may,” “plan,” “potential,” “target,” “will” and similar expressions identify forward-looking statements.
These statements reflect current expectations and involve substantial risks and uncertainties, including scientific and engineering performance, independent validation, equipment and facility availability, financing, manufacturing readiness, regulatory approvals, customer acceptance and market conditions. The Texatron™ platform has not demonstrated fusion ignition, net energy gain or commercial electrical generation. Scientific review does not constitute independent experimental validation, and commercial proposals, discussions and letters of intent do not guarantee definitive agreements, revenue or future deployments. There can be no assurance that the Company will achieve its development or commercialization objectives or satisfy applicable national exchange listing requirements. Actual results may differ materially from those anticipated, including due to risks described in the Company’s SEC filings. Readers should not place undue reliance on forward-looking statements. American Fusion undertakes no obligation to update them except as required by law.

Corporate Communications
833-872-2636 ext. 730
ir@americanfusionenergy.com
info@americanfusionenergy.com
americanfusionenergy.com 

FORM 8.5 (EPT/RI)

PUBLIC DEALING DISCLOSURE BY AN EXEMPT PRINCIPAL TRADER WITH RECOGNISED INTERMEDIARY STATUS DEALING IN A CLIENT-SERVING CAPACITY
Rule 8.5 of the Takeover Code (the “Code”)

1.        KEY INFORMATION

(a)        Name of exempt principal trader:	Investec Bank Plc
(b)        Name of offeror/offeree in relation to whose relevant securities this form relates:         Use a separate form for each offeror/offeree	Tribal Group Plc
(c)        Name of the party to the offer with which exempt principal trader is connected:	Investec is Advisor and Joint Broker to Tribal Group Plc
(d)        Date dealing undertaken:	21st October 2026
(e)        In addition to the company in 1(b) above, is the exempt principal trader making disclosures in respect of any other party to this offer?         If it is a cash offer or possible cash offer, state “N/A”	N/A

2.        DEALINGS BY THE EXEMPT PRINCIPAL TRADER

Where there have been dealings in more than one class of relevant securities of the offeror or offeree named in 1(b), copy table 2(a), (b), (c) or (d) (as appropriate) for each additional class of relevant security dealt in.

The currency of all prices and other monetary amounts should be stated.

(a)        Purchases and sales

Class of relevant security	Purchases/ sales	Total number of securities	Highest price per unit paid/received	Lowest price per unit paid/received
Ordinary shares	Sales	1,494	100.75	100.5

(b)        Cash-settled derivative transactions

Class of relevant security	Product description e.g. CFD	Nature of dealing e.g. opening/closing a long/short position, increasing/reducing a long/short position	Number of reference securities	Price per unit
N/A	N/A	N/A	N/A	N/A

(c)        Stock-settled derivative transactions (including options)

(i)        Writing, selling, purchasing or varying

Class of relevant security	Product description e.g. call option	Writing, purchasing, selling, varying etc.	Number of securities to which option relates	Exercise price per unit	Type e.g. American, European etc.	Expiry date	Option money paid/ received per unit
N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

(ii)        Exercise

Class of relevant security	Product description e.g. call option	Exercising/ exercised against	Number of securities	Exercise price per unit
N/A	N/A	N/A	N/A	N/A

(d)        Other dealings (including subscribing for new securities)

Class of relevant security	Nature of dealing e.g. subscription, conversion	Details	Price per unit (if applicable)
N/A	N/A	N/A	N/A

3.        OTHER INFORMATION

(a)        Indemnity and other dealing arrangements

Details of any indemnity or option arrangement, or any agreement or understanding, formal or informal, relating to relevant securities which may be an inducement to deal or refrain from dealing entered into by the exempt principal trader making the disclosure and any party to the offer or any person acting in concert with a party to the offer: Irrevocable commitments and letters of intent should not be included. If there are no such agreements, arrangements or understandings, state “none”

None

(b)        Agreements, arrangements or understandings relating to options or derivatives

Details of any agreement, arrangement or understanding, formal or informal, between the exempt principal trader making the disclosure and any other person relating to: (i)        the voting rights of any relevant securities under any option; or (ii)        the voting rights or future acquisition or disposal of any relevant securities to which any derivative is referenced: If there are no such agreements, arrangements or understandings, state “none”

None

Date of disclosure:	22nd October 2026
Contact name:	Priyali Bhattacharjee
Telephone number:	+91-9768034903

Public disclosures under Rule 8 of the Code must be made to a Regulatory Information Service.

The Panel’s Market Surveillance Unit is available for consultation in relation to the Code’s dealing disclosure requirements on +44 (0)20 7638 0129.

The Code can be viewed on the Panel’s website at ssssssswwww.thetakeoverpanel.org.uk.

FORM 8.5 (EPT/RI)

PUBLIC DEALING DISCLOSURE BY AN EXEMPT PRINCIPAL TRADER WITH RECOGNISED INTERMEDIARY STATUS DEALING IN A CLIENT-SERVING CAPACITY
Rule 8.5 of the Takeover Code (the “Code”)

1.        KEY INFORMATION

(a)        Name of exempt principal trader:	Investec Bank Plc
(b)        Name of offeror/offeree in relation to whose relevant securities this form relates:         Use a separate form for each offeror/offeree	SThree Plc
(c)        Name of the party to the offer with which exempt principal trader is connected:	Investec is Joint Broker to SThree Plc
(d)        Date dealing undertaken:	21st October 2026
(e)        In addition to the company in 1(b) above, is the exempt principal trader making disclosures in respect of any other party to this offer?         If it is a cash offer or possible cash offer, state “N/A”	N/A

2.        DEALINGS BY THE EXEMPT PRINCIPAL TRADER

Where there have been dealings in more than one class of relevant securities of the offeror or offeree named in 1(b), copy table 2(a), (b), (c) or (d) (as appropriate) for each additional class of relevant security dealt in.

The currency of all prices and other monetary amounts should be stated.

(a)        Purchases and sales

Class of relevant security	Purchases/ sales	Total number of securities	Highest price per unit paid/received	Lowest price per unit paid/received
Ordinary shares	Purchase	102,464	311	310
Ordinary shares	Sales	102,819	311.75	310

(b)        Cash-settled derivative transactions

Class of relevant security	Product description e.g. CFD	Nature of dealing e.g. opening/closing a long/short position, increasing/reducing a long/short position	Number of reference securities	Price per unit
N/A	N/A	N/A	N/A	N/A

(c)        Stock-settled derivative transactions (including options)

(i)        Writing, selling, purchasing or varying

Class of relevant security	Product description e.g. call option	Writing, purchasing, selling, varying etc.	Number of securities to which option relates	Exercise price per unit	Type e.g. American, European etc.	Expiry date	Option money paid/ received per unit
N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

(ii)        Exercise

Class of relevant security	Product description e.g. call option	Exercising/ exercised against	Number of securities	Exercise price per unit
N/A	N/A	N/A	N/A	N/A

(d)        Other dealings (including subscribing for new securities)

Class of relevant security	Nature of dealing e.g. subscription, conversion	Details	Price per unit (if applicable)
N/A	N/A	N/A	N/A

3.        OTHER INFORMATION

(a)        Indemnity and other dealing arrangements

Details of any indemnity or option arrangement, or any agreement or understanding, formal or informal, relating to relevant securities which may be an inducement to deal or refrain from dealing entered into by the exempt principal trader making the disclosure and any party to the offer or any person acting in concert with a party to the offer: Irrevocable commitments and letters of intent should not be included. If there are no such agreements, arrangements or understandings, state “none”

None

(b)        Agreements, arrangements or understandings relating to options or derivatives

Details of any agreement, arrangement or understanding, formal or informal, between the exempt principal trader making the disclosure and any other person relating to: (i)        the voting rights of any relevant securities under any option; or (ii)        the voting rights or future acquisition or disposal of any relevant securities to which any derivative is referenced: If there are no such agreements, arrangements or understandings, state “none”

None

Date of disclosure:	22nd October 2026
Contact name:	Priyali Bhattacharjee
Telephone number:	+91-9768034903

Public disclosures under Rule 8 of the Code must be made to a Regulatory Information Service.

The Panel’s Market Surveillance Unit is available for consultation in relation to the Code’s dealing disclosure requirements on +44 (0)20 7638 0129.

The Code can be viewed on the Panel’s website at ssssssswwww.thetakeoverpanel.org.uk.

FORM 8.5 (EPT/RI)

PUBLIC DEALING DISCLOSURE BY AN EXEMPT PRINCIPAL TRADER WITH RECOGNISED INTERMEDIARY STATUS DEALING IN A CLIENT-SERVING CAPACITY
Rule 8.5 of the Takeover Code (the “Code”)

1.        KEY INFORMATION

(a)        Name of exempt principal trader:	Investec Bank plc
(b)        Name of offeror/offeree in relation to whose relevant securities this form relates:         Use a separate form for each offeror/offeree	Pollen Street Group Limited
(c)        Name of the party to the offer with which exempt principal trader is connected:	Investec is Joint Broker to Pollen Street Group Limited
(d)        Date dealing undertaken:	21st October 2026
(e)        In addition to the company in 1(b) above, is the exempt principal trader making disclosures in respect of any other party to this offer?         If it is a cash offer or possible cash offer, state “N/A”	N/A

2.        DEALINGS BY THE EXEMPT PRINCIPAL TRADER

Where there have been dealings in more than one class of relevant securities of the offeror or offeree named in 1(b), copy table 2(a), (b), (c) or (d) (as appropriate) for each additional class of relevant security dealt in.

The currency of all prices and other monetary amounts should be stated.

(a)        Purchases and sales

Class of relevant security	Purchases/ sales	Total number of securities	Highest price per unit paid/received	Lowest price per unit paid/received
Ordinary shares	Purchases	10,733	916.04	905

(b)        Cash-settled derivative transactions

Class of relevant security	Product description e.g. CFD	Nature of dealing e.g. opening/closing a long/short position, increasing/reducing a long/short position	Number of reference securities	Price per unit
N/A	N/A	N/A	N/A	N/A

(c)        Stock-settled derivative transactions (including options)

(i)        Writing, selling, purchasing or varying

Class of relevant security	Product description e.g. call option	Writing, purchasing, selling, varying etc.	Number of securities to which option relates	Exercise price per unit	Type e.g. American, European etc.	Expiry date	Option money paid/ received per unit
N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

(ii)        Exercise

Class of relevant security	Product description e.g. call option	Exercising/ exercised against	Number of securities	Exercise price per unit
N/A	N/A	N/A	N/A	N/A

(d)        Other dealings (including subscribing for new securities)

Class of relevant security	Nature of dealing e.g. subscription, conversion	Details	Price per unit (if applicable)
N/A	N/A	N/A	N/A

3.        OTHER INFORMATION
        
(a)        Indemnity and other dealing arrangements

Details of any indemnity or option arrangement, or any agreement or understanding, formal or informal, relating to relevant securities which may be an inducement to deal or refrain from dealing entered into by the exempt principal trader making the disclosure and any party to the offer or any person acting in concert with a party to the offer: Irrevocable commitments and letters of intent should not be included. If there are no such agreements, arrangements or understandings, state “none”

None

(b)        Agreements, arrangements or understandings relating to options or derivatives

Details of any agreement, arrangement or understanding, formal or informal, between the exempt principal trader making the disclosure and any other person relating to: (i)        the voting rights of any relevant securities under any option; or (ii)        the voting rights or future acquisition or disposal of any relevant securities to which any derivative is referenced: If there are no such agreements, arrangements or understandings, state “none”

None

Date of disclosure:	22nd October 2026
Contact name:	Priyali Bhattacharjee
Telephone number:	+91-9768034903

Public disclosures under Rule 8 of the Code must be made to a Regulatory Information Service.

The Panel’s Market Surveillance Unit is available for consultation in relation to the Code’s dealing disclosure requirements on +44 (0)20 7638 0129.

The Code can be viewed on the Panel’s website at www.thetakeoverpanel.org.uk.

FORM 8.5 (EPT/RI)

PUBLIC DEALING DISCLOSURE BY AN EXEMPT PRINCIPAL TRADER WITH RECOGNISED INTERMEDIARY STATUS DEALING IN A CLIENT-SERVING CAPACITY
Rule 8.5 of the Takeover Code (the “Code”)

1.        KEY INFORMATION

(a)        Name of exempt principal trader:	Investec Bank plc
(b)        Name of offeror/offeree in relation to whose relevant securities this form relates:         Use a separate form for each offeror/offeree	Gamma Communications Plc
(c)        Name of the party to the offer with which exempt principal trader is connected:	Investec is Joint Broker to Gamma Communications Plc
(d)        Date dealing undertaken:	21st October 2026
(e)        In addition to the company in 1(b) above, is the exempt principal trader making disclosures in respect of any other party to this offer?         If it is a cash offer or possible cash offer, state “N/A”	N/A

2.        DEALINGS BY THE EXEMPT PRINCIPAL TRADER

Where there have been dealings in more than one class of relevant securities of the offeror or offeree named in 1(b), copy table 2(a), (b), (c) or (d) (as appropriate) for each additional class of relevant security dealt in.

The currency of all prices and other monetary amounts should be stated.

(a)        Purchases and sales

Class of relevant security	Purchases/ sales	Total number of securities	Highest price per unit paid/received	Lowest price per unit paid/received
Ordinary shares	Purchases	304,549	1091	1090
Ordinary shares	Sales	224,549	1091	1088

(b)        Cash-settled derivative transactions

Class of relevant security	Product description e.g. CFD	Nature of dealing e.g. opening/closing a long/short position, increasing/reducing a long/short position	Number of reference securities	Price per unit
N/A	N/A	N/A	N/A	N/A

(c)        Stock-settled derivative transactions (including options)

(i)        Writing, selling, purchasing or varying

Class of relevant security	Product description e.g. call option	Writing, purchasing, selling, varying etc.	Number of securities to which option relates	Exercise price per unit	Type e.g. American, European etc.	Expiry date	Option money paid/ received per unit
N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

(ii)        Exercise

Class of relevant security	Product description e.g. call option	Exercising/ exercised against	Number of securities	Exercise price per unit
N/A	N/A	N/A	N/A	N/A

(d)        Other dealings (including subscribing for new securities)

Class of relevant security	Nature of dealing e.g. subscription, conversion	Details	Price per unit (if applicable)
N/A	N/A	N/A	N/A

3.        OTHER INFORMATION
        
(a)        Indemnity and other dealing arrangements

Details of any indemnity or option arrangement, or any agreement or understanding, formal or informal, relating to relevant securities which may be an inducement to deal or refrain from dealing entered into by the exempt principal trader making the disclosure and any party to the offer or any person acting in concert with a party to the offer: Irrevocable commitments and letters of intent should not be included. If there are no such agreements, arrangements or understandings, state “none”

None

(b)        Agreements, arrangements or understandings relating to options or derivatives

Details of any agreement, arrangement or understanding, formal or informal, between the exempt principal trader making the disclosure and any other person relating to: (i)        the voting rights of any relevant securities under any option; or (ii)        the voting rights or future acquisition or disposal of any relevant securities to which any derivative is referenced: If there are no such agreements, arrangements or understandings, state “none”

None

Date of disclosure:	22nd October 2026
Contact name:	Priyali Bhattacharjee
Telephone number:	+91-9768034903

Public disclosures under Rule 8 of the Code must be made to a Regulatory Information Service.

The Panel’s Market Surveillance Unit is available for consultation in relation to the Code’s dealing disclosure requirements on +44 (0)20 7638 0129.

The Code can be viewed on the Panel’s website at www.thetakeoverpanel.org.uk.

TAIPEI, Taiwan, Oct. 22, 2026 (GLOBE NEWSWIRE) — Gogoro® Inc. (Nasdaq: GGR), a global technology leader in battery swapping ecosystems that enable sustainable mobility solutions for cities, today announced that it will release its financial results for the third quarter ended September 30, 2026, before markets open on November 11, 2026. Gogoro’s management team will hold an earnings webcast at 7:00 a.m. Eastern Time on Wednesday, November 11, 2026 to discuss the Company’s financial and business results and outlook.

What: Date of Gogoro Q3 2026 Financial Results and Q&A Webcast
When: Wednesday, November 11, 2026
Time: 7:00 a.m. Eastern Time / 8:00 p.m. Taipei Standard Time
Webcast: https://edge.media-server.com/mmc/p/rpp5fa94/

Approximately 24 hours after the Q&A session, an archived version of the webcast will be available on the Company’s website for approximately two weeks thereafter.

ABOUT GOGORO

Founded in 2011 to rethink urban energy, Gogoro is the world’s leader in battery-swapping electric mobility, setting new standards for sustainable mobility. Powering nearly 700,000 riders and over 900 million battery swaps across more than 2,700 GoStation locations, the Gogoro Network redefines how cities move. Recognized globally in 2024, including Fortune’s “Change the World,” Fast Company’s “Asia-Pacific’s Most Innovative Company,” MIT Technology Review’s “15 Climate Tech Companies to Watch,” and Frost & Sullivan’s “Global Company of the Year” for battery swapping, Gogoro continues to disrupt the status quo and accelerate the shift to cleaner, smarter mobility, and lead the way in reimagining how cities move.

Gogoro Media Contact: press@gogoro.com

Gogoro Investor Contact: ir@gogoro.com