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.
MIAMI, Nov. 12, 2026 (GLOBE NEWSWIRE) — Inter&Co Inc. (NASDAQ: INTR), the leading super app providing financial and digital commerce services to over 46 million customers, today reported its results for the third quarter of 2026.
3Q26 Highlights:
Inter delivered record net income in 3Q26, supported by a larger and more engaged client base and confirming the consistency of its model across cycles. Clients reached 46.8 million, of which 27.1 million are active; net revenue reached US$483 million (R$2.7 billion), up 26% year-over-year; gross ARPAC reached US$10.7 (R$59.7) per month, a new high; and Pix market share continues to be robust at 9%, a testament to the strength of Inter’s transactional platform. The result reflects a model in which a solid banking base is complemented by an integrated ecosystem of financial and lifestyle services.
Net Income: Net income reached US$76.1 million (R$425 million), up 26% year-over-year, a new record and the 14th consecutive quarter of growth.
Credit Growth: The expanded credit portfolio reached US$10.39 billion (R$58.1 billion), up 25% year-over-year, versus 8.6% for the Brazilian credit market.
Asset Quality: Cost of Risk was stable at 5.9%, flat versus 2Q26.
Net Interest Margin: NIM reached 9.96%, approximately 70 bps above 3Q25, supported by the growth of a healthy, diversified and highly collateralized loan portfolio.
Efficiency Ratio: The efficiency ratio reached 41.9%, a 322 bps improvement year-over-year, as expenses grew 17% against 26% growth in net revenue.
João Vitor Menin, Global CEO of Inter&Co, commented:
“Our 3Q26 results reflect the strength of the model we have built over the last ten years. The strength of our banking, paired with top-class technology, feeds our customer flywheel, where every interaction feeds the next. The more a client’s financial life sits with Inter, the more we learn, and the better we serve that client. After ten years and a few credit cycles, I can say with confidence that the BanTech model works.”
He added: “Our model stands on four pillars: a fortress balance sheet, with 70% of our loan book secured; alignment with the direction of the regulator; a growing client franchise; and a technology base advancing with AI, with more than 700 models in production and Seven, our multi-agent AI tool for clients, resolving about 85% of client requests without human support.”
He concluded: “We have also strengthened our leadership structure to accelerate growth and profitability: Francisco Santos, who recently joined Inter as Chief Growth Officer, will be focused on growth and monetization in Brazil; Alexandre Riccio, now our Chief Operating Officer, focused on credit underwriting and operational excellence; and Santiago Stel, who continues as CFO, focused on profitability and capital allocation. With robust capital, a strong brand and a talented team, we are well positioned to deliver continued growth and sustainable profitability in the years to come.”
Santiago Stel, CFO of Inter&Co, said: “This quarter shows growth, margin, and efficiency moving together. Net revenue grew 26% year-over-year while expenses grew 17%, taking our efficiency ratio to 41.9%, 322 basis points better than a year ago. NIM 2.0 reached about 10%, up around 70 basis points year-over-year, even with lower inflation in the quarter. IPCA was 2.3%, versus 5.8% in 2Q26, which reduces the income from our inflation-linked assets.”
Stel continued: “We have seen the stabilization of asset quality. Cost of Risk was flat at 5.9%, even with the market deteriorating, showcasing the strength of our conservative and responsible approach to credit, with 70% of our loan book secured, and our ability to perform across different cycles. Looking ahead, we expect continued improvement, especially in private payroll, as the product is gaining operational maturity.”
Conference Call
Inter&Co will discuss its 3Q26 financial results on November 13th, 2026, at 10:00 a.m. ET. The webcast details, along with the earnings materials, can be accessed on the company’s Investor Relations website at https://investors.inter.co/en/.
About Inter&Co Inter (NASDAQ: INTR) is a digital bank providing financial and lifestyle solutions to 46.8 million consumers. Our super app leverages technology to unlock simplicity, offering mortgages, credit, gift cards, investments, and international payments. Inter customers also enjoy access to a dynamic marketplace of shopping discounts, cashback rewards, and exclusive access to marquee events. Recognized by Forbes, CNBC, and others as one of the world’s leading FinTechs and digital banks, Inter leads with human innovation to empower the new economy. Learn more at US.Inter.Co.
Investor Relations: Rafaela de Oliveira Vitória ir@inter.co
Disclaimer This report may contain forward-looking statements regarding Inter, anticipated synergies, growth plans, projected results and future strategies. While these forward-looking statements reflect our Management’s good faith beliefs, they involve known and unknown risks and uncertainties that could cause the company’s results or accrued results to differ materially from those anticipated and discussed herein. These statements are not guarantees of future performance. These risks and uncertainties include, but are not limited to, our ability to realize the number of projected synergies and the projected schedule, in addition to economic, competitive, governmental and technological factors affecting Inter, the markets, products and prices and other factors. In addition, this presentation contains managerial figures that may differ from those presented in our financial statements. The calculation methodology for these managerial numbers is presented in Inter’s quarterly earnings release. Statements contained in this report that are not facts or historical information may be forward looking statements under the terms of the Private Securities Litigation Reform Act of 1995. These forward-looking statements may, among other things, beliefs related to the creation of value and any other statements regarding Inter. In some cases, terms such as “estimate”, “project”, “predict”, “plan”, “believe”, “can”, “expectation”, “anticipate”, “intend”, “aimed”, “potential”, “may”, “will/shall” and similar terms, or the negative of these expressions, may identify forward looking statements.
These forward-looking statements are based on Inter’s expectations and beliefs about future events and involve risks and uncertainties that could cause actual results to differ materially from current ones. Any forward-looking statement made by us in this document is based only on information currently available to us and speaks only as of the date on which it is made. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether because of new information, future developments or otherwise. The definition of each such operational metric is included in the earnings release available on our Investor Relations website.
For additional information that about factors that may lead to results that are different from our estimates, please refer to sections “Cautionary Statement Concerning Forward Looking Statements” and “Risk Factors” of Inter&Co Annual Report on Form 20-F. The numbers for our key metrics (Unit Economics), which include, among other, active clients and average revenue per active client (ARPAC), are calculated using Inter’s internal data. Although we believe these metrics are based on reasonable estimates, there are challenges inherent in measuring the use of our business. In addition, we continually seek to improve our estimates, which may change due to improvements or changes in methodology, in processes for calculating these metrics and, from time to time, we may discover inaccuracies and adjust to improve accuracy, including adjustments that may result in recalculating our historical metrics.
About Non-IFRS Financial Measures To supplement the financial measures presented in this press release and related conference call, presentation, or webcast in accordance with IFRS, Inter&Co also presents non-IFRS measures of financial performance, as highlighted throughout the documents. The non-IFRS Financial Measures include, among others: Adjusted Net Income, Cost of Funding, Efficiency Ratio, Cost of Risk, Cards+PIX TPV, Gross ARPAC, Global Clients, Total Gross Revenues, and Return on average equity (ROE).
A “non-IFRS financial measure” refers to a numerical measure of Inter&Co’s historical or financial position that either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with IFRS in Inter&Co’s financial statements. Inter&Co provides certain non-IFRS measures as additional information relating to its operating results as a complement to results provided in accordance with IFRS. The non-IFRS financial information presented herein should be considered together with, and not as a substitute for or superior to, the financial information presented in accordance with IFRS. There are significant limitations associated with the use of non-IFRS financial measures. Further, these measures may differ from the non-IFRS information, even where similarly titled, used by other companies and therefore should not be used to compare Inter&Co’s performance to that of other companies.
MIAMI, Nov. 12, 2026 (GLOBE NEWSWIRE) — Inter&Co Inc. (NASDAQ: INTR), the leading super app providing financial and digital commerce services to over 46 million customers, today reported its results for the third quarter of 2026.
3Q26 Highlights:
Inter delivered record net income in 3Q26, supported by a larger and more engaged client base and confirming the consistency of its model across cycles. Clients reached 46.8 million, of which 27.1 million are active; net revenue reached US$483 million (R$2.7 billion), up 26% year-over-year; gross ARPAC reached US$10.7 (R$59.7) per month, a new high; and Pix market share continues to be robust at 9%, a testament to the strength of Inter’s transactional platform. The result reflects a model in which a solid banking base is complemented by an integrated ecosystem of financial and lifestyle services.
Net Income: Net income reached US$76.1 million (R$425 million), up 26% year-over-year, a new record and the 14th consecutive quarter of growth.
Credit Growth: The expanded credit portfolio reached US$10.39 billion (R$58.1 billion), up 25% year-over-year, versus 8.6% for the Brazilian credit market.
Asset Quality: Cost of Risk was stable at 5.9%, flat versus 2Q26.
Net Interest Margin: NIM reached 9.96%, approximately 70 bps above 3Q25, supported by the growth of a healthy, diversified and highly collateralized loan portfolio.
Efficiency Ratio: The efficiency ratio reached 41.9%, a 322 bps improvement year-over-year, as expenses grew 17% against 26% growth in net revenue.
João Vitor Menin, Global CEO of Inter&Co, commented:
“Our 3Q26 results reflect the strength of the model we have built over the last ten years. The strength of our banking, paired with top-class technology, feeds our customer flywheel, where every interaction feeds the next. The more a client’s financial life sits with Inter, the more we learn, and the better we serve that client. After ten years and a few credit cycles, I can say with confidence that the BanTech model works.”
He added: “Our model stands on four pillars: a fortress balance sheet, with 70% of our loan book secured; alignment with the direction of the regulator; a growing client franchise; and a technology base advancing with AI, with more than 700 models in production and Seven, our multi-agent AI tool for clients, resolving about 85% of client requests without human support.”
He concluded: “We have also strengthened our leadership structure to accelerate growth and profitability: Francisco Santos, who recently joined Inter as Chief Growth Officer, will be focused on growth and monetization in Brazil; Alexandre Riccio, now our Chief Operating Officer, focused on credit underwriting and operational excellence; and Santiago Stel, who continues as CFO, focused on profitability and capital allocation. With robust capital, a strong brand and a talented team, we are well positioned to deliver continued growth and sustainable profitability in the years to come.”
Santiago Stel, CFO of Inter&Co, said: “This quarter shows growth, margin, and efficiency moving together. Net revenue grew 26% year-over-year while expenses grew 17%, taking our efficiency ratio to 41.9%, 322 basis points better than a year ago. NIM 2.0 reached about 10%, up around 70 basis points year-over-year, even with lower inflation in the quarter. IPCA was 2.3%, versus 5.8% in 2Q26, which reduces the income from our inflation-linked assets.”
Stel continued: “We have seen the stabilization of asset quality. Cost of Risk was flat at 5.9%, even with the market deteriorating, showcasing the strength of our conservative and responsible approach to credit, with 70% of our loan book secured, and our ability to perform across different cycles. Looking ahead, we expect continued improvement, especially in private payroll, as the product is gaining operational maturity.”
Conference Call
Inter&Co will discuss its 3Q26 financial results on November 13th, 2026, at 10:00 a.m. ET. The webcast details, along with the earnings materials, can be accessed on the company’s Investor Relations website at https://investors.inter.co/en/.
About Inter&Co Inter (NASDAQ: INTR) is a digital bank providing financial and lifestyle solutions to 46.8 million consumers. Our super app leverages technology to unlock simplicity, offering mortgages, credit, gift cards, investments, and international payments. Inter customers also enjoy access to a dynamic marketplace of shopping discounts, cashback rewards, and exclusive access to marquee events. Recognized by Forbes, CNBC, and others as one of the world’s leading FinTechs and digital banks, Inter leads with human innovation to empower the new economy. Learn more at US.Inter.Co.
Investor Relations: Rafaela de Oliveira Vitória ir@inter.co
Disclaimer This report may contain forward-looking statements regarding Inter, anticipated synergies, growth plans, projected results and future strategies. While these forward-looking statements reflect our Management’s good faith beliefs, they involve known and unknown risks and uncertainties that could cause the company’s results or accrued results to differ materially from those anticipated and discussed herein. These statements are not guarantees of future performance. These risks and uncertainties include, but are not limited to, our ability to realize the number of projected synergies and the projected schedule, in addition to economic, competitive, governmental and technological factors affecting Inter, the markets, products and prices and other factors. In addition, this presentation contains managerial figures that may differ from those presented in our financial statements. The calculation methodology for these managerial numbers is presented in Inter’s quarterly earnings release. Statements contained in this report that are not facts or historical information may be forward looking statements under the terms of the Private Securities Litigation Reform Act of 1995. These forward-looking statements may, among other things, beliefs related to the creation of value and any other statements regarding Inter. In some cases, terms such as “estimate”, “project”, “predict”, “plan”, “believe”, “can”, “expectation”, “anticipate”, “intend”, “aimed”, “potential”, “may”, “will/shall” and similar terms, or the negative of these expressions, may identify forward looking statements.
These forward-looking statements are based on Inter’s expectations and beliefs about future events and involve risks and uncertainties that could cause actual results to differ materially from current ones. Any forward-looking statement made by us in this document is based only on information currently available to us and speaks only as of the date on which it is made. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether because of new information, future developments or otherwise. The definition of each such operational metric is included in the earnings release available on our Investor Relations website.
For additional information that about factors that may lead to results that are different from our estimates, please refer to sections “Cautionary Statement Concerning Forward Looking Statements” and “Risk Factors” of Inter&Co Annual Report on Form 20-F. The numbers for our key metrics (Unit Economics), which include, among other, active clients and average revenue per active client (ARPAC), are calculated using Inter’s internal data. Although we believe these metrics are based on reasonable estimates, there are challenges inherent in measuring the use of our business. In addition, we continually seek to improve our estimates, which may change due to improvements or changes in methodology, in processes for calculating these metrics and, from time to time, we may discover inaccuracies and adjust to improve accuracy, including adjustments that may result in recalculating our historical metrics.
About Non-IFRS Financial Measures To supplement the financial measures presented in this press release and related conference call, presentation, or webcast in accordance with IFRS, Inter&Co also presents non-IFRS measures of financial performance, as highlighted throughout the documents. The non-IFRS Financial Measures include, among others: Adjusted Net Income, Cost of Funding, Efficiency Ratio, Cost of Risk, Cards+PIX TPV, Gross ARPAC, Global Clients, Total Gross Revenues, and Return on average equity (ROE).
A “non-IFRS financial measure” refers to a numerical measure of Inter&Co’s historical or financial position that either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with IFRS in Inter&Co’s financial statements. Inter&Co provides certain non-IFRS measures as additional information relating to its operating results as a complement to results provided in accordance with IFRS. The non-IFRS financial information presented herein should be considered together with, and not as a substitute for or superior to, the financial information presented in accordance with IFRS. There are significant limitations associated with the use of non-IFRS financial measures. Further, these measures may differ from the non-IFRS information, even where similarly titled, used by other companies and therefore should not be used to compare Inter&Co’s performance to that of other companies.
Less than a decade after its debut, Electron is set to reach 100 launches faster than any other commercially developed rocket in history.
LONG BEACH, Calif., Nov. 12, 2026 (GLOBE NEWSWIRE) — Rocket Lab Corporation (Nasdaq: RKLB), a global leader in launch services and space systems, today announced that its 100th Electron rocket is scheduled for launch at the end of this week. The launch will be a historic moment for the the global space industry, setting a new record for reaching 100 launches faster than any other commercially developed launch vehicle.
The mission, named “The Mountain God Rises”, is scheduled for lift off from Rocket Lab Launch Complex 1 in Mahia, New Zealand, to deploy a single Earth-imaging satellite to orbit for Japanese company the Institute for Q-shu Pioneers of Space, Inc. (iQPS).
Lift-off is currently scheduled for November 14 at 6:30 p.m. New Zealand Daylight Time. The mission will be broadcast live at www.youtube.com/@RocketLabCorp with coverage beginning at around 5:30 pm NZDT.
Since its first launch in 2017, Electron has become one of the world’s most frequently launched rockets and has redefined access to space for small satellites. Electron has achieved a string of world-firsts and industry-leading achievements along the way including:
The first carbon composite orbital launch vehicle.
Powered by the first 3D-printed orbital rocket engine, Rutherford, which is also the first rocket engine to use electric fuel pumps instead of traditional gas turbines.
Launched from two hemispheres. Rocket Lab operates launch pads in Virginia, USA, as well as New Zealand, where the company built the world’s first private orbital launch complex.
Achieved a new responsive space record earlier this year when Electron was launched with just 16 hours and 42 minutes notice for the U.S. Space Force.
On track to be the world’s first commercial small-lift orbital rocket to reach 100 launches.
Follow Rocket Lab on X (@RocketLab) and other social channels for real-time mission updates.
Interviews available on request as schedules allow.
About Rocket Lab Rocket Lab (Nasdaq: RKLB) is an end-to-end space company delivering rockets, satellites, and spacecraft components for commercial, government, and defense missions. Driven by its industry-leading small-lift rockets Electron and HASTE and its upcoming reusable Neutron medium-lift rocket, Rocket Lab delivers reliable and responsive launch for the world’s most important missions from constellation deployment to missile defense. Rocket Lab’s satellites and components have powered more than 1,700 missions in Earth orbit, as well as deep-space exploration of the Moon, Mars, and beyond. Learn more at www.rocketlabcorp.com.
Forward Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended (the “Securities Act”) and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). All statements contained in this press release other than statements of historical fact, including, without limitation, statements regarding our launch and space systems operations, launch schedule and window, safe and repeatable access to space, Neutron development, operational expansion and business strategy, are forward-looking statements. The words “believe,” “may,” “will,” “estimate,” “potential,” “continue,” “anticipate,” “intend,” “expect,” “strategy,” “future,” “could,” “would,” “project,” “plan,” “target,” and similar expressions are intended to identify forward-looking statements, though not all forward-looking statements use these words or expressions. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including but not limited to the factors, risks and uncertainties included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025, as such factors may be updated from time to time in our other filings with the Securities and Exchange Commission (the “SEC”), accessible on the SEC’s website at www.sec.gov and the Investor Relations section of our website at https://investors.rocketlabcorp.com which could cause our actual results to differ materially from those indicated by the forward-looking statements made in this press release. Any such forward-looking statements represent management’s estimates as of the date of this press release. While we may elect to update such forward-looking statements at some point in the future, we disclaim any obligation to do so, even if subsequent events cause our views to change.
Less than a decade after its debut, Electron is set to reach 100 launches faster than any other commercially developed rocket in history.
LONG BEACH, Calif., Nov. 12, 2026 (GLOBE NEWSWIRE) — Rocket Lab Corporation (Nasdaq: RKLB), a global leader in launch services and space systems, today announced that its 100th Electron rocket is scheduled for launch at the end of this week. The launch will be a historic moment for the the global space industry, setting a new record for reaching 100 launches faster than any other commercially developed launch vehicle.
The mission, named “The Mountain God Rises”, is scheduled for lift off from Rocket Lab Launch Complex 1 in Mahia, New Zealand, to deploy a single Earth-imaging satellite to orbit for Japanese company the Institute for Q-shu Pioneers of Space, Inc. (iQPS).
Lift-off is currently scheduled for November 14 at 6:30 p.m. New Zealand Daylight Time. The mission will be broadcast live at www.youtube.com/@RocketLabCorp with coverage beginning at around 5:30 pm NZDT.
Since its first launch in 2017, Electron has become one of the world’s most frequently launched rockets and has redefined access to space for small satellites. Electron has achieved a string of world-firsts and industry-leading achievements along the way including:
The first carbon composite orbital launch vehicle.
Powered by the first 3D-printed orbital rocket engine, Rutherford, which is also the first rocket engine to use electric fuel pumps instead of traditional gas turbines.
Launched from two hemispheres. Rocket Lab operates launch pads in Virginia, USA, as well as New Zealand, where the company built the world’s first private orbital launch complex.
Achieved a new responsive space record earlier this year when Electron was launched with just 16 hours and 42 minutes notice for the U.S. Space Force.
On track to be the world’s first commercial small-lift orbital rocket to reach 100 launches.
Follow Rocket Lab on X (@RocketLab) and other social channels for real-time mission updates.
Interviews available on request as schedules allow.
About Rocket Lab Rocket Lab (Nasdaq: RKLB) is an end-to-end space company delivering rockets, satellites, and spacecraft components for commercial, government, and defense missions. Driven by its industry-leading small-lift rockets Electron and HASTE and its upcoming reusable Neutron medium-lift rocket, Rocket Lab delivers reliable and responsive launch for the world’s most important missions from constellation deployment to missile defense. Rocket Lab’s satellites and components have powered more than 1,700 missions in Earth orbit, as well as deep-space exploration of the Moon, Mars, and beyond. Learn more at www.rocketlabcorp.com.
Forward Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended (the “Securities Act”) and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). All statements contained in this press release other than statements of historical fact, including, without limitation, statements regarding our launch and space systems operations, launch schedule and window, safe and repeatable access to space, Neutron development, operational expansion and business strategy, are forward-looking statements. The words “believe,” “may,” “will,” “estimate,” “potential,” “continue,” “anticipate,” “intend,” “expect,” “strategy,” “future,” “could,” “would,” “project,” “plan,” “target,” and similar expressions are intended to identify forward-looking statements, though not all forward-looking statements use these words or expressions. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including but not limited to the factors, risks and uncertainties included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025, as such factors may be updated from time to time in our other filings with the Securities and Exchange Commission (the “SEC”), accessible on the SEC’s website at www.sec.gov and the Investor Relations section of our website at https://investors.rocketlabcorp.com which could cause our actual results to differ materially from those indicated by the forward-looking statements made in this press release. Any such forward-looking statements represent management’s estimates as of the date of this press release. While we may elect to update such forward-looking statements at some point in the future, we disclaim any obligation to do so, even if subsequent events cause our views to change.
KING OF PRUSSIA, Pa., Nov. 12, 2026 (GLOBE NEWSWIRE) — Nocopi Technologies, Inc. (“Nocopi Technologies” or the “Company”; OTCQB: NNUP) today reported financial results for the quarter ended September 30, 2026.
2026 Third Quarter Highlights
Total revenues increased 763% to $3.329 million in the fiscal 2026 third quarter, as compared to $0.386 million in the fiscal 2025 third quarter. This was driven in part by an early license renewal that extended the term and added newly developed product technologies, as well as revenue from the previously announced Polymeric acquisition.
Gross profit increased to $2.203 million in the fiscal 2026 third quarter, as compared to $0.178 million in the fiscal 2025 third quarter.
Net income was $1.397 million, or $0.12 per share, in the fiscal 2026 third quarter, as compared to a net loss of $(0.027) million, or $(0.00) per share, in the fiscal 2025 third quarter.
Net cash used in operating activities for the nine months ended September 30, 2026 was $(0.366) million, as compared to net cash provided by operating activities of $0.658 million for the nine months ended September 30, 2025. The change primarily reflects an increase in long-term receivables, largely related to guaranteed minimum royalties under the renewed license agreement that will be collected over the license term.
Cash and cash equivalents, marketable securities, and held-to-maturity investments totaled $10.278 million at the end of the 2026 third quarter, with no debt outstanding.
Revenue and Gross Profit
For the three months ended September 30, 2026, total revenues were $3.329 million, representing 763% growth compared to $0.386 million in the same period last year. The increase was largely driven by licenses, royalties and fees revenue, which increased by $1.620 million to $1.731 million for the fiscal 2026 third quarter from $0.110 million for the fiscal 2025 third quarter. Product and other sales also increased by $1.323 million to $1.598 million for the fiscal 2026 third quarter from $0.275 million for the fiscal 2025 third quarter, as a result of sales from Polymeric as well as higher quarterly ink shipments serving the entertainment and toy products market.
Total revenues for the nine months ended September 30, 2026 were approximately $4,680,000 as compared to $1,225,000 for the nine months ended September 30, 2025, an increase of $3,455,000, or 282%.
The Company’s gross profit increased to $2.203 million, or 66% of gross revenues, for the fiscal third quarter 2026 from $0.178 million, or 46% of gross revenues, for the fiscal third quarter 2025. The increase in gross profit margin was largely due to a shift in revenue mix attributable to the license revenue recognized during the quarter relative to product sales.
Total Operating Expenses
Total operating expenses for the fiscal third quarter 2026 were $0.982 million, compared to $0.320 million for the fiscal third quarter 2025. The increase was primarily due to the inclusion of the operations of Polymeric. Consistent with management’s expectations for the first full quarter since closing the acquisition, operating expenses also included elevated professional and consulting fees related to the acquisition and the integration of the expanded operations. Management continues to work on optimizing the combined cost structure over time. In addition, sales and marketing expenses increased temporarily primarily due to higher commission expense associated with the license agreement renewal.
Net Income
The Company reported net income of $1.397 million for the three months ended September 30, 2026, compared to a net loss of $(0.027) million in the comparable 2025 period. For the nine months ended September 30, 2026, net income was $0.863 million, compared to a net loss of $(0.060) million in the comparable 2025 period.
Management Commentary
The integration of Polymeric’s operations is progressing according to plan and is already contributing meaningfully to the Company’s consolidated performance. Since the acquisition in May, the Company has focused on aligning operations, retaining the customer base and establishing common processes across both facilities. Polymeric is tracking to management’s expectations, and management’s conviction in its long-term value potential continues to grow. The expanded team has settled in well and customers have remained with the Company through the transition.
“The acquisition marks a milestone in Nocopi’s longer-term expansion plans. It adds in-house screen and digital ink manufacturing, a broader commercial footprint and an established customer base in markets not previously served. Together, these give us a more diversified revenue base that complements our royalty and license revenue,” said Gregory S. Babe, Executive Director of Operations.
Nocopi’s core relationships in the entertainment and educational toy markets remain a top priority, and several of these partnerships go back more than a decade. During the quarter, the Company executed an early renewal and multi-year extension of an existing license agreement. The renewal extends the term to June 2030, adds an additional product line subject to royalty payments, and increases the guaranteed minimum royalty payable to the Company. Management believes this early renewal reflects the licensee’s continued confidence in Nocopi Technologies and its ability to innovate new products. The Company continues to work closely with these partners on new applications while pursuing additional licensees in the sector.
As of September 30, 2026, the Company had $10.278 million in cash and cash equivalents, marketable securities, and held-to-maturity investments with no debt outstanding, providing substantial flexibility for both operational growth and additional strategic acquisition opportunities. The Company’s balance sheet remained robust, with working capital of $11.266 million and total stockholders’ equity of $16.149 million as of September 30, 2026, up from $13.603 million at December 31, 2025.
“Currently, we are heavily focused on positioning Nocopi, inclusive of Polymeric, for long-term growth by strengthening customer relationships, attracting new customers, and expanding applications for existing products, while at the same time continuing to search for accretive acquisition opportunities where we believe we have a competitive advantage in growing the business through existing relationships or our in-house knowledge base,” said Kevin C. Westenburg, President. “That means running these operations with discipline and growing free cash flow to compound value for shareholders.”
Strategic M&A Approach
Nocopi’s growth strategy rests on two priorities: expanding the existing business and pursuing acquisitions that add value. On the organic side, the Company is deepening relationships with established licensees and broadening the reach of its reactive ink technologies. It is also using the manufacturing and commercial capabilities gained through Polymeric to serve a wider customer base.
The Company also continues to evaluate value-accretive acquisition opportunities in both its core and adjacent segments. It is focused on well-established businesses with defensible market positions, long-standing customer relationships and experienced teams. Each opportunity is assessed for strategic fit and for its potential to enhance margins, cash flow and long-term shareholder value.
“Our approach to growth is balanced and disciplined,” said Matthew C. Winger, Chairman and Chief Executive Officer. “We see real opportunity to grow the business we have, and that remains our first priority. At the same time, Polymeric showed the value a well-chosen acquisition can bring, expanding our capabilities and footprint in ways that really complement our core operations. We continue to seek acquisitions that have the potential to strengthen our platform, improve our cash flow profile and have long-term growth potential. We will only proceed where we are confident the transaction creates meaningful value for our shareholders.”
Nocopi Technologies, headquartered in King of Prussia, PA, develops and markets specialty inks and licenses these technologies. Nocopi Technologies’ ink technologies are backed by proprietary and patented technology and are marketed for use across a variety of end markets.
Safe Harbor for Forward-Looking Statements
The information posted in this release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements may address, among other things, the Company’s prospects, plans, business strategy and expected financial and operational results, including with respect to the preliminary financial information and the acquisition described above. In some cases, you can identify these statements by forward-looking words such as “anticipate,” “estimate,” “plan,” “project,” “continuing,” “ongoing,” “expect,” “believe,” “intend,” “may,” “might,” “should,” “will,” “could,” “predicts,” “potential” or “continue,” the negative of these terms and other comparable terminology. These statements are based on certain assumptions that the Company has made in light of its experience in its industry as well as its perceptions of historical trends, current conditions, expected future developments and other factors that the Company believes are appropriate in these circumstances. These forward-looking statements reflect the Company’s current expectations and beliefs regarding future developments and their potential effect on the Company.
You should not rely on forward-looking statements because the Company’s actual results may differ materially from those indicated by forward-looking statements as a result of a number of important factors. These factors include, but are not limited to: the Company’s ability to successfully integrate the acquisition and to achieve the benefits it expects to realize as a result of the acquisition; the potential adverse impact on the Company’s financial condition and results of operations if it does not realize those expected benefits; liabilities of the acquisition that are not known to the Company; the extent to which the Company is successful in gaining new long-term relationships with customers or retaining significant existing customers and the level of service failures that could lead customers to use competitors’ services; the Company’s ability to improve its current credit rating with its vendors and the impact on its raw materials and other costs and competitive position of doing so; the impact of losing the Company’s intellectual property protections or the loss in value of its intellectual property; changes in customer demand; the occurrence of hostilities, political instability or catastrophic events; developments and changes in laws and regulations, including increased regulation of the Company’s industry through legislative action and revised rules and standards; security breaches, cybersecurity attacks and other significant disruptions in the Company’s information technology systems; general economic and business conditions; the impact of competition and technological change; the Company’s ability to comply with the rules and regulations of the Securities and Exchange Commission (the “SEC”); and those other risks and uncertainties discussed in the reports the Company has filed with the SEC, including the Company’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Forward-looking statements speak only as of the date they are made.
Although the Company believes the expectations reflected in the forward-looking statements are reasonable, the Company cannot guarantee future results, levels of activity, performance or achievements. Moreover, neither the Company nor any other person assumes responsibility for the accuracy or completeness of any of these forward-looking statements. The Company undertakes no obligation to update any of these forward-looking statements after the date of this report to conform them to actual results or revised expectations, except as required by law.
Preferred stock, $1.00 par value, 3,000,000 shares authorized; none issued and outstanding
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Common stock, $0.01 par value, 75,000,000 shares authorized, 11,906,664 and 10,835,123 shares issued and outstanding at September 30, 2026 and December 31, 2025, respectively
KING OF PRUSSIA, Pa., Nov. 12, 2026 (GLOBE NEWSWIRE) — Nocopi Technologies, Inc. (“Nocopi Technologies” or the “Company”; OTCQB: NNUP) today reported financial results for the quarter ended September 30, 2026.
2026 Third Quarter Highlights
Total revenues increased 763% to $3.329 million in the fiscal 2026 third quarter, as compared to $0.386 million in the fiscal 2025 third quarter. This was driven in part by an early license renewal that extended the term and added newly developed product technologies, as well as revenue from the previously announced Polymeric acquisition.
Gross profit increased to $2.203 million in the fiscal 2026 third quarter, as compared to $0.178 million in the fiscal 2025 third quarter.
Net income was $1.397 million, or $0.12 per share, in the fiscal 2026 third quarter, as compared to a net loss of $(0.027) million, or $(0.00) per share, in the fiscal 2025 third quarter.
Net cash used in operating activities for the nine months ended September 30, 2026 was $(0.366) million, as compared to net cash provided by operating activities of $0.658 million for the nine months ended September 30, 2025. The change primarily reflects an increase in long-term receivables, largely related to guaranteed minimum royalties under the renewed license agreement that will be collected over the license term.
Cash and cash equivalents, marketable securities, and held-to-maturity investments totaled $10.278 million at the end of the 2026 third quarter, with no debt outstanding.
Revenue and Gross Profit
For the three months ended September 30, 2026, total revenues were $3.329 million, representing 763% growth compared to $0.386 million in the same period last year. The increase was largely driven by licenses, royalties and fees revenue, which increased by $1.620 million to $1.731 million for the fiscal 2026 third quarter from $0.110 million for the fiscal 2025 third quarter. Product and other sales also increased by $1.323 million to $1.598 million for the fiscal 2026 third quarter from $0.275 million for the fiscal 2025 third quarter, as a result of sales from Polymeric as well as higher quarterly ink shipments serving the entertainment and toy products market.
Total revenues for the nine months ended September 30, 2026 were approximately $4,680,000 as compared to $1,225,000 for the nine months ended September 30, 2025, an increase of $3,455,000, or 282%.
The Company’s gross profit increased to $2.203 million, or 66% of gross revenues, for the fiscal third quarter 2026 from $0.178 million, or 46% of gross revenues, for the fiscal third quarter 2025. The increase in gross profit margin was largely due to a shift in revenue mix attributable to the license revenue recognized during the quarter relative to product sales.
Total Operating Expenses
Total operating expenses for the fiscal third quarter 2026 were $0.982 million, compared to $0.320 million for the fiscal third quarter 2025. The increase was primarily due to the inclusion of the operations of Polymeric. Consistent with management’s expectations for the first full quarter since closing the acquisition, operating expenses also included elevated professional and consulting fees related to the acquisition and the integration of the expanded operations. Management continues to work on optimizing the combined cost structure over time. In addition, sales and marketing expenses increased temporarily primarily due to higher commission expense associated with the license agreement renewal.
Net Income
The Company reported net income of $1.397 million for the three months ended September 30, 2026, compared to a net loss of $(0.027) million in the comparable 2025 period. For the nine months ended September 30, 2026, net income was $0.863 million, compared to a net loss of $(0.060) million in the comparable 2025 period.
Management Commentary
The integration of Polymeric’s operations is progressing according to plan and is already contributing meaningfully to the Company’s consolidated performance. Since the acquisition in May, the Company has focused on aligning operations, retaining the customer base and establishing common processes across both facilities. Polymeric is tracking to management’s expectations, and management’s conviction in its long-term value potential continues to grow. The expanded team has settled in well and customers have remained with the Company through the transition.
“The acquisition marks a milestone in Nocopi’s longer-term expansion plans. It adds in-house screen and digital ink manufacturing, a broader commercial footprint and an established customer base in markets not previously served. Together, these give us a more diversified revenue base that complements our royalty and license revenue,” said Gregory S. Babe, Executive Director of Operations.
Nocopi’s core relationships in the entertainment and educational toy markets remain a top priority, and several of these partnerships go back more than a decade. During the quarter, the Company executed an early renewal and multi-year extension of an existing license agreement. The renewal extends the term to June 2030, adds an additional product line subject to royalty payments, and increases the guaranteed minimum royalty payable to the Company. Management believes this early renewal reflects the licensee’s continued confidence in Nocopi Technologies and its ability to innovate new products. The Company continues to work closely with these partners on new applications while pursuing additional licensees in the sector.
As of September 30, 2026, the Company had $10.278 million in cash and cash equivalents, marketable securities, and held-to-maturity investments with no debt outstanding, providing substantial flexibility for both operational growth and additional strategic acquisition opportunities. The Company’s balance sheet remained robust, with working capital of $11.266 million and total stockholders’ equity of $16.149 million as of September 30, 2026, up from $13.603 million at December 31, 2025.
“Currently, we are heavily focused on positioning Nocopi, inclusive of Polymeric, for long-term growth by strengthening customer relationships, attracting new customers, and expanding applications for existing products, while at the same time continuing to search for accretive acquisition opportunities where we believe we have a competitive advantage in growing the business through existing relationships or our in-house knowledge base,” said Kevin C. Westenburg, President. “That means running these operations with discipline and growing free cash flow to compound value for shareholders.”
Strategic M&A Approach
Nocopi’s growth strategy rests on two priorities: expanding the existing business and pursuing acquisitions that add value. On the organic side, the Company is deepening relationships with established licensees and broadening the reach of its reactive ink technologies. It is also using the manufacturing and commercial capabilities gained through Polymeric to serve a wider customer base.
The Company also continues to evaluate value-accretive acquisition opportunities in both its core and adjacent segments. It is focused on well-established businesses with defensible market positions, long-standing customer relationships and experienced teams. Each opportunity is assessed for strategic fit and for its potential to enhance margins, cash flow and long-term shareholder value.
“Our approach to growth is balanced and disciplined,” said Matthew C. Winger, Chairman and Chief Executive Officer. “We see real opportunity to grow the business we have, and that remains our first priority. At the same time, Polymeric showed the value a well-chosen acquisition can bring, expanding our capabilities and footprint in ways that really complement our core operations. We continue to seek acquisitions that have the potential to strengthen our platform, improve our cash flow profile and have long-term growth potential. We will only proceed where we are confident the transaction creates meaningful value for our shareholders.”
Nocopi Technologies, headquartered in King of Prussia, PA, develops and markets specialty inks and licenses these technologies. Nocopi Technologies’ ink technologies are backed by proprietary and patented technology and are marketed for use across a variety of end markets.
Safe Harbor for Forward-Looking Statements
The information posted in this release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements may address, among other things, the Company’s prospects, plans, business strategy and expected financial and operational results, including with respect to the preliminary financial information and the acquisition described above. In some cases, you can identify these statements by forward-looking words such as “anticipate,” “estimate,” “plan,” “project,” “continuing,” “ongoing,” “expect,” “believe,” “intend,” “may,” “might,” “should,” “will,” “could,” “predicts,” “potential” or “continue,” the negative of these terms and other comparable terminology. These statements are based on certain assumptions that the Company has made in light of its experience in its industry as well as its perceptions of historical trends, current conditions, expected future developments and other factors that the Company believes are appropriate in these circumstances. These forward-looking statements reflect the Company’s current expectations and beliefs regarding future developments and their potential effect on the Company.
You should not rely on forward-looking statements because the Company’s actual results may differ materially from those indicated by forward-looking statements as a result of a number of important factors. These factors include, but are not limited to: the Company’s ability to successfully integrate the acquisition and to achieve the benefits it expects to realize as a result of the acquisition; the potential adverse impact on the Company’s financial condition and results of operations if it does not realize those expected benefits; liabilities of the acquisition that are not known to the Company; the extent to which the Company is successful in gaining new long-term relationships with customers or retaining significant existing customers and the level of service failures that could lead customers to use competitors’ services; the Company’s ability to improve its current credit rating with its vendors and the impact on its raw materials and other costs and competitive position of doing so; the impact of losing the Company’s intellectual property protections or the loss in value of its intellectual property; changes in customer demand; the occurrence of hostilities, political instability or catastrophic events; developments and changes in laws and regulations, including increased regulation of the Company’s industry through legislative action and revised rules and standards; security breaches, cybersecurity attacks and other significant disruptions in the Company’s information technology systems; general economic and business conditions; the impact of competition and technological change; the Company’s ability to comply with the rules and regulations of the Securities and Exchange Commission (the “SEC”); and those other risks and uncertainties discussed in the reports the Company has filed with the SEC, including the Company’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Forward-looking statements speak only as of the date they are made.
Although the Company believes the expectations reflected in the forward-looking statements are reasonable, the Company cannot guarantee future results, levels of activity, performance or achievements. Moreover, neither the Company nor any other person assumes responsibility for the accuracy or completeness of any of these forward-looking statements. The Company undertakes no obligation to update any of these forward-looking statements after the date of this report to conform them to actual results or revised expectations, except as required by law.
Preferred stock, $1.00 par value, 3,000,000 shares authorized; none issued and outstanding
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Common stock, $0.01 par value, 75,000,000 shares authorized, 11,906,664 and 10,835,123 shares issued and outstanding at September 30, 2026 and December 31, 2025, respectively
Motorsport Games Reports Third Quarter 2026 Financial Results
Motorsport Games Inc. (NASDAQ:MSGM) reported on November 12 2026 its Q3 2026 financial results
MIRAMAR, Fla., Nov. 12, 2026 (GLOBE NEWSWIRE) — Motorsport Games Inc. (NASDAQ: MSGM) (“Motorsport Games” or “the Company”) today reported financial results for its third quarter ended September 30, 2026. The Company has also posted third quarter 2026 earnings slides highlighting key milestones that occurred during and subsequent to the period, which are accessible on the Company’s investor relations website.
Stephen Hood, President and Chief Executive Officer of Motorsport Games commented “It is pleasing to again extend our profitability streak, now to seven consecutive quarters. Our gross margin has continued to expand alongside that growth, so we are generating more revenue and with more of every dollar generated staying inside the business.”
“We’re pleased to share that our Le Mans Ultimate game has now passed two million unit sales. More than 520,000 players own the base game and have bought 1.5 million pieces of downloadable content. During the quarter we brought yet more content to Le Mans Ultimate that reaches beyond the Le Mans and European racing audience with our second installment of the U.S. Track Pass, which is expected to be completed with Pack 3 in December 2026 offering two more popular circuits. Subsequent to the period, we’re also pleased to share that our recent 24 Hours of Le Mans Special Event in October helped set a new all-time peak of 11,941 concurrent players on the game – up more than 3,000 on the previous record. During this event we ran multiple simultaneous 24-hour events for players, entirely run on our RaceControl platform.”
Hood continued, “In December, the updated version of RaceControl’s web portal at racecontrol.gg will run entirely on our own technology, allowing players to engage with our ecosystem on mobile, tablet and desktop wherever they are, and adding new features to delight our players. We believe owning and operating the whole platform will give us complete control and faster development, protecting a head start that we believe is significant. RaceControl is already central to what we offer, and it will continue to form the backbone of our online player experience for years to come.”
“It is clear to see that the business is improving its financial position and our recovery is complete. The focus is now on using that momentum to power the next stage of growth, building a larger, more diversified business.
Peter Hansen-Chambers, Chief Financial Officer, added, “The balance sheet is where our progress is clearest. We ended September with $5.4 million of cash and deferred revenue at its highest level since our IPO, and that is after the cash generated by our operating activities more than covered the $3.7 million repurchase of the Driven Lifestyle shares earlier this year. That gives us the means to act, and we will invest with pace and discipline where we see clear returns.”
Third Quarter 2026 Highlights and Subsequent Business Update
During the third quarter of 2026, Motorsport Games continued to grow revenue and profitability. It expanded Le Mans Ultimate content through the release of new downloadable content (DLC), continued to invest in new product, while strengthening its balance sheet and positioning the Company for longer term growth.
Generated revenues of $3.8 million in Q3 2026 compared to $3.1 million in Q3 2025, an increase of $0.7 million, or 21.8%; revenues for the nine months ended September 30, 2026 were $11.3 million, compared to $7.4 million for the same period in 2025, an increase of $3.9 million or 52.3% and slightly exceeding the Company’s full-year 2025 revenues of $11.3 million.
RaceControl subscription revenues grew to approximately $2.0 million for the nine months ended September 30, 2026, up from approximately $0.7 million for the same period in 2025, an increase of approximately 186.2%. RaceControl is currently on track to generate approximately $3.4 million in annual recurring revenues (ARR), up from approximately $2.9 million as of June 30, 2026. As of September 30, 2026, RaceControl had more than 45,000 paid subscribers, an increase of more than 157% compared to September 30, 2025, achieved entirely through organic growth.
Released Le Mans Ultimate Version 1.4 on July 28, 2026, featuring U.S. Track Pack 1, including Daytona International Speedway and WeatherTech Raceway Laguna Seca race circuits. It achieved the biggest downloadable content launch-day revenue in the history of Le Mans Ultimate.
Released Le Mans Ultimate Version 1.4.2 on September 22, 2026, featuring U.S. Track Pack 2, including Michelin Raceway Road Atlanta and the Streets of Long Beach race circuits, along with race car liveries and other game improvements.
As of October 31, 2026, Le Mans Ultimate has now sold over 2 million combined units of the base game and individual DLC units since launch.
Achieved a new all-time peak record of 11,941 concurrent players for Le Mans Ultimate during a 24 Hours of Le Mans Special Event, run entirely through the Company’s proprietary RaceControl platform during October 23-24, 2026.
Reported net income of $0.7 million in Q3 2026, the seventh consecutive quarter of positive net income. Income from operations was $1.2 million, compared to $0.8 million in Q3 2025, an increase of 52.4%.
Gross profit margin for the third quarter of 2026 increased to 88.0%, compared to 80.7% for the same period in 2025. Gross profit margin for the nine months ended September 30, 2026 increased to 85.8%, compared to 79.6% for the same period in 2025.
Adjusted EBITDA(1) was $1.8 million in Q3 2026, compared to $1.0 million in Q3 2025, an increase of 75.7%. For the nine months ended September 30, 2026, Adjusted EBITDA(1) was $4.0 million, compared to $2.0 million for the same period in 2025, an increase of 99.0%.
Non-GAAP Adjusted diluted net income per share(1) was $0.51 during the nine months ended September 30, 2026, compared to $0.45 during the same period in the prior year.
Strengthened the balance sheet: cash and cash equivalents of $5.4 million as of September 30, 2026, compared to $4.1 million a year earlier; working capital of $4.2 million, compared to negative $2.2 million as of December 31, 2024; and deferred revenue of $1.6 million, the highest quarter-end balance since the Company’s IPO.
Issued 414,747 shares of Class A Common Stock in August 2026 upon the exercise of outstanding warrants, generating proceeds of approximately $0.9 million to support the Company’s operations and further simplifying its capital structure by reducing the number of outstanding warrants.
Select Financial Highlights for the Three Months Ended September 30, 2026
Revenues for the third quarter of 2026 were approximately $3.8 million compared to approximately $3.1 million for the same period in the prior year, an increase of approximately $0.7 million, or 21.8%, and an increase of 6.7% compared to the second quarter of 2026. The increase was driven primarily by higher sales of Le Mans Ultimate downloadable content and growth in RaceControl subscriptions. For the nine months ended September 30, 2026, revenues were approximately $11.3 million compared to approximately $7.4 million for the same period in the prior year, an increase of approximately $3.9 million, or 52.3%.
Gross profit for the third quarter of 2026 was $3.3 million compared to $2.5 million for the same period in the prior year, an increase of $0.8 million, or 32.8%, with gross profit margin of 88.0%, compared to 80.7%. For the nine months ended September 30, 2026, gross profit was $9.7 million compared to $5.9 million for the same period in the prior year, an increase of approximately $3.8 million, or 64.1%, with gross profit margin of 85.8%, compared to 79.6% for the same period in the prior year.
RaceControl, the Company’s free-to-join player platform which offers premium subscription tiers, generated subscription revenues of approximately $2.0 million for the nine months ended September 30, 2026, compared to approximately $0.7 million for the same period in the prior year, an increase of approximately 186.2%, and representing approximately 17.3% of the Company’s total revenues, compared to approximately 9.2% for the same period in 2025. Based on current monthly recurring revenues of approximately $282,000, RaceControl is currently generating $3.4 million in ARR, up from approximately $2.9 million as of June 30, 2026, and compared to RaceControl revenues of approximately $1.2 million for the full year 2025. As of September 30, 2026, RaceControl had more than 45,000 paid subscribers, an increase of more than 157% compared to September 30, 2025, achieved entirely through organic growth.
Income from operations for the third quarter of 2026 was $1.2 million, compared to $0.8 million for the same period in the prior year, an increase of 52.4%. That is the Company’s sixth consecutive quarter of positive operating income. For the nine months ended September 30, 2026, income from operations was $2.9 million, compared to $2.7 million for the same period in the prior year. The prior-year period included $1.6 million of other operating income, primarily from the Wesco and HC2 Holdings 2 Inc. settlement agreements and negotiated vendor discounts, which did not recur in 2026. Development expense for the third quarter of 2026 was $0.1 million, compared to $0.4 million for the same period in the prior year. The decrease reflects the recognition of approximately $0.69 million of UK Video Games Tax Relief, which reduced reported development expense, and the capitalization of a greater share of development costs. The Company capitalized $1.7 million of internally-developed software in the nine months ended September 30, 2026, compared to $0.7 million in the prior-year period, primarily reflecting continued investment in Le Mans Ultimate, RaceControl and console development. The Company expects to continue claiming UK Video Games Tax Relief, although the timing and amount will vary.
Net income for the third quarter of 2026 was approximately $0.7 million, compared to approximately $0.8 million for the same period in the prior year, representing the seventh consecutive quarter of generating net income. Net income attributable to Motorsport Games Inc. was approximately $0.3 million, or $0.07 per share, compared to approximately $0.8 million, or $0.14 per share for the same period in the prior year. Net income for the third quarter of 2026 was lower mainly due to a $0.5 million provision for income taxes relating to Studio397 B.V., the Company’s Dutch subsidiary. Income before provision for income taxes was $1.1 million for the third quarter of 2026, compared to $0.8 million for the same prior year period, an increase of $0.3 million or 47.0%. On an adjusted basis, which management believes better reflects the Company’s underlying operating performance, the Company remained profitable: Non-GAAP Adjusted diluted net income per share(1) was $0.19 in the third quarter of 2026, compared to $0.18 for the same period in the prior year. For the nine months ended September 30, 2026, Non-GAAP Adjusted diluted net income per share was $0.51 compared to $0.45 in the same prior year period.
Adjusted EBITDA(1) for the third quarter of 2026 was $1.8 million compared to Adjusted EBITDA(1) of $1.0 million for the same period in the prior year, an increase of 75.7%, and more than double the $0.8 million reported for the second quarter of 2026. Adjusted EBITDA for the nine months ended September 30, 2026 was $4.0 million compared to $2.0 million in the same prior year period, an increase of 99.0% which was primarily driven by the increase in revenues between the two periods and growth in gross profit margin.
Cash Flow and Liquidity
During the nine months ended September 30, 2026, the Company generated positive cash flow from operations of approximately $4.1 million, compared to $2.8 million for the same period in 2025, an average of approximately $0.5 million per month, primarily due to increased profitability and the capitalization of internally-developed software. As of September 30, 2026, the Company had cash and cash equivalents of approximately $5.4 million, compared to $4.1 million as of September 30, 2025. This increase was achieved after the Company’s repurchase of 904,395 shares of Class A Common Stock for $3.7 million in the second quarter of 2026, and includes approximately $0.9 million of proceeds from the exercise of Series B Warrants in August 2026. Working capital as of September 30, 2026 was $4.2 million, compared to $3.0 million as of September 30, 2025. Compared to December 31, 2024, working capital improved from negative $2.2 million to $4.2 million, accounts payable decreased from $3.0 million to $0.4 million, and total stockholders’ equity increased from $1.2 million to $8.2 million. Deferred revenue reached $1.6 million at September 30, 2026, the highest quarter-end balance since the Company’s IPO and up from $1.1 million a year earlier, primarily reflecting player purchases of Le Mans Ultimate ahead of delivery and annual RaceControl subscriptions. The Company maintains a $3 million revolving line of credit from Citibank, N.A., secured in February 2026 and extended in June 2026 to a maturity date of February 20, 2028, of which $1.2 million was drawn as of September 30, 2026.
(1)Use of Non-GAAP Financial Measures
Adjusted EBITDA and Non-GAAP Adjusted diluted net income per share (the “Non-GAAP Measures”) are not financial measures defined by U.S. generally accepted accounting principles (“U.S. GAAP”). Reconciliations of these Non-GAAP Measures to net income and diluted net income per share, their most directly comparable financial measures, calculated and presented in accordance with U.S. GAAP, are presented in the Appendix to this press release.
Adjusted EBITDA, a measure used by management to assess the Company’s operating performance, is defined as EBITDA, which is net income plus interest expense, provision for income taxes, depreciation and amortization, less income tax benefit (if any), adjusted to exclude: (i) gain from settlement of license liabilities and other agreements; (ii) gain from sale of gaming licenses; (iii) impairment of intangible assets; (iv) loss contingency expenses; (v) loss (gain) on foreign exchange rates; (vi) expenses related to the implementation of a Share Rights Plan; and (vii) stock-based compensation expenses.
Non-GAAP Adjusted diluted net income per share, another measure used by management to assess the Company’s operating performance, is defined as diluted net income per share plus depreciation and amortization, adjusted to exclude: (i) gain from settlement of license liabilities and other agreements; (ii) gain from sale of gaming licenses; (iii) impairment of intangible assets; (iv) loss contingency expenses; (v) loss (gain) on foreign exchange rates; (vi) expenses related to the implementation of a Share Rights Plan; and (vii) stock-based compensation expenses.
The Company uses the Non-GAAP Measures to manage its business and evaluate its financial performance, as Adjusted EBITDA and Non-GAAP Adjusted diluted net income per share eliminate items that affect comparability between periods that the Company believes are not representative of its core ongoing operating business. Additionally, management believes that using the Non-GAAP Measures is useful to its investors because it enhances investors’ understanding and assessment of the Company’s normalized operating performance and facilitates comparisons to prior periods and its competitors’ results (who may define Adjusted EBITDA and Non-GAAP Adjusted diluted net income per share differently).
The Non-GAAP Measures are not recognized terms under U.S. GAAP and do not purport to be an alternative to revenue, income/loss from operations, net income, or cash flows from operations or as a measure of liquidity or any other performance measure derived in accordance with U.S. GAAP. Additionally, the Non-GAAP Measures are not intended to be measures of free cash flows available for management’s discretionary use, as they do not consider certain cash requirements, such as interest payments, tax payments, working capital requirements and debt service requirements. The Non-GAAP Measure have limitations as an analytical tool, and investors should not consider them in isolation or as a substitute for our results as reported under U.S. GAAP. Management compensates for the limitations of using the Non-GAAP Measures by using them to supplement U.S. GAAP results to provide a more complete understanding of the factors and trends affecting the business than would be presented by using only measures in accordance with U.S. GAAP. Because not all companies use identical calculations, the Non-GAAP Measures may not be comparable to other similarly titled measures of other companies.
Conference Call and Webcast Details
The Company will host a conference call and webcast at 5:00 p.m. ET today, November 12, 2026, to discuss its financial results. The live conference call can be accessed by dialing 1-800-420-1459 or 1-203-518-9861 and using Conference ID “MOTOR”. Alternatively, participants may access the live webcast on the Motorsport Games Investor Relations website at https://ir.motorsportgames.com under “Events.”
About Motorsport Games:
Motorsport Games is a racing game developer, publisher and esports ecosystem provider of official motorsport racing series. Combining innovative and engaging video games with exciting esports competitions and content for racing fans and gamers, Motorsport Games strives to make racing games that are authentically close to reality. The Company is the officially licensed video game developer and publisher for iconic motorsport racing series including the 24 Hours of Le Mans and the FIA World Endurance Championship, recently releasing Le Mans Ultimate Version 1.4.2 featuring new circuits, updated content and additional improvements. Motorsport Games also owns the industry leading rFactor 2 and KartKraft simulation platforms. rFactor 2 also powers F1® Arcade through a partnership with Kindred Concepts. Motorsport Games is also an award-winning esports partner of choice for the 24 Hours of Le Mans, creating the renowned Le Mans Virtual Series. Motorsport Games is building a virtual racing ecosystem where each product drives excitement, every esports event is an adventure, and every race inspires.
For more information about Motorsport Games visit: www.motorsportgames.com.
Forward-Looking Statements
Certain statements in this press release, the related conference call and webcast which are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are provided pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Any statements or information in this press release, the related conference call and webcast that are not statements or information of historical fact may be deemed forward-looking statements. Words such as “continue,” “will,” “may,” “could,” “should,” “expect,” “expected,” “plans,” “intend,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include, but are not limited to, statements concerning the release of Pack 3 to the Le Mans Ultimate U.S. Track Pack in December 2026; racecontrol.gg running entirely on the Company’s own technology starting in December, and players engaging with the Company’s ecosystem on mobile, tablet and desktop; the Company protecting a head start by pursuing complete control over and faster development of its platform; RaceControl continuing to form the backbone of the Company’s online player experience; the Company’s business successfully self-maintaining its finances; the Company’s next stage of growth and building a larger, more diversified business; the Company using its balance sheet to invest and see returns; the Company continuing to claim UK Video Games Tax Relief; making racing games that are authentically close to reality; and building a virtual racing ecosystem where each product drives excitement, every esports event is an adventure, and every race inspires.
All forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward-looking statements, many of which are generally outside of the Company’s control and are difficult to predict. Examples of such risks and uncertainties include, but are not limited to: (i) difficulties, delays or less than expected results in achieving the Company’s growth plans and continuing the transformation of the business, objectives and expectations, including delays in the release of new game versions and features, the Company’s inability to deliver new products and/or new content or features for existing products, and/or the Company’s inability, in whole or in part, to continue to execute its business strategies and plans, such as due to less than anticipated customer acceptance of its new game titles and/or less than anticipated benefits from its future technologies, the Company experiencing difficulties or the inability to launch its games as planned, less than anticipated performance of the games impacting customer acceptance and sales and/or greater than anticipated costs and expenses to develop and launch its games, including, without limitation, higher than expected labor costs, the Company’s inability to establish partnerships with additional service providers to come onboard to the Company’s ecosystem and, (ii) difficulties, delays in or unanticipated events that may impact the timing and scope of new or planned products, features, events or other offerings; (iii) less than expected benefits from implementing the Company’s management strategies and/or adverse economic, market and geopolitical conditions that negatively impact industry trends, such as significant changes in the labor markets, an extended or higher than expected inflationary environment, a higher interest rate environment, tax increases impacting consumer discretionary spending and/or quantitative easing that results in higher interest rates that negatively impact consumers’ discretionary spending; and (iv) greater than anticipated negative operating cash flows such as due to higher than expected development costs, higher interest rates and/or higher inflation.
Factors other than those referred to above could also cause the Company’s results to differ materially from expected results. Additional examples of such risks and uncertainties include, but are not limited to: (i) the Company’s ability (or inability) to maintain existing, and to secure additional, licenses and other agreements with various racing series; (ii) the Company’s ability to successfully manage and integrate any joint ventures, acquisitions of businesses, solutions or technologies; (iii) unanticipated operating costs, transaction costs and actual or contingent liabilities; (iv) the ability to attract and retain qualified employees and key personnel; (v) adverse effects of increased competition; (vi) changes in consumer behavior, including as a result of general economic factors, such as increased inflation, higher energy prices and higher interest rates; (vii) the Company’s inability to protect its intellectual property; and/or (viii) local, industry and general business and economic conditions.
Additional factors that could cause actual results to differ materially from those expressed or implied in the forward-looking statements can be found in the Company’s filings with the SEC, including its Annual Report on Form 10-K for the fiscal year ended December 31, 2025, subsequent Quarterly Reports on Form 10-Q and current reports on Form 8-K filed with the SEC. The Company anticipates that subsequent events and developments may cause its plans, intentions and expectations to change. The Company assumes no obligation, and it specifically disclaims any intention or obligation, to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by law. Forward-looking statements speak only as of the date they are made and should not be relied upon as representing the Company’s plans and expectations as of any subsequent date.
Website and Social Media Disclosure
Investors and others should note that we announce material financial information to our investors using our investor relations website (ir.motorsportgames.com), SEC filings, press releases, public conference calls and webcasts. We use these channels, as well as social media and blogs, to communicate with our investors and the public about our company and our products. It is possible that the information we post on our websites, social media and blogs could be deemed to be material information. Therefore, we encourage investors, the media and others interested in our company to review the information we post on the websites, social media channels and blogs, including the following (which list we will update from time to time on our investor relations website):
Websites
Social Media
motorsportgames.com
Twitter: @msportgames
Instagram: msportgames
Facebook: Motorsport Games
LinkedIn: Motorsport Games
The contents of these websites and social media channels are not part of, nor will they be incorporated by reference into, this press release.
Contacts:
Investors:
Investors@motorsportgames.com
Media:
PR@motorsportgames.com
Appendix:
The tables below provide reconciliations between net income and adjusted EBITDA, and diluted net income per share and Non-GAAP Adjusted diluted net income per share:
Three Months Ended September 30, 2026
Three Months Ended September 30, 2025
Net income
$
678,127
$
768,537
Interest expense, net
23,922
1,434
Provision for taxes
451,870
–
Depreciation and amortization (1)
192,629
289,396
EBITDA
1,346,548
1,059,367
Loss (gain) on foreign exchange rates
190,998
(31,655
)
Expenses related to the implementation of a Share Rights Plan
158,653
–
Stock-based compensation
109,877
–
Adjusted EBITDA
$
1,806,076
$
1,027,712
(1)
Includes $185,109 and $279,945 of amortization expenses included in cost of revenues for the three months ended September 30, 2026 and 2025, respectively.
Reconciliation between GAAP and Non-GAAP Adjusted diluted net income per share:
Three Months Ended September 30, 2026
Three Months Ended September 30, 2025
Diluted net income per share
$
0.06
$
0.14
Depreciation and amortization
0.04
0.05
Loss (gain) on foreign exchange rates
0.04
(0.01
)
Expenses related to the implementation of a Share Rights Plan
0.03
–
Stock-based compensation
0.02
–
Non-GAAP Adjusted diluted net income per share
$
0.19
$
0.18
Nine Months Ended September 30, 2026
Nine Months Ended September 30, 2025
Net income
$
1,872,899
$
6,029,322
Interest expense, net
43,018
19,184
Provision for taxes
451,870
–
Depreciation and amortization (1)
605,727
795,387
EBITDA
2,973,514
6,843,893
Gain from settlement of purchase commitment liabilities
–
(175,460
)
Gain from HC2 Holdings 2 Inc. Settlement Agreement
–
(500,000
)
Gain from Wesco Settlement Agreement
–
(800,000
)
Impairment of intangible assets
27,928
–
Loss (gain) on foreign exchange rates
364,664
(3,334,533
)
Expenses related to the implementation of a Share Rights Plan
158,653
–
Stock-based compensation
522,552
–
Adjusted EBITDA
$
4,047,311
$
2,033,900
(1)
Includes $584,380 and $756,114 of amortization expenses included in cost of revenues for the nine months ended September 30, 2026 and 2025, respectively.
Reconciliation between GAAP and Non-GAAP Adjusted diluted net income per share:
Nine Months Ended September 30, 2026
Nine Months Ended September 30, 2025
Diluted net income per share
$
0.19
$
1.32
Depreciation and amortization
0.11
0.17
Gain from settlement of purchase commitment liabilities
–
(0.04
)
Gain from HC2 Holdings 2 Inc. Settlement Agreement
–
(0.11
)
Gain from Wesco Settlement Agreement
–
(0.17
)
Impairment of intangible assets
0.01
–
Loss (gain) on foreign exchange rates
0.07
(0.72
)
Expenses related to the implementation of a Share Rights Plan
0.03
–
Stock-based compensation
0.10
–
Non-GAAP Adjusted diluted net income per share
$
0.51
$
0.45
The following tables provide a comparative summary of the Company’s financial results for the periods presented:
MOTORSPORT GAMES INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
Three Months Ended September 30,
Nine Months Ended September 30,
2026
2025
2026
2025
Revenues [1]
$
3,775,429
$
3,100,018
$
11,346,680
$
7,450,311
Cost of revenues
451,429
597,817
1,612,994
1,518,090
Gross profit
3,324,000
2,502,201
9,733,686
5,932,221
Operating expenses:
Sales and marketing
237,005
136,024
638,674
360,032
Development
112,589
418,912
1,364,154
1,291,208
General and administrative [2]
1,749,092
1,142,867
4,769,104
3,176,389
Impairment of intangible assets
–
–
27,928
–
Depreciation and amortization
7,520
9,450
21,347
39,273
Total operating expenses
2,106,206
1,707,253
6,821,207
4,866,902
Other operating income
–
4,000
–
1,608,497
Income from operations
1,217,794
798,948
2,912,479
2,673,816
Interest expense, net
(23,922
)
(1,434
)
(43,018
)
(19,184
)
Other (expense) income, net
(63,875
)
(28,977
)
(544,692
)
3,374,690
Income before provision for income taxes
1,129,997
768,537
2,324,769
6,029,322
Provision for income taxes
451,870
–
451,870
–
Net income
678,127
768,537
1,872,899
6,029,322
Less: Net income (loss) attributable to non-controlling interest
349,739
(20,759
)
827,221
(59,432
)
Net income attributable to Motorsport Games Inc.
$
328,388
$
789,296
$
1,045,678
$
6,088,754
Net income attributable to Class A common stock per share:
Basic
$
0.07
$
0.14
$
0.21
$
1.32
Diluted
$
0.06
$
0.14
$
0.19
$
1.32
Weighted-average shares of Class A common stock outstanding:
Basic [3]
4,841,894
5,456,286
5,017,342
4,615,460
Diluted
5,365,317
5,456,286
5,367,166
4,615,460
[1]
Includes related party revenues of $0 and $18,500 for the three months ended September 30, 2026 and 2025, respectively. Includes related party revenues of $11,000 and $43,500 for the nine months ended September 30, 2026 and 2025, respectively.
[2]
Includes related party expenses of $0 and $10,500 for the three months ended September 30, 2026 and 2025, respectively, and $0 and $85,500 for the nine months ended September 30, 2026 and 2025, respectively.
[3]
Includes weighted average pre-funded warrant shares.
Motorsport Games Reports Third Quarter 2026 Financial Results
Motorsport Games Inc. (NASDAQ:MSGM) reported on November 12 2026 its Q3 2026 financial results
MIRAMAR, Fla., Nov. 12, 2026 (GLOBE NEWSWIRE) — Motorsport Games Inc. (NASDAQ: MSGM) (“Motorsport Games” or “the Company”) today reported financial results for its third quarter ended September 30, 2026. The Company has also posted third quarter 2026 earnings slides highlighting key milestones that occurred during and subsequent to the period, which are accessible on the Company’s investor relations website.
Stephen Hood, President and Chief Executive Officer of Motorsport Games commented “It is pleasing to again extend our profitability streak, now to seven consecutive quarters. Our gross margin has continued to expand alongside that growth, so we are generating more revenue and with more of every dollar generated staying inside the business.”
“We’re pleased to share that our Le Mans Ultimate game has now passed two million unit sales. More than 520,000 players own the base game and have bought 1.5 million pieces of downloadable content. During the quarter we brought yet more content to Le Mans Ultimate that reaches beyond the Le Mans and European racing audience with our second installment of the U.S. Track Pass, which is expected to be completed with Pack 3 in December 2026 offering two more popular circuits. Subsequent to the period, we’re also pleased to share that our recent 24 Hours of Le Mans Special Event in October helped set a new all-time peak of 11,941 concurrent players on the game – up more than 3,000 on the previous record. During this event we ran multiple simultaneous 24-hour events for players, entirely run on our RaceControl platform.”
Hood continued, “In December, the updated version of RaceControl’s web portal at racecontrol.gg will run entirely on our own technology, allowing players to engage with our ecosystem on mobile, tablet and desktop wherever they are, and adding new features to delight our players. We believe owning and operating the whole platform will give us complete control and faster development, protecting a head start that we believe is significant. RaceControl is already central to what we offer, and it will continue to form the backbone of our online player experience for years to come.”
“It is clear to see that the business is improving its financial position and our recovery is complete. The focus is now on using that momentum to power the next stage of growth, building a larger, more diversified business.
Peter Hansen-Chambers, Chief Financial Officer, added, “The balance sheet is where our progress is clearest. We ended September with $5.4 million of cash and deferred revenue at its highest level since our IPO, and that is after the cash generated by our operating activities more than covered the $3.7 million repurchase of the Driven Lifestyle shares earlier this year. That gives us the means to act, and we will invest with pace and discipline where we see clear returns.”
Third Quarter 2026 Highlights and Subsequent Business Update
During the third quarter of 2026, Motorsport Games continued to grow revenue and profitability. It expanded Le Mans Ultimate content through the release of new downloadable content (DLC), continued to invest in new product, while strengthening its balance sheet and positioning the Company for longer term growth.
Generated revenues of $3.8 million in Q3 2026 compared to $3.1 million in Q3 2025, an increase of $0.7 million, or 21.8%; revenues for the nine months ended September 30, 2026 were $11.3 million, compared to $7.4 million for the same period in 2025, an increase of $3.9 million or 52.3% and slightly exceeding the Company’s full-year 2025 revenues of $11.3 million.
RaceControl subscription revenues grew to approximately $2.0 million for the nine months ended September 30, 2026, up from approximately $0.7 million for the same period in 2025, an increase of approximately 186.2%. RaceControl is currently on track to generate approximately $3.4 million in annual recurring revenues (ARR), up from approximately $2.9 million as of June 30, 2026. As of September 30, 2026, RaceControl had more than 45,000 paid subscribers, an increase of more than 157% compared to September 30, 2025, achieved entirely through organic growth.
Released Le Mans Ultimate Version 1.4 on July 28, 2026, featuring U.S. Track Pack 1, including Daytona International Speedway and WeatherTech Raceway Laguna Seca race circuits. It achieved the biggest downloadable content launch-day revenue in the history of Le Mans Ultimate.
Released Le Mans Ultimate Version 1.4.2 on September 22, 2026, featuring U.S. Track Pack 2, including Michelin Raceway Road Atlanta and the Streets of Long Beach race circuits, along with race car liveries and other game improvements.
As of October 31, 2026, Le Mans Ultimate has now sold over 2 million combined units of the base game and individual DLC units since launch.
Achieved a new all-time peak record of 11,941 concurrent players for Le Mans Ultimate during a 24 Hours of Le Mans Special Event, run entirely through the Company’s proprietary RaceControl platform during October 23-24, 2026.
Reported net income of $0.7 million in Q3 2026, the seventh consecutive quarter of positive net income. Income from operations was $1.2 million, compared to $0.8 million in Q3 2025, an increase of 52.4%.
Gross profit margin for the third quarter of 2026 increased to 88.0%, compared to 80.7% for the same period in 2025. Gross profit margin for the nine months ended September 30, 2026 increased to 85.8%, compared to 79.6% for the same period in 2025.
Adjusted EBITDA(1) was $1.8 million in Q3 2026, compared to $1.0 million in Q3 2025, an increase of 75.7%. For the nine months ended September 30, 2026, Adjusted EBITDA(1) was $4.0 million, compared to $2.0 million for the same period in 2025, an increase of 99.0%.
Non-GAAP Adjusted diluted net income per share(1) was $0.51 during the nine months ended September 30, 2026, compared to $0.45 during the same period in the prior year.
Strengthened the balance sheet: cash and cash equivalents of $5.4 million as of September 30, 2026, compared to $4.1 million a year earlier; working capital of $4.2 million, compared to negative $2.2 million as of December 31, 2024; and deferred revenue of $1.6 million, the highest quarter-end balance since the Company’s IPO.
Issued 414,747 shares of Class A Common Stock in August 2026 upon the exercise of outstanding warrants, generating proceeds of approximately $0.9 million to support the Company’s operations and further simplifying its capital structure by reducing the number of outstanding warrants.
Select Financial Highlights for the Three Months Ended September 30, 2026
Revenues for the third quarter of 2026 were approximately $3.8 million compared to approximately $3.1 million for the same period in the prior year, an increase of approximately $0.7 million, or 21.8%, and an increase of 6.7% compared to the second quarter of 2026. The increase was driven primarily by higher sales of Le Mans Ultimate downloadable content and growth in RaceControl subscriptions. For the nine months ended September 30, 2026, revenues were approximately $11.3 million compared to approximately $7.4 million for the same period in the prior year, an increase of approximately $3.9 million, or 52.3%.
Gross profit for the third quarter of 2026 was $3.3 million compared to $2.5 million for the same period in the prior year, an increase of $0.8 million, or 32.8%, with gross profit margin of 88.0%, compared to 80.7%. For the nine months ended September 30, 2026, gross profit was $9.7 million compared to $5.9 million for the same period in the prior year, an increase of approximately $3.8 million, or 64.1%, with gross profit margin of 85.8%, compared to 79.6% for the same period in the prior year.
RaceControl, the Company’s free-to-join player platform which offers premium subscription tiers, generated subscription revenues of approximately $2.0 million for the nine months ended September 30, 2026, compared to approximately $0.7 million for the same period in the prior year, an increase of approximately 186.2%, and representing approximately 17.3% of the Company’s total revenues, compared to approximately 9.2% for the same period in 2025. Based on current monthly recurring revenues of approximately $282,000, RaceControl is currently generating $3.4 million in ARR, up from approximately $2.9 million as of June 30, 2026, and compared to RaceControl revenues of approximately $1.2 million for the full year 2025. As of September 30, 2026, RaceControl had more than 45,000 paid subscribers, an increase of more than 157% compared to September 30, 2025, achieved entirely through organic growth.
Income from operations for the third quarter of 2026 was $1.2 million, compared to $0.8 million for the same period in the prior year, an increase of 52.4%. That is the Company’s sixth consecutive quarter of positive operating income. For the nine months ended September 30, 2026, income from operations was $2.9 million, compared to $2.7 million for the same period in the prior year. The prior-year period included $1.6 million of other operating income, primarily from the Wesco and HC2 Holdings 2 Inc. settlement agreements and negotiated vendor discounts, which did not recur in 2026. Development expense for the third quarter of 2026 was $0.1 million, compared to $0.4 million for the same period in the prior year. The decrease reflects the recognition of approximately $0.69 million of UK Video Games Tax Relief, which reduced reported development expense, and the capitalization of a greater share of development costs. The Company capitalized $1.7 million of internally-developed software in the nine months ended September 30, 2026, compared to $0.7 million in the prior-year period, primarily reflecting continued investment in Le Mans Ultimate, RaceControl and console development. The Company expects to continue claiming UK Video Games Tax Relief, although the timing and amount will vary.
Net income for the third quarter of 2026 was approximately $0.7 million, compared to approximately $0.8 million for the same period in the prior year, representing the seventh consecutive quarter of generating net income. Net income attributable to Motorsport Games Inc. was approximately $0.3 million, or $0.07 per share, compared to approximately $0.8 million, or $0.14 per share for the same period in the prior year. Net income for the third quarter of 2026 was lower mainly due to a $0.5 million provision for income taxes relating to Studio397 B.V., the Company’s Dutch subsidiary. Income before provision for income taxes was $1.1 million for the third quarter of 2026, compared to $0.8 million for the same prior year period, an increase of $0.3 million or 47.0%. On an adjusted basis, which management believes better reflects the Company’s underlying operating performance, the Company remained profitable: Non-GAAP Adjusted diluted net income per share(1) was $0.19 in the third quarter of 2026, compared to $0.18 for the same period in the prior year. For the nine months ended September 30, 2026, Non-GAAP Adjusted diluted net income per share was $0.51 compared to $0.45 in the same prior year period.
Adjusted EBITDA(1) for the third quarter of 2026 was $1.8 million compared to Adjusted EBITDA(1) of $1.0 million for the same period in the prior year, an increase of 75.7%, and more than double the $0.8 million reported for the second quarter of 2026. Adjusted EBITDA for the nine months ended September 30, 2026 was $4.0 million compared to $2.0 million in the same prior year period, an increase of 99.0% which was primarily driven by the increase in revenues between the two periods and growth in gross profit margin.
Cash Flow and Liquidity
During the nine months ended September 30, 2026, the Company generated positive cash flow from operations of approximately $4.1 million, compared to $2.8 million for the same period in 2025, an average of approximately $0.5 million per month, primarily due to increased profitability and the capitalization of internally-developed software. As of September 30, 2026, the Company had cash and cash equivalents of approximately $5.4 million, compared to $4.1 million as of September 30, 2025. This increase was achieved after the Company’s repurchase of 904,395 shares of Class A Common Stock for $3.7 million in the second quarter of 2026, and includes approximately $0.9 million of proceeds from the exercise of Series B Warrants in August 2026. Working capital as of September 30, 2026 was $4.2 million, compared to $3.0 million as of September 30, 2025. Compared to December 31, 2024, working capital improved from negative $2.2 million to $4.2 million, accounts payable decreased from $3.0 million to $0.4 million, and total stockholders’ equity increased from $1.2 million to $8.2 million. Deferred revenue reached $1.6 million at September 30, 2026, the highest quarter-end balance since the Company’s IPO and up from $1.1 million a year earlier, primarily reflecting player purchases of Le Mans Ultimate ahead of delivery and annual RaceControl subscriptions. The Company maintains a $3 million revolving line of credit from Citibank, N.A., secured in February 2026 and extended in June 2026 to a maturity date of February 20, 2028, of which $1.2 million was drawn as of September 30, 2026.
(1)Use of Non-GAAP Financial Measures
Adjusted EBITDA and Non-GAAP Adjusted diluted net income per share (the “Non-GAAP Measures”) are not financial measures defined by U.S. generally accepted accounting principles (“U.S. GAAP”). Reconciliations of these Non-GAAP Measures to net income and diluted net income per share, their most directly comparable financial measures, calculated and presented in accordance with U.S. GAAP, are presented in the Appendix to this press release.
Adjusted EBITDA, a measure used by management to assess the Company’s operating performance, is defined as EBITDA, which is net income plus interest expense, provision for income taxes, depreciation and amortization, less income tax benefit (if any), adjusted to exclude: (i) gain from settlement of license liabilities and other agreements; (ii) gain from sale of gaming licenses; (iii) impairment of intangible assets; (iv) loss contingency expenses; (v) loss (gain) on foreign exchange rates; (vi) expenses related to the implementation of a Share Rights Plan; and (vii) stock-based compensation expenses.
Non-GAAP Adjusted diluted net income per share, another measure used by management to assess the Company’s operating performance, is defined as diluted net income per share plus depreciation and amortization, adjusted to exclude: (i) gain from settlement of license liabilities and other agreements; (ii) gain from sale of gaming licenses; (iii) impairment of intangible assets; (iv) loss contingency expenses; (v) loss (gain) on foreign exchange rates; (vi) expenses related to the implementation of a Share Rights Plan; and (vii) stock-based compensation expenses.
The Company uses the Non-GAAP Measures to manage its business and evaluate its financial performance, as Adjusted EBITDA and Non-GAAP Adjusted diluted net income per share eliminate items that affect comparability between periods that the Company believes are not representative of its core ongoing operating business. Additionally, management believes that using the Non-GAAP Measures is useful to its investors because it enhances investors’ understanding and assessment of the Company’s normalized operating performance and facilitates comparisons to prior periods and its competitors’ results (who may define Adjusted EBITDA and Non-GAAP Adjusted diluted net income per share differently).
The Non-GAAP Measures are not recognized terms under U.S. GAAP and do not purport to be an alternative to revenue, income/loss from operations, net income, or cash flows from operations or as a measure of liquidity or any other performance measure derived in accordance with U.S. GAAP. Additionally, the Non-GAAP Measures are not intended to be measures of free cash flows available for management’s discretionary use, as they do not consider certain cash requirements, such as interest payments, tax payments, working capital requirements and debt service requirements. The Non-GAAP Measure have limitations as an analytical tool, and investors should not consider them in isolation or as a substitute for our results as reported under U.S. GAAP. Management compensates for the limitations of using the Non-GAAP Measures by using them to supplement U.S. GAAP results to provide a more complete understanding of the factors and trends affecting the business than would be presented by using only measures in accordance with U.S. GAAP. Because not all companies use identical calculations, the Non-GAAP Measures may not be comparable to other similarly titled measures of other companies.
Conference Call and Webcast Details
The Company will host a conference call and webcast at 5:00 p.m. ET today, November 12, 2026, to discuss its financial results. The live conference call can be accessed by dialing 1-800-420-1459 or 1-203-518-9861 and using Conference ID “MOTOR”. Alternatively, participants may access the live webcast on the Motorsport Games Investor Relations website at https://ir.motorsportgames.com under “Events.”
About Motorsport Games:
Motorsport Games is a racing game developer, publisher and esports ecosystem provider of official motorsport racing series. Combining innovative and engaging video games with exciting esports competitions and content for racing fans and gamers, Motorsport Games strives to make racing games that are authentically close to reality. The Company is the officially licensed video game developer and publisher for iconic motorsport racing series including the 24 Hours of Le Mans and the FIA World Endurance Championship, recently releasing Le Mans Ultimate Version 1.4.2 featuring new circuits, updated content and additional improvements. Motorsport Games also owns the industry leading rFactor 2 and KartKraft simulation platforms. rFactor 2 also powers F1® Arcade through a partnership with Kindred Concepts. Motorsport Games is also an award-winning esports partner of choice for the 24 Hours of Le Mans, creating the renowned Le Mans Virtual Series. Motorsport Games is building a virtual racing ecosystem where each product drives excitement, every esports event is an adventure, and every race inspires.
For more information about Motorsport Games visit: www.motorsportgames.com.
Forward-Looking Statements
Certain statements in this press release, the related conference call and webcast which are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are provided pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Any statements or information in this press release, the related conference call and webcast that are not statements or information of historical fact may be deemed forward-looking statements. Words such as “continue,” “will,” “may,” “could,” “should,” “expect,” “expected,” “plans,” “intend,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include, but are not limited to, statements concerning the release of Pack 3 to the Le Mans Ultimate U.S. Track Pack in December 2026; racecontrol.gg running entirely on the Company’s own technology starting in December, and players engaging with the Company’s ecosystem on mobile, tablet and desktop; the Company protecting a head start by pursuing complete control over and faster development of its platform; RaceControl continuing to form the backbone of the Company’s online player experience; the Company’s business successfully self-maintaining its finances; the Company’s next stage of growth and building a larger, more diversified business; the Company using its balance sheet to invest and see returns; the Company continuing to claim UK Video Games Tax Relief; making racing games that are authentically close to reality; and building a virtual racing ecosystem where each product drives excitement, every esports event is an adventure, and every race inspires.
All forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward-looking statements, many of which are generally outside of the Company’s control and are difficult to predict. Examples of such risks and uncertainties include, but are not limited to: (i) difficulties, delays or less than expected results in achieving the Company’s growth plans and continuing the transformation of the business, objectives and expectations, including delays in the release of new game versions and features, the Company’s inability to deliver new products and/or new content or features for existing products, and/or the Company’s inability, in whole or in part, to continue to execute its business strategies and plans, such as due to less than anticipated customer acceptance of its new game titles and/or less than anticipated benefits from its future technologies, the Company experiencing difficulties or the inability to launch its games as planned, less than anticipated performance of the games impacting customer acceptance and sales and/or greater than anticipated costs and expenses to develop and launch its games, including, without limitation, higher than expected labor costs, the Company’s inability to establish partnerships with additional service providers to come onboard to the Company’s ecosystem and, (ii) difficulties, delays in or unanticipated events that may impact the timing and scope of new or planned products, features, events or other offerings; (iii) less than expected benefits from implementing the Company’s management strategies and/or adverse economic, market and geopolitical conditions that negatively impact industry trends, such as significant changes in the labor markets, an extended or higher than expected inflationary environment, a higher interest rate environment, tax increases impacting consumer discretionary spending and/or quantitative easing that results in higher interest rates that negatively impact consumers’ discretionary spending; and (iv) greater than anticipated negative operating cash flows such as due to higher than expected development costs, higher interest rates and/or higher inflation.
Factors other than those referred to above could also cause the Company’s results to differ materially from expected results. Additional examples of such risks and uncertainties include, but are not limited to: (i) the Company’s ability (or inability) to maintain existing, and to secure additional, licenses and other agreements with various racing series; (ii) the Company’s ability to successfully manage and integrate any joint ventures, acquisitions of businesses, solutions or technologies; (iii) unanticipated operating costs, transaction costs and actual or contingent liabilities; (iv) the ability to attract and retain qualified employees and key personnel; (v) adverse effects of increased competition; (vi) changes in consumer behavior, including as a result of general economic factors, such as increased inflation, higher energy prices and higher interest rates; (vii) the Company’s inability to protect its intellectual property; and/or (viii) local, industry and general business and economic conditions.
Additional factors that could cause actual results to differ materially from those expressed or implied in the forward-looking statements can be found in the Company’s filings with the SEC, including its Annual Report on Form 10-K for the fiscal year ended December 31, 2025, subsequent Quarterly Reports on Form 10-Q and current reports on Form 8-K filed with the SEC. The Company anticipates that subsequent events and developments may cause its plans, intentions and expectations to change. The Company assumes no obligation, and it specifically disclaims any intention or obligation, to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by law. Forward-looking statements speak only as of the date they are made and should not be relied upon as representing the Company’s plans and expectations as of any subsequent date.
Website and Social Media Disclosure
Investors and others should note that we announce material financial information to our investors using our investor relations website (ir.motorsportgames.com), SEC filings, press releases, public conference calls and webcasts. We use these channels, as well as social media and blogs, to communicate with our investors and the public about our company and our products. It is possible that the information we post on our websites, social media and blogs could be deemed to be material information. Therefore, we encourage investors, the media and others interested in our company to review the information we post on the websites, social media channels and blogs, including the following (which list we will update from time to time on our investor relations website):
Websites
Social Media
motorsportgames.com
Twitter: @msportgames
Instagram: msportgames
Facebook: Motorsport Games
LinkedIn: Motorsport Games
The contents of these websites and social media channels are not part of, nor will they be incorporated by reference into, this press release.
Contacts:
Investors:
Investors@motorsportgames.com
Media:
PR@motorsportgames.com
Appendix:
The tables below provide reconciliations between net income and adjusted EBITDA, and diluted net income per share and Non-GAAP Adjusted diluted net income per share:
Three Months Ended September 30, 2026
Three Months Ended September 30, 2025
Net income
$
678,127
$
768,537
Interest expense, net
23,922
1,434
Provision for taxes
451,870
–
Depreciation and amortization (1)
192,629
289,396
EBITDA
1,346,548
1,059,367
Loss (gain) on foreign exchange rates
190,998
(31,655
)
Expenses related to the implementation of a Share Rights Plan
158,653
–
Stock-based compensation
109,877
–
Adjusted EBITDA
$
1,806,076
$
1,027,712
(1)
Includes $185,109 and $279,945 of amortization expenses included in cost of revenues for the three months ended September 30, 2026 and 2025, respectively.
Reconciliation between GAAP and Non-GAAP Adjusted diluted net income per share:
Three Months Ended September 30, 2026
Three Months Ended September 30, 2025
Diluted net income per share
$
0.06
$
0.14
Depreciation and amortization
0.04
0.05
Loss (gain) on foreign exchange rates
0.04
(0.01
)
Expenses related to the implementation of a Share Rights Plan
0.03
–
Stock-based compensation
0.02
–
Non-GAAP Adjusted diluted net income per share
$
0.19
$
0.18
Nine Months Ended September 30, 2026
Nine Months Ended September 30, 2025
Net income
$
1,872,899
$
6,029,322
Interest expense, net
43,018
19,184
Provision for taxes
451,870
–
Depreciation and amortization (1)
605,727
795,387
EBITDA
2,973,514
6,843,893
Gain from settlement of purchase commitment liabilities
–
(175,460
)
Gain from HC2 Holdings 2 Inc. Settlement Agreement
–
(500,000
)
Gain from Wesco Settlement Agreement
–
(800,000
)
Impairment of intangible assets
27,928
–
Loss (gain) on foreign exchange rates
364,664
(3,334,533
)
Expenses related to the implementation of a Share Rights Plan
158,653
–
Stock-based compensation
522,552
–
Adjusted EBITDA
$
4,047,311
$
2,033,900
(1)
Includes $584,380 and $756,114 of amortization expenses included in cost of revenues for the nine months ended September 30, 2026 and 2025, respectively.
Reconciliation between GAAP and Non-GAAP Adjusted diluted net income per share:
Nine Months Ended September 30, 2026
Nine Months Ended September 30, 2025
Diluted net income per share
$
0.19
$
1.32
Depreciation and amortization
0.11
0.17
Gain from settlement of purchase commitment liabilities
–
(0.04
)
Gain from HC2 Holdings 2 Inc. Settlement Agreement
–
(0.11
)
Gain from Wesco Settlement Agreement
–
(0.17
)
Impairment of intangible assets
0.01
–
Loss (gain) on foreign exchange rates
0.07
(0.72
)
Expenses related to the implementation of a Share Rights Plan
0.03
–
Stock-based compensation
0.10
–
Non-GAAP Adjusted diluted net income per share
$
0.51
$
0.45
The following tables provide a comparative summary of the Company’s financial results for the periods presented:
MOTORSPORT GAMES INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
Three Months Ended September 30,
Nine Months Ended September 30,
2026
2025
2026
2025
Revenues [1]
$
3,775,429
$
3,100,018
$
11,346,680
$
7,450,311
Cost of revenues
451,429
597,817
1,612,994
1,518,090
Gross profit
3,324,000
2,502,201
9,733,686
5,932,221
Operating expenses:
Sales and marketing
237,005
136,024
638,674
360,032
Development
112,589
418,912
1,364,154
1,291,208
General and administrative [2]
1,749,092
1,142,867
4,769,104
3,176,389
Impairment of intangible assets
–
–
27,928
–
Depreciation and amortization
7,520
9,450
21,347
39,273
Total operating expenses
2,106,206
1,707,253
6,821,207
4,866,902
Other operating income
–
4,000
–
1,608,497
Income from operations
1,217,794
798,948
2,912,479
2,673,816
Interest expense, net
(23,922
)
(1,434
)
(43,018
)
(19,184
)
Other (expense) income, net
(63,875
)
(28,977
)
(544,692
)
3,374,690
Income before provision for income taxes
1,129,997
768,537
2,324,769
6,029,322
Provision for income taxes
451,870
–
451,870
–
Net income
678,127
768,537
1,872,899
6,029,322
Less: Net income (loss) attributable to non-controlling interest
349,739
(20,759
)
827,221
(59,432
)
Net income attributable to Motorsport Games Inc.
$
328,388
$
789,296
$
1,045,678
$
6,088,754
Net income attributable to Class A common stock per share:
Basic
$
0.07
$
0.14
$
0.21
$
1.32
Diluted
$
0.06
$
0.14
$
0.19
$
1.32
Weighted-average shares of Class A common stock outstanding:
Basic [3]
4,841,894
5,456,286
5,017,342
4,615,460
Diluted
5,365,317
5,456,286
5,367,166
4,615,460
[1]
Includes related party revenues of $0 and $18,500 for the three months ended September 30, 2026 and 2025, respectively. Includes related party revenues of $11,000 and $43,500 for the nine months ended September 30, 2026 and 2025, respectively.
[2]
Includes related party expenses of $0 and $10,500 for the three months ended September 30, 2026 and 2025, respectively, and $0 and $85,500 for the nine months ended September 30, 2026 and 2025, respectively.
[3]
Includes weighted average pre-funded warrant shares.
VANCOUVER, British Columbia, Nov. 12, 2026 (GLOBE NEWSWIRE) — HYTN Innovations Inc. (CSE: HYTN) (OTC Pink: HYTNF) (FSE: 85W0) (“HYTN”) and Peptide Development Labs Inc. (“PDL”) are pleased to announce the results of HYTN’s Annual General and Special Meeting of shareholders (“HYTN Shareholders”) held today in Vancouver (the “Meeting”). At the Meeting, HYTN Shareholders voted 100% in favour of approving the spin-out of PDL.
Under the terms of the proposed spin-out to be completed through a statutory plan of arrangement (“Arrangement”), the HYTN Shareholders will receive common shares in PDL (“PDL Common Shares”) by way of a share exchange, pursuant to which each existing share of HYTN (a “HYTN Common Share”) is exchanged for one “new” share of HYTN (“New HYTN Common Shares”) and 0.0555555555555556 of a PDL Common Share.
In addition, HYTN is pleased to announce that HYTN Shareholders set the number of directors at four for the ensuing year, re-elected Elliot McKerr, Jason Broome, Fabian Monaco and Eli Dusenbury to the board of directors and re-appointed Crowe MacKay LLP, Chartered Accountants, as auditors of HYTN for the ensuing year.
The Arrangement remains subject to final court approval, closing of a concurrent financing of units of PDL, (as further described in HYTN’s management information circular dated October 16, 2026 (the “Circular”), and approval from the Canadian Securities Exchange (the “CSE”). The Arrangement is expected to be completed on or about November 17, 2026 (the “Effective Date”).
PDL has applied to list the PDL Common Shares for trading on the CSE following completion of the Arrangement with the trading symbol “PEPT”. Listing of the PDL Common Shares is subject to PDL meeting the listing requirements of the CSE.
Please refer to the Circular for more detailed information, available on HYTN’s website at www.hytn.ca and on its SEDAR+ profile at www.sedarplus.ca.
Trading Information
It is expected that the New HYTN Common Shares and the PDL Common Shares will begin trading on the CSE on November 18, 2026.
Where existing HYTN Common Shares (CUSIP 40443L) are held through a broker, such broker, or the depositary with which the broker holds such HYTN Common Shares, will be responsible for dealing with the exchange of these HYTN Common Shares for New HYTN Common Shares (CUSIP 40443L203) and the distribution of PDL Common Shares (CUSIP 713467108) on the HYTN Shareholder’s behalf.
HYTN has mailed letters of transmittal to all eligible registered shareholders. To receive Direct Registration System (“DRS”) statements representing New HYTN Common Shares and PDL Common Shares, registered shareholders must duly complete the letter of transmittal and either provide their DRS account number or surrender their existing certificates for HYTN Common Shares, as applicable, and deliver them to Odyssey Trust Company (“Depositary”) at the address shown on the letter of transmittal. Upon surrender to the Depositary for cancellation of a certificate representing HYTN Common Shares (if any), together with a properly executed letter of transmittal, the registered shareholder will be entitled to receive, and the Depositary will deliver to such holder, a DRS statement representing the number of New HYTN Common Shares and the number (rounded down to the next lesser whole number, subject to the treatment of fractional PDL Common Shares under the terms of the plan of arrangement, attached as Schedule B to the Circular) of New HYTN Common Shares and PDL Common Shares that such holder has the right to receive pursuant to the plan of arrangement and the surrendered certificate (if any) will be cancelled. The letter of transmittal was filed on HYTN’s SEDAR+ profile on October 22, 2026 and is available at www.sedarplus.ca.
About HYTN Innovations Inc.
HYTN formulates, manufactures, markets, and sells premium products containing psychoactive and psychotropic compounds, including cannabis-derived cannabinoids. HYTN’s mission is to become the top provider of these products in all federally regulated markets. To achieve this, HYTN focuses on identifying market opportunities and quickly bringing its innovative products to market through its elevated development platform.
About Peptide Development Labs Inc.
PDL is a Canadian pharmaceutical development company focused on advancing investigational peptide-based drug candidates through established regulatory pathways. PDL’s mission is to develop peptide candidates that may address defined areas of unmet clinical need within a conventional pharmaceutical framework. To achieve this, PDL focuses on advancing its investigational subcutaneous BPC-157 drug candidate for refractory ligament disorders through GMP-controlled supply, pharmaceutical quality systems, physician-led access, structured data generation and formal clinical development.
For more information contact:
Elliot McKerr
Chief Executive Officer
HYTN Innovations Inc.
or
Fabian Monaco
Chief Executive Officer
Peptide Development Labs Inc.
HYTN Investor Relations:
1.866.590.9289
investments@hytn.life
The CSE has not reviewed, approved, or disapproved the contents of this press release.
Forward-Looking Statements This press release contains “forward-looking information” within the meaning of applicable Canadian securities laws (collectively, “forward-looking information”). Forward-looking information in this press release includes, but is not limited to, statements regarding the proposed plan of arrangement involving HYTN and PDL, including the anticipated timing and completion of the Arrangement; the anticipated Effective Date; the receipt by HYTN Shareholders of PDL Common Shares pursuant to the Arrangement; the receipt of final court approval, approval of the CSE and any other approvals required to complete the Arrangement; the satisfaction or waiver of the remaining conditions to completion of the Arrangement; the listing of the PDL Common Shares on the CSE; and the anticipated commencement of trading of the New HYTN Common Shares and PDL Common Shares on the CSE.
Forward-looking information is typically identified by words such as “expects”, “intends”, “plans”, “anticipates”, “believes”, “proposes”, “estimates”, “may”, “will”, “should”, “could” and similar expressions, including negative variations thereof, or statements that certain actions, events or results “will”, “may”, “would” or “should” occur or be achieved.
Forward-looking information contained in this press release is based on a number of material factors and assumptions, including, without limitation, that final court approval, CSE approval and any other required approvals will be obtained on a timely basis; that the remaining conditions to completion of the Arrangement will be satisfied or waived; that the Arrangement will be completed on the terms and within the timeframe currently contemplated; that PDL will satisfy the applicable listing requirements of the CSE; and that the New HYTN Common Shares and PDL Common Shares will commence trading on the CSE within the timeframe currently anticipated.
Although HYTN and PDL consider the factors and assumptions upon which such forward-looking information is based to be reasonable as of the date hereof, such factors and assumptions may prove to be incorrect, and no assurance can be given that the events anticipated by such forward-looking information will transpire or occur within the timeframes anticipated.
Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause actual results, performance or events to differ materially from those anticipated in such forward-looking information. Such risks and uncertainties include, without limitation: the risk that final court approval, CSE approval or other required approvals are not obtained on a timely basis or at all; the risk that the remaining conditions to completion of the Arrangement are not satisfied or waived; the risk that the Arrangement is not completed on the terms or within the timeframe currently contemplated, or at all; the risk that PDL does not satisfy the listing requirements of the CSE; and the risk that the New HYTN Common Shares or PDL Common Shares do not commence trading on the CSE when anticipated.
Readers are cautioned that the foregoing list of factors, assumptions and risks is not exhaustive. Additional information regarding risk factors applicable to HYTN is available in its public disclosure documents filed under HYTN’s issuer profile on SEDAR+.
The forward-looking information contained in this press release is made as of the date hereof, and HYTN and PDL undertake no obligation to update or revise such forward-looking information to reflect new events or circumstances, except as required by applicable securities laws. Readers are cautioned not to place undue reliance on forward-looking information.
