Author: Ravi Shankar

Submission is based on Phase 3 REZILIENT3 data in first-line EGFR ex20ins NSCLC

CAMBRIDGE, Mass., Nov. 12, 2026 (GLOBE NEWSWIRE) — Cullinan Therapeutics, Inc. (Nasdaq: CGEM), a clinical-stage biopharmaceutical company accelerating potential first- or best-in-class, disease-modifying T cell engagers in autoimmune diseases and cancer, today announced their partner Taiho Oncology, Inc. completed a New Drug Application (NDA) submission to the U.S. Food and Drug Administration (FDA) for zipalertinib in combination with platinum-based chemotherapy for the treatment of patients with previously untreated, locally advanced or metastatic non-small cell lung cancer (NSCLC) harboring epidermal growth factor receptor (EGFR) exon 20 insertion (ex20ins) mutations.

The submission was made under the FDA’s Real-Time Oncology Review (RTOR) program, which allows sponsors to submit clinical data in advance of the complete application to facilitate earlier review of efficacy and safety results. The completed application will undergo the standard review period with the FDA, and, if accepted, a Prescription Drug User Fee Act (PDUFA) target action date will be assigned.

The NDA is based on the Phase 3 REZILIENT3 trial, which met its primary endpoint at an interim analysis, demonstrating a statistically significant and clinically meaningful improvement in median progression-free survival (PFS) for zipalertinib plus chemotherapy versus chemotherapy alone. These results were presented in a Presidential Symposium at the International Association for the Study of Lung Cancer’s (IASLC) 2026 World Conference on Lung Cancer (WCLC).

Cullinan Therapeutics is eligible to receive $30 million and $100 million in milestone payments upon second-line and first-line U.S. regulatory approvals, respectively.

About Zipalertinib

Zipalertinib (development code: CLN-081/TAS6417) is an orally available small molecule designed to target activating mutations in EGFR. The molecule was selected because of its ability to inhibit EGFR variants with exon 20 insertion mutations. Zipalertinib is designed as a next generation, irreversible EGFR inhibitor for the treatment of a genetically defined subset of patients with non-small cell lung cancer. Zipalertinib is investigational and has not been approved by any health authority.

Zipalertinib is being developed by Taiho Oncology, Inc., its parent company, Taiho Pharmaceutical Co., Ltd., and in collaboration with Cullinan Therapeutics, Inc. in the U.S.

About EGFR Exon 20 Insertion Mutations

NSCLC is a common form of lung cancer and up to 4% of all cases globally have EGFR ex20ins.¹ In the United States, approximately 16% of patients with NSCLC harbor EGFR mutations,¹ with insertions at exon 20 accounting for up to 12% of these mutations.²

About Cullinan Therapeutics

Cullinan Therapeutics, Inc. (Nasdaq: CGEM) is a biopharmaceutical company developing potential first- or best-in-class, disease-modifying T cell engagers for autoimmune diseases and cancer. Cullinan pursues promising therapeutic targets while leveraging core expertise in T cell engagers, which are established in oncology and are now advancing into autoimmune diseases. With a clinical-stage pipeline built on a rigorous scientific approach and purposeful innovation, Cullinan is advancing its mission to deliver new standards of care for patients. Learn more about Cullinan at https://cullinantherapeutics.com/, and follow Cullinan on LinkedIn and X.

 Forward-Looking Statements

This press release contains forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, express or implied statements regarding the company’s beliefs and expectations regarding the clinical development of zipalertinib, the safety and efficacy profile of zipalertinib and its potential to address unmet medical need, the potential of zipalertinib to become a treatment option, the anticipated timing of the FDA’s review of the NDA submission under the RTOR program and other statements that are not historical facts. The words “believe,” “continue,” “could,” “estimate,” “expect,” “intends,” “may,” “plan,” “potential,” “project,” “pursue,” “will,” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words.

Any forward-looking statements in this press release are based on management’s current expectations and beliefs of future events and are subject to known and unknown risks and uncertainties 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. These risks include, but are not limited to, the following: uncertainty regarding the timing and results of clinical trial data and regulatory submissions; the risk that any NDAs, INDs or other global regulatory submissions we may file with the United States Food and Drug Administration or other global regulatory agencies are not accepted or cleared on our expected timelines, or at all; the success of our clinical trials and preclinical studies; the risks related to our ability to protect and maintain our intellectual property position; the risks related to manufacturing, supply, and distribution of our product candidates; the risk that any one or more of our product candidates, including those that are co-developed, will not be successfully developed and commercialized; the risk that the results of preclinical studies or clinical trials will not be predictive of future results in connection with future studies or clinical trials; the effect of changes in global economic conditions, including uncertainties related to international trade policies, tariffs and supply chain dynamics on our business and operations; and the success of any collaboration, partnership, license or similar agreements. These and other important risks and uncertainties discussed in our filings with the Securities and Exchange Commission, including under the caption “Risk Factors” in our most recent Annual Report on Form 10-K and subsequent filings with the SEC, could cause actual results to differ materially from those indicated by the forward-looking statements made in this press release. While we may elect to update such forward-looking statements at some point in the future, we disclaim any obligation to do so, even if subsequent events cause our views to change, except to the extent required by law. These forward-looking statements should not be relied upon as representing our views as of any date subsequent to the date of this press release. Moreover, except as required by law, neither the company nor any other person assumes responsibility for the accuracy and completeness of the forward-looking statements included in this press release. Any forward-looking statement included in this press release speaks only as of the date on which it was made.

Investors  
Nick Smith  
+1 401.241.3516  
nsmith@cullinantx.com

Media 

Rose Weldon  
+1 215.801.7644   
rweldon@cullinantx.com

References

1. Burnett H, Emich H, Carroll C, et al. Epidemiological and clinical burden of EGFR exon 20 insertion in advanced non-small cell lung cancer: a systematic literature review. PLOS ONE. 2021;16(3): e0247620. Available at: https://journals.plos.org/plosone/article?id=10.1371/journal.pone.0247620.
2. Riess JW, Gandara DR, Frampton GM, et al. Diverse EGFR Exon 20 Insertions and Co-Occurring Molecular Alterations Identified by Comprehensive Genomic Profiling of NSCLC. Journal of Thoracic Oncology. 2018 Jul 5;13(10):1560–1568. Available at: https://www.jto.org/article/S1556-0864(18)30770-6/pdf.

Continued Progress in Technology Readiness for AI Datacom Market

Executed Purchase Agreement With Aixtron for MOCVD Capacity Expansion and Large-Diameter Wafer Manufacturing

GOLETA, Calif., Nov. 12, 2026 (GLOBE NEWSWIRE) — Aeluma, Inc. (NASDAQ: ALMU) (“Aeluma” or the “Company”), a semiconductor company specializing in high-performance, scalable technologies for AI, mobile and consumer, defense and aerospace, and quantum, today reported financial results for its first quarter of fiscal 2027 ended September 30, 2026.

Fiscal First Quarter 2027 and Subsequent Highlights

• Increased Technology Readiness: Advanced development of high-speed photodetectors and quantum dot lasers leveraging capabilities at Aeluma and supply chain partners such as Sumitomo Chemical Advanced Technologies.
• Manufacturing Expansion: Finalized a purchase agreement with Aixtron for a new 200 mm capable MOCVD system to expand manufacturing capacity and accelerate development for non-indium-phosphide photonics.
• Customer Engagements: Expanded customer discussions in Datacom and other markets regarding product opportunities and non-recurring engineering investments. Several initiatives involve potentially high-volume demand to support the 2028 through 2032 AI infrastructure buildout.
• CHIPS Funding: Continued diligence and definitive agreement negotiations with the U.S. Department of Commerce CHIPS R&D Office for up to $30 million in proposed funding for development and commercialization of photonics for AI and Advanced Computing.

Management Commentary

“The current U.S. AI infrastructure buildout continues to progress and is expected to reach an aggregate investment of $10.3 trillion in 2032,” said Jonathan Klamkin, Ph.D., Founder and CEO of Aeluma. “The opportunities for photonics are vast, spanning scale-up and scale-out AI architectures in data centers.”

“Demand for photonic components includes lasers, modulators, photodetectors, and photonic integrated circuits or PICs. Supply chains are constrained, including indium phosphide substrate production and wafer fab capacity. Adopting proven strategies from consumer markets, Aeluma’s technology instead leverages gallium arsenide or silicon substrates, and existing fabs that are already qualified for large-volume markets.”

“As we progress through fiscal 2027, we remain focused on technology and product development for AI Datacom opportunities. Aeluma’s high-speed photodetectors and quantum dot lasers continue to attract customer attention. Our efforts include working with supply chain partners such as Sumitomo Chemical Advanced Technologies to ready technology in a production environment, and investment in MOCVD manufacturing capacity. Lastly, we continue to expand our customer discussions including negotiations on potential development investments and potentially large-volume product opportunities.”

Fiscal First Quarter 2027 Financial Results

• Revenue was $0.6 million, compared with $1.4 million in the first quarter of fiscal 2026, generated primarily from R&D contracts.
• Net loss was $3.8 million, or ($0.19) per basic and diluted share, compared with a net loss of $1.5 million, or ($0.09) per basic and diluted share, for the same period last year.
• Adjusted EBITDA loss was $2.7 million, compared with an adjusted EBITDA loss of $0.4 million in the same period last year.
• Cash and cash equivalents totaled $53.9 million at September 30, 2026, compared with $56.0 million at June 30, 2026.

Conference Call and Webcast

Aeluma will host a conference call at 2:00 p.m. Pacific Time and 5:00 p.m. Eastern Time on November 12, 2026 to discuss the Company’s financial results and business outlook. Interested participants may access the call by dialing (833) 890-6767 (domestic) or (412) 564-6155 (international) and referencing “Aeluma”.

A live webcast of the call will also be available on the “Investors” section of Aeluma’s website. The live webcast can also be accessed by clicking here. A replay of the conference call will be available on Aeluma’s website shortly after the call concludes.

Annual Meeting of Stockholders

Aeluma’s 2026 Annual Meeting of Stockholders will be held virtually on November 19, 2026 at 9:00 a.m. Pacific Time. Stockholders of record as of September 23, 2026 are entitled to vote. Additional information regarding the Annual Meeting, including voting and virtual attendance instructions, is available in Aeluma’s definitive proxy statement filed with the SEC on September 30, 2026.

Note about Non–GAAP Financial Measures

This press release includes and makes reference to certain non-GAAP financial measures. The presentation of this financial information is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP. Aeluma believes that the presentation of non-GAAP financial measures provides important supplemental information to management and investors regarding financial and business trends relating to the Company’s financial condition and results of operations. Aeluma believes that these non-GAAP financial measures provide additional insight into Aeluma’s ongoing performance and core operational activities and has chosen to provide these measures for more consistent and meaningful comparison between periods. These measures should only be used to evaluate Aeluma’s results of operations in conjunction with the corresponding GAAP measures. The non-GAAP results exclude the effect of stock-based compensation, depreciation and amortization.

This press release includes non-GAAP financial measures, including:

• Non-GAAP net income (loss), which is defined as GAAP net income (loss) plus stock-based compensation expenses; and
• Adjusted EBITDA, defined as non-GAAP net income (loss) plus depreciation and amortization expenses, less interest income.

A reconciliation between GAAP and non-GAAP financial results is provided in the financial statements portion of this press release.

Forward-Looking Statements

All statements in this press release that are not historical are forward-looking statements, including, among other things, statements relating to the Company’s expectations regarding its market position and market opportunity, expectations and plans as to its product development, manufacturing and sales, and relations with its partners and investors. These statements are not historical facts but rather are based on the Company’s current expectations, estimates, and projections regarding its business, operations and other similar or related factors. Words such as “may,” “will,” “could,” “would,” “should,” “anticipate,” “predict,” “potential,” “continue,” “expect,” “intend,” “plan,” “project,” “believe,” “estimate,” and other similar or related expressions are used to identify these forward-looking statements, although not all forward-looking statements contain these words. You should not place undue reliance on forward-looking statements because they involve known and unknown risks, uncertainties, and assumptions that are difficult or impossible to predict and, in some cases, beyond the Company’s control. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described in the Company’s filings with the Securities and Exchange Commission. The Company undertakes no obligation to revise or update information in this release to reflect events or circumstances in the future, even if new information becomes available.

About Aeluma, Inc.

Aeluma (NASDAQ: ALMU) is a transformative semiconductor company specializing in high-performance photonic and electronic technologies that scale. The company’s proprietary platform combines compound semiconductors with scalable manufacturing used for mass market microelectronics to enable volume production and large-scale integration. Applications for Aeluma’s technology include mobile, AI, defense and aerospace, robotics, automotive, AR/VR, and quantum. Headquartered in Goleta, California, Aeluma operates state-of-the-art R&D and manufacturing capabilities for semiconductor wafer production, quick-turn chip fabrication, rapid prototyping, test and validation. Aeluma also partners with production-scale fabrication foundries, packaging, and integration companies. For more information, visit www.aeluma.com.

Company:
Aeluma, Inc.
(805) 351-2707
info@aeluma.com

Investor Contact:
Financial Profiles, Inc.
Moira Conlon
(310) 622-8220
ir@aeluma.com

Aeluma, Inc. and Subsidiary Condensed Consolidated Balance Sheets
($ in thousands)		September 30, 2026 (unaudited)				June 30, 2026
Assets
Current assets:
Cash and cash equivalents		$	53,875			$	56,006
Accounts receivable			504				340
Prepaids and other current assets			716				965
Total current assets			55,095				57,311
Property and equipment:
Equipment			2,590				2,338
Leasehold improvements			547				547
Accumulated depreciation			(1,598	)			(1,469	)
Property and equipment, net			1,539				1,416
Right-of-use asset – operating			1,868				1,916
Other assets			21				21
Total assets		$	58,523			$	60,664
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable		$	368			$	341
Accrued expenses and other current liabilities			1,502				1,369
Lease liability – operating, current portion			183				180
Total current liabilities			2,053				1,890
Lease liability – operating, long-term portion			1,795				1,842
Total liabilities			3,848				3,732
Commitments and contingencies			–				–
Stockholders’ equity:
Preferred stock			–				–
Common stock			2				2
Additional paid-in capital			84,234				82,735
Accumulated deficit			(29,561	)			(25,805	)
Total stockholders’ equity			54,675				56,932
Total liabilities and stockholders’ equity		$	58,523			$	60,664

Aeluma, Inc. and Subsidiary Condensed Consolidated Statements of Operations (unaudited)
		Three Months Ended
($ in thousands, except per share data)		September 30, 2026				June 30, 2026				September 30, 2025
Revenue		$	568			$	582			$	1,385
Operating expenses:
Cost of revenue			339				433				701
Research and development							2,274				606
General and administrative			1,952				2,247				1,686
Total operating expenses			4,816				4,954				2,993
Loss from operations			(4,248	)			(4,372	)			(1,608	)
Other income:
Interest income			492				359				115
Total other income			492				359				115
Loss before income tax expense			(3,756	)			(4,013	)			(1,493	)
Income tax expense			–				–				–
Net loss		$	(3,756	)		$	(4,013	)		$	(1,493	)
Net loss per share – basic and diluted		$	(0.19	)		$	(0.22	)		$	(0.09	)
Weighted average common shares outstanding – basic and diluted			19,270,622				18,603,331				16,141,153
Book value per share		$	2.84			$	3.06			$	2.53

Aeluma, Inc. and Subsidiary Condensed Consolidated Statements of Cash Flows (unaudited)
		Three Months Ended September 30,
($ in thousands)		2026				2025
Operating activities:
Net loss		$	(3,756	)		$	(1,493	)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation expense			1,376				1,056
Depreciation and amortization expense			130				102
Changes in operating assets and liabilities:
Accounts receivable			(164	)			(286	)
Prepaids and other current assets			249				(196	)
Other assets			(1	)			(8	)
Accounts payable			27				(88	)
Accrued expenses and other current liabilities			393				98
Net cash used in operating activities			(1,746	)			(815	)
Investing activities:
Purchase of equipment			(252	)			(210	)
Net cash used in investing activities			(252	)			(210	)
Financing activities:
Proceeds from stock option exercise			174				47
Proceeds from public offering, net of offering costs			–				23,385
Payment for taxes related to net share settlement of stock options and restricted stock units			(307	)			–
Net cash provided by (used in) financing activities			(133	)			23,432
Net change in cash and cash equivalents			(2,131	)			22,407
Cash and cash equivalents, beginning of period			56,006				15,740
Cash and cash equivalents, end of period		$	53,875			$	38,147
Supplemental non-cash disclosures:
Right-of-use asset – operating obtained in exchange for lease liability – operating		$	–			$	274

Aeluma, Inc. and Subsidiary Reconciliation of GAAP and Non-GAAP Financial Measures (unaudited)
		Three Months Ended
($ in thousands, except per share data)		September 30, 2026				June 30, 2026				September 30, 2025
GAAP net loss		$	(3,756	)		$	(4,013	)		$	(1,493	)
Non-GAAP adjustments:
Stock-based compensation			1,376				1,308				1,056
Total adjustments to GAAP net loss			1,376				1,308				1,056
Non-GAAP net loss		$	(2,380	)		$	(2,705	)		$	(437	)
Depreciation & amortization			130				126				102
Interest income			(492	)			(359	)			(115	)
Adjusted EBITDA		$	(2,742	)		$	(2,938	)		$	(450	)
GAAP net loss per share – basic and diluted		$	(0.19	)		$	(0.22	)		$	(0.09	)
Non-GAAP adjustments			0.07				0.07				0.06
Non-GAAP net loss per share – basic and diluted		$	(0.12	)		$	(0.15	)		$	(0.03	)

Total revenue of $40.9 million, with services revenue and interest income at 59% of net revenue as platform spot trading volume declined 73% year-over-year; total operating expenses decreased 30% year-over-year

NEW YORK, Nov. 12, 2026 (GLOBE NEWSWIRE) — Gemini Space Station, Inc. (“Gemini,” the “Company,” “we,” or “us”) (NASDAQ: GEMI), a crypto and markets company, today announced financial results for the quarter ended September 30, 2026.

Total revenue was $40.9 million, compared to $50.6 million in the third quarter of 2025, a decrease of 19% year-over-year. Exchange revenue declined 47% year-over-year to $13.4 million, as total trading volume on our platform fell to $4.5 billion from $16.4 billion in the prior-year period. Services revenue and interest income was $23.3 million, compared to $23.4 million in Q3 2025, and represented 59% of net revenue.

Total operating expenses decreased 30% year-over-year to $119.9 million from $171.4 million, and declined 2% sequentially from $122.4 million in the second quarter of 2026, primarily driven by lower compensation costs and reduced marketing spend, reflecting continued cost discipline and lower headcount. Net loss improved 63% year-over-year to $58.6 million from $159.5 million.

“Operating expenses declined for a third consecutive quarter, and as we invest in growth, we intend to stay disciplined about where those dollars go,” said Tyler Winklevoss, CEO of Gemini. “We’re clear-eyed about the work ahead and committed to getting it right: deepening our relationships with the customers who use Gemini, continuing to iterate, and investing where customers and markets are headed. We expect to be judged on results, and we intend to earn the confidence of our customers and shareholders one quarter at a time.”

“We started Gemini in 2014 because we believed crypto would change how people save, spend and move value, and we’re in this for the long term,” said Cameron Winklevoss, President of Gemini. “Gemini 2.0 is our bet that the platforms that last will be the ones that own the regulated infrastructure underneath. We’re building ours to serve customers directly and to be something other platforms can build on.”

Third Quarter Results:

• Total revenue decreased 19% year-over-year and 10% sequentially to $40.9 million. Net revenue was $39.2 million, compared with $49.8 million in Q3 2025 and $43.7 million in Q2 2026.
  • Transaction revenue decreased 40% year-over-year and 10% sequentially to $15.9 million from $26.3 million in Q3 2025, driven by a significant decline in crypto trading activity.
    • Exchange revenue decreased 47% year-over-year to $13.4 million, primarily reflecting lower retail trading activity, partially offset by higher institutional revenue. Sequentially, exchange revenue increased 7%, while spot trading volume increased 18% to $4.5 billion, supported by increased institutional Zcash activity and expanded affiliated market-making.
    • Total trading volume was $4.5 billion, compared with $16.4 billion in Q3 2025 and $3.8 billion in Q2 2026. Approximately $1.2 billion, or 26%, of quarterly spot volume involved transactions between external customers and our market maker.
    • OTC revenue increased 60% year-over-year and decreased 64% sequentially to $1.7 million, compared with $1.1 million in Q3 2025 and $4.7 million in Q2 2026. The year-over-year increase reflects growth in electronic OTC (eOTC) client activity; the sequential decline is consistent with the variable nature of large institutional trades.
    • Prediction markets revenue was $0.8 million, up 52% from $0.5 million in Q2 2026. Prediction markets revenue is reported net of maker and taker incentive rebates.
  • Services revenue increased 7% year-over-year and decreased 10% sequentially to $21.3 million. Services revenue and interest income together totaled $23.3 million, compared to $23.4 million in Q3 2025, and represented 59% of net revenue, consistent with the second quarter and up from 47% in the prior-year quarter.
    • Credit card revenue increased 82% year-over-year, driven by growth in the Gemini Credit Card portfolio, and decreased 4% sequentially to $15.5 million.
    • Staking revenue decreased 29% year-over-year to $4.2 million, primarily driven by lower average staked asset balances and lower realized staking yields. Sequentially, staking revenue increased 3% reflecting price appreciation in underlying staked assets.
    • Advisory fee revenue was $0.6 million, compared with $2.7 million in the second quarter, reflecting completion in July of the recognition period for the compensatory warrant arrangement associated with an advisory services agreement with a strategic customer.
    • Interest income was $2.0 million, compared with $3.5 million in Q3 2025 and $2.4 million in Q2 2026, reflecting lower average customer custodial balances, partially offset by margin lending fees from our spot margin trading offering, which had no comparable activity in the prior-year period.
  • Total operating expenses decreased 30% year-over-year and 2% sequentially to $119.9 million, marking the third consecutive quarterly decline. The year-over-year decrease was driven primarily by lower sales and marketing expenses and lower salaries and compensation, partially offset by higher transaction losses.
    • Salaries and compensation decreased 32% year-over-year and increased 17% sequentially to $56.4 million, including $32.7 million of stock-based compensation, compared with $20.3 million in the second quarter. The sequential increase in stock-based compensation reflected equity-based annual bonus awards to Company employees recognized in July. Excluding stock-based compensation, salaries and compensation decreased 36% year-over-year and 15% sequentially to $23.7 million, reflecting the benefits of the February 2026 reduction in force.
    • Sales and marketing decreased 75% year-over-year and 6% sequentially to $8.3 million, reflecting a more selective approach to marketing investments. Within sales and marketing:
      • Marketing acquisition, brand spend and other costs decreased 97% year-over-year to $0.7 million.
      • Credit card rewards and promotional and referral incentives decreased 41% year-over-year to $7.6 million, as lower promotional and referral incentives more than offset a 21% increase in credit card rewards.
    • Transaction losses increased 38% year-over-year and declined from $20.1 million in the second quarter to $10.6 million, including credit card provision expense of $9.2 million, compared with $2.8 million in Q3 2025 and $16.1 million in Q2 2026. Credit card charge-offs increased to $11.5 million from $3.4 million, primarily reflecting accelerated charge-offs of accounts associated with the previously disclosed first-quarter fraud event. Managed credit card receivables were $202.2 million at quarter-end, compared with $150.6 million a year ago.
      • Non-fraud 30-plus-day delinquency increased to 3.4% from 3.3% in the second quarter. The Company believes this reflects, in part, the seasoning of accounts added during the rapid portfolio growth in the second half of 2025. During that expansion, receivables grew faster than delinquent balances developed, reducing the reported delinquency rate. As those accounts mature and receivables decline, both factors can contribute to a higher delinquency rate.
    • Technology expenses were $19.6 million, down 4% year-over-year, primarily reflecting lower amortization and impairment expenses. Expenses increased from $18.8 million in the second quarter, primarily due to higher cloud computing and infrastructure costs.
    • General and administrative expenses, including legal expenses were $19.8 million, up 2% year-over-year, as higher legal expenses were largely offset by lower professional services costs. Expenses decreased from $20.6 million in the second quarter.
    • Transaction processing decreased 39% year-over-year to $5.3 million, primarily driven by lower staking rewards and banking and compliance fees, partially offset by higher processing costs supporting new and expanded products, including Gemini Predictions.
  • Operating loss was $79.0 million, compared with $120.8 million in Q3 2025 and $76.9 million in Q2 2026. Sequentially, lower revenue and a $12.4 million increase in stock-based compensation more than offset a $14.9 million reduction in all other operating expenses. Adjusted Operating Loss, a non-GAAP measure, narrowed 42% year-over-year and 21% sequentially to $39.0 million, its fourth consecutive quarter of improvement.
  • Net loss narrowed 63% year-over-year and 46% sequentially to $58.6 million, compared to $159.5 million in Q3 2025.
  • Net loss per share, basic and diluted, was $0.46, compared with $6.67 in the prior-year quarter.
  • Adjusted EBITDA, a non-GAAP measure, was a loss of $11.6 million, compared with losses of $52.4 million in Q3 2025 and $74.0 million in Q2 2026. The sequential improvement reflected lower credit card provision and employee compensation costs, together with a $50.8 million favorable swing in net realized and unrealized results on crypto assets and related-party crypto loans, from a $25.0 million loss in Q2 to a $25.7 million gain in Q3.
  • Cash and cash equivalents totaled $194.1 million as of September 30, 2026, compared with $252.2 million as of December 31, 2025.
  • Monthly Transacting Users were 577,000, down 2% year-over-year and 1% sequentially.
  • Assets on Platform were $13.4 billion as of September 30, 2026, compared with $21.3 billion as of September 30, 2025 and $8.4 billion as of June 30, 2026. The year-over-year decrease reflects lower crypto asset valuations relative to the prior-year period and select institutional custody net outflows.

Business Highlights

Delivering on operational discipline

• Total operating expenses down 30% year-over-year to $119.9 million, the third consecutive sequential decline. Operating loss improved 35% year-over-year to $79.0 million. Adjusted Operating Loss narrowed 42% year-over-year to $39.0 million, the fourth consecutive quarterly improvement.

Gemini Is Opening Its Regulated Prediction Markets Infrastructure to Distribution and Clearing Partners

• On August 24, 2026, Gemini and Apex Fintech Solutions announced a non-binding letter of intent under which Gemini Titan, LLC would become the exclusive regulated venue for crypto event contracts distributed through Apex’s Futures Commission Merchant (FCM) to Apex’s brokerage customers. The letter of intent also allows the parties the flexibility to collaborate on additional contract categories, including sports, economics, and financial markets, on a non-exclusive basis. The letter of intent is subject to negotiation of definitive documentation, including with respect to the full scope of the implementation and integration of the intended relationship.
• Expanding distribution is a core part of Gemini’s prediction markets strategy. Gemini intends to make its in-house exchange and clearinghouse available to brokerages, FCMs, and other designated contract markets that want to offer event contracts without building their own infrastructure, and is in active discussions with additional prospective distribution and clearing partners.

Gemini Expands Access to Its Platform for Developers and AI Agents

• More customers now use AI tools to research markets and get context before they invest. Gemini’s goal is to let customers bring the AI agent of their choice to a single Gemini account spanning crypto, stocks, and prediction markets, and to connect to new AI platforms as they emerge.
• In October, Gemini made its Model Context Protocol (MCP) server available on AI platforms, including Anthropic and OpenAI. Customers can use AI agents to pull real-time Gemini market data and research context directly within those tools.
• Gemini rebuilt its developer platform with dedicated documentation for each product line and released a public, dependency-free TypeScript SDK covering its trading products.

Conference Call

As previously announced, management will host a conference call tomorrow, November 13, 2026, at 8:30 a.m. E.T to discuss its Q3 2026 earnings results. The event will be webcast live via our investor relations website.

Call registration and webcast details are available on the Events page of our investor relations website https://investors.gemini.com/ ahead of the call. Following the call, a replay and transcript, as well as copies of Gemini’s earnings press release and earnings presentation, will also be available at https://investors.gemini.com/. The information on our website or accessible through our website is not incorporated or a part of this earnings release.

Gemini Space Station, Inc.
Condensed Consolidated Balance Sheets (in thousands, except par value) (unaudited)
	September 30,				December 31,
		2026				2025
Assets
Current assets:
Cash and cash equivalents	$	194,120			$	252,215
Restricted cash and cash equivalents		89,432				115,279
Customer custodial funds		464,307				527,354
Crypto assets held		415,241				439,622
Accounts receivable, net		26,714				30,887
Credit card receivables pledged		170,196				188,754
Prepaid expenses and other current assets		49,077				52,140
Total current assets		1,409,087				1,606,251
Software, property and equipment, net		12,023				15,083
Intangible assets, net		123,184				139,805
Other non-current assets, net		31,010				40,708
Total assets	$	1,575,304			$	1,801,847
Liabilities and Stockholders’ Equity
Current liabilities:
Custodial funds due to customers	$	464,116			$	527,307
Accounts payable		8,658				2,647
Accrued expenses		27,854				42,679
Third party loans		75,469				75,151
Related party loans		367,182				403,931
Funding debt		153,247				154,374
Other current liabilities		25,228				34,315
Total current liabilities		1,121,754				1,240,404
Non-current liabilities:
Lease liabilities		11,098				20,570
Total non-current liabilities		11,098				20,570
Total liabilities		1,132,852				1,260,974
Commitments and contingencies
Stockholders’ equity:
Class A common stock, par value $0.001 per share; 1,000,000 shares authorized; 55,905 and 42,329 shares issued and outstanding as of September 30, 2026 and December 31, 2025, respectively		57				43
Class B common stock, par value $0.001 per share; 100,000 shares authorized; 75,127 shares issued and outstanding as of September 30, 2026 and December 31, 2025		75				75
Preferred stock, par value $0.001 per share; 20,000 shares authorized, no shares issued and outstanding as of September 30, 2026 and December 31, 2025		—				—
Treasury stock at cost; 1,392 and 284 shares as of September 30, 2026 and December 31, 2025, respectively		(572	)			(568	)
Additional paid-in capital		2,760,587				2,583,689
Accumulated other comprehensive income		894				887
Accumulated deficit		(2,318,589	)			(2,043,253	)
Total stockholders’ equity		442,452				540,873
Total liabilities and stockholders’ equity	$	1,575,304			$	1,801,847

Gemini Space Station, Inc.
Condensed Consolidated Statements of Operations and Comprehensive Loss (in thousands, except per share data) (unaudited)
	Three Months Ended September 30,								Nine Months Ended September 30,
		2026				2025				2026				2025
Revenue:
Net revenue	$	39,203			$	49,775			$	131,485			$	117,689
Other revenue		1,678				843				5,143				1,540
Total revenue		40,881				50,618				136,628				119,229
Operating expenses:
Salaries and compensation		56,376				82,523				170,027				153,624
Technology		19,551				20,317				60,399				54,790
General and administrative		19,804				19,335				62,069				52,582
Transaction losses		10,615				7,693				41,852				15,376
Sales and marketing		8,271				32,926				36,160				58,084
Transaction processing		5,287				8,617				16,273				19,028
Total operating expenses		119,904				171,411				386,780				353,484
Operating loss		(79,023	)			(120,793	)			(250,152	)			(234,255	)
Other income (expense):
Realized and unrealized gain (loss) on crypto assets and receivable, crypto assets pledged		135,946				106,809				(25,751	)			144,664
Realized and unrealized gain (loss) on related party crypto loans		(110,208	)			(83,096	)			15,545				(145,144	)
Change in fair value on related party convertible notes		—				(8,178	)			—				(25,789	)
Change in fair value on related party loans		—				(24,989	)			—				(119,309	)
Interest expense on related party loans		(3,166	)			(17,847	)			(9,191	)			(48,090	)
Interest expense on third party loans		(1,438	)			(4,655	)			(5,039	)			(11,148	)
Interest expense on funding debt		(2,427	)			(314	)			(7,475	)			(314	)
Other income (expense), net		1,683				(7,637	)			6,771				(8,727	)
Total other income (expense), net		20,390				(39,907	)			(25,140	)			(213,857	)
Net loss before income taxes		(58,633	)			(160,700	)			(275,292	)			(448,112	)
Income tax benefit (provision)		(1	)			1,186				(44	)			6,122
Net loss	$	(58,634	)		$	(159,514	)		$	(275,336	)		$	(441,990	)
Net loss per share attributable to common stockholders
Basic	$	(0.46	)		$	(6.67	)		$	(2.25	)		$	(39.02	)
Diluted	$	(0.46	)		$	(6.67	)		$	(2.25	)		$	(39.02	)
Weighted average shares outstanding – basic and diluted:		128,456				23,931				122,147				11,327
Net loss	$	(58,634	)		$	(159,514	)		$	(275,336	)		$	(441,990	)
Other comprehensive income (loss):
Foreign currency translation, net of tax		109				(792	)			7				1,117
Change in fair value attributable to instrument-specific credit risk		—				—				—				3,271
Total other comprehensive income (loss)		109				(792	)			7				4,388
Comprehensive loss	$	(58,525	)		$	(160,306	)		$	(275,329	)		$	(437,602	)

Gemini Space Station, Inc.
Condensed Consolidated Statements of Cash Flows (in thousands) (unaudited)
	Nine Months Ended September 30,
		2026				2025
Cash flows from operating activities
Net loss	$	(275,336	)		$	(441,990	)
Adjustments to reconcile net loss to net cash used in operating activities
Depreciation and amortization		22,126				23,189
Impairment		1,327				—
Change in fair value on related party convertible notes		—				25,789
Change in fair value on related party loans		—				119,309
Realized and unrealized loss (gain) on crypto assets and receivable, crypto assets pledged		25,751				(144,664	)
Realized and unrealized loss (gain) on related party crypto loans		(15,545	)			145,144
Provision for transaction losses		41,852				15,376
Stock-based compensation		77,152				48,959
Crypto assets received as revenue		(6,376	)			(23,680	)
Crypto asset payments for expenses		28,651				33,629
Warrants received as revenue		(6,031	)			(2,098	)
Non-cash lease expense		4,460				3,105
Realized and unrealized gain on derivatives		(2,300	)			(561	)
Other operating activities, net		3,336				(610	)
Changes in operating assets and liabilities:
Purchase of crypto assets		(639,161	)			(143,037	)
Disposal of crypto assets		621,400				212,360
Accounts receivable		(30,124	)			(11,603	)
Other assets		(3,012	)			137,210
Accounts payable and accrued expenses		(7,591	)			(11,142	)
Payables due to related parties		1,736				29,540
Payables due to third parties		(80	)			5,913
Payables due for funding debt		173				314
Lease liabilities		(6,019	)			(4,359	)
Other liabilities		(3,262	)			(96,292	)
Net cash used in operating activities		(166,873	)			(80,199	)
Cash flows from investing activities
Proceeds from disposal of crypto assets		76,132				93,809
Purchases of credit card receivables		(1,429,911	)			(646,827	)
Proceeds from repayments of credit card receivables		1,441,190				561,829
Capitalization of internally developed software costs		(1,986	)			(3,501	)
Purchase of software, property and equipment		(475	)			(1,507	)
Other investing activities, net		140				(59	)
Net cash provided by investing activities		85,090				3,744
Cash flows from financing activities
Proceeds from issuance of common stock in connection with initial public offering, net of underwriting discounts and commissions and offering costs		—				397,306
Proceeds from issuance of common stock in connection with concurrent private placement with Nasdaq		—				50,000
Custodial funds due to customers, net of redemptions		(63,661	)			(40,455	)
Proceeds from related party loans		—				15,100
Proceeds from third party loan, net of discount		75,000				74,250

Gemini Space Station, Inc.
Condensed Consolidated Statements of Cash Flows (in thousands) (unaudited)
	Nine Months Ended September 30,
		2026				2025
Proceeds from funding debt		1,249,530				99,040
Repayment of funding debt		(1,250,831	)			(50,150	)
Repayment of third party loans		(75,000	)			—
Payment of withholding taxes on settlement of restricted stock units		(240	)			(6,929	)
Payment for tax withholdings related to net share settlements of equity awards		(4	)			(568	)
Net cash provided by (used in) financing activities		(65,206	)			537,594
Net increase (decrease) in cash, cash equivalents, restricted cash and cash equivalents		(146,989	)			461,139
Cash, cash equivalents, restricted cash and cash equivalents, beginning of period		894,848				646,858
Cash, cash equivalents, restricted cash and cash equivalents, end of period	$	747,859			$	1,107,997
Cash, cash equivalents, restricted cash and cash equivalents consisted of the following:
Cash and cash equivalents	$	194,120			$	487,462
Restricted cash and cash equivalents		89,432				87,731
Customer custodial funds		464,307				532,804
Total cash, cash equivalents, restricted cash and cash equivalents	$	747,859			$	1,107,997
Supplemental disclosure of cash flow information
Cash paid during the period for interest	$	12,176			$	23,635
Cash paid during the period for income taxes, net of refunds		470				531
Supplemental schedule of non-cash investing and financing activities
Conversion of related party loans and related party convertible notes to common stock in connection with initial public offering	$	—			$	804,297
Conversion of convertible preferred units to common stock in connection with initial public offering		—				534,368
Related party loans received in crypto assets		223,980				418,458
Conversion of related party loans into related party convertible notes		—				246,245
Repayments of related party loans denominated in crypto assets		246,920				151,378
Issuance of common stock in exchange for crypto assets		100,000				—
Credit card receivables posted (returned) as collateral for funding debt, net		(18,558	)			67,918
Receivable for crypto assets pledged as collateral for third-party loans, net		—				46,096
Crypto assets posted (returned) as collateral for derivatives, net		(904	)			6,007
Repayment of third party loan interest denominated in crypto		—				5,417
Deferred offering costs not yet paid		—				6,141
Change in fair value attributable to instrument-specific credit risk		—				3,271

Reconciliation of Non-GAAP Financial Measures

Adjusted EBITDA (in thousands)	Q3’25				Q4’25				Q1’26				Q2’26				Q3’26
Net loss	$	(159,514	)		$	(140,823	)		$	(108,978	)		$	(107,724	)		$	(58,634	)
Adjusted to exclude the following:
Provision for (benefit from) income taxes		(1,186	)			135				21				22				1
Interest expense		22,816				10,782				7,598				7,076				7,031
Depreciation and amortization		7,672				7,534				7,482				7,298				7,346
Stock-based compensation expense		45,751				35,997				24,178				20,304				32,670
Impairment		—				650				—				—				—
Restructuring charges(1)		—				—				7,866				—				—
Non-recurring legal contingencies, settlements, and related costs		—				—				424				—				—
Change in fair value on related party convertible notes		8,178				—				—				—				—
Change in fair value on related party loans		24,989				—				—				—				—
Non-recurring gain related to conversion of convertible notes and term loans		—				(5,841	)			—				—				—
Unrealized foreign exchange loss (gain)		(1,087	)			(591	)			1,484				(1,010	)			(4	)
Adjusted EBITDA	$	(52,381	)		$	(92,157	)		$	(59,925	)		$	(74,034	)		$	(11,590	)
__________________
(1) Includes impairment charges in connection with the restructuring of $1.3 million.

Adjusted Operating Loss (in thousands)	Q3’25				Q4’25				Q1’26				Q2’26				Q3’26
Operating loss	$	(120,793	)		$	(111,401	)		$	(94,188	)		$	(76,941	)		$	(79,023	)
Adjusted to exclude the following:
Depreciation and amortization		7,672				7,534				7,482				7,298				7,346
Stock-based compensation		45,751				35,997				24,178				20,304				32,670
Impairment		–				650				—				—				—
Restructuring charges(1)		–				–				7,866				—				—
Non-recurring legal contingencies, settlements, and related costs		–				–				424				—				—
Adjusted Operating Loss	$	(67,370	)		$	(67,220	)		$	(54,238	)		$	(49,339	)		$	(39,007	)
__________________
(1) Includes impairment charges in connection with the restructuring of $1.3 million.

Forward-Looking Statements
This communication contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact are forward-looking statements. These statements include, but are not limited to, statements regarding our operating results and financial position; anticipated future expenses, including our financial outlook, and investments; expectations regarding our liquidity, capital resources, indebtedness, financing arrangements and ability to obtain additional capital or financing; expectations relating to certain of our key financial and operating metrics; our business strategy and plans, including expectations related to our full-stack end-to-end marketplace and super app strategy; expectations relating to legal and regulatory proceedings; expectations relating to our industry, the regulatory environment, market conditions, trends, and growth; expectations relating to customer behaviors and preferences; our market position; potential market opportunities; and our objectives for future operations. The words “believe,” “may,” “will,” “estimate,” “potential,” “continue,” “anticipate,” “intend,” “expect,” “could,” “would,” “project,” “plan,” “target,” and similar expressions are intended to identify forward-looking statements. Forward-looking statements are based on management’s expectations, assumptions, and projections based on information available at the time the statements were made. These forward-looking statements are subject to a number of risks, uncertainties, and assumptions, including, among others: our ability to successfully execute our business and growth strategy and generate future profitability; market acceptance of our products and services; our ability to further penetrate our existing customer base and expand our customer base; our ability to develop new products and services and achieve customer adoption of them; our ability to obtain applicable regulatory approvals; the success or anticipated timing of any acquisitions, partnerships, or investments that we enter into; the possibility of adverse developments in pending litigation; the risk that the outcome of currently ongoing and potential future regulatory litigation and/or enforcement actions, as well as potential changes in federal or state law, could immediately or subsequently prevent us from offering, or continuing to offer, sports contracts or event contracts altogether; the effects of increased competition in our markets; our ability to stay in compliance with applicable laws and regulations; stock price fluctuations; market conditions across the cryptoeconomy, including crypto price volatility; and general market, political, and economic conditions, including interest rate fluctuations, inflation, tariffs, instability in the global banking system, economic downturns, and other global events, including regional wars and conflicts and government shutdowns. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties, and assumptions, our actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements. Further information on risks that could cause actual results to differ materially from anticipated results is included, or will be included, in our filings we make with the Securities and Exchange Commission from time to time, including our Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q. Except as required by law, we assume no obligation to update these forward-looking statements, or to update the reasons if actual results differ materially from those anticipated in the forward-looking statements.

Non-GAAP Financial Measures

Adjusted EBITDA

Management believes that Adjusted EBITDA, which is a measure not presented in accordance with GAAP, provides investors with additional useful information in evaluating our performance. We use this non-GAAP measure internally to evaluate performance and to make financial, investment and operational decisions. We believe that presentation of this non-GAAP measure provides investors with greater transparency with respect to our operating results and that this measure is useful for period-to-period comparisons of results. Management also believes that providing this non-GAAP measure helps investors evaluate the Company’s operating performance, profitability and business trends in a way that is consistent with how management evaluates such matters.

We define Adjusted EBITDA as net income (loss), adjusted to exclude provision for (benefit from) income taxes, interest expense, depreciation and amortization, stock-based compensation expense, impairment, restructuring charges, non-recurring legal contingencies, settlement and related costs, change in fair value on related party convertible notes, change in fair value on related party loans, gain on conversion of convertible notes and term loans, and unrealized foreign exchange loss (gain). Among other non-cash and non-recurring items, Adjusted EBITDA excludes stock-based compensation expense, which has recently been, and will continue to be for the foreseeable future, a significant recurring expense for our business and an important part of our compensation strategy. In addition, on February 5, 2026, the Company announced its plans to wind down operations in the United Kingdom, European Union, other European jurisdictions, and Australia. As such, beginning with the quarter ended March 31, 2026, Adjusted EBITDA also excludes related restructuring charges, which primarily relate to workforce reductions, lease exit costs, and other actions taken to streamline our operations and that we believe are unusual in nature and/or infrequent in occurrence and are not indicative of our ongoing operating activities.

Adjusted Operating Loss

Management believes that Adjusted Operating Loss, which is a measure not presented in accordance with GAAP, may provide investors with additional useful information in evaluating our operating performance and operating leverage. We use this non-GAAP measure to evaluate the efficiency of our cost structure, the relationship between revenue growth and operating expenses, and the progress of our ongoing operations. We believe that presentation of this non-GAAP measure provides investors with greater transparency with respect to our operating results by removing the effects of certain non-cash items and other adjustments that management believes may obscure our underlying operational performance, and that this measure is useful for period-to-period comparisons of results.

We define Adjusted Operating Loss as operating loss, adjusted to exclude depreciation and amortization, stock-based compensation, impairment, restructuring charges, and non-recurring legal contingencies, settlement and related costs.

Other companies, including companies in our industry, may calculate similarly titled non-GAAP measures differently or may use other non-GAAP measures to evaluate their performance, all of which could reduce the usefulness of our non-GAAP financial measures as a tool for comparison. A reconciliation of these non-GAAP measures is provided in this earnings release to the most directly comparable financial measure stated in accordance with GAAP. Investors are encouraged to review the related GAAP financial measures and the reconciliation of non-GAAP financial measures to their most directly comparable GAAP financial measures, and not to rely on any single financial measure to evaluate our business. These non-GAAP financial measures are presented for supplemental informational purposes only, have limitations as an analytical tool, and should not be considered in isolation or as a substitute for financial information presented in accordance with GAAP.

Key Performance Metrics

In addition to the measures presented in our unaudited condensed consolidated financial statements, management uses key performance metrics to help evaluate our business, identify trends affecting our business, formulate business plans, and make strategic decisions. Our key performance metrics include MTUs, LTUs, Card Sign-Ups, Trading Volume, and Assets on Platform. Definitions of these key performance metrics can be found below:

• Monthly Transacting User: any retail or institutional user who has engaged in any revenue-generating activity or whose account otherwise generated revenue for the Company in the trailing thirty days. MTUs presented for a quarter represent the MTUs as of the last day of the respective quarter. MTUs presented as of the end of a year represent the MTUs as of the last day of that year.
• Lifetime Transacting User: LTUs represent the cumulative number of unique MTUs who have ever transacted on our platform and continue to maintain an open account, measured since inception.
• Card Sign-Ups: the cumulative number of approved applications for the Gemini Credit Card in the relevant period. Card Sign-Ups include customers who have been approved to open an account, regardless of whether they have subsequently activated or used their card or whether the account later remains open.
• Trading Volume: the total U.S. dollar equivalent value of spot matched trades transacted between a buyer and seller through our platform during the period of measurement, including trades in which our affiliated market maker is a counterparty.
• Assets on Platform: the total value of assets held on our platform and includes digital assets in custody, staking, and exchange products, user custodial fiat, and GUSD reserve assets.

For more information and a more detailed discussion of our Key Performance Metrics, refer to our Quarterly Report on Form 10-Q for the quarter ended September 30, 2026 that has been filed with the SEC.

Channels for Disclosure of Information

As a reminder, we announce material information to the public through filings with the SEC, the investor relations page on our website (investors.gemini.com), the blog on our website (www.gemini.com/blog), press releases, public conference calls, public webcasts, our X account (@gemini), and our LinkedIn page. The information disclosed in the foregoing channels could be deemed to be material information and we use these channels for complying with our disclosure obligations under Regulation FD. As such, we encourage investors, the media, and others to monitor the channels listed above and to review the information disclosed through such channels.

About Gemini
Gemini (NASDAQ: GEMI) is a crypto and markets company founded by Cameron and Tyler Winklevoss in 2014. Gemini offers a wide range of crypto and markets products and services for individuals and institutions. Gemini’s simple, reliable, and secure products are built to unlock the next era of financial, creative, and personal freedom.

Contact

Investors
Gemini Investor Relations
Email: investors@gemini.com

Press
Gemini Press Team
Email: press@gemini.com

HOUSTON, Nov. 12, 2026 (GLOBE NEWSWIRE) — Battalion Oil Corporation (NYSE American: BATL, “Battalion” or the “Company”) today announced financial and operating results for the third quarter of 2026.

Key Q3 2026 Highlights

• Generated third quarter 2026 sales volumes of 11,359 barrels of oil equivalent per day (“Boe/d”) (~43% oil, 69% liquids)
• Ended the quarter with $92.1 million of cash and cash equivalents and net debt (term loan indebtedness less cash and cash equivalents) of $70.4 million, down from $74.2 million at June 30, 2026 and $163.3 million at September 30, 2025.
• Placed 17.1 million shares of common stock under its at-the-market (“ATM”) program for net proceeds of $28.4 million. Subsequent to September 30, 2026, the Company placed 25,000 additional shares.
• Commenced drilling operations under the previously announced joint exploration and development agreement (“JEDA”). Subsequent to quarter end, have reached total depth on the four-well pad ahead of plan by over 25 days and under budget by more than $1.5 million gross cost. Completions will commence in late fourth quarter 2026 or early first quarter 2027.
• Appointed John “Brad” Juneau to the board of directors effective September 30, 2026.
• Executed a transformative midstream transaction on November 11, 2026 to transport the Company’s crude via pipeline rather than trucking. This transaction will significantly lower gathering costs as well as mitigate environment, health and safety risks.

Management Comments

During the third quarter of 2026, the Company returned to active drilling operations. The drilling performance on the first four wells of the JEDA has exceeded expectations by significant margins. The Company has contracted the rig for an additional four wells, and the rig is currently mobilizing to the next drilling location. Our partner in the JEDA has indicated their desire to participate in the next 4 wells. The Company also exceeded internal oil production targets for the third quarter of 2026, producing an average 4,915 net barrels oil per day versus a target of 4,835 net barrels oil per day.

Financing activities under the ATM program during the third quarter of 2026 have completed the transformation of our balance sheet. Following the close of the third quarter, the Company ceased nearly all trading under the ATM and maintains its commitment of judicious use of the facility going forward. Transition from trucking to transportation of oil via pipeline is a gamechanger for the Company and represents the culmination of years of multi-party negotiations.

“Our commitment to operational excellence has shown in our third quarter results. I’m proud of the team and look forward to continued execution,” said Daniel Rohling, COO of Battalion.

Results of Operations

Average daily net production and total operating revenue during the third quarter of 2026 were 11,359 Boe/d (43% oil) and $45.6 million, respectively, as compared to production and revenue of 12,293 Boe/d (53% oil) and $43.5 million, respectively, during the third quarter of 2025. The increase in revenues in the third quarter of 2026 as compared to the third quarter of 2025 is primarily attributable to a $5.13 increase per Boe in average realized prices (excluding the impact of hedges) partially offset by lower production primarily resulting from the disposition of volumes associated with the West Quito sale. Excluding the impact of hedges, Battalion realized approximately 98% of the average NYMEX oil price during the third quarter of 2026. Realized hedge losses totaled approximately $6.5 million during the third quarter of 2026.

Lease operating and workover expense was $10.40 per Boe in the third quarter of 2026 versus $11.69 per Boe in the third quarter of 2025. The decrease in lease operating and workover expense per Boe year-over-year is primarily the result of lower maintenance, power, and chemical costs. Gathering and other expenses were $12.57 per Boe in the third quarter of 2026 versus $9.02 per Boe in the third quarter of 2025. The increase in gathering and other expenses per Boe is primarily related to greater throughput volumes resulting from entry into a long-term processing agreement with a publicly traded large-cap midstream provider in January 2026. General and administrative expenses were $3.71 per Boe in the third quarter of 2026 compared to $2.73 per Boe in the third quarter of 2025. The increase in general and administrative expenses for the third quarter of 2026 is primarily due to higher professional fees including legal costs. Excluding non-recurring charges, general and administrative expenses would have been $3.29 per Boe in the third quarter of 2026.

For the third quarter of 2026, the Company reported a net loss available to common stockholders of $41.1 million and a net loss of $0.75 per share available to common stockholders, primarily reflecting a $44.8 million net loss on derivative contracts, of which $38.4 million was a non-cash unrealized mark-to-market loss. After adjusting for selected items, the Company reported an adjusted diluted net loss available to common stockholders for the third quarter of 2026 of $2.4 million or an adjusted diluted net loss of $0.04 per common share compared to an adjusted diluted net loss available to common stockholders for the third quarter of 2025 of $15.7 million or an adjusted diluted net loss of $0.96 per common share (see Reconciliation for additional information). Adjusted EBITDA during the quarter ended September 30, 2026 was $10.1 million as compared to $18.9 million during the quarter ended September 30, 2025 (see Adjusted EBITDA Reconciliation table for additional information). The Company generated net cash flows from operating activities of $1.6 million for the quarter ended September 30, 2026 compared to $28.0 million for the quarter ended September 30, 2025.

Liquidity and Balance Sheet

As of September 30, 2026, the Company had $162.5 million of term loan indebtedness outstanding and total liquidity made up of cash and cash equivalents of $92.1 million.

Forward Looking Statements

This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements that are not strictly historical statements constitute forward-looking statements. Forward-looking statements include, among others, statements about anticipated production, liquidity, capital spending, drilling and completion plans, and forward guidance. Forward-looking statements may often, but not always, be identified by the use of such words such as “expects”, “believes”, “intends”, “anticipates”, “plans”, “estimates”, “projects,” “potential”, “possible”, or “probable” or statements that certain actions, events or results “may”, “will”, “should”, or “could” be taken, occur or be achieved. Forward-looking statements are based on current beliefs and expectations and involve certain assumptions or estimates that involve various risks and uncertainties that could cause actual results to differ materially from those reflected in the statements. These risks include, but are not limited to, those set forth in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025, and other filings submitted by the Company to the SEC, copies of which may be obtained from the SEC’s website at www.sec.gov or through the Company’s website at www.battalionoil.com. Readers should not place undue reliance on any such forward-looking statements, which are made only as of the date hereof. The Company has no duty, and assumes no obligation, to update forward-looking statements as a result of new information, future events or changes in the Company’s expectations.

About Battalion

Battalion Oil Corporation is an independent energy company engaged in the acquisition, production, exploration and development of onshore oil and natural gas properties in the United States.

Contact

Matthew B. Steele
Chief Executive Officer & Principal Financial Officer
832-538-0300

BATTALION OIL CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (In thousands, except per share amounts)
		Three Months Ended								Nine Months Ended
		September 30,								September 30,
		2026				2025				2026				2025
Operating revenues:
Oil, natural gas and natural gas liquids sales:
Oil		$	37,987			$	38,325			$	123,421			$	114,316
Natural gas			2,380				853				(6,017	)			4,611
Natural gas liquids			5,080				4,208				15,083				14,420
Total oil, natural gas and natural gas liquids sales			45,447				43,386				132,487				133,347
Other			197				96				460				422
Total operating revenues			45,644				43,482				132,947				133,769
Operating expenses:
Production:
Lease operating			10,026				12,389				29,309				33,417
Workover and other			849				839				2,489				4,581
Taxes other than income			1,723				2,622				7,028				7,944
Gathering and other			13,139				10,199				36,657				33,157
General and administrative			3,879				3,085				12,205				10,065
Depletion, depreciation and accretion			11,060				13,522				35,644				40,541
Total operating expenses			40,676				42,656				123,332				129,705
Income from operations			4,968				826				9,615				4,064
Other income (expenses):
Net (loss) gain on derivative contracts			(44,831	)			5,180				(79,744	)			26,030
Interest expense and other			(3,637	)			(6,741	)			(13,478	)			(20,010	)
Loss on extinguishment of debt			—				—				(862	)			—
Total other (expenses) income			(48,468	)			(1,561	)			(94,084	)			6,020
(Loss) income before income taxes			(43,500	)			(735	)			(84,469	)			10,084
Income tax benefit (provision)			—				—				—				—
Net (loss) income		$	(43,500	)		$	(735	)		$	(84,469	)		$	10,084
Preferred dividends			(201	)			(14,279	)			(8,532	)			(34,369	)
Deemed contribution – preferred stock repurchase			2,593				—				2,593				—
Net loss available to common stockholders		$	(41,108	)		$	(15,014	)		$	(90,408	)		$	(24,285	)
Net loss per share of common stock available to common stockholders:
Basic		$	(0.75	)		$	(0.91	)		$	(2.74	)		$	(1.48	)
Diluted		$	(0.75	)		$	(0.91	)		$	(2.74	)		$	(1.48	)
Weighted average common shares outstanding:
Basic			54,686				16,457				32,980				16,457
Diluted			54,686				16,457				32,980				16,457

BATTALION OIL CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (In thousands, except share and per share amounts)
		September 30, 2026				December 31, 2025
Current assets:
Cash and cash equivalents		$	92,091			$	27,965
Accounts receivable, net			25,644				12,071
Assets from derivative contracts			2,672				16,145
Restricted cash			91				91
Prepaids and other			589				892
Total current assets			121,087				57,164
Oil and natural gas properties (full cost method):
Evaluated			840,724				890,050
Unevaluated			54,334				48,025
Gross oil and natural gas properties			895,058				938,075
Less: accumulated depletion			(582,880	)			(547,982	)
Net oil and natural gas properties			312,178				390,093
Other operating property and equipment:
Other operating property and equipment			4,692				4,678
Less: accumulated depreciation			(2,856	)			(2,807	)
Net other operating property and equipment			1,836				1,871
Other noncurrent assets:
Assets from derivative contracts			3,822				7,350
Operating lease right of use assets			7,152				840
Other assets			3,867				3,360
Total assets		$	449,942			$	460,678
Current liabilities:
Accounts payable and accrued liabilities		$	46,664			$	39,734
Liabilities from derivative contracts			31,447				633
Current portion of long-term debt			4,063				22,510
Operating lease liabilities			1,398				764
Total current liabilities			83,572				63,641
Long-term debt, net			154,239				180,955
Other noncurrent liabilities:
Liabilities from derivative contracts			18,328				1,692
Asset retirement obligations			18,832				20,837
Operating lease liabilities			5,913				104
Commitments and contingencies
Temporary equity:
Redeemable convertible preferred stock: 138,000 shares
of $0.0001 par value authorized, issued and outstanding,
$193,757 aggregate liquidation preference at December 31, 2025			—				226,241
Stockholders’ equity (deficit):
Redeemable convertible preferred stock: 103,041 shares
of $0.0001 par value authorized, issued and outstanding,
$162,821 aggregate liquidation preference at September 30, 2026			175,083				—
Common stock: 100,000,000 shares of $0.0001 par value authorized;
59,481,510 and 16,456,563 shares issued and outstanding at
September 30, 2026 and December 31, 2025, respectively			6				2
Additional paid-in capital			351,434				240,202
Accumulated deficit			(357,465	)			(272,996	)
Total stockholders’ equity (deficit)			169,058				(32,792	)
Total liabilities, temporary equity and stockholders’ equity		$	449,942			$	460,678

BATTALION OIL CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (In thousands)
		Three Months Ended								Nine Months Ended
		September 30,								September 30,
		2026				2025				2026				2025
Cash flows from operating activities:
Net (loss) income		$	(43,500	)		$	(735	)		$	(84,469	)		$	10,084
Adjustments to reconcile net (loss) income to net cash
provided by operating activities:
Depletion, depreciation and accretion			11,060				13,522				35,644				40,541
Stock-based compensation, net			115				—				536				(109	)
Unrealized loss (gain) on derivative contracts			38,378				(1,044	)			64,450				(20,120	)
Amortization of deferred financing costs			320				388				932				1,180
Loss on extinguishment of debt			—				—				862				—
Accrued settlements on derivative contracts			2,906				613				5,301				76
Other			126				84				133				193
Cash flows from operations before changes in working capital			9,405				12,828				23,389				31,845
Changes in working capital			(7,764	)			15,145				(10,865	)			19,064
Net cash provided by operating activities			1,641				27,973				12,524				50,909
Cash flows from investing activities:
Oil and natural gas capital expenditures			(5,276	)			(16,483	)			(13,094	)			(69,573	)
Proceeds received from sale of oil and natural gas assets			(1,245	)			—				58,810				—
Other operating property and equipment capital expenditures			—				—				—				(14	)
Other			(315	)			(5	)			(329	)			(375	)
Net cash (used in) provided by investing activities			(6,836	)			(16,488	)			45,387				(69,962	)
Cash flows from financing activities:
Proceeds from borrowings			—				—				—				63,000
Repayments of borrowings			—				(5,651	)			(45,635	)			(11,329	)
Debt issuance costs			(258	)			—				(1,322	)			(1,875	)
Proceeds from issuance of common stock			28,294				—				72,222				—
Preferred stock repurchase			(19,050	)			—				(19,050	)			—
Net cash provided by (used in) financing activities			8,986				(5,651	)			6,215				49,796
Net increase in cash, cash equivalents and restricted cash			3,791				5,834				64,126				30,743
Cash, cash equivalents and restricted cash at beginning of period			88,391				44,712				28,056				19,803
Cash, cash equivalents and restricted cash at end of period		$	92,182			$	50,546			$	92,182			$	50,546

BATTALION OIL CORPORATION SELECTED OPERATING DATA (Unaudited)
		Three Months Ended								Nine Months Ended
		September 30,								September 30,
		2026				2025				2026				2025
Production volumes:
Crude oil (MBbls)			452				599				1,490				1,752
Natural gas (MMcf)			1,969				1,778				6,035				5,713
Natural gas liquids (MBbls)			265				236				811				680
Total (MBoe)			1,045				1,131				3,307				3,384
Average daily production (Boe/d)			11,359				12,293				12,114				12,396
Average prices:
Crude oil (per Bbl)		$	84.04			$	63.98			$	82.83			$	65.25
Natural gas (per Mcf)			1.21				0.48				(1.00	)			0.81
Natural gas liquids (per Bbl)			19.17				17.83				18.60				21.21
Total per Boe			43.49				38.36				40.06				39.41
Cash effect of derivative contracts:
Crude oil (per Bbl)		$	(17.29	)		$	1.48			$	(16.19	)		$	(1.42	)
Natural gas (per Mcf)			0.73				1.83				1.48				1.47
Natural gas liquids (per Bbl)			(0.31	)			—				(0.10	)			—
Total per Boe			(6.18	)			3.66				(4.62	)			1.75
Average prices computed after cash effect of settlement of derivative contracts:
Crude oil (per Bbl)		$	66.75			$	65.46			$	66.64			$	63.83
Natural gas (per Mcf)			1.94				2.31				0.48				2.28
Natural gas liquids (per Bbl)			18.86				17.83				18.50				21.21
Total per Boe			37.31				42.02				35.44				41.16
Average cost per Boe:
Production:
Lease operating		$	9.59			$	10.95			$	8.86			$	9.88
Workover and other			0.81				0.74				0.75				1.35
Taxes other than income			1.65				2.32				2.13				2.35
Gathering and other			12.57				9.02				11.08				9.80
General and administrative, as adjusted (1)			3.29				2.44				3.05				2.50
Depletion			10.36				11.64				10.55				11.64
(1) Represents general and administrative costs per Boe, adjusted for items noted in the reconciliation below:
General and administrative:
General and administrative, as reported		$	3.71			$	2.73			$	3.70			$	2.97
Stock-based compensation:
Non-cash			(0.12	)			–				(0.17	)			(0.01	)
Non-recurring charges and other:
Cash			(0.30	)			(0.29	)			(0.48	)			(0.46	)
General and administrative, as adjusted(2)		$	3.29			$	2.44			$	3.05			$	2.50
Total operating costs, as reported		$	28.33			$	25.76			$	26.52			$	26.35
Total adjusting items			(0.42	)			(0.29	)			(0.65	)			(0.47	)
Total operating costs, as adjusted(3)		$	27.91			$	25.47			$	25.87			$	25.88

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(2) General and administrative, as adjusted, is a non-GAAP measure that excludes non-cash stock-based compensation charges relating to equity awards under our incentive stock plan, as well as other cash charges associated with non-recurring charges and other. The Company believes that it is useful to understand the effects that these charges have on general and administrative expenses and total operating costs and that exclusion of such charges is useful for comparison to prior periods.
(3) Represents lease operating expense, workover and other expense, taxes other than income, gathering and other expense and general and administrative costs per Boe, adjusted for items noted in the reconciliation above.

BATTALION OIL CORPORATION RECONCILIATION (Unaudited) (In thousands, except per share amounts)
		Three Months Ended								Nine Months Ended
		September 30,								September 30,
		2026				2025				2026				2025
As Reported:
Net loss available to common stockholders – diluted (1)		$	(41,108	)		$	(15,014	)		$	(90,408	)		$	(24,285	)
Impact of Selected Items:
Unrealized loss (gain) on derivatives contracts:
Crude oil		$	34,794			$	841			$	61,789			$	(21,485	)
Natural gas			2,167				(1,885	)			1,244				1,365
Natural gas liquids			1,417				—				1,417				—
Total mark-to-market non-cash charge			38,378				(1,044	)			64,450				(20,120	)
Loss on extinguishment of debt			—				—				862				—
Non-recurring charges			312				324				1,601				1,546
Selected items, before income taxes			38,690				(720	)			66,913				(18,574	)
Income tax effect of selected items			—				—				—				—
Selected items, net of tax			38,690				(720	)			66,913				(18,574	)
Net loss available to common stockholders, as adjusted		$	(2,418	)		$	(15,734	)		$	(23,495	)		$	(42,859	)
Diluted net loss per common share, as reported		$	(0.75	)		$	(0.91	)		$	(2.74	)		$	(1.48	)
Impact of selected items (3)			0.71				(0.05	)			2.03				(1.12	)
Diluted net loss per common share, excluding selected items (2)		$	(0.04	)		$	(0.96	)		$	(0.71	)		$	(2.60	)
Net cash provided by (used in) operating activities		$	1,641			$	27,973			$	12,524			$	50,909
Changes in working capital			7,764				(15,145	)			10,865				(19,064	)
Cash flows from operations before changes in working capital			9,405				12,828				23,389				31,845
Cash components of selected items			(2,594	)			(289	)			(3,700	)			1,470
Income tax effect of selected items			—				—				—				—
Cash flows from operations before changes in working capital, adjusted for selected items (2)		$	6,811			$	12,539			$	19,689			$	33,315

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(1) Amount reflects net loss available to common stockholders on a diluted basis for earnings per share purposes as calculated using the two-class method of computing earnings per share which is further described in Note 14, Earnings Per Share in our Form 10-K for the year ended December 31, 2025.
(2) Diluted net loss per common share excluding selected items and cash flows from operations before changes in working capital adjusted for selected items are non-GAAP measures presented based on management’s belief that they will enable a user of the financial information to understand the impact of these items on reported results. These financial measures are not measures of financial performance under GAAP and should not be considered as an alternative to net income, earnings per share and cash flows from operations, as defined by GAAP. These financial measures may not be comparable to similarly named non-GAAP financial measures that other companies may use and may not be useful in comparing the performance of those companies to Battalion’s performance.
(3) The impact of selected items for the three and nine months ended September 30, 2026 were calculated based upon weighted average diluted shares of 54.7 and 33.0 million, respectively, due to the net loss available to common stockholders, excluding selected items. The impact of selected items for the three and nine months ended September 30, 2025 were calculated based upon weighted average diluted shares of 16.5 million due to the net loss available to common stockholders, excluding selected items

BATTALION OIL CORPORATION ADJUSTED EBITDA RECONCILIATION (Unaudited) (In thousands)
		Three Months Ended								Nine Months Ended
		September 30,								September 30,
		2026				2025				2026				2025
Net (loss) income, as reported		$	(43,500	)		$	(735	)		$	(84,469	)		$	10,084
Impact of adjusting items:
Interest expense			4,632				7,318				15,597				21,848
Depletion, depreciation and accretion			11,060				13,522				35,644				40,541
Stock-based compensation			126				—				547				48
Interest income			(903	)			(503	)			(1,839	)			(1,846	)
Loss on extinguishment of debt			—				—				862				—
Unrealized loss (gain) on derivatives contracts			38,378				(1,044	)			64,450				(20,120	)
Non-recurring charges and other			312				324				1,601				1,546
Adjusted EBITDA(1)		$	10,105			$	18,882			$	32,393			$	52,101

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(1) Adjusted EBITDA is a non-GAAP measure, which is presented based on management’s belief that it will enable a user of the financial information to understand the impact of these items on reported results. This financial measure is not a measure of financial performance under GAAP and should not be considered as an alternative to GAAP measures, including net (loss) income. This financial measure may not be comparable to similarly named non-GAAP financial measures that other companies may use and may not be useful in comparing the performance of those companies to Battalion’s performance.

BATTALION OIL CORPORATION ADJUSTED EBITDA RECONCILIATION (Unaudited) (In thousands)
		Three Months				Three Months				Three Months				Three Months
		Ended				Ended				Ended				Ended
		September 30, 2026				June 30, 2026				March 31, 2026				December 31, 2025
Net (loss) income, as reported		$	(43,500	)		$	15,508			$	(56,477	)		$	1,795
Impact of adjusting items:
Interest expense			4,632				5,124				5,841				6,987
Depletion, depreciation and accretion			11,060				12,222				12,362				11,603
Asset impairment			—				—				—				1,072
Stock-based compensation			126				421				—				—
Interest income			(903	)			(612	)			(324	)			(414	)
Loss on extinguishment of debt			—				—				862				—
Unrealized loss (gain) on derivatives contracts			38,378				(20,865	)			46,937				(9,313	)
Non-recurring charges and other			312				454				835				1,631
Adjusted EBITDA(1)		$	10,105			$	12,252			$	10,036			$	13,361
Adjusted LTM EBITDA(1)		$	45,754

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(1) Adjusted EBITDA is a non-GAAP measure, which is presented based on management’s belief that it will enable a user of the financial information to understand the impact of these items on reported results. This financial measure is not a measure of financial performance under GAAP and should not be considered as an alternative to GAAP measures, including net (loss) income. This financial measure may not be comparable to similarly named non-GAAP financial measures that other companies may use and may not be useful in comparing the performance of those companies to Battalion’s performance.

BATTALION OIL CORPORATION ADJUSTED EBITDA RECONCILIATION (Unaudited) (In thousands)
		Three Months				Three Months				Three Months				Three Months
		Ended				Ended				Ended				Ended
		September 30, 2025				June 30, 2025				March 31, 2025				December 31, 2024
Net (loss) income, as reported		$	(735	)		$	4,796			$	6,023			$	(22,202	)
Impact of adjusting items:
Interest expense			7,318				7,341				7,189				6,135
Depletion, depreciation and accretion			13,522				13,939				13,080				14,155
Asset impairment			—				—				—				18,511
Stock-based compensation			—				—				48				12
Interest income			(503	)			(764	)			(579	)			(278	)
Loss on extinguishment of debt			—				—				—				7,489
Unrealized (gain) loss on derivatives contracts			(1,044	)			(7,248	)			(11,828	)			1,648
Change in fair value of embedded derivative liability			—				—				—				(761	)
Merger Termination Payment			—				—				—				(10,000	)
Non-recurring charges and other			324				73				1,149				3,310
Adjusted EBITDA(1)		$	18,882			$	18,137			$	15,082			$	18,019
Adjusted LTM EBITDA(1)		$	70,120

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(1) Adjusted EBITDA is a non-GAAP measure, which is presented based on management’s belief that it will enable a user of the financial information to understand the impact of these items on reported results. This financial measure is not a measure of financial performance under GAAP and should not be considered as an alternative to GAAP measures, including net income (loss). This financial measure may not be comparable to similarly named non-GAAP financial measures that other companies may use and may not be useful in comparing the performance of those companies to Battalion’s performance.