Market Signal Briefing

Columbia, South Carolina--(Newsfile Corp. - March 9, 2026) - Elauwit Connection, Inc. (NASDAQ: ELWT) ("Elauwit" or the "Company"), a national managed services provider of turnkey broadband and property-wide WiFi networks serving multifamily, student housing, and senior living communities, today announced that its management will be participating in the iAccess Alpha Virtual Best Ideas Spring Investment Conference 2026, taking place March 10-11, 2026.

Representing the Company, Dan McDonough, Jr., Executive Chairman, will deliver a Company presentation at 11:30 a.m. ET on March 10, followed by one-on-one meetings with pre-qualified investors on March 11. A webcast of the presentation will be available through the Elauwit website, https://elauwit.com/, in the Investors section.

To request a 1x1 meeting with management of Elauwit, attending investors should contact their iAccess Alpha representative or Matt Kreps, investor relations for Elauwit, at [email protected].

About Elauwit Connection (NASDAQ: ELWT)

Elauwit Connection is a publicly traded ISP dedicated to communities, including multifamily properties, student housing, and senior living. Elauwit designs, builds, and operates managed networks, backed by a service model that treats property teams and residents like a relationship, not an account number.

With dependable connections, exceptional resident support, and no-upfront-cost options, Elauwit helps owners deliver premium connectivity as a competitive advantage, supporting new revenue, resident retention and increased asset value.

Visit: www.elauwit.com

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/287825

Source: Elauwit Connection, Inc.

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Figurines with computers and smartphones are seen in front of Hewlett Packard Enterprise logo in this illustration taken, February 19, 2024. REUTERS/Dado Ruvic/Illustration Purchase Licensing Rights, opens new tab

March 9 (Reuters) - Hewlett Packard Enterprise (HPE.N), opens new tab forecast second-quarter ‌revenue above Wall Street estimates on Monday, betting on growing demand ​for its artificial intelligence-powered ​servers that are equipped with ⁠Nvidia's chips.

The company expects ​quarterly revenue to be between $9.6 billion ​to $10.0 billion, above the analysts' average estimate of $9.58 billion, according to ​data compiled by LSEG.

Learn about the latest breakthroughs in AI and tech with the Reuters Artificial Intelligencer newsletter. Sign up here.

Big Tech ​firms like Alphabet (GOOGL.O), opens new tab, Microsoft (MSFT.O), opens new tab, Amazon (AMZN.O), opens new tab and ‌Meta (META.O), opens new tab ⁠are expected to spend at least $630 billion to build AI infrastructure this year, which would ​boost ​demand for ⁠server and data center equipment from vendors ​such as Dell (DELL.N), opens new tab, HPE ​and ⁠Super Micro Computer (SMCI.O), opens new tab.

HPE's total revenue for the first quarter rose around 18% ⁠to $9.30 ​billion, compared with ​estimates of $9.33 billion.

Reporting by Jaspreet Singh in ​Bengaluru; Editing by Alan Barona

Our Standards: The Thomson Reuters Trust Principles., opens new tab

WALTHAM, Mass.--(BUSINESS WIRE)--Vicarious Surgical Inc. (“Vicarious Surgical” or the “Company”) (OTCID: RBOT), a next-generation robotics technology company seeking to improve lives by transforming robotic surgery, today announced financial results for the fourth quarter and full year ended December 31, 2025. Fourth Quarter 2025 Financial Results Total operating expenses were $9.3 million in the fourth quarter of 2025, and $15.0 million in the fourth quarter of 2024, a decrease of 38%. Researc.

Toronto, Ontario--(Newsfile Corp. - March 9, 2026) - Metaguest.AI Incorporated (CSE: METG) (OTCQB: MGSTF) ("Metaguest" or the "Company), an AI technology company transforming the hospitality sector through intelligent guest engagement, today announced a leadership update as the Company continues to advance the growth and commercialization of its artificial intelligence platform for the hospitality industry.

Antonio Comparelli, Founder of Metaguest and the technology visionary behind the Company's platform and long-term strategy, has stepped down from his role as Chief Executive Officer. Mr. Comparelli will remain an active member of the Company's Board of Directors and will continue to contribute to the Company's strategic direction and technology development initiatives.

Mr. Comparelli has played the central role in conceiving, architecting, and developing the Company's artificial intelligence platform and its vision of transforming how hotels engage with guests through advanced automation and intelligent guest services. The Company looks forward to continuing to benefit from his innovation, leadership, and deep understanding of the platform as Metaguest advances its next phase of growth.

The Company has engaged William Sutherland to work with the Board of Directors and management during a three (3) month leadership transition period. Mr. Sutherland will commence work immediately and will initially support the Company in a strategic and advisory capacity, assisting with operations, capital markets activities, and the continued commercialization of the Company's technology platform.

Mr. Sutherland brings more than 25 years of experience in corporate development, capital markets, and strategic growth initiatives across multiple industries. He has held senior roles within private investment firms and family offices, including Kilmer Group and Kensington Capital Partners, where he focused on sourcing, structuring, and executing strategic investments. Most recently, he has served as a senior advisor to multiple private businesses in the areas of technology and diversified industries.

During this transition period, the Company's Board of Directors and senior management will oversee the Company's day-to-day operations while working with Mr. Sutherland to advance Metaguest's strategic initiatives and focus on completing the necessary financing required to move the Company forward.

About Metaguest.AI Incorporated

Metaguest.AI is a next-generation technology company focused on enhancing the guest experience through advanced AI solutions. Its flagship platform provides an end-to-end guest engagement ecosystem, covering everything from pre-arrival to post-departure. Features include on-property e-commerce with digital payments, real-time service requests, mobile check-out, personalized in-room controls, local experience and event bookings, and a multilingual virtual concierge-all accessible without downloading an app or visiting a website. Hotels, resorts, and short-term rental operators use Metaguest to boost efficiency, drive incremental revenue, and elevate customer satisfaction.

For more information about Metaguest and its innovative digital concierge services, please visit http://www.metaguest.ai or please contact:

Neither the CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/287789

Source: Metaguest.AI Incorporated

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March 09, 2026 16:15 ET  | Source: Global Ship Lease Inc.

ATHENS, Greece, March 09, 2026 (GLOBE NEWSWIRE) -- Global Ship Lease, Inc. (NYSE:GSL) (the “Company”), a containership owner and lessor, announced today that the Company’s Board of Directors has declared a cash dividend of $0.546875 per depositary share, each representing a 1/100th interest in a share of its 8.75% Series B Cumulative Redeemable Perpetual Preferred Shares (the “Series B Preferred Shares”) (NYSE:GSLPrB). The dividend represents payment for the period from January 1, 2026 to March 31, 2026 and will be paid on April 1, 2026 to all Series B Preferred Shareholders of record as of March 25, 2026.

About Global Ship Lease

Global Ship Lease is a leading independent owner of containerships with a diversified fleet of mid-sized and smaller containerships. Incorporated in the Marshall Islands, Global Ship Lease commenced operations in December 2007 with a business of owning and chartering out containerships under fixed-rate charters to top tier container liner companies. It was listed on the New York Stock Exchange in August 2008.

Our fleet of 71 vessels as of December 31, 2025, including the third of the Three Newly Acquired Vessel (Cypress) delivered in January 2026, had an average age weighted by TEU capacity of 17.9 years. 41 ships are wide-beam Post-Panamax.

As of December 31, 2025, including the last of the Three Newly Acquired Vessel, Cypress, delivered on January 9, 2026 and all charters agreed during 2025 and through February 28, 2026, the average remaining term of the Company’s charters, to the mid-point of redelivery, including options under the Company’s control and other than if a redelivery notice has been received, was 2.7 years on a TEU-weighted basis. Contracted revenue on the same basis was $2.24 billion. Contracted revenue was $2.77 billion, including options under charterers’ control and with latest redelivery date, representing a weighted average remaining term of 3.6 years.

Forward-Looking Statements

This press release contains forward-looking statements. Forward-looking statements provide the Company’s current expectations or forecasts of future events. Forward-looking statements include statements about the Company’s expectations, beliefs, plans, objectives, intentions, assumptions and other statements that are not historical facts. Words or phrases such as “anticipate,” “believe,” “continue,” “estimate,” “expect,” “intend,” “may,” “ongoing,” “plan,” “potential,” “predict,” “project,” “will” or similar words or phrases, or the negatives of those words or phrases, may identify forward-looking statements, but the absence of these words does not necessarily mean that a statement is not forward-looking. These forward-looking statements are based on assumptions that may be incorrect, and the Company cannot assure you that the events or expectations included in these forward-looking statements will come to pass. Actual results could differ materially from those expressed or implied by the forward-looking statements as a result of various factors, including the factors described in “Risk Factors” in the Company’s Annual Report on Form 20-F and the factors and risks the Company describes in subsequent reports filed from time to time with the U.S. Securities and Exchange Commission. Accordingly, you should not unduly rely on these forward-looking statements, which speak only as of the date of this press release. The Company undertakes no obligation to publicly revise any forward-looking statement to reflect circumstances or events after the date of this press release or to reflect the occurrence of unanticipated events.

Investor and Media Contact:
IGB Group
Bryan Degnan
646-673-9701
or
Leon Berman
212-477-8438

Revenue of $61.8 million for Q4 2025 and $208.8 million for FY 2025Q4 2025 Commerce Media Solutions revenue grew 101% to $34.7 million (56% of consolidated revenue) from $17.2 million (26% of revenue) in Q4 2024 with gross profit margin (exclusive of depreciation and amortization) of 33% in Q4 2025 compared to 30% for the consolidated businessCommerce Media Solutions annual revenue run rate now exceeds $105 million, with media margin of 30% reflecting a sequential improvement of $20 million and five basis points, respectively, compared to Q3 2025Expect double-digit revenue growth on aggregate continuing business and adjusted EBITDA improvement for full year 2026 NEW YORK, March 09, 2026 (GLOBE NEWSWIRE) -- Fluent, Inc. (NASDAQ: FLNT), a commerce media solutions company, today reported unaudited results for the fourth quarter and fiscal year ended December 31, 2025. These results are preliminary and subject to ongoing audit procedures.

Donald Patrick, Fluent’s Chief Executive Officer, commented, “Fourth quarter results demonstrated the continued momentum of Commerce Media Solutions, which grew 101% year-over-year and represented 56% of consolidated revenue, up from 26% in the prior year period. We achieved positive adjusted EBITDA in the quarter, a milestone that reflects both the progress of our strategic pivot to commerce media and our focus on expense discipline.”

Mr. Patrick continued, “During 2025 we added several high-profile partners, including Authentic Brands Group, a leading sports, lifestyle, and entertainment brand owner, with a portfolio that generates more than $32 billion in global annual retail sales. We also partnered with Rebuy to launch Rebuy Monetize powered by Fluent, bringing our AI-powered advertiser marketplace to merchants on the Shopify platform. Our new business pipeline is strong, and we look forward to announcing additional partnerships in 2026.

“We also took decisive steps to strengthen our financial position and sharpen our strategic focus. In August, we closed a $10.3 million private placement that improved our liquidity and introduced new institutional shareholders. And in November we entered into a new financing agreement that provides greater borrowing flexibility. Additionally, subsequent to the close of the fourth quarter, we completed the sale of our Call Solutions subsidiary, allowing us to reallocate resources to the growth of Commerce Media Solutions.

“As we enter 2026, we are focused on scaling Commerce Media Solutions across new verticals and returning gross margins into the mid-twenties as our newer partnerships and placements mature. We expect to deliver a financial trendline shift to double-digit consolidated revenue growth on a continuing operations basis, and improved full year adjusted EBITDA,” Mr. Patrick concluded.

Fourth Quarter Highlights (Unaudited)

Revenue of $61.8 million, a decrease of 5.5% compared to $65.4 million in Q4 2024 Owned and Operated revenue decreased 44% to $21.3 million compared to $38.2 million in Q4 2024 as the Company continued its shift in focus and revenue mix to Commerce Media SolutionsCommerce Media Solutions revenue increased 101% to $34.7 million compared to $17.2 million in Q4 2024 Net loss of $4.1 million, or $0.13 per share, compared to net loss of $3.4 million, or $0.19 per share, for Q4 2024Gross profit (exclusive of depreciation and amortization) of $18.7 million, an increase of 34.1% over Q4 2024 and representing 30% of revenue. Commerce Media Solutions business reported gross profit (exclusive of depreciation and amortization) of $11.3 million, representing 33% of revenue, for Q4 2025, down from 39% of revenue in Q4 2024. Gross profit (exclusive of depreciation and amortization) was positively affected by a one-time non-media revenue adjustment of $4.3 million in connection with an early termination settlement agreement with a commerce media partner.Media margin of $19.1 million, an increase of 15.6% over Q4 2024 and representing 30.9% of revenue. Commerce Media Solutions business reported media margins of 30.0% for Q4 2025, down from 39.3% in Q4 2024.Adjusted EBITDA of $0.2 million, an increase of $1.9 million compared to Q4 2024 and representing 0.3% of revenueAdjusted net loss of $2.8 million, or $0.09 per share, compared to adjusted net loss of $3.3 million, or $0.18 per share, for Q4 2024 Full-Year 2025 Highlights (Unaudited)

Revenue of $208.8 million, a decrease of 18.0% compared to $254.6 million in 2024 Owned and Operated revenue decreased 44% to $94.5 million compared to $168.4 million in 2024 as the Company executed its shift in focus and revenue mix to Commerce Media Solutions Commerce Media Solutions revenue increased 99% to $82.3 million compared to $41.3 million in 2024 Net loss of $27.2 million, or $1.05 per share, compared to net loss of $29.3 million, or $1.80 per share, for the prior year. Gross profit (exclusive of depreciation and amortization) of $51.2 million, a decrease of 15.7% over 2024 and representing 25% of revenue. Commerce Media Solutions business reported gross profit (exclusive of depreciation and amortization) of $21.1 million, representing 26% of revenue, for the twelve months ended December 31, 2025, down from 35% of revenue, for the twelve months ended December 31, 2024. Gross profit (exclusive of depreciation and amortization) was positively affected in the 2025 period by an aggregate of $4.3 million in connection with the one-time termination settlement agreement described above.Media margin of $57.6 million, a decrease of 20.6% over prior year and representing 27.6% of revenue. Commerce Media Solutions business reported media margins of 26.0% for 2025, down from 35.1% for 2024Adjusted EBITDA of negative $9.0 million, a decrease of $3.4 million compared to 2024 and representing 4.3% of revenueAdjusted net loss of $21.8 million, or $0.84 per share, compared to adjusted net loss of $18.5 million, or $1.14 per share, for the prior year Media margin, adjusted EBITDA, and adjusted net income (loss) are non-GAAP financial measures, as defined and reconciled below. 

Business Outlook & Goals

Accelerate growth through expansion of Fluent’s commerce media partner network by adding top-tier partners across new verticals including travel, lifestyle, and home services, building on the momentum of partnerships signed in 2025.Improve Commerce Media Solutions gross margins by leveraging AI capabilities, proprietary first-party data, and 15-year leadership position at the forefront of customer acquisition to increase monetization of commerce media placements, with the target of returning gross margin to the mid-twenties.Drive consolidated revenue growth and improved profitability. Given current visibility, the Company expects full-year double-digit consolidated revenue growth on aggregate continuing business basis and improved full-year adjusted EBITDA in 2026. Conference Call

Fluent, Inc. will host a conference call on Monday, March 9, 2026, at 4:30 PM ET to discuss its 2025 fourth quarter and full-year financial results. The conference call can be accessed by phone after registering online at https://register-conf.media-server.com/register/BId7dadf004e5246718d831220a965dcd6. The call will also be webcast simultaneously on the Fluent website at https://investors.fluentco.com/. Following the completion of the earnings call, a recorded replay of the webcast will be available for those unable to participate. To listen to the telephone replay, please connect via https://edge.media-server.com/mmc/p/t5n7v99p. The replay will be available for one year, via the Fluent website https://investors.fluentco.com. 

About Fluent, Inc.

Fluent, Inc. (NASDAQ: FLNT) is a commerce media solutions provider connecting top-tier brands with highly engaged consumers. Leveraging exclusive ad inventory, robust first-party data, and proprietary machine learning, Fluent unlocks additional revenue streams for partners and empowers advertisers to acquire their most valuable customers at scale. Founded in 2010, Fluent uses its deep expertise in performance marketing to drive monetization and increase engagement at key touchpoints across the customer journey. For more insights visit http://www.fluentco.com/.

Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995

The matters contained in this press release may be considered to be "forward-looking statements" within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934. Those statements include statements regarding the intent, belief or current expectations or anticipations of Fluent and members of our management team. Factors currently known to management that could cause actual results to differ materially from those in forward-looking statements include the following:

Ability to operate in a competitive, rapidly changing and highly regulated industry, which makes it difficult to evaluate our business and prospects;Dependence on the gaming industry;Unfavorable publicity and negative public perception about the digital marketing industry;A sudden reduction in online marketing spend by our clients, a loss of clients or lower advertising yields;Credit risk from certain clients;Our relative inexperience in the post-transaction commerce media business, which is currently dominated by a major player;Our need to continue investing in technology for our Commerce Media Solutions business;Our competitive disadvantage due to our more selective approach to traffic sources;A decline in the supply of media available to us through third parties or an increase in the price of such media;Majority of users access media through mobile devices making us dependent on mobile platforms and system providers;Potential loss of competitiveness due to limitations in our mobile application and CRM dependence;Challenges scaling infrastructure and products to support growth while maintaining profitability;Global economic or political instability, including the potential impact of tariffs, inflation, interest rates, military conflicts and other geopolitical developments, including the ongoing military conflicts in the Middle East;Challenges managing the complexity of our international operations and workforce;Strategic alternatives that could complicate operations or divert management's attention;Dependence on our key personnel and ability to attract or retain employees;Dependence upon third-party service providers and potential liability related to their actions or platform malfunctions;Compliance with a significant number of governmental laws and regulations, including those regarding telemarketing, email marketing, text messaging, privacy, and data protection;
The outcome of litigation, regulatory investigations, or other legal proceedings in which we are involved or may become involved, or in which our clients or competitors are involved;Potential sales and use taxes and other taxes on our business;Our actual or perceived failure to safeguard any personal information or user privacy; Failure to adequately protect intellectual property rights or allegations of infringement of intellectual property rights;Potential liability or expenses for legal claims based on the nature and content of the materials we create or distribute, including those provided by third parties, as a creator and a distributor of digital media content;Our potential access to additional capital in the future may be limited or unavailable on acceptable terms;Ability to maintain listing of our securities on The Nasdaq Capital Market;Volatility of our stock price and impact on our investors;Potential dilutive effect of any future issuances of shares of our common stock;Lack of cash dividends for the foreseeable future; andStatus of a smaller reporting company and non-accelerated filer, which involves certain reduced governance and disclosure requirements. These and additional factors to be considered are set forth under “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025 and in our other filings with the Securities and Exchange Commission. Fluent undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results or expectations, except as required by law.

 FLUENT, INC.
CONSOLIDATED BALANCE SHEETS
(Amounts in thousands, except share and per share data)
(unaudited)
   December 31, 2025  December 31, 2024 ASSETS:        Cash and cash equivalents $12,935  $9,439 Accounts receivable, net of allowance for credit losses of $163 and $487, respectively  46,735   46,532 Prepaid expenses and other current assets  7,799   8,729 Current restricted cash  —   1,255 Total current assets  67,469   65,955 Non-current restricted cash  710   — Property and equipment, net  104   304 Operating lease right-of-use assets  2,859   1,570 Intangible assets, net  17,276   21,797 Other non-current assets  715   3,991 Total assets $89,133  $93,617 LIABILITIES AND SHAREHOLDERS’ EQUITY:        Accounts payable $7,200  $8,776 Accrued expenses and other current liabilities  25,163   21,905 Deferred revenue  721   556 Short-term debt, net  30,846   31,609 Current portion of operating lease liability  1,104   1,836 Total current liabilities  65,034   64,682 Long-term debt, net  —   250 Convertible Notes, at fair value with related parties  3,734   3,720 Operating lease liability, net  1,985   9 Other non-current liabilities  168   1 Total liabilities  70,921   68,662 Contingencies        Shareholders' equity:        Preferred stock — $0.0001 par value, 10,000,000 Shares authorized; Shares outstanding — 0 shares for both periods  —   — Common stock — $0.0005 par value, 200,000,000 Shares authorized; Shares issued — 30,404,779 and 20,791,431, respectively; and Shares outstanding — 29,636,184 and 20,022,836, respectively  53   47 Treasury stock, at cost — 768,595 and 768,595 shares, respectively  (11,407)  (11,407)Additional paid-in capital  467,528   447,110 Accumulated deficit  (437,962)  (410,795)Total shareholders’ equity  18,212   24,955 Total liabilities and shareholders' equity $89,133  $93,617           FLUENT, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Amounts in thousands, except share and per share data)
(unaudited)
   Three Months Ended December 31,  Year Ended December 31,   2025  2024  2025  2024 Revenue $61,819  $65,407  $208,764  $254,623 Costs and expenses:                Cost of revenue (exclusive of depreciation and amortization)  43,167   51,503   157,523   193,821 Sales and marketing(1)  3,691   3,917   14,492   17,317 Product development(1)  2,881   3,600   11,843   17,281 General and administrative(1)  8,809   9,409   34,702   37,697 Depreciation and amortization  2,334   2,419   9,752   9,926 Goodwill and intangible assets impairment  774   —   774   2,241 Total costs and expenses  61,656   70,848   229,086   278,283 Loss from operations  163   (5,441)  (20,322)  (23,660)Interest expense, net  (781)  (1,038)  (3,074)  (4,749)Fair value adjustment of Convertible Notes, with related parties  142   1,140   (14)  (1,670)Loss on early extinguishment of debt  (3,759)  —   (3,759)  (1,009)Loss before income taxes  (4,235)  (5,339)  (27,169)  (31,088)Income tax benefit (loss)  116   1,909   2   1,811 Net loss $(4,119) $(3,430) $(27,167) $(29,277)Basic and diluted loss per share:                Basic $(0.13) $(0.19) $(1.05) $(1.80)Diluted $(0.13) $(0.19) $(1.05) $(1.80)Weighted average number of shares outstanding:                Basic  31,276,979   18,352,940   25,970,637   16,259,943 Diluted  31,276,979   18,352,940   25,970,637   16,259,943                  (1) Amounts include share-based compensation expense as follows:                Sales and marketing $286  $55  $461  $218 Product development  112   65   274   239 General and administrative  564   360   1,376   1,506 Total share-based compensation expense $962  $480  $2,111  $1,963                   FLUENT, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Amounts in thousands)
(unaudited)
      Year Ended December 31,   2025  2024 CASH FLOWS FROM OPERATING ACTIVITIES:        Net loss $(27,167) $(29,277)Adjustments to reconcile net loss to net cash provided by operating activities:        Depreciation and amortization  9,752   9,926 Non-cash loan amortization expense  666   1,371 Non-cash gain on contingent consideration  —   (250)Non-cash loss on early extinguishment of debt  3,759   1,009 Share-based compensation expense  2,246   1,970 Fair value adjustment of Convertible Notes, with related parties  14   1,670 Goodwill impairment  —   1,261 Impairment of intangible assets  774   980 Non-cash loss on asset write-off  698   — Allowance for credit losses  53   401 Deferred income taxes  140   (276)Changes in assets and liabilities, net of business acquisition:        Accounts receivable  (256)  9,473 Prepaid expenses and other current assets  3,142   (3,211)Other non-current assets  2,981   (51)Operating lease assets and liabilities, net  (47)  (325)Accounts payable  (1,576)  (2,178)Accrued expenses and other current liabilities  3,189   (5,878)Deferred revenue  165   313 Other  (1)  (1,032)Net cash used in operating activities  (1,468)  (14,104)CASH FLOWS FROM INVESTING ACTIVITIES:        Capitalized costs included in intangible assets  (6,297)  (6,198)Acquisition of property and equipment  (69)  (13)Net cash used in investing activities  (6,366)  (6,211)CASH FLOWS FROM FINANCING ACTIVITIES:        Proceeds from issuance of short and long term debt, net of debt financing costs  103,341   65,440 Repayments of long-term debt  (109,733)  (68,228)Equity financing costs  (865)  — Debt financing costs  (1,328)  (1,875)Proceeds from issuance of common stock and warrants  19,370   12,627 Proceeds from exercise of warrants  —   2 Proceeds from Convertible Notes, with related parties  —   2,050 Proceeds from Direct Offering  —   5,750 Fees for Direct Offering  —   (561)Net cash provided by financing activities  10,785   15,205 Net decrease in cash, cash equivalents, and restricted cash  2,951   (5,110)Cash, cash equivalents, and restricted cash at beginning of period  10,694   15,804 Cash, cash equivalents, and restricted cash at end of period $13,645  $10,694           Definitions, Reconciliations and Uses of Non-GAAP Financial Measures

The following non-GAAP measures are used in this release:

Media margin is defined as that portion of gross profit (exclusive of depreciation and amortization) reflecting variable costs paid for media and related expenses and excluding non-media cost of revenue and one-time items. Gross profit (exclusive of depreciation and amortization) represents revenue minus cost of revenue (exclusive of depreciation and amortization). Media margin is also presented as a percentage of revenue.

Adjusted EBITDA is defined as net income (loss), excluding (1) income taxes, (2) interest expense, net, (3) depreciation and amortization, (4) share-based compensation expense, (5) loss on early extinguishment of debt, (6) goodwill impairment, (7) impairment of intangible assets, (8) fair value adjustment of Convertible Notes with related parties, (9) acquisition-related costs, (10) restructuring and other severance costs, (11) certain litigation and other related costs, and (12) other one-time items.

Adjusted net income (loss) is defined as net income (loss) excluding (1) Share-based compensation expense, (2) loss on early extinguishment of debt, (3) goodwill impairment, (4) impairment of intangible assets, (5) fair value adjustment of Convertible Notes with related parties, (6) acquisition-related costs, (7) restructuring and other severance costs, (8) certain litigation and other related costs, and (9) other one-time items. Adjusted net income (loss) is also presented on a per share (basic and diluted) basis.

We consider items one-time in nature if they are non-recurring, infrequent or unusual and have not occurred in the past two years or are not expected to recur in the next two years, in accordance with SEC rules.

Below is a reconciliation of media margin from gross profit (exclusive of depreciation and amortization), which we believe is the most directly comparable U.S. GAAP measure.

  Three Months Ended December 31,  Year Ended December 31, (In thousands, except percentages) 2025  2024  2025  2024 Revenue $61,819  $65,407  $208,764  $254,623 Less: Cost of revenue (exclusive of depreciation and amortization)  43,167   51,503   157,523   193,821 Gross Profit (exclusive of depreciation and amortization)  18,652   13,904   51,241   60,802 Gross Profit (exclusive of depreciation and amortization) % of revenue  30%  21%  25%  24%Non-media cost of revenue(1)  4,726   2,644   10,608   11,710 One-time item(2)  (4,254)  —   (4,254)  — Media margin $19,124  $16,548  $57,595  $72,512 Media margin % of revenue  30.9%  25.3%  27.6%  28.5%                  (1) Represents the portion of cost of revenue (exclusive of depreciation and amortization) not attributable to variable costs paid for media and related expenses. 
(2) Includes a one-time non-media revenue adjustment of ($4,254) in connection with an early termination settlement agreement with a media partner.

Below is a reconciliation of media margin from gross profit (exclusive of depreciation and amortization), which we believe is the most directly comparable U.S. GAAP measure, for Commerce Media Solutions.

  Three Months Ended December 31,  Year Ended December 31, (In thousands, except percentages) 2025  2024  2025  2024 Revenue $34,720  $17,235  $82,268  $41,267 Less: Cost of revenue (exclusive of depreciation and amortization)  23,433   10,501   61,195   26,988 Gross profit (exclusive of depreciation and amortization) $11,287  $6,734  $21,073  $14,279 Gross profit (exclusive of depreciation and amortization) % of revenue  33%  39%  26%  35%Non-media cost of revenue(1)  3,400   32   4,559   193 One-time item(2)  (4,254)  —   (4,254)  — Media margin $10,433  $6,766  $21,378  $14,472 Media margin % of revenue  30.0%  39.3%  26.0%  35.1%                  (1) Represents the portion of cost of revenue (exclusive of depreciation and amortization) not attributable to variable costs paid for media and related expenses. 
(2) Includes a one-time non-media revenue adjustment of ($4,254) in connection with an early termination settlement agreement with a media partner.

Below is a reconciliation of adjusted EBITDA from net income (loss), which we believe is the most directly comparable U.S. GAAP measure.

  Three Months Ended December 31,  Year Ended December 31, (In thousands) 2025  2024  2025  2024 Net loss $(4,119) $(3,430) $(27,167) $(29,277)Income tax benefit (loss)  (116)  (1,909)  (2)  (1,811)Interest expense, net  781   1,038   3,074   4,749 Depreciation and amortization  2,334   2,419   9,752   9,926 Share-based compensation expense  1,102   480   2,246   1,970 Loss on early extinguishment of debt  3,759   —   3,759   1,009 Goodwill impairment  —   —   —   1,261 Impairment of intangible assets  774   —   774   980 Fair value adjustment of Convertible Notes, with related parties  (142)  (1,140)  14   1,670 Acquisition-related costs(1)  (21)  833   1,053   2,083 Restructuring and certain severance costs  104   —   1,429   1,821 Certain litigation and other related costs  —   —   300   — One-time items(2)  (4,254)  —   (4,254)  — Adjusted EBITDA $202  $(1,709) $(9,022) $(5,619)                  (1) Balance includes compensation expense related to non-competition agreements and earn-out expense incurred as a result of business combinations, and non-cash loss on asset write-offs.  The earn-out expense was ($21) and ($69) for the three months ended December 31, 2025 and 2024, respectively, and ($169) and $98 for the year ended December 31, 2025 and 2024, respectively. The non-compete agreements expense was $0 and $413 for the three months ended December 31, 2025 and 2024, respectively, and $413 and $1,650 for the year ended December 31, 2025 and 2024, respectively; there were other amounts of acquisition-related costs of $0 and $489 for the three months ended December 31, 2025 and 2024, respectively, and  $809 and $335 for the year ended December 31, 2025 and 2024, respectively.
(2) Includes a one-time non-media revenue adjustment of ($4,254) in connection with an early termination settlement agreement with a media partner.

Below is a reconciliation of adjusted net loss and the related measure of adjusted net loss per share from net income (loss), which we believe is the most directly comparable U.S. GAAP measure.

  Three Months Ended December 31,  Year Ended December 31, (In thousands, except share and per share data) 2025  2024  2025  2024 Net loss $(4,119) $(3,430) $(27,167) $(29,277)Share-based compensation expense  1,102   480   2,246   1,970 Loss on early extinguishment of debt  3,759   —   3,759   1,009 Goodwill impairment  —   —   —   1,261 Impairment of intangible assets  774   —   774   980 Fair value adjustment of Convertible Notes, with related parties  (142)  (1,140)  14   1,670 Acquisition-related costs(1)  (21)  833   1,053   2,083 Restructuring and certain severance costs  104   —   1,429   1,821 Certain litigation and other related costs  —   —   300   — One-time items(2)  (4,254)  —   (4,254)  — Adjusted net loss $(2,797) $(3,257) $(21,846) $(18,483)Adjusted net loss per share:                Basic $(0.09) $(0.18) $(0.84) $(1.14)Diluted $(0.09) $(0.18) $(0.84) $(1.14)Adjusted weighted average number of shares outstanding:                Basic  31,276,979   18,352,940   25,970,637   16,259,943 Diluted  31,276,979   18,352,940   25,970,637   16,259,943                   (1) Balance includes compensation expense related to non-competition agreements and earn-out expense incurred as a result of business combinations, and non-cash loss on asset write-offs.  The earn-out expense was ($21) and ($69) for the three months ended December 31, 2025 and 2024, respectively, and ($169) and $98 for the year ended December 31, 2025 and 2024, respectively. The non-compete agreements expense was $0 and $413 for the three months ended December 31, 2025 and 2024, respectively, and $413 and $1,650 for the year ended December 31, 2025 and 2024, respectively; there were other amounts of acquisition-related costs of $0 and $489 for the three months ended December 31, 2025 and 2024, respectively, and  $809 and $335 for the year ended December 31, 2025 and 2024, respectively.
(2) Includes a one-time non-media revenue adjustment of ($4,254) in connection with an early termination settlement agreement with a media partner.

We present media margin, adjusted EBITDA, and adjusted net income as supplemental measures of our financial and operating performance because we believe they provide useful information to investors. More specifically:

Media margin, as defined above, is a measure of the efficiency of the Company’s operating model. We use media margin and the related measure of media margin as a percentage of revenue as primary metrics to measure the financial return on our media and related costs, specifically to measure the degree by which the revenue generated from our digital marketing services exceeds the cost to attract the consumers to whom offers are made through our services. Media margin is used extensively by our management to manage our operating performance, including evaluating operational performance against budgeted media margin and understanding the efficiency of our media and related expenditures. We also use media margin for performance evaluations and compensation decisions regarding certain personnel.

Adjusted EBITDA, as defined above, is another primary metric by which we evaluate the operating performance of our business, on which certain operating expenditures and internal budgets are based and by which, in addition to media margin and other factors, our senior management is compensated. The first three adjustments represent the conventional definition of EBITDA, and the remaining adjustments are items recognized and recorded under U.S. GAAP in particular periods but might be viewed as not necessarily coinciding with the underlying business operations for the periods in which they are so recognized and recorded. These adjustments include certain litigation and other related costs associated with legal matters outside the ordinary course of business.

Adjusted net income (loss), as defined above, excludes certain items that are recognized and recorded under U.S. GAAP in particular periods but might be viewed as not necessarily coinciding with the underlying business operations for the periods in which they are so recognized and recorded. We believe adjusted net income (loss) affords investors a different view of the overall financial performance of the Company than adjusted EBITDA and the U.S. GAAP measure of net (loss) income.

Media margin, adjusted EBITDA, adjusted net income (loss), and adjusted net income (loss) per share are non-GAAP financial measures with certain limitations regarding their usefulness. They do not reflect our financial results in accordance with U.S. GAAP, as they do not include the impact of certain expenses that are reflected in our condensed consolidated statements of operations. Accordingly, these metrics are not indicative of our overall results or indicators of past or future financial performance. Further, they are not financial measures of profitability and are neither intended to be used as a proxy for the profitability of our business nor to imply profitability. The way we measure media margin, adjusted EBITDA, and adjusted net income (loss) may not be comparable to similarly titled measures presented by other companies and may not be identical to corresponding measures used in our various agreements.

Annual Revenue Run Rate

Annual Revenue Run Rate is an operational metric that represents the annualized revenue of the Company’s media partnerships at current monetization levels, as of the end of the reporting period. The Company calculates Annual Revenue Run Rate as follows:

Media partners within Commerce Media Solutions with an active contract are assessed and assigned an annual media volume estimate based on the active term of the contract and the monetization rate at the end of the reporting period. The Company considers a media partner contract to be active when the contractual term commences (the "start date") until its right to serve the partner’s commerce traffic ends. Even if the contract with the customer is executed before the start date, the contract will not count toward Annual Revenue Run Rate until the media partner’s right to receive the benefit of the services has commenced.As Annual Revenue Run Rate includes only contracts that are active at the end of the reporting period, it does not reflect assumptions or estimates regarding new business. For contracts expiring within 12 months of the period-end calculation date, Annual Revenue Run Rate does reflect expectations of renewal.The Company’s Commerce Media Solutions platform provides the technology to effectively monetize the partner’s media by placing relevant ads at a contracted moment of consumer engagement. Although from inception to date, improvements in the platform’s AI-powered technology have consistently driven increased rates of monetization, for the purpose of Annual Revenue Run Rate, the Company assumes a consistent monetization level to that as measured on each media partner at the end of the reporting period. The way the Company measures Annual Revenue Run Rate may not be comparable to similarly titled measures presented by other companies and should not be viewed as a projection of future revenue.

Contact Information: 
Investor Relations
Fluent, Inc.
[email protected]

March 09, 2026 16:15 ET  | Source: Kronos Worldwide

Dallas, Texas, March 09, 2026 (GLOBE NEWSWIRE) -- Kronos Worldwide, Inc. (NYSE:KRO) today reported a net loss of $82.8 million, or $.72 per share, in the fourth quarter of 2025 compared to a net loss of $13.2 million, or $.12 per share, in the fourth quarter of 2024. For the full year of 2025, Kronos Worldwide reported a net loss of $110.9 million, or $.96 per share, compared to net income of $86.2 million, or $.75 per share, for the full year of 2024. Our net loss increased in the fourth quarter of 2025 compared to the fourth quarter of 2024 due to lower income from operations primarily due to higher unabsorbed fixed production costs resulting from production curtailments and lower average TiO2 selling prices somewhat offset by higher sales volumes. In addition, we recorded non-cash deferred income tax expense of $8.5 million ($.07 per share) related to the recognition of a valuation allowance on our German net deferred tax asset. Our net loss increased in the full year of 2025 compared to the full year of 2024 primarily due to higher unabsorbed fixed production costs resulting from production curtailments, lower average TiO2 selling prices, and higher distribution and warehousing costs. The increase in distribution and warehousing costs was primarily in the first quarter of 2025, when we positioned finished goods inventory in the U.S. in response to anticipated U.S. federal government tariff announcements. The full year of 2025 also included non-cash deferred income tax expense of $19.3 million ($.17 per share) related to German tax legislation enacted in the third quarter of 2025 and the fourth quarter recognition of a valuation allowance related to our German net deferred tax asset, as noted above. Comparability of our results are also impacted by the effects of changes in currency exchange rates. As previously reported, effective July 16, 2024, we acquired the 50% joint venture interest in Louisiana Pigment Company, L.P. (“LPC”) previously held by Venator Investments, Ltd. Prior to the acquisition, we held a 50% joint venture interest in LPC. Following the acquisition, LPC became a wholly-owned subsidiary of ours. In 2025, LPC merged into our wholly-owned subsidiary Kronos Louisiana, Inc. We accounted for the acquisition as a business combination. The results of operations of LPC have been included in our results of operations beginning as of the acquisition date. Net income for the full year of 2024 includes the recognition of a non-cash gain of $64.5 million ($50.9 million, or $.44 per share, net of income tax expense) associated with the remeasurement of our investment in LPC as a result of the acquisition.

Net sales of $418.3 million in the fourth quarter of 2025 were $4.8 million, or 1%, lower than in the fourth quarter of 2024. Net sales of $1.9 billion for the full year of 2025 were $27.7 million, or 1%, lower than the full year of 2024. Net sales decreased in the fourth quarter of 2025 compared to the fourth quarter of 2024 primarily due to the net effects of lower average TiO2 selling prices, higher sales volumes in our European markets, and changes in product mix, primarily due to lower sales volumes in our complementary businesses. Net sales decreased for the full year of 2025 compared to the same period in 2024 due to lower average TiO2 selling prices, partially offset by higher sales volumes, primarily in our European, North American and Latin American markets. We ended 2025 with average TiO2 selling prices 10% lower than the beginning of the year. Average TiO2 selling prices were 8% lower in the fourth quarter of 2025 as compared to the fourth quarter of 2024 and 4% lower for the full year of 2025 as compared to the full year of 2024. Fluctuations in currency exchange rates (primarily the euro) also affected comparisons, increasing net sales by approximately $13 million in the fourth quarter of 2025 and by approximately $24 million in the full year of 2025 as compared to the same prior year periods. The table at the end of this press release shows how each of these items impacted net sales.

Our TiO2 segment loss (see description of non-GAAP information below) was $59.4 million in the fourth quarter of 2025 compared to segment profit of $33.1 million in the fourth quarter of 2024. For the full year of 2025, our segment loss was $22.2 million compared to segment profit of $141.0 million in the full year of 2024. Segment profit decreased in the fourth quarter of 2025 compared to the fourth quarter of 2024 primarily due to the effects of higher unabsorbed fixed production costs resulting from reduced operating rates at our production facilities, lower average TiO2 selling prices and costs incurred related to workforce reduction initiatives of approximately $10.3 million. Cost of sales in the fourth quarter of 2025 includes approximately $54 million of unabsorbed fixed production and other manufacturing costs associated with production curtailments at our facilities. Segment profit decreased in the full year of 2025 compared to the full year of 2024 primarily due to lower income from operations resulting from approximately $111 million of unabsorbed fixed production costs recognized as a result of reduced operating rates at our production facilities, partially offset by lower production costs, primarily raw materials. We operated our production facilities at overall average capacities of 77% of practical capacity utilization in the full year of 2025 (93%, 81%, 80% and 55% in the first, second, third and fourth quarters of 2025, respectively) compared to 96% in full year of 2024 (87%, 99%, 92% and 97% in the first, second, third and fourth quarters of 2024, respectively). Fluctuations in currency exchange rates (primarily the euro) decreased our segment loss by approximately $3 million in the fourth quarter of 2025 and $8 million for the full year of 2025 compared to the same prior year periods.

Our net income (loss) before interest expense, income taxes and depreciation and amortization expense (EBITDA) (see description of non-GAAP information below) was ($57.9) million in the fourth quarter of 2025 compared to EBITDA of $41.7 million in the fourth quarter of 2024. For the full year of 2025, EBITDA was $16.1 million compared to $252.9 million for the full year of 2024. EBITDA comparisons between 2025 and 2024 were affected by non-cash gains in both periods. In 2025, EBITDA includes a $4.6 million non-cash gain resulting from the reduction of the LPC acquisition earn-out liability. In 2024, EBITDA includes a $64.5 million non-cash gain associated with the remeasurement of our investment in LPC, as discussed above. In addition, as noted above, EBITDA includes a charge of $10.3 million ($7.6 million, or $.06 per share, net of income tax expense) related to restructuring costs associated with workforce reductions recognized in the fourth quarter of 2025.

In the fourth quarter of 2025, we recognized a $9.0 million settlement loss ($.06 per share, net of income tax benefit) related to the termination of our U.S. pension plan. Interest expense for the full year of 2024 includes an aggregate charge related to a write-off of deferred financing costs of $1.5 million ($.01 per share, net of income tax benefit).

The statements in this release relating to matters that are not historical facts are forward-looking statements that represent management's beliefs and assumptions based on currently available information. Although we believe that the expectations reflected in such forward-looking statements are reasonable, we cannot give any assurances that these expectations will prove to be correct. Such statements by their nature involve substantial risks and uncertainties that could significantly impact expected results, and actual future results could differ materially from those described in such forward-looking statements. While it is not possible to identify all factors, we continue to face many risks and uncertainties. The factors that could cause actual future results to differ materially include, but are not limited to, the following:

Future supply and demand for our products;Our ability to realize expected cost savings from strategic and operational initiatives;Our ability to integrate acquisitions into our operations and realize expected synergies and innovations;The extent of the dependence of certain of our businesses on certain market sectors;The cyclicality of our business;Customer and producer inventory levels;Unexpected or earlier-than-expected industry capacity expansion;Changes in raw material and other operating costs (such as energy and ore costs);Changes in the availability of raw materials (such as ore);General global economic and political conditions that harm the worldwide economy, disrupt our supply chain, increase material and energy costs or reduce demand or perceived demand for our titanium dioxide pigments (“TiO2”) products or impair our ability to operate our facilities (including changes in the level of gross domestic product in various regions of the world, tariffs, natural disasters, terrorist acts, global conflicts and public health crises);Operating interruptions (including, but not limited to, labor disputes, leaks, natural disasters, fires, explosions, unscheduled or unplanned downtime, transportation interruptions, certain regional and world events or economic conditions and public health crises);Technology related disruptions (including, but not limited to, cyber-attacks; software implementation, upgrades or improvements; technology processing failures; or other events) related to our technology infrastructure (including manufacturing and accounting systems) that could impact our ability to continue operations, or at key vendors which could impact our supply chain, or at key customers which could impact their operations and cause them to curtail or pause orders;Competitive products and substitute products;Competition from Chinese suppliers with less stringent regulatory and environmental compliance requirements;Customer and competitor strategies;Potential consolidation of our competitors;Potential consolidation of our customers;The impact of pricing and production decisions;Competitive technology positions;The introduction of new, or changes in existing, tariffs, trade barriers or trade disputes;Fluctuations in currency exchange rates (such as changes in the exchange rate between the U.S. dollar and each of the euro, the Norwegian krone and the Canadian dollar and between the euro and the Norwegian krone), or possible disruptions to our business resulting from uncertainties associated with the euro or other currencies;Our ability to renew or refinance credit facilities or other debt instruments in the future;Changes in interest rates;Our ability to comply with covenants contained in our revolving bank credit facility;Our ability to maintain sufficient liquidity;The ultimate outcome of income tax audits, tax settlement initiatives or other tax matters, including future tax reform;Our ability to utilize income tax attributes, the benefits of which may or may not have been recognized under the more-likely-than-not recognition criteria;Environmental matters (such as those requiring compliance with emission and discharge standards for existing and new facilities);Government laws and regulations and possible changes therein including new environmental, sustainability, health and safety, or other regulations (such as those seeking to limit or classify TiO2 or its use); andPending or possible future litigation or other actions. Should one or more of these risks materialize (or the consequences of such a development worsen), or should the underlying assumptions prove incorrect, actual results could differ materially from those forecasted or expected. The Company disclaims any intention or obligation to update or revise any forward-looking statement whether as a result of changes in information, future events or otherwise.

In an effort to provide investors with additional information regarding the Company's results of operations as determined by accounting principles generally accepted in the United States of America (GAAP), the Company has disclosed certain non-GAAP information which the Company believes provides useful information to investors:

The Company discloses segment profit (loss), which is used by the Company’s management to assess the performance of the Company’s TiO2 operations. The Company believes disclosure of segment profit (loss) provides useful information to investors because it allows investors to analyze the performance of the Company’s TiO2 operations in the same way that the Company’s management assesses performance. The Company defines segment profit (loss) as net income (loss) before income tax expense (expense) and certain general corporate items. These general corporate items include corporate expense and the components of other income (expense) except for trade interest income; andThe Company discloses EBITDA, which is also used by the Company’s management to assess the performance of the Company’s TiO2 operations. The Company believes disclosure of EBITDA provides useful information to investors because it allows investors to analyze the performance of the Company’s TiO2 operations in the same way that the Company’s management assesses performance. The Company defines EBITDA as net income (loss) before interest expense, income taxes and depreciation and amortization expense. Kronos Worldwide, Inc. is a major international producer of titanium dioxide products.

Investor Relations Contact:           
Bryan A. Hanley
Senior Vice President & Treasurer
Tel:  (972) 233-1700

KRONOS WORLDWIDE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
 (In millions, except per share and metric ton data)

               Three months ended  Year ended   December 31, December 31,   2024 2025 2024 2025  (unaudited)      Net sales    $ 423.1    $ 418.3    $ 1,887.1    $ 1,859.4Cost of sales   336.7   421.9   1,527.8   1,646.4             Gross margin   86.4   (3.6)   359.3   213.0             Selling, general and administrative expense   51.2   59.9   225.6   245.2Other operating income (expense):                Currency transactions, net   (3.3)   2.2   1.6   5.4Other income, net   .6   1.6   2.4   3.7Corporate expense   (3.9)   (3.4)   (14.8)   (13.4)             Income (loss) from operations   28.6   (63.1)   122.9   (36.5)             Other income (expense):                Gain on remeasurement of investment
in TiO2 manufacturing joint venture   -   -   64.5   -Gain on remeasurement of
earn-out liability   -   -   -   4.6Trade interest income   .6   .3   3.3   .9Other interest and dividend income   .4   -   2.2   .3Marketable equity securities   (1.4)   (.5)   1.2   (1.6)Other components of net periodic pension
and OPEB cost   (.6)   (10.5)  (1.6)   (12.1)Interest expense   (12.1)   (14.5)   (42.9)   (53.0)             Income (loss) before income taxes   15.5   (88.3)   149.6   (97.4)             Income tax expense (benefit)   28.7   (5.5)   63.4   13.5             Net income (loss) $ (13.2) $ (82.8) $ 86.2 $ (110.9)             Net income (loss) per basic and diluted share $ (.12) $ (.72) $ .75 $ (.96)             Weighted average shares used in the
   calculation of net income (loss) per share   115.0   115.0   115.0   115.0             TiO2 data - metric tons in thousands:               Sales volumes   110   118   504   512Production volumes   136   86   535   480 KRONOS WORLDWIDE, INC.
RECONCILIATION OF INCOME FROM
OPERATIONS TO SEGMENT PROFIT (LOSS)
(In millions)

                  Three months ended   Year ended   December 31,  December 31,   2024  2025  2024  2025  (unaudited)        Income (loss) from operations $ 28.6  $ (63.1)  $ 122.9  $ (36.5)                Adjustments:                   Trade interest income   .6    .3    3.3    .9Corporate expense   3.9    3.4    14.8    13.4                Segment profit (loss) $ 33.1  $ (59.4)  $ 141.0  $ (22.2) RECONCILIATION OF NET INCOME (LOSS) TO EBITDA
(In millions)

                Three months ended   Year ended   December 31,  December 31,   2024 2025  2024 2025  (unaudited)       Net income (loss) $ (13.2) $ (82.8)  $ 86.2 $ (110.9)              Adjustments:                 Depreciation expense   14.1   15.9    60.4   60.5Interest expense   12.1   14.5    42.9   53.0Income tax expense (benefit)   28.7   (5.5)    63.4   13.5              EBITDA $ 41.7 $ (57.9)  $ 252.9 $ 16.1 IMPACT OF PERCENTAGE CHANGE IN NET SALES
(unaudited)

           Three months ended  Year ended    December 31, December 31,    2025 vs. 2024 2025 vs. 2024       Percentage change in net sales:       TiO2 sales volume  7% 2%TiO2 product pricing  (8)  (4) TiO2 product mix/other  (3)  - Changes in currency exchange rates  3  1       Total  (1)% (1)%

, /PRNewswire/ -- Empowered Funds, LLC today announced the scheduled liquidation on or about March 27, 2026 (the Liquidation Date) of the following ETFs (the Funds):

Strive International Developed Markets ETF (NYSE: STXI) Strive Mid-Cap ETF (NYSE: STXM) The Funds are being liquidated based on a review of the products' strategies and anticipated investor demand. 

The Funds will cease trading on the New York Stock Exchange ("NYSE") and will be closed to purchase by investors immediately after the close of regular trading on March 26, 2026 (the "Closing Date"). The Funds will not accept purchase orders after the Closing Date.

Shareholders may sell their holdings in the Funds on or prior to the Closing Date, and customary brokerage charges will apply to these transactions. However, shareholders may only be able to sell their shares to certain broker-dealers, and there is no assurance that there will be a market for the Funds' shares during this period. During the period up to the Liquidation Date, all or a portion of each Fund may not be invested in a manner consistent with its stated investment objective and strategies, and each Fund may increase its cash holdings.

On or about March 30, 2026, the Funds will distribute cash pro rata to all shareholders of record as of the Liquidation Date, subject to any required withholding. Liquidation proceeds paid to shareholders generally should be treated as received in exchange for shares and will therefore be treated as a taxable event giving rise to a capital gain or loss depending on a shareholder's tax basis. Shareholders should contact their tax advisor to discuss the tax consequences of the liquidation. In addition, these payments to shareholders may include distributions of accrued capital gains and dividends. As calculated on the Liquidation Date, the Funds' net asset value will reflect the costs of closing the Funds, if any. Once the distributions are complete, the Funds will terminate.

ABOUT ETF ARCHITECT

Veteran owned and operated; ETF Architect is the market leader for best-in-class ETF operations. ETF Architect partners with Advisers, ETF sponsors, mutual fund managers, and industry veterans to launch ETFs. For more information, visit www.ETFArchitect.com.

Investing involves risk, including possible loss of principal.

Investors should consider the investment objectives, risks, charges and expenses carefully before investing. For a prospectus or summary prospectus with this and other information about the Funds, please call 1.855.427.7360 or visit our website at https://www.strivefunds.com/. Read the prospectus or summary prospectus carefully before investing.

The Funds are distributed by PINE Distributors, LLC. The Funds' investment adviser is Empowered Funds, LLC, which is doing business as ETF Architect. Strive Asset Management, LLC serves as the sub-adviser to the Funds. PINE Distributors LLC is not affiliated with ETF Architect or Strive Asset Management, LLC.

Contact:
ETF Architect
(215) 330-4476

SOURCE ETF Architect

Former CFO Tom Fitzgerald Appointed Interim CFO

Company Initiates Comprehensive Search for Permanent CFO; Reaffirms 2026 Guidance

, /PRNewswire/ -- Planet Fitness, Inc. (NYSE: PLNT) (the "Company"), one of the largest and fastest-growing fitness center operators with more members than any other fitness brand, today announced that Tom Fitzgerald, who previously served as Planet Fitness' Chief Financial Officer, has been appointed Interim CFO, effective today. Fitzgerald's appointment follows the departure of Jay Stasz from the Company. The Company, with the support of a leading executive search firm, has initiated the process to identify a permanent CFO.

Tom Fitzgerald "We are pleased to welcome Tom back to the Planet Fitness team as Interim CFO," said Colleen Keating, Chief Executive Officer of Planet Fitness. "Tom brings deep institutional knowledge of our business and industry, and a proven track record of strong financial and business leadership. Having guided the Company through significant periods of growth, Tom's broad background across several multi-unit brands and expertise driving value creation will support the execution of our long‑term strategy as we conduct the search for a permanent CFO."

"My time as CFO of Planet Fitness stands out as a highlight of my career, and I'm excited to return and support the Company through this interim period," said Mr. Fitzgerald. "Planet Fitness has a powerful brand, a highly resilient franchise model, and significant long‑term growth opportunity. As the Company conducts its search process for the next CFO, I look forward to working closely with Colleen and the leadership team to advance the Company's strategic and financial objectives and strengthen our competitive edge."

Ms. Keating continued, "I thank Jay for his contributions during his time with the Company. We appreciate his service and wish him success in his next chapter."

The Company is reaffirming its 2026 financial guidance, as previously announced on February 24, 2026.

About Tom Fitzgerald

Tom Fitzgerald is a highly accomplished senior financial executive with more than four decades of experience in senior finance and operating leadership roles across multi‑unit, consumer‑facing businesses. He joined Planet Fitness as Chief Financial Officer in 2020, serving in that role through 2024, where his responsibilities included all aspects of financial leadership, including financial strategy, capital allocation, investor relations, and supporting the Company through the COVID‑19 period, as well as playing a key role in the acquisition of one of Planet Fitness' largest and best‑performing franchisees.

Prior to joining Planet Fitness, Mr. Fitzgerald served as Chief Financial Officer and Senior Vice President of Potbelly Sandwich Works, held multiple leadership roles at Charming Charlie, including President and Chief Financial Officer and Chief Administrative Officer, and previously served as Chief Administrative Officer of Sears Canada. Earlier in his career, he served in senior leadership positions at Liz Claiborne (Chief Operating Officer), Burlington Coat Factory (Chief Financial Officer), Bath & Body Works (Chief Operating Officer), and began his career at PepsiCo.

Mr. Fitzgerald is a member of the board of Premier Franchise Management. He holds an MBA in Finance from Indiana University's Kelley School of Business and a Bachelor's degree in Finance from the University of Florida.

About Planet Fitness

Founded in 1992 in Dover, NH, Planet Fitness is one of the largest and fastest-growing franchisors and operators of fitness clubs in the world by number of members and locations. As of December 31, 2025, Planet Fitness had approximately 20.8 million members and 2,896 clubs in all 50 states, the District of Columbia, Puerto Rico, Canada, Panama, Mexico, Australia and Spain. The Company's mission is to enhance people's lives by providing a high-quality fitness experience in a welcoming, non-intimidating environment, which we call the Judgement Free Zone®. Approximately 90% of Planet Fitness clubs are owned and operated by independent business owners.

Forward Looking Statements

This press release contains "forward-looking statements" within the meaning of the federal securities laws, which involve risks and uncertainties. Forward-looking statements include the Company's statements with respect to 2026 financial guidance, those attributed to the Company's Chief Executive Officer in this press release, and other statements, estimates and projections that do not relate solely to historical facts. Forward-looking statements can be identified by words such as "anticipate," "believe," "envision," "estimate," "expect," "intend," "may," "might," "goal," "plan," "prospect," "predict," "project," "target," "potential," "assumption," "will," "would," "could," "should," "continue," "ongoing," "contemplate," "future," "strategy" and similar references to future periods, although not all forward-looking statements include these identifying words. Forward-looking statements are not assurances of future performance. Instead, they are based only on the Company's current beliefs, expectations and assumptions regarding the future of the business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of the Company's control. Actual results and financial condition may differ materially from those indicated in the forward-looking statements. Important factors that could cause our actual results to differ materially include competition in the fitness industry, the Company's and franchisees' ability to attract and retain members, the Company's and franchisees' ability to identify and secure suitable sites for new franchise clubs, changes in consumer demand, changes in equipment costs, the Company's ability to expand into new markets domestically and internationally, operating costs for the Company and franchisees generally, availability and cost of capital for franchisees, acquisition activity, developments and changes in laws and regulations, our substantial increased indebtedness as a result of our refinancing and securitization transactions and our ability to incur additional indebtedness or refinance that indebtedness in the future, our future financial performance and our ability to pay principal and interest on our indebtedness, our corporate structure and tax receivable agreements, failures, interruptions or security breaches of the Company's information systems or technology, general economic conditions and the other factors described in the Company's annual report on Form 10-K for the year ended December 31, 2025, as well as the Company's other filings with the Securities and Exchange Commission. In light of the significant risks and uncertainties inherent in forward-looking statements, investors should not place undue reliance on forward-looking statements, which reflect the Company's views only as of the date of this press release. Except as required by law, neither the Company nor any of its affiliates or representatives undertake any obligation to provide additional information or to correct or update any information set forth in this release, whether as a result of new information, future developments or otherwise.

SOURCE Planet Fitness, Inc.

Company Drives Potential $1 Billion in Industry Cost Savings and Reduces Loan Acquisition Costs with New VantageScore® 4.0 Mortgage Credit Score Pricing Changes

Equifax is advancing housing affordability and driving adoption by the mortgage industry by offering VantageScore® 4.0 mortgage credit scores at $1 – reducing loan acquisition costs to make the path to homeownership more affordable for everyone. Free VantageScore 4.0 credit scores will continue to be offered to all Equifax mortgage, automotive, card, and consumer finance customers who purchase FICO scores to drive industry adoption. Equifax continues to enhance the value of mortgage solutions by delivering The Work Number® Report Indicator and additional alternative data including telecom, pay TV and utilities attributes alongside the Equifax mortgage credit report at no cost. Free income and employment indicators are also available alongside Equifax credit reports for automotive and card financing with consumer finance scheduled for introduction later in 2026. Actions benefit underserved consumers by providing ready access to a scoring model that includes alternative data not found in traditional scores, and has the potential to save the mortgage industry and consumers an estimated $1 billion. , /PRNewswire/ -- Equifax® (NYSE: EFX) is reiterating its support of the U.S. Federal Housing Finance Agency (FHFA) Director Bill Pulte's decision in July 2025 to bring scoring competition to the mortgage industry and his commitment to mortgage affordability by offering VantageScore® 4.0 mortgage credit scores for $1. This move – which provides a 90% savings over lenders' current mortgage credit score costs – builds on the February 2026 economic benefits study conducted by Deep Future Analytics. Lowering the cost of VantageScore 4.0 mortgage credit scores to $1 will enable a potential $1 billion in savings for the mortgage industry derived from the cost difference among score providers, drive adoption by the mortgage industry, and reduce loan acquisition costs for consumers. Equifax will also continue to offer free VantageScore 4.0 credit scores to all Equifax customers in mortgage, automotive, card and consumer finance who purchase FICO scores. This action benefits underserved consumers by providing ready access to a scoring model that includes alternative data not found in traditional scores.

"Equifax is deeply committed to supporting the mortgage industry and the consumers it serves, especially as we navigate the most difficult mortgage market in decades. We view our role in expanding homeownership as a vital responsibility and with today's announcement we are rising to FHFA Director Pulte's challenge to also make mortgage costs more affordable," said Mark W. Begor, Equifax Chief Executive Officer. "There has been strong, ongoing collaboration between the FHFA, Government-Sponsored Enterprises (GSEs), and the industry in testing and exploring the benefits of VantageScore 4.0 implementation in mortgage lending. Significantly reducing the cost of VantageScore 4.0 to $1, and offering it free to customers who also purchase a FICO score, makes it easier for even more lenders to evaluate the higher-performing score. We expect this important initiative to further accelerate Director Pulte's vision for score competition, enable lenders to invest in the operations to support modern scores, and generate a significant $1 billion in potential savings across the industry and for consumers."

"Currently, over 250 mortgage lenders are taking advantage of the Equifax offer of free VantageScore credit scores with paid FICO scores, and more than 40 non-GSE lenders are in production with only VantageScore credit scores for some of their portfolios. More data drives better decisions and VantageScore 4.0 provides a fuller view of consumers' financial profiles. Once VantageScore is fully adopted by FHFA, the increased competition in the scoring industry will result in direct cost savings to consumers," Begor continued.

VantageScore 4.0 uses trended data and alternative data (including rental, utilities and telecommunications payment histories) to enhance the assessment of creditworthiness. Setting a model for the industry, it was the first credit score to incorporate these factors, with a goal of expanding access to credit for millions more Americans. Trended credit data reflects changes in credit data over time for a fuller financial picture. These deeper insights have proven to provide a 20% lift in originations without adding incremental risk – enabling greater mainstream financial opportunities for more people. Additionally, VantageScore 4.0 generates scores using as little as one month of history, while leveraging up to two years of trended data to maintain a score—even during periods of inactivity.

"The total cost of owning a home has increased significantly since 2020, with American homebuyers challenged by increasing home values, high interest rates, and increasing taxes and insurance," said Joel Rickman, General Manager and Senior Vice President of U.S. Mortgage and Verification Services at Equifax. "As the spring homebuying season gets underway, we believe that more borrowers deserve the chance at a conforming mortgage. Equifax is driving the next generation of mortgage lending by offering unparalleled visibility into consumer financial health. Our proprietary data is the foundation of our highly differentiated products and analytical capabilities through which our customers generate unique solutions. We are also providing an employment and income verification indicator as well as additional alternative data including telecom, pay TV and utilities attributes alongside every Equifax Consumer Credit Report in the mortgage market. The greater visibility we provide allows for more efficient underwriting and can help open new homeownership opportunities for millions of Americans."

Equifax is the only Nationwide Consumer Reporting Agency to provide alternative data including telecom, pay TV and utilities attributes alongside consumer credit reports for the mortgage market, at no additional cost to lenders. These insights provide a more complete financial picture of a borrower that can make mortgage underwriting faster and easier and are only used to help consumers obtain a mortgage loan.

Additionally, Equifax is the first to empower lenders by delivering an indicator of employment status earlier in the mortgage qualification process through The Work Number® Report Indicator, alongside the Equifax mortgage prequalification credit report. Delivering this unique solution with the Equifax credit report at no additional cost, enables our customers to instantly view whether an employment record for an applicant is available on The Work Number database, making the lending process easier for lenders and applicants alike. Indicator Reports for the automotive, bank card, and consumer finance industries will be available later in 2026.

FORWARD-LOOKING STATEMENTS
This release contains certain forward-looking information to help you understand Equifax and its business environment. All statements that address operating performance and events or developments that we expect or anticipate will occur in the future, including statements relating to the pricing strategies, potential benefits and value propositions of product offerings of Equifax and its competitors, are forward-looking statements. We believe these forward-looking statements are reasonable as and when made. However, forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from our historical experience and our present expectations or projections. These risks and uncertainties include, but are not limited to, those described in our 2025 Form 10-K and subsequent SEC filings. As a result of such risks and uncertainties, we urge you not to place undue reliance on any forward-looking statements. Forward-looking statements speak only as of the date when made. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

ABOUT EQUIFAX INC.
At Equifax (NYSE: EFX), we believe knowledge drives progress. As a global data, analytics, and technology company, we play an essential role in the global economy by helping financial institutions, companies, employers, and government agencies make critical decisions with greater confidence. Our unique blend of differentiated data, analytics, and cloud technology drives insights to power decisions to move people forward. Headquartered in Atlanta and supported by nearly 15,000 employees worldwide, Equifax operates or has investments in 24 countries in North America, Central and South America, Europe, and the Asia Pacific region. For more information, visit Equifax.com.

FOR MORE INFORMATION:
Stacy Kirk for Equifax
[email protected]

SOURCE Equifax Inc.

A combination of geopolitical tension, technological disruption fears, and financial market stress has created one of the most opportunity-rich environments I have seen in some time. The conflict involving Iran, growing concerns about AI potentially disrupting large segments of the software industry, and several high-profile blowups in the private credit space have rattled sentiment across markets. Yet periods like this, when uncertainty dominates headlines, often create some of the most attractive entry points for disciplined investors.

Importantly, the broader macro backdrop remains constructive. Global economic growth continues at a solid pace, productivity gains are beginning to materialize from technological adoption, and enormous capital expenditures tied to the AI infrastructure buildout are flowing through the global economy. These forces collectively provide a powerful foundation for continued economic expansion.

The primary risk to that outlook at the moment is the escalating situation in Iran. Rising tensions in the region have pushed oil prices sharply higher and introduced the possibility of inflationary pressure if the conflict were to persist or intensify. A prolonged disruption to global energy markets could weigh on economic activity and complicate the outlook for policymakers. That said, as I will outline below, I currently assign relatively low odds to a drawn-out conflict and view some form of resolution in the near term as the more likely outcome.

Despite the geopolitical noise, the equity market itself remains remarkably resilient. Major indexes are still trading only a few percentage points below their record highs. At the same time, many of the market’s largest leaders remain well off their peaks. This dynamic reflects a broadening of market participation, an encouraging development that stands in sharp contrast to the persistent warnings over the past year about excessive index concentration. Rather than signaling weakness, the expansion of leadership across sectors is often characteristic of durable bull markets.

In recent pieces I highlighted opportunities in the Magnificent Seven and the software sector, while earlier coverage focused on energy and gold, both of which have performed exceptionally well. I continue to believe those themes remain intact, though after such strong momentum they may begin to consolidate, particularly if capital rotates back into sectors that now appear discounted.

Today I want to focus on several additional opportunities emerging across technology and financials, including Expedia ((EXPE - Free Report) ), Nvidia ((NVDA - Free Report) ), Fair Isaac ((FICO - Free Report) ), Broadcom ((AVGO - Free Report) ), Apollo Global Management ((APO - Free Report) ) and Dell Technologies ((DELL - Free Report) ).

Interestingly, today’s market action may already be reflecting that view. Overnight, Nasdaq 100 e-mini futures were down more than 2%, yet by the open the market had staged a powerful reversal, pointing to the type of sharp, potentially capitulatory price action that often accompanies intermediate-term bottoms.

Image Source: TradingView

Why the Iran Conflict May Be Shorter Than Markets FearDespite the alarming headlines, several structural factors suggest the Iran conflict may be less likely to evolve into a prolonged regional war than many investors fear. According to my research, Iran has already suffered significant degradation of its military capabilities. Much of its missile-launch infrastructure has reportedly been destroyed, and the country has already used a large portion of its ballistic missile inventory while facing a relatively high failure rate. Just as importantly, the infrastructure needed to produce new missiles was damaged in prior strikes, meaning Iran cannot easily replenish its arsenal. These constraints limit Iran’s ability to sustain a long-duration conflict.

Iran also appears to have miscalculated strategically and diplomatically. By launching missiles at several Gulf states, Tehran inadvertently pushed governments that had previously tried to remain neutral closer to the US and Israel. Rather than destabilizing the region politically, the attacks created a rally-around-the-flag effect among Gulf monarchies and provided them political justification to support defensive and potentially offensive actions. Combined with the weakening of Iran’s proxy networks across the region, this further reduces the likelihood that Iran can maintain a prolonged confrontation.

Perhaps most importantly, the expected endgame appears to point toward a negotiated off-ramp rather than regime change. It seems to me that the US and Israel may spend several weeks degrading Iran’s military infrastructure before reopening diplomatic channels. Notably, President Trump’s public position has remained somewhat vague, particularly around what constitutes “unconditional surrender,” leaving room for a resolution that stops short of toppling the regime. In practice, this could mean Iran accepts new military constraints while the existing government remains in place. While a worst-case scenario cannot be ruled out, assessments suggest the probability of a prolonged regional war remains relatively low.

Something also worth noting is the price action in crude oil futures. Similar to what we are seeing in the Nasdaq and broader equity indexes, oil has experienced a sharp reversal that may signal a form of capitulation. Overnight, WTI crude futures briefly surged to $119.48, but prices have since reversed sharply, falling nearly $25 from those highs. While it is impossible to know whether that spike ultimately marks the peak in oil prices, this type of rapid surge followed by an equally aggressive pullback often occurs near turning points and increases the probability that the market may have already seen the worst of the panic-driven move.

Image Source: TradingView

Financial Sector Opportunities: Fair Isaac and Apollo Global StocksI have not focused much on the recent drama in the private credit market in my commentary, but it has become a major topic of discussion across the credit and debt industry. Private credit has expanded at an extraordinary pace, growing from roughly $500 billion in assets under management in 2020 to around $2 trillion today, and was virtually nonexistent as an institutional asset class just a decade ago.

Apollo Global Management has emerged as one of the clear leaders in this rapidly expanding market. The boom has been extremely lucrative for firms operating in the space, though the speed of growth has also raised concerns that some lenders may have become overly aggressive with underwriting standards. Blue Owl Capital has been the primary company in the headlines amid these concerns, fueling broader fears of stress within the private credit ecosystem.

Much of the commentary surrounding the issue has drawn comparisons to the 2008 financial crisis, though that characterization appears exaggerated. Leverage levels across the system are considerably lower, and the risks appear far more contained. Nevertheless, the concerns have pressured stocks across the alternative asset management space, including Apollo.

That pullback has created a potentially attractive entry point. Apollo Global Management currently trades at just 11.8x forward earnings, near one of its most compelling valuations in years. At the same time, earnings are projected to grow 14.3% annually over the next three to five years, while revenue is expected to climb in the high teens this year and next. Importantly, Apollo’s business is also highly diversified across asset management, insurance, and private markets, meaning its earnings power extends well beyond private credit alone.

Fair Isaac, meanwhile, has been caught up in a completely different selloff. Rather than credit market concerns, the stock has been pressured by the broader correction in software stocks, as well as lingering controversy surrounding price increases implemented more than a year ago. Despite that noise, the company’s underlying business continues to perform exceptionally well.

Shares currently trade at 35.2x forward earnings, which is not inexpensive on an absolute basis but looks more reasonable relative to the company’s historical valuation. Over the past decade, Fair Isaac has traded at a median multiple of roughly 50x earnings, reflecting the company’s powerful competitive moat and dominant position in credit scoring. That competitive advantage remains firmly intact, and analysts expect earnings to grow nearly 28.6% annually over the long term, suggesting the company’s premium valuation may continue to be justified.

Tech Stock Opportunities Multiply: NVDA, AVGO, EXPE and DELLConcerns about overvalued technology stocks have dominated market conversations for much of the past year. Yet in many cases, the data no longer supports that narrative. After a period of sharp corrections and consolidations, several major technology companies are now trading at far more reasonable valuations while their underlying businesses continue to grow at impressive rates.

A number of tech leaders now stand out as particularly compelling opportunities, including Nvidia, Broadcom, Dell Technologies, and Expedia.

Nvidia, which carries a Zacks Rank #2 (Buy), remains the clear leader in AI infrastructure. Despite its dominant position, the stock now trades at roughly 22.7x forward earnings, a modest multiple for a company expected to deliver long-term EPS growth of about 39% annually. Revenue is projected to surge 59% this year and another 27% next year, reflecting continued explosive demand for AI compute. Nvidia has also expanded its reach by investing in numerous AI startups, giving the company exposure across AI ecosystem.

Broadcom offers many of the same structural growth catalysts tied to AI infrastructure and data center expansion. Shares currently trade at around 31.9x forward earnings, while analysts expect earnings to grow roughly 48.6% annually over the next three to five years. Revenue growth is projected to remain exceptionally strong as well, with sales expected to rise 53% this year and 45% next year, remarkable growth for a company of Broadcom’s scale.

Dell Technologies represents a different type of opportunity within the AI trade. The company was an early beneficiary of the surge in demand for AI servers and data center hardware, and the stock has spent the past couple of years consolidating those gains. Today, Dell trades at a very reasonable 11.5x forward earnings, while analysts expect earnings to grow about 18% annually over the next three to five years. With its valuation compressed and demand for AI infrastructure continuing to expand, the stock appears well positioned for a potential breakout to new highs.

Finally, Expedia stands out as a true bargain within the broader technology sector. Shares currently trade at roughly 13x forward earnings, while analysts expect EPS to grow nearly 20% annually over the long term. In addition to its strong portfolio of consumer travel brands, Expedia has been building a rapidly expanding B2B travel platform, which allows partners to access its inventory and booking technology. That segment has become an increasingly important driver of growth having grown 24% in the past year.

Finding Opportunity in Uncertain MarketsPeriods of uncertainty often create the most compelling investment opportunities. While geopolitical tensions and sector-specific fears have unsettled markets in the short term, the broader economic backdrop remains constructive and many high-quality companies are now trading at far more attractive valuations than they were just a year ago.

For disciplined investors willing to look through the current noise, opportunities are emerging across several sectors. If the macro environment remains stable and current fears begin to fade, these names could be well positioned to participate in the next leg of the bull market.

, /PRNewswire/ -- (OTCID: PTBS) – Potomac Bank announced today that Alice P. Frazier, President and CEO, was elecacted chairman of the Independent Community Bankers of America (ICBA) for 2026-27. Her term begins March 9 following the conclusion of ICBA LIVE in San Diego, California.

In an address to attendees, Frazier praised community banks for being a safe harbor for their customers and urged them to commit to "innovate boldly, advocate fiercely, and identify, mentor and educate the next generation of community bank leaders."

Alice Frazier, President and CEO of Potomac Bank, has been elected Chairman of ICBA. "If we do this, we won't just survive, we will lead and I believe we will thrive," Frazier said. She concluded her remarks with a call to join her for ICBA Capital Summit in May. "We have made significant progress. Members of Congress and the administration believe in community banks. This is our time."

Frazier serves in many leadership roles at ICBA. She is chairman of the ICBA Executive Committee and board of directors, and a member of ICBA's Federal Delegate Board and its Policy Development and Nominating committees. She also serves as Executive Committee liaison for the Large Community Bank Council.

Active at the local level as well, Frazier serves on the Federal Reserve Bank of Richmond Board and is past chairman of the Virginia Association of Community Banks. She currently serves as treasurer on the WVU East Hospital System and for the Loudoun Economic Development Authority, and she is a member of 100 Women Strong.

"Alice found purpose as a financial steward of her community, and turned her passion into action, testifying before Congress, canvasing the country spreading the community banking message, and encouraging others to get involved to preserve the legacy of community banking," said ICBA Immediate Past Chairman Jack Hopkins, president and CEO of CorTrust Bank in Sioux Falls, S.D. "Alice will bring that same visionary leadership and determination to her role as chairman as ICBA works to empower the community banks that power local communities."

ICBA is the only national advocacy organization dedicated exclusively to promoting the interests of locally operated community banks and savings institutions. With the high-tech, high-touch banking services that consumers expect, community banks offer the best financial-services options for millions of consumers, small businesses, and agricultural enterprises.

For more information visit ICBA's website.

About ICBA

The Independent Community Bankers of America® has one mission: to create and promote an environment where community banks flourish. We power the potential of the nation's community banks through effective advocacy, education, and innovation.  

As local and trusted sources of credit, America's community banks leverage their relationship-based business model and innovative offerings to channel deposits into the neighborhoods they serve, creating jobs, fostering economic prosperity, and fueling their customers' financial goals and dreams. For more information, visit ICBA's website at icba.org.

About Potomac Bank

Potomac Bank, Inc., a wholly owned subsidiary of Potomac Bancshares, Inc., was founded in 1871 as Bank of Charles Town and renamed Potomac Bank on November 3, 2025. The Bank conducts operations through its nine-branch network and one loan production office serving the Eastern Panhandle of West Virginia, Washington County, Maryland, and Northern Virginia. The Bank offers comprehensive financial solutions through its consumer and commercial banking divisions, Trust, Wealth, and BCT Investments divisions, and its Residential Lending mortgage division. The Bank is also proud to serve its communities as a Small Business Administration (SBA) Preferred Lender. Over the past several years, the Bank has received numerous awards and recognitions, including American Banker's "Top 200 Community Banks" and "Best Banks to Work For", the Journal-News "Best of the Best" award, and the LoudounNow "Loudoun's Favorite" award. 

The Company's shares are quoted on the OTCID marketplace under the symbol "PTBS." For more information about the Bank, please visit our website at www.potomac.bank.

SOURCE Potomac Bank

March 09, 2026 16:18 ET  | Source: NL Industries

Dallas, Texas, March 09, 2026 (GLOBE NEWSWIRE) -- NL Industries, Inc. (NYSE: NL) today reported a net loss attributable to NL stockholders of $31.0 million, or $.63 per share, in the fourth quarter of 2025 compared to net income attributable to NL stockholders of $16.5 million, or $.34 per share, in the fourth quarter of 2024. NL’s results include an unrealized loss of $4.5 million in the fourth quarter of 2025 compared to an unrealized loss $12.0 million in the fourth quarter of 2024 related to the change in value of marketable equity securities. For the full year of 2025, NL reported a net loss attributable to NL stockholders of $37.8 million, or $.77 per share, compared to net income attributable to NL stockholders of $67.2 million, or $1.38 per share for the full year of 2024. NL’s full year results include an unrealized loss of $13.6 million in 2025 compared to an unrealized gain of $9.8 million in 2024 related to the change in value of marketable equity securities. Net loss per share attributable to NL stockholders for the fourth quarter and for the full year of 2025 also includes a loss of $19.7 million (or $.32 per share, net of tax) related to the termination of our U.S. pension plan. Net income per share attributable to NL stockholders for the fourth quarter and for the full year of 2024 includes aggregate income of $31.4 million ($24.8 million, $.51 per share, net of tax) related to an environmental remediation settlement, including income of $21.8 million related to the adjustment of an associated environmental accrual and $9.6 million received from former customers.   

CompX’s net sales were $37.7 million for the fourth quarter of 2025 compared to $38.4 million in the fourth quarter of 2024 and $158.3 million for the year ended December 31, 2025 compared to $145.9 million for the full year of 2024. Net sales decreased in the fourth quarter of 2025 compared to the same period in 2024 predominantly due to lower Security Products sales to the healthcare market, partially offset by higher Marine Components sales to the industrial market. Net sales increased for the full year of 2025 compared to the same period in 2024 primarily due to higher Security Products sales to the government security market and higher Marine Components sales to various markets including the towboat, government and industrial markets. CompX’s segment profit (a non-GAAP measure defined as gross margin less selling, general and administrative expenses directly attributable to CompX) was $5.6 million for the fourth quarter of 2025 compared to $4.9 million for the fourth quarter of 2024 and $22.6 million for the full year of 2025 compared to $17.0 million for the same prior year period. CompX’s segment profit increased in the fourth quarter of 2025 compared to the same period in 2024 primarily due to higher sales at Marine Components as well as improved gross margins at each of the Security Products and Marine Components reporting units. CompX’s segment profit increased for the full year of 2025 compared to 2024 primarily due to higher sales and improved gross margins at each of the Security Products and Marine Components reporting units.

NL recognized equity in losses of Kronos of $25.3 million in the fourth quarter of 2025 compared to equity in losses of $4.0 million in the same period of 2024 and equity in losses of Kronos of $33.9 million in the full year of 2025 compared to equity in earnings of $26.4 million in the full year of 2024.

As previously reported, effective July 16, 2024, Kronos acquired the 50% joint venture interest in Louisiana Pigment Company, L.P. (“LPC”) previously held by Venator Investments, Ltd. Prior to the acquisition, Kronos held a 50% joint venture interest in LPC. Following the acquisition, LPC became a wholly-owned subsidiary of Kronos. In 2025, LPC merged into our wholly-owned subsidiary Kronos Louisiana, Inc. The results of operations of LPC have been included in Kronos’ results of operations beginning as of the acquisition date. Kronos’ net income for the full year of 2024 includes the recognition of an aggregate non-cash gain of $64.5 million ($12.3 million or $.25 per share, net of tax, attributable to NL stockholders) associated with the remeasurement of its investment in LPC as a result of the acquisition.

Kronos’ net sales of $418.3 million in the fourth quarter of 2025 were $4.8 million, or 1%, lower than in the fourth quarter of 2024. Kronos’ net sales of $1.9 billion for the full year of 2025 were $27.7 million, or 1%, lower than the full year of 2024. Kronos’ net sales decreased in the fourth quarter of 2025 compared to the fourth quarter of 2024 primarily due to the net effects of lower average TiO2 selling prices, higher market share gains in its European markets and changes in product mix, primarily due to lower sales volumes in its complementary businesses. Kronos’ net sales decreased for the full year of 2025 compared to the same period in 2024 due to lower average TiO2 selling prices partially offset by higher sales volumes, primarily in its European, North American and Latin American markets. Kronos ended 2025 with average TiO2 selling prices 10% lower than the beginning of the year. Kronos’ average TiO2 selling prices were 8% lower in the fourth quarter of 2025 as compared to the fourth quarter of 2024 and 4% lower for the full year of 2025 as compared to the full year of 2024. Fluctuations in currency exchange rates (primarily the euro) also affected Kronos’ comparisons, increasing net sales by approximately $13 million in the fourth quarter of 2025 and by approximately $24 million in the full year of 2025 as compared to the same prior year periods. The table at the end of this press release shows how each of these items impacted Kronos’ net sales. 

Kronos’ loss from operations in the fourth quarter of 2025 was $63.1 million as compared to income from operations of $28.6 million in the fourth quarter of 2024. For the full year of 2025, Kronos’ loss from operations was $36.5 million as compared to income from operations of $122.9 million in 2024. Kronos’ income from operations decreased in the fourth quarter of 2025 compared to the fourth quarter of 2024 primarily due to the effects of  higher unabsorbed fixed production costs resulting from reduced operating rates at its production facilities, lower average TiO2 selling prices and costs incurred related to workforce reduction initiatives of approximately $10.3 million. Kronos’ cost of sales in the fourth quarter of 2025 includes approximately $54 million of unabsorbed fixed production and other manufacturing costs associated with production curtailments at its facilities. Kronos’s income from operations decreased in the full year of 2025 compared to the full year of 2024 resulting from approximately $111 million of unabsorbed fixed production costs recognized as a result of reduced operating rates at its production facilities, partially offset by lower production costs, primarily raw materials. Kronos operated its production facilities at overall average capacities of 77% of practical capacity utilization in the full year of 2025 (93%, 81%, 80% and 55% in the first, second, third and fourth quarters of 2025, respectively) compared to 96% in the full year of 2024 (87%, 99%, 92% and 97% in the first, second, third and fourth quarters of 2024, respectively). Fluctuations in currency exchange rates (primarily the euro) decreased Kronos’ loss from operations by approximately $3 million in the fourth quarter of 2025 and $8 million for the full year of 2025 as compared to the same prior year periods. 

NL’s equity in losses of Kronos for the fourth quarter and for the full year of 2025 include a loss of $2.6 million ($2.1 million, or $.04 per share, net of tax) related to Kronos’ recognition of a valuation allowance related to its German interest deduction limitation deferred tax asset, a loss  of $2.2 million ($1.7 million, or $.04 per share, net of tax) due to Kronos’ settlement loss related to the termination and buy-out of its U.S. pension plan and a loss of $2.0 million ($1.5 million, or $.03 per share, net of tax) related to Kronos’ restructuring costs related to workforce reductions.  In addition, NL’s equity in losses of Kronos for the full year of 2025 includes a loss of $5.9 million ($4.7 million, or $.10 per share, net of tax) related to Kronos’ non-cash deferred income tax expense reflecting the impact of the rate reduction on its net German deferred tax asset.

NL’s equity in losses of Kronos for the fourth quarter of 2024 and equity in earnings of Kronos for the full year of 2024 include a loss of $5.1 million ($4.0 million, or $.08 per share, net of tax) related to Kronos’ increased tax expense resulting from final tax regulations on the treatment of certain currency translation gains and losses, which resulted in a non-cash deferred income tax expense and a loss of $2.5 million ($2.0 million, or $.04 per share, net of tax) related to Kronos’ increased tax expense resulting from the recognition of a deferred income tax asset valuation allowance related to its Belgian net deferred tax assets, which resulted in a non-cash deferred income tax expense.

Excluding the effects of the environmental remediation settlement in the fourth quarter of 2024 discussed above, corporate expenses in the fourth quarter and for the full year of 2025 were comparable to the same periods of 2024. Interest and dividend income in the fourth quarter and for the full year of 2025 decreased $1.7 million and $4.0 million, respectively, compared to the same periods of 2024 primarily due to lower interest rates and decreased average investment balances. Marketable equity securities represent the change in unrealized gains (losses) on our portfolio of marketable equity securities during the periods.

The statements in this release relating to matters that are not historical facts are forward-looking statements that represent management's beliefs and assumptions based on currently available information. Although we believe the expectations reflected in such forward-looking statements are reasonable, we cannot give any assurances that these expectations will prove to be correct. Such statements by their nature involve substantial risks and uncertainties that could significantly impact expected results, and actual future results could differ materially from those described in such forward-looking statements. While it is not possible to identify all factors, we continue to face many risks and uncertainties. Factors that could cause actual future results to differ materially include, but are not limited to:

Future supply and demand for our products; Kronos’ ability to realize expected cost savings from strategic and operational initiatives;Kronos’ ability to integrate acquisitions into its operations and realize expected synergies and innovations; The extent of the dependence of certain of our businesses on certain market sectors;The cyclicality of our businesses (such as Kronos’ TiO2 operations);Customer and producer inventory levels;Unexpected or earlier-than-expected industry capacity expansion (such as the TiO2 industry);Changes in raw material and other operating costs (such as energy, ore, zinc, aluminum, steel and brass costs), including as a result of additional or changed tariffs on imported raw materials, and our ability to pass those costs on to our customers or offset them with reductions in other operating costs;Changes in the availability of raw materials (such as ore);General global economic and political conditions that harm the worldwide economy, disrupt our supply chain, increase material and energy costs or reduce demand or perceived demand for TiO2 and our products or impair our ability to operate our facilities (including changes in the level of gross domestic product in various regions of the world, tariffs, natural disasters, terrorist acts, global conflicts and public health crises);Operating interruptions (including, but not limited to, labor disputes, leaks, natural disasters, fires, explosions, unscheduled or unplanned downtime, transportation interruptions, certain regional and world events or economic conditions and public health crises);Technology related disruptions (including, but not limited to, cyber-attacks; software implementation, upgrades, or improvements; technology processing failures; or other events) related to our technology infrastructure (including manufacturing and accounting systems) that could impact our ability to continue operations, or at key vendors which could impact our supply chain, or at key customers which could impact their operations and cause them to curtail or pause orders;Competitive products and substitute products;Competition from Chinese suppliers with less stringent regulatory and environmental compliance requirements;Customer and competitor strategies;Our ability to retain key customers;Potential consolidation of Kronos’ competitors;Potential consolidation of Kronos’ customers;The impact of pricing and production decisions;Competitive technology positions;Our ability to protect or defend intellectual property rights;Potential difficulties in integrating future acquisitions;The introduction of new, or changes in existing, tariffs, trade barriers or trade disputes;Fluctuations in currency exchange rates (such as changes in the exchange rate between the U.S. dollar and each of the euro, the Norwegian krone and the Canadian dollar and between the euro and the Norwegian krone), or possible disruptions to our business resulting from uncertainties associated with the euro or other currencies;Decisions to sell operating assets other than in the ordinary course of business;Kronos’ ability to renew or refinance credit facilities or other debt instruments in the future;Changes in interest rates;Kronos’ ability to comply with covenants contained in its revolving bank credit facility;Our ability to maintain sufficient liquidity;The timing and amounts of insurance recoveries;The ability of our subsidiaries or affiliates to pay us dividends;Uncertainties associated with CompX’s development of new products and product features;The ultimate outcome of income tax audits, tax settlement initiatives or other tax matters, including future tax reform;Our ability to utilize income tax attributes or changes in income tax rates related to such attributes, the benefits of which may or may not have been recognized under the more-likely-than-not recognition criteria;Environmental matters (such as those requiring compliance with emission and discharge standards for existing and new facilities or new developments regarding environmental remediation or decommissioning obligations at sites related to our former operations);Government laws and regulations and possible changes therein (such as changes in government regulations which might impose various obligations on former manufacturers of lead pigment and lead-based paint, including us, with respect to asserted health concerns associated with the use of such products), including new environmental, sustainability, health and safety or other regulations (such as those seeking to limit or classify TiO2 or its use);The ultimate resolution of pending litigation (such as our lead pigment and environmental matters); andPending or possible future litigation (such as litigation related to CompX’s use of certain permitted chemicals in its productions process) or other actions. Should one or more of these risks materialize (or if the consequences of such a development worsen), or should the underlying assumptions prove incorrect, actual results could differ materially from those currently forecasted or expected. We disclaim any intention or obligation to update or revise any forward-looking statement whether as a result of changes in information, future events or otherwise.

NL Industries, Inc. is engaged in component products (security products and recreational marine components) and chemicals (TiO2) businesses.

Investor Relations Contact

Bryan A. Hanley
Senior Vice President and Treasurer
(972) 233-1700

NL INDUSTRIES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In millions, except earnings per share)

                               Three months ended    Year ended     December 31,    December 31,     2024    2025    2024    2025  (unaudited)      Net sales $ 38.4 $ 37.7 $ 145.9 $ 158.3Cost of sales   27.4   25.6   104.6   110.1             Gross margin   11.0   12.1   41.3   48.2             Selling, general and administrative expense   6.1   6.5   24.3   25.6Other operating income (expense):            Insurance recoveries   .1   —   1.4   —Corporate income (expense)   28.7   (2.7)   19.5   (11.9)             Income from operations   33.7   2.9   37.9   10.7             Equity in earnings (losses) of Kronos Worldwide, Inc.   (4.0)   (25.3)   26.4   (33.9)             Other income (expense):                Interest and dividend income   3.1   1.4   11.0   7.0Marketable equity securities   (12.0)   (4.5)   9.8   (13.6)Settlement loss on pension plan termination and buy-out   —   (19.7)   —   (19.7)Other components of net periodic pension and OPEB cost   (.3)   (.3)   (1.2)   (1.1)Interest expense   (.1)   —   (.6)   (.8)             Income (loss) before income taxes   20.4   (45.5)   83.3   (51.4)             Income tax expense  (benefit)   3.3   (15.1)   14.1   (16.1)             Net income  (loss)   17.1   (30.4)   69.2   (35.3)             Noncontrolling interest in net income of subsidiary   .6   .6   2.0   2.5             Net income (loss) attributable to NL stockholders $ 16.5 $ (31.0) $ 67.2 $ (37.8)             Net income (loss) per share attributable to NL stockholders $ .34 $ (.63) $ 1.38 $ (.77)             Weighted average shares used in the calculation of
  net income (loss) per share   48.8   48.9   48.8   48.9 NL INDUSTRIES, INC.

COMPONENTS OF INCOME FROM OPERATIONS

(In millions)

             Three months ended Year ended December 31, December 31, 2024    2025    2024    2025 (unaudited)      CompX segment profit$ 4.9 $ 5.6 $ 17.0 $ 22.6Insurance recoveries  .1   —   1.4   —Corporate income (expense)  28.7   (2.7)   19.5   (11.9)            Income from operations$ 33.7 $ 2.9 $ 37.9 $ 10.7 CHANGE IN KRONOS’ NET SALES

(unaudited)

      Three months ended    Year ended  December 31, December 31,  2025 vs. 2024 2025 vs. 2024    Percentage change in net sales:      TiO2 sales volume 7% 2%TiO2 product pricing (8)  (4) TiO2 product mix/other (3)  — Changes in currency exchange rates 3  1      Total (1)%   (1)%

U.S. stocks traded mostly lower toward the end of trading, with the Dow Jones index falling more than 300 points on Monday.

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FuelCell Energy, Inc. (FCEL) Q1 2026 Earnings Call March 9, 2026 10:00 AM EDT

Company Participants

Michael Bishop - Executive VP, CFO & Treasurer
Jason Few - President, CEO & Director

Conference Call Participants

Dushyant Ailani - Jefferies LLC, Research Division
Jason Tilchen - Canaccord Genuity Corp., Research Division
Manav Gupta - UBS Investment Bank, Research Division
Ryan Pfingst - B. Riley Securities, Inc., Research Division
Colin Rusch - Oppenheimer & Co. Inc., Research Division
Noel Parks - Tuohy Brothers Investment Research, Inc.

Presentation

Operator

Hello, and thank you for standing by. My name is Tiffany, and I will be your conference operator today. At this time, I would like to welcome everyone to the FuelCell Energy First Quarter of Fiscal 2026 Financial Results Conference Call. [Operator Instructions] I would now like to turn the call over to Michael Bishop, Chief Financial Officer. Michael, please go ahead.

Michael Bishop
Executive VP, CFO & Treasurer

Thank you, operator. Good morning, everyone, and thank you for joining us on the call today. This morning, FuelCell Energy released our financial results for the first quarter of fiscal year 2026, and our earnings press release is available on the Investors section of our website at www.fuelcellenergy.com.

In addition to this call and our earnings press release, we have posted a slide presentation on our website. The webcast is being recorded and will be available for replay on our website approximately 2 hours after we conclude. Before we begin, please note that some information you will hear or be provided with today consists of forward-looking statements within the meaning of the Securities Exchange Act of 1934. Such statements express our expectations, beliefs and intentions regarding the future and include statements concerning our anticipated financial results, plans and expectations regarding the continuing development, commercialization and financing of our fuel cell technology, our anticipated market opportunities and our business plans

John Blank says the “real salient event” around oil will be in six months when producers of oil-based products have a supply shock. In fact, he thinks prices could even hit $150-$200/barrel over the next 6-12 months.

NEW YORK--(BUSINESS WIRE)---- $ARDT #ARDT--Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against Ardent Health, Inc. (“Ardent” or the “Company”) (NYSE: ARDT) and reminds investors of the March 9, 2026 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company. Faruqi & Faruqi is a leading national securities law firm with offices in New York, Pennsylvania, California and Georgia. The firm has.

Aroundtown SA (AANNF) Q4 2025 Earnings Call March 3, 2026 7:00 PM EST

Company Participants

Barak Bar-Hen - Co-CEO & COO
Kamaldeep Manaktala - Deputy Chief Executive Officer
Frank Roseen - Executive Director
Timothy Wright - Chief Capital Markets Officer
Limor Bermann - Chief Sustainability Officer
Jonas Tintelnot - Chief Financial Officer

Conference Call Participants

Jonathan Kownator - Goldman Sachs Group, Inc., Research Division
Kai Klose - Joh. Berenberg, Gossler & Co. KG, Research Division
Marios Pastou - Bernstein Institutional Services LLC, Research Division
Manuel Martin - ODDO BHF Corporate & Markets, Research Division

Presentation

Unknown Executive

Good afternoon, everybody. Thank you for joining us for Aroundtown's Full Year 2025 Results Call. You can view this presentation on Aroundtown's website, either on the Home section or under Financial Reports of the Investor Relations section.

Guiding you through the presentation today will be CEO, Barak Bar-Hen, CFO, Jonas Tintelnot, Executive Director, Frank Roseen; Chief Capital Markets Officer, Timothy Wright; Chief Sustainability Officer, Limor Bermann; Deputy CFO, Kamaldeep Manaktala; and representatives from Grand City Properties are also present. [Operator Instructions]

With that, I would like to hand over to Barak and the rest of the team, who will guide you through the presentation of our results.

Barak Bar-Hen
Co-CEO & COO

Good afternoon, and thank you for joining us for our call for year 2025 results presentation. As you have noticed, we have launched a share-to-share voluntary tender offer for GCP shares and therefore, came out earlier with the results. We published our results in parallel with GCP, so both companies' most updated numbers are the base for the transaction. We also announced our decision to recommend to distribute a dividend for 2025, after 3 years without a dividend payout.

We will start with the FY 2025 presentation. And after that, we will continue with the offer presentation. After both presentations, we

I was dead wrong in downgrading Broadcom Inc. heading into the Q1 print, despite my previous concerns with margins due to the recent hike in HBM chip costs. Q1 adjusted EBITDA margin came in at 68% versus 67% guided, and AVGO management kept Q2 margin guidance at 68%. Visibility improved meaningfully, as AVGO management now sees roughly 10 gigawatts of 2027 AI volume and $100B in AI chip revenue from the likes of Google, Anthropic, Meta, and OpenAI.

Tesla stock (NASDAQ: TSLA) is trading down more than 1% on Tuesday, and the slide is looking less like collateral damage from a rough macro day and more like a stock wrestling with its own credibility.

While retail investors have largely stood firm, three institutional voices: JPMorgan, Morgan Stanley, and Phillip Securities have each taken a careful step back from the Tesla story over the past ten weeks.

Their reasons differ in detail but are aligned in conclusion: the valuation reflects a future Tesla hasn't yet earned.

JPMorgan says 'sell'JPMorgan's case is the bluntest, as the bank trimmed its price target to $145 from $150 and maintained its Underweight rating, a call that implies roughly a 63% downside from where Tesla sits today.

The core concern isn't Tesla's technology; it is its capital discipline.

Tesla has guided for roughly $20 billion in capital expenditure in 2026, more than double its prior year spending, while simultaneously projecting zero free cash flow in both 2026 and 2027.

JPMorgan reads that combination as a company betting heavily on robotaxi and Optimus with no near-term financial return visible on either.

The bank trimmed delivery growth forecasts from 10% to just 5% for 2026, and cut EPS estimates for both years, noting Q4 earnings and revenue deteriorated year over year and fell well short of what the much lower share price had previously implied.

Tesla's Q4 numbers frame the concern clearly. Revenue came in at $24.9 billion, down 3% year over year.

Net income attributable to shareholders fell 46% year over year on a full-year basis, declining from $7.08 billion in FY2024 to $3.8 billion in FY2025.

On a quarterly basis, Q4 2025 GAAP net income came in at $0.8 billion.

Is Tesla stock priced for perfection?Morgan Stanley's shift carries particular weight because the bank was one of Tesla's loudest institutional bulls for years.

In December 2025, new analyst Andrew Percoco, who took over coverage from the well-known Adam Jonas, downgraded the stock from Overweight to Equal Weight with a $425 price target, the first time the firm stepped back from a Buy since 2023.

Percoco used a sum-of-the-parts model, essentially valuing each piece of Tesla's business separately, and concluded that every credible positive catalyst through 2026 is already reflected in the share price.

His delivery estimate for 2026 sits 13% below Wall Street consensus, driven by a more cautious view on US EV adoption and intensifying competition abroad.

Phillip Securities' Glenn Thum adds the valuation lens from a different angle.

In a February note, Thum maintained his Sell rating and set a $215 price target, citing the loss of US EV tax credits, rising tariffs, and the collapse in China's market share as near-term pain points with no immediate offset.

Autonomous and robotics contributions, in his assessment, remain realistically five years away from meaningful revenue.

The broader consensus hasn't fully turned as MarketBeat's composite sits at a Hold with an average target around $410, reflecting 17 Buy ratings against 8 Sells.

The bears aren't the majority, at least not yet, but their arguments are gaining data points with every passing quarter.

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, /PRNewswire/ -- Robbins LLP reminds stockholders that a class action was filed on behalf of all investors who purchased or otherwise acquired Eos Energy Enterprises, Inc. (NASDAQ: EOSE) securities between November 5, 2025 and February 26, 2026. Eos Energy designs, manufactures, and markets zinc-based battery energy storage systems intended for utility‑scale commercial and industrial applications.

For more information, submit a form, email attorney Aaron Dumas, Jr., or give us a call at (800) 350-6003.

The Allegations: Robbins LLP is Investigating Allegations that Eos Energy Enterprises, Inc. (EOSE) Misled Investors Regarding its Business Prospects

According to the complaint, during the class period, defendants failed to disclose that: (1) the Company was unable to achieve the ramp in production and capacity utilization required to achieve its previously set guidance; (2) the Company's battery line downtime was running well above industry norms, the design intent of the line, and internal forecasts; (3) the Company was experiencing delays in the ability for its automated bipolar production to hit quality targets; and (4) the Company's inadequate systems and processes prevented it from ensuring reasonably accurate guidance and that its public disclosures were timely, accurate, and complete.

Plaintiff alleges that on February 26, 2026, Eos Energy announced disappointing fourth quarter and full year 2025 results, reporting, among other things, full year 2025 revenue of $114.2 million, falling far short of the Company's previously issued guidance of $150 million to $160 million for fiscal year 2025 revenue. The Company further reported a "gross loss of $143.8 million," a "net loss attributable to shareholders of $969.6 million," and an "adjusted EBITDA loss of $219.1 million." Further, on the Company's earnings call, the CEO disclosed that certain "issues prevented us from delivering our commitments," including that "battery line downtime ran well above industry norms, the design intent of the line and our internal forecast," and "the ability for the automated bipolar production to hit quality targets took longer than expected. That drove rework and lost revenue." On this news, Eos Energy's stock price fell $4.39, or 39.4%, to close at $6.74 per share on February 26, 2026.

What Now: You may be eligible to participate in the class action against Eos Energy Enterprises, Inc. Shareholders who wish to serve as lead plaintiff for the class should contact Robbins LLP. The lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. You do not have to participate in the case to be eligible for a recovery. If you choose to take no action, you can remain an absent class member. For more information, click here.

All representation is on a contingency fee basis. Shareholders pay no fees or expenses.

About Robbins LLP: A recognized leader in shareholder rights litigation, the attorneys and staff of Robbins LLP have been dedicated to helping shareholders recover losses, improve corporate governance structures, and hold company executives accountable for their wrongdoing since 2002.

To be notified if a class action against Eos Energy Enterprises, Inc. settles or to receive free alerts when corporate executives engage in wrongdoing, sign up for Stock Watch today.

Attorney Advertising. Past results do not guarantee a similar outcome.

SOURCE Robbins LLP

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On Monday, March 9, GameStop (NYSE:GME) is trending as one of today’s notable market movers. While the broader meme-stock universe is deep in the red for 2026, GME stock stands out with a year-to-date gain of 23%, powered by renewed short-squeeze speculation and growing buzz around a potential blockbuster acquisition (not currently confirmed) by CEO Ryan Cohen. The contrast with meme peers like Opendoor Technologies (NASDAQ:OPEN), SoundHound AI (NASDAQ:SOUN), and AMC Entertainment (NYSE:AMC) couldn’t be sharper.

GameStop (GME): Short Squeeze Speculation and Buyout Buzz Drive the Stock GME stock is trading at $24.64 as of today, up 22.72% year-to-date from $20.08 at year-end 2025. That’s a meaningful move in a market where most speculative names are getting crushed.

The catalyst isn’t a single event; it’s a convergence of narratives. Reports from late January and early February, including from CNBC and the Wall Street Journal, indicated Cohen is eyeing a “very big” deal involving a publicly traded consumer company, with widespread speculation centering on eBay (NASDAQ:EBAY) as a potential target. That kind of M&A chatter has a way of lighting up retail investor communities, and this is no exception.

There’s also the compensation angle. Ryan Cohen’s compensation plan, reported in January 2026, could be worth up to $35 billion if GameStop hits certain milestones — an extraordinary figure that signals just how ambitious the transformation strategy really is. In other words, GameStop isn’t just coasting on nostalgia and Cohen is swinging for the fences.

It’s worth noting that 24/7 Wall St. explored this setup back in January, asking whether Michael Burry’s GameStop purchase could signal another meme surge. Michael Burry has been compared to Warren Buffett in the way Cohen is approaching the company’s strategic transformation, which adds a layer of credibility to the bull case that pure meme-stock narratives typically lack.

GameStop’s Sentiment Shift and Transformation Sentiment surrounding GameStop appears to be on an upswing. Retail investor communities have renewed their interest in GME stock as the acquisition speculation and Cohen’s compensation news have gained traction, with social sentiment moving in a more bullish direction in recent weeks. The composite sentiment score now sits at 57.54, with insider activity trending toward net buying.

For balance, it’s worth noting that some analysts remain skeptical. StockStory, for example, has noted GME as a stock they keep off their radar. The traditional analyst consensus price target sits at $13.50, well below where the stock trades today. That divergence between Street targets and actual price action is part of what makes GME so difficult to analyze through a conventional lens.

GameStop’s underlying business is also in the midst of a genuine transformation. The company has been accelerating store closures, investing cash reserves in Bitcoin (CRYPTO:BTC), and shifting toward collectibles and digital gaming. Q3 FY2025 showed net income of $77.1 million and cash and securities of approximately $8.8 billion, giving Cohen a real war chest to work with if the eBay rumors prove true.

OPEN Stock Down -16.76% Year-to-Date as iBuying Struggles Continue Opendoor Technologies, meanwhile, tells a very different story. OPEN stock is sitting at $4.88 today, down 16.76% year-to-date from $5.83 at year-end 2025. That follows a wild 2025 that saw the stock gain 317.87% over the trailing twelve months — a reminder of just how volatile this name can be.

Overall, the iBuying model continues to face pressure from a challenging housing market. Despite a strong Q4 2025 revenue beat and an aggressive “Opendoor 2.0” pivot toward AI-driven pricing and a below-market mortgage product, the path to profitability remains uncertain. A 247wallst.com article from February 22 raised concerns about OPEN stock, citing the company’s substantial net debt and a bleak housing outlook.

Opendoor Technologies did make a move to broaden its platform, acquiring Homebuyer.com in January 2026, but that hasn’t been enough to shift sentiment. Prediction markets assign only a 37.5% probability that OPEN stock finishes this week above $5, and the composite sentiment score of 38.35 reflects a broadly bearish outlook. Occasional speculative surges tied to macro headlines have faded quickly, leaving Opendoor stock firmly in the red for 2026.

Does GME Stand Alone? A Look at Other Meme Stocks in 2026 The weakness extends across the meme-stock universe. SoundHound AI shares are down 21.21% year-to-date from $9.97, with a one-week decline of 8.87% making it one of the harder-hit names in recent sessions.

AMC Entertainment stock is even more dire, down 30.13% year-to-date from $1.56 and down 64.38% over the past year. The five-year picture for AMC shares is staggering: down 98.89%, believe it or not, from $98.46 in March 2021. GameStop stock is the clear outlier in this group in 2026, and it isn’t even close.

GameStop is riding a wave of buyout speculation and short-squeeze interest while most meme stocks are fading in 2026. Whether the Cohen acquisition rumors pan out or not, GME stock has carved out a real identity as a holding company in transition, not just a Reddit darling.

That distinction may be what’s keeping it afloat while peers continue to drift lower. Watch whether today’s momentum holds into the coming days and weeks, and whether any acquisition news emerges to give the rally a more durable foundation.

STMicroelectronics N.V. (STM) Shareholder/Analyst Call Transcript