Author: Ravi Shankar

STS Brings Extensive Defense and Federal Government Experience Across C5ISR, Engineering, Sustainment, and Training and Simulation

STS’s Reported Revenues and Positive EBITDA Could Accelerate Virtuix’s Pathway to Profitability

Proposed Acquisition Would Establish Virtuix Defense and Expand Military Contracting Capabilities Through Contract Vehicles, Security Infrastructure, and Customer Relationships

AUSTIN, Texas, Nov. 12, 2026 (GLOBE NEWSWIRE) — Virtuix Holdings Inc. (NASDAQ: VTIX) (“Virtuix” or the “Company”), a leading developer of full-body simulation systems, today announced that it has signed a non-binding letter of intent (“LOI”) to acquire all of the outstanding equity interests of STS International, Inc. (“STS International” or “STS”), an Arlington, Virginia-based defense technology and services company with approximately $40 million in unaudited cash-basis revenue for the 10 months ended October 31, 2026.

STS International, headquartered near the Pentagon, has a long history of operating in the defense and federal government markets, with capabilities spanning C5ISR, engineering, sustainment, and training and simulation.

Driven in part by its participation in the C5ISR Gateway to Sustainment contract vehicle, STS International achieved strong year-over-year revenue growth in 2026. STS reported to Virtuix approximately $40 million in unaudited cash-basis revenue for the 10 months ended October 31, 2026, compared with approximately $6.7 million for the full 2025 calendar year, with positive EBITDA and net income of approximately $0.6 million year-to-date. STS’s financial information is unaudited, is presented on a cash basis rather than in accordance with U.S. GAAP, and has not been reviewed by Virtuix’s independent auditors; audited financial statements of STS are a condition to closing, and audited results may differ materially.

Under the terms currently contemplated by the LOI, Virtuix would acquire all of the outstanding equity interests of STS International on a debt-free, cash-free basis for base consideration of $12 million with a combination of cash and equity. The LOI also contemplates potential earnout payments, tied to the award of identified pending contracts and to post-closing revenue targets, as well as the issuance of additional shares, subject to change. The shares would be issued in a private placement and would be subject to lock-up and resale restrictions. The parties are targeting a closing during Virtuix’s current fiscal year ending March 31, 2027, although there can be no assurance as to timing.

“This potential acquisition represents a major step forward in our defense strategy and the beginning of what we envision as a substantial new growth platform for Virtuix,” said Jan Goetgeluk, Founder and CEO of Virtuix. “Rather than building every element of a defense contracting organization from the ground up, this transaction has the potential to combine our differentiated training technologies with decades of defense experience, established government contract vehicles, and security clearances, which we believe can create significant value for Virtuix’s shareholders.”

“Our vision is to build Virtuix Defense into the next major defense training, technology, and services consortium,” Goetgeluk continued. “We believe combining Virtuix’s innovative technology with established defense contractors can create a powerful platform for growth. This proposed acquisition would provide a strong foundation from which to pursue that vision.”

Establishing Virtuix Defense

The proposed acquisition would mark the launch of Virtuix Defense, a new division intended to accelerate Virtuix’s expansion into the U.S. defense market and establish a scaled platform for defense training, AI-driven simulation, and C5ISR technology and services. STS International President David Morgan is expected to join Virtuix to lead Virtuix Defense upon closing of the acquisition, and to be appointed to Virtuix’s Board of Directors, subject to customary conditions.

“We look forward to joining forces with the Virtuix team to pursue new opportunities and accelerate growth,” said David Morgan, President of STS International. “By combining our established C5ISR capabilities and customer relationships with Virtuix’s product development and capital markets expertise, we see significant potential to continue to expand our defense business in the years ahead.”

STS International has advised Virtuix that it has access to multiple government contract vehicles and procurement channels, including a GSA Multiple Award Schedule, SeaPort-NxG, and other Department of Defense IDIQ contracts, and that it maintains compliance infrastructure and certifications required to perform sensitive government work, including CMMC Level 2 cybersecurity compliance and a Facility Clearance Level (“FCL”) with capabilities to support classified work.

Virtuix believes STS’s established contract vehicles, compliance certifications, and past performance credentials could accelerate Virtuix’s pursuit of larger government opportunities and adoption of its Virtual Terrain Walk (“VTW”), Infantry Fireteam Trainer (“IFT”), and other Omni-based training and AI-driven simulation technologies.

The proposed acquisition builds on Virtuix’s growing momentum in the defense sector, with milestones spanning multiple branches of the U.S. military. These include the previously announced sale of an Omni One system to the U.S. Army’s Combined Arms Center-Training Innovation Facility at Fort Leavenworth, assignment as lead systems integrator for the U.S. Marine Corps Infantry Fireteam Trainer, continued Marine Corps evaluation of Virtuix’s counter-drone training platform, completion of a Phase I SBIR award through the U.S. Air Force’s AFWERX program, deployment of an Omni One with the Air National Guard, and sales to the U.S. Navy’s Morale, Welfare and Recreation Program. Additional milestones include sales to the U.S. Department of Veterans Affairs and a Cooperative Research and Development Agreement with the Naval Postgraduate School.

The proposed transaction remains subject to due diligence, financial audit, Virtuix obtaining financing for the cash portion of the consideration (for which Virtuix has no committed financing), required corporate and, if applicable, stockholder approvals, required government and third-party consents, receipt by Virtuix’s Board of Directors of a fairness opinion, the absence of a material adverse change, execution of definitive agreements, and other customary closing conditions. The parties currently intend to complete due diligence, execute definitive agreements, and close the proposed transaction during this fiscal year ending March 31, 2027. Closing would be expected following completion of STS International’s required financial statement audit and satisfaction of applicable closing conditions.

The LOI is non-binding with respect to the proposed acquisition, and there can be no assurance that the parties will enter into definitive agreements or that the proposed transaction will be completed on the terms described above, within the anticipated timeframe, or at all.

Earnings Conference Call

Virtuix will host a conference call on Monday, November 16, 2026, at 8:30 a.m. Eastern Time to discuss its fiscal second quarter financial results and provide an update on recent milestones and commercial developments, including the proposed acquisition of STS International.

To access the call, please use the following information:

Date:	Monday, November 16, 2026
Time:	8:30 a.m. Eastern time (5:30 a.m. Pacific time)
Dial-in:	1-877-425-9470
International Dial-in:	1-201-389-0878
Conference Code:	13763588
Webcast:	https://viavid.webcasts.com/starthere.jsp?ei=1781164&tp_key=cbbdd7e49e

A telephone replay will be available approximately three hours after the call and will run through November 30, 2026, by dialing 1-844-512-2921 from the U.S., or 1-412-317-6671 from international locations, and entering replay pin number: 13763588. The replay can also be viewed through the webcast link above, and the presentation utilized during the call will be available on the Company’s investor relations website here.

About Virtuix

Virtuix Holdings Inc. (NASDAQ: VTIX) is a developer of AI-driven, full-body immersive simulation systems and the creator of the “Omni” omni-directional treadmill. Virtuix’s technology lets users physically move through virtual and AI-generated environments. The Company’s products are deployed across consumer entertainment, defense training and simulation, robotics, healthcare, research, and enterprise applications involving organizations including Meta, NASA, Tesla, KBR, and Sirica Therapeutics. The Company’s growing federal and defense footprint includes programs, deployments, and research initiatives involving the U.S. Army, Marine Corps, Navy, and Air Force.

Virtuix continues to expand the Omni brand from immersive entertainment into a broader, full-body simulation technology platform serving multiple commercial and government markets. For more information, visit virtuix.com or the Company’s new Investor Relations website at invest.virtuix.com.

About STS International

STS International is a U.S. Veteran Owned business with over twenty-five years of experience providing integrated, secure solutions and services to the federal government in the areas of engineering, enterprise asset and logistics management, training and simulation, and professional support services. STS International has focused its efforts in the domains of C5ISR, force protection systems, cyber mission assurance, artificial intelligence and machine learning, robotics and unmanned systems, and medical training and simulation. Its purpose is to achieve mission-success for clients in Defense, Homeland, and National Security through its ability to swiftly meet clients’ needs while sustaining an organization with global operations and a mature infrastructure to support enterprise, end-to-end solutions. STS International was recognized by the Washington Business Journal as a Contractor to Watch and by Inc. 5000 as one of the Fastest-Growing Private Companies.

For more information, visit https://www.stsint.com/.

No Offer or Solicitation

This press release is for informational purposes only and does not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. Any securities to be issued in the proposed transaction would be offered in reliance on an exemption from registration under the Securities Act of 1933, as amended, and have not been and will not be registered thereunder.

Cautionary Note Regarding Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to, statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. When the Company uses words such as “may,” “will,” “intend,” “believe,” “expect,” “should,” “anticipate,” “project,” “estimate,” “could,” “would,” “potential,” “goal,” “target,” “vision,” “envision,” “objective” or similar expressions that do not relate solely to historical matters, it is making forward-looking statements. Forward-looking statements in this press release include, without limitation, statements regarding: the proposed acquisition of STS International, including its terms, structure, consideration (including any earnout payments and additional shares issuable) and expected timing, and the parties’ ability to complete due diligence, the STS International financial statement audit and definitive agreements; the expected benefits of the proposed acquisition, including its potential to accelerate the Company’s pathway to profitability and the Company’s pursuit of larger government opportunities and adoption of its training and simulation technologies; the planned launch, leadership, scale and growth of Virtuix Defense; the expected employment or consulting arrangement of David Morgan and his appointment to the Company’s Board of Directors; the expected availability to the Company, following closing, of STS International’s contract vehicles, facility clearance, cybersecurity certifications and past performance credentials; potential impacts on future revenues or shareholder value; the Company’s sales and expansion plans and plans to pursue strategic acquisitions; and the Company’s position in the defense training market. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause the actual results to differ materially from the Company’s expectations discussed in the forward-looking statements. These statements are subject to uncertainties and risks including, but not limited to: the risk that the parties do not enter into definitive agreements or that the proposed acquisition is not completed on the anticipated terms or timeline, or at all, including as a result of the non-binding nature of the LOI, the outcome of due diligence or the failure to satisfy closing conditions; the risk that the terms of the proposed acquisition, including the purchase price, change as a result of due diligence or negotiations; the outcome of STS International’s financial statement audit, which may differ materially from the unaudited, cash-basis financial information presented herein; the Company’s ability to obtain financing for the cash consideration on acceptable terms or at all; dilution to existing stockholders from shares issued as consideration, as earnout payments or otherwise; the effect of the announcement or pendency of the proposed acquisition on the Company’s stock price and on the business relationships of the Company and STS International; the failure to obtain required government or third-party consents, including any novation of, or loss of eligibility for, STS International’s contracts, contract vehicles, facility clearance or certifications as a result of the change in ownership; STS International’s dependence on a limited number of contracts and contract vehicles, including the C5ISR Gateway to Sustainment contract vehicle; the Company’s ability to successfully integrate STS International or any other acquired business and to retain key personnel; the Company’s ability to generate demand for its products from government customers; the Company’s ability to identify, negotiate, and complete acquisitions on favorable terms or at all; the Company’s ability to successfully integrate any acquired business; risks related to government contracting, including contract cancellations, modifications, recompetes, protests, funding changes, budget constraints and government shutdowns; the uncertainties related to market conditions; and other factors discussed in the “Risk Factors” section of the Company’s most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q filed with the SEC. For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Additional factors are discussed in the Company’s filings with the SEC, which are available for review at www.sec.gov. Forward-looking statements speak only as of the date of this press release, and the Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof, except as required by law.

Information in this press release regarding STS International, including its historical financial information, has been provided by STS International, is unaudited and presented on a cash basis rather than in accordance with U.S. generally accepted accounting principles, and has not been independently verified by the Company or reviewed by the Company’s independent registered public accounting firm. EBITDA is a non-GAAP financial measure. STS International’s audited financial statements may differ materially from the information presented herein.

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Company Contact
Lauren Premo
Virtuix Inc.
press@virtuix.com

Investor Relations Contact
Chris Tyson
MZ Group
Direct: 949-491-8235
VTIX@mzgroup.us

STS Brings Extensive Defense and Federal Government Experience Across C5ISR, Engineering, Sustainment, and Training and Simulation

STS’s Reported Revenues and Positive EBITDA Could Accelerate Virtuix’s Pathway to Profitability

Proposed Acquisition Would Establish Virtuix Defense and Expand Military Contracting Capabilities Through Contract Vehicles, Security Infrastructure, and Customer Relationships

AUSTIN, Texas, Nov. 12, 2026 (GLOBE NEWSWIRE) — Virtuix Holdings Inc. (NASDAQ: VTIX) (“Virtuix” or the “Company”), a leading developer of full-body simulation systems, today announced that it has signed a non-binding letter of intent (“LOI”) to acquire all of the outstanding equity interests of STS International, Inc. (“STS International” or “STS”), an Arlington, Virginia-based defense technology and services company with approximately $40 million in unaudited cash-basis revenue for the 10 months ended October 31, 2026.

STS International, headquartered near the Pentagon, has a long history of operating in the defense and federal government markets, with capabilities spanning C5ISR, engineering, sustainment, and training and simulation.

Driven in part by its participation in the C5ISR Gateway to Sustainment contract vehicle, STS International achieved strong year-over-year revenue growth in 2026. STS reported to Virtuix approximately $40 million in unaudited cash-basis revenue for the 10 months ended October 31, 2026, compared with approximately $6.7 million for the full 2025 calendar year, with positive EBITDA and net income of approximately $0.6 million year-to-date. STS’s financial information is unaudited, is presented on a cash basis rather than in accordance with U.S. GAAP, and has not been reviewed by Virtuix’s independent auditors; audited financial statements of STS are a condition to closing, and audited results may differ materially.

Under the terms currently contemplated by the LOI, Virtuix would acquire all of the outstanding equity interests of STS International on a debt-free, cash-free basis for base consideration of $12 million with a combination of cash and equity. The LOI also contemplates potential earnout payments, tied to the award of identified pending contracts and to post-closing revenue targets, as well as the issuance of additional shares, subject to change. The shares would be issued in a private placement and would be subject to lock-up and resale restrictions. The parties are targeting a closing during Virtuix’s current fiscal year ending March 31, 2027, although there can be no assurance as to timing.

“This potential acquisition represents a major step forward in our defense strategy and the beginning of what we envision as a substantial new growth platform for Virtuix,” said Jan Goetgeluk, Founder and CEO of Virtuix. “Rather than building every element of a defense contracting organization from the ground up, this transaction has the potential to combine our differentiated training technologies with decades of defense experience, established government contract vehicles, and security clearances, which we believe can create significant value for Virtuix’s shareholders.”

“Our vision is to build Virtuix Defense into the next major defense training, technology, and services consortium,” Goetgeluk continued. “We believe combining Virtuix’s innovative technology with established defense contractors can create a powerful platform for growth. This proposed acquisition would provide a strong foundation from which to pursue that vision.”

Establishing Virtuix Defense

The proposed acquisition would mark the launch of Virtuix Defense, a new division intended to accelerate Virtuix’s expansion into the U.S. defense market and establish a scaled platform for defense training, AI-driven simulation, and C5ISR technology and services. STS International President David Morgan is expected to join Virtuix to lead Virtuix Defense upon closing of the acquisition, and to be appointed to Virtuix’s Board of Directors, subject to customary conditions.

“We look forward to joining forces with the Virtuix team to pursue new opportunities and accelerate growth,” said David Morgan, President of STS International. “By combining our established C5ISR capabilities and customer relationships with Virtuix’s product development and capital markets expertise, we see significant potential to continue to expand our defense business in the years ahead.”

STS International has advised Virtuix that it has access to multiple government contract vehicles and procurement channels, including a GSA Multiple Award Schedule, SeaPort-NxG, and other Department of Defense IDIQ contracts, and that it maintains compliance infrastructure and certifications required to perform sensitive government work, including CMMC Level 2 cybersecurity compliance and a Facility Clearance Level (“FCL”) with capabilities to support classified work.

Virtuix believes STS’s established contract vehicles, compliance certifications, and past performance credentials could accelerate Virtuix’s pursuit of larger government opportunities and adoption of its Virtual Terrain Walk (“VTW”), Infantry Fireteam Trainer (“IFT”), and other Omni-based training and AI-driven simulation technologies.

The proposed acquisition builds on Virtuix’s growing momentum in the defense sector, with milestones spanning multiple branches of the U.S. military. These include the previously announced sale of an Omni One system to the U.S. Army’s Combined Arms Center-Training Innovation Facility at Fort Leavenworth, assignment as lead systems integrator for the U.S. Marine Corps Infantry Fireteam Trainer, continued Marine Corps evaluation of Virtuix’s counter-drone training platform, completion of a Phase I SBIR award through the U.S. Air Force’s AFWERX program, deployment of an Omni One with the Air National Guard, and sales to the U.S. Navy’s Morale, Welfare and Recreation Program. Additional milestones include sales to the U.S. Department of Veterans Affairs and a Cooperative Research and Development Agreement with the Naval Postgraduate School.

The proposed transaction remains subject to due diligence, financial audit, Virtuix obtaining financing for the cash portion of the consideration (for which Virtuix has no committed financing), required corporate and, if applicable, stockholder approvals, required government and third-party consents, receipt by Virtuix’s Board of Directors of a fairness opinion, the absence of a material adverse change, execution of definitive agreements, and other customary closing conditions. The parties currently intend to complete due diligence, execute definitive agreements, and close the proposed transaction during this fiscal year ending March 31, 2027. Closing would be expected following completion of STS International’s required financial statement audit and satisfaction of applicable closing conditions.

The LOI is non-binding with respect to the proposed acquisition, and there can be no assurance that the parties will enter into definitive agreements or that the proposed transaction will be completed on the terms described above, within the anticipated timeframe, or at all.

Earnings Conference Call

Virtuix will host a conference call on Monday, November 16, 2026, at 8:30 a.m. Eastern Time to discuss its fiscal second quarter financial results and provide an update on recent milestones and commercial developments, including the proposed acquisition of STS International.

To access the call, please use the following information:

Date:	Monday, November 16, 2026
Time:	8:30 a.m. Eastern time (5:30 a.m. Pacific time)
Dial-in:	1-877-425-9470
International Dial-in:	1-201-389-0878
Conference Code:	13763588
Webcast:	https://viavid.webcasts.com/starthere.jsp?ei=1781164&tp_key=cbbdd7e49e

A telephone replay will be available approximately three hours after the call and will run through November 30, 2026, by dialing 1-844-512-2921 from the U.S., or 1-412-317-6671 from international locations, and entering replay pin number: 13763588. The replay can also be viewed through the webcast link above, and the presentation utilized during the call will be available on the Company’s investor relations website here.

About Virtuix

Virtuix Holdings Inc. (NASDAQ: VTIX) is a developer of AI-driven, full-body immersive simulation systems and the creator of the “Omni” omni-directional treadmill. Virtuix’s technology lets users physically move through virtual and AI-generated environments. The Company’s products are deployed across consumer entertainment, defense training and simulation, robotics, healthcare, research, and enterprise applications involving organizations including Meta, NASA, Tesla, KBR, and Sirica Therapeutics. The Company’s growing federal and defense footprint includes programs, deployments, and research initiatives involving the U.S. Army, Marine Corps, Navy, and Air Force.

Virtuix continues to expand the Omni brand from immersive entertainment into a broader, full-body simulation technology platform serving multiple commercial and government markets. For more information, visit virtuix.com or the Company’s new Investor Relations website at invest.virtuix.com.

About STS International

STS International is a U.S. Veteran Owned business with over twenty-five years of experience providing integrated, secure solutions and services to the federal government in the areas of engineering, enterprise asset and logistics management, training and simulation, and professional support services. STS International has focused its efforts in the domains of C5ISR, force protection systems, cyber mission assurance, artificial intelligence and machine learning, robotics and unmanned systems, and medical training and simulation. Its purpose is to achieve mission-success for clients in Defense, Homeland, and National Security through its ability to swiftly meet clients’ needs while sustaining an organization with global operations and a mature infrastructure to support enterprise, end-to-end solutions. STS International was recognized by the Washington Business Journal as a Contractor to Watch and by Inc. 5000 as one of the Fastest-Growing Private Companies.

For more information, visit https://www.stsint.com/.

No Offer or Solicitation

This press release is for informational purposes only and does not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. Any securities to be issued in the proposed transaction would be offered in reliance on an exemption from registration under the Securities Act of 1933, as amended, and have not been and will not be registered thereunder.

Cautionary Note Regarding Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to, statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. When the Company uses words such as “may,” “will,” “intend,” “believe,” “expect,” “should,” “anticipate,” “project,” “estimate,” “could,” “would,” “potential,” “goal,” “target,” “vision,” “envision,” “objective” or similar expressions that do not relate solely to historical matters, it is making forward-looking statements. Forward-looking statements in this press release include, without limitation, statements regarding: the proposed acquisition of STS International, including its terms, structure, consideration (including any earnout payments and additional shares issuable) and expected timing, and the parties’ ability to complete due diligence, the STS International financial statement audit and definitive agreements; the expected benefits of the proposed acquisition, including its potential to accelerate the Company’s pathway to profitability and the Company’s pursuit of larger government opportunities and adoption of its training and simulation technologies; the planned launch, leadership, scale and growth of Virtuix Defense; the expected employment or consulting arrangement of David Morgan and his appointment to the Company’s Board of Directors; the expected availability to the Company, following closing, of STS International’s contract vehicles, facility clearance, cybersecurity certifications and past performance credentials; potential impacts on future revenues or shareholder value; the Company’s sales and expansion plans and plans to pursue strategic acquisitions; and the Company’s position in the defense training market. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause the actual results to differ materially from the Company’s expectations discussed in the forward-looking statements. These statements are subject to uncertainties and risks including, but not limited to: the risk that the parties do not enter into definitive agreements or that the proposed acquisition is not completed on the anticipated terms or timeline, or at all, including as a result of the non-binding nature of the LOI, the outcome of due diligence or the failure to satisfy closing conditions; the risk that the terms of the proposed acquisition, including the purchase price, change as a result of due diligence or negotiations; the outcome of STS International’s financial statement audit, which may differ materially from the unaudited, cash-basis financial information presented herein; the Company’s ability to obtain financing for the cash consideration on acceptable terms or at all; dilution to existing stockholders from shares issued as consideration, as earnout payments or otherwise; the effect of the announcement or pendency of the proposed acquisition on the Company’s stock price and on the business relationships of the Company and STS International; the failure to obtain required government or third-party consents, including any novation of, or loss of eligibility for, STS International’s contracts, contract vehicles, facility clearance or certifications as a result of the change in ownership; STS International’s dependence on a limited number of contracts and contract vehicles, including the C5ISR Gateway to Sustainment contract vehicle; the Company’s ability to successfully integrate STS International or any other acquired business and to retain key personnel; the Company’s ability to generate demand for its products from government customers; the Company’s ability to identify, negotiate, and complete acquisitions on favorable terms or at all; the Company’s ability to successfully integrate any acquired business; risks related to government contracting, including contract cancellations, modifications, recompetes, protests, funding changes, budget constraints and government shutdowns; the uncertainties related to market conditions; and other factors discussed in the “Risk Factors” section of the Company’s most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q filed with the SEC. For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Additional factors are discussed in the Company’s filings with the SEC, which are available for review at www.sec.gov. Forward-looking statements speak only as of the date of this press release, and the Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof, except as required by law.

Information in this press release regarding STS International, including its historical financial information, has been provided by STS International, is unaudited and presented on a cash basis rather than in accordance with U.S. generally accepted accounting principles, and has not been independently verified by the Company or reviewed by the Company’s independent registered public accounting firm. EBITDA is a non-GAAP financial measure. STS International’s audited financial statements may differ materially from the information presented herein.

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Company Contact
Lauren Premo
Virtuix Inc.
press@virtuix.com

Investor Relations Contact
Chris Tyson
MZ Group
Direct: 949-491-8235
VTIX@mzgroup.us

STS Brings Extensive Defense and Federal Government Experience Across C5ISR, Engineering, Sustainment, and Training and Simulation

STS’s Reported Revenues and Positive EBITDA Could Accelerate Virtuix’s Pathway to Profitability

Proposed Acquisition Would Establish Virtuix Defense and Expand Military Contracting Capabilities Through Contract Vehicles, Security Infrastructure, and Customer Relationships

AUSTIN, Texas, Nov. 12, 2026 (GLOBE NEWSWIRE) — Virtuix Holdings Inc. (NASDAQ: VTIX) (“Virtuix” or the “Company”), a leading developer of full-body simulation systems, today announced that it has signed a non-binding letter of intent (“LOI”) to acquire all of the outstanding equity interests of STS International, Inc. (“STS International” or “STS”), an Arlington, Virginia-based defense technology and services company with approximately $40 million in unaudited cash-basis revenue for the 10 months ended October 31, 2026.

STS International, headquartered near the Pentagon, has a long history of operating in the defense and federal government markets, with capabilities spanning C5ISR, engineering, sustainment, and training and simulation.

Driven in part by its participation in the C5ISR Gateway to Sustainment contract vehicle, STS International achieved strong year-over-year revenue growth in 2026. STS reported to Virtuix approximately $40 million in unaudited cash-basis revenue for the 10 months ended October 31, 2026, compared with approximately $6.7 million for the full 2025 calendar year, with positive EBITDA and net income of approximately $0.6 million year-to-date. STS’s financial information is unaudited, is presented on a cash basis rather than in accordance with U.S. GAAP, and has not been reviewed by Virtuix’s independent auditors; audited financial statements of STS are a condition to closing, and audited results may differ materially.

Under the terms currently contemplated by the LOI, Virtuix would acquire all of the outstanding equity interests of STS International on a debt-free, cash-free basis for base consideration of $12 million with a combination of cash and equity. The LOI also contemplates potential earnout payments, tied to the award of identified pending contracts and to post-closing revenue targets, as well as the issuance of additional shares, subject to change. The shares would be issued in a private placement and would be subject to lock-up and resale restrictions. The parties are targeting a closing during Virtuix’s current fiscal year ending March 31, 2027, although there can be no assurance as to timing.

“This potential acquisition represents a major step forward in our defense strategy and the beginning of what we envision as a substantial new growth platform for Virtuix,” said Jan Goetgeluk, Founder and CEO of Virtuix. “Rather than building every element of a defense contracting organization from the ground up, this transaction has the potential to combine our differentiated training technologies with decades of defense experience, established government contract vehicles, and security clearances, which we believe can create significant value for Virtuix’s shareholders.”

“Our vision is to build Virtuix Defense into the next major defense training, technology, and services consortium,” Goetgeluk continued. “We believe combining Virtuix’s innovative technology with established defense contractors can create a powerful platform for growth. This proposed acquisition would provide a strong foundation from which to pursue that vision.”

Establishing Virtuix Defense

The proposed acquisition would mark the launch of Virtuix Defense, a new division intended to accelerate Virtuix’s expansion into the U.S. defense market and establish a scaled platform for defense training, AI-driven simulation, and C5ISR technology and services. STS International President David Morgan is expected to join Virtuix to lead Virtuix Defense upon closing of the acquisition, and to be appointed to Virtuix’s Board of Directors, subject to customary conditions.

“We look forward to joining forces with the Virtuix team to pursue new opportunities and accelerate growth,” said David Morgan, President of STS International. “By combining our established C5ISR capabilities and customer relationships with Virtuix’s product development and capital markets expertise, we see significant potential to continue to expand our defense business in the years ahead.”

STS International has advised Virtuix that it has access to multiple government contract vehicles and procurement channels, including a GSA Multiple Award Schedule, SeaPort-NxG, and other Department of Defense IDIQ contracts, and that it maintains compliance infrastructure and certifications required to perform sensitive government work, including CMMC Level 2 cybersecurity compliance and a Facility Clearance Level (“FCL”) with capabilities to support classified work.

Virtuix believes STS’s established contract vehicles, compliance certifications, and past performance credentials could accelerate Virtuix’s pursuit of larger government opportunities and adoption of its Virtual Terrain Walk (“VTW”), Infantry Fireteam Trainer (“IFT”), and other Omni-based training and AI-driven simulation technologies.

The proposed acquisition builds on Virtuix’s growing momentum in the defense sector, with milestones spanning multiple branches of the U.S. military. These include the previously announced sale of an Omni One system to the U.S. Army’s Combined Arms Center-Training Innovation Facility at Fort Leavenworth, assignment as lead systems integrator for the U.S. Marine Corps Infantry Fireteam Trainer, continued Marine Corps evaluation of Virtuix’s counter-drone training platform, completion of a Phase I SBIR award through the U.S. Air Force’s AFWERX program, deployment of an Omni One with the Air National Guard, and sales to the U.S. Navy’s Morale, Welfare and Recreation Program. Additional milestones include sales to the U.S. Department of Veterans Affairs and a Cooperative Research and Development Agreement with the Naval Postgraduate School.

The proposed transaction remains subject to due diligence, financial audit, Virtuix obtaining financing for the cash portion of the consideration (for which Virtuix has no committed financing), required corporate and, if applicable, stockholder approvals, required government and third-party consents, receipt by Virtuix’s Board of Directors of a fairness opinion, the absence of a material adverse change, execution of definitive agreements, and other customary closing conditions. The parties currently intend to complete due diligence, execute definitive agreements, and close the proposed transaction during this fiscal year ending March 31, 2027. Closing would be expected following completion of STS International’s required financial statement audit and satisfaction of applicable closing conditions.

The LOI is non-binding with respect to the proposed acquisition, and there can be no assurance that the parties will enter into definitive agreements or that the proposed transaction will be completed on the terms described above, within the anticipated timeframe, or at all.

Earnings Conference Call

Virtuix will host a conference call on Monday, November 16, 2026, at 8:30 a.m. Eastern Time to discuss its fiscal second quarter financial results and provide an update on recent milestones and commercial developments, including the proposed acquisition of STS International.

To access the call, please use the following information:

Date:	Monday, November 16, 2026
Time:	8:30 a.m. Eastern time (5:30 a.m. Pacific time)
Dial-in:	1-877-425-9470
International Dial-in:	1-201-389-0878
Conference Code:	13763588
Webcast:	https://viavid.webcasts.com/starthere.jsp?ei=1781164&tp_key=cbbdd7e49e

A telephone replay will be available approximately three hours after the call and will run through November 30, 2026, by dialing 1-844-512-2921 from the U.S., or 1-412-317-6671 from international locations, and entering replay pin number: 13763588. The replay can also be viewed through the webcast link above, and the presentation utilized during the call will be available on the Company’s investor relations website here.

About Virtuix

Virtuix Holdings Inc. (NASDAQ: VTIX) is a developer of AI-driven, full-body immersive simulation systems and the creator of the “Omni” omni-directional treadmill. Virtuix’s technology lets users physically move through virtual and AI-generated environments. The Company’s products are deployed across consumer entertainment, defense training and simulation, robotics, healthcare, research, and enterprise applications involving organizations including Meta, NASA, Tesla, KBR, and Sirica Therapeutics. The Company’s growing federal and defense footprint includes programs, deployments, and research initiatives involving the U.S. Army, Marine Corps, Navy, and Air Force.

Virtuix continues to expand the Omni brand from immersive entertainment into a broader, full-body simulation technology platform serving multiple commercial and government markets. For more information, visit virtuix.com or the Company’s new Investor Relations website at invest.virtuix.com.

About STS International

STS International is a U.S. Veteran Owned business with over twenty-five years of experience providing integrated, secure solutions and services to the federal government in the areas of engineering, enterprise asset and logistics management, training and simulation, and professional support services. STS International has focused its efforts in the domains of C5ISR, force protection systems, cyber mission assurance, artificial intelligence and machine learning, robotics and unmanned systems, and medical training and simulation. Its purpose is to achieve mission-success for clients in Defense, Homeland, and National Security through its ability to swiftly meet clients’ needs while sustaining an organization with global operations and a mature infrastructure to support enterprise, end-to-end solutions. STS International was recognized by the Washington Business Journal as a Contractor to Watch and by Inc. 5000 as one of the Fastest-Growing Private Companies.

For more information, visit https://www.stsint.com/.

No Offer or Solicitation

This press release is for informational purposes only and does not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. Any securities to be issued in the proposed transaction would be offered in reliance on an exemption from registration under the Securities Act of 1933, as amended, and have not been and will not be registered thereunder.

Cautionary Note Regarding Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to, statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. When the Company uses words such as “may,” “will,” “intend,” “believe,” “expect,” “should,” “anticipate,” “project,” “estimate,” “could,” “would,” “potential,” “goal,” “target,” “vision,” “envision,” “objective” or similar expressions that do not relate solely to historical matters, it is making forward-looking statements. Forward-looking statements in this press release include, without limitation, statements regarding: the proposed acquisition of STS International, including its terms, structure, consideration (including any earnout payments and additional shares issuable) and expected timing, and the parties’ ability to complete due diligence, the STS International financial statement audit and definitive agreements; the expected benefits of the proposed acquisition, including its potential to accelerate the Company’s pathway to profitability and the Company’s pursuit of larger government opportunities and adoption of its training and simulation technologies; the planned launch, leadership, scale and growth of Virtuix Defense; the expected employment or consulting arrangement of David Morgan and his appointment to the Company’s Board of Directors; the expected availability to the Company, following closing, of STS International’s contract vehicles, facility clearance, cybersecurity certifications and past performance credentials; potential impacts on future revenues or shareholder value; the Company’s sales and expansion plans and plans to pursue strategic acquisitions; and the Company’s position in the defense training market. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause the actual results to differ materially from the Company’s expectations discussed in the forward-looking statements. These statements are subject to uncertainties and risks including, but not limited to: the risk that the parties do not enter into definitive agreements or that the proposed acquisition is not completed on the anticipated terms or timeline, or at all, including as a result of the non-binding nature of the LOI, the outcome of due diligence or the failure to satisfy closing conditions; the risk that the terms of the proposed acquisition, including the purchase price, change as a result of due diligence or negotiations; the outcome of STS International’s financial statement audit, which may differ materially from the unaudited, cash-basis financial information presented herein; the Company’s ability to obtain financing for the cash consideration on acceptable terms or at all; dilution to existing stockholders from shares issued as consideration, as earnout payments or otherwise; the effect of the announcement or pendency of the proposed acquisition on the Company’s stock price and on the business relationships of the Company and STS International; the failure to obtain required government or third-party consents, including any novation of, or loss of eligibility for, STS International’s contracts, contract vehicles, facility clearance or certifications as a result of the change in ownership; STS International’s dependence on a limited number of contracts and contract vehicles, including the C5ISR Gateway to Sustainment contract vehicle; the Company’s ability to successfully integrate STS International or any other acquired business and to retain key personnel; the Company’s ability to generate demand for its products from government customers; the Company’s ability to identify, negotiate, and complete acquisitions on favorable terms or at all; the Company’s ability to successfully integrate any acquired business; risks related to government contracting, including contract cancellations, modifications, recompetes, protests, funding changes, budget constraints and government shutdowns; the uncertainties related to market conditions; and other factors discussed in the “Risk Factors” section of the Company’s most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q filed with the SEC. For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Additional factors are discussed in the Company’s filings with the SEC, which are available for review at www.sec.gov. Forward-looking statements speak only as of the date of this press release, and the Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof, except as required by law.

Information in this press release regarding STS International, including its historical financial information, has been provided by STS International, is unaudited and presented on a cash basis rather than in accordance with U.S. generally accepted accounting principles, and has not been independently verified by the Company or reviewed by the Company’s independent registered public accounting firm. EBITDA is a non-GAAP financial measure. STS International’s audited financial statements may differ materially from the information presented herein.

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Company Contact
Lauren Premo
Virtuix Inc.
press@virtuix.com

Investor Relations Contact
Chris Tyson
MZ Group
Direct: 949-491-8235
VTIX@mzgroup.us

COLUMBUS, Ohio, Nov. 12, 2026 (GLOBE NEWSWIRE) — Core Molding Technologies, Inc. (NYSE American: CMT) (“Core Molding,” “Core” or the “Company”), a leading engineered materials company specializing in molded structural products, principally in medium and heavy-duty truck, powersports, building products, and industrial and utilities industries across the United States, Canada and Mexico, today announced that management will participate in the 18^th Annual Southwest Coast IDEAS Investor Conference at The Westin Irving Convention Center near Dallas, Texas.

The Company will host one-on-one investor meetings throughout the day, with their presentation scheduled for 11:15-11:50 PM CT on November 19^th. Eric Palomaki, the Chief Executive Officer, and Alex Panda, the Chief Financial Officer, will attend the conference on behalf of Core Molding Technologies, Inc. The presentation will be webcast live and can be accessed through the investor relations section of Core Molding Technologies at https://coremt.com/investor-relations/events-presentations. A replay will be available shortly after the presentation has concluded. To schedule a one-on-one meeting, please contact the Three Part Advisors conference team at (817) 769-2373 or lwesley@IDEASconferences.com

About Core Molding Technologies, Inc.

Core Molding Technologies is a leading engineered materials company specializing in molded structural products, principally in building products, utilities, transportation and powersports industries across North America. The Company operates in one operating segment as a molder of thermoplastic and thermoset structural products. The Company’s operating segment consists of one reporting unit, Core Molding Technologies. The Company offers customers a wide range of manufacturing processes to fit various program volume and investment requirements. These processes include compression molding of sheet molding compound (“SMC”), resin transfer molding (“RTM”), liquid molding of dicyclopentadiene (“DCPD”), spray-up and hand-lay-up, direct long-fiber thermoplastics (“DLFT”) and structural foam and structural web injection molding (“SIM”). Core Molding Technologies serves a wide variety of markets, including the medium and heavy-duty truck, marine, automotive, agriculture, construction, and other commercial products. The demand for Core Molding Technologies’ products is affected by economic conditions in the United States, Mexico, and Canada. Core Molding Technologies’ operations may change proportionately more than revenues from operations.

Company Contact:
Core Molding Technologies, Inc.
Alex Panda
Executive Vice President & Chief Financial Officer
apanda@coremt.com

Investor Relations Contact:
Three Part Advisors, LLC
Sandy Martin or Steven Hooser
214-616-2207

COLUMBUS, Ohio, Nov. 12, 2026 (GLOBE NEWSWIRE) — Core Molding Technologies, Inc. (NYSE American: CMT) (“Core Molding,” “Core” or the “Company”), a leading engineered materials company specializing in molded structural products, principally in medium and heavy-duty truck, powersports, building products, and industrial and utilities industries across the United States, Canada and Mexico, today announced that management will participate in the 18^th Annual Southwest Coast IDEAS Investor Conference at The Westin Irving Convention Center near Dallas, Texas.

The Company will host one-on-one investor meetings throughout the day, with their presentation scheduled for 11:15-11:50 PM CT on November 19^th. Eric Palomaki, the Chief Executive Officer, and Alex Panda, the Chief Financial Officer, will attend the conference on behalf of Core Molding Technologies, Inc. The presentation will be webcast live and can be accessed through the investor relations section of Core Molding Technologies at https://coremt.com/investor-relations/events-presentations. A replay will be available shortly after the presentation has concluded. To schedule a one-on-one meeting, please contact the Three Part Advisors conference team at (817) 769-2373 or lwesley@IDEASconferences.com

About Core Molding Technologies, Inc.

Core Molding Technologies is a leading engineered materials company specializing in molded structural products, principally in building products, utilities, transportation and powersports industries across North America. The Company operates in one operating segment as a molder of thermoplastic and thermoset structural products. The Company’s operating segment consists of one reporting unit, Core Molding Technologies. The Company offers customers a wide range of manufacturing processes to fit various program volume and investment requirements. These processes include compression molding of sheet molding compound (“SMC”), resin transfer molding (“RTM”), liquid molding of dicyclopentadiene (“DCPD”), spray-up and hand-lay-up, direct long-fiber thermoplastics (“DLFT”) and structural foam and structural web injection molding (“SIM”). Core Molding Technologies serves a wide variety of markets, including the medium and heavy-duty truck, marine, automotive, agriculture, construction, and other commercial products. The demand for Core Molding Technologies’ products is affected by economic conditions in the United States, Mexico, and Canada. Core Molding Technologies’ operations may change proportionately more than revenues from operations.

Company Contact:
Core Molding Technologies, Inc.
Alex Panda
Executive Vice President & Chief Financial Officer
apanda@coremt.com

Investor Relations Contact:
Three Part Advisors, LLC
Sandy Martin or Steven Hooser
214-616-2207

COLUMBUS, Ohio, Nov. 12, 2026 (GLOBE NEWSWIRE) — Core Molding Technologies, Inc. (NYSE American: CMT) (“Core Molding,” “Core” or the “Company”), a leading engineered materials company specializing in molded structural products, principally in medium and heavy-duty truck, powersports, building products, and industrial and utilities industries across the United States, Canada and Mexico, today announced that management will participate in the 18^th Annual Southwest Coast IDEAS Investor Conference at The Westin Irving Convention Center near Dallas, Texas.

The Company will host one-on-one investor meetings throughout the day, with their presentation scheduled for 11:15-11:50 PM CT on November 19^th. Eric Palomaki, the Chief Executive Officer, and Alex Panda, the Chief Financial Officer, will attend the conference on behalf of Core Molding Technologies, Inc. The presentation will be webcast live and can be accessed through the investor relations section of Core Molding Technologies at https://coremt.com/investor-relations/events-presentations. A replay will be available shortly after the presentation has concluded. To schedule a one-on-one meeting, please contact the Three Part Advisors conference team at (817) 769-2373 or lwesley@IDEASconferences.com

About Core Molding Technologies, Inc.

Core Molding Technologies is a leading engineered materials company specializing in molded structural products, principally in building products, utilities, transportation and powersports industries across North America. The Company operates in one operating segment as a molder of thermoplastic and thermoset structural products. The Company’s operating segment consists of one reporting unit, Core Molding Technologies. The Company offers customers a wide range of manufacturing processes to fit various program volume and investment requirements. These processes include compression molding of sheet molding compound (“SMC”), resin transfer molding (“RTM”), liquid molding of dicyclopentadiene (“DCPD”), spray-up and hand-lay-up, direct long-fiber thermoplastics (“DLFT”) and structural foam and structural web injection molding (“SIM”). Core Molding Technologies serves a wide variety of markets, including the medium and heavy-duty truck, marine, automotive, agriculture, construction, and other commercial products. The demand for Core Molding Technologies’ products is affected by economic conditions in the United States, Mexico, and Canada. Core Molding Technologies’ operations may change proportionately more than revenues from operations.

Company Contact:
Core Molding Technologies, Inc.
Alex Panda
Executive Vice President & Chief Financial Officer
apanda@coremt.com

Investor Relations Contact:
Three Part Advisors, LLC
Sandy Martin or Steven Hooser
214-616-2207

AI agent Gigi now resolves 88% of fraud and dispute chats without a representative

SANTA CLARA, Calif., Nov. 12, 2026 (GLOBE NEWSWIRE) — SoundHound AI, Inc. (NASDAQ: SOUN), a global leader in voice and agentic AI, today announced that American Heritage Credit Union has handled 598,000 member conversations in 11 months with Gigi, its voice and chat AI agent built with SoundHound AI. From checking balances to resolving fraud and dispute questions, Gigi handles more than 30 types of member requests, 24/7.

Founded in 1948 as the Budd Workers Federal Credit Union, American Heritage has grown to more than $5 billion in assets, 325,000 members, and 35 locations in greater Philadelphia. It was among the first credit unions in the U.S. to put a conversational AI agent in front of its members, so its representatives can spend their time on the conversations that matter most, and members get around-the-clock assistance.

“AI agents are becoming the front door to the institutions people rely on, and there are few places trust matters more than with someone’s money. Members don’t care whether they’re talking to an agent or a person. They care that the problem gets solved, safely, and quickly, the first time,” said Brad Grafton, SVP at SoundHound AI. “American Heritage has built that into Gigi, and its members trust her with everything from card activations to fraud disputes.”

Meet Gigi

Gigi answers American Heritage’s phone and chat lines 24/7 and is the first point of contact for most members. She verifies members, reads balances and recent transactions, moves money between accounts, resets Online Teller passwords, activates and replaces debit cards, and quotes loan payoff amounts. She also finds branches with their hours and services, and walks members through opening an estate account.

Results in Under a Year

From July 2025 through May 2026, Gigi resolved 88% of fraud and dispute chats, 78% of account maintenance chats, and 70% of rate and certificate inquiries without a human representative becoming involved. On the phone, she averaged 1,897 conversations a day.

Dispute inquiries, loan applications, and contact requests reach 100% completion. Gigi also helps reduce unnecessary distractions for human representatives, screening out silent and dropped calls – about 5% of inbound voice traffic – so they don’t waste employee time. Every quarter since tracking began, Gigi has handled a larger share of member requests without a representative.

People for the Conversations That Matter

When a member needs a person, Gigi moves the full conversation to a representative with one click. The representative sees every question, every answer, and the member’s verification status at the top. The member doesn’t repeat their account number, and the representative doesn’t need to verify them again. With routine requests handled, representatives spend their time on more complex member needs.

“An integral part of our credit union philosophy is people helping people, member outreach, and member experience. Really making them feel part of it. You feel like you’re talking to an actual person when you’re talking to the bot,” said Rebecca Londo, Digital Analyst at American Heritage Credit Union.

What’s Next for Gigi

American Heritage is adding agentic workflows so Gigi can handle more complex requests on her own. It is also building proactive alerts. After a member is verified, Gigi checks the account for issues to raise, starting with mail flagged as undeliverable, and can confirm or update the address on the spot. Unactivated debit cards, delinquent loans, and negative balances are next.

To see how financial institutions put AI agents to work with SoundHound, visit, www.soundhound.com/industries/financial-services.

About SoundHound AI

SoundHound AI (Nasdaq: SOUN) is a voice and agentic AI company that enables businesses to deliver natural, end-to-end conversational experiences across digital and physical channels, including phones, kiosks, chat, smart devices, drive-thrus, TVs, in-vehicle, and more. Its agentic platform, OASYS, is a self-learning, orchestrated AI system where organizations can build and deploy conversational AI agents to handle transactions, tasks, and workflows on behalf of customers and employees. Built on proprietary technology backed by 800+ patents and years of AI research, SoundHound serves leading brands across industries including automotive, financial services, healthcare, retail, telecommunications, and more. It powers millions of products and processes billions of interactions annually for enterprise customers worldwide. Learn more at: www.soundhound.com

About American Heritage Credit Union

American Heritage Credit Union is a member-owned financial cooperative with more than $5.3 billion in assets serving more than 800 Workplace Partners and more than 325,000 members, with more than 35 locations across Philadelphia, Bucks, Montgomery, Delaware, Burlington, and Camden Counties. Founded in 1948, American Heritage Credit Union is now one of the top 75 largest credit unions in the United States and was named a Best-in-State Credit Union by Forbes. For more information about American Heritage Credit Union please visit AmericanHeritageCU.org.

Media Contact

Fiona McEvoy
PR@soundhound.com
415-610-6590

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/22a671bf-716f-4037-9878-49d31bccd4a8

AI agent Gigi now resolves 88% of fraud and dispute chats without a representative

SANTA CLARA, Calif., Nov. 12, 2026 (GLOBE NEWSWIRE) — SoundHound AI, Inc. (NASDAQ: SOUN), a global leader in voice and agentic AI, today announced that American Heritage Credit Union has handled 598,000 member conversations in 11 months with Gigi, its voice and chat AI agent built with SoundHound AI. From checking balances to resolving fraud and dispute questions, Gigi handles more than 30 types of member requests, 24/7.

Founded in 1948 as the Budd Workers Federal Credit Union, American Heritage has grown to more than $5 billion in assets, 325,000 members, and 35 locations in greater Philadelphia. It was among the first credit unions in the U.S. to put a conversational AI agent in front of its members, so its representatives can spend their time on the conversations that matter most, and members get around-the-clock assistance.

“AI agents are becoming the front door to the institutions people rely on, and there are few places trust matters more than with someone’s money. Members don’t care whether they’re talking to an agent or a person. They care that the problem gets solved, safely, and quickly, the first time,” said Brad Grafton, SVP at SoundHound AI. “American Heritage has built that into Gigi, and its members trust her with everything from card activations to fraud disputes.”

Meet Gigi

Gigi answers American Heritage’s phone and chat lines 24/7 and is the first point of contact for most members. She verifies members, reads balances and recent transactions, moves money between accounts, resets Online Teller passwords, activates and replaces debit cards, and quotes loan payoff amounts. She also finds branches with their hours and services, and walks members through opening an estate account.

Results in Under a Year

From July 2025 through May 2026, Gigi resolved 88% of fraud and dispute chats, 78% of account maintenance chats, and 70% of rate and certificate inquiries without a human representative becoming involved. On the phone, she averaged 1,897 conversations a day.

Dispute inquiries, loan applications, and contact requests reach 100% completion. Gigi also helps reduce unnecessary distractions for human representatives, screening out silent and dropped calls – about 5% of inbound voice traffic – so they don’t waste employee time. Every quarter since tracking began, Gigi has handled a larger share of member requests without a representative.

People for the Conversations That Matter

When a member needs a person, Gigi moves the full conversation to a representative with one click. The representative sees every question, every answer, and the member’s verification status at the top. The member doesn’t repeat their account number, and the representative doesn’t need to verify them again. With routine requests handled, representatives spend their time on more complex member needs.

“An integral part of our credit union philosophy is people helping people, member outreach, and member experience. Really making them feel part of it. You feel like you’re talking to an actual person when you’re talking to the bot,” said Rebecca Londo, Digital Analyst at American Heritage Credit Union.

What’s Next for Gigi

American Heritage is adding agentic workflows so Gigi can handle more complex requests on her own. It is also building proactive alerts. After a member is verified, Gigi checks the account for issues to raise, starting with mail flagged as undeliverable, and can confirm or update the address on the spot. Unactivated debit cards, delinquent loans, and negative balances are next.

To see how financial institutions put AI agents to work with SoundHound, visit, www.soundhound.com/industries/financial-services.

About SoundHound AI

SoundHound AI (Nasdaq: SOUN) is a voice and agentic AI company that enables businesses to deliver natural, end-to-end conversational experiences across digital and physical channels, including phones, kiosks, chat, smart devices, drive-thrus, TVs, in-vehicle, and more. Its agentic platform, OASYS, is a self-learning, orchestrated AI system where organizations can build and deploy conversational AI agents to handle transactions, tasks, and workflows on behalf of customers and employees. Built on proprietary technology backed by 800+ patents and years of AI research, SoundHound serves leading brands across industries including automotive, financial services, healthcare, retail, telecommunications, and more. It powers millions of products and processes billions of interactions annually for enterprise customers worldwide. Learn more at: www.soundhound.com

About American Heritage Credit Union

American Heritage Credit Union is a member-owned financial cooperative with more than $5.3 billion in assets serving more than 800 Workplace Partners and more than 325,000 members, with more than 35 locations across Philadelphia, Bucks, Montgomery, Delaware, Burlington, and Camden Counties. Founded in 1948, American Heritage Credit Union is now one of the top 75 largest credit unions in the United States and was named a Best-in-State Credit Union by Forbes. For more information about American Heritage Credit Union please visit AmericanHeritageCU.org.

Media Contact

Fiona McEvoy
PR@soundhound.com
415-610-6590

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/22a671bf-716f-4037-9878-49d31bccd4a8

AI agent Gigi now resolves 88% of fraud and dispute chats without a representative

SANTA CLARA, Calif., Nov. 12, 2026 (GLOBE NEWSWIRE) — SoundHound AI, Inc. (NASDAQ: SOUN), a global leader in voice and agentic AI, today announced that American Heritage Credit Union has handled 598,000 member conversations in 11 months with Gigi, its voice and chat AI agent built with SoundHound AI. From checking balances to resolving fraud and dispute questions, Gigi handles more than 30 types of member requests, 24/7.

Founded in 1948 as the Budd Workers Federal Credit Union, American Heritage has grown to more than $5 billion in assets, 325,000 members, and 35 locations in greater Philadelphia. It was among the first credit unions in the U.S. to put a conversational AI agent in front of its members, so its representatives can spend their time on the conversations that matter most, and members get around-the-clock assistance.

“AI agents are becoming the front door to the institutions people rely on, and there are few places trust matters more than with someone’s money. Members don’t care whether they’re talking to an agent or a person. They care that the problem gets solved, safely, and quickly, the first time,” said Brad Grafton, SVP at SoundHound AI. “American Heritage has built that into Gigi, and its members trust her with everything from card activations to fraud disputes.”

Meet Gigi

Gigi answers American Heritage’s phone and chat lines 24/7 and is the first point of contact for most members. She verifies members, reads balances and recent transactions, moves money between accounts, resets Online Teller passwords, activates and replaces debit cards, and quotes loan payoff amounts. She also finds branches with their hours and services, and walks members through opening an estate account.

Results in Under a Year

From July 2025 through May 2026, Gigi resolved 88% of fraud and dispute chats, 78% of account maintenance chats, and 70% of rate and certificate inquiries without a human representative becoming involved. On the phone, she averaged 1,897 conversations a day.

Dispute inquiries, loan applications, and contact requests reach 100% completion. Gigi also helps reduce unnecessary distractions for human representatives, screening out silent and dropped calls – about 5% of inbound voice traffic – so they don’t waste employee time. Every quarter since tracking began, Gigi has handled a larger share of member requests without a representative.

People for the Conversations That Matter

When a member needs a person, Gigi moves the full conversation to a representative with one click. The representative sees every question, every answer, and the member’s verification status at the top. The member doesn’t repeat their account number, and the representative doesn’t need to verify them again. With routine requests handled, representatives spend their time on more complex member needs.

“An integral part of our credit union philosophy is people helping people, member outreach, and member experience. Really making them feel part of it. You feel like you’re talking to an actual person when you’re talking to the bot,” said Rebecca Londo, Digital Analyst at American Heritage Credit Union.

What’s Next for Gigi

American Heritage is adding agentic workflows so Gigi can handle more complex requests on her own. It is also building proactive alerts. After a member is verified, Gigi checks the account for issues to raise, starting with mail flagged as undeliverable, and can confirm or update the address on the spot. Unactivated debit cards, delinquent loans, and negative balances are next.

To see how financial institutions put AI agents to work with SoundHound, visit, www.soundhound.com/industries/financial-services.

About SoundHound AI

SoundHound AI (Nasdaq: SOUN) is a voice and agentic AI company that enables businesses to deliver natural, end-to-end conversational experiences across digital and physical channels, including phones, kiosks, chat, smart devices, drive-thrus, TVs, in-vehicle, and more. Its agentic platform, OASYS, is a self-learning, orchestrated AI system where organizations can build and deploy conversational AI agents to handle transactions, tasks, and workflows on behalf of customers and employees. Built on proprietary technology backed by 800+ patents and years of AI research, SoundHound serves leading brands across industries including automotive, financial services, healthcare, retail, telecommunications, and more. It powers millions of products and processes billions of interactions annually for enterprise customers worldwide. Learn more at: www.soundhound.com

About American Heritage Credit Union

American Heritage Credit Union is a member-owned financial cooperative with more than $5.3 billion in assets serving more than 800 Workplace Partners and more than 325,000 members, with more than 35 locations across Philadelphia, Bucks, Montgomery, Delaware, Burlington, and Camden Counties. Founded in 1948, American Heritage Credit Union is now one of the top 75 largest credit unions in the United States and was named a Best-in-State Credit Union by Forbes. For more information about American Heritage Credit Union please visit AmericanHeritageCU.org.

Media Contact

Fiona McEvoy
PR@soundhound.com
415-610-6590

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/22a671bf-716f-4037-9878-49d31bccd4a8

Advantage Solutions and Daymon’s Private Brand Intelligence Report Reveals How Value, Wellness, and Seasonal Flavor Trends Are Reshaping Holiday Shopping Habits

ST. LOUIS, Nov. 12, 2026 (GLOBE NEWSWIRE) — Advantage Solutions Inc. (NASDAQ: ADV), the leading omnichannel retail solutions agency in North America, and its private brands business, Daymon, today released the Holiday 2026 Private Brand Intelligence Report (PBIR). A top finding in the proprietary report shows that 82% of consumers plan to purchase private brands this holiday season.

“No season tells us more about what consumers value than the holidays, and Daymon’s research is what helps our brand and retail clients win,” said Dave Peacock, CEO of Advantage Solutions. “This year, consumers are balancing tighter budgets with the desire to celebrate, and they’re making deliberate choices about where to save. That’s where private brands and other high-value, high-quality products are driving purchasing decisions.”

By the Numbers: How Consumers Are Preparing for the Holidays

• 93% of consumers are celebrating Thanksgiving; 95% are celebrating Christmas.
• 52% of Gen Z plan to host Thanksgiving; 53% of millennials plan to host Christmas.
• 87% of consumers say they will be spending the same or more on holiday groceries this year.
• 71% of consumers choose to shop at certain retailers because of their private brands.
• 77% of consumers plan to purchase products with seasonal flavors.
• 69% of consumers try to balance healthy choices with holiday indulgences.

Going Deeper: Research-Backed Trends Shaping the Holiday Season

• Holiday Flavors and Scents Are in Demand: Seasonal flavors and scents continue to drive holiday purchases, with interest strongest among younger generations. This section reviews the top holiday flavors of the year and how retailers are using scents and shapes to bring the season to life.
• The Ingredients to Weather-Proof Your Limited-Time Offer Program: Seasonal limited-time offer (LTO) programs are now a fixture of retail strategy, but a selling window of a few weeks often requires a year or more of planning. This section outlines how retailers can align teams, build the right assortment, and manage operational risks to deliver a successful program.
• Finding the Holiday Balance: Financial pressure and year-round wellness priorities are reshaping how consumers shop for the holidays. This section explores how private brands can meet evolving expectations and deliver greater overall value, helping shoppers stretch their budgets and balance health-oriented choices with seasonal indulgences.
• A Look at Non-Foods: While food drives the majority of private brand sales, categories like pet, home, and decor are a growing force. This section examines how a clear non-foods strategy can create new opportunities for future holiday seasons.

“Consumers increasingly see private brands as a holiday staple they can trust, choosing them for quality as much as value,” said Christine Boenig, President of Daymon North America. “That trust gives retailers an opening to innovate, from seasonal flavors to new products built for every holiday occasion, and this report is designed to give them a head start on 2027. Whether retailers are refining their holiday lineup or building something new, Daymon’s product development and quality assurance expertise helps them turn these insights into private brand growth.”

Daymon has independently produced its PBIR since 2018, with current editions released twice a year to showcase summer and holiday consumer habits. The Holiday 2026 edition includes proprietary research from two national surveys of adult consumers responsible for shopping in their households. In total, the two studies received more than 2,000 responses from consumers about their purchasing behavior, perceptions around private brands, and seasonal shopping considerations.

The Holiday 2026 PBIR is part of Advantage360, the thought leadership platform of Advantage Solutions that delivers data-driven insights and research across the consumer goods and retail industries. To read the full report, download it here.

About Advantage Solutions

Advantage Solutions is the leading omnichannel retail solutions agency in North America, uniquely positioned at the intersection of consumer-packaged goods (CPG) brands and retailers. With its data- and technology-powered services, Advantage leverages its unparalleled insights, expertise and scale to help brands and retailers of all sizes generate demand and get products into the hands of consumers, wherever they shop. Whether it’s creating meaningful moments and experiences in-store and online, optimizing assortment and merchandising, or accelerating e-commerce and digital capabilities, Advantage is the trusted partner that keeps commerce and life moving. Advantage has offices throughout North America and strategic investments and owned operations in select international markets. For more information, please visit YourADV.com.

About Daymon

Daymon is a leading private brand agency with decades of experience partnering with global manufacturers, retailers, and brands. Through a comprehensive suite of solutions including brand strategy, analytics and insights, category management, product development, sourcing, quality assurance, and creative design, Daymon helps clients build private brand programs that deliver lasting value and earn lasting shopper loyalty. Daymon is a subsidiary of Advantage Solutions. For more information, please visit Daymon.com.

Media Contact:
Katie Russo, Advantage Solutions
press@youradv.com
501-282-5069