Ravi Shankar – Page 372

FirstCash Reports Record Third Quarter Operating Results; Revenues and Earnings from Pawn Segments Grow 28%; Declares 10% Increase in Quarterly Cash Dividend

Posted on October 22, 2026 by Ravi Shankar

FORT WORTH, Texas, Oct. 22, 2026 (GLOBE NEWSWIRE) — FirstCash Holdings, Inc. (“FirstCash” or the “Company”) (Nasdaq: FCFS), the leading international operator of more than 3,300 retail pawn stores, today announced record revenue and earnings results for the three and nine month periods ended September 30, 2026. The Company also announced that the Board of Directors declared a quarterly cash dividend of $0.46 per share, an increase of 10% over the previous quarterly dividend, which will be paid in November 2026. In addition, during the third quarter of 2026, the Company repurchased $123 million of common stock, bringing the total year-to-date share repurchases to $250 million.

Mr. Rick Wessel, chief executive officer, stated, “FirstCash delivered another outstanding quarter of operating results, with third quarter pawn revenue growth of 28%. Pawn demand remains exceptionally strong with a record $908 million in pawn receivables and all geographic segments posting double-digit increases in both same-store pawn receivables and pawn fees. Our merchandise sales channels were also robust, evidenced by continued strength in sales growth, margins and inventory turnover metrics.

“We are also pleased to announce that 14 pawn stores were added during the quarter, bringing year-to-date additions to a total of 42 locations across four countries. As we enter the fourth quarter, with the added stores, strong pawn books and appropriate inventory levels, we believe we are well-positioned to close out another record year of operating results.

“FirstCash has set new records for revenue and earnings in each quarter this year. For the trailing twelve months, revenues are now $4.3 billion, net income totals $406 million and adjusted EBITDA totals $835 million. The impressive earnings growth continues to drive increased operating cash flows as well, providing ample capacity for shareholder returns through stock repurchases and cash dividends. More importantly, we remain committed to expanding our industry-leading global footprint through accretive pawnshop acquisitions and new store openings in each geographic segment,” concluded Mr. Wessel.

This release contains adjusted financial measures, which exclude certain non-operating and/or non-cash income and expenses, that are non-GAAP financial measures. Please refer to the descriptions and reconciliations to GAAP of these and other non-GAAP financial measures at the end of this release.

	Three Months Ended September 30,
	As Reported (GAAP)				Adjusted (Non-GAAP)
In thousands, except per share amounts	2026		2025		2026		2025
Revenue	$	1,101,167	$	935,579	$	1,101,167	$	935,579
Net income	$	101,152	$	82,807	$	116,181	$	100,633
Diluted earnings per share	$	2.33	$	1.86	$	2.68	$	2.26
EBITDA (non-GAAP measure)	$	208,194	$	172,821	$	213,008	$	180,554
Weighted-average diluted shares		43,335		44,472		43,335		44,472

	Nine Months Ended September 30,
	As Reported (GAAP)				Adjusted (Non-GAAP)
In thousands, except per share amounts	2026		2025		2026		2025
Revenue	$	3,227,506	$	2,602,624	$	3,227,506	$	2,602,624
Net income	$	302,321	$	226,203	$	345,343	$	273,032
Diluted earnings per share	$	6.89	$	5.07	$	7.87	$	6.12
EBITDA (non-GAAP measure)	$	613,866	$	468,535	$	625,070	$	488,563
Weighted-average diluted shares		43,870		44,603		43,870		44,603

Consolidated Operating Highlights

Diluted earnings per share for the third quarter increased 25% over the prior-year quarter on a GAAP basis while adjusted diluted earnings per share increased 19% compared to the prior-year quarter.
Year-to-date diluted earnings per share increased 36% over the prior-year period on a GAAP basis and adjusted diluted earnings per share increased 29% compared to the prior-year period.
Net income for the third quarter totaled $101 million, a 22% increase over the prior-year quarter on a GAAP basis, while adjusted net income increased 15% compared to the prior-year quarter.
Year-to-date net income totaled $302 million, a 34% increase over the prior-year period on a GAAP basis, while adjusted net income increased 26% compared to the prior-year period.
Adjusted EBITDA (a non-GAAP measure) for the third quarter was $213 million, an 18% increase over the prior-year quarter. On a year-to-date basis, adjusted EBITDA increased 28% compared to the prior-year period.
Consolidated revenue totaled $1.1 billion for the quarter and $3.2 billion year-to-date. Total revenue for the third quarter increased 18% over the prior-year quarter and net revenue (gross profit) increased 15% compared to the prior-year quarter. Year-to-date, both revenue and net revenue increased 24% over the prior-year period.
Revenues and segment income from the Company’s pawn segments both increased 28% in the third quarter over last year. Year-to-date revenues from the Company’s pawn segments increased 37% while pawn segment income increased 47% over the same prior-year period.
Consolidated assets at September 30, 2026 totaled a record $5.6 billion, including record pawn receivables of $908 million. This compares to assets of $5.2 billion and pawn receivables of $788 million a year ago.
For the trailing twelve month period ended September 30, 2026, the Company reported:
- Revenues of $4.3 billion
- Net income of $406 million on a GAAP basis and adjusted net income of $462 million
- Adjusted EBITDA of $835 million
- Operating cash flows of $679 million and adjusted free cash flows (a non-GAAP measure) of $393 million

Growth Platforms

During the third quarter, the Company added 14 retail pawn locations:
- Four acquired stores (three in the U.S. and one in the U.K.)
- Ten de novo store openings (six in Latin America, two in the U.S. and two in the U.K.)
Year-to-date, a total of 42 stores have been added through acquisitions and new store openings while over the past twelve months, 70 total stores have been added.
As of September 30, 2026, the Company had 3,352 locations, comprised of 1,215 U.S. locations, 1,839 locations in Latin America and 298 U.K. locations.
Ramsdens acquisition update:
- During the third quarter of 2026, both the Ramsdens’ shareholders and the U.K. financial regulator (Financial Conduct Authority) approved the previously announced acquisition.
- The Company continues to target for the transaction to close by the end of 2026, pending receipt of the required anti-trust approval and satisfaction of other customary closing conditions.
- Upon satisfaction of all required closing conditions, the addition of Ramsdens would add over 175 U.K. locations and increase the Company’s store base to more than 3,500 locations.
The Company’s real estate portfolio of owned pawn locations now totals 480 properties, of which 14 were acquired in the third quarter, bringing the number of real estate locations acquired year-to-date to 37. The Company believes these are strategic investments that protect valuable store locations and reduce future operating expenses. Most of the owned properties are in the U.S. and now represent 39% of the total U.S. store base.
American First Finance (“AFF”) had approximately 17,000 active retail and e-commerce point-of-sale merchant partner locations at September 30, 2026, representing an 8% increase compared to a year ago.

U.S. Pawn Segment Operating Results

Total segment revenue increased 18% in both the third quarter and year-to-date periods, reflecting especially strong same-store revenue growth coupled with contributions from late 2025 acquisitions.
Segment pre-tax operating income increased 19% compared to the prior-year quarter. The resulting segment pre-tax operating margin was 26% for the third quarter of 2026, which equaled the prior-year quarter. Year-to-date segment pre-tax operating income increased 25% compared to the prior-year period. The resulting year-to-date segment pre-tax operating margin increased to 27% compared to 25% in the comparable prior-year period.
Pawn receivables increased 14% in total at September 30, 2026 compared to last year. Same-store pawn receivables increased 12%, 25% on a two-year stacked basis and 35% on a three-year stacked basis. This represented the thirteenth consecutive quarter of double-digit same-store receivables growth.
Pawn loan fees increased 12% in the third quarter while retail merchandise sales increased 10%, both compared to the prior-year quarter. On a same-store basis, pawn fees increased 11% and retail sales increased 7%.
Retail sales margins were 42% for the third quarter of 2026 versus 43% in the third quarter of 2025. Inventories aged greater than one year at September 30, 2026 remained low at 1.6% of total inventories, which excludes aged inventories from six recently acquired stores, improving from 1.9% at September 30, 2025.

Latin America Pawn Segment Operating Results

Note: Certain growth rates below are calculated on a constant or local currency basis, a non-GAAP financial measure defined at the end of this release. The average U.S. dollar to Mexican peso exchange rate for the third quarter of 2026 was 17.2 pesos per U.S. dollar, a favorable change of 8% versus the comparable prior-year period, and for the nine month period ended September 30, 2026 was 17.4 pesos per U.S. dollar, a favorable change of 11% versus the prior-year period.

Total segment revenue in the third quarter of 2026 increased 35% on a U.S. dollar basis and 27% on a constant currency basis compared to the prior-year quarter. Year-to-date, segment revenue increased 39% on a U.S. dollar basis compared to the prior-year period and increased 26% on a local currency basis.
Third quarter segment pre-tax operating income increased 37% on a U.S. dollar basis compared to last year and increased 35% on a local currency basis. Year-to-date, segment pre-tax operating income increased 45% on a U.S. dollar basis compared to the prior-year period and increased 39% on a local currency basis.
Pawn receivables, both in total and on a same-store basis, as of September 30, 2026, increased 19% on a U.S. dollar basis while increasing 15% on a constant currency basis compared to the prior year. Two-year stacked same-store receivable growth increased 44% in total and 33% on a currency adjusted basis. This represents the eighth consecutive quarter of double-digit same-store receivables growth and the fifth consecutive quarter of 15% or greater same-store receivables growth.
Total and same-store pawn loan fees in the third quarter increased 24% on a U.S. dollar basis and 15% on a constant currency basis compared to the prior-year quarter.
Total and same-store retail merchandise sales in the third quarter increased 24% and 25%, respectively, on a U.S. dollar basis compared to the prior-year quarter. On a constant currency basis, both total and same-store retail merchandise sales increased 16% in the third quarter compared to the prior-year quarter.
Retail sales margins were 35% in the third quarter of 2026 versus 36% in the third quarter of 2025. Inventories aged greater than one year at September 30, 2026 remained low, improving to 1.3% compared to 1.4% at September 30, 2025.

U.K. Pawn Segment Operating Results

Total revenues in the third quarter were $99 million, with strong growth over the prior-year quarter (partially pre-acquisition) in both pawn fees and merchandise sales.
Segment pre-tax operating income for the third quarter of 2026 was $29 million, resulting in a segment pre-tax operating margin of 29%. Year-to-date segment pre-tax operating income was $102 million, resulting in a segment pre-tax operating margin of 34%.
Pawn receivables at September 30, 2026 totaled $215 million, an increase of 14% on a U.S. dollar basis. On a local currency basis, total pawn receivables increased 15% and same-store pawn receivables increased 14% compared to a year ago.

American First Finance (AFF) – Retail POS Payment Solutions Segment Operating Results

Third quarter segment pre-tax operating income totaled $33 million. This represented a sequential increase over the second quarter of 2026 but a decrease compared to the third quarter of 2025, due primarily to the loss of earnings from previously reported merchant partner bankruptcies. Year-to-date segment pre-tax operating income totaled $88 million.
Gross transaction volume of lease and loan originations during the third quarter decreased 15% compared to the prior-year quarter, due primarily to continued weakness in the furniture industry coupled with an increased strategic focus on merchant quality. For the year-to-date period, overall gross transaction volume decreased 9% over the prior-year period.
Net revenues in the third quarter decreased 20% compared to the prior-year quarter, while year-to-date net revenues decreased 24% compared to the prior-year period.
The third quarter combined average monthly net charge-off rate for lease and finance products was 5.6%, an improvement over 5.8% in the prior-year quarter.

Cash Flow and Liquidity

Driven by contributions from each of the Company’s four business segments, consolidated operating cash flows for the twelve month period ended September 30, 2026 totaled $679 million which represents an increase of 18% compared to the same prior-year period.
Adjusted free cash flows, which include net fundings/repayments of pawn loans and finance receivables, totaled $393 million for the twelve month period ended September 30, 2026, an increase of 27% compared to the same prior-year period.
The operating cash flows helped fund significant growth in earning assets, continued investments in the pawn store platform, real estate and shareholder returns over the past twelve months:
- Existing-store pawn earning assets (pawn receivables and inventories) increased $235 million compared to last year.
- A total of 29 pawn stores were acquired for a combined purchase price of $89 million.
- 41 de novo pawn stores were opened with a combined investment of approximately $18 million in fixed assets and working capital.
- Strategic real estate purchases for the underlying real estate at 47 existing pawn stores totaled $87 million, bringing the number of Company-owned properties to 480.
- Shareholder returns, comprised of stock repurchases and cash dividends, totaled $349 million.
In August 2026, the Company amended the terms of its long-term, unsecured bank credit agreement to increase the size of the facility from $700 million to $1.055 billion and extend its maturity date from August 2029 to August 2031. The amendment also modified other key terms, the most significant of which allows for a net debt leverage ratio of up to 3.5 times adjusted EBITDA. The amended agreement also reduces the unused fee under the facility and provides for direct borrowings in British pounds sterling of up to a $500 million U.S. dollar equivalent.
Based on trailing twelve month actual results, the Company’s net debt to adjusted EBITDA ratio was 2.7x at September 30, 2026. Including the estimated pro forma EBITDA contributions from acquisitions and other lender-permitted adjustments over the past twelve months, the ratio of net debt to adjusted EBITDA at September 30, 2026 was 2.6x, an improvement compared to the same ratio of 2.9x at September 30, 2025, following the acquisition of H&T.

Shareholder Returns

The Board of Directors declared a $0.46 per share fourth quarter cash dividend, which will be paid on November 24, 2026 to stockholders of record as of November 13, 2026. This represents a 10% increase over the previous quarterly dividend.
On an annualized basis, the dividend is now $1.84 per share, representing an increase of 10% over the previous annualized dividend of $1.68 per share. Any future dividends are subject to approval by the Company’s Board of Directors.
The Company repurchased 592,000 shares of common stock during the third quarter of 2026 at an average price of $208.64 per share for a total cost of $123 million. Year-to-date, the Company repurchased 1,210,000 shares of common stock at an average price of $206.66 per share for a total cost of $250 million. The Company has $50 million remaining on the share repurchase program authorized in July 2026. Future share repurchases are subject to expected liquidity, acquisition and other investment opportunities, debt covenant restrictions, market conditions and other relevant factors.
Over the past twelve months, the Company has repurchased 1,367,000 shares of common stock at an average price of $201.49 per share for a total cost of $275 million and paid out $74 million in cash dividends, representing a payout ratio of 86% of net income over the same period.
The Company generated an 18% return on equity and an 8% return on assets for the twelve months ended September 30, 2026. Using adjusted net income for the twelve months ended September 30, 2026, the adjusted return on equity was 20% while the adjusted return on assets was 9%.

2026 Outlook

The Company’s outlook for the remainder of 2026 continues to be highly positive with continued double-digit revenue growth and operating margin expansion expected from pawn operations in the fourth quarter. The estimates provided below do not include revenue and earnings contributions from any potential fourth quarter acquisitions.

Pawn Operations:

Pawn operations remain the primary earnings driver as the Company expects the combined U.S., Latin America and U.K. pawn segments to be approximately 90% of total net revenue and segment level pre-tax income for 2026.

U.S. Pawn

While the Company will begin to lap several larger domestic acquisitions made in the fourth quarter of 2025, it continues to expect a low-double-digit growth rate in pawn receivables and fees in the fourth quarter and retail sales growth of approximately 8% to 10% for the quarter. Store operating expenses are projected to grow in a mid-single-digit range in the fourth quarter of 2026.

Latin America Pawn

The current exchange rate for the Mexican peso is equal to the prior year rate of approximately 18.3 to 1, making fourth quarter guidance in U.S. dollars and constant currency essentially equivalent.
For the fourth quarter of 2026, assuming the current exchange rate, the Company expects low- to mid-teens growth in pawn receivables and fees, with slightly higher expected growth in retail sales. Driven by greater store counts and compensation costs, operating expenses are expected to increase 10% to 12%.

U.K. Pawn

Pawn receivables and fees for the fourth quarter are expected to grow at a mid- to high-single-digit range versus the prior year, while retail sales gross profit is expected to increase in a low-double-digit range. Operating expenses are expected to increase approximately 10% driven in part by new store additions in 2026.

Retail POS Payment Solutions (AFF) Operations:

Given continued softness in furniture and other discretionary, large-ticket retail sales, gross transaction volumes for lease and loan originations for the fourth quarter of 2026 are forecast to decrease in the mid-teens percentage range compared to the fourth quarter of 2025, which is consistent with the implied prior guidance.
Net revenue (after depreciation of leased merchandise and lease and loan loss provisioning) is expected to decrease 15% to 20% for the fourth quarter, reflecting reduced origination activity over the past year. Operating expenses in the fourth quarter are expected to remain at a run rate similar to the third quarter.

Other Expenses and Tax Rates:

Corporate administrative expenses for the fourth quarter of 2026 are expected to remain at a run rate which is similar to the first three quarters of 2026, while interest expense for the fourth quarter of 2026 is expected to increase approximately 5% over the prior-year quarter assuming current interest rates.
The full year 2026 consolidated effective income tax rate is expected to range from 26% to 27% of income before income taxes.

Additional Commentary and Analysis

Mr. Wessel further commented on FirstCash’s third quarter results and outlook for the remainder of 2026, “The demand for pawn lending and deep-value retailing remains strong given the continued inflationary environment. We believe our customers see tremendous value in each of our core products and services, whether through a small non-recourse loan, easily and safely selling an unneeded personal item or shopping at a value-oriented retailer that also offers an interest-free layaway program.

“The strength in our pawn operations continues to be evidenced by the record third quarter and year-to-date revenue and earnings results. Third quarter pawn receivables remained at record levels in each segment, both in total and on a per-store basis, and we expect continued demand strength in the fourth quarter. Retail sales growth for the quarter was impressive as well, with consolidated double-digit same-store comps and margins at or above targeted levels. We also believe that we are well-positioned for the holiday season with a solid book of layaway deposits and appropriate levels of fresh, value-priced inventory.

“We are pleased to have added 14 pawn locations this quarter and 42 stores year-to-date, demonstrating our continued focus on platform growth, and we continue to see significant additional opportunities to further grow our store base. While primarily focused on completing the Ramsdens acquisition in the U.K., there is a strong pipeline of other potential acquisition opportunities in various stages of evaluation and diligence across multiple geographic regions.

“In parallel with the growth of the core pawn business, we also remain focused on execution fundamentals and operating efficiencies. Most notably this year, we completed the rollout of our FirstPawn point-of-sale and loan management system across all H&T stores and its jewelry processing center. We expect the FirstPawn system will further optimize their pawn and merchandise conversion cycles, which should improve customer service, pawn yields, inventory turns and retail margins while enabling further revenue and operating synergies.

“Shareholder returns remain a priority as well and we are pleased to announce a 10% increase in the quarterly cash dividend to $0.46 per share, payable in November. Combined with $123 million of share repurchases in the third quarter and $250 million year-to-date, this further underscores our commitment to returning excess cash to shareholders while still funding organic growth, strategic acquisitions and real estate purchases.

“During the third quarter, FirstCash also expanded and extended its revolving unsecured credit facility. Strong demand from both new and existing bank partners allowed us to increase total commitments from $700 million to over $1 billion, providing substantial committed capital through August 2031 to support continued growth in both our U.S. and international operations in addition to shareholder returns through dividends and buybacks.

“In summary, we remain focused on disciplined execution across all three pawn geographies and selective, accretive growth driven by the strong acquisition pipeline we are seeing in all markets. We believe the combination of strong operating cash flow, a strengthened balance sheet and a favorable demand backdrop positions us well for continued revenue and earnings growth into 2027,” concluded Mr. Wessel.

About FirstCash

FirstCash is the leading international operator of pawn stores focused on serving cash and credit-constrained consumers. FirstCash operates more than 3,300 pawn stores in the U.S., Latin America and the U.K. Most of the stores buy and sell a wide variety of jewelry, electronics, tools, appliances, sporting goods, musical instruments and other merchandise, and make small non-recourse pawn loans secured by pledged personal property. FirstCash’s pawn operations account for approximately 90% of net revenue, with the remainder provided by its wholly owned subsidiary, AFF, a leading provider of customer payment solutions at the point-of-sale for retailers of consumer goods and services.

FirstCash is a component company in both the Standard & Poor’s MidCap 400 Index® and the Russell 2000 Index®. FirstCash’s common stock (ticker symbol “FCFS”) is traded on the Nasdaq, the creator of the world’s first electronic stock market. For additional information regarding FirstCash and the services it provides, visit FirstCash’s websites located at http://www.firstcash.com, http://www.americanfirstfinance.com and http://www.handt.co.uk.

Forward-Looking Information

This release contains forward-looking statements about the business, financial condition, outlook and prospects of FirstCash Holdings, Inc. and its wholly owned subsidiaries (together, the “Company”), including the Company’s outlook for 2026 and the Company’s previously announced Ramsdens acquisition. Forward-looking statements, as that term is defined in the Private Securities Litigation Reform Act of 1995, can be identified by the use of forward-looking terminology such as “outlook,” “believes,” “projects,” “expects,” “may,” “estimates,” “should,” “plans,” “targets,” “intends,” “could,” “would,” “anticipates,” “potential,” “confident,” “optimistic,” or the negative thereof, or other variations thereon, or comparable terminology, or by discussions of strategy, objectives, estimates, guidance, expectations, outlook and future plans. Forward-looking statements can also be identified by the fact these statements do not relate strictly to historical or current matters. Rather, forward-looking statements relate to anticipated or expected events, activities, trends or results. Because forward-looking statements relate to matters that have not yet occurred, these statements are inherently subject to risks and uncertainties.

While the Company believes the expectations reflected in forward-looking statements are reasonable, there can be no assurances such expectations will prove to be accurate. Security holders are cautioned that such forward-looking statements involve risks and uncertainties. Certain factors may cause results to differ materially from those anticipated by the forward-looking statements made in this release. Such factors and risks may include, without limitation, risks related to the extensive regulatory environment in which the Company operates, including uncertainty involving the present regulatory environment in the jurisdictions in which the Company operates; risks associated with the legal and regulatory proceedings that the Company is a party to or may become a party to in the future; risks related to the Company’s acquisitions, including the failure of the Company’s acquisitions to deliver the estimated value and benefits expected by the Company and the ability of the Company to continue to identify and consummate acquisitions on favorable terms, if at all, and the ability of the Company to successfully integrate such acquisitions; risks related to the acquisition of Ramsdens, in particular, the ability to obtain the necessary anti-trust approval and to satisfy the other customary closing conditions in the expected timeframe, if at all, and the ability to achieve the anticipated benefits from the acquisition of Ramsdens on the anticipated timeline, if at all; potential changes in consumer behavior and shopping patterns which could impact demand for the Company’s pawn loan, retail, lease-to-own (“LTO”) and retail finance products; labor shortages and increased labor costs; a deterioration in the economic conditions in the United States, Latin America and the United Kingdom, including as a result of geopolitical conflicts, inflation, elevated interest rates, increased energy costs and trade policy, which potentially could have an impact on discretionary consumer spending and demand for the Company’s products; currency fluctuations, primarily involving the Mexican peso and British pound sterling; competition the Company faces from other retailers and providers of retail payment solutions; the ability of the Company to successfully execute on its business strategies; risks related to the Company’s ability to prevent cyber attacks, other cybersecurity incidents, security breaches or other disruptions to its information technology systems; risks related to the Company’s ability to develop, operate and adapt its information technology infrastructure suitable for the nature of its business and to successfully transition acquired businesses to its information technology platform; risks related to the Company’s ability to keep pace with the adoption of generative artificial intelligence and other machine learning technologies to remain competitive; risks related to the contraction in sales activity or store closures at merchant partners of the Company’s retail point-of-sale (“POS”) payment solutions business; the ability of the Company’s retail POS payment solutions business to continue to grow its base of merchant partners; and other risks discussed and described in the Company’s most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”), including the risks described in Part I, Item 1A, “Risk Factors” thereof, and other reports filed with the SEC. Many of these risks and uncertainties are beyond the ability of the Company to control, nor can the Company predict, in many cases, all of the risks and uncertainties that could cause its actual results to differ materially from those indicated by the forward-looking statements. The forward-looking statements contained in this release speak only as of the date of this release, and the Company expressly disclaims any obligation or undertaking to report any updates or revisions to any such statement to reflect any change in the Company’s expectations or any change in events, conditions or circumstances on which any such statement is based, except as required by law.

FIRSTCASH HOLDINGS, INC. CONSOLIDATED STATEMENTS OF INCOME (unaudited, in thousands)

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2026			2025			2026			2025
Revenue:
Retail merchandise sales	$	480,981		$	410,968		$	1,417,078		$	1,167,149
Pawn loan fees		267,290			221,088			792,429			603,781
Leased merchandise income		103,057			132,540			348,743			429,242
Interest and fees on retail finance products		73,749			81,683			222,046			231,171
Wholesale scrap jewelry sales		172,541			86,710			437,154			168,691
Other revenue		3,549			2,590			10,056			2,590
Total revenue		1,101,167			935,579			3,227,506			2,602,624

Cost of revenue:
Cost of retail merchandise sold		294,274			248,723			857,942			703,173
Depreciation of leased merchandise		63,113			76,028			215,822			243,119
Provision for lease losses		17,021			27,920			71,204			88,025
Provision for loan losses		40,790			40,347			123,564			118,468
Cost of wholesale scrap jewelry sold		140,159			68,220			335,955			138,479
Other cost of revenue		267			634			1,425			634
Total cost of revenue		555,624			461,872			1,605,912			1,291,898

Net revenue		545,543			473,707			1,621,594			1,310,726

Expenses and other income:
Operating expenses		269,106			236,528			806,273			673,607
Administrative expenses		66,723			58,845			199,326			166,631
Depreciation and amortization		32,283			29,034			96,239			80,400
Interest expense		37,678			32,216			107,908			86,024
Interest income		(434	)		(908	)		(1,078	)		(2,664	)
(Gain) loss on foreign exchange		(435	)		(219	)		201			(1,504	)
Merger and acquisition expenses		3,760			9,472			10,983			12,711
Other income, net		(1,805	)		(3,740	)		(9,055	)		(9,254	)
Total expenses and other income		406,876			361,228			1,210,797			1,005,951

Income before income taxes		138,667			112,479			410,797			304,775

Provision for income taxes		37,515			29,672			108,476			78,572

Net income	$	101,152		$	82,807		$	302,321		$	226,203

FIRSTCASH HOLDINGS, INC. CONSOLIDATED BALANCE SHEETS (unaudited, in thousands)

	September 30,						December 31,
	2026			2025			2025
ASSETS
Cash and cash equivalents	$	203,159		$	130,240		$	125,197
Accounts receivable, net		122,476			115,850			115,854
Pawn loans		907,670			788,130			831,497
Finance receivables, net		124,115			153,134			150,274
Inventories		598,551			456,273			487,232
Leased merchandise, net		74,705			99,725			114,283
Prepaid expenses and other current assets		36,360			49,008			32,131
Total current assets		2,067,036			1,792,360			1,856,468

Property and equipment, net		883,675			786,389			808,050
Operating lease right of use asset		366,097			371,311			365,621
Goodwill		2,035,199			1,970,358			2,023,426
Intangible assets, net		185,351			246,722			231,140
Other assets		12,549			9,775			9,796
Deferred tax assets, net		9,266			5,401			6,262
Total assets	$	5,559,173		$	5,182,316		$	5,300,763

LIABILITIES AND STOCKHOLDERS’ EQUITY
Accounts payable and accrued liabilities	$	222,801		$	163,412		$	212,615
Customer deposits and prepayments		95,792			84,520			83,908
Lease liability, current		111,201			111,327			111,291
Total current liabilities		429,794			359,259			407,814

Revolving unsecured credit facility		169,000			575,000			559,000
Other long-term debt		2,278,072			1,638,106			1,649,434
Deferred tax liabilities, net		159,590			155,295			158,819
Lease liability, non-current		249,386			255,010			248,934
Total liabilities		3,285,842			2,982,670			3,024,001

Stockholders’ equity:
Common stock		575			575			575
Additional paid-in capital		1,766,506			1,766,282			1,771,379
Retained earnings		1,917,822			1,584,851			1,670,583
Accumulated other comprehensive loss		(67,890	)		(76,766	)		(64,835	)
Common stock held in treasury, at cost		(1,343,682	)		(1,075,296	)		(1,100,940	)
Total stockholders’ equity		2,273,331			2,199,646			2,276,762
Total liabilities and stockholders’ equity	$	5,559,173		$	5,182,316		$	5,300,763

FIRSTCASH HOLDINGS, INC.
SEGMENT RESULTS
(unaudited)

The Company organizes its operations into four reportable segments as follows:

United States pawn (“U.S. pawn”)
Latin America pawn (“LatAm pawn”)
United Kingdom pawn (“U.K. pawn”)
Retail POS payment solutions (American First Finance or “AFF”)

Operating expenses of the three pawn segments include salary and benefit expenses of store-level employees, occupancy costs, bank and other treasury fees, security, insurance, utilities, supplies and other costs incurred by the pawn stores. Operating expenses of the AFF segment include salary and benefit expenses of operations-focused departments, payment processing charges, data analytics and decisioning costs, information technology costs, advertising costs and other operational costs incurred by AFF.

Corporate expenses and income, which include administrative expenses, corporate depreciation and amortization, interest expense, interest income, (gain) loss on foreign exchange, merger and acquisition expenses, and other income, net, are presented on a consolidated basis and are not allocated between the segments. Intersegment transactions related to AFF’s LTO payment solution product offered in U.S. pawn stores are eliminated from consolidated totals.

The Company completed the acquisition of H&T, the leading pawn operator in the United Kingdom, on August 14, 2025, the date the balance sheet and operating results of H&T, as reported in the U.K. pawn segment, were included in the Company’s consolidated financial results.

FIRSTCASH HOLDINGS, INC. SEGMENT RESULTS (unaudited, in thousands)

	Three Months Ended September 30, 2026
	U.S. Pawn		LatAm Pawn		U.K. Pawn		AFF		Intersegment Eliminations			Consolidated
Revenue:
Retail merchandise sales	$	278,937	$	179,935	$	22,527	$	—	$	(418	)	$	480,981
Pawn loan fees		155,939		83,103		28,248		—		—			267,290
Leased merchandise income		—		—		—		103,057		—			103,057
Interest and fees on retail finance products		—		—		—		73,749		—			73,749
Wholesale scrap jewelry sales		79,827		47,668		45,046		—		—			172,541
Other revenue		—		—		3,549		—		—			3,549
Total revenue		514,703		310,706		99,370		176,806		(418	)		1,101,167
Cost of revenue:
Cost of retail merchandise sold		162,007		117,341		15,161		—		(235	)		294,274
Depreciation of leased merchandise		—		—		—		63,256		(143	)		63,113
Provision for lease losses		—		—		—		17,015		6			17,021
Provision for loan losses		—		—		—		40,790		—			40,790
Cost of wholesale scrap jewelry sold		67,572		39,884		32,703		—		—			140,159
Other cost of revenue		—		—		267		—		—			267
Total cost of revenue		229,579		157,225		48,131		121,061		(372	)		555,624
Net revenue		285,124		153,481		51,239		55,745		(46	)		545,543
Segment expenses:
Operating expenses		142,399		84,341		20,529		21,837		—			269,106
Depreciation		9,437		4,568		1,510		749		—			16,264
Total segment expenses		151,836		88,909		22,039		22,586		—			285,370
Segment pre-tax operating income	$	133,288	$	64,572	$	29,200	$	33,159	$	(46	)	$	260,173

	Three Months Ended September 30, 2025
	U.S. Pawn		LatAm Pawn		U.K. Pawn		AFF		Intersegment Eliminations			Consolidated
Revenue:
Retail merchandise sales	$	252,963	$	144,644	$	14,066	$	—	$	(705	)	$	410,968
Pawn loan fees		138,867		67,199		15,022		—		—			221,088
Leased merchandise income		—		—		—		132,540		—			132,540
Interest and fees on retail finance products		—		—		—		81,683		—			81,683
Wholesale scrap jewelry sales		45,607		17,831		23,272		—		—			86,710
Other revenue		—		—		2,590		—		—			2,590
Total revenue		437,437		229,674		54,950		214,223		(705	)		935,579
Cost of revenue:
Cost of retail merchandise sold		145,411		92,931		10,755		—		(374	)		248,723
Depreciation of leased merchandise		—		—		—		76,253		(225	)		76,028
Provision for lease losses		—		—		—		28,005		(85	)		27,920
Provision for loan losses		—		—		—		40,347		—			40,347
Cost of wholesale scrap jewelry sold		38,520		15,000		14,700		—		—			68,220
Other cost of revenue		—		—		634		—		—			634
Total cost of revenue		183,931		107,931		26,089		144,605		(684	)		461,872
Net revenue		253,506		121,743		28,861		69,618		(21	)		473,707
Segment expenses:
Operating expenses		133,024		70,327		10,225		22,952		—			236,528
Depreciation		8,464		4,443		742		687		—			14,336
Total segment expenses		141,488		74,770		10,967		23,639		—			250,864
Segment pre-tax operating income	$	112,018	$	46,973	$	17,894	$	45,979	$	(21	)	$	222,843

FIRSTCASH HOLDINGS, INC. SEGMENT RESULTS (unaudited, in thousands)

	Nine Months Ended September 30, 2026
	U.S. Pawn		LatAm Pawn		U.K. Pawn		AFF		Intersegment Eliminations			Consolidated
Revenue:
Retail merchandise sales	$	838,442	$	514,092	$	65,839	$	—	$	(1,295	)	$	1,417,078
Pawn loan fees		463,809		239,321		89,299		—		—			792,429
Leased merchandise income		—		—		—		348,743		—			348,743
Interest and fees on retail finance products		—		—		—		222,046		—			222,046
Wholesale scrap jewelry sales		199,530		106,454		131,170		—		—			437,154
Other revenue		—		—		10,056		—		—			10,056
Total revenue		1,501,781		859,867		296,364		570,789		(1,295	)		3,227,506
Cost of revenue:
Cost of retail merchandise sold		477,416		335,170		46,047		—		(691	)		857,942
Depreciation of leased merchandise		—		—		—		216,309		(487	)		215,822
Provision for lease losses		—		—		—		71,462		(258	)		71,204
Provision for loan losses		—		—		—		123,564		—			123,564
Cost of wholesale scrap jewelry sold		164,631		89,691		81,633		—		—			335,955
Other cost of revenue		—		—		1,425		—		—			1,425
Total cost of revenue		642,047		424,861		129,105		411,335		(1,436	)		1,605,912
Net revenue		859,734		435,006		167,259		159,454		141			1,621,594
Segment expenses:
Operating expenses		428,623		247,249		60,962		69,439		—			806,273
Depreciation		27,207		14,155		4,306		2,199		—			47,867
Total segment expenses		455,830		261,404		65,268		71,638		—			854,140
Segment pre-tax operating income	$	403,904	$	173,602	$	101,991	$	87,816	$	141		$	767,454

	Nine Months Ended September 30, 2025
	U.S. Pawn		LatAm Pawn		U.K. Pawn		AFF		Intersegment Eliminations			Consolidated
Revenue:
Retail merchandise sales	$	754,106	$	401,132	$	14,066	$	—	$	(2,155	)	$	1,167,149
Pawn loan fees		407,763		180,996		15,022		—		—			603,781
Leased merchandise income		—		—		—		429,242		—			429,242
Interest and fees on retail finance products		—		—		—		231,171		—			231,171
Wholesale scrap jewelry sales		107,839		37,580		23,272		—		—			168,691
Other revenue		—		—		2,590		—		—			2,590
Total revenue		1,269,708		619,708		54,950		660,413		(2,155	)		2,602,624
Cost of revenue:
Cost of retail merchandise sold		434,318		259,249		10,755		—		(1,149	)		703,173
Depreciation of leased merchandise		—		—		—		243,925		(806	)		243,119
Provision for lease losses		—		—		—		88,276		(251	)		88,025
Provision for loan losses		—		—		—		118,468		—			118,468
Cost of wholesale scrap jewelry sold		92,009		31,770		14,700		—		—			138,479
Other cost of revenue		—		—		634		—		—			634
Total cost of revenue		526,327		291,019		26,089		450,669		(2,206	)		1,291,898
Net revenue		743,381		328,689		28,861		209,744		51			1,310,726
Segment expenses:
Operating expenses		395,790		196,158		10,225		71,434		—			673,607
Depreciation		24,155		13,173		742		2,091		—			40,161
Total segment expenses		419,945		209,331		10,967		73,525		—			713,768
Segment pre-tax operating income	$	323,436	$	119,358	$	17,894	$	136,219	$	51		$	596,958

FIRSTCASH HOLDINGS, INC. SEGMENT RESULTS (unaudited)
Pawn Operating Metrics (dollars in thousands, except as otherwise noted)

	As of September 30, 2026
	U.S. Pawn				LatAm Pawn			U.K. Pawn			Total Pawn
Earning assets:
Pawn loans	$	487,245			$	205,484		$	214,941		$	907,670
Inventories		336,233				155,690			106,628			598,551
	$	823,478			$	361,174		$	321,569		$	1,506,221

Average outstanding pawn loan amount (in ones)	$	319			$	103		$	905		$	241

Composition of pawn collateral:
Jewelry	73		%		48		%	99		%	72		%
General merchandise	27		%		52		%	1		%	28		%
	100		%		100		%	100		%	100		%

Composition of inventories:
Jewelry	63		%		52		%	99		%	67		%
General merchandise	37		%		48		%	1		%	33		%
	100		%		100		%	100		%	100		%

Percentage of inventory aged greater than one year	2.9		%	(1)	1.3		%	11.6		%	4.0		%	(1)

Inventory turns (trailing twelve months cost of merchandise sales divided by average inventories)	2.8 times				3.9 times			2.0 times			3.0 times

⁽¹⁾	Percentage of inventory aged greater than one year is 1.6% for U.S. pawn and 3.3% for total pawn excluding certain recently acquired U.S. stores which have historically carried significantly higher levels of aged jewelry inventory.

	As of September 30, 2025
	U.S. Pawn			LatAm Pawn			U.K. Pawn			Total Pawn
Earning assets:
Pawn loans	$	426,288		$	173,203		$	188,639		$	788,130
Inventories		266,452			124,081			65,740			456,273
	$	692,740		$	297,284		$	254,379		$	1,244,403

Average outstanding pawn loan amount (in ones)	$	290		$	100		$	768		$	229

Composition of pawn collateral:
Jewelry	72		%	42		%	98		%	72		%
General merchandise	28		%	58		%	2		%	28		%
	100		%	100		%	100		%	100		%

Composition of inventories:
Jewelry	59		%	40		%	99		%	60		%
General merchandise	41		%	60		%	1		%	40		%
	100		%	100		%	100		%	100		%

Percentage of inventory aged greater than one year	1.9		%	1.4		%	7.9		%	2.6		%

Inventory turns (trailing twelve months cost of merchandise sales divided by average inventories)	2.8 times			3.9 times			2.6 times			3.1 times

FIRSTCASH HOLDINGS, INC. SEGMENT RESULTS (unaudited)
Retail POS Payment Operating Metrics (dollars in thousands)

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2026		2025		2026		2025
Gross transaction volume:
Leased merchandise	$	72,233	$	104,772	$	254,911	$	309,594
Finance receivables⁽¹⁾		140,243		144,012		423,401		435,217
Total gross transaction volume	$	212,476	$	248,784	$	678,312	$	744,811

⁽¹⁾

During the third quarter of 2025, AFF began assisting certain customers in applying for a direct-to-consumer unsecured installment loan that is underwritten and fully retained by AFF’s bank partner (“OBS Loans”). OBS Loans are not reflected on the Company’s balance sheet as a finance receivable. For the three and nine months ended September 30, 2026, gross transaction volume includes $22.9 million and $50.5 million, respectively, of OBS Loans originated by AFF’s bank partner through the assistance of AFF. For both the three and nine months ended September 30, 2025, gross transaction volume includes $10.4 million of OBS Loans originated by AFF’s bank partner through the assistance of AFF.

	As of September 30,
Earning assets:	2026			2025
Leased merchandise, net:
Leased merchandise, before allowance for lease losses	$	122,807		$	164,215
Less allowance for lease losses		(48,046	)		(64,306	)
Leased merchandise, net	$	74,761		$	99,909

Finance receivables, net:
Finance receivables, before allowance for loan losses ⁽¹⁾	$	222,946		$	268,855
Less allowance for loan losses		(98,831	)		(115,721	)
Finance receivables, net	$	124,115		$	153,134

⁽¹⁾

Does not include $45.5 million and $9.7 million of outstanding OBS Loans held by AFF’s bank partner as of September 30, 2026 and 2025, respectively. Combined finance receivables, before allowance for loan losses, and OBS Loans totaled $268.4 million and $278.5 million as of September 30, 2026 and 2025, respectively.

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2026		2025		2026		2025
Leased merchandise portfolio metrics:
Provision rate ⁽¹⁾	23.6	%	26.7	%	28.0	%	28.5	%
Average monthly net charge-off rate ⁽²⁾	6.6	%	6.7	%	6.5	%	6.2	%
Delinquency rate ⁽³⁾	26.5	%	25.5	%	26.5	%	25.5	%

Finance receivables portfolio metrics:
Provision rate ⁽¹⁾	29.1	%	28.0	%	29.2	%	27.2	%
Average monthly net charge-off rate ⁽²⁾	5.1	%	5.2	%	4.8	%	4.8	%
Delinquency rate ⁽³⁾	22.8	%	22.4	%	22.8	%	22.4	%

⁽¹⁾	Calculated as provision for lease or loan losses as a percentage of the respective gross transaction volume originated.

⁽²⁾	Calculated as charge-offs, net of recoveries, as a percentage of the respective average earning asset balance before allowance for lease or loan losses.

⁽³⁾	Calculated as the percentage of the respective contractual earning asset balance owed that is 1 to 89 days past due (the Company charges off leases and finance receivables when they are 90 days or more contractually past due).

FIRSTCASH HOLDINGS, INC.
PAWN STORE LOCATIONS AND MERCHANT PARTNER LOCATIONS

Pawn Operations

As of September 30, 2026, the Company operated 3,352 pawn store locations composed of 1,215 stores in 29 U.S. states and the District of Columbia, 1,732 stores in 32 states in Mexico, 77 stores in Guatemala, 18 stores in El Salvador, 12 stores in Colombia and 298 stores in the U.K.

The following tables detail pawn store count activity:

	Three Months Ended September 30, 2026
	U.S.		LatAm		U.K.	Total
Total locations, beginning of period	1,212		1,836		295	3,343
New locations opened	2		6		2	10
Locations acquired	3		—		1	4
Consolidation of existing pawn locations ⁽¹⁾	(2	)	(3	)	—	(5	)
Total locations, end of period	1,215		1,839		298	3,352


	Nine Months Ended September 30, 2026
	U.S.		LatAm		U.K.	Total
Total locations, beginning of period	1,207		1,837		286	3,330
New locations opened	3		16		11	30
Locations acquired	11		—		1	12
Consolidation of existing pawn locations ⁽¹⁾	(6	)	(14	)	—	(20	)
Total locations, end of period	1,215		1,839		298	3,352

⁽¹⁾	Store consolidations, which include certain acquired locations that have been combined with overlapping stores, represent closings for which the Company expects to maintain a significant portion of the customer base in the consolidated location.

Retail POS Payment Solutions

As of September 30, 2026, AFF provided LTO and retail POS payment solutions for consumer goods and services through a network of approximately 17,000 active retail merchant partner locations. This compares to the active door count of approximately 15,800 locations at September 30, 2025.

FIRSTCASH HOLDINGS, INC.
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
TO GAAP FINANCIAL MEASURES
(unaudited)

The Company uses certain financial calculations such as adjusted net income, adjusted diluted earnings per share, EBITDA, adjusted EBITDA, free cash flow, adjusted free cash flow, adjusted return on equity, adjusted return on assets and constant currency results as factors in the measurement and evaluation of the Company’s operating performance and period-over-period growth. The Company derives these financial calculations on the basis of methodologies other than generally accepted accounting principles (“GAAP”), primarily by excluding from a comparable GAAP measure certain items the Company does not consider to be representative of its actual operating performance. These financial calculations are “non-GAAP financial measures” as defined under the SEC rules. The Company uses these non-GAAP financial measures in operating its business because management believes they are less susceptible to variances in actual operating performance that can result from the excluded items, other infrequent charges and currency fluctuations. The Company presents these financial measures to investors because management believes they are useful to investors in evaluating the primary factors that drive the Company’s core operating performance and provide greater transparency into the Company’s results of operations. However, items that are excluded and other adjustments and assumptions that are made in calculating these non-GAAP financial measures are significant components in understanding and assessing the Company’s financial performance. These non-GAAP financial measures should be evaluated in conjunction with, and are not a substitute for, the Company’s GAAP financial measures. Further, because these non-GAAP financial measures are not determined in accordance with GAAP, and are thus susceptible to varying calculations, the non-GAAP financial measures, as presented, may not be comparable to other similarly-titled measures of other companies.

The Company has adjusted the applicable financial calculations to exclude merger and acquisition expenses, amortization of acquired intangible assets, the CFPB litigation settlement and certain other income and expenses. The Company does not consider these items to be related to the organic operations of the Company’s businesses or its continuing operations and are generally not relevant to assessing or estimating the long-term performance of the Company. In addition, excluding these items allows for more accurate comparisons of the financial results to prior periods. Merger and acquisition expenses include incremental costs directly associated with merger and acquisition activities, including professional fees, legal expenses, severance, retention and other employee-related costs, contract breakage costs, costs related to the consolidation of technology systems and corporate facilities and other integration costs, among others.

FIRSTCASH HOLDINGS, INC.
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
TO GAAP FINANCIAL MEASURES
(unaudited)

Adjusted Net Income and Adjusted Diluted Earnings Per Share

Management believes the presentation of adjusted net income and adjusted diluted earnings per share provides investors with greater transparency and provides a more complete understanding of the Company’s financial performance and prospects for the future by excluding items that management believes are non-operating in nature and are not representative of the Company’s core operating performance. In addition, management believes the adjustments shown below are useful to investors in order to allow them to compare the Company’s financial results for the current periods presented with the prior periods presented.

The following tables provide a reconciliation between net income and diluted earnings per share calculated in accordance with GAAP to adjusted net income and adjusted diluted earnings per share, which are shown net of tax (in thousands, except per share amounts):

											Trailing Twelve
	Three Months Ended					Nine Months Ended					Months Ended
	September 30,					September 30,					September 30,
	2026		2025			2026		2025			2026			2025
	In Thousands		In Thousands			In Thousands		In Thousands			In Thousands			In Thousands
Net income, as reported	$	101,152	$	82,807		$	302,321	$	226,203		$	406,493		$	309,750
Adjustments, net of tax:
Merger and acquisition expenses		2,837		8,513			8,254		11,001			9,524			11,032
Amortization of acquired intangible assets		11,423		10,613			34,531		29,129			46,457			38,701
CFPB litigation settlement		—		—			—		9,390			—			9,390
Other expense (income), net		769		(1,300	)		237		(2,691	)		(21	)		(427	)
Adjusted net income	$	116,181	$	100,633		$	345,343	$	273,032		$	462,453		$	368,446

	Three Months Ended					Nine Months Ended
	September 30,					September 30,
	2026		2025			2026		2025
	Per Share		Per Share			Per Share		Per Share
Diluted earnings per share, as reported	$	2.33	$	1.86		$	6.89	$	5.07
Adjustments, net of tax:
Merger and acquisition expenses		0.07		0.19			0.19		0.25
Amortization of acquired intangible assets		0.26		0.24			0.79		0.65
CFPB litigation settlement		—		—			—		0.21
Other expense (income), net		0.02		(0.03	)		—		(0.06	)
Adjusted diluted earnings per share	$	2.68	$	2.26		$	7.87	$	6.12

FIRSTCASH HOLDINGS, INC.
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
TO GAAP FINANCIAL MEASURES
(unaudited)

Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) and Adjusted EBITDA

The Company defines EBITDA as net income before income taxes, depreciation and amortization, interest expense and interest income and adjusted EBITDA as EBITDA adjusted for certain items, as listed below, that management considers to be non-operating in nature and not representative of its actual operating performance. The Company believes EBITDA and adjusted EBITDA are commonly used by investors to assess a company’s financial performance, and adjusted EBITDA is used as a starting point in the calculation of the consolidated total debt ratio as defined in the Company’s senior unsecured notes. The following table provides a reconciliation of net income to EBITDA and adjusted EBITDA (in thousands):

													Trailing Twelve
	Three Months Ended						Nine Months Ended						Months Ended
	September 30,						September 30,						September 30,
	2026			2025			2026			2025			2026			2025
Net income	$	101,152		$	82,807		$	302,321		$	226,203		$	406,493		$	309,750
Income taxes		37,515			29,672			108,476			78,572			147,092			104,558
Depreciation and amortization		32,283			29,034			96,239			80,400			127,645			106,834
Interest expense		37,678			32,216			107,908			86,024			143,177			113,221
Interest income		(434	)		(908	)		(1,078	)		(2,664	)		(1,349	)		(3,192	)
EBITDA		208,194			172,821			613,866			468,535			823,058			631,171
Adjustments:
Merger and acquisition expenses		3,760			9,472			10,983			12,711			12,641			12,753
CFPB litigation settlement		—			—			—			11,000			—			11,000
Other expense (income), net		1,054			(1,739	)		221			(3,683	)		(803	)		(676	)
Adjusted EBITDA	$	213,008		$	180,554		$	625,070		$	488,563		$	834,896		$	654,248

FIRSTCASH HOLDINGS, INC.
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
TO GAAP FINANCIAL MEASURES
(unaudited)

Free Cash Flow and Adjusted Free Cash Flow

For purposes of its internal liquidity assessments, the Company considers free cash flow and adjusted free cash flow. The Company defines free cash flow as cash flow from operating activities less purchases of furniture, fixtures, equipment and improvements and net fundings/repayments of pawn loan and finance receivables, which are considered to be operating in nature by the Company but are included in cash flow from investing activities. Adjusted free cash flow is defined as free cash flow adjusted for merger and acquisition expenses paid that management considers to be non-operating in nature.

Free cash flow and adjusted free cash flow are commonly used by investors as additional measures of cash generated by business operations that may be used to repay scheduled debt maturities and debt service or, following payment of such debt obligations and other non-discretionary items, that may be available to invest in future growth through new business development activities or acquisitions, repurchase stock, pay cash dividends or repay debt obligations prior to their maturities. These metrics can also be used to evaluate the Company’s ability to generate cash flow from business operations and the impact that this cash flow has on the Company’s liquidity. However, free cash flow and adjusted free cash flow have limitations as analytical tools and should not be considered in isolation or as a substitute for cash flow from operating activities or other income statement data prepared in accordance with GAAP. The following table reconciles cash flow from operating activities to free cash flow and adjusted free cash flow (in thousands):

													Trailing Twelve
	Three Months Ended						Nine Months Ended						Months Ended
	September 30,						September 30,						September 30,
	2026			2025			2026			2025			2026			2025
Cash flow from operating activities	$	141,988		$	135,803		$	472,393		$	379,297		$	679,038		$	577,446
Cash flow from certain investing activities:
Pawn loans made		(666,476	)		(523,115	)		(1,995,764	)		(1,416,821	)		(2,673,171	)		(1,851,035	)
Pawn loans repaid		366,958			269,868			1,143,076			800,966			1,539,148			1,055,542
Recovery of pawn loan principal through sale of forfeited collateral		306,785			185,106			711,909			517,122			954,120			694,484
Investments in finance receivables		(87,180	)		(103,343	)		(283,490	)		(338,295	)		(385,771	)		(473,397	)
Proceeds from finance receivables		82,491			84,164			264,339			263,139			343,472			345,113
Purchases of furniture, fixtures, equipment and improvements		(18,090	)		(11,553	)		(55,954	)		(37,419	)		(73,441	)		(49,632	)
Free cash flow		126,476			36,930			256,509			167,989			383,395			298,521
Merger and acquisition expenses paid, net of tax benefit		2,837			8,513			8,254			11,001			9,524			11,032
Adjusted free cash flow	$	129,313		$	45,443		$	264,763		$	178,990		$	392,919		$	309,553

FIRSTCASH HOLDINGS, INC.
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
TO GAAP FINANCIAL MEASURES
(unaudited)

Adjusted Return on Equity and Adjusted Return on Assets

Management believes the presentation of adjusted return on equity and adjusted return on assets provides investors with greater transparency and provides a more complete understanding of the Company’s financial performance by excluding items that management believes are non-operating in nature and not representative of the Company’s core operating performance.

Adjusted return on equity and adjusted return on assets for the trailing twelve months ended September 30, 2026 are calculated as follows (dollars in thousands):

	Trailing Twelve
	Months Ended
	September 30, 2026
Adjusted net income⁽¹⁾	$	462,453

Average stockholders’ equity (average of five most recent quarter-end balances)	$	2,273,922
Adjusted return on equity (trailing twelve months adjusted net income divided by average equity)	20		%

Average total assets (average of five most recent quarter-end balances)	$	5,377,829
Adjusted return on assets (trailing twelve months adjusted net income divided by average total assets)	9		%

⁽¹⁾	See detail of adjustments to net income in the “Adjusted Net Income and Adjusted Diluted Earnings Per Share” section above.

Constant Currency Results

The Company’s reporting currency is the U.S. dollar, however, certain performance metrics discussed in this release are presented on a “constant currency” basis, which is considered a non-GAAP financial measure. The Company’s management uses constant currency results to evaluate operating results of business operations in Latin America and the U.K., which are transacted in local currencies in Mexico, Guatemala, Colombia and the U.K. The Company also has operations in El Salvador, where the reporting and functional currency is the U.S. dollar.

The Company believes constant currency results provide valuable supplemental information regarding the underlying performance of its business operations in Latin America and the U.K., consistent with how the Company’s management evaluates such performance and operating results. Constant currency results reported herein are calculated by translating certain balance sheet and income statement items denominated in local currencies using the exchange rate from the prior-year comparable period, as opposed to the current comparable period, in order to exclude the effects of foreign currency rate fluctuations for purposes of evaluating period-over-period comparisons.

FIRSTCASH HOLDINGS, INC.
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
TO GAAP FINANCIAL MEASURES
(unaudited)

Latin America Pawn Segment Constant Currency Results

The following table presents operating results for the Latin America pawn segment using the exchange rate from the prior-year comparable periods (in thousands):

	Three Months Ended September 30, 2026							Nine Months Ended September 30, 2026
			Currency			Constant				Currency			Constant
	U.S.		Exchange			Currency		U.S.		Exchange			Currency
	Dollar		Rate			Basis		Dollar		Rate			Basis
	Basis		Fluctuations			(Non-GAAP)		Basis		Fluctuations			(Non-GAAP)
Revenue:
Retail merchandise sales	$	179,935	$	(12,846	)	$	167,089	$	514,092	$	(53,251	)	$	460,841
Pawn loan fees		83,103		(5,953	)		77,150		239,321		(24,859	)		214,462
Wholesale scrap jewelry sales		47,668		—			47,668		106,454		—			106,454
Total revenue		310,706		(18,799	)		291,907		859,867		(78,110	)		781,757

Cost of revenue:
Cost of retail merchandise sold		117,341		(8,346	)		108,995		335,170		(34,561	)		300,609
Cost of wholesale scrap jewelry sold		39,884		(2,914	)		36,970		89,691		(9,535	)		80,156
Total cost of revenue		157,225		(11,260	)		145,965		424,861		(44,096	)		380,765

Net revenue		153,481		(7,539	)		145,942		435,006		(34,014	)		400,992

Segment expenses:
Operating expenses		84,341		(5,893	)		78,448		247,249		(24,963	)		222,286
Depreciation		4,568		(315	)		4,253		14,155		(1,395	)		12,760
Total segment expenses		88,909		(6,208	)		82,701		261,404		(26,358	)		235,046

Segment pre-tax operating income	$	64,572	$	(1,331	)	$	63,241	$	173,602	$	(7,656	)	$	165,946

The following table presents earning assets for the Latin America pawn segment using the exchange rate from the prior-year comparable period (in thousands):

	As of September 30, 2026
			Currency			Constant
	U.S.		Exchange			Currency
	Dollar		Rate			Basis
	Basis		Fluctuations			(Non-GAAP)
Earning assets:
Pawn loans	$	205,484	$	(5,852	)	$	199,632
Inventories		155,690		(4,433	)		151,257
	$	361,174	$	(10,285	)	$	350,889

FIRSTCASH HOLDINGS, INC.
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
TO GAAP FINANCIAL MEASURES
(unaudited)

U.K. Pawn Segment Constant Currency Results

The following table presents earning assets for the U.K. pawn segment using the exchange rate from the prior-year comparable period (in thousands):

	As of September 30, 2026
			Currency		Constant
	U.S.		Exchange		Currency
	Dollar		Rate		Basis
	Basis		Fluctuations		(Non-GAAP)
Earning assets:
Pawn loans	$	214,941	$	2,865	$	217,806
Inventories		106,628		1,421		108,049
	$	321,569	$	4,286	$	325,855

Exchange Rates for the Mexican Peso, Guatemalan Quetzal, Colombian Peso and British Pound Sterling

	September 30,		Favorable /
	2026	2025	(Unfavorable)
U.S. dollar / Mexican peso exchange rate:
End-of-period	17.8	18.4	3	%
Three months ended	17.2	18.6	8	%
Nine months ended	17.4	19.5	11	%

U.S. dollar / Guatemalan quetzal exchange rate:
End-of-period	7.6	7.7	1	%
Three months ended	7.6	7.7	1	%
Nine months ended	7.6	7.7	1	%

U.S. dollar / Colombian peso exchange rate:
End-of-period	3,341	3,901	14	%
Three months ended	3,193	4,003	20	%
Nine months ended	3,501	4,131	15	%

British pound sterling / U.S. dollar exchange rate:
End-of-period	1.33	1.35	(1	)%
Three months ended	1.34	1.35	(1	)%
Nine months ended	1.34	1.31	2	%

For further information, please contact:
Gar Jackson
Global IR Group
Phone:	(817) 886-6998
Email:	gar@globalirgroup.com

Doug Orr, Executive Vice President and Chief Financial Officer
Phone:	(817) 258-2650
Email:	investorrelations@firstcash.com
Website:	investors.firstcash.com

Posted in UncategorizedTagged GlobeNewswire

Biodesix to Report Third Quarter 2026 Financial Results on November 5, 2026

Posted on October 22, 2026 by Ravi Shankar

LOUISVILLE, Colo., Oct. 22, 2026 (GLOBE NEWSWIRE) — Biodesix, Inc. (Nasdaq: BDSX), a leading diagnostic solutions company, today announced that it will release financial results for the third quarter ended September 30, 2026 after the close of trading on Thursday, November 5. Biodesix management will host a conference call and webcast to discuss its financial results and provide a general business update at 4:30 p.m. Eastern Time on the same day.

Listeners can register for the webcast via this link. Analysts who wish to participate in the question and answer session should use this link. A replay of the webcast will be available via the company’s investor website approximately two hours after the call’s conclusion. Participants are advised to join 15 minutes prior to the start time.

About Biodesix:

Biodesix is a leading diagnostic solutions company, driven to improve clinical care and outcomes for patients. Biodesix Diagnostic Tests, including Nodify Lung® Nodule Risk Assessment and IQLung® Cancer Treatment Guidance, support clinical decisions to expedite personalized care and improve outcomes for patients with lung disease. Biodesix Development Services enable the world’s leading biopharmaceutical, life sciences, and research institutions with scientific, technological, and operational capabilities that fuel the development of diagnostic tests, tools, and therapeutics. For more information, visit biodesix.com.

Note Regarding Forward-Looking Statements

This press release may contain forward-looking statements that involve substantial risks and uncertainties for purposes of the safe harbor provided by the Private Securities Litigation Reform Act of 1995. All statements contained in this press release other than statements of historical fact, are forward-looking statements. The words “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “plan,” “expect,” “predict,” “potential,” “opportunity,” “goals,” or “should,” and similar expressions are intended to identify forward-looking statements. Such statements are based on management’s current expectations and involve risks and uncertainties. Actual results and performance could differ materially from those projected in the forward-looking statements as a result of many factors. Biodesix has based these forward-looking statements largely on its current expectations and projections about future events and trends. These forward-looking statements are subject to a number of risks, uncertainties, and assumptions. Forward-looking statements may include information concerning possible or assumed future results of operations, including descriptions of our revenues, profitability, outlook, and overall business strategy, the timing and assumptions regarding collection of revenues on projections, availability of funds and future capital, the anticipated impact and benefits of new clinical data, reimbursement coverage and research partnerships, the impact of enhanced U.S. tariffs, import/export restrictions or other trade barriers on the company and its operations and financial performance. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. Other factors that could cause actual results to differ materially from those contemplated in this press release can be found in the Risk Factors section of our most recent Annual Report on Form 10-K, filed February 26, 2026, or subsequent Quarterly Reports on Form 10-Q during 2026, as applicable. Biodesix undertakes no obligation to revise or publicly release the results of any revision to such forward-looking statements, except as required by law. Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. All forward-looking statements are qualified in their entirety by this cautionary statement.

Biodesix Contacts:
Media:
Natalie St. Denis, Director Corporate Communications
natalie.stdenis@biodesix.com
(720) 925-9285

Investors:
Chris Brinzey, Partner, ICR
chris.brinzey@icrhealthcare.com
(339) 970-2843

Posted in UncategorizedTagged GlobeNewswire

Mullen Group Ltd. Internal Growth Drives Record Quarterly Financial Results

Posted on October 22, 2026 by Ravi Shankar

OKOTOKS, Alberta, Oct. 22, 2026 (GLOBE NEWSWIRE) — (TSX: MTL) Mullen Group Ltd. (“Mullen Group“, “We“, “Our” and/or the “Corporation“), one of Canada’s largest logistics providers today reported its financial and operating results for the period ended September 30, 2026, with comparisons to the same period last year. Full details of our results may be found within our Third Quarter Interim Report, which is available on the Corporation’s issuer profile on SEDAR+ at www.sedarplus.ca or on our website at www.mullen-group.com.

“Nothing better than reporting record results. What makes it even more satisfying is that we achieved these results when negative headlines were so prevalent. Trade issues, regional conflicts and rising energy costs are not typically confidence builders, for consumers or businesses. Yet, here we are, generating excellent results and maintaining a strong, well-funded balance sheet. There is a lot to like about our business these days,” commented Mr. Murray Mullen, Chair and Senior Executive Officer.

“As good as the third quarter was for the Mullen Group, I am of the view that it can be even better. Consider the logistics requirements associated with those Nation Building Projects the politicians are promoting, once they come to fruition. We are uniquely positioned to meet the increased demand associated with these massive capital projects. Plus, we will continue to do what we do best: invest in quality acquisition opportunities, like the recent Willson International announcement. None of this is possible, however, without our people. We have over 8,500 associates in our organization who make things happen every day, often without recognition and rarely with any fanfare. I know it, and I want you to know that your professionalism and efforts are valued. On behalf of the Senior Executive and all Shareholders, THANK YOU,” added Mr. Mullen.

Financial Highlights
*(unaudited)* *($ millions, except per share amounts)*	Three months ended September 30, 2026			Nine months ended September 30, 2026
	2026	2025	Change	2026	2025	Change
	$	$	%	$	$	%
Revenue	653.2	561.8	16.3	1,810.2	1,599.8	13.2

Operating income before depreciation and amortization	118.4	97.6	21.3	298.3	242.2	23.2
Operating income before depreciation and amortization – adjusted¹	118.6	96.4	23.0	295.8	248.4	19.1
Net foreign exchange (gain) loss	(0.2)	0.4	(150.0)	6.3	(7.4)	(185.1)
Decrease (increase) in fair value of investments	(0.3)	(0.4)	(25.0)	(0.8)	(0.4)	100.0
Net income	51.5	33.2	55.1	108.5	76.5	41.8
Net Income – adjusted¹	50.3	33.2	51.5	108.6	69.7	55.8
Earnings per share – basic	0.54	0.38	42.1	1.13	0.88	28.4
Earnings per share – diluted	0.52	0.36	44.4	1.11	0.85	30.6
Earnings per share – adjusted¹	0.52	0.38	36.8	1.13	0.80	41.3
Net cash from operating activities	78.2	102.7	(23.9)	204.2	220.4	(7.4)
Net cash from operating activities per share¹	0.81	1.18	(31.4)	2.12	2.52	(15.9)
Cash dividends declared per Common Share	0.21	0.21	—	0.63	0.63	—
¹Refer to the section entitled “Non-IFRS Financial Measures” and “Other Financial Measures”.

Third Quarter Highlights

Generated record quarterly revenues of $653.2 million – up $91.4 million or 16.3 percent on $44.3 million of internal growth, a $37.7 million increase in fuel surcharge revenue while acquisitions added $9.4 million of incremental revenues. Internal growth was most notable in the US 3PL, S&I and L&W segments while revenues within the LTL segment remained relatively stable compared to prior year. The majority of the increase in fuel surcharge revenue occurred in the LTL and L&W segments. The incremental revenue from acquisitions supplemented the growth experienced in the S&I segment.
Generated record operating income before depreciation and amortization (“OIBDA“) of $118.4 million – up $20.8 million or 21.3 percent from last year with gains recognized in all four segments. Excluding the impact of foreign exchange gains and losses on U.S. dollar denominated cash held within Corporate, operating income before depreciation and amortization – adjusted¹ (“OIBDA – adjusted¹“) was $118.6 million, up $22.2 million or 23.0 percent due to a $19.2 million increase at our existing Business Units (excluding acquisitions), reflecting improved market conditions, from $2.6 million of incremental OIBDA from acquisitions and from a $0.4 million decline in Corporate costs.
OIBDA – adjusted¹ as a percentage of consolidated revenue was 18.2 percent compared to 17.2 percent last year on lower selling and administrative expenses while direct operating expenses as a percentage of consolidated revenue increased slightly year over year. This improvement mainly resulted from greater margins in the LTL and S&I segments.
Generated record third quarter net income of $51.5 million.

Third Quarter Commentary

*(unaudited)* *($ millions)*	Three months ended September 30, 2026
*(unaudited)* *($ millions)*	2026	2025	Change
	$	$	%
Revenue
Less-Than-Truckload	218.3	197.8	10.4
Logistics & Warehousing	236.2	208.1	13.5
Specialized & Industrial Services	131.1	105.1	24.7
U.S. & International Logistics	70.3	53.9	30.4
Corporate and intersegment eliminations	(2.7)	(3.1)	(12.9)
Total Revenue	653.2	561.8	16.3
Operating income before depreciation and amortization – adjusted
Less-Than-Truckload	43.8	36.4	20.3
Logistics & Warehousing	42.8	38.0	12.6
Specialized & Industrial Services	32.4	23.6	37.3
U.S. & International Logistics	4.8	4.0	20.0
Corporate	(5.2)	(5.6)	(7.1)
Total Operating income before depreciation and amortization – adjusted	118.6	96.4	23.0

¹ Refer to the sections entitled “Non-IFRS Financial Measures” and “Other Financial Measures”.

Revenue: Increased by $91.4 million or 16.3 percent to $653.2 million, led by higher revenue in all segments driven by internal growth, higher fuel surcharge revenues and incremental revenue from acquisitions.

LTL segment up $20.5 million, or 10.4 percent, to $218.3 million – fuel surcharge revenue increased by $18.6 million due to higher diesel fuel prices while revenue from our Business Units (excluding fuel surcharge) increased modestly by $1.9 million despite certain Business Units demarketing lower rate customers to prioritize higher quality freight.
L&W segment up $28.1 million, or 13.5 percent, to $236.2 million – fuel surcharge revenue increased by $16.4 million due to higher diesel fuel prices while revenue from our Business Units (excluding fuel surcharge and acquisitions) increased by $10.5 million led by greater demand for mining related freight at Bandstra Transportation Systems Ltd. (“Bandstra“), greater demand for cross border shipments and higher freight forwarding revenue at Abco International Freight Inc. (“Abco“). Acquisitions added $1.2 million of incremental revenue.
S&I segment up $26.0 million, or 24.7 percent, to $131.1 million – revenues from our Business Units (excluding fuel surcharge and acquisitions) increased by $15.1 million consisting of $12.1 million from higher demand for pipeline hauling and stringing and water management services being somewhat offset by lower demand for civil construction services in northern Manitoba; and from a $7.4 million increase from our drilling related services Business Units due to higher drilling activity. These increases were somewhat offset by a $3.3 million decline in revenues from our production services Business Units resulting from demarketing customers in certain markets and from a reduction in facility maintenance and turnaround projects. Acquisitions also added $8.3 million of incremental revenue and fuel surcharge revenue increased by $2.6 million to $3.6 million due to higher diesel fuel prices.
US 3PL segment up $16.4 million, or 30.4 percent to $70.3 million – revenue from our existing Business Units increased as HAUListic has seen greater demand for its services as the U.S. freight market continues to tighten.

OIBDA – adjusted¹: Generated $118.6 million of OIBDA – adjusted¹, an increase of $22.2 million, or 23.0 percent. OIBDA – adjusted¹ as a percentage of consolidated revenue¹ was 18.2 percent as compared to 17.2 percent last year. OIBDA was $118.4 million, up $20.8 million or 21.3 percent due to a $19.2 million increase at our existing Business Units (excluding acquisitions), reflecting improved market conditions, and from $2.6 million of incremental OIBDA from acquisitions.

LTL segment up $7.4 million, or 20.3 percent, to $43.8 million – OIBDA improved due to a greater proportion of higher margin freight, improved lane density and cost recovery efforts associated with implementing fuel surcharges to mitigate the rise in diesel fuel prices. Operating margin¹ increased by 1.7 percent to 20.1 percent as compared to the prior year period, primarily due to greater lane density, demarketing lower margin freight and cost recovery efforts.
L&W segment up $4.8 million, or 12.6 percent, to $42.8 million – OIBDA from our existing Business Units (excluding acquisitions) increased as compared to the same period in the prior year and was mainly due to an increase in demand for services at Bandstra. Operating margin¹ declined by 0.2 percent to 18.1 percent as compared to the prior year, primarily due to the increase in contractors revenue at Abco and the asset light nature of their operations and margin decline at Kleysen Group Ltd. and Mullen Trucking Corp. as certain project work in 2025 was not repeated in the current year.
S&I segment up $8.8 million, or 37.3 percent, to $32.4 million – OIBDA from our existing Business Units (excluding acquisitions) increased by $6.7 million due to stronger demand for water management and pipeline hauling and stringing services, and higher activity levels for our drilling related services Business Units, which was somewhat offset by lower demand for both civil construction services and for production services due to demarketing customers in certain markets and from the timing of facility maintenance and turnaround projects. Operating margin¹ increased by 2.2 percent to 24.7 percent compared to the prior year due to generating a greater proportion of higher margin revenue.

¹ Refer to the sections entitled “Non-IFRS Financial Measures” and “Other Financial Measures”.

US 3PL segment up $0.8 million, to $4.8 million – OIBDA increased at both Cole USA and HAUListic as the U.S. customs business remains stable and the freight market continues to tighten. Operating margin¹ decreased to 6.8 percent from 7.4 percent primarily due to generating a greater proportion of lower margin freight forwarding revenue.
Corporate costs down $0.4 million to $5.2 million – Corporate costs (excluding foreign exchange) decreased due to various cost control efforts.

Net income: Generated record third quarter net income of $51.5 million, increasing by $18.3 million, or 55.1 percent, or $0.54 per Common Share due to:

A $20.8 million increase in OIBDA, a $3.1 million decrease in finance costs, a $0.9 million decrease in depreciation of right-of-use assets, a $0.8 million increase in earnings from equity investments and a $0.6 million positive variance in net foreign exchange.
These increases were somewhat offset by a $4.9 million increase in income tax expense, a $2.0 million increase in loss on sale of property, plant and equipment, a $0.6 million increase in depreciation of property, plant and equipment, a $0.3 million increase in amortization of intangible assets, and a $0.1 million change in the fair value of investments.

Financial Position

The following summarizes our financial position as at September 30, 2026, along with some key changes that occurred during the third quarter:

Working capital at September 30, 2026 was $381.3 million, a $43.3 million increase as compared to June 30, 2026. There was $213.9 million of cash included within working capital, a $42.9 million increase as compared to June 30, 2026.
Total net debt¹ ($817.5 million) to operating cash flow ($377.8 million) of 2.16:1 as defined per our Private Placement Debt agreements (threshold of 3.50:1).
If total net debt¹ was reduced by cash and cash equivalents, total net debt – adjusted¹ ($603.6 million) to operating cash flow ($377.8 million) would have been 1.60:1.
Undrawn Bank Credit Facilities with a borrowing capacity of $525.0 million.
Private Placement Debt of $797.8 million (6.1 percent per annum average annual fixed rate) with principal repayments of $406.4 million and $395.9 million due in July 2034 and July 2037, respectively.
Net book value of property, plant and equipment of $1.1 billion, which includes $689.8 million of carrying costs of owned real property.

¹Refer to the sections entitled “Non-IFRS Financial Measures” and “Other Financial Measures”.

Non-IFRS Financial Measures

Mullen Group reports its financial results in accordance with International Financial Reporting Standards (“IFRS“). Mullen Group reports on certain non-IFRS financial measures and ratios, which do not have a standard meaning under IFRS and, therefore, may not be comparable to similar measures presented by other issuers. Management uses these non-IFRS financial measures and ratios in its evaluation of performance and believes these are useful supplementary measures. We provide shareholders and potential investors with certain non-IFRS financial measures and ratios to evaluate our ability to fund our operations and provide information regarding liquidity. Specifically, net income – adjusted, earnings per share – adjusted, OIBDA – adjusted and net revenue are not measures recognized by IFRS and do not have standardized meanings prescribed by IFRS. For the reader’s reference, the definition, calculation and reconciliation of non-IFRS financial measures are provided in this section. These non-IFRS financial measures should not be considered in isolation or as a substitute for measures prepared in accordance with IFRS. Investors are cautioned that these indicators should not replace the forgoing IFRS terms: net income, earnings per share, and revenue.

Net Income – Adjusted and Earnings per Share – Adjusted

The following table illustrates net income and basic earnings per share before considering the impact of the net foreign exchange gains or losses, the change in fair value of investments, and the gain on fair value of equity investments. Management adjusts net income and earnings per share by excluding these specific factors to more clearly reflect earnings from an operating perspective.

*(unaudited)* *($ millions, except share and per share amounts)*	Three months ended September 30		Nine months ended September 30
	2026	2025	2026	2025
Income before income taxes	67.5	44.3	143.9	100.8
Add (deduct):
Net foreign exchange (gain) loss	(0.2)	0.4	6.3	(7.4)
Change in fair value of investments	(0.3)	(0.4)	(0.8)	(0.4)
Gain on fair value of equity investments	—	—	(4.6)	—
Income before income taxes – adjusted	67.0	44.3	144.8	93.0
Income tax rate	25%	25%	25%	25%
Computed expected income tax expense	(16.8)	(11.1)	(36.2)	(23.3)
Net income – adjusted	50.3	33.2	108.6	69.7
Weighted average number of Common Shares outstanding – basic	96,330,755	87,208,920	96,092,697	87,403,724
Earnings per share – adjusted	0.52	0.38	1.13	0.80

OIBDA – Adjusted

OIBDA – adjusted is calculated by subtracting foreign exchange gains and losses recognized on U.S. denominated cash held with the Corporate Office from OIBDA. Management relies on OIBDA – adjusted as a measurement since it provides an indication of Mullen Group’s ability to generate cash from its principal business activities prior to depreciation and amortization, financing, taxation in various jurisdictions and gains and losses recognized on U.S. cash held within the Corporate Office. Net income is also an indicator of financial performance, however, net income includes expenses that are not a direct result of Mullen Group’s operating activities.

*(unaudited)* *($ millions)*	Three months ended September 30		Nine months ended September 30
*(unaudited)* *($ millions)*	2026	2025	2026	2025
OIBDA	118.4	97.6	298.3	242.2
Add (deduct):
Selling and administrative expenses¹	0.2	(1.2)	(2.5)	6.2
OIBDA – adjusted	118.6	96.4	295.8	248.4
¹Consists of the foreign exchange loss (gain) recognized on U.S. denominated cash held within Corporate Office.

Other Financial Measures

Other financial measures consist of supplementary financial measures and capital management measures.

Supplementary Financial Measures

Supplementary financial measures are financial measures disclosed by a company that (a) are, or are intended to be, disclosed on a periodic basis to depict the historical or expected future financial performance, financial position or cash flow of a company, (b) are not disclosed in the financial statements of a company, (c) are not non-IFRS financial measures, and (d) are not non-IFRS ratios. The Corporation has disclosed the following supplementary financial measure.

Operating Margin

Operating margin is a supplementary financial measure and is defined as OIBDA divided by revenue. Management relies on operating margin as a measurement since it provides an indication of our ability to generate an appropriate return as compared to the associated risk and the amount of assets employed within our principal business activities.

*(unaudited)* *($ millions)*	Three months ended September 30		Nine months ended September 30
*(unaudited)* *($ millions)*	2026	2025	2026	2025
OIBDA	118.4	97.6	298.3	242.2
Revenue	653.2	561.8	1,810.2	1,599.8
Operating margin	18.1%	17.4%	16.5%	15.1%

OIBDA – Adjusted¹ as a Percentage of Consolidated Revenue

OIBDA – adjusted¹ as a percentage of consolidated revenue is a supplementary financial measure and is defined as OIBDA – adjusted¹ divided by revenue. Management relies on this adjusted operating margin as a measurement since it provides an indication of our ability to generate an appropriate return from our principal business activities prior to depreciation and amortization, financing, taxation in various jurisdictions and gains and losses recognized on U.S. cash held within Corporate Office as compared to the associated risk of our principal business activities.

*(unaudited)* *($ millions)*	Three months ended September 30		Nine months ended September 30
*(unaudited)* *($ millions)*	2026	2025	2026	2025
OIBDA – adjusted¹	118.6	96.4	295.8	248.4
Revenue	653.2	561.8	1,810.2	1,599.8
OIBDA – adjusted¹as a percentage of consolidated revenue	18.2%	17.2%	16.3%	15.5%

Net Cash From Operating Activities Per Share

Net cash from operating activities per share is calculated by dividing net cash from operating activities by the weighted average number of Common Shares outstanding. Management measures cash flow per share to provide investors with an indication of the amount of cash being generated on a per share basis, after consideration of working capital and income taxes paid.

*(unaudited)* *($ millions, except share and per share amounts)*	Three months ended September 30		Nine months ended September 30
	2026	2025	2026	2025
Net cash from operating activities	78.2	102.7	204.2	220.4
Weighted average number of Common Shares outstanding	96,330,755	87,208,920	96,092,697	87,403,724
Net cash from operating activities per share	0.81	1.18	2.12	2.52

¹ Refer to the section entitled “Non-IFRS Financial Measures”.

Capital Management Measures

Capital management measures are financial measures disclosed by a company that (a) are intended to enable users to evaluate a company’s objectives, policies and processes for managing the entity’s capital, (b) are not a component of a line item disclosed in the primary financial statements of the company, (c) are disclosed in the notes of the financial statements of the company, and (d) are not disclosed in the primary financial statements of the company. The Corporation has disclosed the following capital management measure.

Total Net Debt

The term “total net debt” is defined in the Private Placement Debt agreements as all debt including the Debentures, the Private Placement Debt, lease liabilities associated with operating equipment, the Bank Credit Facilities and letters of credit less any unrealized gain on Cross-Currency Swaps plus any unrealized loss on Cross-Currency Swaps, as disclosed within Derivatives on the condensed consolidated statement of financial position. Total net debt specifically excludes any real property lease liabilities. Total net debt is defined within our Private Placement Debt agreements and is used to calculate our total net debt to operating cash flow covenant. Total net debt – adjusted is defined as total net debt less cash and cash equivalents. Total net debt – adjusted is not defined within our Private Placement Debt agreements, it provides users of this MD&A with our net financial leverage. Management calculates and discloses total net debt to provide users of this MD&A with an understanding of how our debt covenant is calculated.

*(unaudited)* *($ millions)*	September 30, 2026
Private Placement Debt (including the current portion)	797.8
Lease liabilities (including the current portion)	237.1
Debentures	—
Bank indebtedness	—
Letters of credit	7.8
Long-term debt (including the current portion)	0.4
Total debt	1,043.1
Less: real property lease liabilities	(225.6)
Less: unrealized gain on Cross-Currency Swaps	—
Add: unrealized loss on Cross-Currency Swaps	—
Total net debt	817.5
Less: cash and cash equivalents	(213.9)
Total net debt – adjusted	603.6

About Mullen Group Ltd.

Mullen Group is a public company with a long history of acquiring companies in the transportation and logistics industries. Today, we have one of the largest portfolios of logistics companies in North America, providing a wide range of transportation, customs brokerage, warehousing, and distribution services through a network of independently operated businesses. Service offerings include less-than-truckload, truckload, warehousing, logistics, transload, oversized, third-party logistics, customs brokerage, and specialized hauling transportation. In addition, our businesses provide a diverse set of specialized services related to the energy, mining, forestry and construction industries in western Canada, including water management, fluid hauling and environmental reclamation. The corporate office provides the capital and financial expertise, legal support, technology and systems support, shared services and strategic planning to its independent businesses.

Mullen Group is listed on the Toronto Stock Exchange under the symbol “MTL“. Additional information is available on our website at www.mullen-group.com or on the Corporation’s issuer profile on SEDAR+ at www.sedarplus.ca.

Contact Information

Mr. Murray Mullen – Chair and Senior Executive Officer
Mr. Richard Maloney – President and Senior Operating Officer
Mr. Carson Urlacher – Senior Financial Officer
Ms. Joanna Scott – Senior Corporate Officer
Mr. Lee Hellyer – Senior Commercial Officer

121A – 31 Southridge Drive
Okotoks, Alberta, Canada T1S 2N3
Telephone: 403-995-5200
Fax: 403-995-5296

Disclaimer

Mullen Group may make statements in this news release that reflect its current beliefs and assumptions and are based on information currently available to it and contains forward-looking statements and forward-looking information (collectively, “forward-looking statements”) within the meaning of applicable securities laws. This news release may contain forward-looking statements that are subject to risk factors associated with the overall economy and the energy sector and more particularly described on page 46 of the 2025 Financial Review. These forward-looking statements relate to future events and Mullen Group’s future performance. All forward looking statements and information contained herein that are not clearly historical in nature constitute forward-looking statements, and the words “may”, “will”, “should”, “could”, “expect”, “plan”, “intend”, “anticipate”, “believe”, “estimate”, “propose”, “predict”, “potential”, “continue”, “aim”, or the negative of these terms or other comparable terminology are generally intended to identify forward-looking statements. Such forward-looking statements represent Mullen Group’s internal projections, estimates, expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. These forward-looking statements involve known or unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Mullen Group believes that the expectations reflected in these forward-looking statements are reasonable; however, undue reliance should not be placed on these forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are based will occur. In particular, forward-looking statements include but are not limited to the following: (i) Mullen Group’s belief that as good as the third quarter was for the Mullen Group, we are of the view that it can be even better; (ii) Mullen Group’s belief that when the Nation Building projects come to fruition, there will be logistics requirements; and (iii) Mullen Group’s expectation that we will continue to do what we do best: invest in quality acquisition opportunities, like the recent Willson International announcement. These forward-looking statements are based on certain assumptions and analyses made by Mullen Group in light of our experience and our perception of historical trends, current conditions, expected future developments and other factors we believe are appropriate under the circumstances. These assumptions include but are not limited to the following: (i) that once the Nation Building projects, that the politicians are promoting come to fruition, there will be logistics requirements that Mullen Group and its Business Units can service; (ii) that Mullen Group is uniquely positioned to meet the increase demand associated with the massive capital Nation Building projects; and (iii) that acquisition opportunities will present themselves to Mullen Group during the remainder of 2026. For further information on any strategic, financial, operational and other outlook on Mullen Group’s business please refer to Mullen Group’s Management’s Discussion and Analysis available for viewing on Mullen Group’s issuer profile on SEDAR+ at www.sedarplus.ca. Additional information on risks that could affect the operations or financial results of Mullen Group may be found under the heading “Principal Risks and Uncertainties” starting on page 46 of the 2025 Financial Review as well as in reports on file with applicable securities regulatory authorities and may be accessed through Mullen Group’s issuer profile on the SEDAR+ website at www.sedarplus.ca. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained herein is made as of the date of this news release and Mullen Group disclaims any intent or obligation to update publicly any such forward-looking statements, whether as a result of new information, future events or results or otherwise, other than as required by applicable Canadian securities laws. Mullen Group relies on litigation protection for forward-looking statements.

Posted in UncategorizedTagged GlobeNewswire

TTM Technologies, Inc. Reports Third Quarter 2026 Results

Posted on October 22, 2026 by Ravi Shankar

SANTA ANA, Calif., Oct. 22, 2026 (GLOBE NEWSWIRE) — TTM Technologies, Inc. (NASDAQ: TTMI) (“TTM”), a leading global manufacturer of technology products, including mission systems, radio frequency (“RF”) components, RF microwave/microelectronic assemblies, and technologically advanced interconnect products, including printed circuit boards (“PCB”s) and substrates, today reported results for the third quarter of 2026, which ended on September 28, 2026.

Third Quarter 2026 Highlights

Net sales were $1.2 billion, up 60% year on year, and an all-time quarterly record
GAAP net income of $84.8 million, or $0.79 per diluted share
Adjusted EBITDA of $242.3 million, or 20.1% of net sales, an all-time quarterly record
Non-GAAP net income of $157.8 million, or $1.46 per diluted share, an all-time quarterly record
Cash flow from operations of $154.7 million, or 12.9% of net sales
Total book to bill of 2.13
A&D end market was 34% of total net sales; and total A&D program backlog was $2.0 billion
Data Center and Networking end market was 41% of total net sales driven by continued AI demand

Recent Acquisition Activity

October 19, 2026 – TTM announced plans to acquire the Ophir Optics business from MKS Inc. (NASDAQ: MKSI) for $650 million, or 10.3x expected FY 2027 Adjusted EBITDA, in an all-cash transaction that is expected to be funded through a combination of cash on hand, expected future cash flow, and borrowings under TTM’s existing revolving credit facility. This proposed acquisition is not included in current guidance.
October 9, 2026 – In furtherance of TTM’s strategic initiative to expand its footprint in Europe, TTM entered into a definitive agreement with plans to acquire Merlin Circuit Technology Ltd. and Merlin Flex Ltd., two small printed circuit board fabrication factories in the United Kingdom for an undisclosed amount, with transaction funding expected to come from cash on hand. The transaction is subject to regulatory approvals and is expected to close during the fourth quarter of 2026. This proposed acquisition is not included in current guidance.
TTM previously announced the planned acquisition of ILFA GmbH, a German printed circuit manufacturer. The acquisition is expected to close during the fourth quarter of 2026 and is excluded from current guidance.
In recent weeks and up through the date of this press release, TTM has completed the previously announced acquisitions of Swiss Technology Group (“STG”) and Epiq Solutions (“Epiq”). These acquisitions are now included in current guidance.

Third Quarter 2026 GAAP Financial Results

Net sales in the third quarter of 2026 were $1.2 billion, compared to $752.7 million in the third quarter of 2025.

GAAP operating income in the third quarter of 2026 was $162.3 million. This compared to GAAP operating income in the third quarter of 2025 of $71.9 million.

GAAP net income in the third quarter of 2026 was $84.8 million, or $0.79 per diluted share. This compared to GAAP net income in the third quarter of 2025 of $53.1 million, or $0.50 per diluted share.

Third Quarter 2026 Non-GAAP Financial Results

Adjusted EBITDA in the third quarter of 2026 was $242.3 million, or 20.1% of net sales, compared to adjusted EBITDA of $120.9 million, or 16.1% of net sales, in the third quarter of 2025.

Non-GAAP net income in the third quarter of 2026 was $157.8 million, or $1.46 per diluted share, compared to non-GAAP net income of $71.0 million, or $0.67 per diluted share, in the third quarter of 2025.

“Once again, we delivered quarterly records for both net sales and non-GAAP EPS,” said Edwin Roks, CEO of TTM. “All key markets contributed to our 60% year on year growth with Data Center & Networking up 115%, Medical, Industrial & Instrumentation up 97%, and Aerospace & Defense up 21%. Our margin expansion efforts are producing results as evidenced by adjusted EBITDA margin exceeding 20% for the first time. Our cash flow from operations continues to be solid which gives us confidence that we can comfortably handle the leverage from recent acquisitions and capital investments. Following the end of the third quarter and the previously disclosed completion of the Epiq Solutions acquisition on September 30, 2026, our net leverage ratio as of September 30, 2026, was 2.8x of pro-forma adjusted TTM EBITDA. By the expected closing date of the proposed acquisition of the Ophir Optics business, we expect leverage to be within our targeted range of 1.5-2.0x,” concluded Dr. Roks.

Dr. Roks added, “TTM is well positioned for growth for the foreseeable future. We expect continued healthy growth in our key end markets, with particular strength in Data Center & Networking and Aerospace & Defense. Our close customer relationships and strong operational execution add to our confidence in this outlook. Consistent with our strategic plan, the recent acquisitions broaden our offering in differentiated, long-cycle products, add geographic diversification and provide new platforms for future growth.”

Business Outlook

For the fourth quarter of 2026, TTM estimates that net sales will be in the range of $1.42 billion to $1.44 billion, and non-GAAP net income will be in the range of $1.77 to $1.83 per diluted share. These fourth quarter estimates result in full year 2026 expected net sales of $4.47 billion to $4.49 billion and expected non-GAAP net income in the range of $4.97 to $5.03 per diluted share. Our fourth quarter estimate and full year 2026 outlook now include contributions from our closed STG and Epiq acquisition and associated financing costs.

In addition, we are initiating our preliminary 2027 full year forecast with expected net sales in the range of $6.5 billion to $6.75 billion and expected non-GAAP net income in the range of $8.10 to $8.90 per diluted share. Our initial 2027 full year forecast includes contributions from recently closed acquisitions and associated financing costs while excluding the impacts of planned or potential acquisitions that have not been closed.

With respect to TTM’s outlook for non-GAAP net income per diluted share, we are unable to predict with reasonable certainty or without unreasonable effort certain items that may affect a comparable measure calculated and presented in accordance with GAAP. Our expected non-GAAP net income per diluted share excludes primarily the future impact of restructuring actions, impairment charges, unusual gains and losses including but not limited to unrealized foreign exchange translation, and tax adjustments. These reconciling items are highly variable and difficult to predict due to various factors outside of management’s control and could have a material impact on our future period net income per diluted share calculated and presented in accordance with GAAP. Accordingly, a reconciliation of non-GAAP net income per diluted share to a comparable measure calculated and presented in accordance with GAAP has not been provided because TTM is unable to provide such reconciliation without unreasonable effort. For the same reasons, TTM is unable to address the probable significance of the information.

Live Webcast/Conference Call

TTM will host a conference call and webcast to discuss third quarter 2026 results and the fourth quarter 2026 outlook today, October 22, 2026, at 8:30 a.m. Eastern Time (5:30 a.m. Pacific Time). The conference call will include forward-looking statements.

Access to the conference call will be available by clicking on the registration link TTM Technologies, Inc. Third Quarter 2026 Conference Call. Registering participants will receive dial in information and a unique PIN to join the call. Participants can register at any time up to the start of the conference call. The conference call will also be simulcast on the company’s website for those who would like to view the live webcast, and this can be accessed by clicking on the link TTM Technologies Third Quarter 2026 Webcast. The webcast will remain accessible for one week following the live event.

About TTM

TTM Technologies, Inc. is a leading global manufacturer of technology products, including mission systems, radio frequency (“RF”) components, RF microwave/microelectronic assemblies, and technologically advanced interconnect products, including PCBs and substrates. TTM stands for time-to-market, representing how TTM’s time-critical, one-stop design, engineering and manufacturing services enable customers to reduce the time required to develop new products and bring them to market. Additional information can be found at www.ttm.com.

Forward-Looking Statements

The preliminary financial results included in this press release represent the most current information available to management. TTM’s actual results when disclosed in its Form 10-Q may differ from these preliminary results as a result of the completion of TTM’s financial closing procedures, final adjustments, completion of the review by TTM’s independent registered accounting firm, and other developments that may arise between now and the disclosure of the final results. This release contains forward-looking statements that relate to future events or performance. TTM cautions you that such statements are simply predictions and actual events or results may differ materially. These statements reflect TTM’s current expectations, and TTM does not undertake to update or revise these forward-looking statements, even if experience or future changes make it clear that any projected results expressed or implied in this or other TTM statements will not be realized. Further, these statements involve risks and uncertainties, many of which are beyond TTM’s control, which could cause actual results to differ materially from the forward-looking statements. These risks and uncertainties include, but are not limited to, general market and economic conditions, including interest rates, currency exchange rates, and consumer spending, demand for TTM’s products, market pressures on prices of TTM’s products, warranty claims, changes in product mix, contemplated significant capital expenditures and related financing requirements, TTM’s dependence upon a small number of customers, and other factors set forth in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of TTM’s public reports filed with the SEC.

About Our Non-GAAP Financial Measures

To supplement our consolidated condensed financial statements presented on a GAAP basis, this release includes information about TTM’s adjusted EBITDA, pro-forma adjusted TTM EBITDA, adjusted EBITDA margin, non-GAAP net income, and non-GAAP earnings per diluted share (“EPS”), all of which are non-GAAP financial measures. TTM presents non-GAAP financial information to enable investors to see TTM through the eyes of management and to provide better insight into TTM’s ongoing financial performance.

A material limitation associated with the use of the above non-GAAP financial measures is that they have no standardized measurement prescribed by GAAP and may not be comparable to similar non-GAAP financial measures used by other companies. TTM compensates for these limitations by providing full disclosure of each non-GAAP financial measure and reconciliations below to the most directly comparable GAAP financial measure. However, the non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP.

Contact:
Sean K.F. Hannan,
Vice President, Investor Relations
Sean.Hannan@ttmtech.com
+1 339 466 7737

– Tables Follow –

TTM TECHNOLOGIES, INC.
Selected Unaudited Financial Information
(In thousands, except per share data)


					Third Quarter						First Three Quarters
						2026			2025			2026			2025

CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS

	Net sales				$	1,203,855		$	752,736		$	3,053,885		$	2,132,025
	Cost of goods sold					911,991			596,000			2,368,982			1,696,208

	Gross profit					291,864			156,736			684,903			435,817

	Operating expenses:
		Selling and marketing				25,142			21,796			75,626			64,383
		General and administrative				87,554			48,598			218,406			142,091
		Research and development				9,646			7,038			25,432			22,111
		Amortization of definite-lived intangibles				6,889			6,889			20,666			20,666
		Restructuring charges				380			509			1,016			2,631
			Total operating expenses			129,611			84,830			341,146			251,882

	Operating income					162,253			71,906			343,757			183,935

	Interest expense					(12,809	)		(10,399	)		(33,905	)		(32,958	)
	Loss on extinguishment of debt					–			–			(747	)		–
	Realized and unrealized losses on derivative instruments					(6,103	)		–			(20,097	)		–
	Other, net					(1,640	)		306			(7,535	)		(2,648	)

	Income before income taxes					141,701			61,813			281,473			148,329
	Income tax provision					(56,898	)		(8,758	)		(63,635	)		(21,566	)

	Net income				$	84,803		$	53,055		$	217,838		$	126,763

	Earnings per share:
		Basic			$	0.80		$	0.51		$	2.08		$	1.24
		Diluted				0.79			0.50			2.03			1.21

	Weighted-average shares used in computing per share amounts:
		Basic				105,665			103,321			104,596			102,337
		Diluted				107,699			105,812			107,455			105,061

	Reconciliation of the denominator used to calculate basic earnings per share and diluted earnings per share:
	Weighted-average shares outstanding					105,665			103,321			104,596			102,337
	Dilutive effect of performance-based stock units, restricted stock units and stock options					2,034			2,491			2,859			2,724
	Diluted shares					107,699			105,812			107,455			105,061


SELECTED BALANCE SHEET DATA
					September 28, 2026			December 29, 2025
	Cash and cash equivalents				$	876,347		$	501,234
	Accounts receivable, net					836,362			563,741
	Contract assets					793,552			468,006
	Inventories					325,432			250,057
	Total current assets					2,961,717			1,855,406
	Property, plant and equipment, net					1,286,879			1,010,710
	Total assets					5,562,920			3,840,331

	Short-term debt, including current portion of long-term debt				$	184,000		$	3,815
	Accounts payable					1,032,661			543,538
	Contract liabilities					202,342			175,627
	Total current liabilities					1,773,485			962,197
	Long-term debt, net of discount and issuance costs					1,459,872			912,336
	Total long-term liabilities					1,746,993			1,115,881
	Total stockholders’ equity					2,042,442			1,762,253
	Total liabilities and stockholders’ equity					5,562,920			3,840,331


SUPPLEMENTAL DATA
					Third Quarter						First Three Quarters
						2026			2025			2026			2025
	Gross margin					24.2	%		20.8	%		22.4	%		20.4	%
	Operating margin					13.5	%		9.6	%		11.3	%		8.6	%

					Third Quarter						First Three Quarters
						2026			2025			2026			2025
	End market breakdown¹:
		Aerospace and Defense				34	%		45	%		37	%		45	%
		Automotive				7	%		11	%		8	%		11	%
		Data Center and Networking				41	%		30	%		39	%		30	%
		Medical, Industrial, and Instrumentation				18	%		14	%		16	%		14	%

					Third Quarter						First Three Quarters
						2026			2025			2026			2025
	Operating segment data¹:
		Net sales:
			Aerospace & Defense		$	416,540		$	344,482		$	1,150,954		$	995,915
			Commercial			787,882			408,920			1,904,530			1,137,249
			Intersegment eliminations			(567	)		(666	)		(1,599	)		(1,139	)
				Total net sales	$	1,203,855		$	752,736		$	3,053,885		$	2,132,025

		Segment operating income:
			Aerospace & Defense			77,041			56,010			195,681			146,524
			Commercial			166,279			60,031			360,523			163,749
				Total segment operating income	$	243,320		$	116,041		$	556,204		$	310,273

		Unallocated amounts:
			Restructuring			(380	)		(509	)		(1,016	)		(2,631	)
			Acquisition-related and other charges			(13,564	)		(15	)		(18,510	)		(15	)
			Stock-based compensation			(24,090	)		(11,611	)		(61,738	)		(29,586	)
			Other corporate expenses			(33,809	)		(22,775	)		(103,511	)		(66,433	)
			Amortization of definite-lived intangibles			(9,224	)		(9,225	)		(27,672	)		(27,673	)
				Total operating income	$	162,253		$	71,906		$	343,757		$	183,935


RECONCILIATIONS²
					Third Quarter						First Three Quarters
						2026			2025			2026			2025

	Non-GAAP gross profit reconciliation³:
		GAAP gross profit			$	291,864		$	156,736		$	684,903		$	435,817
		Add back item:
			Amortization of definite-lived intangibles			2,335			2,336			7,006			7,007
			Stock-based compensation			5,315			3,720			12,753			9,220
			Unrealized (gain) loss on commodity hedge			(516	)		(776	)		2,763			(1,835	)
		Non-GAAP gross profit			$	298,998		$	162,016		$	707,425		$	450,209
		Non-GAAP gross margin				24.8	%		21.5	%		23.2	%		21.1	%

	Non-GAAP operating income reconciliation⁴:
		GAAP operating income			$	162,253		$	71,906		$	343,757		$	183,935
		Add back items:
			Amortization of definite-lived intangibles			9,224			9,225			27,672			27,673
			Stock-based compensation			24,090			11,611			61,738			29,586
			Unrealized (gain) loss on commodity hedge			(516	)		(776	)		2,763			(1,835	)
			Restructuring, acquisition-related and other charges			13,945			581			19,527			2,818
		Non-GAAP operating income			$	208,996		$	92,547		$	455,457		$	242,177
		Non-GAAP operating margin				17.4	%		12.3	%		14.9	%		11.4	%

	Non-GAAP net income and EPS reconciliation⁵:
		GAAP net income			$	84,803		$	53,055		$	217,838		$	126,763
		Add back items:
			Amortization of definite-lived intangibles			9,224			9,225			27,672			27,673
			Stock-based compensation			24,090			11,611			61,738			29,586
			Non-cash interest expense			753			542			1,895			1,609
			Loss on extinguishment of debt			–			–			747			–
			Unrealized (gain) loss on commodity hedge			(516	)		(776	)		2,763			(1,835	)
			Unrealized (gain) loss on foreign exchange			4,738			502			3,529			8,466
			Realized and unrealized losses on derivative instruments			6,103			–			20,097			–
			Restructuring, acquisition-related and other charges			9,848			561			15,430			2,818
			Income taxes⁶			18,732			(3,764	)		(6,973	)		(10,931	)
		Non-GAAP net income			$	157,775		$	70,956		$	344,736		$	184,149
		Non-GAAP earnings per diluted share			$	1.46		$	0.67		$	3.21		$	1.75

					Third Quarter						First Three Quarters
						2026			2025			2026			2025
	Adjusted EBITDA reconciliation⁷:
		GAAP net income			$	84,803		$	53,055		$	217,838		$	126,763
		Add back items:
			Income tax (benefit) provision			56,898			8,758			63,635			21,566
			Interest expense			12,809			10,399			33,905			32,958
			Amortization of definite-lived intangibles			9,224			9,225			27,672			27,673
			Depreciation expense			34,310			27,580			94,724			82,135
			Stock-based compensation			24,090			11,611			61,738			29,586
			Loss on extinguishment of debt			–			–			747			–
			Unrealized (gain) loss on commodity hedge			(516	)		(776	)		2,763			(1,835	)
			Unrealized (gain) loss on foreign exchange			4,738			502			3,529			8,466
			Realized and unrealized losses on derivative instruments			6,103			–			20,097			–
			Restructuring, acquisition-related and other charges			9,848			561			15,311			2,818
		Adjusted EBITDA			$	242,307		$	120,915		$	541,959		$	330,130
		Adjusted EBITDA margin				20.1	%		16.1	%		17.7	%		15.5	%

	Free cash flow reconciliation:
		Operating cash flow			$	154,711		$	141,803		$	272,883		$	228,952
		Capital expenditures, net				(79,921	)		(99,233	)		(237,138	)		(222,687	)
		Free cash flow			$	74,790		$	42,570		$	35,745		$	6,265


	¹Prior year end market revenue has been recasted due to merged Data Center Computing and Networking end markets. The operating segment data has been recasted also due to strategically realigning the RF and Specialty Components (RF&S Components) segment within the A&D segment during the quarter ended March 30, 2026.


	²This information provides a reconciliation of non-GAAP gross profit, non-GAAP operating income, non-GAAP net income, non-GAAP EPS, and adjusted EBITDA to the most comparable GAAP metric in our consolidated condensed statements of operations.


	³Non-GAAP gross profit and gross margin measures exclude amortization of definite-lived intangibles, stock-based compensation, and unrealized (gain) loss on commodity hedge.

	⁴Non-GAAP operating income and operating margin measures exclude amortization of definite-lived intangibles, stock-based compensation, unrealized (gain) loss on commodity hedge, restructuring, acquisition-related, and other charges.


	⁵This information provides non-GAAP net income and non-GAAP EPS, which are non-GAAP financial measures. Management believes that both measures — which add back amortization of definite-lived intangibles, stock-based compensation, non-cash interest expense, loss on extinguishment of debt, unrealized (gain) loss on commodity hedge, unrealized (gain) loss on foreign exchange, realized and unrealized losses on derivative instruments, restructuring, acquisition-related, and other charges as well as the associated tax impact of these charges and discrete tax items — provide additional useful information to investors regarding the Company’s ongoing financial condition and results of operations.



	^.
	⁶Income tax adjustments reflect the difference between income taxes based on a non-GAAP tax rate and a forecasted annual GAAP tax rate.

	⁷Adjusted EBITDA is defined as earnings before income tax (benefit) provision, interest expense, amortization of definite-lived intangibles, depreciation expense, stock-based compensation, loss on extinguishment of debt, unrealized (gain) loss on commodity hedge, unrealized (gain) loss on foreign exchange, realized and unrealized losses on derivative instruments, restructuring, acquisition-related, and other charges. We present adjusted EBITDA to enhance the understanding of our operating results, and it is a key measure we use to evaluate our operations. In addition, we provide our adjusted EBITDA because we believe that investors and securities analysts will find adjusted EBITDA to be a useful measure for evaluating our operating performance and comparing our operating performance with that of similar companies that have different capital structures and for evaluating our ability to meet our future debt service, capital expenditures, and working capital requirements. However, adjusted EBITDA should not be considered as an alternative to cash flows from operating activities as a measure of liquidity or as an alternative to net income as a measure of operating results in accordance with accounting principles generally accepted in the United States of America.

Posted in UncategorizedTagged GlobeNewswire

Cognition Therapeutics Announces Alignment with FDA on Pivotal Phase 3 Trial of Zervimesine (CT1812) in Dementia with Lewy Bodies

Posted on October 22, 2026 by Ravi Shankar

PURCHASE, N.Y., Oct. 22, 2026 (GLOBE NEWSWIRE) — Cognition Therapeutics, Inc., (the Company or Cognition) (NASDAQ: CGTX), a clinical-stage company developing product candidates that treat neurodegenerative disorders, has aligned with the U.S. Food and Drug Administration (FDA) on key elements of a Phase 3 study in dementia with Lewy bodies (DLB) including patient selection, dose, duration, and endpoints. The planned registrational study is expected to enroll participants with mild-to-moderate DLB who will be randomized to receive either 100 mg of once-daily oral zervimesine or placebo for nine months.

“Over the course of the year, we have had collaborative discussions with FDA’s Divisions of Neurology and Psychiatry within the Office of Neuroscience,” stated Lisa Ricciardi, president and CEO of Cognition. “With FDA’s alignment on trial design, we are completing a protocol to support the planned registrational study in DLB, a disease with no approved treatments.”

Among DLB’s core diagnostic features, hallucinations are one of the most measurable symptoms. Cognition’s Phase 3 study will use a neuropsychiatric inventory that measures hallucinations and delusions (NPI‑2) as a primary endpoint. A key secondary endpoint will be the Alzheimer’s Disease Cooperative Study – Activities of Daily Living (ADCS-ADL) scale, which will evaluate zervimesine’s treatment impact on daily function.

“There are currently no blood-based biomarkers to measure how DLB is progressing, so clinicians evaluate key features to determine how rapidly DLB is progressing,” explained Anthony O. Caggiano, MD, PhD, Cognition’s CMO. “One such feature is the presence of hallucinations. Hallucinations occur in a majority of people with DLB, often occur early in disease, and typically worsen as the disease progresses. We believe their presence in early stages and predictable decline means that changes in psychosis may serve as a proxy for changes in underlying disease.”

About Cognition Therapeutics
Cognition Therapeutics, Inc. is a clinical-stage biopharmaceutical company dedicated to helping millions of families seeking effective treatments for devastating neurodegenerative diseases through the development of novel, accessible therapies. The company has led pioneering research into the underlying mechanisms of degenerative nerve disorders. Our scientific approach builds on well-established biological pathways and translates across indications in which toxic oligomers drive disease progression, offering potential in dementia with Lewy bodies (DLB), Alzheimer’s disease, geographic atrophy, Parkinson’s, among others. The company’s lead candidate, zervimesine (CT1812), is an investigational once-daily oral therapy that has demonstrated promise in Phase 2 clinical trials in DLB and mild-to-moderate Alzheimer’s disease. Backed by nearly $200 million in National Institutes of Health and related foundation grants, Cognition Therapeutics continues to advance clinical research in its efforts to bring forth solutions that meet patients where they are and reduce caregiver burden. Learn more at cogrx.com.

About Dementia with Lewy Bodies (DLB)
Dementia with Lewy bodies (DLB) is a progressive, fatal neurodegenerative disease characterized by neuropsychiatric, cognitive, and motor deficits. It is the second most common cause of dementia. It is estimated that 1.4 million Americans are living with DLB. However, research shows that more than half are never diagnosed during their lifetime, suggesting that the prevalence of DLB could be substantially higher. There are no approved drugs to slow the decline of DLB or treat the symptoms that are core features of the disease.

About Zervimesine (CT1812)
Zervimesine (CT1812) is currently being studied in the Phase 2 START Study (NCT05531656) in patients with MCI and early Alzheimer’s disease. Phase 2 clinical studies have concluded in dementia with Lewy bodies (DLB), mild-to-moderate Alzheimer’s disease, and geographic atrophy secondary to dry AMD. In the Phase 2 SHIMMER study in DLB (NCT05225415), zervimesine was shown to slow DLB disease progression, resulting in a slowing of neuropsychiatric, cognitive, motor, and functional symptom progression. Zervimesine has been generally well tolerated in clinical studies to date.

Zervimesine is protected by a robust intellectual property portfolio including a recently issued composition of matter patent covering a novel crystalline form that has a natural expiration of 2045. The USAN Council has adopted zervimesine as the United States Adopted Name (USAN) for CT1812.

Forward-Looking Statements
This press release contains forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. All statements contained in this press release or made during the conference, other than statements of historical facts or statements that relate to present facts or current conditions, including but not limited to, statements regarding our product candidates, including zervimesine (CT1812), and any expected or implied benefits or results, including that initial clinical results observed with respect to zervimesine will be replicated in later trials and our clinical development plans, including statements regarding our clinical studies of zervimesine, any analyses of the results therefrom, as well as statements regarding our regulatory and clinical plans, are forward-looking statements. These statements, including statements relating to the timing and expected results of our clinical trials 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. In some cases, you can identify forward-looking statements by terms such as “may,” “might,” “will,” “should,” “expect,” “plan,” “aim,” “seek,” “anticipate,” “could,” “intend,” “target,” “project,” “contemplate,” “believe,” “estimate,” “predict,” “forecast,” “potential” or “continue” or the negative of these terms or other similar expressions. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our business, financial condition, and results of operations. These forward-looking statements speak only as of the date of this press release and are subject to a number of risks, uncertainties and assumptions, some of which cannot be predicted or quantified and some of which are beyond our control. Factors that may cause actual results to differ materially from current expectations include, but are not limited to: competition; our ability to secure new (and retain existing) grant funding; our ability to grow and manage growth, maintain relationships with suppliers and retain our management and key employees; our ability to successfully advance our current and future product candidates through development activities, preclinical studies and clinical trials and costs related thereto; uncertainties inherent in the results of preliminary data, pre-clinical studies and earlier-stage clinical trials being predictive of the results of early or later-stage clinical trials; the timing, scope and likelihood of regulatory filings and approvals, including regulatory approval of our product candidates; changes in applicable laws or regulations; the possibility that we may be adversely affected by other economic, business or competitive factors, including ongoing economic uncertainty; our estimates of expenses and profitability; the evolution of the markets in which we compete; our ability to implement our strategic initiatives and continue to innovate our existing products; our ability to defend our intellectual property; the impacts of ongoing global and regional conflicts on our business, supply chain and labor force; our ability to maintain the listing of our common stock on the Nasdaq Capital Market; and the risks and uncertainties described more fully in the “Risk Factors” section of our annual and quarterly reports filed with the Securities & Exchange Commission and are available at www.sec.gov. These risks are not exhaustive and we face both known and unknown risks. You should not rely on these forward-looking statements as predictions of future events. The events and circumstances reflected in our forward-looking statements may not be achieved or occur, and actual results could differ materially from those projected in the forward-looking statements. Moreover, we operate in a dynamic industry and economy. New risk factors and uncertainties may emerge from time to time, and it is not possible for management to predict all risk factors and uncertainties that we may face. Except as required by applicable law, we do not plan to publicly update or revise any forward-looking statements contained herein, whether as a result of any new information, future events, changed circumstances or otherwise.

Contact Information:
Cognition Therapeutics, Inc.
info@cogrx.com

Mike Moyer (investors)
LifeSci Advisors
mmoyer@lifesciadvisors.com

This press release was published by a CLEAR® Verified individual.

Posted in UncategorizedTagged GlobeNewswire

Gentherm Reports 2026 Third Quarter Results

Posted on October 22, 2026 by Ravi Shankar

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

2026 Full Year Guidance Updated to Include Modine Performance Technologies

Repurchased $60 Million of Common Stock in October

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

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

Third Quarter Highlights

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

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

Guidance

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

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

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

Capital Allocation Update

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

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

Conference Call

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

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

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

Investor Contact
Gregory Blanchette
investors@gentherm.com
248.308.1702

Media Contact
Haley Baur
media@gentherm.com
248.289.9711

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

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

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

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

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

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

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

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

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

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

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


GENTHERM INCORPORATED CONSOLIDATED CONDENSED STATEMENTS OF (LOSS) INCOME (Dollars in thousands, except per share data) (Unaudited)

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


GENTHERM INCORPORATED REVENUE BY PRODUCT CATEGORY AND RECONCILIATION OF FOREIGN CURRENCY TRANSLATION IMPACT (Dollars in thousands) (Unaudited)

	Three Months Ended September 30,							Nine Months Ended September 30,
	2026		2025		% Change			2026		2025		% Change
Climate Control Seats	$	215,603	$	201,275		7.1	%	$	639,656	$	592,448		8.0	%
Lumbar and Massage Comfort Solutions		70,923		55,799		27.1	%		205,772		153,642		33.9	%
Climate Control Interiors		51,939		52,638		(1.3	)%		155,241		147,564		5.2	%
Climate and Comfort Electronics		7,925		8,599		(7.8	)%		25,831		22,220		16.3	%
Automotive Climate and Comfort Solutions		346,390		318,311		8.8	%		1,026,500		915,874		12.1	%
Valve Systems		21,596		24,487		(11.8	)%		73,271		72,803		0.6	%
Other Automotive		22,611		31,413		(28.0	)%		77,807		91,260		(14.7	)%
Subtotal Automotive segment		390,597		374,211		4.4	%		1,177,578		1,079,937		9.0	%
Medical segment		14,505		12,659		14.6	%		37,396		35,877		4.2	%
Total Company	$	405,102	$	386,870		4.7	%	$	1,214,974	$	1,115,814		8.9	%

Foreign currency translation impact^(a)		1,025		—					20,617		—
Total Company, excluding foreign currency translation impact	$	404,077	$	386,870		4.4	%	$	1,194,357	$	1,115,814		7.0	%

(a) Foreign currency translation impacts for the Automotive segment and Medical segment were $967 and $58 respectively, for the three months ended September 30, 2026. Foreign currency translation impacts for Automotive Climate and Comfort Solutions was $1,102 for the three months ended September 30, 2026. Foreign currency translation impacts for the Automotive segment and Medical segment were $20,107 and $510 respectively, for the nine months ended September 30, 2026. Foreign currency translation impacts for Automotive Climate and Comfort Solutions was $16,320 for the nine months ended September 30, 2026.


GENTHERM INCORPORATED RECONCILIATION OF NET (LOSS) INCOME TO ADJUSTED EBITDA AND ADJUSTED EBITDA MARGIN (Dollars in thousands) (Unaudited)

	Three Months Ended September 30,						Nine Months Ended September 30,
	2026			2025			2026			2025
Net (loss) income	$	(2,590	)	$	14,949		$	6,048		$	15,298
Add back:
Depreciation and amortization		14,704			13,274			43,087			39,120
Income tax expense		13,430			5,935			19,730			10,204
Interest expense, net		3,832			3,313			9,755			10,911
Adjustments:
Non-cash stock based compensation		2,925			3,980			10,371			10,569
Restructuring expenses, net		4,838			3,986			17,493			10,608
Unrealized currency loss		681			1,865			855			30,349
Merger and acquisition expenses		6,528			—			34,187			—
Leadership transition expenses		328			777			1,738			2,935
Loss on sale of land and building, net		—			—			—			2,196
Other^(a)		328			928			(130	)		2,055
Adjusted EBITDA	$	45,004		$	49,007		$	143,134		$	134,245

Product revenues	$	405,102		$	386,870		$	1,214,974		$	1,115,814
Net (loss) income margin		(0.6	)%		3.9	%		0.5	%		1.4	%
Adjusted EBITDA margin		11.1	%		12.7	%		11.8	%		12.0	%

(a) Includes a $1,294 decrease in fair value of an equity investment for the nine months ended September 30, 2025.


GENTHERM INCORPORATED RECONCILIATION OF NET (LOSS) INCOME TO ADJUSTED NET INCOME AND ADJUSTED EARNINGS PER SHARE (Dollars in thousands, except per share data) (Unaudited)

	Three Months Ended September 30,						Nine Months Ended September 30,
	2026			2025			2026			2025
Net (loss) income	$	(2,590	)	$	14,949		$	6,048		$	15,298
Amortization of acquisition related intangibles		2,427			1,676			5,802			4,873
Restructuring expenses, net		4,838			3,986			17,493			10,608
Unrealized currency loss		681			1,865			855			30,349
Merger and acquisition expenses		6,528			—			34,187			—
Leadership transition expenses		328			777			1,738			2,935
Loss on sale of land and building, net		—			—			—			2,196
Other		(116	)		928			(574	)		2,055
Tax effect of above		(2,089	)		(1,582	)		(6,550	)		(13,422	)
Adjusted net income	$	10,007		$	22,599		$	58,999		$	54,892

Weighted average shares outstanding:
Basic		30,672			30,480			30,613			30,619
Diluted		30,672			30,748			31,078			30,802

(Loss) Earnings per share, as reported:
Basic	$	(0.08	)	$	0.49		$	0.20		$	0.50
Diluted	$	(0.08	)	$	0.49		$	0.19		$	0.50

Adjusted earnings per share:
Basic	$	0.33		$	0.74		$	1.93		$	1.79
Diluted	$	0.33		$	0.73		$	1.90		$	1.78


GENTHERM INCORPORATED CONSOLIDATED CONDENSED BALANCE SHEETS (Dollars in thousands, except share data) (Unaudited)

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


GENTHERM INCORPORATED CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (Dollars in thousands) (Unaudited)

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


GENTHERM INCORPORATED OTHER NON-GAAP RECONCILIATIONS (Dollars in thousands) (Unaudited)

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

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

	September 30, 2026		September 30, 2025
Current maturities of long-term debt	$	912	$	109
Long-term debt, less current maturities		319,531		189,000
Total Debt		320,443		189,109
Cash and cash equivalents		252,098		154,250
Net Debt	$	68,345	$	34,859

Adjusted EBITDA for the trailing four fiscal quarters	$	181,034	$	175,620
Net Leverage		0.4		0.2

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

Posted in UncategorizedTagged GlobeNewswire

Danske Bank A/S, transactions by persons discharging managerial responsibilities

Posted on October 22, 2026 by Ravi Shankar

22 October 2026

Notification no. 86/2026

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

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

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

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

Attachment

APMH Invest AS – sale – 2026 10 21

Posted in UncategorizedTagged GlobeNewswire

Rakovina Therapeutics and Variational AI Advance Brain-Penetrant ATR Program Toward Development Candidate Selection

Posted on October 22, 2026 by Ravi Shankar

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

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

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

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

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

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

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

Building a Differentiated ATR Asset Around Brain Penetration

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

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

Multiple Indicators of a Developable Drug Profile

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

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

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

Advancing Toward Development-Candidate Selection

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

Planned work includes:

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

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

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

Joint Webinar

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

About the kt-5000AI Program

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

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

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

About Variational AI

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

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

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

About Rakovina Therapeutics Inc.

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

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

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

For Further Information Contact:

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

Mark Mitchell
IR@rakovinatherapeutics.com

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

Notice Regarding Rakovina Therapeutics Forward-Looking Statements:

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

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

Posted in UncategorizedTagged GlobeNewswire

Small Business Owners Putting up Personal Assets to Keep Businesses Afloat, New Equifax Canada Survey Finds

Posted on October 22, 2026 by Ravi Shankar

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Contact:

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

Angie Andich
Equifax Canada Media Relations
MediaRelationsCanada@equifax.com

Posted in UncategorizedTagged GlobeNewswire

American Fusion™ Advances Texatron™ Commercialization With Four New Texas Data Center Proposals, New Research Facility, Planned North Texas Research Campus and Investment Banking Negotiations

Posted on October 22, 2026 by Ravi Shankar

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

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

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

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

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

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

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

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

New Independent Auditor Engagement in Final Review

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

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

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

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

Company Receives Occupancy Permit for New Permanent Operating Facility

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

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

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

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

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

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

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

The proposed development is expected to include:

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

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

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

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

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

Company Receives Multiple Investment Banking Term Sheets

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

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

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

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

Texatron™ Engineering and Development Continues Daily

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

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

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

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

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

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

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

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

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

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

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

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

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

Building the Foundation for Commercial Fusion Energy

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

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

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

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

About American Fusion™ Inc.

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

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

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

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

View the American Fusion Investor Deck here.

Forward-Looking Statements

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

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

Posted in UncategorizedTagged GlobeNewswire