Tag: GlobeNewswire

Net Interest Margin Expansion, 25% Growth in Community Bank Lending, and Significant Credit Improvement

ST. PETERSBURG, Fla., Oct. 29, 2026 (GLOBE NEWSWIRE) — BayFirst Financial Corp. (NASDAQ: BAFN) (“BayFirst” or “Company”), parent company of BayFirst National Bank (“Bank”) reported a net loss of $0.7 million, or $0.04 per common share and diluted common share, for the third quarter of 2026, compared to a net loss of $32.7 million, or $8.05 per common share and diluted common share, in the second quarter of 2026.

“In the second quarter we took deliberate steps under our asset resolution plan to strengthen our balance sheet, and this quarter’s results show those actions are beginning to pay off,” stated Al Rogers, Chief Executive Officer. “Total community bank loans, excluding the government guaranteed portfolio, grew $41.9 million over the prior quarter, or 25% annualized, a key highlight that reflects strong demand and the trust our customers place in us. Net interest margin improved 59 basis points from the prior quarter, and for the first time in nearly three years, deposit growth outpaced loan growth, a clear sign that our relationship-focused approach is strengthening our funding base. While we did report a loss for the third quarter, it was a significant improvement over prior periods. Our strengthened foundation positions us for continued improvement in the coming quarters as we remain focused on achieving sustained profitability.

“We are also encouraged by the continued improvement in asset quality,” Rogers continued. “Nonperforming assets declined as percentage of total assets, and net charge-offs were lower than in the prior quarter, further evidence that our asset resolution efforts are working. Through it all, our focus on the communities we serve remains unwavering, and I am confident we will continue to build on our standing as the community bank of choice in our Tampa Bay and Sarasota markets.”

Third Quarter 2026 Performance Review

• Net interest margin was 4.07% in the third quarter of 2026, an increase of 59 basis points from 3.48% in the second quarter of 2026 and an increase of 43 basis points from 3.64% in the third quarter of 2025.
• Total loans held for investment increased by $20.1 million, or 2.3%, during the third quarter of 2026 to $903.0 million and decreased $90.1 million, or 9.1%, over the past year. The decrease from the prior year was partially the result of no new SBA 7(a) loan originations and the sale of $97.4 million of government guaranteed loans to a third party as part of the Bank’s discontinuance of SBA 7(a) lending.
• Deposits increased $25.3 million, or 2.6%, during the third quarter of 2026 and decreased $157.3 million, or 13.4%, over the past year to $1.01 billion. The increase in deposits during the quarter was primarily due to increases in noninterest-bearing account balances, interest-bearing transaction account balances, savings and money market account balances, partially offset by a decrease in time deposit balances. The decrease in deposits over the past year was primarily due to decreases in high-rate promotional deposits held with non-relationship customers and brokered deposits.
• On July 14, 2026, the Company obtained shareholder approval to amend the BayFirst Financial Corp. Articles of Incorporation to increase the number of authorized shares of the common stock from 15,000,000 to 100,000,000 and exchanged all 4,000 outstanding shares of Mandatorily Convertible Cumulative Perpetual Preferred Stock, Series D, and exchanged all 4,000 outstanding shares of Mandatorily Convertible Cumulative Perpetual Preferred Stock, Series E for a total of 22,856,000 shares of common stock. Upon conversion, all shares of Series D and Series E Preferred Stock were retired.
• On August 13, 2026, the Company redeemed all outstanding Series A and Series B Preferred Shares in the amount of $6,464 for Preferred Series A, including accrued dividends of $303, and $3,241 for Preferred Series B, including accrued dividends of $118.
• At September 30, 2026, book value and tangible book value was $3.64 per common share, a decrease from $4.82 at June 30, 2026.

Results of Operations

Net Loss

The Company had a net loss of $0.7 million for the third quarter of 2026, compared to a net loss of $32.7 million in the second quarter of 2026 and a net loss of $19.1 million in the third quarter of 2025. The change in the third quarter of 2026 from the preceding quarter was primarily the result of $41.5 million of expense in the second quarter of 2026 related to the asset resolution plan. The change from the third quarter of 2025 was the due to decreases in provision for credit losses of $11.2 million and noninterest expense of $12.4 million, and an increase in noninterest income of $2.2 million, partially offset with a decrease in income tax benefit of $6.7 million.

For the nine months ended September 30, 2026, the Company had a net loss of $39.3 million, compared to a net loss of $21.9 million for the nine months ended September 30, 2025. The change was primarily due to decreases in net interest income of $4.6 million and noninterest income of $22.8 million and increases in provision for credit losses of $13.5 million and noninterest expense of $13.2 million, partially offset by income tax benefit of $5.7 million.

Net Interest Income and Net Interest Margin

Net interest income was $10.6 million in the third quarter of 2026, which was an increase of $1.2 million from $9.4 million for the second quarter of 2026, and a decrease of $0.7 million from $11.3 million during the third quarter of 2025. The net interest margin was 4.07% in the third quarter of 2026, an increase of 59 basis points from 3.48% in the second quarter of 2026 and an increase of 43 basis points from 3.64% in the third quarter of 2025.

The increase in net interest income during the third quarter of 2026, as compared to the second quarter of 2026, was mainly due to an increase in loan interest income, including fees, of $1.1 million.

The decrease in net interest income during the third quarter of 2026, as compared to the year ago quarter, was mainly due to a decrease in loan interest income, including fees, of $4.8 million, partially offset by a decrease in interest expense on deposits of $3.1 million.

Net interest income was $29.5 million for the nine months ended September 30, 2026, a decrease from $34.1 million for the nine months ended September 30, 2025. The decrease was mainly due to a decrease in loan interest income, including fees, of $14.7 million, partially offset by a decrease in interest expense of $8.7 million.

Noninterest Income

Noninterest income was $1.1 million for the third quarter of 2026, compared to negative income of $6.8 million in the second quarter of 2026 and negative income of $1.1 million in the third quarter of 2025. The change from the third quarter of 2026, as compared to the second quarter of 2026, was primarily the result of a 99.41% decrease in government guaranteed loan fair value losses of $6.4 million and second quarter 2026 loss on nonmarketable equity securities of $1.5 million which was related to the impairment of an investment in a firm who was a partner with the Company’s former SBA 7(a) lending business. The increase in the third quarter of 2026, as compared to the third quarter of 2025, was the result of a third quarter 2025 fair value adjustment on loans held for sale of $5.1 million, partially offset by a decrease in gain on sale of government guaranteed loans of $3.0 million.

Noninterest income was a negative $4.8 million for the nine months ended September 30, 2026, which was a decrease from income of $17.9 million for the nine months ended September 30, 2025. The decrease was primarily the result of a decrease in gain on sale of government guaranteed loans of $16.1 million, a decrease in government guaranteed loan fair value gains of $7.8 million, a decrease in government guaranteed loan packaging fees of $1.7 million and second quarter 2026 loss on nonmarketable equity securities of $1.5 million, partially offset by a 2025 fair value adjustment on loans held for sale of $5.1 million.

Noninterest Expense

Noninterest expense was $12.8 million in the third quarter of 2026 compared to $17.7 million in the second quarter of 2026 and $25.2 million in the third quarter of 2025. The decrease in the third quarter of 2026, as compared to the prior quarter, was primarily due to $1.7 million of expenses in the second quarter of 2026 related to the asset resolution plan and $2.3 million of one-time expenses to record a change in control payment and write-off vendor contracts related to national lending and digital account opening businesses which are not part of our community banking focus. The decrease in the third quarter of 2026, as compared to the third quarter of 2025, was primarily due to the third quarter 2025 restructuring expense of $7.3 million, and a decrease in compensation expense of $3.1 million.

Noninterest expense was $45.4 million for the nine months ended September 30, 2026 compared to $58.6 million for the nine months ended September 30, 2025. The decrease was primarily the result of the third quarter 2025 restructuring expense of $7.3 million, a decrease in compensation expense of $8.1 million, partially offset by an increase in loan servicing and origination expense of $3.1 million.

Balance Sheet

Assets

Total assets increased $13.0 million, or 1.1%, during the third quarter of 2026 to $1.15 billion, primarily the result of an increase in loans held for investment of $20.1 million, and a decrease in allowance for credit losses on loans of $3.3 million, partially offset by a decrease in cash and cash equivalents of $10.8 million. Compared to the end of the third quarter last year, total assets decreased $192.3 million, or 14.3%, driven primarily by a decrease in loans held for investment and held for sale of $184.2 million, and an increase in allowance for credit losses on loans of $17.3 million, partially offset by an increase in cash and cash equivalents of $9.8 million and an increase in deferred tax asset of $14.8 million.

Loans

Loans held for investment increased $20.1 million, or 2.3%, during the third quarter of 2026 and decreased $90.1 million, or 9.1%, over the past year to $903.0 million. The decrease from prior year was primarily due to loan payoffs and government guaranteed loan sales, which included the sale of the SBA 7(a) loans to a third party in the fourth quarter as part of the Bank’s discontinuance of SBA 7(a) lending. This was partially offset by originations in both conventional community bank loans and USDA government guaranteed loans.

Deposits

Deposits increased $25.3 million, or 2.6%, during the third quarter of 2026 and decreased $157.3 million, or 13.4%, from the third quarter of 2025, ending September 30, 2026, at $1.01 billion. During the third quarter, there was a decrease in time deposit balances of $8.7 million, partially offset by increases in noninterest-bearing account balances of $4.4 million, interest-bearing transaction account balances of $6.9 million, and savings and money market account balances of $22.6 million. At September 30, 2026, June 30, 2026, and September 30, 2025, the Company had $165.7 million, $163.8 million, and $235.9 million, respectively, of brokered deposits.

Asset Quality

The Company recorded a provision for credit losses in the third quarter of negative $0.1 million, compared to provisions of $29.0 million for the second quarter of 2026 and $11.2 million during the third quarter of 2025. The decrease in the provision expense was primarily the result of $30.5 million of expense related to the asset resolution plan recorded in the second quarter of 2026.

The ratio of allowance for credit losses (ACL) on loans to total loans held for investment at amortized cost was 4.85% at September 30, 2026, 5.37% as of June 30, 2026, and 2.63% as of September 30, 2025. The ratio of ACL on loans to total loans held for investment at amortized cost, excluding government guaranteed loan balances, was 5.20% at September 30, 2026, 5.82% as of June 30, 2026, and 2.80% as of September 30, 2025.

Net charge-offs for the third quarter of 2026 were $3.2 million, which was a decrease from $4.5 million for the second quarter of 2026 and a decrease from $3.5 million for the third quarter of 2025. Annualized net charge-offs as a percentage of average loans held for investment at amortized cost were 1.52% for the third quarter of 2026, compared to 2.08% in the second quarter of 2026 and 1.34% in the third quarter of 2025. Nonperforming assets were 1.29% of total assets as of September 30, 2026, compared to 1.75% as of June 30, 2026, and 1.98% as of September 30, 2025. Nonperforming assets, excluding government guaranteed loan balances, were 1.21% of total assets as of September 30, 2026, compared to 1.32% as of June 30, 2026, and 1.21% as of September 30, 2025.

Capital

The Bank’s Tier 1 leverage ratio was 8.79% as of September 30, 2026, compared to 8.30% as of June 30, 2026, and 6.14% as of September 30, 2025. The CET 1 and Tier 1 capital ratios to risk-weighted assets were 11.15% as of September 30, 2026, compared to 11.47% as of June 30, 2026, and 7.82% as of September 30, 2025. The total capital to risk-weighted assets ratio was 12.44% as of September 30, 2026, compared to 12.77% as of June 30, 2026, and 9.08% as of September 30, 2025. At September 30, 2026, the Bank met all of its regulatory capital requirements to be well-capitalized.

Liquidity

The Bank’s overall liquidity position remains strong and stable with liquidity in excess of internal minimums as stated by policy and monitored by management and the Board. The on-balance sheet liquidity ratio at September 30, 2026 was 13.49%, as compared to 18.44% at December 31, 2025. The Bank has liquidity resources which include secured borrowings available from the Federal Home Loan Bank, the Federal Reserve, and lines of credit with other financial institutions. As of September 30, 2026 and June 30, 2026, the Bank had no borrowings from the FHLB, the FRB or other financial institutions.

Recent Events

On October 8, 2026, the Company sold and issued 4,107,908 common shares at $3.50 per common share in or as part of the Company’s rights offering. The offering resulted in gross proceeds of $14.4 million which will be used to improve capital levels of the Company and the Bank, and support the continued growth of the Bank.

Conference Call

BayFirst will host a conference call on Friday, October 30, 2026, at 9:00 a.m. ET to discuss its third quarter results. Interested parties may listen to the call live under the Investor Relations tab at www.bayfirstfinancial.com or are invited to dial (833) 461-5787 to participate in the call using Conference ID 438809173. A replay of the call will be available for one year at www.bayfirstfinancial.com.

About BayFirst Financial Corp.

BayFirst Financial Corp. is a registered bank holding company based in St. Petersburg, Florida which commenced operations on September 1, 2000. Its primary source of income is derived from its wholly owned subsidiary, BayFirst National Bank, a national banking association which commenced business operations on February 12, 1999. The Bank currently operates twelve full-service banking offices throughout the Tampa Bay-Sarasota region and offers a broad range of commercial and consumer banking services to businesses and individuals. As of September 30, 2026, BayFirst Financial Corp. had $1.15 billion in total assets.

Forward-Looking Statements

In addition to the historical information contained herein, this presentation includes “forward-looking statements” within the meaning of such term in the Private Securities Litigation Reform Act of 1995. These statements are subject to many risks and uncertainties, including, but not limited to, the effects of health crises, global military hostilities, weather events, or climate change, including their effects on the economic environment, our customers and our operations, as well as any changes to federal, state or local government laws, regulations or orders in connection with them; the ability of the Company to implement its strategy and expand its banking operations; changes in interest rates and other general economic, business and political conditions, including changes in the financial markets and credit quality; changes in business plans as circumstances warrant; risks related to mergers and acquisitions; changes in benchmark interest rates used to price loans and deposits, changes in tax laws, regulations and guidance; enforcement actions initiated by our regulators and their impact on our operations; and other risks detailed from time to time in filings made by the Company with the SEC, including, but not limited to those “Risk Factors” described in our most recent Form 10-K and Form 10-Q. Readers should note that the forward-looking statements included herein are not a guarantee of future events, and that actual events may differ materially from those made in or suggested by the forward-looking statements.

Forward-looking statements generally can be identified by the use of forward-looking terminology such as “will,” “propose,” “may,” “plan,” “seek,” “expect,” “intend,” “estimate,” “anticipate,” “believe,” “continue,” or similar terminology. Any forward-looking statements presented herein are made only as of the date of this document, and the Company does not undertake any obligation to update or revise any forward-looking statements to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise.

BAYFIRST FINANCIAL CORP. SELECTED FINANCIAL DATA (Unaudited)
	At or for the three months ended
(Dollars in thousands, except for share data)	9/30/2026				6/30/2026				3/31/2026				12/31/2025				9/30/2025
									As restated				As restated				As restated
Net loss	$	(677	)		$	(32,665	)		$	(5,930	)		$	(2,696	)		$	(19,077	)
Balance sheet data:
Average loans held for investment at amortized cost		848,578				858,931				881,938				933,401				1,054,946
Average total assets		1,121,140				1,185,392				1,213,823				1,328,923				1,339,795
Average common shareholders’ equity		59,761				67,624				64,448				67,481				86,976
Government guaranteed loans held for sale		—				—				—				—				94,052
Total loans held for investment		902,966				882,840				924,220				958,014				993,109
Total loans held for investment, excl gov’t gtd loan balances		832,904				805,684				849,157				887,885				917,816
Allowance for credit losses		41,762				45,081				20,632				21,996				24,485
Total assets		1,147,929				1,134,925				1,189,671				1,294,269				1,340,222
Total deposits		1,014,154				988,874				1,085,869				1,183,938				1,171,457
Common shareholders’ equity		98,095				19,850				58,421				64,758				67,921
Share data:
Basic loss per common share	$	(0.04	)		$	(8.05	)		$	(1.54	)		$	(0.75	)		$	(4.71	)
Diluted loss per common share		(0.04	)			(8.05	)			(1.54	)			(0.75	)			(4.71	)
Book value per common share		3.64				4.83				14.22				15.76				16.50
Tangible book value per common share (1)		3.64				4.82				14.22				15.76				16.50
Performance ratios:
Return on average assets(2)	(0.24)		%		(11.02)		%		(1.95)		%		(0.81)		%		(5.70)		%
Return on average common equity(2)	(6.39)		%		(195.50)		%		(39.19)		%		(18.26)		%		(89.51)		%
Net interest margin(2)		4.07	%			3.48	%			3.44	%			3.60	%			3.64	%
Asset quality ratios:
Net charge-offs	$	3,228			$	4,460			$	4,719			$	4,865			$	3,544
Net charge-offs/avg loans held for investment at amortized cost(2)		1.52	%			2.08	%			2.14	%			2.08	%			1.34	%
Nonperforming loans(3)	$	14,013			$	18,457			$	21,453			$	24,343			$	24,687
Nonperforming loans (excluding gov’t gtd balance)(3)	$	13,445			$	14,434			$	15,873			$	16,271			$	15,822
Nonperforming loans/total loans held for investment(3)		1.63	%			2.20	%			2.46	%			2.69	%			2.65	%
Nonperforming loans (excl gov’t gtd balance)/total loans held for investment(3)		1.56	%			1.72	%			1.82	%			1.80	%			1.70	%
ACL/Total loans held for investment at amortized cost		4.85	%			5.37	%			2.36	%			2.43	%			2.63	%
ACL/Total loans held for investment at amortized cost, excl government guaranteed loans		5.20	%			5.82	%			2.55	%			2.60	%			2.80	%
Other Data:
Full-time equivalent employees		146				148				143				144				237
Banking center offices		12				11				12				12				12
(1) See section entitled “GAAP Reconciliation and Management Explanation of Non-GAAP Financial Measures” below for a reconciliation to most comparable GAAP equivalent.
(2) Annualized
(3) Excludes loans measured at fair value

Reconciliation and Management Explanation of Non-GAAP Financial Measures

Some of the financial measures included in this report are not measures of financial condition or performance recognized by GAAP. These non-GAAP financial measures include tangible common shareholders’ equity and tangible book value per common share. Our management uses these non-GAAP financial measures in its analysis of our performance, and we believe that providing this information to financial analysts and investors allows them to evaluate capital adequacy.

The following presents the calculation of the non-GAAP financial measures.

Tangible Common Shareholders’ Equity and Tangible Book Value Per Common Share (Unaudited)
	As of
(Dollars in thousands, except for share data)	September 30, 2026				June 30, 2026				March 31, 2026				December 31, 2025				September 30, 2025
									As restated				As restated				As restated
Total shareholders’ equity	$	104,541			$	115,901			$	75,628			$	81,580			$	83,972
Less: Preferred stock liquidation preference		(6,446	)			(96,051	)			(17,207	)			(16,822	)			(16,051	)
Total equity available to common shareholders		98,095				19,850				58,421				64,758				67,921
Less: Intangible assets		(62	)			(62	)			—				—				—
Tangible common shareholders’ equity	$	98,033			$	19,788			$	58,421			$	64,758			$	67,921
Common shares outstanding		26,962,725				4,106,905				4,108,072				4,108,069				4,116,913
Tangible book value per common share	$	3.64			$	4.82			$	14.22			$	15.76			$	16.50

BAYFIRST FINANCIAL CORP.
CONSOLIDATED BALANCE SHEETS (Unaudited)
(Dollars in thousands)	9/30/2026			6/30/2026			9/30/2025
Assets							As restated
Cash and due from banks	$	5,230		$	5,641		$	5,193
Interest-bearing deposits in banks		123,097			133,524			113,357
Cash and cash equivalents		128,327			139,165			118,550
Time deposits in banks		—			—			1,284
Investment securities available for sale, at fair value (amortized cost $27,454, $30,591, and $32,614 at September 30, 2026, June 30, 2026, and September 30, 2025, respectively)		23,856			27,778			29,857
Investment securities held to maturity, at amortized cost, net of allowance for credit losses of $7, $7, and $9 (fair value: $2,347, $2,371, and $2,375 at September 30, 2026, June 30, 2026, and September 30, 2025, respectively)		2,493			2,493			2,491
Nonmarketable equity securities		4,509			3,164			7,028
Government guaranteed loans held for sale		—			—			94,052
Government guaranteed loans held for investment, at fair value		42,204			43,847			61,780
Loans held for investment, at amortized cost		860,762			838,993			931,329
Allowance for credit losses on loans		(41,762	)		(45,081	)		(24,485	)
Net Loans held for investment, at amortized cost		819,000			793,912			906,844
Accrued interest receivable		5,429			5,127			6,800
Premises and equipment, net		34,681			30,245			31,695
Loan servicing rights		8,827			9,942			15,663
Deferred income tax assets		21,836			21,253			7,040
Right-of-use operating lease assets		13,402			13,720			14,833
Bank owned life insurance		27,854			27,654			27,071
Other real estate owned		410			532			400
Other assets		15,101			16,093			14,834
Total assets	$	1,147,929		$	1,134,925		$	1,340,222
Liabilities:
Noninterest-bearing deposit accounts	$	121,193		$	116,788		$	105,937
Interest-bearing transaction accounts		142,555			135,628			210,336
Savings and money market deposit accounts		445,578			422,933			479,262
Time deposits		304,828			313,525			375,922
Total deposits		1,014,154			988,874			1,171,457
FHLB borrowings		—			—			50,000
Subordinated debentures		5,968			5,966			5,961
Notes payable		1,138			1,252			1,593
Accrued interest payable		735			597			1,082
Operating lease liabilities		12,408			12,694			13,554
Accrued expenses and other liabilities		8,985			9,641			12,603
Total liabilities		1,043,388			1,019,024			1,256,250
Shareholders’ equity:							As restated
Preferred stock, Series A; no par value, no shares authorized, issued, and outstanding at September 30, 2026, and 10,000 shares authorized, 6,395 shares issued and outstanding at June 30, 2026 and September 30, 2025; aggregate liquidation preference of $6,395 at June 30, 2026 and September 30, 2025		—			6,161			6,161
Preferred stock, Series B; no par value, no shares authorized, issued, and outstanding at September 30, 2026, 20,000 shares authorized, 3,210 shares issued and outstanding at June 30, 2026 and September 30, 2025; aggregate liquidation preference of $3,210 at June 30, 2026 and September 30, 2025		—			3,123			3,123
Preferred stock, Series C; no par value, 10,000 shares authorized, 6,446 shares issued and outstanding at September 30, 2026, June 30, 2026, and September 30, 2025; aggregate liquidation preference of $6,446 at September 30, 2026, June 30, 2026 and September 30, 2025		6,446			6,446			6,446
Preferred stock, Series D; no par value, no shares authorized, issued and outstanding at September 30, 2026 and September 30, 2025 and 4,000 shares authorized, issued and outstanding at June 30, 2026; aggregate liquidation preference of $40,000 at June 30, 2026		—			37,254			—
Preferred stock, Series E; no par value, no shares authorized, issued and outstanding at September 30, 2026 and September 30, 2025, and 4,000 shares authorized, issued and outstanding at June 30, 2026; aggregate liquidation preference of $40,000 at June 30, 2026		—			37,254			—
Common stock and additional paid-in capital; no par value, 100,000,000, 15,000,000, and 15,000,000 shares authorized, 26,962,725, 4,106,905, and 4,116,913 shares issued and outstanding at September 30, 2026, June 30, 2026, and September 30, 2025, respectively		128,646			54,382			54,764
Accumulated other comprehensive loss, net		(2,701	)		(2,111	)		(2,069	)
Unearned compensation		(213	)		(245	)		(538	)
Retained earnings		(27,637	)		(26,363	)		16,085
Total shareholders’ equity		104,541			115,901			83,972
Total liabilities and shareholders’ equity	$	1,147,929		$	1,134,925		$	1,340,222

BAYFIRST FINANCIAL CORP.
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
	For the Quarter Ended												Year-to-Date
(Dollars in thousands, except per share data)	9/30/2026				6/30/2026				9/30/2025				9/30/2026				9/30/2025
Interest income:									As restated								As restated
Loans, including fees	$	15,951			$	14,803			$	20,746			$	46,675			$	61,346
Interest-bearing deposits in banks and other		1,296				1,562				946				4,367				2,926
Total interest income		17,247				16,365				21,692				51,042				64,272
Interest expense:
Deposits		6,483				6,850				9,576				21,226				28,289
Other		137				93				798				327				1,928
Total interest expense		6,620				6,943				10,374				21,553				30,217
Net interest income		10,627				9,422				11,318				29,489				34,055
Provision for credit losses		(69	)			28,977				11,165				32,312				23,332
Net interest income after provision for credit losses		10,696				(19,555	)			153				(2,823	)			10,723
Noninterest income:
Loan servicing income, net		655				588				761				2,013				1,981
Gain (loss) on sale of government guaranteed loans, net		—				—				3,039				(97	)			15,975
Service charges and fees		507				497				474				1,494				1,396
Government guaranteed loans fair value gain (loss), net		(38	)			(6,468	)			(882	)			(7,039	)			805
Fair value adjustment on loans held for sale		—				—				(5,096	)			—				(5,096	)
Government guaranteed loan packaging fees		—				—				380				—				1,673
Loss on nonmarketable securities		—				(1,500	)			—				(1,500	)			—
Loss on sale of premises and equipment		—				(34	)			—				(21	)			—
Other noninterest income (loss)		(23	)			108				254				326				1,215
Total noninterest income		1,101				(6,809	)			(1,070	)			(4,824	)			17,949
Noninterest Expense:
Salaries and benefits		4,466				5,332				7,637				14,867				23,748
Bonus, commissions, and incentives		576				741				530				1,607				863
Occupancy and equipment		1,307				1,352				1,525				4,027				4,738
Data processing		1,406				2,649				2,049				5,544				6,172
Marketing and business development		76				157				262				356				1,152
Professional services		571				1,172				859				2,907				2,373
Loan servicing and origination expense		3,004				3,122				3,273				9,962				6,866
Employee recruiting and development		213				248				364				663				1,443
Regulatory assessments		515				611				484				1,704				1,175
Restructure charges		—				—				7,262				—				7,262
Other noninterest expense		682				2,292				970				3,741				2,764
Total noninterest expense		12,816				17,676				25,215				45,378				58,556
Loss before taxes		(1,019	)			(44,040	)			(26,132	)			(53,025	)			(29,884	)
Income tax benefit		(342	)			(11,375	)			(7,055	)			(13,753	)			(8,015	)
Net loss		(677	)			(32,665	)			(19,077	)			(39,272	)			(21,869	)
Preferred dividends		277				386				385				1,048				1,156
Net loss attributable to common shareholders	$	(954	)		$	(33,051	)		$	(19,462	)		$	(40,320	)		$	(23,025	)
Basic loss per common share	$	(0.04	)		$	(8.05	)		$	(4.71	)		$	(3.76	)		$	(5.57	)
Diluted loss per common share	$	(0.04	)		$	(8.05	)		$	(4.71	)		$	(3.76	)		$	(5.57	)

Loan Composition
(Dollars in thousands)	9/30/2026				6/30/2026				3/31/2026				12/31/2025				9/30/2025
	(Unaudited)				(Unaudited)				Unaudited/As restated				As restated				Unaudited/As restated
Real estate:
Residential	$	348,865			$	353,716			$	359,305			$	365,427			$	364,020
Commercial		228,589				211,518				216,643				215,771				231,039
Construction and land		35,976				38,095				36,732				48,397				43,700
Commercial and industrial		177,062				158,077				171,666				181,566				194,654
Commercial and industrial – PPP		—				—				6				6				13
Consumer and other		66,903				73,567				82,269				86,441				90,946
Loans held for investment, at amortized cost, gross		857,395				834,973				866,621				897,608				924,372
Deferred loan costs, net		7,151				8,338				9,353				10,491				11,522
Discount on government guaranteed loans		(4,472	)			(5,107	)			(6,007	)			(6,811	)			(7,506	)
Premium on loans purchased, net		688				789				2,446				2,650				2,941
Loans held for investment, at amortized cost, net		860,762				838,993				872,413				903,938				931,329
Government guaranteed loans held for investment, at fair value		42,204				43,847				51,807				54,076				61,780
Total loans held for investment, net	$	902,966			$	882,840			$	924,220			$	958,014			$	993,109

Nonperforming Assets (Unaudited)
(Dollars in thousands)	9/30/2026				6/30/2026				3/31/2026				12/31/2025				9/30/2025
									As Restated				As Restated				As Restated
Nonperforming loans (government guaranteed balances), at amortized cost, gross	$	568			$	4,023			$	5,580			$	8,072			$	8,865
Nonperforming loans (unguaranteed balances), at amortized cost, gross		13,445				14,434				15,873				16,271				15,822
Total nonperforming loans, at amortized cost, gross		14,013				18,457				21,453				24,343				24,687
Nonperforming loans (government guaranteed balances), at fair value		—				—				208				83				—
Nonperforming loans (unguaranteed balances), at fair value		114				443				1,230				1,453				1,385
Total nonperforming loans, at fair value		114				443				1,438				1,536				1,385
OREO		410				532				400				400				400
Repossessed assets		253				466				583				263				32
Total nonperforming assets, gross	$	14,790			$	19,898			$	23,874			$	26,542			$	26,504
Nonperforming loans as a percentage of total loans held for investment(1)		1.63	%			2.20	%			2.46	%			2.69	%			2.65	%
Nonperforming loans (excluding government guaranteed balances) to total loans held for investment(1)		1.56	%			1.72	%			1.82	%			1.80	%			1.70	%
Nonperforming assets as a percentage of total assets		1.29	%			1.75	%			2.01	%			2.05	%			1.98	%
Nonperforming assets (excluding government guaranteed balances) to total assets		1.21	%			1.32	%			1.39	%			1.29	%			1.21	%
ACL to nonperforming loans(1)		298.02	%			244.24	%			96.17	%			90.35	%			99.18	%
ACL to nonperforming loans (excluding government guaranteed balances)(1)		310.61	%			312.32	%			129.98	%			135.18	%			154.75	%
(1) Excludes loans measured at fair value

Contacts:
Alfred T. Rogers, Jr.	Scott J. McKim
Chief Executive Officer and President	Chief Financial Officer
727.685.2097	727.521.7085

Company to Host Conference Call with Live Q&A, November 12, 2026, at 4:30pm ET / 22:30 CET

IRVINE, California – October 29, 2026 (GlobeNewswire) – Mdxhealth SA (NASDAQ: MDXH), a leading precision diagnostics company, today announced it will release its financial results for the third quarter ended September 30, 2026, after market close on Thursday, November 12, 2026.

Title:	Mdxhealth Presents Third Quarter 2026 Financial Results and Corporate Update Conference Call and Webcast
Date:	November 12, 2026
Time:	4:30pm ET/ 22:30 CET
Conference Call Dial-in Details:	United States: 1-800-347-6865 Belgium: 08 007 2519 United Kingdom: 0808 101 1183
Conference ID:	MDX3Q26
Webcast:	https://viavid.webcasts.com/starthere.jsp?ei=1778654&tp_key=d6263296bf

The webcast should be accessed 15 minutes prior to the conference call start time. A replay of the webcast will be available following the conclusion of the live call and will be accessible on the Company’s website.

About Mdxhealth

Mdxhealth is a leading precision diagnostics company that provides actionable molecular information to personalize patient diagnosis and treatment. The Company’s tests, based on proprietary genomic, epigenomic, exosomal and other molecular technologies, assist physicians with the diagnosis and prognosis of prostate cancer and other urologic diseases. For more information, visit mdxhealth.com and follow us on social media at: twitter.com/mdxhealth, facebook.com/mdxhealth and linkedin.com/company/mdxhealth.

For more information:

info@mdxhealth.com

LifeSci Advisors (IR & PR)
John Fraunces, Managing Director
Tel: +1 917 355 2395
jfraunces@lifesciadvisors.com

BEDMINSTER, N.J., Oct. 29, 2026 (GLOBE NEWSWIRE) — Peapack-Gladstone Financial Corporation (NASDAQ Global Select Market: PGC) announced on October 29, 2026 that its Board of Directors has declared a regular quarterly cash dividend of $0.05 per share on its common stock. The dividend will be paid on November 27, 2026 to shareholders of record as of November 12, 2026.

        Peapack-Gladstone Financial Corporation is a New Jersey bank holding company with total assets of $8.5 billion and assets under management and/or administration of $13.6 billion as of September 30, 2026. Founded in 1921, Peapack Private Bank & Trust is a boutique private bank serving successful individuals, families, business owners, family offices, and their trusted advisors through personalized relationships and bespoke banking, lending, wealth management, investment banking and trust solutions. Distinguished by a relationship-first approach, every client is supported by a dedicated relationship manager who provides thoughtful guidance, seamless coordination, and access to the Bank’s full breadth of expertise. The Bank’s Wealth Management division delivers sophisticated investment management, fiduciary, tax, estate, and financial planning strategies designed to help clients preserve, grow, and transfer wealth across generations. Defined by discretion, exceptional service, and enduring relationships, Peapack Private is committed to helping clients achieve their financial goals while protecting the legacy they have built. For more information, visit www.peapackprivate.com.

Contact:

Frank A. Cavallaro, SEVP AND CFO
Peapack-Gladstone Financial Corporation
T: 908-306-8933

New Location Marks 9th Store in California

Scottsdale, AZ, Oct. 29, 2026 (GLOBE NEWSWIRE) — Black Rock Coffee Bar, the Oregon-born boutique coffee chain celebrated for its specialty coffees, teas, smoothies, and signature Fuel® energy drinks, is growing its footprint in California with the opening of a new store in Riverside. 

The store, located at 18990 Van Buren Blvd, will officially open its doors on Friday, October 30th. This opening marks Black Rock’s ninth California location and reinforces the brand’s steady expansion across the state. Guests can enjoy the following specials during opening week: 

• Friday, October 30th: $2 Medium Drinks 

• Saturday, October 31st: BOGO Drinks 

• Sunday, November 1st: 50% Off a Drink w/ Food Purchase 

• Monday, November 2nd: Signature Grand Opening Sticker with a purchase, while supplies last 

• Tuesday, November 3rd: Free T-Shirt with a purchase, while supplies last 

• Wednesday, November 4th: $2 Off Any Size Drink 

“Every new store is an opportunity to connect with a new community, and we’re excited to bring Black Rock Coffee Bar to Riverside,” said Mark Davis, CEO of Black Rock Coffee Bar. “We look forward to becoming part of the local community and creating a space where guests can enjoy great drinks, great service, and a little extra fuel for their day.”

Guests can also take advantage of the Black Rock Rewards app, where every purchase—whether in-store, online, or through the app—earns “bolts” that can be redeemed for free beverages. Recent menu additions, like Black Rock’s protein-packed Egg Bites, are also included in the program. 

 

Black Rock Coffee Bar is beloved for its handcrafted beverages, including the Caramel Blondie, a sweet and creamy signature blend; the Mexican Mocha, a spicy twist with hints of vanilla, almond, and cinnamon; and the Jackhammer, a vanilla mocha with an extra double shot; as well as its in-house developed Fuel energy drink, customizable with over 20 fruit flavors.  These can be enjoyed alongside sweet and savory food items, including the recently launched Grilled Cheese and Pumpkin Blondie Cake Pop. For an extra kick of protein, guests can add Black Rock’s new Protein Cold Foam, Protein Boosted Milk or Protein Boost to their drinks. 

 

In addition to Black Rock menu staples, guests can enjoy limited-time offerings like the Pumpkin Spiced Latte, Pumpkin Blondie, and Pumpkin Spice Cookie Latte with Cookie Butter Cold Foam. The brand’s Holiday Magic seasonal drinks will be available starting November 1st, featuring cozy & nostalgic flavors for the upcoming holiday season. 

 

For more information, visit https://br.coffee/ and follow @blackrockcoffeebar on Facebook and Instagram, and @blackrockcoffeeofficial on TikTok for updates on new locations, promotions, and seasonal offerings. 

 

About Black Rock Coffee Bar  

Black Rock Coffee Bar is a national boutique coffee shop that is known for its premium roasted coffees, teas, smoothies and flavorful Fuel® energy drinks. Founded as a family owned and operated business in Oregon in 2008, Black Rock Coffee Bar has grown to over 200 retail locations in seven states. The Black Rock culture prides itself on not only being a positive force for the communities it serves, but also the team members that fuel their locations day in and day out. An important aspect of their team mission is to recognize those that go above and beyond by displaying the 4G’s of Black Rock – grit, growth, gratitude, and grace. For more information, visit https://br.coffee/. 

Attachments

• Black Rock Coffee Bar
• Black Rock Coffee Bar

CONTACT: Audrey Arbogast
Black Rock Coffee Bar
audrey.arbogast@havasred.com

NEW YORK, Oct. 29, 2026 (GLOBE NEWSWIRE) —

Vornado Realty Trust (NYSE:VNO) announced today that its Board of Trustees has declared the following quarterly preferred dividends:

Series A Convertible	$	.8125000	per share
Series L Cumulative Redeemable	$	.3375000	per share
Series M Cumulative Redeemable	$	.3281250	per share
Series N Cumulative Redeemable	$	.3281250	per share
Series O Cumulative Redeemable	$	.2781250	per share

In each case, dividends are payable on January 4, 2027 to shareholders of record on December 15, 2026.

Vornado Realty Trust is a fully-integrated equity real estate investment trust.

CONTACT

Thomas J. Sanelli
(212) 894-7000

Certain statements contained herein may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not guarantees of future performance. They represent our intentions, plans, expectations and beliefs and are subject to numerous assumptions, risks and uncertainties. Our future results, financial condition and business may differ materially from those expressed in these forward-looking statements. You can find many of these statements by looking for words such as “approximates,” “believes,” “expects,” “anticipates,” “estimates,” “intends,” “plans,” “would,” “may” or other similar expressions in this press release. For a discussion of factors that could materially affect the outcome of our forward-looking statements and our future results and financial condition, see “Risk Factors” in Part I, Item 1A, of our Annual Report on Form 10-K for the year ended December 31, 2025. Currently, some of the factors are interest rate fluctuations and effects of inflation on our business, financial condition, results of operations, cash flows, operating performance and the effect that these factors have had and may continue to have on our tenants, the global, national, regional and local economies and financial markets and the real estate market in general.

AUSTIN, Texas, Oct. 29, 2026 (GLOBE NEWSWIRE) — HydroGraph Clean Power Inc. (CSE: HG) (OTCQB: HGRAF) (“HydroGraph” or the “Company”) today announced that the Company’s securityholders have approved the previously announced corporate redomicile transactions pursuant to which HydroGraph would become indirectly owned by a Delaware corporation (the “Redomicile Transactions”) at the special meeting of HydroGraph securityholders (the “Meeting”) held in Vancouver, British Columbia, on October 29, 2026.

At the Meeting, a total of 162,808,226 HydroGraph common shares were represented at the Meeting, representing approximately 44.92% of the HydroGraph common shares issued and outstanding and entitled to vote at the Meeting as of the record date of September 11, 2026 (the “Record Date”), and a total of 169,317,032 HydroGraph common shares, warrants and incentive awards were represented at the Meeting, representing approximately 42.89% of the HydroGraph common shares, warrants and incentive awards issued and outstanding and entitled to vote at the Meeting as of the Record Date.

The results of the vote on the resolution approving the Redomicile Transactions (the “Redomicile Resolution”) were as follows:

Voting Group	Votes For	% Votes For		Votes Against	% Votes Against
HydroGraph shareholders, warrantholders and incentive awardholders, voting together as a single class	167,005,944	98.64%		2,311,088	1.36%
HydroGraph shareholders, voting separately	160,502,138	98.58%		2,306,088	1.42%

“We would like to thank our securityholders for their continued support and strong endorsement of the Redomicile Transactions,” said Kjirstin Breure, President and Chief Executive Officer of HydroGraph. “Today’s approval represents an important milestone in the redomicile process as we continue to align HydroGraph’s corporate structure with our growing U.S. operations and long-term strategic objectives.”

Subject to approval of the Supreme Court of British Columbia and the satisfaction or waiver of the other conditions to completion of the Redomicile Transactions, HydroGraph anticipates completing the Redomicile Transactions in early 2027.

Additional details regarding the results of the Meeting will be filed under the Company’s profile on SEDAR+ at www.sedarplus.ca. 

Important Information for Investors and Securityholders
This communication is not intended to and does not constitute an offer to sell, buy or exchange or the solicitation of an offer to sell, buy or exchange any securities or the solicitation of any vote or approval in any jurisdiction, nor shall there be any sale, purchase, exchange of securities or solicitation of any vote or approval in any jurisdiction in contravention of applicable law.

HydroGraph securityholders are urged to read the management information circular of the Company dated September 16, 2026 (the “Circular”) and all other relevant materials carefully because they contain important information regarding HydroGraph, HydroGraph Inc., the Redomicile Transactions and related matters. Copies of the Circular and related meeting materials are available under HydroGraph’s profile on SEDAR+ at www.sedarplus.ca and on the Company’s website at www.hydrograph.com.

Apollo Nora Advisors Ltd. is acting as HydroGraph’s strategic shareholder advisor, proxy solicitation agent and information agent in connection with the Redomicile Transactions.

About HydroGraph
HydroGraph is a leading producer of pristine synthetic graphene using its proprietary Hyperion Reactor technology, which allows for exceptional purity, low energy use, and identical batches. The quality, performance, and consistency of HydroGraph’s graphene follow the Graphene Council’s Verified Graphene Producer® standards, which very few graphene producers are able to meet. For more information or to learn about the HydroGraph story, visit: https://hydrograph.com/. For company updates, please follow HydroGraph on LinkedIn at https://www.linkedin.com/company/hydrograph/ and X at https://x.com/HydroGraphInc.

Trademarks: HydroGraph™, Fractal Graphene™ and Fractal Graphene Paste™

Forward-Looking Statements

This news release contains certain “forward-looking statements” and certain “forward-looking information” within the meaning of applicable Canadian securities laws (collectively, “forward-looking statements”). Forward-looking statements in this news release include, but are not limited to, statements regarding the Redomicile Transactions; the anticipated timing for completion of the Redomicile Transactions; the receipt of required court, regulatory and stock exchange approvals; the satisfaction or waiver of the conditions to completion of the Redomicile Transactions; the anticipated benefits of the Redomicile Transactions; the alignment of the Company’s corporate structure with its growing U.S. operations and long-term strategic objectives; and HydroGraph’s plans, objectives, expectations and business strategy generally. Forward-looking statements can generally be identified by the use of forward-looking terminology such as “may”, “will”, “expect”, “intend”, “estimate”, “anticipate”, “believe”, “continue”, “plan”, “target”, “project”, “potential”, “could”, “would” or similar terminology.

Forward-looking statements are based on management’s current expectations, assumptions and beliefs regarding future events and operations. These assumptions include, among other things, that required court, regulatory and stock exchange approvals will be obtained on acceptable terms and in a timely manner; that the conditions to completion of the Redomicile Transactions will be satisfied or waived; that the anticipated benefits of the Redomicile Transactions will be realized; and that there will be no material adverse changes in economic, market, regulatory or business conditions.

Forward-looking statements are subject to known and unknown risks, uncertainties and other factors, many of which are beyond HydroGraph’s control, that may cause actual results, performance or achievements to differ materially from those expressed or implied by such forward-looking statements. Such risks and uncertainties include, without limitation: the failure to obtain court or other required regulatory approvals; delays in obtaining required approvals; the possibility that the Redomicile Transactions may not be completed on the anticipated timeline or at all; the possibility that HydroGraph may not realize some or all of the anticipated benefits of the Redomicile Transactions; changes in tax laws or the tax consequences of the Redomicile Transactions; costs associated with the Redomicile Transactions; adverse market conditions; changes in applicable laws and regulations; and other risks and uncertainties described in the Circular and HydroGraph’s public disclosure record.

Although HydroGraph believes that the assumptions and expectations reflected in these forward-looking statements are reasonable, there can be no assurance that such assumptions or expectations will prove to be correct. Readers are cautioned not to place undue reliance on forward-looking statements. The forward-looking statements contained herein are made as of the date of this news release and HydroGraph undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.

The CSE has neither approved nor disapproved the contents of this news release. Neither the CSE nor its Market Regulator (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.

CONTACTS:
Matt Kreps
Senior Vice President of Capital Markets and Investor Relations
+1-214-597-8200
matt.kreps@hydrograph.com

Len Fernandes
Firecracker PR for HydroGraph
len@firecrackerpr.com

$115 Million Mission-Critical Project Marks Largest Concrete Award in Company History

HOUSTON, Oct. 29, 2026 (GLOBE NEWSWIRE) — Orion Group Holdings, Inc. (NYSE:ORN) (“Orion” or the “Company”), a leading specialty construction company, today announced new contract awards and change orders totaling $250 million in the month of October 2026.

“Fourth-quarter awards are off to a strong start, led by the largest Concrete award in Orion’s history,” said Travis Boone, Chief Executive Officer of Orion Group Holdings, Inc. “This $115 million mission-critical project spans foundations, slabs and site paving for multiple buildings, clearly demonstrating the broader value we deliver to our customers. We continue to drive strong execution and predictable excellence, consistently delivering high-quality results for our clients.”

The Concrete segment accounted for the majority of the total value of new awards and change orders through October 29, 2026, anchored by the $115 million mission-critical project signed today. As previously outlined in our 3^rd quarter earnings conference call, additional Concrete projects awarded in October were diversified across four regions and a broad range of end markets including two large mission-critical projects, site-civil work for a premier technology company, a cold storage facility, a hospital, and multiple commercial buildings. In Marine, new awards in October included a project for the U.S. Army Corps of Engineers and a shore power project for a major port client in the Pacific Northwest. 

We expect to book these new projects into backlog in the 4th quarter of 2026.

About Orion Group Holdings

Orion Group Holdings, Inc., a leading specialty construction company serving the infrastructure, industrial and building sectors, provides services both on and off the water in the continental United States, Alaska, Hawaii, Canada and the Caribbean Basin through its marine segment and its concrete segment. The Company’s marine segment provides construction and dredging services related to marine transportation facility construction, marine pipeline construction, marine environmental structures, dredging of waterways, channels and ports, environmental dredging, design, and specialty services. Its concrete segment provides turnkey concrete construction services including place and finish, site prep, layout, forming, and rebar placement for large commercial, structural and other associated business areas. The Company is headquartered in Houston, Texas with regional offices throughout its operating areas. https://www.oriongroupholdingsinc.com.

Forward-Looking Statements

The matters discussed in this press release may constitute or include projections or other forward-looking statements within the meaning of the “safe harbor” provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, of which provisions the Company is availing itself. Certain forward-looking statements can be identified by the use of forward-looking terminology, such as “believes,” “expects,” “may,” “will,” “could,” “should,” “seeks,” “approximately,” “intends,” “plans,” “estimates,” or “anticipates,” or the negative thereof or other comparable terminology, or by discussions of strategy, plans, objectives, intentions, estimates, forecasts, guidance, outlook, assumptions, or goals. In particular, statements regarding our pipeline of opportunities, achievement of strategic priorities, position for growth, financial guidance and future operations or results, including those set forth in this press release, and any other statement, express or implied, concerning financial guidance or future operating results or the future generation of or ability to generate revenues, income, net income, gross profit, EBITDA, Adjusted EBITDA, Adjusted EBITDA margin, or cash flow, including to service debt or maintain compliance with debt covenants, and including any estimates, guidance, forecasts or assumptions regarding future revenues or revenue growth, are forward-looking statements. Forward-looking statements also include project award announcements, estimated project start dates, ramp-up of contract activity and exercise of contract options, which may or may not be awarded in the future. Forward-looking statements involve risks, including those associated with the Company’s fixed price contracts that impact profits, unforeseen productivity delays that may alter the final profitability of the contract, cancellation of the contract by the customer for unforeseen reasons, delays or decreases in funding by the customer, levels and predictability of government funding or other governmental budgetary constraints, and any potential contract options that may or may not be awarded in the future, and are at the sole discretion of award by the customer, integration risk, availability of liquidity, labor availability, labor-cost inflation, subcontractor performance, equipment availability, and supply-chain disruptions. Past performance is not necessarily an indicator of future results. Considering these and other uncertainties, the inclusion of forward-looking statements in this press release should not be regarded as a representation by the Company that the Company’s plans, estimates, forecasts, goals, intentions, or objectives will be achieved or realized. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The Company assumes no obligation to update information contained in this press release whether as a result of new developments or otherwise, except as required by law.

Please refer to the Company’s 2025 Annual Report on Form 10-K, filed on March 4, 2026 which is available on its website at www.oriongroupholdingsinc.com or at the SEC’s website at www.sec.gov, and filings and press releases subsequent to such Annual Report on Form 10-K for additional and more detailed discussion of risk factors that could cause actual results to differ materially from our current expectations, estimates or forecasts.

Contact:

Margaret Boyce
Orion Group Holdings, Inc.
Mboyce@orn.net
346-278-3762

Source: Orion Group Holdings, Inc.

GRAND JUNCTION, Colo., Oct. 29, 2026 (GLOBE NEWSWIRE) — ProStar Holdings Inc. (“ProStar®” or the “Company”) (TSXV: MAPS) (OTCQX: MAPPF) (FSE: 5D00), a leading provider of geospatial intelligence technologies and Precision Mapping Solutions®, today shared an update from Chief Executive Officer Michael Wolff as he approaches his first 90 days leading the Company. The message is consistent with his first announcement: structure first, growth, then market leadership.

In his first months, Mr. Wolff has followed a clear order of priorities: Team, Customer, Product, then Growth. That approach shaped his first 90 days and now leads to ProStar’s first growth hires and a new Training Program.

“My approach is simple: team, customer, product, then growth,” said Michael Wolff, Chief Executive Officer. “In our first 90 days we put the right people and processes in place, we listened closely to what customers need, and we looked hard at what PointMan® already delivers. Now we are ready for what comes next: structure first, then growth, with the goal of becoming one of the leading utility mapping applications focused on damage prevention.”

First, the team

Mr. Wolff’s first priority was to evaluate the team, and the result is a clear one: ProStar has the right industry experts. The technical team is strong and has delivered integrations with key market leaders and partners. Training, customer support and GIS expertise sit inside the organization, not outside it.

The Company spent the past 3 months setting the right internal structure and processes, so that the team operates as a well-oiled, efficient engine that is able to grow. The United States remains the Company’s primary market and focus, and this groundwork comes before expansion into other regions.

“I evaluated the team and came away genuinely excited,” said Mr. Wolff. “We have the right industry experts, and we spent these first 3 months putting the structure and processes in place so they can work as an efficient team as we seek to grow.”

Then, the customer

With the team in place, the focus moved to customer needs and to the complexity of the industry. Utility mapping and damage prevention involve many technologies, vendors and workflows. ProStar’s role is to bring those technologies together, through existing and new integrations, so users get a collective offering, education and simplicity.

“Our customers want to reduce damage to underground infrastructure and the associated costs, and they should not have to piece together a dozen tools to do it,” Mr. Wolff said. “Our focus is to bring technologies together, so that the industry’s complexity becomes simpler for the user.”

Then, the product

PointMan is proven technology, and its value shows in performance, efficiency and its contribution to damage prevention. Existing customers are using it effectively, with strong return on investment and clear value to their organizations.

ProStar has delivered many integrations and valuable features that it has not previously announced or marketed, and it intends to educate users on what is available. The Company is also ready to launch new features and enhancements, including multilingual support for the mobile app and web application.

“The core value of PointMan is not hidden in the technology. It is the agnostic approach,” said Mr. Wolff. “Users select their existing or preferred vendors, and PointMan brings them together.”

Finally, growth

After the team, the customer and the product, ProStar’s focus turns to growth through team expansion. The Company is announcing its first hire, a Vice President of Sales & Marketing, and is working towards the hire of a new Partnerships & Sales Account Manager to accelerate its growth trajectory.

ProStar is also rolling out its new Training Program to support all users working with PointMan and any of its integrated technologies.

“We built the foundation first, so every new hire and every new customer starts from strength,” said Mr. Wolff. “Our new sales and marketing leadership and our training program will help us grow faster and help our users get more from PointMan and the technologies they already trust.”

Partnerships

ProStar intends to deepen its existing strategic partnerships and add new ones across the locating, positioning, geospatial and underground infrastructure industries. Management believes these partnerships can provide access to customers, distributors and regions that would otherwise take considerably longer to reach.

“A partnership is only truly strong when both sides continually work to strengthen it,” said Mr. Wolff. “We have relationships with well-established companies in the industry, and we intend to work much more closely with them to create greater value for both sides.”

The approach rests on a simple idea: ProStar does not need to build everything itself. It needs to connect the best technologies and companies around a common infrastructure-data ecosystem.

That idea was recently put into practice at Intergeo in Munich, where ProStar presented alongside Radiodetection, a global leader in underground utility locating, in front of an international audience of customers and industry participants. Because PointMan® integrates with locating equipment used worldwide, every Radiodetection customer is a potential PointMan user.

“This is where partnerships become much more than integrations,” Mr. Wolff said. “When someone invests in high-quality locating equipment, we want to make that investment even more valuable by connecting them to the technology, data and services they need to take it further.”

“Customers want a one-stop shop, one umbrella solution that lets them finally start trusting digital solutions,” said Mr. Wolff. “No single company delivers every piece, and none of us should try. By bringing complementary technologies together around the customer, we aim to help customers obtain data they can trust.”

Mission and vision

ProStar’s approach is to strengthen what it already does well and not to compete in areas already well served by its partners. Its mission remains to be one of the leading utility mapping applications focused on damage prevention, and to become the one-stop platform to locate, position, capture, validate, exchange, record and manage critical underground infrastructure data.

“We know there will be growing pains as we scale,” Mr. Wolff said. “But the opportunity in front of us is much bigger than the size of our Company today. We have the team, we have the technology, we have the partners, and we’re putting a much greater emphasis on execution.”

About ProStar

ProStar Geocorp is a leading provider of geospatial intelligence technologies with a mission to become the global standard for mapping and managing critical infrastructure. The Company delivers a Software-as-a-Service (SaaS) solution and an enterprise integration platform that transforms how critical infrastructure assets are identified, managed, and maintained worldwide.

ProStar’s flagship products, PointMan and LinQD, make infrastructure mapping and management more accurate, accessible, and connected than ever before. PointMan provides a powerful cloud and mobile precision mapping solution, while LinQD seamlessly integrates both emerging technologies and legacy systems into a single unified platform. By streamlining the management of critical infrastructure, ProStar’s solutions reduce risk, improve efficiency, and support regulatory compliance in complex, high-stakes environments.

The Company’s growing global customer base includes Fortune 500 corporations, leading construction and engineering firms, utilities, municipalities, and multiple state Departments of Transportation. ProStar has forged strategic alliances with global technology leaders, further extending its competitive advantage and accelerating adoption.

ProStar also holds an extensive intellectual property portfolio, with 16 issued patents in the United States and Canada, securing its leadership position in precision mapping technologies.

Headquartered in Grand Junction, Colorado, ProStar is committed to building a safer, smarter, and more resilient infrastructure future worldwide.

For more information about ProStar, please visit www.prostarcorp.com.

For further information, please contact:

Page Tucker
Founder and Director
970-242-4024
ptucker@prostarcorp.com

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.

This press release contains forward-looking information within the meaning of Canadian securities laws. Such information includes, without limitation, information regarding the terms and conditions of the Company’s future plans. Although the Company believes that such information is reasonable, it can give no assurance that such expectations will prove to be correct.

Forward-looking information is typically identified by words such as: “believe”, “expect”, “anticipate”, “intend”, “estimate”, “postulate” and similar expressions, or are those which, by their nature, refer to future events. The Company cautions investors that any forward-looking information provided by the Company is not a guarantee of future results or performance and that actual results may differ materially from those in forward-looking information as a result of various factors, including, but not limited to: the state of the financial markets for the Company’s securities; the state of the technology sector; recent market volatility; the Company’s ability to raise the necessary capital or to be fully able to implement its business strategies; and other risks and factors that the Company is unaware of at this time. The reader is referred to the Company’s most recent Annual Management’s Discussion & Analysis filed on SEDAR+ on April 24, 2026, for a more complete discussion of applicable risk factors and their potential effects, copies of which may be accessed through the Company’s issuer page on SEDAR+ at www.sedarplus.ca.

• New waxed Fire Hose^® workwear: Waxed pants and jackets add water resistance and wind protection to Duluth Trading’s signature workwear fabric.
• Built for movement and hard use: Triple-stitched seams, a Crouch Gusset^® and utility-focused pockets support everyday work and DIY projects.
• Workwear for different jobs and bodies: Options span weather-resistant work pants, everyday canvas pants and women’s workwear.
• Shop online and in stores: Fire Hose^® workwear is available at DuluthTrading.com and more than 60 retail stores nationwide.

MOUNT HOREB, Wis., Oct. 29, 2026 (GLOBE NEWSWIRE) — What should you look for in durable workwear? Abrasion-resistant fabric, reinforced seams, room to move and storage for the tools you carry. Since introducing Fire Hose^® work pants in 2003, Duluth Trading Co. (Duluth), has built its workwear around these practical needs. Now, the brand is introducing new styles made with its Fire Hose^® fabrics, including new Fire Hose^® work pants with a waxed finish.

The new lineup includes Waxed Fire Hose^® Relaxed Fit Pants for men, a waxed Fire Hose^® chore jacket, Fire Hose^® Payload Cargo Pants for men, women’s VintageFlex^® Fire Hose^® wide-leg pants and women’s VintageFlex Fire Hose^® barrel-leg overalls. The styles offer different approaches to workwear, from added weather protection to a broken-in feel, organized pockets and updated silhouettes.

“Since introducing Fire Hose^® work pants in 2003, we’ve continued to evolve what hardworking workwear can do, always starting with the needs of the people who wear it,” said Ricker Schlecht, SVP of Product Development at Duluth Trading. “With our new waxed Fire Hose^® work pants, we’ve built our best, most weather-ready pair yet. We brought a new level of protection to the durability and utility our customers count on, pairing a water-repellent, wind-blocking finish with details like triple-stitched seams, a Crouch Gusset^® and 11 pockets. It’s the kind of thoughtful, purpose-built design that makes Duluth workwear different.”

Waxed Fire Hose^® work pants add water resistance to a workwear staple

Duluth’s new Waxed Fire Hose^® Relaxed Fit Cargo Work Pants bring a waxed finish to Fire Hose^® work pants for the first time. The finish repels water and blocks wind, while the canvas develops creases and fades with wear. Over time, those changes create a patina shaped by how and where each wearer works. The pants are also re-waxable to maintain the weather resistance over time.

The pants retain the utility-focused construction associated with Fire Hose^® workwear, with details designed for movement, carrying tools and everyday use.

• Waxed canvas finish: Repels water and blocks wind for work in changing conditions. The pants are not described as waterproof.
• 11-pocket design: Provides storage for tools, gear and everyday essentials, with cargo pockets and tuckable flaps.
• Extra-deep front pockets: Offer room for tools, gear or a large phone.
• Outseam utility loops: Keep frequently used tools, including hammers and measuring tapes, within reach.
• Crouch Gusset^®: Adds room for movement when bending, squatting or climbing.
• Triple-stitched seams: Reinforce construction for repeated wear.

A waxed Fire Hose^® chore jacket for changing weather

The new men’s and women’s chore jacket takes a classic workwear silhouette and uses an 8-oz. Fire Hose^® fabric with a waxed finish to outlast the toughest days on the job. Its canvas outer shell develops creases and fades with wear, while a fleece lining helps block cold gusts. Reach Gussets^® and a bi-swing back support freedom of movement.

Key features include:

• 8-oz. Fire Hose^® canvas: Abrasion-resistant fabric designed for demanding everyday use.
• Waxed finish: Repels water and develops a patina over time.
• Wind-blocking fleece lining: Adds protection against cold gusts.
• Eight pockets: Includes two hand-warmer pockets and two interior pockets.
• Two-way front closure: A hidden two-way zipper with metal snaps.
• Work-ready details: Corduroy collar, snap-adjustable cuffs, taffeta sleeve lining and a back locker loop.

Women’s work pants and overalls combine utility with updated fits

Workwear for women should offer more than a scaled-down version of a traditional men’s fit. Fabric durability, room to move, useful storage and fit adjustments all matter, whether the work involves gardening, building, making or weekend projects. Duluth Trading’s new women’s styles pair VintageFlex^® Fire Hose^® canvas with contemporary silhouettes and functional details. New styles include:

• VintageFlex^® Fire Hose^® Wide-Leg Pants: The wide-leg pants combine abrasion-resistant canvas with a washed-down feel from the first wear. Core Confidence^® stretch pocket panels add concealed support at the midsection. A five-pocket design, including a secure zip back pocket, balances everyday wear with practical storage.
• VintageFlex^® Fire Hose^® Barrel-Leg Overalls: The women’s overalls combine a barrel-leg silhouette with canvas designed to feel broken in from day one. Articulated knees and adjustable side tabs support movement and fit customization, while the large bib pouch and utility pockets provide space for everyday gear.

Frequently asked questions about Fire Hose^® work pants and workwear

What makes Duluth Trading Fire Hose^® work pants durable?

Durable work pants combine abrasion-resistant fabric with sturdy construction and features that support movement throughout the workday. Duluth Trading’s Fire Hose^® work pants are made with cotton canvas and incorporate practical design details, including triple-stitched seams and a Crouch Gusset^® on applicable styles. These features help reinforce construction and provide room to bend, squat and move while working.

What are waxed canvas work pants good for?

Waxed canvas work pants are useful for people who want added resistance to water and wind in a durable canvas garment. The waxed finish on Duluth Trading’s new Waxed Fire Hose^® Relaxed Fit Pants repels water and blocks wind. They are not described as waterproof, so they should not be treated as a substitute for waterproof protective clothing when conditions require it.

What is the difference between waxed and regular canvas work pants?

Regular canvas work pants offer a durable fabric option for everyday work, while waxed canvas adds a finish that helps repel water and block wind. The best choice depends on the conditions, the work being done and the care the garment requires. Duluth Trading’s Waxed Fire Hose^® Relaxed Fit Cargo Work Pants combine a waxed finish with work-focused features, including 11 pockets, triple-stitched seams and a Crouch Gusset^®.

Where can I buy Duluth Trading Fire Hose work pants?

Fire Hose^® workwear is available online at DuluthTrading.com and at more than 60 Duluth Trading retail stores nationwide. Find a Duluth Trading retail store near you: duluthtrading.com/find-stores/.

Media Contact
TURNER
duluth@turnerpr.com

RAPALA VMC CORPORATION, Financial calendar, October 29, 2026 at 07:45 p.m. EET

In 2027, Rapala VMC Corporation will publish its financial information as follows:

• Financial Statement Release for 2026 on March 11, 2027
• Business Review for Q1 2027 on May 3, 2027
• Half-Year Financial Report for January-June 2027 on August 19, 2027
• Business Review for Q3 2027 on October 27, 2027

Rapala VMC Corporation will apply 30 calendar day silent period prior to the release of its financial results (Financial Statement Release, Half-Year Financial Report and Business Reviews). 

The Financial Statements and the Board of Directors’ Report for 2026, including the Sustainability Statement contained therein, together with the Corporate Governance Statement and the Remuneration Report, will be published on April 6, 2027.

The Annual General Meeting is scheduled for Tuesday, April 27, 2027. The Board of Directors will convene the meeting separately.

Rapala VMC Corporation

Cyrille Viellard
President and Chief Executive Officer

Additional Information
For additional information, please contact: Tuomo Leino, Investor Relations (tel. +358 9 7562 540)

About Rapala VMC Corporation
Rapala VMC Group is the world’s leading fishing tackle company with the largest distribution network in the industry. The Group is a global market leader in fishing lures, treble hooks and fishing related knives and tools. The main manufacturing facilities are in Finland, France, Estonia, and the UK. The Group’s brand portfolio includes leading brands in the industry such as Rapala, VMC, Sufix, 13 Fishing as well as Okuma in Europe. The Group, with net sales of EUR 228 million in 2025, employs some 1 400 people in approximately 40 countries. Rapala VMC Corporation’s share has been listed and traded on the Nasdaq Helsinki stock exchange since 1998.

www.rapalavmc.com