Ravi Shankar – Page 36

LEQEMBI® Pen (Subcutaneous Formulation of LEQEMBI®) Now Available in Japan for Patients with Early Alzheimer’s Disease

Posted on November 12, 2026 by Ravi Shankar

The First and Only Anti-Amyloid Treatment in Japan that Enables At-Home Administration

TOKYO and CAMBRIDGE, Mass., Nov. 12, 2026 (GLOBE NEWSWIRE) — Eisai Co., Ltd. and Biogen Inc. (Nasdaq: BIIB) announced today that “LEQEMBI^® Pen”, the subcutaneous (SC) formulation of “LEQEMBI^®” (generic name: lecanemab) has been launched in Japan.

LEQEMBI Pen was approved as a new route of administration in Japan on September 16, 2026, and was published in Japan’s National Health Insurance (NHI) Drug Price List today. Following the United States, Japan is the second country where LEQEMBI’s subcutaneous formulation has been launched.

Biogen Inc.

LEQEMBI Pen is an autoinjector formulation that enables either patient self-administration, or administration by a care partner, using two pens (500 mg total) once weekly. With this launch, LEQEMBI treatment now offers a new option of once-weekly SC administration, in addition to intravenous (IV) administration every two weeks in a medical facility.

LEQEMBI Pen may reduce the time required for anti-amyloid therapy administration compared with IV infusions (approximate injection time of 15 seconds per injection). In addition to administration at a medical facility, the possibility of self-administration at home or while traveling may reduce the burden of clinic visits for patients and their care partners and provide greater flexibility in treatment, allowing patients to make treatment choices that better fit their lifestyles, including fewer constraints on going out and traveling. These features are expected to lower barriers to initiating and continuing treatment with LEQEMBI. LEQEMBI Pen also may reduce healthcare resources associated with IV administration, such as nurse monitoring and infusion capacity, contributing to a more streamlined Alzheimer’s disease (AD) treatment pathway. For amyloid-related imaging abnormalities (ARIA) monitoring, as with IV administration, brain magnetic resonance imaging (MRI) is performed prior to initiating treatment and at specified time points after treatment initiation.

The following points are stipulated to be observed when self-administering.

When initiating administration, treatment must be administered by a physician or under the direct supervision of a physician at a medical facility.
With regard to the applicability of self-administration, the appropriateness thereof shall be carefully considered, and only after providing thorough education and training, and confirming that the patient or family member/caregiver understands the risks associated with administration of this drug and how to respond to them, and that the patient or family member/caregiver is able to reliably administer it themselves, shall self-administration be implemented under the management and guidance of a physician.

AD is a progressive, relentless disease with Aβ and tau as hallmarks that is caused by a continuous underlying neurotoxic process driven by protofibrils that begins before amyloid plaque accumulation and continues after plaque removal.^1,2,3 Only LEQEMBI fights AD in two ways – targeting both protofibrils and amyloid plaque.

Eisai serves as the lead for lecanemab’s development and regulatory submissions globally, with Eisai and Biogen co-commercializing and co-promoting the product and Eisai having final decision-making authority.

Eisai Co., Ltd. Public Relations Department TEL: +81 (0)3-3817-5120 Eisai Europe, Ltd. EMEA Communications Department +44 (0) 7760 619251 Emea-comms@eisai.net Eisai Inc. (U.S.) Libby Holman +1-201-753-1945 Libby_Holman@Eisai.com	Biogen Inc. Madeleine Shin +1-781-464-3260 public.affairs@biogen.com
INVESTOR CONTACTS
Eisai Co., Ltd. Investor Relations Department TEL: +81 (0) 3-3817-5122	Biogen Inc. Tim Power + 1-781-464-2442 IR@biogen.com

Notes to Editors

Product Outline
Product name: LEQEMBI^® Pen
Generic name: Lecanemab (recombinant)
Indication for use: Slowing progression of mild cognitive impairment (MCI) and mild dementia due to Alzheimer’s disease.
Dosage and administration: The usual dose of lecanemab (recombinant) is 500 mg injected subcutaneously once weekly.
National Health Insurance (NHI) Drug Price: 27,141 JPY per pen
Packaging: LEQEMBI^® Pen 1.25mL x 2 pens
About lecanemab (generic name, brand name: LEQEMBI^®)
Lecanemab is the result of a strategic research alliance between Eisai and BioArctic. It is a humanized immunoglobulin gamma (IgG1) monoclonal antibody directed against aggregated soluble (protofibril) and insoluble forms of amyloid-beta (Aβ).
Lecanemab has been approved in 53 countries and regions including Japan, the U.S., China, Canada, Europe, South Korea, Taiwan, and Saudi Arabia, and is under regulatory review in 6 countries. In September 2023, Eisai received approval in Japan for lecanemab as a treatment for slowing progression of mild cognitive impairment (MCI) and mild dementia due to AD. Following the initial phase with treatment every two weeks for 18 months, intravenous (IV) maintenance dosing with treatment every four weeks is approved in 9 countries and regions including the U.S., China, the UK, and others, and applications have been filed in 11 countries and regions. The U.S. FDA approved Eisai’s Biologics License Application (BLA) for subcutaneous maintenance dosing (360 mg) with LEQEMBI IQLIK in August 2025. For subcutaneous initiation treatment (500 mg), approval was obtained in the U.S. in July 2026 and China in September 2026, and applications are under review in 4 countries.

The approval in Japan is based on the integrated results of data and associated modeling and simulation from the 18-month core study of the Phase 3 Clarity AD study of LEQEMBI in patients with mild cognitive impairment (MCI) due to AD or mild AD dementia (collectively referred to as early AD), as well as multiple SC administration sub-studies in its subsequent long-term extension study (LTE). In this sub-study, once-weekly administration of SC formulation 500 mg demonstrated similar exposure to IV administration once every two weeks and supported the expectation that the SC formulation provides efficacy comparable to that of the IV formulation. The overall safety profile of SC administration was generally similar to that of IV administration, while systemic injection/infusion-related reactions were observed less frequently with SC administration (1.4%)* than with IV administration.

Since July 2020, the Phase 3 clinical study (AHEAD 3-45) for individuals with preclinical AD, meaning they are clinically normal and have intermediate or elevated levels of amyloid in their brains, is ongoing. AHEAD 3-45 is conducted as a public-private partnership between the Alzheimer’s Clinical Trial Consortium that provides the infrastructure for academic clinical trials in AD and related dementias in the U.S, funded by the National Institute on Aging, part of the National Institutes of Health, Eisai and Biogen. Since January 2022, the Tau NexGen clinical study for Dominantly Inherited AD (DIAD), that is conducted by Dominantly Inherited Alzheimer Network Trials Unit (DIAN-TU), led by Washington University School of Medicine in St. Louis, is ongoing and includes lecanemab as the backbone anti-amyloid therapy.

* Incidence in participants newly initiated on lecanemab treatment via SC administration, based on clinical data obtained from once-weekly subcutaneous administration of lecanemab 720 mg using vial formulations.
About Protofibrils
Protofibrils are thought to be the most toxic Aβ species that contribute to brain damage in AD and play a major role in the cognitive decline of this progressive and devastating disease. Protofibrils can cause neuronal and synaptic damage in the brain, which can subsequently adversely affect cognitive function through multiple mechanisms.¹ The mechanism by which this occurs has been reported not only by increasing the formation of insoluble Aβ plaques, but also by directly damaging signaling between neurons and other cells. It is believed that reducing protofibrils may reduce neuronal damage and cognitive impairment, potentially preventing the progression of AD.²
About the Collaboration between Eisai and Biogen for AD
Eisai and Biogen have been collaborating on the joint development and commercialization of AD treatments since 2014. Eisai serves as the lead of lecanemab development and regulatory submissions globally with both companies co-commercializing and co-promoting the product and Eisai having final decision-making authority.
About the Collaboration between Eisai and BioArctic for AD
Since 2005, Eisai and BioArctic have had a long-term collaboration regarding the development and commercialization of AD treatments. Eisai obtained the global rights to study, develop, manufacture and market lecanemab for the treatment of AD pursuant to an agreement with BioArctic in December 2007. The development and commercialization agreement on the antibody lecanemab back-up was signed in May 2015.
About Eisai Co., Ltd.
Eisai’s Corporate Concept is “to give first thought to patients and people in the daily living domain, and to increase the benefits that health care provides.” Under this Concept (also known as human health care (hhc) Concept), we aim to effectively achieve social good in the form of relieving anxiety over health and reducing health disparities. With a global network of R&D facilities, manufacturing sites and marketing subsidiaries, we strive to create and deliver innovative products to target diseases with high unmet medical needs, with a particular focus in our strategic areas of Neurology and Oncology.
In addition, we demonstrate our commitment to the elimination of neglected tropical diseases (NTDs), which is a target (3.3) of the United Nations Sustainable Development Goals (SDGs), by working on various activities together with global partners.

For more information about Eisai, please visit www.eisai.com (for global headquarters: Eisai Co., Ltd.), and connect with us on X, LinkedIn and Facebook. The website and social media channels are intended for audiences outside of the UK and Europe. For audiences based in the UK and Europe, please visit www.eisai.eu and Eisai EMEA LinkedIn.
About Biogen
Founded in 1978, Biogen is a leading biotechnology company that pioneers innovative science to deliver new medicines to transform patient’s lives and to create value for shareholders and our communities. We apply deep understanding of human biology and leverage different modalities to advance first-in-class treatments or therapies that deliver superior outcomes. Our approach is to take bold risks, balanced with return on investment to deliver long-term growth.
The company routinely posts information that may be important to investors on its website at www.biogen.com. Follow Biogen on social media – Facebook, LinkedIn, X, YouTube.

Biogen Safe Harbor
This news release contains forward-looking statements, including those about the potential clinical effects of LEQEMBI (lecanemab); the potential benefits, safety and efficacy of LEQEMBI; the potential for LEQEMBI Pen to increase flexibility in treatment options and reduce use of healthcare resources and the time required for and burden of clinical visits; potential regulatory discussions, submissions and approvals and the timing thereof; the treatment of Alzheimer’s disease; the anticipated benefits and potential of Biogen’s collaboration arrangements with Eisai; the potential of Biogen’s commercial business and pipeline programs, including lecanemab; and risks and uncertainties associated with drug development and commercialization. These forward-looking statements may be accompanied by such words as “aim,” “anticipate,” “assume,” “believe,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “forecast,” “goal,” “guidance,” “hope,” “intend,” “may,” “objective,” “plan,” “possible,” “potential,” “predict,” “project,” “prospect,” “should,” “target,” “will,” “would,” and other words and terms of similar meaning. Drug development and commercialization involve a high degree of risk, and only a small number of research and development programs result in commercialization of a product. Results in early-stage clinical trials may not be indicative of full results or results from later stage or larger scale clinical trials and do not ensure regulatory approval. You should not place undue reliance on these statements. Given their forward-looking nature, these statements involve substantial risks and uncertainties that may be based on inaccurate assumptions and could cause actual results to differ materially from those reflected in such statements.

These forward-looking statements are based on management’s current beliefs and assumptions and on information currently available to management. Given their nature, we cannot assure that any outcome expressed in these forward-looking statements will be realized in whole or in part. We caution that these statements are subject to risks and uncertainties, many of which are outside of our control and could cause future events or results to be materially different from those stated or implied in this document, including, among others, uncertainty of long-term success in developing, licensing, or acquiring other product candidates or additional indications for existing products; expectations, plans and prospects relating to product approvals, approvals of additional indications for our existing products, sales, pricing, growth, reimbursement and launch of our marketed and pipeline products; our ability to effectively implement our corporate strategy; the successful execution of our strategic and growth initiatives, including acquisitions; the risk that positive results in a clinical trial may not be replicated in subsequent or confirmatory trials or success in early stage clinical trials may not be predictive of results in later stage or large scale clinical trials or trials in other potential indications; risks associated with clinical trials, including our ability to adequately manage clinical activities, unexpected concerns that may arise from additional data or analysis obtained during clinical trials, regulatory authorities may require additional information or further studies, or may fail to approve or may delay approval of our drug candidates; the occurrence of adverse safety events, restrictions on use with our products, or product liability claims; and any other risks and uncertainties that are described in other reports we have filed with the U.S. Securities and Exchange Commission.

These statements speak only as of the date of this press release and are based on information and estimates available to us at this time. Should known or unknown risks or uncertainties materialize or should underlying assumptions prove inaccurate, actual results could vary materially from past results and those anticipated, estimated or projected. Investors are cautioned not to put undue reliance on forward-looking statements. A further list and description of risks, uncertainties and other matters can be found in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025 and in our subsequent reports on Form 10-Q and Form 10-K, in each case including in the sections thereof captioned “Note Regarding Forward-Looking Statements” and “Item 1A. Risk Factors,” and in our subsequent reports on Form 8-K. Except as required by law, we do not undertake any obligation to publicly update any forward-looking statements whether as a result of any new information, future events, changed circumstances or otherwise.

Digital Media Disclosure
We use, and expect in the future to use, our investor relations website (investors.biogen.com), the Biogen LinkedIn account (linkedin.com/company/biogen-) and the Biogen X account (https://x.com/biogen) as a means of disclosing material nonpublic information to the public in a broad, non-exclusionary manner, including for purposes of complying with our obligations under the SEC’s Regulation Fair Disclosure (Reg FD). Accordingly, investors should monitor our investor relations website and these social media channels in addition to our press releases, SEC filings, public conference calls and websites, as the information posted on them could be material to investors.

References

Amin L, Harris DA. Aβ receptors specifically recognize molecular features displayed by fibril ends and neurotoxic oligomers. Nat Commun. 2021;12:3451. doi:10.1038/s41467-021-23507-z
Ono K, Tsuji M. Protofibrils of Amyloid-β are Important Targets of a Disease-Modifying Approach for Alzheimer’s Disease. Int J Mol Sci. 2020;21(3):952. doi: 10.3390/ijms21030952. PMID: 32023927; PMCID: PMC7037706.
Hampel H, Hardy J, Blennow K, et al. The amyloid pathway in Alzheimer’s disease. Mol Psychiatry. 2021;26(10):5481-5503.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/156b9abe-3a78-43e0-95d3-1f7892106375

Posted in UncategorizedTagged GlobeNewswire

Windward Bio Announces Pricing of Initial Public Offering

Posted on November 12, 2026 by Ravi Shankar

BASEL, Switzerland, Nov. 12, 2026 (GLOBE NEWSWIRE) — Windward Bio Group AG (“Windward”) (Nasdaq: WWB), a clinical-stage biotechnology company developing ultra-long-acting antibody medicines for patients with serious respiratory and dermatologic diseases, today announced the pricing of its initial public offering of 10,294,117 common shares at a public offering price of $17.00 per share. In addition, Windward has granted the underwriters a 30-day option to purchase up to an additional 1,544,117 common shares at the initial public offering price, less the underwriting discounts and commissions. The gross proceeds to Windward from the initial public offering and the concurrent private placement (see below), without giving effect to the underwriters’ option to purchase additional shares and before deducting underwriting discounts and commissions and offering expenses, are expected to be $225.0 million. All of the common shares are being offered by Windward.

In addition to the common shares sold in the initial public offering, Windward announced a concurrent sale of 1,532,691 common shares and pre-funded warrants to purchase 1,408,485 common shares, in each case at the initial public offering price per common share, in a private placement to Sanofi Foreign Participations B.V. for an aggregate purchase price of $50.0 million. The sale of the common shares and pre-funded warrants will not be registered under the Securities Act of 1933, as amended (the “Securities Act”).

Windward’s shares are expected to begin trading on the Nasdaq Global Select Market on November 13, 2026 under the symbol “WWB.” The offering is expected to close on November 16, 2026, subject to customary closing conditions.

Jefferies, TD Cowen, Piper Sandler and UBS Investment Bank are acting as joint book-running managers for the offering.

A registration statement relating to the shares being sold in the initial public offering has been filed with the U.S. Securities and Exchange Commission and was declared effective on November 12, 2026. The offering of the shares is being made only by means of a prospectus forming part of the effective registration statement relating to these shares. Copies of the final prospectus, when available, may be obtained from Jefferies LLC, Attention: Equity Syndicate Prospectus Department, 520 Madison Avenue, New York, New York 10022, by telephone at 877-821-7388, or by email at prospectus_department@jefferies.com; TD Securities (USA) LLC, Attn: c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, or by email at TDManualrequest@broadridge.com; Piper Sandler & Co., Attention: Prospectus Department, 350 North 5th Street, Suite 1000, Minneapolis, MN 55401, by telephone at (800) 747-3924, or by email at prospectus@psc.com or UBS Securities LLC, Attention: Prospectus Department, 11 Madison Avenue, New York, New York 10010, by email at ol-prospectus-request@ubs.com.

The concurrent private placement is also scheduled to close on November 16, 2026, subject to the satisfaction of customary closing conditions. The closing of the private placement is contingent and conditioned on consummation of the initial public offering. However, the closing of the initial public offering is not contingent on the consummation of the concurrent private placement.

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 offer or sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or jurisdiction.

For media and investor inquiries:
Noel Kurdi
SVP, Investor Relations and Communications
investors@windwardbio.com

Posted in UncategorizedTagged GlobeNewswire

VitalHub Reports Third Quarter 2026 Results

Posted on November 12, 2026 by Ravi Shankar

Annual Recurring Revenue (“ARR”)⁽¹⁾ up 14% YoY to $107.2 million
Total Revenue flat YoY at $31.9 million
Adjusted EBITDA⁽¹⁾ up 20% YoY to $8.6 million

TORONTO, Nov. 12, 2026 (GLOBE NEWSWIRE) — VitalHub Corp. (TSX:VHI) (OTCQX:VHIBF) (the “Company” or “VitalHub”) announced today it has filed its Interim Condensed Consolidated Financial Statements and Management’s Discussion and Analysis report for the three and nine months ended September 30, 2026 with the Canadian securities authorities. These documents may be viewed under the Company’s profile at www.sedarplus.com.

“In the third quarter, we delivered 8% annual organic ARR⁽¹⁾ growth and Adjusted EBITDA⁽¹⁾ of $8.6 million, up 20% year over year. Adjusted EBITDA as a percentage of revenue⁽¹⁾ was 27%, our highest level in the last two years,” said Dan Matlow, CEO of VitalHub. “Our recurring revenue base continued to grow, with term licence, maintenance and support revenue up 9% year over year to $25.8 million, now 81% of total revenue. Services and other non-recurring revenue were seasonally lighter over the summer, against elevated project activity in the prior-year quarter.”

“During the quarter, we completed the acquisition of Buddy Healthcare, expanding our patient journey optimization capabilities and our footprint across the Nordic region in Europe. Cash provided by operating activities reached $23.9 million in the first nine months of 2026, up 69% year over year, and we ended the quarter with $129.0 million of cash and short-term investments with no debt. With ARR⁽¹⁾ of $107.2 million, we remain well positioned to continue executing on our two-pronged growth strategy.”

VitalHub’s quarterly investor conference call will take place on Friday, November 13, 2026, at 9:00am ET. To register for the conference call please visit the link here.

Third Quarter 2026 Highlights

ARR⁽¹⁾ as at September 30, 2026 was $107,194,390 as compared to $101,533,157 at June 30, 2026, an increase of $5,661,233 or 6%.
Over the previous quarter, ARR⁽¹⁾ movement in Q3 2026 from Q2 2026 was attributable to the following:

- Organic growth of $815,535 or 1%.
- Acquisition growth of $4,480,000 or 4%.
- Gain of $365,698 due to fluctuations in foreign exchange rates.

ARR⁽¹⁾ as at September 30, 2026 was $107,194,390 as compared to $93,693,789 at September 30, 2025, an increase of $13,500,601 or 14%.
Over the previous year, ARR⁽¹⁾ movement in Q3 2026 from Q3 2025 was attributable to the following:

- Organic growth of $7,228,813 or 8%.
- Acquisition growth of $4,480,000 or 5%.
- Gain of $1,791,788 due to fluctuations in foreign exchange rates.

Revenue of $31,913,575 as compared to $32,044,030 in the equivalent prior year period, a decrease of $130,455 or 0.4%.
Gross profit as a percentage of revenue was 79% in Q3 2026 as compared to 81% in the equivalent prior year period.
Income before income taxes of $3,396,438 as compared to $1,408,674 in the equivalent prior year period, an increase of $1,987,764 or 141%.
EBITDA⁽¹⁾ of $6,808,105 as compared to $4,599,642 in the equivalent prior year period, an increase of $2,208,463 or 48%.
Adjusted EBITDA⁽¹⁾ of $8,619,958 or 27% of revenue as compared to $7,206,257 or 22% of revenue in the equivalent prior year period, an increase of $1,413,701 or 20%.

Nine Month 2026 Highlights

Revenue of $95,557,489 as compared to $77,576,544 in the equivalent prior year period, an increase of $17,980,945 or 23%.
Gross profit as a percentage of revenue was 80% compared to 81% in the prior year.
Income before income taxes of $10,642,494 as compared to $5,151,313 in the equivalent prior year period, an increase of $5,491,181 or 107%.
EBITDA⁽¹⁾ of $19,907,871 compared to $11,349,699 in the equivalent prior year period, an increase of $8,558,172 or 75%.
Adjusted EBITDA⁽¹⁾ of $24,772,636 or 26% of revenue, compared to $19,125,590 or 25% of revenue in the equivalent prior year period, an increase of $5,647,046 or 30%.
Cash and cash equivalents and short-term investments as at September 30, 2026 were $129,007,023 compared to $119,180,625 as at December 31, 2025.

(1) Non-IFRS or supplementary financial measure.


Selected Financial Information

	Three months ended							Nine months ended
	September 30, 2026		% Revenue	September 30, 2025		% Revenue	Change	September 30, 2026		% Revenue	September 30, 2025		% Revenue	Change
	$			$			%	$			$			%
Revenue	31,913,575		100%	32,044,030		100%	(0%)	95,557,489		100%	77,576,544		100%	23%

Cost of sales	6,724,559		21%	6,162,109		19%	(9%)	19,156,856		20%	14,892,110		19%	(29%)

Gross profit	25,189,016		79%	25,881,921		81%	(3%)	76,400,633		80%	62,684,434		81%	22%

Operating expenses
General and administrative	6,327,731		20%	6,485,230		20%	2%	17,181,503		18%	16,433,883		21%	(5%)
Sales and marketing	3,378,727		11%	2,883,744		9%	(17%)	9,618,629		10%	7,608,691		10%	(26%)
Research and development	7,490,494		23%	9,237,648		29%	19%	24,994,218		26%	20,490,859		26%	(22%)
Depreciation of property and equipment	181,395		1%	155,054		0%	(17%)	461,641		0%	547,992		1%	16%
Depreciation of right-of-use assets	205,217		1%	175,720		1%	(17%)	545,928		1%	401,115		1%	(36%)
Share-based compensation	443,746		1%	647,324		2%	31%	1,338,884		1%	2,057,535		3%	35%
Deferred share-based compensation	0		0%	0		0%	0%	44,800		0%	90,000		0%	50%
Foreign currency loss (gain)	(592,126	)	(2%)	69,042		0%	958%	(130,585	)	(0%)	(978,659	)	(1%)	(87%)

Other expenses (income)
Amortization of intangible assets	3,629,504		11%	3,315,437		10%	(9%)	10,147,970		11%	6,674,571		9%	(52%)
Business acquisition, restructuring and integration costs	1,368,107		4%	3,204,291		10%	57%	3,481,081		4%	6,637,858		9%	48%
Interest income (net of interest expense)	(651,493	)	(2%)	(481,136	)	(2%)	35%	(2,019,761	)	(2%)	(1,479,009	)	(2%)	37%
Interest expense from lease liabilities	47,044		0%	25,893		0%	(82%)	129,599		0%	53,717		0%	(141%)
(Gain) on change in fair value of contingent consideration	0		0%	(1,245,000	)	(4%)	(100%)	0		0%	(1,009,502	)	(1%)	(100%)
(Gain) loss on disposal of property and equipment	(35,768	)	(0%)	0		0%	100%	(35,768	)	(0%)	4,070		0%	979%

Current and deferred income taxes	807,425		3%	2,298,934		7%	65%	3,748,664		4%	3,107,884		4%	(21%)

Net income (loss)	2,589,013		8%	(890,260	)	(3%)	391%	6,893,830		7%	2,043,429		3%	237%

EBITDA	6,808,105		21%	4,599,642		14%	48%	19,907,871		21%	11,349,699		15%	75%

Adjusted EBITDA	8,619,958		27%	7,206,257		22%	20%	24,772,636		26%	19,125,590		25%	30%

Annual recurring revenue	107,194,390			93,693,789			14%	107,194,390			93,693,789			14%

Term licences, maintenance and support revenue	25,783,746		81%	23,627,391		74%	9%	74,252,927		78%	61,865,501		80%	20%

	As at
	September 30, 2026		December 31, 2025
	$		$
Cash and cash equivalents and short-term investments	129,007,023		119,180,625

Deferred revenue	50,553,871		45,434,654

About VitalHub

VitalHub is a leading software company dedicated to empowering health and human services providers globally. VitalHub’s comprehensive product suite includes electronic health records, operational intelligence, and workforce automation solutions that serve over 1,300 clients across the UK, Canada, and other geographies. The Company has a robust two-pronged growth strategy, targeting organic opportunities within its product suite and pursuing an aggressive M&A plan. VitalHub is headquartered in Toronto with over 700 employees globally, across key regions and the VitalHub Innovations Lab in Sri Lanka. For more information about VitalHub (TSX:VHI) (OTCQX:VHIBF), please visit www.vitalhub.com and LinkedIn.

Contact Information

Christian Sgro, CPA, CA, CFA
Head of IR and M&A Specialist
(365) 363-6433
christian.sgro@vitalhub.com

Dan Matlow
Chief Executive Officer, Director
(416) 727-9061
dan.matlow@vitalhub.com

Cautionary Statement

Certain statements contained in this news release may constitute “forward-looking information” or “financial outlook” within the meaning of applicable securities laws that involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information or financial outlook. Often, but not always, forward-looking statements can be identified by the use of words such as “plans”, “is expected”, “expects”, “scheduled”, “intends”, “contemplates”, “anticipates”, “believes”, “proposes” or variations (including negative variations) of such words and phrases, or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Such statements are based on the current expectations of the management of each entity and are based on assumptions and subject to risks and uncertainties. Although the management of each entity believes that the assumptions underlying these statements are reasonable, they may prove to be incorrect. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. No forward-looking statement can be guaranteed. Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made and the Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.

Non-IFRS and Other Measures

VitalHub uses certain financial and operating performance measures that management believes provide meaningful information in assessing the Company’s underlying performance. Readers are cautioned that these measures may not have a standardized meaning prescribed by IFRS and therefore may not be comparable to similar measures presented by other issuers. Accordingly, non-IFRS and supplementary financial measures should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Definitions, reconciliations, and an explanation of how the Company’s non-IFRS and supplementary financial measures provide useful information to an investor are included below.

Annual recurring revenue (“ARR”)

Annual recurring revenue is a supplementary financial measure defined as annual renewable software licence fees and maintenance services. The Company defines ARR as the recurring revenue that is expected based on yearly subscriptions of the renewable software licence fees and maintenance services.

Earnings before interest, taxation, depreciation, and amortization (“EBITDA”)

EBITDA is a non-IFRS measure used by management to evaluate operational performance. It is also a common measure that is reported on and used by investors in determining a company’s ability to incur and service debt, as well as a valuation methodology. EBITDA is a non-IFRS measure and should not be considered an alternative to operating income or net income (loss) in measuring the Company’s performance. The following chart reflects the calculation of the Company’s EBITDA:


	Three months ended				Nine months ended
	September 30, 2026		September 30, 2025		September 30, 2026		September 30, 2025
	$		$		$		$
Net income (loss)	2,589,013		(890,260	)	6,893,830		2,043,429
Add: Interest	(604,449	)	(455,243	)	(1,890,162	)	(1,425,292	)
Add: Depreciation and amortization	4,016,116		3,646,211		11,155,539		7,623,678
Add: Current and deferred tax expense	807,425		2,298,934		3,748,664		3,107,884
EBITDA	6,808,105		4,599,642		19,907,871		11,349,699

Adjusted EBITDA and Adjusted EBITDA as a percentage of revenue

Adjusted EBITDA is a non-IFRS measure used by management to evaluate cash flows and the Company’s ability to service debt. Adjusted EBITDA is a non-IFRS measure and should not be considered an alternative to operating income or net income (loss) in measuring the Company’s performance. Adjusted EBITDA as a percentage of revenue expresses Adjusted EBITDA as a percentage of total revenue. The following chart reflects the Company’s calculation of Adjusted EBITDA:






















	Three months ended			Nine months ended










	September 30, 2026	September 30, 2025		September 30, 2026	September 30, 2025










	$	$		$	$










EBITDA	6,808,105	4,599,642		19,907,871	11,349,699










Add: Share-based and deferred share-based compensation	443,746	647,324		1,383,684	2,147,535










Add: Business acquisition, restructuring and integration costs	1,368,107	3,204,291		3,481,081	6,637,858










Add: Change in fair value of contingent consideration	0	(1,245,000	)	0	(1,009,502	)










Adjusted EBITDA	8,619,958	7,206,257		24,772,636	19,125,590

Posted in UncategorizedTagged GlobeNewswire

Proficient Auto Logistics Reports Third Quarter 2026 Financial Results

Posted on November 12, 2026 by Ravi Shankar

JACKSONVILLE, Fla., Nov. 12, 2026 (GLOBE NEWSWIRE) — Proficient Auto Logistics, Inc. (NASDAQ: PAL) (the “Company” or “Proficient”) today reported its financial results for the three months ended September 30, 2026.

Third Quarter 2026 Summary

Total Operating Revenue of $149.0 million, increased 30.3% from Q3 2025

Total Operating Income (Loss) of ($3.9) million, versus ($0.1) million in Q3 2025

Adjusted Operating Income⁽¹⁾ of $0.3 million, versus $4.2 million in Q3 2025

Adjusted Operating Ratio⁽¹⁾ of 99.8% compared to 96.3% in Q3 2025

Total Units delivered of 839,036, an increase of 38.6% from Q3 2025

Rick O’Dell, Proficient’s Chief Executive Officer, commented, “While our third-quarter results reflected healthy underlying demand, performance today does not yet reflect the earnings potential of this business, and we are focused on closing that gap and delivering for shareholders. We are encouraged by the opportunities ahead and are taking decisive actions to strengthen profitability and cash generation. The combination with Hansen & Adkins is creating a stronger, more scalable platform, and the significant increase in the synergy opportunities we have identified reinforces our confidence in the potential of the combined company. As we execute on the integration, improve pricing and fuel recovery and drive greater efficiency across our network, we believe we have a clear path to improved financial performance and long-term value creation.”

Hansen & Adkins Integration and Synergies Update

The Hansen & Adkins integration is progressing on schedule, with the Company on track to substantially complete integration by the end of the first quarter of 2027. Proficient is executing 11 integration workstreams focused on leveraging the combined network, fleet and purchasing scale. To date, significant actions have been completed including increasing sister hauling to reduce empty miles and improve utilization, opening 20 maintenance locations across the combined fleet, implementing common fleet and maintenance systems and consolidating fuel, insurance and other purchasing programs. These efforts are already generating incremental revenue, operating efficiencies and cost savings.

Through this work, Proficient has identified total annual run-rate operating synergy opportunities of $20 million to $30 million, significantly above the initial $6 million to $10 million identified at announcement. The Company expects to achieve the high end of its initial synergy range by year-end 2026, with additional opportunities from resource and portfolio optimization and real estate, insurance and SG&A consolidation expected in 2027, with further optimization and automation benefits through 2029.

Unaudited Financial Information

The Company is providing the below summary unaudited financial information for the three and nine months ended September 30, 2026 and 2025. On August 13, 2026, the Company completed its acquisition (the “H&A Acquisition”) of Hansen & Adkins and related entities (“H&A”). The Company’s consolidated results for each of the three and nine months ended September 30, 2026 include H&A’s results of operations only for the period from August 13, 2026 through September 30, 2026. The corresponding 2025 periods do not include H&A’s results. The summary unaudited financial information below does not give pro forma effect to the H&A Acquisition for periods before the acquisition date, and period-over-period comparisons are affected by the inclusion of H&A. Please refer to footnote 1 in the table for a description of periods included for recently acquired entities. Please refer to our Current Report on Form 8-K/A filed on October 23, 2026 for the unaudited pro forma condensed combined balance sheet of the Company as of June 30, 2026, giving effect to the H&A Acquisition and concurrent financing transactions as if they had occurred on June 30, 2026, and the unaudited pro forma condensed combined statements of operations of the Company for the year ended December 31, 2025 and the six months ended June 30, 2026, in each case giving effect to the H&A Acquisition and concurrent financing transactions as if they had occurred on January 1, 2025.

Summary Unaudited Financial Information ⁽¹⁾

*($000s)*		Three months ended							Nine months ended
		9/30/2026			9/30/2025				9/30/2026			9/30/2025
Total Operating Revenue	$	148,970		$	114,295			$	352,059		$	325,047

Total Operating (Loss) Income		(3,870	)		(101	)			(14,040	)		(2,338	)

Addback:
Amortization of Intangibles		2,654			2,455				7,484			7,325
Stock Compensation expense		1,479			1,870				4,178			4,275
Adjusted Operating Income (Loss) ⁽²⁾		263			4,224				(2,378	)		9,262

Adjusted Operating Ratio ⁽²⁾		99.8	%		96.3		%		100.7	%		97.2	%

Loss before income taxes		(13,209	)		(3,666		)		(26,217	)		(9,442	)

Addback:
Depreciation & Amortization		10,160			10,173				29,768			29,179
Stock Compensation Expense		1,479			1,870				4,178			4,275
Interest Expense		3,049			1,682				5,878			5,091
Acquisition / Restructuring Charge		6,426			1,901				6,450			1,901
Adjusted EBITDA ⁽³⁾		7,905			11,960				20,057			31,004

Adjusted EBITDA Margin ⁽³⁾		5.3	%		10.5		%		5.7	%		9.5	%

(1)		The amounts shown reflect the unaudited summary financial results for the full three- and nine-month periods presented. Amounts related to Brothers Auto Transport, LLC (“Brothers”) and H&A are included only from their respective acquisition dates of April 1, 2025, and August 13, 2026.

(2)		Our management team reviews Adjusted Operating Income and the related Adjusted Operating Ratio, both of which are non-GAAP financial measures, as a basis for comparing the results of financial reporting periods excluding the impact of non-cash expenses related to stock-based compensation expense, amortization of intangibles, and other non-recurring items that management does not consider indicative of ongoing operating performance. These measures provide management with insight regarding progress on operating and integration initiatives. The table above provides a reconciliation of Adjusted Operating Income to Total Operating (Loss) Income, the most comparable GAAP measure, and Adjusted Operating Ratio flows from that.

(3)		Our management team reviews Adjusted EBITDA and Adjusted EBITDA Margin, both of which are non-GAAP financial measures, to measure the operating performance and financial condition of our business and to make strategic decisions. See the Appendix for additional information regarding the use of Adjusted EBITDA. The table above provides a reconciliation of Adjusted EBITDA to (Loss) Income before income taxes, the most comparable GAAP measure, and Adjusted EBITDA Margin flows from that.

Revenue and Profitability ⁽¹⁾

	Three months ended									Nine months ended
Select Operating Metrics	9/30/2026			9/30/2025			% Chg			9/30/2026			9/30/2025			% Chg
Unit Volume – Company Deliveries		372,040			209,340			77.7	%		763,935			593,672			28.7	%
Revenue / Unit – Company Deliveries		161.87			182.44			(11.3	)%		171.46			181.91			(5.7	)%

Unit Volume – Subhaulers		466,996			396,001			17.9	%		1,157,912			1,137,604			1.8	%
Revenue / Unit – Subhaulers		150.24			168.45			(10.8	)%		156.84			169.11			(7.3	)%

Unit Volume – Total		839,036			605,341			38.6	%		1,921,847			1,731,276			11.0	%
Revenue / Unit – Total		155.40			173.29			(10.3	)%		162.65			173.50			(6.3	)%

Percent Revenue, Company Deliveries		46	%		36	%					42	%		36	%
Percent Revenue, Subhaulers		54	%		64	%					58	%		64	%

(1)		Amounts related to Brothers and H&A are included only from their respective acquisition dates of April 1, 2025, and August 13, 2026. Revenue information presented excludes fuel surcharge and other revenue.

Third quarter revenue increased $34.7 million, or 30.3%, compared to the same quarter of 2025, while total unit deliveries were up 38.6% versus the same period of 2025, primarily reflecting the post-acquisition contribution of Hansen & Adkins beginning August 13, 2026.

The (10.3%) lower revenue per unit year-over-year for the third quarter (excluding fuel surcharge and other revenue) reflects portfolio mix and a proportionally shorter length of haul in the Hansen & Adkins portfolio as compared to the rest of the Proficient portfolio. Revenue per unit including fuel surcharge and other revenue was (6.0%) lower year-over-year as higher fuel surcharge recoveries partially offset the mix impact. Company unit deliveries increased to 46% of revenue in the quarter, reflecting the addition of Hansen & Adkins company drivers, continued prioritization of Company-owned truck asset utilization, and reduced available Subhauler capacity from supply that has exited the market.

Adjusted Operating Ratio was 99.8% in the third quarter compared to 96.3% in Q3 2025, reflecting elevated cost inflation and fuel surcharge under-recovery that more than offset pricing and productivity initiatives. Cost pressures remained significant across insurance, driver wages, recruiting and retention, and equipment maintenance. In addition, OEM-administered fuel surcharge programs did not fully recover increased fuel expense due to structural limitations and timing lag. Fuel surcharge under-recovery negatively impacted third-quarter operating ratio by an estimated 200 to 250 basis points.

Balance Sheet

The Company ended the third quarter with $11.8 million of cash and $140.6 million of senior secured debt (inclusive of $9.9 million drawn against its line of credit), resulting in net debt of approximately $128.8 million as of September 30, 2026. The increased indebtedness reflects the significant addition of Hansen and Adkins in mid-August and the related assumption of their equipment financing. In addition, convertible notes with a seven-year term were added at the time of the acquisition will be more fully described in our form 10-Q.

Share Repurchase Program

On March 2, 2026, the Company announced that its Board of Directors authorized a share repurchase program under which the Company may repurchase up to $15 million of its common stock. The repurchase program authorizes the Company to purchase its common stock from time to time in the open market, in block transactions, in privately negotiated transactions, through accelerated stock repurchase programs, through option or other forward transactions or otherwise, all in compliance with applicable laws, rules, regulations and other restrictions. As of the end of the third quarter, we have repurchased 181,678 shares of common stock at an average price of $5.89 for a total of $1.1 million.

Conference Call and Webcast

The Company will host an investor conference call and webcast today at 5:00 p.m. EST to discuss third quarter 2026 results. Investors are invited to join the conference call by registering through this link: https://register-conf.media-server.com/register/BIc2da8649a37c46c49f861e957053685f. Once registered, investors will receive a dial-in and a unique pin to join the conference. Investors may also join the listen-only Webcast via https://edge.media-server.com/mmc/p/3mqhd9aj. The accompanying presentation materials can be accessed through the Investor Relations section of the Company’s website at https://ir.proficientautologistics.com/.

About Proficient Auto Logistics

Headquartered in Jacksonville, Florida, Proficient Auto Logistics (NASDAQ: PAL) is the leading specialized freight company focused on providing auto transportation and logistics services. Through the combination of nine industry-leading operating companies, including four since IPO debut May 2024, PAL operates the largest auto transportation fleet in North America, offering a broad range of services primarily focused on transporting finished vehicles from automotive production facilities, marine ports of entry, and regional rail yards to auto dealerships around North America. For more information, visit www.proficientautologistics.com.

Investor Relations:

Brad Wright
Chief Financial Officer and Secretary
Phone: 904-506-4317
email: Investor.relations@proautologistics.com

Cautionary Statement Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which statements involve substantial risks and uncertainties. Forward-looking statements generally relate to possible or assumed future results of our business, financial condition, results of operations, liquidity, plans and objectives. You can generally identify forward-looking statements because they contain words such as “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “target,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “potential” or “continue” or the negative of these terms or other similar expressions that concern our expectations, strategy, plans or intentions. We have based these forward-looking statements largely on our current expectations and projections regarding future events and trends that we believe may affect our business, financial condition and results of operations. The outcome of the events described in these forward-looking statements is subject to risks, uncertainties and other factors described in the section entitled “Risk Factors” in our Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 31, 2026 (the “Annual Report”), and elsewhere in the Annual Report. Accordingly, you should not rely upon forward-looking statements as predictions of future events. We cannot assure you that the results, events and circumstances reflected in the forward-looking statements will be achieved or occur, and actual results, events or circumstances could differ materially from those projected in the forward-looking statements. Forward-looking statements contained in this press release include, but are not limited to, statements regarding: expectations related to synergies, capacity, units moved, geographic footprint and combined company performance; costs related to, and the inability to recognize the anticipated benefits of the acquisition of H&A; risks related to the business of H&A and unexpected liabilities that may arise in connection with the integration of H&A into our business, including our ability to apply our procedures regarding internal controls over financial reporting to H&A; the risk that disruptions from the acquisition will harm our business, including current plans and operations; the diversion of management’s time and attention from ordinary course business operations to integration of H&A; potential adverse reactions or changes to business relationships resulting from the acquisition of H&A; the outcome of any legal proceedings that may be instituted against the Company in connection with our acquisition of H&A; our expectations regarding our future performance, results of operations, and our ability to improve our leverage position and balance sheet; the economic conditions in the global markets in which we operate; expectations and impact related to fuel price volatility; our ability to successfully implement our business strategy, effectively respond to changes in market dynamics and customer preferences, and achieve the anticipated benefits and associated cost savings of such strategies and actions; our ability to recruit and retain qualified driving associates, independent contractors and third-party auto transportation and logistics companies; an increase in the frequency or severity of accidents or other claims; our expectations regarding the successful implementation of our acquisitions; geopolitical developments and additional changes in international trade policies and relations; the effect of any international conflicts or terrorist activities on the United States and global economies in general, the transportation industry, or us in particular, and what effects these events will have on our costs and the demand for our services; our ability to manage our network capacity and cost structure for capital expenditures and operating expenses, and match it to shifting and future customer volume levels; our ability to compete effectively against current and future competitors; our ability to maintain our profitability despite quarterly fluctuations in our results, whether due to seasonality, large cyclical events, or other causes; our ability to adapt to and address changes to the capacity environment, driver compensation and market pricing; our future financial and operating results; our expectations regarding the period during which we will qualify as an emerging growth company under the JOBS Act; and the sufficiency of our existing cash to fund our future operating expenses and capital expenditure requirements.

The forward-looking statements made in this document relate only to events as of the date on which the statements are made. We undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events. We may not actually achieve the plans, intentions or expectations disclosed in our forward-looking statements and you should not place undue reliance on our forward-looking statements. We do not assume any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

Appendix

Non-GAAP Financial Measures

We report our financial results in accordance with accounting principles generally accepted in the United States (“GAAP”). However, management believes that certain non-GAAP measures, including EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Operating Income, and Adjusted Operating Ratio, provide useful information in measuring operating performance, generating future operating plans and making strategic decisions regarding allocation of capital. Management believes this information presents helpful comparisons of financial performance between periods by excluding the effect of certain non-cash and non-recurring items.

EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Operating Income, and Adjusted Operating Ratio do not have a standardized meaning prescribed by GAAP and therefore it may not be comparable to similarly titled measures presented by other companies, and it should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP.

EBITDA is defined as net income (loss) for the period adjusted for interest expense, income tax expense (benefit) and depreciation expense and intangible amortization expense.

Adjusted EBITDA is defined as net income (loss) for the period adjusted for interest expense, net, income tax expense (benefit), depreciation and amortization expense, stock compensation expense and any non-recurring items that management does not consider indicative of ongoing operating performance, including restructuring charges of $1.2 million recorded during the third quarter of 2025, non-cash goodwill impairment of $27.8 million recorded during the fourth quarter of 2025 and acquisition costs of $6.5 million recorded in 2026.

Adjusted EBITDA Margin is calculated as Adjusted EBITDA as a percentage of operating revenue.

Operating income is calculated as total operating revenue less total operating expenses.

Adjusted operating income is calculated as total operating revenue less total operating expenses adjusted to exclude amortization of intangibles, stock compensation expense, and non-recurring items that management does not consider indicative of ongoing operating performance, including non-cash goodwill impairment of $27.8 million recorded during the fourth quarter of 2025.

Operating ratio is calculated as total operating expenses as a percentage of operating revenue.

Adjusted operating ratio is calculated as total operating expenses adjusted to exclude amortization of intangibles, stock compensation expense, and any non-recurring items that management does not consider indicative of ongoing operating performance, as a percentage of operating revenue.

PROFICIENT AUTO LOGISTICS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited)
	September 30,			December 31,
	2026			2025
Assets
Current assets:
Cash and cash equivalents	$	11,830,484		$	14,285,745
Accounts receivable, less allowance for credit losses (2026 – $1,230,244; 2025 – $826,740)		81,611,526			42,188,909
Net investment in leases, current portion		166,097			126,730
Maintenance supplies		2,218,736			1,714,238
Assets held for sale		1,228,932			28,500
Income tax receivable		1,470,239			1,791,544
Prepaid expenses and other current assets		12,928,967			11,261,497
Total current assets		111,454,981			71,397,163
Property and equipment, net of accumulated depreciation and amortization (2026 – $62,738,508; 2025 – $43,500,044)		198,517,578			115,850,061
Operating lease right-of-use assets		11,562,747			12,633,834
Net investment in leases, less current portion		90,284			21,781
Deposits		7,418,432			6,124,946
Goodwill		158,571,420			148,476,407
Intangible assets, net (2026 – $22,980,054; 2025 – $17,615,109)		138,121,961			122,804,891
Other long-term assets		464,371			668,426
Total Assets	$	626,201,774		$	477,977,509

Liabilities, and Stockholders’ Equity
Current liabilities:
Accounts payable	$	20,437,833		$	8,305,255
Accrued liabilities		60,718,594			33,030,001
Finance lease liabilities, current portion		26,618			8,758
Operating lease liabilities, current portion		3,058,587			2,249,651
Long-term debt, current portion		32,970,105			20,303,077
Total current liabilities		117,211,737			63,896,742

Long-term liabilities:
Line of credit		9,900,000			—
Finance lease liabilities, less current portion		16,607			—
Operating lease liabilities, less current portion		9,068,208			10,689,839
Long-term debt, less current portion		97,729,391			54,026,968
Deferred tax liability, net		33,594,364			34,900,440
Convertible senior notes		72,154,289			—
Other long-term liabilities		2,973,049			3,073,049
Total Liabilities		342,647,645			166,587,038

Stockholders’ Equity:
Common stock, $0.01 par value; 50,000,000 shares authorized; 28,076,361 and 27,834,799 shares issued and 27,977,560 and 27,834,799 outstanding as of September 30, 2026 and December 31, 2025, respectively.		280,764			278,347
Additional paid in capital		349,414,807			356,179,787
Accumulated deficit		(65,399,897	)		(45,067,663	)
Accumulated other comprehensive (loss) income		(188,545	)		—
Treasury stock at cost, 98,801 shares as of September 30, 2026 and 0 shares as of December 31, 2025		(553,000	)		—
Total Stockholders’ Equity		283,554,129			311,390,471
Total Liabilities and Stockholders’ Equity	$	626,201,774		$	477,977,509

PROFICIENT AUTO LOGISTICS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (unaudited)
	Three months			Three months			Nine months			Nine months
	ended			ended			ended			ended
	September 30,			September 30,			September 30,			September 30,
	2026			2025			2026			2025
Operating revenue
Revenue, before fuel surcharge	$	130,381,608		$	104,900,181		$	312,594,172		$	299,887,668
Fuel surcharge and other reimbursements		16,006,722			7,442,725			32,922,759			19,672,820
Other revenue		1,503,506			1,266,845			3,414,238			3,260,712
Lease revenue		1,077,698			685,053			3,127,819			2,226,211
Total operating revenue		148,969,534			114,294,804			352,058,988			325,047,411

Operating Expenses
Salaries, wages and benefits		35,159,198			22,341,396			78,129,637			64,086,192
Stock-based compensation		1,479,297			1,870,211			4,177,627			4,274,717
Fuel and fuel taxes		16,306,884			6,497,935			32,120,692			19,343,046
Purchased transportation		63,223,804			56,851,258			160,821,857			163,008,119
Truck expenses		10,838,695			6,739,370			25,094,041			19,027,640
Depreciation		7,505,530			7,718,519			22,283,776			21,854,078
Intangible amortization		2,654,281			2,454,641			7,483,785			7,325,112
Gain on sale of equipment		(414,936	)		(52,597	)		(373,889	)		(278,911	)
Insurance premiums and claims		9,068,386			5,405,410			20,447,337			15,746,601
General, selling, and other operating expenses		7,018,606			4,569,409			15,913,921			12,998,713
Total Operating Expenses		152,839,745			114,395,552			366,098,784			327,385,307
Operating loss		(3,870,211	)		(100,748	)		(14,039,796	)		(2,337,896	)
Other income and expense
Interest expense		(3,049,275	)		(1,682,501	)		(5,878,342	)		(5,091,297	)
Acquisition costs		(6,426,134	)		(94,738	)		(6,449,870	)		(406,545	)
Restructuring charges		—			(1,901,103	)		—			(1,901,103	)
Foreign currency transaction loss		(3,748	)		—			(3,748	)		—
Other income, net		140,313			113,150			155,051			294,441
Total other expense, net		(9,338,844	)		(3,565,192	)		(12,176,909	)		(7,104,504	)
Loss before income taxes		(13,209,055	)		(3,665,940	)		(26,216,705	)		(9,442,400	)
Income tax (benefit) expense		(3,262,370	)		(646,254	)		(5,884,471	)		(1,674,196	)
Net loss	$	(9,946,685	)	$	(3,019,686	)	$	(20,332,234	)	$	(7,768,204	)

Other comprehensive loss, net of tax
Foreign currency translation adjustment, net of tax		(188,545	)		—			(188,545	)		—
Total other comprehensive loss, net of tax		(188,545	)		—			(188,545	)		—
Comprehensive income loss	$	(10,135,230	)	$	(3,019,686	)	$	(20,520,779	)	$	(7,768,204	)

Loss Per Share
Basic & Diluted	$	(0.35	)	$	(0.11	)	$	(0.73	)	$	(0.28	)

Weighted Average Shares
Basic & Diluted		28,285,966			27,796,148			28,033,351			27,494,922

___________________________
¹ Adjusted Operating Income and Adjusted Operating Ratio are non-GAAP financial measures. See “Summary Unaudited Financial Information” on the following pages for additional information regarding the use of Adjusted Operating Income and Adjusted Operating Ratio and a reconciliation to the most comparable GAAP measure.

Posted in UncategorizedTagged GlobeNewswire

Proficient Auto Logistics Reports Third Quarter 2026 Financial Results

Posted on November 12, 2026 by Ravi Shankar

Third Quarter 2026 Summary

Total Operating Revenue of $149.0 million, increased 30.3% from Q3 2025

Total Operating Income (Loss) of ($3.9) million, versus ($0.1) million in Q3 2025

Adjusted Operating Income⁽¹⁾ of $0.3 million, versus $4.2 million in Q3 2025

Adjusted Operating Ratio⁽¹⁾ of 99.8% compared to 96.3% in Q3 2025

Total Units delivered of 839,036, an increase of 38.6% from Q3 2025

Hansen & Adkins Integration and Synergies Update

Unaudited Financial Information

Summary Unaudited Financial Information ⁽¹⁾

*($000s)*		Three months ended							Nine months ended
		9/30/2026			9/30/2025				9/30/2026			9/30/2025
Total Operating Revenue	$	148,970		$	114,295			$	352,059		$	325,047

Total Operating (Loss) Income		(3,870	)		(101	)			(14,040	)		(2,338	)

Addback:
Amortization of Intangibles		2,654			2,455				7,484			7,325
Stock Compensation expense		1,479			1,870				4,178			4,275
Adjusted Operating Income (Loss) ⁽²⁾		263			4,224				(2,378	)		9,262

Adjusted Operating Ratio ⁽²⁾		99.8	%		96.3		%		100.7	%		97.2	%

Loss before income taxes		(13,209	)		(3,666		)		(26,217	)		(9,442	)

Addback:
Depreciation & Amortization		10,160			10,173				29,768			29,179
Stock Compensation Expense		1,479			1,870				4,178			4,275
Interest Expense		3,049			1,682				5,878			5,091
Acquisition / Restructuring Charge		6,426			1,901				6,450			1,901
Adjusted EBITDA ⁽³⁾		7,905			11,960				20,057			31,004

Adjusted EBITDA Margin ⁽³⁾		5.3	%		10.5		%		5.7	%		9.5	%

(1)		The amounts shown reflect the unaudited summary financial results for the full three- and nine-month periods presented. Amounts related to Brothers Auto Transport, LLC (“Brothers”) and H&A are included only from their respective acquisition dates of April 1, 2025, and August 13, 2026.

(2)		Our management team reviews Adjusted Operating Income and the related Adjusted Operating Ratio, both of which are non-GAAP financial measures, as a basis for comparing the results of financial reporting periods excluding the impact of non-cash expenses related to stock-based compensation expense, amortization of intangibles, and other non-recurring items that management does not consider indicative of ongoing operating performance. These measures provide management with insight regarding progress on operating and integration initiatives. The table above provides a reconciliation of Adjusted Operating Income to Total Operating (Loss) Income, the most comparable GAAP measure, and Adjusted Operating Ratio flows from that.

(3)		Our management team reviews Adjusted EBITDA and Adjusted EBITDA Margin, both of which are non-GAAP financial measures, to measure the operating performance and financial condition of our business and to make strategic decisions. See the Appendix for additional information regarding the use of Adjusted EBITDA. The table above provides a reconciliation of Adjusted EBITDA to (Loss) Income before income taxes, the most comparable GAAP measure, and Adjusted EBITDA Margin flows from that.

Revenue and Profitability ⁽¹⁾

	Three months ended									Nine months ended
Select Operating Metrics	9/30/2026			9/30/2025			% Chg			9/30/2026			9/30/2025			% Chg
Unit Volume – Company Deliveries		372,040			209,340			77.7	%		763,935			593,672			28.7	%
Revenue / Unit – Company Deliveries		161.87			182.44			(11.3	)%		171.46			181.91			(5.7	)%

Unit Volume – Subhaulers		466,996			396,001			17.9	%		1,157,912			1,137,604			1.8	%
Revenue / Unit – Subhaulers		150.24			168.45			(10.8	)%		156.84			169.11			(7.3	)%

Unit Volume – Total		839,036			605,341			38.6	%		1,921,847			1,731,276			11.0	%
Revenue / Unit – Total		155.40			173.29			(10.3	)%		162.65			173.50			(6.3	)%

Percent Revenue, Company Deliveries		46	%		36	%					42	%		36	%
Percent Revenue, Subhaulers		54	%		64	%					58	%		64	%

(1)		Amounts related to Brothers and H&A are included only from their respective acquisition dates of April 1, 2025, and August 13, 2026. Revenue information presented excludes fuel surcharge and other revenue.

Balance Sheet

Share Repurchase Program

Conference Call and Webcast

About Proficient Auto Logistics

Investor Relations:

Brad Wright
Chief Financial Officer and Secretary
Phone: 904-506-4317
email: Investor.relations@proautologistics.com

Cautionary Statement Regarding Forward-Looking Statements

Appendix

Non-GAAP Financial Measures

EBITDA is defined as net income (loss) for the period adjusted for interest expense, income tax expense (benefit) and depreciation expense and intangible amortization expense.

Adjusted EBITDA Margin is calculated as Adjusted EBITDA as a percentage of operating revenue.

Operating income is calculated as total operating revenue less total operating expenses.

Operating ratio is calculated as total operating expenses as a percentage of operating revenue.

PROFICIENT AUTO LOGISTICS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited)
	September 30,			December 31,
	2026			2025
Assets
Current assets:
Cash and cash equivalents	$	11,830,484		$	14,285,745
Accounts receivable, less allowance for credit losses (2026 – $1,230,244; 2025 – $826,740)		81,611,526			42,188,909
Net investment in leases, current portion		166,097			126,730
Maintenance supplies		2,218,736			1,714,238
Assets held for sale		1,228,932			28,500
Income tax receivable		1,470,239			1,791,544
Prepaid expenses and other current assets		12,928,967			11,261,497
Total current assets		111,454,981			71,397,163
Property and equipment, net of accumulated depreciation and amortization (2026 – $62,738,508; 2025 – $43,500,044)		198,517,578			115,850,061
Operating lease right-of-use assets		11,562,747			12,633,834
Net investment in leases, less current portion		90,284			21,781
Deposits		7,418,432			6,124,946
Goodwill		158,571,420			148,476,407
Intangible assets, net (2026 – $22,980,054; 2025 – $17,615,109)		138,121,961			122,804,891
Other long-term assets		464,371			668,426
Total Assets	$	626,201,774		$	477,977,509

Liabilities, and Stockholders’ Equity
Current liabilities:
Accounts payable	$	20,437,833		$	8,305,255
Accrued liabilities		60,718,594			33,030,001
Finance lease liabilities, current portion		26,618			8,758
Operating lease liabilities, current portion		3,058,587			2,249,651
Long-term debt, current portion		32,970,105			20,303,077
Total current liabilities		117,211,737			63,896,742

Long-term liabilities:
Line of credit		9,900,000			—
Finance lease liabilities, less current portion		16,607			—
Operating lease liabilities, less current portion		9,068,208			10,689,839
Long-term debt, less current portion		97,729,391			54,026,968
Deferred tax liability, net		33,594,364			34,900,440
Convertible senior notes		72,154,289			—
Other long-term liabilities		2,973,049			3,073,049
Total Liabilities		342,647,645			166,587,038

Stockholders’ Equity:
Common stock, $0.01 par value; 50,000,000 shares authorized; 28,076,361 and 27,834,799 shares issued and 27,977,560 and 27,834,799 outstanding as of September 30, 2026 and December 31, 2025, respectively.		280,764			278,347
Additional paid in capital		349,414,807			356,179,787
Accumulated deficit		(65,399,897	)		(45,067,663	)
Accumulated other comprehensive (loss) income		(188,545	)		—
Treasury stock at cost, 98,801 shares as of September 30, 2026 and 0 shares as of December 31, 2025		(553,000	)		—
Total Stockholders’ Equity		283,554,129			311,390,471
Total Liabilities and Stockholders’ Equity	$	626,201,774		$	477,977,509

PROFICIENT AUTO LOGISTICS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (unaudited)
	Three months			Three months			Nine months			Nine months
	ended			ended			ended			ended
	September 30,			September 30,			September 30,			September 30,
	2026			2025			2026			2025
Operating revenue
Revenue, before fuel surcharge	$	130,381,608		$	104,900,181		$	312,594,172		$	299,887,668
Fuel surcharge and other reimbursements		16,006,722			7,442,725			32,922,759			19,672,820
Other revenue		1,503,506			1,266,845			3,414,238			3,260,712
Lease revenue		1,077,698			685,053			3,127,819			2,226,211
Total operating revenue		148,969,534			114,294,804			352,058,988			325,047,411

Operating Expenses
Salaries, wages and benefits		35,159,198			22,341,396			78,129,637			64,086,192
Stock-based compensation		1,479,297			1,870,211			4,177,627			4,274,717
Fuel and fuel taxes		16,306,884			6,497,935			32,120,692			19,343,046
Purchased transportation		63,223,804			56,851,258			160,821,857			163,008,119
Truck expenses		10,838,695			6,739,370			25,094,041			19,027,640
Depreciation		7,505,530			7,718,519			22,283,776			21,854,078
Intangible amortization		2,654,281			2,454,641			7,483,785			7,325,112
Gain on sale of equipment		(414,936	)		(52,597	)		(373,889	)		(278,911	)
Insurance premiums and claims		9,068,386			5,405,410			20,447,337			15,746,601
General, selling, and other operating expenses		7,018,606			4,569,409			15,913,921			12,998,713
Total Operating Expenses		152,839,745			114,395,552			366,098,784			327,385,307
Operating loss		(3,870,211	)		(100,748	)		(14,039,796	)		(2,337,896	)
Other income and expense
Interest expense		(3,049,275	)		(1,682,501	)		(5,878,342	)		(5,091,297	)
Acquisition costs		(6,426,134	)		(94,738	)		(6,449,870	)		(406,545	)
Restructuring charges		—			(1,901,103	)		—			(1,901,103	)
Foreign currency transaction loss		(3,748	)		—			(3,748	)		—
Other income, net		140,313			113,150			155,051			294,441
Total other expense, net		(9,338,844	)		(3,565,192	)		(12,176,909	)		(7,104,504	)
Loss before income taxes		(13,209,055	)		(3,665,940	)		(26,216,705	)		(9,442,400	)
Income tax (benefit) expense		(3,262,370	)		(646,254	)		(5,884,471	)		(1,674,196	)
Net loss	$	(9,946,685	)	$	(3,019,686	)	$	(20,332,234	)	$	(7,768,204	)

Other comprehensive loss, net of tax
Foreign currency translation adjustment, net of tax		(188,545	)		—			(188,545	)		—
Total other comprehensive loss, net of tax		(188,545	)		—			(188,545	)		—
Comprehensive income loss	$	(10,135,230	)	$	(3,019,686	)	$	(20,520,779	)	$	(7,768,204	)

Loss Per Share
Basic & Diluted	$	(0.35	)	$	(0.11	)	$	(0.73	)	$	(0.28	)

Weighted Average Shares
Basic & Diluted		28,285,966			27,796,148			28,033,351			27,494,922

Posted in UncategorizedTagged GlobeNewswire

Quantum Cyber Reports First Revenue of ~$1.0 Million and Announces $8.0 Million Funding Commitment From Chief Executive Officer David Lazar

Posted on November 12, 2026 by Ravi Shankar

Third Quarter 2026 Form 10-Q Highlights:

Four customers each accounting for 10% or more of quarterly revenue, with no single customer representing more than 15%
Bridgeport facility operational, including the installation of an 80-unit 3D printing production farm in August 2026
Project LightShift quantum antenna license field of use expanded by November 6, 2026 amendment to include unmanned surface and underwater vehicles, maritime platforms, homeland security, and law enforcement applications
Settlement of the Boustead Securities, LLC action and the related FINRA arbitration for $250,000, with termination of Boustead’s April 2021 engagement letter, including the related tail and right of first refusal on future financings
Shareholders’ equity of approximately $16.2 million at September 30, 2026, up from $0.6 million at December 31, 2025, an increase of approximately 2,600%, with approximately $15.2 million of year-to-date proceeds from the exercise of warrants
No shares sold under the Company’s at-the-market registration statement through November 12, 2026

Norwalk, CT, Nov. 12, 2026 (GLOBE NEWSWIRE) — Quantum Cyber N.V. (Nasdaq: QUCY) (“Quantum Cyber” or the “Company”), a Nasdaq-listed autonomous defense technology company assembling an AI-powered System-of-Systems platform for drone warfare, counter-UAS, and border security applications, today announced that it has filed its Quarterly Report on Form 10-Q for the quarter ended September 30, 2026 with the U.S. Securities and Exchange Commission. The filing reports the Company’s first revenue since its strategic pivot to autonomous defense and discloses an $8.0 million funding commitment from the Company’s Chief Executive Officer and Chair of the Board, David Lazar.

“The third quarter of 2026 is the quarter in which Quantum Cyber crossed from a pre-revenue strategy into an operating company,” said David Lazar. “We generated our first revenue, we installed the first production equipment at our Bridgeport facility, and we resolved a legacy legal claim that had overhung our capital structure. In the Company’s view, each of these is a building block toward the vertically integrated autonomous defense manufacturer we have described to the market.”

“The $8.0 million funding commitment I provided to the Company on November 11, 2026 is intended to reinforce the balance sheet while we complete the build-out of the Bridgeport facility and continue to advance the Project LightShift quantum antenna program under our newly expanded field of use. We believe Quantum Cyber is entering 2027 as an operating, revenue-generating business with the manufacturing footprint, the technology licenses, and the capital on hand to execute the next phase of its plan.”

~$1.0 Million of First Revenue From Continuing Operations
For the three months ended September 30, 2026, the Company reported $966,833 of revenue, compared with no revenue from continuing operations in the first and second quarters of 2026 and in the prior-year periods. The revenue was generated by the precision metal stamping and fabrication business operating out of the Company’s Bridgeport, Connecticut facility, which the Company acquired on July 15, 2026 from Arcade Technology LLC and Arcade Realty LLC. Revenue was spread across three product lines, electrical components, tooling, and general metal stamping products, with four customers each accounting for between 10% and 15% of quarterly revenue.

In the Company’s view, the transition from a pre-revenue platform-development story to an operating business with inventory, accounts receivable, manufacturing assets, and a diversified customer base in a single quarter represents a meaningful inflection point in the execution of its vertical integration strategy.

$8.0 Million Funding Commitment From Chief Executive Officer
On November 11, 2026, Mr. Lazar provided the Company with a funding commitment of up to $8.0 million through November 30, 2027. The Company believes the commitment is intended to supplement its working capital as it continues to build out its autonomous defense manufacturing capacity at the Bridgeport facility and to advance its Quantum Drones programs. A copy of the Funding Commitment Letter is filed as Exhibit 10.4 to the Form 10-Q.

Bridgeport Facility Operational
The Company’s Bridgeport facility continues to operate as the revenue-generating Arcade Metal Stamping business while the Company builds out the site for drone manufacturing. In August 2026, the Company completed the installation of an 80-unit 3D printing production farm at the facility. The Company currently expects to begin manufacturing and selling drones in early 2027, subject to further build-out of production lines, procurement of equipment, and completion of commercial prototypes.

At September 30, 2026, the Company’s balance sheet reflected approximately $2.78 million of property, plant and equipment, $929,606 of inventory, $643,386 of accounts receivable, and $534,000 of goodwill, substantially all associated with the Bridgeport operations. These line items did not appear on the Company’s December 31, 2025 or March 31, 2026 balance sheets.

Expansion of the Quantum Antenna License Field of Use
On November 6, 2026, the Company’s wholly owned subsidiary, Quantum Drones Corporation, and Project LightShift, Inc. entered into a First Amendment to their June 2026 exclusive worldwide license agreement covering Project LightShift’s patent-protected quantum photonic array, or quantum antenna, technology. The First Amendment expands the licensed field of use beyond unmanned aerial vehicles to also include unmanned surface and underwater vehicles, maritime platforms, homeland security, and law enforcement applications. The Company believes this expansion materially broadens the addressable market for the licensed quantum antenna technology across air, land, and sea autonomous platforms.

Resolution of Legacy Boustead Claims
On October 15, 2026, the Company entered into a Settlement Agreement and General Release with Boustead Securities, LLC resolving the action filed by the Company in the Supreme Court of the State of New York, New York County, and the related FINRA arbitration previously initiated and withdrawn by Boustead. Under the agreement, Quantum Drones Corporation paid Boustead $250,000, and the parties agreed to mutual general releases. The Boustead Settlement Agreement also terminates Boustead’s April 2021 engagement letter with the Company, including any related rights to fees, compensation, right of first refusal, or tail compensation in connection with any future financing or transaction by the Company. In the Company’s view, this removes a legacy overhang from its capital structure and future financing activities.

Balance Sheet
At September 30, 2026, the Company reported total assets of approximately $18.8 million, total shareholders’ equity of approximately $16.2 million, and cash and marketable securities of approximately $5.0 million. Shareholders’ equity at December 31, 2025 was approximately $0.6 million, representing an increase of approximately 2,600% over the period. During the nine months ended September 30, 2026, the Company received approximately $22.2 million of net proceeds from financing activities, including approximately $15.2 million from the exercise of warrants and $6.0 million from the issuance of preferred shares.

On October 9, 2026, the Company entered into the Titan Sales Agreement, an at-the-market offering facility providing for the sale of up to $100 million of the Company’s ordinary shares through Titan Partners Securities LLC as sales agent. Through November 12, 2026, the Company had not sold any shares under the Titan Sales Agreement.

About Quantum Cyber N.V.
Quantum Cyber N.V. (Nasdaq: QUCY) is assembling an AI-powered, quantum-accelerated System-of-Systems autonomous defense platform that integrates drone warfare, counter-UAS, autonomous naval mine countermeasures, EMP shielding, anti-drone ammunition, command-and-control, and quantum antenna applications under a single Nasdaq-listed company. The Company acquires, licenses, and develops combat-proven autonomous technologies, deploying them as a coordinated, multi-domain portfolio across air, land, and sea. For more information, visit www.quantum-cyber.ai.

Forward-Looking Statements
Certain statements made in this press release are “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as “anticipate,” “believe,” “expect,” “estimate,” “plan,” “intend,” “outlook,” and “project” and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. Such forward-looking statements relate to, among other things, the Company’s ability to continue generating revenue from the Arcade Metal Stamping business; the drawdown, availability, and sufficiency of the $8.0 million funding commitment from the Chief Executive Officer; the Company’s expected timing for commencing drone manufacturing at the Bridgeport facility; the Company’s ability to commercialize the quantum antenna technology licensed from Project LightShift in the expanded field of use; the continued development of the Quantum Drones business; the sufficiency of the Company’s balance sheet and liquidity; the finality of the Boustead settlement; and the Company’s strategy as a vertically integrated autonomous defense manufacturer. These forward-looking statements reflect the current analysis of existing information and are subject to various risks and uncertainties. As a result, caution must be exercised in relying on forward-looking statements. Due to known and unknown risks, actual results may differ materially from the Company’s expectations or projections. Additional information concerning these and other factors may be found in the Company’s filings with the SEC, including its Annual Report on Form 10-K filed on March 31, 2026, its Quarterly Reports on Form 10-Q, and its subsequent filings with the SEC. The Company’s SEC filings are available publicly on the SEC’s website at www.sec.gov. Any forward-looking statement made by the Company in this press release is based only on information currently available and speaks only as of the date on which it is made. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments, or otherwise, except as required by law.

Investor Relations Contact
Arx Investor Relations
North American Equities Desk
qucy@arxhq.com

QUANTUM CYBER N.V.

Condensed Consolidated Balance Sheets

	September 30, 2026	December 31, 2025
(Unaudited)
ASSETS
Current Assets
Cash	$ 4,860,697	$ 701,602
Marketable securities	132,003	—
Accounts receivable, net	643,386	—
Inventories	929,606	—
Prepaid expenses and other current assets	1,794,448	466,743
Assets of discontinued operations, held for sale	292,448	3,045,627
Total current assets	8,652,588	4,213,972

Property, plant and equipment, net	2,782,050	—
Intangible assets, net	6,447,064	1,113,424
Operating lease right-of-use asset	349,583	—
Goodwill	534,000	—
Total assets	$ 18,765,285	$ 5,327,396

LIABILITIES AND SHAREHOLDERS’ EQUITY
Current Liabilities
Accounts payable and accrued liabilities	$ 1,422,870	$ 369,771
Intellectual property acquisition liability	750,000	487,785
Operating lease liabilities, current portion	55,960	—
Liabilities of discontinued operations, held for sale	89,737	3,828,240
Total current liabilities	2,318,567	4,685,796

Operating lease liabilities, net of current portion	294,982	—
Total liabilities	2,613,549	4,685,796

Shareholders’ equity
Series D Preferred shares	10,280	—
Series E Preferred shares	11,744	—
Ordinary shares	1,004,145	107,820
Additional paid-in capital	141,507,845	106,053,809
Accumulated deficit	(126,382,278)	(104,902,375)
Accumulated other comprehensive loss	—	(617,654)
Total shareholders’ equity	16,151,736	641,600

Total liabilities and shareholders’ equity	$ 18,765,285	$ 5,327,396

QUANTUM CYBER N.V.

Condensed Consolidated Statements of Comprehensive Loss

	Three months ended September 30,		Nine months ended September 30,
	2026	2025	2026	2025
(Unaudited)
Revenue	$ 966,833	$ —	$ 966,833	$ —
Cost of revenue	873,243	—	873,243	—
Gross profit	93,590	—	93,590	—

Operating expenses:
Sales and marketing	771,150	434,827	2,511,523	2,453,249
Research and development	1,255,029	39,318	1,575,901	229,344
In-process research and development	—	—	4,258,449	—
General and administrative	2,929,422	692,590	9,160,832	2,859,742
Total operating expenses	4,955,601	1,166,735	17,506,705	5,542,335

Loss from operations	(4,862,011)	(1,166,735)	(17,413,115)	(5,542,335)

Other income (expense):
Other income	197,744	5,830	232,189	25,707
Change in fair value of convertible debt	—	—	—	21,000
Interest expense	(3,146)	(42,880)	(25,529)	(133,817)
Other expense	(252,756)	(4,249)	(271,629)	(28,031)
Total other expense, net	(58,158)	(41,299)	(64,969)	(115,141)

Loss before income taxes	(4,920,169)	(1,208,034)	(17,478,084)	(5,657,476)
Income tax provision	—	—	—	—
Loss from continuing operations	(4,920,169)	(1,208,034)	(17,478,084)	(5,657,476)
Loss from discontinued operations	(461,272)	(1,711,312)	(4,001,819)	(5,744,594)
Net loss	$ (5,381,441)	$ (2,919,346)	$ (21,479,903)	$ (11,402,070)

Comprehensive loss:
Net loss	(5,381,441)	(2,919,346)	(21,479,903)	(11,402,070)
Foreign currency translation adjustment	(10,371)	(19,845)	(76,150)	3,878
Reclassification upon liquidation of foreign subsidiary	10,371	—	693,804	—
Total comprehensive loss	$ (5,381,441)	$ (2,939,191)	$ (20,862,249)	$ (11,398,192)

Basic and diluted loss per ordinary share:
Net loss	$ (0.08)	$ (0.42)	$ (0.69)	$ (2.30)
Loss from continuing operations	$ (0.08)	$ (0.17)	$ (0.56)	$ (1.14)
Loss from discontinued operations	$ (0.01)	$ (0.24)	$ (0.13)	$ (1.16)
Weighted average number of ordinary shares outstanding	63,676,333	7,003,264	31,298,958	4,947,775

Posted in UncategorizedTagged GlobeNewswire

Quantum Cyber Reports First Revenue of ~$1.0 Million and Announces $8.0 Million Funding Commitment From Chief Executive Officer David Lazar

Posted on November 12, 2026 by Ravi Shankar

Third Quarter 2026 Form 10-Q Highlights:

Four customers each accounting for 10% or more of quarterly revenue, with no single customer representing more than 15%
Bridgeport facility operational, including the installation of an 80-unit 3D printing production farm in August 2026
Project LightShift quantum antenna license field of use expanded by November 6, 2026 amendment to include unmanned surface and underwater vehicles, maritime platforms, homeland security, and law enforcement applications
Settlement of the Boustead Securities, LLC action and the related FINRA arbitration for $250,000, with termination of Boustead’s April 2021 engagement letter, including the related tail and right of first refusal on future financings
Shareholders’ equity of approximately $16.2 million at September 30, 2026, up from $0.6 million at December 31, 2025, an increase of approximately 2,600%, with approximately $15.2 million of year-to-date proceeds from the exercise of warrants
No shares sold under the Company’s at-the-market registration statement through November 12, 2026

Investor Relations Contact
Arx Investor Relations
North American Equities Desk
qucy@arxhq.com

QUANTUM CYBER N.V.

Condensed Consolidated Balance Sheets

	September 30, 2026	December 31, 2025
(Unaudited)
ASSETS
Current Assets
Cash	$ 4,860,697	$ 701,602
Marketable securities	132,003	—
Accounts receivable, net	643,386	—
Inventories	929,606	—
Prepaid expenses and other current assets	1,794,448	466,743
Assets of discontinued operations, held for sale	292,448	3,045,627
Total current assets	8,652,588	4,213,972

Property, plant and equipment, net	2,782,050	—
Intangible assets, net	6,447,064	1,113,424
Operating lease right-of-use asset	349,583	—
Goodwill	534,000	—
Total assets	$ 18,765,285	$ 5,327,396

LIABILITIES AND SHAREHOLDERS’ EQUITY
Current Liabilities
Accounts payable and accrued liabilities	$ 1,422,870	$ 369,771
Intellectual property acquisition liability	750,000	487,785
Operating lease liabilities, current portion	55,960	—
Liabilities of discontinued operations, held for sale	89,737	3,828,240
Total current liabilities	2,318,567	4,685,796

Operating lease liabilities, net of current portion	294,982	—
Total liabilities	2,613,549	4,685,796

Shareholders’ equity
Series D Preferred shares	10,280	—
Series E Preferred shares	11,744	—
Ordinary shares	1,004,145	107,820
Additional paid-in capital	141,507,845	106,053,809
Accumulated deficit	(126,382,278)	(104,902,375)
Accumulated other comprehensive loss	—	(617,654)
Total shareholders’ equity	16,151,736	641,600

Total liabilities and shareholders’ equity	$ 18,765,285	$ 5,327,396

QUANTUM CYBER N.V.

Condensed Consolidated Statements of Comprehensive Loss

	Three months ended September 30,		Nine months ended September 30,
	2026	2025	2026	2025
(Unaudited)
Revenue	$ 966,833	$ —	$ 966,833	$ —
Cost of revenue	873,243	—	873,243	—
Gross profit	93,590	—	93,590	—

Operating expenses:
Sales and marketing	771,150	434,827	2,511,523	2,453,249
Research and development	1,255,029	39,318	1,575,901	229,344
In-process research and development	—	—	4,258,449	—
General and administrative	2,929,422	692,590	9,160,832	2,859,742
Total operating expenses	4,955,601	1,166,735	17,506,705	5,542,335

Loss from operations	(4,862,011)	(1,166,735)	(17,413,115)	(5,542,335)

Other income (expense):
Other income	197,744	5,830	232,189	25,707
Change in fair value of convertible debt	—	—	—	21,000
Interest expense	(3,146)	(42,880)	(25,529)	(133,817)
Other expense	(252,756)	(4,249)	(271,629)	(28,031)
Total other expense, net	(58,158)	(41,299)	(64,969)	(115,141)

Loss before income taxes	(4,920,169)	(1,208,034)	(17,478,084)	(5,657,476)
Income tax provision	—	—	—	—
Loss from continuing operations	(4,920,169)	(1,208,034)	(17,478,084)	(5,657,476)
Loss from discontinued operations	(461,272)	(1,711,312)	(4,001,819)	(5,744,594)
Net loss	$ (5,381,441)	$ (2,919,346)	$ (21,479,903)	$ (11,402,070)

Comprehensive loss:
Net loss	(5,381,441)	(2,919,346)	(21,479,903)	(11,402,070)
Foreign currency translation adjustment	(10,371)	(19,845)	(76,150)	3,878
Reclassification upon liquidation of foreign subsidiary	10,371	—	693,804	—
Total comprehensive loss	$ (5,381,441)	$ (2,939,191)	$ (20,862,249)	$ (11,398,192)

Basic and diluted loss per ordinary share:
Net loss	$ (0.08)	$ (0.42)	$ (0.69)	$ (2.30)
Loss from continuing operations	$ (0.08)	$ (0.17)	$ (0.56)	$ (1.14)
Loss from discontinued operations	$ (0.01)	$ (0.24)	$ (0.13)	$ (1.16)
Weighted average number of ordinary shares outstanding	63,676,333	7,003,264	31,298,958	4,947,775

Posted in UncategorizedTagged GlobeNewswire

Sunday Lake Gold Corp. Announces SLGCF As New OTCQX Symbol

Posted on November 12, 2026 by Ravi Shankar

TORONTO, Nov. 12, 2026 (GLOBE NEWSWIRE) — Sunday Lake Gold Corp. (TSX: SNDY, OTCQX: SLGCF) (“Sunday Lake Gold” or the “Company”) is pleased to announce that it will begin trading at market open tomorrow, November 13, 2026, on the OTCQX Market (“OTCQX“) under the new stock trading symbol SLGCF (formerly WLBMD). The change in symbol on the OTCQX aligns with the Company’s recently announced name change to Sunday Lake Gold Corp., as well as the change in ticker symbol on the TSX to SNDY, which was effective as of October 19, 2026. No action is required by shareholders with respect to the ticker symbol changes.

About Sunday Lake Gold Corp.

Sunday Lake Gold Corp. is focused on creating value through the exploration and sustainable development of gold projects in Quebec’s Abitibi region while respecting the environment and communities where it operates. The Company holds a contiguous mineral property position totaling 598 km² that extends approximately 82 km along the Detour-Fenelon gold trend. The property is host to the Company’s flagship PEA-stage Fenelon Gold Project, and its earlier exploration stage Martiniere Gold Project, as well as numerous greenfield gold projects.

For further information please visit the Company’s website at www.sundaylakegold.com or contact:

Brian Penny, CPA, CMA	Tania Barreto, CPIR
CEO	Director Investor Relations
Email: bpenny@sundaylakegold.com	Email: tbarreto@sundaylakegold.com
M: +1 416 716 8346	M: +1 289 819 3012

Cautionary Note Regarding Forward-Looking Information

The information in this document may contain forward-looking statements or information (collectively, “FLI”) within the meaning of applicable Canadian securities legislation. FLI is based on expectations, estimates, projections and interpretations as at the date of this document. All statements, other than statements of historical fact, included herein are FLI that involve various risks, assumptions, estimates and uncertainties. Generally, FLI can be identified by the use of statements that include, but are not limited to, words such as “seeks”, “believes”, “anticipates”, “plans”, “continues”, “budget”, “scheduled”, “estimates”, “expects”, “forecasts”, “intends”, “projects”, “predicts”, “proposes”, “potential”, “targets” and variations of such words and phrases, or by statements that certain actions, events or results “may”, “will”, “could”, “would”, “should” or “might”, “be taken”, “occur” or “be achieved.”

FLI is designed to help you understand management’s current views of its near- and longer-term prospects, and it may not be appropriate for other purposes. FLI by their nature are based on assumptions and involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such FLI. Although the FLI contained in this document is based upon what management believes, or believed at the time, to be reasonable assumptions, the Company cannot assure shareholders and prospective purchasers of securities of the Company that actual results will be consistent with such FLI, as there may be other factors that cause results not to be as anticipated, estimated or intended, and neither the Company nor any other person assumes responsibility for the accuracy and completeness of any such FLI. Except as required by law, the Company does not undertake, and assumes no obligation, to update or revise any such FLI contained in this document to reflect new events or circumstances. Unless otherwise noted, this document has been prepared based on information available as of the date of this document. Accordingly, you should not place undue reliance on the FLI, or information contained herein.

Furthermore, should one or more of the risks, uncertainties or other factors materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in FLI.

Assumptions upon which FLI is based, without limitation, include: the results of exploration activities, the Company’s financial position and general economic conditions; the ability of exploration activities to accurately predict mineralization; the accuracy of geological modelling; the ability of the Company to complete further exploration activities; the legitimacy of title and property interests in the Company’s mineral projects; the accuracy of key assumptions, parameters or methods used to estimate MREs and PEAs; the ability of the Company to obtain required approvals; geological, mining and exploration technical problems; failure of equipment or processes to operate as anticipated; the evolution of the global economic climate; metal prices; foreign exchange rates; environmental expectations; community and non-governmental actions; and, the Company’s ability to secure required funding. Risks and uncertainties about Sunday Lake Gold’s business are discussed in the disclosure materials filed with the securities regulatory authorities in Canada, which are available at www.sedarplus.ca.

Cautionary Notes to United States Investors

Sunday Lake Gold Corp. prepares its disclosure in accordance with NI 43-101 which differs from the requirements of the U.S. Securities and Exchange Commission (the “SEC”). Terms relating to mineral properties, mineralization and estimates of mineral reserves and mineral resources and economic studies used herein are defined in accordance with NI 43-101 under the guidelines set out in CIM Definition Standards on Mineral Resources and Mineral Reserves, adopted by the Canadian Institute of Mining, Metallurgy and Petroleum Council on May 19, 2014, as amended. NI 43-101 differs significantly from the disclosure requirements of the SEC generally applicable to US companies. As such, the information presented herein concerning mineral properties, mineralization and estimates of mineral reserves and mineral resources may not be comparable to similar information made public by U.S. companies subject to the reporting and disclosure requirements under the U.S. federal securities laws and the rules and regulations thereunder.

Posted in UncategorizedTagged GlobeNewswire

Sunday Lake Gold Corp. Announces SLGCF As New OTCQX Symbol

Posted on November 12, 2026 by Ravi Shankar

About Sunday Lake Gold Corp.

For further information please visit the Company’s website at www.sundaylakegold.com or contact:

Brian Penny, CPA, CMA	Tania Barreto, CPIR
CEO	Director Investor Relations
Email: bpenny@sundaylakegold.com	Email: tbarreto@sundaylakegold.com
M: +1 416 716 8346	M: +1 289 819 3012

Cautionary Note Regarding Forward-Looking Information

Cautionary Notes to United States Investors

Posted in UncategorizedTagged GlobeNewswire

Mexco Energy Corporation Reports Financial Results for First Six Months

Posted on November 12, 2026 by Ravi Shankar

MIDLAND, TX, Nov. 12, 2026 (GLOBE NEWSWIRE) — Mexco Energy Corporation (NYSE American: MXC) today reported net income of $945,152, or $0.45 per diluted share, for the six months ended September 30, 2026. This compares to net income of $565,457, or $0.27 per diluted share, for the six months ended September 30, 2025, a 67% increase.

Operating revenues in the first six months of fiscal 2027 were $4,102,157, an increase of 21% from $3,386,580 for the first six months of fiscal 2026. This increase was primarily attributable to a 43% increase in average oil price partially offset by a 23% decrease in average natural gas price and a 7% decrease in oil production.

The Company currently expects to participate in the drilling of 55 horizontal wells and the completion of 20 horizontal wells at an estimated aggregate cost of approximately $1.8 million during the fiscal year ending March 31, 2027, of which approximately $900,000 has been expended to date. The Company continues to evaluate additional drilling prospects for participation during the remainder of the fiscal year.

The president of the Company, Tammy McComic, said, “During the first six months of fiscal year 2027, we invested approximately $3.2 million in our ongoing investment strategy of acquiring oil and gas royalty interests.”

Mexco Energy Corporation, a Colorado corporation, is an independent oil and gas company located in Midland, Texas engaged in the acquisition, exploration and development of oil and gas properties primarily in the Permian Basin. For more information on Mexco Energy Corporation, go to www.mexcoenergy.com.

In accordance with the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995, Mexco Energy Corporation cautions that statements in this press release which are forward-looking and which provide other than historical information involve risks and uncertainties that may impact the Company’s actual results of operations. These risks include, but are not limited to, production variance from expectations, volatility of oil and gas prices, the need to develop and replace reserves, exploration risks, uncertainties about estimates of reserves, competition, government regulation, and mechanical and other inherent risks associated with oil and gas production. A discussion of these and other factors, including risks and uncertainties, is set forth in the Company’s Form 10-K for the fiscal year ended March 31, 2026. Mexco Energy Corporation disclaims any intention or obligation to revise any forward-looking statements.

For additional information, please contact: Tammy L. McComic, President and Chief Financial Officer of Mexco Energy Corporation, (432) 682-1119.

Posted in UncategorizedTagged GlobeNewswire