Author: Ravi Shankar

NEW YORK, Sept. 28, 2026 (GLOBE NEWSWIRE) — Waldencast plc (NASDAQ: WALD) (“Waldencast” or the “Company”), the parent company of Milk Makeup, the clean prestige beauty brand born from the creative community of Milk Studios in downtown New York City, today announced operating results for the six months ended June 30, 2026 (“H1 2026”) and provided a business update.

On July 30, 2026, the Company completed the sale of the Obagi Medical business to Bridgepoint. The Company determined that this disposal met the criteria for classification as held for sale and represented a strategic shift that will have a major effect on the Company’s operations and financial results. Accordingly, the assets and liabilities of the Obagi Medical segment have been classified as held for sale, and the results of the Obagi Medical operations are presented as discontinued operations for all periods presented in this release. The continuing operations include the results from Milk Makeup and Central Headquarters.

Key Figures

• Net Revenue from Continuing Operations/Net Loss from Continuing Operations: Net revenue from continuing operations for the first half of 2026 was $26.1 million, a 57.1% decrease versus $60.9 million in the first half of 2025. Net loss from continuing operations for the first half of 2026 was $94.9 million, a 96.5% increase, compared to $48.3 million for the first half of 2025.
• Adjusted EBITDA: Consolidated Adjusted EBITDA from continuing operations was $(23.2) million, compared with $0.02 million in the first half of 2025, primarily driven by the decline in Milk Makeup’s Adjusted EBITDA.
• Milk Makeup: Milk Makeup Net revenue for the first half of 2026 was $26.1 million, a 57.1% decrease over the first half of 2025 while Adjusted EBITDA was $(14.8) million compared to $9.7 million for the same period of last year.
• Obagi Medical: The Company completed the sale of the Obagi Medical business to Bridgepoint on July 30, 2026. Accordingly, the assets and liabilities of the Obagi Medical segment have been classified as held for sale, and the results of the Obagi Medical operations are presented as discontinued operations for all periods presented in this release.
• Liquidity: Cash and cash equivalents from continuing operations were $7.0 million as of June 30, 2026, compared with $5.0 million as of December 31, 2025. On closing of the Obagi Medical sale, on July 30, 2026, the Company received net cash proceeds of $149.9 million after repaying $178.4 million of outstanding indebtedness under the Lumina Credit Agreement in full. Cash and cash equivalents from continuing operations were $138.6 million as of August 31, 2026.
• Outstanding Shares: As of August 31, 2026, we had 127,206,117 ordinary shares outstanding, consisting of 119,371,780 Class A shares and 7,834,337 Class B shares.

Letter to Shareholders

To our Shareholders,

The sale of Obagi Medical and the completion of our strategic review mark a new chapter for the Company, focused entirely on Milk Makeup. With our debt fully repaid, we are simplifying the organization and substantially reducing overhead costs to support the brand’s growth. Together with our new leadership team, we are focused on strengthening our core product range, reconnecting with consumers and improving execution.

In July, we completed the sale of Obagi Medical to Bridgepoint in a transaction valued at up to $460 million. Together with the $82.5 million previously received from the sale of the Obagi Medical rights in Japan to Rohto Pharmaceutical, announced in November 2025, total expected proceeds from the Obagi Medical disposals amount to up to $542.5 million. This is a meaningful outcome against Obagi Medical’s 2025 net revenue of $161.6 million and Adjusted EBITDA of $19.4 million.

The proceeds from the Obagi Medical transactions allowed us to fully repay our outstanding Senior Term Loan with Lumina. We now have a materially stronger balance sheet and the flexibility to wisely invest behind Milk Makeup. The Board is reviewing the allocation of the remaining proceeds with the same discipline we bring to every capital allocation decision.

Following the Obagi Medical disposal, the Board approved the voluntary delisting of the Company’s Class A ordinary shares and warrants from Nasdaq and their deregistration under the Exchange Act as announced on September 14, 2026. Following the delisting, the Company intends to seek to have its Class A ordinary shares and warrants quoted in an over-the-counter market under the ticker “MLKM”, where it intends to disclose financial performance on a semi-annual basis.

The costs of operating as a public company with securities listed on Nasdaq have become disproportionate to the size of the Company. Recurring central headquarters costs were $18.5 million in 2025; we estimate that 80% to 90% of these costs can be eliminated off an annual run-rate basis over the next eight to twelve months. Delisting and deregistration are also expected to allow senior management and finance teams to focus their attention on Milk Makeup, a brand we believe has significant growth potential.

Subject to shareholder approval, the Company will also be renamed Milk Makeup plc to reflect its sole operating brand following the sale of Obagi Medical.

Milk Makeup First Half Performance

Milk Makeup’s first half results reflect a period of transition. Net revenue for the first half of 2026 was $26.1 million, a 57.1% decrease versus $60.9 million in the first half of 2025. Adjusted EBITDA was negative $14.8 million, compared with $9.7 million a year ago. During the period we recorded a non-cash goodwill impairment charge of $52.3 million against the Milk Makeup reporting unit.

The year-over-year comparison included approximately $10.0 million of pipeline shipments in the first half of 2025 with no equivalent in 2026. Softer consumer demand, a gap in the innovation calendar and elevated retailer inventory also constrained replenishment. During the first half of 2026, we also reduced trade inventory and withdrew legacy Sticks products ahead of the August relaunch.

Gross margin was 53.7% compared with 67.3% a year ago, including $4.2 million of costs associated with the prior generation Sticks — $3.6 million of customer allowances and returns deducted from net revenue, and $0.6 million of inventory write-offs in cost of goods sold. Excluding these non-recurring costs, gross margin would have been 61.3%.

Adjusted EBITDA performance primarily reflected a decline in sell-in volumes that substantially exceeded the decline in sell-out volumes. Marketing investments decreased by $2.7 million in the first half of 2026 due to the timing of planned spending, although we expect investments to increase on a full year basis. Supply chain and logistics costs also declined. General and administrative expenses increased $0.9 million against the prior period, reflecting costs associated with changes to the leadership team.

The first-half results largely reflect decisions and actions taken in 2025, based on the information available at the time. Four factors account for the vast majority of the revenue decline, each of which is being directly addressed by the new management team as part of the transition plan:

1)	Innovation calendar: The absence of an early summer launch in 2026, compared with four launches in the prior-year period, left the portfolio without new products at one of the category’s most active times of year.
		The August 2026 introduction of the next generation of Sticks alongside the Lip Line + Fill range restarted our innovation cadence.
2)	Portfolio choices: Certain 2025 launches did not recruit enough new consumers or generate sufficient incremental demand and, in some cases, diverted investment from the core portfolio.
		We are now focusing on fewer, bigger launches rooted in consumer insight and our Hydro and Sticks platforms.
3)	Product renovation: Our previous generation of Sticks did not keep pace with the market, and its quality and value fell behind consumer expectations over time.
		We withdrew legacy inventory and rebuilt the Sticks franchise from the ground up, introducing improved formulas, updated packaging and refreshed shade assortments.
4)	Distribution expansion: In prior years, expansion outpaced field education and marketing support, leading to lower productivity per door.
		We are investing in retail execution and prioritizing productivity in existing doors before further expansion.

Our Strategy to Get Back to Growth

Milk Makeup enters its next chapter with a distinctive identity. Founded in 2016 in the creative community of Milk Studios, the brand celebrates its 10th anniversary this year. Clean, vegan, and cruelty-free from the start, Milk Makeup stands for self-expression and inclusion through its all-gender “Live Your Look” proposition setting us apart from our clean-beauty peers: “Milk Makeup – Born in NYC.”

Our co-founders, Zanna Roberts Rassi and Mazdack Rassi, are now back at the center of the brand’s creative direction, product vision and cultural relevance, reconnecting Milk Makeup with the New York City roots and creative energy that made it distinctive.

Our rebuilt leadership team combines deep beauty experience with longstanding knowledge of Milk Makeup across creative, product, finance, operations, marketing and merchandising.

• Ali Wente — General Manager, North America: Brings more than 25 years of beauty leadership across Coty Luxury, Estée Lauder Companies, LVMH and PE brands, with deep experience across omni business in makeup, skincare and fine fragrance. Ali owns the North America P&L and our key retailer relationships, with a mandate to improve productivity across our existing distribution, deepen retailer partnerships and strengthen in-store execution.
• Vanessa Barretieri — General Manager, International: Brings more than 20 years of experience across luxury, beauty and hospitality, including senior leadership roles at Elemis and Shiseido. Vanessa owns the International P&L and brings significant experience leading through transformation, restructuring organizations and building sustainable, profitable regional growth.
• Heather Park — CMO (joining on October 26, 2026): Brings more than 20 years of beauty marketing experience across global and founder-led brands, including leadership roles at NARS, MAC and Origins within Estée Lauder Companies, Farmacy Beauty and dpHUE. Her experience spans brand building, digital commerce, influencer marketing and product launches, combining creative storytelling with commercial discipline. At Milk, Heather will lead marketing, focused on strengthening consumer engagement, bringing Marketing, Product and Creative closer together, and driving growth.
• Josephine Smithwick — CFO/COO: Brings 25 years of finance and operating experience across beauty and consumer businesses, including leadership roles at Estée Lauder supporting Tom Ford Beauty and the Estée Lauder namesake brand, and as CFO of Revance Skincare. She began her career in investment banking at J.P. Morgan. At Milk, Josephine leads finance and operations, focused on financial discipline, operational efficiency and profitable growth.
• Marie Noorbergen — Executive Creative Officer: Brings deep creative experience across Base Design, Apple, Amazon Beauty, Dior and Kenzo, as well as an important connection to Milk’s history: Base Design created Milk’s original visual identity. She is leading the evolution of Milk’s creative expression, reconnecting the brand with its original New York DNA while making it relevant to today’s consumer.
• Frank B. — Global Artistic Director: Brings more than 25 years as an editorial makeup artist, with work spanning Vogue and clients including Taylor Swift, Hailey Bieber and Kendall Jenner. Frank connects professional artistry, product development and brand storytelling, ensuring that innovation begins with how consumers and artists actually use product while bringing greater authority and cultural relevance to Milk’s creative expression.
• Donna Shon — Head of Global Merchandising: Brings more than 20 years of experience shaping the world of luxury across fashion, lifestyle, and beauty, with a career spanning LVMH, Ralph Lauren, and Michael Kors, alongside partnerships with Coty, Revlon, and Estée Lauder. With an instinctive eye for brand, product, and culture, she translates Milk’s creative vision into global strategies that build desire, sharpen relevance, and unlock meaningful growth—connecting exceptional products with the right customer, market, and moment.

In addition to a great team, our strategy rests on three choices. First, we are refocusing on our core consumer: creative, urban, premium-minded, in her late twenties and thirties, and drawn to clean, all-gender self-expression. Second, we are concentrating on two franchises, with Hydro driving growth today and Sticks as the second pillar we are rebuilding. Third, we are focused on winning in North America first and expanding our global footprint on a selective basis, with investment tied to productivity and healthy inventory levels.

Five priorities put these choices into practice.

1)	Restore brand relevance: We are reconnecting Milk Makeup with its roots in Milk Studios and its New York DNA through creator-led, culturally relevant marketing designed to strengthen the brand’s connection with its community to win back share of voice in a saturated market. Our first proof point is “New York Found Me,” launched on September 14, 2026 — a founder-led campaign starring Wet Leg’s Rhian Teasdale and directed by Arnaud Uyttenhove. The campaign generated over five million YouTube views within its first four days, while its creative concept extended beyond Milk’s owned channels through earned media and broader fashion, music and creative industry coverage.
2)	Rebuild retail partnerships: We are rebuilding our retail partnerships and strengthening execution at the point of sale. In the third quarter of 2026, we invested approximately $4.0 million in capital expenditures to install fully redesigned gondolas in U.S. Sephora stores and approximately $1.0 million to rebuild our field organization, significantly increasing in-store coverage, education, events and execution. Our priority is to win where we already are before expanding further. In North America, that means improving productivity across Sephora, Ulta and Amazon; internationally, it means resetting markets before accelerating growth.
3)	Restore the innovation engine: Hydro is now approximately half of the business and growing 69% year over year, while Sticks is being rebuilt as the second pillar. Our innovation strategy is increasingly focused on extending and strengthening these franchises—using newness to recruit consumers, drive traffic and retailer productivity, and support replenishment across the existing portfolio. We will focus on fewer, bigger launches aimed at our target consumer.
4)	Rebuild brand engagement: Our community of more than four million people across Instagram and TikTok offers an opportunity to improve conversion to sales. We are focusing marketing on our core franchises and strengthening social commerce support.
5)	Improve inventory, planning, and working capital management: We have moved to an integrated monthly planning cycle across demand, supply and finance, supported by weekly reviews of weeks of supply, service levels and cash with clear ownership and accountability.

This is a year of transformation and investment for Milk Makeup. With no debt and a stronger balance sheet, we are aligning our cost structure with the business and investing in the products, people and retail execution needed for growth.

We are as excited as ever about Milk Makeup’s long-term potential. Hydro is our established growth engine, while we are rebuilding the relaunched Sticks franchise as a second core pillar. With an energized leadership team and a more disciplined operating model, the brand is reconnecting with its creative and cultural roots and, reengaging with its core consumers. We have strong distribution, an engaged community and a clear understanding of the work ahead.

We believe enduring companies are built around a clear and ambitious long-term destination – one that aligns people, priorities and capital behind what the business can become. Our vision for Milk Makeup extends well beyond the horizon we are setting today. At its heart is a commitment to building real, lasting consumer demand and an unmistakably differentiated brand – one that stays true to Milk’s legacy of creativity, community and culture while continually evolving for the generations to come. We are determined to be a brand that people do not just buy, but actively seek out, talk about and want to be part of.

Our next milestone on that journey is to double 2025 revenue over the course of the next five years while building toward an Adjusted EBITDA margin in the mid-20s, once the brand is back at scale. This is not financial guidance or a forecast for any particular period: it is our North Star for the next chapter. It sets the level of our ambition, energizes our team and informs the choices we make, the capabilities we build and the investments we prioritize along the way.

Thank you for your continued support,

Felipe Dutra	Mazdack Rassi
Executive Chairman	Founder & President

Financial Highlights

On July 30, 2026, the Company completed the sale of the Obagi Medical business to Bridgepoint. At closing, the Company paid down in full $178.4 million of outstanding indebtedness under the Lumina Credit Agreement, including a prepayment premium of $27.0 million, and received net cash proceeds of $149.9 million, after that debt paydown and $3.0 million placed into an escrow account. An affiliate of Bridgepoint also issued to the Company a Fixed Vendor Note in the principal amount of $10.0 million and an Adjustable Vendor Note in the principal amount of $20.0 million. The Company may receive additional contingent consideration in the form of earnout payments of up to $64.0 million, based on the future performance of the Obagi Medical business for fiscal years 2026 and 2027.

The Company determined that this disposal met the criteria for classification as held for sale and represented a strategic shift that will have a major effect on the Company’s operations and financial results. Accordingly, the assets and liabilities of the Obagi Medical segment have been classified as held for sale, and the results of the Obagi Medical operations are presented as discontinued operations for all periods presented in this release. Please refer to the summaries of the assets and liabilities of, and the results from, discontinued operations as of and for the six months ended June 30, 2026, respectively, and comparative period.

WALDENCAST PLC ADJUSTED EBITDA AND EBITDA MARGIN RECONCILIATION (In thousands of U.S. dollars, except for percentages)
	Six months ended June 30, 2026												Six months ended June 30, 2025
	Milk Makeup				Central Headquarters				Waldencast (Total)				Milk Makeup				Central Headquarters				Waldencast (Total)
Net Loss from Continuing Operations	$	(76,734	)		$	(18,118	)		$	(94,852	)		$	(20,837	)		$	(27,459	)		$	(48,296	)
Adjusted For:
Depreciation and amortization		9,000				—				9,000				9,182				—				9,182
Interest expense, net		(6	)			11				5				(6	)			10,585				10,579
Income tax expense		54				13				67				35				10				45
Loss on extinguishment of debt		—				—				—				—				2,116				2,116
Stock-based compensation expense		475				3,715				4,190				1,111				4,931				6,042
Restatement and related costs(1)		—				523				523				—				1,447				1,447
Merger and acquisition related costs(2)		—				(43	)			(43	)			—				2,179				2,179
Change in fair value of assets and liabilities		—				204				204				—				(2,587	)			(2,587	)
Loss on impairment of goodwill		52,265				—				52,265				19,960				—				19,960
Strategic review costs		—				4,147				4,147				—				—				—
Foreign currency translation (gain) loss		251				1,120				1,371				179				(1,484	)			(1,306	)
Other non-recurring costs(3)		(120	)			22				(98	)			63				596				660
Adjusted EBITDA from Continuing Operations	$	(14,815	)		$	(8,406	)		$	(23,221	)		$	9,687			$	(9,666	)		$	21
Net Revenue from Continuing Operations	$	26,102			$	—			$	26,102			$	60,858			$	—			$	60,858
Net Loss % of Net Revenue from Continuing Operations		(294.0)%			N/A					(363.4)%				(34.2)%			N/A					(79.4)%
Adjusted EBITDA Margin from Continuing Operations		(56.8)%			N/A					(89.0)%				15.9%			N/A					0.0%

⁽¹⁾ Includes mainly legal, advisory, and consultant fees related to regulatory investigations associated with the financial restatement of the 2020-2022 period.
⁽²⁾ Includes legal and advisory fees, including due diligence and contract negotiations, related to the acquisition of Novaestiq Corp. in FY 2025.
⁽³⁾ Other non-recurring costs not directly attributable to the above categories, primarily tax restructuring costs in FY 2025.

Milk Makeup Goodwill

During the six months ended June 30, 2025, the Company recorded a non-cash impairment charge of $20.0 million within the Milk Makeup reporting unit to reduce the goodwill balance to $115.1 million. During the six months ended June 30, 2026, the Company recorded an additional non-cash impairment charge of $52.3 million within the Milk Makeup reporting unit to further reduce the goodwill balance to $62.8 million.

Goodwill Assumptions

The specific critical assumptions used in the fair value determination of Milk Makeup reporting unit include:

• Revenue and Profitability Forecasts: Management’s forecast of revenue growth and Adjusted EBITDA margins is based on a five-year projection period through 2031. The forecast reflects management’s plan to return the reporting unit to growth through a renewed focus on the core consumer and concentrated investment in the Hydro and Sticks franchises, beginning with the August 2026 relaunch of the next generation of Sticks, under the leadership of a new management team. Because these initiatives are at an early stage, management risk-adjusted the forecast and captured the remaining execution risk through the increased Company Specific Risk Premium (CSRP) described below.
• Long-term Growth Rate: A long-term growth rate of 3% was applied to cash flows beyond 2031 (the terminal period) using the Gordon Growth Model, reflecting management’s expectations of long-term, sustainable growth aligned with industry norms.
• Discount Rate: A discount rate of 16.0% was used for the Discounted Cash Flow (DCF) method and is based on the reporting unit’s Weighted Average Cost of Capital (WACC), which includes a CSRP. The CSRP is re-evaluated annually, or as needed, based on forecast reliability and reflects business risk, including contingency allocations and sensitivity to underperformance scenarios. The CSRP applied in this test was 5%, compared with 2% in the prior test, reflecting the current transition period.
• Market Multiple: Under the Guideline Public Company (GPC) method, an Enterprise Value (EV)-to-Revenue multiple of 1.75x was applied to the 2027 projection since the 2026 results are not representative of the expected reporting unit’s go-forward operations.
• Method Weighting: Management determined fair value using a weighted average of the DCF method (80%) and the GPC method (20%). The greater weighting of the DCF method reflects the limited comparability of guideline public companies, which are generally larger and more diversified; this weighting results in a lower fair value than an equal weighting of the two methods.

In determining fair value, the Company acknowledges the inherent degree of uncertainty associated with key valuation assumptions, which are, by nature, forward-looking estimates. The following illustrates the effect of reasonably possible changes in individual key assumptions, with all other assumptions held constant:

• Revenue and Profitability Forecasts: A 5% decrease in projected Adjusted EBITDA in each year of the projection period would reduce the estimated fair value by approximately 41.6%, or $74.7 million. A decrease of this magnitude would result in an additional impairment charge limited to the remaining goodwill balance of $62.8 million, while an increase would not result in the reversal of previously recognized impairment charges.
• Long-term Growth Rate: A 0.5 % decrease in the long-term growth rate would reduce the estimated fair value by approximately 1.4%, or $2.4 million.
• Discount Rate: A 1% increase in the discount rate would reduce the estimated fair value by approximately 8.1%, or $14.6 million. Conversely, a 1% decrease in the discount rate would increase the estimated fair value by approximately 9.6% or $17.2 million.
• Market Multiple: Using a EV-to-Revenue multiple of 1.5x would reduce the GPC method output by 14.3% and the estimated fair value by approximately 2.9%, or $5.3 million.
• Method Weighting: Changing the current method weighting from 80% DCF and 20% GPC to an equal weighting of 50% each would increase the estimated fair value by approximately 0.9%, or $1.6 million.

While we believe that the Company has used reasonable estimates and assumptions to determine the fair value of the Milk Makeup reporting unit, future events or changes in circumstances could lead to material changes in key assumptions, which could result in additional goodwill impairment.

WALDENCAST PLC SUMMARY OF UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands of U.S. dollars)
	June 30, 2026				December 31, 2025
Cash, cash equivalents, and restricted cash	$	7,818			$	5,835
Accounts receivable, net		5,265				18,395
Inventories		27,100				31,167
Prepaid expenses and other current assets		1,859				6,966
Current assets from discontinued operations – held for sale		436,414				64,580
Total current assets		478,456				126,943
Intangible assets, net		95,813				103,688
Goodwill		62,847				115,112
Other non-current assets		9,614				10,477
Noncurrent assets from discontinued operations – held for sale		—				389,941
Total assets	$	646,730			$	746,161
Accounts payable	$	14,049			$	12,396
Other current liabilities		30,197				30,352
Current liabilities from discontinued operations – held for sale		55,483				31,798
Total current liabilities		99,729				74,546
Long-term debt, net		149,305				135,752
Other non-current liabilities		6,480				6,895
Noncurrent liabilities from discontinued operations – held for sale		—				28,870
Total liabilities		255,514				246,063
Total Shareholders’ equity	$	391,216			$	500,098

WALDENCAST PLC UNAUDITED CONDENSED CONSOLIDATED CASH FLOW DATA (In thousands of U.S. dollars)
	Six months ended June 30, 2026				Six months ended June 30, 2025
Net loss from continuing operations	$	(94,852	)		$	(48,296	)
Non-cash expenses		81,340				36,400
Changes in operating assets and liabilities		22,048				(5,525	)
Net cash provided by (used in) operating activities from continuing operations		8,536				(17,421	)
Net cash provided by (used in) investing activities – continuing operations		(441	)			(1,942	)
Net cash provided by (used in) financing activities – continuing operations		(785	)			10,074
Net cash provided by (used in) operating activities – discontinued operations		(18,637	)			5,915
Net cash provided by (used in) investing activities – discontinued operations		(546	)			(1,392	)
Effect of foreign exchange rates on cash and cash equivalents		150				(1,060	)
Change in cash, cash equivalents and restricted cash		(11,723	)			(5,826	)
Cash, cash equivalents and restricted cash, beginning of period		31,893				16,302
Cash, cash equivalents and restricted cash, end of period		20,170				10,476
Less: cash, cash equivalents and restricted cash, end of period – discontinued operations		(12,352	)			(5,189	)
Cash, cash equivalents and restricted cash, end of period – continuing operations	$	7,818			$	5,287

WALDENCAST PLC UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS) (In thousands of U.S. dollars, except share and per share data)
	Six Months Ended June 30, 2026				Six Months Ended June 30, 2025
Net revenue from continuing operations	$	26,102			$	60,858
Cost of goods sold		12,094				19,886
Gross profit		14,008				40,972
Selling, general and administrative		54,969				60,408
Loss on impairment of goodwill		52,265				19,960
Total operating expenses		107,234				80,368
Operating loss from continuing operations		(93,226	)			(39,396	)
Interest expense, net		5				10,579
Loss on extinguishment of debt		—				2,116
Change in fair value of derivative warrant liabilities		204				(2,587	)
Other expense (income), net		1,350				(1,253	)
Total other expenses (income), net		1,559				8,855
Loss from continuing operations, before income taxes		(94,785	)			(48,251	)
Income tax benefit		67				45
Net loss from continuing operations		(94,852	)			(48,296	)
Net loss from discontinued operations, net of income taxes		(18,688	)			(136,930	)
Net loss	$	(113,540	)		$	(185,226	)
Net loss attributable to noncontrolling interests – continuing operations	$	(6,022	)		$	(4,116	)
Net loss attributable to noncontrolling interests – discontinued operations	$	(1,186	)		$	(11,671	)
Net loss attributable to Class A shareholders	$	(88,830	)		$	(44,180	)
Net loss attributable to Class A shareholders – discontinued operations	$	(17,502	)		$	(125,259	)
Net loss per share attributable to Class A shareholders – basic and diluted:
Continuing operations	$	(0.75	)		$	(0.39	)
Discontinued operations	$	(0.15	)		$	(1.11	)
Net loss	$	(0.90	)		$	(1.51	)
Shares used in computing net loss per share:
Basic and Diluted		118,696,278				112,475,039
Net loss	$	(113,540	)		$	(185,226	)
Other comprehensive income (loss) — foreign currency translation adjustments, net of tax		168				(1,155	)
Comprehensive loss		(113,372	)			(186,381	)
Comprehensive loss attributable to noncontrolling interests		(7,208	)			(15,885	)
Comprehensive loss attributable to Class A shareholders	$	(106,164	)		$	(170,496	)

Discontinued Operations: Obagi Medical First Half Performance

On July 30, 2026, the Company completed the sale of the Obagi Medical business to Bridgepoint, and the results of the Obagi Medical operations are presented as discontinued operations for all periods presented. The commentary below describes the performance of the Obagi Medical business for the first half of 2026, prior to the completion of the sale.

Obagi Medical net revenue for the first half of 2026 was $90.8 million, a 27.1% increase versus $71.4 million in the first half of 2025. Excluding the Obagi Medical rights in Japan, which were sold to Rohto Pharmaceutical in November 2025, net revenue increased 31.2% versus $69.2 million in the first half of 2025. The strong growth in the period was primarily organic, driven by the existing skincare range, with the balance attributable to the commencement of injectables distribution during the first half of 2026.

Gross profit was $69.0 million, representing a gross margin of 76.0% compared with 72.1% in the first half of 2025. Operating loss from discontinued operations was $7.0 million, compared with $146.2 million in the first half of 2025, which included a $132.1 million non-cash goodwill impairment charge. Net loss from discontinued operations, net of income taxes, was $18.7 million, including $13.5 million of net interest expense, compared with $136.9 million in the first half of 2025.

SUMMARY OF UNAUDITED ASSETS AND LIABILITIES OF DISCONTINUED OPERATIONS (In thousands of U.S. dollars)
	June 30, 2026				December 31, 2025
Cash, cash equivalents, and restricted cash	$	12,352			$	26,058
Accounts receivable, net		12,804				9,619
Inventories		27,720				23,442
Prepaid expenses and other current assets		4,392				5,461
Intangible assets, net		311,027				323,411
Goodwill		62,459				62,459
Other assets		5,660				4,071
Total assets from discontinued operations – held for sale	$	436,414			$	454,521	*
Accounts payable	$	13,496			$	7,069
Contingent consideration liabilities		21,841				21,021
Other liabilities		20,146				32,578
Total liabilities from discontinued operations – held for sale	$	55,483			$	60,668	*

* Amounts in the comparative period are classified as current and noncurrent in the summary of unaudited condensed consolidated balance sheets.

SUMMARY OF UNAUDITED RESULTS FROM DISCONTINUED OPERATIONS (In thousands of U.S. dollars)
	Six Months Ended June 30, 2026				Six Months Ended June 30, 2025
Net revenue from discontinued operations	$	90,791			$	71,416
Cost of goods sold		21,765				19,917
Gross profit		69,026				51,499
Selling, general and administrative		76,032				65,605
Loss on impairment of goodwill		—				132,058
Total operating expenses		76,032				197,663
Operating loss from discontinued operations		(7,006	)			(146,164	)
Interest expense, net		13,515				—
Change in fair value of liabilities		2,669				18
Other income, net		(1,042	)			(232	)
Total other expenses (income), net		15,141				(214	)
Loss from operations, before income taxes		(22,148	)			(145,950	)
Income tax benefit		(3,460	)			(9,020	)
Net loss from discontinued operations, net of income taxes	$	(18,688	)		$	(136,930	)

Notes

About Waldencast plc
Waldencast plc (NASDAQ: WALD) is the parent company of Milk Makeup, the clean prestige beauty brand born from the creative community of Milk Studios in downtown New York City. Founded in 2016, Milk Makeup is built on the values of self-expression and inclusion, captured by its signature “Live Your Look,” and creates vegan, cruelty-free, clean formulas across a portfolio of hero franchises. Milk Makeup is available through milkmakeup.com and retail partners including Sephora, Ulta Beauty and Amazon Premium Beauty in the U.S., and select retailers internationally. For more information, please visit: www.milkmakeup.com.

Reconciliation of Non-GAAP Financial Measures
In addition to the financial measures presented in this release in accordance with U.S. GAAP, Waldencast separately reports financial results on the basis of the measures set out and defined below which are non-GAAP financial measures. Waldencast believes the non-GAAP measures used in this release provide useful information to management and investors regarding certain financial and business trends relating to its financial condition and results of operations. Waldencast believes that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends. These non-GAAP measures also provide perspective on how Waldencast’s management evaluates and monitors the performance of the business.

There are limitations to non-GAAP financial measures because they exclude charges and credits that are required to be included in GAAP financial presentation. The items excluded from GAAP financial measures such as net income/loss to arrive at non-GAAP financial measures are significant components for understanding and assessing our financial performance. Non-GAAP financial measures should be considered together with, and not as alternatives to, financial measures prepared in accordance with GAAP.

Please refer to definitions set out in the release and the tables included in this release for a reconciliation of these metrics to the most directly comparable GAAP financial measures.

Adjusted EBITDA is defined as GAAP net income (loss) before interest income or expense, income tax (benefit) expense, depreciation and amortization, and further adjusted for the items as described in the reconciliation below. We believe this information will be useful for investors to facilitate comparisons of our operating performance and better identify trends in our business. Adjusted EBITDA excludes certain expenses that are required to be presented in accordance with GAAP because management believes they are non-core to our regular business. These include non-cash expenses, such as depreciation and amortization, stock-based compensation, change in fair value of assets and liabilities, loss on impairment of goodwill, loss on extinguishment of debt, strategic review, and foreign currency translation loss (gain). In addition, adjustments include expenses that are not related to our underlying business performance including (1) legal, advisory and consultant fees related to the financial restatement of previously issued financial statements and associated regulatory investigation and acquisitions, and (2) other non-recurring costs, primarily tax restructuring costs. The Adjusted EBITDA reconciliation by Milk Makeup and central headquarters for each period is included in the Appendix.

Adjusted EBITDA Margin is defined as Adjusted EBITDA as a percentage of net revenue. The Adjusted EBITDA Margin reconciliation by Milk Makeup and central headquarters for each period is included in the Appendix.

Cautionary Statement Regarding Forward-Looking Statements
All statements in this release that are not historical, are forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements about: our ability to deliver financial results in line with expectations; expectations regarding sales, earnings or other future financial performance and liquidity or other performance measures; our long-term strategy and future operations or operating results; expectations with respect to our industry and the markets in which it operates; future product introductions; developments relating to investigations and legal proceedings; and any assumptions underlying any of the foregoing. Words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “predict,” “project,” “should,” and “will” and variations of such words and similar expressions are intended to identify such forward-looking statements.

These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside of our control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements, including, among others (i) our ability to successfully implement our management’s plans and strategies; (ii) our ability to realize the contingent consideration, vendor notes and earnout payments receivable in connection with the Obagi Medical disposal; (iii) the impact of the material weaknesses in our internal control over financial reporting, including associated investigations, our efforts to remediate such material weaknesses and the timing of remediation and resolution of associated investigations; (iv) the overall economic and market conditions, sales forecasts and other information about our possible or assumed future results of operations or our performance; (v) the general impact of geopolitical events, including the impact of current wars, conflicts or other hostilities; (vi) our ability to manage expenses, our liquidity and our investments in working capital; (vii) any failure to obtain governmental and regulatory approvals related to our business and products; (viii) the impact of any international trade or foreign exchange restrictions, increased tariffs, foreign currency exchange fluctuations; (ix) our ability to raise additional capital or complete desired acquisitions; (x) developments related to ongoing disputes; (xi) volatility and trading volume of Waldencast’s securities due to a variety of factors, including Waldencast’s intended delisting and deregistration of its securities; (xii) the ability to implement business plans, forecasts, and other expectations, and identify and realize additional opportunities; (xiii) the ability to continue to innovate Milk Makeup’s existing products and anticipate and respond to market trends and changes in consumer preferences; (xiv) any shifts in the preferences of consumers as to where and how they shop; (xv) the impact of any unfavorable publicity on our business or products; (xvi) changes in future exchange or interest rates or credit ratings; (xvii) our ability to comply with laws, regulations, and policies, including as a result of any changes thereto; and (xiii) social, political and economic conditions. These and other risks, assumptions and uncertainties are more fully described in the Risk Factors section of our 2025 20-F (File No. 01-40207), filed with the SEC on March 13, 2026, and in our other documents that we file or furnish with the SEC, which you are encouraged to read. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. Accordingly, you are cautioned not to rely on these forward-looking statements, which speak only as of the date they are made. Waldencast expressly disclaims any current intention, and assumes no duty, to update publicly any forward-looking statement after the distribution of this release, whether as a result of new information, future events, changes in assumptions or otherwise.

Contacts:

Investors	Media
ICR	ICR
Allison Malkin	Brittney Fraser/Alecia Pulman
waldencastir@icrinc.com	waldencast@icrinc.com

KALISPELL, Mont., Sept. 28, 2026 (GLOBE NEWSWIRE) — Glacier Bancorp, Inc. (NYSE: GBCI) will report third quarter financial results after the market closes on October 22, 2026. A conference call for investors is scheduled for 11:00 a.m. Eastern Time on Friday, October 23, 2026.

Please note that our conference call host no longer offers a general dial-in number.

Investors who would like to join the call may now register by following this link to obtain dial-in instructions: https://register-conf.media-server.com/register/BIf897ad06750d4ea68674bf70f03fbe10.

To participate via the webcast, log on to: https://edge.media-server.com/mmc/p/xhafbtnc.

If you are unable to participate during the live webcast, the call will be archived on our website, www.glacierbancorp.com.

Glacier Bancorp, Inc. is the parent company for Glacier Bank and its bank divisions: Altabank (American Fork, UT) Bank of the San Juans (Durango, CO), Citizens Community Bank (Pocatello, ID), Collegiate Peaks Bank (Buena Vista, CO), First Bank of Montana (Lewistown, MT), First Bank of Wyoming (Powell, WY), First Community Bank Utah (Layton, UT), First Security Bank (Bozeman, MT), First Security Bank of Missoula (Missoula, MT), First State Bank (Wheatland, WY), Glacier Bank (Kalispell, MT), Guaranty Bank & Trust (Mount Pleasant, TX), Heritage Bank of Nevada (Reno, NV), Mountain West Bank (Coeur d’Alene, ID), The Foothills Bank (Yuma, AZ), Valley Bank (Helena, MT), Western Security Bank (Billings, MT), and Wheatland Bank (Spokane, WA).

Randall M. Chesler, CEO
(406) 751-4722
Ron J. Copher, CFO
(406) 751-7706

• Fiscal year 2026 revenue increased 111% to $14.8 million, compared to $7.0 million in fiscal year 2025, driven by accelerating demand for the Company’s software-defined GPU-as-a-Service platform.
• Successfully completed business combination with D. Boral ARC Acquisition I Corp.; commenced trading on Nasdaq under ticker symbols “XLAB” and “XLABW” for its Class A common stock and its warrants, respectively, on August 28, 2026.
• Expanded strategic partnerships, including an LOI with Compal Electronics for next-generation 800 VDC GPU validation platforms and an MOU with EnergyBank for floating offshore wind-powered AI compute.

HOUSTON, Sept. 28, 2026 (GLOBE NEWSWIRE) — Exascale Labs Holdings Inc. (Nasdaq: XLAB) (“Exascale” or the “Company”), a provider of next-generation AI compute infrastructure, today announced its financial and operational results for the fiscal year ended June 30, 2026.

“Fiscal year 2026 was the year we laid the foundation to become a public company,” said Hoansoo Lee, Chief Executive Officer of Exascale. “To establish our readiness for this next phase, we grew our GPU-as-a-Service business, deepened our infrastructure partnership with Compal, and closed the agreement that brought Exascale to Nasdaq. Since listing in August, we’ve moved quickly, signing a memorandum of understanding with EnergyBank for offshore wind-powered compute, and signing a letter of intent with Compal on our 800 VDC platform. Our qualified customer pipeline has grown to approximately $300 million; and these early-stage agreements are just the beginning. Our focus is on transitioning these agreements into signed contracts and executing on our strong pipeline opportunities.”

Mr. Lee continued, “Exascale’s revenue grew 111% this past fiscal year, powered by a 124% increase in our intelligent computing power service and a customer renewal rate around 68%, and the balance sheet is now stronger following the close of the business combination. Our focus now is on converting that growth into disciplined, scalable execution as a public company.”

Recent Strategic & Operational Highlights

• Successful Nasdaq Public Listing: Exascale completed its business combination with D. Boral ARC Acquisition I Corp. Exascale’s Class A common stock and warrants began trading on the Nasdaq Global Market under the ticker symbols “XLAB” and “XLABW,” respectively, on August 28, 2026.
• Compal Electronics LOI: Entered into a non-binding Letter of Intent (“LOI”) with Compal Electronics to jointly develop a U.S.-based native 800 VDC validation platform for next-generation GPU systems. The goal of joint effort is to validate high-efficiency power architectures designed for ultra-high-density AI data centers.
• Appointment of New Chief Financial Officer: Exascale appointed Jake Carney as Chief Financial Officer, effective September 25, 2026.
• EnergyBank Sustainable Compute MOU: Signed a Memorandum of Understanding (“MOU”) with EnergyBank to integrate floating offshore wind power and long-duration energy storage into Exascale’s modular AI compute infrastructure.
• Platform Orchestration Enhancements: Deployed proprietary GPU cluster management software enabling dynamic resource allocation, automated failover, and optimized latency for high-concurrency LLM inference workloads.

“Our 800 VDC validation work with Compal and the orchestration layer we shipped this year are the same bet, power density is a real bottleneck for AI infrastructure, not just GPU supply,” said Zach Bright, Head of R&D at Exascale. “Both are built to hold up as workloads get denser, and that’s what we’re most focused on getting right.”

Fiscal Year 2026 Financial Highlights (“FY 2026”)

• Total Revenue: FY 2026 revenue was $14.8 million, representing an increase of 111.3% compared to $7.0 million reported in Fiscal Year 2025 (“FY 2025”). The growth was primarily attributed a 124.0% increase in revenue from Exascale’s intelligent computing power service, driven by higher spending from existing customers and an expanding customer base, with a roughly 68% customer renewal rate.
• Gross Profit: Gross profit for FY 2026 was $2.4 million, and 16.3% gross margin, compared to $1.1 million gross profit and 15.8% gross in FY 2025. This increase in growth profit and gross margin reflects scalable operational efficiency amid rapid revenue growth.
• Operating Expenses: Operating expenses were $7.2 million in FY 2026, compared to $4.2 million in FY 2025. The increase was driven primarily by a $2.7 million increase in research and development expenses and a $0.9 million increase in general and administrative expenses, partially offset by a decrease in selling and marketing expenses of $0.5 million.
• Net Loss: Net loss for FY 2026 was $12.2 million, compared to $7.7 million in FY 2025. The increase was driven primarily by higher operating expenses associated with scaling infrastructure, expanding market presence, and advancing our technology platform, as well as a non-cash fair value adjustment on our simple agreements for future equity (“SAFE’s”). As of June 30, 2026, those SAFEs carried an aggregate fair value of approximately $29.1 million; all outstanding SAFEs converted into the Company’s Class A common stock upon the closing of the business combination on August 27, 2026, eliminating the liability from the Company’s balance sheet.
• Cash and Capital Resources: As of June 30, 2026, Exascale held $2.7 million in cash, supplemented post-period by the successful closing of its business combination on August 27, 2026. In connection with the closing, Exascale obtained access to net cash proceeds of approximately $11.8 million from the business combination.

Fiscal Year 2027 Outlook
For the fiscal year ending June 30, 2027, Exascale intends to focus on the following core growth pillars:

• Capacity Expansion: Accelerate GPU-as-a-Service capacity expansion by onboarding additional top-tier data center host sites and GPU clusters across North America, Asia, and Europe.
• Next-Gen Power & Cooling Architecture: Commercialize proprietary native 800 VDC and modular high-density cooling solutions to address power density bottlenecks facing enterprise AI workloads.
• Enterprise SaaS Platform Monetization: Drive adoption of Exascale’s proprietary GPU orchestration and cluster management software among AI operators.

About Exascale

Exascale is a next-generation AI infrastructure provider operating a software-defined GPU compute platform and related AI infrastructure solutions. Its business includes, GPU-as-a-service, GPU cluster management and optimization, and infrastructure solutions spanning modular data centers, HVDC power, high-density cooling, and data center interconnectivity. Exascale’s platform supports large-scale AI workloads, including training, fine-tuning, high-concurrency inference, and API-based token generation. For more information, visit www.exascalelabs.ai.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as “anticipate,” “believe,” “can,” “continue,” “could,” “expect,” “intend,” “may,” “plan,” “project,” “seek,” “should,” “will,” and similar expressions. These statements include, without limitation, statements regarding Exascale’s future financial and operating performance, its business strategy and growth plans, anticipated demand for AI infrastructure and compute capacity, planned deployment of modular data center, liquid cooling, HVDC power, data center interconnectivity and energy storage solutions, expectations regarding additional financing, and Exascale’s competitive and market positioning, and statements regarding the MOU and the LOI and the plans of the parties thereto regarding such LOI and MOU. The MOU and LOI are non-binding and do not create any obligations for the parties thereto to into any definitive agreements.

These statements are based on current expectations and assumptions, and involve risks and uncertainties that could cause actual results or events to differ materially, including, among others, changes in customer demand, supply constraints for GPUs and related infrastructure components, Exascale’s ability to convert its pipeline opportunities into customer relationships and revenue, competitive pressures from larger and better-capitalized providers, technological risks, operational and execution risks associated with scaling infrastructure deployments, Exascale’s ability to access financing on favorable terms, regulatory changes, and macroeconomic factors.

If any of these risks materialize or the assumptions prove incorrect, actual results could differ materially from the results contained in or implied by these forward-looking statements. There may be additional risks that Exascale presently does not know of or cannot anticipate, or that Exascale currently believes are immaterial, that could also cause actual results to differ materially from those contained in or implied by the forward-looking statements.

Forward-looking statements reflect Exascale’s expectations, plans or forecasts of future events and views as of the date of this press release. Exascale anticipates that subsequent events and developments will cause its assessments to change. However, while Exascale may elect to update these forward-looking statements at some point in the future, Exascale specifically disclaims any obligation to do so.

Readers are cautioned not to place undue reliance upon any forward-looking statement.

Investor Contact
Cameron Radinovic
KCSA Strategic Communications
Exascale@KCSA.com

Media Contact
Hannah Erger
KCSA Strategic Communications
Exascale@KCSA.com

EXASCALE LABS INC. Consolidated Statements of Operations (All amounts in US$, except for number of shares and per share data) (unaudited)
	For the years ended June 30,
	2025			2026
Revenues	$	7,015,512		$	14,822,799
Cost of revenues		(5,910,315	)		(12,404,546	)
Gross profit		1,105,197			2,418,253
Operating expenses
Selling and marketing expenses		(989,155	)		(499,392	)
General and administrative expenses		(362,982	)		(1,229,516	)
Research and development expenses		(2,797,906	)		(5,490,185	)
Total operating expenses		(4,150,043	)		(7,219,093	)
Loss from operations		(3,044,846	)		(4,800,840	)
Change in fair value of simple agreements for future equity		(4,614,821	)		(7,377,383	)
Other income		–			15,832
Loss before income tax expenses		(7,659,667	)		(12,162,391	)
Income tax expenses		–			–
Net loss and total comprehensive loss	$	(7,659,667	)	$	(12,162,391	)
Loss per share
Basic and diluted	$	(5,106.44	)	$	(8,108.26	)
Weighted average number of shares used to compute loss per share
Basic and diluted		1,500			1,500

[Balance sheet reflects Exascale as a standalone private company as of June 30, 2026; it will not include the effects of the August 27, 2026 business combination, which is a subsequent event]

EXASCALE LABS INC. Consolidated Balance Sheets (All amounts in US$, except for number of shares)
	As of June 30,
	2025			2026
ASSETS
Current Assets
Cash and cash equivalents	$	4,231,689		$	2,693,586
U.S. Dollar Coin		–			2,160,746
Accounts receivable, net		152,536			1,107,210
Advance to suppliers		1,030,761			112,343
Refundable deposits receivable		681,125			450,000
Other receivables		1,207,626			–
Total Current Assets		7,303,737			6,523,885
Non-Current Assets
Deferred offering costs		–			190,000
Equipment, net		19,600			12,840
Total Non-Current Assets		19,600			202,840
Total Assets	$	7,323,337		$	6,726,725
LIABILITIES AND SHAREHOLDERS’ DEFICIT
Current Liabilities
Accounts payable	$	90,015		$	916,422
Simple agreements for future equity		18,243,885			29,121,268
Contract liabilities		432,760			1,070,378
Refundable deposits payable		1,445,580			359,481
Other current liabilities		107,481			417,951
Total Current Liabilities		20,319,721			31,885,500
Total Liabilities	$	20,319,721		$	31,885,500
Commitments and contingencies
Shareholders’ Deficit
Common stock (US$0.01 par value per share; 1,500 shares authorized; 1,500 shares issued and outstanding as of June 30, 2025)	$	15		$	–
Class A common stock (US$0.01 par value per share; 303 shares authorized; 303 shares issued and outstanding as of June 30, 2026)		–			3
Class B common stock (US$0.01 par value per share; 1,197 shares authorized; 1,197 shares issued and outstanding as of June 30, 2026)		–			12
Additional paid-in capital		220,636			220,636
Accumulated deficit		(13,217,035	)		(25,379,426	)
Total Shareholders’ Deficit	$	(12,996,384	)	$	(25,158,775	)
Total Liabilities and Shareholders’ Deficit	$	7,323,337		$	6,726,725

Conference Call Scheduled for Today, September 28, 2026, at 5:00 p.m. ET

LITTLETON, Mass., Sept. 28, 2026 (GLOBE NEWSWIRE) — Precision Optics Corporation, Inc. (NASDAQ: POCI), a leading designer and manufacturer of advanced optical instruments for the medical and defense/aerospace industries, today announced financial results for its fourth quarter and fiscal year ended June 30, 2026.

Q4 2026 Financial Highlights (3 Months Ended June 30, 2026)

• Revenue was $8.8 million, a quarterly record, compared to $6.2 million in the same quarter of the previous fiscal year, representing growth of approximately 42%, and compared to $8.7 million in the most recent sequential quarter.
• Production revenue was $8.0 million, a quarterly record, compared to $5.1 million in the same quarter of the previous fiscal year, representing growth of approximately 57%, and compared to $7.6 million in the most recent sequential quarter.
• Gross margin was 25.3% compared to 13.0% in the same quarter of the previous fiscal year and compared to 23.6% in the most recent sequential quarter.
• Net loss for the quarter was $(0.1) million, compared to a net loss of $(1.4) million in the same quarter of the previous fiscal year and a net loss of $(0.1) million in the most recent sequential quarter.
• Adjusted EBITDA was $0.4 million for the quarter compared to $(0.9) million in the same quarter of the previous fiscal year and $0.3 million in the most recent sequential quarter.

FY 2026 Financial Highlights (Year Ended June 30, 2026)

• Revenue was $31.5 million, a fiscal year record, compared to $19.1 million in the previous fiscal year, representing growth of approximately 65%.
• Production revenue doubled to $28.1 million compared to $14.2 million in the previous fiscal year.
• Gross margin was 17.2% compared to 17.8% in the previous fiscal year.
• Net loss for the fiscal year declined to $(3.6) million, or $(0.43) per share, from $(5.8) million, or $(0.85) per share, in the previous fiscal year.
• Adjusted EBITDA was $(2.1) million for the fiscal year compared to $(3.7) million in the previous fiscal year, an improvement of approximately $1.6 million.
• Cash and cash equivalents were $9.8 million at June 30, 2026, compared to $1.8 million at June 30, 2025.

Recent Additional Highlights

• Achieved record quarterly revenue from the Company’s existing top-tier aerospace customer and continued strong production of its single-use cystoscopy surgery system.
• Continued ramping production under the previously announced $3.5 million follow-on order for the single-use ophthalmic program.
• Received a $1.3 million follow-on production order from a large defense company.
• Recently announced an initial engineering order from a U.S. space technology company.
• Continued strengthening the Company’s leadership team with the appointment of Peter Thier as Senior Vice President of Sales and Marketing.

FY 2027 Financial Guidance (Year Ending June 30, 2027)

• The Company expects fiscal year 2027 revenue to be in the range of $30 million to $33 million, similar to fiscal year 2026. The outlook reflects a pause in demand from the Company’s existing satellite customer with growth in single-use medical device programs, renewed defense production, additional programs transitioning into production and new engineering engagements expecting to partly offset this reduction. The Company expects a stronger second half of the year as orders are expected to resume from the existing satellite customer.
• The Company expects fiscal year 2027 Adjusted EBITDA to be in a range of $(1.2) million to $(1.7) million.

“Fiscal 2026 was a year of transformation for Precision Optics, and our fourth-quarter results demonstrate the progress we have made. We delivered record quarterly revenue, and a second consecutive quarter of positive Adjusted EBITDA, closing a year in which revenue grew 65%,” said Joe Forkey, CEO of Precision Optics. “Our fiscal 2027 revenue guidance is significantly impacted by the temporary pause in production with our existing satellite customer. As that customer resumes orders and we execute on growing existing and new customers, we anticipate returning to record quarterly revenue levels in the second half of the fiscal year. We believe there is a significant market opportunity, and we will continue to invest in capabilities, capacity and market penetration.”

“Rebuilding our product development pipeline is a priority led by our new SVP of Sales and Marketing. We received an initial engineering order from a second satellite customer. Although it is still early, we see the potential to build another meaningful, long-term production relationship.”

The following table summarizes the fourth quarter and fiscal year results for the periods ended June 30, 2026 and 2025. Fourth-quarter results are unaudited.

	Three Months Ended June 30 2026	Three Months Ended June 30 2025	Year Ended June 30 2026	Year Ended June 30 2025
Revenues	$8,774,474	$6,181,342	$31,531,765	$19,091,269
Cost of goods sold	6,550,806	5,382,155	26,100,545	15,686,836
Gross profit	2,223,668	799,187	5,431,220	3,404,433
Total operating expenses	2,330,228	2,155,229	8,939,828	8,955,724
Operating income (loss)	(106,560)	(1,356,042)	(3,508,608)	(5,551,291)
Interest income (expense), net	(971)	(44,577)	(116,325)	(227,019)
Income (loss) before income taxes	(107,531)	(1,400,619)	(3,624,933)	(5,778,310)
Income tax expense (benefit)	(3,744)	1,936	4,958	1,936
Net Loss	$(103,787)	$(1,402,555)	$(3,629,891)	$(5,780,246)
Earnings (loss) per share, basic	$(0.01)	$(0.18)	$(0.43)	$(0.85)
Earnings (loss) per share, diluted	$(0.01)	$(0.18)	$(0.43)	$(0.85)
Weighted average shares, basic	10,943,843	7,690,084	8,530,599	6,790,466
Weighted average shares, diluted	10,943,843	7,690,084	8,530,599	6,790,466

Conference Call Details

Date and Time: Monday, September 28, 2026, at 5:00 p.m. ET.

Call-in Information: Interested parties can access the conference call by dialing (844) 735-3662 or (412) 317-5705.

Live Webcast Information: Interested parties can access the conference call via a live webcast, which will be available at https://app.webinar.net/0E4e7l07PjV.

Replay: A teleconference replay of the call will be available for seven days at (855) 669-9658 or (412) 317-0088, replay access code 7128172. A webcast replay will be available at https://app.webinar.net/0E4e7l07PjV.

About Precision Optics Corporation

Founded in 1982, Precision Optics is a vertically integrated optics company focused on leveraging its proprietary micro-optics, multi-channel and ultra-high precision imaging and digital imaging technologies across the medical device, defense/aerospace and satellite communications markets. Through its Systems Manufacturing, Engineering, Ross Optical and Micro-Optics Lab operations, the Company provides services from new product concept and design through volume production. Its in-house optical, mechanical, electrical and systems engineering, prototyping, regulatory support, fabrication, assembly and manufacturing capabilities enable it to develop next-generation solutions for demanding customer requirements. In medical devices, Precision Optics supports minimally invasive and robotic surgery with micro-endoscopes, single-use and reusable endoscopes, digital imaging and related optical assemblies. In defense/aerospace and satellite communications, the Company applies its micro-optics and opto-mechanical expertise to applications requiring high quality and optimized size, weight and power. Ross Optical complements these capabilities through global sourcing, inspection and production of custom and catalog optics. For more information, please visit www.poci.com.

Non-GAAP Financial Measures

Precision Optics has provided in this press release financial information that has not been prepared in accordance with accounting principles generally accepted in the United States of America (“non-GAAP”). The non-GAAP financial measure is Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization). In addition to these items, Adjusted EBITDA excludes from Net Income (Loss) the effect of stock-based compensation, interest expense and interest income, depreciation and amortization and income taxes..

This non-GAAP financial measure assists Precision Optics management in comparing its operating performance over time because certain items may obscure the underlying business trends and make comparisons of long-term performance difficult, as they are of a nature and/or size that occur with inconsistent frequency or relate to discrete acquisition or restructuring plans that are fundamentally different from the ongoing productivity of the Company. Precision Optics management also believes that presenting this measure allows investors to view its performance using the same measures that the Company uses in evaluating its financial and business performance and trends.

Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information calculated in accordance with GAAP. Investors are encouraged to review the reconciliation of non-GAAP measures to their most directly comparable GAAP financial measures. A reconciliation of the non-GAAP financial measure presented above to GAAP results has been provided in the financial tables included with this press release.

Precision Optics is unable to provide a reconciliation of forward-looking Adjusted EBITDA guidance to net income (loss), the most directly comparable GAAP financial measure, without unreasonable efforts because of the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliation, including stock-based compensation expense, which may vary significantly based on stock price and other factors outside the Company’s control. The unavailable information could have a significant effect on the Company’s GAAP financial results.

About Forward-Looking Statements

This press release contains forward-looking statements within the meaning of U.S. federal securities laws including statements concerning our fiscal year 2027 revenue and Adjusted EBITDA guidance, our expectations regarding customer demand and order resumption, and our anticipated return to record revenue levels. Any statements contained herein that are not statements of historical fact may be deemed to be forward-looking statements. In addition, any statements that refer to projections, forecasts, or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intends,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. The forward-looking statements contained in this press release are based on certain assumptions and analyses made by the management of the Company in light of their respective experience and perception of historical trends, current conditions, and expected future developments and their potential effects on the Company as well as other factors they believe are appropriate in the circumstances. There can be no assurance that future developments affecting the Company will be those anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond the control of the parties), or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements, including the demand for the Company’s products, global supply chains and economic activity in general and other risks and uncertainties identified in the Company’s filings with the SEC. Should one or more of these risks or uncertainties materialize or should any of the assumptions being made prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as may be required under applicable securities laws.

PRECISION OPTICS CORPORATION, INC. Balance Sheets at June 30, 2026 and 2025
		2026				2025
ASSETS
Current Assets:
Cash and cash equivalents		$	9,841,142			$	1,773,735
Accounts receivable, net of allowance for credit losses of $108,220 at June 30, 2026 and $80,192 at June 30, 2025			5,944,412				4,336,730
Inventories, net			3,829,414				3,562,112
Prepaid expenses			494,488				385,390
Total current assets			20,109,456				10,057,967
Fixed Assets:
Machinery and equipment			3,410,813				3,385,958
Leasehold improvements			1,226,171				871,356
Furniture and fixtures			645,046				538,428
			5,282,030				4,795,742
Less—Accumulated depreciation and amortization			4,394,317				4,261,950
Net fixed assets			887,713				533,792
Operating lease right-of-use asset			2,300,866				141,825
Patents, net			212,889				232,493
Goodwill			8,824,210				8,824,210
Total other assets			11,337,965				9,198,528
TOTAL ASSETS		$	32,335,134			$	19,790,287
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities:
Current portion of capital lease obligation		$	–			$	27,368
Current maturities of long-term debt			577,898				577,898
Accounts payable			3,582,674				2,909,100
Customer advances			2,498,501				1,821,929
Accrued compensation and other			1,843,368				764,004
Operating lease liability			325,500				50,995
Total current liabilities			8,827,941				6,151,294
Long-term debt, net of current maturities			711,305				1,289,205
Operating lease liability, net of current portion			2,446,576				90,954
Total liabilities			11,985,822				7,531,453
Stockholders’ Equity:
Common stock, $0.01 par value: 50,000,000 shares authorized; issued and outstanding – 10,972,792 shares at June 30, 2026 and 7,714,701 shares at June 30, 2025			109,728				77,147
Additional paid-in capital			80,840,105				69,152,317
Accumulated deficit			(60,600,521	)			(56,970,630	)
Total stockholders’ equity			20,349,312				12,258,834
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY		$	32,335,134			$	19,790,287

PRECISION OPTICS CORPORATION, INC. Statements of Operations for the Years Ended June 30, 2026 and 2025
		2026				2025
Revenues		$	31,531,765			$	19,091,269
Cost of goods sold			26,100,545				15,686,836
Gross profit			5,431,220				3,404,433
Research and development expenses, net			1,033,156				1,157,963
Selling, general and administrative expenses			7,906,672				7,797,761
Total operating expenses			8,939,828				8,955,724
Operating loss			(3,508,608	)			(5,551,291	)
Other expense
Interest expense			(148,129	)			(227,019	)
Interest income			31,804				–
Loss before provision for income taxes			(3,624,933	)			(5,778,310	)
Provision for income taxes			4,958				1,936
Net loss		$	(3,629,891	)		$	(5,780,246	)
Loss per share:
Basic and fully diluted		$	(0.43	)		$	(0.85	)
Weighted average common shares outstanding:
Basic and fully diluted			8,530,599				6,790,466

PRECISION OPTICS CORPORATION, INC. Statements of Stockholders’ Equity for the Years Ended June 30, 2026 and 2025
		Number of Shares				Common Stock				Additional Paid-in Capital				Accumulated Deficit				Total Stockholders’ Equity
Balance, June 30, 2024			6,073,939			$	60,739			$	61,197,433			$	(51,190,384	)		$	10,067,788
Issuance of common stock in a registered direct offering			1,538,368				15,384				6,254,752				–				6,270,136
Proceeds from exercise of stock option			71,979				721				88,329				–				89,050
Issuance of common stock for consulting services and employees			30,415				303				151,395				–				151,698
Stock-based compensation			–				–				1,460,408				–				1,460,408
Net loss			–				–				–				(5,780,246	)			(5,780,246	)
Balance, June 30, 2025			7,714,701			$	77,147			$	69,152,317			$	(56,970,630	)		$	12,258,834
Issuance of common stock in public offering			3,194,444				31,944				10,598,734				–				10,630,678
Proceeds from exercise of stock option			40,294				404				39,595				–				39,999
Issuance of common stock for employee services			23,353				233				100,267				–				100,500
Stock-based compensation			–				–				949,192				–				949,192
Net loss			–				–				–				(3,629,891	)			(3,629,891	)
Balance, June 30, 2026			10,972,792			$	109,728			$	80,840,105			$	(60,600,521	)		$	20,349,312

PRECISION OPTICS CORPORATION, INC. Statements of Cash Flows For the Years Ended June 30, 2026 and 2025
		2026				2025
Cash Flows from Operating Activities:
Net loss		$	(3,629,891	)		$	(5,780,246	)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities-
Depreciation and amortization			279,277				212,439
Stock-based compensation expense			1,139,692				1,612,106
Non-cash legal expense			–				34,881
Non-cash interest expense			18,433				11,563
Non-cash operating lease expense			252,336				124
Loss on disposal of fixed assets			34,506				–
Changes in operating assets and liabilities:
Accounts receivable, net			(1,607,682	)			(791,239	)
Inventories			(267,302	)			(694,012	)
Prepaid expenses			(109,098	)			(86,026	)
Accounts payable			673,574				1,511,787
Contract liabilities			676,572				649,579
Accrued compensation and other			989,364				(76,658	)
Net cash used in operating activities			(1,550,219	)			(3,395,702	)
Cash Flows from Investing Activities:
Additional patent costs			(5,564	)			(6,264	)
Proceeds from sale of fixed assets			3,000				–
Purchases of property and equipment			(426,786	)			(227,209	)
Net cash used in investing activities			(429,350	)			(233,473	)
Cash Flows from Financing Activities:
Payment of capital lease obligations			(27,368	)			(41,114	)
Principal payments of long-term debt			(596,333	)			(280,440	)
Payment of debt issuance costs			–				(40,000	)
Repayments on line of credit			–				(1,000,000	)
Gross proceeds from registered direct offerings of common stock			–				6,270,136
Proceeds from public offering of common stock, net			10,630,678				–
Gross proceeds from exercise of stock options			39,999				89,050
Net cash provided by financing activities			10,046,976				4,997,632
Net increase in cash and cash equivalents			8,067,407				1,368,457
Cash and cash equivalents, beginning of year			1,773,735				405,278
Cash and cash equivalents, end of year		$	9,841,142			$	1,773,735
Supplemental disclosure of cash flow information:
Cash paid during the year for income taxes		$	2,600			$	1,936
Cash paid during the year for interest		$	129,696			$	216,456
Leasehold improvements financed by landlord		$	218,750			$	–
Issuance of common stock for consulting and employee services		$	100,500			$	151,698
Stock based compensation for employee services included in accrued compensation and other		$	90,000			$	–
Operating right-of-use assets obtained in exchange for operating lease liabilities		$	2,632,584			$	133,650

PRECISION OPTICS CORPORATION, INC.
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
ADJUSTED EBITDA
		Three Months Ended								Year Ended
		June 30								June 30
		2026				2025				2026				2025
Net Loss (GAAP)		$	(103,787	)		$	(1,402,555	)		$	(3,629,891	)		$	(5,780,246	)
Stock based compensation			397,193				439,873				1,139,692				1,612,106
Depreciation and amortization			64,329				59,226				279,277				212,439
Income Taxes			(3,744	)			1,936				4,958				1,936
Interest Expense			32,775				44,577				148,129				227,019
Interest Income			(31,804	)			–				(31,804	)			–
Adjusted EBITDA (non-GAAP)		$	354,962			$	(856,943	)		$	(2,089,639	)		$	(3,726,746	)

CARLSBAD, Calif., Sept. 28, 2026 (GLOBE NEWSWIRE) — Natural Alternatives International, Inc. (“NAI”) (Nasdaq: NAII), a leading formulator, manufacturer, and marketer of customized nutritional supplements, announced today a net loss of $13.5 million, or ($2.23) per diluted share, on net sales of $34.5 million for the fourth quarter of fiscal year 2026 compared to a net loss of $7.2 million, or ($1.20) per diluted share, in the fourth quarter of the prior fiscal year. Our net loss for the fourth quarter of fiscal 2026 includes a non-recurring non-cash charge of $10.4 million related to the impairment of our Carlsbad, CA manufacturing facility due to its underutilization. Excluding this charge, our net loss for the fourth quarter of fiscal 2026 would have been $3.1 million, or ($0.52) per diluted share.

Net sales during the three months ended June 30, 2026, increased $0.6 million, or 1.9%, to $34.5 million compared to $33.9 million recorded in the comparable prior year period. During the same period, private-label contract manufacturing sales increased 0.6% to $31.9 million. Private-label contract manufacturing sales increased primarily due to increased orders from one of our larger customers, partially offset by reduced orders from other existing customers.

CarnoSyn® beta-alanine royalty, licensing and raw material sales revenue increased 22% to $2.6 million during the fourth quarter of fiscal year 2026, as compared to $2.1 million for the fourth quarter of fiscal year 2025. The increase in CarnoSyn® beta-alanine royalty, licensing, and raw material sales revenue during the fourth quarter of fiscal 2026 was primarily due to increased raw material sales to existing customers and increased royalty income.

Our net loss for our fiscal year ending June 30, 2026, was $20.7 million, or ($3.43) per diluted share, compared to a net loss of $13.6 million, or ($2.28) per diluted share for fiscal year 2025. Our net loss for fiscal 2026 included the non-recurring, non-cash charge of $10.4 million related to the impairment of our Carlsbad, CA. manufacturing facility, and related assets. Excluding this charge, our net loss for fiscal 2026 would have been $10.3 million or ($1.71) per diluted share.

Net sales during the year ended June 30, 2026, increased $12.7 million, or 10%, to $142.5 million as compared to $129.9 million recorded in the comparable prior year period. During the year ended June 30, 2026, private-label contract manufacturing sales increased 11% to $134.6 million, as compared to $121.8 million in the comparable prior period. CarnoSyn® beta-alanine royalty, licensing and raw material sales revenue decreased 2% to $7.9 million during fiscal 2026, as compared to $8.1 million for fiscal 2025.

While we grew sales during the three and twelve months ended June 30, 2026, we experienced a net loss primarily due to underutilization of our available factory capacities and a non-cash impairment charge against our Carlsbad, CA manufacturing facility. 

To increase our capacity utilization and reduce operating costs, we have initiated the consolidation of our USA manufacturing operations into our Vista, CA facility, which includes the anticipated sale of our Carlsbad, CA manufacturing facility. We have also initiated a comprehensive review process to explore strategic alternatives focused on maximizing shareholder value including evaluating a full range of strategic growth paths, potential mergers, acquisitions, joint ventures, or a sale of the Company.

As of June 30, 2026, we had cash of $7.5 million and working capital of $27.7 million, compared to $12.3 million and $30.5 million respectively, as of June 30, 2025. As of June 30, 2026, we had $17.7 million of borrowing capacity on our credit facility of which we had outstanding borrowings of $7.7 million.

Mark A. Le Doux, Chairman and Chief Executive Officer of NAI stated, “We are taking decisive steps to strengthen our financial position and better align our operations with current market demand. The planned sales of our Carlsbad, CA Headquarters building and the expected sale of the Carlsbad, CA manufacturing facility are an important part of this effort and are expected to provide additional liquidity, reduce debt, and eliminate significant excess manufacturing capacity. We believe we can successfully consolidate production into our Vista, CA facility without disrupting our customers, while continuing to focus on growing revenue, expanding customer relationships and reducing costs.”

An updated investor presentation will be posted to the investor relations page on our website later today (https://www.nai-online.com/our-company/investors/).

NAI, headquartered in Carlsbad, California, is a leading formulator, manufacturer and marketer of nutritional supplements and provides strategic partnering services to its customers. Our comprehensive partnership approach offers a wide range of innovative nutritional products and services to our clients including scientific research, proprietary ingredients, customer-specific nutritional product formulation, product testing and evaluation, marketing management and support, packaging, and delivery system design, regulatory review, and international product registration assistance. For more information about NAI, please see our website at http://www.nai-online.com.

This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934 that are not historical facts and information. These statements represent our intentions, expectations and beliefs concerning future events, including, among other things, our ability to develop, maintain or increase sales to new and existing customers, our future revenue, profits, and financial condition. We wish to caution readers these statements involve risks and uncertainties that could cause actual results and outcomes for future periods to differ materially from any forward-looking statement or views expressed herein. NAI’s financial performance and the forward-looking statements contained herein are further qualified by other risks, including those set forth from time to time in the documents filed by us with the Securities and Exchange Commission, including our most recent Annual Report on Form 10-K.

SOURCE – Natural Alternatives International, Inc.

CONTACT – Kenneth Wolf, President, Chief Operating Officer and Acting Principal Financial Officer, Natural Alternatives International, Inc., at 760-736-7700 or investor@nai-online.com.

Web site: http://www.nai-online.com

NATURAL ALTERNATIVES INTERNATIONAL, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
	(Unaudited)
	Three Months Ended														Year Ended
	June 30,														June 30,
		2026							2025							2026							2025
NET SALES	$	34,508			100.0	%		$	33,866			100.0	%		$	142,515			100.0	%		$	129,860			100.0	%
Cost of goods sold		32,782			95.0	%			30,331			89.6	%			133,518			93.7	%			120,571			92.8	%
Gross profit		1,726			5.0	%			3,535			10.4	%			8,997			6.3	%			9,289			7.2	%
Other selling, general & administrative expenses		4,460			12.9	%			4,079			12.0	%			17,296			12.1	%			16,549			12.7	%
Settlement of legal proceedings & associated expense		32			0.1	%			1,400			4.1	%			44			0.0	%			1,400			1.1	%
Selling, general & administrative expenses		4,492			13.0	%			5,479			16.2	%			17,340			12.2	%			17,949			13.8	%
Impairment loss		10,409			30.2	%										10,409			7.3	%
LOSS FROM OPERATIONS		(13,175	)		-38.2	%			(1,944	)		-5.7	%			(18,752	)		-13.2	%			(8,660	)		-6.7	%
Other expense, net		(319	)		-0.9	%			(875	)		-2.6	%			(1,513	)		-1.1	%			(2,080	)		-1.6	%
LOSS BEFORE TAXES		(13,494	)		-39.1	%			(2,819	)		-8.3	%			(20,265	)		-14.2	%			(10,740	)		-8.3	%
Income tax expense		46							4,397							430							2,835
NET LOSS	$	(13,540	)					$	(7,216	)					$	(20,695	)					$	(13,575	)
NET LOSS PER COMMON SHARE:
Basic:	$	(2.23	)					$	(1.20	)					$	(3.43	)					$	(2.28	)
Diluted:	$	(2.23	)					$	(1.20	)					$	(3.43	)					$	(2.28	)
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:
Basic		6,071							6,003							6,028							5,947
Diluted		6,071							6,003							6,028							5,947

NATURAL ALTERNATIVES INTERNATIONAL, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
	June 30,				June 30,
		2026				2025
ASSETS
Cash and cash equivalents	$	7,388			$	12,325
Restricted cash		86				–
Accounts receivable, net		20,650				14,644
Inventories, net		30,753				24,871
Other current assets		6,557				7,436
Total current assets		65,434				59,276
Property and equipment, net		35,605				50,890
Operating lease right-of-use assets		24,062				41,054
Other noncurrent assets, net		1,345				719
Total Assets	$	126,446			$	151,939
LIABILITIES AND STOCKHOLDERS’ EQUITY
Accounts payable and accrued liabilities		26,514				24,483
Line of Credit		7,749				1,900
Mortgage note payable		10,939				8,933
Operating lease liability		31,285				48,197
Total Liabilities		76,487				83,513
Stockholders’ Equity		49,959				68,426
Total Liabilities and Stockholders’ Equity	$	126,446			$	151,939

REGULATED INFORMATION
INSIDE INFORMATION

Nyxoah Appoints Liam Kelly as Chief Executive Officer

Further strengthening the Company’s strategic U.S. presence and focus

Mont-Saint-Guibert, Belgium – September 28, 2026, 10:30 pm CET / 4:30 pm ET – Nyxoah SA (Euronext Brussels/Nasdaq: NYXH) (“Nyxoah” or the “Company”), a medical technology company that develops breakthrough treatment alternatives for Obstructive Sleep Apnea (OSA) through neuromodulation, today announced the appointment of Liam Kelly as Chief Executive Officer, effective October 1, 2026, succeeding Olivier Taelman.

The appointment reflects Nyxoah’s continued evolution into a U.S.-focused commercial organization following FDA approval and the launch of Genio in the United States.

Liam Kelly brings more than 25 years of leadership experience. He served as Chairman, President and Chief Executive Officer of Teleflex Incorporated (NYSE: TFX), a global provider of medical technology products, until January 2026. He led Teleflex as President and Chief Executive Officer from January 2018 and as Chairman of the Board from May 2020. Mr. Kelly joined Teleflex in 2009 and held a series of senior operating roles, including President of EMEA, President, International, President, Americas, and Chief Operating Officer. Before Teleflex, he spent ten years at Hill-Rom Holdings, Inc. in senior management roles. Mr. Kelly is a director of Enovis Corporation (NYSE: ENOV) and holds a Bachelor of Business Studies from the University of Limerick.

“Nyxoah is entering a new chapter, with the United States at the center of our growth strategy. We are very pleased to welcome Liam as our new CEO. He is a seasoned U.S. MedTech executive with a strong track record of scaling organizations, driving commercial performance and creating shareholder value,” said Robert Taub, Chairman of Nyxoah. “On behalf of the Board, I also want to thank Olivier for his leadership over the past seven years and his contribution in bringing Nyxoah from clinical development through FDA approval and into U.S. commercialization.”

“I am incredibly excited to join Nyxoah at this pivotal stage,” said Liam Kelly. “Genio is a truly differentiated technology in the treatment of sleep apnea. The technology has tremendous potential to impact patient lives globally. The U.S. launch is still in its early stages, and the momentum we’re seeing in physician adoption gives me great confidence in what lies ahead. Drawing on my experience at Teleflex building and scaling global businesses, I look forward to working with the Nyxoah team to scale the business and bring Genio to many more OSA patients.”

About Nyxoah

Nyxoah is a medical technology company focused on the development and commercialization of innovative solutions to treat OSA. Nyxoah’s lead solution is the Genio system, a patient-centered, leadless and battery-free hypoglossal neurostimulation therapy for OSA, the world’s most common sleep disordered breathing condition that is associated with increased mortality risk and cardiovascular comorbidities. Nyxoah is driven by the vision that OSA patients should enjoy restful nights and feel enabled to live their life to its fullest.

Following the successful completion of the BLAST OSA study, the Genio system received its European CE Mark in 2019. Nyxoah completed two successful IPOs: on Euronext Brussels in September 2020 and NASDAQ in July 2021. Following the positive outcomes of the BETTER SLEEP study, Nyxoah received CE mark approval for the expansion of its therapeutic indications to Complete Concentric Collapse (CCC) patients, currently contraindicated in competitors’ therapy. Additionally, the Company announced positive outcomes from the DREAM IDE pivotal study in 2024 and received approval from the FDA in August 2025, with the treatment of CCC patients included in the warning section of our indications for use.

For more information, please visit http://www.nyxoah.com.

Caution – CE marked since 2019. FDA approved in August 2025 as prescription-only device.

Forward-looking statements

Certain statements, beliefs and opinions in this press release are forward-looking, which reflect the Company’s or, as appropriate, the Company directors’ or management’s current expectations regarding the appointment of the Chief Executive Officer and the related leadership transition; the Company’s leadership and organizational structure; the Company’s commercialization strategy in the U.S. market; the Company’s results of operations, financial condition, liquidity, performance, prospects, growth, future revenue and strategies. By their nature, forward-looking statements involve a number of risks, uncertainties, assumptions and other factors that could cause actual results or events to differ materially from those expressed or implied by the forward-looking statements. These risks, uncertainties, assumptions and factors could adversely affect the outcome and financial effects of the plans and events described herein. These risks and uncertainties include, but are not limited to, the risks and uncertainties set forth in the “Risk Factors” section of the Company’s Annual Report on Form 20-F for the year ended December 31, 2025, filed with the Securities and Exchange Commission (“SEC”) on March 26, 2026 and subsequent reports that the Company files with the SEC. A multitude of factors including, but not limited to, changes in demand, competition and technology, can cause actual events, performance or results to differ significantly from any anticipated development. Forward-looking statements contained in this press release regarding past trends or activities are not guarantees of future performance and should not be taken as a representation that such trends or activities will continue in the future. In addition, even if actual results or developments are consistent with the forward-looking statements contained in this press release, those results or developments may not be indicative of results or developments in future periods. No representations and warranties are made as to the accuracy or fairness of such forward-looking statements. As a result, the Company expressly disclaims any obligation or undertaking to release any updates or revisions to any forward-looking statements in this press release as a result of any change in expectations or any change in events, conditions, assumptions or circumstances on which these forward-looking statements are based, except if specifically required to do so by law or regulation. Neither the Company nor its advisers or representatives nor any of its subsidiary undertakings or any such person’s officers or employees guarantees that the assumptions underlying such forward-looking statements are free from errors nor does either accept any responsibility for the future accuracy of the forward-looking statements contained in this press release or the actual occurrence of the forecasted developments. You should not place undue reliance on forward-looking statements, which speak only as of the date of this press release.

Contacts:

Nyxoah

Rémi Renard, Head of Investor Relations & Corporate Communication
IR@nyxoah.com

Attachment

• ENGLISH_Nyxoah Appoints Liam Kelly as CEO_FINAL

NEW YORK, Sept. 28, 2026 (GLOBE NEWSWIRE) — High Income Securities Fund (NYSE: PCF) (the “Fund”) today announced that the Fund’s Board of Trustees (the “Board”) has declared the next three monthly distributions under the Fund’s managed distribution plan.

Under the Fund’s managed distribution plan, the Fund intends to make monthly distributions to common stockholders at an annual rate of 10% (or 0.8333% per month) for 2026, based on the net asset value of $6.96 of the Fund’s common shares as of December 31, 2025.

The next three distributions declared under the managed distribution plan are as follows:

Month	Rate	Record Date	Payable Date
October	$0.0580	October 20, 2026	October 30, 2026
November	$0.0580	November 17, 2026	November 30, 2026
December	$0.0580	December 22, 2026	December 31, 2026

Under the managed distribution plan, to the extent that sufficient investment income is not available on a monthly basis, the Fund will distribute long-term capital gains and/or return of capital. To the extent that the Fund’s net investment income and net realized capital gains exceed the aggregate amount distributed pursuant to the managed distribution plan, the Fund may make an additional year-end distribution. No conclusions should be drawn about the Fund’s investment performance from the amount of the distributions. The Board may amend the terms of the managed distribution plan or terminate the plan at any time.

The Fund will issue a notice to stockholders that will provide an estimate of the composition of each distribution. For tax reporting purposes the actual composition of the total amount of distributions for each year will continue to be provided on a Form 1099-DIV issued after the end of the year.

CONTACT: Contact: Ultimus Fund Solutions, BulldogFA@ultimusfundsolutions.com

Award recognizes Navitas’ leadership in ultra-high-voltage (UHV) SiC technology and resilient U.S.-anchored manufacturing supply chain

TORRANCE, Calif., Sept. 28, 2026 (GLOBE NEWSWIRE) — Navitas Semiconductor (Nasdaq: NVTS), the industry leader in next-generation GaNFast^™ gallium nitride (GaN) and GeneSiC^™ silicon carbide (SiC) power semiconductors, today announced it has been awarded the ALATTIS (Accelerated, Large-Area, 10 kV SiC IGBT) program to develop next-generation 10 kV silicon carbide (SiC) power semiconductor technology.

Following a rigorous competitive evaluation, the U.S. Army selected Navitas from among leading U.S. silicon carbide technology companies in recognition of its unmatched leadership in UHV SiC innovation, proven ability to deliver defense-grade performance and reliability, and resilient U.S.-anchored manufacturing ecosystem for advanced power semiconductor technologies.

The ALATTIS prototype project will develop, execute, and validate a novel domestic manufacturing process for ultra-high-voltage (≥10 kV) silicon SiC power semiconductor devices through iterative design, fabrication, and testing.

The project is sponsored by the Army Research Laboratory (ARL), which operates under the U.S. Army Combat Capabilities Development Command (DEVCOM). The ALATTIS prototype program seeks to develop, execute, and validate a novel and currently unavailable domestic manufacturing process for 10 kV IGBTs. ALATTIS is supported by the Joint Experimentation and Technology Accelerator (JETX) with the aim of advancing high-power electronics for critical defense and infrastructure applications. The program will accelerate the development of next-generation 10 kV SiC insulated-gate bipolar transistors (IGBTs) and associated PiN diode technologies for mission-critical systems used by the Armed Forces.

Navitas’ GeneSiC™ SiC power semiconductor portfolio, led by its flagship trench-assisted planar (TAP) MOSFET architecture, spans voltage ratings from 650 V to 6.5 kV and is engineered, manufactured, and supported by a resilient U.S.-anchored supply chain, enabling secure domestic production of advanced power semiconductor technologies for next-generation defense and critical infrastructure applications. Navitas has pioneered multiple industry firsts in UHV SiC, including:

• 6.5 kV SiC thyristors in 2010, recognized with a 2010 R&D 100 Award
• 10–15 kV PiN diodes in 2012
• 6.5 kV SiC MOSFETs commercial release in 2021

“The ALATTIS award marks a significant milestone in advancing ultra-high-voltage silicon carbide (SiC) power devices and recognizes Navitas’ over 20 years of innovation in delivering reliable, ultra-high-voltage, high-power SiC technologies,” said Siddarth Sundaresan, SVP and Chief Technology Officer at Navitas. “This program enables Navitas to extend its leadership beyond SiC MOSFETs by developing next-generation 10 kV SiC IGBTs built on our unique, patented trench-assisted planar (TAP) architecture and integrated with advanced PiN diode technologies.”

To learn more about Navitas’s capabilities in UHV SiC technology, please contact a Navitas Representative or email: info@navitassemi.com.

About Navitas
Navitas Semiconductor (Nasdaq: NVTS) is a next-generation power semiconductor leader in gallium nitride (GaN) and IC integrated devices, and high-voltage silicon carbide (SiC) technology, driving innovation across AI data centers, performance computing, energy and grid infrastructure, and industrial electrification. With more than 30 years of combined expertise in wide-bandgap technologies, GaNFast™ power ICs integrate GaN power, drive, control, sensing, and protection, delivering faster power delivery, higher system density, and greater efficiency. GeneSiC™ high-voltage SiC devices leverage patented ‘trench-assisted planar technology’ to provide industry-leading voltage capability, efficiency, and reliability for medium-voltage grid and infrastructure applications. Navitas has over 300 patents issued or pending and is the world’s first semiconductor company to be CarbonNeutral^®-certified.

Navitas Semiconductor, GaNFast, GaNSense, GeneSiC, and the Navitas logo are trademarks or registered trademarks of Navitas Semiconductor Limited and affiliates. All other brands, product names, and marks are or may be trademarks or registered trademarks used to identify products or services of their respective owners.

About DEVCOM ARL
DEVCOM ARL is the Army’s sole fundamental research laboratory serving as the nexus of science between the military, academia, and industry. Operating under U.S. Army Futures and Concepts Command and the U.S. Army Transformation and Training Command, ARL executes globally recognized research to accelerate delivery of war-winning, disruptive technologies for tomorrow’s Army.
For information, visit the Army Research Laboratory website.

Contact Information
Navitas Semiconductor
Vipin Bothra
info@navitassemi.com

Navitas Investor Contacts
Leanne Sievers | Brett Perry
Shelton Group
sheltonir@sheltongroup.com

Cautionary Statement Regarding Forward-Looking Statements
This press release includes “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are attempts to predict or indicate future events or trends or similar statements that are not a reflection of historical fact. Forward-looking statements may be identified by the use of words such as “we expect” or “are expected to be,” “estimate,” “plan,” “project,” “forecast,” “intend,” “anticipate,” “believe,” “seek,” or other similar expressions. Forward-looking statements are made based on estimates and forecasts of financial and performance metrics, projections of market opportunity and market share and current indications of customer interest, all of which are based on various assumptions, whether or not identified in this press release. All such statements are based on current expectations of the management of Navitas and are not predictions of actual future performance. Forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions and expectations. Many actual events and circumstances that affect performance are beyond the control of Navitas and, forward-looking statements are subject to a number of uncertainties. Our businesses are subject to certain risks that could materially and adversely affect our respective business, financial condition, results of operations, or the value of our securities. For Navitas, these and other risk factors are discussed in the Risk Factors section of our most recent annual report on Form 10-K, as updated in the Risk Factors section of our most recent quarterly report on Form 10-Q, and in other documents we file with the SEC. If any of these risks, as discussed in more detail in our SEC reports, materialize or if our assumptions underlying forward-looking statements prove to be incorrect, actual results could differ materially from the results implied by these forward-looking statements.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/48bde051-b30b-4423-874c-4e9ff912306a

OSWEGO, N.Y., Sept. 28, 2026 (GLOBE NEWSWIRE) — James A. Dowd, President and CEO of Pathfinder Bancorp, Inc., the bank holding company of Pathfinder Bank (NASDAQ: PBHC) (listing: PathBcp), has announced that the Company has declared a cash dividend of $0.10 per share on the Company’s voting common and non-voting common stock relating to the fiscal quarter ending September 30, 2026. The third quarter 2026 dividend will be payable to all shareholders of record on October 16, 2026 and will be paid on November 6, 2026.

About Pathfinder Bancorp, Inc.
Pathfinder Bank is a New York State chartered commercial bank headquartered in Oswego, whose deposits are insured by the Federal Deposit Insurance Corporation. The Bank is a wholly owned subsidiary of Pathfinder Bancorp, Inc., (NASDAQ SmallCap Market; symbol: PBHC, listing: PathBcp). The Bank has twelve full service offices located in its market areas consisting of Oswego and Onondaga County and one limited purpose office in Oneida County.

This release may contain certain forward-looking statements, which are based on management’s current expectations regarding economic, legislative, and regulatory issues that may impact the Company’s earnings in future periods. Factors that could cause future results to vary materially from current management expectations include, but are not limited to, general economic conditions, changes in interest rates, deposit flows, loan demand, real estate values, and competition; changes in accounting principles, policies, or guidelines; changes in legislation or regulation; and economic, competitive, governmental, regulatory, and technological factors affecting the Company’s operations, pricing, products, and services.

CONTACT: James A. Dowd, President and CEO, (315) 343-0057

TEL AVIV, ISRAEL, Sept. 28, 2026 (GLOBE NEWSWIRE) — Arbe Robotics Ltd. (NASDAQ: ARBE), (TASE: ARBE) (“Arbe” or the “Company”), a global leader in ultra-high-resolution radar solutions, today announced the closing of its previously announced underwritten registered direct offering of 833,334 ordinary shares at a purchase price of $0.60 per ordinary share, and, in lieu of ordinary shares to certain investors, pre-funded warrants to purchase up to 24,166,666 ordinary shares at a purchase price of $0.5999 per share, which equals the offering price per ordinary share less the $0.0001 exercise price per share of each pre-funded warrant. The pre-funded warrants are immediately exercisable and will not expire until exercised in full. All ordinary shares and pre-funded warrants sold in the offering were offered by the Company.

Aggregate gross proceeds to the Company from the offering were approximately $15 million before deducting underwriting discounts and commissions and other offering expenses. Arbe intends to use the net proceeds from this offering for working capital and general corporate purposes, including, but not limited to, scaling its operations to support growing commercial opportunities, including the recently announced selection of Arbe’s radar technology for a Level 3 passenger vehicle program of one of the world’s largest automotive groups and its intended expansion into the defense and counter-drone markets, as well as to potentially pursue strategic merger and acquisition opportunities.

This deal was led by two institutional investors, including AWM Investment Company, Inc., the investment adviser of the Special Situations Funds, which has also participated in many of the Company’s previous financings. Canaccord Genuity acted as sole bookrunner for the offering.

The securities described above were offered pursuant to a registration statement on Form F-3 (File No. 333-287805), originally filed on June 5, 2025, with the Securities and Exchange Commission (the “SEC”) and declared effective by the SEC on June 13, 2025. The offering was made only by means of a prospectus and a prospectus supplement which forms a part of the effective registration statement relating to the offering. Electronic copies of the final prospectus may be obtained on the SEC’s website at http://www.sec.gov and may also be obtained by contacting Canaccord Genuity LLC, Attn: Syndication Department, 1 Post Office Square, 30th Floor, Boston, MA 02109, or by email at prospectus@cgf.com.

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

About Arbe Robotics Ltd.

Arbe (NASDAQ: ARBE), a global leader in ultra-high-resolution radar solutions, is redefining radar as a core sensing platform for next-generation mobility and defense. Arbe’s complete radar technology stack, from proprietary chipsets to radar systems and AI algorithms that produce perception-ready data, delivers the detail and real-time processing that demanding sensing applications require. Arbe enables OEMs, Tier-1s, and defense integrators to build more capable perception systems for passenger vehicles, robotaxis, heavy machinery, and counter-drone systems.

Headquartered in Tel Aviv, Israel, Arbe also operates offices in the United States, Germany, and China. For more information, visit https://arberobotics.com/.

Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, both as amended by the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements regarding the intended use of net proceeds from the offering. The words “expect,” “believe,” “estimate,” “intend,” “plan,” “anticipate,” “may,” “should,” “strategy,” “future,” “will,” “project,” “potential” and similar expressions indicate forward-looking statements. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. These risks and uncertainties include the possible delisting of the Company’s ordinary shares from Nasdaq in the event the bid price per share of the Company’s ordinary shares remains below $1.00, the effect on the Israeli economy generally and on the Company’s business resulting from the terrorism and the hostilities in Israel, including the continuing hostilities with Iran, Hezbollah, and Hamas and any intensification of hostilities, and the effect of the call-up of a significant portion of its working population, including the Company’s employees, the ability of the Company to develop and market the Alerion radar system and deliver units in a timely and profitable manner, the ability of the Alerion radar system to operate as planned under wartime conditions, and the risks and uncertainties described in “Cautionary Note Regarding Forward-Looking Statements,” “Item 3. Key Information – D. Risk Factors” and “Item 5. Operating and Financial Review and Prospects” in the Company’s Annual Report on Form 20-F for the year ended December 31, 2025, which was filed with the SEC on March 27, 2026, as well as other documents filed by the Company with the SEC. Accordingly, you are cautioned not to place undue reliance on these forward-looking statements. Forward-looking statements relate only to the date they were made, and the Company does not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date they were made except as required by law or applicable regulation. Information contained on, or that can be accessed through, the Company’s website or any other website or any social media is expressly not incorporated by reference into and is not a part of this press release.

Investor Relations:

Ehud Helft & Kenny Green
EK Global Investor Relations
investors@arberobotics.com
+1 212 378 8040