Author: Ravi Shankar

Listed on the Nasdaq Global Market under the ticker symbol “SCTX,” and raised capital to fund the initial clinical development of STX-1150, STX-1200, and STX-1400 

Continued enrollment in first-in-human Phase 1 clinical trial of STX-1150, the Company’s epigenetic silencing therapy for LDL-C lowering, with initial clinical data expected in the first half of 2027

Expanded strategic collaboration with Sanofi, providing access to the Company’s ELXR silencing technology and further validating its platform innovation

Reinforced leadership in genetic medicines through presentations and a new publication highlighting advances across the Company’s cardiovascular pipeline and proprietary epigenetic silencing and gene-editing technologies

Cash, cash equivalents, and marketable securities of $174.2 million as of September 30, 2026, provide funding into the first half of 2029

ALAMEDA, Calif., Nov. 12, 2026 (GLOBE NEWSWIRE) — Scribe Therapeutics Inc. (“Scribe Therapeutics” or “the Company”) (Nasdaq: SCTX), a clinical-stage biotechnology company engineering purpose-built in vivo CRISPR technologies designed to extend healthy lifespan through disease prevention and durable therapeutic intervention, today reported financial results for the third quarter ended September 30, 2026, and provided recent corporate and pipeline updates.

During the third quarter, Scribe continued to build on the momentum generated by its successful initial public offering. The Company completed an upsized IPO, welcomed leading public healthcare investors to its shareholder base, and broadened analyst coverage, positioning the Company to execute against its long-term vision of developing durable genetic medicines for highly prevalent cardiometabolic diseases.

“This is a period of continued execution for Scribe, marked by the successful completion of our IPO and expansion of our collaboration with Sanofi to include the epigenetic silencing technology. Together, these milestones strengthen our foundation as we work to translate the potential of our technologies into meaningful medicines for patients,” said Benjamin Oakes, Ph.D., co-founder and Chief Executive Officer of Scribe Therapeutics.

Pipeline Highlights

STX-1150: In vivo epigenetic silencing therapy for low-density lipoprotein cholesterol (LDL-C) lowering in ongoing Phase 1 clinical trial

• STX-1150 utilizes Scribe’s Epigenetic Long-term X Repressor (ELXR) technology to silence PCSK9, a genetically and clinically validated target for LDL-C lowering.
• STX-1150 is designed to address a major limitation of current LDL-C lowering approaches and is positioned to recapitulate the cardioprotective effects of human genetics.
  • Current LDL-C lowering therapies are limited by poor persistence and adherence, with studies showing that 50% to 70% of patients discontinue treatment within one year.
  • STX-1150 is designed to overcome these challenges by providing potent, ultra-long-lasting LDL-C reduction.
  • STX-1150 aims to mimic the protective cardiovascular profile observed in individuals with naturally occurring PCSK9 loss-of-function variants, who have been reported to have 28% lower mean LDL-C levels and up to 88% lower coronary heart disease risk. By recapitulating the effects of this naturally occurring protection, STX-1150 has the potential to shift LDL-C management from burdensome chronic treatment to long-term prevention.

• Presented late-breaking data at the American Heart Association (AHA) Scientific Sessions 2026 meeting supporting STX-1150 for ultra-long-lasting LDL-C lowering after a single dose without permanently altering DNA.
  • A single administration at a therapeutically relevant dose of 0.75 mg/kg demonstrated durable LDL-C reductions of greater than 50%, sustained for two years, with liver enzyme profiles comparable to saline controls in non-human primates (NHP).
  • In an additional NHP study, re-dosing of STX-1150 enabled progressively greater LDL-C lowering while maintaining tolerability.
• First-in-human Phase 1 clinical trial of STX-1150, initiated in mid-2026, is ongoing. Clinical data expected in the first half of 2027.
  • The Phase 1 study will evaluate the safety, tolerability, pharmacokinetics, and pharmacodynamics of STX-1150 in adults with elevated low-density lipoprotein cholesterol and increased risk of atherosclerotic cardiovascular disease (ASCVD).
  • Scribe anticipates reporting initial clinical data, including safety, tolerability, and LDL-C lowering activity, from the single ascending dose portion of the STX-1150 Phase 1 trial in the first half of 2027.

STX-1200: In vivo gene editing designed to provide curative lowering for patients with genetically elevated Lp(a)

• Presented data at the AHA Scientific Sessions 2026 meeting highlighting STX-1200, which targets LPA utilizing X-Editor (XE), Scribe’s highly engineered gene editing technology.
  • STX-1200 is designed to lower lipoprotein(a) (Lp(a)) in patients with genetically elevated Lp(a) and associated ASCVD risk. In preclinical studies, STX-1200 surrogates achieved greater than 95% Lp(a) reduction in NHPs.

Corporate Highlights

• Nasdaq listing: The Company’s common stock began trading on the Nasdaq Global Market on July 24, 2026, under the ticker symbol “SCTX.” Scribe upsized its initial public offering and priced at the high end of the range. The Company also completed a concurrent private placement to Sanofi at the IPO price.
• Approximately $155.5 million in aggregate gross proceeds: Capital raised from the IPO, the full exercise of the underwriters’ option, and the concurrent private placement totaled $155.5 million before underwriting discounts, commissions, and offering expenses.
• Funding into the first half of 2029: Based on Scribe’s current operating plan, the Company believes its cash, cash equivalents, and marketable securities will be sufficient to fund its operating expenses and capital expenditure requirements into the first half of 2029.
• Expanded strategic collaboration with Sanofi to include Scribe’s ELXR epigenetic silencing technology: Scribe expanded its multi-year research collaboration with Sanofi, providing Sanofi access to Scribe’s proprietary ELXR epigenetic silencing technology in addition to its XE gene-editing technology and extending Sanofi’s nomination period for target selection under the license agreement.

Platform and Scientific Leadership

• Presented advances in ELXR epigenetic silencing technology demonstrating improvements in potency and specificity.
  • At the European Society of Gene and Cell Therapy (ESGCT) Congress, Scribe presented findings demonstrating a novel approach to epigenetic silencing termed “sequential proofreading” that reduces unintended DNA methylation by 10-fold and enhances potency by at least 4-fold.
  • These advances highlight ELXR’s differentiated potency and precision and underpin the Company’s lead asset STX-1150, currently in the clinic for LDL-C lowering.
• New data highlight advances in industry-leading genome editing potency and specificity of the Company’s engineered XE gene-editing technology.
  • The Company’s comprehensive and iterative molecular engineering approach transformed CRISPR-CasX, a naturally occurring bacterial immune system, into its highly engineered XE gene-editing technology for therapeutic development. This foundational work underpins the Company’s STX-1200 and STX-1400 programs and has contributed to the development of its clinical-stage STX-1150 program, demonstrating the broader applicability of Scribe’s engineered platforms for cardiovascular disease.
  • The engineered XE technology exhibited >100-fold improvements in editing activity compared with naturally occurring CasX and demonstrated its ability to potently edit genes in vivo across muscle, eye, liver, and brain tissue.
  • XE demonstrated the potential for a broader therapeutic window by achieving saturating editing across two distinct genomic targets in NHP liver, with no detectable off-target editing in primary human liver cells at 10-fold supersaturating doses.
  • These findings demonstrate that XE is more potent at lower doses than comparable preclinical data from Cas9-based therapies that are now in clinical testing.
  • A manuscript has been submitted to bioRxiv and will be available in the Publications section of the Company’s website once posted.

Third Quarter 2026 Financial Results

• Cash position: Cash, cash equivalents, and marketable securities were $174.2 million as of September 30, 2026, compared to $43.0 million as of June 30, 2026. The increase was primarily driven by approximately $140.2 million of net proceeds from the July 2026 IPO and concurrent private placement, partially offset by cash used in operations. Cash, cash equivalents, and marketable securities as of September 30, 2026, are expected to provide funding into the first half of 2029.
• Collaboration revenue: For the three months ended September 30, 2026, collaboration revenue totaled $1.6 million, compared to $1.9 million for the three months ended June 30, 2026. The decrease was primarily attributable to lower revenue recognized under the Eli Lilly collaboration due to lower reimbursable research and development activities incurred in the period.
• Research and development expenses: For the three months ended September 30, 2026, research and development expenses totaled $8.3 million, compared to $8.8 million for the three months ended June 30, 2026. The decrease was primarily attributable to lower employee-related and external research and development expenses and the recognition of grant funding from the California Institute for Regenerative Medicine (CIRM) as an offset to research and development expenses.
• General and administrative expenses: For the three months ended September 30, 2026, general and administrative expenses totaled $4.2 million, compared to $2.5 million for the three months ended June 30, 2026. The increase was primarily attributable to higher stock-based compensation expense and increased professional services fees and other costs associated with operating as a public company.
• Net loss: For the three months ended September 30, 2026, net loss was $9.9 million, or $0.68 per basic and diluted share, compared to a net loss of $6.5 million for the three months ended June 30, 2026.

About Scribe Therapeutics Inc.

Scribe Therapeutics is a clinical-stage biotechnology company engineering CRISPR-based technologies into purpose-built in vivo genetic medicines designed to become standard of care treatments for patients suffering from highly prevalent diseases, starting with cardiometabolic disease. Leveraging its CRISPR by Design™ approach and nature’s blueprint for improved cardiovascular health, Scribe’s initial programs focus on addressing the key drivers of ASCVD such as elevated LDL-C, lipoprotein(a), and triglycerides. The company’s lead candidate, STX-1150, is a novel liver-targeted therapy designed to epigenetically silence the PCSK9 gene and reduce LDL-C levels without inducing permanent DNA changes. To broaden and accelerate the impact of its engineered CRISPR technologies for patients, Scribe has formed strategic collaborations with world-leading pharmaceutical companies including Sanofi and Eli Lilly. Co-founded by Nobel Prize winner Jennifer Doudna and backed by leading life sciences investors, Scribe is advancing scalable, transformative, and preventative genetic medicines with the goal of improving outcomes and democratizing access to the protective effects of beneficial human genetics. To learn more, visit www.scribetx.com.

Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact contained in this press release, including statements regarding Scribe’s strategy, business plans and objectives; the therapeutic potential, safety, efficacy, durability, scalability and clinical or commercial prospects of Scribe’s product candidates and technologies; the design, initiation, enrollment, conduct, timing and results of preclinical studies and clinical trials; the timing of clinical data and other anticipated milestones; the advancement of STX-1150, STX-1200, STX-1400 and other programs; the expected use and benefits of CIRM funding; and Scribe’s expected cash runway and financial position are forward-looking statements. The words “aim,” “anticipate,” “believe,” “continue,” “could,” “design,” “estimate,” “expect,” “goal,” “intend,” “may,” “plan,” “potential,” “seek,” “should,” “target,” “will” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words.

Forward-looking statements are based on management’s current expectations and assumptions and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. These risks and uncertainties include those described under the heading “Risk Factors” in Scribe’s filings with the U.S. Securities and Exchange Commission, including its final prospectus filed pursuant to Rule 424(b)(4) under the Securities Act of 1933, as amended, and future reports that Scribe may file with the SEC. Except as required by law, Scribe undertakes no obligation to update any forward-looking statements contained herein to reflect events or circumstances after the date hereof or to reflect new information or the occurrence of unanticipated events.

Investor Contact:
Investor Relations, Scribe Therapeutics
ir@scribetx.com

Media Contact:
Thermal for Scribe Therapeutics
media@scribetx.com

SCRIBE THERAPEUTICS INC.
Statement 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
Collaboration revenue		$	1,636			$	20,113			$	5,787			$	42,136
Operating expenses:
Research and development			8,259				14,421				28,386				44,297
General and administrative			4,239				3,531				10,084				12,863
Total operating expenses			12,498				17,952				38,470				57,160
Loss from operations			(10,862	)			2,161				(32,683	)			(15,024	)
Interest income and other income, net			1,230				772				2,128				2,716
Interest expense			—				(598	)			(875	)			(1,795	)
Change in fair value of Convertible Note			—				(539	)			(1,585	)			1,543
Net loss before provision for income taxes			(9,632	)			1,796				(33,015	)			(12,560	)
(Provision for) / benefit from income tax			(231	)			(324	)			(672	)			703
Net loss		$	(9,863	)		$	1,472			$	(33,687	)		$	(11,857	)

SCRIBE THERAPEUTICS INC.
Selected Balance Sheet Items
(in thousands, except share and per share data) (Unaudited)
		September 30,				December 31,
			2026				2025
		(in thousands)
Cash, cash equivalents and marketable securities		$	174,230			$	57,963
Total Assets			187,930				78,219
Total Liabilities			61,760				101,282
Total stockholders’ equity / (deficit)		$	125,170			$	(143,419	)

— Zola^® Q3 revenues increase 24% year-over-year, largest quarterly sales ever —
— New 1L espresso formulation ships this month, slim cans to launch in early 2027 —

DALLAS, Nov. 12, 2026 (GLOBE NEWSWIRE) — Arcadia Biosciences, Inc.^® (Nasdaq: RKDA), a producer and marketer of innovative wellness products, today released its financial and business results for the third quarter of 2026.

“The third quarter was very strong for Zola^® with revenues growing 24% compared to the same quarter last year, resulting in the highest quarterly sales the brand has ever reported,” said T.J. Schaefer, CEO of Arcadia. “Our summer programs drove significant revenue growth and have led to new distribution opportunities in 2027 in new regions such as Texas.”

Schaefer continued, “We are extremely excited to begin shipping our newly formulated espresso flavor this month after receiving pre-launch commitments from several of our leading customers. Available in a 1-liter resealable carton and containing just over 100 milligrams of caffeine, Zola Espresso is the perfect way to jump-start your morning.

“In addition, we are happy to announce that our Zola Original, Original with Pulp, and Espresso varieties will be available in a 10.5-ounce slim can in the first half of next year,” Schaefer added.

Arcadia Biosciences, Inc. Financial Snapshot (Unaudited) ($ in thousands)
	Three Months Ended September 30,					Nine Months Ended September 30,
	2026	2025	Favorable/ (Unfavorable)			2026	2025	Favorable/ (Unfavorable)
			$	%				$	%
Total revenues	1,619	1,302	317	24%		4,162	3,957	205	5%
Total operating expenses	2,458	2,454	(4)	(0%)		6,276	5,082	(1,194)	(23%)
Loss from continuing operations	(839)	(1,152)	313	27%		(2,114)	(1,125)	(989)	(88%)
Net income (loss) attributable to common stockholders	1,755	856	899	105%		(8,896)	(1,003)	(7,893)	(787%)

More detailed financial information is included in the company’s Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission (SEC), available in the Investors section of the company’s website under SEC Filings.

Revenues
Total revenues increased $317,000, or 24%, during the third quarter of 2026 compared to the same period in 2025, driven by strong volumes from summer programs.

Revenues increased $205,000, or 5%, during the first nine months of 2026 compared to the same period in 2025, as strong volumes in the third quarter of 2026 more than offset slower growth in the first half of 2026 due to inventory delays.

Operating Expenses
Cost of revenues decreased by $124,000 and $117,000 during the third quarter and first nine months of 2026, respectively, compared to the same periods in 2025, despite a year-over-year increase in sales, due to a tariff refund of approximately $175,000 in July 2026.

Selling, general, and administrative (SG&A) expenses increased by $128,000, or 8%, during the third quarter of 2026 compared to the same period in 2025, driven by expenses associated with the timing of our 2026 annual meeting of stockholders, which was held in the third quarter of 2026, compared to the 2025 annual meeting of stockholders which was held in the fourth quarter of 2025.

SG&A expenses decreased by $1.4 million during the first nine months of 2026 compared to the same period in 2025, driven by the absence of M&A expenses and lower employee costs in 2026.

Other operating income decreased by $2.7 million during the first nine months of 2026 compared to the same period in 2025. This was driven by a $2.8 million gain recognized in 2025 related to the agreement with Bioceres Crop Solutions Corp. to transfer rights related to reduced gluten and oxidative stability patents, as well as the agreement with Bioseed Research India to terminate the license agreement for certain intellectual property.

Net Income/ Loss Attributable to Common Stockholders
Net income attributable to common stockholders for the third quarter of 2026 was $1.8 million, or $0.29 per share, a $900,000 improvement from $856,000 net income, or $0.63 per share, for the third quarter of 2025. The improvement in net income attributable to common stockholders for the third quarter of 2026 compared to the same period in 2025 was primarily driven by a $2.6 million gain related to the change in the estimated fair value of common stock warrant and option liabilities.

Net loss attributable to common stockholders for the first nine months of 2026 was $8.9 million, or $2.39 per share, compared to a net loss of $1.0 million, or $0.73 per share, for the first nine months of 2025. The first nine months of 2026 included a $4.3 million unrealized loss related to Above Food stock held by the company, a $2.9 million loss on the company’s January 2026 inducement offer financing transaction, a $5.4 million valuation loss on the June 2026 PIPE transaction, and offering costs of $1.1 million, which were offset by a $6.8 million gain related to the change in fair value of common stock warrant and option liabilities. The first nine months of 2025 included a $4.7 million credit loss related to the note receivable from Above Food, which was offset by a $2.8 million gain related to the Above Food stock and a $1.9 million gain related to the change in fair value of common stock warrant and option liabilities.

About Arcadia Biosciences, Inc.
Since 2002, Arcadia Biosciences (Nasdaq: RKDA) has been innovating high-value, healthy ingredients to meet consumer demands for healthier choices. With its roots in agricultural innovation, Arcadia cultivates next-generation wellness products. For more information, visit www.arcadiabio.com.

Safe Harbor Statement
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements relate to future events or future results of operations concerning the company and its products, including, but not limited to, statements relating to Zola products and sales, the company’s growth, cash position, operating costs, financial performance, and evaluation of possible strategic alternatives and transactions. Undue reliance should not be placed on any forward-looking statements. Forward-looking statements are only predictions and are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from the results anticipated by such forward-looking statements. These risks and uncertainties include, but are not limited to, the risks set forth in filings that the company makes with the Securities and Exchange Commission from time to time, including in Arcadia’s Annual Report on Form 10-K for the year ended December 31, 2025 (the 2025 Form 10-K), and other filings that the company makes with the SEC. Forward-looking statements concerning anticipated future activities also assume that the company has sufficient funding to continue its operations and planned activities, which may not be the case. As described in greater detail in the 2025 Form 10-K and in the company’s Quarterly Report on Form 10-Q for the period ended September 30, 2026, the company will require additional funding to continue its operations and planned activities. There are no assurances that required funding will be available at all or will be available in sufficient amounts or on reasonable terms. The company may seek to raise additional funds through equity or debt financings, through transactions involving its other assets, or through other transactions, and may seek strategic alternatives and transactions. Any sale of additional equity securities could result in material dilution to company stockholders. Reported results should not be considered as an indication of future performance. Forward-looking statements made in this press release speak only as of the date hereof, and except as required by law, Arcadia Biosciences, Inc. disclaims any obligation to update these forward-looking statements or to reflect events or circumstances arising after the date of this press release.

Arcadia Biosciences Contact:
T.J. Schaefer
ir@arcadiabio.com

Q3 Gross Margin Expands Sequentially to 34.2%; Previously Announced Backlog Surpassed $52 Million in October. Secures Approved Supplier Status with a Leading Global Telecommunications Equipment Manufacturer

HAUPPAUGE, N.Y., Nov. 12, 2026 (GLOBE NEWSWIRE) — AmpliTech Group, Inc. (Nasdaq: AMPG, AMPGZ) (the “Company” or “AmpliTech”), a designer, developer and manufacturer of advanced radio frequency (RF) microwave components, 5G communications systems, semiconductor solutions and quantum-computing low-noise amplifiers (LNAs), today announced unaudited financial results for the three – and nine-months quarter ended September 30, 2026.

Third Quarter 2026 Highlights

• Revenue increased 8.0% year-over-year to $6.58 million, compared with $6.09 million in the third quarter of 2025.
• Spectrum Semiconductor Materials distribution revenue increased 36.4% year-over-year to $2.89 million, reflecting higher distribution-channel sales volumes and continued business expansion.
• Gross margin increased sequentially to 34.2% from 27.9% in Q2 2026, an improvement of approximately 6.3 percentage points. Quarterly gross profit was $2.25 million.
• Net loss narrowed sequentially to $1.89 million, or $0.07 per basic and diluted share, from approximately $3.09 million in Q2 2026.
• For the first nine months of 2026, gross profit increased 41.1% year-over-year to $7.07 million, while gross margin expanded to 35.3% from 24.2% in the prior-year period.
• The Company previously announced receipt of more than $17 million in customer purchase orders during Q3 2026, including follow-on orders under established O-RAN radio programs. Purchase orders are distinct from recognized revenue.
• At September 30, 2026, cash, cash equivalents and marketable securities totaled approximately $30.27 million; working capital reached approximately $42.14 million.
• Shareholders’ equity doubled to $65.7 million

Financial Performance

Third-quarter gross profit was $2.25 million and gross margin was 34.2%. Manufacturing and engineering segment revenue was $3.70 million compared with $3.98 million a year earlier. The year-over-year reduction in gross margin reflects higher cost of goods sold relative to revenue and a change in product sales mix. The sequential margin improvement highlights the variability in margin performance as the mix of shipments evolves.

Selling, general and administrative expenses were $3.38 million, compared with $2.48 million a year ago, primarily reflecting higher corporate costs, including legal fees and stock-based compensation, and increased marketing, business development, cybersecurity and IT-security initiatives. Research and development expense was $0.86 million, compared with $0.70 million in Q3 2025, including approximately $0.44 million of 5G activity and $0.42 million of MMIC design activity. During the quarter, the Company continued to prepare its advanced 5G product portfolio and associated production infrastructure for anticipated larger-scale commercial opportunities. Certain investments in engineering, manufacturing readiness, and supply chain capabilities are being made in advance of the related anticipated customer orders and deliveries. Consequently, the financial benefits of these investments have not yet been fully reflected in current-period revenue. Management believes these initiatives will support more efficient conversion of customer orders into shipments and revenue during 2027 and 2028, subject to the timing of customer orders and successful production execution.

For the nine months ended September 30, 2026, revenue was $20.00 million while gross profit increased to $7.07 million from $5.01 million, aided by a more favorable sales mix and the absence of certain lower-margin 5G product sales recognized in the prior-year period. Nine-month net loss was $6.50 million compared with $3.80 million in the prior-year period, reflecting higher operating expenses and continued investment in product development and commercialization.

Operational and Strategic Progress

AmpliTech continues to advance commercialization across its RF, microwave, semiconductor and O-RAN product platform, serving 5G and telecommunications infrastructure, SATCOM and space, defense and aerospace, and semiconductor and quantum-computing applications. The Company is pursuing opportunities to translate customer orders, product development and network deployments into additional production shipments and recognized revenue.

• In its October 14 announcement, the Company reported that more than 3,000 AmpliTech radio units had been deployed in support of a North American mobile network operator program.
• On October 20, the Company announced a record $21.7 million follow-on purchase order for 5G O-RAN radios supporting an Asian mobile network operator program; cumulative orders under that program reached approximately $34 million.
• On October 21, the Company announced a separate $1.03 million follow-on LNA order from a Fortune 1000 satellite communications customer, bringing previously disclosed total Company backlog to more than $52 million as of that announcement. Based on then-current production plans and customer schedules, management expected fulfillment during the remainder of 2026 and throughout 2027.
• Following quarter-end, the Company completed a dedicated production line that was production-ready, with initial shipments expected during Q4 2026. Separately, 5G deployment timing remains subject to permits, licensing approvals and site arrangements.
• On October 27, the Company announced that its 5G Medium Power Radio Unit had demonstrated interoperability with OCUDU, expanding the software environments available for potential customer evaluation.
• Total bookings in October alone were near $25 million which is a record , effectively giving the company a record backlog in excess of $52 Million. All backlog is shippable between FY2026 and FY2027.
• Achieved a Significant Supplier Qualification Milestone. AmpliTech successfully completed all new-supplier qualification and onboarding requirements for a leading global telecommunications equipment manufacturer and was formally added to its Approved Supplier List (ASL). This milestone represents an important advancement in the Company’s commercial expansion strategy, demonstrating its ability to satisfy the supplier requirements of major global industry participants and positioning AmpliTech to compete for future business opportunities within the global telecommunications infrastructure market.

Balance Sheet and Liquidity

As of September 30, 2026, AmpliTech reported:

• Cash and cash equivalents of $19.48 million and marketable securities of $10.79 million, totaling approximately $30.27 million.
• Total current assets of $49.25 million, working capital of $42.14 million and a current ratio of approximately 6.93.
• Total assets of $76.13 million and total stockholders’ equity of $65.72 million, compared with $51.48 million and $32.86 million, respectively, at December 31, 2025.

The strengthened liquidity position primarily reflects equity financing completed during 2026, including approximately $20.11 million in net proceeds from the July closing of the Series A Rights exercise process. The Company reported net cash used in operating activities of $8.48 million for the nine-month period. Based on its existing cash, marketable securities, working capital and current forecasts, management believes the Company can meet normal operating obligations and planned capital requirements over the next 18 months.

2026 Revenue Outlook and Continued Commercial Momentum

Management remains focused on executing against funded customer programs, advancing O-RAN production and deployment readiness, expanding the Spectrum distribution business, progressing RF and MMIC innovation, and maintaining disciplined operating and capital allocation practices. While current customer orders and backlog provide visibility into potential future shipments, the timing and value of revenue recognition remain subject to production, delivery, acceptance and other applicable conditions. Revenue recognition was impacted by delays in technology transfers, global geopolitical developments, extended customer evaluation processes, and other factors beyond the Company’s control. The timing and extent of these delays could not be reliably anticipated, making it difficult to assess their full impact on projected revenue at an earlier stage. As a result, the Company was unable to achieve its previously projected $50 million revenue target, which was withdrawn in August 2026. However, based on current customer deployment schedules, production plans, and anticipated shipments, AmpliTech now expects full-year 2026 revenue of at least $28 million.

The revised outlook primarily reflects supply-chain constraints and customer-directed deployment delays, particularly among certain international 5G network operators. The Company’s original revenue expectations were supported by customer-provided shipment forecasts that subsequently shifted beyond their anticipated delivery periods. Most importantly, the Company expected the current backlog level to have been awarded much earlier during this current fiscal year.

As publicly released, the Company continues to report substantial commercial activity, including record customer purchase orders and a previously announced backlog exceeding $52 million. Management believes these commitments, together with the Company’s expanding manufacturing capabilities, customer relationships, being added to the major Telecom provider’s approved supplier list, and new business opportunities, provide a foundation for continued growth in 2027.

While customer deployment schedules and revenue recognition remain subject to change, AmpliTech is focused on converting its backlog into recognized revenue, improving operating efficiency and positioning the business for sustainable long-term growth.

Q3 FY2026 CEO Commentary

“Third-quarter revenue increased year-over-year, Spectrum delivered strong growth, and we achieved a meaningful sequential improvement in gross margin,” said Fawad Maqbool, Founder and Chief Executive Officer of AmpliTech Group. “Equally important, our nine-month gross profit growth demonstrates the benefit of our evolving business mix as we work to scale higher-value programs across the Company.”

Mr. Maqbool continued, “We are encouraged by the customer activity we have announced since quarter-end, including our largest single purchase order to date and a record backlog exceeding $52 million as of October 21. These are important commercial milestones, but our priority remains disciplined execution, turning firm orders into product deliveries, customer acceptance and revenue.”

Mr. Maqbool concluded, “With a significantly strengthened balance sheet, continued investment in engineering and manufacturing capability, and commercial opportunities spanning telecommunications, satellite, defense and quantum-related applications, we believe AmpliTech is better positioned to pursue long-term growth. We are focused on converting that potential into sustainable financial performance. The Company’s strategy is to leverage its proprietary technology portfolio, strengthened financial position, and planned production capabilities to improve operational efficiency, support customer acquisition and retention, and facilitate the conversion of customer orders into revenue.”

Third Quarter 2026 Earnings Conference Call

AmpliTech will host its previously announced conference call on Thursday, November 12, 2026, at 5:00 p.m. Eastern Time. Domestic dial-in: 1-833-630-0019; international dial-in: 1-412-317-1807. Investor questions may be submitted to Investors@amplitechgroup.com in advance. An audio replay and transcript are expected to be posted on the Company’s website when available.

About AmpliTech Group, Inc.

AmpliTech Group, Inc. (NASDAQ: AMPG, AMPGZ) designs, develops and manufactures advanced RF and microwave signal-processing components and systems for satellite, 5G/6G telecommunications, quantum computing, defense, space and semiconductor applications. Its operations include AmpliTech Inc., Specialty Microwave, Spectrum Semiconductor Materials, AmpliTech Group MMIC Design Center and AmpliTech Group True G Speed Services. Through engineering innovation and U.S.-based manufacturing capabilities, AmpliTech serves a broad range of domestic and international customers. For more information, visit www.amplitechgroup.com.

Safe Harbor Statements

This press release includes forward-looking statements within the meaning of applicable federal securities laws, including statements regarding anticipated shipments, backlog conversion, customer deployment programs, future revenue, manufacturing readiness, product development, market opportunities, operating leverage, liquidity and capital requirements. Words such as “expect,” “believe,” “intend,” “plan,” “anticipate,” “may,” “will,” “potential” and similar expressions identify forward-looking statements. These statements reflect current expectations, are not guarantees of future performance and involve known and unknown risks and uncertainties that could cause actual results to differ materially, including changes in customer demand or delivery schedules; order modification, deferral or cancellation; product performance, supply-chain and manufacturing constraints; customer qualification or acceptance; regulatory, export-control, permit and licensing requirements; competitive conditions; product and sales mix; funding needs; and other matters described in the Company’s filings with the Securities and Exchange Commission, including the “Risk Factors” sections. Purchase orders and backlog should not be interpreted as revenue already earned or a guarantee of future revenue. Forward-looking statements speak only as of the date made, and the Company undertakes no obligation to update them except as required by law.

Contacts

Corporate Social Media
LinkedIn: AmpliTech Group, Inc.

Company Contact:
Jorge Flores
Tel: 631-521-7831
Investors@amplitechgroup.com

PALO ALTO, Calif., Nov. 12, 2026 (GLOBE NEWSWIRE) — Wealthfront Corporation (Nasdaq: WLTH), a tech-driven financial platform helping digital natives turn their savings into wealth, today announced that it will release fiscal third quarter 2027 financial results after the U.S. financial markets close on Thursday, December 3, 2026.

Wealthfront will host a conference call to discuss its results at 2 p.m. PT / 5 p.m. ET the same day. Access to the live webcast of the call, related earnings materials, as well as monthly metrics through November 2026 will be available through the Investor Relations page on Wealthfront’s website at ir.wealthfront.com. Following the call, a replay of the webcast will be available at the same website and will be accessible for one year.

About Wealthfront
Wealthfront is a tech-driven financial platform helping digital natives turn their savings into wealth. Since pioneering the automated investing category in 2011, the company has grown into a leading consumer fintech that helps clients achieve their financial goals with innovative saving, investing, borrowing, and lending products. Wealthfront’s expanding suite of high-quality, low-cost offerings helps digital natives earn more on their savings, borrow at lower rates, and keep more of their returns. To learn more and get started, visit www.wealthfront.com or download the Wealthfront app.

Contacts

Investor Relations: ir@wealthfront.com

Media: press@wealthfront.com

• SP001, an anti-CD40L antibody with potential across multiple immune-mediated diseases, advancing toward Phase 2 initiation in Immunoglobulin G4-related disease (IgG4-RD)
• Cash and cash equivalents of $107.9 million as of September 30, 2026, expected to fund operations into the second half of 2029

CAMBRIDGE, Mass., Nov. 12, 2026 (GLOBE NEWSWIRE) — Spero Therapeutics, Inc. (Nasdaq: SPRO), a clinical-stage biopharmaceutical company focused on advancing next-generation medicines for immune-mediated diseases, today announced financial results for the third quarter ended September 30, 2026, and provided a business update.

“We believe SP001 represents a compelling opportunity to address significant unmet medical needs across multiple immune-mediated diseases. With a strong financial position and the recent additions to our team that strengthen the capabilities needed to support our next stage of development, we believe we are well positioned to execute our clinical development strategy,” said Esther Rajavelu, President and Chief Executive Officer of Spero. “Our focus is now firmly on execution as we advance SP001 toward a Phase 2 study in IgG4-related disease, while continuing to evaluate additional indications where CD40L inhibition may benefit patients.”

Recent Business Highlights
SP001 In-Licensed from Innovent Biologics

• In July 2026, Spero in-licensed SP001 from affiliates of Innovent Biologics, Inc., obtaining exclusive worldwide rights, excluding Greater China (Mainland China, Hong Kong, Macau, and Taiwan), to research, develop, manufacture, and commercialize the antibody.
• SP001 is a third-generation, fully humanized, Fc-silent IgG1 monoclonal antibody targeting CD40L. Innovent completed Phase 1 single and multiple ascending dose studies in healthy volunteers and a Phase 1b multiple ascending dose study in patients with primary Sjögren’s disease in China. Phase 1b results were presented at the EULAR 2026 Congress.
• Spero plans to initiate a Phase 2 study for SP001 in IgG4-RD in Q2 2027. IgG4-RD is a serious, rare, chronic fibroinflammatory disease with significant treatment burden and limited therapeutic options.

$105 Million Non-Recourse, Non-Dilutive Milestone and Royalty Financing

• In July 2026, Spero closed a $105 million non-recourse, non-dilutive milestone and royalty financing with affiliates of HealthCare Royalty Partners, a business of KKR (HCRx), in exchange for a portion of anticipated Utebzi payments owed by GSK to Spero. Spero retains a 35% interest in any GSK payments remaining after the required note payments to HCRx are satisfied, preserving potential long-term upside from Utebzi.

Corporate

• In July 2026, the Company appointed Debra Jeske Zack, M.D., Ph.D., as Chief Medical Officer to lead its clinical development strategy and organization. Dr. Zack most recently served as Chief Medical Officer of Exagen Inc., following clinical leadership roles at Xencor Inc., Novartis and Amgen. 
• Spero recently appointed Amy Rock, Ph.D. as Chief Regulatory and Quality Officer to lead the Company’s global regulatory strategy, quality and pharmacovigilance functions, including engagement with global health authorities to support the clinical development of SP001 in IgG4-related disease and potential additional indications.
• Spero appointed William Ho, M.D., Ph.D. to its Board of Directors and Development Committee, effective November 10, 2026. Dr. Ho brings more than twenty years of clinical development experience across oncology, allergy and immunology, including extensive experience in the translational and clinical development of novel therapeutics.
• Concurrent with Dr. Ho’s appointment, Dr. Patrick Vink stepped down from Spero’s Board following eleven years of service, during which he helped guide the Company from its IPO through its evolution into an established public company and its current strategic focus on immune-mediated diseases.

Third Quarter 2026 Financial Results

• Research and development expenses for the third quarter of 2026 were $38.2 million, compared to $8.6 million for the same period in 2025. The increase was primarily due to the $35M upfront payment made to Innovent upon the closing of the licensing agreement during the quarter.
• Spero reported a net loss of $44.3 million for the third quarter of 2026 compared to a net loss of $7.4 million for the third quarter of 2025, or a diluted net loss per share of common stock of $0.76 and $0.13, respectively.
• There was no revenue for the third quarter of 2026, compared to total revenue of $5.4 million for the third quarter of 2025.
• General and administrative expenses for the third quarter of 2026 were $3.7 million, compared to $4.2 million for the same period in 2025. The decrease was primarily due to decreased personnel costs.
• As of September 30, 2026, cash and cash equivalents were $107.9 million, reflecting receipt of proceeds from the royalty financing completed in July 2026. Spero expects its cash and cash equivalents will be sufficient to fund operating expenses and capital expenditures into the second half of 2029.

For further details on Spero’s financials, refer to Spero’s Quarterly Report on Form 10-Q, filed with the U.S. Securities and Exchange Commission (SEC) today.

About IgG4-Related Disease
IgG4-related disease (IgG4-RD) is a rare, chronic, immune-mediated condition characterized by inflammation and fibrosis that can affect multiple organs, including the pancreas, kidneys, lungs, salivary and lacrimal glands, and lymph nodes. The pathogenesis of IgG4-RD is complex and is believed to involve dysregulation across multiple components of the immune system, including B cells, T cells and innate immune cells, including antigen-presenting cells, which interact to drive the inflammatory and fibrotic processes underlying the disease. The disease can cause progressive and potentially irreversible organ damage if not adequately controlled. These challenges underscore the need for additional targeted therapies that can provide durable disease control while reducing reliance on chronic immunosuppression.

About SP001
SP001 is a third-generation, fully humanized, Fc-silent IgG1 monoclonal antibody targeting CD40L, an upstream immune activation signal involved in T-cell, B-cell, antigen-presenting cell, and platelet biology. By blocking CD40L, SP001 has the potential to provide a targeted non-B-cell-depleting treatment across multiple immune-mediated diseases where immune-cell interactions drive chronic inflammation, relapse, and tissue damage. SP001 is designed to address platelet activation concerns associated with earlier anti-CD40L antibodies, while preserving key monoclonal antibody properties, including FcRn interaction that supports IgG-like half-life.

About Spero Therapeutics
Spero Therapeutics is a clinical-stage biopharmaceutical company focused on advancing next-generation medicines for patients with serious immune-mediated diseases. The company’s lead program, SP001, is a third-generation, Fc-silent anti-CD40L monoclonal antibody being advanced first in IgG4-related disease, with potential for development in additional immune-mediated diseases. For more information, visit www.sperotx.com

Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Forward-looking statements include, but are not limited to, statements relating to Spero’s plans to advance SP001 into a Phase 2 study in IgG4-related disease in Q2 2027; Spero’s plans to explore the use of SP001, and the role of CD40L inhibition, in additional indications that may benefit patients; Spero’s expectation that anticipated cash runway, and future milestones. Forward-looking statements are based on Spero’s current expectations and assumptions and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. These risks and uncertainties include, among others, risks related to the completion and integration of the Innovent transaction; Spero’s ability to successfully develop SP001; the timing and outcome of clinical trials and regulatory interactions; the ability to obtain and maintain regulatory approvals; potential safety, efficacy, manufacturing, supply, intellectual property, financing, competitive, and market risks; and other risks described in Spero’s filings with the Securities and Exchange Commission. Spero undertakes no obligation to update any forward-looking statements, except as required by law.

Investor Relations Contact:
Shai Biran, Ph.D.
Spero Therapeutics
IR@Sperotx.com

Media Inquiries: media@sperotx.com

Spero Therapeutics, Inc.
Condensed Consolidated Balance Sheet Data
(in thousands)
(unaudited)
		September 30,				December 31,
			2026				2025
Cash and cash equivalents		$	107,928			$	40,265
Other assets			2,098				28,654
Total assets		$	110,026			$	68,919
Total liabilities			109,245				9,898
Total stockholder’s equity			781				59,021
Total liabilities and stockholders’ equity		$	110,026			$	68,919

Spero Therapeutics, 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
Revenues:
Grant revenue	$	—			$	2,394			$	—			$	5,544
Collaboration revenue – related party		—				3,048				258				19,949
Collaboration revenue		—				—				—				12
Total revenues		—				5,442				258				25,505
Operating expenses:
Acquired in-process research and development		35,000				—				35,000				—
Research and development		3,196				8,597				9,539				32,875
General and administrative		3,717				4,174				15,096				16,876
Impairment charges		—				587				—				587
Restructuring		—				—				—				258
Total operating expenses		41,913				13,358				59,635				50,596
Loss from operations		(41,913	)			(7,916	)			(59,377	)			(25,091	)
Total other (expense) income, net		(2,365	)			534				(1,656	)			2,143
Net loss	$	(44,278	)		$	(7,382	)		$	(61,033	)		$	(22,948	)
Net loss per share attributable to common shareholders per share, basic and diluted	$	(0.76	)		$	(0.13	)		$	(1.06	)		$	(0.41	)
Weighted average shares outstanding, basic and diluted:		58,229,386				56,280,844				57,829,995				55,866,392

AUSTIN, Texas and DURHAM, N.C., Nov. 12, 2026 (GLOBE NEWSWIRE) — Shattuck Labs, Inc. (“Shattuck” or the “Company”) (NASDAQ: STTK), a clinical-stage biotechnology company pioneering the development of potentially first-in-class monoclonal and bispecific DR3 blocking antibodies for the treatment of patients with inflammatory and immune-mediated diseases, today announced that it has granted inducement equity awards on November 10, 2026 (the “Grant Date”) to two newly-hired non-executive employees.

The inducement awards consist of non-qualified stock options to purchase an aggregate of 384,000 shares of Shattuck’s common stock with an exercise price of $4.85 per share. The stock options have a maximum term of 10 years. A total of 25% of each award will vest on the first anniversary of each employee’s start date, with the remainder vesting in equal monthly installments over the subsequent 36 months. The stock options were granted as a material inducement to the individuals’ employment and were approved by Shattuck’s independent Compensation Committee, in accordance with Nasdaq Listing Rule 5635(c)(4). The stock options were granted outside of the Company’s 2020 Equity Incentive Plan, but are generally subject to the same terms and conditions that apply to awards granted under such plan.

About Shattuck Labs, Inc.

Shattuck Labs, Inc. is a clinical-stage biotechnology company pioneering the development of potentially first-in-class monoclonal and bispecific DR3 blocking antibodies for the treatment of patients with inflammatory and immune-mediated diseases. Shattuck’s expertise in protein engineering and the development of novel TNF receptor therapeutics come together in its lead program, SL-325, a potentially first-in-class DR3 blocking antibody designed to achieve a more complete blockade of the clinically validated DR3/TL1A pathway. The Company has offices in both Austin, Texas and Durham, North Carolina. For more information, please visit: www.ShattuckLabs.com.

Investor & Media Contact:

Andrew R. Neill
Chief Financial Officer
Shattuck Labs, Inc.
InvestorRelations@shattucklabs.com

WUXI, China, Nov. 12, 2026 (GLOBE NEWSWIRE) — LOBO TECHNOLOGIES LTD. (NASDAQ: LOBO) (“LOBO” or the “Company”), an innovative manufacturer of electric mobility products and AI service provider, today announced that it will effect a share consolidation of its Class A ordinary shares, par value $0.001 per share, and Class B ordinary shares, par value $0.001 per share, at a ratio of 1-for-10, effective on November 17, 2026 (the “Share Consolidation”). The Company’s Class A ordinary shares are expected to begin trading on a post-consolidation basis at the open of the market session on November 17, 2026. Upon the market opening on November 17, 2026, the Company’s Class A ordinary shares will continue to be traded on The Nasdaq Stock Market under the symbol “LOBO” with the new CUSIP number G00350127.

Prior to the Share Consolidation, 15,041,938 ordinary shares, consisting of 11,311,618 Class A ordinary shares, par value $0.001 per share, and 3,730,320 Class B ordinary shares, par value $0.001 per share, are issued and outstanding. As a result of the Share Consolidation, every 10 ordinary shares (or part thereof) will be combined into one (1) share, with fractional shares rounded up to the next whole share. After the Share Consolidation, approximately 1,131,162 Class A ordinary shares, par value $0.01 per share, and 373,032 Class B ordinary shares, par value $0.01 per share, will be issued and outstanding. The Company is authorized to issue a maximum of 10,000,000 shares divided into two classes consisting of: (i) 9,000,000 Class A ordinary shares, par value $0.01 per share, and (ii) 1,000,000 Class B ordinary shares, par value $0.01 per share. All outstanding stock options, warrants and other rights to purchase the Company’s ordinary shares will be adjusted proportionately as a result of the Share Consolidation.

Upon the effectuation of the Share Consolidation, shareholders holding shares through a bank, broker or other nominee will have their shares automatically adjusted to reflect the Share Consolidation. Beneficial holders may contact their bank, broker or nominee for more information. Please direct any questions to your broker or the Company’s transfer agent, VStock Transfer, LLC, by calling +1 (212) 828-8436.

About LOBO TECHNOLOGIES LTD.

LOBO TECHNOLOGIES LTD. (NASDAQ: LOBO) is an electric mobility products manufacturer and AI service provider. Its product portfolio includes electric bicycles, electric motorcycles, electric tricycles, electric four-wheeler carts, including golf carts and senior mobility vehicles, as well as AI-related products and services.

For more information, please visit: www.loboebike.com.

Forward-Looking Statements

Certain statements in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations and projections about future events and financial trends that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to” or other similar expressions. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s registration statement and in its other filings with the U.S. Securities and Exchange Commission.

For more information, please contact:

LOBO TECHNOLOGIES LTD.
Zane Xu
Investor Relations Manager
Email: ir@loboai.com

Ascent Investor Relations LLC
Tina Xiao
Tel: +1-646-932-7242
Email: investors@ascent-ir.com

Proposed TYTL Acquisition Expected to Finalize Definitive Agreements Within Days Positioning Beeline as a Leader in AI-Powered, Blockchain-Enabled Real Estate Finance

CEO to Cancel 3 Million TYTL Merger Shares Upon Closing to Contribute to Lowering Dilution for Beeline

$3 Million Annualized Cost Reduction Plan Underway

Management to host a conference call on November 12 at 5:00 p.m. ET to review results and discuss outlook

PROVIDENCE, R.I., Nov. 12, 2026 (GLOBE NEWSWIRE) — via IBN – Beeline Holdings, Inc. (Nasdaq: BLNE) (“Beeline” or the “Company”), a technology-driven mortgage lender and fractional equity platform, today announced financial results for the third quarter ended September 30, 2026.

Q3 2026 Financial Highlights

• Net revenues of $3.0 million, up 30% year-over-year and 15% from Q2 2026.
• 268 loans originated, up 11% from 242 in Q3 2025 and 11% from Q2 2026.
• Overall margins increased to 3.56%, from 3.07% in Q2 2026 and 2.78% in Q1 2026.
• Operating expenses of $6.8 million declined 5% from $7.1 million in Q2 2026.
• Net loss of $3.8 million, compared with $4.0 million in both Q3 2025 and Q2 2026.
• Adjusted EBITDA loss of $1.8 million improved 35% from $2.7 million in Q3 2025 and 33% from $2.6 million in Q2 2026.
• Monthly savings of $250,000 are in progress, with $160,000 expected to be realized in November.

Adjusted EBITDA is a non-GAAP financial measure. See the reconciliation and discussion below.

“Despite challenging market conditions, our third quarter reflects measurable progress in the core business,” said Nick Liuzza, Chief Executive Officer of Beeline. “Revenue grew 30% year-over-year while operating expenses declined sequentially. We are focusing on higher-margin mortgage products, improved conversion and AI-enabled efficiency. We remain disciplined about liquidity and cost reduction as we work toward a more scalable operating model.”

The Company closed 268 loans during the quarter and overall mortgage margin increased for the third consecutive quarter to 3.56%, compared with 3.07% in Q2 2026 and 2.78% in Q1 2026, emphasizing the product mix shift to debt-service coverage ratio and bank statement loans.

Management believes its merger with TYTL is days away from definitive docs being signed subject to shareholder approval and closing conditions.  The proposed acquisition would combine Beeline’s AI-powered mortgage and national title infrastructure with TYTL’s proprietary, patent-pending blockchain securitization platform. TYTL is already placing residential home equity data on-chain and digitally securitizing these assets for sale to investors. The combined companies would present institutional investors with attractive home equity investment opportunities offering compelling potential IRRs, defined risk profiles, and the potential for faster liquidity through Regulation D digital securities offerings, while exploring future applications for tokenized mortgage assets.  The combination of the two companies potentially creates an interesting opportunity for shareholders while distancing Beeline from traditional mortgage lending.

Of the anticipated nine million TYTL merger shares to be issued to Beeline’s CEO Nick Liuzza upon closing, approximately three million shares will be forfeited and cancelled, reducing potential dilution for existing Beeline shareholders and supporting the Company’s future capital-raising efforts. An additional 33% will be restricted until performance milestones are met, if ever.  A total of 16.5% will be earned when Beeline achieves a $100 million market capitalization for five consecutive trading days and another 16.5% at $200 million. The remaining 34% will be issued at closing, subject to lockup restrictions.

Management expects fourth-quarter seasonality and impact from a challenging interest-rate environment. Priorities include protecting margins, increasing funnel efficiency, realizing planned cost savings, expanding automation and maintaining sufficient liquidity.

 

Conference Call

Management will host a conference call on November 12, 2026, at 5:00 p.m. ET to discuss third-quarter results. The call will be led by Nick Liuzza, Chief Executive Officer, Jess Kennedy, Chief Operating Officer, and Chris Moe, Chief Financial Officer.

Participants may join via webcast or by phone using the details below:

• Listen-only webcast: https://event.choruscall.com/mediaframe/webcast.html?webcastid=mxJpJirm
• Toll-Free Dial-In (U.S.): 877-317-6789
• International Dial-In: 412-317-6789

Use of Non-GAAP Measures

This press release includes both financial measures in accordance with Generally Accepted Accounting Principles, or GAAP, as well as non-GAAP financial measures. Generally, a non-GAAP financial measure is a numerical measure of a company’s performance, financial position or cash flows that either excludes or includes amounts that are not normally included or excluded in the most directly comparable measure calculated and presented in accordance with GAAP. Non-GAAP financial measures should be viewed as supplemental and should not be considered as alternatives to net income (loss), operating income (loss), and cash flow from operating activities, liquidity or any other financial measures. They may not be indicative of the historical operating results of Beeline nor are they intended to be predictive of potential future results. Investors should not consider non-GAAP financial measures in isolation or as substitutes for performance measures calculated in accordance with GAAP.

Our management uses and relies on Adjusted EBITDA, a non-GAAP financial measure, to evaluate and assess our core operating results from period-to-period after removing the impact of items that affect comparability. Our management recognizes that the non-GAAP financial measure has inherent limitations because of the excluded items described below. We also review our operating metrics without including stock-based compensation, which is another non-GAAP financial measure.

We have included a reconciliation of our non-GAAP financial measure to the most comparable GAAP financial measure. We believe that providing the non-GAAP financial measure, together with the reconciliation to GAAP, helps investors make comparisons between Beeline and other companies. In making any comparisons to other companies, investors need to be aware that companies use different non-GAAP measures to evaluate their financial performance. Investors should pay close attention to the specific definition being used and to the reconciliation between such measure and the corresponding GAAP measure provided by each.

The Company defines Adjusted EBITDA as earnings before interest, taxes, depreciation and amortization, stock-based compensation, and other one-time items.

The following table presents a reconciliation of net income (loss) to adjusted EBITDA for the three and nine months ended September 30, 2026 and 2025 (unaudited):

		Three Months Ended September 30,								Nine Months Ended September 30,
(Dollars in thousands)		2026				2025				2026				2025
Net loss		$	(3,810	)		$	(3,962	)		$	(13,122	)		$	(15,029	)
Interest expense			55				69				55				2,346
Depreciation and amortization			845				831				2,466				2,487
Stock-based compensation expense			1,089				–				3,129				130
Non-recurring expenses (1)			63				–				571				321
Gain on remeasurement of previously held equity interest			–				–				(480	)			–
Net loss from discontinued operations			–				361				–				719
Adjusted EBITDA		$	(1,758	)		$	(2,701	)		$	(7,381	)		$	(9,026	)

(1)

For the three and nine months ended September 30, 2026, non-recurring expenses included costs related to the class action complaint. For the nine months ended September 30, 2025, non-recurring expenses included merger costs related to the shareholder meeting on March 7, 2025 to approve the name changing to Beeline Holdings, Inc. and to approve the Series F and F-1 Preferred Stock (shares received in the merger) to convert to common shares, as well as costs related to the Nasdaq initial listing.

 

About Beeline Holdings, Inc.

Beeline is a next-generation mortgage and home equity service company simplifying the path to homeownership and liquidity. By combining blockchain technology, automation, and a customer-first digital experience, Beeline makes financing a home, or unlocking its value, faster, fairer, and more transparent. For more information, visit www.makeabeeline.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements about cost reductions, increasing margins, liquidity and closing the TYTL merger. Forward-looking statements may be prefaced by words such as “anticipate,” “expect,” “plan,” “could,” “may,” “will,” “should,” “would,” “intend,” “seem,” “potential,” “appear,” “continue,” “future,” “believe,” “estimate,” “forecast,” “project,” “target,” and similar words. Forward-looking statements are based on our current expectations and assumptions regarding our business, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. We caution you, therefore, against relying on any of these forward-looking statements. Our actual results may differ materially from those contemplated by the forward-looking statements for a variety of reasons, including, without limitation, the possibility that estimates, projections and assumptions on which the forward-looking statements are based prove to be incorrect, central bank interest rates and future interest rate changes, the risks arising from the impact of affordability, inflation, tariffs, the war in the Middle East, the deterioration of the labor market of the United States, a recession which may result on the Company’s business, prospective customers, and on the national and global economy, our ability to raise additional capital to meet working capital needs, our ability to attract homeowners to our products and services, our ability to comply with applicable regulatory requirements and new regulations and developments that may arise including the potential for regulatory changes regarding digital assets, artificial intelligence, and other areas that impact and may in the future impact the Company’s business, the possibility that our expectations and perceived benefits with respect to strategic transactions, whether our shareholders will approve the  acquisition of TYT and whether TYTL can arrange the necessary financing it needs to meet the closing conditions. Additional information regarding these and other risks is contained in Beeline’s filings with the Securities and Exchange Commission, including the Risk Factors contained in the Company’s 2025 Annual Report on Form 10-K and our prospectus supplement dated March 10, 2026. Any forward-looking statement made by us in this press release speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.

Contacts

Investor Relations
ir@makeabeeline.com

Media Inquiries
press@makeabeeline.com

Corporate Communications
IBN.Ai
Austin, Texas
www.IBN.Ai
512.354.7000 Office
Editor@IBN.Ai

– Infrastructure: INNOVATE completes sale of DBM Global to IES Holdings
– Life Sciences: MediBeacon continues to advance U.S. commercialization efforts, while progressing key reimbursement initiatives
– Spectrum: INNOVATE closed on the sale of a controlling interest in HC2 Broadcasting

NEW YORK, Nov. 12, 2026 (GLOBE NEWSWIRE) — INNOVATE CORP.^® (“INNOVATE” or the “Company”) (NYSE: VATE) announced today its consolidated results for the third quarter.

Financial Summary

(in millions, except per share amounts)	Three Months Ended September 30,										Nine Months Ended September 30,
		2026			2025			Increase / (Decrease)				2026			2025			Increase / (Decrease)
Revenue	$	495.5		$	347.1			42.8	%		$	1,281.9		$	863.3			48.5	%
Net income (loss) attributable to common stockholders and participating preferred stockholders	$	15.8		$	(9.4	)		268.1	%		$	9.0		$	(56.2	)		116.0	%
Basic earnings (loss) per share attributable to common stockholders	$	1.12		$	(0.71	)		257.7	%		$	0.64		$	(4.27	)		115.0	%
Diluted earnings (loss) per share attributable to common stockholders	$	1.10		$	(0.71	)		254.9	%		$	0.63		$	(4.27	)		114.8	%
Total Adjusted EBITDA(1)	$	40.5		$	19.8			104.5	%		$	106.5		$	42.7			149.4	%

(1) Reconciliation of GAAP to Non-GAAP measures follows.

Commentary

“INNOVATE executed on several key strategic priorities in the third quarter,” said Avie Glazer, Chairman of INNOVATE. “DBM Global capped its final quarter under our ownership with exceptional performance, and we took two significant steps to reshape our portfolio through the sale of a controlling interest in HC2 Broadcasting and, shortly after quarter-end, the sale of DBM Global to IES. These transactions mark meaningful progress in our efforts to unlock the value of our assets, generate funds to help address coming debt repayment and redemption obligations, and further simplify INNOVATE’s portfolio and capital structure.”

“Our focus now turns to the opportunities within our remaining portfolio, addressing liquidity and continuing to maximize value for INNOVATE shareholders,” said Paul Voigt, Interim CEO of INNOVATE. “MediBeacon continues to build commercial momentum and advance its commercialization efforts in the U.S. and China, while HC2 Broadcasting is actively pursuing initiatives to unlock greater potential for its spectrum assets. We are encouraged by the progress and remain focused on supporting their strategic initiatives.”

Third Quarter 2026 and Recent Highlights

• As previously announced, on October 5, 2026, INNOVATE completed the sale of DBM Global, Inc. (“DBMG”) to IES Holdings, Inc. (“IES”) for cash and stock consideration. INNOVATE intends to use all net proceeds from the transaction to reduce its outstanding debt. See INNOVATE’s 8-K filed on October 5, 2026, for additional information.
• As previously announced, on September 1, 2026, INNOVATE completed the sale of its controlling interest in HC2 Broadcasting Holdings Inc. (“HC2 Broadcasting”) to CONX CORP. (“CONX”). CONX now owns 75% of HC2 Broadcasting, while INNOVATE retains a 25% ownership interest. See INNOVATE’s 8-K filed on September 2, 2026, for additional information.

Infrastructure

• On October 5, 2026, INNOVATE completed the previously announced sale of DBMG to IES. Consideration received by INNOVATE and DBM Global Intermediate Holdco Inc. (together, “Seller”) consisted of Seller’s approximately 91.21% pro rata share of the base purchase price, as adjusted at closing based on estimates of cash, working capital, indebtedness and transaction expenses of DBMG and certain additional adjustments as set forth in the DBMG transaction agreement. The purchase price remains subject to finalization following delivery of a post-closing statement and, if necessary, resolution of any disputes through an independent accounting firm. At closing, Seller received (subject to post-closing adjustments):
  • approximately $378 million in cash, representing Seller’s portion of the $510 million cash consideration after giving effect to Seller’s receipt of 100% of the IES common stock issued as part of the total consideration and closing adjustments; and
  • 430,974 shares of IES common stock (as adjusted for IES’s two-for-one stock split effected on August 21, 2026). The stock consideration is subject to a maximum 60-day lock-up period following the closing of the DBMG transaction, subject to the terms of the DBMG transaction agreement.
  • In addition, Seller received $35 million in cash at closing as compensation for costs and obligations to be borne by Seller in connection with the joint tax election under Section 338 of the Internal Revenue Code being made with respect to the DBMG transaction. Including this payment, Seller received total cash of approximately $413 million at closing.
  • The DBMG transaction resulted in repayment or other payment obligations under certain instruments, including the Company’s revolving line of credit, 10.50% Senior Secured Notes due 2027 and 9.50% Convertible Senior Secured Notes due 2027. See “Risk Factors – If we fail to consummate sufficient asset sales, or the value of the consideration received from prior sales is less than anticipated, we may be unable to satisfy our debt service obligations and may be unable to continue as a going concern” in the Company’s Quarterly Report on Form 10-Q for the period ended September 30, 2026.
• DBMG reported third quarter 2026 revenue of $490.6 million, an increase of 45.0%, compared to $338.4 million in the prior year quarter. Net income attributable to INNOVATE was $25.2 million, compared to $8.8 million for the prior year quarter. Adjusted EBITDA increased to $43.6 million from $23.5 million in the prior year quarter.
• DBMG’s reported backlog and adjusted backlog, which takes into consideration awarded but not yet signed contracts, was $2.6 billion and $2.7 billion, respectively, as of September 30, 2026, compared to reported and adjusted backlog of $1.7 billion and $1.8 billion, respectively, as of December 31, 2025.

Life Sciences

• MediBeacon continued to advance commercialization of the TGFR^TM System, with engagement expanding to more than 120 U.S. medical institutions. Initial utilization is underway at leading medical centers.
• MediBeacon continued to advance reimbursement initiatives, with applications for additional reimbursement codes in 2026 following engagement with Centers for Medicare & Medicaid Services (“CMS”) as well as key private payors.
• MediBeacon continued its expansion in China, with 600 TGFR Monitors ordered for the market and shipments planned from the fourth quarter of 2026 through second quarter of 2027.
• R2 Technologies, Inc. (“R2”) reported third quarter 2026 revenue of $1.2 million.
• R2’s demand for the third quarter reached $3.1 million, with backlog of 116 systems globally at the end of the quarter.
• R2 continued to expand its international footprint during the quarter, launching Glacial Rx and Glacial fx in Thailand, while Electronic Instrument and Technology production of Glacial fx remains underway.
• As previously announced, R2 extended the maturity of its secured promissory note with Lancer Capital from August 1, 2026 to December 31, 2026, and R2’s preferred equity was converted to common equity, simplifying its capital structure.

Spectrum

• On September 1, 2026, INNOVATE completed the previously announced sale of its controlling interest in HC2 Broadcasting to CONX. CONX now owns 75% of HC2 Broadcasting, while INNOVATE retains a 25% ownership interest.
• Broadcasting reported third quarter 2026 revenue of $3.7 million, compared to $5.6 million in the prior year quarter. Net income attributable to INNOVATE was $25.9 million, including the gain on sale of $32.9 million, compared to Net loss of $5.9 million in the prior year quarter. Adjusted EBITDA was $0.3 million, compared to $1.0 million in the prior year quarter.

Third Quarter 2026 Financial Highlights

• Revenue: For the third quarter of 2026, INNOVATE’s consolidated revenue was $495.5 million, an increase of 42.8%, compared to $347.1 million for the prior year quarter. The increase was driven primarily by our Infrastructure segment, which was partially offset by a decrease at our Spectrum and Life Sciences segments. The increase at our Infrastructure segment was primarily driven by the timing and size of projects at DBMG’s commercial structural steel fabrication and erection business, which had increased activity subsequent to the comparable period on certain large construction projects, as well as an increase at our industrial maintenance and repair business due to the timing and size of projects. The decrease at our Spectrum segment was primarily driven by our disposition of a controlling interest in our Spectrum segment, as discussed above, which resulted in two months of consolidated Spectrum revenue in the current period compared to three months in the comparable period. The decrease at our Life Sciences segment was attributable to R2, reflecting decreases in unit sales across all product lines and regions, due to liquidity constraints.

REVENUE by OPERATING SEGMENT
(in millions)	Three Months Ended September 30,										Nine Months Ended September 30,
		2026			2025		Increase / (Decrease)					2026			2025		Increase/(Decrease)
Infrastructure	$	490.6		$	338.4		$	152.2			$	1,262.5		$	836.4		$	426.1
Life Sciences		1.2			3.1			(1.9	)			5.0			9.4			(4.4	)
Spectrum		3.7			5.6			(1.9	)			14.4			17.5			(3.1	)
Consolidated INNOVATE	$	495.5		$	347.1		$	148.4			$	1,281.9		$	863.3		$	418.6

• Net Income (Loss): For the third quarter of 2026, INNOVATE reported Net income attributable to common stockholders and participating preferred stockholders of $15.8 million, or $1.10 per fully diluted share, compared to a Net loss of $9.4 million, or $0.71 per fully diluted share, for the prior year quarter. The increase in Net income was primarily driven by the $32.9 million gain on sale of the controlling interest in Broadcasting, a $27.2 million net increase in gross profit, primarily at our Infrastructure segment due to the timing and size of projects and project efficiencies, and a $3.1 million decrease in depreciation and amortization following the classification of our Infrastructure and Spectrum segments as held for sale. The increase was partially offset by a $10.3 million deemed dividend on R2’s preferred stock attributable to non-controlling interests in the current period, a $10.0 million increase in tax expense, primarily driven by an increase in pre-tax income combined with an increase in the annual effective tax rate, a $7.7 million increase in interest expense, primarily due to increased principal balances at our Non-Operating Corporate segment and the loan entered into with CONX at our Spectrum segment during the second quarter of 2026, and a $5.8 million net increase in selling, general and administrative (“SG&A”) expenses, primarily at our Infrastructure segment due to the timing of, and increases in compensation-related expenses and increases in severance costs and professional fees, as well as smaller increases in other operating loss, loss on extinguishment of debt and loss from equity investees.

NET INCOME (LOSS) by OPERATING SEGMENT
(in millions)	Three Months Ended September 30,												Nine Months Ended September 30,
		2026				2025			Increase / (Decrease)					2026				2025			Increase / (Decrease)
Infrastructure	$	25.2			$	8.8			$	16.4			$	60.9			$	18.9			$	42.0
Life Sciences		(3.0	)			(4.6	)			1.6				(8.6	)			(18.7	)			10.1
Spectrum		25.9				(5.9	)			31.8				27.8				(17.4	)			45.2
Non-Operating Corporate		(21.6	)			(7.2	)			(14.4	)			(59.7	)			(36.0	)			(23.7	)
Other and eliminations		—				—				—				—				—				—
Net income (loss) attributable to INNOVATE Corp.	$	26.5			$	(8.9	)		$	35.4			$	20.4			$	(53.2	)		$	73.6
Less: Preferred stock dividends		0.4				0.5				(0.1	)			1.1				3.0				(1.9	)
Less: Deemed dividend on subsidiary preferred stock attributable to non-controlling interests		10.3				—				10.3				10.3				—				10.3
Net income (loss) attributable to common stockholders and participating preferred stockholders	$	15.8			$	(9.4	)		$	25.2			$	9.0			$	(56.2	)		$	65.2

• Adjusted EBITDA: For the third quarter of 2026, Total Adjusted EBITDA was $40.5 million compared to Total Adjusted EBITDA of $19.8 million for the prior year quarter. The increase in Adjusted EBITDA was primarily driven by our Infrastructure, Life Sciences and Non-Operating Corporate segments, which were partially offset by a decrease at our Spectrum segment. The increase at our Infrastructure segment was primarily driven by an increase in revenue and gross profit at DBMG’s commercial structural steel fabrication and erection business, which had increased activity subsequent to the comparable period on certain large construction projects, combined with changes in the estimate of the cost to complete those projects recognized in the ordinary course driven by efficiencies recognized around certain projects. The increase was partially offset by an increase in recurring SG&A expenses, primarily driven by the timing of, and increases in compensation-related expenses and an increase in professional fees, as well as a decrease in gross profit at our industrial maintenance and repair business, despite the increase in revenue discussed above, primarily due to fluctuations in material costs. The increase at our Life Sciences segment was primarily driven by a decrease in compensation-related expenses at R2, which was partially offset by a decrease in gross profit at R2, driven by the decrease in revenue, and an increase in equity method losses recognized from MediBeacon. The increase at our Non-Operating Corporate segment was primarily driven by a decrease in professional fees. The decrease in Adjusted EBITDA at our Spectrum segment was primarily driven by our disposition of a controlling interest in our Spectrum segment, as explained above, which resulted in two months of consolidated Spectrum activity in the current period compared to three months in the comparable period.

ADJUSTED EBITDA by OPERATING SEGMENT
(in millions)	Three Months Ended September 30,												Nine Months Ended September 30,
		2026				2025			Increase / (Decrease)					2026				2025			Increase/(Decrease)
Infrastructure	$	43.6			$	23.5			$	20.1			$	115.3			$	59.5			$	55.8
Life Sciences		(1.7	)			(2.6	)			0.9				(4.5	)			(13.9	)			9.4
Spectrum		0.3				1.0				(0.7	)			1.4				3.4				(2.0	)
Non-Operating Corporate		(1.7	)			(2.1	)			0.4				(5.7	)			(6.3	)			0.6
Other and eliminations		—				—				—				—				—				—
Total Adjusted EBITDA(1)	$	40.5			$	19.8			$	20.7			$	106.5			$	42.7			$	63.8

(1) Reconciliation of GAAP to Non-GAAP measures follows.

• Balance Sheet: As of September 30, 2026, INNOVATE had cash and cash equivalents, excluding restricted cash and cash and cash equivalents held for sale, of $4.9 million compared to $5.1 million as of December 31, 2025. On a stand-alone basis, as of both September 30, 2026 and December 31, 2025, our Non-Operating Corporate segment had cash and cash equivalents of $4.2 million.

Conference Call

INNOVATE will host a live conference call to discuss its third quarter 2026 financial results and operations today at 4:30 p.m. ET. The Company will post an earnings supplemental presentation in the Investor Relations section of the INNOVATE website at innovate-ir.com to accompany the conference call. Dial-in instructions for the conference call and the replay follows.

• Live Webcast and Call. A live webcast of the conference call can be accessed by interested parties through the Investor Relations section of the INNOVATE website at innovate-ir.com.
  • Dial-in: 1-833-316-2483 (Domestic Toll Free) / 1-785-838-9284 (Toll/International)
• Conference Replay*
  • Dial-in: 1-844-512-2921 (Domestic Toll Free) / 1-412-317-6671 (Toll/International)
  • Conference Number: 11162805

*Available approximately three hours after the end of the conference call through November 26, 2026.

About INNOVATE

INNOVATE is a holding company that owns, operates and invests in a portfolio of best-in-class businesses in the Life Sciences and Spectrum markets. INNOVATE is focused on maximizing value through disciplined capital allocation, strategic oversight and operational support of its subsidiaries. For more information, please visit: www.INNOVATECorp.com.

Contacts

Investor Contact:
Jenna Kozlowski
ir@innovatecorp.com
(212) 235-2691

Non-GAAP Financial Measures

In this press release, INNOVATE refers to certain financial measures that are not presented in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”), including Total Adjusted EBITDA (excluding discontinued operations, if applicable) and Adjusted EBITDA for its operating segments. In addition, other companies may define Adjusted EBITDA differently than we do, which could limit its usefulness.

Adjusted EBITDA

Management believes that Adjusted EBITDA provides investors with meaningful information for gaining an understanding of our results as it is frequently used by the financial community to provide insight into an organization’s operating trends and facilitates comparisons between peer companies, since interest, taxes, depreciation, amortization and the other items listed in the definition of Adjusted EBITDA below can differ greatly between organizations as a result of differing capital structures and tax strategies. Adjusted EBITDA can also be a useful measure of a company’s ability to service debt. While management believes that non-U.S. GAAP measurements are useful supplemental information, such adjusted results are not intended to replace our U.S. GAAP financial results. Using Adjusted EBITDA as a performance measure has inherent limitations as an analytical tool as compared to net income (loss) or other U.S. GAAP financial measures, as this non-U.S. GAAP measure excludes certain items, including items that are recurring in nature, which may be meaningful to investors. As a result of the exclusions, Adjusted EBITDA should not be considered in isolation and does not purport to be an alternative to net income (loss) or other U.S. GAAP financial measures as a measure of our operating performance.

The calculation of Adjusted EBITDA, as defined by us, consists of Net income (loss) attributable to INNOVATE Corp., excluding: discontinued operations, if applicable; depreciation and amortization; other operating (income) loss (which is inclusive of (gain) loss on sale or disposal of assets, lease termination costs, (gains) losses on lease modifications, and asset impairment expense); (gain) loss on sale of controlling interest in subsidiary; interest expense; (gain) loss on extinguishment of debt; other (income) expense, net; income tax expense (benefit); non-controlling interests; share-based compensation expense; realignment and exit costs; facility commissioning costs; debt refinancing costs; and acquisition and disposition costs.

Cautionary Statement Regarding Forward-Looking Statements

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: This press release contains, and certain oral statements made by our representatives from time to time may contain, “forward-looking statements.” Generally, forward-looking statements include information describing actions, events, results, strategies and expectations and are generally identifiable by use of the words “believes,” “expects,” “intends,” “anticipates,” “plans,” “seeks,” “estimates,” “projects,” “may,” “will,” “could,” “might,” or “continues” or similar expressions. Such forward-looking statements are based on current expectations and inherently involve certain risks, assumptions and uncertainties. The forward-looking statements in this press release include, without limitation, any statements regarding INNOVATE’s plans and expectations for future growth and ability to capitalize on potential opportunities; the achievement of INNOVATE’s strategic objectives; INNOVATE’s intended use of net proceeds from the sale of DBMG, including from the sale of the IES common stock received as consideration, to reduce its outstanding indebtedness, and the timing of any related debt repayments and redemptions; post-closing adjustments to the purchase price for the sale of DBMG; INNOVATE’s retained interest in HC2 Broadcasting; anticipated commercialization, reimbursement, regulatory and clinical development activities at MediBeacon, including the timing of TGFR Monitor shipments in China; and expectations regarding demand, conversion of backlog to revenue, manufacturing capacity and international expansion at R2. Such statements are based on the beliefs and assumptions of INNOVATE’s management and the management of INNOVATE’s subsidiaries and portfolio companies.

The Company believes these judgments are reasonable, but these statements are not guarantees of performance, results or the creation of stockholder value and the Company’s actual results could differ materially from those expressed or implied in the forward-looking statements due to a variety of important factors, both positive and negative, including those that may be identified in subsequent statements and reports filed with the Securities and Exchange Commission (“SEC”), including in our reports on Forms 10-K, 10-Q, and 8-K. Such important factors include, without limitation: substantial doubt about our ability to continue operating as a going concern and to meet near-term debt maturities and mandatory redemption obligations, including the risk that insufficient or delayed proceeds from sales of the IES common stock could result in defaults, cross-defaults or acceleration of other obligations; fluctuations in the market price of IES common stock, including during the lock-up period, and our ability to realize sufficient proceeds from its sale; the outcome of post-closing purchase price adjustments under the DBMG transaction agreement; our dependence on distributions from our subsidiaries to fund our operations and payments on our obligations; our business profile following the sale of DBMG and the sale of a controlling interest in HC2 Broadcasting, including the loss of our primary sources of subsidiary cash flow, the potential absence of material operating revenue, and our dependence on our remaining Life Sciences operations; the impact on our business and financial condition of our substantial indebtedness and any significant additional indebtedness and other financing obligations we may incur; the illiquidity of our remaining 25% interest in HC2 Broadcasting and uncertainty regarding the timing, price and occurrence of any sale of that interest; the maturity of R2’s indebtedness on December 31, 2026 and the ability of our Life Sciences segment to raise additional capital; covenant noncompliance risk; our ability to complete transition services following these transactions and manage related costs and disputes; our ability to qualify for transient investment company status or another exclusion or exemption under the Investment Company Act of 1940; the possibility of indemnification claims and retained or contingent liabilities arising out of the sale of DBMG, the HC2 Broadcasting transaction and other divestitures; our ability to remain in compliance with the NYSE’s continued listing standards; our possible inability to raise additional capital when needed or refinance our existing debt, on attractive terms, or at all; governmental regulation in the healthcare industry, including reimbursement determinations; our dependence on the retention and recruitment of key personnel; volatility in the trading price of our common stock; changes in market conditions, including interest rates, inflation and trade and tariff policies; developments relating to the hostilities in Ukraine, the Middle East and Venezuela; increased competition in the markets in which our operating segments conduct their businesses; our ability to successfully identify any strategic acquisitions or business opportunities; uncertain global economic conditions in the markets in which our operating segments conduct their businesses; changes in regulations and tax laws; tax consequences associated with our acquisitions, holding and disposition of target companies and assets; the ability of our operating segments to attract and retain customers; and our expectations regarding the timing, extent and effectiveness of any cost reduction initiatives and management’s ability to moderate or control discretionary spending.

Although INNOVATE believes its expectations and assumptions regarding its future operating performance are reasonable, there can be no assurance that the expectations reflected herein will be achieved. These risks and other important factors discussed under the caption “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2025, our Quarterly Report on Form 10-Q for the quarter ended September 30, 2026, and our other reports filed with the SEC could cause actual results to differ materially from those indicated by the forward-looking statements made in this press release.

You should not place undue reliance on forward-looking statements. All forward-looking statements attributable to INNOVATE or persons acting on its behalf are expressly qualified in their entirety by the foregoing cautionary statements. All such statements speak only as of the date made, and unless legally required, INNOVATE undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

INNOVATE CORP. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited, in millions, except shares and per share amounts)
		Three Months Ended September 30,								Nine Months Ended September 30,
			2026				2025				2026				2025
Revenue		$	495.5			$	347.1			$	1,281.9			$	863.3
Cost of revenue			418.6				297.4				1,072.0				722.5
Gross profit			76.9				49.7				209.9				140.8
Operating expenses:
Selling, general and administrative			45.4				39.6				126.3				112.5
Depreciation and amortization			1.2				4.3				8.9				13.1
Other operating loss (income)			0.7				(0.3	)			0.6				0.8
Income from operations			29.6				6.1				74.1				14.4
Other income (expense):
Gain on sale of controlling interest in subsidiary			32.9				—				32.9				—
Interest expense			(31.1	)			(23.4	)			(83.2	)			(65.0	)
(Loss) gain on extinguishment of debt			(0.4	)			—				18.0				(0.3	)
Loss from equity investees			(0.4	)			—				(0.4	)			(5.9	)
Other income, net			0.6				0.6				1.1				4.6
Income (loss) from operations before income taxes			31.2				(16.7	)			42.5				(52.2	)
Income tax (expense) benefit			(2.9	)			7.1				(18.9	)			(4.2	)
Net income (loss)			28.3				(9.6	)			23.6				(56.4	)
Net (income) loss attributable to non-controlling interests and redeemable non-controlling interests			(1.8	)			0.7				(3.2	)			3.2
Net income (loss) attributable to INNOVATE Corp.			26.5				(8.9	)			20.4				(53.2	)
Less: Preferred stock dividends			0.4				0.5				1.1				3.0
Less: Deemed dividend on subsidiary preferred stock attributable to non-controlling interests			10.3				—				10.3				—
Net income (loss) attributable to common stockholders and participating preferred stockholders		$	15.8			$	(9.4	)		$	9.0			$	(56.2	)
Earnings (loss) per common share
Basic		$	1.12			$	(0.71	)		$	0.64			$	(4.27	)
Diluted		$	1.10			$	(0.71	)		$	0.63			$	(4.27	)
Weighted-average common shares outstanding
Basic			13,524,185				13,264,799				13,415,551				13,176,043
Diluted			13,704,485				13,264,799				13,600,594				13,176,043

INNOVATE CORP. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited, in millions, except share amounts)
		September 30, 2026				December 31, 2025
Assets
Current assets
Cash and cash equivalents		$	4.9			$	5.1
Accounts receivable, net			0.3				1.8
Inventory			0.9				0.7
Other current assets			1.7				4.1
Current assets held for sale			574.1				439.8
Total current assets			581.9				451.5
Investments			59.4				1.8
Property, plant and equipment, net			—				0.1
Intangibles, net			0.8				0.9
Other assets			1.9				2.2
Assets held for sale			376.3				493.6
Total assets		$	1,020.3			$	950.1
Liabilities, temporary equity and stockholders’ deficit
Current liabilities
Accounts payable		$	7.2			$	3.2
Accrued liabilities			24.9				21.6
Current portion of debt obligations			574.5				513.0
Other current liabilities			2.4				3.2
Current liabilities held for sale			549.4				493.1
Total current liabilities			1,158.4				1,034.1
Liabilities held for sale			57.9				131.3
Total liabilities			1,216.3				1,165.4
Commitments and contingencies
Temporary equity
Preferred Stock Series A-3 and Preferred Stock Series A-4, $0.001 par value			9.9				9.3
Shares authorized: 20,000,000; Shares issued and outstanding: 6,125 of Series A-3; 1,937 of Series A-4
Redeemable non-controlling interests			—				1.6
Total temporary equity			9.9				10.9
Stockholders’ deficit
Common stock, $0.001 par value			—				—
Shares authorized: 250,000,000; Shares issued: 14,035,360 and 13,818,904, respectively; Shares outstanding: 13,858,322 and 13,655,062, respectively
Additional paid-in capital			342.6				350.1
Treasury stock, at cost: 177,038 and 163,842 shares, respectively			(5.6	)			(5.6	)
Accumulated deficit			(562.1	)			(582.5	)
Accumulated other comprehensive loss			(3.2	)			(2.1	)
Total INNOVATE Corp. stockholders’ deficit			(228.3	)			(240.1	)
Non-controlling interests			22.4				13.9
Total stockholders’ deficit			(205.9	)			(226.2	)
Total liabilities, temporary equity and stockholders’ deficit		$	1,020.3			$	950.1

INNOVATE CORP. RECONCILIATION OF NET INCOME (LOSS) TO ADJUSTED EBITDA (Unaudited, in millions)
		Three Months Ended September 30, 2026
		Infrastructure				Life Sciences				Spectrum				Non-Operating Corporate				Other and Eliminations			INNOVATE
Net income (loss) attributable to INNOVATE Corp.		$	25.2			$	(3.0	)		$	25.9			$	(21.6	)		$	—		$	26.5
Adjustments to reconcile net income (loss) to Adjusted EBITDA:
Depreciation and amortization			1.2				—				—				—				—			1.2
Depreciation and amortization (included in cost of revenue)			1.4				—				—				—				—			1.4
Other operating loss (income)			0.9				—				(0.2	)			—				—			0.7
Gain on sale of controlling interest in subsidiary			—				—				(32.9	)			—				—			(32.9	)
Interest expense			1.4				1.8				8.2				19.7				—			31.1
Loss on extinguishment of debt			—				—				0.4				—				—			0.4
Other (income) expense, net			(2.3	)			—				0.3				1.4				—			(0.6	)
Income tax expense (benefit)			8.8				—				—				(5.9	)			—			2.9
Non-controlling interests			2.5				(0.5	)			(0.2	)			—				—			1.8
Share-based compensation expense			—				—				—				0.5				—			0.5
Realignment and exit costs			1.8				—				—				—				—			1.8
Facility commissioning costs			2.5				—				—				—				—			2.5
Debt refinancing costs			—				—				—				0.7				—			0.7
Acquisition and disposition costs			0.2				—				(1.2	)			3.5				—			2.5
Adjusted EBITDA		$	43.6			$	(1.7	)		$	0.3			$	(1.7	)		$	—		$	40.5

		Three Months Ended September 30, 2025
		Infrastructure				Life Sciences				Spectrum				Non-Operating Corporate				Other and Eliminations			INNOVATE
Net income (loss) attributable to INNOVATE Corp.		$	8.8			$	(4.6	)		$	(5.9	)		$	(7.2	)		$	—		$	(8.9	)
Adjustments to reconcile net income (loss) to Adjusted EBITDA:
Depreciation and amortization			3.0				0.1				1.2				—				—			4.3
Depreciation and amortization (included in cost of revenue)			3.2				—				—				—				—			3.2
Other operating loss (income)			0.1				—				(0.4	)			—				—			(0.3	)
Interest expense			2.4				3.1				3.8				14.1				—			23.4
Other (income) expense, net			(0.5	)			(0.1	)			2.4				(2.4	)			—			(0.6	)
Income tax expense (benefit)			4.4				—				—				(11.5	)			—			(7.1	)
Non-controlling interests			0.9				(1.2	)			(0.4	)			—				—			(0.7	)
Share-based compensation expense			—				0.1				—				0.6				—			0.7
Realignment and exit costs			1.2				—				0.1				—				—			1.3
Debt refinancing costs			—				—				0.2				4.3				—			4.5
Adjusted EBITDA		$	23.5			$	(2.6	)		$	1.0			$	(2.1	)		$	—		$	19.8

INNOVATE CORP. RECONCILIATION OF NET INCOME (LOSS) TO ADJUSTED EBITDA (Unaudited, in millions)
		Nine Months Ended September 30, 2026
		Infrastructure				Life Sciences				Spectrum				Non-Operating Corporate				Other and Eliminations			INNOVATE
Net income (loss) attributable to INNOVATE Corp.		$	60.9			$	(8.6	)		$	27.8			$	(59.7	)		$	—		$	20.4
Adjustments to reconcile net income (loss) to Adjusted EBITDA:
Depreciation and amortization			6.9				0.1				1.9				—				—			8.9
Depreciation and amortization (included in cost of revenue)			8.1				—				—				—				—			8.1
Other operating loss (income)			0.9				—				(0.3	)			—				—			0.6
Gain on sale of controlling interest in subsidiary			—				—				(32.9	)			—				—			(32.9	)
Interest expense			4.6				5.8				19.0				53.8				—			83.2
Gain on extinguishment of debt			—				—				(18.0	)			—				—			(18.0	)
Other (income) expense, net			(4.2	)			—				4.7				(1.6	)			—			(1.1	)
Income tax expense (benefit)			24.0				—				—				(5.1	)			—			18.9
Non-controlling interests			5.9				(1.9	)			(0.8	)			—				—			3.2
Share-based compensation expense			—				0.1				—				1.4				—			1.5
Realignment and exit costs			2.3				—				—				—				—			2.3
Facility commissioning costs			5.5				—				—				—				—			5.5
Debt refinancing costs			—				—				—				0.9				—			0.9
Acquisition and disposition costs			0.4				—				—				4.6				—			5.0
Adjusted EBITDA		$	115.3			$	(4.5	)		$	1.4			$	(5.7	)		$	—		$	106.5

		Nine Months Ended September 30, 2025
		Infrastructure				Life Sciences				Spectrum				Non-Operating Corporate				Other and Eliminations			INNOVATE
Net income (loss) attributable to INNOVATE Corp.		$	18.9			$	(18.7	)		$	(17.4	)		$	(36.0	)		$	—		$	(53.2	)
Adjustments to reconcile net income (loss) to Adjusted EBITDA:
Depreciation and amortization			9.2				0.3				3.6				—				—			13.1
Depreciation and amortization (included in cost of revenue)			9.7				—				—				—				—			9.7
Other operating loss (income)			1.2				—				(0.4	)			—				—			0.8
Interest expense			6.9				12.8				11.4				33.9				—			65.0
Loss on extinguishment of debt			0.3				—				—				—				—			0.3
Other (income) expense, net			(1.1	)			(4.6	)			6.9				(5.8	)			—			(4.6	)
Income tax expense (benefit)			8.8				—				—				(4.6	)			—			4.2
Non-controlling interests			1.9				(4.0	)			(1.1	)			—				—			(3.2	)
Share-based compensation expense			—				0.3				—				1.9				—			2.2
Realignment and exit costs			3.6				—				0.2				—				—			3.8
Debt refinancing costs			0.1				—				0.2				4.3				—			4.6
Adjusted EBITDA		$	59.5			$	(13.9	)		$	3.4			$	(6.3	)		$	—		$	42.7

CAMBRIDGE, Mass., Nov. 12, 2026 (GLOBE NEWSWIRE) — Akamai Technologies, Inc. (Nasdaq: AKAM) (“Akamai”) today announced that it has closed its previously announced private offering of $1.25 billion in aggregate principal amount of 1.00% convertible senior notes due 2028 (the “2028 Notes”) and $1.25 billion in aggregate principal amount of 1.00% convertible senior notes due 2031 (the “2031 Notes” and, together with the 2028 Notes, the “notes”) to persons reasonably believed to be “qualified institutional buyers” pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”). The aggregate principal amount of each series of notes includes $150.0 million issued pursuant to the initial purchasers’ exercise in full of their option to purchase additional notes of that series.

“Securing this capital on attractive terms demonstrates the market’s confidence in our strategic direction and the durability of our business model,” said Ed McGowan, Akamai’s Executive Vice President and Chief Financial Officer. “With our balance sheet and substantial liquidity, we are well positioned to execute on our existing customer commitments, address our outstanding debt maturities, and prudently fund the continued expansion of our Cloud Infrastructure Services business while maintaining a disciplined approach to capital allocation.”

McGowan added, “As revenue from our committed Cloud Infrastructure Services contracts ramps, we expect to see a significant increase in EBITDA margins and cash from operations beginning in 2027, with further improvement expected in 2028. We believe this increased cash generation will enhance our ability to self-fund future investments from organic cash flow, reduce leverage over the long term, and support our investment-grade profile.”

The net proceeds from the offering were approximately $2,459.7 million, after deducting the initial purchasers’ discounts and estimated offering expenses payable by Akamai. Approximately $284.4 million of the net proceeds from the offering were used to pay the cost of the convertible note hedge transactions described below (after such cost was partially offset by the proceeds to Akamai from the sale of warrants pursuant to the related warrant transactions). Akamai intends to use the remaining net proceeds from the offering to repay at maturity a portion of Akamai’s $1.15 billion outstanding aggregate principal amount of 0.375% Convertible Senior Notes due 2027 (the “2027 Convertible Notes”), which mature on September 1, 2027, and/or to pay cash amounts due upon any earlier conversion of the 2027 Convertible Notes, and to fund the capital expenditure requirements of its Cloud Infrastructure Services (CIS) business. In addition, Akamai intends to use any remaining net proceeds for general corporate purposes.

In connection with the pricing of the notes, Akamai entered into convertible note hedge transactions and warrant transactions with one or more of the initial purchasers of the notes and/or their respective affiliates and other financial institutions. The convertible note hedge transactions cover, subject to anti-dilution adjustments substantially similar to those applicable to the notes, the same number of shares of Akamai’s common stock that initially underlie the notes. The convertible note hedge transactions are expected generally to reduce the potential dilution with respect to Akamai’s common stock upon any conversion of the notes and/or offset any cash payments Akamai is required to make in excess of the principal amount of converted notes, as the case may be. The warrants cover, subject to customary anti-dilution adjustments, the same number of shares of Akamai’s common stock. The warrant transactions could separately have a dilutive effect with respect to Akamai’s common stock to the extent that the market price per share of Akamai’s common stock exceeds the strike price of the warrants, unless Akamai elects, subject to certain conditions, to settle the warrants in cash.

The notes and any shares of common stock issuable upon conversion of the notes have not been and will not be registered under the Securities Act or the securities laws of any other jurisdiction and may not be offered or sold in the United States absent registration or an applicable exemption from such registration requirements.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy the notes or any shares of common stock issuable upon conversion of the notes, nor will there be any sale of the notes or any such shares in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful.

The release contains information about future expectations, plans and prospects of Akamai’s management that constitute forward-looking statements for purposes of the safe harbor provisions under the Private Securities Litigation Reform Act of 1995, including statements with respect to Akamai’s expectations regarding its use of proceeds from the offering and the effect of the convertible note hedge and warrant transactions, Akamai’s ability to meet its existing customer commitments and debt obligations, and the expected increase in operating cash flow. Actual results may differ materially from those indicated by these forward-looking statements as a result of various important factors including, but not limited to, the terms of the notes and the offering, risks and uncertainties related to Akamai’s expected operating expenses and cash flow, Akamai’s ability to recognize anticipated revenue from existing CIS customer commitments, the timing and amount of capital expenditures for Akamai’s CIS business, the impact of general economic, industry, market or political conditions and other factors that are discussed in Akamai’s Annual Report on Form 10-K, quarterly reports on Form 10-Q, and other documents periodically filed with the SEC.

In addition, the statements in this press release represent Akamai’s expectations and beliefs as of the date of this press release. Akamai anticipates that subsequent events and developments may cause these expectations and beliefs to change. However, while Akamai may elect to update these forward-looking statements at some point in the future, it specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing Akamai’s expectations or beliefs as of any date subsequent to the date of this press release.

About Akamai

Akamai is the cloud company that powers and protects an AI-driven world. Our cloud platform extends high-performance cloud computing from the core to the edge, enabling organizations to build and scale next-generation AI applications and providing comprehensive, multilayered security to safeguard enterprises against evolving cyberthreats.

Contacts:
Johanna Schmitt		Mark Stoutenberg
Media Relations		Investor Relations
Akamai Technologies		Akamai Technologies
AkamaiPR@akamai.com		mstouten@akamai.com