Author: Ravi Shankar

SAN MATEO, Calif., Nov. 12, 2026 (GLOBE NEWSWIRE) — Oportun (Nasdaq: OPRT), a mission-driven financial services company, today announced that it will participate in the upcoming Stephens NASH2026 Annual Investor Conference.

Oportun’s Chief Financial Officer, Bill Franklin, will participate in a fireside chat and in investor meetings at the conference. The fireside chat will begin at 8:00 am CT / 9:00 am ET on November 17th and can be accessed live at this link.

A link to the presentation webcast will also be accessible in the “IR calendar” section of Oportun’s Investor Relations website under “News & Events” at https://investor.oportun.com. A replay will be available for an additional 90 days via the same link following the conference.

About Oportun 
Oportun (Nasdaq: OPRT) is a mission-driven financial services company that puts its members’ financial goals within reach. With intelligent borrowing, savings, and budgeting capabilities, Oportun empowers members with the confidence to build a better financial future. Since inception, Oportun has provided more than $23.3 billion in responsible and affordable credit, saved its members more than $2.5 billion in interest and fees, and helped its members set aside an average of more than $1,800 annually. For more information, visit Oportun.com.

Investor Contact
Dorian Hare
(650) 590-4323
ir@oportun.com

Media Contact
Michael Azzano
Cosmo PR for Oportun
michael@cosmo-pr.com
(415) 596-1978

SARATOGA, Calif., Nov. 12, 2026 (GLOBE NEWSWIRE) — CapsoVision, Inc. (NASDAQ: CV), a commercial-stage medical technology company developing advanced imaging and AI-enabled capsule endoscopy solutions, today reported financial results and provided a business update for its third quarter ended September 30, 2026.

Recent Highlights

• Reported third quarter 2026 revenue of $3.6 million, compared with $3.5 million in the third quarter 2025.
• CapsoCam Plus® used by more than 184,000 patients worldwide as of September 30, 2026, compared with 151,000 a year earlier.
• Received FDA clearance for AI Highlights™, the Company’s AI-assisted reading tool for CapsoCam Plus®, on September 25, 2026, followed by its U.S. commercial launch on November 2, 2026. Available for both adults and pediatric patients aged two and older, AI Highlights supports physician review through both local computer and cloud-based platforms. The Company expects the addition of AI Highlights to accelerate CapsoCam Plus sales growth, with the full commercial impact anticipated in 2027.
• Completed enrollment and clinical data collection for the second-generation CapsoCam Colon™ study, including physician review of capsule videos both with and without AI assistance. FDA 510(k) submission remains on track for year-end 2026.
• Continued expanding the clinical footprint of the CapsoCam UGI study for pancreatic cancer detection. Building on two active community-based clinical sites, the Company has executed a clinical trial agreement with a third site and is in various stages of contracting and feasibility discussions with more than a dozen larger medical centers with expertise in pancreatic ductal adenocarcinoma (PDAC), which the Company expects will help accelerate patient enrollment.
• Completed an $18 million registered direct offering with existing shareholders in September 2026, generating approximately $17.8 million in net proceeds.
• Raised approximately $1.7 million in net proceeds through the at-the-market offering program during the third quarter of 2026.
• Appointed David S. Shields, M.D., to the Board of Directors effective July 1, 2026.

Management Commentary

“The FDA clearance and subsequent U.S. launch of AI Highlights marks an important step forward for CapsoVision,” said Johnny Wang, President and Chief Executive Officer. “Our four-camera, 360-degree panoramic capsule already provides physicians with a differentiated view of the small bowel. By combining that imaging capability with AI-assisted review, we believe we can reduce reading time, improve detection accuracy compared with manual review, and give physicians an additional level of diagnostic confidence. We believe the combination of panoramic imaging and FDA-cleared AI-assisted review, approved for use in patients two years and older is a meaningful differentiator for CapsoCam Plus.

At the same time, completing enrollment in our colon clinical study brings us closer to our planned FDA submission by year end, which we believe represents a substantially larger market opportunity. With the support of our existing shareholders through our recent financing, we are focused on translating these milestones into broader adoption and long-term growth,” concluded Wang.

Third Quarter 2026 Financial Results

Total revenue was $3.6 million compared to $3.5 million in the third quarter of 2025. Average selling price was stable year over year. The Company expects the addition of AI Highlights, launched on November 2, 2026, following FDA clearance, to accelerate CapsoCam Plus sales growth, with the full commercial impact anticipated in 2027.

Gross profit was $1.8 million, compared with $1.9 million in the third quarter of 2025. Gross margin was 49%, compared to 54% in the third quarter of 2025. The decline primarily reflected higher material costs associated with increased flash memory prices, a one-time inventory obsolescence charge, and higher stock-based compensation expense.

Operating expenses decreased to $9.1 million, from $9.9 million in the third quarter of 2025, reflecting continued expense management while supporting clinical and development programs, including the CapsoCam Colon pivotal study. With the study now complete, the Company expects related clinical expenses to decline while it continues advancing its development pipeline.

Net loss was $7.3 million, or $0.15 per share, compared with a net loss of $7.9 million, or $0.17 per share, in the third quarter of 2025.

Cash and cash equivalents totaled $21.8 million as of September 30, 2026. During September, the Company completed an $18 million registered direct offering with existing shareholders, generating approximately $17.8 million in net proceeds. The Company also sold 276,446 shares through its at-the-market offering program during the quarter for approximately $1.7 million in net proceeds.

Conference Call and Webcast

CapsoVision will host a conference call today, November 12, 2026, at 4:30 p.m. ET to discuss its third quarter financial results. Individuals interested in listening to the conference call may do so by dialing (800) 715-9871 for domestic callers or (646) 307-1963 for international callers and referencing conference ID 2841803, or from the webcast link on the Events page in the investor relations section of the company’s website at www.capsovision.com.

To access the replay, please register via the webcast link on the Events page. The webcast will be available for one year following the completion of the call.

About CapsoVision

CapsoVision is a commercial-stage medical technology company focused on developing advanced imaging and AI-enabled solutions to transform the detection and screening of gastrointestinal diseases. Its flagship product, CapsoCam Plus®, is a wire-free, panoramic capsule endoscope that enables high-resolution visualization of the small bowel and supports cloud-based or direct capsule video review. The Company’s next pipeline product, CapsoCam Colon™ with enhanced AI, is designed to enable non-invasive colon imaging and polyp detection. With a proprietary platform targeted to expand across multiple GI indications, including esophageal and pancreatic disorders, CapsoVision is advancing a new era in capsule-based diagnostics. For more information on CapsoVision, please visit www.capsovision.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In this context, forward-looking statements mean statements related to future events, which may impact our expected future business and financial performance, and often contain words such as “expected”, “positioned”, “on track”, “anticipate(s)”, “intend(s)”, “plan(s)”, “believe(s)”, “potential”, “will”, “should”, “could”, “would”, “may”, “continue”, “remain”, “advancing”, “approach(ing)”, “planned”, “look forward”, or “target(ed)” and other words of similar meaning. Examples of these forward-looking statements include, but are not limited to, statements concerning possible or assumed future results of operations and financial position, including the Company’s expectations regarding sales growth of CapsoCam Plus® and the timing thereof, the Company’s expectations regarding clinical and other operating expenses, the Company’s product and clinical development efforts, the timing and receipt of regulatory submissions and approvals , the Company’s plans, strategies and timing for its pipeline development (including the commercialization, physician adoption and anticipated benefits of AI Highlights™, the continued development and anticipated 510(k) submission for CapsoCam Colon™, and the market opportunity for CapsoCam Colon™, the clinical study for CapsoCam® UGI in pancreatic cancer detection) and the success of the Company’s plans and strategies. These forward-looking statements are based on the Company’s current expectations and inherently involve significant risks and uncertainties, including those beyond the Company’s control. Actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of these risks and uncertainties, which include, without limitation, market conditions (including competition in the capsule endoscopy market, including from competitors with FDA-cleared AI products), the Company’s financial condition and the availability of cash and financing (including through the Company’s at-the-market equity offering program), the success of the Company’s product and clinical development efforts, the failure to receive regulatory clearance or approval, changes in U.S. trade policies, tariffs or other government regulations that could increase the Company’s costs or affect the Company’s supply chain, and the failure to adapt the Company’s products for new indications. These and other risks and uncertainties are described more fully in the Company’s filings with the Securities and Exchange Commission (“SEC”), including the “Risk Factors” section of the Company’s most recent Form 10-K and Form 10-Q. Forward-looking statements speak only as of the date of this press release, and the Company undertakes no obligation to update or revise these statements, except as required by law.

Investor Relations Contact
Leigh Salvo
New Street Investor Relations
Investors@CapsoVision.com

Media Contact
Leslie Strickler and Paul Spicer
Être Communications
leslies@etrecommunications.com | (804) 240-0807
pauls@etrecommunications.com | (804) 503-9231

CAPSOVISION, INC. CONDENSED BALANCE SHEETS (UNAUDITED) (in thousands, except par value and share amounts)
	September 30, 2026			December 31, 2025
ASSETS
Current Assets
Cash and cash equivalents	$	21,757		$	10,112
Accounts receivable, net		2,456			2,498
Inventory		4,747			2,987
Prepaid expenses and other current assets		2,086			1,072
Total current assets		31,046			16,669
Property and equipment, net		508			611
Operating lease right-of-use assets		747			843
Other long-term assets		451			41
TOTAL ASSETS	$	32,752		$	18,164
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities
Accounts payable	$	1,102		$	1,143
Accrued expenses and other current liabilities		4,355			2,697
Deferred revenue		146			177
Operating lease liabilities – current		521			410
Total current liabilities		6,124			4,427
Operating lease liabilities – long-term		259			477
Total liabilities		6,383			4,904
Commitments and contingencies – Note 8

Stockholders’ Equity
Preferred stock, $0.001 par value: 10,000,000 shares authorized and none issued and outstanding as of September 30, 2026; 10,000,000 shares authorized and none issued and outstanding as of December 31, 2025		—				—
Common stock, $0.001 par value: 300,000,000 shares authorized as of September 30, 2026; 53,569,896 and 46,865,051 issued and outstanding as of September 30, 2026 and December 31, 2025, respectively		54				47
Additional paid-in capital		203,833				168,878
Accumulated deficit		(177,518	)			(155,665	)
Total stockholders’ equity		26,369				13,260
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	32,752			$	18,164

CAPSOVISION, INC. CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (UNAUDITED) (in thousands, except share and per-share amounts)
	Three Months Ended September 30,								Nine Months Ended September 30,
		2026				2025				2026				2025
Net revenue	$	3,568			$	3,538			$	10,003			$	9,636
Costs of revenue		1,804				1,624				5,039				4,417
Gross profit		1,764				1,914				4,964				5,219
OPERATING EXPENSES
Selling and marketing		2,060				1,773				6,087				5,581
Research and development		4,803				6,090				14,547				12,589
General and administrative		2,285				2,070				6,387				5,101
Total operating expenses		9,148				9,933				27,021				23,271
Operating loss		(7,384	)			(8,019	)			(22,057	)			(18,052	)
NON-OPERATING INCOME
Interest income, net		46				132				187				175
Other non-operating income (expense), net		(1	)			(34	)			17				(44	)
Total non-operating income, net		45				98				204				131
Loss before income taxes		(7,339	)			(7,921	)			(21,853	)			(17,921	)
Provision for income taxes		—				—				—				—
Net loss and comprehensive loss	$	(7,339	)		$	(7,921	)		$	(21,853	)		$	(17,921	)
Net loss per share – basic and diluted	$	(0.15	)		$	(0.17	)		$	(0.44	)		$	(1.05	)
Weighted average common shares outstanding – basic and diluted		50,568,141				46,217,127				49,332,254				17,049,671

CAPSOVISION, INC. CONDENSED STATEMENTS OF CASH FLOWS (UNAUDITED) (in thousands)
	Nine Months Ended September 30,
		2026				2025
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$	(21,853	)		$	(17,921	)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization		173				161
Loss on disposal of property and equipment		—				1
Amortization of operating lease right-of-use assets		307				260
Unrealized foreign exchange losses (gains)		57				(170	)
Stock in lieu of debt repayment		—				31
Stock-based compensation		1,863				629
Bad debt expense		10				11
Changes in operating assets and liabilities:
Accounts receivable		10				151
Inventory		(1,760	)			(558	)
Prepaid expenses and other current assets		(1,014	)			(303	)
Other long-term assets		(410	)			—
Accounts payable		(203	)			596
Accrued expenses and other current liabilities		1,658				2,220
Deferred revenue		(31	)			(26	)
Operating lease liabilities		(318	)			(260	)
Net cash used in operating activities	$	(21,511	)		$	(15,178	)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of property and equipment		(70	)			(82	)
Net cash used in investing activities	$	(70	)		$	(82	)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from IPO, net of commissions		—				26,557
Payment of IPO offering costs		—				(3,184	)
Repayment of promissory note		—				(1,000	)
Proceeds from Private Placement		14,000				—
Payment of Private Placement issuance costs		(601	)			—
Proceeds from ATM Program, net of issuance costs		1,710				—
Proceeds from Securities Purchase Agreement		18,000				—
Payment of constructive dividend		(12	)			—
Proceeds from promissory note issuance		—				1,000
Proceeds from exercises of options on common stock and warrants		164				216
Net cash provided by financing activities	$	33,261			$	23,589
Net increase in cash and cash equivalents		11,680				8,329
Effect of exchange rate changes on cash and cash equivalents		(35	)			139
Cash and cash equivalents at beginning of period		10,112				9,319
Cash and cash equivalents at end of period	$	21,757			$	17,787
SUPPLEMENTAL CASH FLOW DISCLOSURES
Cash paid for income taxes	$	10			$	7
Cash paid for interest		—				15
NON-CASH FINANCING AND INVESTING ACTIVITIES
Obtaining a right-of-use asset in exchange for a lease liability		211				—
Underwriters warrants issued in connection with the IPO		—				519
Conversion of convertible preferred stock into common stock upon initial public offering		—				143,625
Securities Purchase Agreement issuance costs in accounts payable		162				—

Surging demand for high-speed inference fuels growth from new and existing customers

• Record GAAP revenue of $210.8 million
• Record Core revenue of $230.9 million
• GAAP cloud revenue grew 265% from a year ago
• Core cloud revenue $144.9 million, up 272% from a year ago
• Commercial wins with two new hyperscalers
• 700 megawatts of data center capacity now under contract
• First to deliver production scale heterogeneous disaggregated inference offering

SUNNYVALE, Calif., Nov. 12, 2026 (GLOBE NEWSWIRE) — Cerebras Systems (NASDAQ: CBRS), maker of the world’s fastest AI infrastructure, today announced financial results for the third quarter ended September 30, 2026.

“Cerebras’ technology remains the undisputed champion of speed,” said Andrew Feldman, co-founder and CEO of Cerebras. “We’re giving customers more ways to access our technology and scale with us be it through direct system sales, Cerebras Cloud or third-party cloud providers. I’m proud of our team for delivering the performance and speed customers need to build entirely new applications and expand what AI can do. That progress energizes us to do even more as we push the limits of innovation and expect to triple revenue in 2027.”

“We exceeded our guidance across the board for the third quarter in a row and delivered sequential improvements on all core financial metrics,” said Bob Komin, CFO of Cerebras. “We won new marquee customers, including hyperscalers, neoclouds and large enterprises. And we saw our pipeline for high-speed AI inference increase by more than 10x in the quarter.”

Q3 2026 Financial Highlights

GAAP Financial Results

• GAAP cloud and other services revenue: Record $141.9 million, up 265% year-over-year
• GAAP total revenue: Record $210.8 million, up 55% year-over-year
• GAAP gross margin: 20% up sequentially
• GAAP operating margin: (106%)

Core Financial Results (Non-GAAP)

Core results exclude the impacts of non-cash amortization of customer warrants and stock-based compensation, data center pass-through revenues and costs, and certain other items.

• Core cloud and other services revenue: $144.9 million, up 272% year-over-year
• Core total revenue: $230.9 million, up 70% year-over-year
• Core gross margin: 41% up both sequentially and year-over-year
• Core operating margin: (14%)

Fourth Quarter 2026 Financial Outlook

• Core Non-GAAP Financial Outlook:
  • Core revenue of approximately $310 to $330 million
  • Core gross margin in the range of 47% – 49%
  • Core operating margins in the range of (1%) to 1%

Full Year 2026 Financial Outlook

• Core Non-GAAP Financial Outlook:
  • Core revenue of $940 to $960 million
  • Core gross margin in the range of 42% – 44%
  • Core operating margins in the range of (10%) to (8%)

Liquidity

• Strong liquidity with cash, cash equivalents, restricted cash, and short-term investments of $7.8 billion and debt capacity of $850 million.

Business Highlights: General

• $26.1 billion in remaining performance obligations as of September 30, 2026.

Business Highlights: Customers

Cerebras is rapidly expanding its customer base, broadening its reach and diversifying its revenue.

• Oracle is integrating Cerebras’ fast inference into Oracle Cloud Infrastructure. With the fastest AI inference, AI labs, enterprises and developers that rely on Oracle will now have the performance required to build robust agents and applications that are hyper responsive and execute complicated tasks in a shorter period of time. Cerebras will be available in Oracle Cloud Infrastructure in 2027.
• Today, Cerebras announced an important cloud deal with a top three hyperscaler. More will be shared next year.
• Expanded reach through a variety of neoclouds, diversifying routes to market and giving customers more ways to access Cerebras’ high-speed inference.
• Cerebras high-speed inference will power the new Bilt Neighborhood OS platform and Bilt Concierge AI assistant to deliver faster, seamless interactions between the platform and the eight million consumers and 50,000 businesses it serves.

Business Highlights: Capacity

Global data center capacity and manufacturing capacity continue to grow.

• Secured 700 gross megawatts of data center capacity for delivery by the end of 2027, increasing pipeline of opportunities to gigawatt scale. Cerebras Cloud is now among the largest non-hyperscaler AI clouds.
• Signed contracts for additional capacity in Norway and Finland. This expands Cerebras’ European capacity and supports long-term cloud inference demand.
• Scaling manufacturing capacity with Flex and Sanmina; expects to exit 2026 with more than 10x manufacturing capacity versus beginning of the year.
• Plans in place to add factories and further increase capacity in 2027 to support substantial growth.
• Cerebras disaggregated inference expands capacity by increasing up to 5x the number of tokens that data centers can deliver. More superfast tokens per MW means each data center produces more revenue.

Business Highlights: Capabilities

Cerebras is advancing capabilities on every front: new systems and processors, improved software, advanced manufacturing techniques, and partnerships that deliver best-in-industry solutions.

• Cerebras is the first in the market to deliver production-scale heterogeneous disaggregated inference, which is expected to become a default offering in major clouds. Disaggregated inference delivers substantially more high-speed tokens for the same power, resulting in more profit per MW for cloud owners and lower cost per token for AI users.
• This August, Cerebras unveiled its next-generation systems, setting new standards for ultra-fast AI inference performance, efficiency and scalability:
  • At Supernova 2026, Cerebras introduced CS-4, the world’s fastest AI accelerator, delivering up to 30x faster inference. CS-4 will soon be in full production.
  • At Hot Chips 2026, Cerebras previewed its next-generation system the CS-5, targeted for early Summer 2027, designed to deliver up to 10,000 tokens per second per user.
  • Cerebras’ next-generation processor, the Wafer Scale Engine 5 to be deployed in CS-5, is back from the fab, completed bring up and is in system testing. From tape out to in system test in less than 5 months.
• Cerebras was a day-zero launch partner for Kimi K3.1, Moonshot AI’s 2.8 trillion-parameter frontier class open-weight model. Kimi 3.1 on Cerebras is the fastest in the industry, running up to 2,000 tokens per second.

Upcoming Investor Events

Cerebras will participate in the following events with the financial community:

TomorrowX Summit, Austin, TX
Tuesday, November 17, 2026

Barclays Global Technology Conference, San Francisco, CA
Wednesday, December 9, 2026

Earnings Webcast and Conference Call

Cerebras Systems will host a conference call to review its financial results for the third quarter of 2026 and to discuss our financial outlook today at 2 p.m. PT (5 p.m. ET). Interested parties may join the conference call via the webcast and can be accessed at the Cerebras website at https://investors.cerebras.ai/. The webcast will be recorded and available for replay on the same website following the conclusion of the conference call.

About Cerebras Systems

Cerebras Systems (NASDAQ: CBRS) builds the world’s fastest AI infrastructure. The Cerebras team of pioneering computer architects, computer scientists, AI researchers, and engineers of all types came together to make AI blisteringly fast through innovation and invention. Cerebras believes that when AI is fast, it will change the world. Leading global corporations, research institutes, and governments choose Cerebras to run their AI workloads. Cerebras solutions are available on premises and in the cloud. For more information, visit cerebras.ai

Contacts

Investor Relations
Sean Dorsey
investors@cerebras.ai

Media & Analyst Relations
Kriselle Laran
pr@cerebras.ai

Cerebras Disclosure Information

Cerebras uses its blog (cerebras.ai/blog), its investor relations page (investors.cerebras.ai), its X account (@cerebras), and its LinkedIn page (linkedin.com/company/cerebras-systems/) to disclose material nonpublic information and for complying with its disclosure obligations under Regulation FD. Accordingly, investors should monitor these channels, in addition to following Cerebras’ press releases, Securities and Exchange Commission (SEC) filings, public conference calls and public webcasts.

Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of applicable securities laws. All statements other than statements of historical fact could be deemed to be forward-looking, including, but not limited to, statements about: demand for high-speed AI inference and long-term growth; the fourth quarter and full year 2026 financial outlook; tripling revenue in 2027; data center capacity and the timing of delivery; the Mikkeli, Finland data center; expanding data center geographic and infrastructure reach across Europe and Canada, and establishing first presence in South America; the performance, efficiency and scalability of CS-4 and CS-5, and the targeted timing of the CS-5 AI accelerator; the timing and expected benefits of customer and partner relationships, including the partnership with hyperscalers, availability in Oracle Cloud Infrastructure in 2027, expanding access of high-speed inference to European customers, powering the new Bilt Neighborhood OS platform and Bilt Concierge AI assistant to deliver faster, seamless interactions between the platform, consumers and businesses; and any assumptions relating to the foregoing. The words “may,” “will,” “shall,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “target,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “potential,” “objective,” or “continue,” or the negative of these words or other similar terms or expressions that concern our expectations, strategy, plans, or intentions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These forward-looking statements are subject to a number of risks and uncertainties, many of which involve factors or circumstances that are beyond Cerebras’ control. These risks and uncertainties include, but are not limited to: Cerebras’ ability to sustain and manage its growth, access borrowings and other sources of capital on acceptable terms, and deploy available capital to support growth; its history of net losses and ability to achieve and maintain profitability; its limited operating history at its current scale and ability to accurately forecast revenue and appropriately budget and manage expenses; its dependence on a limited number of significant customers, and the potential impact of any reduction in demand from, material adverse development in its relationships with, or failure to meet its obligations to, such customers, including under its Master Relationship Agreement with OpenAI; the timing, execution and expected benefits of its strategic customer, partner and financing arrangements; its historical reliance on sales of hardware systems and the early-stage, rapidly evolving market for its cloud-based offerings and AI infrastructure; its ability to secure sufficient data center capacity and capital to support its cloud-based offerings; its ability to launch new offerings and add new product capabilities; and its ability to compete effectively in the rapidly evolving and competitive market for AI computing solutions.

Cerebras’ actual results or outcomes could differ materially from those stated or implied in forward-looking statements due to a number of factors. Accordingly, undue reliance should not be placed on such statements. These forward-looking statements are made as of the date they were first issued and are based on information available to Cerebras together with Cerebras’ expectations, estimates, forecasts, projections, beliefs, and assumptions as of such date. These forward-looking statements should not be relied upon as representing Cerebras’ views as of any date subsequent to the date of this press release. Past performance is not necessarily indicative of future results. Cerebras undertakes no intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law.

Further information on potential risks that could affect actual results is included in Cerebras’ most recent filings with the SEC, copies of which may be obtained by visiting Cerebras’ Investor Relations website at investors.cerebras.ai or the SEC’s website at www.sec.gov.

CEREBRAS SYSTEMS INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) (in thousands, except per share amounts)
	Three Months Ended September 30,								Nine Months Ended September 30,
		2026				2025				2026				2025
Revenue
Hardware	$	68,881			$	96,794			$	233,592			$	236,763
Cloud and other services		141,928				38,920				350,732				101,785
Total revenue		210,809				135,714				584,324				338,548
Cost of revenue
Hardware		61,290				47,969				179,362				143,028
Cloud and other services		107,425				32,610				251,135				66,682
Total cost of revenue		168,715				80,579				430,497				209,710
Gross profit		42,094				55,135				153,827				128,838
Operating expenses
Research and development		177,842				57,257				573,488				170,775
Sales and marketing		32,813				20,834				134,483				49,388
General and administrative		55,588				3,513				162,277				20,796
Total operating expenses		266,243				81,604				870,248				240,959
Loss from operations		(224,149	)			(26,469	)			(716,421	)			(112,121	)
Other income, net		63,900				5,787				93,409				380,431
Income (loss) before income taxes		(160,249	)			(20,682	)			(623,012	)			268,310
Income tax expense		969				1,519				2,740				4,866
Net income (loss)	$	(161,218	)		$	(22,201	)		$	(625,752	)		$	263,444
Net income (loss) attributable to common shareholders
Basic	$	(161,218	)		$	(22,201	)		$	(625,752	)		$	101,685
Diluted	$	(161,218	)		$	(22,201	)		$	(625,752	)		$	263,444
Net income (loss) per share attributable to common shareholders
Basic	$	(0.67	)		$	(0.41	)		$	(4.13	)		$	1.92
Diluted	$	(0.67	)		$	(0.41	)		$	(4.13	)		$	1.61
Weighted average shares outstanding
Basic		238,885				53,983				151,532				52,909
Diluted		238,885				53,983				151,532				163,677

CEREBRAS SYSTEMS INC. CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (unaudited) (in thousands)
	Three Months Ended September 30,								Nine Months Ended September 30,
		2026				2025				2026				2025
Net income (loss)	$	(161,218	)		$	(22,201	)		$	(625,752	)		$	263,444
Change in foreign currency translation adjustments, net of tax		(53	)			(615	)			585				297
Available-for-sale investments:
Change in net unrealized gain (loss) on debt securities, net of tax		(8,938	)			(397	)			(5,110	)			(1,204	)
Comprehensive income (loss)	$	(170,209	)		$	(23,213	)		$	(630,277	)		$	262,537

CEREBRAS SYSTEMS INC. CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) (in thousands)
	September 30, 2026				December 31, 2025
ASSETS
Current assets:
Cash and cash equivalents	$	3,074,752			$	701,706
Restricted cash		444,042				228,672
Investments		4,286,026				406,531
Accounts receivable, net		231,762				50,423
Inventories		146,100				63,626
Customer warrants		140,174				60,906
Prepaid expenses and other current assets		542,805				31,782
Total current assets		8,865,661				1,543,646
Property and equipment, net		1,507,797				437,396
Customer warrants, net of current portion		951,800				91,447
Operating lease right-of-use assets		571,237				248,950
Other non-current assets		41,917				4,598
Total assets	$	11,938,412			$	2,326,037
LIABILITIES, REDEEMABLE CONVERTIBLE PREFERRED STOCK, AND STOCKHOLDERS’ EQUITY (DEFICIT)
Current liabilities:
Accounts payable	$	236,981			$	48,630
Deferred revenue		234,309				131,049
Operating lease liability		98,368				45,865
Customer deposits		108,715				354,460
Working capital loan		706,518				—
Accrued and other current liabilities		295,980				139,536
Total current liabilities		1,680,871				719,540
Deferred revenue, net of current portion		453,293				35,847
Operating lease liability, net of current portion		522,771				215,957
Working capital loan, net of current portion		122,564				—
Total liabilities		2,779,499				971,344
Redeemable convertible preferred stock		—				1,933,348
Stockholders’ equity (deficit)
Class A common stock		2				1
Class B common stock		1				—
Class N common stock		—				—
Treasury stock		(21,456	)			(21,456	)
Additional paid-in capital		10,714,672				346,829
Accumulated other comprehensive income		(3,224	)			1,301
Accumulated deficit		(1,531,082	)			(905,330	)
Total stockholders’ equity (deficit)		9,158,913				(578,655	)
Total liabilities, redeemable convertible preferred stock, and stockholders’ equity (deficit)	$	11,938,412			$	2,326,037

CEREBRAS SYSTEMS INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) (in thousands)
	Nine Months Ended September 30,
		2026				2025
Cash flows from operating activities:
Net income (loss)	$	(625,752	)		$	263,444
Adjustments to reconcile net income (loss) to net cash flows used in operating activities:
Stock-based compensation		541,706				33,781
Amortization of customer warrants		82,739				—
Depreciation and amortization		72,342				17,941
Non-cash lease expense		61,826				13,729
Non-cash interest expense		57,170				—
Provision for product warranties		10,830				14,348
Extinguishment of forward contract liability		—				(363,336	)
Other		(14,974	)			(1,453	)
Changes in operating assets and liabilities:
Accounts receivable		(181,338	)			102,797
Inventories		(101,124	)			58,798
Prepaid expenses and other assets		(546,038	)			894
Accounts payable		134,529				14,327
Deferred revenue		288,047				26,532
Customer deposits		(245,745	)			(334,034	)
Other liabilities		76,888				18,016
Net cash flows used in operating activities	$	(388,894	)		$	(134,216	)
Cash flows from investing activities:
Purchases of property and equipment	$	(1,046,059	)		$	(301,139	)
Purchases of investments		(5,120,232	)			(20,175	)
Maturities and sales of investments		1,274,091				138,590
Net cash flows used in investing activities	$	(4,892,200	)		$	(182,724	)
Cash flows from financing activities:
Proceeds from initial public offering, net of underwriting discounts and commissions	$	6,232,511			$	—
Proceeds from sale of shares of Series G redeemable convertible preferred stock		—				1,074,999
Costs incurred in connection with the sale of shares of Series G redeemable convertible preferred stock		—				(16,718	)
Proceeds from sale of shares of Series H redeemable convertible preferred stock		1,014,249				—
Costs incurred in connection with a debt facility and an equity sale		(4,019	)			—
Proceeds from Working Capital Loan		1,004,571				—
Proceeds from exercise of stock options, net of repurchases of early exercised stock options		39,507				10,531
Proceeds from issuance of shares of Class N common stock		15,035				—
Tax withholding from tender offer and initial public offering		(416,659	)			—
Payments of deferred offering costs and other financing activities		(15,774	)			—
Net cash flows provided by financing activities	$	7,869,421			$	1,068,812
Effect of exchange rate on cash		89				297
Increase (decrease) in cash, cash equivalents, and restricted cash	$	2,588,416			$	752,169
Cash, cash equivalents, and restricted cash beginning of period		930,378				581,965
Cash, cash equivalents, and restricted cash end of period	$	3,518,794			$	1,334,134

CEREBRAS SYSTEMS INC. RECONCILIATION OF GAAP TO NON-GAAP MEASURES (unaudited) (in thousands)
Reconciliation of GAAP Revenue to Core Revenue:
		Three Months Ended September 30,
			2026											2025
		Total				Hardware			Cloud and Other Services				Total			Hardware			Cloud and Other Services
GAAP revenue		$	210,809			$	68,881		$	141,928			$	135,714		$	96,794		$	38,920
Less: Pass-through revenue			(16,360	)			—			(16,360	)			—			—			—
Add: Amortization of customer warrant assets			36,424				17,078			19,346				—			—			—
Core revenue		$	230,873			$	85,959		$	144,914			$	135,714		$	96,794		$	38,920

		Nine Months Ended September 30,
			2026											2025
		Total				Hardware			Cloud and Other Services				Total			Hardware			Cloud and Other Services
GAAP revenue		$	584,324			$	233,592		$	350,732			$	338,548		$	236,763		$	101,785
Less: Pass-through revenue			(34,974	)			—			(34,974	)			—			—			—
Add: Amortization of customer warrant assets			82,739				46,068			36,671				—			—			—
Core revenue		$	632,089			$	279,660		$	352,429			$	338,548		$	236,763		$	101,785

Reconciliation of GAAP Gross Profit to Core Gross Profit:

		Three Months Ended September 30,
			2026											2025
		Total				Hardware			Cloud and Other Services				Total			Hardware			Cloud and Other Services
GAAP gross profit		$	42,094			$	7,591		$	34,503			$	55,135		$	48,825		$	6,310
Less: Pass-through revenue and related data center costs, net			(488	)			—			(488	)			—			—			—
Add: Amortization of customer warrant assets			36,424				17,078			19,346				—			—			—
Add: Stock-based compensation expense			16,545				2,003			14,542				161			40			121
Core gross profit		$	94,575			$	26,672		$	67,903			$	55,296		$	48,865		$	6,431

		Nine Months Ended September 30,
			2026											2025
		Total				Hardware			Cloud and Other Services				Total			Hardware			Cloud and Other Services
GAAP gross profit		$	153,827			$	54,230		$	99,597			$	128,838		$	93,735		$	35,103
Less: Pass-through revenue and related data center costs, net			(1,037	)			—			(1,037	)			—			—			—
Add: Amortization of customer warrant assets			82,739				46,068			36,671				—			—			—
Add: Stock-based compensation expense			32,848				5,000			27,848				674			169			505
Add: Employer payroll tax related to stock-based compensation from IPO			471				118			353				—			—			—
Core gross profit		$	268,848			$	105,416		$	163,432			$	129,512		$	93,904		$	35,608

Reconciliation of GAAP Gross Margin to Core Gross Margin:

		Three Months Ended September 30,
		2026									2025
		Total			Hardware			Cloud and Other Services			Total			Hardware			Cloud and Other Services
GAAP gross margin		20.0	%		11.0	%		24.3	%		40.6	%		50.4	%		16.2	%
Non-GAAP adjustments		21.0			20.0			22.6			0.1			0.1			0.3
Core gross margin		41.0	%		31.0	%		46.9	%		40.7	%		50.5	%		16.5	%

		Nine Months Ended September 30,
		2026									2025
		Total			Hardware			Cloud and Other Services			Total			Hardware			Cloud and Other Services
GAAP gross margin		26.3	%		23.2	%		28.4	%		38.1	%		39.6	%		34.5	%
Non-GAAP adjustments		16.2			14.5			18.0			0.2			0.1			0.5
Core gross margin		42.5	%		37.7	%		46.4	%		38.3	%		39.7	%		35.0	%

Reconciliation of GAAP Operating Expenses to Core Operating Expenses:

		Three Months Ended September 30,
			2026																2025
		Total				Research and Development				Sales and Marketing				General and Administrative				Total				Research and Development				Sales and Marketing				General and Administrative
GAAP operating expenses		$	266,243			$	177,842			$	32,813			$	55,588			$	81,604			$	57,257			$	20,834			$	3,513
Less: Stock-based compensation expense			(138,560	)			(80,999	)			(20,915	)			(36,646	)			(11,185	)			(8,619	)			(1,502	)			(1,064	)
Core operating expenses		$	127,683			$	96,843			$	11,898			$	18,942			$	70,419			$	48,638			$	19,332			$	2,449

		Nine Months Ended September 30,
			2026																2025
		Total				Research and Development				Sales and Marketing				General and Administrative				Total				Research and Development				Sales and Marketing				General and Administrative
GAAP operating expenses		$	870,248			$	573,488			$	134,483			$	162,277			$	240,959			$	170,775			$	49,388			$	20,796
Less: Stock-based compensation expense			(508,858	)			(308,845	)			(93,762	)			(106,251	)			(33,107	)			(23,631	)			(4,984	)			(4,492	)
Less: Employer payroll tax related to stock-based compensation from IPO			(22,307	)			(16,491	)			(3,907	)			(1,909	)			—				—				—				—
Core operating expenses		$	339,083			$	248,152			$	36,814			$	54,117			$	207,852			$	147,144			$	44,404			$	16,304

Reconciliation of GAAP Loss from Operations to Core Operating Loss:

	Three Months Ended September 30,								Nine Months Ended September 30,
		2026				2025				2026				2025
GAAP loss from operations	$	(224,149	)		$	(26,469	)		$	(716,421	)		$	(112,121	)
Less: Pass-through revenue and related data center costs, net		(488	)			—				(1,037	)			—
Add: Stock-based compensation expense		155,105				11,346				541,706				33,781
Add: Amortization of customer warrant assets		36,424				—				82,739				—
Add: Employer payroll tax related to stock-based compensation from IPO		—				—				22,778				—
Core operating loss	$	(33,108	)		$	(15,123	)		$	(70,235	)		$	(78,340	)

Reconciliation of GAAP Operating Margin to Core Operating Margin:

	Three Months Ended September 30,						Nine Months Ended September 30,
	2026			2025			2026			2025
GAAP operating margin	(106.3	%)		(19.5	%)		(122.6	%)		(33.1	%)
Non-GAAP adjustments	92.0			8.4			111.5			10.0
Core operating margin	(14.3	%)		(11.1	%)		(11.1	%)		(23.1	%)

Reconciliation of GAAP Loss from Operations to Core Adjusted EBITDA:

	Three Months Ended September 30,								Nine Months Ended September 30,
		2026				2025				2026				2025
GAAP loss from operations	$	(224,149	)		$	(26,469	)		$	(716,421	)		$	(112,121	)
Less: Pass-through revenue and related data center costs, net		(488	)			—				(1,037	)			—
Add: Stock-based compensation expense		155,105				11,346				541,706				33,781
Add: Amortization of customer warrant assets		36,424				—				82,739				—
Add: Depreciation and amortization		29,794				8,625				72,342				17,941
Add: Employer payroll tax related to stock-based compensation from IPO		—				—				22,778				—
Core Adjusted EBITDA	$	(3,314	)		$	(6,498	)		$	2,107			$	(60,399	)

Reconciliation of GAAP Net Income (Loss) to Core Net Income (Loss):

	Three Months Ended September 30,								Nine Months Ended September 30,
		2026				2025				2026				2025
GAAP net income (loss)	$	(161,218	)		$	(22,201	)		$	(625,752	)		$	263,444
Less: Pass-through revenue and related data center costs, net		(488	)			—				(1,037	)			—
Less: Change in fair value (extinguishment) of forward contract liability		—				—				—				(363,336	)
Add: Stock-based compensation expense		155,105				11,346				541,706				33,781
Add: Amortization of customer warrant assets		36,424				—				82,739				—
Add: Employer payroll tax related to stock-based compensation from IPO		—				—				22,778				—
Core net income (loss)	$	29,823			$	(10,855	)		$	20,434			$	(66,111	)

Discussion of Non-GAAP Financial Measures

Use of non-GAAP financial measures

We use certain non-GAAP financial measures to supplement the performance measures in our consolidated financial statements, which are presented in accordance with GAAP. These non-GAAP financial measures include core total revenue, core hardware revenue, core cloud and other services revenue, core gross profit, core hardware gross profit, core cloud and other services gross profit, core gross margin, core hardware gross margin, core cloud and other services gross margin, core operating loss, core operating margin, core net income (loss), and core adjusted earnings before interest, income tax, depreciation and amortization (“Core Adjusted EBITDA”). We use these non-GAAP financial measures for financial and operational decision-making and as a means to assist us in evaluating period-to-period comparisons.

Reconciliations of each of these non-GAAP financial measures to their most directly comparable GAAP measures for this quarter and prior periods are included in the tables below or elsewhere in the materials accompanying this press release.

Usefulness of non-GAAP financial measures to investors

By excluding certain items that may not be indicative of our recurring operating results from our core technology and service offerings and stock-based compensation from grants of equity awards, we believe that the non-GAAP metrics described below provide meaningful supplemental information regarding our performance. Accordingly, we believe these non-GAAP financial measures are useful to investors and others because they allow additional information with respect to financial measures used by management in its financial and operational decision-making and may be useful to our institutional investors and the analyst community to help them analyze the health of our business. Disclosure of these non-GAAP financial measures also facilitates the comparisons of Cerebras’ operating performance with the performance of other companies in the same industry that supplement their GAAP results with non-GAAP financial measures that may be calculated in a manner comparable to their core operations.

Economic substance of and material limitations associated with non-GAAP financial measures used by Cerebras

Core revenue, core hardware revenue, core cloud and other services revenue, core gross profit, core hardware gross profit, core cloud and other services gross profit, core gross margin, core hardware gross margin, core cloud and other services gross margin, core operating loss, core operating margin, Core Adjusted EBITDA and core net income (loss) are adjusted, as applicable, to: (i) exclude non-cash stock-based compensation; (ii) exclude pass-through revenues and costs that are not part of our core technology and services offering; and (iii) add back non-cash amortization from customer warrants that is recorded as a reduction in revenues; (iv) exclude from core net income (loss) the effect of the change in fair value (extinguishment) of the forward contract liability; and (v) present employer payroll tax related to stock-based compensation from IPO as an offset to the stock-based compensation adjustment in calculating core net income (loss). Core adjusted EBITDA also excludes the impacts of depreciation and amortization.

Core gross margin, core hardware margin, and core cloud and other services margin represent core gross profit, core hardware gross profit, and core cloud and other services gross profit, respectively, expressed as a percentage of their corresponding core revenue.

More specifically, Cerebras makes the adjustments described above for the following reasons:

• Stock-based compensation expense consists of equity awards granted based on the estimated fair value of those awards at the grant date. Although stock-based compensation is a key incentive offered to employees, Cerebras excludes these charges for the purpose of calculating these non-GAAP measures, primarily because they are non-cash expenses, and the Company’s internal benchmarking analyses evidence that many industry participants and peers present non-GAAP financial measures excluding stock-based compensation expense.
• Amortization of customer warrants consists of equity granted to customers and recorded as contra-revenue. We exclude the impact of amortization of customer warrant assets recorded as contra‑revenue from our non‑GAAP results because it represents a non‑cash, valuation‑driven adjustment associated with equity instruments issued to customers. The amount and timing of this amortization may be influenced by factors outside our operational performance, including the timing of customer capacity deployment decisions and product delivery schedules, which are at the discretion of the customer. This adjustment does not reflect the underlying economics of our core revenue‑generating activities, including pricing, volume, or cost of delivering our products and services, and therefore may not be indicative of our ongoing operating performance.
• Pass-through revenue and associated pass-through cost of revenue relate to non-recurring data center start-up and recurring data center costs that are incurred on behalf of specific customers. We exclude pass‑through revenue and the associated pass-through cost of revenue from our non‑GAAP financial measures because such amounts are incurred on behalf of specific customers and do not reflect the underlying economics of our core hardware technology and services offerings and generally generate fixed minimal gross margins. These pass-through revenues and costs are dependent on the pace of customer data center build-outs, deployment schedules, and customer deployment choices and approval of associated billings. Accordingly, these amounts may fluctuate significantly between reporting periods and can obscure comparisons of our operating performance results and trends in our core business.
• The change in fair value (extinguishment) of the forward contract liability reflects the impact recognized in connection with the forward contract liability. We exclude this item from core net income (loss) because it arose from the forward contract liability rather than from the operating performance of our core technology and services offerings.
• Employer payroll tax related to stock-based compensation from IPO is presented as an adjustment in calculating core net income (loss). This treatment presents the employer payroll tax separately from the non-cash stock-based compensation excluded from core net income (loss).

There are a number of limitations related to the use of non-GAAP financial measures, and these non-GAAP measures should be considered in addition to, not as a substitute for or in isolation from, our financial results prepared in accordance with GAAP. Other companies, including companies in our industry, may calculate these non-GAAP financial measures differently or not at all, which reduces their usefulness as comparative measures. No reconciliation is provided with respect to certain forward-looking non-GAAP financial measures as the GAAP measures are not accessible on a forward-looking basis. We cannot reliably predict all necessary components or their impact to reconcile such financial measures without unreasonable effort. The events necessitating a non-GAAP adjustment are inherently unpredictable and may have a significant impact on our future GAAP financial results. Cerebras compensates for these limitations on the use of non-GAAP financial measures by relying primarily on its GAAP results and using non-GAAP financial measures only as a supplement. Cerebras also provides a reconciliation of each non-GAAP financial measure to its most directly comparable GAAP financial measure for this quarter and prior periods within this press release, and Cerebras encourages investors to review those reconciliations carefully.

First participant dosed in Phase 1 clinical trial of EQ504, proof-of-mechanism data expected in Q2 2027

Cash equivalents of $53.3 million as of September 30, 2026; pro forma cash balance of approximately $72.0 million after the net effect of $20 million in gross financing received in October 2026

Cash runway expected into 2029

LA JOLLA, Calif., Nov. 12, 2026 (GLOBE NEWSWIRE) — Equillium, Inc. (Nasdaq: EQ), a clinical-stage biotechnology innovator developing novel therapies to treat serious autoimmune and inflammatory disorders, today reported financial results for the third quarter ended September 30, 2026, and provided a corporate update highlighting recent progress with EQ504, its novel small-molecule aryl hydrocarbon receptor (AhR) modulator.

“We continue to make important progress advancing EQ504, with the recent initiation of clinical development marking a significant milestone for the program,” said Bruce Steel, Chief Executive Officer of Equillium. “We believe EQ504’s differentiated immunoregulatory mechanism of action, without broad immune suppression, has the potential to address key epithelial and immune pathways involved in inflammatory disease. We look forward to reporting proof-of-mechanism data in the second quarter of 2027, which we expect will inform our planned proof-of-concept study in ulcerative colitis that we expect to initiate in the second half of 2027. Supported by our strong financial position, we remain focused on advancing EQ504 to patients while continuing to evaluate its broader therapeutic potential.”

Recent Corporate and Clinical Highlights:

Initiated Phase 1 clinical trial of EQ504
In October 2026, Equillium initiated a first-in-human, randomized, double-blind, placebo-controlled study in Australia evaluating single and multiple ascending doses of EQ504 in approximately 70 healthy participants. The trial is designed to characterize safety, tolerability, pharmacokinetics and pharmacodynamics, and establish proof of mechanism of EQ504. The multiple ascending dose portion will include longitudinal gastrointestinal mucosal biopsies, including measurement of CYP1A1 expression, to assess AhR target engagement and localized biological activity in the gastrointestinal tract. Equillium expects to report topline data, including proof-of-mechanism assessments, in the second quarter of 2027. Subject to supportive results, Equillium plans to initiate a placebo-controlled proof-of-concept study in patients with moderately to severely active ulcerative colitis in the second half of 2027.

Milestone Closing of $20 Million Financing
On October 26, 2026, concurrent with the first patient dosed in the Phase 1 clinical trial, Equillium closed the second tranche of the Company’s previously announced August 2025 equity private placement agreement, resulting in aggregate gross proceeds of approximately $20 million.

Presented new nonclinical data further characterizing EQ504’s effects on epithelial barrier repair and immune regulation
Data presented at the 7th International AHR Conference demonstrated EQ504’s activity across complementary epithelial and immune pathways relevant to intestinal inflammation, including effects on barrier integrity, inflammatory chemokine production and immune regulation. Additional data presented at the 50th Anniversary La Jolla Immunology Conference further characterized coordinated AhR signaling across epithelial and immune compartments, supporting the potential of EQ504 to restore intestinal homeostasis through a differentiated, non-immunosuppressive mechanism of action.

Third Quarter 2026 Financial Results:

Cash and cash equivalents totaled $53.3 million as of September 30, 2026, compared to $33.1 million as of September 30, 2025. In October 2026, first participant dosing in the Phase 1 clinical trial of EQ504 triggered the second tranche of the Company’s previously announced August 2025 private placement agreement, resulting in approximately $20 million in additional funding. On a pro forma basis, after giving effect to the estimated net proceeds from this subsequent funding as if received on September 30, 2026, cash and cash equivalents would have been approximately $72.0 million. The pro forma amount is presented for supplemental informational purposes only and does not reflect cash used after September 30, 2026. Equillium believes that its cash and cash equivalents on the balance sheet as of September 30, 2026, together with the additional funding received in October 2026, are sufficient to fund its currently planned operations into 2029.  

Research and development (R&D) expenses for the third quarter of 2026 were $2.5 million, compared with $1.3 million for the same period in 2025.

General and administrative (G&A) expenses for the third quarter of 2026 were $2.6 million, compared with $3.3 million for the same period in 2025.

Net loss for the third quarter of 2026 was $4.6 million, or $(0.04) per basic and diluted share, compared with a net loss of $4.2 million, or $(0.06) per basic and diluted share for the same period in 2025.

About EQ504
EQ504 is an investigational potent and selective aryl hydrocarbon receptor (AhR) modulator with a multi-modal immunoregulatory mechanism of action without broad immune suppression, designed to be complementary to other inflammation and immunology agents. AhR is critical to barrier organ tissue physiology and immunology, maintaining barrier function and promoting tissue repair and regeneration, while regulating resident immune cells with anti-inflammatory responses. For ulcerative colitis, EQ504 is formulated as an oral, colon-targeted delayed-release drug product. Equillium is also evaluating the potential of EQ504 for additional indications, including inflammatory lung diseases through inhaled formulations.

About Equillium
Equillium is a biotechnology innovator with a mission to develop highly impactful therapies to treat serious autoimmune and inflammatory disorders. For more information, visit www.equilliumbio.com.

Forward Looking Statements
Statements contained in this press release regarding matters that are not historical facts are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as “anticipate”, “believe”, “could”, “continue”, “expect”, “estimate”, “may”, “plan”, “outlook”, “future”, “potential”, “will”, “designed to” and “project” and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These statements include, but are not limited to, statements regarding Equillium’s plans and strategies with respect to developing EQ504, including the initiation of clinical studies and the reporting of data therefrom; the expected timeline for reporting data from the Phase 1 study of EQ504; the potential benefits of EQ504, including its potential ability to address key epithelial and immune pathways involved in inflammatory disease; the anticipated initiation of a placebo-controlled proof-of-concept study, or the expected timeline for initiating such study, in patients with ulcerative colitis; the expected use of proceeds from the Milestone Closing; and Equillium’s expectations that its financial position and cash runway is sufficient to fund its currently planned operations into 2029. Because such statements are subject to risks and uncertainties, many of which are outside of Equillium’s control, actual results may differ materially from those expressed or implied by such forward-looking statements. Risks that contribute to the uncertain nature of the forward-looking statements include: Equillium’s ability to execute its plans and strategies; risks related to performing clinical and nonclinical studies; risks associated with relying on pro forma financial information; whether the results from clinical and nonclinical studies will validate and support the safety and efficacy of Equillium’s product candidates; changes in the competitive landscape; and Equillium’s ability to raise sufficient financing, which may not be available on acceptable terms or at all, to advance EQ504 and fund Equillium’s strategic plans. These and other risks and uncertainties are described more fully under the caption “Risk Factors” and elsewhere in Equillium’s filings and reports, which may be accessed for free by visiting the Securities and Exchange Commission’s website and on Equillium’s website under the heading “Investors.” Investors should take such risks into account and should not rely on forward-looking statements when making investment decisions. All forward-looking statements contained in this press release speak only as of the date on which they were made. Equillium undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made, except as required by law.

Investor Contact
PJ Kelleher
LifeSci Advisors, LLC
+1-617-430-7579
pkelleher@lifesciadvisors.com

Equillium, Inc.
Condensed Consolidated Balance Sheets
(In thousands)
(unaudited)
		September 30,				December 31,
		2026				2025
Assets
Cash and cash equivalents		$	53,322			$	30,277
Prepaid expenses and other assets		1,818				952
Operating lease right-of-use assets		671				658
Total assets		$	55,811			$	31,887
Current liabilities
Accounts payable and other current liabilities		$	2,819			$	2,934
Total current liabilities		2,819				2,934
Long-term operating lease liabilities		313				356
Total liabilities		3,132				3,290
Total stockholders’ equity		52,679				28,597
Total liabilities and stockholders’ equity		$	55,811			$	31,887

Equillium, Inc.
Condensed Consolidated Statements of Operations
(In thousands, except share and per share data)
(unaudited)
	Three Months Ended September 30,									Nine Months Ended September 30,
	2026					2025				2026					2025
Operating expenses:
Research and development	$	2,488				$	1,301			$	8,228				$	11,307
General and administrative	2,560					3,274				7,585					8,365
Total operating expenses	5,048					4,575				15,813					19,672
Loss from operations		(5,048	)				(4,575	)			(15,813	)				(19,672	)
Total other income, net	465					345				1,226					1,049
Net loss	$	(4,583	)			$	(4,230	)		$	(14,587	)			$	(18,623	)
Net loss per share, basic and diluted	$	(0.04	)			$	(0.06	)		$	(0.14	)			$	(0.41	)
Weighted-average number of common shares outstanding, basic and diluted	111,923,380					65,322,753				106,726,715					45,651,900

Hearing request stays any suspension or delisting action; ordinary shares continue to trade on the Nasdaq Capital Market pending the Hearings Panel’s decision

TEL AVIV, Israel, Nov. 12, 2026 (GLOBE NEWSWIRE) — PRF Technologies Ltd. (Nasdaq: PRFX) (“PRF” or the “Company”) today announced that on November 9, 2026, it received a letter from the Listing Qualifications Department of The Nasdaq Stock Market LLC (“Nasdaq”) notifying the Company that the closing bid price of its ordinary shares had been below US$1.00 per share for 30 consecutive business days, from September 24, 2026 through November 4, 2026, and that the Company therefore does not meet the minimum bid price requirement of Nasdaq Listing Rule 5550(a)(2).

Companies that do not meet the minimum bid price requirement are normally given a 180-calendar day period to regain compliance. Because the Company effected a 1-for-5 reverse share split on February 6, 2026, within the prior one-year period, Nasdaq Listing Rule 5810(c)(3)(A)(iv) provides that the Company is not eligible for that compliance period, and Nasdaq staff has issued a determination to delist the Company’s securities from the Nasdaq Capital Market.

Under the terms of the letter, the Company had until 4:00 p.m. Eastern Time on November 16, 2026 to request a hearing before a Nasdaq Hearings Panel (the “Panel”). The Company has timely requested a hearing. As set forth in the letter, the hearing request stays the suspension and delisting of the Company’s securities pending the Panel’s decision, and the Company’s ordinary shares will continue to trade on the Nasdaq Capital Market under the symbol “PRFX” during that time.

At the hearing, the Company intends to present a plan to regain compliance with the minimum bid price requirement, which may include, if necessary, a reverse share split. The Panel has the discretion to grant the Company an exception of up to 180 days from the date of the delisting determination, or until May 8, 2027, to regain compliance. There can be no assurance that the Panel will grant the Company’s request for continued listing.

Efraim Cohen-Arazi, Interim Chief Executive Officer of PRF Technologies, commented, “The notice does not affect our current business operations. We had approximately US$11.0 million in cash and short-term deposits as of September 30, 2026, based on preliminary unaudited information, and our majority-owned subsidiary LayerBio expects to begin enrolling patients in the Phase 2 trial of OcuRing™-K before year-end 2026. We are also working toward completing the proposed GridFeed transaction with Dotz, which is subject to a non-binding term sheet and the negotiation and execution of definitive agreements. We intend to present the Panel with a plan to regain compliance, which we believe will support our request for continued listing on Nasdaq.”

This announcement is made in accordance with Nasdaq Listing Rule 5810(b), which requires prompt public disclosure of receipt of the letter.

About PRF Technologies

PRF Technologies (Nasdaq: PRFX) is a company focused on the reformulation of established therapeutics, and a developer of AI-driven energy optimization technologies through its DeepSolar platform. The Company’s pharmaceutical programs leverage a proprietary extended-release drug-delivery system intended to provide prolonged post-surgical pain relief while minimizing the need for repeated dosing and reducing reliance on opioids. Through DeepSolar and GridFeed, PRF also develops advanced software solutions that enable both consumers and enterprises to monitor, forecast, trade and optimize energy – particularly in solar-integrated environments. This dual business model reflects PRF’s strategic commitment to applying precision technology across high-impact sectors including healthcare and sustainable energy. For more information, please visit www.prf-tech.com.

Notice Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, about PRF’s expectations, beliefs and intentions, including statements regarding the Company’s ability to continue to remain listed on Nasdaq and the Company’s ability to successfully appeal the Nasdaq staff’s delisting determination; the Company’s hearing before the Nasdaq Hearings Panel; the Company’s plan to regain compliance with Nasdaq’s minimum bid price requirement, including any reverse share split; the continued listing and trading of the Company’s ordinary shares on the Nasdaq Capital Market; the completion of the proposed transaction with Dotz Nano Limited; the expected commencement of patient enrollment in the Phase 2 clinical trial of OcuRing™-K before year-end 2026; and the Company’s cash resources. Forward-looking statements can be identified by the use of forward-looking words such as “believe”, “expect”, “intend”, “plan”, “may”, “should”, “could”, “might”, “seek”, “target”, “will”, “project”, “forecast”, “continue” or “anticipate” or their negatives or variations of these words or other comparable words or by the fact that these statements do not relate strictly to historical matters. Forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties, many of which are outside of the Company’s control. Many factors could cause the Company’s actual activities or results to differ materially from the activities and results anticipated in forward-looking statements, including, but not limited to, the following: the possibility that the Panel will not grant the Company’s request for continued listing or will impose conditions the Company is unable to meet; the Company’s ability to regain and maintain compliance with Nasdaq’s continued listing requirements; the delisting of the Company’s ordinary shares from Nasdaq, including the resulting adverse effects on liquidity, market price, analyst coverage and the Company’s ability to raise capital; the Company’s ability to obtain shareholder approval for, and the timing of, any reverse share split, and the possibility that any reverse share split will not result in sustained compliance with the minimum bid price requirement or will cause the Company to fail other continued listing requirements; the effect of any reverse share split on the market price and liquidity of the Company’s ordinary shares; the non-binding nature of the term sheet with Dotz and the possibility that definitive agreements will not be negotiated or executed, or that the proposed transaction will not be completed; the preliminary and unaudited nature of the cash information included in this press release; the Company’s ability to continue as a going concern, the Company’s history of significant losses, its need to raise additional capital and its ability to obtain additional capital on acceptable terms, or at all; the Company’s dependence on the success of its product candidates, PRF-110 and OcuRing™-K; the ability of LayerBio to commence patient enrollment in the Phase 2 trial of OcuRing™-K on the anticipated timeline, including obtaining required regulatory and site approvals; the outcomes of preclinical studies and clinical trials; the Company’s reliance on third parties; the impact of competition and new technologies; the Company’s ability to comply with regulatory requirements; the overall global economic environment; and the impact of the political and security situation in Israel on the Company’s business. More detailed information about the risks and uncertainties affecting the Company are contained under the heading “Risk Factors” included in the Company’s most recent Annual Report on Form 20-F and in other filings that the Company has made and may make with the Securities and Exchange Commission in the future. Forward-looking statements in this press release are made as of the date of this press release, and the Company undertakes no duty to update or revise any such statements, whether as a result of new information, future events or otherwise.

Contact:

Crescendo Communications, LLC
Tel: 212-671-1020
Email: prfx@crescendo-ir.com

Dr. Ehud Geller, Chairman
PRF Technologies Ltd.
Tel: +972-54-4236711
Email: egeller@medicavp.com

CULVER CITY, Calif., Nov. 12, 2026 (GLOBE NEWSWIRE) — Snail, Inc. (Nasdaq: SNAL) (“Snail Games” or the “Company”), a leading global independent developer and publisher of interactive digital entertainment, today announced financial results for the third quarter ended September 30, 2026.

Third Quarter 2026 and Recent Operational Highlights

ARK Franchise Updates:

• ARK: Survival Evolved (“ASE”):
  • Units sold were approximately 559,000 for the third quarter of 2026
  • During the third quarter of 2026, average daily active users (“DAU”) were approximately 99,000 and peak DAU was approximately 126,000
• ARK: Survival Ascended (“ASA”):
  • Units sold were approximately 1.2 million for the third quarter of 2026
  • During the third quarter of 2026, average DAU was approximately 121,000 and peak DAU was approximately 184,000
  • Launched ARK: Genesis Part 1 Ascended, ARK: Tides of Fortune, and shadow-dropped ARK: Dragontopia
  • Released ARK: Dragontopia content updates in July and September 2026
  • Released the Cerberax fantastic tame under the ARK: Fantastic Tames Season 1 Pack
  • Released a major update for the ARK: Astraeos downloadable content (“DLC”)
  • Upcoming tames and content releases planned for ARK: Fantastic Tames Season 1 and ARK: Dragontopia in November and December 2026
• ARK: Ultimate Mobile Edition (“ARK Mobile”)
  • Approximately 14.5 million downloads as of September 30, 2026
  • During the third quarter of 2026, average DAU was approximately 134,000
• Other ARK IPs
  • Released PixARK: Terracrypt DLC
  • Debuted the first public demo of ARK: Survival of the Fittest during ChinaJoy 2026

Game Portfolio and Business Updates:

• AAA Game Pipeline
  • Officially unveiled 9 Yin Sutra: Immortal at ChinaJoy 2026, revealing a new trailer and Steam page
  • Publicly debuted 9 Yin Sutra: Wuxia at Gamescom 2026, revealing a new trailer and Steam page
  • Showcased For The Stars at Gamescom 2026, releasing a new gameplay trailer and exclusive demos for attending media
  • Showcased 9 Yin Sutra: Immortal and For The Stars during the IGN Fan Fest event
• Launched Honeycomb: The World Beyond across Steam, Epic Games Store, PlayStation 5, and Xbox Series X|S
• Showcased a new playable demo of Bellwright at Gamescom 2026, previewing its highly requested traversal update planned for the end of 2026
• Launched Stoneguard on Steam Early Access and achieved a “Mostly Positive” rating from Steam users to date
• Launched The Fame Game II: LA Heartbreaker, receiving an “Overwhelmingly Positive” Steam rating to date with more than 500 reviews
• Launched Dead Party on Steam
• Released new demos for Dead Party, Whispers of West Grove, and Veil of Madness during Steam Next Fest

Business and Operational Updates

• Egofold, the Company’s subsidiary, publicly debuted the AI Ranch initiative and Non-Human Player™ (NHP), an AI gaming companion for consumers, at the Ai4 2026 conference
• As of September 30, 2026, SaltyTV released 350+ short film dramas

ARK Content Pipeline

Title	Platforms	Type	Release Schedule
ARK Dragontopia	Steam, Xbox, PlayStation	DLC Content Update (new map)	December 2026
ARK Maker	Steam, Xbox, PlayStation	ASA Content Creation Tool	2027
ARK Survival of the Fittest	Steam, Xbox, PlayStation	ASA Game Mode	2027
PixARK Worlds	Steam, Xbox, PlayStation, Nintendo Switch 2	New Title	2027
ARK Atlantis	Steam, Xbox, PlayStation	ASA DLC	2027
ARK Galaxy Wars	Steam, Xbox, PlayStation	ASA DLC	2027
ARK Legacy of Santiago	Steam, Xbox, PlayStation	ASA DLC	2027

Diversified Content Pipeline

Title	Platforms	Type	Release Schedule
Bellwright	Steam, Xbox, PlayStation	Game Content Update	2026
Veil of Madness	Steam	Indie Title	2026/2027
Whispers of West Grove	Steam	Indie Title	2027
Gobby Gang	Steam	Indie Title	2027
For The Stars	Steam	AAA Title	TBD
9 Yin Sutra: Immortal	Steam	AAA Title	TBD
9 Yin Sutra: Wuxia	Steam	AAA Title	TBD

Management Commentary

“Our third quarter results reflected the continued execution of our ARK content pipeline, which extends through 2027 and remains a key driver of engagement and monetization across ASA,” said Snail CEO Hai Shi. “The release of three ASA DLCs at the beginning of the quarter provided a strong foundation for our performance, demonstrating the importance of our ongoing content strategy to expand the franchise’s reach and longevity.

“Beyond our revenue-generating ARK content, the past several months have provided valuable opportunities to showcase the breadth and progress of our broader development portfolio. We unveiled and publicly debuted our two 9 Yin Sutra titles at ChinaJoy and Gamescom, supported by new trailers and the official launch of their respective Steam pages. These milestones mark important steps in building early awareness and engagement, particularly among the IP’s established fan base in China. We also featured For The Stars at Gamescom, where we released a new gameplay trailer and offered exclusive demos to attending media, and again at IGN Fan Fest. The positive reception and continued development progress across these projects reinforce our confidence in the commercial potential of our AAA pipeline. As these highly anticipated titles continue advancing toward launch, industry events and community engagement initiatives remain important platforms to build momentum and provide players with greater visibility into our development progress.

“Looking ahead, we are encouraged by the opportunities in front of us. We expect our recently released titles, together with the anticipated ARK: Dragontopia skyworld map in December, to support fourth quarter performance. More importantly, our visibility beyond the current year remains strong. With an established ARK content roadmap extending throughout 2027 and multiple AAA titles continuing to make solid development progress toward key milestones, we believe we are well positioned to build on the momentum generated this year. Our focus remains on disciplined execution, consistent content delivery, and advancing our high-conviction development initiatives.”

Third Quarter 2026 Financial Highlights

Net revenues increased 139.2% to $33.1 million compared to $13.8 million in the same period last year. The increase was primarily due to a $13.9 million change in deferred revenue, a $4.9 million increase in ASA sales, which was primarily driven by the base game and the release of ARK: Tides of Fortune and ARK: Dragontopia, a $1.0 million increase in Bellwright sales, and a $0.4 million increase in Honeycomb: The World Beyond sales, partially offset by a decrease of $0.5 million in ASE sales, a decrease of $0.2 million in ARK Mobile sales, and a decrease of $0.2 million in SaltyTV sales.

Total units sold increased 73.3% to 2.0 million units compared to 1.1 million units in the same period last year, primarily driven by increased sales of ASA by 0.7 million units and an increase in sales of Bellwright of 0.1 million units.

Net income improved to $6.7 million compared to a net loss of $(7.9) million in the same period last year. The increase was primarily due to an increase in gross profit of $17.6 million, partially offset by an increase in the provision for income taxes of $2.0 million, an increase in total operating expenses of $0.6 million, and an increase in total other expense of $0.5 million.

Bookings increased 30.4% to $23.0 million compared to $17.6 million in the same period last year. The increase was primarily due to higher sales of ASA and Bellwright, partially offset by a decrease in bookings from ASE.

EBITDA improved to $7.2 million compared to $(9.7) million in the same period last year. The increase was primarily driven by the $14.5 million increase in net income, a decrease in interest income and interest income – related parties of $0.4 million, and an increase in the provision of income taxes of $2.0 million.

Nine Months 2026 Financial Highlights

Net revenues increased 42.6% to $80.0 million compared to $56.1 million in the same period last year. The increase was primarily due to the change in deferred revenue of $19.2 million, an increase in ASA sales of $4.8 million, which was primarily driven by the sales of the base game, ARK: Bob’s Tall Tales, ARK: Lost Colony, and the newly released ARK: Tides of Fortune and ARK: Dragontopia, an increase of $4.6 million in Bellwright sales, and an increase of $0.4 million in Honeycomb: The World Beyond sales. The increase in revenue was partially offset by a decrease in ASE revenue of $3.2 million, a decrease in ARK Mobile revenue of $1.5 million, and a decrease in SaltyTV application revenue of $0.4 million.

Total units sold increased 28.0% to 6.2 million units compared to 4.8 million units in the same period last year, primarily due to an increase in ASA sales of 1.7 million units and an increase in Bellwright sales of 0.3 million units, partially offset by a decrease in ASE sales of 0.8 million units.

Net income improved to $5.8 million compared to a net loss of $(26.4) million in the same period last year. The improvement was primarily due to an increase in revenue of $23.9 million, a decrease in the provision of income taxes of $10.4 million, and a decrease in cost of revenue of $0.3 million, partially offset by an increase in total operating expenses of $1.9 million and total other expense of $0.6 million.

Bookings increased 7.0% to $71.7 million compared to $67.0 million in the same period last year. The increase was primarily due to higher sales of ASA and Bellwright, which benefited from promotional pricing during the period, offset by ASE as the title continued to mature and consumer demand shifted toward ASA and its related downloadable content.

EBITDA improved to $6.5 million compared to $(15.6) million in the same period last year. The increase was primarily due to an increase in net income of $32.1 million, partially offset by a decrease in provision for income taxes of $10.4 million.

As of September 30, 2026, unrestricted cash was $12.1 million compared to $8.6 million as of December 31, 2025.

Use of Non-GAAP Financial Measures

In addition to the financial results determined in accordance with U.S. generally accepted accounting principles, or GAAP, Snail believes EBITDA, as a non-GAAP measure, and Bookings as a key operating metric, are useful in evaluating its operating performance. Bookings and EBITDA are non-GAAP and key operating financial measures that are presented as supplemental disclosures and should not be construed as alternatives to net income (loss) or revenue as indicators of operating performance, nor as alternatives to cash flow provided by operating activities as measures of liquidity, both as determined in accordance with GAAP. Snail supplementally presents Bookings and EBITDA because they are key operating measures used by management to assess financial performance. Bookings adjusts for the impact of deferrals and, Snail believes, provides a useful indicator of sales in a given period. Management believes Bookings and EBITDA are useful to investors and analysts in highlighting trends in Snail’s operating performance. At the same time, other measures can differ significantly depending on long-term strategic decisions regarding capital structure, the tax jurisdictions in which Snail operates, and capital investments.

Bookings is defined as the net amount of products and services sold digitally or physically in the period. Bookings is equal to revenues, excluding the impact from deferrals. Below is a reconciliation of total net revenue to Bookings, the closest GAAP financial measure.

		Three Months Ended September 30,							Nine Months Ended September 30,
		2026				2025				2026				2025
		(in millions)								(in millions)
Total net revenue		$	33.1			$	13.8			$	80.0			$	56.1
Change in deferred net revenue			(10.1	)			3.8				(8.3	)			10.9
Bookings		$	23.0			$	17.6			$	71.7			$	67.0

We define EBITDA as net income (loss) before (i) interest expense, (ii) interest income, (iii) provision for (benefit from) income taxes and (iv) depreciation expense. The following table provides a reconciliation from net income (loss) to EBITDA:

		Three Months Ended September 30,							Nine Months Ended September 30,
		2026				2025				2026				2025
		(in millions)								(in millions)
Net income (loss)		$	6.7			$	(7.9	)		$	5.8			$	(26.4	)
Interest income and interest income – related parties			(0.1	)			(0.5	)			(0.2	)			(0.6	)
Interest expense			0.2				0.2				0.5				0.4
(Benefit from) provision for income taxes			0.4				(1.6	)			0.4				10.8
Depreciation expense			—				0.1				—				0.2
EBITDA		$	7.2			$	(9.7	)		$	6.5			$	(15.6	)

Webcast Details

The Company will host a webcast at 4:30 PM ET today to discuss its third quarter 2026 financial and operational results. Participants may access the live webcast and replay via the link here or on the Company’s investor relations website at https://investor.snail.com/.

About Snail, Inc.

Snail, Inc. (Nasdaq: SNAL) is a leading, global independent developer and publisher of interactive digital entertainment for consumers around the world, with a premier portfolio of premium games designed for use on a variety of platforms, including consoles, PCs, and mobile devices. For more information, please visit: https://snail.com/.

Forward-Looking Statements

This press release contains statements that constitute forward-looking statements. Many of the forward-looking statements contained in this press release can be identified by the use of forward-looking words such as “anticipate,” “believe,” “could,” “expect,” “should,” “plan,” “intend,” “may,” “predict,” “continue,” “estimate” and “potential,” or the negative of these terms or other similar expressions. Forward-looking statements appear in a number of places in this press release and include, but are not limited to, statements regarding Snail’s intent, belief or current expectations. These forward-looking statements include information about possible or assumed future results of Snail’s business, financial condition, results of operations, liquidity, plans and objectives. The statements Snail makes regarding the following matters are forward-looking by their nature: upcoming tames and content releases for ARK: Fantastic Tames Season 1 and ARK: Dragontopia in November and December 2026; the further development of Bellwright, including the traversal update planned for the end of 2026; the commercial potential of Snail’s AAA pipeline; Snail’s ARK content pipeline extending through 2027 and Snail’s ongoing content strategy to expand the franchise’s reach and longevity; Snail’s recently released titles, together with the anticipated ARK: Dragontopia skyworld map in December supporting fourth quarter performance; and being well positioned to build on the momentum generated this year.
Any forward-looking statements included herein reflect our current views, and they involve certain risks and uncertainties, including, among others, acceptance of our titles in the marketplace and the successful development, marketing or sale of our titles and our ability to retain our key employees or maintain our Nasdaq listing. These risks should not be construed as exhaustive and should be read together with the other cautionary statement included in our Annual Report on Form 10-K for the year ended December 31, 2025, subsequent Quarterly Reports on Form 10-Q 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. We undertake 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:

John Yi and Steven Shinmachi
Gateway Group, Inc.
949-574-3860
SNAL@gateway-grp.com

Snail, Inc. and Subsidiaries Condensed Consolidated Balance Sheets as of September 30, 2026 and December 31, 2025 (Unaudited)
		September 30, 2026				December 31, 2025
ASSETS
Current Assets:
Cash and cash equivalents		$	12,104,332			$	8,568,164
Restricted cash and cash equivalents			562,000				187,000
Accounts receivable, net of allowances for credit losses of $523,500 as of September 30, 2026 and December 31, 2025			7,052,196				12,528,347
Loan and interest receivable – related party			109,255				107,759
Prepaid expenses – related party			3,339,620				2,700,474
Prepaid expenses and other current assets			2,677,154				2,232,485
Prepaid taxes			611,871				4,734,007
Total current assets			26,456,428				31,058,236
Restricted cash and cash equivalents, net of current portion			1,748,000				1,748,000
Prepaid expenses – related party, net of current portion			5,582,500				8,282,974
Property and equipment, net			4,107,573				4,146,175
Intangible assets, net			3,763,110				3,827,927
Intangible assets, net – related party			4,166,667				4,916,667
Other noncurrent assets, net			1,130,406				604,793
Operating lease right-of-use assets, net			4,537,349				4,722,366
Total assets		$	51,492,033			$	59,307,138
LIABILITIES, NONCONTROLLING INTERESTS AND STOCKHOLDERS’ DEFICIT
Current Liabilities:
Accounts payable		$	5,432,378			$	5,506,332
Accounts payable – related parties			16,556,305				20,067,013
Accrued expenses and other liabilities			3,577,183				3,364,150
Interest payable – related parties			527,770				527,770
Convertible notes at fair value			—				3,842,189
Current portion of long-term debt			1,350,071				1,305,880
Current portion of deferred revenue			17,305,342				14,799,840
Current portion of operating lease liabilities			485,905				393,448
Total current liabilities			45,234,954				49,806,622
Accrued expenses			625,354				468,106
Revolving loan			2,500,000				5,000,000
Long-term debt, net of current portion			3,356,578				4,292,538
Deferred revenue, net of current portion			5,326,512				17,282,685
Operating lease liabilities, net of current portion			4,188,089				4,336,240
Total liabilities			61,231,487				81,186,191
Commitments and contingencies
Stockholders’ Deficit:
Class A common stock, $0.0001 par value, 500,000,000 shares authorized; 3,485,979 shares issued and 3,205,095 shares outstanding as of September 30, 2026, and 2,076,467 shares issued and 1,806,412 shares outstanding as of December 31, 2025			348				208
Class B common stock, $0.0001 par value, 100,000,000 shares authorized; 5,749,716 shares issued and outstanding as of September 30, 2026 and December 31, 2025			575				575
Additional paid-in capital			33,341,655				26,926,245
Accumulated other comprehensive loss			(315,197	)			(275,049	)
Accumulated deficit			(33,587,550	)			(39,352,510	)
Treasury stock at cost (270,055 shares as of September 30, 2026 and December 31, 2025)			(3,671,806	)			(3,671,806	)
Total Snail, Inc. deficit			(4,231,975	)			(16,372,337	)
Noncontrolling interests			(5,507,479	)			(5,506,716	)
Total stockholders’ deficit			(9,739,454	)			(21,879,053	)
Total liabilities, noncontrolling interests and stockholders’ deficit		$	51,492,033			$	59,307,138

Snail, Inc. and Subsidiaries Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) for the Three and Nine Months Ended September 30, 2026 and 2025 (Unaudited)
		Three Months Ended September 30,								Nine Months Ended September 30,
		2026				2025				2026				2025
Revenues, net		$	33,061,435			$	13,819,527			$	80,032,536			$	56,116,149
Cost of revenues			15,418,013				13,805,121				43,044,890				43,299,471
Gross profit			17,643,422				14,406				36,987,646				12,816,678
Operating expenses:
General and administrative			4,911,867				4,844,261				14,537,874				13,283,701
Research and development			4,619,542				3,731,441				13,087,364				10,634,595
Advertising and marketing			901,768				884,914				2,585,262				3,711,480
Depreciation			13,034				67,915				38,602				203,579
Impairment of film assets			24,250				336,134				190,237				751,853
Total operating expenses			10,470,461				9,864,665				30,439,339				28,585,208
Income (loss) from operations			7,172,961				(9,850,259	)			6,548,307				(15,768,530	)
Other income (expense):
Interest income			55,718				492,088				155,799				553,966
Interest income – related party			504				504				1,496				1,496
Interest expense			(188,873	)			(194,189	)			(547,044	)			(444,304	)
Other (expense) income			56,060				130,529				(3,971	)			192,323
Foreign currency transaction gain (loss)			10,436				(8,519	)			18,695				(76,697	)
Total other (expense) income, net			(66,155	)			420,413				(375,025	)			226,784
Income (loss) before provision for (benefit from) income taxes			7,106,806				(9,429,846	)			6,173,282				(15,541,746	)
Provision for (benefit from) income taxes			435,891				(1,564,152	)			409,086				10,833,616
Net income (loss)			6,670,915				(7,865,694	)			5,764,196				(26,375,362	)
Net loss attributable to non-controlling interests			(88	)			(1,153	)			(763	)			(2,391	)
Net income (loss) attributable to Snail, Inc.			6,671,003				(7,864,541	)			5,764,959				(26,372,971	)
Comprehensive income (loss) statement:
Net income (loss)			6,670,915				(7,865,694	)			5,764,196				(26,375,362	)
Other comprehensive income (loss) related to foreign currency translation adjustments, net of tax			(19,619	)			4,462				(45,458	)			68,282
Other comprehensive income related to credit adjustments, net of tax			—				997				5,310				23,020
Total comprehensive income (loss)		$	6,651,296			$	(7,860,235	)		$	5,724,048			$	(26,284,060	)
Net income (loss) attributable to Class A common stockholders:
Basic		$	2,377,869			$	(1,847,559	)		$	1,790,950			$	(6,066,325	)
Diluted		$	2,377,869			$	(1,847,559	)		$	1,792,798			$	(6,066,325	)
Net income (loss) attributable to Class B common stockholders:
Basic		$	4,293,134			$	(6,016,982	)		$	3,974,009			$	(20,306,646	)
Diluted		$	4,293,134			$	(6,174,656	)		$	3,974,009			$	(20,585,138	)
Income (loss) per share attributable to Class A common stockholders:
Basic		$	0.75			$	(1.05	)		$	0.69			$	(3.53	)
Diluted		$	0.75			$	(1.05	)		$	0.68			$	(3.53	)
Income (loss) per share attributable to Class B common stockholders:
Basic		$	0.75			$	(1.05	)		$	0.69			$	(3.53	)
Diluted		$	0.75			$	(1.07	)		$	0.69			$	(3.58	)
Weighted-average shares used to compute income (loss) per share attributable to Class A common stockholders:
Basic			3,184,637				1,765,493				2,591,200				1,717,647
Diluted			3,184,637				1,765,493				2,619,768				1,717,647
Weighted-average shares used to compute income (loss) per share attributable to Class B common stockholders:
Basic			5,749,716				5,749,716				5,749,716				5,749,716
Diluted			5,749,716				5,749,716				5,749,716				5,749,716

Snail, Inc. and Subsidiaries Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2026 and 2025 (Unaudited)
		2026				2025
Cash flows from operating activities:
Net income (loss)		$	5,764,196			$	(26,375,362	)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Amortization – intangible assets, net			505,070				190,981
Amortization – intangible assets, net – related party			750,000				—
Amortization – film assets			271,054				1,025,201
Amortization – loan origination fees and debt discounts			6,915				(16,073	)
Loss on change in fair value of convertible notes			154,669				268,220
Gain on change in fair value of warrant liabilities			(76,423	)			(481,825	)
Depreciation – property and equipment			38,602				203,579
Impairment of film assets			190,237				751,853
Gain on remeasurement of previously held equity interest			—				(7,857	)
Gain on lease termination			(1,799	)			—
Stock-based compensation expense			146,130				325,941
Gain on sale of fixed assets			(22,200	)			—
Deferred taxes, net			—				10,808,885
Changes in assets and liabilities, net of business acquisitions:
Accounts receivable			5,476,151				2,351,251
Accounts receivable – related party			—				3,836,866
Prepaid expenses – related party			2,061,328				(2,692,532	)
Prepaid expenses and other current assets			(444,669	)			514,921
Prepaid taxes			4,122,136				2,893,867
Other noncurrent assets, net			(986,317	)			(1,152,434	)
Accounts payable			(113,954	)			581,910
Accounts payable – related parties			(3,510,708	)			(325,322	)
Accrued expenses and other liabilities			1,053,244				791,258
Loan and interest receivable – related party			(1,496	)			(1,496	)
Lease liabilities			131,122				(243,095	)
Deferred revenue			(9,450,671	)			10,901,655
Net cash provided by operating activities			6,062,617				4,150,392
Cash flows from investing activities:
Acquisition of software			—				(290,000	)
Acquisition of software licenses			(400,253	)			(2,989,026	)
Investments in software			—				(849,138	)
Net cash paid for acquisition of Matrioshka			—				(9,719	)
Acquisition of fixed assets			—				(9,109	)
Proceeds from sale of fixed assets			22,200				—
Net cash used in investing activities			(378,053	)			(4,146,992	)
Cash flows from financing activities:
Proceeds from at-the-market offering, net of issuance costs			4,796,702				—
Repayments on promissory note			—				(64,419	)
Repayments on notes payable			(891,769	)			(271,658	)
Repayments on convertible notes			(3,125,298	)			(1,414,705	)
Repayments on revolving loan			(2,500,000	)			—
Borrowings on term loan			—				3,500,000
Cash proceeds from exercise of warrants			—				159,000
Proceeds from issuance of convertible notes			—				3,000,000
Cash paid in lieu of fractional shares			(73	)			—
Payments of loan origination fees			(7,500	)			—
Net cash (used in) provided by financing activities			(1,727,938	)			4,908,218
Effect of foreign currency translation on cash and cash equivalents			(45,458	)			69,113
Net increase in cash and cash equivalents, and restricted cash and cash equivalents			3,911,168				4,980,731
Cash and cash equivalents, and restricted cash and cash equivalents – beginning of the period			10,503,164				8,238,944
Cash and cash equivalents, and restricted cash and cash equivalents – end of the period		$	14,414,332			$	13,219,675
Supplemental disclosures of cash flow information
Cash paid during the period for:
Interest		$	443,069			$	477,157
Income taxes		$	182,428			$	612,007
Noncash transactions during the period for:
Liabilities converted to equity upon exercise of warrants		$	606,541			$	323,113
Acquisition of film licenses in accounts payable		$	—			$	1,050
Acquisition of software and software licenses in accounts payable		$	40,000			$	2,000
Change in fair value of notes recorded in accumulated other comprehensive income		$	5,310			$	18,568
Right-of-use assets obtained in exchange for lease liability		$	(288,229	)		$	(124,214	)
Net assets acquired in a business combination		$	—			$	5,461
Debt converted to equity		$	866,250			$	231,000