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Bitcoin smashed through $70,000 Thursday morning. The world’s biggest cryptocurrency hit $70,240 during Asian trading hours, marking another wild swing in what’s been a pretty chaotic year for digital assets.

The surge came fast and hard. Traders in Tokyo, Hong Kong, and Singapore pushed prices higher as concerns about inflation and potential regulatory changes kept markets on edge. Asian investors have been driving a lot of the action lately, and they didn’t hold back. Short-term traders jumped in, hoping to ride the volatility wave that’s become Bitcoin’s trademark.

Crypto Market Reacts Ethereum wasn’t sitting still either. The second-largest crypto climbed 5% to hit $2,200, showing how these digital assets tend to move together when momentum builds. Other coins followed the lead – Ripple gained 3% to reach $0.55, while Litecoin and other altcoins saw more modest bumps.

But some analysts are getting nervous. “We’re seeing classic signs of overheating,” one trader said. “Things can turn around fast in crypto.”

The moves came as regulatory uncertainty continues to hang over the market. The SEC hasn’t given any timeline for new rules, and that’s keeping everyone guessing. Many investors are playing it cautious, knowing that one announcement could send prices tumbling.

Elon Musk stirred things up again Wednesday. His Twitter comments about crypto revolutionizing finance got retail investors excited, and his influence on the market remains pretty strong. Musk’s tweets still move prices, especially among smaller traders who hang on his every word.

Big Money Gets Involved Morgan Stanley made waves with news it’s boosting crypto holdings by 10% next quarter. The bank finished an internal review of digital assets and decided to double down. That’s a big vote of confidence from traditional finance.

Binance saw trading volume jump 15% over the past week. CEO Changpeng Zhao credited Asian markets for the surge, saying the region’s traders are driving much of the current action. The exchange processes billions in daily volume, so when Binance sees upticks, it usually means something’s happening.

Not everyone’s buying the rally. JP Morgan’s latest report warns that Bitcoin might be getting ahead of itself. The bank’s analysts pointed to historical patterns where big gains led to even bigger crashes. Their March 18 report basically said “be careful out there.” Analysts have drawn connections to AI Bot Calls Bitcoin 0K, XRP amid evolving conditions.

Goldman Sachs sees things differently. Their team thinks Bitcoin could work as an inflation hedge, which might bring more institutional money into the space. The report came out the same day as the rally, and it highlighted Bitcoin’s unique characteristics that traditional assets can’t match.

CME futures trading tells another story. The Chicago exchange reported 20% higher Bitcoin futures volume on March 17, showing that professional traders are actively hedging and speculating on price moves. Futures activity often signals where the smart money thinks prices are heading.

Grayscale’s Bitcoin Trust pulled in serious money too. GBTC saw net inflows rise 12% last week, with CEO Michael Sonnenshein saying institutional clients are getting more confident. He keeps pushing Bitcoin as a strategic portfolio piece, especially when traditional markets look shaky.

The environmental debate heated up again. As Bitcoin prices climb, so does mining energy use, and environmental groups aren’t happy about it. They’re pushing for cleaner mining practices, but the industry hasn’t figured out how to balance profits with sustainability yet.

MicroStrategy announced plans to buy another $150 million in Bitcoin on March 19. CEO Michael Saylor said the purchase fits the company’s strategy of using digital assets to strengthen its balance sheet. MicroStrategy already holds billions in Bitcoin, making it one of the biggest corporate holders.

Coinbase reported a 25% spike in Bitcoin transactions over 48 hours. The platform’s seeing more retail activity as prices rally, and their spokesperson said user engagement is hitting new highs. When Coinbase gets busy, it usually means mainstream interest is picking up.

The Bank of England is watching closely. The central bank issued a statement March 18 acknowledging risks from rapid crypto price swings. Traditional financial institutions are paying more attention to digital assets as they grow bigger and more influential. This echoes themes explored in Bitcoin Faces Sharp Drop to K, underscoring the shifting landscape.

MIT expanded its blockchain courses March 19, responding to demand for crypto education. The university wants students ready for the digital asset world, and enrollment keeps growing as more people try to understand the space.

Reached for comment, the SEC didn’t respond to questions about regulatory timing. The agency’s silence keeps markets guessing about what rules might be coming and when they’ll hit.

The rally coincided with growing institutional adoption across Asia. Singapore’s DBS Bank expanded crypto services to retail customers last week, while Japan’s Nomura Holdings increased its digital asset research team by 30%. South Korea’s major pension funds are also exploring Bitcoin allocations, adding legitimacy to the Asian buying pressure.

Technical indicators suggest Bitcoin broke through key resistance levels that traders had been watching for months. The $70,000 threshold represents a psychological barrier that many analysts flagged as crucial for sustained upward momentum. Trading algorithms likely triggered additional buy orders once this level was breached, amplifying the price surge.

Frequently Asked QuestionsWhat price did Bitcoin reach during Asian trading?Bitcoin hit $70,240 during Asian trading hours on Thursday morning, marking a significant milestone amid market volatility.

How much did Ethereum gain alongside Bitcoin’s rally?Ethereum climbed 5% to reach $2,200, showing how major cryptocurrencies often move together during market rallies.

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In a fresh post, Stellar Foundation CEO Denelle Dixon reacted to the publication of a list of digital assets that, in addition to the XLM token, also included XRP, Bitcoin, Cardano and Solana. She outlined that, for Stellar, this is not just a formality but confirmation of their strategy. 

Dixon also placed special emphasis on the fact that regulatory guidance classified XLM as an example of a digital commodity. As he stated, this is something that the Stellar Foundation and the XLM community have always known since XLM was built as a public good for global payments.

It is also nice to see that the guidance classifies XLM as an example of a digital commodity. Something we always knew.

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— Denelle Dixon (@DenelleDixon) March 19, 2026 Beyond Ripple rivalry: Why Stellar (XLM) being named a digital commodity is a win for RWA and SorobanCommodity status arrived at a moment when XLM stopped being only a network for transfers and turned into a fairly powerful ecosystem. The previously launched smart contract platform Soroban has now become a major hub for tokenized real-world assets. 

For example, according to rwa.xyz data, the distributed asset value of the Stellar network exceeds $1.4 billion. And now, when XLM is a commodity, large institutional players can further deploy their funds on Stellar without fearing regulatory claims.

Distributed Asset Value for RWA on Stellar (XLM), Source: rwa.xyzAmong other current breakthroughs is the fact that a money market fund from the American financial giant Franklin Templeton operates on Stellar. In addition, there is a non-U.S. government debt fund focused on European treasuries, Spiko EU T-Bills Money Market Fund, worth $447 million. 

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For a long time, XRP was considered the only legal payment asset in the United States after the Ripple vs. SEC court case. Now this advantage is gone. Since March 17, both assets have identical Digital Commodity status. One can conditionally divide their positioning in such a way that while XRP focuses on banking liquidity, XLM is moving into the DeFi sector and asset tokenization through more flexible smart contracts.

Moreover, as oversight shifts toward the CFTC, a wave of applications for a Stellar ETF can be expected, and it would be surprising if they do not appear on the market by the end of the year.

Bitcoin is experiencing a divided market, as traders on Polymarket indicate it might be below $45,000 at the end of December 31, 2026, with a 51% probability. 

There is a reasonably balanced market, though YES shares are selling at 51 cents and NO shares at 49 cents. Although sentiment has already ranged between 44% and 49% in previous sessions, the recent shift to the middle suggests a slight shift in expectations, but not a trend.

BREAKING: Bitcoin is now projected to crash below $45,000 by the end of this year.

51% chance. pic.twitter.com/dhRug5pM52

— Polymarket (@Polymarket) March 18, 2026

At the same time, the recent decline in Bitcoin provides context for the shift. The asset declined 4.2% to about $70,817, from a level higher than $74,000 in the previous session. Market capitalization fell 4.51% to about $1.41 trillion, while trading volume rose 18.8% to $46.77 billion.

Bitcoin timeline for potential cycle bottom Alongside prediction market data, independent analysis indicates a potential cycle low forming later in 2026. Crypto analyst NoLimit highlights historical patterns based on the time between peaks and troughs in cycles.

According to the data, Bitcoin bottomed 406 days after the 2012 cycle peak, 363 days after the 2016 cycle peak, and 376 days after the 2020 cycle peak. Based on that framework, the current cycle after the 2024 halving has not yet hit the projected bottom window.

Consequently, the analysis indicates that a major low could appear between October and November 2026. NoLimit noted, “I wouldn’t be surprised to see bitcoin between $45k and $50k by the end of 2026.”

The projection matches a possible price range of $45,000 – $50,000, supporting the bearish scenario in Polymarket pricing.

In addition, Net Unrealized Profit and Loss (NUPL) is cited by NoLimit as a key indicator on-chain. Historically, Bitcoin has gone into a “blue zone” on this metric around major bottoms, such as the 2018 bear market, the 2020 crash caused by the Covid-19 pandemic, and the 2022 crash. However, as of now, Bitcoin has not yet reached that level in the current cycle.

Whale selling intensifies short-term volatility Recent activity on-chain is also contributing to market uncertainty. Blockchain analytics platform Lookonchain reported that a long-dormant Bitcoin wallet sold 1,000 BTC, valued at around $71 million. The same entity has offloaded 3,500 BTC since November 2024 at an average price above $96,000, resulting in an estimated profit of $442 million, or a 266x return.

Additionally, another early holder linked to Owen Gunden sold 650 BTC after earlier disposing of 11,000 BTC worth over $1.1 billion.

At the macro level, external factors also put pressure on sentiment.

Bitcoin OG Owen Gunden, who previously sold 11K $BTC($1.12B), sold another 650 $BTC($46.3M) 10 hours ago.https://t.co/Fx6wtq0Whmhttps://t.co/dU3RoJViyh pic.twitter.com/K6e9RwwWsD

— Lookonchain (@lookonchain) March 19, 2026

A recent hawkish Fed rate announcement on Wednesday, when the central bank did not change the benchmark interest rate but only indicated a slower rate of decrease going forward, left risk-asset bulls dissatisfied.

The hawkishness was reflected in the so-called interest-rate “dot plot,” which indicates how the Fed’s voting members anticipate interest rates in the coming months. The median projection showed that this year will see only one rate cut, despite recent labor-market weakness.

In brief BTQ Technologies released the first working implementation of BIP 360 on the Bitcoin Quantum testnet. The upgrade introduces quantum-resistant transaction structures and post-quantum signatures. BTQ says Bitcoin’s biggest barrier to quantum readiness is social consensus around any changes. Bitcoin may already have the technology to survive in the nascent quantum era. The harder problem may be getting anyone to agree to use it.

BTQ Technologies, a quantum computing and cryptography firm, said Thursday it has released the first working implementation of Bitcoin Improvement Proposal 360, or BIP 360, on its Bitcoin Quantum testnet. The system allows developers, miners, and researchers to test quantum-resistant Bitcoin transactions in a live environment.

The company is not waiting for the Bitcoin ecosystem to adopt the upgrade. It has instead implemented BIP 360 on its Bitcoin Quantum testnet, a separate blockchain designed to test quantum-resistant transaction models in practice.

“We started this idea of basically building a quantum canary network for Bitcoin—sort of like the canary in the coal mine,” Christopher Tam, president and head of innovation at BTQ Technologies, told Decrypt. “Can we create a Bitcoin-like environment and run through a few repetitions of failure so we can see what will work and what will break in the quantum world?”

The strategy sidesteps Bitcoin’s governance process, but it raises a central question: whether miners and users would adopt a new chain rather than upgrade the existing network.

Bitcoin’s history suggests they may not, and convincing users to move to a separate blockchain could prove even harder than changing Bitcoin itself.

“It’s the hardest part of the problem,” Tam said. “In a nutshell, it’s a social problem. There are certain high priests within Bitcoin that you need to convince,” Tam said. “They're stubborn because it's worked in the past, and they're sitting on their bags. “You have these social problems that seem extremely unlikely to be solved anytime soon, because it's not a technical problem, it's human behavior.”

Experts warn that a practical quantum computer could eventually break elliptic-curve cryptography used to secure Bitcoin addresses, allowing attackers to derive private keys from public ones.

Roughly 35% of the Bitcoin supply could be exposed to quantum attacks, according to a recent report by ARK Invest.

BIP 360 aims to mitigate that risk by restructuring transactions to limit public-key exposure through a method called Pay-to-Merkle-Root (P2MR), which commits transactions to a hashed set of conditions rather than exposing a public key upfront.

By removing the need to reveal a public key on-chain, P2MR reduces the information available to a future quantum attacker, a model BTQ has implemented on its testnet. However, BIP 360 addresses only part of the technical problem Bitcoin faces from quantum computers, Tam said.

“It only provides a way to future-proof transactions,” he said. “It does no reverse, sort of reverse engineering of security, where any historical addresses or transactions will be secured.”

Bitcoin’s decentralized model prioritizes stability and broad consensus, which has historically slowed the adoption of major upgrades like SegWit and Taproot. Adding to that resistance is the notion of forking the Bitcoin network.

Operating at the codebase levelBitcoin Quantum does not migrate existing balances or replicate Bitcoin’s ledger; as Tam explained, it starts from a new genesis block, creating a separate proof-of-work asset that users must choose to adopt.

“We don't mean a state fork or chain fork where we’re on block 100 on Bitcoin, and then jump to block 101 on Bitcoin Quantum. We're not doing that,” Tam said. “It's going to be a new Genesis block from day zero. Bitcoin is at block 100. Bitcoin Quantum will be day zero, block zero."

A hard fork creates a permanent split by introducing rules that are not backward-compatible, while a soft fork updates the network with stricter rules that remain compatible with older versions.

As Tam explained, the fork operates at the codebase level, starting with an older 2011 version of Bitcoin’s software and replacing vulnerable cryptographic algorithms with post-quantum cryptography.

“So it's a fork in the sense that we forked the protocol, but not the state,” he said.

The Bitcoin Quantum testnet now includes more than 50 miners and more than 100,000 mined blocks, according to BTQ.

Hard forks, however, are rarely without contention. After the Ethereum blockchain implemented a hard fork in 2016 to restore assets affected by the DAO hack, some developers and users chose to remain on the original chain rather than adopt the change, leading to the creation of Ethereum Classic.

Still, Tam said Bitcoin developers can’t afford to wait to make the network quantum-resistant.

“With Y2K, everyone knew when it was going to happen—it was the year 2000, everything was going to break, and we needed a coordinated effort to mitigate that,” Tam said. “Unlike Y2K, we know Q‑Day is going to happen at some point; the question is when.”

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After hitting $76K, the $BTC price looked as though it was holding firm around $74K. However, with buyers exhausted after eight green days and a $10,000 gain to the upside, a rejection from the top of the bear flag was always going to be the most probable outcome. A rapid descent to $69K followed, and it now remains to be seen whether this major level will hold and provide the base for a bounce.

$BTC price holding for a bounce?

Source: TradingView

The short-term chart shows the rapid descent down to support, which has so far followed a similar path to the last time the $BTC price was rejected from the top of the bear flag. It just remains to be seen whether the price will hold this time at support, or if it will fall through.

The sharp fall has enabled the Stochastic RSI to reset, and the same is true in the 8-hour and 12-hour time frames, so a bounce, whether it be from the current support level, or the major $69K horizontal level, is quite a likely scenario. A minor trendline can also provide support at the lower of these levels.

One more attempt to break the top of the bear flag?

Source: TradingView

The daily time frame picture does suggest that a bounce could take place from the $69K-$70K horizontal level. As well as from the support and minor trendline, the RSI indicator line can probably bounce from the bottom of the ascending channel. This could mean that there might be one more attempt to break through the top of the bear flag.

The next upward surge may have to deal with the top trendline of the huge descending channel, just as was the case when the $BTC price was rejected at the top of the first bear flag.

Bear market ends in June?

Source: TradingView

The 2-week chart reveals with clarity how bearish divergence is playing out just like it did for the last bull/bear cycle. Just as was the case back then, surges higher in the price action were matched with divergent lower lows in the Stochastic RSI and the RSI. What the price is experiencing now is the playing out of this divergence - or in other words, the entirety of this current bear market.

Is there one more drop lower left in this bear market? Quite possibly, although the macro indicators have hit bottoms. Yes, they could bounce along the bottom for a period of time, and this has been the case in the RSI for the last two bear markets. That said, the RSI indicator in this 2-week time frame did hit the lowest point in history recently.

If one takes the Stochastic RSI into account, the 2017 bear market saw the indicator lines spend around a year beneath the dashed 20.00 level. In 2021 this was reduced to around 10 months. If we say that this bear market reduces to 8 months, that would mean the indicator lines rising above the 20.00 level at some point in June, and perhaps an end to the bear market?

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

A sophisticated crypto trading entity has aggressively purchased 50,706 ETH worth approximately $111.62 million across two wallet addresses, marking a significant return to the market after a prolonged period of dormancy. This large-scale acquisition, executed throughout Wednesday, represents a high-conviction bet on the asset’s current valuation range of $2,167.

The accumulation is particularly notable for its strategic timing. The same entity previously liquidated holdings in 2025 at an average price of $3,892, effectively sidestepping the subsequent market correction. By re-entering the market at an average price of $2,201, the investor has executed a calculated whale move, increasing their position size while significantly lowering their cost basis compared to the previous year’s exit.

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Ethereum On-Chain Data Reveals the Buy-Back Strategy According to on-chain analysis by Lookonchain, using Arkham Intelligence data, the accumulation was split across two distinct addresses. The unidentified whale utilised 111.62 million USDT to secure the 50,706 ETH at an average entry of roughly $2,201. Data indicates this was the first significant activity from these wallets after 7 months of dormancy, suggesting a patient capital-allocation strategy.

https://twitter.com/lookonchain/status/1765435942564741491

The analytics platform attributed the funds used for this purchase to a prescient sale executed approximately one year ago. During that period, the entity sold 28,683 ETH at an average price of $3,892. The contrast in volume is distinct: the capital preserved from the sale at near-peak prices has now allowed the trader to nearly double their ETH holdings at current levels. While this entity is buying, other market participants have shown different behaviours; for instance, a separate Ethereum whale recently offloaded significant ETH holdings, highlighting the divergence in strategy among large holders during this consolidation phase.

Some initial speculation linked the wallets to ShapeShift founder Erik Voorhees due to historical transaction clusters. However, Voorhees has publicly denied ownership of these specific addresses as recently reported by The Block. Consequently, the entity remains classified as an anonymous, high-net-worth trader.

DISCOVER: Top Crypto Wallets for Secure Storage

What the Timing Reveals: A Calculated Re-Entry The timing of this ETH accumulation suggests a ‘smart money’ reversal. By offloading assets near the $3,900 range in 2025 and re-accumulating near $2,200, the whale has effectively capitalized on a 43% price discount. This behavior is characteristic of sophisticated market participants who utilize high-volatility periods to distribute assets to retail buyers and re-accumulate during periods of capitulation or extended consolidation.

This move mirrors broader trends observed in recent weeks, where dormant wallets have reactivated to defend support levels. It indicates that despite Ethereum trading significantly below its August 2025 all-time high of $4,946, deep-pocketed investors view the current sub-$2,500 range as a value zone. This conviction persists even as Ethereum network activity hits record highs while price action lags, creating a divergence that value investors often seek to exploit.

Ethereum Price: Key Levels to Watch

(Source – TradingView, ETH USDT)

As of press time, Ether is trading around $2,168, showing a -1.6% decline over the last 24 hours. The whale’s entry average of $2,201 aligns closely with the 50-day moving average, which currently acts as a dynamic support level around $2,100. A sustained daily close below $2,150 could invalid the immediate bullish thesis, potentially exposing lower liquidity zones.

Conversely, if the buying pressure from this whale and similar entities sustains the price above $2,200, bulls will likely target the immediate resistance at $2,500. The asset remains roughly 55% down from its peak, leaving substantial room for recovery if institutional investment flows continue to stabilize the market structure.

DISCOVER: Ethereum (ETH) Price Prediction: 2025-2030

Market Implications of Large-Scale Accumulation The removal of over 50,000 ETH from liquid circulation effectively reduces the immediate sell-side pressure on exchanges. When large entities move assets into cold storage or private wallets, it typically signals a long-term holding horizon rather than intent to trade short-term volatility. This accumulation coincides with a renewed interest in spot Ethereum exchange-traded funds, which saw inflows of over $138 million earlier this week.

Furthermore, regulatory clarity continues to improve, with recent SEC guidance reinforcing the commodity status of most digital assets. As institutional and private whale demand converges at these support levels, market participants will be monitoring on-chain data to see if follow-on buying occurs, or if this remains an isolated event of opportunistic re-entry.

Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.

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Daniel Frances is a technical writer and Web3 educator specializing in macroeconomics and DeFi mechanics. A crypto native since 2017, Daniel leverages his background in on-chain analytics to author evidence-based reports and deep-dive guides. He holds certifications from The Blockchain Council, and is dedicated to providing "information gain" that cuts through market hype to find real-world blockchain utility.

Pump.fun has moved into the crypto market’s top five revenue-generating projects, with DeFiLlama data showing more than $39 million in 30-day revenue, while the PUMP token has remained under pressure and largely flat despite that growth.

The contrast is what makes the development stand out. DeFiLlama data puts Pump.fun at about $1.14 million in 24-hour revenue, enough to place it among the sector’s leading fee and revenue names. Yet PUMP has continued trading sideways after weeks of weakness, even as the platform’s business momentum stays strong.

The next point to watch is whether revenue strength starts translating into better token performance or whether the gap between platform fundamentals and price action persists. For market participants, the key issue is whether sustained fee generation can eventually shift sentiment around PUMP after a period in which operational traction has clearly outpaced the token’s market response.

Source: DeFiLlama.

Disclaimer: Crypto Economy Flash News are based on verified public and official sources. Their purpose is to provide fast, factual updates about relevant events in the crypto and blockchain ecosystem.

This information does not constitute financial advice or investment recommendation. Readers are encouraged to verify all details through official project channels before making any related decisions.

Animoca Brands said it has invested in AVAX, the native token of the Avalanche blockchain, and partnered with Ava Labs, the network's developer, to grow the Avalanche ecosystem.

An Animoca Brands spokesperson declined to disclose the size and other terms of the investment when asked. The partnership will focus on deploying capital, exploring product integrations, and providing advisory support to projects building on Avalanche, particularly in areas such as real-world assets tokenization, entertainment, and digital identity.

The initial growth focus will be on Asia and the Middle East, where Animoca Brands said it has established regional infrastructure and institutional relationships that Avalanche-based projects can leverage for commercial deployment.

"Avalanche combines scalable subnet architecture with EVM [Ethereum Virtual Machine] compatibility, which makes it particularly well suited for sovereign and institutional deployments — areas where we see growing demand globally," said Omar Elassar, head of global strategic partnerships and managing director for Middle East at Animoca Brands. "Our initial focus will be on identity integrations and RWA tokenization, but our broader goal is supporting builders within the Avalanche ecosystem and boosting its adoption."

An Avalanche subnet is a sovereign network that defines its own rules regarding membership and token economics. These are customized Layer 1 blockchains or application-specific blockchains that leverage the Avalanche consensus mechanism to achieve high throughput and fast transaction finality.

Avalanche’s ecosystem remains smaller than leading blockchains such as Ethereum and Solana. Avalanche's total value locked is less than $1 billion, compared with Ethereum's nearly $57 billion and Solana's over $7 billion, according to The Block's Data Dashboard.

Avalanche's AVAX token is currently trading at around $9.55, down about 4.5% over the past 24 hours, according to The Block's AVAX price page. The token is ranked the 26th-largest cryptocurrency with a market capitalization of over $4.1 billion.

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Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.

© 2026 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Cypherpunk Technologies CIO Will McEvoy is making a blunt case for Zcash: the market is undervaluing ZEC because it still has no coherent way to price privacy. In a thread published Tuesday, McEvoy argued that the discount is especially striking as AI-driven surveillance expands and demand for financial confidentiality becomes easier to justify.

McEvoy’s core claim is simple. “Zcash is the most mispriced asset in crypto because privacy is the most mispriced asset in society,” he wrote. “The market has no real framework for valuing privacy so it gets ignored. The upside is asymmetric nonetheless.”

Why Zcash Could Be ‘Mispriced’ He built that argument around relative size. At the time of his post, McEvoy put ZEC at $263 with a $4.4 billion market capitalization. Against that, he listed Bitcoin at $1.45 trillion, gold at $34.8 trillion, offshore wealth at $11.3 trillion, stablecoins at $312 billion, and Monero at $6.8 billion. The point was less about direct comparability than scale: by McEvoy’s framing, Zcash remains “just a rounding error” in every market it could plausibly intersect.

That thesis runs through each benchmark. Relative to Bitcoin, McEvoy argued Zcash is still tiny enough that even a modest re-rating would imply a large move. He wrote that if ZEC reached 0.5% of Bitcoin’s value, it would imply a price of $446, or about 1.7 times higher. At 1%, the implied price rises to $891; at 2%, $1,782; and at 5%, $4,456. His summary line was as compressed as the valuation case itself: “Zcash is encrypted Bitcoin.”

The offshore wealth comparison is more pointed. McEvoy described privacy not as a niche preference, but as something people have historically paid for at scale. “There is $11.3 trillion in offshore wealth,” he wrote. “People pay a premium for privacy. They always have. They always will.” From there, he argued that if Zcash captured 0.1% of that market, the implied price would be $680. At 0.5%, it would be $3,402, and at 1%, $6,804. “Zcash is a Swiss bank account in your pocket,” he added.

His gold comparison extends the same logic into a more traditional store-of-value frame. “Gold is private. You can hold it. No one knows how much you have,” McEvoy wrote. “Zcash has the same properties but it’s digital, portable, and programmable.” On that basis, he modeled ZEC at $1,048 if it reached 0.05% of gold’s value, $2,095 at 0.1%, and $10,477 at 0.5%.

McEvoy also positioned Zcash as a response to the visibility built into much of crypto’s existing payment infrastructure. “Stablecoin transactions are tracked. Wallets are surveilled,” he wrote, before laying out price scenarios based on ZEC reaching 5%, 10%, or 25% of the stablecoin market. Those levels implied prices of $939, $1,877, and $4,692, respectively.

He also compared Zcash to Monero. McEvoy argued Zcash offers “stronger cryptography, optional transparency for compliance, and better scalability,” then laid out a simple relative-value table: parity with Monero would imply $410 for ZEC, double Monero’s value would imply $819, and five times Monero’s value would imply $2,047. “The privacy coin throne is not yet claimed,” he wrote.

His closing point tied the whole thesis to a broader technological shift. “Artificial intelligence is the attack. Zcash is the defense,” McEvoy said. “AI decodes all the data. Zcash encrypts all the data. AI is the surveillance state. Zcash is the sovereign individual. As AI advances, privacy becomes more valuable, not less.”

At press time, ZEC traded at $244.77.

ZEC git rejected at the 20-week EMA and 0.786 Fib, 1-week chart | Source: ZECUSDT on TradingView.com Featured image created with DALL.E, chart from TradingView.com

FTX's fourth round of distributing bankruptcy recoveries arrives at a different moment. The estate will begin sending roughly $2.2 billion to eligible creditors on Mar. 31, just as Bitcoin (BTC) pushed back above $70,000 into what Glassnode called a thin $72,000-$82,000 on-chain zone.

FTX announced on Mar. 18 that its fourth distribution will begin Mar. 31 and end Apr. 3, with eligible creditors expected to receive funds via BitGo, Kraken, or Payoneer within 1 to 3 business days.

Dotcom customer claims receive an incremental 18% to reach 96% cumulative recovery, US customer claims receive 5% to reach 100%, and general unsecured and digital asset loan claims each receive 15% to reach 100%. Convenience claims stay at 120% cumulative.

This is the largest FTX distribution since the more than $5 billion second round in May 2025 and is 37.5% larger than the $1.6 billion third distribution in September 2025.

The nominal size alone makes it a real liquidity event, even though it falls short of half the scale of the May round.

Bar chart comparing FTX distribution rounds by size, showing the May 2025 second distribution at over $5 billion, September 2025 third distribution at $1.6 billion, and March 31-April 3 fourth distribution at $2.2 billion.Bitcoin's current structureBitcoin currently trades around $70,000 with an intraday low of $69,500, after yesterday's high of $74,603

Glassnode's Mar. 18 report said BTC had broken above $70,000 and entered a thinly accumulated $72,000 to $82,000 zone with limited on-chain resistance.

The market has probed into that zone but sits right on or just below the lower boundary, still working to hold the breakout cleanly.

Only about 60% of the supply is back in profit. Glassnode says a sustained move above 75% would be needed to confirm a genuine early bull transition.

The report still treated this as an early conviction rather than a fully validated bull regime.

As a result, the current setup is defined by absorption. Short-term holders realized profit spiked to $18.4 million per hour as BTC approached $74,000, echoing the same sell-into-strength behavior seen in February.

If the market can digest that selling and stay above $70,000, higher levels like the True Market Mean near $78,000 and the upper air-gap band near $82,000 become more plausible.

However, if absorption fails, the move still looks like a fragile bear market recovery rather than a durable trend change.

The current recovery looks more spot-led than leverage-led.

Glassnode says ETF allocations have rebounded, spot cumulative volume delta has turned higher, Coinbase spot activity has stabilized and turned positive, and CME futures positioning stays subdued.

CoinShares adds that digital asset investment products took in $1.06 billion last week, with Bitcoin accounting for $793 million, extending the three-week Bitcoin inflow run to $2.2 billion.

Derivatives present a constructive but restrained picture, as Glassnode sees the market emerging from negative funding and defensive hedging.

Deribit says BTC funding has moved back to roughly neutral, BTC futures-implied yields are flat at around 2% to 3% across tenors, and seven-day BTC implied volatility sits near 52%.

That profile fits a recovering market lacking aggressive speculative conviction.

Bitcoin's current structure with price around $71,000 above the $70,000 breakout level, entering a thin on-chain zone between $72,000 and $82,000, with approximately 60% of supply in profit and short-term holders realizing $18.4 million per hour near $74,000.Why FTX cash can have an impact nowCoinShares says Bitcoin investment products absorbed $2.2 billion over the last three weeks.

FTX is distributing $2.2 billion in cash. The two flows differ in nature: one represents direct Bitcoin fund inflows, while the other represents bankruptcy cash distributed to many creditors. Yet, their nominal size is identical.

The payout tests recycled liquidity, but it is unclear if even a small recycling ratio is enough to matter in a market trying to hold above $70,000 while absorbing $18.4 million per hour in short-term holder profit-taking.

Besides, Glassnode flagged that the FTX cash lands after the March options expiry tailwind. About $4.5 billion of negative dealer gamma sits around $75,000, with $3.9 billion expiring this month.

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The report warns that once quarter-end expiry passes, the unwinding of dealer hedges could create headwinds or consolidation. FTX cash may hit just as a key supportive market mechanism fades.

A recycling modelAt a 5% recycle rate, $110 million represents about 13.9% of last week's Bitcoin fund inflows and roughly 6 hours at the current $18.4 million-per-hour short-term holder realized profit pace.

Important, though likely insufficient to drive direction alone.

At a 10% recycle rate, $220 million equals about 27.7% of last week's Bitcoin fund inflows and about 12 hours of current short-term holder profit realization. Large enough to affect the price action over a short window, especially if ETF flows stay positive.

At a 20% recycle rate, $440 million represents about 55.5% of last week's Bitcoin fund inflows and nearly 24 hours of current short-term holder profit realization. At that point, the payout becomes a meaningful marginal bid.

At a 30% recycle rate, $660 million equals about 83.2% of last week's Bitcoin fund inflows. This is the level at which an FTX-driven re-risking wave would become visible relative to recent institutional spot demand.

If the full $2.2 billion were spread evenly over three days, that would be $733 million per business day.

Spread mechanically over 72 hours, it amounts to about $30.6 million per hour, versus the current $18.4 million per hour short-term holder realized profit rate. Even modest recycling rates become worth watching amid thin liquidity, where absorption capacity determines direction.

Recycle rateCash potentially rotating backShare of last week’s BTC fund inflowsEquivalent at $18.4M/hour STH profit-takingTakeaway5%$110M13.9%~6 hoursNoticeable, but likely not enough alone10%$220M27.7%~12 hoursCan affect short-term price action20%$440M55.5%~24 hoursBecomes a meaningful marginal bid30%$660M83.2%~36 hoursLarge enough to show up clearly in the tapeThe bull case assumes a 10% to 20% recycling rate, combined with positive ETF demand and a continued spot-led bid. BTC reclaims and holds the lower air-gap boundary, digests short-term holder selling, and starts trading toward the $78,000 True Market Mean, then $82,000.

The key tell would be price strength without a big re-leveraging in futures, validating the healthier spot-led recovery narrative.

The bear case assumes most recipients de-risk, hold cash, or redeploy elsewhere. BTC loses the lower air-gap boundary and drifts back toward the prior $64,000-$72,000 accumulation cluster.

The market effectively votes that returned FTX cash cannot overpower existing profit-taking and post-expiry headwinds.

The late-March window becomes a test of recycled liquidity landing in a spot-led market before leverage has fully returned.

What dictates the outcome is how much of the returned FTX money becomes fresh crypto demand.

Mentioned in this articlePosted in

, /PRNewswire/ -- Yiren Digital Ltd. (NYSE: YRD) ("Yiren Digital" or the "Company"), a leading fintech company specializing in digital consumer lending, insurance and financial technology innovation across China and global markets, today announced its unaudited financial results for the fourth quarter and 2025 fiscal year ended December 31, 2025.

Fourth Quarter and Fiscal Year 2025 Operational Highlights

Credit Solution Business (formerly known as Financial Services Business)

Total loans facilitated in the fourth quarter of 2025 was RMB12.0 billion (US$1.7 billion), representing a decrease of 40% compared to RMB20.2 billion in the third quarter of 2025 and a decrease of 22% compared to RMB15.4 billion in the same period of 2024. Total loans facilitated for the 2025 full year reached RMB67.8 billion (US$9.7 billion), representing an increase of 26% from RMB53.6 billion in 2024. Number of borrowers served in the fourth quarter of 2025 was 742,444, representing a decrease of 44% compared to 1,335,978 in the third quarter of 2025 and a decrease of 52% compared to 1,560,789 in the same period of 2024. The decrease was due to the strategic tightening of the credit policy amid ongoing industry-wide fluctuations in credit risk. Repeat borrowers' loan amount [1] accounted for 77% of the total volume of loans facilitated in the fourth quarter of 2025, in line with the third quarter of 2025. Repeat borrowers' loan amount percentage was 76% for the 2025 full year, compared to 59% in 2024. Cumulative number of borrowers served reached 14,295,499 as of December 31, 2025, representing an increase of 2% from 14,006,873 as of September 30, 2025, and an increase of 16% compared to 12,350,400 as of December 31, 2024. Outstanding balance of performing loans facilitated was RMB28.6 billion (US$4.1 billion) as of December 31, 2025, representing a decrease of 17% from RMB34.2 billion as of September 30, 2025, and an increase of 15% compared to RMB24.8 billion as of December 31, 2024. Insurance Brokerage Business

Gross written premiums in the fourth quarter of 2025 were RMB860.1 million (US$123.0 million), representing a decrease of 25% from RMB1,148.0 million in the third quarter of 2025 and a decrease of 22% compared to RMB1,100.3 million in the same period of 2024. The decline was primarily due to reduced gross written premiums from broker channels, partially offset by the continued strong growth of the internet insurance distribution business. Cumulative number of insurance clients was 2,035,550 as of December 31, 2025, representing an increase of 10% from 1,853,435 as of September 30, 2025, and an increase of 33% from 1,532,119 as of December 31, 2024. Number of new insurance policies in the fourth quarter of 2025 was 824,225, representing a 16% increase from 710,079 in the third quarter of 2025, and a 68% increase from 490,409 in the same period of 2024. This was primarily driven by the rapid expansion of internet distribution channels throughout 2025. "Our early efforts to strengthen credit standards and proactively build financial buffers ahead of the industry downturn have allowed us to navigate a challenging market environment while maintaining stable operations," said Mr. Ning Tang, Chairman and Chief Executive Officer of Yiren Digital. "The AI-driven risk management system we built over the past two years is delivering measurable results, sharpening our credit decision-making capabilities and reinforcing our operational resilience in China's evolving credit market. These same AI capabilities are enabling us to scale our internet insurance distribution business, which sustained strong growth momentum in 2025 and meaningfully expanded our addressable market. Our strategic focus in 2026 is to deepen our AI-driven operating model and accelerate the transformation of our two core business segments into purpose-built frameworks that serve institutional and individual clients and generate more commercial opportunities from the AI technologies we have developed over the past few years."

"Fiscal 2025 was a period of elevated credit risk across the consumer lending industry, and we met this environment with disciplined risk management and proactive balance sheet stewardship. We tightened our credit policy early and accumulated cash reserves to ensure we navigated the cycle with excess financial strength. Our internet insurance distribution business delivered strong momentum throughout the year, emerging as a meaningful contributor to revenue diversification and a proof point of our ability to scale new business lines," Mr. William Hui, Chief Financial Officer of Yiren Digital, commented.

Fourth Quarter 2025 Financial Results

Total net revenue in the fourth quarter of 2025 was RMB957.6 million (US$136.9 million), representing a decrease of 34% from RMB1,452.2 million in the fourth quarter of 2024.

Within this, revenue from credit solution business was RMB832.7 million (US$119.1 million), representing a decrease of 21% from RMB1,047.8 million in the same period of 2024. The decrease was mainly attributed to a decline in service fee rate under the new regulatory framework and a proactive, strategic scale-back on the loan facilitation volume of credit solution business amid heightened market risks. Revenue from credit solution business accounted for 87% of total net revenue in the fourth quarter.

Revenue from insurance brokerage business was RMB83.8 million (US$12.0 million) in the fourth quarter of 2025, representing a decrease of 21% from RMB106.4 million in the fourth quarter of 2024 due to structural compression in service fee rate in recent years. The internet distribution sub-segment has demonstrated strong growth momentum since mid-2025 and its contribution to total brokerage revenue is increasing significantly in the fourth quarter of 2025 to 22%.

Revenue from other business was RMB41.1 million (US$5.9 million), compared with RMB298.0 million in the same period of 2024. The decrease was mainly attributable to the continued decline in sales through the e-commerce business.

Sales and marketing expenses in the fourth quarter of 2025 were RMB206.1 million (US$29.5 million), a decrease of 31% compared to RMB298.5 million in the same period of 2024. This change was mainly attributable to a scale-down in facilitated loan volume in the fourth quarter of 2025, and a higher contribution from repeat borrowers through Yixianghua platform, which increased to 77%, compared with 65% in the same period last year, and a decrease in new customer acquisition costs as the result of AI-assisted precision marketing.

Origination, servicing and other operating costs in the fourth quarter of 2025 were RMB250.9 million (US$35.9 million), representing a 27% increase from RMB197.2 million in the same period of 2024. The increase reflects a strategic decision to raise asset recovery commissions to incentivize stronger recovery performance amid a challenging credit environment. These incremental recovery costs were partially offset by meaningful savings from the accelerated deployment of AI agents and automation across the collection and customer service workflows, as well as disciplined cost management across broader operations.

Research and development expenses in the fourth quarter of 2025 were RMB121.4 million (US$17.4 million), a decrease of 26% compared to RMB164.7 million in the same period of 2024, and an increase of 33% from RMB91.5 million in the third quarter of 2025. The year-over-year decrease in R&D expenses was mainly due to a high base resulting from a one-off development expense in the AI credit system in the second half of 2024. With that build largely complete, the deeper integration of AI automation tools across the credit analytic workflows in 2025 delivered measurable efficiency gains and a more optimized cost structure. R&D expenses increased in the fourth quarter compared to the third quarter due to increased investment in senior AI R&D talent to support the execution of the 2026 AI roadmap.

General and administrative expenses in the fourth quarter of 2025 were RMB44.3 million (US$6.3 million), representing a modest increase of 5%, compared to RMB42.2 million in the same period of 2024 and a decrease of 58% from RMB104.4 million in the third quarter of 2025. As Yiren Digital continues to invest in talent and implement organizational restructuring to strengthen its operational capabilities, these expenses may have some seasonal fluctuation.

Allowance for contract assets, receivables and others in the fourth quarter of 2025 was RMB295.8 million (US$42.3 million), compared to RMB203.1 million in the same period of 2024. The increase was driven by higher receivables from guarantee services and financing services, fueled by rising expected loss rates amid an industry-level higher risk profile of assets.

Provision for contingent liabilities in the fourth quarter of 2025 was RMB1,110.1 million (US$158.7 million), compared to RMB250.7 million in the same period of 2024. The increase was primarily driven by the overall growth in loan volume originated under the risk-taking model[2], coupled with a higher-risk asset profile.

Fair value adjustments gain/(loss) in the fourth quarter of 2025 was a loss of RMB84.9 million (US$12.1 million), compared to a gain of RMB16.9 million in the same period of 2024, and a gain of RMB161.3 million in the third quarter of 2025. The decrease primarily resulted from fair value changes in crypto assets, reflecting the overall decline in digital asset prices during the fourth quarter of 2025.

Income tax benefit in the fourth quarter of 2025 was RMB245.3 million (US$35.1 million).

Net loss for the fourth quarter of 2025 was RMB882.2 million (US$126.1 million), compared to a net income of RMB331.4 million in the same period in 2024. The loss primarily resulted from substantial upfront provisions recognized in the quarter for risk-taking model assets in the credit solution business — required by accounting standards for the expanding loan volume under the risk-taking model — along with a higher-risk asset profile and lower fee rates in the loan facilitation business under the new regulations. The short-term impact of accounting standards on earnings should normalize as the risk-taking loan balance stabilizes.

Adjusted EBITDA[3] (non-GAAP) in the fourth quarter of 2025 was a loss of RMB1,022.8 million (US$146.3 million), compared to a gain of RMB319.5 million in the same period of 2024 and a gain of RMB236.8 million in the third quarter of 2025.

Basic and diluted loss per ADS in the fourth quarter of 2025 were RMB10.1230 (US$1.4476) and RMB10.0650 (US$1.4392), respectively, compared to basic and diluted income per ADS of RMB3.8378 and RMB3.8156, respectively, in the same period of 2024.

Net cash used in operating activities in the fourth quarter of 2025 was RMB197.6 million (US$28.3 million), compared to RMB373.0 million generated from operating activities in the same period of 2024.

Net cash provided by investing activities in the fourth quarter of 2025 was RMB50.8 million (US$7.3 million), compared to RMB32.9 million used in investing activities in the same period of 2024.

Net cash used in financing activities in the fourth quarter of 2025 was RMB234.1 million (US$33.5 million), compared to RMB114.3 million in the same period of 2024.

As of December 31, 2025, cash and cash equivalents were RMB3,348.1 million (US$478.8 million), compared to RMB3,841.3 million as of December 31, 2024. As of December 31, 2025, the balance of financial investments was RMB483.7 million (US$69.2 million), compared to RMB437.2 million as of December 31, 2024.

Delinquency rates[4]. As of December 31, 2025, the delinquency rates for loans that are past due for 1-30 days, 31-60 days and 61-90 days were 3.4%, 3.0% and 2.8%, respectively, compared to 2.7%, 1.7% and 1.4%, respectively, as of September 30, 2025.

Fiscal Year 2025 Financial Results

Total net revenue in 2025 was RMB5,719.2 million (US$817.8 million), representing a decrease of 1% from RMB5,805.9 million in 2024.

By segment, revenue from credit solution business was RMB5,040.0 million (US$720.7 million), representing an increase of 45% from RMB3,473.1 million in 2024. The increase was primarily attributable to increased guarantee services revenue from overall growth in loan volume originated under the risk-taking model in 2025, as well as to increased revenue from marketing services and technical support services.

Revenue from insurance brokerage business was RMB297.6 million (US$42.6 million) in 2025, representing a decrease of 27% from RMB408.4 million in 2024. The decline reflects structural compression in brokerage commission rates and tightened market conditions under enhanced regulatory oversight in recent years. However, the internet distribution channel has demonstrated strong growth momentum in 2025 and accounted for 14% of revenue in this segment for the whole year result.

Revenue from other business was RMB381.6 million (US$54.6 million), compared with the revenue of RMB1,924.4 million in 2024. The decrease was mainly attributable to a continued decline in sales from the e-commerce business.

Sales and marketing expenses in 2025 were RMB1,159.9 million (US$165.9 million), a 3% decrease compared to RMB1,196.4 million in 2024, while total loan facilitation increased by 26% in 2025, reflecting improved customer acquisition efficiency. The decline in sales and marketing expenses was mainly attributable to a higher contribution from repeat borrowers through the Yixianghua platform, which increased to 76% in 2025, compared with 59% in 2024. The increasing application of Artificial Intelligence Generated Content ("AIGC") and AI agents in tele-sales also contributed to the decrease in this expense.

Origination, servicing and other operating costs in 2025 were RMB786.4 million (US$112.5 million), representing an 11% decrease from RMB883.0 million in 2024. This decrease was primarily driven by cost savings from decreased insurance brokerage business along with the broader use of AI agents to automate customer service, and enhanced cost discipline in overall operations. 

Research and development expenses in 2025 were RMB406.6 million (US$58.1 million), representing a decrease of 1% compared to RMB411.9 million in 2024. R&D expenses were well-balanced in 2025 as the AI credit system completed a major upgrade at the end of 2024, which created cost savings, offset by an increase in AI talent for future AI initiatives.

General and administrative expenses in 2025 were RMB323.4 million (US$46.2 million), representing an increase of 18% compared to RMB274.7 million in 2024, primarily driven by the continuous investment in professionals and specialized talent to support business diversification and strengthen risk management, alongside organizational restructuring initiatives.

Allowance for contract assets, receivables and others in 2025 was RMB892.7 million (US$127.6 million), compared to RMB523.6 million in 2024. The increase was driven by increased loan facilitation volume in 2025 compared to the prior year, which resulted in higher receivables and a corresponding increase in the allowance.

Provision for contingent liabilities in 2025 was RMB2,366.3 million (US$338.4 million), compared to RMB869.3 million in 2024. The increase was primarily driven by the overall growth in loan volume originated under the risk-taking model in 2025, coupled with a higher-risk asset profile.

Fair value adjustments gain in 2025 was RMB46.1 million (US$6.6 million) compared to RMB107.5 million in 2024. The decrease was mainly attributable to fair value changes in crypto assets, reflecting weaker digital asset prices in the fourth quarter of 2025.

Income tax benefit in 2025 was RMB99.0 million (US$14.2 million), compared to an income tax expense of RMB279.2 million in 2024.

Net income in 2025 was RMB40.5 million (US$5.8 million), compared to RMB1,582.3 million in 2024. The decrease primarily resulted from increasing allowance of contract assets and receivables due to more loan facilitation volume during the period, plus substantial upfront provisions recognized for the risk-taking model assets in the fourth quarter of 2025 required by accounting standards, along with a higher-risk asset profile and lower fee rates in the loan facilitation business under new regulations. The short-term impact of accounting standards on earnings should normalize as the risk-taking loan balance stabilizes.

Adjusted EBITDA (non-GAAP) in 2025 was a loss of RMB109.6 million (US$15.7 million), compared to a gain of RMB1,776.2 million in 2024.

Basic and diluted income per ADS in 2025 were RMB0.4670 (US$0.0668) and RMB0.4640 (US$0.0664), respectively, compared to RMB18.2654 and RMB18.1132, respectively, in 2024.

Net cash generated from operating activities in 2025 was RMB686.7 million (US$98.2 million), compared to RMB1,424.1 million in 2024.

Net cash used in investing activities in 2025 was RMB1,554.6 million (US$222.3 million), compared to RMB3,113.1 million in 2024.

Net cash provided by financing activities in 2025 was RMB662.6 million (US$94.8 million), compared to RMB277.2 million used in financing activities in 2024.

Dividend Policy

Under the Company's semi-annual dividend policy, the Board has determined to temporarily suspend the Company's cash dividend for the second half of 2025. This decision reflects the Company's current capital priorities, including maintaining appropriate reserves to support potential credit fluctuations in its lending business and funding investments in technology development. The Board periodically reviews the Company's capital requirements, financial condition and results of operations when considering future dividend declarations.

Non-GAAP Financial Measures

In evaluating the business, the Company considers and uses several non-GAAP financial measures, such as adjusted EBITDA and adjusted EBITDA margin as supplemental measures to review and assess operating performance. We believe these non-GAAP measures provide useful information about our core operating results, enhance the overall understanding of our past performance and prospects and allow for greater visibility with respect to key metrics used by our management in our financial and operational decision-making. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"). The non-GAAP financial measures have limitations as analytical tools. Other companies, including peer companies in the industry, may calculate these non-GAAP measures differently, which may reduce their usefulness as a comparative measure. The Company compensates for these limitations by reconciling the non-GAAP financial measures to the nearest U.S. GAAP performance measure, all of which should be considered when evaluating our performance. See "Operating Highlights and Reconciliation of GAAP to Non-GAAP measures" at the end of this press release.

Currency Conversion

This announcement contains currency conversions of certain RMB amounts into US$ at specified rates solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to US$ are made at a rate of RMB6.9931 to US$1.00, the effective noon buying rate on December 31, 2025, as set forth in the H.10 statistical release of the Federal Reserve Board.

Conference Call

Yiren Digital's management will host an earnings conference call at 8:00 a.m. U.S. Eastern Time on March 19, 2026 (or 8:00 p.m. Beijing/Hong Kong Time on March 19, 2026).

Participants who wish to join the call should register online in advance of the conference at:
https://dpregister.com/sreg/10207200/1036f9b7260.

Once registration is completed, participants will receive the dial-in details for the conference call.

Additionally, a live and archived webcast of the conference call will be available at:
https://ir.yiren.com.

Safe Harbor Statement

This press release contains forward-looking statements. These statements constitute "forward-looking" statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "target," "confident" and similar statements. Such statements are based upon management's current expectations and current market and operating conditions and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond Yiren Digital's control. Forward-looking statements involve risks, uncertainties, and other factors that could cause actual results to differ materially from those contained in any such statements. Potential risks and uncertainties include, but are not limited to, uncertainties as to Yiren Digital's ability to attract and retain borrowers and investors on its marketplace, its ability to introduce new loan products and platform enhancements, its ability to compete effectively, PRC regulations and policies relating to the peer-to-peer lending service industry in China, general economic conditions in China, and Yiren Digital's ability to meet the standards necessary to maintain the listing of its ADSs on the NYSE or other stock exchange, including its ability to cure any non-compliance with the NYSE's continued listing criteria. Further information regarding these and other risks, uncertainties or factors is included in Yiren Digital's filings with the U.S. Securities and Exchange Commission. All information provided in this press release is as of the date of this press release, and Yiren Digital does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under applicable law.

About Yiren Digital

Yiren Digital Ltd. is a leading fintech company specializing in digital consumer lending, insurance, and financial technology innovation across China and global markets. The Company leverages advanced artificial intelligence and emerging technologies to enhance customer experience, optimize capital efficiency, and expand financial inclusion. With the successful filing of the in-house developed Large Language Model Zhiyu, the substantial upgrade of its Magicube Agent platform, Yiren Digital is establishing a new growth engine to position itself as an AI-powered next-generation fintech leader. For more information, please visit https://ir.yiren.com.

[1] "Repeat borrowers' loan amount" refers to the proportion of total loan facilitation and origination volume through Yixianghua platform in a given period that is generated by borrowers who have previously completed at least one successful drawdown during that period.

[2] "The risk-taking model" refers to the framework in which Yiren Digital assumes the credit risk for the loans facilitated on its platform.

[3] "Adjusted EBITDA" is a non-GAAP financial measure. For more information on this non-GAAP financial measure, please see the section of "Operating Highlights and Reconciliations of GAAP to Non-GAAP Measures" and the table captioned "Reconciliations of Adjusted EBITDA" set forth at the end of this press release.

[4] "Delinquency rates" refers to the outstanding principal balance of loans that were 1-30 days, 31-60 days and 61-90 days past due as a percentage of the total performing outstanding principal balance of loans as of a specific date. Loans originating outside mainland China are not included in the calculation. We define a performing loan as one that is being repaid according to the agreed terms and has not become delinquent for more than 90 days.

Unaudited Condensed Consolidated Statements of Operations

 (in thousands, except for share, per share and per ADS data, and percentages)

For the Three Months Ended 

For the Year Ended 

December 31,
2024

September 30,
2025

December 31,
2025

December 31,
2025

December 31,
2024

December 31,
2025

December 31,
2025

RMB

RMB

RMB

USD

RMB

RMB

USD

Net revenue:

Loan facilitation services

748,663

611,859

5,734

820

2,721,389

2,234,571

319,539

Post-origination services

1,474

2,617

(7,569)

(1,082)

5,957

7,255

1,038

Guarantee services

206,766

458,363

612,283

87,555

429,299

1,705,985

243,953

Financing services

31,551

67,850

67,541

9,658

93,239

243,099

34,763

Insurance brokerage services

106,387

84,228

83,768

11,979

408,369

297,593

42,555

Electronic commerce services

292,678

32,555

14,405

2,060

1,865,621

324,996

46,474

Network and marketing services*

61,804

222,032

151,619

21,681

241,114

636,277

90,986

Technology services*

1,470

70,646

26,555

3,797

33,570

256,323

36,654

Others* 

1,400

4,814

3,294

471

7,343

13,121

1,876

Total net revenue

1,452,193

1,554,964

957,630

136,939

5,805,901

5,719,220

817,838

Operating costs and expenses:

Sales and marketing

298,458

331,758

206,058

29,466

1,196,429

1,159,934

165,868

Origination,servicing and other operating costs

197,232

149,911

250,878

35,875

882,957

786,386

112,452

Research and development

164,703

91,514

121,406

17,361

411,876

406,567

58,138

General and administrative

42,232

104,420

44,250

6,328

274,673

323,369

46,241

Allowance for contract assets, receivables and others

203,090

229,355

295,798

42,298

523,622

892,656

127,648

Provision for contingent liabilities

250,691

459,783

1,110,124

158,746

869,280

2,366,344

338,383

Total operating costs and expenses

1,156,406

1,366,741

2,028,514

290,074

4,158,837

5,935,256

848,730

Other income/(loss):

Investment income

7,356

3,791

1,047

150

19,168

9,055

1,295

Interest income

23,863

19,704

14,473

2,070

86,309

78,764

11,263

Fair value adjustments gain/(loss)

16,935

161,328

(84,917)

(12,143)

107,532

46,053

6,585

Others, net

(1,353)

644

12,821

1,833

1,848

28,223

4,036

Total other income/(loss)

46,801

185,467

(56,576)

(8,090)

214,857

162,095

23,179

Income/(loss) before provision for income taxes

342,588

373,690

(1,127,460)

(161,225)

1,861,921

(53,941)

(7,713)

Share of results of equity investees

(440)

-

-

-

(440)

(4,560)

(652)

Income tax expense/(benefit)

10,702

56,053

(245,303)

(35,078)

279,182

(99,027)

(14,160)

Net income/(loss)

331,446

317,637

(882,157)

(126,147)

1,582,299

40,526

5,795

Weighted average number of ordinary shares outstanding, basic

172,723,644

174,179,898

174,286,897

174,286,897

173,256,348

173,575,410

173,575,410

Basic income/(loss) per share

1.9189

1.8236

(5.0615)

(0.7238)

9.1327

0.2335

0.0334

Basic income/(loss) per ADS

3.8378

3.6472

(10.1230)

(1.4476)

18.2654

0.4670

0.0668

Weighted average number of ordinary shares outstanding, diluted

173,727,886

175,153,288

175,292,459

175,292,459

174,711,569

174,684,691

174,684,691

Diluted income/(loss) per share

1.9078

1.8135

(5.0325)

(0.7196)

9.0566

0.2320

0.0332

Diluted income/(loss) per ADS

3.8156

3.6270

(10.0650)

(1.4392)

18.1132

0.4640

0.0664

Unaudited Condensed Consolidated Cash Flow Data

Net cash generated from/(used in) operating activities

373,038

(5,484)

(197,645)

(28,263)

1,424,082

686,745

98,203

Net cash (used in)/provided by investing activities

(32,948)

(707,599)

50,800

7,264

(3,113,115)

(1,554,589)

(222,303)

Net cash (used in)/provided by financing activities

(114,341)

529,732

(234,140)

(33,482)

(277,226)

662,604

94,751

Effect of foreign exchange rate changes

15,020

(10,449)

(7,989)

(1,142)

9,212

(25,483)

(3,644)

Net increase/(decrease) in cash, cash equivalents and restricted cash

240,769

(193,800)

(388,974)

(55,623)

(1,957,047)

(230,723)

(32,993)

Cash, cash equivalents and restricted cash, beginning of period

3,860,788

4,453,608

4,259,808

609,145

6,058,604

4,101,557

586,515

Cash, cash equivalents and restricted cash, end of period

4,101,557

4,259,808

3,870,834

553,522

4,101,557

3,870,834

553,522

* Given the Company's diversified revenue streams, Network and marketing services and Technology services are now separately presented from Other revenue, with the remaining balance classified as
Others. Comparative figures for the prior period have been restated.

Unaudited Condensed Consolidated Balance Sheets

 (in thousands)

As of

December 31,
2024

September 30,
2025

December 31,
2025

December 31,
2025

RMB

RMB

RMB

USD

        Cash and cash equivalents

3,841,284

3,864,891

3,348,126

478,776

        Restricted cash

260,273

394,917

522,708

74,746

        Accounts receivable

566,541

796,551

753,463

107,744

        Guarantee receivable

474,132

715,996

832,905

119,104

        Contract assets, net

1,008,920

1,227,236

619,291

88,557

        Contract cost

294

6,936

4,287

613

        Prepaid expenses and other assets

2,361,585

2,672,111

1,848,697

264,360

        Loans at fair value

421,922

473,570

342,895

49,033

        Financing receivables

17,515

1,061,080

909,182

130,011

        Amounts due from related parties

3,387,952

3,101,835

2,974,080

425,288

        Financial investments

437,203

498,766

483,700

69,168

        Equity investments

9,239

4,633

11,528

1,649

        Property, equipment and software, net

78,678

84,867

50,403

7,208

        Crypto assets

-

333,530

391,267

55,950

        Deferred tax assets

77,463

173,182

325,094

46,488

        Right-of-use assets

39,695

40,257

37,329

5,338

Total assets

12,982,696

15,450,358

13,454,955

1,924,033

        Accounts payable

43,167

50,401

79,630

11,387

        Amounts due to related parties

129,629

51,826

44,179

6,317

        Guarantee liabilities-stand ready

606,886

929,970

989,701

141,525

        Guarantee liabilities-contingent

578,797

874,717

1,300,097

185,911

        Deferred revenue

9,479

335

227

33

        Payable to investors at fair value

368,022

1,392,631

1,294,792

185,153

        Accrued expenses and other liabilities

1,622,050

1,656,601

404,680

57,869

        Deferred tax liabilities

41,471

108,404

30,619

4,379

        Lease liabilities

40,765

42,596

39,758

5,685

Total liabilities

3,440,266

5,107,481

4,183,683

598,259

        Ordinary shares

132

133

133

19

        Additional paid-in capital

5,198,457

5,229,667

5,239,550

749,246

        Treasury stock

(170,463)

(170,686)

(170,686)

(24,408)

        Accumulated other comprehensive income

79,268

70,603

10,722

1,533

        Retained earnings

4,435,036

5,213,160

4,191,553

599,384

Total equity

9,542,430

10,342,877

9,271,272

1,325,774

Total liabilities and equity

12,982,696

15,450,358

13,454,955

1,924,033

Operating Highlights and Reconciliation of GAAP to Non-GAAP Measures

(in thousands, except for number of  borrowers, number of insurance clients, cumulative number of insurance clients and percentages)

For the Three Months Ended 

For the Year Ended 

December 31,
2024

September 30,
2025

December 31,
2025

December 31,
2025

December 31,
2024

December 31,
2025

December 31,
2025

RMB

RMB

RMB

USD

RMB

RMB

USD

Operating Highlights

Amount of loans facilitated 

15,352,533

20,166,545

12,038,386

1,721,466

53,591,593

67,790,653

9,693,935

Number of borrowers

1,560,789

1,335,978

742,444

742,444

4,187,502

3,513,192

3,513,192

Remaining principal of performing loans 

24,755,199

34,235,130

28,574,962

4,086,165

24,755,199

28,574,962

4,086,165

Cumulative number of insurance clients

1,532,119

1,853,435

2,035,550

2,035,550

1,532,119

2,035,550

2,035,550

Number of insurance clients

83,786

229,353

267,730

267,730

296,842

589,756

589,756

Gross written premiums

1,100,262

1,147,966

860,106

122,994

4,424,889

3,659,950

523,366

First year premium

475,285

443,189

469,498

67,138

2,078,190

1,765,537

252,469

Renewal premium

624,977

704,777

390,608

55,856

2,346,699

1,894,413

270,897

Segment Information

Credit solution business:

Revenue

1,047,768

1,423,231

832,728

119,078

3,473,109

5,040,026

720,714

Sales and marketing expenses

290,253

322,184

156,400

22,365

1,102,737

1,071,892

153,279

Origination, servicing and other operating costs

123,585

87,322

182,160

26,049

442,312

515,722

73,747

Allowance for contract assets, receivables and others

200,755

226,267

296,962

42,465

519,895

891,601

127,497

Provision for contingent liabilities

250,691

459,783

1,110,124

158,746

869,280

2,366,344

338,383

Insurance brokerage business:

Revenue

106,387

84,228

83,768

11,979

408,369

297,593

42,555

Sales and marketing expenses

2,333

2,077

1,639

234

13,706

9,242

1,321

Origination, servicing and other operating costs

69,518

61,142

65,651

9,388

407,225

260,916

37,311

Allowance for contract assets, receivables and others

241

677

(1,242)

(178)

(663)

(579)

(83)

Others:

Revenue

298,038

47,505

41,134

5,882

1,924,423

381,601

54,569

Sales and marketing expenses

5,872

7,497

48,019

6,867

79,986

78,800

11,268

Origination, servicing and other operating costs

4,129

1,447

3,067

438

33,420

9,748

1,394

Allowance for contract assets, receivables and others

(756)

34

(1)

-

908

(1,916)

(274)

Reconciliation of Adjusted EBITDA

Net income/(loss)

331,446

317,637

(882,157)

(126,147)

1,582,299

40,526

5,795

Interest income and investment income, net

(31,219)

(23,495)

(15,520)

(2,220)

(105,477)

(87,819)

(12,558)

Income tax expense/(benefit)

10,702

56,053

(245,303)

(35,078)

279,182

(99,027)

(14,160)

Depreciation and amortization

2,574

3,252

4,758

681

8,893

12,950

1,852

Share-based compensation

350

14,439

6,662

953

16,928

30,220

4,321

Fair value adjustments related to crypto assets and financial investment

5,663

(131,101)

108,777

15,555

(5,623)

(6,479)

(927)

Adjusted EBITDA

319,516

236,785

(1,022,783)

(146,256)

1,776,202

(109,629)

(15,677)

Adjusted EBITDA margin

22.0 %

15.2 %

-106.8 %

-106.8 %

30.6 %

-1.9 %

-1.9 %

Delinquency Rates

1-30 days

31-60 days

61-90 days

December 31, 2022

1.7 %

1.2 %

1.1 %

December 31, 2023

2.0 %

1.4 %

1.2 %

December 31, 2024

1.6 %

1.2 %

1.1 %

March 31, 2025

1.6 %

1.2 %

1.2 %

June 30, 2025

1.7 %

1.1 %

1.0 %

September 30, 2025

2.7 %

1.7 %

1.4 %

December 31, 2025

3.4 %

3.0 %

2.8 %

90+ Days Delinquency Rates by Vintage*

Loan Issued
Period

Month on Book

4

6

8

10

12

14

16

18

20

22

24

2022Q1

0.6 %

2.0 %

3.1 %

3.9 %

4.5 %

4.7 %

4.6 %

4.6 %

4.5 %

4.5 %

4.4 %

2022Q2

0.5 %

1.7 %

2.9 %

3.7 %

4.2 %

4.4 %

4.3 %

4.3 %

4.2 %

4.2 %

4.1 %

2022Q3

0.5 %

2.1 %

3.4 %

4.2 %

4.7 %

5.0 %

4.9 %

4.9 %

4.8 %

4.7 %

4.7 %

2022Q4

0.7 %

2.5 %

3.8 %

4.8 %

5.5 %

5.8 %

5.8 %

5.7 %

5.6 %

5.5 %

5.4 %

2023Q1

0.5 %

2.3 %

3.9 %

5.0 %

5.8 %

6.1 %

6.0 %

5.9 %

5.8 %

5.7 %

5.6 %

2023Q2

0.6 %

2.8 %

4.7 %

6.1 %

6.8 %

7.1 %

7.0 %

6.9 %

6.8 %

6.7 %

6.6 %

2023Q3

0.8 %

3.5 %

5.6 %

7.0 %

7.7 %

7.9 %

7.9 %

7.7 %

7.6 %

7.5 %

7.5 %

2023Q4

0.7 %

3.4 %

5.6 %

6.8 %

7.4 %

7.6 %

7.6 %

7.4 %

7.3 %

7.3 %

7.2 %

2024Q1

0.6 %

3.0 %

4.8 %

5.9 %

6.6 %

6.8 %

6.8 %

6.7 %

6.6 %

6.7 %

2024Q2

0.6 %

2.4 %

4.0 %

5.1 %

5.8 %

6.1 %

6.1 %

6.0 %

6.1 %

2024Q3

0.5 %

2.2 %

3.7 %

4.7 %

5.4 %

5.8 %

5.7 %

2024Q4

0.6 %

2.2 %

3.8 %

4.9 %

5.9 %

6.1 %

2025Q1

0.6 %

2.3 %

4.2 %

5.5 %

2025Q2

0.8 %

3.5 %

5.5 %

2025Q3

1.0 %

*The 90+ days delinquency rate by vintage refers to the outstanding principal balance of loans facilitated over a
specified period that are more than 90 days past due, as a percentage of the total loans facilitated during that same
period. Loans originating outside mainland China are excluded from the calculation.

SOURCE Yiren Digital

Advancing HBV Functional Cure Toward Key Phase 2b Data Readouts Increasing Discovery Efforts to Drive Long-term Value Creation Strong Cash Position Supporting Strategic Priorities Upcoming Conference Calls:  English Session: March 20 at 8:30 p.m. HKT / 8:30 a.m.

LOS ANGELES, March 19, 2026 /PRNewswire/ -- Armata Pharmaceuticals, Inc. (NYSE American: ARMP) ("Armata" or the "Company"), a late clinical-stage biotechnology company focused on the development of high-purity, pathogen-specific bacteriophage therapeutics for the treatment of antibiotic-resistant and difficult-to-treat bacterial infections, today announced that it will delay the announcement of its financial results for its fourth quarter and full-year ended December 31, 2025, and provided a corporate update. The Company requires additional time to complete its financial reporting and anticipates filing its Annual Report on Form 10-K on or before March 31, 2026, the due date.

Record revenue growth - HEALWELL achieved record annual revenue from continuing operations of approximately $103.8 million in fiscal 2025, an increase of 427% compared to the $19.7 million in fiscal 2024. The Company reported an IFRS net loss from continuing operations of $39.1 million in fiscal 2025, compared to a net loss of $24 million in fiscal 2024.First full year of positive Adjusted EBITDA - HEALWELL delivered Adjusted EBITDA of $2.3 million in fiscal 2025 compared to an Adjusted EBITDA loss of $14.2 million in 2024.Transition to a pure-play AI and Software Company - During Q4-2025, HEALWELL completed a series of strategic divestments to transition into a pure-play AI and software company, generating approximately $9.7 million in cash proceeds in this process.Improving balance sheet - HEALWELL ended 2025 with $18.6 million in cash and holds strategic investments that the Company is evaluating to monetize, including a dedicated investment vehicle with an interest in xAI, now part of the broader SpaceX ecosystem.Toronto, Ontario--(Newsfile Corp. - March 19, 2026) - HEALWELL AI Inc. (TSX: AIDX) (OTCQX: HWAIF) ("HEALWELL" or the "Company"), a healthcare artificial intelligence company focused on preventative care, is pleased to announce its audited consolidated financial results for the fiscal year and fourth quarter ended December 31, 2025. A summary of the Company's financial and operational results is set out below, and more detailed information is contained in the annual financial statements and related management discussion and analysis, which are available on the Company's SEDAR+ page at www.sedarplus.ca. Financial measures described as "Adjusted" or "EBITDA" in this news release are non-IFRS financial measures and may not be comparable to other similar measures disclosed by other companies. Please see Non-IFRS Financial Measures below for more information.

James Lee, Chief Executive Officer of HEALWELL, commented, "Healthcare is entering its AI deployment era, and HEALWELL has spent the last two years assembling the rare combination of assets required to lead it; a global enterprise distribution network, one of the most scientifically validated clinical AI platforms in the market, and a consent-first data infrastructure that strengthens with every deployment. In 2025, we proved that this strategy works with record revenue of $103.8 million, our first full year of positive Adjusted EBITDA, and a successful transition to a pure-play AI and software company. The financial results are important, but what matters most is what they represent - evidence that our platform model is working and that the flywheel between distribution, data, and AI performance is now turning."

James Lee added, "We have moved from the proof-of-concept phase, to beginning to deploy at scale. Our first government AI health system contract in the Middle East, a multi-million-dollar U.S. Health Information Exchange (HIE) deal, and enterprise AI deployments scaling across Canada demonstrate that HEALWELL's platform is being adopted where it matters most, inside the clinical infrastructure of governments and large health systems. With 47 peer-reviewed publications backing our DARWEN AI engine, over 70 enterprise customers across 11 countries through Orion Health, and WELLTRUST providing a global consent-based clinical data network, we have built a competitive position that is very difficult to replicate. Our focus in 2026 is straightforward: scale globally, deepen AI adoption across our installed base, and translate platform economics into sustained profitability."

Anthony Lam, Chief Financial Officer of HEALWELL, commented, "The financial transformation this year has been significant. We swung from a $14.2 million Adjusted EBITDA loss in 2024 to $2.3 million of positive Adjusted EBITDA; a $16.5 million improvement that reflects not just the Orion acquisition but a fundamental restructuring of our cost base and business mix. We exited the year with $18.6 million in cash, three consecutive quarters of positive Adjusted EBITDA, and a business now entirely focused on two high-margin, scalable segments: AI and Data Science, and Healthcare Software. Our balance sheet also carries additional value not fully reflected in our cash position, including an indirect investment in xAI that we are evaluating monetizing to further strengthen our capital position as we scale. Looking ahead, we see clear operating leverage in the model. As Orion Health integration synergies are fully realized and enterprise AI deployments scale, we are targeting an exit run-rate Adjusted EBITDA margin of approximately 10% in 2026. This is a business that is transitioning from proving it can generate positive economics to demonstrating it can compound them."

Fiscal 2025 Annual Financial Highlights:

Significant financial highlights for the Company's continuing operations during the year ended December 31, 2025 included:

HEALWELL achieved annual revenue from continuing operations of approximately $103.8 million during 2025, an increase of 427% compared to revenue of $19.7 million in 2024.HEALWELL achieved Gross Profit of $57.3 million in 2025, compared to $10.8 million in 2024.HEALWELL achieved a Gross Margin percentage of 55% during 2025 compared to 55% in 2024.During fiscal 2025, the Company's IFRS net loss from continuing operations was $39.1 million compared to a net loss of $24 million for the previous year.During fiscal 2025, HEALWELL reported Adjusted EBITDA(1) of $2.3 million its first full year of positive Adjusted EBITDA, compared to an Adjusted EBITDA loss of $14.2 million in 2024.Fourth Quarter 2025 Financial Highlights

Significant financial highlights for the Company's continuing operations during the three months ended December 31, 2025 included:

HEALWELL achieved quarterly revenue from continuing operations of $32.2 million in Q4-2025, an increase of 374% compared to revenue of $6.8 million generated in Q4-2024. The acquisition of Orion Health, along with both organic growth initiatives, contributed significantly to overall revenue growth.HEALWELL achieved Gross Profit of $17.6 million during Q4-2025, an increase of 376% compared to $3.7 million in Q4-2024. The increase is due to higher revenues in the quarter. HEALWELL achieved Gross Margin percentage of 55% during Q4-2025, compared to 55% in Q4-2024. During Q4-2025, HEALWELL reported positive Adjusted EBITDA of $1.1 million, compared to an Adjusted EBITDA loss of $5 million in Q4-2024. This marks the Company's third consecutive quarter of positive Adjusted EBITDA, highlighting continued execution improvements and stronger financial performance, representing a year-over-year increase of approximately 123% in Adjusted EBITDA.During Q4-2025, the Company's IFRS net loss from continuing operations was $7 million compared to a net loss of $11.4 million for the previous year.As of December 31, 2025, HEALWELL had $18.6 million in cash, compared to $9.4 million as of December 31, 2024. Fourth Quarter 2025 Business and Operational Highlights

Significant business and operational highlights for the Company during the three months ended December 31, 2025 included:

DARWEN™ AI Generates Regulatory-Grade Real-World Data in Collaboration with a major pharmaceutical firm: On October 6, 2025, HEALWELL, in collaboration with a major pharmaceutical firm, presented new AI-generated regulatory-grade real-world data (RWD) at United European Gastroenterology (UEG) Week in Berlin. This represents one of the world's first applications of AI to generate regulatory-grade RWD for pharmaceutical use, highlighting HEALWELL's unique capabilities in clinical data abstraction and real-world evidence generation. UK Business Development and Investor Awareness Week: In the week of October 14, 2025, HEALWELL conducted a series of business development and investor engagement activities in the UK, including an invitation-only London event on October 14 featuring a fireside chat moderated by Beatrice York, founder of BY-EQ Limited. Strategic Collaboration with Lean and Orion Health to Advance AI-Powered Healthcare Across the Middle East: On October 28, 2025, HEALWELL announced a collaboration with Lean Business Services ("Lean"), a Public Investment Fund (PIF)-backed Saudi digital health leader to co-develop and commercialize digital health and AI-driven solutions across the Middle East. Strategic Divestments and Progression to a Pure-Play SaaS and Services Business: On November 3, 2025, HEALWELL announced the completion of a series of strategic transactions with WELL Health Technologies Corp. and its subsidiaries to streamline operations and sharpen its focus on AI-driven healthcare solutions. HEALWELL divested its Polyclinic Family Medicine and Specialty Clinics (two clinics) to WELL Health Clinic Network Inc., formed a 50/50 clinical research joint venture with WELL Health Technologies Corp. combining Bio Pharma Services Inc. and Canadian Phase Onward Inc., and sold its majority interest in Mutuo Health Solutions Inc. to WELLSTAR Technologies Corp. Collectively, these transactions strengthened HEALWELL's balance sheet with approximately $9.7 million in cash proceeds and mark a key step in its transition to a pure-play AI SaaS and services company focused on delivering enterprise-grade data science and preventative care technologies.Board Appointment - Ian Kidson Joins HEALWELL AI Board of Directors: On December 10, 2025, HEALWELL announced the appointment of Ian Kidson to its Board of Directors. Mr. Kidson is a seasoned corporate director and senior executive with extensive leadership experience across capital markets, public companies, and healthcare, having previously served as Chief Financial Officer at Docebo Inc. and as Chief Financial Officer and Chief Executive Officer at Apollo Health Corp.Events Subsequent to December 31, 2025

Significant business and operational highlights for the Company subsequent to December 31, 2025 included:

Platform Integration, Embedded AI Expansion and Portfolio Simplification: On February 12, 2026, HEALWELL announced progress on integrating its Khure and Pentavere capabilities into a unified AI engine powered by DARWEN™, alongside coordinated commercial initiatives across Orion Health and Verosource Solutions customer bases to drive upsell and cross-sell opportunities. The Company also highlighted continued expansion of embedded AI functionality, including Smart Search, Smart Summary and Smart ID features within Orion Health's platform and the planned North American launch of Amadeus AI in the first half of 2026 with international expansion later in the year. Launch of WELLTRUST™ Ethical Patient Identification Platform: On February 19, 2026, HEALWELL launched WELLTRUST™, a consent-first patient identification platform developed with WELL Health Technologies. Combining DARWEN™ AI with WELL's clinic network, the platform securely identifies high-fit patients for research, preserves privacy, and supports clinical trial recruitment and real-world evidence generation across Canada.Global AI Expansion and Enterprise Adoption: On February 26, 2026, HEALWELL announced its first contract delivering AI solutions to a major governmental health system in the Middle East, marking a key milestone in its global expansion. Concurrently, HEALWELL continues to deploy SMART Identify, SMART Search, and SMART Summary across healthcare systems in Canada and the U.S., embedding AI into operational workflows, including patient identity management and automated clinical documentation, while expanding enterprise adoption across core markets.Expansion and U.S. HIE Contract: Multi-Million Dollar Health Data Interoperability Deal: On March 5, 2026, HEALWELL announced a multi-million dollar U.S.-based Health Information Exchange (HIE) software contract, expanding its enterprise data interoperability footprint in the United States. The platform will aggregate and normalize clinical data across hospitals, clinics, labs, and public health agencies to improve care coordination, reduce duplication, and enhance provider workflows. DARWEN™ AI Reaches 47 Peer-Reviewed Publications: On March 12, 2026, HEALWELL announced that its DARWEN™ AI platform has now been validated across 47 peer-reviewed publications spanning multiple disease areas and patient populations. The Company also presented new research at the European Crohn's and Colitis Organisation (ECCO) meeting, with findings published in the Journal of Crohn's and Colitis, further reinforcing DARWEN™ AI's growing scientific validation and adoption in real-world clinical research. Webcast and Conference Call Details:

HEALWELL will be holding a conference call and simultaneous webcast to discuss its financial results on Friday, March 20, 2026 at 8:30 am ET (5:30 am PT). The call will be hosted by James Lee, Chief Executive Officer, Dr. Alexander Dobranowski, President, and Anthony Lam, Chief Financial Officer. Please dial-in 10 minutes prior to the start of the call.

Date: Friday, March 20, 2026
Time: 8:30 AM ET / 5:30 AM PT
Webcast link: https://www.gowebcasting.com/14622
Toll-Free North America: 1-800-715-9871
Toronto Local and International Toll: 1-647-932-3411

When connecting to the conference call via phone, please dial in 10 minutes prior to the start of the call and ask to be joined into the "HEALWELL AI Inc. Conference Call."

Selected Financial Information

(in thousands of dollars, except percentages and per share amounts)

Three months endedPeriod-Over-Period ChangeYears endedPeriod-Over-Period Change

December 31,December 31,

20252024$%20252024$%Revenue 32,216 6,794 25,422 374% 103,803 19,711 84,092 427%Cost of Sales 14,572 3,088 11,484 372% 46,512 8,889 37,623 423%Gross Profit 17,644 3,706 13,938 376% 57,291 10,822 46,469 429%Operating Expenses

General and administrative 8,881 6,325 2,556 40% 31,625 20,582 11,043 54%
Research and development 4,296 2,849 1,447 51% 16,417 5,795 10,622 183%
Sales and marketing 3,053 454 2,599 572% 8,876 1,679 7,197 429%
Stock compensation 2,825 2,721 104 4% 12,994 7,141 5,853 82%
Amortization of intangible assets 1,447 478 969 203% 14,310 5,733 8,577 150%
Depreciation of property equipment 172 66 106 161% 637 184 453 246%
Depreciation of ROU assets 682 58 624 1076% 1,958 156 1,802 1155%
Impairment charges - 4,535 (4,535) (100)% - 5,385 (5,385) (100)%
Total Operating Expenses 21,356 17,486 3,870 22% 86,817 46,655 40,162 86%

Loss from Operations(3,712) (13,780) 10,068 73%(29,526) (35,833) 6,307 18%Other Income and Expenses

Financing expenses 2,841 377 2,464 654% 9,591 1,827 7,764 425%
Effect of foreign exchange rate 1,507 - 1,507 100% 2,151 - 2,151 100%
Changes in FMV of Contingent Consideration, Investments and Options(96) (2,960) 2,864 97% 2,661 (1,907) 4,568 240%
(Gain) loss on disposal of subsidiary 1,423 - 1,423 100% 1,423 - 1,423 100%
Changes in FV of derivative liability (2,734) - (2,734) (100)%(5,572) - (5,572) (100)%
Loss on fixed assets write off - - - 0% - 228 (228) (100)%
Debt forgiveness - - - 0% - (7,863) 7,863 100%
Liability extinguishment - - - 0% - (3,090) 3,090 100%Current and Deferred Taxes 400 156 244 156%(662) (1,072) 410 38%Net loss from continuing operations(7,053) (11,353) 4,300 38%(39,118) (23,956) (15,162) (63)%Net loss from discontinued operations 5,259 (1,257) 6,516 518%(8,544) (3,524) (5,020) (142)%Net loss for the period(1,794) (12,610) 10,816 86%(47,662) (27,480) (20,182) (73)%EBITDA1(2,193) (10,276) 8,083 79%(15,242) (17,284) 2,042 12%ADJUSTED EBITDA1 1,144 (5,012) 6,156 123% 2,340 (14,201) 16,541 116%         Subscription, Support and Maintenance Revenue 21,068 3,424 17,644 515% 66,767 10,741 56,026 522%Non-IFRS Financial Measures

The terms EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin used in this document do not have any standardized meaning under IFRS, may not be comparable to similar financial measures disclosed by other companies and should not be considered a substitute for, or superior to, IFRS financial measures. Readers are advised to review the section entitled "Non-IFRS Financial Measures" in the Company's management discussion and analysis for the quarter ended December 31, 2025, available on the Company's SEDAR+ page at www.sedarplus.com, for a detailed explanation of the composition of these measures and their uses.

The following table reconciles EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin to net income (loss) for the three-months, and twelve months ended December 31, 2025 and December 31, 2024:

Three months endedYears ended
December 31,December 31,December 31,December 31,
2025202420252024Net loss(7,053)(11,381)(39,118)(23,955)Add: Financing expenses2,8413769,5911,827Add: Depreciation of property equipment17266637184Add: Amortization of intangible assets1,44781914,3105,732Add: Current and deferred taxes400(156)(662)(1,072)EBITDA(2,193)(10,276)(15,242)(17,284)Add: Restructuring and Integration cost-75 533727Add: Effect of foreign exchange rate1,507-2,151-Add: Changes in FMV of Contingent Consideration, Investments Options(96)(2,960)2,661(1,907)Add: Stock compensation2,8252,72112,9947,141Add: Acquisition related expenses4128933,3922,462Less: Changes in FV of derivative liability(2,734)-(5,572)-(Gain) loss on disposal of subsidiary1,423-1,423-Add: Impairment charges-4,535-5,385Add: Loss on fixed assets write off, Debt Forgiveness, and Liability Extinguishment---(10,725)Adjusted EBITDA1,144(5,012)2,340(14,201)Segmented Revenue

Year ended December 31,Period -Over-Period Change
20252024$%Healthcare Software 93,653 15,101 78,552 520%AI and Data Sciences 10,150 4,610 5,540 120%Total 103,803 19,711 84,092 427%James Lee

Chief Executive Officer
HEALWELL AI Inc.

About HEALWELL

HEALWELL is a healthcare artificial intelligence company focused on preventative care. Its mission is to improve healthcare and save lives through early identification and detection of disease. Using its own proprietary technology, the Company is developing and commercializing advanced clinical decision support systems that can help healthcare providers detect rare and chronic diseases, improve efficiency of their practice and ultimately help improve patient health outcomes. HEALWELL is executing a strategy centered around developing and acquiring technology and clinical sciences capabilities that complement the Company's road map. HEALWELL is publicly traded on the Toronto Stock Exchange under the symbol "AIDX" and on the OTC Exchange under the symbol "HWAIF". To learn more about HEALWELL, please visit https://healwell.ai/.

Forward-Looking Statements

Certain statements in this press release, constitute "forward-looking information" and "forward looking statements" (collectively, "forward looking statements") within the meaning of applicable Canadian securities laws, including statements about the potential to monetize some of the Company's strategic investments; the Company's strategic focus for 2026; and statements about the expansion of the Company's product and service offerings into new markets and industry sectors and opportunities to expand the Company's products and service offerings to existing customers; and are based on assumptions, expectations, estimates and projections as of the date of this press release. Forward-looking statements are often, but not always, identified by words or phrases such as "evaluating" , "monetizing", "beginning to", "focus in 2026", "targeting", "transitioning", strengthening", "growth", "strategy", "accelerate", "growing", "positions", "expanding", "opportunities", ""potential",or variations of such words and phrases or statements that certain future conditions, actions, events or results "will", "may", "could", "would", "should", "might" or "can" be taken, occur or be achieved, or the negative of any of these terms . Forward-looking statements are necessarily based upon management's perceptions of historical trends, current conditions and expected future developments, as well as a number of specific factors and assumptions that, while considered reasonable by HEALWELL as of the date of such statements, are outside of HEALWELL's control and are inherently subject to significant business, economic and competitive uncertainties and contingencies which could result in the forward-looking statements ultimately being entirely or partially incorrect or untrue. Forward looking statements contained in this press release are based on various assumptions, including, but not limited to, the following: HEALWELL's ability to maintain and leverage is relationships with its commercial partners; the continued adoption of the software, tools and solutions created by HEALWELL; that HEALWELL will be successful in identifying, executing and integrating new acquisitions, investments and/or partnerships; HEALWELL's ability to deal with its investment assets and the cost and timelines associated with those dealings; the stability of general economic and market conditions; sufficiency of working capital and access to financing; HEALWELL's ability to comply with applicable laws and regulations; HEALWELL's continued compliance with third party intellectual property rights; the effects of competition in the industry; the requirement for increasingly innovative product solutions and service offerings; technologies working as intended or at all; trends in customer growth and the adoption of new technologies in the industry; and that the risk factors noted below, collectively, do not have a material impact on HEALWELL's business, operations, revenues and/or results. By their nature, forward-looking statements are subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections, or conclusions will not prove to be accurate, that assumptions may not be correct, and that objectives, strategic goals and priorities will not be achieved.

Known and unknown risk factors, many of which are beyond the control of HEALWELL, could cause the actual results of HEALWELL to differ materially from the results, performance, achievements, or developments expressed or implied by such forward-looking statements. Such risk factors include but are not limited to those factors which are discussed under the section entitled "Risk Factors" in HEALWELL's most recent annual information form dated March 31, 2025, which is available under HEALWELL's SEDAR+ profile at www.sedarplus.ca. The risk factors are not intended to represent a complete list of the factors that could affect HEALWELL and the reader is cautioned to consider these and other factors, uncertainties and potential events carefully and not to put undue reliance on forward-looking statements. There can be no assurance that forward looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements are provided for the purpose of providing information about management's expectations and plans relating to the future. HEALWELL disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, or to explain any material difference between subsequent actual events and such forward-looking statements, except to the extent required by applicable law. All of the forward-looking statements contained in this press release are qualified by these cautionary statements.

This news release contains future-oriented financial information and financial outlook information (collectively, "FOFI") about HEALWELL's targeted Adjusted EBITDA Margin for 2026, all of which are subject to the same assumptions, risk factors, limitations, and qualifications as set out in the above paragraphs. The actual financial results of HEALWELL may vary from the amounts set out herein and such variation may be material. HEALWELL and its management believe that the FOFI has been prepared on a reasonable basis, reflecting management's best estimates and judgments. However, because this information is subjective and subject to numerous risks, it should not be relied on as necessarily indicative of future results. Except as required by applicable securities laws, HEALWELL undertakes no obligation to update such FOFI. FOFI contained in this news release was made as of the date hereof and was provided for the purpose of providing further information about HEALWELL's anticipated future business operations on a post-closing basis. Readers are cautioned that the FOFI contained in this news release should not be used for purposes other than for which it is disclosed herein.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/289171

Source: HEALWELL AI

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Vancouver, British Columbia--(Newsfile Corp. - March 19, 2026) - Blue Sky Uranium Corp. (TSXV: BSK) (FSE: MAL2) (OTCQB: BKUCF), ("Blue Sky" or the "Company") and Ivana Minerales S.A. ("IMSA", the operating company for the joint-venture between Blue Sky and a subsidiary of Corporacion America Group, "COAM") are pleased to announce the initiation of a hydrogeological study in the vicinity of the Ivana uranium-vanadium deposit within its 100%-owned Amarillo Grande Project in Rio Negro Province, Argentina. The program is designed to evaluate potential water sources required to support future mining and processing operations, as well as to characterize groundwater conditions relevant to potential mine dewatering requirements.

The hydrogeological program will include geophysical surveys, drilling of exploratory water wells, installation of groundwater monitoring piezometers, short- and long-duration pumping tests, water quality analysis, and the development of a hydrogeological model for the project area. The results of this work will support ongoing technical studies related to future development of the Ivana deposit.

The program commenced in early March and is estimated to require approximately five months to complete. The cost of the hydrogeological study is currently estimated at approximately US$400,000, excluding additional work such as drilling of water wells and pumping tests, which will be defined as the program advances.

Nikolaos Cacos, Blue Sky President & CEO commented, "Advancing hydrogeological studies is an important step in the technical progression of the Ivana deposit toward future development stages. Understanding groundwater conditions and identifying reliable water supply options early in the engineering process helps reduce project risk and supports the advancement of the project toward Pre-Feasibility and Feasibility level studies."

The hydrogeological study is being carried out by Hidroar S.A., a specialized Argentine hydrogeological consulting firm with more than 30 years of experience providing groundwater and water resource services to the mining, oil & gas, institutional and infrastructure sectors.

Qualified Persons

The technical contents of this news release have been reviewed and approved by Mr. Ariel Testi, CPG, who works for the Company and is a Qualified Person as defined in National Instrument 43-101.

About Ivana Minerales S.A.

Ivana Minerales S.A. is the operating company for the joint-venture between Blue Sky and its partner Abatare Spain, S.L.U. to advance the Ivana Uranium-Vanadium deposit in Rio Negro Province of Argentina. The activities of JVCO are subject to the earn-in transaction (the "Agreement") in which COAM will fund cumulative expenditures of US$35 million to acquire a 49.9% indirect equity interest in the Ivana deposit, and then has the further right to earn up to an 80% equity interest in JVCO by completion of a feasibility study and funding the costs and expenditures up to US$160,000,000 to develop and construct the project to commercial production, subject to the terms and conditions in the Agreement. JVCO also has a Call Option to acquire a 100% interest in all or part of certain exploration targets owned by Blue Sky's 100% held subsidiary, subject to certain conditions. For additional details, please refer to the News Release dated February 27, 2025, as well as the Company's latest Financial Statements & MD&A available at blueskyuranium.com.

About Blue Sky Uranium Corp.

Blue Sky Uranium Corp. is a leader in uranium discovery in Argentina. The Company's objective is to deliver exceptional returns to shareholders by rapidly advancing a portfolio of uranium deposits into low-cost producers, while respecting the environment, the communities, and the cultures in all the areas in which we work. Blue Sky's flagship Amarillo Grande Project was an in-house discovery of a new district that has the potential to be both a leading domestic supplier of uranium to the growing Argentine market and a new international market supplier. The Company's Corcovo project has potential to host an in-situ recovery ("ISR") uranium deposit. The Company is a member of the Grosso Group, a resource management group that has pioneered exploration in Argentina since 1993.

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

This news release may contain forward-looking statements and forward-looking information (collectively, the "forward-looking statements") within the meaning of applicable securities laws. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Any statements that are contained in this press release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are often identified by terms such as "may", "should", "anticipate", "will", "estimates", "believes", "intends" "expects" and similar expressions which are intended to identify forward-looking statements. More particularly and without limitation, this press release contains forward-looking statements that, other than statements of historical fact, address activities, events or developments the Company believes, expects or anticipates will or may occur in the future, including, without limitation, the opportunity to potentially add significant incremental pounds of uranium in future resource estimations, expansion of the core zone may therefore also impact potential economics of the Ivana deposit during a future prefeasibility assessment, statements about the Company's planned drilling campaigns, its objectives and the potential mineral content of its projects. Forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.

Forward-looking statements are subject to a number of risks and uncertainties that may cause the actual results of the Company to differ materially from those discussed in the forward-looking statements and, even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on, the Company. Factors that could cause actual results or events to differ materially from current expectations include, among other things: uncertainty relating to mineral resources; risks related to heavy metal and transition metal price fluctuations, particularly uranium and vanadium; risks relating to the dependence of the Company on key management personnel and outside parties; the potential impact of global pandemics; risks and uncertainties related to governmental regulation and the ability to obtain, amend, or maintain licenses, permits, or surface rights; risks associated with technical difficulties in connection with mining activities; and the possibility that future exploration, development or mining results will not be consistent with the Company's expectations, including in respect of the Company's planned exploration program described in this news release. Actual results may differ materially from those currently anticipated in such statements. Readers are encouraged to refer to the Company's public disclosure documents for a more detailed discussion of factors that may impact expected future results. The forward-looking statements contained in this press release are made as of the date of this press release, and the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by securities law.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/289018

Source: Blue Sky Uranium Corp.

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HOUSTON, TX / ACCESS Newswire / March 19, 2026 / Barnwell Industries, Inc. (NYSE American:BRN) ("Barnwell" or the "Company") today highlighted the increased value and revenue potential of its Canadian oil production in light of recent strength in global energy prices, and provided an update on its ongoing strategic review process.

Barnwell produces crude oil from its interests in the Twining oil field in Alberta, Canada, generating approximately 950 barrels of oil equivalent per day from long-life, conventional reserves in a stable and well-established jurisdiction.

With recent increases in oil prices, the Company believes its Canadian production base is positioned to generate meaningfully higher revenue relative to recent prior periods. Barnwell's assets provide direct exposure to strengthening North American energy markets, with low operational disruption and consistent production performance.

"We believe the current commodity price environment highlights the inherent value and resilience of our Canadian production base," said Philip Patman, Jr., Chief Financial Officer of Barnwell Industries. "Our assets offer shareholders meaningful leverage to rising oil prices, and we are focused on translating this into enhanced revenues and long-term value."

The Company also confirmed that it continues to actively evaluate strategic alternatives with respect to its Canadian oil and gas assets, including the potential sale of such assets, as previously disclosed. As outlined in the Company's Form 8-K filed with the Securities and Exchange Commission on March 13, 2026, Barnwell has commenced a process to solicit and evaluate indications of interest from potential counterparties, with the intention being to confirm and potentially realize fair value for those assets in light of current market conditions.

The Company remains committed to disciplined capital allocation and maximizing shareholder value, and will provide updates as appropriate.

About Barnwell Industries, Inc.

Barnwell Industries, Inc. (NYSE:BRN) is a diversified company with operations and interests in energy and related assets. The Company is focused on disciplined capital allocation, operational excellence, and high-return growth opportunities.

Forward-Looking Statements

The information contained in this press release contains "forward-looking statements," within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. A forward-looking statement is one which is based on current expectations of future events or conditions and does not relate to historical or current facts. These statements include various estimates, forecasts, projections of Barnwell's future performance, statements of Barnwell's plans and objectives, and other similar statements. Forward-looking statements include phrases such as "expects," "anticipates," "intends," "plans," "believes," "predicts," "estimates," "assumes," "projects," "may," "will," "will be," "should," or similar expressions. Although Barnwell believes that its current expectations are based on reasonable assumptions, it cannot assure that the expectations contained in such forward-looking statements will be achieved. Forward-looking statements involve risks, uncertainties and assumptions which could cause actual results to differ materially from those contained in such statements. The risks, uncertainties and other factors that might cause actual results to differ materially from Barnwell's expectations are set forth in the "Forward-Looking Statements," "Risk Factors" and other sections of Barnwell's annual report on Form 10-K for the last fiscal year and Barnwell's other filings with the Securities and Exchange Commission. Investors should not place undue reliance on the forward-looking statements contained in this press release, as they speak only as of the date of this press release, and Barnwell expressly disclaims any obligation or undertaking to publicly release any updates or revisions to any forward-looking statements contained herein.

COMPANY:
Philip F. Patman, Jr.
Chief Financial Officer and Treasurer
Barnwell Industries, Inc.
24 Greenway Plaza, Suite 1800Q
Houston, Texas 77046
Telephone: +1 (713) 730 7026
Website: www.brninc.com

SOURCE: Barnwell Industries, Inc.

Vancouver, British Columbia--(Newsfile Corp. - March 19, 2026) - Searchlight Resources Inc. (TSXV: SCLT) (OTC Pink: SCLTF) ("Searchlight" or the "Company") is pleased to announce the completion and filing of a National Instrument 43-101 (NI 43-101) Technical Report for its Robinson Creek Gold project located approximately 16 km west of Creighton, Saskatchewan and Flin Flon, Manitoba. The report presents a comprehensive analysis of historic and current exploration, and the project's overall potential. This will provide valuable information for shareholders, investors, and stakeholders, and can be accessed and downloaded at www.searchlightresources.com.

This is the first NI 43-101 Technical Report on the Robinson Creek gold project, and it demonstrates the company's adherence to best practices, and commitment to rigorous work and transparency, in the advancement of its exploration activities. The report has been prepared in accordance with the guidelines set out in the Canadian Securities Administrators' National Instrument 43-101 Standards of Disclosure for Mineral Projects.

"We are excited to announce the completion of this comprehensive review of exploration on the Robinson Creek project. This report and the Company's planned exploration will be the next step to defining a gold deposit at Robinson Creek," stated Stephen Wallace, Searchlight CEO. "Given the current gold prices the Robinson Creek project is becoming a considerable asset to Searchlight and its shareholders.

Key highlights from the report include:

A comprehensive summary of past exploration prior to Searchlight's work on Robinson Creek Claims, including 70 drill holes completed by Hudbay and Saskatchewan Mining Development Corporation in the 1940's and 1980's.A summary of exploration carried by Searchlight Resources from 2021 to 2025.Geological evaluation which enhances the understanding of the project's geology and outlines the multiple mineralized zones at Robinson Creek and potential new targets.The report provides recommendations for a two-phase exploration strategy:Phase 1: Detailed surface mapping and prospecting to take advantage of the new outcrop exposure, Phase 2: The twinning of select historical holes to verify past high-grade results.Searchlight endorses these recommendations and has filed for an exploration permit to carry out a surface exploration during the summer of 2026 followed by a drill program to verify historic drilling.

Robinson Creek Highlights

Initial Exploration Target with ranges of 2 - 3 million tonnes, and grades between 1.20 g/t gold and 1.60 g/t gold which is amenable open-pit mining.Located 16 km west of Creighton, Saskatchewan and Flin Flon, Manitoba and 15 km from Searchlight's Bootleg Lake brownfield mine site. Compilation of 70 historical drill holes (totaling 9,618 metres) from the 1940s and 1980s.Historical drill holes and geophysics outline a zone of mineralization extending at least 1,000m along the Mosher Lake Shear Zone.Recent airborne magnetic surveys have outlined exploration potential along strike and south of the known zones.60 drill holes have gold intersections greater than 1.0 g/t gold.45 gold intersections have greater than 2.0 g/t gold over at least one metre.Multiple wide gold intersections:2.46 g/t gold over 57.60 m in DDH 81-27.59 g/t gold over 10.94 m in DDH HB-63.80 g/t gold over 21.00 m in DDH R07-12.15 g/t gold over 32.00 m in DDH 81-1Disclaimer Drill Compilation: Management cautions that the presented drill sample results are historical in nature, and Searchlight has not undertaken any independent investigation of the sampling, nor has it independently analyzed the results of the previous exploration work to verify the results. Searchlight considers these sample results relevant, as the Company uses historical reports and sample results to evaluate and plan future exploration programs. All drill intercepts are drill-indicated lengths. Insufficient technical information exists to demonstrate the true widths of these intersections. The technical information is derived from public documents available through the Saskatchewan Government Ministry of Energy and Resources.

Disclaimer Initial Exploration Target: The potential quantity and grades are conceptual in nature. There has been insufficient exploration drilling to define a mineral resource and it is uncertain if further exploration will result in the Exploration Target being delineated as a mineral resource.

Map 1 - Location of Robinson Creek Claims

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/9828/289070_0472e466a4074bfc_002full.jpg

Map 2 - Location of drill holes on Total Magnetic Intensity (TMI)

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/9828/289070_0472e466a4074bfc_003full.jpg

The Robinson Creek Technical report has been authored by Ty Magee, PGeo, of Axiom Exploration Group Ltd. of Saskatoon Saskatchewan. Mr. Magee is a Professional Geologist and an Independent Qualified Person pursuant to NI 43-101 Standards of Disclosure for Mineral Projects. The report will be available for review on the company's website and filed on SEDAR+.

Qualified Person
Stephen Wallace, P.Geo., is Searchlight's Qualified Person within the meaning of National Instrument 43-101 and has reviewed and approved the technical information contained in this news release.

About Searchlight Resources Inc.
Searchlight Resources Inc. (TSXV: SCLT) (OTC Pink: SCLTF) is a Canadian mineral exploration and development company focused on Gold in Saskatchewan, Canada, which has been ranked as one of the top 10 locations in the world for mining investment by the Fraser Institute. The Company is currently planning the reopening of the Rio Gold Mine located 5km from Creighton, Saskatchewan and Flin Flon, Manitoba.

SEARCHLIGHT RESOURCES INC.

Stephen Wallace CEO

On behalf of the Board of Directors,
"Stephen Wallace"
Stephen Wallace, President, CEO and Director
SEARCHLIGHT RESOURCES INC.

Forward-Looking Statements

Information set forth in this news release contains forward-looking statements that are based on assumptions as of the date of this news release. These statements reflect management's current estimates, beliefs, intentions and expectations. They are not guarantees of future performance. The Company cautions that all forward-looking statements are inherently uncertain, and that actual performance may be affected by a number of material factors, many of which are beyond the Company's control. Such factors include, among other things: risks and uncertainties relating to the Company's limited operating history and the need to comply with environmental and governmental regulations. Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward-looking information. Except as required under applicable securities legislation, the Company undertakes no obligation to publicly update or revise forward-looking information.

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

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/289070

Source: Searchlight Resources Inc.

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Breakthrough Therapy Designation granted to nomlabofusp for the treatment of adults and children with FA based on FDA’s review of available clinical data from open label studyContinued alignment with FDA to consider the use of skin FXN to support BLA submission seeking accelerated approval following recent START pilot program meeting

Topline open label study data to support BLA submission expected in Q2 2026Plan to initiate screening in global Phase 3 confirmatory study in Q2 2026, with dosing of first patient expected mid-2026Planned BLA submission seeking accelerated approval on track for June 2026; U.S. launch targeted for first-half 2027, if approved 
                                                                                                         
Successful closing of $115 million February 2026 public offering, that included new and existing healthcare focused investors, strengthens balance sheet and extends cash runway$244.5 million in pro forma* cash, cash equivalents and marketable securities as of December 31, 2025, with projected cash runway into the second quarter of 2027  *Pro forma cash, cash equivalents, and marketable securities of $244.5 million reflects $136.9 million of cash, cash equivalents and marketable securities as of December 31, 2025 combined with the $107.6 million in net proceeds from the recently completed February 2026 public offering.

BALA CYNWYD, Pa., March 19, 2026 (GLOBE NEWSWIRE) -- Larimar Therapeutics, Inc. (Larimar) (Nasdaq: LRMR), a clinical-stage biotechnology company focused on developing treatments for complex rare diseases, today reported its fourth quarter and full year 2025 operating and financial results.

“This is an exciting and pivotal time for Larimar as we continue advancing nomlabofusp toward registration. Receiving Breakthrough Therapy Designation from the Food and Drug Administration (FDA) highlights both the significant unmet needs in Friedreich’s ataxia (FA) and the potential of nomlabofusp to address the underlying frataxin (FXN) deficiency that causes the disabilities experienced by people with FA,” said Carole Ben-Maimon, MD, President and Chief Executive Officer of Larimar. “Importantly, our ongoing engagement with the FDA reinforces our registrational path, and we remain on track to submit our Biologics License Application (BLA) seeking accelerated approval in June 2026. In the second quarter of this year, we expect to report topline data from our open label (OL) study, as well as initiate screening in our global confirmatory Phase 3 study. With a strengthened balance sheet following our recent financing and an extended cash runway into the second quarter of 2027, we are strongly positioned to execute on our registrational milestones over the next 12 months. Nomlabofusp has the potential to become the first disease-modifying therapy for FA, and we are committed to delivering it as rapidly as possible to the FA community who continues to face significant unmet medical need.”

Highlights

Breakthrough Therapy Designation: In February, the FDA granted Breakthrough Therapy Designation to nomlabofusp for the treatment of adults and children with FA. The designation was based on the FDA’s review of available clinical data from the Company’s ongoing OL study evaluating nomlabofusp in adult and pediatric patients with FA.FDA Meeting Comments Support Planned Submission of BLA in June 2026: In February, following a recent Support for Clinical Trials Advancing Rare Disease Therapeutics (START) pilot program meeting with FDA and review of preliminary clinical data for the nomlabofusp program, Larimar announced continued alignment with the FDA on BLA content including:FXN as Novel Surrogate Endpoint: FDA reaffirmed willingness to consider use of FXN as novel surrogate endpoint and confirmed that the preliminary exposure-response data presented exploring the relationship between nomlabofusp exposures and clinical outcome measures is the type that can support the future BLA.Reference Population: FDA confirmed the process proposed for selecting a reference population based on matched subjects from the Friedrich’s Ataxia Clinical Outcomes Measure Study (FACOMS) database for the natural history comparisons of clinical endpoints to be used for the BLA submission and offered to provide advance review and comment on the proposed statistical plan.Safety Dataset: FDA stated that the adequacy of the safety dataset will be a matter of review at the time of BLA submission.Global Phase 3 Study: FDA is aligned with plans to have the global confirmatory Phase 3 study underway at the time of BLA submission and confirmed that change from baseline in the Upright Stability Score (USS) (a subscale of mFARS) is a reasonable and clinically relevant primary endpoint for the planned Phase 3 study. Strengthened Balance Sheet: In February, Larimar completed a public offering of common stock with net proceeds of $107.6 million that included new and existing leading healthcare investors, extending its projected cash runway into the second quarter of 2027.
Topline OL Study Data in Second Quarter of 2026: Larimar plans to report topline data from the OL study that is intended to support BLA submission in the second quarter of 2026.
Global Confirmatory Phase 3 Study: Plan to initiate screening in the second quarter of 2026, with dosing of first patient expected mid-2026.BLA Submission on Track: BLA seeking accelerated approval planned to be submitted in June 2026; U.S. launch targeted for first-half 2027, if approved. Fourth Quarter and Full Year 2025 Financial Results 

As of December 31, 2025, the Company had cash, cash equivalents and marketable securities totaling $136.9 million. Together with net proceeds of approximately $107.6 million from the February 2026 public offering, the Company has projected cash runway into the second quarter of 2027.

The Company reported a net loss for the fourth quarter of 2025 of $62.5 million, or $0.73 per share of common stock, compared to a net loss of $28.8 million, or $0.45 per share of common stock, for the fourth quarter of 2024.

Research and development expenses for the fourth quarter of 2025 were $59.4 million compared to $26.7 million for the fourth quarter of 2024. The rise in research and development expenses was primarily driven by an increase of $30.4 million nomlabofusp manufacturing costs, including process performance qualification and commercialization scale up activities, an increase of $1.5 million in costs associated with ongoing clinical studies, an increase of $0.5 million in professional consulting fees for quality, clinical, and regulatory activities, an increase of $0.3 million in personnel expense primarily due to increased headcount related to nomlabofusp development, and an increase of $0.3 million in non-clinical costs related to assay development and other drug development costs.

General and administrative expenses for both the fourth quarter of 2025 and the fourth quarter of 2024 were $4.6 million due to an increase of $0.4 million in professional consulting fees related to ongoing and increasing commercial activities and offset by a decrease of $0.4 million in non-cash stock compensation expense.

Other income (expense), net was $1.5 million of income in the three months ended December 31, 2025 compared to $2.5 million of income in the three months ended December 31, 2024. The decrease was primarily driven by lower interest and accretion income due to lower interest yields and lower average investable cash, cash equivalents, and marketable securities balances.

For the full year 2025, the Company reported a net loss of $165.7 million, or $2.27 per share of common stock, compared to a net loss of $80.6 million, or $1.32 per share of common stock, for the same period in 2024.

Research and development expenses for the full year 2025 were $154.2 million compared to $73.3 million for the same period in 2024. The rise in research and development expenses was primarily driven by an increase of $63.3 million in nomlabofusp manufacturing costs, including process performance qualification and commercialization scale up activities, an increase of $6.3 million in costs associated with ongoing clinical studies, an increase of $5.9 million in professional consulting fees for quality, clinical, and regulatory activities, an increase of $4.3 million in personnel expense primarily due to increased headcount, and an increase of $2.1 million in non-clinical costs related to assay development and drug development.

General and administrative expenses for the full year 2025 were $18.3 million compared to $17.6 million for 2024. This increase was primarily attributable to an increase of $1.2 million in personnel expense driven by increased headcount and an increase of $0.9 million in professional consulting fees primarily related to ongoing and increasing pre-commercial activities, partially offset by a decrease in non-cash stock compensation expense.

Other income (expense), net was $6.8 million of income in the twelve months ended December 31, 2025 compared to $10.3 million of income in the twelve months ended December 31, 2024. The decrease was primarily driven by lower interest and accretion income due to lower interest yields and lower average investable cash, cash equivalents, and marketable securities balances.

About Larimar Therapeutics
Larimar Therapeutics, Inc. (Nasdaq: LRMR), is a clinical-stage biotechnology company focused on developing treatments for complex rare diseases. Larimar’s lead compound, nomlabofusp, is being developed as a potential treatment for Friedreich's ataxia. Larimar also plans to use its intracellular delivery platform to design other fusion proteins to target additional rare diseases characterized by deficiencies in intracellular bioactive compounds. For more information, please visit: https://larimartx.com.

Forward-Looking Statements
This press release contains forward-looking statements that are based on Larimar’s management’s beliefs and assumptions and on information currently available to management. All statements contained in this release other than statements of historical fact are forward-looking statements, including but not limited to statements regarding Larimar’s ability to develop and commercialize nomlabofusp and any other planned product candidates, Larimar’s planned research and development efforts, including the timing of its nomlabofusp clinical trials, interactions and filings with the FDA, expectations regarding the timing of the BLA submission, the expectations of the timing of, and potential for, accelerated approval or accelerated access, time to launch and market and overall development plans and other matters regarding Larimar’s business strategies, ability to raise capital, use of capital, results of operations and financial position, and plans and objectives for future operations.

In some cases, you can identify forward-looking statements by the words “may,” “will,” “could,” “would,” “should,” “expect,” “intend,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “project,” “potential,” “continue,” “ongoing” or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. These statements involve risks, uncertainties and other factors that may cause actual results, performance, or achievements to be materially different from the information expressed or implied by these forward-looking statements. These risks, uncertainties and other factors include, among others, the success, cost and timing of Larimar’s product development activities, nonclinical studies and clinical trials, including nomlabofusp clinical milestones and continued interactions with the FDA and Larimar’s ability to timely implement the revised dosing regimen in its clinical program for nomlabofusp; that preliminary clinical trial results may differ from final clinical trial results, that earlier non-clinical and clinical data and testing of nomlabofusp may not be predictive of the results or success of later clinical trials, and assessments; that the FDA may not ultimately agree with Larimar’s nomlabofusp development strategy; Larimar’s ability to realize the benefits of Breakthrough Therapy Designation; the potential impact of public health crises on Larimar’s future clinical trials, manufacturing, regulatory, nonclinical study timelines and operations, and general economic conditions; Larimar’s ability and the ability of third-party manufacturers Larimar engages, to optimize and scale nomlabofusp’s manufacturing process; Larimar’s ability to obtain regulatory approvals for nomlabofusp and future product candidates; Larimar’s ability to develop sales and marketing capabilities, whether alone or with potential future collaborators, and to successfully commercialize any approved product candidates; Larimar’s ability to raise the necessary capital to conduct its product development activities; and other risks described in the filings made by Larimar with the Securities and Exchange Commission (SEC), including but not limited to Larimar’s periodic reports, including the annual report on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K, filed with or furnished to the SEC and available at www.sec.gov. These forward-looking statements are based on a combination of facts and factors currently known by Larimar and its projections of the future, about which it cannot be certain. As a result, the forward-looking statements may not prove to be accurate. The forward-looking statements in this press release represent Larimar’s management’s views only as of the date hereof. Larimar undertakes no obligation to update any forward-looking statements for any reason, except as required by law.

Larimar Therapeutics, Inc.Consolidated Balance Sheet(In thousands except share data)(unaudited) December 31, December 31,  2025   2024 Assets   Current assets:   Cash and cash equivalents$85,412  $33,218 Short-term marketable securities 51,440   150,236 Prepaid expenses and other current assets 5,170   11,850 Total current assets 142,022   195,304 Property and equipment, net 622   881 Operating lease right-of-use assets 2,069   2,838 Restricted cash 606   606 Other assets 523   596 Total assets$145,842  $200,225 Liabilities and Stockholders’ Equity   Current liabilities:   Accounts payable$5,216  $2,424 Accrued expenses 58,474   20,872 Operating lease liabilities, current 1,105   1,060 Total current liabilities 64,795   24,356 Operating lease liabilities 2,962   4,057 Total liabilities 67,757   28,413 Commitments and contingencies (See Note 8)   Stockholders’ equity:   Preferred stock; $0.001 par value per share;
5,000,000 shares authorized as of December 31, 2025
and December 31, 2024; 250,000*and no shares issued
and outstanding as of December 31, 2025 and
December 31, 2024, respectively —   — Common stock, $0.001 par value per share;
115,000,000 shares authorized as of December 31, 2025
and December 31, 2024; 83,090,392*and 63,815,065
shares issued and outstanding as of December 31, 2025
and December 31, 2024, respectively 83   64 Additional paid-in capital 512,779   440,758 Accumulated deficit (434,831)  (269,158)Accumulated other comprehensive gain 54   148 Total stockholders’ equity 78,085   171,812 Total liabilities and stockholders’ equity$145,842  $200,225          * At December 31, 2025, there were 83,090,392 common shares outstanding and 250,000 shares of Series A Convertible Preferred shares outstanding. The Series A Convertible Preferred shares are non-voting but can be converted at any time at the option of the holder into 2,500,000 shares of Common. On a pro-forma basis, there are 85,590,392 common shares outstanding on an as-converted basis.

 Larimar Therapeutics, Inc.Consolidated Statements of Operations(In thousands, except share and per share data)(unaudited)         Three Months Ended December 31, Year Ended December 31,  2025   2024   2025   2024 Operating expenses:       Research and development$59,373  $26,738  $154,224  $73,278 General and administrative 4,645   4,555   18,273   17,612 Total operating expenses 64,018   31,293   172,497   90,890 Loss from operations (64,018)  (31,293)  (172,497)  (90,890)Other income, net 1,520   2,469   6,824   10,286 Net loss$(62,498) $(28,824) $(165,673) $(80,604)        Comprehensive loss:       Net loss$(62,498) $(28,824) $(165,673) $(80,604)Other comprehensive loss:       Unrealized gain (loss) on marketable securities (12)  (210)  (94)  67 Total other comprehensive gain (loss) (12)  (210)  (94)  67 Total comprehensive loss$(62,510) $(29,034) $(165,767) $(80,537)        Basic and diluted net loss per share       Common stock$(0.73) $(0.45) $(2.27) $(1.32)Preferred stock$(1.19) $—  $(1.19) $— Weighted-average shares used in computing basic and diluted net loss per share      Common stock 85,182,783   63,810,823   72,947,927   61,256,084 Preferred stock 250,000   -   250,000   - 

Preclinical results in therapy-resistant HER2-low breast cancer models demonstrate enhanced antitumor activity and reversal of resistance with PLK1 inhibition March 19, 2026 07:00 ET  | Source: Cardiff Oncology, Inc.

SAN DIEGO, March 19, 2026 (GLOBE NEWSWIRE) -- Cardiff Oncology, Inc. (Nasdaq: CRDF), a clinical-stage biotechnology company leveraging PLK1 inhibition to develop novel therapies across a range of cancers, today announced that new preclinical data highlighting the potential of its highly specific oral PLK1 inhibitor, onvansertib, in combination with trastuzumab deruxtecan (T-DXd) will be presented at the American Association for Cancer Research Annual Meeting 2026, taking place April 17-22, 2026 in San Diego, California.

The poster presentation will showcase findings demonstrating that onvansertib enhanced the antitumor activity of T-DXd and reversed resistance in therapy-resistant HER2-low breast cancer models.

Poster Presentation Details:

Title: PLK1 inhibitor onvansertib potentiates the antitumor efficacy of trastuzumab deruxtecan (T-DXd) and reverses its resistance in therapy-resistant HER2-low breast cancer modelsDate & Time: April 19, 2026 | 2:00 PM – 5:00 PM PTAbstract Number: 329
The poster will be made available on the Scientific Publications page of the Company’s website following the presentation.

About Onvansertib
Onvansertib is a highly specific, oral PLK1 inhibitor currently in mid-stage clinical development for RAS-mutated metastatic colorectal cancer. It is also being evaluated in multiple other cancers through investigator-initiated studies, including metastatic pancreatic ductal adenocarcinoma (mPDAC), small cell lung cancer (SCLC), triple-negative breast cancer (TNBC), and chronic myelomonocytic leukemia (CMML).

About Cardiff Oncology, Inc.
Cardiff Oncology is a clinical-stage biotechnology company advancing innovative cancer treatments focused on PLK1 inhibition, a validated oncology target with practice-changing potential. Our lead asset, onvansertib, is a highly specific, oral PLK1 inhibitor currently being evaluated in a Phase 2 trial for first-line treatment of RAS-mutated metastatic colorectal cancer (“mCRC”), addressing a large, underserved patient population with high unmet need. Onvansertib is also under investigation in other PLK1-driven cancers through ongoing investigator-initiated trials and has shown robust single agent clinical activity in hard-to-treat tumors. By targeting tumor vulnerabilities, we aim to overcome treatment resistance and deliver improved clinical outcomes for patients.

For more information, please visit https://www.cardiffoncology.com.

Investor Contact:
Candice Masse
astr partners
[email protected]

Media Contact:
Amy Bonanno
Lyra Strategic Advisory
[email protected]

LONDON and NEW YORK, March 19, 2026 (GLOBE NEWSWIRE) -- OKYO Pharma Limited (NASDAQ: OKYO), a clinical-stage biopharmaceutical company developing investigational therapies for the treatment of neuropathic corneal pain (NCP) and for inflammatory eye diseases, today announced it has been informed that Gary Jacob, Chief Development Officer and Director, has acquired 30,980 of the Company’s ordinary shares on NASDAQ at $1.59, bringing his total holding to 108,920 shares.

About Urcosimod (formerly called OK-101)

Urcosimod is a lipid conjugated chemerin peptide agonist of the ChemR23 G-protein coupled receptor which is typically found on immune cells of the eye responsible for the inflammatory response, as well as on neurons and glial cells in the dorsal root ganglion. Urcosimod has been shown to produce anti-inflammatory and pain-reducing activities in a mouse model of dry eye disease and in a neuropathic corneal pain mouse model, respectively. OKYO recently announced positive data on NCP pain reduction in a randomized, placebo-controlled, double-masked Phase 2a trial involving 18 neuropathic corneal pain subjects. Urcosimod has shown significant pain reduction in an earlier 240 subject Phase 2, multi-center, double-masked, placebo-controlled trial in DED, which supports the development rationale in NCP.

About OKYO Pharma

OKYO Pharma Limited (Nasdaq: OKYO) is a clinical-stage biopharmaceutical company developing innovative therapies for the treatment of neuropathic corneal pain (NCP) and inflammatory eye diseases, with ordinary shares listed for trading on the Nasdaq Capital Market. OKYO is focused on the discovery and development of novel molecules to treat neuropathic corneal pain and other ocular diseases. OKYO recently completed a successful phase 2 trial of its flagship drug urcosimod in subjects with NCP and plans to initiate a ~150 subject Phase 2b/3 multiple-dose study of urcosimod to treat NCP in the first half of this year.

For further information, please visit www.okyopharma.com.

Inquiries:

Business Development & Investor RelationsPaul Spencer+44 (0)20 7495 2379

Targets $2.5 billion in net sales by 2030, driven by core business growth, category expansion, and Pro channel penetration

Presents 5-year financial objectives including 8-12% revenue CAGR, low-double-digit Adjusted EBITDA CAGR, and high-teen ROIC

Provides blueprint to pursue $18+ billion market opportunity across retail, Pro distribution, and industrial MRO channels

Affirms 2026 guidance of $1.6 billion to $1.7 billion in net sales, $275 million to $285 million in Adjusted EBITDA, and $100 million to $120 million of Free Cash Flow

CINCINNATI, March 19, 2026 (GLOBE NEWSWIRE) -- Hillman Solutions Corp. (Nasdaq: HLMN) (the “Company” or “Hillman”), a leading provider of hardware-related products and merchandising solutions, is hosting its inaugural Investor Day today at its Customer Support Center in Cincinnati beginning at 8:30 a.m. Eastern Time.

Jon Michael Adinolfi, Hillman's Chief Executive Officer, commented, “Since becoming a public company in 2021, Hillman has strengthened its position as a premier category leader while consistently delivering profitable growth and improving its financial profile. Our Investor Day highlights the structural advantages that make Hillman resilient through market cycles and uniquely positioned to further compound earnings growth.”

“Today we are unveiling our blueprint for value creation, which builds on the strengths of our core fastening and hardware platform while expanding our presence across categories and channels. With our strong channel relationships, global sourcing agility, and highly experienced field sales team, we believe Hillman is uniquely positioned to capture additional share gains across a growing and largely untapped $18+ billion market.

“Our five-year financial objectives reflect our confidence in Hillman’s strategic blueprint and core operational competencies. By executing against our strategy with disciplined capital allocation we see a clear path to sustained revenue growth, margin expansion, cash generation, and strong returns on invested capital for the foreseeable future.”

Blueprint and Catalysts for Value Creation

Hillman outlined a strategic blueprint designed to drive durable growth and long-term shareholder value:

Own the Core: Hillman’s resilient core fastener and hardware-related business serves as the foundation for growth, supported by industry-leading category management, integrated operations, and long-standing customer relationships. Expand Categories: Further leverage operational capabilities and deep customer relationships that enable expansion across new and existing product categories, unlocking incremental revenue opportunities. Win the Pro: Accelerate new business wins with specialty distribution, LBM and industrial MRO distributors, where Hillman’s structural advantages provide a scalable growth platform. ROIC Focus: Maintain disciplined capital allocation supported by strong free cash flow generation and a solid balance sheet, enabling targeted investments and bolt-on acquisitions that enhance returns on invested capital. 5-Year Financial Objectives

Over the next five years, from a base of full year 2025 through full year 2030, the Company expects:

Revenue: An 8%-12% CAGR, targeting $2.5 billion in net sales by 2030, driven by core growth, category expansion, pro channel penetration, and M&A. Adjusted EBITDA: Low-double-digit CAGR, with continued margin expansion supported by global sourcing agility, operational leverage, and favorable product mix. Net leverage: Maintain below 2.5x net debt-to-Adjusted EBITDA ratio, preserving financial flexibility for organic investment and bolt-on acquisitions. ROIC: High-teen percentage target, driven by a scalable platform, approximately 100% average free cash flow conversion of Adjusted Net Income, and disciplined capital deployment. Investor Day Webcast

A live webcast of the presentations and the accompanying slide materials will be available on the company’s investor relations website at https://ir.hillmangroup.com or the direct link below. All interested parties are invited to register for the webcast.

Date: Today, March 19, 2026
Time: 8:30 a.m. Eastern Time
Webcast: Hillman Investor Day microsite

A webcast replay will be available on the website after the event.

About Hillman Solutions Corp.
Founded in 1964 and headquartered in Cincinnati, Hillman is a leading provider of hardware and related products serving retail, pro distribution, and industrial MRO customers. Over the last 60-plus years, Hillman has built a legacy of service and growth by forming strategic partnerships with North America’s leading home improvement, hardware, and farm and fleet retailers. Hillman differentiates itself from the competition with its dedicated field sales team of 1,200+ associates, direct-to-store distribution capabilities, and world class global sourcing and supply chain expertise. The company offers an extensive product portfolio of more than 111,000 SKUs, including fasteners (power screws, nuts, and bolts), hardware (builder’s hardware, rope & chain, accessories), project gear & supplies (gloves, work gear, paint & cleaning sundries), and key and engraving services (key duplication, auto keys, and engraving). Hillman is committed to delivering exceptional customer service, innovative products, and dependable solutions to its customers and regularly earns vendor of the year recognition from top customers. For more information on Hillman, visit www.hillman.com.

Non-GAAP Financial Measures
The Company uses non-GAAP financial measures to analyze underlying business performance and trends. The Company believes that providing these non-GAAP financial measures enhances the Company’s and investors’ ability to compare the Company’s past financial performance with its current performance. These non-GAAP financial measures are provided as supplemental information to the financial measures presented in this press release that are calculated and presented in accordance with GAAP. Non-GAAP financial measures should not be considered a substitute for, or superior to, financial measures determined or calculated in accordance with GAAP. The Company’s definitions of its non-GAAP financial measures may not be comparable to similarly titled measures reported by other companies. Because GAAP financial measures on a forward-looking basis are not accessible, and reconciling information is not available without unreasonable effort, reconciliations to GAAP financial measures are not provided for forward-looking non-GAAP measures. For the same reasons, the Company is unable to address the probable significance of the unavailable information, which could be material to future results.

Non-GAAP financial measures such as consolidated adjusted EBITDA and Adjusted Diluted Earnings per Share (EPS) exclude from the relevant GAAP metrics items that neither relate to the ordinary course of the Company’s business, nor reflect the Company’s underlying business performance.

Forward-Looking Statements
You should not rely on these forward-looking statements as predictions of future events. Words such as "expect," "estimate," "project," "budget," "forecast," "anticipate," "intend," "plan," “target”, “goal”, "may," "will," "could," "should," "believes," "predicts," "potential," "continue," and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, the Company’s expectations with respect to future performance. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results. Most of these factors are outside the Company's control and are difficult to predict. Factors that may cause such differences include, but are not limited to: (1) unfavorable economic conditions that may affect operations, financial condition and cash flows including spending on home renovation or construction projects, inflation, recessions, instability in the financial markets or credit markets; (2) increased supply chain costs, including tariffs, raw materials, sourcing, transportation and energy; (3) the highly competitive nature of the markets that we serve; (4) the ability to continue to innovate with new products and services; (5) seasonality; (6) large customer concentration; (7) the ability to recruit and retain qualified employees; (8) the outcome of any legal proceedings that may be instituted against the Company; (9) adverse changes in currency exchange rates; or (10) regulatory changes and potential legislation that could adversely impact financial results. The foregoing list of factors is not exclusive, and readers should also refer to those risks that are included in the Company’s filings with the Securities and Exchange Commission (“SEC”), including its Annual Report on Form 10-K for the fiscal year ended December 27, 2025. Given these uncertainties, current or prospective investors are cautioned not to place undue reliance on any such forward-looking statements.

Except as required by applicable law, the Company does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements in this communication to reflect any change in its expectations or any change in events, conditions or circumstances on which any such statement is based.

Contact:
Michael Koehler
Vice President of Investor Relations & Treasury
513-826-5495
[email protected]

IRVINE, Calif., March 19, 2026 (GLOBE NEWSWIRE) -- Lantronix Inc. (Nasdaq: LTRX), a global provider of Edge AI and Industrial IoT solutions that power NDAA-compliant unmanned systems, critical infrastructure, and resilient enterprise networks, and Unusual Machines, Inc. (NYSE American: UMAC), a leading provider of NDAA-compliant drone components, today announced a strategic collaboration to develop next-generation autonomous drone components integrating edge AI compute with mission-critical flight control systems.

The collaboration aligns with accelerating U.S. defense investment in manufacturing autonomous systems at scale. The U.S. Department of War’s Drone Dominance Program, a $1.1 billion, multi-phase initiative, is designed to rapidly field hundreds of thousands of advanced unmanned platforms by 2027. The program emphasizes trusted domestic supply chains, AI-enabled autonomy, modular architectures, and faster, iterative development cycles.

Under the collaboration, Lantronix’s high-performance edge AI compute and system-on-module (SOM), together with Unusual Machines’ flight components, enable real-time perception, autonomous navigation, and mission execution in demanding environments. Together, the companies are developing components that work seamlessly together to support a variety of scalable platforms used by their shared customers. This is expected to accelerate customer deployment timelines, reduce integration efforts, and support evolving operational requirements.

Lantronix’s compute platform enables real-time perception pipelines, including sensor ingest, detection, classification, and tracking, allowing autonomous systems to operate independently at the edge and perform mission-critical functions such as identifying and responding to targets without reliance on external network connectivity. The platform builds on Lantronix’s strengths in high-performance SOMs, integrated multi-sensor camera pipelines, and real-time AI perception and autonomous response.   As an American technology company with an established operational track record, Lantronix is positioning its edge AI platform to help address critical gaps in the U.S. drone ecosystem and support trusted domestic supply chains as autonomous systems adoption accelerates.

“In modern autonomous systems, edge compute serves as the brain that enables real-time perception, autonomy, and mission execution,” said Saleel Awsare, president and CEO of Lantronix. “This collaboration brings together edge AI compute and mission-critical flight control into a modular platform that allows our customers to accelerate development and scale production as demand increases. It reinforces our evolution from a component supplier to a platform partner serving the growing autonomous systems ecosystem.”

“As autonomous systems scale, reliable and tightly integrated flight control becomes essential to enabling advanced onboard capabilities without having the drones fall out of the sky,” said Allan Evans, CEO of Unusual Machines. “Working with Lantronix allows us to design and, more importantly, debug our flight platforms to work across a variety of architectures that have advanced edge AI capability. We believe this positions both companies to provide better components to the drone manufacturers that are already proven to work.”

The companies expect to begin joint platform development immediately, with initial demonstrations targeted over the next 12 months. The modular architecture is designed to support future upgrades without requiring full system redesign, enabling customers to adapt as mission requirements evolve.

The collaboration reinforces both companies’ commitment to enabling a supply chain for autonomous systems. This will support evolving defense modernization initiatives and accelerate production at scale of AI-enabled drone platforms across defense, public safety, and commercial applications.

About Lantronix 

Lantronix Inc. (Nasdaq: LTRX) is a global leader in Edge AI and Industrial IoT solutions, delivering intelligent computing, secure connectivity and remote management for mission-critical applications. Serving high-growth markets, including smart cities, enterprise IT and commercial and defense unmanned systems, including drones, Lantronix enables customers to optimize operations and accelerate digital transformation. Its comprehensive portfolio of hardware, software and services powers applications from secure video surveillance and intelligent utility infrastructure to resilient out-of-band network management. By bringing intelligence to the network edge, Lantronix helps organizations achieve efficiency, security and a competitive edge in today’s AI-driven world. For more information, visit the Lantronix website.

About Unusual Machines

Unusual Machines manufactures and sells drone components and drones across a diversified brand portfolio, which includes Fat Shark, the leader in FPV (first-person view) ultra-low latency video goggles for drone pilots. The Company also retails small, acrobatic FPV drones and equipment directly to consumers through the curated Rotor Riot ecommerce store. With a changing regulatory environment, Unusual Machines seeks to be a dominant Tier-1 parts supplier to the fast-growing multi-billion-dollar U.S. drone industry. According to Fact.MR, the global drone accessories market is currently valued at $17.5 billion and is set to top $115 billion by 2032. For more information, please visit unusualmachines.com.

“Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995: This news release contains forward-looking statements within the meaning of federal securities laws, including, without limitation, statements concerning growth expectations in the global drone market and Lantronix’s positioning to capitalize on opportunities for growth in the drone and defense technology markets. These forward-looking statements are based on our current expectations and are subject to substantial risks and uncertainties that could cause our actual results, future business, financial condition, or performance to differ materially from our historical results or those expressed or implied in any forward-looking statement contained in this news release. The potential risks and uncertainties include, but are not limited to, such factors as the effects of negative or worsening regional and worldwide economic conditions or market instability on our business, including effects on purchasing decisions by our customers; our ability to mitigate any disruption in our and our suppliers’ and vendors’ supply chains due to changes in U.S. or foreign government trade policies, including recently increased or future tariffs, a pandemic or other outbreaks, wars and recent conflicts in Europe, Asia and the Middle East, or other factors; future responses to and effects of public health crises; cybersecurity risks; changes in applicable U.S. and foreign government laws and regulations; our ability to successfully implement our acquisitions strategy or integrate acquired companies; difficulties and costs of protecting patents and other proprietary rights; the level of our indebtedness, our ability to service our indebtedness and the restrictions in our debt agreements; and any additional factors included in our Annual Report on Form 10-K for the fiscal year ended June 30, 2025, filed with the Securities and Exchange Commission (the “SEC”) on Aug. 29, 2025, including in the section entitled “Risk Factors” in Item 1A of Part I of that report, as well as in our other public filings with the SEC. Additional risk factors may be identified from time to time in our future filings. In addition, actual results may differ as a result of additional risks and uncertainties about which we are currently unaware or which we do not currently view as material to our business. For these reasons, investors are cautioned not to place undue reliance on any forward-looking statements. The forward-looking statements we make speak only as of the date on which they are made. We expressly disclaim any intent or obligation to update any forward-looking statements after the date hereof to conform such statements to actual results or to changes in our opinions or expectations, except as required by applicable law or the rules of the Nasdaq Stock Market LLC. If we do update or correct any forward-looking statements, investors should not conclude that we will make additional updates or corrections.

©2026 Lantronix, Inc. All rights reserved. Lantronix is a registered trademark. Other trademarks and trade names are those of their respective owners.

Lantronix Media Contact:
[email protected] 
949-212-0960 

Lantronix Investor Contact:
Matt Glover and Greg Robles
Gateway Group, Inc.
[email protected]
949-574-3860

Unusual Machines Investor Contact:
CS Investor Relations
[email protected]

Unusual Machines Media Contact:
[email protected]

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Evernorth Holdings has officially filed its Form S-4 with the U.S. SEC on March 18, 2026, bringing its plans into the public eye. The company is now moving closer to a Nasdaq listing under the ticker XRPN.

This filing is part of a merger with Armada Acquisition Corp. II, a SPAC deal that helps companies go public faster. If everything goes through, Evernorth could become one of the biggest publicly traded companies built around XRP.

CEO Asheesh Birla made it clear that the idea is simple, finance is changing, and digital assets like XRP are going to play a much bigger role in how money moves around the world.

“We believe global finance is entering a new era with digital assets playing a larger role in how capital is held, managed, and deployed.”

Betting High on XRPThe scale of this plan is massive. Evernorth is aiming to raise more than $1 billion through this deal. Ripple has already backed the move by contributing over 126 million XRP tokens, while other investors have added more than $214 million in cash along with extra XRP.

On top of that, Evernorth has been quietly building its own XRP reserves. It now holds a large amount of the token, putting it among the biggest institutional players in the XRP space.

But this isn’t just about holding coins and waiting. The company plans to actively use its XRP. That includes lending it out, providing liquidity, and taking part in decentralized finance. It also plans to run validators on the XRP Ledger and use RLUSD to connect with XRP-based financial activity.

Perfect Timing With RegulationTiming is quite important here. On the same day as the filing, U.S. regulators classified XRP as a digital commodity instead of a security. 

“We always knew XRP wasn’t a security, and now the SEC has confirmed it is a digital commodity. Grateful to the Crypto Task Force for delivering the clarity that markets, investors, and innovators have long deserved.” — Stuart Alderoty

This clears up years of uncertainty. For large investors, this kind of clarity matters a lot. It makes it easier for them to step in without worrying about legal risks.

Making XRP Accessible to Big InvestorsA big problem in crypto has always been access. Many large institutions simply can’t hold crypto directly due to rules and restrictions. Evernorth solves that problem. Listing on Nasdaq gives these investors a simple way to gain exposure to XRP through the stock market. No wallets, no custody issues.

What also makes this model different is that it’s not just tracking XRP’s price like an ETF. The company plans to grow its XRP holdings over time, which could increase value per share if done right.

XRP Network Is Getting BusierAt the same time, activity on the XRP Ledger is picking up. The network now has over 7.7 million wallets, the highest ever. Active users are rising, and daily transactions are nearing 3 million.

There’s also growth in tokenized assets, with the value jumping from $111 million to $1.14 billion this year.

Never Miss a Beat in the Crypto World!Stay ahead with breaking news, expert analysis, and real-time updates on the latest trends in Bitcoin, altcoins, DeFi, NFTs, and more.

FAQsWhat is Evernorth’s XRPN Nasdaq listing about?

Evernorth plans to go public via SPAC under XRPN, raising $1B+ to build a major XRP-focused company and offer stock-based crypto exposure.

How will Evernorth use its XRP holdings?

Evernorth will lend XRP, provide liquidity, run validators, and use DeFi strategies to grow its holdings and generate returns beyond price gains.

What does rising XRP Ledger activity mean for investors?

Growing wallets, transactions, and tokenized assets signal strong network adoption, which can support long-term XRP value and ecosystem expansion,

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Ethereum (ETH 6.96%) and XRP (XRP 4.29%) have a lot in common. Both sit in the top five cryptocurrencies by market cap. They're also native to two popular smart-contract blockchains, which means developers can use them to build other projects. However, they differ greatly in purpose and structure.

Image source: Getty Images.

As the crypto industry stands on the precipice of huge change, those differences could mean one stagnates while the other soars. In this article, I'll break down why Ethereum is better positioned to gain from growing stablecoin adoption.

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Comparing XRP and Ethereum Ethereum's price rose 24% in the past year to close at $2,175 on March 15. In contrast, XRP declined 34% in the same period, closing at $1.45. Both are trading at about 55% lower than their all-time highs, suggesting that they have room to rebound if crypto investment sentiment recovers.

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The XRP Ledger, the blockchain behind XRP, was designed to reduce the friction in cross-border payments. It is considerably faster and cheaper than Ethereum, which is a broad smart-contract platform with multiple uses. Ethereum has almost 45 times more full-time developers on its network, which bodes well for long-term evolution. It also accounts for almost 44,000% more of the stablecoin market than the XRP Ledger.

MetricEthereumXRP / XRP LedgerMarket cap$279 billion$93 billionValue of stablecoins on-chain$164 billion$374 millionDeFi total value locked (TVL)$59 billion$51 millionTransactions per second15-30Up to 1,500Full-time developers3,61181 Data sources: DefiLlama, Electric Capital Developer Report, CoinGecko, XRP Ledger, and Glassnode, as of March 16, 2026.

Stablecoin growth affects Ethereum and XRP differently Stablecoins surged last year as confidence in these on-chain versions of traditional currencies grew. Research from The Motley Fool shows that 50% of U.S. consumers are open to using them. The big advantage is that they reduce the costs involved in making payments and moving money, particularly internationally.

We're talking about an industry that could grow from about $325 billion today to as much as $4 trillion by 2030. Buying cryptocurrencies like Ethereum or XRP is one way to get exposure. However, because of the way each is structured, Ethereum is a much better bet.

Without getting too bogged down in its mechanics, Ethereum's relatively high fees and built-in token burning mean it gains value from increased transaction volume. More stablecoin transactions would almost certainly push its price up. A higher Ethereum price is good for the Ethereum Foundation, a non-profit that supports the ecosystem. But it doesn't directly profit from stablecoin growth on its network. Plus, it plans to reduce its role as the blockchain matures.

In contrast, Ripple, the company behind XRP, is a private company that charges clients for its services. It is building its stablecoin business, and recently bought a stablecoin platform called Rail. On its face, that sounds good for XRP. The hitch for XRP holders is that since Ripple is selling those services, the main beneficiaries are its private investors. The XRP Ledger gets used, but the transaction fees -- about $0.0002 -- are so minuscule that it doesn't add much value for XRP holders.

There are many ways the stablecoin story might unfold. For example, traditional players may build their own blockchains rather than rely on public ones. But one thing is certain. The structure behind the two blockchains means Ethereum investors are much better positioned to benefit from stablecoin growth than those holding XRP.