Tag: GlobeNewswire

WAYNE, Pa., Nov. 03, 2026 (GLOBE NEWSWIRE) — Palvella Therapeutics, Inc. (Palvella or the “Company”) (Nasdaq: PVLA), a clinical-stage biopharmaceutical company focused on developing and commercializing novel therapies for serious, rare skin diseases and vascular anomalies for which there are no U.S. Food and Drug Administration (FDA)-approved therapies, today announced that members of its management team will present at the Stifel 2026 Healthcare Conference on Tuesday, November 10, 2026, at 9:20 a.m. ET.

A live webcast of the presentation will be available on the Events and Presentations section of Palvella’s website at www.palvellatx.com. An archived replay will be available for approximately 90 days following the event.

About Palvella Therapeutics

Founded and led by rare disease biotech veterans, Palvella Therapeutics, Inc. (Nasdaq: PVLA) is a clinical-stage biopharmaceutical company focused on developing and commercializing novel therapies to treat patients living with serious, rare skin diseases and vascular anomalies for which there are no FDA-approved therapies. Palvella is developing a broad pipeline of product candidates based on its patented QTORIN™ platform, with an initial focus on serious, rare skin diseases and vascular anomalies, many of which are lifelong in nature. Palvella’s lead product candidate, QTORIN™ 3.9% rapamycin anhydrous gel (QTORIN™ rapamycin), is currently being developed for the treatment of microcystic lymphatic malformations, cutaneous venous malformations, and clinically significant angiokeratomas. Palvella’s second product candidate, QTORIN™ pitavastatin, is currently being developed for the treatment of disseminated superficial actinic porokeratosis. For more information, please visit www.palvellatx.com or follow Palvella on LinkedIn or X (formerly known as Twitter).

QTORIN™ rapamycin and QTORIN™ pitavastatin are for investigational use only and neither has been approved by the FDA or by any other regulatory agency for any indication.

Forward-Looking Statements

This press release contains forward-looking statements (including within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended (Securities Act)). These statements may discuss goals, intentions, and expectations as to future plans, trends, events, results of operations or financial condition, or otherwise, based on current beliefs of the management of Palvella, as well as assumptions made by, and information currently available to, the management of Palvella. Forward-looking statements generally include statements that are predictive in nature and depend upon or refer to future events or conditions, and include words such as “may,” “will,” “should,” “would,” “expect,” “anticipate,” “plan,” “likely,” “believe,” “estimate,” “project,” “intend,” and other similar expressions or the negative or plural of these words, or other similar expressions that are predictions or indicate future events or prospects, although not all forward-looking statements contain these words. Statements that are not historical facts are forward-looking statements. Forward-looking statements include, but are not limited to, statements regarding the expected timing of the presentation of data from clinical trials, Palvella’s clinical development plans and related anticipated development milestones and anticipated timing of regulatory submissions, Palvella’s expectations with respect to the potential approval of the NDA for QTORIN™ rapamycin, the potential impact of Priority Review on the FDA’s review timeline, any delays in the FDA’s review of Palvella’s accepted NDA, Palvella’s commercial preparedness and the timing and execution of a potential launch following regulatory approval, Palvella’s plans to pursue Breakthrough Therapy Designation, Palvella’s plans to meet with regulatory authorities, Palvella’s expectations regarding the benefits of orphan drug designation and potential benefit of orphan drug exclusivity for QTORIN™ rapamycin for the treatment of microcystic lymphatic malformations, Palvella’s cash, financial resources and expected runway, Palvella’s expectations regarding its programs, including QTORIN™ rapamycin and QTORIN™ pitavastatin, and its research-stage opportunities, including its expected therapeutic potential and market opportunity. Forward-looking statements are based on current beliefs and assumptions that are subject to risks and uncertainties and are not guarantees of future performance. Actual results could differ materially from those contained in any forward-looking statement as a result of various factors, including, without limitation: the ability to raise additional capital to finance operations; the ability to advance product candidates through preclinical and clinical development; the ability to make regulatory submissions on anticipated timelines; the ability to obtain regulatory approval for, and ultimately commercialize, Palvella’s product candidates, including QTORIN™ rapamycin and QTORIN™ pitavastatin; the outcome of early clinical trials for Palvella’s product candidates, including the ability of those trials to satisfy relevant governmental or regulatory requirements; the fact that data and results from clinical studies may not necessarily be indicative of future results; Palvella’s limited experience in designing clinical trials and lack of experience in conducting clinical trials; Palvella’s limited experience in commercial manufacturing; the ability to identify and pivot to other programs, product candidates, or indications that may be more profitable or successful than Palvella’s current product candidates; the substantial competition Palvella faces in discovering, developing, or commercializing products; the negative impacts of global events on operations, including ongoing and planned clinical trials and ongoing and planned preclinical studies; the ability to attract, hire, and retain skilled executive officers and employees; the ability of Palvella to protect its intellectual property and proprietary technologies; reliance on third parties, contract manufacturers, and contract research organizations; and the risks and uncertainties described in the filings made by Palvella with the Securities and Exchange Commission (SEC), including the annual report on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K, filed with or furnished to the SEC and available at www.sec.gov. The events and circumstances reflected in our forward-looking statements may not be achieved or occur, and actual results could differ materially from those projected in the forward-looking statements. New risk factors and uncertainties may emerge from time to time, and it is not possible for management to predict all risk factors and uncertainties that Palvella may face. Except as required by applicable law, Palvella does not plan to publicly update or revise any forward-looking statements contained herein, whether as a result of any new information, future events, changed circumstances or otherwise. This press release contains hyperlinks to information that is not deemed to be incorporated by reference into this press release.

Contact Information

Investors
Wes Kaupinen
Founder and CEO
Palvella Therapeutics
wes.kaupinen@palvellatx.com

Media
Marcy Nanus
Vice President, Investor Relations and Corporate Affairs
Palvella Therapeutics
marcy.nanus@palvellatx.com

IRVINE, Calif., Nov. 03, 2026 (GLOBE NEWSWIRE) — Beta Bionics, Inc. (Nasdaq: BBNX), a pioneering leader in the development of advanced diabetes management solutions, today announced that management will participate at upcoming investor conferences:

• Members of the Company’s management team will present at the Wolfe Research 8^th Annual Healthcare Conference on Tuesday, November 10, 2026 at 12:40pm Eastern Time.
• Members of the Company’s management team will present at the Stifel 2026 Healthcare Conference on Wednesday, November 11, 2026 at 8:40am Eastern Time.
• Members of the Company’s management team will attend the Jefferies 2026 Global Healthcare Conference in London and host in-person meetings on Wednesday, November 18 and Thursday, November 19, 2026.
• Members of the Company’s management team will present at the Piper Sandler 38^th Annual Healthcare Conference on Wednesday, December 2, 2026 at 12:00pm Eastern Time.

The presentations will be webcast live. The link to the webcasts will be available on the Company’s website in the “Investors—Events & Presentations” section at https://investors.betabionics.com, and will be archived there for future replay following the events.

About Beta Bionics

Beta Bionics, Inc. is a commercial-stage medical device company engaged in the design, development, and commercialization of innovative solutions to improve the health and quality of life of insulin-requiring people with diabetes (PWD) by utilizing advanced adaptive closed-loop algorithms to simplify and improve the treatment of their disease. Beta Bionics’ proprietary insulin dosing algorithm is the first FDA-cleared algorithm that autonomously determines every insulin dose and offers the potential to substantially improve overall outcomes across broad populations of PWD. To learn more, visit www.betabionics.com.

Investor Relations:
Blake Beber
Head of Investor Relations
ir@betabionics.com

Media and Public Relations:
Felicia Sanborn
Vice President of Marketing
media@betabionics.com

Source: Beta Bionics, Inc.

Top Line Growth, Management of Cost and Expenses Drive Strong Third Quarter

• Q3 GAAP diluted EPS was $1.23 (+39.8% YoY). On a non-GAAP basis, diluted EPS was $1.62 (+47.3% YoY).
• Profit improvement versus the prior year was driven by the Steelcase acquisition, operational productivity benefits, price-cost, and organic volume growth in both segments.
• Net sales for the third quarter of 2026 were in line with HNI’s expectations.
• Encouraging demand trends — Workplace Furnishings Q3 orders were up six percent year-over-year, while Residential Building Products Q3 orders grew four percent versus the same period of 2025.
• Low-single-digit organic net sales growth expectations remain for both segments for the full year 2026.
• Non-GAAP diluted EPS growth of 20-25 percent expected in 2026 — the fifth straight year of double-digit non-GAAP diluted EPS growth.
• Multiple years of elevated EPS growth visibility remain from sales growth initiatives, cost actions, and manufacturing network optimization, plus at least $130 million of Steelcase synergies when fully mature.

MUSCATINE, Iowa, Nov. 03, 2026 (GLOBE NEWSWIRE) — HNI Corporation (NYSE: HNI) today announced net sales of $1.6 billion and net income of $90.0 million for the third quarter ended October 3, 2026. Non-GAAP net income was $118.7 million. Non-GAAP to GAAP reconciliations follow the financial statements in this release.

Highlights

• Strong third quarter results. GAAP diluted EPS totaled $1.23 and non-GAAP diluted EPS of $1.62 well exceeded internal expectations. SG&A cost management, price-cost benefits, investment timing, and productivity savings more than offset slightly lower-than-expected volume growth to drive the upside. GAAP results include the impact of Steelcase purchase accounting, the details of which can be found later in the release.
• Top line backdrop remains strong. Workplace Furnishings segment volume growth turned positive in the third quarter, with volume growth and price recognition driving organic net sales growth of six percent. In Residential Building Products, the benefits of structural changes organizing around the consumer and growth investments drove continued market outperformance, with volume- and price-driven net sales growth of nearly five percent.
• Multiple sources of margin improvement and EPS visibility. Cost management initiatives and efforts to streamline priorities across the organization to focus on profitable growth are expected to deliver improved profitability over the remainder of 2026 and in 2027, despite ongoing geopolitical and macro uncertainty. Further, the Corporation continues to expect manufacturing network optimization savings in its legacy Workplace Furnishings businesses to total nearly $30 million (adding an expected $0.30 to non-GAAP diluted EPS) in 2026 through 2028. In addition, synergies associated with the integration of Steelcase are progressing ahead of plan and are now expected to add at least $130 million of operating profit when fully mature.

“Volume growth returned in both segments in the third quarter. In addition to the benefits of operating leverage from higher volume, cost and expense management and the net benefits of price-cost and productivity drove third quarter results that significantly exceeded our expectations. Our members continue to demonstrate focus and diligence. Encouragingly, our internal leading indicators — pre-order activity, orders, and backlog — continue to provide reasons to be optimistic. The positive momentum of our strategies — both revenue- and cost-focused, the benefits of our diversified revenue streams, the merits of our customer-first business model, and the integration of Steelcase continue to deliver strong shareholder value.

“In the legacy Workplace Furnishings businesses, our profit transformation efforts are working, and revenue is growing. Workplace Furnishings segment GAAP operating margin was 15 percent, an improvement of 250 basis points year-over-year. Non-GAAP operating margin, excluding Steelcase, expanded 390 basis points year-over-year, reaching a third quarter record of 16 percent; and when including Steelcase, non-GAAP operating income was more than double the prior-year level. Excluding Steelcase, third quarter net sales were up nearly six percent year-over-year. Growth was fueled in large part by our businesses focused on contract customers, and we remain bullish about the industry backdrop. Looking ahead, we expect year-over-year revenue to grow in the fourth quarter in our legacy Workplace Furnishings businesses.

“At Steelcase, our integration efforts are on track, with synergy capture ahead of plan, and net sales and orders improved on a year-over-year basis. We now expect total synergies to reach at least $130 million when fully mature, with the original $120 million target now expected to be achieved by the end of year four. In the near term, the synergy upside will be partially offset by temporary price-cost pressure from accelerating inflation. We expect our pricing actions will bring a return of price-cost neutrality in 2027. In addition, in Steelcase’s international markets, the benefits of ongoing cost actions and profit improvement plans are being partially offset by geopolitical turmoil, slowing the rate of earnings improvement in 2026. We will continue to aggressively manage the cost structure and profitability in these markets.

“In Residential Building Products, our organizational realignment and growth initiatives are working and fueled five percent net sales growth in the quarter — strong results given the challenging housing backdrop. Our top line performance was driven by revenue from the remodel-retrofit business, which increased double-digits year-over-year and more than offset modest market-driven weakness in our new construction channel. The top-line strength and our lean operating model drove operating margin and profit upside, with 180 basis points of margin expansion and 16 percent profit growth, on a year-over-year basis. We remain encouraged about the opportunities tied to our growth initiatives, despite expectations of ongoing housing market headwinds. We continue to invest to grow our unique operating model and diversified revenue streams, including go-to-market changes to organize around our customers.

“The strength of our growth strategies and ability to stay focused on our profit levers, despite ongoing macroeconomic uncertainty, was evident in our third quarter results. We expect strong profit growth again in the fourth quarter, driven by the Steelcase acquisition, operational productivity gains and organic revenue growth,” stated Jeff Lorenger, Chairman, President, and Chief Executive Officer.

	HNI Corporation – Third Quarter Financial Performance
	(Dollars in millions, except per share data)
		Three Months Ended
		October 3, 2026			September 27, 2025			Change
	GAAP
	Net Sales	$1,592.9			$683.8			133	%
	Gross Profit %	42.6	%		42.1	%		50 bps
	SG&A %	33.5	%		31.3	%		220 bps
	Acquisition and Related Costs	$0.9			$8.3			NM
	Restructuring and Impairment Charges	$7.3			$0.8			NM
	Operating Income	$136.7			$64.6			112	%
	Operating Income %	8.6	%		9.4	%		-80 bps
	Effective Tax Rate	25.8	%		28.2	%
	Net Income %	5.6	%		6.0	%		-40 bps
	EPS – diluted	$1.23			$0.88			39.8	%
	Non-GAAP
	Gross Profit %	42.8	%		42.2	%		60 bps
	SG&A %	31.9	%		31.3	%		60 bps
	Operating Income	$173.1			$74.0			134	%
	Operating Income %	10.9	%		10.8	%		10 bps
	Effective Tax Rate	24.7	%		24.4	%
	EPS – diluted	$1.62			$1.10			47.3	%

	HNI Corporation – Third Quarter Impact of Steelcase Acquisition
	(Dollars in millions, except per share data)
		Three Months Ended
		October 3, 2026									September 27, 2025
	GAAP	Legacy HNI			Steelcase			Consolidated HNI			Consolidated HNI			Legacy Change			Consolidated Change
	Net Sales	$722.3			$870.6			$1,592.9			$683.8			5.6	%		133	%
	Gross Profit	$320.5			$358.0			$678.5			$288.1			11.3	%		136	%
	Gross Profit %	44.4	%		41.1	%		42.6	%		42.1	%		230 bps			50 bps
	SG&A	$225.1			$308.5			$533.6			$214.4			5.0	%		149	%
	SG&A %	31.2	%		35.4	%		33.5	%		31.3	%		-10 bps			220 bps
	Acquisition and Related Costs	$0.8			$0.1			$0.9			$8.3			NM			NM
	Restructuring and Impairment Charges	$5.9			$1.4			$7.3			$0.8			NM			NM
	Operating Income	$88.7			$48.0			$136.7			$64.6			37.3	%		112	%
	Operating Income %	12.3	%		5.5	%		8.6	%		9.4	%		290 bps			-80 bps
	Effective Tax Rate	23.3	%		31.5	%		25.8	%		28.2	%
	Net Income (loss)	$64.7			$25.3			$90.0			$41.2			56.9	%		118	%
	EPS – diluted							$1.23			$0.88						39.8	%
	Non-GAAP
	Gross Profit	$324.0			$358.0			$681.9			$288.3			12.4	%		137	%
	Gross Profit %	44.9	%		41.1	%		42.8	%		42.2	%		270 bps			60 bps
	SG&A	$225.2			$283.6			$508.8			$214.4			5.0	%		137	%
	SG&A %	31.2	%		32.6	%		31.9	%		31.3	%		-10 bps			60 bps
	Operating Income	$98.8			$74.3			$173.1			$74.0			33.6	%		134	%
	Operating Income %	13.7	%		8.5	%		10.9	%		10.8	%		290 bps			10 bps
	Effective Tax Rate	24.7	%		24.7	%		24.7	%		24.4	%
	EPS – diluted	$1.47						$1.62			$1.10			33.6	%		47.3	%

HNI Corporation — Third Quarter Summary Comments

• Consolidated net sales increased 133 percent from the prior-year quarter to $1.6 billion, driven by the acquisition of Steelcase in December 2025. On an organic basis, net sales increased 5.6 percent year-over-year. The acquisition of Steelcase during the fourth quarter of 2025 and the acquisition of a workplace furnishings dealer in the current quarter increased year-over-year net sales by $870.6 million. A reconciliation of organic net sales, a non-GAAP measure, to net sales follows the financial statements in this release.
• Gross profit margin expanded 50 basis points compared to the prior-year quarter. The increase was driven by favorable price-cost and improved net productivity, which were partially offset by impacts from the acquisition of Steelcase.
• Selling, general, and administrative expenses as a percentage of net sales increased 220 basis points compared to the prior-year quarter. The increase was driven by impacts from the acquisition of Steelcase and higher input costs, partially offset by higher net sales.
• Acquisition and related costs of $0.9 million were recorded during the current period in connection with the acquisition of Steelcase. Acquisition costs consist of retention compensation and other professional service fees.
• Non-cash purchase accounting totaled $24.8 million for the current quarter related to the Steelcase acquisition, which were included in operating expenses and related to amortization of intangibles.
• Restructuring and impairment charges of $7.3 million were incurred in the current quarter, primarily related to structural cost actions.
• Income tax rate comparability versus the same quarter of 2025 was primarily impacted by matters associated with the acquisition of Steelcase, as a result of the impact of non-deductible transaction costs in the prior period.
• Net income per diluted share was $1.23 compared to $0.88 in the prior-year quarter. On a non-GAAP basis, net income per diluted share increased to $1.62 from $1.10 in the year-ago quarter. The increases were driven by favorable price-cost, improved net productivity, higher organic net sales volume, and impacts from the acquisition of Steelcase.

	Workplace Furnishings – Third Quarter Financial Performance
	(Dollars in millions)
		Three Months Ended
		October 3, 2026			September 27, 2025			Change
	GAAP
	Net Sales	$1,417.9			$516.9			174	%
	Operating Income	$131.7			$62.5			111	%
	Operating Income %	9.3	%		12.1	%		-280 bps
	Non-GAAP
	Operating Income	$166.6			$63.5			162	%
	Operating Income %	11.7	%		12.3	%		-60 bps

	Workplace Furnishings – Third Quarter Impact of Steelcase Acquisition
	(Dollars in millions)
		Three Months Ended
		October 3, 2026									September 27, 2025
	GAAP	Legacy Workplace			Steelcase (excluding Corporate)			Total Workplace			Total Workplace			Legacy Change			Total Change
	Net Sales	$547.3			$870.6			$1,417.9			$516.9			5.9	%		174	%
	Operating Income	$80.1			$51.7			$131.7			$62.5			28.2	%		111	%
	Operating Income %	14.6	%		5.9	%		9.3	%		12.1	%		250 bps			-280 bps
	Non-GAAP
	Operating Income	$88.6			$77.9			$166.6			$63.5			39.6	%		162	%
	Operating Income %	16.2	%		9.0	%		11.7	%		12.3	%		390 bps			-60 bps

Workplace Furnishings — Third Quarter Summary Comments

• Workplace Furnishings net sales increased 174 percent from the prior-year quarter to $1.4 billion. On an organic basis, net sales increased 5.9 percent year-over-year. The acquisition of Steelcase during the fourth quarter of 2025 and the acquisition of a workplace furnishings dealer in the current quarter increased year-over-year net sales by $870.6 million.
• Workplace Furnishings operating profit margin of 9.3 percent contracted by 280 basis points versus the prior-year quarter, driven by impacts from the acquisition of Steelcase, purchase accounting, and increased restructuring costs, partially offset by favorable price-cost, improved net productivity, and net tariff impacts. On a non-GAAP basis, segment operating profit margin of 11.7 percent contracted 60 basis points year-over-year.

	Residential Building Products – Third Quarter Financial Performance
	(Dollars in millions)
		Three Months Ended
		October 3, 2026			September 27, 2025			Change
	GAAP
	Net Sales	$175.0			$166.9			4.8	%
	Operating Income	$34.7			$30.0			15.6	%
	Operating Income %	19.8	%		18.0	%		180 bps
	Non-GAAP
	Operating Income	$35.4			$30.0			18.0	%
	Operating Income %	20.2	%		18.0	%		220 bps

Residential Building Products — Third Quarter Summary Comments

• Residential Building Products net sales increased 4.8 percent from the prior-year quarter to $175.0 million, with improved sales in the remodel-retrofit channel partially offset by lower sales in new construction.
• Residential Building Products operating profit margin of 19.8 percent expanded 180 basis points compared to the prior-year quarter. On a non-GAAP basis, segment operating profit margin of 20.2 percent expanded 220 basis points year-over-year. The increases were driven by improved net productivity and higher net sales volume.

Third Quarter Order Rates

• In the Workplace Furnishings segment, orders in the third quarter increased six percent compared to the prior-year period. Order growth rates from contract customers solidly outperformed those from small and medium-sized businesses. Steelcase order growth was stronger than legacy Workplace Furnishings trends. Over the most recent five-week period, segment orders have continued to grow on a year-over-year basis.
• In the Residential Building Products segment, orders grew four percent compared to the third quarter of 2025. Solid remodel-retrofit order growth offset modest declines from the new construction channel. Over the most recent five-week period, segment orders have continued to grow on a year-over-year basis.

Outlook

• Fourth quarter net sales. The Corporation expects fourth quarter 2026 net sales in legacy Workplace Furnishings to increase at a low-single-digit rate year-over-year, including the negative impact of an extra week in 2025. Including Steelcase, total Workplace Furnishings net sales are expected to nearly double from the prior-year period. In Residential Building Products, fourth quarter 2026 net sales are expected to be roughly unchanged versus the same period in 2025, including the negative impact of an extra week in 2025. As a reminder, the Corporation’s fiscal 2025 included an extra week in the fourth quarter. Specifically, the extra shipping days in the year-ago fourth quarter is estimated to create an approximate three percentage net sales growth headwind in the fourth quarter of 2026.
• Fourth quarter non-GAAP diluted earnings per share. Non-GAAP diluted earnings per share for the fourth quarter of 2026 are expected to increase at a rate in the mid-20 percent range from fourth quarter 2025 levels. The addition of Steelcase, productivity savings, expense management, and tax planning are expected to more than offset year-over-year volume pressure, a temporary price-cost drag resulting from accelerating inflation, and continued investments to drive future growth.
• Double-digit non-GAAP diluted EPS growth again next year, with multiple years of elevated earnings growth visibility beyond 2027. We expect to achieve cumulative Steelcase synergies of $70 million by the end of 2027, with total synergies now expected to exceed $130 million when fully mature. In addition, we will continue to see the benefits of our legacy manufacturing network optimization savings — with the cumulative benefit expected to reach $20 million in 2027 and $30 million in 2028. In 2027, these items, along with anticipated price-cost recovery, productivity gains, and volume growth, are expected to more than offset pressure from items that benefited 2026 but will not recur, including tariff refunds and certain tax benefits.
• Balance sheet. The Corporation held a strong balance sheet position as of quarter end and is committed to maintaining significant financial flexibility to fund ongoing business investments to drive growth and payment of its longstanding dividend. Net debt levels were reduced meaningfully during the quarter as the Corporation continues to decrease leverage following the Steelcase acquisition.

Concluding Remarks
“Our members continue to manage our businesses well, delivering another strong quarter with improving top line trends and earnings that exceeded our expectations. Consistent with our previous outlook, we reported volume growth in Workplace Furnishings. Our Residential Building Products segment continued to deliver in the quarter, reporting volume growth despite persistent housing market softness. Moreover, our order patterns showed solid year-over-year improvement during the quarter.

“As we look to the fourth quarter, we expect year-over-year organic revenue growth in Workplace Furnishings. From a profitability perspective, our updated outlook calls for operating profit in our Workplace Furnishings segment to more than double versus the same period in 2025. This view is supported by both external macro and industry demand metrics, our internal pre-order data, and multiple cost and expense initiatives. In Residential Building Products, revenue is expected to be roughly unchanged versus the fourth quarter of 2025, representing continued outperformance relative to expectations of ongoing housing market softness. We expect our Residential Building Products segment to expand margins noticeably on a year-on-year basis in the fourth quarter of 2026.

“The integration of Steelcase is going well, and synergy capture is progressing ahead of expectations, although 2026 accretion will be offset by inflation and softness in our international markets. A new leadership team, strategic cost resets, and pricing actions have the business in a great position as we move toward 2027, and we remain confident in and expect significant accretion next year and beyond.

“The benefits of the Steelcase acquisition, the strength of our strategies, and our financial discipline are expected to continue to drive strong free cash flow — even as we manage through worsening inflation and war-driven revenue pressure internationally. And while we remain focused, conservative, and ready to adjust as required, our outlook continues to demonstrate our confidence in revenue growth, our ongoing profit growth visibility story, and our proven ability to manage through changing economic conditions.

“Our HNI members remain focused on driving growth and expanding margins. And we will continue to invest for the future with confidence,” concluded Mr. Lorenger.

Conference Call
As previously announced, HNI Corporation will host a conference call on Tuesday, November 3, 2026 at 10:00 a.m. (Central) to discuss third quarter fiscal year 2026 results. A live webcast of the call will be available at: https://edge.media-server.com/mmc/p/tej78ead/. Following the conclusion of the call, a webcast replay will be available on HNI Corporation’s website at https://investors.hnicorp.com/events-presentations/events.

About HNI Corporation
HNI Corporation (NYSE: HNI) has been improving where people live, work, and gather for more than 80 years. HNI is a manufacturer of workplace furnishings and residential building products, operating under two segments. The Workplace Furnishings segment is a leading global designer and provider of commercial furnishings, going to market under multiple unique brands. The Residential Building Products segment is the nation’s leading manufacturer and marketer of hearth products, which include a full array of gas, electric, wood, and pellet-burning fireplaces, inserts, stoves, facings, and accessories. More information can be found on the Corporation’s website at www.hnicorp.com.

Forward-Looking Statements
This release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934 and Section 27A of the Securities Act of 1933, which involve risks and uncertainties. Any statements, plans, objectives, expectations, strategies, beliefs, or future performance or events to the extent they are not statements of historical fact are forward-looking statements. Words, phrases or expressions such as “anticipate,” “believe,” “could,” “confident,” “continue,” “estimate,” “expect,” “forecast,” “hope,” “intend,” “likely,” “may,” “might,” “objective,” “plan,” “possible,” “potential,” “predict,” “project”, “target,” “trend,” “will,” and similar words, phrases or expressions are intended to identify forward-looking statements but are not the exclusive means of identifying such statements. Forward-looking statements are based on information available and assumptions made at the time the statements are made. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those expressed in or implied by the forward-looking statements. Forward-looking statements in this release include statements regarding our expectations regarding fourth quarter 2026 segment net sales, organic net sales, operating profit, operating margins, and consolidated non-GAAP diluted earnings per share, as well as non-GAAP diluted earnings per share growth for full year 2026 and subsequent periods. Forward-looking statements in this release about HNI’s acquisition of Steelcase in December 2025 (the “Steelcase acquisition”) include, but are not limited to, statements about the benefits of the transaction, including future financial and operating results, the combined company’s plans, objectives, expectations and intentions, and other statements that are not historical facts.

The following factors related to the Steelcase acquisition, among others, could cause actual results to differ materially from those expressed in or implied by forward-looking statements: the risk that the synergies and other benefits of the Steelcase acquisition may not be fully realized or may take longer to realize than expected, including as a result of changes in, or problems arising from, general economic and market conditions, interest and exchange rates, monetary policy, trade policy (including tariff levels), laws and regulations and their enforcement, and the degree of competition in the geographic and business areas in which HNI and Steelcase operate; any failure to promptly and effectively integrate the businesses of HNI and Steelcase; and potential adverse reactions to the transaction of HNI’s or Steelcase’s customers, employees or other business partners.

Additional important factors relating to HNI that could cause actual results to differ materially from those in forward-looking statements include, but are not limited to, disruptions in the global supply chain; the effects of prolonged periods of inflation and rising interest rates; labor shortages; the levels of office furniture needs and housing starts; overall demand for HNI’s products; general economic and market conditions in the United States and internationally; industry and competitive conditions; the consolidation and concentration of HNI’s customers; HNI’s reliance on its network of independent dealers; changes in trade policy, including with respect to tariff levels; changes in raw material, component, or commodity pricing; market acceptance and demand for HNI’s new products; changing legal, regulatory, environmental, and healthcare conditions; the risks associated with international operations; the potential impact of product defects; the various restrictions on HNI’s financing activities; an inability to protect HNI’s intellectual property; cybersecurity threats, including those posed by potential ransomware attacks; impacts of tax legislation; and force majeure events outside HNI’s control, including those that may result from the effects of climate change. A description of these risks and uncertainties and additional risks and uncertainties can be found in HNI’s annual report on Form 10-K for the year ended January 3, 2026, and subsequent quarterly and current reports filed with the Securities and Exchange Commission on Forms 10-Q and 8-K.

Forward-looking statements speak only as of the date they are made, and HNI does not undertake or assume any obligation to update publicly any of these statements to reflect actual results, new information or future events, changes in assumptions, or changes in other factors affecting forward-looking statements, except to the extent required by applicable law.

HNI Corporation and Subsidiaries Condensed Consolidated Statements of Comprehensive Income (In millions, except per share data) (Unaudited)
		Three Months Ended								Nine Months Ended
		October 3, 2026				September 27, 2025				October 3, 2026				September 27, 2025
Net sales		$	1,592.9			$	683.8			$	4,412.9			$	1,950.6
Cost of sales			914.4				395.7				2,587.2				1,138.0
Gross profit			678.5				288.1				1,825.6				812.6
Selling and administrative expenses			533.6				214.4				1,581.5				637.4
Acquisition and related costs			0.9				8.3				8.6				8.3
Restructuring, impairment, and loss on divestiture			7.3				0.8				43.1				9.7
Operating income			136.7				64.6				192.4				157.2
Other non-operating income, net			4.0				—				8.3				—
Interest expense, net			19.4				7.2				63.8				18.9
Income before income taxes			121.3				57.4				136.8				138.3
Income taxes			31.3				16.2				34.5				34.9
Net income			90.0				41.2				102.3				103.4
Less: Net income attributable to non-controlling interest			0.0				—				0.0				0.0
Net income attributable to HNI Corporation		$	90.0			$	41.2			$	102.3			$	103.4
Average number of common shares outstanding – basic			72.3				45.8				72.0				46.3
Net income attributable to HNI Corporation per common share – basic(1)		$	1.23			$	0.90			$	1.40			$	2.23
Average number of common shares outstanding – diluted			72.5				46.7				72.1				47.3
Net income attributable to HNI Corporation per common share – diluted(1)		$	1.23			$	0.88			$	1.40			$	2.19
Foreign currency translation adjustments		$	(3.7	)		$	0.1			$	(10.9	)		$	6.3
Change in unrealized gains (losses) on marketable securities, net of tax			(0.2	)			0.0				(0.3	)			0.2
Change in pension and post-retirement liability, net of tax			—				—				—				2.0
Change in derivative financial instruments, net of tax			0.3				0.2				1.3				(0.5	)
Other comprehensive income (loss), net of tax			(3.6	)			0.3				(10.0	)			8.1
Comprehensive income			86.4				41.5				92.3				111.5
Less: Comprehensive income attributable to non-controlling interest			0.0				—				0.0				0.0
Comprehensive income attributable to HNI Corporation		$	86.4			$	41.5			$	92.3			$	111.5
(1) The basic and diluted “Net income (loss) attributable to HNI Corporation per common share” for the periods presented are calculated using the two-class method due to participating securities. Amounts may not sum due to rounding.

HNI Corporation and Subsidiaries Condensed Consolidated Balance Sheets (In millions) (Unaudited)
		October 3, 2026				January 3, 2026
Assets
Current Assets:
Cash and cash equivalents		$	110.3			$	209.2
Short-term investments			3.7				6.5
Receivables			704.0				571.1
Allowance for credit losses			(2.1	)			(1.1	)
Inventories, net			507.5				475.3
Prepaid expenses and other current assets			169.0				150.9
Total Current Assets			1,492.5				1,411.9
Property, Plant, and Equipment:
Land and land improvements			147.8				99.1
Buildings			649.4				529.1
Machinery and equipment			921.3				1,128.5
Construction in progress			65.0				58.5
			1,783.5				1,815.2
Less accumulated depreciation			(765.6	)			(678.0	)
Net Property, Plant, and Equipment			1,017.9				1,137.2
Right-of-use Finance Leases			13.1				11.3
Right-of-use Operating Leases			275.6				274.5
Goodwill and Other Intangible Assets, net			1,798.8				1,702.6
Other Assets			387.6				347.6
Total Assets		$	4,985.5			$	4,885.0
Liabilities and Equity
Current Liabilities:
Accounts payable and accrued expenses		$	1,007.8			$	1,016.4
Current maturities of debt			22.7				16.2
Current maturities of other long-term obligations			14.7				38.2
Current lease obligations – Finance			4.4				4.2
Current lease obligations – Operating			72.8				64.4
Total Current Liabilities			1,122.4				1,139.3
Long-Term Debt			1,331.8				1,276.9
Long-Term Lease Obligations – Finance			9.0				7.3
Long-Term Lease Obligations – Operating			217.0				224.6
Other Long-Term Liabilities			193.4				220.4
Deferred Income Taxes			236.4				180.9
Total Liabilities			3,110.0				3,049.5
Equity:
HNI Corporation shareholders’ equity			1,869.1				1,835.6
Non-controlling interest			6.4				—
Total Equity			1,875.5				1,835.6
Total Liabilities and Equity		$	4,985.5			$	4,885.0
Amounts may not sum due to rounding.

HNI Corporation and Subsidiaries Condensed Consolidated Statements of Cash Flows (In millions) (Unaudited)
		Nine Months Ended
		October 3, 2026				September 27, 2025
Net Cash Flows From (To) Operating Activities:
Net income		$	102.3			$	103.4
Non-cash items included in net income:
Depreciation and amortization			211.8				75.4
Other post-retirement and post-employment benefits			2.6				0.8
Stock-based compensation			33.5				13.3
Deferred income taxes			15.9				25.9
Asset impairment charges			14.6				—
Loss on sale of subsidiary			—				6.6
Inventory step-up			31.3				—
Other – net			5.6				4.9
Net change in cash from operating assets and liabilities
Receivables			(95.6	)			(18.7	)
Inventories			(13.5	)			(2.9	)
Prepaid Expenses and Other			(42.9	)			(7.3	)
Accounts payable and accrued expenses			(40.9	)			(4.6	)
Income taxes payable			(1.9	)			(0.2	)
Increase (decrease) in other liabilities			(59.7	)			2.4
Net cash flows from (to) operating activities			163.3				198.9
Net Cash Flows From (To) Investing Activities:
Capital expenditures			(86.9	)			(49.6	)
Capitalized software			(4.2	)			(1.3	)
Acquisition, net of cash acquired			(24.1	)			—
Purchase of investments			(2.9	)			(2.1	)
Sales or maturities of investments			6.5				3.2
Net proceeds from sale of subsidiary			—				8.1
Investment in Unconsolidated Affiliate Purchases			(46.4	)			—
Investment in Unconsolidated Affiliate Proceeds			10.0				—
Proceeds from sale of property, plant, and equipment			19.3				3.5
Other – net			1.7				—
Net cash flows from (to) investing activities			(127.0	)			(38.1	)
Net Cash Flows From (To) Financing Activities:
Payments of debt			(363.8	)			(377.4	)
Proceeds from debt			384.1				357.1
Dividends paid			(77.6	)			(47.5	)
Purchase of HNI Corporation common stock			(5.6	)			(83.6	)
Proceeds from sales of HNI Corporation common stock			7.4				3.3
Withholding related to net share settlements of equity based awards			(22.6	)			(5.6	)
Repayment of Company Owned Life Insurance policy loans			(56.0	)			—
Other – net			(0.9	)			(9.0	)
Net cash flows from (to) financing activities			(135.0	)			(162.6	)
Net increase (decrease) in cash and cash equivalents			(98.7	)			(1.8	)
Cash, cash equivalents, and restricted cash at beginning of period(1)			217.9				22.5
Cash, cash equivalents, and restricted cash at end of period(1)		$	119.3			$	20.7
(1) Restricted cash as of October 3, 2026, September 27, 2025, and January 3, 2026 was $9.0 million, $2.4 million, and $8.8 million, respectively, and is included in “Other Assets” in the Consolidated Balance Sheets. Amounts may not sum due to rounding.

HNI Corporation and Subsidiaries Reportable Segment Data (In millions) (Unaudited)
		Three Months Ended								Nine Months Ended
		October 3, 2026				September 27, 2025				October 3, 2026				September 27, 2025
Net Sales:
Workplace furnishings		$	1,417.9			$	516.9			$	3,927.1			$	1,473.9
Residential building products			175.0				166.9				485.7				476.7
Total		$	1,592.9			$	683.8			$	4,412.9			$	1,950.6
Cost of Sales:
Workplace furnishings		$	822.2			$	304.1			$	2,336.3			$	875.9
Residential building products			92.2				91.6				251.0				262.1
Total		$	914.4			$	395.7			$	2,587.2			$	1,138.0
Selling and Administrative Expenses:
Workplace furnishings		$	457.2			$	149.5			$	1,355.6			$	442.6
Residential building products			47.6				45.3				141.2				135.9
General corporate			28.8				19.5				84.6				58.8
Total		$	533.6			$	214.4			$	1,581.5			$	637.4
Acquisition and Related Costs:
Workplace furnishings		$	0.0			$	—			$	8.5			$	—
General corporate			0.9				8.3				0.1				8.3
Total		$	0.9			$	8.3			$	8.6			$	8.3
Restructuring, Impairment, and Loss on Divestiture
Workplace furnishings		$	6.8			$	0.8			$	35.9			$	9.1
Residential building products			0.5				—				7.0				—
General corporate			—				0.0				0.3				0.6
Total		$	7.3			$	0.8			$	43.1			$	9.7
Operating Income (Loss):
Workplace furnishings		$	131.7			$	62.5			$	190.8			$	146.3
Residential building products			34.7				30.0				86.5				78.6
General corporate			(29.7	)			(27.9	)			(85.0	)			(67.7	)
Total		$	136.7			$	64.6			$	192.4			$	157.2
Other Non-Operating Income, net			4.0				—				8.3				—
Interest Expense, Net			19.4				7.2				63.8				18.9
Income Before Income Taxes		$	121.3			$	57.4			$	136.8			$	138.3
Depreciation and Amortization Expense:
Workplace furnishings		$	62.3			$	16.2			$	186.7			$	49.6
Residential building products			3.6				3.8				11.4				11.2
General corporate			4.5				4.9				13.7				14.7
Total		$	70.4			$	24.9			$	211.8			$	75.4
Capital Expenditures (including capitalized software):
Workplace furnishings		$	23.6			$	16.8			$	78.4			$	37.6
Residential building products			2.7				2.1				8.4				7.6
General corporate			0.1				0.7				4.3				5.6
Total		$	26.4			$	19.6			$	91.1			$	50.8
Amounts may not sum due to rounding.

Non-GAAP Financial Measures

This earnings release includes certain non-GAAP financial measures as defined by Securities and Exchange Commission Regulation G. Pursuant to the requirements of this regulation, reconciliations of historical non-GAAP financial measures to the most directly comparable historical GAAP measures are included below. This information gives investors additional insights into HNI’s financial performance and operations. While HNI’s management believes the non-GAAP financial measures are useful in evaluating HNI’s operations, this information should be considered supplemental and not in isolation or as a substitute for, or superior to, financial information prepared and presented in accordance with GAAP. In addition, these measures may be different from similarly titled non-GAAP financial measures used by other companies, limiting their usefulness for comparison purposes.

To supplement the condensed consolidated financial statements, which are prepared and presented in accordance with GAAP, this earnings release contains the following non-GAAP financial measures on a consolidated basis or for our segments: organic net sales; non-GAAP gross profit; non-GAAP operating income; non-GAAP operating profit; non-GAAP operating margin; non-GAAP interest expense; non-GAAP effective tax rate; non-GAAP net income; and non-GAAP net income per diluted share (EPS). These measures are adjusted from the comparable GAAP measures to exclude the impacts of the selected items as summarized in the tables below. Generally, non-GAAP EPS is calculated using HNI’s overall effective tax rate for the period, as this rate is reflective of the tax applicable to most non-GAAP adjustments. The effective tax rate used to calculate non-GAAP diluted EPS for the current-year quarter differs from the GAAP effective tax rate due to the impact of transaction costs associated with the acquisition of Steelcase, and non-GAAP diluted EPS for the prior-year quarter differs from the GAAP effective tax rate due to the impact of transaction costs associated with the then-pending acquisition of Steelcase.

The transactions excluded for purposes of non-GAAP financial information included in this earnings release include: restructuring charges recorded related to manufacturing network optimization which primarily consists of accelerated depreciation, asset disposals, and asset relocation; structural cost actions resulting in severance charges; an impairment charge related to a small residential building products business; the loss on sale of the HNI India business; purchase accounting costs associated with Steelcase; Steelcase acquisition costs; interest expense associated with bridge loan financing for the acquisition of Steelcase; and impairment costs related to the abandonment of the Steelcase multi-year ERP implementation.

This earnings release refers to our expectations regarding non-GAAP diluted EPS for the stated fiscal periods. The Corporation is unable to provide a reconciliation of these forward-looking non-GAAP measure to future EPS without unreasonable effort due to the uncertainty regarding, and to the potential variability of, many of the costs and expenses that could potentially impact diluted EPS calculated on a GAAP basis. These items include, but are not limited to, impairments, financial impacts from changes in legal, regulatory, and tax requirements, charges related to actions taken to improve future profitability, and the impact of acquisitions and divestitures, if any. These items necessary to reconcile forward-looking non-GAAP diluted EPS to diluted EPS could be material and have a significant impact on the Corporation’s results computed in accordance with GAAP.

	HNI Corporation Reconciliation
	(Dollars in millions)
		Three Months Ended
		October 3, 2026												September 27, 2025
		Workplace Furnishings				Residential Building Products				Total				Workplace Furnishings				Residential Building Products				Total
	Net sales as reported (GAAP)	$	1,417.9			$	175.0			$	1,592.9			$	516.9			$	166.9			$	683.8
	% change from PY		174	%			4.8	%			133	%
	Less: Steelcase Inc. acquisition		856.6				—				856.6				—				—				—
	Less: Dealer acquisition		14.1				—				14.1				—				—				—
	Organic net sales (non-GAAP)	$	547.3			$	175.0			$	722.3			$	516.9			$	166.9			$	683.8
	% change from PY		5.9	%			4.8	%			5.6	%

	HNI Corporation Reconciliation
	(Dollars in millions, except per share data)
		Three Months Ended
		October 3, 2026
		Gross Profit			SG&A			Acquisition and Related Costs			Restructuring, Impairment, and Loss on Divestiture			Operating Income			Interest Expense			Tax			Net Income			EPS
	As reported (GAAP)	$678.5			$533.6			$0.9			$7.3			$136.7			$19.4			$31.3			$90.0			$1.23
	% of net sales	42.6	%		33.5	%		0.1	%		0.5	%		8.6	%		1.2	%					5.6	%
	Tax %																			25.8	%
	Restructuring and other charges	3.5			(0.0	)		—			7.0			10.4			—			2.6			7.8			0.11
	Impairment	—			—			—			0.3			0.3			—			0.1			0.2			0.00
	Acquisition and related costs	—			—			0.9			—			0.9			—			(1.1	)		1.9			0.03
	Purchase Accounting	—			24.8			—			—			24.8			—			6.1			18.7			0.26
	Results (non-GAAP)	$681.9			$508.8			$—			$—			$173.1			$19.4			$39.0			$118.7			$1.62
	% of net sales	42.8	%		31.9	%		—	%		—	%		10.9	%		1.2	%					7.5	%
	Tax %																			24.7	%

	HNI Corporation Reconciliation
	(Dollars in millions, except per share data)
		Three Months Ended
		September 27, 2025
		Gross Profit				SG&A				Acquisition and Related Costs				Restructuring, Impairment, and Loss on Divestiture				Operating Income				Interest Expense				Tax				Net Income				EPS
	As reported (GAAP)	$	288.1			$	214.4			$	8.3			$	0.8			$	64.6			$	7.2			$	16.2			$	41.2			$	0.88
	% of net sales		42.1	%			31.3	%			1.2	%			0.1	%			9.4	%			1.1	%							6.0	%
	Tax %																										28.2	%
	Restructuring charges		0.3				—				—				0.8				1.0				—				0.2				0.9				0.02
	Acquisition Costs		—				—				8.3				—				8.3				1.4				0.2				9.5				0.20
	Results (non-GAAP)	$	288.3			$	214.4			$	—			$	—			$	74.0			$	5.8			$	16.6			$	51.5			$	1.10
	% of net sales		42.2	%			31.3	%			—	%			—	%			10.8	%			0.9	%							7.5	%
	Tax %																										24.4	%

	HNI Corporation Reconciliation
	(Dollars in millions)
		Three Months Ended
		October 3, 2026
		Legacy HNI				Steelcase				Consolidated HNI
	Gross Profit as reported (GAAP)	$	320.5			$	358.0			$	678.5
	% of net sales		44.4	%			41.1	%			42.6	%
	Restructuring charges recorded to cost of sales		3.5				(0.0	)			3.5
	Gross Profit (non-GAAP)	$	324.0			$	358.0			$	681.9
	% of net sales		44.9	%			41.1	%			42.8	%
	SG&A as reported (GAAP)	$	225.1			$	308.5			$	533.6
	% of net sales		31.2	%			35.4	%			33.5	%
	Restructuring and other charges		5.5				1.4				6.9
	Purchase Accounting		—				24.8				24.8
	SG&A (non-GAAP)	$	225.2			$	283.6			$	508.8
	% of net sales		31.2	%			32.6	%			31.9	%
	Operating income as reported (GAAP)	$	88.7			$	48.0			$	136.7
	% of net sales		12.3	%			5.5	%			8.6	%
	Restructuring and other charges		9.0				1.4				10.4
	Impairment charges		0.3				—				0.3
	Acquisition and related costs		0.8				0.1				0.9
	Purchase Accounting	$	—			$	24.8			$	24.8
	Operating income (non-GAAP)	$	98.8			$	74.3			$	173.1
	% of net sales		13.7	%			8.5	%			10.9	%
	Tax as reported	$	19.6			$	11.7			$	31.3
	Effective Tax Rate		23.3	%			31.5	%			25.8	%
	Restructuring and other charges		2.2				0.4				2.6
	Impairment charges		0.1				—				0.1
	Acquisition and related costs		1.4				(2.5	)			(1.1	)
	Purchase Accounting		—				6.1				6.1
	Tax (non-GAAP)	$	23.3			$	15.7			$	39.0
	Effective Tax Rate (non-GAAP)		24.7	%			24.7	%			24.7	%

	HNI Corporation Reconciliation
	(Dollars in millions, except per share data)
		Three Months Ended
		October 3, 2026
	GAAP (as reported):	Legacy HNI				Consolidated HNI
	Operating income	$	88.7			$	136.7
	Other non-operating income, net		(0.3	)			4.0
	Interest expense, net		4.2				19.4
	Income taxes (Legacy 23.3%, Consolidated 25.8%)		19.6				31.3
	Net income	$	64.7			$	90.0
	Average number of common shares outstanding – diluted		47.3	(1)			72.5
	EPS – Diluted	$	1.37	(1)		$	1.23
	Non-GAAP:
	Operating income	$	98.8			$	173.1
	Other non-operating income, net		(0.3	)			4.0
	Interest expense, net		4.2				19.4
	Income taxes (Legacy 24.7%, Consolidated 24.7%)		23.3				39.0
	Net income	$	71.1			$	118.7
	Average number of common shares outstanding – diluted		47.3	(1)			72.5
	EPS – Diluted	$	1.47			$	1.62
(1) The average number of common shares outstanding – diluted for the Legacy HNI business is a non-GAAP measure calculated by excluding the quarter-to-date average impacts of new issuances of HNI common stock (25.2 million) as a result of the acquisition of Steelcase Inc.

	Workplace Furnishings Reconciliation
	(Dollars in millions)
		Three Months Ended
		October 3, 2026												September 27, 2025
		Legacy Workplace Furnishings				Steelcase (excluding Corporate)				Total Workplace Furnishings				Total Workplace Furnishings
	Operating income as reported (GAAP)	$	80.1			$	51.7			$	131.7			$	62.5
	% of net sales		14.6	%			5.9	%			9.3	%			12.1	%
	Restructuring and other charges		8.6				1.4				10.0				1.0
	Acquisition and related costs		—				0.0				0.0				—
	Purchase Accounting		—				24.8				24.8				—
	Operating income (non-GAAP)	$	88.6			$	77.9			$	166.6			$	63.5
	% of net sales		16.2	%			9.0	%			11.7	%			12.3	%

	Residential Building Products Reconciliation
	(Dollars in millions)
		Three Months Ended
		October 3, 2026				September 27, 2025				Percent Change
	Operating income as reported (GAAP)	$	34.7			$	30.0			15.6	%
	% of net sales		19.8	%			18.0	%
	Restructuring charges		0.4				—
	Impairment charges		0.3				—
	Operating income (non-GAAP)	$	35.4			$	30.0			18.0	%
	% of net sales		20.2	%			18.0	%

For Information Contact:
Vincent P. Berger, Executive Vice President and Chief Financial Officer (563) 272-7400
Matthew S. McCall, Vice President, Investor Relations and Corporate Development (563) 275-8898

VANCOUVER, British Columbia, Nov. 03, 2026 (GLOBE NEWSWIRE) —

Winshear Metals Corp.  (TSX-V: WINS, FRA: 9HR0) reports that it has commenced drill testing of the strong downhole electromagnetic (‘DHEM’) anomaly at the South Zone, Rodburn Target within the Portsoy Nickel-Copper-Cobalt Project (“Ni-Cu-Co”), located in northeast Scotland (Figure 1) (see news release dated July 15, 2026).

Richard Williams, CEO of Winshear, commented:
“We are excited to start drilling to test the DHEM conductor identified at the South Zone. Previous drilling has established high-grade nickel-copper-cobalt mineralisation in both the North and South Zones, and if this current drilling is successful it will confirm that DHEM surveying can guide future drilling.“

Overview

• Two near-surface Ni-Cu-Co mineralised zones have been drill-tested to date at the Rodburn Target – the North and South Zones;
• The North and South Zones are 500 metres (“m”) to 700m apart and appear to be two separate mineralised zones;
• DHEM surveying identified a strong conductor 100m east of RBD030 in the South Zone (see news release dated July 15, 2026) – this is now being drill-tested. The target depth is expected between 260m – 320m downhole.
• Mineralisation is analogous to conduit style Ni-Cu-Co systems, examples of which include Voiseys Bay (Canada), Eagle (USA), Norilsk (Russia), and Jinchuan (China);
• A complete table of drill results can be accessed from the 43-101 Technical Report here.
• South Zone drill intercepts include:

Hole ID	From (m)	Length (m)	Ni (%)	Cu (%)	Co (ppm)	% NiEq
RBD001	45.00	6.00	0.96	0.73	601	1.42
RBD002	69.00	17.00	1.16	0.51	769	1.52
incl.	70.00	12.00	1.42	0.54	929	1.82
RBD003	114.00	4.00	0.69	0.66	484	1.09
RBD004	112.00	12.26	1.02	0.83	633	1.53
incl.	118.29	5.97	1.92	1.50	1197	2.86
RBD008	186.00	2.00	0.92	0.27	535	1.13
RBD009	60.00	5.39	2.04	0.56	1110	2.47
RBD018	100.00	2.00	1.54	0.93	735	2.12
RBD029	217.85	8.15	0.77	1.14	469	1.42
incl	217.85	6.00	0.98	1.51	600	1.84

NiEq (% nickel equivalent) based on US$19,000/t Ni, US$9,000/t Cu, US$32,000/t Co, using the formula Ni% + (0.524 x Cu%) + (1.22 x 10-4 x Co ppm). Equal Recovery Assumed. True thickness estimated to be 85% – 100% of reported length.

• North Zone drill intercepts include:

Hole ID	From (m)	Length (m)	Ni (%)	Cu (%)	Co (ppm)	% NiEq
RBD015	60.00	9.00	0.61	0.23	310	0.77
RBD016	74.00	9.00	1.13	0.73	1056	1.64
RBD028	72.00	3.00	0.98	0.14	452	1.11
And	84.00	4.00	0.76	0.32	339	0.97

NiEq (% nickel equivalent) based on US$19,000/t Ni, US$9,000/t Cu, US$32,000/t Co, using the formula Ni% + (0.524 x Cu%) + (1.22 x 10-4 x Co ppm). Equal Recovery Assumed. True thickness estimated to be 85% – 100% of reported length.

• The disseminated, semi-massive and massive sulphide mineralisation is related to a mafic to ultramafic intrusive complex, with the high-grade mineralisation hosted within a late stage, undeformed peridotite. The nickel is hosted in coarse pentlandite, a nickel sulphide mineral.
• Metallurgical work conducted earlier this year yielded very positive results (see news release dated July 27, 2026), demonstrating the ability to create clean nickel and copper concentrates, free of penalty elements. The nickel concentrate is particularly attractive showing potential for 14-16% nickel concentrates with approximately 1% cobalt.

Figure 2 is a plan map showing drill holes completed to date, the location of the North and South Zones, plus the location of the DHEM conductor currently being drill-tested.

Qualified Person

J. Patricio Varas, P.Geo., a Qualified Person as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects, and also Winshear’s President and Director, has read and approved all technical and scientific information contained in this news release.

About Winshear Metals Corp.

Winshear Metals Corp. is a Canadian-based minerals exploration company with a nickel-copper-cobalt project in Scotland (the Portsoy Project) and gold / critical minerals project in Ontario (the Thunder Bay Project).

For more information, please visit www.winshear.com or contact:

Irene Dorsman	Winshear Metals Corp. Communications	+1 (604) 200 7874 info@winshear.com
Megan Ray / Said Izagaren	BlytheRay (Public Relations)	+44 (0) 20 7138 3204 winshear@blytheray.com

ON BEHALF OF THE BOARD OF DIRECTORS

“Richard D. Williams”
Richard D. Williams, CEO

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

Caution Regarding Forward Looking Statements

Certain of the statements made and information contained in this press release may constitute forward-looking information and forward-looking statements (collectively, “forward-looking statements”) within the meaning of applicable securities laws, including statements regarding the success of future drilling, geophysical and metallurgical studies conducted at the Portsoy Project. The forward-looking statements in this press release reflect the current expectations, assumptions or beliefs of the Company based upon information currently available to the Company. With respect to forward-looking statements contained in this press release, assumptions have been made regarding, among other things, the reliability of information prepared and/or published by third parties that are referenced in this press release or was otherwise relied upon by the Company in preparing this press release. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and no assurance can be given that these expectations will prove to be correct as actual results or developments may differ materially from those projected in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include but are not limited to: variability of the style and grade of sulphide mineralization; the risk that future drilling may not intersect massive sulphide mineralization or mineralization comparable to historical results; uncertainty regarding continuity, grade, true thickness and extent of mineralization; inability to replicate the metallurgical results; inability of future geophysical surveys to detect new massive sulphide mineralisation; delays or challenges in planning, permitting, financing or completing exploration; access, weather, logistical, contractor and community-related risks in Scotland; changes in commodity prices, exchange rates, capital markets, laws or government policy; risks inherent in early-stage mineral exploration; and the other risks described in the Company’s public disclosure record. Readers are cautioned not to place undue reliance on forward-looking statements due to the inherent uncertainty thereof. Such statements relate to future events and expectations and, as such, involve known and unknown risks and uncertainties. The forward-looking statements contained in this press release are made as of the date of this press release and except as may otherwise be required pursuant to applicable laws, the Company does not assume any obligation to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise.

Tel Aviv, Israel, Nov. 03, 2026 (GLOBE NEWSWIRE) — Nexera Technologies Ltd (“Nexera” or the “Company”) (Nasdaq: NEXR, NEXRW), today announced that, as previously announced by its subsidiary, Fort Technology Inc. (Nasdaq: FRTT, TSXV: FORT) (“Fort”), the TSX Venture Exchange (“TSXV”) has approved the voluntary delisting of Fort’s common shares from the TSXV. The voluntary delisting from the TSXV will not affect the listing of the Fort’s common shares on the Nasdaq Capital Market (the “Nasdaq”), which will continue to trade on the Nasdaq under the symbol FRTT.

Fort believes that the trading volume of its shares on the TSXV no longer justifies the expenses and administrative efforts required to maintain a dual listing. Fort also believes that delisting from the TSXV will create a central marketplace for its common shares on the Nasdaq, and ultimately benefit the long-term liquidity and shareholder value of Fort.

It is anticipated that, effective as at the close of trading on or about November 6, 2026, Fort’s common shares will no longer be listed and posted for trading on the TSXV.

Following delisting from the TSXV, Fort’s shareholders can trade their common shares through their brokers on Nasdaq. As most brokers in Canada, including many discount and online brokers, have the ability to buy and sell securities listed on Nasdaq, Fort’s Nasdaq listing will continue to provide shareholders with accessibility to trade Fort’s common shares. Shareholders holding shares in Canadian brokerage accounts should contact their brokers to confirm how to trade Fort’s shares on the NASDAQ.

About Fort Technology

Fort is engaged in the retail sale of consumer products, primarily serving the pest control and remedial repair industries. Fort develops, markets and sells a range of products for both amateur and professional customers under its proprietary brands, including Roshield, Entopest, Rempro and BirdGo. Products are sold primarily through Amazon marketplaces in the United Kingdom and Europe as well as through other online sales channels. Fort currently serves customers throughout the United Kingdom and continental Europe and plans to expand its retail operations into the United States, subject to applicable regulatory approvals, including through the acquisition of Logia USA Inc., a company focused on selling advanced fuel integrity solutions for data centers and other mission-critical facilities in the United States.

About Nexera Technologies Ltd

Nexera Technologies Ltd operates, through its subsidiaries, in the fields of advanced technologies for the global homeland security, or HLS, sector and e-commerce. Its operations are conducted through three principal lines of business: KeepZone AI Inc., or KeepZone, a wholly-owned subsidiary dedicated to distributing and promoting AI-powered homeland security technologies, including 3D imaging and electromagnetic threat detection, perimeter intrusion detection, counter-unmanned aircraft systems, and multi-layered security solutions for critical infrastructure and global markets; Fort Products Limited, a legacy consumer products operation focused on pest control and remedial products, which was sold to Fort Technology Inc., or Fort Technology, in July 2025 in exchange for a controlling equity interest, with the Company having since reduced its stake in Fort while retaining control and strategic involvement in related e-commerce activities; and its ongoing legacy e-commerce activities, consisting of data-driven online retail operations (primarily on the Amazon Marketplace) conducted through the Company’s other wholly-owned subsidiaries, including Smart Repair Pro and Top Rank Ltd.

For more information on Nexera Technologies, visit: https://nexera-tech.io/

Forward-Looking Statements Disclaimer

This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that are intended to be covered by the “safe harbor” created by those sections. Forward-looking statements, which are based on certain assumptions and describe the Company’s future plans, strategies and expectations, can generally be identified by the use of forward-looking terms such as “believe,” “expect,” “may,” “should,” “could,” “seek,” “intend,” “plan,” “goal,” “estimate,” “anticipate,” or other comparable terms. For example, the Company is using forward-looking statements when discussing the expected timing of the voluntary delisting of Fort’s common shares from the TSXV; the anticipated benefits of the delisting, including creating a central marketplace for Fort’s common shares on Nasdaq and benefiting Fort’s long-term liquidity and shareholder value; the continued listing and trading of Fort’s common shares on the Nasdaq under the symbol FRTT; and shareholders’ continued ability to trade Fort’s common shares through their brokers on Nasdaq following the delisting. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of the Company’s control. The Company’s actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause the Company’s actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: the Company’s ability to adapt to significant future alterations in Amazon’s policies; the Company’s ability to sell its existing products and grow the Company’s brands and product offerings; the Company’s ability to meet its expectations regarding the revenue growth and the demand for e-commerce; the overall global economic environment; the impact of competition and new e-commerce technologies; general market, political and economic conditions in the countries in which the Company operates; projected capital expenditures and liquidity; the impact of possible changes in Amazon’s policies and terms of use; the impact of conditions in Israel; and the other risks and uncertainties described in the Company’s Annual Report on Form 20-F for the year ended December 31, 2025, filed with the U.S. Securities and Exchange Commission (“SEC”), on April 1, 2026, and the Company’s other filings with the SEC. The Company undertakes no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.

Investor Relations Contact

Michal Efraty
Adi and Michal PR-IR
Investor Relations, Israel
michal@efraty.com 

Lead pan-coronavirus program expected to file CTA/IND in 2H 2027
Optimized lead candidate shows potential for once-weekly dosing in preclinical studies
Cash on balance sheet of $8.1 million at September 30, 2026

CAMBRIDGE, Mass., Nov. 03, 2026 (GLOBE NEWSWIRE) — Decoy Therapeutics, Inc. (NASDAQ: DCOY), a biotechnology company pioneering Designable Multi-Antivirals (D-MAVs) to target major respiratory and high-consequence viral threats, today provided a business update for the third quarter ended September 30, 2026. During the quarter, Decoy advanced its lead pan-coronavirus program toward the clinic and identified an optimized lead candidate with potential for once-weekly dosing.

Third Quarter 2026 Highlights

• Lead program timing: Decoy expects to file a Clinical Trial Application (CTA) or Investigational New Drug (IND) application in 2H 2027 to begin a Phase 1 trial of its pan-coronavirus candidate.
• Manufacturing planning: Decoy is evaluating manufacturing locations and is in discussions with manufacturers of pulmonary delivery systems to support clinical development of its pan-coronavirus candidate.
• Once-weekly dosing potential: In preclinical studies, the optimized lead candidate showed potential for once-weekly dosing, compared to daily dosing for earlier candidates.
• Pan-filovirus program: Decoy is exploring a program targeting Ebola, Marburg and related viruses.
• Non-dilutive funding: The Company has met with U.S. government and military agencies and has applied, or is applying, for several non-dilutive funding opportunities and strategic collaborations.
• Cash on hand: $8.1 million on the balance sheet at September 30, 2026.

“We are making excellent progress toward the clinic with our pan-coronavirus program, and our AI-enabled IMP³ACT™ platform continues to rapidly produce potential drug candidates against some of the world’s deadliest viruses,” said Rick Pierce, Chief Executive Officer of Decoy Therapeutics. “We are focused on advancing these programs efficiently, including leveraging non-dilutive funding from top-tier collaborators.”

Pan-Coronavirus Program

Decoy’s lead program is designed to protect people at high risk from respiratory coronaviruses, including patients with chronic obstructive pulmonary disease (COPD), immunocompromised patients and transplant recipients. There are no approved therapies for endemic human coronaviruses. The program is partially funded by the Gates Foundation, and the Company plans to follow Phase 1 with a Phase 2a human challenge trial at hVivo, a contract research organization (CRO) based in the United Kingdom.

Less frequent dosing could improve adherence in high-risk patients and lower the Company’s cost of goods. D-MAVs are designed for use both before exposure (pre-exposure prophylaxis) and after exposure (post-exposure prophylaxis).

Pipeline and Funding

Decoy’s pan-filovirus program targets Ebola, Marburg and related viruses, and the Company is pursuing non-dilutive funding to support preclinical and clinical work across its programs. Decoy is also seeking strategic collaborations for its existing programs and new drug discovery partnerships, and seclidemstat, an investigational LSD1 inhibitor from the Company’s legacy oncology portfolio, is available for license or sale.

Financial Update

• Cash on balance sheet was $8.1 million at September 30, 2026, including approximately $2.5 million in restricted Gates Foundation grant funding.
• As of September 30, 2026, Decoy had 2,385,282 shares of common stock outstanding.

About Decoy Therapeutics

Decoy Therapeutics is a biotechnology company pioneering Designable Multi-Antivirals (D-MAVs), a new category of antivirals engineered to target shared viral mechanisms, enabling a single, adaptable drug to work across many viruses. Built on the proprietary IMP³ACT platform, which combines AI-enabled design and rapid synthesis, Decoy develops peptide antivirals designed to move faster toward the clinic and expand what is possible in viral prevention and treatment. The Company’s lead candidates target many respiratory viruses, addressing the health and societal burden of viral disease.

Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 regarding Decoy, including expected achievement of milestones for its lead asset and future prospects of Decoy. These statements may discuss goals, intentions and expectations as to future plans, trends, events, results of operations or financial condition, or otherwise, based on current beliefs of the management of Decoy, as well as assumptions made by, and information currently available to, management. Forward-looking statements generally include statements that are predictive in nature and depend upon or refer to future events or conditions, and include words such as “may,” “will,” “can,” “should,” “would,” “expect,” “anticipate,” “plan,” “likely,” “believe,” “estimate,” “project,” “intend,” and other similar expressions. Statements that are not historical facts are forward-looking statements. Forward-looking statements are based on current beliefs and assumptions that are subject to risks and uncertainties and are not guarantees of future performance. Actual results could differ materially from those contained in any forward-looking statement as a result of various factors, including, without limitation: the risk that the Company will not obtain sufficient financing to execute on their business plans and risks related to Decoy’s products and development plans, including unanticipated issues with any IND application process and the potential of the IMP³ACT platform. Readers are urged to carefully review and consider the various disclosures made by the Company in its reports filed with the SEC, including its Annual Report on Form 10-K for the fiscal year ended December 31, 2025, as revised or supplemented by its Quarterly Reports on Form 10-Q and other documents filed with the SEC. If one or more of these risks or uncertainties materialize, or if the underlying assumptions prove incorrect, Decoy’s actual results may vary materially from those expected or projected.

Media Contact

Tara Mulloy
TMC Studio
tara@tmc-studio.com
978-855-5219

WALTHAM, Mass., Nov. 03, 2026 (GLOBE NEWSWIRE) — Kailera Therapeutics, Inc. (Nasdaq: KLRA) (Kailera), a clinical-stage biotechnology company focused on elevating the next era of obesity care, today announced that Ron Renaud, President and Chief Executive Officer, and additional members of the management team will participate in the following investor conferences:

• Stifel 2026 Healthcare Conference
  November 10-12, 2026, New York, NY
  Presentation: Tuesday, November 10, 2026, at 4:00 pm ET
• Jefferies Global Healthcare Conference in London
  November 16-19, 2026, London, UK
  Fireside Chat: Monday, November 16, 2026, at 10:00 am GMT
• 9th Annual Evercore Healthcare Conference
  November 30-December 2, 2026, Coral Gables, FL
  Fireside Chat: Wednesday, December 2, 2026, at 8:45 am ET

The live webcasts will be available on the Events page of Kailera’s investor website. A replay of the conference webcast will be archived on the company’s website for 90 days.

About Kailera Therapeutics
Kailera Therapeutics (Kailera) is a clinical-stage biotechnology company focused on elevating the next era of obesity care by progressing a diversified pipeline to provide options for people living with obesity no matter where they are in their treatment journey. With an obesity-first focus, Kailera is advancing four clinical-stage product candidates leveraging multiple GLP-1-based mechanisms of action and routes of administration specifically designed to address critical needs in the current therapeutic landscape with a lead product candidate, ribupatide injection (also known as KAI-9531), that has the potential for the greatest weight loss. Ribupatide injection is in global Phase 3 trials as a once-weekly injectable GLP-1/GIP receptor dual agonist. Kailera is expanding the ribupatide franchise by developing a once-daily oral formulation with the goal of providing an oral option with the potential for compelling weight loss and highly differentiated tolerability. Additionally, Kailera is advancing the development of KAI-7535, a once-daily oral small molecule GLP-1 receptor agonist, and KAI-4729, a once-weekly injectable GLP-1/GIP/glucagon receptor tri-agonist. Kailera’s vision is to deliver category-leading obesity management medications that give people the power to restore their health and transform their lives. Kailera is based in Waltham, MA. For more information, visit www.kailera.com and follow us on LinkedIn and X.

Special Note Regarding Kailera Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that involve substantial risks and uncertainties. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including, but not limited to, statements regarding the profile of product candidates, the potential of Kailera’s portfolio, market opportunities for product candidates, the competitive landscape, and participation in upcoming events. Forward-looking statements can be identified by terms such as “anticipate,” “believe,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “suggest,” “plan,” “goal,” “vision,” “potential,” “predict,” “project,” “should,” “target,” “will,” “would,” or similar expressions and the negatives of those terms. Kailera cannot assure you that the forward-looking statements in this press release will prove to be accurate. Information in this press release may also include statements relating to past performance, which should not be regarded as a reliable indicator of future performance. Forward-looking statements are based on current expectations and assumptions together with projections of the future which are inherently uncertain, and involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied. These risks and uncertainties include, among others, uncertainties inherent in clinical development, regulatory review, manufacturing, competition, market opportunities, reliance on third parties, estimates of capital requirements, needs for additional financing, and other important factors, including those discussed under the caption “Risk Factors” in Kailera’s filings with the Securities and Exchange Commission. These statements speak only as of the date of this press release, and Kailera undertakes no obligation to update or revise any forward-looking statements. Kailera may not actually achieve the plans, intentions, or expectations disclosed in its forward-looking statements, and you should not place undue reliance on these forward-looking statements.

Contact Information
Maura Gavaghan
Vice President, Investor Relations
maura.gavaghan@kailera.com

Anna Robinson
Vice President, Communications
anna.robinson@kailera.com

SHOEMAKERSVILLE, Pa., Nov. 03, 2026 (GLOBE NEWSWIRE) — Hydrofarm Holdings Group, Inc. (“Hydrofarm” or the “Company”) (Nasdaq: HYFM), a leading independent manufacturer and distributor of branded supplies and equipment for controlled environment agriculture (“CEA”), today provides additional detail on its debt elimination⁽ⁱ⁾.

The Recapitalization:

Prior to these actions, the Company had a $109 million Term Loan, with approximately $12 million of annual debt service. In the recapitalization, the Term Loan was eliminated, and the former Term Loan Lenders received $27.5 million of a newly created class of Series 1 Non-Voting Convertible Preferred Stock, convertible to common stock at $1.00 per share, and warrants to purchase 27.5 million shares of common stock at an exercise price of $0.78 per share. In addition, Hydrofarm sold common stock and warrants to investors in a registered direct offering and concurrent private placement (the “Offering”), raising approximately $8.3 million in gross proceeds. Officers and directors of the Company participated in the Offering on the same terms as other investors. Following the Offering and conversion of the Preferred Stock, the Company will have approximately 41.8 million common shares outstanding.

Hydrofarm now has no outstanding debt⁽ⁱ⁾ and enhanced liquidity, providing the Company with flexibility to support strategic initiatives and capitalize on market opportunities.

“This is a monumental time for Hydrofarm,” said Bill Toler, Chairman and Chief Executive Officer. “With no debt on our balance sheet, we enter our 50th year in 2027 independent and built to scale. We are also excited about the opportunity to sell our cultivation products directly to commercial cannabis growers, removing a long-standing market access barrier and creating a more robust channel for our products.”

Strategic Priorities:

Hydrofarm remains committed to drive high-quality revenue streams, improve profit margins and strengthen its financial position. The Company’s proprietary and partner brands span the CEA, gardening and agriculture markets. The Company has reduced costs and improved productivity within the organization. Now with the recapitalization complete, Hydrofarm is focused on sustainable growth through commercial direct offerings, organic brands, international expansion, ecommerce, and logistics services.

“The recapitalization reflects the commitment of our organization, former lenders, and investors to build a stronger financial foundation to scale the Hydrofarm platform,” said Eric Ceresnie, Senior Vice President of Corporate Development and International Markets. “We are a lean and focused organization with a capital structure to support growth. We are excited about expanding the direct commercial sales channel, scaling our logistics services platform, and pursuing additional growth opportunities. I’m proud of the resilience of our organization, investors, customers, and vendor partners have shown to get us here. Now we can execute and build.”

Nasdaq Listing Compliance and Other Information:

As previously disclosed, the Company was not in compliance with Nasdaq Listing Rule 5550(b)(1), which requires a minimum of $2.5 million in stockholders’ equity (the “Equity Rule”). Giving effect to the recapitalization and offering, the Company believes that the Company’s pro-forma stockholders’ equity exceeds the $2.5 million minimum, and that the Company has regained compliance with the Equity Rule. As previously disclosed, the Company was also not in compliance with Nasdaq Listing Rule 5550(a)(2), which requires a minimum closing bid price of $1 per share (the “Bid Price Rule”). The Company remains subject to Nasdaq’s continued monitoring of its compliance with the Equity Rule and the other Nasdaq Listing Rules, including the Bid Price Rule, and there can be no assurance that Nasdaq will find that the Company has regained compliance with the Equity Rule or the Bid Price Rule, or that the Company will remain in compliance with the Nasdaq Listing Rules.

Additional information regarding the recapitalization is set forth in the Company’s Current Reports on Form 8-K filed with the Securities and Exchange Commission (the “SEC”) on October 27, 2026, and in the Company’s press releases dated October 27 and October 28, 2026.

The registered direct offering was made pursuant to an effective shelf registration statement on Form S-3 previously filed with the SEC and declared effective on December 10, 2025, the base prospectus dated December 10, 2025 thereunder and a prospectus supplement to the base prospectus filed on October 29, 2026 with the SEC. Copies of the final prospectus may be obtained from ThinkEquity, 17 State Street, 41st Floor, New York, New York 10004. The final prospectus was filed with the SEC and is available on the SEC’s website located at http://www.sec.gov.

The securities sold in the concurrent private placement, and the Series 1 Non-Voting Convertible Preferred Stock and warrants issued to the former Term Loan lenders, have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), or state securities laws, and may not be offered or sold in the United States absent registration with the SEC or an applicable exemption from such registration requirements. Hydrofarm has agreed to file registration statements with the SEC covering the resale of those securities and the shares of common stock issuable upon their exercise or conversion. Any such resale will be made only by means of a prospectus.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of any 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 any such state or jurisdiction. This press release is not a solicitation of a proxy. Stockholders are urged to read the Company’s proxy statement, when it becomes available, because it will contain important information.

Hydrofarm intends to file a proxy statement seeking among other things, shareholder approval of the conversion of the Series 1 Non-Voting Convertible Preferred Stock and the exercise of the warrants issued to the former Term Loan lenders, and to hold a shareholder meeting as promptly as practicable. The Company also intends to file registration statements covering the resale of securities issued in the private placement and to the former Term Loan lenders.

(i) Hydrofarm maintains an immaterial amount of ‘Other debt’ comprised of a foreign subsidiary’s revolving line of credit and mortgage.

About Hydrofarm Holdings Group, Inc.

Hydrofarm is a leading independent manufacturer and distributor of supplies and equipment for controlled environment agriculture, including plant nutrition, growing media, horticultural lighting and climate control solutions, spanning a portfolio of proprietary and select partner brands. The Company manufactures its proprietary plant nutrition and growing media brands at its manufacturing center of excellence in Eugene, Oregon, and, through its logistics services platform, provides third-party warehousing, fulfillment and distribution services across a wide range of industries. For nearly 50 years, Hydrofarm has helped growers make growing easier and more productive. The Company’s mission is to empower growers, farmers and cultivators with products that enable greater quality, efficiency, consistency and speed.

www.Hydrofarm.com

Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by words such as “believe,” “expect,” “intend,” “anticipate,” “plan,” “will,” “project,” “potential” and similar expressions. They include, among others, statements regarding: the receipt of stockholder approval for the conversion of the Series 1 Non-Voting Convertible Preferred Stock and the exercise of the warrants issued to the former Term Loan lenders, and the timing of the related proxy statement and stockholder meeting; whether any warrants will be exercised and the amount of any additional proceeds therefrom; the timing of the filing and effectiveness of resale registration statements, if at all; the Company’s pro forma capitalization and stockholders’ equity; the Company’s belief that it has regained compliance with the Equity Rule and its ability to regain or maintain compliance with Nasdaq continued listing requirements, including the Bid Price Rule; the Company’s competitive position and the strength of its brand portfolio; the expected benefits of the consolidation of manufacturing into the Company’s Eugene, Oregon manufacturing center of excellence, including productivity and cost improvements; the ability to generate future growth, revenue and commercial opportunities from direct-to-cannabis grower sales following the elimination of restrictions under the Term Loan; the objectives, scope and anticipated results of Project Agility, including growth of the Company’s logistics services platform; the timing of the Company’s third quarter 2026 results; and the Company’s future financial performance, margins, liquidity and capital allocation plans.

These statements are based on management’s current expectations and assumptions. They are subject to risks and uncertainties that could cause actual results to differ materially, including: the risk that stockholders do not approve the conversion of the Series 1 Non-Voting Convertible Preferred Stock or the exercise of the warrants issued to the former Term Loan lenders, or that approval is delayed; the risk that the Company does not regain or maintain compliance with Nasdaq continued listing requirements, including the Equity and Bid Price Rules, and the risk that its securities could be delisted; the potential dilution to existing stockholders from the issuance of common stock, pre-funded warrants and common warrants to investors in the registered direct offering and concurrent private placement, and the issuance of the Series 1 Non-Voting Convertible Preferred Stock and common warrants to the former Term Loan lenders, and from any later conversion or exercise thereof; the impact on the market price of the common stock of future sales of shares; the risk that the Company cannot file or obtain effectiveness of the required resale registration statements; the final accounting treatment of the Series 1 Non-Voting Convertible Preferred Stock and the warrants issued in the transactions; the Company’s history of operating losses; demand conditions in the CEA and hydroponics markets; the Company’s ability to execute on Project Agility and its other growth initiatives including direct-to-cannabis grower sales; and the other factors described under “Risk Factors” in the Company’s Annual Report on Form 10-K and subsequent periodic reports filed with the SEC. Pro forma figures are unaudited and illustrative and are not necessarily indicative of the Company’s actual financial position. Forward-looking statements speak only as of the date of this release, and the Company undertakes no obligation to update them except as required by law.

CONTACT: Contact: ir@hydrofarm.com

• Q3 revenue increased 40% year-over-year to a record $252 million, driven by robust marketplace growth.
• Q3 marketplace revenue increased 43% year-over-year, driven by expanding networks of buyers and suppliers and increasing wallet share.
• Q3 gross profit increased 37% year-over-year to a record $98.7 million, driven by strong marketplace growth. Record Q3 marketplace gross margin of 36.0%, an increase of 30 bps year-over-year.
• Q3 Adjusted EBITDA improved $15.3 million year-over-year to Adjusted EBITDA of $21.4 million, driven by strong marketplace gross profit growth and significant operating expense leverage.
• Strong operating results were driven by consistent execution across growth initiatives: establishing Xometry as the infrastructure for custom manufacturing, improving AI-native marketplace experiences, expanding buyer and supplier networks, deepening enterprise engagement and leveraging services opportunities.

NORTH BETHESDA, Md., Nov. 03, 2026 (GLOBE NEWSWIRE) — Xometry, Inc. (NASDAQ: XMTR), the global AI-native marketplace connecting buyers and suppliers of custom manufacturing, today announced its financial results for the third quarter ended September 30, 2026.

“Our key growth initiatives drove record results in the third quarter, with marketplace growth of 43% year-over-year, as we surpassed the $1 billion revenue run rate. We further improved our marketplace experience and continue to deepen enterprise engagement, driving record net buyer additions and increasing wallet share in larger accounts,” said Sanjeev Singh Sahni, CEO at Xometry. “We continue to strengthen Xometry’s position as the infrastructure layer for custom manufacturing, enabling us to rapidly scale online adoption and accelerate market share gains.”

“Our record-setting Q3 performance demonstrates the compounding growth and operational efficiency of our marketplace, delivering both strong revenue expansion and margin improvement,” said James Miln, CFO at Xometry. “Revenue growth remained robust at the 40% level for the second quarter in a row, alongside record marketplace gross margin of 36.0%. This durable top line growth was paired with yet another quarter of improved Adjusted EBITDA profit margin, up 510 basis points year-over-year to 8.5%.”                                                                                                    

Third Quarter 2026 Financial Highlights

• Total revenue for the third quarter of 2026 was $252 million, an increase of 40% year-over-year.
• Total gross profit for the third quarter of 2026 was $98.7 million, an increase of 37% year-over-year. Total gross margin for the third quarter of 2026 was 39.1%.
• Marketplace revenue for the third quarter of 2026 was $238 million, an increase of 43% year-over-year.
• Marketplace Active Buyers increased 20% from 78,282 as of September 30, 2025 to 93,812 as of September 30, 2026, with record net buyer additions of 4,255 in the third quarter of 2026.
• Marketplace Accounts with Last Twelve-Months Spend of at least $50,000 increased 26% from 1,724 as of September 30, 2025 to 2,172 as of September 30, 2026.
• Services revenue for the third quarter of 2026 was $14.4 million, up 2% year-over-year. 
• Net income attributable to common stockholders for the third quarter of 2026 was $1.9 million, as compared to net loss attributable to common stockholders of $11.6 million in the third quarter of 2025.
• Adjusted EBITDA for the third quarter of 2026 was $21.4 million, reflecting an improvement of $15.3 million year-over-year.
• Non-GAAP net income for the third quarter of 2026 was $18.6 million, as compared to a Non-GAAP net income of $2.1 million in the third quarter of 2025. 
• Cash, cash equivalents and marketable securities were $505 million as of September 30, 2026.

Third Quarter 2026 Business Highlights  

• Xometry unveiled its next-gen Workcenter experience for manufacturing partners, building on the AI sourcing models introduced in July. The redesigned homepage unifies job discovery, performance scores and payout visibility, and the enhanced Job Board offers filters and an on-screen 3D viewer and drawing review.
• Xometry expanded its partnership with TradeCentric, adding Purchase Order Automation and Invoice Automation to the PunchOut capability already available between its marketplace and customers’ eProcurement systems. The integration connects with over 220 eProcurement solutions, including Coupa, SAP Ariba and Microsoft Dynamics, and is available now to U.S. customers, with international expansion planned.
• Xometry Foundation announced a partnership with MxD, the nation’s Digital Manufacturing and Cybersecurity Institute, aimed at making cybersecurity compliance, including CMMC Level 2, more affordable for small and mid-sized manufacturers. The grant program is part of Xometry’s broader commitment to strengthening the U.S. aerospace and defense industrial base. 
• Xometry released data showing job growth among its Texas supplier partners tracking at nearly twice the rate of its national partner network in 2026, driven by demand for certified manufacturing capabilities.

Financial Summary
(In thousands, except per share amounts)
(Unaudited)

		For the Three Months Ended September 30,											For the Nine Months Ended September 30,
		2026				2025				% Change			2026				2025				% Change
Consolidated
Revenue		$	252,439			$	180,715			40	%		$	686,857			$	494,234			39	%
Gross profit			98,680				72,029			37	%			264,321				193,536			37	%
Net income (loss) attributable to common stockholders			1,935				(11,597	)		117	%			(8,645	)			(53,109	)		84	%
EPS, basic and diluted, of Class A and Class B common stock			0.03				(0.23	)		113	%			(0.16	)			(1.05	)		85	%
Adjusted EBITDA(1)			21,423				6,142			249	%			46,050				10,146			354	%
Non-GAAP net income(1)			18,561				2,103			783	%			35,362				656			5,291	%
Non-GAAP EPS, basic(1), of Class A and Class B common stock			0.32				0.04			700	%			0.65				0.01			6,400	%
Non-GAAP EPS, diluted(1), of Class A and Class B common stock			0.28				0.04			600	%			0.57				0.01			5,600	%
Marketplace
Revenue		$	238,004			$	166,592			43	%		$	644,691			$	451,168			43	%
Cost of revenue			152,306				107,086			42	%			417,787				295,891			41	%
Gross Profit		$	85,698			$	59,506			44	%		$	226,904			$	155,277			46	%
Gross Margin			36.0	%			35.7	%		0.3	%			35.2	%			34.4	%		0.8	%
Services
Revenue		$	14,435			$	14,123			2	%		$	42,166			$	43,066			(2	)%
Cost of revenue			1,453				1,600			(9	)%			4,749				4,807			(1	)%
Gross Profit		$	12,982			$	12,523			4	%		$	37,417			$	38,259			(2	)%
Gross Margin			89.9	%			88.7	%		1.2	%			88.7	%			88.8	%		(0.1	)%

(1) These non-GAAP financial measures, and the reasons why we believe these non-GAAP financial measures are useful, are described below and reconciled to their most directly comparable GAAP measures in the accompanying tables.

Key Operating Metrics⁽²⁾:

		As of September 30,
		2026				2025				% Change
Active Buyers(3)			93,812				78,282				20	%
Percentage of Revenue from Existing Accounts(3)			98	%			98	%
Accounts with Last Twelve-Months Spend of at Least $50,000(3)			2,172				1,724				26	%

(2) These key operating metrics are for Marketplace. See “Key Terms for our Key Metrics and Non-GAAP Financial Measures” below for definitions of these metrics.
(3) Amounts shown for Active Buyers and Accounts with Last Twelve-Months Spend of at Least $50,000 are as of September 30, 2026 and 2025, and Percentage of Revenue from Existing Accounts is presented for the quarters ended September 30, 2026 and 2025.       

Financial Guidance and Outlook:

		Q4 2026
		(in millions)
		Low				High
Revenue		$	254			$	256
Adjusted EBITDA		$	22.0			$	22.5

• For Q4 2026, we expect revenue of $254-$256 million, representing 32-33% growth year-over-year driven by approximately 35-36% marketplace growth.
• For Q4 2026, we expect Adjusted EBITDA of $22-$22.5 million, an improvement from Adjusted EBITDA of $8.4 million in Q4 2025.
• For Full Year 2026, we are raising our revenue growth outlook from previous guidance of 33-34% to at least 37% driven by approximately 41% marketplace growth.
• For Full Year 2026, we expect Adjusted EBITDA of $68-$68.5 million, an improvement from an Adjusted EBITDA of $18.5 million in Full Year 2025.

Xometry’s fourth quarter and full year 2026 financial outlook is based on a number of assumptions that are subject to change and may be outside of its control. If actual results vary from these assumptions, Xometry’s expectations may change. There can be no assurance that Xometry will achieve these results.

Reconciliation of Adjusted EBITDA on a forward-looking basis to net loss, the most directly comparable GAAP measure, is not available without unreasonable efforts due to the high variability and complexity and low visibility with respect to certain charges excluded from this non-GAAP measure, including interest and dividend income, (provision) benefit for income taxes, charitable contributions of common stock and impairment of assets. Xometry expects the variability of these items could have a significant, and potentially unpredictable, impact on its future GAAP financial results.  

Use of Non-GAAP Financial Measures

To supplement its consolidated financial statements, which are prepared and presented in accordance with generally accepted accounting principles in the United States of America (“GAAP”), Xometry, Inc. (“Xometry”, the “Company”, “we” or “our”) uses Adjusted EBITDA, non-GAAP net income and non-GAAP Earnings Per Share, basic and diluted, which are considered non-GAAP financial measures, as described below. These non-GAAP financial measures are presented to enhance the user’s overall understanding of Xometry’s financial performance and should not be considered a substitute for, nor superior to, the financial information prepared and presented in accordance with GAAP. The non-GAAP financial measures presented in this release, together with the GAAP financial results, are the primary measures used by the Company’s management and board of directors to understand and evaluate the Company’s financial performance and operating trends, including period-to-period comparisons, because they exclude certain expenses and gains that management believes are not indicative of the Company’s core operating results. Management also uses these measures to prepare and update the Company’s short and long term financial and operational plans, to evaluate investment decisions, and in its discussions with investors, commercial bankers, equity research analysts and other users of the Company’s financial statements. Accordingly, the Company believes that these non-GAAP financial measures provide useful information to investors and others in understanding and evaluating the Company’s operating results in the same manner as the Company’s management and in comparing operating results across periods and to those of Xometry’s peer companies. In addition, from time to time we may present adjusted information (for example, revenue growth) to exclude the impact of certain gains, losses or other changes that affect period-to-period comparability of our operating performance.

The use of non-GAAP financial measures has certain limitations because they do not reflect all items of income and expense, or cash flows, that affect the Company’s financial performance and operations. Additionally, non-GAAP financial measures do not have standardized meanings, and therefore other companies, including peer companies, may use the same or similarly named measures but exclude or include different items or use different computations. Management compensates for these limitations by reconciling these non-GAAP financial measures to their most comparable GAAP financial measures in the tables captioned “Reconciliations of Non-GAAP Financial Measures” included at the end of this release. Investors and others are encouraged to review the Company’s financial information in its entirety and not rely on a single financial measure.

Change in Non-GAAP Financial Measure

Effective January 1, 2026, we revised our definition of Non-GAAP Net Income to exclude depreciation expense which had previously been included as an adjustment. Management believes this revised definition provides a more representative view of our core operating performance. All prior-period amounts have been recast to conform to this new definition.

Key Terms for our Key Metrics and Non-GAAP Financial Measures

Marketplace revenue: includes the sale of parts and assemblies on our platform.

Services revenue: includes the sales of marketing and advertising services and, to a lesser extent, financial service products and SaaS-based solutions.

Active Buyers: The Company defines “buyers” as individuals who have placed an order to purchase on-demand parts or assemblies on our marketplace. The Company defines Active Buyers as the number of buyers who have made at least one purchase on our marketplace during the last twelve months.

Active Suppliers: The Company defines “suppliers” as individuals or businesses that have been approved by us to either manufacture a product on our platform for a buyer or have utilized our supplier services, including our digital marketing services, data services, financial services or tools and materials. The Company defines Active Suppliers as suppliers that have used our platform at least once during the last twelve months to manufacture a product.

Percentage of Revenue from Existing Accounts: The Company defines an “account” as an individual entity, such as a sole proprietor with a single buyer or corporate entities with multiple buyers, having purchased at least one part on our marketplace. The Company defines an existing account as an account where at least one buyer has made a purchase on our marketplace.

Accounts with Last Twelve-Month Spend of at Least $50,000: The Company defines Accounts with Last Twelve-Month Spend of at Least $50,000 as an account that has spent at least $50,000 on our marketplace in the most recent twelve-month period.

Adjusted earnings before interest, taxes, depreciation and amortization (Adjusted EBITDA): The Company defines Adjusted EBITDA as net income (loss), adjusted for interest expense, interest and dividend income and other expenses, depreciation and amortization, amortization of lease intangible, provision for (benefit from) income taxes, stock-based compensation, payroll tax expense related to stock-based compensation, charitable contributions of common stock, income from unconsolidated joint venture, impairment of assets, restructuring charges and acquisition and other adjustments not reflective of the Company’s ongoing business, such as adjustments related to purchase accounting, the revaluation of contingent consideration, transaction costs and executive severance.

Non-GAAP net income: The Company defines non-GAAP net income as net loss adjusted for stock-based compensation, payroll tax expense related to stock-based compensation, amortization of lease intangible, amortization of deferred costs on convertible notes, charitable contributions of common stock, lease termination, impairment of assets, restructuring charges, loss on debt extinguishment, amortization of acquired intangible assets & patents, other amortization and acquisition and other adjustments not reflective of the Company’s ongoing business, such as adjustments related to purchase accounting, the revaluation of contingent consideration, transaction costs and executive severance.

Non-GAAP Earnings Per Share, basic and diluted (Non-GAAP EPS, basic and diluted): The Company calculates non-GAAP earnings per share, basic and diluted as non-GAAP net income divided by the weighted average number of basic or dilutive shares of common stock outstanding.

Management believes that the exclusion of certain expenses and gains in calculating adjusted EBITDA, non-GAAP net income and non-GAAP EPS, basic and diluted, provides a useful measure for period-to-period comparisons of the Company’s underlying core revenue and operating costs that is focused more closely on the current costs necessary to operate the Company’s businesses and reflects its ongoing business in a manner that allows for meaningful analysis of trends. Management also believes that excluding certain non-cash charges can be useful because the amount of such expenses is the result of long-term investment decisions made in previous periods rather than day-to-day operating decisions.

About Xometry
Xometry’s (NASDAQ: XMTR) AI-native marketplace, popular Thomasnet® industrial sourcing platform and suite of cloud-based services are rapidly digitizing the manufacturing industry. Xometry provides manufacturers the critical resources they need to grow their business and streamlines the procurement process for buyers through real-time pricing and lead time data. Learn more at xometry.com and xometry.eu.

Conference Call and Webcast Information
The Company will host a conference call and webcast to discuss the results at 8:30 a.m. ET (5:30 a.m. PT) on November 3, 2026. In addition to its press release announcing its third quarter 2026 financial results, Xometry will release an earnings presentation, which will be available on its investor website at investors.xometry.com.

Xometry, Inc. Third Quarter 2026 Earnings Presentation and Conference Call

• Tuesday, November 3, 2026
• 8:30 a.m. Eastern / 5:30 a.m. Pacific
• To access the webcast use the following link: https://register-conf.media-server.com/register
• You may also visit the Xometry Investor Relations Homepage at investors.xometry.com to listen to a live webcast of the call

Cautionary Information Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which statements involve substantial risks and uncertainties. Forward-looking statements generally relate to future events or our future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as “may,” “will,” “should,” “expect,” “plan,” “anticipate,” “could,” “would,” “intend,” “target,” “project,” “contemplate,” “believe,” “estimate,” “predict,” “potential” or “continue” or the negative of these words or other similar terms or expressions that concern our expectations, strategy, plans or intentions. Forward-looking statements in this press release include, but are not limited to, our beliefs regarding our financial position and operating performance, including our outlook and guidance for the fourth quarter of 2026 and the full year 2026; our expectations regarding our growth; and statements regarding our strategies, initiatives, products and platform capabilities. Our expectations and beliefs regarding these matters may not materialize, and actual results in future periods are subject to risks and uncertainties that could cause actual results to differ materially from those projected, including risks and uncertainties related to: competition, managing our growth, financial performance, our ability to forecast our performance due to our limited operating history, investments in new products or offerings, our ability to attract buyers and sellers to our marketplace, legal proceedings and regulatory matters and developments, any future changes to our business or our financial or operating model, our brand and reputation, and the impact of fluctuations in general macroeconomic conditions, such as fluctuations in inflation and rising interest rates. The forward-looking statements contained in this press release are also subject to other risks and uncertainties that could cause actual results to differ from the results predicted, including those more fully described in our filings with the SEC, including our Annual Report on Form 10-K for the year ended December 31, 2025, our Quarterly Reports on Form 10-Q, and other filings and reports that we may file from time to time with the SEC. All forward-looking statements in this press release are based on information available to Xometry and assumptions and beliefs as of the date hereof, and we disclaim any obligation to update any forward-looking statements, except as required by law. 

Investor Contact:	Media Contact:
Shawn Milne VP Investor Relations 240-335-8132 shawn.milne@xometry.com	Lauran Cacciatori VP Communications 773-610-0806 lauran.cacciatori@xometry.com

Xometry, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(In thousands, except share and per share data)
(Unaudited)

		September 30,				December 31,
		2026				2025
Assets
Current assets:
Cash and cash equivalents		$	18,132			$	14,996
Marketable securities			486,850				204,145
Accounts receivable, less allowance for credit losses of $9.1 million and $8.0 million as of September 30, 2026 and December 31, 2025, respectively			152,151				97,370
Inventory			3,767				3,917
Prepaid expenses			6,216				7,262
Other current assets			14,441				6,954
Total current assets			681,557				334,644
Software development and property and equipment, net			91,788				60,631
Operating lease right-of-use assets			13,142				11,132
Investment in unconsolidated joint venture			4,157				4,069
Intangible assets, net			28,008				28,563
Goodwill			268,051				263,801
Other assets			913				880
Total assets		$	1,087,616			$	703,720
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable and accrued cost of revenue		$	68,870			$	44,612
Other accrued expenses			41,769				31,669
Contract liabilities			17,667				10,319
Income taxes payable			286				269
Convertible notes, current portion			84,816				—
Operating lease liabilities, current portion			3,012				2,067
Total current liabilities			216,420				88,936
Convertible notes, net of current portion			243,607				327,514
Operating lease liabilities, net of current portion			11,198				9,841
Deferred income taxes			123				145
Other liabilities			1,349				547
Total liabilities			472,697				426,983
Commitments and contingencies
Stockholders’ equity
Preferred stock, $0.000001 par value. Authorized; 50,000,000 shares; zero shares issued and outstanding as of September 30, 2026 and December 31, 2025			—				—
Class A common stock, $0.000001 par value. Authorized; 750,000,000 shares; 55,905,317 shares and 49,842,220 shares issued and outstanding as of September 30, 2026 and December 31, 2025, respectively			—				—
Class B common stock, $0.000001 par value. Authorized; 5,000,000 shares; 1,475,311 shares issued and outstanding as of September 30, 2026 and December 31, 2025			—				—
Additional paid-in capital			1,058,186				710,925
Treasury stock, at cost, 220,994 shares as of September 30, 2026 and December 31, 2025			(8,080	)			(8,080	)
Accumulated other comprehensive income			4,331				4,772
Accumulated deficit			(440,661	)			(432,016	)
Total stockholders’ equity			613,776				275,601
Noncontrolling interest			1,143				1,136
Total equity			614,919				276,737
Total liabilities and stockholders’ equity		$	1,087,616			$	703,720

Xometry, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)
(In thousands, except share and per share amounts)
(Unaudited)

		Three Months Ended September 30,								Nine Months Ended September 30,
		2026				2025				2026				2025
Revenue		$	252,439			$	180,715			$	686,857			$	494,234
Cost of revenue			153,759				108,686				422,536				300,698
Gross profit			98,680				72,029				264,321				193,536
Operating expenses:
Sales and marketing			35,571				32,649				101,124				88,866
Operations and support			23,264				18,403				64,332				53,225
Product development			16,102				12,524				40,510				34,703
General and administrative			23,686				19,463				69,063				53,433
Impairment of assets			—				49				—				49
Total operating expenses			98,623				83,088				275,029				230,276
Income (loss) from operations			57				(11,059	)			(10,708	)			(36,740	)
Other (expenses) income
Interest expense			(1,258	)			(1,278	)			(3,774	)			(3,648	)
Interest and dividend income			4,440				2,139				8,822				6,591
Other expenses			(787	)			(1,636	)			(2,260	)			(19,882	)
Income from unconsolidated joint venture			187				220				588				544
Total other income (expenses)			2,582				(555	)			3,376				(16,395	)
Income (loss) before income taxes			2,639				(11,614	)			(7,332	)			(53,135	)
(Provision) benefit for income taxes			(704	)			17				(1,306	)			25
Net income (loss)			1,935				(11,597	)			(8,638	)			(53,110	)
Net income (loss) attributable to noncontrolling interest			—				—				7				(1	)
Net income (loss) attributable to common stockholders		$	1,935			$	(11,597	)		$	(8,645	)		$	(53,109	)
Net income (loss) per share of Class A and Class B common stock:
Basic		$	0.03			$	(0.23	)		$	(0.16	)		$	(1.05	)
Diluted		$	0.03			$	(0.23	)		$	(0.16	)		$	(1.05	)
Weighted average shares outstanding:
Basic			57,333,901				50,920,588				54,508,819				50,653,997
Diluted			60,462,719				50,920,588				54,508,819				50,653,997
Net income (loss)		$	1,935			$	(11,597	)		$	(8,638	)		$	(53,110	)
Comprehensive income (loss):
Foreign currency translation			119				180				(441	)			4,766
Total other comprehensive income (loss)			119				180				(441	)			4,766
Comprehensive income (loss)			2,054				(11,417	)			(9,079	)			(48,344	)
Comprehensive (loss) income attributable to noncontrolling interest			(10	)			7				7				(17	)
Total comprehensive income (loss) attributable to common stockholders		$	2,064			$	(11,424	)		$	(9,086	)		$	(48,327	)

Xometry, Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)

		Nine Months Ended September 30,
		2026				2025
Cash flows from operating activities:
Net loss		$	(8,638	)		$	(53,110	)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization			16,952				13,741
Impairment of assets			—				49
Reduction in carrying amount of right-of-use asset			1,771				3,350
Lease termination			—				(14	)
Stock-based compensation			30,961				25,985
Income from unconsolidated joint venture			(88	)			(144	)
Donation of common stock			4,404				2,080
Loss on debt extinguishment			—				16,430
Amortization of deferred costs on convertible notes			1,712				1,527
Deferred tax benefit			(22	)			(44	)
Changes in other assets and liabilities:
Accounts receivable, net			(55,096	)			(23,370	)
Inventory			79				(192	)
Prepaid expenses			1,039				(904	)
Other assets			(7,468	)			(1,233	)
Accounts payable and accrued cost of revenue			24,009				10,728
Other accrued expenses			9,920				9,100
Contract liabilities			7,395				3,170
Lease liabilities			(1,482	)			(5,202	)
Other liabilities			(54	)			(24	)
Income taxes payable			16				(249	)
Net cash provided by operating activities			25,410				1,674
Cash flows from investing activities:
Purchases of marketable securities			(341,705	)			(6,571	)
Proceeds from sale of marketable securities			59,000				20,500
Capitalization of software development and purchases of property and equipment			(38,905	)			(19,911	)
Cash paid for business combination			(4,599	)			—
Net cash used in investing activities			(326,209	)			(5,982	)
Cash flows from financing activities:
Proceeds from issuance of convertible notes			—				250,000
Costs incurred in connection with issuance of convertible notes			—				(8,650	)
Payments for repurchase of convertible notes			—				(215,992	)
Purchase of capped calls			—				(17,475	)
Purchase of treasury stock			—				(8,080	)
Proceeds from stock options exercised			6,349				2,703
Proceeds from issuance of common stock, net of underwriters’ discount			248,400				—
Payment of costs related to issuance of common stock			(776	)			—
Proceeds from issuance of common stock under Siemens agreement			50,000				—
Net cash provided by financing activities			303,973				2,506
Effect of foreign currency translation on cash and cash equivalents			(38	)			415
Net increase (decrease) in cash and cash equivalents			3,136				(1,387	)
Cash and cash equivalents at beginning of the period			14,996				22,232
Cash and cash equivalents at end of the period		$	18,132			$	20,845
Supplemental cash flow information:
Cash paid for interest		$	1,796			$	2,600
Cash paid for income taxes			1,234				—
Non-cash investing and financing activities:
Stock-based compensation included in capitalized software development costs			7,117				—
Non-cash consideration in connection with business combination			2,099				625
Non-cash purchase of property and equipment			108				74
Conversion of 2027 convertible notes to common stock			805				—

Xometry, Inc. and Subsidiaries
Reconciliations of Non-GAAP Financial Measures
(In thousands, except share and per share amounts)
(Unaudited)

		For the Three Months Ended September 30,								For the Nine Months Ended September 30,
		2026				2025				2026				2025
Adjusted EBITDA:
Net income (loss)		$	1,935			$	(11,597	)		$	(8,638	)		$	(53,110	)
Add (deduct):
Interest expense, interest and dividend income and other expenses			(2,395	)			775				(2,788	)			16,939
Depreciation and amortization(1)			6,185				5,000				16,952				13,741
Amortization of lease intangible			—				180				—				540
Provision (benefit) from income taxes			704				(17	)			1,306				(25	)
Stock-based compensation(2)			11,288				10,748				30,961				25,985
Payroll tax expense related to stock-based compensation			728				366				2,792				2,100
Acquisition and other(3)			28				—				309				927
Charitable contribution of common stock			1,767				950				4,404				2,080
Income from unconsolidated joint venture			(187	)			(220	)			(588	)			(544	)
Impairment of assets			—				49				—				49
Restructuring charges(4)			1,370				(92	)			1,340				1,464
Adjusted EBITDA		$	21,423			$	6,142			$	46,050			$	10,146

		For the Three Months Ended September 30,								For the Nine Months Ended September 30,
		2026				2025				2026				2025
Non-GAAP Net Income:
Net income (loss)		$	1,935			$	(11,597	)		$	(8,638	)		$	(53,110	)
Add (deduct):
Stock-based compensation(2)			11,288				10,748				30,961				25,985
Payroll tax expense related to stock-based compensation			728				366				2,792				2,100
Amortization of lease intangible			—				180				—				540
Amortization of deferred costs on convertible notes			571				590				1,712				1,527
Acquisition and other(3)			28				—				310				926
Charitable contribution of common stock			1,767				950				4,404				2,080
Lease termination			—				16				—				(14	)
Impairment of assets			—				49				—				49
Restructuring charges(4)			1,370				(92	)			1,340				1,464
Loss on debt extinguishment			—				—				—				16,430
Amortization of acquired intangible assets & patents(5)			874				804				2,481				2,411
Other amortization(5)			—				89				—				268
Non-GAAP Net Income		$	18,561			$	2,103			$	35,362			$	656
Adjustments to numerator		$	540			$	—			$	1,619			$	—
Weighted-average number of shares outstanding used to compute Non-GAAP Net Income (Loss) per share, basic and diluted, of Class A and Class B common stock			57,333,901				50,920,588				54,508,819				50,653,997
Non-GAAP effect of potentially dilutive Class A common stock			9,969,202				3,115,487				9,902,171				2,608,839
Non-GAAP weighted-average shares used to compute Non-GAAP Net Income (Loss) per share, diluted			67,303,103				54,036,075				64,410,990				53,262,836
EPS, basic and diluted, of Class A and Class B common stock		$	0.03			$	(0.23	)		$	(0.16	)		$	(1.05	)
Non-GAAP EPS basic, of Class A and Class B common stock		$	0.32			$	0.04			$	0.65			$	0.01
Non-GAAP EPS diluted, of Class A and Class B common stock		$	0.28			$	0.04			$	0.57			$	0.01

(1) Represents depreciation expense of the Company’s long-lived tangible assets and amortization expense of its finite-lived intangible assets, as included in the Company’s GAAP results of operations.
(2) Represents the non-cash expense related to stock-based awards granted to employees, as included in the Company’s GAAP results of operations.
(3) Includes adjustments related to purchase accounting, the revaluation of contingent consideration, transaction costs and executive severance.
(4) Costs associated with the 2026 and 2025 reductions in workforce.
(5) In the first quarter of 2026, we changed the definition of Non-GAAP Net Income to exclude depreciation expense. Prior period amounts were recast to conform to the new definition.

Xometry, Inc. and Subsidiaries
Reconciliation of GAAP EPS to Non-GAAP EPS
(Unaudited)

		For the Three Months Ended September 30,								For the Nine Months Ended September 30,
		2026				2025				2026				2025
Non-GAAP EPS:
GAAP EPS, diluted, of Class A and Class B common stock		$	0.03			$	(0.23	)		$	(0.16	)		$	(1.05	)
Non-GAAP effect of potentially dilutive Class A common stock			—				0.02				0.05				0.03
Add (deduct):
Stock-based compensation			0.17				0.20				0.48				0.49
Payroll tax expense related to stock-based compensation			0.01				0.01				0.04				0.04
Amortization of lease intangible			—				—				—				0.01
Amortization of deferred costs on convertible notes			0.01				0.01				0.03				0.03
Acquisition and other			—				—				—				0.02
Charitable contribution of common stock			0.03				0.02				0.07				0.04
Impairment of assets			—				—				—				—
Restructuring charges			0.02				—				0.02				0.03
Loss on debt extinguishment			—				—				—				0.31
Amortization of acquired intangible assets & patents			0.01				0.01				0.04				0.05
Other amortization			—				—				—				0.01
Non-GAAP EPS, diluted, of Class A and Class B common stock		$	0.28			$	0.04			$	0.57			$	0.01

Xometry, Inc. and Subsidiaries
Segment Results
(In thousands)
(Unaudited)

		For the Three Months Ended September 30,								For the Nine Months Ended September 30,
		2026				2025				2026				2025
Segment Revenue:
U.S.		$	213,392			$	151,093			$	580,357			$	414,646
International			39,047				29,622				106,500				79,588
Total revenue		$	252,439			$	180,715			$	686,857			$	494,234
Segment Cost of Revenue:
U.S.		$	130,596			$	90,933			$	357,882			$	251,841
International			23,163				17,753				64,654				48,857
Total cost of revenue		$	153,759			$	108,686			$	422,536			$	300,698
Segment Adjusted EBITDA:
U.S.		$	22,020			$	10,349			$	52,769			$	20,234
International			(597	)			(4,207	)			(6,719	)			(10,088	)
Total Adjusted EBITDA		$	21,423			$	6,142			$	46,050			$	10,146

Xometry, Inc. and Subsidiaries
Supplemental Information
(In thousands)
(Unaudited)

		For the Three Months Ended September 30,								For the Nine Months Ended September 30,
		2026				2025				2026				2025
Summary of Stock-based Compensation Expense and Payroll Taxes Related to Stock-Based Compensation Expense
Sales and marketing		$	2,694			$	3,170			$	7,201			$	7,809
Operations and support			2,839				3,712				8,552				9,450
Product development			1,250				2,583				4,036				6,410
General and administrative			5,233				1,649				13,964				4,416
Total stock-based compensation expense and payroll taxes related to stock-based compensation		$	12,016			$	11,114			$	33,753			$	28,085
Summary of Depreciation and Amortization Expense
Cost of revenue		$	179			$	184			$	538			$	550
Sales and marketing			805				799				2,384				2,385
Operations and support			76				46				145				129
Product development			5,060				3,723				13,353				9,860
General and administrative			65				248				532				817
Total depreciation and amortization expense		$	6,185			$	5,000			$	16,952			$	13,741
Summary of Restructuring Charges
Sales and marketing		$	190			$	(27	)		$	190			$	62
Operations and support			429				(108	)			431				718
Product development			731				11				733				510
General and administrative			20				32				(14	)			174
Total restructuring charges		$	1,370			$	(92	)		$	1,340			$	1,464