Tag: GlobeNewswire

SAN FRANCISCO and VANCOUVER, British Columbia, Nov. 03, 2026 (GLOBE NEWSWIRE) — Jade Biosciences, Inc. (“Jade” or the “Company”) (Nasdaq: JBIO), a clinical-stage biotechnology company focused on developing best-in-class therapies for autoimmune diseases, today announced its participation in the following upcoming conferences:

• Guggenheim 3rd Annual Healthcare Innovation Conference
  Fireside Chat: Tuesday, November 10, 2026 at 3:00 p.m. ET
  Location: Boston, MA
• Stifel Healthcare Conference
  Fireside Chat: Wednesday, November 11, 2026 at 10:00 a.m. ET
  Location: New York, NY
• UBS Global Biopharma Conference
  Fireside Chat: Monday, November 16, 2026 at 12:00 p.m. GMT
  Location: London, UK
• Jefferies Global Healthcare Conference
  Fireside Chat: Tuesday, November 17, 2026 at 10:30 a.m. GMT
  Location: London, UK

Members of the Jade management team will host one-on-one investor meetings during the conferences.

A live webcast of each of the fireside chats will be available on the Events page of the Jade Biosciences website, with an archived replay accessible for 90 days following the event.

About Jade Biosciences, Inc.

Jade Biosciences is a clinical-stage biotechnology company focused on developing best-in-class therapies that address critical unmet needs in autoimmune diseases. Jade’s lead candidate, JADE101, targets the cytokine APRIL, and is currently being evaluated for the treatment of immunoglobulin A nephropathy. Jade’s pipeline also includes JADE201, an afucosylated anti-BAFF-R monoclonal antibody, as well as JADE301, an anti-IFN-β monoclonal antibody. Jade was launched based on assets licensed from Paragon Therapeutics, an antibody discovery engine founded by Fairmount. For more information, visit JadeBiosciences.com and follow the Company on LinkedIn.

Jade Biosciences Contact

Zane Goodwin
IR@JadeBiosciences.com
Media@JadeBiosciences.com

BOSTON, Nov. 03, 2026 (GLOBE NEWSWIRE) — Tango Therapeutics, Inc. (NASDAQ: TNGX) today announced that Malte Peters, M.D., President and Chief Executive Officer of Tango Therapeutics, is scheduled to participate in a fireside chat at Guggenheim’s 3^rd Annual Healthcare Innovation Conference on Tuesday, November 10, 2026 at 8:00 AM EST.

The live webcast will be available under the “Events & Presentations” tab on the “Investors” page of the Company’s website on the day of the event. A replay of the webcast will be archived on the Company’s website for 90 days following the presentation.

About Tango Therapeutics
Tango Therapeutics is a clinical-stage biotechnology company dedicated to delivering breakthrough targeted therapies that extend and improve the lives of patients with cancer. Using an approach that focuses on genetic vulnerabilities in cancer, Tango Therapeutics is pursuing PRMT5-targeted therapies designed to address pancreatic and other forms of cancer while sparing healthy normal tissues. For more information, please visit www.tangotx.com.

Investors:
Elizabeth Hickin
ehickin@tangotx.com

Media:
1AB
Amanda Lazaro
amanda@1abmedia.com

• RISE Dispensary Mulberry expands access to medical cannabis for patients across Polk County with the opening of Green Thumb’s first RISE Dispensary in the county.
• RISE Dispensary Mulberry opens November 4 and will celebrate its grand opening event on December 4. Continuing with RISE’s new store opening tradition, a portion of profits from RISE Dispensary Mulberry’s grand opening will benefit local nonprofit Shepherd’s Lighthouse.

CHICAGO and VANCOUVER, British Columbia, Nov. 03, 2026 (GLOBE NEWSWIRE) — Green Thumb Industries Inc. (Green Thumb) (CSE: GTII) (OTCQX: GTBIF), a leading national cannabis company with a portfolio of best-in-class brands and owner of RISE Dispensaries, today announced the opening of RISE Dispensary Mulberry, located at 6751 North Church Ave., Mulberry, FL 33860, on Wednesday, November 4, giving Polk County patients a new place to shop close to home. Marking RISE’s first location in Polk County, the new dispensary expands access to quality medical cannabis for patients in Mulberry, nearby Lakeland and surrounding communities, while strengthening Green Thumb’s growing presence across Central Florida.

With the addition of Mulberry, RISE now operates 27 dispensaries across Florida and more than 120 nationwide. The new location joins RISE Dispensaries in Brandon, Tampa, Sun City and Orlando in serving Central Florida’s medical cannabis patients.

“Opening our first RISE Dispensary in Polk County is an exciting milestone as we continue to expand access to quality cannabis across Florida. From RYTHM’s premium flower, rosin, and full-spectrum vapes to Dogwalkers pre-rolls, Doctor Solomon’s tinctures and topicals, and Beboe edibles, the menu at RISE Dispensary Mulberry is built around a product set that resonates with Florida patients,” said Green Thumb President Anthony Georgiadis. “We’re proud to expand access to quality medical cannabis and to invest in our people and the organizations that make Mulberry special. Through our First Day Profits program, we look forward to continuing to invest in the local nonprofit, Shepherd’s Lighthouse.”

RISE Dispensary Mulberry will offer patients a diverse selection of best-in-class, Florida-grown products, including RYTHM premium flower, full-spectrum vapes and concentrates, Dogwalkers pre-rolls, Good Green flower, &Shine flower and edibles, RISE flower and pre-rolls, Phat Panda flower and pre-rolls, Beboe edibles, and Doctor Solomon’s tinctures, RSO, and topicals. Many of these products are cultivated and produced from seed-to-sale at the Green Thumb Industries facility in Ocala, Florida. Patients can also have the same selection delivered to their homes for convenient, comfortable access.

Continuing RISE Dispensary’s tradition of giving back to each community it serves, profits from our Mulberry grand opening event will benefit Shepherd’s Lighthouse, building the partnership established with the opening of RISE Dispensary Belleview. Shepherd’s Lighthouse provides transitional housing, life-skills development, employment resources and other essential services to help individuals and families build greater stability and independence. By directing a portion of opening profits to a local organization in each new store we open, RISE Dispensaries is investing directly into the communities its patients and team members call home. To learn more about Shepherd’s Lighthouse’s mission and work, please visit their website.

RISE Dispensary Mulberry will mark the occasion with a grand opening event on Friday, December 4 at 9:00 a.m., featuring exclusive patient deals and promotions, giveaways, music, refreshments from a local food truck, and more.

RISE Dispensary Mulberry will be open Monday through Saturday from 9:00 a.m. to 8:00 p.m. ET and Sunday from 11:00 a.m. to 6:00 p.m. ET. Home delivery is available Monday through Saturday from 10:00 a.m. to 6:00 p.m. ET and Sunday from 11:00 a.m. to 5:00 p.m. ET.

Green Thumb entered the Florida market in 2018 and operates two production facilities, in Ocala and Homestead, where it cultivates and produces its branded products. Beyond RISE Dispensary Mulberry, the Company has 26 other RISE Dispensaries in Florida, with locations in Belleview, Bonita Springs, Brandon, Cape Coral, Clearwater, Crystal River, Deerfield Beach, Dunnellon, Fruitland Park, Hallandale Beach, Jacksonville, Kendall, New Port Richey, Ocala on College Rd, Orlando on Good Homes Rd, Oviedo, Pinellas Park, Port Charlotte, Port Orange, Port St. Lucie, Sun City, Tallahassee on Mahan, Tallahassee on Tennessee, Tampa, Wesley Chapel, and West Palm Beach. Roll-thru pick-up and delivery services are offered at select RISE Dispensaries in Florida.

To learn more about RISE Dispensaries’ locations, product offerings, or other services, visit www.risecannabis.com.

About RISE Dispensaries
RISE Dispensaries is a national cannabis retailer on a mission to promote well-being through the power of cannabis. Founded by Chicago-based Green Thumb Industries, RISE Dispensaries bring patients and customers the best, hand-picked products at a great value — all while providing best-in-class service, such as home delivery, virtual pharmacist consultations and mobile pre-ordering (services vary by market). RISE offers premium, high-quality cannabis products in a welcoming environment, featuring Green Thumb’s award-winning family of brands such as &Shine, Beboe, Dogwalkers, Doctor Solomon’s, Good Green, incredibles and RYTHM. Since opening its doors in 2015, RISE has grown its national footprint to 120+ retail locations across 14 U.S. markets and serves millions of patients and customers each year. More information is available at www.risecannabis.com.

Cautionary Note Regarding Forward-Looking Information
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 concerning Green Thumb Industries Inc. and other matters. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements. Such statements involve known and unknown risks and uncertainties that may cause actual results to differ materially from those implied by such statements. Green Thumb Industries Inc. undertakes no obligation to update any forward-looking statements, except as required by applicable law.

Investor Contact:
Andy Grossman
EVP, Capital Markets & Investor Relations
InvestorRelations@gtigrows.com
310-622-8257

Media Contact:
GTI Communications
media@gtigrows.com

This press release was published by a CLEAR® Verified individual.

Same-Restaurant Sales Growth of 1.0%
Total revenues increased 10.7%
Net income of $4.8 million and Adjusted EBITDA of $39.7 million
16 new System-wide restaurants opened in 11 states

BRADENTON, Fla., Nov. 03, 2026 (GLOBE NEWSWIRE) — First Watch Restaurant Group, Inc. (NASDAQ: FWRG) (“First Watch” or the “Company”), the leading Daytime Dining concept serving breakfast, brunch and lunch, today reported financial results for the thirteen weeks ended September 27, 2026 (“Q3 2026”).

“Our third-quarter performance is another encouraging proof point for the strength of First Watch. We delivered on our top-line plan, grew same-restaurant sales against our toughest comparison of the year and increased total revenue by 10.7%, all while opening 16 system-wide restaurants across 11 states,” said Chris Tomasso, CEO and President of First Watch. “Our teams continue to execute at a high level, driving Adjusted EBITDA growth ahead of our expectations and giving us the confidence to raise our full-year 2026 Adjusted EBITDA outlook to the high end of our previous guidance range.”

Third Quarter 2026 Highlights:

• Total revenues increased 10.7% to $349.9 million as compared to $316.0 million in the same period of 2025
• System-wide sales increased 10.9% to $391.2 million as compared to $352.7 million in the same period of 2025
• Same-Restaurant Sales Growth of 1.0%
• Same-Restaurant Traffic Growth of negative 1.9%
• Income from operations margin remained flat at 3.2% as compared to the same period of 2025
• Restaurant level operating profit margin* decreased to 19.4% as compared to 19.7% in the same period of 2025
• Net income increased to $4.8 million, or $0.08 per diluted share, from net income of $3.0 million, or $0.05 per diluted share, in the same period of 2025
• Adjusted EBITDA* increased to $39.7 million as compared to $34.1 million in the same period of 2025
• Opened 16 system-wide restaurants in 11 states resulting in a total of 681 system-wide restaurants (601 company-owned and 80 franchise-owned) across 33 states

___________________
* See Non-GAAP Financial Measures Reconciliations section below.

For additional financial information related to Q3 2026, refer to the Company’s quarterly report on Form 10-Q filed with the Securities and Exchange Commission on November 3, 2026, which can be accessed at https://investors.firstwatch.com in the Financials & Filings section.

Updated Outlook Fiscal Year 2026

Based upon third quarter results and current trends, the Company updated the following guidance metrics for the 52-week fiscal year ending December 27, 2026:

• Same-Restaurant Sales Growth of ~2.0%
• Total revenue growth of ~13.5%⁽¹⁾
• Adjusted EBITDA⁽²⁾ of ~$136.0 million⁽¹⁾
• 60 net new System-wide restaurants, including 2 company-owned restaurant closures (53 new company-owned restaurants and 9 new franchise-owned restaurants)
• Capital expenditures of ~$145.0 million invested primarily in new restaurant projects and planned remodels⁽³⁾

______________________
(1) includes net impact of approximately 1% in total revenue growth and approximately $2 million in Adjusted EBITDA associated with completed acquisitions.
(2) We have not reconciled guidance for Adjusted EBITDA to the corresponding GAAP financial measure because we do not provide guidance for the various reconciling items. We are unable to provide guidance for these reconciling items because we cannot determine their probable significance, as certain items are outside of our control and cannot be reasonably predicted due to the fact that these items could vary significantly from period to period. Accordingly, a reconciliation to the corresponding GAAP financial measure is not available without unreasonable effort.
(3) Does not include the capital outlays associated with the acquisition of franchise-owned restaurants.

Conference Call and Webcast
Chris Tomasso, Chief Executive Officer and President, and Ashlee Weisser, Chief Financial Officer, will host a conference call and webcast to discuss these financial results for Q3 2026 on November 3, 2026 at 8:00 AM ET.

Interested parties may listen to the conference call via any one of two options:

• Dial 201-389-0914, which will be answered by an operator
• Join the webcast at https://investors.firstwatch.com/news-and-events/events

The webcast will be archived shortly after the call has concluded.

Definitions

The following definitions apply to these terms as used in this release:

System-wide restaurants: the total number of restaurants, including all company-owned and franchise-owned restaurants.

System-wide sales: consists of restaurant sales from our company-owned restaurants and franchise-owned restaurants. We do not recognize the restaurant sales from our franchise-owned restaurants as revenue.

Same-restaurant sales growth: the percentage change in year-over-year restaurant sales (excluding gift card breakage) for the comparable restaurant base, which we define as the number of company-owned First Watch branded restaurants open for 18 months or longer as of the beginning of the fiscal year (“Comparable Restaurant Base”). For the thirteen and thirty-nine weeks ended September 27, 2026 and September 28, 2025, there were 454 restaurants and 381 restaurants, respectively, in our Comparable Restaurant Base. Measuring our same-restaurant sales growth allows management to evaluate the performance of our existing restaurant base. We believe this measure is useful for investors to provide a consistent comparison of restaurant sales results and trends across periods within our core, established restaurant base, unaffected by results of store openings, closings, and other transitional changes.

Same-restaurant traffic growth: the percentage change in year-over-year traffic counts using the Comparable Restaurant Base. Measuring our same-restaurant traffic growth allows management to evaluate the performance of our existing restaurant base. We believe this measure is useful for investors because same-restaurant traffic provides an indicator as to the development of our brand and the effectiveness of our marketing strategy.

Adjusted EBITDA: a non-GAAP measure, represents Net income (loss) before depreciation and amortization, interest expense, income taxes and items that we do not consider in our evaluation of ongoing core operating performance.

Adjusted EBITDA margin: a non-GAAP measure, represents Adjusted EBITDA as a percentage of total revenues.

Restaurant level operating profit: a non-GAAP measure, represents restaurant sales, less restaurant operating expenses, which include food and beverage costs, labor and other related expenses, other restaurant operating expenses, pre-opening expenses and occupancy expenses. Restaurant level operating profit excludes corporate-level expenses and other items that we do not consider in the evaluation of the ongoing core operating performance of our restaurants.

Restaurant level operating profit margin: a non-GAAP measure, represents Restaurant level operating profit as a percentage of restaurant sales.

About First Watch

First Watch is the leading Daytime Dining concept serving made-to-order breakfast, brunch and lunch using the freshest ingredients available. Guided by its “Follow the Sun” culinary philosophy, First Watch’s chef-driven menu rotates multiple times per year to feature the highest-quality flavors at their peak, offering elevated executions of classic favorites, fresh juices like the Kale Tonic, and fan favorites such as the Lemon Ricotta Pancakes, Quinoa Power Bowl and signature Million Dollar Bacon. For every kid’s meal served, First Watch proudly donates a portion to organizations and causes making a positive impact in our communities – raising millions to date. A recipient of many “Best Breakfast” and “Best Brunch” awards, First Watch was voted #1 Best Breakfast by Newsweek’s Readers’ Choice Awards 2025, and also named 2025 and 2024’s #1 Most Loved Workplace® in America by the Best Practice Institute – an accolade most recently featured in The Wall Street Journal – after appearing on the list in 2022 and 2023, as well. With a commitment to quality, hospitality and community, First Watch is redefining Daytime Dining across more than 680 restaurants in 33 states. For more information, visit www.firstwatch.com.

Forward-Looking Statements

This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which are subject to known and unknown risks, uncertainties and other important factors that may cause actual results to be materially different from the statements made herein. All statements other than statements of historical fact are forward-looking statements. Forward-looking statements can be identified by words such as “aim,” “anticipate,” “believe,” “estimate,” “expect,” “forecast,” “future,” “intend,” “outlook,” “potential,” “project,” “projection,” “plan,” “seek,” “may,” “could,” “would,” “will,” “should,” “can,” “can have,” “likely,” the negatives thereof and other similar expressions. Examples of forward-looking statements include, but are not limited to, statements we make regarding the outlook for our future business and financial performance and statements discussing our current expectations and projections relating to our financial position, results of operations, plans, objectives, future performance and business. 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, by their nature, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. As a result, our actual results may differ materially from those contemplated by the forward-looking statements. Important factors that could cause actual results to differ materially from those in the forward-looking statements include:

• our vulnerability to changes in consumer preferences and economic conditions such as inflation and recession;
• our inability to successfully open new restaurants or establish new markets;
• our inability to effectively manage our growth;
• potential negative impacts on sales at our and our franchisees’ restaurants as a result of our opening new restaurants in existing markets;
• a decline in visitors to any of the retail centers, lifestyle centers, or entertainment centers where our restaurants are located;
• lower than expected same-restaurant sales growth;
• unsuccessful marketing programs and limited time new offerings;
• changes in the cost of food;
• unprofitability or closure of new restaurants or lower than previously experienced performance in existing restaurants;
• our inability to compete effectively for customers;
• our vulnerability to food safety and food-borne illness concerns;
• unsuccessful financial performance of our franchisees;
• our limited control over our franchisees’ operations;
• our inability to maintain good relationships with our franchisees and conflicts of interest with our franchisees;
• the geographic concentration of our system-wide restaurant base in the southeast portion of the United States;
• damage to our reputation and negative publicity;
• our inability or failure to recognize, respond to and effectively manage the accelerated impact of social media and artificial intelligence;
• our limited number of suppliers and distributors for several of our frequently used ingredients and shortages or disruptions in the supply or delivery of such ingredients;
• information technology system failures or breaches of our network security;
• our failure to comply with federal and state laws and regulations relating to privacy, data protection, advertising and consumer protection, or the expansion of current or the enactment of new laws or regulations relating to privacy, data protection, advertising and consumer protection;
• our potential liability with our gift cards under the property laws of some states;
• our failure to enforce and maintain our trademarks and protect our other intellectual property;
• litigation with respect to intellectual property assets;
• our dependence on our executive officers and certain other key employees;
• our inability to identify, hire, train and retain qualified individuals for our workforce;
• our failure to obtain or to properly verify the employment eligibility of our employees;
• our failure to maintain our corporate culture as we grow;
• unionization activities among our employees;
• employment and labor law proceedings;
• labor shortages or increased labor costs or health care costs;
• risks associated with leasing property subject to long-term and non-cancelable leases;
• risks related to our sale of alcoholic beverages;
• costly and complex compliance with federal, state and local laws, including trade and tax policies;
• changes in accounting principles applicable to us;
• our vulnerability to natural disasters, unusual weather conditions, pandemic outbreaks, political events, war and terrorism;
• our inability to secure additional capital to support business growth;
• our level of indebtedness;
• failure to comply with covenants under our credit facility; and
• uncertainty regarding the Russia and Ukraine war, war and unrest in the Middle East and the related impact on macroeconomic conditions, including inflation, as a result of such conflicts or other related events.

See Part I. Item 1A. “Risk Factors” in our Annual Report on Form 10-K as of and for the year ended December 28, 2025 (“2025 Form 10-K”) for a further description of these and other factors. For the reasons described above, we caution you against relying on any forward-looking statements, which should also be read in conjunction with the other cautionary statements that are included elsewhere in this press release and in our filings with the Securities and Exchange Commission (the “SEC”). Any forward-looking statement made by us in this press release speaks only as of the date hereof and is expressly qualified in its entirety by these cautionary statements. 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 or revise any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.

Investor Relations Contact

Steven L. Marotta
941-500-1918
investors@firstwatch.com

Media Relations Contact

Jenni Glester
407-864-5823
jglester@firstwatch.com

Non-GAAP Financial Measures (Unaudited)

To supplement the consolidated financial statements, which are prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”), we use the following non-GAAP measures, which present operating results on an adjusted basis: (i) Adjusted EBITDA, (ii) Adjusted EBITDA margin, (iii) Restaurant level operating profit and (iv) Restaurant level operating profit margin. Our presentation of these non-GAAP measures includes isolating the effects of some items that are either nonrecurring in nature or have no meaningful correlation to our ongoing core operating performance. These supplemental measures of performance are not required by or presented in accordance with GAAP. Management believes these non-GAAP measures provide investors with additional visibility into our operations, facilitate analysis and comparisons of our ongoing business operations because they exclude items that may not be indicative of our ongoing operating performance, help to identify operational trends and allow for greater transparency with respect to key metrics used by Management in our financial and operational decision-making. Our non-GAAP measures may not be comparable to similarly titled measures used by other companies and have important limitations as analytical tools. These non-GAAP measures should not be considered in isolation or as substitutes for analysis of our results as reported under GAAP as they may not provide a complete understanding of our performance. These non-GAAP measures should be reviewed in conjunction with our consolidated financial statements prepared in accordance with GAAP.

Adjusted EBITDA and Adjusted EBITDA Margin

Management uses Adjusted EBITDA and Adjusted EBITDA margin (i) as factors in evaluating management’s performance when determining incentive compensation, (ii) to evaluate the Company’s operating results and the effectiveness of our business strategies and (iii) internally as benchmarks to compare the Company’s performance to that of its competitors.

Non-GAAP Financial Measures Reconciliations

Adjusted EBITDA and Adjusted EBITDA margin – The following table reconciles Net income and Net income margin, the most directly comparable GAAP measures to Adjusted EBITDA and Adjusted EBITDA margin, for the periods indicated:

	THIRTEEN WEEKS ENDED								THIRTY-NINE WEEKS ENDED
(in thousands)	SEPTEMBER 27, 2026				SEPTEMBER 28, 2025				SEPTEMBER 27, 2026				SEPTEMBER 28, 2025
Net income	$	4,787			$	2,991			$	4,441			$	4,268
Depreciation and amortization		22,700				19,662				65,935				54,355
Interest expense		4,933				4,567				14,603				11,904
Income tax expense		1,690				2,683				1,970				3,445
EBITDA		34,110				29,903				86,949				73,972
Strategic transition costs (1)		509				715				1,113				2,748
Stock-based compensation, net of amounts capitalized (2)		3,639				2,877				10,688				7,926
Delaware Voluntary Disclosure Agreement Program (3)		—				1				—				54
Transaction and restructuring expenses, net (4)		1,320				428				2,828				2,220
Impairments and loss on disposal of assets (5)		170				175				437				311
Adjusted EBITDA	$	39,748			$	34,099			$	102,015			$	87,231
Total revenues	$	349,861			$	316,022			$	1,035,492			$	906,149
Net income margin		1.4	%			0.9	%			0.4	%			0.5	%
Adjusted EBITDA margin		11.4	%			10.8	%			9.9	%			9.6	%
Additional information
Deferred rent (6)	$	(337	)		$	(141	)		$	(836	)		$	337

___________________________
(1) Represents costs related to process improvements and strategic initiatives. These costs are recorded within General and administrative expenses on the Consolidated Statements of Operations and Comprehensive Income.
(2) Represents non-cash, stock-based compensation expense, net of amounts capitalized, which is recorded within General and administrative expenses on the Consolidated Statements of Operations and Comprehensive Income.
(3) Represents professional service costs incurred in connection with the Delaware Voluntary Disclosure Agreement Program related to unclaimed or abandoned property. These costs are recorded in General and administrative expenses on the Consolidated Statements of Operations and Comprehensive Income.
(4) Represents severance costs resulting from organizational optimization, costs incurred in connection with the acquisition of franchise-owned restaurants, non-recurring professional fees, secondary equity offering costs, costs related to restaurant closures and investor relations costs.
(5) Represents impairment charges and costs related to the disposal of assets due to retirements, replacements and restaurant closures.
(6) Represents the non-cash portion of straight-line rent recorded within both Occupancy expenses and General and administrative expenses on the Consolidated Statements of Operations and Comprehensive Income.

Restaurant level operating profit and Restaurant level operating profit margin

Restaurant level operating profit and Restaurant level operating profit margin are not indicative of our overall results and, because they exclude corporate-level expenses, do not accrue directly to the benefit of our stockholders. We will continue to incur such expenses in the future. Restaurant level operating profit and Restaurant level operating profit margin are important measures we use to evaluate the performance and profitability of each operating restaurant, individually and in the aggregate and to make decisions regarding future spending and other operational decisions. We believe that Restaurant level operating profit and Restaurant level operating profit margin provide useful information about our operating results, identify operational trends and allow for transparency with respect to key metrics used by us in our financial and operational decision-making.

The following tables reconcile Income from operations and Income from operations margin, the most directly comparable GAAP financial measures, to Restaurant level operating profit and Restaurant level operating profit margin for the periods indicated:

	THIRTEEN WEEKS ENDED								THIRTY-NINE WEEKS ENDED
(in thousands)	SEPTEMBER 27, 2026				SEPTEMBER 28, 2025				SEPTEMBER 27, 2026				SEPTEMBER 28, 2025
Income from operations	$	11,048			$	10,050			$	20,174			$	18,476
Less: Franchise revenues		(3,139	)			(2,386	)			(9,141	)			(7,939	)
Add:
General and administrative expenses		35,244				33,746				113,916				97,150
Depreciation and amortization		22,700				19,662				65,935				54,355
Transaction and restructuring expenses, net(1)		1,320				428				2,828				2,220
Impairments and loss on disposal of assets(2)		170				175				437				311
Restaurant level operating profit	$	67,343			$	61,675			$	194,149			$	164,573
Restaurant sales	$	346,722			$	313,636			$	1,026,351			$	898,210
Income from operations margin		3.2	%			3.2	%			2.0	%			2.1	%
Restaurant level operating profit margin		19.4	%			19.7	%			18.9	%			18.3	%
Additional information
Deferred rent(3)	$	(353	)		$	(168	)		$	(883	)		$	211

____________________________
(1) Represents severance costs resulting from organizational optimization, costs incurred in connection with the acquisition of franchise-owned restaurants, non-recurring professional fees, secondary equity offering costs, costs related to restaurant closures and investor relations costs.
(2) Represents impairment charges and costs related to the disposal of assets due to retirements, replacements and restaurant closures.
(3) Represents the non-cash portion of straight-line rent recorded within Occupancy expenses on the Consolidated Statements of Operations and Comprehensive Income.

FIRST WATCH RESTAURANT GROUP, INC. CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (IN THOUSANDS, EXCEPT SHARE AND PER SHARE DATA) (Unaudited)
	THIRTEEN WEEKS ENDED								THIRTY-NINE WEEKS ENDED
	SEPTEMBER 27, 2026				SEPTEMBER 28, 2025				SEPTEMBER 27, 2026				SEPTEMBER 28, 2025
Revenues
Restaurant sales	$	346,722			$	313,636			$	1,026,351			$	898,210
Franchise revenues		3,139				2,386				9,141				7,939
Total revenues		349,861				316,022				1,035,492				906,149
Operating costs and expenses
Restaurant operating expenses (exclusive of depreciation and amortization shown below):
Food and beverage costs		77,402				69,730				234,305				208,355
Labor and other related expenses		112,962				102,387				339,294				300,451
Other restaurant operating expenses		56,048				50,140				163,509				141,002
Occupancy expenses		29,506				25,891				85,261				73,849
Pre-opening expenses		3,461				3,813				9,833				9,980
General and administrative expenses		35,244				33,746				113,916				97,150
Depreciation and amortization		22,700				19,662				65,935				54,355
Impairments and loss on disposal of assets		170				175				437				311
Transaction and restructuring expenses, net		1,320				428				2,828				2,220
Total operating costs and expenses		338,813				305,972				1,015,318				887,673
Income from operations		11,048				10,050				20,174				18,476
Interest expense		(4,933	)			(4,567	)			(14,603	)			(11,904	)
Other income, net		362				191				840				1,141
Income before income taxes		6,477				5,674				6,411				7,713
Income tax expense		(1,690	)			(2,683	)			(1,970	)			(3,445	)
Net income	$	4,787			$	2,991			$	4,441			$	4,268
Net income	$	4,787			$	2,991			$	4,441			$	4,268
Other comprehensive income (loss):
Unrealized gain (loss) on derivatives		1,331				88				2,381				(920	)
Income tax related to other comprehensive income (loss)		(330	)			(22	)			(590	)			229
Comprehensive income	$	5,788			$	3,057			$	6,232			$	3,577
Net income per common share – basic	$	0.08			$	0.05			$	0.07			$	0.07
Net income per common share – diluted	$	0.08			$	0.05			$	0.07			$	0.07
Weighted average number of common shares outstanding – basic		61,719,871				61,027,278				61,544,361				60,933,443
Weighted average number of common shares outstanding – diluted		62,550,856				62,834,080				62,600,196				62,798,962

SAN DIEGO, Nov. 03, 2026 (GLOBE NEWSWIRE) — BlossomHill Therapeutics, Inc. (Nasdaq: BLSM), a clinical-stage biopharmaceutical company applying an intentional, chemistry-based approach to design and develop innovative small molecule medicines for the treatment of cancer, today announced its participation in Guggenheim’s 3^rd Annual Healthcare Innovations Conference being held at the Intercontinental Boston. Management will participate in a fireside chat on Tuesday, November 10, 2026, at 3:00 pm Eastern Time and will also participate in one-on-one investor meetings.

An audio webcast of the fireside chat can be accessed on the Events & Presentations page of the Investors section of BlossomHill’s website. An archived replay will be available for 90 days.

About BlossomHill Therapeutics
BlossomHill Therapeutics, Inc. is a clinical-stage biopharmaceutical company applying an intentional, chemistry-based approach to design and develop innovative small molecule medicines that address significant unmet medical needs in cancer treatment. Founded and led by industry veteran J. Jean Cui, Ph.D., with her proven track record in oncology drug design and development – including three FDA-approved drugs – BlossomHill Therapeutics applies cutting-edge science with a goal to address key oncogenic drivers and improve patient outcomes in difficult-to-treat cancers. The company’s lead clinical program is BH-30643, an investigational, novel, orally bioavailable, non-covalent, macrocyclic, brain active, mutant-selective OMNI-EGFR^TM inhibitor for the treatment of EGFR-mutant non-small cell lung cancer (NSCLC), which has received Fast Track designation for the C797S resistance population after 3rd generation EGFR TKI treatment. The company is also conducting clinical development of BH-30236, an investigational macrocyclic CDC-like kinase (CLK) inhibitor initially being studied in a clinical trial for the treatment of relapsed or refractory acute myeloid leukemia (R/R AML) and higher-risk myelodysplastic syndromes (HR-MDS). The company’s pipeline also includes BH-501284, a preclinical, non-covalent, selective, pan-KRAS Switch-II inhibitor for potential future development in diverse KRAS-mutant tumors.

BlossomHill Therapeutics is headquartered in San Diego, California. For more information, visit www.bhtherapeutics.com and follow us on LinkedIn and X.

Company Contact:
Michael Moore, BlossomHill Therapeutics
michael.moore@bhtherapeutics.com

Media:
Ashlea Kosikowski, 1AB
ashlea@1abmedia.com

Envoy brings its on-site EV car-sharing amenity to the 321-unit Montage at Midtown residential community, offering residents access to Tesla Model 3 vehicles through its mobile app.

FORT MYERS, FL, Nov. 03, 2026 (GLOBE NEWSWIRE) —  Envoy, a provider of on-site electric vehicle car-sharing services and a wholly owned subsidiary of CID HoldCo, Inc., doing business as Dot Ai (Nasdaq: DAIC), (“Dot AI”), today announced its expansion into Southwest Florida with the launch of on-site EV car sharing at Montage at Midtown, a 321-unit residential community within Fort Myers’ $100 million Midtown redevelopment.

Developed by Catalyst Community Development and managed by ZRS Management, Montage at Midtown now offers residents access to two Tesla Model 3 vehicles through Envoy’s “Mobility as an Amenity®” platform, available to reserve by the hour or day through the Envoy Mobility app. The launch marks Envoy’s first location in Southwest Florida, extending its Florida footprint beyond Miami.

The service gives residents convenient access to an electric vehicle without the costs and responsibilities of owning an additional car. For multifamily developers and property managers, on-site EV car sharing offers a differentiated amenity that expands transportation options and introduces greater flexibility into residential amenity and mobility planning.

“Developers are looking beyond traditional amenities to offer services that make everyday life more convenient for residents,” said Drew Hopkins, President of Envoy Technologies. “On-site EV car sharing gives residents access to transportation without the commitment of owning another vehicle, while giving property owners more flexibility in how they approach mobility, parking and the overall residential experience.”

Montage at Midtown is the first phase of a broader $100 million redevelopment of Fort Myers’ Midtown district. The community features 321 apartments and a 17,000-square-foot amenity center, with future phases planned to include retail, office and additional residential development.

“Montage was designed to give residents the flexibility to live, work and get around without having to rely on a car for every trip,” said Cortney Mondon, Regional Manager at ZRS Management. “Having shared electric vehicles available right on the property gives our residents another convenient transportation option and complements the broader vision for Midtown as a connected, vibrant community.”

Through its “Mobility as an Amenity™” platform, Envoy manages the vehicles, charging, insurance, maintenance and resident support, while residents reserve and access the cars directly through the Envoy Mobility app. The fully managed service allows property partners to introduce EV car sharing without taking on day-to-day fleet operations.

Property managers and developers interested in bringing Envoy’s EV car-sharing amenity to their communities can learn more at envoythere.com/nominate.

About Envoy Technologies
Envoy provides on-site electric vehicle car-sharing services for residential communities, hotels, resorts and campus properties. Through the Envoy app, residents and guests can reserve shared electric vehicles by the hour or day, while Envoy manages insurance, maintenance and day-to-day operations. The service gives residents convenient access to electric transportation without the costs of individual vehicle ownership and offers property owners an additional amenity without the responsibility of managing vehicles.

Headquartered in Los Angeles, California, Envoy is a wholly owned subsidiary of Dot Ai (Nasdaq: DAIC).

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

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that are not historical facts, including statements regarding the anticipated benefits of the acquisition of Envoy, including, for example, the expected expansion of the Company’s intention to comply with the Hearing Panel’s condition to transfer its listing to The Nasdaq Capital Market; and the Company’s ability to maintain compliance with applicable Nasdaq listing requirements. All forward-looking statements are based on Dot Ai’s current expectations and beliefs concerning future developments and their potential effects on the Company. Forward-looking statements are subject to risks and uncertainties — including the risk that required stockholder, Nasdaq, or regulatory approvals may not be obtained, that the Company may be unable to regain or maintain compliance with applicable Nasdaq listing requirements — that could cause actual results to differ materially from those expressed in the forward-looking statements. Readers are cautioned not to put undue reliance on forward-looking statements, and Dot Ai assumes no obligation to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law.

Important Information for Stockholders

In connection with the proposed transactions, the Company intends to file a proxy statement with the SEC. The Company also plans to file other documents with the SEC regarding the proposed transactions. After the proxy statement has been cleared by the SEC, a definitive proxy statement will be filed with the SEC and mailed to the stockholders of record of the Company. The Board will set the record date prior to mailing the definitive proxy statement. STOCKHOLDERS OF THE COMPANY ARE URGED TO CAREFULLY READ THE PROXY STATEMENT (INCLUDING ALL AMENDMENTS AND SUPPLEMENTS THERETO) AND OTHER DOCUMENTS RELATING TO THE PROPOSED TRANSACTIONS THAT WILL BE FILED WITH THE SEC IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTIONS. Stockholders will be able to obtain free copies of the proxy statement and other documents containing important information about the Company once such documents are filed with the SEC, through the website maintained by the SEC at http://www.sec.gov.

Participants in the Solicitation

The Company and its executive officers, directors, other members of management and employees may be deemed, under SEC rules, to be participants in the solicitation of proxies from the Company’s stockholders with respect to the proposed transactions. Information regarding the executive officers and directors of the Company is set forth in the Company’s definitive proxy statement for the Company’s 2026 annual meeting of stockholders filed with the SEC on April 17, 2026 and in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025 filed with the SEC on March 11, 2026. More detailed information regarding the identity of potential participants, and their direct or indirect interests, by securities holdings or otherwise, will be set forth in the proxy statement and other materials to be filed with the SEC in connection with the transactions contemplated by the Purchase Agreement.

No Offer or Solicitation

This press release is not a proxy statement or solicitation of a proxy, consent or authorization with respect to any securities or in respect of the proposed transactions and shall not constitute an offer to sell or a solicitation of an offer to buy any securities, nor shall there be any sale of securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of the Securities Act.

Media Contact
Marilyn Mota, Marketing Manager
press@envoythere.com

THE WOODLANDS, Texas, Nov. 03, 2026 (GLOBE NEWSWIRE) — LGI Homes, Inc. (NASDAQ: LGIH) today announced financial results for the third quarter and the nine months ended September 30, 2026.

“We delivered strong third quarter financial results, generating year-over-year growth in closings, revenue, and earnings while maintaining strong profitability, expanding our community count, and further strengthening our balance sheet,” said Eric Lipar, Chairman and Chief Executive Officer of LGI Homes.

“During the quarter, we delivered 1,222 homes, a 10.4% increase year-over-year, including 33 currently and previously leased homes. The 1,189 new homes we closed generated homebuilding revenues of $437.5 million, up 10.3%, and total revenues reached $444.5 million, up 10.2% from the prior year.

“Homebuilding gross margin of 20.2% and adjusted homebuilding gross margin of 23.7% were both above the midpoint of our previous guidance ranges and up 40 basis points sequentially. This reflects the continued benefits of our predominantly self-developed, on-balance-sheet land position and our disciplined approach to balancing affordability and profitability. Our teams also did an excellent job managing costs. SG&A expenses declined on an absolute-dollar basis, and SG&A as a percentage of total revenues improved 180 basis points year-over-year. As a result, net income increased to $24.6 million, or $1.05 per diluted share. We also continued to strengthen our balance sheet, reducing our net debt to capital ratio to 40.6%, a 420 basis point improvement year-over-year.

“Community growth remains an important element of our long-term strategy. We ended the quarter with 151 active communities, a 7.1% increase compared to the same time last year.

“Based on our year-to-date results and current market conditions, we are narrowing our full-year closings guidance and now expect to close between 4,600 and 4,800 homes in 2026. The revised outlook reflects slower sales activity in the quarter as affordability pressures continued to weigh on demand. We continue to see interest in homeownership and are leaning into our proven sales and marketing strategies to improve sales pace while maintaining our disciplined approach to balancing affordability and profitability. We are maintaining the remainder of our full-year 2026 guidance.”

Mr. Lipar concluded, “As we head into the final quarter of the year, our focus is on finishing 2026 strong. Affordability remains the key consideration for today’s buyers, and we have intentionally broadened our sales process to work with more prospective customers who may need additional time to qualify. With a growing community count, a strengthened balance sheet, and teams that continue to execute at a high level, we believe LGI Homes is well positioned to achieve our full-year objectives and carry that momentum into 2027.”

Third Quarter 2026 Results and Comparisons to Third Quarter 2025

• Homebuilding revenues of $437.5 million, an increase of 10.3%
• Total home closings of 1,222, including 33 currently and previously leased homes, an increase of 10.4%
• Home closings of 1,189, an increase of 11.6%
• Average sales price per home closed of $367,962, a decrease of 1.2%
• Homebuilding gross margin as a percentage of homebuilding revenues of 20.2%
• Adjusted homebuilding gross margin* as a percentage of homebuilding revenues of 23.7%
• Net income before income taxes of $33.3 million
• Net income of $24.6 million or $1.05 basic EPS and $1.05 diluted EPS

Nine Months Ended September 30, 2026 Results and Comparisons to Nine Months Ended September 30, 2025

• Homebuilding revenues of $1,258.8 million, an increase of 2.2%
• Total home closings of 3,578, including 143 currently and previously leased homes, an increase of 4.4%
• Home closings of 3,435, an increase of 1.5%
• Average sales price per home closed of $366,449, an increase of 0.7%
• Homebuilding gross margin as a percentage of homebuilding revenues of 19.7%
• Homebuilding gross margin excluding inventory impairment* as a percentage of homebuilding revenues of 20.1%
• Adjusted homebuilding gross margin* as a percentage of homebuilding revenues of 23.4%
• Net income before income taxes of $74.2 million
• Net income of $53.7 million or $2.31 basic EPS and $2.31 diluted EPS
• Adjusted net income* of $57.2 million, or $2.46 adjusted basic EPS and $2.46 adjusted diluted EPS

*		Please see “Non-GAAP Measures” for a reconciliation of Homebuilding Gross Margin Excluding Inventory Impairment (a non-GAAP measure) and Adjusted Homebuilding Gross Margin (a non-GAAP measure) to Homebuilding Gross Margin, and Adjusted Net Income (a non-GAAP measure) to Net Income, the most directly comparable GAAP measures, and for calculations of adjusted basic EPS and adjusted diluted EPS.

Balance Sheet Highlights

• Total liquidity of $447.7 million at September 30, 2026, including cash and cash equivalents of $69.4 million and $378.3 million of availability under the Company’s revolving credit facility
• Net debt to capital ratio* of 40.6% at September 30, 2026

*		Please see “Non-GAAP Measures” for a reconciliation of net debt to capital ratio (a non-GAAP measure) to debt to capital ratio, the most directly comparable GAAP measure.

Full Year 2026 Outlook

Subject to the caveats in the Forward-Looking Statements section of this press release and the assumptions noted below, the Company is narrowing its home closings outlook for the full year 2026 and reiterating its other outlook items for the full year 2026. Currently, the Company expects for full year 2026:

• Home closings between 4,600 and 4,800
• Active selling communities at the end of 2026 between 150 and 160
• Average sales price per home closed between $360,000 and $370,000
• Homebuilding gross margin as a percentage of homebuilding revenues between 19.0% and 21.0%, adjusted for estimated capitalized interest and estimated purchase accounting of approximately 3.5%, which results in adjusted homebuilding gross margin (non-GAAP) as a percentage of homebuilding revenues between 22.5% and 24.5%
• SG&A as a percentage of total revenues between 15.0% and 16.0%
• Effective tax rate of approximately 26.5%

This outlook assumes that general economic conditions, including input costs, materials, product and labor availability, interest rates and mortgage availability, in the remainder of 2026 are similar to those experienced to date in 2026 and that construction costs, availability of land and land development costs for the remainder of 2026 are consistent with the Company’s recent experience. In addition, this outlook assumes that governmental regulations relating to land development and home construction are similar to those currently in place and does not take into account any additional changes to U.S. trade policies, including the imposition of tariffs and duties on homebuilding products.

Earnings Conference Call

The Company will host a conference call via live webcast for investors and other interested parties beginning at 12:30 p.m. Eastern Time on Tuesday, November 3, 2026 (the “Earnings Call”).

Participants may access the live webcast by visiting the Investor Relations section of the Company’s website at https://investor.lgihomes.com.

An archive of the Earnings Call webcast will be available for replay on the Company’s website for one year from the date of the Earnings Call.

About LGI Homes, Inc.

Headquartered in The Woodlands, Texas, LGI Homes, Inc. is a pioneer in the homebuilding industry, successfully applying an innovative and systematic approach to the design, construction and sale of homes across 36 markets in 21 states. LGI Homes has closed over 80,000 homes since its founding in 2003 and has delivered profitable financial results every year. Nationally recognized for its quality construction and exceptional customer service, LGI Homes was named to Newsweek’s list of the World’s Most Trustworthy Companies. LGI Homes’ commitment to excellence extends to its employees, earning the Company numerous workplace awards at the local, state, and national level, including the Top Workplaces USA 2026 Award. For more information about LGI Homes and its unique operating model focused on making the dream of homeownership a reality for families across the nation, please visit the Company’s website at www.lgihomes.com.

Forward-Looking Statements

Any statements made in this press release or on the Earnings Call that are not statements of historical fact, including statements about the Company’s beliefs, outlook and expectations, are forward-looking statements within the meaning of the federal securities laws, and should be evaluated as such. Forward-looking statements include information concerning expected 2026 home closings, active selling communities, average sales price per home closed, homebuilding gross margin as a percentage of homebuilding revenues, adjusted homebuilding gross margin as a percentage of homebuilding revenues, SG&A as a percentage of total revenues and effective tax rate, as well as market conditions and possible or assumed future results of operations, including descriptions of the Company’s business plan and strategies. These forward-looking statements can be identified by the use of forward-looking terminology, including the terms “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “forecast,” “goal,” “intend,” “may,” “objective,” “plan,” “potential,” “predict,” “projection,” “should,” “will” or, in each case, their negative, or other variations or comparable terminology. For more information concerning factors that could cause actual results to differ materially from those contained in the forward-looking statements please refer to the “Risk Factors” section in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025, including the “Cautionary Statement about Forward-Looking Statements” subsection within the “Risk Factors” section, and subsequent filings by the Company with the U.S. Securities and Exchange Commission (the “SEC”), including the “Risk Factors” and “Cautionary Statement about Forward-Looking Statements” sections in the Company’s Quarterly Report on Form 10-Q for the quarters ended March 31, 2026, June 30, 2026, and September 30, 2026 (when it is filed with the SEC). The Company bases these forward-looking statements or outlook on its current expectations, plans and assumptions that it has made in light of its experience in the industry, as well as its perceptions of historical trends, current conditions, expected future developments and other factors it believes are appropriate under the circumstances and at such time. As you read and consider this press release or listen to the Earnings Call, you should understand that these statements are not guarantees of future performance or results. The forward-looking statements, including the Company’s 2026 outlook, are subject to and involve risks, uncertainties and assumptions and you should not place undue reliance on these forward-looking statements or outlook. Although the Company believes that these forward-looking statements and outlook are based on reasonable assumptions at the time they are made, you should be aware that many factors could affect the Company’s actual results to differ materially from those expressed in the forward-looking statements and outlook. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. If the Company does update one or more forward-looking statements, there should be no inference that it will make additional updates with respect to those or other forward-looking statements.

LGI HOMES, INC. CONSOLIDATED BALANCE SHEETS (Unaudited) (In thousands, except share data)
	September 30, 2026				December 31, 2025
ASSETS
Cash and cash equivalents	$	69,437			$	61,247
Accounts receivable		29,013				32,467
Real estate inventory		3,487,271				3,555,602
Pre-acquisition costs and deposits		22,420				28,950
Property and equipment, net		189,811				107,145
Other assets		115,996				119,909
Deferred tax assets, net		10,483				9,904
Goodwill		12,018				12,018
Total assets	$	3,936,449			$	3,927,242
LIABILITIES AND EQUITY
Accounts payable	$	67,381			$	16,179
Accrued expenses and other liabilities		164,176				157,971
Notes payable, net		1,544,466				1,656,803
Total liabilities		1,776,023				1,830,953
COMMITMENTS AND CONTINGENCIES
EQUITY
Common stock, par value $0.01, 250,000,000 shares authorized, 27,926,950 shares issued and 23,270,358 shares outstanding as of September 30, 2026 and 27,789,678 shares issued and 23,133,086 shares outstanding as of December 31, 2025		279				277
Additional paid-in capital		357,690				347,308
Retained earnings		2,212,039				2,158,339
Treasury stock, at cost, 4,656,592 shares as of September 30, 2026 and December 31, 2025		(409,582	)			(409,635	)
Total equity		2,160,426				2,096,289
Total liabilities and equity	$	3,936,449			$	3,927,242

LGI HOMES, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (In thousands, except share and per share data)
	Three Months Ended September 30,								Nine Months Ended September 30,
	2026				2025				2026				2025
Revenues
Homebuilding revenues	$	437,507			$	396,632			$	1,258,754			$	1,231,537
Land and other revenues		6,957				6,869				34,634				43,594
Total revenues		444,464				403,501				1,293,388				1,275,131
Cost of sales
Homebuilding costs		349,018				311,520				1,010,942				962,104
Land and other costs		6,262				4,712				30,437				37,441
Total cost of sales		355,280				316,232				1,041,379				999,545
Selling expenses		35,757				35,661				112,556				119,602
General and administrative		26,298				27,967				82,730				88,570
Other income, net		(6,180	)			(3,060	)			(17,496	)			(7,051	)
Net income before income taxes		33,309				26,701				74,219				74,465
Income tax provision		8,753				6,997				20,519				19,234
Net income	$	24,556			$	19,704			$	53,700			$	55,231
Earnings per share:
Basic	$	1.05			$	0.85			$	2.31			$	2.38
Diluted	$	1.05			$	0.85			$	2.31			$	2.37
Weighted average shares outstanding:
Basic		23,331,728				23,056,904				23,210,620				23,223,736
Diluted		23,466,066				23,149,005				23,281,055				23,289,280

Homebuilding Revenues, Home Closings, Average Sales Price Per Home Closed (ASP), Average Community Count, Average Monthly Absorption Rate, and Ending Community Count by Reportable Segment
(Revenues in thousands, unaudited)

		Three Months Ended September 30, 2026												As of September 30, 2026
Reportable Segment		Homebuilding Revenues			Home Closings		ASP			Average Community Count		Average Monthly Absorption Rate		Community Count at End of Period
Central		$	103,495		342		$	302,617		50.3		2.3		49
Southeast			109,238		335			326,084		30.0		3.7		30
Northwest			60,125		115			522,826		18.0		2.1		18
West			108,581		239			454,314		29.3		2.7		29
Florida			56,068		158			354,861		24.4		2.2		25
Total		$	437,507		1,189		$	367,962		152.0		2.6		151

		Three Months Ended September 30, 2025												As of September 30, 2025
Reportable Segment		Homebuilding Revenues			Home Closings		ASP			Average Community Count		Average Monthly Absorption Rate		Community Count at End of Period
Central		$	99,355		307		$	323,632		45.0		2.3		45
Southeast			101,419		299			339,194		32.3		3.1		32
Northwest			49,408		109			453,284		14.7		2.5		14
West			91,699		203			451,719		25.7		2.6		25
Florida			54,751		147			372,456		24.3		2.0		25
Total		$	396,632		1,065		$	372,424		142.0		2.5		141

Homebuilding Revenues, Home Closings, Average Sales Price Per Home Closed (ASP), Average Community Count, Average Monthly Absorption Rate, and Ending Community Count by Reportable Segment
(Revenues in thousands, unaudited)

		Nine Months Ended September 30, 2026												As of September 30, 2026
Reportable Segment		Homebuilding Revenues			Home Closings		ASP			Average Community Count		Average Monthly Absorption Rate		Community Count at End of Period
Central		$	320,432		1,057		$	303,152		49.1		2.4		49
Southeast			289,706		877			330,338		29.8		3.3		30
Northwest			156,736		302			518,993		16.4		2.0		18
West			319,040		710			449,352		28.2		2.8		29
Florida			172,840		489			353,456		23.9		2.3		25
Total		$	1,258,754		3,435		$	366,449		147.4		2.6		151

		Nine Months Ended September 30, 2025												As of September 30, 2025
Reportable Segment		Homebuilding Revenues			Home Closings		ASP			Average Community Count		Average Monthly Absorption Rate		Community Count at End of Period
Central		$	313,487		997		$	314,430		47.8		2.3		45
Southeast			353,211		1,067			331,032		31.8		3.7		32
Northwest			137,132		274			500,482		15.8		1.9		14
West			258,994		592			437,490		25.3		2.6		25
Florida			168,713		454			371,615		24.6		2.1		25
Total		$	1,231,537		3,384		$	363,929		145.3		2.6		141

Owned and Controlled Lots

The table below shows (i) home closings by reportable segment for the nine months ended September 30, 2026 and (ii) the Company’s owned or controlled lots by reportable segment as of September 30, 2026.

			Nine Months Ended September 30, 2026		As of September 30, 2026
Reportable Segment			Home Closings		Owned (1)		Controlled		Total
	Central		1,057		17,813		671		18,484
	Southeast		877		12,602		2,119		14,721
	Northwest		302		5,879		1,012		6,891
	West		710		8,947		3,111		12,058
	Florida		489		5,029		1,217		6,246
Total			3,435		50,270		8,130		58,400
(1)	Of the 50,270 owned lots as of September 30, 2026, 34,119 were raw/under development lots and 16,151 were finished lots. Finished lots included 2,147 completed homes, including information centers, and 1,626 homes in progress.

Backlog Data

As of the dates set forth below, the Company’s net orders, cancellation rate and ending backlog homes and value were as follows (dollars in thousands, unaudited):

		Nine Months Ended September 30,
Backlog Data		2026 (4)				2025 (5)
Net orders (1)			2,869				4,098
Cancellation rate (2)			48.9	%			28.1	%
Ending backlog – homes (3)			685				1,305
Ending backlog – value (3)		$	273,711			$	498,713
(1)	Net orders are new (gross) orders for the purchase of homes during the period, less cancellations of existing purchase contracts during the period.
(2)	Cancellation rate for a period is the total number of purchase contracts cancelled during the period divided by the total new (gross) orders for the purchase of homes during the period.
(3)	Ending backlog consists of retail homes at the end of the period that are under a purchase contract that has been signed by homebuyers who have met preliminary financing criteria but have not yet closed and wholesale contracts with varying terms. Ending backlog is valued at the contract amount.
(4)	As of September 30, 2026, the Company had 85 units related to bulk sales agreements associated with its wholesale business.
(5)	As of September 30, 2025, the Company had 60 units related to bulk sales agreements associated with its wholesale business.

Non-GAAP Measures

In addition to the results reported in accordance with accounting principles generally accepted in the United States (“GAAP”), the Company has provided information in this press release relating to adjusted net income, adjusted basic earnings per share, adjusted diluted earnings per share, homebuilding gross margin excluding inventory impairment, adjusted homebuilding gross margin, and net debt to capital ratio.

Adjusted Net Income, Adjusted Basic Earnings per Share, and Adjusted Diluted Earnings per Share

Adjusted net income, adjusted basic earnings per share, and adjusted diluted earnings per share are non-GAAP financial measures used by management as supplemental measures in evaluating operating performance. The Company defines adjusted net income as net income less inventory impairment charges. The Company defines adjusted basic earnings per share as adjusted net income divided by weighted average basic shares outstanding. The Company defines adjusted diluted earnings per share as adjusted net income divided by weighted average diluted shares outstanding. Management believes that the presentation of adjusted net income, adjusted basic earnings per share, and adjusted diluted earnings per share provides useful information to investors because such measures isolate the impact that inventory impairment charges have on net income and earnings per share. However, because adjusted net income, adjusted basic earnings per share, and adjusted diluted earnings per share exclude the inventory impairment charge, which has real economic effects and could impact the Company’s results, the utility of adjusted net income, adjusted basic earnings per share, and adjusted diluted earnings per share as measures of the Company’s operating performance may be limited. In addition, other companies may not calculate adjusted net income, adjusted basic earnings per share, and adjusted diluted earnings per share in the same manner that the Company does. Accordingly, adjusted net income, adjusted basic earnings per share, and adjusted diluted earnings per share should be considered only as supplements to net income, basic earnings per share, and diluted earnings per share, respectively, as measures of the Company’s performance.

The following table reconciles adjusted net income to net income, which is the GAAP financial measure that management believes to be most directly comparable, and adjusted basic earnings per share and adjusted diluted earnings per share are calculated by dividing adjusted net income by basic or diluted weighted average shares outstanding, respectively (dollars in thousands, except earnings per share, unaudited):

	Three Months Ended September 30,						Nine Months Ended September 30,
	2026			2025			2026			2025
Net income	$	24,556		$	19,704		$	53,700		$	55,231
Basic weighted average number of shares outstanding		23,331,728			23,056,904			23,210,620			23,223,736
Basic earnings per share	$	1.05		$	0.85		$	2.31		$	2.38
Diluted weighted average number of shares outstanding		23,466,066			23,149,005			23,281,055			23,289,280
Diluted earnings per share	$	1.05		$	0.85		$	2.31		$	2.37

	Three Months Ended September 30,						Nine Months Ended September 30,
	2026			2025			2026				2025
Net income	$	24,556		$	19,704		$	53,700			$	55,231
Inventory impairment		—			—			4,681				—
Tax impact due to above reconciling item		—			—			(1,225	)			—
Adjusted net income	$	24,556		$	19,704		$	57,156			$	55,231
Basic weighted average number of shares outstanding		23,331,728			23,056,904			23,210,620				23,223,736
Adjusted basic earnings per share	$	1.05		$	0.85		$	2.46			$	2.38
Diluted weighted average number of shares outstanding		23,466,066			23,149,005			23,281,055				23,289,280
Adjusted diluted earnings per share	$	1.05		$	0.85		$	2.46			$	2.37

Homebuilding Gross Margin Excluding Inventory Impairment and Adjusted Homebuilding Gross Margin

Homebuilding gross margin excluding inventory impairment and adjusted homebuilding gross margin are non-GAAP financial measures used by management as supplemental measures in evaluating operating performance. The Company defines homebuilding gross margin excluding inventory impairment as homebuilding gross margin less inventory impairment charges. The Company defines adjusted homebuilding gross margin as homebuilding gross margin excluding inventory impairment, less capitalized interest and adjustments resulting from the application of purchase accounting included in the cost of sales. Management believes homebuilding gross margin excluding inventory impairment and adjusted homebuilding gross margin are useful because they isolate the impact that capitalized interest, purchase accounting adjustments, and inventory impairment (as applicable) have on homebuilding gross margin. However, because homebuilding gross margin excluding inventory impairment and adjusted homebuilding gross margin exclude capitalized interest, purchase accounting adjustments, and inventory impairment (as applicable), which have real economic effects and could impact the Company’s results, the utility of homebuilding gross margin excluding inventory impairment and adjusted homebuilding gross margin as measures of the Company’s operating performance may be limited. In addition, other companies may not calculate homebuilding gross margin excluding inventory impairment and adjusted homebuilding gross margin in the same manner that the Company does. Accordingly, homebuilding gross margin excluding inventory impairment and adjusted homebuilding gross margin should be considered only as supplements to homebuilding gross margin as a measure of the Company’s performance.

The following table reconciles homebuilding gross margin excluding inventory impairment and adjusted homebuilding gross margin to homebuilding gross margin (homebuilding revenues less homebuilding costs), which is the GAAP financial measure that management believes to be most directly comparable (dollars in thousands, unaudited):

		Three Months Ended September 30,								Nine Months Ended September 30,
		2026				2025				2026				2025
Homebuilding revenues		$	437,507			$	396,632			$	1,258,754			$	1,231,537
Homebuilding costs			349,018				311,520				1,010,942				962,104
Homebuilding gross margin		$	88,489			$	85,112			$	247,812			$	269,433
	Inventory impairment		—				—				4,681				—
Homebuilding gross margin excluding inventory impairment		$	88,489			$	85,112			$	252,493			$	269,433
	Capitalized interest amortized to cost of sales		14,723				11,004				41,171				31,107
	Purchase accounting adjustments (1)		449				999				1,382				2,850
Adjusted homebuilding gross margin		$	103,661			$	97,115			$	295,046			$	303,390
Homebuilding gross margin % (2)			20.2	%			21.5	%			19.7	%			21.9	%
Homebuilding gross margin % excluding inventory impairment (2)			20.2	%			21.5	%			20.1	%			21.9	%
Adjusted homebuilding gross margin % (2)			23.7	%			24.5	%			23.4	%			24.6	%
(1)	Adjustments result from the application of purchase accounting for acquisitions and represent the amount of the fair value step-up adjustments included in cost of sales for real estate inventory sold after the acquisition dates.
(2)	Calculated as a percentage of homebuilding revenues.

Net Debt to Capital Ratio

Net debt to capital ratio is a non-GAAP financial measure used by management as a supplemental measure in understanding the leverage employed in the Company’s operations and as an indicator of its ability to obtain financing. The Company defines net debt to capital ratio as net debt (which is total debt minus cash and cash equivalents) divided by net debt plus total equity. Management believes that the presentation of net debt to capital ratio provides useful information to investors regarding the Company’s financial leverage and its ability to meet long-term obligations. By excluding cash and cash equivalents from total debt, the ratio offers a clearer view of the Company’s capital structure and financial flexibility. Management uses this metric to monitor the Company’s capital efficiency and to evaluate the effectiveness of its capital management strategies over time. Other companies may define this measure differently and, as a result, the Company’s measure of net debt to capital ratio may not be directly comparable to the measures of other companies.

The following table reconciles net debt to capital ratio to debt to capital ratio, which is the GAAP financial measure that management believes to be most directly comparable (dollars in thousands, unaudited):

		September 30, 2026				December 31, 2025
Total debt (Notes payable)		$	1,544,466			$	1,656,803
Total equity			2,160,426				2,096,289
Total capital		$	3,704,892			$	3,753,092
Debt to capital ratio			41.7	%			44.1	%
Total debt (Notes payable)		$	1,544,466			$	1,656,803
	Less: Cash and cash equivalents		69,437				61,247
Net debt		$	1,475,029			$	1,595,556
Total equity			2,160,426				2,096,289
Total net capital		$	3,635,455			$	3,691,845
Net debt to capital ratio (1)			40.6	%			43.2	%
(1)	Net debt to capital ratio is calculated as net debt (which is total debt minus cash and cash equivalents) divided by net debt plus total equity.

CONTACT:	Joshua D. Fattor
	Executive Vice President of Finance and Capital Markets
	Head of Investor Relations
	(281) 210-2586
	investorrelations@lgihomes.com

SINGAPORE, Nov. 03, 2026 (GLOBE NEWSWIRE) — Aurora Mobile Limited (NASDAQ: JG) (“Aurora Mobile” or the “Company”), a leading provider of customer engagement and marketing technology services, today announced that its AI-first customer engagement platform, EngageLab, has partnered with SKYWORTH Solar Co., Ltd. SKYWORTH Solar has deployed EngageLab AppPush within its international business operations to streamline communications for global channel distributors, project engineering teams and end users, reinforcing its ongoing global expansion.

Founded in 2020 as a subsidiary of Skyworth Group, SKYWORTH Solar specializes in residential and commercial photovoltaics, energy storage, charging, and smart energy operations. As the company accelerates its international footprint—operating via localized teams and an extensive distributor network across more than 40 countries—the need for a robust, global messaging infrastructure has become critical.

Overcoming Communication Fragmentation in Global Markets
For a company transitioning from hardware export to delivering comprehensive, end-to-end energy solutions, reliable communication is the backbone of operational efficiency. As SKYWORTH Solar entered diverse markets across Europe, Southeast Asia, the Middle East, and Africa, it faced a highly fragmented Android ecosystem.

By integrating the EngageLab AppPush solution, SKYWORTH Solar has unified its notification routing capabilities, overcoming the limitations of disparate device manufacturer channels. This integration ensures consistent, localized, and compliant data transmission during peak operational periods or critical policy rollouts.

Driving Efficiency Across Three Core Scenarios
With EngageLab AppPush, SKYWORTH Solar has successfully tailored its messaging strategies to meet the distinct needs of its diverse user base:

• Streamlining Distributor Operations: The platform enables SKYWORTH Solar to distribute targeted updates regarding new product launches, pricing policies, inventory, and order statuses. Messages are intelligently scheduled and adapted to each distributor’s local time zone and device language, ensuring seamless operational alignment.
• Empowering On-Site Engineering Teams: For field personnel, the app reliably delivers construction milestones, inspection tasks, and critical equipment alerts (such as inverter or battery anomalies). By integrating with major device manufacturer channels alongside standard routing options, EngageLab ensures these time-sensitive notifications reach teams even in challenging outdoor connectivity environments.
• Enhancing the End-User Experience: Property owners receive prompt, periodic updates on energy generation and grid yields, as well as immediate alerts for any equipment anomalies, ensuring transparency and trust.

“As we expand our renewable energy solutions globally, staying connected with our distributors and field engineers in real time is paramount,” said the Head of Global Operations at SKYWORTH Solar. “EngageLab’s AppPush provides the reliability and intelligent routing we need to keep our international operations running smoothly.”

As SKYWORTH Solar continues to scale its channel network, this advanced communication infrastructure will grow in tandem. EngageLab remains committed to leveraging its AI-first engagement capabilities to help SKYWORTH Solar maintain synchronized, reliable, and context-aware communications with its global stakeholders.

About EngageLab
EngageLab is an AI-first customer engagement platform that helps you build stronger customer relationships with AI agents, unified customer data, and reliable delivery across channels. EngageLab’s global customers include Dhgate, HelloRide, The Consejo Nacional Electoral (CNE) of Ecuador, J&T Cargo, Blurams and many more.
For more information, please contact: marketing@engagelab.com

About Aurora Mobile Limited
Founded in 2011, Aurora Mobile (NASDAQ: JG) is a leading provider of customer engagement and marketing technology services. The Company is dedicated to empowering global enterprises with stable, efficient, and intelligent customer interaction solutions. Leveraging its first-mover advantage in mobile messaging, Aurora Mobile has evolved into a comprehensive platform that integrates Omnichannel Engagement, AI-Driven Marketing, Advanced AI Customer Support, and Frictionless Identity Security. Through its flagship brand EngageLab and its robust AI infrastructure GPTBots.ai, the Company helps businesses achieve seamless customer reach, automate complex marketing journeys, and optimize service efficiency with AI agents, accelerating digital transformation for clients worldwide.

For more information, please visit: https://ir.aurora-mobile.com/
Media contact: marketing@aurora-mobile.com

Safe Harbor Statement
This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident” and similar statements. Among other things, the Business Outlook and quotations from management in this announcement, as well as Aurora Mobile’s strategic and operational plans, contain forward-looking statements. Aurora Mobile may also make written or oral forward-looking statements in its reports to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including but not limited to statements about Aurora Mobile’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Aurora Mobile’s strategies; Aurora Mobile’s future business development, financial condition and results of operations; Aurora Mobile’s ability to attract and retain customers; its ability to develop and effectively market data solutions, and penetrate the existing market for developer services; its ability to transition to the new advertising-driven SAAS business model; its ability to maintain or enhance its brand; the competition with current or future competitors; its ability to continue to gain access to mobile data in the future; the laws and regulations relating to data privacy and protection; general economic and business conditions globally and in China and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in the Company’s filings with the Securities and Exchange Commission. All information provided in this press release and in the attachments is as of the date of the press release, and Aurora Mobile undertakes no duty to update such information, except as required under applicable law.

For more information, please contact:
Aurora Mobile Limited
E-mail: ir@aurora-mobile.com

Christensen Advisory
Ms. Xiaoyan Su
E-mail: Xiaoyan.Su@christensencomms.com

Net Revenues Increased by 17.0% Year-over-Year to RMB17.9 Billion

GAAP Operating Income Increased by 55.1% Year-over-Year to RMB2.8 Billion, with Operating Margin Expanding to 15.4%

Average Monthly Transacting Customers Reached Another Record High of 123.0 Million

BEIJING, Nov. 03, 2026 (GLOBE NEWSWIRE) — Luckin Coffee Inc. (“Luckin Coffee” or the “Company”) (OTC: LKNCY) today announced its unaudited financial results for the three months ended September 30, 2026.

THIRD QUARTER 2026 HIGHLIGHTS¹

• Total net revenues were RMB17,891.5 million (US$2,666.0 million), representing a 17.0% year-over-year increase.
• Net new store openings were 2,599, comprising 2,543 stores in China (including Hong Kong), 14 stores in Singapore, 40 stores in Malaysia and 2 stores in the U.S. Total number of stores increased to 38,909 at the third quarter end, comprising 25,402 self-operated stores and 13,507 partnership stores, which represented a store unit growth of 7.2% from the total store count as of the end of the second quarter of 2026.
• Average monthly transacting customers reached another record high of 123.0 million, representing a 9.6% year-over-year increase.
• Revenues from self-operated stores were RMB12,939.8 million (US$1,928.2 million), representing a 16.8% year-over-year increase.
• Same-store sales growth for self-operated stores was negative 11.1%, compared to 14.3% in the same quarter of 2025, primarily reflecting a high prior-year comparison base due to elevated subsidies offered by food delivery platforms during the comparable period.
• Store-level operating profit – self-operated stores was RMB3,019.3 million (US$449.9 million), representing a 55.5% year-over-year increase. Store-level operating margin improved by 5.8 percentage points year-over-year to 23.3%.
• Revenues from partnership stores were RMB4,242.7 million (US$632.2 million), representing an 11.7% year-over-year increase.
• GAAP operating income was RMB2,755.9 million (US$410.7 million), representing a 55.1% year-over-year increase. GAAP operating margin improved by 3.8 percentage points year-over-year to 15.4%. Non-GAAP operating income, which adjusts for share-based compensation expenses and deal-related expenses for long-term equity investment, was RMB3,047.0 million (US$454.0 million), representing a 58.2% year-over-year increase. Non-GAAP operating margin improved by 4.4 percentage points year-over-year to 17.0%.

Dr. Jinyi Guo, Co-founder and CEO of Luckin Coffee, said, “Our execution of the high-quality, scaled growth strategy continued to yield positive results. Amid growing coffee demand in China, our average monthly transacting customers reached another record high, while we maintained an industry-leading pace of store expansion. We also continued to improve profitability, with quarterly non-GAAP net income reaching a record RMB2.1 billion. These results further validate our digitally driven end-to-end business model and reinforce our confidence in capturing the secular growth opportunities in China’s coffee market. With this in mind, we are pleased to announce that our board has approved a new share repurchase program of up to US$500 million. Looking ahead, we remain focused on market share gains and long-term value creation for shareholders.”

__________________
¹ Please refer to the section “KEY DEFINITIONS” for detailed definitions on certain terms used.

THIRD QUARTER 2026 FINANCIAL RESULTS

Total net revenues were RMB17,891.5 million (US$2,666.0 million), representing an increase of 17.0% from RMB15,287.1 million in the same quarter of 2025. Net revenues growth was primarily driven by a 19.7% year-over-year increase in GMV, which reached RMB20.7 billion, as a result of an increase in the number of products sold resulting from growth in (i) the number of stores in operation as well as (ii) monthly transacting customers.

• Revenues from product sales were RMB13,648.7 million (US$2,033.8 million), representing an increase of 18.8% from RMB11,488.3 million in the same quarter of 2025.
  • Net revenues from freshly brewed drinks increased to RMB12,438.4 million (US$1,853.4 million) from RMB10,632.9 million in the same quarter of 2025. This revenue stream accounted for 69.5% of total net revenues, largely consistent with the same quarter of 2025.
  • Net revenues from other products increased to RMB1,051.9 million (US$156.7 million) from RMB622.5 million in the same quarter of 2025. This revenue stream accounted for 5.9% of total net revenues, compared to 4.1% in the same quarter of 2025.
  • Net revenues from others were RMB158.4 million (US$23.7 million), compared to RMB232.9 million in the same quarter of 2025. The decrease was mainly due to lower revenue from delivery for self-operated stores. This revenue stream accounted for 0.9% of total net revenues, compared to 1.4% in the same quarter of 2025.
• Revenues from partnership stores were RMB4,242.7 million (US$632.2 million), representing an increase of 11.7% from RMB3,798.9 million in the same quarter of 2025. This revenue stream accounted for 23.7% of total net revenues, compared to 24.9% in the same quarter of 2025. Revenues from partnership stores included sales of materials of RMB2,811.2 million (US$418.9 million), delivery service fees of RMB606.3 million (US$90.3 million), profit sharing and royalty fee of RMB580.8 million (US$86.5 million), sales of equipment of RMB214.5 million (US$32.0 million), and franchise and other service fees of RMB30.0 million (US$4.5 million).

Total operating expenses were RMB15,135.5 million (US$2,255.3 million), representing an increase of 12.0% from RMB13,510.6 million in the same quarter of 2025. The increase primarily resulted from the Company’s business expansion. Operating expenses as a percentage of total net revenues decreased to 84.6% from 88.4% in the same quarter of 2025, mainly due to delivery expenses decreasing as a percentage of total net revenues.

• Cost of materials were RMB6,854.2 million (US$1,021.3 million), representing an increase of 23.7% from RMB5,539.9 million in the same quarter of 2025. The increase was primarily attributable to (i) higher product sales volume and (ii) increased sales of materials to partnership stores.
• Store rental and other operating costs were RMB3,925.4 million (US$584.9 million), representing an increase of 26.7% from RMB3,097.1 million in the same quarter of 2025. The increase mainly resulted from expanded store footprint and increased items sold which led to year-over-year increases in (i) labor costs, (ii) store rental costs as well as (iii) utilities and other store operating costs.
• Depreciation and amortization expenses were RMB490.9 million (US$73.2 million), representing an increase of 19.7% from RMB410.0 million in the same quarter of 2025. The increase was mainly due to (i) greater depreciation expenses from new equipment deployed at stores and (ii) higher store leasehold improvement amortization.
• Delivery expenses were RMB1,789.0 million (US$266.6 million), representing a significant decrease of 38.1% from RMB2,889.2 million in the same quarter of 2025. The decrease was mainly due to a notable shift in order mix from delivery to pick-up.
• Sales and marketing expenses were RMB976.2 million (US$145.5 million), representing an increase of 30.0% from RMB751.2 million in the same quarter of 2025. The increase was mainly driven by higher spending on advertising and other promotion expenses. Sales and marketing expenses as a percentage of total net revenues was 5.5%, compared to 4.9% in the same quarter of 2025.
• General and administrative expenses were RMB1,075.3 million (US$160.2 million), representing an increase of 35.5% from RMB793.4 million in the same quarter of 2025. The increase was mainly driven by increases in (i) share-based compensation for management and employees, (ii) payroll costs for general and administrative staff, and (iii) research and development expenses. General and administrative expenses as a percentage of total net revenues was 6.0%, compared to 5.2% in the same quarter of 2025.
• Store preopening and other expenses were RMB23.4 million (US$3.5 million), representing a decrease of 14.8% from RMB27.4 million in the same quarter of 2025, mainly due to fewer stores preparing to be opened compared to the same quarter of 2025. Store preopening and other expenses as a percentage of total net revenues was 0.1%, compared to 0.2% in the same quarter of 2025.
• Losses and expenses related to Fabricated Transactions and Restructuring were RMB1.1 million (US$0.2 million), compared to RMB2.3 million in the same quarter of 2025.
• Store-level operating margin – self-operated stores was 23.3%, improving by 5.8 percentage points from 17.5% in the same quarter of 2025.

GAAP operating income was RMB2,755.9 million (US$410.7 million), representing an increase of 55.1% from RMB1,776.6 million in the same quarter of 2025. GAAP operating margin was 15.4%, an increase of 3.8 percentage points from 11.6% in the same quarter of 2025. Non-GAAP operating income was RMB3,047.0 million (US$454.0 million), representing an increase of 58.2% from RMB1,925.7 million in the same quarter of 2025. Non-GAAP operating margin was 17.0%, an increase of 4.4 percentage points from 12.6% in the same quarter of 2025. For more information on the Company’s non-GAAP financial measures, please see the section “Use of Non-GAAP Financial Measures” and the table captioned “Reconciliation of Non-GAAP Measures to the Most Directly Comparable GAAP Measures” set forth at the end of this press release.

Income tax expenses were RMB914.1 million (US$136.2 million), compared to RMB560.1 million in the same quarter of 2025. The growth was mainly due to higher profits earned in this quarter.

Net income was RMB1,858.9 million (US$277.0 million), representing an increase of 45.4% from RMB1,278.3 million in the same quarter of 2025. Net margin was 10.4%, an increase of 2.0 percentage points from 8.4% in the same quarter of 2025. Non-GAAP net income was RMB2,144.8 million (US$319.6 million), representing an increase of 50.9% from RMB1,421.4 million in the same quarter of 2025. Non-GAAP net margin was 12.0%, an increase of 2.7 percentage points from 9.3% in the same quarter of 2025.

Basic and diluted net income per ADS was RMB5.92 (US$0.88) and RMB5.92 (US$0.88), respectively, compared to RMB4.00 and RMB3.92 in the same quarter of 2025, respectively.

Non-GAAP basic and diluted net income per ADS was RMB6.80 (US$1.04) and RMB6.80 (US$1.04), respectively, compared to RMB4.40 and RMB4.40 in the same quarter of 2025, respectively.

Net cash provided by operating activities was RMB4,131.8 million (US$615.7 million), compared to RMB2,069.2 million in the same quarter of 2025.

Cash and cash equivalents, restricted cash, term deposits and short-term investments were RMB14,333.4 million (US$2,135.8 million) as of September 30, 2026, compared to RMB8,964.4 million as of December 31, 2025.

SHARE REPURCHASE PROGRAM UPDATE AND ADDITIONAL AUTHORIZATION

Pursuant to the Company’s share repurchase program announced in April 2026 and upsized in September 2026, with an aggregate authorized amount of US$500 million (the “Existing Share Repurchase Program”), the Company repurchased a total of 95.8 million Class A ordinary shares (equivalent to 12.0 million American depositary shares (“ADSs”)) for a total consideration of US$391.0 million as of September 30, 2026.

Separately, the Company’s board of directors has approved a new share repurchase program (the “New Share Repurchase Program”), under which the Company may repurchase up to US$500 million of its Class A ordinary shares in the form of ADSs for a 12-month period. The New Share Repurchase Program will commence upon the earlier of (i) the full utilization of the existing US$500 million share repurchase authorization and (ii) the expiration of the term of the Existing Share Repurchase Program.

The Company’s share repurchases, if any, under the New Share Repurchase Program may be made from time to time on the open market at prevailing market prices, in privately negotiated transactions, block trades and/or through other legally permissible means, depending on market and economic conditions and other factors, including share price, applicable legal and regulatory requirements, the Company’s insider trading policy and capital availability. Open-market repurchases may be conducted in reliance on Rule 10b-18 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), where applicable, and repurchases may also be effected pursuant to trading plans intended to satisfy the requirements of Rule 10b5-1 under the Exchange Act.

The New Share Repurchase Program does not obligate the Company to acquire any particular number of ADSs or to expend any particular amount. The Company’s board of directors will review the New Share Repurchase Program periodically and may authorize adjustments to its terms or size, or suspend or terminate the program at any time.

KEY OPERATING DATA

	For the three months ended or as of
	Mar 31,		June 30,		Sep 30,		Dec 31,		Mar 31,		June 30,		Sep 30,
	2025		2025		2025		2025		2026		2026		2026
Total stores	24,097		26,206		29,214		31,048		33,596		36,310		38,909
Self-operated stores	15,598		16,968		18,882		20,234		21,807		23,734		25,402
Partnership stores	8,499		9,238		10,332		10,814		11,789		12,576		13,507
Same-store sales growth for self-operated stores	9.2%		13.8%		14.3%		1.3%		(0.1)%		(5.3)%		(11.1)%
Average monthly transacting customers (in thousands)	74,272		91,697		112,295		98,351		93,089		112,707		123,019

KEY DEFINITIONS

• GMV (gross merchandise value) refers to the transaction amount from the sales of freshly brewed and non-freshly brewed items through self-operated stores and partnership stores.
• Total net revenues include revenues from product sales and revenues from partnership stores.
• Revenues from product sales mainly include net revenue from the sales of freshly brewed and non-freshly brewed items through self-operated stores, e-commerce, offline sales and revenue from delivery for self-operated stores.
• Revenues from self-operated stores include net revenue from the sales of freshly brewed and non-freshly brewed items through self-operated stores, and delivery fees derived from self-operated stores paid by the Company’s customers.
• Revenues from partnership stores include net revenue from the sales of materials, equipment, delivery services, profit sharing and royalty fees, franchise and other services from partnership stores.
• Same-store sales growth for self-operated stores. Defined as the year-over-year growth rate of total revenues from self-operated stores that are identified as qualifying on a monthly basis, meaning stores that were in operation at the beginning of the comparable month and remained open through the end of the current month. Same-store sales growth is calculated by dividing the sum of each current month’s revenue from qualified self-operated stores by the sum of each comparable month’s revenue from those same qualified self-operated stores. Beginning in the first quarter of 2026, we adjusted this definition to better reflect the sales growth of our self-operated stores. Comparative figures from previous periods presented have been adjusted to conform to the updated definition.
• Store-level operating profit – self-operated stores. Calculated by deducting cost for self-operated stores including cost of direct materials (including wastage in stores), cost of delivery packaging materials, storage and logistics expenses, commissions to third-party delivery platforms related to revenues from self-operated stores, store depreciation expense (including decoration loss for store closure), store rental and other operating costs, delivery expense, transaction fees, store preopening and other expenses from the Company’s self-operated store revenues.
• Store-level operating margin – self-operated stores. Calculated by dividing store-level operating profit by total revenues from self-operated stores.
• Total number of stores. The number of stores open at the end of the period.
• Net new store openings. The number of gross new stores opened during the period minus the number of stores permanently closed during the period.
• Average monthly transacting customers. The total of each month’s number of transacting customers divided by the number of months during the period (includes those of partnership stores and those only paid with free-coupons).
• Non-GAAP operating income. Calculated by operating income excluding share-based compensation expenses and deal-related expenses for long-term equity investment.
• Non-GAAP net income. Calculated by net income excluding recurring item of share-based compensation expenses, one-off item of deal-related expenses for long-term equity investment and income tax effects of GAAP to non-GAAP reconciling items.
• Non-GAAP net income attributable to the Company’s ordinary shareholders. Calculated by adjusting net income attributable to the Company’s ordinary shareholders excluding recurring item of share-based compensation expenses, one-off item of deal-related expenses for long-term equity investment and income tax effects of GAAP to non-GAAP reconciling items.
• Non-GAAP basic and diluted net income per share. Calculated as non-GAAP net income attributable to the Company’s ordinary shareholders divided by weighted average number of basic and diluted share.
• Non-GAAP basic and diluted net income per ADS. Calculated as non-GAAP net income attributable to the Company’s ordinary shareholders divided by weighted average number of basic and diluted ADS.

USE OF NON-GAAP FINANCIAL MEASURES

In evaluating the business, the Company considers and uses non-GAAP operating income/(loss) and non-GAAP net income/(loss), each a non-GAAP financial measure, in reviewing and assessing the Company’s operating performance. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP. The Company presents these non-GAAP financial measures because they are used by the Company’s management to evaluate operating performance and formulate business plans. The Company believes that the non-GAAP financial measures help identify underlying trends in the Company’s business, provide further information about the Company’s results of operations and enhance the overall understanding of the Company’s past performance and future prospects.

The non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. The non-GAAP financial measures have limitations as analytical tools. The Company’s non-GAAP financial measures do not reflect all items of income and expense that affect the Company’s operations and do not represent the residual cash flow available for discretionary expenditures. Furthermore, these non-GAAP measures may differ from the non-GAAP information used by other companies, including peer companies, and therefore their comparability may be limited. The Company compensates for these limitations by reconciling the non-GAAP financial measures to the nearest U.S. GAAP performance measure, all of which should be considered when evaluating the Company’s performance. The Company encourages investors and others to review the Company’s financial information in its entirety and not rely on a single financial measure.

The Company defines non-GAAP operating income/(loss) as operating income/(loss) excluding share-based compensation expenses and deal-related expenses for long-term equity investment, non-GAAP net income/(loss) as net income/(loss) excluding recurring item of share-based compensation expenses, one-off item of deal-related expenses for long-term equity investment and income tax effects of GAAP to non-GAAP reconciling items, and non-GAAP net income/(loss) attributable to the Company’s ordinary shareholders as net income/(loss) attributable to the Company’s ordinary shareholders excluding recurring item of share-based compensation expenses, one-off item of deal-related expenses for long-term equity investment and income tax effects of GAAP to non-GAAP reconciling items.

For more information on the non-GAAP financial measures, please see the table captioned “Reconciliation of Non-GAAP Measures to the Most Directly Comparable GAAP Measures” set forth at the end of this earnings release.

EXCHANGE RATE INFORMATION

This earnings release contains translations of certain RMB amounts into U.S. dollars (“US$”) at specified rates solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to US$ were made at the rate of RMB6.7110 to US$1.00, the exchange rate on September 25, 2026 set forth in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or US$ amounts referred could be converted into US$ or RMB, as the case may be, at any particular rate or at all.

CONFERENCE CALL

The Company will host a conference call today, on Tuesday, November 3, 2026, at 8:00 am Eastern Time (or Tuesday, November 3, 2026, at 9:00 pm Beijing Time) to discuss the financial results.

Participants may access the call by dialing the following numbers:

USA/Canada Toll Free:	+1-888-317-6003
International:	+1-412-317-6061
Mainland China:	+86-400-120-6115
Hong Kong:	+852-58081995
Conference ID:	5849826

The replay will be accessible through November 10, 2026, by dialing the following numbers:

USA/Canada Toll Free:	+1-855-669-9658
International:	+1-412-317-0088
Access Code:	9066982

A live and archived webcast of the conference call will also be available at the Company’s investor relations website at investor.lkcoffee.com.

SAFE HARBOR STATEMENTS

This earnings release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “potential,” “continue,” “ongoing,” “targets,” “guidance” and similar statements. Luckin Coffee may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Any statements that are not historical facts, including statements about Luckin Coffee’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the expense, timing and outcome of existing or future legal and governmental proceedings or investigations in connection with Luckin Coffee; the outcome and effect of the restructuring of Luckin Coffee’s financial obligations; Luckin Coffee’s growth strategies; its future business development, results of operations and financial condition; the effect of the non-reliance identified in, and the resultant restatement of, certain of Luckin Coffee’s previously issued financial results; the effectiveness of its internal control; its ability to retain and attract its customers; its ability to maintain and enhance the recognition and reputation of its brand; its ability to maintain and improve quality control policies and measures; its ability to establish and maintain relationships with its suppliers and business partners; trends and competition in the coffee industry or the food and beverage sector in general; changes in its revenues and certain cost or expense items; the expected growth of China’s coffee industry or China’s food and beverage sector in general; governmental policies and regulations relating to Luckin Coffee’s industry; and general economic and business conditions globally and in China and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks, uncertainties or factors is included in Luckin Coffee’s filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and Luckin Coffee undertakes no obligation to update any forward-looking statement, except as required under applicable law.

STATEMENT REGARDING PRELIMINARY UNAUDITED FINANCIAL INFORMATION

The unaudited financial information set out in this earnings release is preliminary and subject to potential adjustments. Adjustments to the consolidated financial statements may be identified when audit work has been performed for the Company’s year-end audit, which could result in significant differences from this preliminary unaudited financial information. Accordingly, you should not place undue reliance upon these preliminary estimates. The preliminary unaudited financial information included in this press release has been prepared by, and is the responsibility of, the Company’s management. The Company’s auditor has not audited, reviewed, compiled or applied agreed-upon procedures with respect to such preliminary financial data. Accordingly, the Company’s auditor does not express an opinion or any other form of assurance with respect thereto. Upon completion of the year-end audit, the Company’s audited financial results may differ materially from its preliminary estimates.

ABOUT LUCKIN COFFEE INC.

Luckin Coffee Inc. (OTC: LKNCY) has pioneered a technology-driven retail network to provide coffee and other products of high quality, high convenience and high affordability to customers. Empowered by proprietary technologies, Luckin Coffee pursues its vision to build a world-class coffee brand and become a part of everyone’s daily life. Luckin Coffee was founded in 2017 and is based in China. For more information, please visit investor.lkcoffee.com.

INVESTOR AND MEDIA CONTACTS

Investor Relations:
Luckin Coffee IR
Email: ir@lkcoffee.com

Bill Zima
ICR
Phone: 646 880 9039

Media Relations:
Luckin Coffee PR
Email: pr@lkcoffee.com

LUCKIN COFFEE INC. CONSOLIDATED BALANCE SHEET AS OF DECEMBER 31, 2025 AND UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEET AS OF SEPTEMBER 30, 2026 (Amounts in thousands of RMB and US$, except for number of shares)
	As of
	December 31, 2025		September 30, 2026 (Unaudited)
	RMB		RMB		US$
ASSETS
Current assets:
Cash and cash equivalents	2,294,112		7,586,125		1,130,402
Restricted cash	5,362		114,189		17,015
Term deposit – current	3,328,423		846,306		126,107
Short-term investment, net	2,579,000		5,025,000		748,771
Accounts receivable, net	156,330		198,433		29,568
Receivables from online payment platforms	580,557		798,733		119,018
Inventories, net	2,966,506		2,850,378		424,732
Prepaid expenses and other current assets, net	2,520,657		2,643,249		393,868
Total current assets	14,430,947		20,062,413		2,989,481
Non-current assets:
Long-term investment, net	–		644,256		96,000
Property and equipment, net	6,289,986		6,884,123		1,025,797
Restricted cash	57,459		61,782		9,206
Term deposit – non-current	700,000		700,000		104,306
Other non-current assets, net	968,836		1,036,719		154,481
Deferred tax assets, net	217,036		261,122		38,910
Operating lease, right-of-use assets	7,637,320		8,676,659		1,292,901
Total non-current assets	15,870,637		18,264,661		2,721,601
TOTAL ASSETS	30,301,584		38,327,074		5,711,082
LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS’ EQUITY
Current liabilities
Short-term bank borrowings	–		3,250,000		484,280
Accounts payable	1,103,767		1,430,827		213,206
Accrued expenses and other liabilities	4,148,323		5,611,880		836,221
Deferred revenues	156,290		139,553		20,794
Payable for equity litigants settlement	149,887		143,569		21,393
Operating lease liabilities	2,948,353		3,374,458		502,825
Total current liabilities	8,506,620		13,950,287		2,078,719
Non-current liabilities:
Deferred tax liabilities	339,797		533,355		79,475
Operating lease liabilities	4,315,808		4,859,441		724,101
Total non-current liabilities	4,655,605		5,392,796		803,576
Total liabilities	13,162,225		19,343,083		2,882,295
Commitments and contingencies
Mezzanine equity
Convertible senior preferred shares	1,514,660		1,514,660		225,698
Shareholders’ equity:
Class A Ordinary shares	24		24		4
Class B Ordinary shares	2		2		0
Additional paid-in capital	17,278,391		18,002,875		2,682,592
Statutory reserves	453,625		452,759		67,465
Treasury shares	–		(2,654,127)		(395,489)
Accumulated earnings/(deficits)	(2,438,985)		1,413,317		210,597
Accumulated other comprehensive income	331,642		254,481		37,920
Total Company’s ordinary shareholders’ equity	15,624,699		17,469,331		2,603,089
TOTAL LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS’ EQUITY	30,301,584		38,327,074		5,711,082

LUCKIN COFFEE INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (Amounts in thousands of RMB and US$, except for number of shares and per share data)
	For the three months ended September 30,						For the nine months ended September 30,
	2025		2026				2025		2026
	RMB		RMB		US$		RMB		RMB		US$
Net revenues:
Revenues from product sales	11,488,260		13,648,725		2,033,784		27,764,284		34,846,795		5,192,490
Revenues from partnership stores	3,798,852		4,242,733		632,206		8,746,978		10,925,768		1,628,039
Total net revenues	15,287,112		17,891,458		2,665,990		36,511,262		45,772,563		6,820,529
Cost of materials	(5,539,919)		(6,854,198)		(1,021,338)		(13,675,678)		(17,832,121)		(2,657,148)
Store rental and other operating costs	(3,097,088)		(3,925,426)		(584,924)		(8,091,301)		(10,600,680)		(1,579,598)
Depreciation and amortization expenses	(409,964)		(490,916)		(73,151)		(1,123,074)		(1,416,033)		(211,002)
Delivery expenses	(2,889,182)		(1,788,969)		(266,573)		(5,247,879)		(4,714,737)		(702,539)
Sales and marketing expenses	(751,239)		(976,243)		(145,469)		(1,840,153)		(2,633,713)		(392,447)
General and administrative expenses	(793,449)		(1,075,277)		(160,226)		(2,210,822)		(2,911,145)		(433,787)
Store preopening and other expenses	(27,428)		(23,378)		(3,484)		(59,756)		(65,467)		(9,755)
Impairment loss of long-lived assets	–		–		–		(5,509)		(153)		(23)
Losses and expenses related to Fabricated Transactions and Restructuring	(2,289)		(1,119)		(167)		(5,596)		(3,790)		(565)
Total operating expenses	(13,510,558)		(15,135,526)		(2,255,332)		(32,259,768)		(40,177,839)		(5,986,864)
Operating income	1,776,554		2,755,932		410,658		4,251,494		5,594,724		833,665
Interest and investment income	54,134		41,836		6,234		133,326		120,728		17,990
Interest and financing expenses	–		(12,978)		(1,934)		(125)		(14,942)		(2,226)
Foreign exchange loss, net	(2,707)		(19,517)		(2,908)		(12,797)		(48,867)		(7,282)
Other income, net	10,476		7,726		1,151		59,824		25,141		3,746
Net income before income taxes	1,838,457		2,772,999		413,201		4,431,722		5,676,784		845,893
Income tax expense	(560,133)		(914,118)		(136,212)		(1,349,530)		(1,825,348)		(271,993)
Net income	1,278,324		1,858,881		276,989		3,082,192		3,851,436		573,900
Net income attributable to the Company’s ordinary shareholders	1,278,324		1,858,881		276,989		3,082,192		3,851,436		573,900
Net income per share:
Basic	0.50		0.74		0.11		1.20		1.50		0.22
Diluted	0.49		0.74		0.11		1.19		1.50		0.22
Net income per ADS:
Basic*	4.00		5.92		0.88		9.60		12.00		1.76
Diluted*	3.92		5.92		0.88		9.52		12.00		1.76
Weighted average shares outstanding used in calculating basic and diluted income per share:
Basic	2,564,658,430		2,517,371,654		2,517,371,654		2,564,658,441		2,559,798,522		2,559,798,522
Diluted	2,586,724,800		2,525,722,598		2,525,722,598		2,584,194,116		2,566,517,865		2,566,517,865
Net income	1,278,324		1,858,881		276,989		3,082,192		3,851,436		573,900
Other comprehensive income, net of tax of nil:
Foreign currency translation difference, net of tax of nil	(17,645)		(3,768)		(561)		(54,739)		(77,161)		(11,498)
Total comprehensive income	1,260,679		1,855,113		276,428		3,027,453		3,774,275		562,402
Total comprehensive income attributable to the Company’s ordinary shareholders	1,260,679		1,855,113		276,428		3,027,453		3,774,275		562,402

* Each ADS represents eight Class A Ordinary Shares. The per ADS indicators are based on rounded results of corresponding per share indicators, which could have a rounding difference of absolute amount for not more than 0.04 per ADS.

LUCKIN COFFEE INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Amounts in thousands of RMB and US$)
	For the three months ended September 30,						For the nine months ended September 30,
	2025		2026				2025		2026
	RMB		RMB		US$		RMB		RMB		US$
Net cash provided by operating activities	2,069,201		4,131,760		615,669		5,526,280		7,547,764		1,124,685
Net cash used in investing activities	(3,750,368)		(4,142,204)		(617,225)		(7,339,419)		(2,682,901)		(399,776)
Net cash provided by/(used in) financing activities	–		(21,045)		(3,136)		(333,600)		595,873		88,791
Effect of foreign exchange rate changes on cash and cash equivalents and restricted cash	2,936		(18,569)		(2,767)		(13,695)		(55,573)		(8,281)
Net increase/(decrease) in cash and cash equivalents and restricted cash	(1,678,231)		(50,058)		(7,459)		(2,160,434)		5,405,163		805,419
Cash and cash equivalents and restricted cash at beginning of period	3,924,482		7,812,154		1,164,082		4,406,685		2,356,933		351,204
Cash and cash equivalents and restricted cash at end of period	2,246,251		7,762,096		1,156,623		2,246,251		7,762,096		1,156,623

LUCKIN COFFEE INC. RECONCILIATION OF NON-GAAP MEASURES TO THE MOST DIRECTLY COMPARABLE GAAP MEASURES (Unaudited, amounts in thousands of RMB and US$, except for number of shares and per share data)
	For the three months ended September 30,						For the nine months ended September 30,
	2025		2026				2025		2026
	RMB		RMB		US$		RMB		RMB		US$
A.     Non-GAAP operating income
Operating income	1,776,554		2,755,932		410,658		4,251,494		5,594,724		833,665
Adjusted for:
Share-based compensation expenses	149,139		269,473		40,154		430,760		724,484		107,954
Deal-related expenses for long-term equity investment	–		21,636		3,224		–		21,636		3,224
Non-GAAP operating income	1,925,693		3,047,041		454,036		4,682,254		6,340,844		944,843
B.     Non-GAAP net income
Net income	1,278,324		1,858,881		276,989		3,082,192		3,851,436		573,900
Adjusted for:
Share-based compensation expenses	149,139		269,473		40,154		430,760		724,484		107,954
Deal-related expenses for long-term equity investment	–		21,636		3,224		–		21,636		3,224
Income tax effects of GAAP to non-GAAP reconciling items	(6,030)		(5,165)		(770)		(15,225)		(12,842)		(1,914)
Non-GAAP net income	1,421,433		2,144,825		319,597		3,497,727		4,584,714		683,164
Non-GAAP net income attributable to the Company’s ordinary shareholders	1,421,433		2,144,825		319,597		3,497,727		4,584,714		683,164
C.     Non-GAAP net income per share
Weighted average shares outstanding used in calculating basic and diluted income per share:
Basic	2,564,658,430		2,517,371,654		2,517,371,654		2,564,658,441		2,559,798,522		2,559,798,522
Diluted	2,586,724,800		2,525,722,598		2,525,722,598		2,584,194,116		2,566,517,865		2,566,517,865
Non-GAAP net income per share:
Basic	0.55		0.85		0.13		1.36		1.79		0.27
Diluted	0.55		0.85		0.13		1.35		1.79		0.27
Non-GAAP net income per ADS:
Basic*	4.40		6.80		1.04		10.88		14.32		2.16
Diluted*	4.40		6.80		1.04		10.80		14.32		2.16

* Each ADS represents eight Class A Ordinary Shares. The per ADS indicators are based on rounded results of corresponding per share indicators, which could have a rounding difference of absolute amount for not more than 0.04 per ADS.

Internet, Everywhere, Nov. 03, 2026 (GLOBE NEWSWIRE) — Shopify announced today financial results for the quarter ended September 30, 2026. Shopify achieved 32% revenue growth (32% in constant currency) and a 22% free cash flow margin.

“Shopify is uncommonly good at operating in two realities at the same time: the world our merchants exist in today, and the one they are moving towards. Q3 is the perfect example. We powered $119 billion in GMV, while continuing to build commerce into every surface, every agent, and increasingly, everywhere,” said Harley Finkelstein, President of Shopify.

“We extended our track record of consistent execution, with 32% revenue growth and a 22% free cash flow margin,” said Jeff Hoffmeister, Chief Financial Officer of Shopify. “Delivering these results at our scale speaks to the strength of our model, our multiple growth drivers, and our expanding addressable market.”

Selected Business Performance Information(1) (In US $ millions, except percentages)
	Three months ended
	September 30, 2026			September 30, 2025
GMV	119,145			92,013
MRR	230			193
Revenue	3,742			2,844
Gross profit	1,781			1,391
Operating income	568			343
Free cash flow	816			507
YoY revenue growth rate	32	%		32	%
Free cash flow margin	22	%		18	%

^{(1)  See endnotes below for definitions of GMV and MRR and additional information on constant currency, free cash flow, and free cash flow margin, which are non-GAAP financial measures and are reconciled to the comparable GAAP measures in the non-GAAP reconciliations at the end of this press release. Please refer to the Condensed Consolidated Statements of Cash Flows for additional information on the presentation of cash flows in 2026 and 2025.}

2026 Outlook

The outlook that follows supersedes all prior financial outlook statements made by Shopify, constitutes forward-looking information within the meaning of applicable securities laws, is based on a number of assumptions, and is subject to a number of risks. Actual results could vary materially as a result of numerous factors, including certain risk factors, many of which are beyond Shopify’s control. Please see “Forward-looking Statements” at the end of this press release.

For the fourth quarter of 2026, we expect:

• Revenue to grow at a low-thirties percentage rate on a year-over-year basis;
• Gross profit dollars to grow at a high-twenties percentage rate on a year-over-year basis;
• Operating expenses as a percentage of revenue to be 29% to 30%;
• Stock-based compensation to be $155 million; and
• Free cash flow margin to be consistent with the fourth quarter of 2025.

Quarterly Conference Call

Shopify’s management team will hold a conference call to discuss its third-quarter results today, November 3, 2026, at 8:30 a.m. ET. The conference call will be webcast in the Investor Relations section of Shopify’s website at www.shopify.com/investors/events. An archived replay of the webcast will be available following the conclusion of the call.

Shopify’s Form 10-Q for the quarter ended September 30, 2026, including the unaudited Condensed Consolidated Financial Statements and accompanying Notes, and Management’s Discussion and Analysis, will be available on Shopify’s website at www.shopify.com and will be filed on EDGAR at www.sec.gov and on SEDAR+ at www.sedarplus.ca.

About Shopify

Shopify provides essential internet infrastructure for commerce. Shopify’s all-in-one platform makes it easier to start, run, and grow a business, powering sales online, in-store, and everywhere in between. Millions of businesses in 175+ countries use Shopify—from entrepreneurs to brands like Aldo, BarkBox, Carrier, Meta, SKIMS, Supreme, and Vuori.

For more information, visit www.shopify.com.

CONTACT INVESTORS:	Shane Kleinstein		CONTACT MEDIA:	Jackie Warren
	Director, Investor Relations			Senior Lead, Communications
	IR@shopify.com			press@shopify.com

Shopify Inc. Condensed Consolidated Statements of Operations (In US $ millions)
	Three months ended
	September 30, 2026			September 30, 2025
Revenues
Subscription solutions	836			699
Merchant solutions	2,906			2,145
	3,742			2,844
Cost of revenues
Subscription solutions	175			128
Merchant solutions	1,786			1,325
	1,961			1,453
Gross profit	1,781			1,391
Operating expenses
Sales and marketing	466			410
Research and development	497			375
General and administrative	130			115
Transaction and loan losses	120			148
Total operating expenses	1,213			1,048
Operating income	568			343
Net other expense, including taxes(2)	(106	)		(79	)
Net Income	462			264
less: equity investments, marked to market, net of taxes	(122	)		(103	)
Net income excluding the impact of equity investments(3)	584			367
(2) Net other expense, including taxes includes interest income, gains and losses on equity and other investments, loss on embedded derivative related to convertible note, foreign exchange gains and losses, and our provision for income taxes.
(3) Net income excluding the impact of equity investments is a non-GAAP financial measure which is reconciled at the end of this press release. This measure excludes the impact of any gains or losses on our equity investments in third parties and embedded derivative related to convertible note. Shopify believes this measure provides useful information to investors given that valuations of third parties in public and private markets are outside of our control, and therefore, fluctuations in those valuations are not relevant to the fundamentals of our business and have little analytical or predictive value regarding our ability to drive operational results. This measure does not have a standardized meaning under US GAAP and may not be comparable to similar measures presented by other companies. Note: More detailed Condensed Consolidated Statements of Operations and Comprehensive Income are available in the Quarterly Report on Form 10-Q filed concurrently with this press release with US and Canadian regulators and available on www.sec.gov and www.sedarplus.ca.

Shopify Inc. Condensed Consolidated Balance Sheets (In US $ millions)
	September 30, 2026		December 31, 2025
Assets
Current assets
Cash and cash equivalents	1,868		1,545
Marketable securities	2,859		4,233
Trade and other receivables, net	483		500
Loans and merchant cash advances, net	2,350		1,784
Other current assets	226		234
	7,786		8,296
Long-term assets
Long-term assets(4)	327		210
Deferred tax assets	83		33
Long-term investments	524		975
Equity and other investments	4,911		4,582
Equity method investment	538		602
Goodwill	495		491
	6,878		6,893
Total assets	14,664		15,189
Liabilities and shareholders’ equity
Liabilities
Accounts payable	630		570
Deferred tax liabilities	63		55
Other liabilities(5)	1,222		1,091
	1,915		1,716
Shareholders’ equity	12,749		13,473
Total liabilities and shareholders’ equity	14,664		15,189
(4) Long-term assets includes Property and equipment, net, Operating lease right-of-use assets, net, Intangible assets, net, and Other long-term assets.
(5) Other liabilities includes Accrued liabilities, Current and Long-term Deferred revenue, and Operating lease liabilities.
Note: More detailed Condensed Consolidated Balance Sheet and Notes to the Condensed Consolidated Financial Statements are available in the Quarterly Report on Form 10-Q filed concurrently with this press release with US and Canadian regulators and available on www.sec.gov and www.sedarplus.ca.

Shopify Inc. Condensed Consolidated Statements of Cash Flows (In US $ millions)
	Three months ended
	September 30, 2026			September 30, 2025
Cash flows from operating activities
Net income for the period	462			264
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization and depreciation	7			8
Stock-based compensation	140			107
Impairment of right-of-use assets and leasehold improvements	—			3
Provision for transaction and loan losses	67			102
Deferred income tax recovery	(68	)		(5	)
Revenue related to non-cash consideration	(13	)		(12	)
Unrealized loss on embedded derivative	—			29
Net loss on equity and other investments	117			62
Net loss on equity method investment	21			21
Unrealized foreign exchange loss	1			4
Changes in operating assets and liabilities	84			(70	)
Net cash provided by operating activities	818			513
Cash flows from investing activities
Purchases of property and equipment	(2	)		(6	)
Purchases of marketable securities	(866	)		(1,460	)
Maturities of marketable securities	1,302			1,956
Purchases and originations of loans and merchant cash advances(6)	(1,700	)		(996	)
Repayments and sales of loans and merchant cash advances(6)	1,471			849
Purchases of equity and other investments	(161	)		(8	)
Acquisition of business, net of cash acquired	(5	)		—
Acquisition of intangible assets	(99	)		—
Net cash (used in) provided by investing activities	(60	)		335
Cash flows from financing activities
Proceeds from the exercise of stock options	15			24
Repurchases of common stock	(562	)		—
Net cash (used in) provided by financing activities	(547	)		24
Effect of foreign exchange on cash, cash equivalents and restricted cash	1			—
Net increase in cash, cash equivalents and restricted cash	212			872
Cash, cash equivalents and restricted cash – beginning of period	1,656			1,542
Cash, cash equivalents and restricted cash – end of period	1,868			2,414
(6) Starting in April 2026, the cash flows associated with merchant cash advances are presented within investing cash flows rather than operating cash flows on a basis consistent with loans, given the similar nature of the underlying lending activities. For the three months ended September 30, 2026, the changes described above resulted in a net cash use of $30 million presented in investing activities after consideration of repayments and purchases and originations.

Reconciliation of Non-GAAP Financial Measures Free Cash Flow Reconciliation (In US $ millions, except percentages) The following table illustrates how free cash flow is calculated in this press release:
	Three months ended
	September 30, 2026			September 30, 2025
Net cash provided by operating activities	818			513
less: capital expenditures(7)	(2	)		(6	)
Free cash flow	816			507
Revenue	3,742			2,844
Free cash flow margin	22	%		18	%
(7) Capital expenditures is equivalent to the amount included in “Purchases of property and equipment” on our Condensed Consolidated Statements of Cash Flows for the reported period.

Net Income Excluding the Impact of Equity Investments Reconciliation (In US $ millions) The following table illustrates how Net income excluding the impact of equity investments is calculated in this press release:
	Three months ended
	September 30, 2026			September 30, 2025
Net Income	462			264
less: equity investments, marked to market, net of taxes	(122	)		(103	)
Net income excluding the impact of equity investments(3)	584			367

Reconciliation of GAAP Net Income to Non-GAAP Net Income (In US $ millions, except share and per share amounts) The following table reconciles GAAP net income to Non-GAAP net income and includes net income per share amounts:
	Three months ended
	September 30, 2026				September 30, 2025
GAAP net income		462				264
Non-GAAP adjustments to net income:
Stock-based compensation expense and related taxes		147				116
Amortization of acquired intangible assets		2				3
Impairment of right-of-use assets and leaseholds		—				3
Non-GAAP operating income adjustments		149				122
Net loss on equity and other investments		117				62
Net loss on equity method investment		21				21
Loss on embedded derivative		—				29
Income tax effects and tax adjustments		(111	)			(57	)
Non-GAAP net income		638				441
Diluted net income per share attributable to shareholders(8):
GAAP	$	0.36			$	0.20
Non-GAAP	$	0.49			$	0.34
Weighted average shares used to compute net income per share attributable to shareholders:
Diluted		1,290,726,742				1,312,872,709
(8) May include rounding

Constant Currency Analysis
(In US $ millions, except percentages)

The following table converts our GMV, revenues, gross profit, and operating income using the comparative period’s monthly average exchange rates. We have provided the below disclosure as we believe it presents a clear comparison of our period-to-period operating results by removing the impact of fluctuations in foreign exchange rates and to assist investors in understanding our financial and operating performance. The table below and our Condensed Consolidated Statements of Operations disclosure are supplements to our Condensed Consolidated Financial Statements, which are prepared and presented in accordance with US GAAP (excluding GMV).

	Three months ended September 30,
	GMV			Revenue			Subscription solutions revenue			Merchant solutions revenue			Gross profit			Operating income
2025 as reported	92,013			2,844			699			2,145			1,391			343
2026 as reported	119,145			3,742			836			2,906			1,781			568
Percentage change YoY	29	%		32	%		20	%		35	%		28	%		66	%
Constant currency impact	(25	)		(4	)		(1	)		(3	)		(1	)		2
Percentage change YoY constant currency	30	%		32	%		20	%		36	%		28	%		65	%

Regulatory Disclosures and Forward-looking Statements

Advisory Regarding Forward-looking Statements

This press release contains forward-looking statements and forward-looking information (collectively, “forward-looking statements”), including statements related to Shopify’s financial outlook, such as expected revenue and expenses for the next fiscal quarter, Shopify’s expectations regarding future investments in the business, and Shopify’s expectations regarding the development of emerging technologies, including AI. These statements can be identified by words such as “will” and “expect” and are based on Shopify’s current projections and expectations about future events and financial results. Known and unknown risks may cause actual results to differ materially from those described in the forward-looking statements. These risks include, but are not limited to, the Company’s ability to maintain expected growth and manage expenses, the impact of changes in economic conditions and consumer spending in key markets such as the United States, Europe, and globally, the impact of measures that affect international trade, including tariffs, the adoption and impact of emerging technologies such as AI, our reliance on third-party providers to deliver services, a cyberattack or security breach, and serious errors or defects in software or hardware. Other factors and risks that may cause actual results to differ materially from those set out in the forward-looking statements are set out in Shopify’s Form 10-Q under the heading “Risk Factors” and other filings made with US and Canadian securities regulators, available at www.sec.gov and www.sedarplus.ca. Undue reliance should not be placed on the forward-looking statements in this press release, which are based on information available to management on the date hereof and represent management’s beliefs regarding future events, projections, and financial trends, which, by their nature, are inherently uncertain. The forward-looking statements are provided to give additional information about management’s expectations and beliefs and may not be appropriate for other purposes. Shopify undertakes no duty to publicly update or revise any forward-looking statements, except as may be required by law.

^Endnotes:

^{Gross Merchandise Volume, or GMV, represents the total dollar value of orders facilitated through the Shopify platform including certain apps and channels for which a revenue-sharing arrangement is in place in the period, net of refunds, and inclusive of shipping and handling, duty, and value-added taxes.}

^{Monthly Recurring Revenue, or MRR, is the aggregate value of all subscription plans, excluding variable platform fees, in effect on the last day of the period, assuming merchants maintain their subscription the following month and is used by management as a directional indicator of subscription solutions revenue going forward.}

^{Free cash flow and free cash flow margin are non-GAAP financial measures that are reconciled in the non-GAAP reconciliation within this press release. These non-GAAP financial measures do not have standardized meanings under US GAAP and may not be comparable to similar measures presented by other companies. Shopify believes free cash flow and free cash flow margin provide useful information to help investors and others understand our operating results and the performance of our business in the same manner as management. Shopify does not reconcile forward-looking non-GAAP free cash flow margin because certain financial information, the probable significance of which cannot be determined, is not available and cannot be reasonably estimated. Free cash flow is a non-GAAP financial measure calculated as cash flow from operations less capital expenditures.}

^{Reconciliation of GAAP Net Income to Non-GAAP Net Income provides supplementary non-GAAP financial measures for non-GAAP net income and diluted net income per share to consider in evaluating operating performance. Non-GAAP adjustments to net income include stock-based compensation expense and related payroll taxes, amortization of acquired intangible assets, impairment of right-of-use assets and leaseholds, net loss on equity and other investments, net loss on equity method investment, loss on embedded derivative, and income tax effects and tax adjustments, including a release of valuation allowance as a discrete tax benefit. These non-GAAP measures should not be viewed as a substitute for reported results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP measures that may be presented by other companies.}