Author: Ravi Shankar

Advertising and marketing expense decreases 16.7% sequentially as revenue per dollar of advertising and marketing expense improves approximately 38%

Roseland, NJ, Nov. 12, 2026 (GLOBE NEWSWIRE) — Gaxos.ai Inc. (“Gaxos” or the “Company”)(NASDAQ: GXAI), a company developing artificial intelligence applications across various high-growth sectors, today reported financial and operating results for the third quarter ended September 30, 2026.

Third-quarter consolidated revenue was approximately $2.81 million, an increase of 14.5% from approximately $2.46 million in the second quarter of 2026 and 464.9% from approximately $0.50 million in the third quarter of 2025.

“Our third quarter results show continued revenue growth alongside lower advertising and marketing expense,” said Vadim Mats, CEO of Gaxos. “We achieved record consolidated revenue while improving revenue per dollar of advertising and marketing expense by approximately 38% from the second quarter. We remain focused on improving customer acquisition efficiency and scaling products and channels with favorable contribution economics.”

Third Quarter Financial Highlights

•    Consolidated revenue of approximately $2.81 million, up 14.5% from the second quarter of 2026 and 464.9% from the third quarter of 2025.
•    Basic and diluted net loss per common share attributable to common shareholders was $0.08 in the third quarter of 2026 from $0.14 in the third quarter of 2025.

•    Advertising and marketing expense of approximately $2.62 million, down 16.7% from approximately $3.14 million in the second quarter of 2026.

•    Revenue per dollar of advertising and marketing expense of approximately $1.08, compared with $0.78 in the second quarter, an improvement of approximately 38%.

•    Cash and short-term investments at approximately $13.30 million as of September 30, 2026.

Revenue and Advertising and Marketing Expense

Revenue increased 14.5% sequentially during the third quarter, while advertising and marketing expense decreased approximately 16.7%. As a result, revenue generated per advertising dollar improved approximately 38%, reaching $1.08 compared with approximately $0.78 in the second quarter.

Advertising and marketing expense represented approximately 93% of consolidated revenue during the third quarter, compared with approximately 128% in the second quarter, an improvement of approximately 35%.

Advertising and marketing expense totaled approximately $2.62 million during the third quarter, compared with approximately $3.14 million during the second quarter.

“We are continuously fine-tuning our approach to customer acquisition,” Mats continued. “Our revenue generated per advertising dollar showed significant improvement as we work on strategy As always, we strive to continue building on our progress.”

Liquidity and Capital Structure

As of September 30, 2026, Gaxos had cash and short-term investments of approximately $13.30 million, compared with approximately $11.44 million at June 30, 2026.

As of November 11, 2026, the Company had 13,752,288 shares of common stock outstanding.

During the third quarter, the Company received approximately $3.17 million in net proceeds from warrant exercises and issued 3,007,654 shares of common stock. Additional details are provided in Note 6 to the Company’s Quarterly Report on Form 10-Q for the period ended September 30, 2026. The Company did not issue shares through its at-the-market offering program during the quarter ended September 30, 2026.

Outlook and Operating Priorities

During the remainder of 2026, Gaxos intends to focus on:

• Increasing recurring and repeat revenue across its core operating businesses;
• Improving customer-acquisition efficiency and advertising payback;
• Scaling products and customer channels demonstrating favorable contribution economics;
• Maintaining discipline in operating expenditures and capital allocation; and
• Providing investors with additional operating measurements, where reliable and appropriate.

Form 10-Q

Additional information regarding the Company’s third-quarter results is available in its Quarterly Report on Form 10-Q for the period ended September 30, 2026, filed today with the Securities and Exchange Commission.

About Gaxos.ai Inc.

Gaxos.ai Inc. (Nasdaq: GXAI) develops artificial intelligence applications designed to address opportunities across consumer and enterprise markets. The Company’s operations include Gaxos Labs, which develops and commercializes AI-powered applications, and RNK Health, a majority-owned subsidiary offering personalized weight loss, longevity, and performance treatments. Gaxos also holds a strategic minority investment in America First Defense.AI, a defense-technology company developing next-generation counter-UAS and robotic platforms.

For more information, visit Gaxos.AI. You can also follow Gaxos.ai on LinkedIn for the latest updates and news.

Forward-Looking Statements

Certain statements contained in this press release are “forward-looking statements” within the meaning of the federal securities laws. Forward-looking statements are made based on our expectations and beliefs concerning future events impacting the Company and therefore involve several risks and uncertainties. You can identify these statements by the fact that they use words such as “will”, “anticipate”, “estimate”, “expect”, “should”, “may”, and other words and terms of similar meaning or use of future dates; however, the absence of these words or similar expressions does not mean that a statement is not forward-looking. Forward-looking statements provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to any historical or current fact. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors disclosed in our filings with the SEC, accessible through the SEC’s website (http://www.sec.gov), including our most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K filed or furnished with the SEC. In addition to these factors, actual future performance, outcomes, and results may differ materially because of more general factors, including (without limitation) general industry and market conditions and growth rates, economic conditions, and governmental and public policy changes. The forward-looking statements included in this press release represent the Company’s views as of the date of this press release and these views could change. The Company disclaims any obligation to update forward-looking statements. These forward-looking statements should not be relied upon as representing the Company’s views as of any date subsequent to the date of the press release. The contents of any website referenced in this press release are not incorporated by reference herein.

Gaxos.ai Inc. Company Contact

Investor Relations
E:ir@gaxos.ai
T: 1-888-319-2499

GLYFADA, Greece, Nov. 12, 2026 (GLOBE NEWSWIRE) — Globus Maritime Limited (“Globus” or the “Company”) (NASDAQ: GLBS), a dry bulk shipping company, announced today that it will release financial results for the three-month and nine-month periods ended September 30, 2026, after the market closes in New York on Monday November 16, 2026.

About Globus Maritime Limited

Globus is an integrated dry bulk shipping company that provides marine transportation services worldwide and presently owns, operates and manages a fleet of eleven dry bulk vessels that transport iron ore, coal, grain, steel products, cement, alumina and other dry bulk cargoes internationally. Globus’ subsidiaries own and operate eleven vessels with a total carrying capacity of approximately 808,622 DWT and a weighted average age of about 7.5 years as of November 12, 2026.

Safe Harbor Statement

This communication contains “forward-looking statements” as defined under U.S. federal securities laws. Forward-looking statements provide the Company’s current expectations or forecasts of future events. Forward-looking statements include statements about the Company’s expectations, beliefs, plans, objectives, intentions, assumptions and other statements that are not historical facts or that are not present facts or conditions. Words or phrases such as “anticipate,” “believe,” “continue,” “estimate,” “expect,” “intend,” “may,” “ongoing,” “plan,” “potential,” “predict,” “project,” “will” or similar words or phrases, or the negatives of those words or phrases, may identify forward-looking statements, but the absence of these words does not necessarily mean that a statement is not forward-looking. Forward-looking statements are subject to known and unknown risks and uncertainties and are based on potentially inaccurate assumptions that could cause actual results to differ materially from those expected or implied by the forward-looking statements. The Company’s actual results could differ materially from those anticipated in forward-looking statements for many reasons specifically as described in the Company’s filings with the Securities and Exchange Commission. Accordingly, you should not unduly rely on these forward-looking statements, which speak only as of the date of this communication. Globus undertakes no obligation to publicly revise any forward-looking statement to reflect circumstances or events after the date of this communication or to reflect the occurrence of unanticipated events. You should, however, review the factors and risks Globus describes in the reports it files from time to time with the Securities and Exchange Commission.

For further information please contact:
Globus Maritime Limited	+30 210 960 8300
Athanasios Feidakis	a.g.feidakis@globusmaritime.gr
Capital Link – New York	+1 212 661 7566
Nicolas Bornozis	globus@capitallink.com

WILMINGTON, N.C., Nov. 12, 2026 (GLOBE NEWSWIRE) — nCino, Inc. (NASDAQ: NCNO), the platform for agentic AI banking, will report financial results for its third quarter ended October 31, 2026, after the market close on Tuesday, December 1, 2026. nCino will host a conference call and webcast that day at 4:30 p.m. ET to discuss its financial results.

Event: nCino’s Third Quarter Fiscal Year 2027 Financial Results Conference Call
Date and Time: Tuesday, December 1, 2026 at 4:30 p.m. ET
Webcast Link: https://investor.ncino.com/
Replay: A webcast replay will be available on nCino’s Investor Relations website following the call.

About nCino  
nCino (NASDAQ: NCNO) is the platform for agentic AI banking. With over 2,700 customers worldwide – including community banks, credit unions, independent mortgage banks, and the largest financial entities globally – nCino offers a trusted, agentic platform purpose-built for financial services and regulated industries. By deploying AI agents alongside human teams, nCino’s dual workforce enables institutions to eliminate inefficiencies, sharpen decision-making and deliver better outcomes for the customers they serve. For more information, visit www.ncino.com.    

INVESTOR CONTACT
investor@ncino.com 

MEDIA CONTACT  
press@ncino.com  

AUSTIN, Texas, Nov. 12, 2026 (GLOBE NEWSWIRE) — Digital Realty (NYSE: DLR), the world’s largest cloud- and carrier-neutral data center platform, announced today that its board of directors has authorized quarterly cash dividends for common and preferred stock for the fourth quarter of 2026.    

Common Stock  
Digital Realty’s board of directors authorized a cash dividend of $1.22 per share to common stockholders of record as of the close of business on December 15, 2026. The common stock cash dividend will be paid on January 15, 2027.    

Series J Cumulative Redeemable Preferred Stock  
The company’s board of directors authorized a cash dividend of $0.328125 per share to holders of record of the company’s 5.250% Series J Cumulative Redeemable Preferred Stock as of the close of business on December 15, 2026. The Series J Cumulative Redeemable Preferred Stock cash dividend will be paid on December 31, 2026.    

Series K Cumulative Redeemable Preferred Stock  
The company’s board of directors authorized a cash dividend of $0.365625 per share to holders of record of the company’s 5.850% Series K Cumulative Redeemable Preferred Stock as of the close of business on December 15, 2026. The Series K Cumulative Redeemable Preferred Stock cash dividend will be paid on December 31, 2026.    

Series L Cumulative Redeemable Preferred Stock  
The company’s board of directors authorized a cash dividend of $0.325000 per share to holders of record of the company’s 5.200% Series L Cumulative Redeemable Preferred Stock as of the close of business on December 15, 2026. The Series L Cumulative Redeemable Preferred Stock cash dividend will be paid on December 31, 2026.    

About Digital Realty  
Digital Realty brings companies and data together by delivering the full spectrum of data center, colocation and interconnection solutions. PlatformDIGITAL^®, the company’s global data center platform, provides customers with a secure data meeting place and a proven Pervasive Datacenter Architecture (PDx^®) solution methodology for powering innovation, from cloud and digital transformation to emerging technologies like artificial intelligence (AI), and efficiently managing Data Gravity challenges. Digital Realty gives its customers access to the connected data communities that matter to them with a global data center footprint of 300+ facilities in 55+ metros across 30+ countries on six continents. To learn more about Digital Realty, please  visit digitalrealty.com or follow us on LinkedIn and X.

Investor Relations  
Jordan Sadler / Jim Huseby  
Digital Realty  
(737) 281-0101
InvestorRelations@digitalrealty.com 

Safe Harbor Statement  
This press release contains forward-looking statements which are based on current expectations, forecasts and assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially, including statements related to the amount and timing of expected payment of dividends on our common stock and preferred stock.  For a list and description of such risks and uncertainties, see the reports and other filings by the company with the U.S. Securities and Exchange Commission.  The company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

NEW ALBANY, Ohio, Nov. 12, 2026 (GLOBE NEWSWIRE) — CVG (NASDAQ: CVGI) (“CVG” or the “Company”), a diversified industrial products and services company, today announced that, in connection with the previously announced appointment of David Ruppel as President and Chief Executive Officer effective November 9, 2026, CVG granted Mr. Ruppel equity awards as a material inducement to his acceptance of employment with CVG in accordance with Nasdaq Listing Rule 5635(c)(4). The awards were approved by CVG’s independent directors on October 30, 2026 and were granted outside of CVG’s Second Amended and Restated 2020 Equity Incentive Plan (the “Plan”), but are subject to terms and conditions consistent with those of awards granted under the Plan.

On November 9, 2026, CVG granted Mr. Ruppel the following awards:

• Make-whole awards in respect of unvested equity awards that Mr. Ruppel forfeited upon leaving his prior employer, Littelfuse, Inc., consisting of (i) 611,481 restricted shares of CVG common stock, which vest 50% on each of November 9, 2027 and November 9, 2028, and (ii) 384,552 performance shares at target (up to 769,104 shares at maximum), which may be earned from 0% to 200% of target based on CVG’s relative total shareholder return for the performance period from January 1, 2027 through December 31, 2028 and, to the extent earned, vest on December 31, 2028; and
• An initial long-term incentive award with a target value of $1,600,000, consisting of (i) 198,757 restricted shares of CVG common stock, which vest in three substantially equal annual installments on March 31, 2028, March 31, 2029 and March 31, 2030, and (ii) 298,136 performance shares at target (up to 596,272 shares at maximum), which may be earned from 0% to 200% of target based on the same performance measures, weightings, goals and payout methodology to be established for the 2027 performance share awards to CVG’s other executive officers, for the performance period from January 1, 2027 through December 31, 2029 and, to the extent earned, vest on December 31, 2029.

In the aggregate, the awards cover 2,175,614 shares of CVG common stock, assuming maximum performance under the performance share awards. The number of shares subject to the awards was determined using the November 9, 2026 closing prices of CVG common stock and, for the make-whole awards, Littelfuse, Inc. common stock. Vesting of the awards is generally subject to Mr. Ruppel’s continued employment with CVG through the applicable vesting date, subject to accelerated vesting in certain circumstances as provided in the applicable award agreements. The restricted shares will vest in full upon Mr. Ruppel’s death or disability, upon a termination of his employment by CVG without cause or by him for good reason within 13 months following a change in control, or upon a change in control in which the restricted shares are not assumed or substituted, and the performance shares will be earned at the greater of target and actual performance upon a change in control.

About CVG

CVG is a global provider of systems, assemblies and components to global commercial vehicle markets and electric vehicle markets. We deliver real solutions to complex design, engineering and manufacturing problems while creating positive change for our customers, industries and communities we serve. Information about the Company and its products is available on the internet at www.cvgrp.com.

Investor Relations Contact:
Ross Collins or Nathan Skown
Alpha IR Group
CVGI@alpha-ir.com

Azora Therapeutics commenced trading on Nasdaq as “AZR”

New executive team and Board of Directors appointed

AT177 IND submission and Phase 1a initiation on track for the first half of 2027

LOS ANGELES, Nov. 12, 2026 (GLOBE NEWSWIRE) — Azora Therapeutics, Inc. (Nasdaq: AZR) (“Azora” or the “Company”), a biopharmaceutical company developing locally acting treatments for serious immune-mediated and inflammatory diseases, today provided a business update and reported its financial results for the third quarter ended September 30, 2026.

During the quarter, Azora continued to advance AT177 through IND-enabling studies and expanded its scientific and operating team. AT177 is a proprietary, oral, colon-targeted aryl-hydrocarbon receptor (AhR) agonist designed to restore mucosal immune homeostasis at the site of disease with minimal systemic exposure.

“With our transition to Nasdaq, Azora is well positioned for success to bring AhR biology to people living with ulcerative colitis,” said Matt Davidson, Ph.D., President, Co-Founder and Chief Executive Officer. “We are pleased to have recently strengthened our leadership team, appointing Celia Economides as CFO and David Rubenstein, M.D., Ph.D., as Chief Scientist. Dr. Rubenstein led the development and FDA approval of the first AhR agonist. We have further added to our depth of experience through the appointment of new Board members who bring inflammatory disease, clinical development and company building expertise to Azora. Our focus now is execution excellence, and we remain on track to submit an IND for AT177 and initiate our Phase 1a trial in the first half of 2027.”

Corporate Highlights

• New name and Nasdaq ticker. Effective October 29, 2026, the Company changed its name from Adial Pharmaceuticals, Inc. to Azora Therapeutics, Inc., and its common stock began trading on The Nasdaq Capital Market under the symbol “AZR.”
• Stockholder approvals. On October 28, 2026, the Company’s stockholders approved all remaining transaction matters, including the conversion of the Series A preferred stock and the exercise of the pre-funded and milestone warrants. On November 2, 2026, 9,924.260 shares of Series A preferred stock converted into 9,924,260 shares of common stock. The remaining 3,006.341 shares of Series A preferred stock remain outstanding and convertible into 3,006,341 shares of common stock, subject to beneficial ownership limitations.

New executive team
The following were appointed to executive roles at Azora effective October 28, 2026:

• Matt Davidson, Ph.D., Azora co-founder, was appointed President and Chief Executive Officer. He previously founded Verrica Pharmaceuticals and led development of the first FDA-approved treatment for molluscum contagiosum.
• Celia Economides was appointed Chief Financial Officer based on her more than 20 years of biopharma finance leadership across public and private companies.
• Julie Saiki, Ph.D., Azora co-founder, was appointed Chief Strategy Officer. Her research at Stanford helped establish AhR activation as a potential therapeutic approach for ulcerative colitis and provided the scientific foundation for AT177.
• David Rubenstein, M.D., Ph.D., joined as Chief Scientist. As Chief Scientific Officer of Dermavant Sciences, he led tapinarof (VTAMA® cream 1%), the first FDA-approved AhR agonist, through development and approval.

New Board of Directors
On November 3, 2026, the Board appointed three independent directors, joining Dr. Davidson, who serves as Chair, and Wendy Young, Ph.D., former Senior Vice President of Small Molecule Drug Discovery at Genentech:

• Aida Habtezion, M.D., former Chief Medical Officer of Pfizer and former Stanford gastroenterologist whose research included the role of AhR in intestinal immunity.
• Paul Hastings, Chief Executive Officer of Nkarta and former Chair of the Biotechnology Innovation Organization (BIO).
• Thomas Soloway, Chief Executive Officer of T-knife Therapeutics and former Chief Financial Officer of Audentes Therapeutics and Ascendis Pharma, chairs the Audit Committee.

Milestone financing
On September 16 and September 30, 2026, the Company amended its securities purchase agreement and note exchange agreements to remove a provision that reduced investors’ milestone warrant purchase rights by the percentage of their initial closing pre-funded warrants exercised. Up to approximately $32.4 million in gross proceeds could be received if investors elect to purchase the milestone warrants.

AT177 Program Update and Milestones

• IND-enabling studies continued, building on completed GLP toxicology studies and pre-IND feedback from the FDA.
• GMP manufacturing initiated to support clinical development of AT177.
• First half of 2027: Planned IND submission and initiation of a Phase 1a single- and multiple-ascending-dose (SAD/MAD) trial, subject to regulatory clearance.

Third Quarter 2026 Financial Results
Cash position
Cash and cash equivalents were $22.0 million as of September 30, 2026, compared to $28.7 million as of June 30, 2026. Existing cash and cash equivalents are anticipated to fund the Company’s current operating plan, including completion of IND-enabling studies and the Phase 1a trial. This does not assume any proceeds from the issuance and sale of milestone warrants.

Research and development (R&D) expenses increased by approximately $1.3 million to $1.8 million for the three months ended September 30, 2026, compared to $0.5 million for the same period in 2025. The increase reflects preclinical and toxicology work for AT177.

General and administrative (G&A) expenses increased by approximately $4.5 million to $5.8 million for the three months ended September 30, 2026, compared to $1.2 million for the same period in 2025. The increase reflects merger and integration costs, as well as stock-based compensation and severance expenses.

Net loss was $64.6 million, or $4.52 per basic and diluted share, for the three months ended September 30, 2026, compared to $1.8 million, or $2.02 per share, for the same period in 2025. The third quarter net loss includes a non-cash charge of $57.1 million for the change in fair value of the milestone warrant rights liability, recorded before those rights were reclassified to equity.

Stockholders’ equity
As of September 30, 2026, the Company had a stockholders’ deficit of $21.1 million, primarily because $38.5 million of Series A convertible preferred stock was classified as temporary equity pending conversion. Following the September amendments, the $80.9 million milestone warrant rights liability was reclassified to equity, and it no longer requires remeasurement. On October 28, 2026, the stockholders approved the conversion of the Series A convertible preferred stock, and as a result the Company expects to reclassify the $38.5 million carrying value of the Series A convertible preferred stock into stockholders’ equity in the fourth quarter of 2026. On November 2, 2026, 9,924.260 shares of Series A preferred stock converted into 9,924,260 shares of common stock.

About AT177
AT177 is a fully synthetic, patented, oral AhR agonist designed to restore mucosal immune homeostasis at the site of disease with minimal systemic exposure. AT177 is a prodrug of the active ingredient, indirubin, a potent AhR agonist derived from indigo naturalis, a botanical extract that has been evaluated in clinical studies in patients with ulcerative colitis but has not been approved by the U.S. Food and Drug Administration. AT177’s colon-targeted formulation is designed to deliver therapeutic AhR engagement directly to the colonic mucosa with the goal of minimizing the systemic AhR exposure associated with adverse effects. In preclinical studies, AT177 demonstrated robust local colonic AhR activation with markedly limited systemic exposure. AT177 is currently in IND-enabling studies, with an IND submission and Phase 1a clinical trial planned for the first half of 2027.

About Azora Therapeutics
Azora Therapeutics is a biopharmaceutical company focused on developing treatments for serious inflammatory diseases. The company was launched out of Stanford University after being incubated in the translational medicine SPARK program. Azora owns worldwide royalty-free rights to its technology, which is based on the development of oral agonists of the aryl hydrocarbon receptor. Azora’s lead program is AT177, a proprietary colon-targeted aryl hydrocarbon receptor (AhR) agonist designed to enable localized activation with limited systemic exposure in development for ulcerative colitis. More information on Azora can be found on the company’s website at www.AzoraTherapeutics.com.

Forward-Looking Statements

This communication contains certain “forward-looking statements” within the meaning of the U.S. federal securities laws. Such statements are based upon various facts and derived utilizing numerous important assumptions and are subject to known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Statements preceded by, followed by or that otherwise include the words “believes,” “expects,” “anticipates,” “intends,” “projects,” “estimates,” “plans” and similar expressions or future or conditional verbs such as “will,” “should,” “would,” “may” and “could” are generally forward-looking in nature and not historical facts, although not all forward-looking statements include the foregoing. The forward-looking statements include, but are not limited to, statements regarding advancing AT177 into the clinic in 2027; building long-term value for patients and shareholders; the aryl hydrocarbon receptor’s (“AhR”) potential to restore immune homeostasis and epithelial barrier function in UC; the targeted delivery strategy addressing an important limitation of earlier AhR agonists and positioning AT177 to capture the promise of localized AhR activation with a potentially better safety profile; remaining on track to submit an IND in the first half of 2027; existing cash and cash equivalents funding the Company’s current operating plan; the potential purchase of milestone warrants by investors; and the initiation of a Phase 1a SAD/MAD clinical trial planned to commence in the first half of 2027, followed by a Phase 1b proof-of-concept study in UC patients. Any forward-looking statements included herein reflect the Company’s current views, and they involve certain risks and uncertainties, including, among others, the Company’s ability to continue as a going concern and to raise additional capital when needed on acceptable terms or at all; the Company’s identified material weakness in internal control over financial reporting; the Company’s ability to submit an IND and initiate a Phase 1a SAD/MAD clinical trial in the first half of 2027, followed by a Phase 1b proof-of-concept study in UC patients; the Company’s ability to pursue its regulatory strategy; the ability to reproduce favorable results in clinical trials; the Company’s ability to obtain regulatory approvals for commercialization of product candidates or to comply with ongoing regulatory requirements; the Company’s ability to develop strategic partnership opportunities and maintain collaborations; the Company’s ability to obtain or maintain the capital or grants necessary to fund its research and development activities; the Company’s ability to complete clinical trials on time and achieve desired results and benefits as expected; regulatory limitations relating to the Company’s ability to promote or commercialize its product candidates for specific indications; acceptance of the Company’s product candidates in the marketplace and the successful development, marketing or sale of its products; the Company’s ability to maintain its license agreements; the continued maintenance and growth of the Company’s patent estate and its ability to retain its key employees. These risks should not be construed as exhaustive and should be read together with the other cautionary statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, subsequent Quarterly Reports on Form 10-Q (including Amendment No. 1 to the Quarterly Report on Form 10-Q for the quarter ended June 30, 2026) and current reports on Form 8-K filed with the Securities and Exchange Commission. Any forward-looking statement speaks only as of the date on which it was initially made. The Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, changed circumstances or otherwise, unless required by law.

Investor Contact:

Mike Moyer
Managing Director
LifeSci Advisors, LLC
Phone: (617) 328-4326
Email: mmoyer@lifesciadvisors.com

Media Contact:

Ashley Biladeau
Inizio Evoke Comms
Ashley.Biladeau@inizioevoke.com

AZORA THERAPEUTICS, INC.
Condensed Statement of Operations and Comprehensive Loss
(Unaudited)
(in thousands, except share and per share data)
		For the Three Months  Ended								For the Nine Months Ended
		September 30,								September 30,
		2026				2025				2026				2025
Operating Expenses:
Research and development expenses(1)		$	1,775			$	521			$	2,648			$	2,000
General and administrative expenses(1)			5,756				1,243				12,725				3,914
Acquired in-process research and development			—				—				46,185				—
Total Operating Expenses			7,531				1,764				61,558				5,914
Loss From Operations			(7,531	)			(1,764	)			(61,558	)			(5,914	)
Other Income (Expense)
Interest income			170				48				275				107
Change in fair value of milestone warrant rights liability			(57,108	)			—				(48,828	)			—
Financing expense allocated to milestone warrant rights liability			—				—				(2,067	)			—
Loss on extinguishment of Azora Therapeutics convertible promissory notes			—				—				(6,054	)			—
Loss on equity method investment			(93	)			(77	)			(342	)			(339	)
Other income (expenses)			—				(1	)			—				165
Total other income (expense)			(57,031	)			(30	)			(57,016	)			(67	)
Net Loss		$	(64,562	)		$	(1,794	)		$	(118,574	)		$	(5,981	)
Loss per share, basic and diluted		$	(4.52	)		$	(2.02	)		$	(17.41	)		$	(11.35	)
Weighted average shares, basic and diluted			14,296,323				886,852				6,810,071				526,829

_{⁽¹⁾ Includes stock-based compensation as follows (non-cash operating expenses):}

		Three Months Ended						Nine Months Ended
		September 30,						September 30,
		2026			2025			2026			2025
Research and development		$	213			4			220			10
General and administrative			745			143			1,023			498
Total stock-based compensation expense		$	958		$	147		$	1,243		$	508

AZORA THERAPEUTICS, INC.
Condensed Balance Sheet Data
(Unaudited)
(in thousands)
		September 30,				December 31,
		2026				2025
Cash and cash equivalents		$	22,044			$	5,881
Working capital			17,321				4,784
Total assets			22,528				6,674
Stockholders’ (deficit) equity		$	(21,061	)		$	5,277

240 net new ounces behind GLDY, up from 15 in Q2; Cask Foundation begins liquidity bootstrapping for USGY; debt-free with $36.5 million total liquidity position⁽¹⁾

WINTER PARK, Fla., Nov. 12, 2026 (GLOBE NEWSWIRE) — Streamex Corp. (“Streamex” or the “Company”) (NASDAQ: STEX), a technology company building the future of the commodity markets through tokenization, today announced financial results for the third quarter and nine months ended September 30, 2026.

Third Quarter 2026 Highlights

• GLDY growth: Gold behind GLDY rose to 3,351 ounces from 3,111, adding 240 net new ounces compared with 15 in the second quarter. The Company issued 208 new GLDY to subscribers, compared with 27.
• External ownership doubled: Outside holders owned 17.7% of outstanding GLDY at September 30, up from 9.0% at June 30. GLDY assets under management were $14.0 million at market value, up 12% in the quarter.
• Gold lease income: $145 thousand, and $291 thousand year-to-date. Excluding approximately $12 thousand of first-quarter income recognized in the second quarter, lease income grew approximately 8.2%.
• Operating expenses: $18.1 million, including $9.3 million of non-cash stock-based compensation. Of the $2.8 million increase, $2.2 million was non-cash stock-based compensation; the remainder was mainly external legal counsel and costs supporting product development.
• Net loss and Adjusted EBITDA⁽¹⁾: Net loss of $17.5 million, or $(0.09) per share, for the third quarter of 2026, compared with $14.6 million, or $(0.08) per share, for the second quarter of 2026. Adjusted EBITDA of $(7.2) million for the third quarter of 2026, compared with $(6.6) million for the second quarter of 2026.
• Balance sheet: Debt-free, with a total liquidity position⁽¹⁾ of $36.5 million, total cash and investments⁽¹⁾ of $13.2 million and working capital of $22.0 million. Operating cash burn averaged $1.5 million a month, down from $1.6 million in the second quarter.

⁽¹⁾ Adjusted EBITDA, total cash and investments and total liquidity position are non-GAAP financial measures. See “Non-GAAP Financial Information” and the reconciliation tables at the end of this press release.

“Q1 launched GLDY, Q2 built the distribution around it, and Q3 was about scaling that distribution and adoption,” said Henry McPhie, Co-Founder and Chief Executive Officer of Streamex. “Over the last ninety days, an institutional investment manager began running a gold carry strategy with GLDY as its long leg, outside ownership doubled, and the Cask Foundation began bootstrapping liquidity for its first product, USGY. Next week, GLDY goes live as the first tokenized asset on Equity Trust’s IRA platform. This is not scale yet, but the drivers that can get us there are now live or under way.”

Business Highlights

• Equity Trust: GLDY is expected to go live next week on the IRA platform of Equity Trust, which has about $73 billion of assets under custody and administration and around 368,000 accounts. GLDY will be the first tokenized asset on the platform, allowing U.S. investors to hold yield-bearing gold in an IRA.
• Institutional allocation: An initial $1 million institutional allocation was made to a gold carry strategy run by an institutional investment manager, which holds GLDY as its long leg.
• Cask Foundation: Liquidity bootstrapping began in October for USGY, the Cask Gold Yield Vault, which holds its spot gold position in GLDY. The Cask Foundation expects to launch USGY publicly once initial bootstrapping is complete. GLDC is set up and ready, with launch by the Cask Foundation anticipated in early 2027. A Streamex subsidiary acts as servicer to the Cask Foundation and earns revenue from its products.
• GLDY Access Network: Several distribution partners with more than $160 billion of combined assets. CNB Custody went live in October, adding qualified custody for RIAs and advisors.
• Yield and attestation: Seven consecutive monthly distributions, every one paid in gold. GLDY paid 31 ounces in lease yield in the quarter, up from 19. Net asset value has tracked gold one-to-one since launch, and reserves are independently attested by EisnerAmper and viewable on Chainlink Proof of Reserve.
• New brand: Streamex introduced its new brand today, starting with streamex.com and its investor materials.

Commitments for the Next Ninety Days

Streamex will report on each of the following when it reports fourth quarter 2026 results:

• Grow institutional demand: more capital into the carry strategy, and new institutional buyers of GLDY.
• Support the Cask Foundation as it completes initial liquidity bootstrapping and launches USGY publicly, and report USGY’s contribution to GLDY assets under management.
• Fund the first GLDY IRA accounts on Equity Trust.
• GLDC: set up and ready, with launch by the Cask Foundation anticipated in early 2027 as USGY scales.
• Bring operating cash burn to a range of $1.1 million to $1.3 million a month, from $1.5 million in the third quarter.
• Continue independent reserve attestations and monthly distributions.

“We ended the quarter debt-free with $36.5 million of total liquidity,” said Christine Plummer, Chief Financial Officer of Streamex. “Most of our net loss is non-cash. Burn came in above what we expected in August, and bringing it down to a range of $1.1 million to $1.3 million a month while assets build is a priority. Our fees scale with assets against a largely fixed cost base, so once fees cover fixed costs, incremental assets should flow through to Adjusted EBITDA⁽¹⁾.”

Streamex Q3 2026 Results & Quarterly Update Call Details

Management will host a conference call and webcast today, November 12, 2026, at 4:30 p.m. ET to discuss third quarter 2026 results and provide a business update.

Dial-in: (800) 715-9871 (U.S. toll-free) or +1 (646) 307-1963 (international)
Conference ID: 4933172
Webcast: https://ir.streamex.com/financial-information/quarterly-results

A replay will be available on the Investor Relations section of ir.streamex.com shortly after the call. Questions may be submitted in advance to ir@streamex.com.

About Streamex Corp.

Streamex Corp. (NASDAQ: STEX) is a technology and infrastructure company focused on the tokenization and digitalization of commodity real-world assets. Streamex delivers institutional-grade solutions that bridge traditional finance and blockchain-enabled markets through secure, regulated, and yield-bearing financial instruments.

For more information, visit www.streamex.com.

Important Disclosure

This press release is issued by Streamex Corp. concerning developments in its own business. It is not an offer to sell or a solicitation of an offer to buy any security, including any interest in any fund or investment strategy referenced herein, and it is not intended to advertise, promote, or solicit investment in any fund. No information contained herein should be construed as a recommendation to invest in any fund or trading or investment strategy.

Streamex is not a placement agent, distributor, solicitor, or agent for the investor referenced in this release, its manager, or any fund, and receives no compensation based on capital raised by any such fund. References to the strategy are provided solely as context for Streamex’s commercial relationship with the investor and its expected effect on GLDY assets under management. The commitment described herein represents an indication of capital to be deployed and remains subject to execution of definitive documentation, satisfaction of conditions, and funding. There can be no assurance that it will be funded in whole or in part, or that any particular amount of GLDY will be acquired.

Nothing in this release constitutes investment, legal, tax, or accounting advice. GLDY is offered by Streamex Ltd. pursuant to applicable exemptions from registration and is available only to eligible investors; this release does not constitute an offer of GLDY, GLDC or USGY. The Cask Foundation is an independent Cayman foundation company. A Streamex subsidiary is its servicer, not the issuer of Cask products. USGY is not available to U.S. persons and is not offered by this press release. The targeted 3.5% annualized GLDY yield is a target, is not guaranteed, and is subject to the risks of the Company’s gold leasing program, including counterparty default.

Forward-Looking Statements

This press 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. These forward-looking statements relate to, among other things, the expected ability of Streamex Ltd. to execute on its business plan and develop, utilize and commercialize Blockchain technology to bring to market a tokenized security offering investors exposure to the spot price of gold plus yield, and the continued payment of the targeted annualized yield and monthly distributions on GLDY; the initial institutional allocation, the deployment and potential scaling of that allocation through follow-on investment, additional institutional allocations to GLDY, and their effect on GLDY assets under management; anticipated growth in GLDY assets under management and token issuance, and related issuance and transaction fee income, the Company’s fee model and expected operating leverage; the availability and adoption of GLDY for custody in individual retirement accounts through Equity Trust Company, including the expected timing of its launch and API onboarding; the expansion of the GLDY access network, including additional brokerages and custodians, and the continued availability of liquidity and settlement characteristics for GLDY; the expected establishment, timing and functionality of products of the Cask Foundation, including the progress of liquidity bootstrapping for and the public launch of the Cask Gold Yield Vault (USGY), the anticipated launch of GLDC, and further vault products, their growth and effect on GLDY assets, and the servicing revenue Streamex expects to earn from them; our reserve attestation track record and the continuation of reserve attestations; the timing of our tokenized silver launch, and planned on-chain functionality for GLDY, such as borrowing and lending; expected operating cash use, and our liquidity and runway; the stock repurchase program; the expected capabilities of the Streamex platform, including Streamex Ltd., to deliver functionality that provides clients with access to on-chain tools to facilitate the design and instantiation of tokenized structured products and securitization of commodity opportunities and treasury management solutions, and that provides investor end-users with access to such opportunities and an ability to acquire and manage such products within their portfolio; the expected usefulness of Blockchain technology as a tool to ensure complete delivery of the on-chain commodity markets, tokenized commodity solutions and treasury management solutions; the expected ability of Streamex to leverage Blockchain technology to ensure the delivery of such solutions on the Streamex platform; the expected use cases and functionality of the tokenized structured products on the Streamex platform; and statements regarding future product functionality, launch timing and expected expense levels reflect current intentions and estimates and are not commitments, guidance or guarantees. In some cases, you can identify forward-looking statements by terminology such as “anticipate”, “intend”, “plan”, “goal”, “seek”, “believe”, “project”, “estimate”, “expect”, “strategy”, “target”, “future”, “likely”, “may”, “should”, “will”, or the negative of these terms, and similar expressions or variations of such words. There can be no assurance that the institutional allocation described in this press release will be scaled through follow-on investment, that any particular amount of GLDY will be acquired, or that GLDY assets under management will grow by any particular amount.

Although forward-looking statements in this press release reflect good faith judgment of the Company’s management, such statements can only be based on facts or factors currently known by the Company. Consequently, forward-looking statements are inherently subject to risks and uncertainties, and actual results and outcomes may differ materially from the results and outcomes discussed in, or anticipated by, the forward-looking statements. Factors that could cause or contribute to such differences in results and outcomes include, without limitation, economic and financial conditions, including volatility in interest and exchange rates, commodity and equity prices and the value of financial assets; volatility in the capital or credit markets; the impact of securities regulation on the ability of Streamex to create a financial and marketplace economy based on the currently intended business model; the adequacy of Streamex’s working capital and other conditions which may affect Streamex’s ability to achieve the expected growth, product development, market position and expansion; the level of demand and financial performance of online, Blockchain-enabled financial services providers and the tokenized structures, tools and technology Streamex will deploy, and the growth of clients and users and Blockchain industries in general; changes in client and user demand; the ability of Streamex Ltd. to secure industrial leases with third parties and the ability for such lessee third parties to make lease payments; any developments and changes in laws and regulations, including increased regulation of the Blockchain industry through legislative action and revised rules and standards applied by the applicable securities regulators; and disruptions to Streamex’s technology network, including computer systems and software, as well as natural events such as severe weather, fires, floods and earthquakes or man-made or other disruptions of Streamex’s operating systems, structures and equipment.

These forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. A more complete description of these and other material risks and uncertainties can be found in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, as supplemented by its subsequent Quarterly Reports on Form 10-Q and its other filings with the Securities and Exchange Commission (the “SEC”), available at www.sec.gov. The Company cautions you not to place undue reliance on any such forward-looking statements, which speak only as of the date of this press release. The Company undertakes no obligation to revise or update any forward-looking statements in order to reflect any event or circumstance that may arise after the date of this press release, except as required by law.

Market Data and Industry Data

Unless otherwise indicated, the economic and industry data contained in this press release is based upon information from independent industry and government publications. While Streamex believes this data to be reliable, market and industry data is subject to variation and cannot be verified due to limits on the availability and reliability of raw data, the voluntary nature of the data gathering process and other limitations and uncertainties inherent in any statistical survey. Streamex has not independently verified the accuracy or completeness of such information contained herein.

Non-GAAP Financial Information

This earnings release includes information that does not conform to U.S. generally accepted accounting principles (“GAAP”), including EBITDA, Adjusted EBITDA, Total Cash and Investments and Total Liquidity Position. The Company believes these non-GAAP measures provide investors with useful insight into its operating performance and the financial resources available to support its tokenization platform, particularly given the significant non-cash charges in its results and the composition of its balance sheet, which includes physical gold, digital assets and other non-cash financial assets. Please refer to the reconciliations of non-GAAP financial measures to the most directly comparable GAAP measures above.

The Company defines and uses these non-GAAP measures as follows:

EBITDA is defined as net loss, plus: interest expense (income), net, which includes non-cash amortization of debt discounts and issuance costs and imputed interest on the Company’s loan receivable; income tax expense (benefit); and depreciation and amortization, which consists principally of amortization of the intangible assets recognized in the May 2025 acquisition of Streamex Exchange Corporation. EBITDA is not adjusted for stock-based compensation or for other non-cash or non-recurring items, including gains and losses on the sale of gold, on marketable securities, on the extinguishment of convertible debentures and on changes in the fair value of derivative instruments, and these items are therefore included in EBITDA for the periods presented.

The Company uses EBITDA to evaluate its operating performance excluding the effects of its capital structure, income taxes and acquisition-related amortization, which management believes are not indicative of the cost of operating and scaling its platform. The Company believes EBITDA allows investors to assess its performance in a way that is consistent with management’s approach and facilitates comparisons with other companies that have different capital structures, tax positions or acquisition histories.

Adjusted EBITDA is defined as EBITDA, further adjusted to exclude: stock-based compensation; the provision for credit losses on the Company’s loan receivable from Wintermute Trading Ltd.; changes in the fair value of derivative liabilities and embedded derivatives; realized gains on the sale of gold; realized gains and losses on, and changes in the fair value of, marketable securities; losses on the extinguishment of convertible debentures; gains on the settlement and forgiveness of accounts payable and accrued expenses; and other (income) expense, net. The Company uses Adjusted EBITDA to evaluate the cost of operating and scaling its platform excluding non-cash compensation and non-operating gains and losses, which management believes are not indicative of its ongoing operating performance, and believes Adjusted EBITDA facilitates period-to-period comparisons of its operating results.

Total Cash and Investments is defined as cash, marketable securities and digital assets (consisting principally of USDC, together with immaterial amounts of other crypto assets), each as presented on the Company’s condensed consolidated balance sheet.

Total Liquidity Position is defined as Total Cash and Investments, plus: physical gold held at cost (other assets held at cost – gold); the Company’s loan receivable, net, under its USDC loan agreement with Wintermute Trading Ltd., which the Company may recall on 30 days’ notice; and the Company’s investment in Metalayer Digital Fund I, measured at net asset value.

The Company uses Total Cash and Investments and Total Liquidity Position to monitor the financial resources available to fund its operations, platform development and growth initiatives, and believes these measures help investors evaluate the Company’s balance sheet in the same manner as management, as a substantial portion of the Company’s financial resources is held in forms other than cash.

Total Cash and Investments and Total Liquidity Position are not measures of cash available for immediate use and should not be used as indicators of the Company’s ability to fund its cash needs. In particular: physical gold is carried at cost and not marked to market, and the market value of the gold held by Streamex Ltd. was approximately $14.0 million at September 30, 2026, approximately $2.5 million below its carrying amount; that gold backs all outstanding GLDY tokens, including tokens held by third-party holders, which are presented as noncontrolling interests; the Metalayer investment’s net asset value may change and redemptions are subject to the terms of the fund documents; and recall of the Wintermute loan may affect secondary-market liquidity for GLDY. The amounts realized from any of these assets may differ materially from the amounts presented.

These non-GAAP financial measures should not be considered in isolation or as substitutes for the most directly comparable GAAP measures, net loss and cash, as indicators of operating performance or of the Company’s liquidity or ability to fund its cash needs. In addition, these measures may not be comparable to similarly named measures presented by other companies.

See the reconciliations of net loss to EBITDA and Adjusted EBITDA and of cash to Total Cash and Investments and Total Liquidity Position in the tables below.

This information should be read in conjunction with the Company’s most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, available on the Investor Relations section of the Company’s website at ir.streamex.com.

Contacts
Streamex Press & Investor Relations
Laura Kiernan	Henry McPhie
Head of Investor Relations, Streamex Corp.	Chief Executive Officer, Streamex Corp.
IR@streamex.com | 1-914-598-7733	www.streamex.com | X.com/streamex

STREAMEX CORP. CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except share and per share data)
	September 30,			December 31,
		2026			2025
	(Unaudited)
ASSETS
Current assets:
Cash	$	5,476		$	20,316
Digital assets		922			–
Marketable securities		6,779			9,706
Gold-denominated receivable		68			–
Other assets held for sale – restricted gold		–			23,472
Other assets held for sale – gold		–			1,000
Prepaid expenses and other assets		5,292			17,401
Investments measured at NAV		2,208			–
Loan receivables, net		4,642			–
Other receivable		101			–
Total current assets		25,488			71,895
Non-current assets:
Other assets held at cost – gold		16,467			–
Intangible assets, net		38,800			44,639
Goodwill		68,497			70,984
Operating lease right-of-use asset		765			–
Property and equipment, net		4			25
Total non-current assets		124,533			115,648
Total assets	$	150,021		$	187,543
LIABILITIES, MEZZANINE EQUITY AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable and accrued expenses	$	3,191		$	2,952
Lease liability, short term		133			–
Dividends payable		128			121
Convertible debentures		–			38,021
Embedded derivative liability		–			1,700
Total current liabilities		3,452			42,794
Non-current liabilities:
Lease liability, long term		636			–
Deferred tax liability		9,410			11,421
Total liabilities		13,498			54,215
Commitments and contingencies (Note 20)		–			–
Mezzanine equity:
Redeemable Series C 9% Convertible Preferred Stock, $0.001 par value, $1,000 stated value, authorized 4,200 shares, 105 shares issued and outstanding; (liquidation preference of $105; cumulative dividends payable of $128 and $121 as of September 30, 2026 and December 31, 2025, respectively).		105			105
Stockholders’ equity:
Preferred stock, $0.001 par value, authorized 1,000,000 shares, designated 200 shares of Series A, 600 shares of Series B, 4,200 shares of Series C, 1,400 shares of Series D, 1,000 shares of Series E, 200,000 shares of Series F Preferred Stock and 1 Special Voting Preferred Stock.		–			–
Common stock, $0.001 par value, authorized 500,000,000 shares, 117,457,869 and 49,805,275 issued and outstanding as of September 30, 2026 and December 31, 2025, respectively.		118			50
Additional paid-in capital		933,086			850,447
Accumulated other comprehensive (loss) income		(2,980	)		814
Accumulated deficit		(796,827	)		(718,120	)
Total stockholders’ equity attributable to Streamex Corp.		133,397			133,191
Noncontrolling interest		3,021			32
Total stockholders’ equity		136,418			133,223
Total liabilities, mezzanine equity and stockholders’ equity	$	150,021		$	187,543

STREAMEX CORP. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (In thousands, except per share amounts) (Unaudited)
	Three Months Ended September 30, 2026			Three Months Ended September 30, 2025			Nine Months Ended September 30, 2026			Nine Months Ended September 30, 2025
Gold lease income	$	145			–		$	291			–
Operating expenses:
General and administrative		16,622			4,625			64,710			27,396
Depreciation and amortization		1,452			1,488			4,415			2,065
Provision for credit loss		46			–			46			–
Total operating expenses		18,120			6,113			69,171			29,461
Loss from operations		(17,975	)		(6,113	)		(68,880	)		(29,461	)
Other income (expense):
Interest income (expense), net		96			(10	)		(12,102	)		3
Change in fair value of derivative liability		–			(10,214	)		–			(10,214	)
Realized gain on sale of gold		–			–			2,938			–
Realized (loss) gain on marketable securities		(91	)		–			286			–
Change in fair value of marketable securities		(21	)		–			(140	)		–
Change in fair value of embedded derivative		–			–			497			–
Realized loss on extinguishment of convertible debenture		–			–			(3,057	)		–
(Loss) gain on settlement and forgiveness of accounts payable and accrued expenses		–			–			–			196
Other (expense) income, net		(52	)		(12	)		101			(40	)
Total other income (expense), net		(68	)		(10,236	)		(11,477	)		(10,055	)
Loss before income taxes		(18,043	)		(16,349	)		(80,357	)		(39,516	)
Income taxes (benefit)		(583	)		(765	)		(1,653	)		(765	)
Net loss		(17,460	)		(15,584	)		(78,704	)		(38,751	)
Net income attributable to noncontrolling interests		3			–			3			16
Net loss attributable to Streamex Corp.		(17,463	)		(15,584	)		(78,707	)		(38,767	)
Preferred stock dividend		(2	)		(2	)		(7	)		(7	)
Net loss attributed to Streamex Corp. common shareholders	$	(17,465	)	$	(15,586	)	$	(78,714	)	$	(38,774	)
Net loss per common share, basic and diluted	$	(0.09	)	$	(0.47	)	$	(0.44	)	$	(1.42	)
Weighted average number of common shares outstanding, basic and diluted		185,350,763			33,352,004			180,336,183			27,343,190
Comprehensive (Loss) Income:
Net loss	$	(17,460	)	$	(15,584	)	$	(78,704	)	$	(38,751	)
Other comprehensive (loss) income:
Change in foreign currency translation adjustments		(12	)		(2,325	)		(3,794	)		(787	)
Total comprehensive loss		(17,472	)		(17,909	)		(82,498	)		(39,538	)
Comprehensive income attributable to noncontrolling interest		3			–			3			16
Comprehensive loss attributable to Streamex Corp.	$	(17,475	)	$	(17,909	)	$	(82,501	)	$	(39,554	)

STREAMEX CORP. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) (Unaudited)
	Nine Months Ended September 30, 2026			Nine Months Ended September 30, 2025
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$	(78,704	)	$	(38,751	)
Adjustments to reconcile net loss to cash used in operating activities:
Depreciation and amortization		4,415			2,065
Amortization of debt discount and issuance costs		11,979			–
Gain on settlement and extinguishment of accounts payable		–			(196	)
Realized gain on sale of gold		(2,938	)		–
Noncash lease income settled in gold		(221	)		–
Realized gain on marketable securities		(286	)		–
Change in fair value of marketable securities		140			–
Change in fair value of embedded derivative		(497	)		–
Change in fair value of derivative liability		–			10,214
Realized loss on extinguishment of convertible debenture		3,057			–
Realized loss on investment		152			–
Unrealized loss on investments measured at NAV, net		292			–
Provision for credit losses		46			–
Accretion of discount on loan receivable		(96	)		–
Allowance for credit losses on accounts receivable		–			109
Foreign currency transaction gain		(156	)		–
Stock-based compensation expense		41,789			15,560
Noncash liquidity support arrangement expense settled in GLDY tokens		45			–
Deferred income taxes		(1,653	)		(765	)
Changes in operating assets and liabilities:
Gold-denominated receivable		(68	)		–
Purchases of digital assets		(7,010	)		–
Prepaid expenses and other assets		514			(2,045	)
Accounts payable and accrued expenses		1,166			6,399
Operating lease right-of-use assets and lease liabilities, net		4			(6	)
Net cash used in operating activities		(28,030	)		(7,416	)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of marketable securities		(24,394	)		–
Purchase of non-marketable equity investments		–			(144	)
Proceeds from the sale of marketable securities		27,467			–
Proceeds from the sale of non-marketable equity investments		25			–
Proceeds from sale of gold		26,410			–
Purchase of gold held at cost		(15,246	)		–
Business acquisition, net of cash acquired		–			365
Net cash provided by investing activities		14,262			221
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from sale of common stock under at-the-market offerings, net of issuance costs		–			3,882
Proceeds from sale of common stock and warrants, net of issuance costs		–			14,390
Repayment of finance obligation		(916	)		(176	)
Net proceeds from issuance of common stock in underwritten public offering		37,184			–
Proceeds from issuance of equity in subsidiaries to noncontrolling interest holders		1,220			–
Taxes paid related to net share settlement of restricted stock units		–			–
Repayment of convertible notes payable		(38,500	)		–
Net cash (used in) provided by financing activities		(1,012	)		18,096
Effect of exchange rate change on cash		(60	)		2
Net (decrease) increase in cash		(14,840	)		10,903
Cash, beginning of the period		20,316			142
Cash, end of the period	$	5,476		$	11,045
Supplemental disclosures of cash flow information:
Cash paid during the period for interest	$	403			–
Cash paid during the period for income taxes		–			–
Noncash investing and financing activities:
Dividend payable on preferred stock charged to additional paid-in capital	$	7		$	7
USDC digital assets received from transfer of ownership interest in Streamex Ltd. to noncontrolling interest holders	$	1,045			–
Conversion of convertible debentures into common stock	$	15,760			–
Distributions to noncontrolling interest holders	$	19			–
Acquisition of assets and liabilities recorded through operating lease	$	810			–
Recognition of derivative liability as part of business combination (non-cash)		–		$	105,498
Recognition of assets acquired as part of business combination		–		$	117,982
Recognition of liabilities assumed as part of business combination		–		$	12,850
Common stock issued in settlement of accounts payable and accrued expenses		–		$	189
Loan receivable funded through the transfer of USDC digital assets	$	5,000			–
Other receivable funded through the transfer of USDC digital assets	$	100			–
Financing obligation incurred for prepaid insurance		–		$	1,628
Common stock issued for services recorded in prepaid expenses		–		$	125
Investment in Metalayer Class A-1 shares funded through USDC digital assets	$	2,000			–
GLDY tokens transferred as consideration for investment in Metalayer Class D-1 shares	$	500			–
GLDY distributions retained by the Liquidity Provider on loaned tokens, recognized in general and administrative expense	$	45			–

STREAMEX CORP.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (REGULATION G)
(In thousands) (Unaudited)

Reconciliation of Net Loss to EBITDA and Adjusted EBITDA

The following table reconciles net loss, the most directly comparable GAAP financial measure, to EBITDA and Adjusted EBITDA for the periods presented.

	Three Months Ended Sept. 30, 2026			Three Months Ended June 30, 2026			Three Months Ended Sept. 30, 2025			Nine Months Ended Sept. 30, 2026			Nine Months Ended Sept. 30, 2025
Net loss (GAAP)	$	(17,460	)	$	(14,551	)	$	(15,584	)	$	(78,704	)	$	(38,751	)
Interest expense (income), net		(96	)		3			10			12,102			(3	)
Income tax expense (benefit)		(583	)		(505	)		(765	)		(1,653	)		(765	)
Depreciation and amortization		1,452			1,471			1,488			4,415			2,065
EBITDA (non-GAAP)	$	(16,687	)	$	(13,582	)	$	(14,851	)	$	(63,840	)	$	(37,454	)
Stock-based compensation		9,302			7,117			842			41,789			15,032
Provision for credit loss (Wintermute loan)		46			–			–			46			–
Change in fair value of derivative liability		–			–			10,214			–			10,214
Realized gain on sale of gold		–			–			–			(2,938	)		–
Realized loss (gain) on marketable securities		91			106			–			(286	)		–
Change in fair value of marketable securities		21			(14	)		–			140			–
Change in fair value of embedded derivative		–			–			–			(497	)		–
Realized loss on extinguishment of convertible debenture		–			–			–			3,057			–
Gain on settlement and forgiveness of accounts payable and accrued expenses		–			–			–			–			(196	)
Other (income) expense, net		52			(200	)		12			(101	)		40
Adjusted EBITDA (non-GAAP)	$	(7,175	)	$	(6,573	)	$	(3,783	)	$	(22,630	)	$	(12,364	)

Note: EBITDA for the nine months ended September 30, 2026 includes $41.8 million of non-cash stock-based compensation, a $2.9 million realized gain on the sale of gold, a $3.1 million loss on extinguishment of convertible debentures and a $0.5 million gain on the change in fair value of the embedded derivative. These items are excluded from Adjusted EBITDA.

Reconciliation of Cash to Total Cash and Investments and Total Liquidity Position

The following table reconciles cash, the most directly comparable GAAP financial measure, to Total Cash and Investments and Total Liquidity Position as of the dates presented.

	September 30, 2026		June 30, 2026
Cash (GAAP)	$	5,476	$	5,605
Marketable securities		6,779		12,861
Digital assets		922		6,001
Total Cash and Investments (non-GAAP)		13,177		24,467
Physical gold (other assets held at cost – gold)		16,467		15,464
Loan receivable, net – Wintermute (USDC)		4,642		–
Investment measured at NAV – Metalayer		2,208		1,828
Total Liquidity Position (non-GAAP)	$	36,494	$	41,759

– New Phase 3 data demonstrated rapid and durable improvements in plaque psoriasis burden, adding to envudeucitinib’s differentiated clinical profile, including the highest publicly reported Week 48 PASI 100 response rate among existing and investigational oral psoriasis therapies –

– Alumis remains on track to submit an NDA for envudeucitinib in moderate-to-severe plaque
psoriasis in 4Q 2026 –

– Announced topline results from the LUMUS Phase 2b trial for envudeucitinib in systemic lupus erythematosus (SLE) –

SOUTH SAN FRANCISCO, Calif., Nov. 12, 2026 (GLOBE NEWSWIRE) — Alumis Inc. (Nasdaq: ALMS), a late-stage biopharmaceutical company developing next-generation targeted therapies for patients with immune-mediated diseases, today reported financial results for the quarter ended September 30, 2026, and highlighted recent business updates and upcoming milestones.

“Each additional readout from the ONWARD program has strengthened the consistent body of evidence supporting envudeucitinib’s highly competitive profile in moderate-to-severe plaque psoriasis,” said Martin Babler, President and Chief Executive Officer of Alumis. “The new data presented in October showed early and durable improvement across scalp disease severity, itch resolution, and quality of life measures, building on a 54% PASI 100 response rate observed at 48 weeks of treatment. Our fourth-quarter 2026 NDA submission remains on track.”

Third Quarter 2026 and Recent Highlights

Envudeucitinib: a next–generation, highly selective oral tyrosine kinase 2 (TYK2) inhibitor, in patients with moderate–to–severe plaque psoriasis

• New data presented at the 26th Annual Fall Clinical Dermatology Conference demonstrated early and durable improvements across scalp disease severity, itch resolution, and quality of life measures. These data build on envudeucitinib’s high-threshold skin clearance observed across the ONWARD program, including a 54% Psoriasis Area and Severity Index (PASI) 100 response rate at Week 48 (LINK TO PR).
• High rate of scalp clearance: Over 80% of patients in ONWARD3 maintained clear or almost clear scalp skin (scalp-specific Physician Global Assessment [ss-PGA] 0/1) at 48 weeks.
• Rapid, robust and sustained itch relief: In ONWARD1/2, approximately one-third of patients—including those with moderate-to-severe scalp disease (ss-PGA ≥3)—achieved clinically meaningful itch reduction (≥4-point NRS improvement) as early as Week 2. By Week 16, about 40% reached complete itch resolution (NRS 0) and approximately 60% reported minimal or no itch (NRS 0/1). In ONWARD3, nearly 80% of patients sustained clinically meaningful itch reduction through Week 48.
• Early, durable quality-of-life improvements: Approximately 50% of patients in ONWARD1/2 achieved a Dermatology Life Quality Index (DLQI) score of 0 or 1 by Week 12, reflecting minimal to no impact of psoriasis on daily activities. In ONWARD3, more than 70% of patients maintained DLQI 0/1 at 48 weeks.
• Rapid crossover convergence: Patients switching from placebo or apremilast achieved rapid improvements across primary and key secondary endpoints, comparable to those continuously treated at Week 48.
• Alumis remains on track to submit its New Drug Application to the FDA for envudeucitinib in moderate-to-severe plaque psoriasis in the fourth quarter of 2026.

Envudeucitinib: Systemic Lupus Erythematosus (SLE)

• Phase 2b LUMUS trial of envudeucitinib for the treatment of moderate-to-severe systemic lupus erythematosus (SLE) did not meet its primary and secondary endpoints in the overall trial population (LINK TO PR).
• Robust clinical responses were observed in a prespecified subgroup analysis of patients with high interferon gene signature (IFNGS-high), including on the primary endpoint of British Isles Lupus Assessment Group-based Composite Lupus Assessment (BICLA) and key secondary endpoints of Cutaneous Lupus Erythematosus Disease Area and Severity Index 50 (CLASI-50), SLE Responder Index 4 (SRI-4), and Lupus Low Disease Activity State (LLDAS).
• IFNGS-high patients represent the majority of moderate-to-severe SLE cases. In LUMUS, they were unexpectedly under-represented, reducing response rates in the overall trial population.
• Pharmacodynamic data from LUMUS confirmed robust dose-dependent interferon-pathway target engagement, with maximal suppression at the highest dose, 40 mg twice daily.
• Envudeucitinib was well tolerated in LUMUS, with no new safety signals.
• Alumis plans to conduct end-of-Phase 2 regulatory interactions and evaluate development options.

TYK2 Franchise and Pipeline Update

• Alumis plans to initiate a Phase 2 biomarker trial for A-005, its central nervous system (CNS) penetrant TYK2 inhibitor, in patients with Parkinson’s disease, in 2027. In a Phase 1 healthy volunteer study, A-005 was well-tolerated, achieved maximal target inhibition in the periphery, and demonstrated the ability to penetrate the CNS.

Anticipated Milestones

• Envudeucitinib in Moderate-to-Severe Plaque Psoriasis
  • Long-term data: Phase 2, two-year safety data (4Q 2026).
  • NDA submission (4Q 2026).
• A-005
  • Initiation of Phase 2 biomarker trial in Parkinson’s disease (2027).

Third Quarter 2026 Financial Results

• As of September 30, 2026, Alumis had cash, cash equivalents and marketable securities of $431.3 million.
• Revenue consisted of collaboration revenue of $1.9 million for the quarter ended September 30, 2026, compared to collaboration revenue of $2.1 million for the quarter ended September 30, 2025, related to the collaboration and licensing agreement with Kaken Pharmaceutical Co., Ltd.
• Research and development expenses were $80.8 million for the quarter ended September 30, 2026, compared to $97.8 million for the quarter ended September 30, 2025. The decrease was primarily driven by lower clinical trial and contract research costs reflecting the progression of the envudeucitinib clinical program following completion of the pivotal Phase 3 ONWARD1 and ONWARD2 clinical trials in patients with moderate-to-severe plaque psoriasis, partially offset by an increase in clinical trial and contract research costs for the Phase 3 ONWARD3 clinical trial.
• General and administrative expenses were $20.2 million for the quarter ended September 30, 2026, compared to $19.5 million for the quarter ended September 30, 2025. The increase was primarily attributable to costs related to launch preparation efforts and an increase in personnel-related expenses for the quarter ended September 30, 2026, partially offset by severance and transaction costs related to the merger with ACELYRIN, Inc. and legal costs in the quarter ended September 30, 2025.
• Net loss was $94.9 million for the quarter ended September 30, 2026, compared to net loss of $110.8 million for the quarter ended September 30, 2025.

Financial Guidance

• Based on the Company’s current operating plan, Alumis continues to anticipate that its existing cash, cash equivalents and marketable securities as of September 30, 2026 are sufficient to fund operating expenses and capital expenditure requirements into the fourth quarter of 2027.

About Alumis
Alumis is a late-stage biopharma company developing next-generation targeted therapies with the potential to significantly improve patient health and outcomes across a range of immune-mediated diseases. Leveraging its proprietary data analytics platform and precision approach, Alumis is developing a pipeline of oral tyrosine kinase 2 inhibitors, consisting of envudeucitinib for the treatment of systemic immune-mediated disorders, such as moderate-to-severe plaque psoriasis and systemic lupus erythematosus, and A-005 for the treatment of neuroinflammatory and neurodegenerative diseases, such as Parkinson’s disease. In addition, the pipeline includes several preclinical programs identified through this precision approach. For more information, visit www.alumis.com or follow us on LinkedIn or X. 

Forward-Looking Statements
This press release contains forward-looking statements within the meaning of federal securities laws, including the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally may be identified by words such as “aims,” “anticipates,” “believes,” “could,” “estimates,” “expects,” “forecasts,” “goal,” “intends,” “may,” “plans,” “possible,” “potential,” “seeks,” “will” and similar expressions intended to identify forward-looking statements. All statements contained in this press release other than statements of historical fact are forward-looking statements, including without limitation statements regarding: Alumis’ plans and anticipated timing for submitting an NDA for envudeucitinib in the fourth quarter of 2026; the therapeutic potential of TYK2 inhibition across immune-mediated, neuroinflammatory and neurodegenerative diseases and the potential multi-indication opportunity for envudeucitinib; the advancement of Alumis’ clinical pipeline including its plans to commence a Phase 2 biomarker study for A-005; the timing and results of clinical data readouts in its ongoing clinical trials, including long-term safety data in moderate-to-severe plaque psoriasis (PsO); the differentiated clinical profile of envudeucitinib and its potential to be a leading oral therapy in PsO; implications of the LUMUS IFNGS-high subgroup results for further development of envudeucitinib in SLE and Alumis’ plans to engage regulators regarding Phase 3 development in SLE; Alumis’ expectations regarding the sufficiency of its cash, cash equivalents and marketable securities to fund its operating expenses and capital expenditure requirements, including its anticipated cash runway; and Alumis’ future plans, strategy, prospects and anticipated milestones, as well as the assumptions underlying any of the foregoing. Forward-looking statements are based on Alumis’ current expectations, estimates, assumptions and projections as of the date of this press release and are subject to significant risks and uncertainties that could cause actual results to differ materially and adversely from those expressed or implied by such statements. Readers should not place undue reliance on these forward-looking statements, and are cautioned that actual results, timing, safety, efficacy, performance or events and circumstances may differ materially from those expressed or implied in Alumis’ forward-looking statements due to a variety of risks and uncertainties including, without limitation, whether regulatory authorities accept for filing Alumis’ planned NDA submission as well as determine that envudeucitinib demonstrates an acceptable safety and efficacy profile and grant regulatory approval in moderate-to-severe plaque psoriasis; the timing and results of clinical trials; Alumis’ ability to obtain regulatory approval of and ultimately commercialize its product candidates; changes in Alumis’ operating plans and capital requirements that could reduce its anticipated cash runway; Alumis’ ability to obtain sufficient additional funding when needed and continue as a going concern; and Alumis’ ability to obtain, maintain and enforce intellectual property protection for its programs and product candidates. Additional information regarding these and other risks and uncertainties is contained under the heading “Risk Factors” and elsewhere in Alumis’ filings with the Securities and Exchange Commission (SEC), including its most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and subsequent filings with the SEC. Alumis explicitly disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent required by law.

ALUMIS INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Unaudited)
		Three Months Ended September 30,								Nine Months Ended September 30,
(in thousands)		2026				2025				2026				2025
Revenue:
License revenue		$	—			$	—			$	—			$	17,389
Collaboration revenue			1,907				2,066				5,310				4,732
Total revenue			1,907				2,066				5,310				22,121
Operating expenses:
Research and development expenses			80,792				97,836				247,669				303,213
General and administrative expenses			20,191				19,522				62,157				76,267
Intangible assets impairment loss			—				—				41,824				—
Total operating expenses			100,983				117,358				351,650				379,480
Loss from operations			(99,076	)			(115,292	)			(346,340	)			(357,359	)
Other income (expense):
Gain on bargain purchase			—				—				—				187,907
Interest income			4,304				4,594				14,601				10,633
Other income (expenses), net			(109	)			(54	)			(173	)			(136	)
Total other income (expense), net			4,195				4,540				14,428				198,404
Net loss before income taxes			(94,881	)			(110,752	)			(331,912	)			(158,955	)
Income tax benefit			—				—				1,757				8,561
Net loss		$	(94,881	)		$	(110,752	)		$	(330,155	)		$	(150,394	)
Other comprehensive income (loss):
Unrealized gain (loss) on marketable securities, net			(47	)			212				(918	)			194
Total comprehensive loss		$	(94,928	)		$	(110,540	)		$	(331,073	)		$	(150,200	)

ALUMIS INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
		September 30,				December 31,
(in thousands)		2026				2025
Assets
Current assets:
Cash and cash equivalents		$	57,691			$	89,670
Restricted cash			—				82
Marketable securities, current			373,647				218,831
Research and development prepaid expenses			3,437				2,909
Other prepaid expenses and current assets			7,815				6,740
Total current assets			442,590				318,232
Restricted cash, non-current			1,388				1,301
Property and equipment, net			16,427				18,190
Intangible assets			9,135				50,959
Operating lease right-of-use assets, net			16,744				16,971
Other assets, non-current			2,427				6,287
Total assets		$	488,711			$	411,940
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable		$	8,926			$	10,106
Research and development accrued expenses			40,243				34,781
Other accrued expenses and current liabilities			18,331				22,303
Deferred revenue, current			6,876				1,458
Operating lease liabilities, current			5,029				4,670
Total current liabilities			79,405				73,318
Operating lease liabilities, non-current			30,277				32,244
Deferred tax liability			384				2,140
Deferred revenue, non-current			—				2,611
Other liabilities, non-current			220				330
Total liabilities			110,286				110,643
Stockholders’ equity:
Preferred stock			—				—
Common stock			13				10
Additional paid-in capital			1,611,173				1,202,975
Accumulated other comprehensive income (loss)			(730	)			188
Accumulated deficit			(1,232,031	)			(901,876	)
Total stockholders’ equity			378,425				301,297
Total liabilities and stockholders’ equity		$	488,711			$	411,940

Alumis Contact Information

Teri Dahlman
Red House Communications
teri@redhousecomms.com

Third quarter revenue increases 38% year-over-year to $20.2 million

Third quarter net income of $3.7 million highest in company’s history

Company to host conference call today at 4:00 p.m. CT, 5:00 p.m. ET

ROMEOVILLE, Ill., Nov. 12, 2026 (GLOBE NEWSWIRE) — Solésence, Inc. (Nasdaq: SLSN), a leader in scientifically-driven health care solutions across beauty and life science categories, today announced financial results for the third quarter ended September 30, 2026.

“We’re very pleased that Solésence delivered solid top line growth as well as steady operational and strategic progress in the third quarter, driven by key milestones across our Transform and Transcend framework,” said Kevin Cureton, President and CEO. “Most notably, we reached a major turning point by completing the primary investment and implementation phase of our first pillar, operational excellence. This elevated capacity and efficiency position us to meet robust demand from our brand partners today while seamlessly scaling for tomorrow. Paired with our continued innovation in novel formulations and expanding global presence, Solésence is uniquely positioned to deliver long-term, profitable growth and lead the market in meeting evolving consumer needs.”

Third Quarter 2026 Financial Highlights

• Third quarter revenue was $20.2 million, compared to $14.6 million for the same period in 2025.
• Gross profit in the third quarter was $7.9 million, compared to $3.5 million for the same period in 2025.
• Gross margin in the third quarter was 39.3%, compared to 23.8% for the same period in 2025.
• Net income for the third quarter was $3.7 million, compared to a net loss of $1.0 million for the same period in 2025.

“By pairing record revenue and net income with strong margin expansion, we have positioned Solésence for sustained growth,” said Laura Riffner, Chief Financial Officer. “The operational and financial improvements achieved throughout 2026 provide a strong foundation as we look ahead to 2027.”

Conference Call
Solésence will host its third quarter conference call today at 4:00 p.m. CT, 5:00 p.m. ET, to discuss its financial results and provide a business and financial update. On the call will be Kevin Cureton, President and Chief Executive Officer, and Laura Riffner, Chief Financial Officer.

Webcast Link: https://edge.media-server.com/mmc/p/ym5i5dtt

Dial-In Link: https://register-conf.media-server.com/register/BI29b457cda9bc4600ac796e66eed97ca0

To receive the dial-in number, as well as your personalized PIN, you must register at the above link. Once registered, you will also have the option to have the system dial-out to you once the conference call begins. If you forget your PIN prior to the conference call, you can simply re-register.

The call may also be accessed through the Company’s investor relations website, at https://ir.solesence.com/. Please join the conference call at least five minutes prior to the start time.

FINANCIAL RESULTS AND NON-GAAP INFORMATION Use of Non-GAAP Financial Information
Solésence believes that the presentation of results excluding certain items, such as non-cash equity compensation charges, provides meaningful supplemental information to both management and investors, facilitating the evaluation of performance across reporting periods. The Company uses these non-GAAP measures for internal planning and reporting purposes. These non-GAAP measures are not in accordance with, or an alternative for, Generally Accepted Accounting Principles (“GAAP”) and may be different from non-GAAP measures used by other companies. The presentation of this additional information is not meant to be considered in isolation or as a substitute for net income or net income per share prepared in accordance with GAAP.

About Solésence, Inc.
Solésence, Inc. (Nasdaq: SLSN), is a leader in scientifically-driven health care solutions across beauty and life science categories. With a mission to deliver joy through innovation, inclusivity and the science of beautiful skin, we have redefined mineral-based sun protection by maximizing transparency, effectiveness, aesthetics, and wearability — empowering individuals to embrace beauty on their own terms. Combining best-in-class skin health solutions with the celebration of self-care, we allow brands to deliver unique product claims and attributes by seamlessly integrating protection, prevention, and treatment technologies into daily use products. Learn more at solesence.com.

Forward-Looking Statements
This press release contains words such as “expects,” “shall,” “will,” “believes,” and similar expressions that are intended to identify forward-looking statements within the meaning of the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. Such statements in this announcement are made based on the Company’s current beliefs, known events and circumstances at the time of publication, and as such, are subject in the future to unforeseen risks and uncertainties that could cause the Company’s results of operations, performance, and achievements to differ materially from current expectations expressed in, or implied by, these forward-looking statements. These risks and uncertainties include, without limitation, the following: a decision by a customer to cancel a purchase order or supply agreement in light of the Company’s dependence on a limited number of key customers; uncertain demand for, and acceptance of, the Company’s engineered materials, ingredients, and fully formulated products; the Company’s manufacturing capacity and product mix flexibility in light of customer demand; the Company’s limited marketing experience; changes in development and distribution relationships; the impact of competitive products and technologies; the Company’s dependence on patents and protection of proprietary information; the resolution of litigation in which the Company may become involved; the impact of any potential new government regulations that could be difficult to respond to or too costly to comply with while remaining financially viable; the ability of the Company to maintain an appropriate electronic trading venue; and other factors described in the Company’s Form 10-K filed March 31, 2026, as amended by Form 10-K/A filed on November 10, 2026. In addition, the Company’s forward-looking statements could be affected by general industry and market conditions and growth rates. Except as required by federal securities laws, the Company undertakes no obligation to update or revise these forward-looking statements to reflect new events, uncertainties, or other contingencies.

Media Contact:
media@solesence.com

Investor Relations Contact:
investors@solesence.com

SOLESENCE, INC
CONSOLIDATED BALANCE SHEETS
(Unaudited Consolidated Condensed)
		(in thousands except share and per share data)
		September 30,				December 31,
			2026				2025
ASSETS		(Unaudited)				(Unaudited)
Current assets:
Cash		$	1,270			$	1,288
Trade accounts receivable			9,222				7,642
Allowance for credit losses			(858	)			(806	)
Trade accounts receivable, net			8,364				6,836
Inventories, net			11,593				14,879
Prepaid expenses and other current assets			2,030				2,141
Total current assets			23,257				25,144
Equipment and leasehold improvements, net			15,012				14,329
Operating leases, right of use			6,135				6,913
Other assets, net			36				37
Total assets		$	44,440			$	46,423
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Line of credit, accounts receivable, related party			1,029				4,767
Current portion of operating lease obligations			1,409				1,255
Accounts payable			4,528				4,098
Deferred revenue			2,147				930
Accrued expenses			4,337				2,879
Total current liabilities			13,450				13,929
Long-term portion of operating lease obligations			6,736				7,798
Long-term portion of line of credit, inventory, related party			6,300				9,500
Long-term portion of debt, related parties			1,000				1,000
Asset retirement obligations			203				194
Total long-term liabilities			14,239				18,492
Stockholders’ equity:
Preferred stock, $.01 par value, 24,088 shares authorized and
no shares issued and outstanding			–				–
Common stock, $.01 par value, 95,000,000 shares authorized;
70,632,445 and 70,614,045 shares issued and outstanding on March 31, 2026
and December 31, 2025, respectively			706				706
Additional paid-in capital			115,837				115,566
Accumulated deficit			(99,792	)			(102,270	)
Total stockholders’ equity			16,751				14,002
Total liabilities and shareholders’ equity		$	44,440			$	46,423

SOLESENCE, INC
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited Consolidated Condensed)
(in thousands except share and per share data)
		Three months ended								Nine months ended
		September 30,								September 30,
			2026				2025				2026				2025
Revenue:
Product revenue		$	19,978			$	14,533			$	48,184			$	49,369
Other revenue			185				64				269				212
Net revenue			20,163				14,597				48,453				49,581
Cost of revenue			12,235				11,123				32,708				36,043
Gross profit			7,928				3,474				15,745				13,538
Operating expense:
Research and development expense			1,082				1,082				3,071				3,055
Selling, general and administrative expense			2,810				3,069				9,287				8,188
Net (loss) income from operations			4,036				(677	)			3,387				2,295
Interest income			–				–				–				–
Interest expense			258				339				801				603
Other nonoperating income			111				–				111				1,234
Net (loss) income before provision for income taxes			3,889				(1,016	)			2,697				2,926
Provision for income taxes			219				–				219				390
Net (loss) income		$	3,670			$	(1,016	)		$	2,478			$	2,536
Net (loss) income per share-basic		$	0.05			$	(0.01	)		$	0.04			$	0.04
Weighted average number of common shares outstanding – basic			70,647,045				70,500,925				70,636,660				70,269,539
Net (loss) income per share-diluted		$	0.05			$	(0.01	)		$	0.03			$	0.03
Weighted average number of common shares outstanding – diluted			71,483,887				70,500,925				71,551,693				72,745,662
SOLESENCE, INC
CONSOLIDATED STATEMENTS OF OPERATIONS – EXPANDED SCHEDULE
(Unaudited Consolidated Condensed)
(in thousands except share and per share data)
		Three months ended								Nine months ended
		September 30,								September 30,
			2026				2025				2026				2025
Revenue:
Product revenue		$	19,978			$	14,533			$	48,184			$	49,369
Other revenue			185				64				269				212
Net revenue			20,163				14,597				48,453				49,581
Cost of revenue detail:
Depreciation			301				217				911				649
Non-Cash equity compensation			18				19				60				73
Other costs of revenue			11,916				10,887				31,737				35,321
Cost of revenue			12,235				11,123				32,708				36,043
Gross profit			7,928				3,474				15,745				13,538
Operating expense:
Research and development expense detail:
Depreciation			(1	)			2				9				9
Non-Cash equity compensation			8				27				43				82
Other research and development expense			1,075				1,053				3,019				2,964
Research and development expense			1,082				1,082				3,071				3,055
Selling, general and administrative expense detail:
Depreciation and amortization			7				6				23				17
Non-Cash equity compensation			47				61				133				199
Other selling, general and administrative expense			2,756				3,002				9,131				7,972
Selling, general and administrative expense			2,810				3,069				9,287				8,188
Net (loss) income from operations			4,036				(677	)			3,387				2,295
Interest income
Interest expense			258				339				801				603
Other nonoperating income			111				–				111				1,234
Net (loss) income before provision for income taxes			3,889				(1,016	)			2,697				2,926
Provision for income taxes			219				–				219				390
Net (loss) income		$	3,670			$	(1,016	)		$	2,478			$	2,536
Non-GAAP Disclosure (see note regarding Non-GAAP disclosures):
Addback Interest, net			258				339				801				603
Addback Depreciation/Amortization			307				225				943				675
Addback Non-Cash Equity Compensation			73				107				236				354
Subtract Non-Cash Other Income			–				–				–				–
Adjusted EBITDA		$	4,308			$	(345	)		$	4,458			$	4,168

• Q3 2026 revenue of $53.6 million up 14%; nine months 2026 revenue of $146.9 million
• Q3 2026 Commerce Media Solutions revenue grew 100% to $37.5 million, representing 70% of consolidated revenue compared to $18.8 million or 40% of consolidated revenue in Q3 2025
• Commerce Media Solutions annual revenue run rate now exceeds $145 million, with gross margin of 30%
• Continue to expect full-year double-digit revenue growth on aggregate continuing business and adjusted EBITDA improvement for 2026

NEW YORK, Nov. 12, 2026 (GLOBE NEWSWIRE) — Fluent, Inc. (NASDAQ: FLNT) (the “Company” or “Fluent”), a commerce media solutions provider, today reported unaudited financial results for the third quarter ended September 30, 2026.

Fluent’s Chief Executive Officer, Don Patrick, commented, “The third quarter was another strong quarter for us, driven by the continued growth of Commerce Media Solutions, which now represents 70% of our revenue and is operating at an annual revenue run rate that exceeds $145 million. Revenue from our aggregate continuing businesses grew 29% year-over-year in the third quarter, an acceleration from 25% in the second quarter. Commerce Media Solutions continues to reshape the profile of our Company. It is driving our growth, improving the quality of our revenue, and was a key contributor to delivering near-breakeven adjusted EBITDA this quarter.”

Mr. Patrick concluded, “We continue to add new partners to our network, and we’re highly encouraged by the demand we’re seeing for our commerce media offerings across the markets we serve. As our revenue mix improves and our margin profile strengthens, we believe we are well positioned to close out a strong year. We remain confident in delivering full-year double-digit revenue growth on our aggregate continuing businesses with improved full-year adjusted EBITDA.”

Third Quarter Financial Highlights

• Revenue of $53.6 million, an increase of 14%, compared to $47.0 million in Q3 2025 
• Commerce Media Solutions revenue increased 100% to $37.5 million, compared to $18.8 million in Q3 2025 
• Owned and Operated revenue decreased 33% to $13.8 million, compared to $20.7 million in Q3 2025, as the Company continued its shift in focus and revenue mix to Commerce Media Solutions 
• Q3 2025 revenue included $5.3 million from Call Solutions, which was sold in January 2026. Aggregate revenue from the continuing businesses increased 29% in Q3 2026 compared to Q3 2025
• Net loss of $3.1 million, or $0.10 per basic share, compared to a net loss of $7.6 million, or $0.27 per share, for Q3 2025, a 59% reduction
• Gross profit (exclusive of depreciation and amortization) of $15.3 million, an increase of 41% compared to Q3 2025 and representing 28% of revenue for Q3 2026
• Commerce Media Solutions reported gross profit (exclusive of depreciation and amortization) of $11.1 million, an increase of 173% over Q3 2025 and representing 30% of revenue for Q3 2026
• Media margin of $18.9 million, an increase of 48% compared to Q3 2025 and representing 35% of revenue for Q3 2026
• Commerce Media Solutions reported media margin of $13.3 million, an increase of 189% over Q3 2025 and representing 36% of revenue for Q3 2026
• Adjusted EBITDA of $0.0 million, compared to an adjusted EBITDA loss of $3.4 million for Q3 2025, and representing 0% of revenue
• Adjusted net loss of $2.5 million, or $0.08 per share, compared to $6.5 million, or $0.23 per share, for Q3 2025

Nine Months Ended September 30, 2026 Financial Highlights

• Revenue of $146.9 million, which was in line with the $146.9 million for first nine months of 2025  
• Commerce Media Solutions revenue increased 98% to $94.0 million, compared to $47.5 million for first nine months of 2025 
• Owned and Operated revenue decreased 37% to $45.8 million, compared to $73.2 million for first nine months of 2025, as the Company continued its shift in focus and revenue mix to Commerce Media Solutions 
• First nine months of 2025 revenue included $21.0 million from Call Solutions, which was sold in January 2026, and first nine months of 2026 included a $0.4 million write-down of revenue for the ACA business discontinued in the third quarter of 2024. Aggregate revenue from the continuing businesses increased 16% for first nine months of 2026 compared to first nine months of 2025
• Net loss of $14.7 million, or $0.47 per share, compared to a net loss of $23.0 million, or $0.94 per share, for first nine months of 2025, a 36% reduction
• Net cash provided by operating activities of $2.8 million, compared to net cash used in operating activities of $4.3 million for first nine months of 2025
• Gross profit (exclusive of depreciation and amortization) of $39.3 million, an increase of 21% compared to first nine months of 2025 and representing 27% of revenue for first nine months of 2026
• Commerce Media Solutions reported gross profit (exclusive of depreciation and amortization) of $24.4 million, an increase of 149% over first nine months of 2025 and representing 26% of revenue for first nine months of 2026
• Media margin of $50.4 million, an increase of 31% compared to first nine months of 2025 and representing 34% of revenue for first nine months of 2026
• Commerce Media Solutions reported media margin of $31.6 million, an increase of 188% over first nine months of 2025 and representing 34% of revenue for first nine months of 2026
• Adjusted EBITDA loss of $5.0 million, compared to $9.2 million for first nine months of 2025, and representing 3% of revenue
• Adjusted net loss of $12.0 million, or $0.39 per share, compared to $19.0 million, or $0.78 per share, for first nine months of 2025

Media margin, adjusted EBITDA, and adjusted net loss are non-GAAP financial measures, as defined and reconciled below.

Business Outlook & Goals

• Continue to scale and grow Commerce Media Solutions as a percentage of total consolidated revenue; maintain Commerce Media Solutions’ gross margins in the high twenties
• Enhance Commerce Media Solutions’ partnership network by adding top-tier media partners and expanding beyond traditional retail channels and into new verticals including travel, lifestyle, and home services
• Launch and scale Fluent’s new in-store commerce media offering across existing and new retail partners
• Deliver fourth quarter revenue growth and positive adjusted EBITDA; given current visibility, the Company expects double-digit revenue growth on aggregate continuing businesses and positive adjusted EBITDA, with Commerce Media Solutions’ growth rate remaining in the high double digits but moderating from the third quarter
• Drive full-year 2026 revenue growth and improved adjusted EBITDA; given current visibility, the Company expects double-digit revenue growth on aggregate continuing businesses and improved adjusted EBITDA, with high-double-digit revenue growth in Commerce Media Solutions
• Extend growth into 2027; given current visibility, the Company expects double-digit consolidated revenue growth as it continues to scale Commerce Media Solutions

Fluent is not able to provide a reconciliation of projected adjusted EBITDA to the most directly comparable expected GAAP results, due to the unknown effect, timing and potential significance of certain operating costs and expenses, share-based compensation expense, depreciation and amortization expense, interest expense (net), the provision for (benefit from) income taxes, fair value adjustments of the Convertible Notes with related parties, and acquisition-, divestiture- and other non-recurring items.

Conference Call

Fluent, Inc. will host a conference call on Thursday, November 12, 2026, at 4:30 PM ET to discuss its 2026 third quarter financial results. The conference call can be accessed by phone after registering online at https://register-conf.media-server.com/register/BIbfa76befb9814a278df3cecfd968a2b3. The call will also be webcast simultaneously on the Fluent website at https://investors.fluentco.com/. Following the completion of the earnings call, a recorded replay of the webcast will be available for those unable to participate. To listen to the telephone replay, please connect via https://edge.media-server.com/mmc/p/stawgnxg . The replay will be available for one year, via the Fluent website https://investors.fluentco.com.

About Fluent, Inc.

Fluent, Inc. (NASDAQ: FLNT) is a commerce media solutions provider connecting top-tier brands with highly engaged consumers. Leveraging exclusive ad inventory, robust first-party data, and proprietary machine learning, Fluent unlocks additional revenue streams for partners and empowers advertisers to acquire their most valuable customers at scale. Founded in 2010, Fluent uses its deep expertise in performance marketing to drive monetization and increase engagement at key touchpoints across the customer journey. For more insights, visit http://www.fluentco.com/.

Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995

The matters contained in this press release may be considered to be “forward-looking statements” within the meaning of the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended. Such statements include statements regarding the intent, belief, or current expectations or anticipations of Fluent and members of our management team. Factors currently known to management that could cause actual results to differ materially from those in forward-looking statements include the following:

• Our reliance on an uncommitted financing agreement raises substantial doubt about our ability to continue as a going concern;
• Dependence on the gaming industry;
• Unfavorable publicity and negative public perception about the digital marketing industry or us;
• A potential sudden reduction in online marketing spend by our clients, a loss of clients or lower advertising yields; 
• Our ability to scale Commerce Media Solutions business and maintain recent margin improvements depends on onboarding and retaining media partners, maintaining advertiser demand and achieving favorable contract economics; 
• Our need to continue investing in technology for our Commerce Media Solutions business;
• A potential decline in the supply of media available to us through third parties or an increase in the price of such media; 
• Challenges scaling infrastructure and products to support growth while maintaining profitability;
• Challenges managing the complexity of our international operations and workforce;
• Strategic alternatives that could complicate operations or divert management’s attention; 
• Dependence on our key personnel and ability to attract or retain employees;
• Dependence upon third-party service providers and potential liability related to their actions or platform malfunctions;
• The outcome of litigation, inquiries, investigations, examinations, or other legal proceedings in which we are or may become involved, or in which our clients or competitors are involved;
• Potential sales and use taxes and other taxes on our business;
• Our actual or perceived failure to safeguard any personal information or user privacy; 
• Failure to adequately protect intellectual property rights or allegations of infringement of intellectual property rights;
• Potential liability or expenses for legal claims based on the nature and content of the materials we create or distribute, including those provided by third parties, as a creator and a distributor of digital media content;
• Our potential access to additional capital in the future may be limited or unavailable on acceptable terms; 
• Our ability to maintain our listing on The Nasdaq Capital Market;
• The volatility of our stock price and impact on our investors;
• Lack of cash dividends for the foreseeable future; and
• Status of a smaller reporting company and non-accelerated filer, which involves certain reduced governance and disclosure requirements.

These and additional factors to be considered are set forth under “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025, our Quarterly Report on Form 10-Q for the quarter ended September 30, 2026, and in our other filings with the Securities and Exchange Commission. Fluent undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results or expectations, except as required by law.

FLUENT, INC.
CONSOLIDATED BALANCE SHEETS
(Amounts in thousands, except share and per share data)
(unaudited)
		September 30, 2026 (unaudited)				December 31, 2025
ASSETS:
Cash and cash equivalents		$	11,436			$	12,935
Accounts receivable, net of allowance for credit losses of $247 and $163, respectively			41,398				46,735
Prepaid expenses and other current assets			5,395				7,799
Total current assets			58,229				67,469
Non-current restricted cash			710				710
Property and equipment, net			231				104
Operating lease right-of-use assets			2,293				2,859
Intangible assets, net			16,956				17,276
Other non-current assets			2,950				715
Total assets		$	81,369			$	89,133
LIABILITIES AND SHAREHOLDERS’ EQUITY:
Accounts payable		$	9,052			$	7,200
Accrued expenses and other current liabilities			27,284				25,163
Deferred revenue			306				721
Short-term debt, net			31,451				30,846
Current portion of operating lease liability			1,104				1,104
Total current liabilities			69,197				65,034
Convertible Notes, at fair value with related parties			4,443				3,734
Operating lease liability, net			1,366				1,985
Other non-current liabilities			785				168
Total liabilities			75,791				70,921
Contingencies
Shareholders’ equity:
Preferred stock — $0.0001 par value, 10,000,000 Shares authorized; Shares outstanding — 0 shares for both periods			—				—
Common stock — $0.0005 par value, 200,000,000 Shares authorized; Shares issued — 32,465,082 and 30,404,779, respectively; and Shares outstanding — 31,696,487 and 29,636,184, respectively			56				53
Treasury stock, at cost — 768,595 and 768,595 Shares, respectively			(11,407	)			(11,407	)
Additional paid-in capital			469,547				467,528
Accumulated deficit			(452,618	)			(437,962	)
Total shareholders’ equity			5,578				18,212
Total liabilities and shareholders’ equity		$	81,369			$	89,133

FLUENT, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Amounts in thousands, except share and per share data)
(unaudited)
		Three Months Ended September 30,								Nine Months Ended September 30,
		2026				2025				2026				2025
Revenue		$	53,642			$	47,029			$	146,943			$	146,945
Costs and expenses:
Cost of revenue (exclusive of depreciation and amortization)			38,359				36,155				107,612				114,356
Sales and marketing			5,207				4,570				14,405				12,895
Product development			2,749				2,200				8,439				7,147
General and administrative (including $50 and $218 to a related party for the three and nine months ended September 30, 2026, respectively)			8,749				7,929				23,364				25,614
Depreciation and amortization			1,694				2,478				5,085				7,418
Loss on disposal of assets			3				—				17				—
Total costs and expenses			56,761				53,332				158,922				167,430
Loss from operations			(3,119	)			(6,303	)			(11,979	)			(20,485	)
Interest expense, net			(712	)			(711	)			(1,954	)			(2,293	)
Fair value adjustment of Convertible Notes with related parties			712				(554				(709	)			(156
Loss before income taxes			(3,119	)			(7,568	)			(14,642	)			(22,934	)
Income tax (expense) benefit			(6				12				(14	)			(114	)
Net loss		$	(3,125	)		$	(7,556	)		$	(14,656	)		$	(23,048	)
Basic and diluted loss per share:
Basic		$	(0.10	)		$	(0.27	)		$	(0.47	)		$	(0.94	)
Diluted		$	(0.12	)		$	(0.27	)		$	(0.47	)		$	(0.94	)
Weighted average number of shares outstanding:
Basic			31,910,509				28,097,016				30,929,079				24,497,510
Diluted			32,803,153				28,097,016				30,929,079				24,497,510

FLUENT, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Amounts in thousands)
(unaudited)
		Nine Months Ended September 30,
		2026				2025
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss		$	(14,656	)		$	(23,048	)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization			5,085				7,418
Non-cash loan amortization expense			239				563
Non-cash gain on divestiture			(2,352	)			—
Share-based compensation expense			3,667				1,144
Fair value adjustment of Convertible Notes with related parties			709				156
Loss on disposal of asset			17				—
Non-cash loss on asset write-off			—				698
Allowance for credit losses			1,092				(23	)
Changes in assets and liabilities, net of business acquisitions:
Accounts receivable			5,175				14,426
Prepaid expenses and other current assets			1,517				459
Other non-current assets			117				189
Operating lease assets and liabilities, net			(53	)			(45	)
Accounts payable			1,852				607
Accrued expenses and other current liabilities			832				(6,718	)
Deferred revenue			(415	)			(82	)
Other			—				(1	)
Net cash provided by (used in) operating activities			2,826				(4,257	)
CASH FLOWS FROM INVESTING ACTIVITIES:
Capitalized costs included in intangible assets			(5,106	)			(4,843	)
Proceeds from note receivable			354				—
Acquisition of property and equipment			(190	)			(48
Net cash used in investing activities			(4,942	)			(4,891	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of short and long-term debt			178,971				43,726
Repayments of short and long-term debt			(178,354	)			(53,445	)
Debt financing costs			—				(375	)
Proceeds from issuance of pre-funded and common stock warrants			—				19,370
Equity financing costs			—				(865
Net cash provided by financing activities			617				8,411
Net decrease in cash, cash equivalents, and restricted cash			(1,499	)			(737	)
Cash, cash equivalents, and restricted cash at beginning of period			13,645				10,694
Cash, cash equivalents, and restricted cash at end of period		$	12,146			$	9,957

Definitions, Reconciliations, and Uses of Non-GAAP Financial Measures

The following non-GAAP measures are used in this release:

Media margin is defined as that portion of gross profit (exclusive of depreciation and amortization) reflecting variable costs paid for media and related expenses and excluding non-media cost of revenue and one-time items. Gross profit (exclusive of depreciation and amortization) represents revenue minus cost of revenue (exclusive of depreciation and amortization). Media margin is also presented for the Commerce Media Solutions business and as percentages of revenue of the consolidated company and of the Commerce Media Solutions business, respectively.

Adjusted EBITDA is defined as net income (loss), excluding (1) income taxes, (2) interest expense, net, (3) depreciation and amortization, (4) share-based compensation expense, (5) loss on early extinguishment of debt, (6) loss on disposal of assets, (7) goodwill impairment, (8) impairment of intangible assets, (9) fair value adjustment of Convertible Notes with related parties, (10) acquisition-related costs, (11) restructuring and other severance costs, (12) certain litigation and other related costs, and (13) other one-time items.

Adjusted net income (loss) is defined as net income (loss) excluding (1) share-based compensation expense, (2) loss on early extinguishment of debt, (3) loss on disposal of assets, (4) goodwill impairment, (5) impairment of intangible assets, (6) fair value adjustment of Convertible Notes with related parties, (7) acquisition-related costs, (8) restructuring and other severance costs, (9) certain litigation and other related costs, and (10) other one-time items. Adjusted net income (loss) is also presented on a per share (basic and diluted) basis.

We consider items one-time in nature if they are non-recurring, infrequent, or unusual and have not occurred in the past two years and are not expected to recur in the next two years, in accordance with SEC rules.

Below is a reconciliation of media margin from gross profit (exclusive of depreciation and amortization), which we believe is the most directly comparable U.S. GAAP measure.

		Three Months Ended September 30,								Nine Months Ended September 30,
(In thousands, except percentages)		2026				2025				2026				2025
Revenue		$	53,642			$	47,029			$	146,943			$	146,945
Less: Cost of revenue (exclusive of depreciation and amortization)			38,359				36,155				107,612				114,356
Gross profit (exclusive of depreciation and amortization)		$	15,283			$	10,874			$	39,331			$	32,589
Gross profit (exclusive of depreciation and amortization) % of revenue			28	%			23	%			27	%			22	%
Non-media cost of revenue(1)			3,598				1,923				11,199				5,882
One-time item(2)			—				—				(156	)			—
Media margin		$	18,881			$	12,797			$	50,374			$	38,471
Media margin % of revenue			35.2	%			27.2	%			34.3	%			26.2	%

_{⁽¹⁾ Represents the portion of cost of revenue (exclusive of depreciation and amortization) not attributable to variable costs paid for media and related expenses.
⁽²⁾ Includes a one-time non-media revenue adjustment in Q2 2026 of ($156) in connection with a settlement with a media partner.}

Below is a reconciliation of media margin from gross profit for Commerce Media Solutions (exclusive of depreciation and amortization), which we believe is the most directly comparable U.S. GAAP measure.

		Three Months Ended September 30,										Nine Months Ended September 30,
(In thousands, except percentages)		2026					2025					2026					2025
Revenue		$	37,539				$	18,808				$	93,951				$	47,548
Less: Cost of revenue (exclusive of depreciation and amortization)			26,395					14,721					69,576					37,768
Gross profit (exclusive of depreciation and amortization)		$	11,144				$	4,087				$	24,375				$	9,780
Gross profit (exclusive of depreciation and amortization) % of revenue			30	%				22	%				26	%				21	%
Non-media cost of revenue(1)			2,201					524					7,340					1,159
One-time item(2)			—					—					(156	)				—
Media margin		$	13,345				$	4,611				$	31,559				$	10,939
Media margin % of revenue			35.5	%				24.5	%				33.6	%				23.0	%

_{⁽¹⁾ Represents the portion of cost of revenue (exclusive of depreciation and amortization) not attributable to variable costs paid for media and related expenses.
⁽²⁾ Includes a one-time non-media revenue adjustment in Q2 2026 of ($156) in connection with a settlement with a media partner.}

Below is a reconciliation of adjusted EBITDA from net loss, which we believe is the most directly comparable U.S. GAAP measure.

		Three Months Ended September 30,								Nine Months Ended September 30,
(In thousands)		2026				2025				2026				2025
Net loss		$	(3,125	)		$	(7,556	)		$	(14,656	)		$	(23,048	)
Income tax expense (benefit)			6				(12				14				114
Interest expense, net			712				711				1,954				2,293
Depreciation and amortization			1,694				2,478				5,085				7,418
Share-based compensation expense			875				478				3,667				1,144
Loss on disposal of assets			3				—				17				—
Fair value adjustment of Convertible Notes with related parties			(712	)			554				709				156
Acquisition-related costs(1)			504				(20	)			(1,421	)			1,074
Restructuring and other severance costs			—				—				51				1,325
Certain litigation and other related costs			—				—				(250	)			300
One-time item(2)			—				—				(156	)			—
Adjusted EBITDA		$	(43	)		$	(3,367	)		$	(4,986	)		$	(9,224	)

(1)	Balance includes gain on the conveyance of the membership interest of Winopoly in January 2026 of $2,352 along with provisions for credit losses to the sellers note receivable of $504 and $931 for the three and nine months ended September 30, 2026, respectively. Balance also includes a $698 write-off of intangibles and related expenses related to the write-off of TAPP Influencers Corp. in May 2025. Lastly, the balance includes compensation expense related to non-compete agreements and earn-out expenses incurred as a result of business combinations. The earn-out expense was $0 and ($20) for the three months ended September 30, 2026 and 2025, respectively, and $0 and ($148) for the nine months ended September 30, 2026 and 2025, respectively, while the non-compete agreements expense was $0 and $0 for the three months ended September 30, 2026 and 2025, respectively, and $0 and $412 for the nine months ended September 30, 2026 and 2025, respectively.
(2)	Includes a one-time non-media revenue adjustment in Q2 2026 of ($156) in connection with a settlement with a media partner.

Below is a reconciliation of adjusted net income and the related measure of adjusted net income per share from net income (loss), which we believe is the most directly comparable U.S. GAAP measure.

​

​

Three Months Ended September 30,

​

Nine Months Ended September 30,

(In thousands, except share and per share data)

​

2026

​

​

2025

​

2026

​

2025

Net loss

​

$

(3,125

)

​

​

$

(7,556

)

​

$

(14,656

)

​

$

(23,048

)

Share-based compensation expense

​

​

875

​

​

​

​

478

​

​

​

3,667

​

​

​

1,144

​

Loss on disposal of assets

​

​

3

​

​

​

​

—

​

​

​

17

​

​

​

—

​

Fair value adjustment of Convertible Notes with related parties

​

​

(712

)

​

​

​

554

​

​

​

709

​

​

​

156

​

Acquisition-related costs(1)

​

​

504

​

​

​

​

(20

)

​

​

(1,421

)

​

​

1,074

​

Restructuring and other severance costs

​

​

—

​

​

​

​

—

​

​

​

51

​

​

​

1,325

​

Certain litigation and other related costs

​

​

—

​

​

​

​

—

​

​

​

(250

)

​

​

300

​

One-time item(2)

​

​

—

​

​

​

​

—

​

​

​

(156

)

​

​

—

​

Adjusted net loss

​

$

(2,455

)

​

​

$

(6,544

)

​

$

(12,039

)

​

$

(19,049

)

Adjusted net loss per share:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Basic

​

$

(0.08

)

​

​

$

(0.23

)

​

$

(0.39

)

​

$

(0.78

)

Diluted

​

$

(0.08

)

​

​

$

(0.23

)

​

$

(0.39

)

​

$

(0.78

)

Weighted average number of shares outstanding:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Basic

​

​

31,910,509

​

​

​

​

28,097,016

​

​

​

30,929,079

​

​

​

24,497,510

​

Diluted

​

​

31,910,509

​(3)

​

​

28,097,016

​

​

​

30,929,079

​

​

​

24,497,510

​

(1)	Balance includes gain on the conveyance of the membership interest of Winopoly in January 2026 of $2,352 along with provisions for credit losses to the sellers note receivable of $504 and $931 for the three and nine months ended September 30, 2026, respectively. Balance also includes a $698 write-off of intangibles and related expenses related to the write-off of TAPP Influencers Corp. in May 2025. Lastly, the balance includes compensation expense related to non-compete agreements and earn-out expenses incurred as a result of business combinations. The earn-out expense was $0 and ($20) for the three months ended September 30, 2026 and 2025, respectively, and $0 and ($148) for the nine months ended September 30, 2026 and 2025, respectively, while the non-compete agreements expense was $0 and $0 for the three months ended September 30, 2026 and 2025, respectively, and $0 and $412 for the nine months ended September 30, 2026 and 2025, respectively.
(2)	Includes a one-time non-media revenue adjustment in Q2 2026 of ($156) in connection with a settlement with a media partner.
(3)	Balance excludes the 892,644 shares issuable under the if-converted method for the Convertible Notes as they would be anti-dilutive for the adjusted net loss per share, as such, basic and diluted shares are measured as equal.

We present media margin, adjusted EBITDA, and adjusted net income as supplemental measures of our financial and operating performance because we believe they provide useful information to investors. More specifically:

Media margin, as defined above, is a measure of the efficiency of the Company’s operating model. We use media margin and the related measure of media margin as a percentage of revenue as primary metrics to measure the financial return on our media and related costs, specifically to measure the degree by which the revenue generated from our digital marketing services exceeds the cost to attract the consumers to whom offers are made through our services. Media margin is used extensively by our management to manage our consolidated operating performance, including evaluating operational performance against budgeted media margin and understanding the efficiency of our media and related expenditures. We also use media margin for performance evaluations and compensation decisions regarding certain personnel.

Adjusted EBITDA, as defined above, is another primary metric by which we evaluate the operating performance of our business, on which certain operating expenditures and internal budgets are based and by which, in addition to media margin and other factors, our senior management is compensated. The first three adjustments represent the conventional definition of EBITDA, and the remaining adjustments are items recognized and recorded under U.S. GAAP in particular periods but might be viewed as not necessarily coinciding with the underlying business operations for the periods in which they are so recognized and recorded. These adjustments include certain litigation and other related costs associated with legal matters outside the ordinary course of business.

Adjusted net income (loss), as defined above, and the related measure of adjusted net income (loss) per share exclude certain items that are recognized and recorded under U.S. GAAP in particular periods but might be viewed as not necessarily coinciding with the underlying business operations for the periods in which they are so recognized and recorded. We believe adjusted net income (loss) affords investors a different view of the overall financial performance of the Company than adjusted EBITDA and the U.S. GAAP measure of net income (loss).

Media margin, adjusted EBITDA, adjusted net income, and adjusted net income per share are non-GAAP financial measures with certain limitations regarding their usefulness. They do not reflect our financial results in accordance with U.S. GAAP, as they do not include the impact of certain expenses that are reflected in our condensed consolidated statements of operations. Accordingly, these metrics are not indicative of our overall results or indicators of past or future financial performance. Further, they are not financial measures of profitability and are neither intended to be used as a proxy for the profitability of our business nor to imply profitability. The way we measure media margin, adjusted EBITDA, and adjusted net income may not be comparable to similarly titled measures presented by other companies and may not be identical to corresponding measures used in our various agreements.

Annual Revenue Run Rate

Annual Revenue Run Rate is an operational metric that represents the annualized revenue of the Company’s media partnerships at current monetization levels, as of the end of the reporting period. The Company calculates Annual Revenue Run Rate as follows:

• Media partners within Commerce Media Solutions with an active contract are assessed and assigned an annual media volume estimate based on the active term of the contract and the average monetization rate during the reporting period. The Company considers a media partner contract to be active when the contractual term commences (the “start date”) until its right to serve the partner’s commerce traffic ends. Even if the contract with the customer is executed before the start date, the contract will not count toward Annual Revenue Run Rate until the media partner’s right to receive the benefit of the services has commenced.
• As Annual Revenue Run Rate includes only contracts that are active at the end of the reporting period, it does not reflect assumptions or estimates regarding new business. For contracts expiring within 12 months of the period-end calculation date, Annual Revenue Run Rate does reflect expectations of renewal.
• The Company’s Commerce Media Solutions platform provides the technology to effectively monetize the partner’s media by placing relevant ads at a contracted moment of consumer engagement. Although from inception to date, improvements in the platform’s AI-powered technology have consistently driven increased rates of monetization, for the purpose of Annual Revenue Run Rate, the Company assumes a consistent monetization level equal to the average monetization for each media partner during the reporting period.

The way the Company measures Annual Revenue Run Rate may not be comparable to similarly titled measures presented by other companies and should not be viewed as a projection of future revenue.

Contact Information: 
Investor Relations
Fluent, Inc.
InvestorRelations@fluentco.com