Here at Zacks, our focus is on the proven Zacks Rank system, which emphasizes earnings estimates and estimate revisions to find great stocks. Nevertheless, we are always paying attention to the latest value, growth, and momentum trends to underscore strong picks.
Of these, value investing is easily one of the most popular ways to find great stocks in any market environment. Value investors use tried-and-true metrics and fundamental analysis to find companies that they believe are undervalued at their current share price levels.
On top of the Zacks Rank, investors can also look at our innovative Style Scores system to find stocks with specific traits. For example, value investors will want to focus on the "Value" category. Stocks with high Zacks Ranks and "A" grades for Value will be some of the highest-quality value stocks on the market today.
One company value investors might notice is Invesco Mortgage Capital (IVR - Free Report) . IVR is currently sporting a Zacks Rank #2 (Buy) and an A for Value. The stock has a Forward P/E ratio of 3.7. This compares to its industry's average Forward P/E of 8.05. Over the last 12 months, IVR's Forward P/E has been as high as 4.12 and as low as 2.63, with a median of 3.41.
We should also highlight that IVR has a P/B ratio of 0.9. The P/B ratio pits a stock's market value against its book value, which is defined as total assets minus total liabilities. This stock's P/B looks attractive against its industry's average P/B of 0.98. Within the past 52 weeks, IVR's P/B has been as high as 0.99 and as low as 0.70, with a median of 0.88.
Value investors also frequently use the P/S ratio. This metric is found by dividing a stock's price with the company's revenue. This is a popular metric because sales are harder to manipulate on an income statement, so they are often considered a better performance indicator. IVR has a P/S ratio of 2.41. This compares to its industry's average P/S of 2.44.
Value investors will likely look at more than just these metrics, but the above data helps show that Invesco Mortgage Capital is likely undervalued currently. And when considering the strength of its earnings outlook, IVR sticks out as one of the market's strongest value stocks.
The proven Zacks Rank system focuses on earnings estimates and estimate revisions to find winning stocks. Nevertheless, we know that our readers all have their own perspectives, so we are always looking at the latest trends in value, growth, and momentum to find strong picks.
Considering these trends, value investing is clearly one of the most preferred ways to find strong stocks in any type of market. Value investors use tried-and-true metrics and fundamental analysis to find companies that they believe are undervalued at their current share price levels.
In addition to the Zacks Rank, investors looking for stocks with specific traits can utilize our Style Scores system. Of course, value investors will be most interested in the system's "Value" category. Stocks with "A" grades for Value and high Zacks Ranks are among the best value stocks available at any given moment.
One company value investors might notice is Invesco Mortgage Capital (IVR - Free Report) . IVR is currently sporting a Zacks Rank #2 (Buy), as well as an A grade for Value. The stock is trading with a P/E ratio of 3.7, which compares to its industry's average of 7.80. Over the past year, IVR's Forward P/E has been as high as 4.12 and as low as 2.63, with a median of 3.41.
Another valuation metric that we should highlight is IVR's P/B ratio of 0.9. The P/B ratio is used to compare a stock's market value with its book value, which is defined as total assets minus total liabilities. This company's current P/B looks solid when compared to its industry's average P/B of 0.93. Over the past year, IVR's P/B has been as high as 0.99 and as low as 0.70, with a median of 0.88.
Value investors will likely look at more than just these metrics, but the above data helps show that Invesco Mortgage Capital is likely undervalued currently. And when considering the strength of its earnings outlook, IVR sticks out as one of the market's strongest value stocks.
In the latest trading session, Invesco Mortgage Capital (IVR - Free Report) closed at $7.96, marking a +2.18% move from the previous day. The stock outpaced the S&P 500's daily loss of 0.26%. Elsewhere, the Dow saw an upswing of 0.17%, while the tech-heavy Nasdaq depreciated by 0.97%.
Shares of the real estate investment trust have depreciated by 4.88% over the course of the past month, underperforming the Finance sector's gain of 0.29%, and the S&P 500's gain of 0.23%.
Investors will be eagerly watching for the performance of Invesco Mortgage Capital in its upcoming earnings disclosure. The company is predicted to post an EPS of $0.47, indicating a 18.97% decline compared to the equivalent quarter last year.
For the entire fiscal year, the Zacks Consensus Estimates are projecting earnings of $2.01 per share and a revenue of $0 million, representing changes of -14.47% and 0%, respectively, from the prior year.
Any recent changes to analyst estimates for Invesco Mortgage Capital should also be noted by investors. Recent revisions tend to reflect the latest near-term business trends. As such, positive estimate revisions reflect analyst optimism about the business and profitability.
Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.
The Zacks Rank system, stretching from #1 (Strong Buy) to #5 (Strong Sell), has a noteworthy track record of outperforming, validated by third-party audits, with stocks rated #1 producing an average annual return of +25% since the year 1988. Over the last 30 days, the Zacks Consensus EPS estimate has moved 10.67% lower. Right now, Invesco Mortgage Capital possesses a Zacks Rank of #4 (Sell).
In the context of valuation, Invesco Mortgage Capital is at present trading with a Forward P/E ratio of 3.88. This signifies a discount in comparison to the average Forward P/E of 8.49 for its industry.
The REIT and Equity Trust industry is part of the Finance sector. Currently, this industry holds a Zacks Industry Rank of 214, positioning it in the bottom 13% of all 250+ industries.
The Zacks Industry Rank assesses the vigor of our specific industry groups by computing the average Zacks Rank of the individual stocks incorporated in the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Remember to apply Zacks.com to follow these and more stock-moving metrics during the upcoming trading sessions.
ATLANTA, June 12, 2026 /PRNewswire/ -- Invesco Mortgage Capital Inc. (NYSE: IVR) (the "Company") today announced that the Company declared a cash dividend of $0.12 per share of common stock for the month of June 2026. The dividend will be paid on July 15, 2026 to stockholders of record at the close of business on June 23, 2026, with an ex-dividend date of June 23, 2026.
SOUTH SAN FRANCISCO, Calif., April 17, 2026 (GLOBE NEWSWIRE) -- Vaxart, Inc. (OTCQX: VXRT) (“Vaxart” or the “Company”), a clinical-stage biotechnology company developing a range of oral vaccines based on its proprietary delivery platform, today announced that it has entered into a share purchase agreement (SPA) with Lincoln Park Capital Fund.
Under the terms of the agreement, Vaxart has the right, in its sole discretion, to sell to Lincoln Park up to $25 million worth of common stock over a 24-month period in amounts as described in the agreement. Vaxart maintains full control over the timing and amount of any sales, Lincoln Park is obligated to purchase the stock at prices based on the prevailing market price at the time of each sale, and importantly, there are no upper limits on the price Lincoln Park may pay to purchase Vaxart common stock. This agreement contains no warrants, rights of first refusal or participation rights regarding future financings by the Company and Lincoln Park has also agreed not to cause or engage in any direct or indirect short selling or hedging of the Company’s common stock.
"This agreement with Lincoln Park Capital provides flexible and efficient access to capital as we continue to pursue strategic partnerships, grants and other funding options to advance our oral vaccine programs,” said Jeroen Grasman, Chief Financial Officer of Vaxart. “This facility allows us the sole discretion to strengthen our balance sheet on an as-needed basis as we continue to execute on our clinical milestones while remaining focused on driving long-term value for our shareholders."
The issuance of the shares of common stock to Lincoln Park Capital Fund is being made pursuant to exemptions from the registration requirements of the federal and state securities laws. Pursuant to the SPA, before selling any shares under the SPA, a registration statement registering shares to be sold to Lincoln Park must be declared effective by the SEC and certain other conditions must be satisfied as more fully described in the 8-K filed today with the SEC. We issued shares of our common stock to Lincoln Park as consideration for entering into the SPA.
The information in this press release is summary information only and should be read in conjunction with Vaxart’s Current Report on Form 8-K, which Vaxart filed with the SEC concurrently with this press release. A copy of Vaxart’s Current Report on Form 8-K can be found on Vaxart’s website at www.vaxart.com and the SEC’s website at www.sec.gov.
This press release does not constitute an offer to sell or a solicitation of an offer to buy the securities in this offering, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation, or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.
About Vaxart
Vaxart is a clinical-stage biotechnology company developing a range of oral recombinant vaccines based on its proprietary delivery platform. Vaxart vaccines are designed to be administered using pills that can be stored and shipped without refrigeration and eliminate the risk of needle-stick injury. Vaxart believes that its proprietary pill vaccine delivery platform is suitable to deliver recombinant vaccines, positioning the company to develop oral versions of currently marketed vaccines and to design recombinant vaccines for new indications. Vaxart’s development programs currently include pill vaccines designed to protect against coronavirus, norovirus and influenza, as well as a therapeutic vaccine for human papillomavirus (HPV), Vaxart’s first immune-oncology indication. Vaxart has filed broad domestic and international patent applications covering its proprietary technology and creations for oral vaccination using adenovirus and TLR3 agonists.
Note Regarding Forward-Looking Statements
This press release contains forward-looking statements that involve substantial risks and uncertainties. All statements, other than statements of historical facts, included in this press release regarding Vaxart's strategy, prospects, plans and objectives, results from preclinical and clinical trials and the timing of such results, commercialization agreements and licenses, and beliefs and expectations of management are forward-looking statements. These forward-looking statements may be accompanied by such words as "should," "believe," "could," "potential," "will," "expected," “anticipate,” "plan," and other words and terms of similar meaning. Examples of such statements include, but are not limited to, statements relating to Vaxart’s ability to raise capital pursuant to the share purchase agreement with Lincoln Park Capital Fund, Vaxart's ability to develop and commercialize its product candidates; Vaxart's expectations regarding clinical results and trial data, and the timing of receiving and reporting such clinical results and trial data; Vaxart’s expected timing for future clinical trials; and Vaxart's expectations with respect to the effectiveness of its product candidates. Vaxart may not actually achieve the plans, carry out the intentions, or meet the expectations or projections disclosed in the forward-looking statements, and you should not place undue reliance on these forward-looking statements. Actual results or events could differ materially from the plans, intentions, expectations, and projections disclosed in the forward-looking statements. Various important factors could cause actual results or events to differ materially from the forward-looking statements that Vaxart makes, including uncertainties inherent in research and development, including the ability to meet anticipated clinical endpoints, commencement, and/or completion dates for clinical trials, as well as the possibility of unfavorable new clinical data and further analyses of existing clinical data; the risk that clinical trial data are subject to differing interpretations and assessments by regulatory authorities; whether regulatory authorities will be satisfied with the design of and results from the clinical studies; decisions by regulatory authorities impacting labeling, manufacturing processes, and safety that could affect the availability or commercial potential of any product candidate, including the possibility that Vaxart's product candidates may not be approved by the FDA or non-U.S. regulatory authorities; that a Vaxart collaborator may not attain development and commercial milestones; that Vaxart or its partners may experience manufacturing issues and delays due to events within, or outside of, Vaxart's or its partners' control; difficulties in production, particularly in scaling up initial production, including difficulties with production costs and yields, quality control, including stability of the product candidate and quality assurance testing, shortages of qualified personnel or key raw materials, and compliance with strictly enforced federal, state, and foreign regulations; Vaxart's ability to obtain sufficient capital to fund its operations on terms acceptable to Vaxart, if at all; the impact of government healthcare proposals and policies; competitive factors; and other risks described in the "Risk Factors" sections of Vaxart's Quarterly and Annual Reports filed with the SEC. Vaxart does not assume any obligation to update any forward-looking statements, except as required by law.
Contact
Vaxart Media and Investor Relations:
FINN Partners [email protected]
Appointment strengthens Board’s clinical development and regulatory expertise as Vaxart advances its oral vaccine platform
SOUTH SAN FRANCISCO, Calif., April 23, 2026 (GLOBE NEWSWIRE) -- Vaxart, Inc. (OTCQX: VXRT), a clinical-stage biotechnology company developing a range of oral vaccines based on its proprietary delivery platform, today announced the appointment of James Breitmeyer, M.D., Ph.D., to its Board of Directors. Dr. Breitmeyer brings more than 35 years of biopharmaceutical experience, having led clinical development programs resulting in eight FDA product approvals and numerous regulatory successes across the United States, Europe, and Japan.
"We are pleased to welcome Jim to the Vaxart Board as we continue to advance our clinical programs and demonstrate the long-term potential of our oral vaccine platform," said Mark Watson, Lead Independent Director of Vaxart. "Jim’s deep expertise in drug development and his extensive experience navigating complex regulatory paths will be a significant asset. His track record of clinical leadership is a valuable addition to our Board and is highly complementary to our mission of providing a more effective and accessible way to vaccinate the global population."
Dr. Breitmeyer has been a leader in drug development throughout his career. In February 2026, he joined Altay Therapeutics as CEO and Board Director, directing the advancement of the company’s pipeline of oral transcription factor therapies. He most recently served as the President and CEO of Oncternal Therapeutics, Inc., where he oversaw the clinical development of a diverse pipeline of first-in-class oncology assets. He also brings vaccine development expertise from his previous role as President of Bavarian Nordic, Inc., where he oversaw the development of cancer, infectious disease, and bioterrorism vaccines. Additionally, Dr. Breitmeyer held senior clinical leadership roles at Eli Lilly and Company and Cadence Pharmaceuticals, where he managed the transition of multiple candidates through the clinical and regulatory process toward successful commercial launch.
"Vaxart is doing important work to advance the science of oral vaccines, and I have long admired the Company's commitment to innovation," said Dr. Breitmeyer. "I am honored to join the Board and look forward to contributing to the company's continued progress as it moves its lead candidates through the clinic and works to validate the unique advantages of its proprietary technology."
About James Breitmeyer, M.D., Ph.D.
Dr. Breitmeyer currently serves as the CEO and Board Director of Altay Therapeutics, Inc. His board experience includes previous director roles at Zogenix, Inc. and Otonomy, Inc., where he served on Audit and Compensation Committees.
Prior to joining Altay Therapeutics, he most recently served as President, CEO, and Director of Oncternal Therapeutics, Inc. Previously, he held the position of President at Bavarian Nordic, Inc. and served as Executive Vice President and Chief Medical Officer at Cadence Pharmaceuticals. Dr. Breitmeyer also served as Vice President of Biotechnology at Eli Lilly and Company, where he was responsible for the corporate biotechnology pipeline. Earlier in his career, he held senior leadership roles at Applied Molecular Evolution and Serono Laboratories, where he led the development of therapies resulting in FDA approvals for Rebif® and Serostim®.
Dr. Breitmeyer earned his M.D. and Ph.D. from Washington University School of Medicine. He completed postdoctoral fellowships at Harvard Medical School and the Dana-Farber Cancer Institute, where he also served as a clinical instructor.
About Vaxart
Vaxart is a clinical-stage biotechnology company developing a range of oral recombinant vaccines based on its proprietary delivery platform. Vaxart vaccines are designed to be administered using pills that can be stored and shipped without refrigeration and eliminate the risk of needle-stick injury. Vaxart believes that its proprietary pill vaccine delivery platform is suitable to deliver recombinant vaccines, positioning the company to develop oral versions of currently marketed vaccines and to design recombinant vaccines for new indications. Vaxart’s development programs currently include pill vaccines designed to protect against coronavirus, norovirus and influenza, as well as a therapeutic vaccine for human papillomavirus (HPV), Vaxart’s first immune-oncology indication. Vaxart has filed broad domestic and international patent applications covering its proprietary technology and creations for oral vaccination using adenovirus and TLR3 agonists.
Note Regarding Forward-Looking Statements
This press release contains forward-looking statements that involve substantial risks and uncertainties. All statements, other than statements of historical facts, included in this press release regarding Vaxart's strategy, prospects, plans and objectives, results from preclinical and clinical trials and the timing of such results, and beliefs and expectations of management are forward-looking statements. These forward-looking statements may be accompanied by such words as "should," "believe," "could," "potential," "will," "expected," “anticipate,” "plan," and other words and terms of similar meaning. Examples of such statements include, but are not limited to, statements relating to Vaxart's ability to develop and commercialize its product candidates; Vaxart's expectations regarding clinical results and trial data, and the timing of receiving and reporting such clinical results and trial data; Vaxart’s expected timing for future clinical trials; and Vaxart's expectations with respect to the effectiveness of its product candidates. Vaxart may not actually achieve the plans, carry out the intentions, or meet the expectations or projections disclosed in the forward-looking statements, and you should not place undue reliance on these forward-looking statements. Actual results or events could differ materially from the plans, intentions, expectations, and projections disclosed in the forward-looking statements. Various important factors could cause actual results or events to differ materially from the forward-looking statements that Vaxart makes, including uncertainties inherent in research and development, including the ability to meet anticipated clinical endpoints, commencement, and/or completion dates for clinical trials, as well as the possibility of unfavorable new clinical data and further analyses of existing clinical data; the risk that clinical trial data are subject to differing interpretations and assessments by regulatory authorities; whether regulatory authorities will be satisfied with the design of and results from the clinical studies; decisions by regulatory authorities impacting labeling, manufacturing processes, and safety that could affect the availability or commercial potential of any product candidate, including the possibility that Vaxart's product candidates may not be approved by the FDA or non-U.S. regulatory authorities; that Vaxart or its partners may experience manufacturing issues and delays due to events within, or outside of, Vaxart's or its partners' control; Vaxart's ability to obtain sufficient capital to fund its operations on terms acceptable to Vaxart, if at all; the impact of government healthcare proposals and policies; competitive factors; and other risks described in the "Risk Factors" sections of Vaxart's Quarterly and Annual Reports filed with the SEC. Vaxart does not assume any obligation to update any forward-looking statements, except as required by law.
Contact
Vaxart Media and Investor Relations:
FINN Partners [email protected]
Shares of Vaxart, Inc. (OTCMKTS:VXRT – Get Free Report) passed above its 50-day moving average during trading on Thursday . The stock has a 50-day moving average of $0.68 and traded as high as $0.76. Vaxart shares last traded at $0.7399, with a volume of 333,049 shares.
Wall Street Analyst Weigh In Separately, Wall Street Zen upgraded Vaxart to a “buy” rating in a research note on Friday, January 23rd.
Read Our Latest Stock Analysis on Vaxart
Vaxart Stock Up 0.2% The firm has a market cap of $178.62 million, a P/E ratio of 12.33 and a beta of 1.31. The company has a fifty day simple moving average of $0.68 and a 200-day simple moving average of $0.52.
Vaxart (OTCMKTS:VXRT – Get Free Report) last released its quarterly earnings data on Thursday, March 12th. The biotechnology company reported $0.24 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.08) by $0.32. The firm had revenue of $104.24 million during the quarter, compared to analyst estimates of $35.95 million. Vaxart had a return on equity of 33.83% and a net margin of 6.88%.
Hedge Funds Weigh In On Vaxart A number of hedge funds have recently made changes to their positions in VXRT. Marshall Wace LLP bought a new position in shares of Vaxart in the second quarter worth about $794,000. Jones Financial Companies Lllp boosted its stake in shares of Vaxart by 276,364.7% in the first quarter. Jones Financial Companies Lllp now owns 478,284 shares of the biotechnology company’s stock worth $196,000 after acquiring an additional 478,111 shares during the period. Goldman Sachs Group Inc. bought a new position in shares of Vaxart in the first quarter worth about $31,000. Creative Planning bought a new position in shares of Vaxart in the second quarter worth about $33,000. Finally, Invesco Ltd. boosted its stake in shares of Vaxart by 93.1% in the first quarter. Invesco Ltd. now owns 146,366 shares of the biotechnology company’s stock worth $60,000 after acquiring an additional 70,568 shares during the period. Institutional investors own 18.05% of the company’s stock.
About Vaxart (Get Free Report)
Vaxart, Inc is a clinical-stage biotechnology company pioneering the development of oral recombinant vaccines administered in tablet form. Leveraging a proprietary, room-temperature-stable platform, the company aims to simplify vaccine delivery while eliciting both systemic and mucosal immune responses. Its technology is based on the replication-defective adenovirus vector system, which encodes target antigens designed to protect against a range of infectious diseases without the need for injections or cold-chain logistics.
The company’s pipeline includes multiple vaccine candidates in various stages of development.
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Company to report first quarter 2026 financial results on May 7
SOUTH SAN FRANCISCO, Calif., May 01, 2026 (GLOBE NEWSWIRE) -- Vaxart, Inc. (OTCQX: VXRT) today announced that members of the Company’s senior management team will participate in a virtual fireside chat on Friday, May 8, 2026 at 4:30 p.m. ET / 1:30 p.m. PT as part of its regular series to answer frequently asked questions from its stockholders. The Company plans to report financial results for the first quarter ended March 31, 2026, after the market close on Thursday, May 7, 2026.
The live fireside chat can be accessed by clicking here or on the Company’s website at www.vaxart.com.
Investors may submit written questions in advance of the conference call to [email protected] or through the webcast portal.
A replay of the fireside chat webcast will be available on the Company’s website at www.vaxart.com following the conclusion of the event.
About Vaxart
Vaxart is a clinical-stage biotechnology company developing a range of oral recombinant vaccines based on its proprietary delivery platform. Vaxart vaccines are designed to be administered using pills that can be stored and shipped without refrigeration and eliminate the risk of needle-stick injury. Vaxart believes that its proprietary pill vaccine delivery platform is suitable to deliver recombinant vaccines, positioning the company to develop oral versions of currently marketed vaccines and to design recombinant vaccines for new indications. Vaxart’s development programs currently include pill vaccines designed to protect against coronavirus, norovirus and influenza, as well as a therapeutic vaccine for human papillomavirus (HPV), Vaxart’s first immune-oncology indication. Vaxart has filed broad domestic and international patent applications covering its proprietary technology and creations for oral vaccination using adenovirus and TLR3 agonists.
Contact
Vaxart Media and Investor Relations:
FINN Partners [email protected]
Topline data from 400-person sentinel cohort of the Phase 2b COVID-19 trial anticipated in Q2 2026 Cash, cash equivalents, and investments of $61.0 million as of March 31, 2026; runway into second quarter of 2027 Live stockholder fireside chat scheduled for May 8, 2026 at 4:30 p.m. ET SOUTH SAN FRANCISCO, Calif.
Company is Entering a Pivotal Phase to Demonstrate Value of its Unique Oral Vaccine Platform
Emphasizes Need for the Right Board Leadership at Critical Strategic Juncture
Encourages Shareholders to Visit Vote.Vaxart.com for Additional Information
SOUTH SAN FRANCISCO, Calif., May 19, 2026 (GLOBE NEWSWIRE) -- Vaxart, Inc. (OTCQX: VXRT) (“Vaxart” or the “Company”), a clinical-stage biotechnology company developing a range of oral recombinant vaccines based on its proprietary delivery platform, today announced that it has filed preliminary proxy materials with the Securities and Exchange Commission in connection with its upcoming Annual Meeting of Stockholders scheduled to be held on July 16, 2026.
In conjunction with the preliminary proxy filing, Vaxart issued an open letter to shareholders highlighting the Board’s urgent focus on realizing the market potential of the Company’s unique oral vaccine platform and creating value for all shareholders. The full text of the letter is as follows:
Dear Fellow Vaxart Shareholders:
Vaxart is entering a pivotal phase as we demonstrate the value of our unique oral vaccine platform and capitalize on our innovative scientific advancements. Ahead of our upcoming 2026 Annual Meeting of Stockholders, we will be seeking your vote to support our Board of Directors, enabling Vaxart to continue the important work underway. Over the last year, we have:
Made meaningful progress advancing our clinical roadmap;
Strengthened our near-term financial position to provide the runway to capture the potential upside from key upcoming milestones; and
Refreshed and enhanced our Board with the addition of Dr. James Breitmeyer, M.D., Ph.D., who brings more than 35 years of extensive clinical development, vaccine and regulatory experience.
While we are making significant progress, we understand there is more work to do. We are moving with urgency, and we are focused on proving that oral delivery is the future of vaccination. We are committed to disciplined execution to realize the market potential of our platform and the opportunities we believe lie ahead for our shareholders.
By contrast, a small group of dissident shareholders is seeking to disrupt our progress. In connection with our upcoming Annual Meeting, they have nominated three candidates to replace highly qualified and engaged directors on our Board. Your support will be critical to ensure we remain positioned for success and able to realize the value of your investment in Vaxart.
Driving Clinical and Operational Progress
We are strategically focusing our clinical development on areas where our Vector-Adjuvant-Antigen Standardized Technology (VAAST) platform can offer meaningful differentiation in areas that we believe have the potential to drive the greatest patient impact and commercial opportunity. The Board has prudently and deliberately positioned the Company with several potential catalysts for value creation.
COVID-19 – Platform Validation through Head-to-Head Comparison: Our Phase 2b COVID-19 trial, conducted in collaboration with the U.S. Biomedical Advanced Research and Development Authority (BARDA), is a cornerstone of our strategic roadmap. This trial is designed as a direct head-to-head evaluation of our oral pill vaccine candidate against a commercially available mRNA injectable booster. We believe this study has the potential to validate our technology and help redefine how vaccines are delivered.The trial is fully enrolled with approximately 5,400 total participants across a 400-person sentinel cohort and an approximately 5,000-participant main cohort. We are working toward the release of 12-month safety data from the sentinel cohort in the second quarter of 2026. While this sentinel data is not powered for statistical significance on efficacy, it will provide critical directional insights ahead of the primary efficacy and safety readout from the 5,000-participant main cohort, which is currently anticipated in early 2027.
Norovirus – Advancing a Potential First-in-Class Solution: Our norovirus program represents a significant opportunity in an expanding market where no vaccine currently exists. We are actively evaluating how our next-generation bivalent product candidate performs against the most dominant and highly-contagious strains of norovirus, as well as other strains, while continuing to pursue partnership and external funding opportunities to support future clinical development activities and clinical trials.
Influenza – Proving Differentiation Against Market Leaders: We are continuing to develop our seasonal and avian influenza programs, which continue to serve as important proof points for our platform’s ability to compete with market-leading injectables. We previously reported positive data from a Phase 2 challenge study showing that our oral H1 influenza vaccine candidate was at least as protective as an approved market-leading injectable vaccine in humans. More recently, our avian influenza vaccine was found to be 100% protective in a robust preclinical model. These promising results demonstrate the potential of our platform for influenza, and more generally for virus protection. We are continuing to evaluate the next steps for this program.
These programs take time and resources, and our highly qualified Board and management team are pulling every lever to advance our programs as quickly as possible and transition toward a sustainable commercial model.
Extending Our Runway to Advance Our Mission
As a clinical-stage biotechnology company, it is essential that we have financial resources to advance our important efforts through their next major value-inflection points. Throughout the year, our Board and management team have taken decisive actions in an evolving regulatory and funding environment to secure those resources, optimize our cost structure and extend our operating horizon.
Key initiatives have significantly enhanced our financial resilience:
Ensuring Funding: In February 2025, BARDA issued a stop-work order for many of the vaccine programs it was supporting. Our CEO, Steven Lo, along with Vaxart management, went to Washington D.C. numerous times to advocate for our Company and our shareholders. Unlike many companies that never recovered from their stop-work orders1, Vaxart was able to restore funding to continue our ongoing COVID-19 Phase 2b study by April 2025.
Entering Strategic Partnership Financing: Mr. Lo developed and finalized our strategic partnership with Dynavax (since acquired by Sanofi) in November 2025, which has provided Vaxart with non-dilutive cash in the near-term and the opportunity for additional payments as we hit key development milestones. This partnership also validates the promise of our oral vaccine program.
Operational Efficiency: We streamlined our footprint by relocating our headquarters and reducing fixed overhead expenses. These efforts, combined with a 21% workforce reduction implemented in 2025, have better aligned our internal resources with our highest-priority clinical programs.
Strategic Capital Access: We entered into a $25 million share purchase agreement, providing a flexible tool to bolster our balance sheet as needed to execute against our clinical milestones.
Strong Cash Position: We ended the first quarter of fiscal 2026 with approximately $61 million in cash resources. Based on our current projections, this provides a funded runway into the second quarter of 2027.
Your Board and management team are committed to taking the necessary actions to ensure we can advance programs in a challenging environment. While some of the actions we have already taken have been difficult – including raising dilutive financing and reducing our headcount – we believe they have been effective in keeping Vaxart on the path to success.
Due to the relentless efforts of our Board and management team, Vaxart has runway into the second quarter of 2027 and is positioned to reach key upcoming clinical milestones that, if positive, are expected to provide the Company with additional financial resources and create shareholder value.
Purpose-Built Leadership Overseeing Value Creation
This is an important time for Vaxart, and we believe it is critical to have the right people leading the charge, with the right experience and relationships with key government agencies and strategic partners we need to work with. To that end, Vaxart needs a Board and leadership team with the specific clinical, regulatory and operational experience and expertise required to navigate the intricacies of vaccine development in a challenging regulatory and financing environment. This is not a job for director candidates who lack this experience and expertise.
Our Board and management team are purpose-built to meet these demands. Our directors are industry veterans who have “been there, done that,” with strong track records of developing drugs, forging business relationships, and commercializing pharmaceutical solutions. Together, they bring scientific credibility and institutional knowledge that are essential to advancing our oral vaccine programs, navigating the complexity of the current regulatory environment and managing our financial position through critical stages of development.
The recent addition of Dr. Breitmeyer is a prime example of our commitment to high-level expertise. Dr. Breitmeyer brings over 35 years of directly applicable clinical and regulatory experience to our oversight efforts. We believe this specialized institutional knowledge is vital as we move through high-stakes clinical milestones, such as our Phase 2b COVID-19 trial, which require sophisticated execution and disciplined capital management.
Additionally, our leadership’s interests are directly aligned with shareholders. Our directors are meaningful shareholders, including our CEO, who personally holds more than 2.5 million shares and has never sold a single share. With holdings tied to Vaxart’s success, we are operating with a shared sense of urgency alongside all shareholders, to ensure that every strategic decision we make is designed to drive value.
Your Support at Our Upcoming Annual Meeting is Important – No Matter How Many Shares You Own
Our Annual Meeting has been scheduled for July 16, 2026. Your participation and vote at this year’s Annual Meeting will be especially important to ensure you can realize the value of your Vaxart investment.
While we continue executing on our strategic priorities and positioning Vaxart for shareholder value creation, a group of shareholders has nominated three candidates of their own to replace half of the highly qualified directors on our Board. Their nominees’ professional biographies show no public company experience, no clinical-stage pharmaceutical experience, no financial management experience, no capital markets experience, no regulatory experience, or any other experience that is relevant to our business.
Our Nominating and Governance Committee and Board reviewed their nominees and determined that none of them are qualified to join our Board in view of our established criteria for director candidates or otherwise. We believe replacing any of our highly qualified directors with these candidates, who do not have the qualifications to steward a public company or a clinical-stage biotechnology company, would be a value-destructive mistake.
We will be providing you with more information in the weeks ahead about how you can take action in connection with our Annual Meeting to realize the value of your investment in Vaxart.
A Clear Focus on Delivering for Shareholders
Our Board and management team are fully focused on the priorities that will drive value for shareholders. We strongly believe in the future of our Company and the ability of our oral vaccine programs to improve health outcomes and create shareholder value. With your support, we can capture the significant opportunities ahead.
Thank you for your continued support of Vaxart.
Sincerely,
The Vaxart Board of Directors
Shareholders are encouraged to visit Vote.Vaxart.com for additional information on Vaxart’s value creation strategy, its highly qualified Board of Directors and its Annual Meeting of Stockholders.
About Vaxart
Vaxart is a clinical-stage biotechnology company developing a range of oral recombinant vaccines based on its proprietary delivery platform. Vaxart vaccines are designed to be administered using pills that can be stored and shipped without refrigeration and eliminate the risk of needle-stick injury. Vaxart believes that its proprietary pill vaccine delivery platform is suitable to deliver recombinant vaccines, positioning the Company to develop oral versions of currently marketed vaccines and to design recombinant vaccines for new indications. Vaxart’s development programs currently include pill vaccines designed to protect against coronavirus, norovirus, and influenza, as well as a therapeutic vaccine for human papillomavirus (HPV), Vaxart’s first immune-oncology indication. Vaxart has filed broad domestic and international patent applications covering its proprietary technology and creations for oral vaccination using adenovirus and TLR3 agonists.
Cautionary Language Concerning Forward-Looking Statements
This communication contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are subject to the “safe harbor” provisions created by those sections, that involve substantial risks and uncertainties. All statements, other than statements of historical facts, included in this communication regarding Vaxart’s strategy, prospects, plans and objectives, results from preclinical and clinical trials, commercialization agreements and licenses, and beliefs and expectations of management are forward-looking statements. These forward-looking statements may be accompanied by such words as “should,” “believe,” “could,” “potential,” “will,” “expected,” “anticipate,” “plan,” “target,” “seek,” “intend,” “may,” “predict,” “project,” “would,” and other words and terms of similar meaning. Examples of such statements include, but are not limited to, statements relating to Vaxart’s ability to develop and commercialize its product candidates, including its vaccine booster products; Vaxart’s expectations regarding clinical results and trial data, and the timing of receiving and reporting such clinical results and trial data; Vaxart’s expected timing for future clinical trials; and Vaxart’s expectations with respect to the effectiveness of its product candidates; expectations regarding collaborations, including the collaboration with Dynavax; expectations regarding the pursuit of strategic partnerships and external funding opportunities for Vaxart’s programs; expectations regarding government funding; and expectations regarding Vaxart’s capital resources and funded runway. Vaxart may not actually achieve the plans, carry out the intentions, or meet the expectations or projections disclosed in the forward-looking statements, and you should not place undue reliance on these forward-looking statements. Actual results or events could differ materially from the plans, intentions, expectations, and projections disclosed in the forward-looking statements. Various important factors could cause actual results or events to differ materially from the forward-looking statements that Vaxart makes, including uncertainties inherent in research and development, including the ability to meet anticipated clinical endpoints, commencement and/or completion dates for clinical trials, regulatory submission dates, regulatory approval dates, and/or launch dates, as well as the possibility of unfavorable new clinical data and further analyses of existing clinical data; the risk that clinical trial data are subject to differing interpretations and assessments by regulatory authorities; whether regulatory authorities will be satisfied with the design of and results from the clinical studies; decisions by regulatory authorities impacting labeling, manufacturing processes, and safety that could affect the availability or commercial potential of any product candidate, including the possibility that Vaxart’s product candidates may not be approved by the FDA or non-U.S. regulatory authorities; that, even if approved by the FDA or non-U.S. regulatory authorities, Vaxart’s product candidates may not achieve broad market acceptance; that a Vaxart collaborator may not attain development and commercial milestones; that Vaxart or its partners may experience manufacturing issues and delays due to events within, or outside of, Vaxart’s or its partners’ control; difficulties in production, particularly in scaling up initial production, including difficulties with production costs and yields, quality control, including stability of the product candidate and quality assurance testing, shortages of qualified personnel or key raw materials, and compliance with strictly enforced federal, state, and foreign regulations; that Vaxart may not be able to obtain, maintain, and enforce necessary patent and other intellectual property protection; that Vaxart’s capital resources may be inadequate; Vaxart’s ability to resolve pending legal matters; Vaxart’s ability to obtain sufficient capital to fund its operations on terms acceptable to Vaxart, if at all; the impact of government healthcare proposals and policies; competitive factors; and other risks and uncertainties described in the “Risk Factors” sections of Vaxart’s most recent Annual Report on Form 10-K, including amendments thereto, and Quarterly Reports on Form 10-Q filed with the U.S. Securities and Exchange Commission. Vaxart undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by applicable law.
Important Additional Information and Where to Find It
Vaxart intends to file a preliminary proxy statement and a white proxy card with the U.S. Securities and Exchange Commission (the “SEC”) in connection with its solicitation of proxies for the 2026 Annual Meeting of Stockholders (the “Annual Meeting”). STOCKHOLDERS OF THE COMPANY ARE STRONGLY ENCOURAGED TO READ SUCH PROXY STATEMENT (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO), THE ACCOMPANYING WHITE PROXY CARD AND ALL OTHER DOCUMENTS FILED WITH, OR FURNISHED TO, THE SEC IN CONNECTION WITH THE ANNUAL MEETING CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE AS THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE ANNUAL MEETING. Stockholders will be able to obtain the Company’s proxy statement, any amendments or supplements to the proxy statement and other documents filed by the Company with the SEC at no charge at the SEC’s website at www.sec.gov. Copies will also be available at no charge at the Company’s website at https://investors.vaxart.com/financials-filings/sec-filings.
Participant Information
The Company, each of its directors (Steven Lo (President, Chief Executive Officer and Principal Executive Officer, and Director), Kevin P. Finney, Elaine J. Heron, Ph.D., W. Mark Watson, David Wheadon, M.D., and James B. Breitmeyer, M.D., Ph.D.) and four of its executive officers and employees in addition to Mr. Lo (Jeroen Grasman (Chief Financial Officer, Principal Financial Officer, and Principal Accounting Officer), Sean Tucker, Ph.D. (Senior Vice President and Chief Scientific Officer), Edward B. Berg (Senior Vice President and General Counsel), James Cummings, M.D. (Chief Medical Officer)) are deemed to be “participants” (as defined in Schedule 14A under the Securities Exchange Act of 1934, as amended) in the solicitation of proxies from the Company’s stockholders in connection with matters to be considered at the Annual Meeting. Information about the names of the Company’s directors and officers, their respective interests in the Company by security holdings or otherwise, and their respective compensation is set forth in the sections entitled “Executive Officers,” “Election of Directors,” “Executive Compensation,” “Director Compensation,” and “Security Ownership of Certain Beneficial Owners and Management” in the Company’s Amendment No. 1 to the Annual Report on Form 10-K, filed with the SEC on April 30, 2026 (available here). Supplemental information regarding the participants’ holdings of the Company’s securities can be found in the Statement of Change in Ownership on Form 4 filed with the SEC on May 1, 2026 with respect to Dr. Breitmeyer, available here through the SEC’s website and the Company’s investor relations website.
Emphasizes Importance of Experienced Biotech Leadership as Vaxart Advances Clinical and Strategic Priorities with Multiple Value-Creating Milestones Ahead
Highlights Significant Risk of Replacing Vaxart’s Highly Qualified Directors with Candidates Who Have No Relevant Expertise
Urges Shareholders to Vote “FOR” ALL Six of Vaxart’s Director Nominees on the WHITE Proxy Card TODAY
Visit Vote.Vaxart.com for Additional Information and Voting Resources
SOUTH SAN FRANCISCO, Calif., June 01, 2026 (GLOBE NEWSWIRE) -- Vaxart, Inc. (OTCQX: VXRT) (“Vaxart” or the “Company”), a clinical-stage biotechnology company developing a range of oral recombinant vaccines based on its proprietary delivery platform, today announced that it has filed its definitive proxy materials with the Securities and Exchange Commission in connection with its upcoming Annual Meeting of Stockholders scheduled to be held on July 16, 2026.
In conjunction with the definitive proxy filing, Vaxart mailed a letter to shareholders emphasizing the importance of experienced biotech leadership to continue the Company’s progress as it approaches multiple value-creating milestones and highlighting the risk of replacing Vaxart’s highly qualified directors with candidates who have no relevant expertise. The full text of the letter is as follows:
Dear Fellow Vaxart Shareholders:
With our Annual Meeting coming up on July 16th, we are writing to ask you to vote “FOR” ALL 6 of the Company’s highly qualified director nominees – Dr. James B. Breitmeyer, Kevin P. Finney, Dr. Elaine J. Heron, Steve Lo, W. Mark Watson and Dr. David Wheadon – on the WHITE proxy card.
Your vote is especially important this year. We are approaching multiple operational and clinical milestones – and achieving our goals requires the right group of leaders with relevant skills and expertise at the helm. As Vaxart enters this pivotal period, our Board and management team have the experience and expertise to lead the company forward.
In contrast, a small group of shareholders with no relevant experience or expertise is seeking to add themselves to the Board and replace our highly qualified directors who are integral to Vaxart’s success. Now is not the time to disrupt the Company’s trajectory by replacing Vaxart directors with individuals who have never led a clinical-stage biotech company or served on the Board of a publicly traded company. We strongly believe any drastic changes like this would put the potential upside value of your investment at risk.
We urge you to vote the WHITE proxy card today “FOR” Vaxart’s highly qualified directors and WITHHOLD on the shareholder nominees.
VAXART IS EXECUTING KEY PRIORITIES AND HAS THE RIGHT BOARD TO ENSURE WE ARE
POSITIONED TO DELIVER VALUE FOR YOUR SHARES
At this critical moment for the Company, continuity, execution, and disciplined oversight matter. We are managing several key priorities that we believe have the potential to yield tremendous value, including:
Successfully executing the BARDA-funded Phase 2b COVID-19 trialAdvancing the norovirus vaccine programMaintaining financial discipline, cash runway management, and prudent capital allocationValidating platform and partnership opportunitiesAdvancing the broader pipeline and platform Vaxart’s Board has been intentionally curated with directors who have specialized qualifications to oversee these specific workstreams. Collectively, Vaxart’s directors have:
Developed and commercialized multiple approved therapies and vaccinesSuccessfully guided public biotechnology companiesOverseen major acquisitionsWorked directly with global regulatory agencies and pharmaceutical partnersBuilt, over many decades, industry relationships critical to advancing biotechnology pipeline candidates
Just in the last 18 months, we have appointed two new directors to ensure we have the right people in the boardroom to oversee the Company’s execution on its strategic plan, and our average director tenure is now only 2.3 years:
Dr. James Breitmeyer is a highly qualified pharmaceutical executive who has led successful development programs, company acquisitions and eight FDA approvalsKevin Finney is an experienced biotech executive and director who has held numerous leadership roles in the healthcare industry across early stages of development through commercialization and has led business development efforts at multiple companiesOur prior chair of the Board retired following the 2025 Annual Meeting of StockholdersWe continue to engage with our shareholders and have heard shareholder feedback – that is why we made the changes to the Board that we did CEO AND DIRECTOR STEVE LO IS A FIERCE VAXART ADVOCATE AND HIS INTERESTS ARE
DIRECTLY ALIGNED WITH SHAREHOLDERS
Steve Lo joined Vaxart as CEO and director in March 2024, at a challenging time for the Company. The previous CEO had resigned earlier in the year, and Vaxart was looking to reposition itself amidst a challenging macro environment in which several biotech companies were forced to scale back or cease operations entirely.
Together with the Board and management team, Mr. Lo has continued to pull every lever to advance our programs as quickly as possible and preserve our ability to operate.
In June 2024, with Mr. Lo as CEO, Vaxart secured a BARDA-funded Project NextGen Award valued at up to $453 million to conduct a Phase 2b study evaluating its COVID-19 oral pill vaccine candidate. After BARDA issued a stop-work order in August 2025 for many of the vaccine programs it was supporting, Mr. Lo traveled multiple times to Washington, D.C. and successfully reestablished Vaxart’s BARDA funding. It would not be an overstatement to say that he saved the Company.Mr. Lo led the negotiation of our strategic partnership with Dynavax (now Sanofi), which extended Vaxart's cash runway into the second quarter of 2027 and provides for additional potential milestone payments as development of the Company’s COVID vaccine proceeds.Mr. Lo oversaw the relocation of our headquarters, as well as streamlined our footprint and workforce and reduced fixed overhead expenses, which will decrease operating expenses in the future.Mr. Lo helped negotiate a $25 million share purchase agreement, providing a flexible tool to bolster our balance sheet while minimizing dilution. To reinforce his alignment with shareholders, more than 60% of Mr. Lo’s compensation is in the form of stock incentives with multi-year vesting requirements, and approximately 33% of Mr. Lo’s direct compensation can be realized only if the stock price increases in value. Further, Mr. Lo has never sold a single share.1
The Board believes that Mr. Lo’s leadership as CEO and his role on the Board are invaluable to the Company’s success at this pivotal time in its trajectory. Mr. Lo has the expertise, sense of urgency and relationships that are critical to success in our industry. His continued leadership, along with the rest of the Board, remains vital to Vaxart’s success.
NOW IS NOT THE TIME TO REPLACE EXPERIENCED DIRECTORS WITH DISSIDENT DIRECTOR
CANDIDATES WHO HAVE NO RELEVANT EXPERTISE
We believe that replacing any of our highly qualified directors with the nominees proposed by a small group of shareholders carries real risk.
Biotech execution requires stability and operational disruption can adversely affect timelines and outcomes.Strategic and partnership momentum could be negatively impacted as counterparties value continuity and stability.Financial and operational discipline matter more than ever, and the Board believes that the Company cannot afford to have directors who have never led a public company and lack in-depth experience and appreciation for the complex and unique strategy that Vaxart is executing.
We recognize that the shareholders’ three nominees are professionals in their respective fields. However, unlike Vaxart’s directors, these nominees have no experience overseeing a clinical-stage biotechnology company, advancing vaccine programs, managing regulatory processes or raising capital for a public company. All of these are skills that are integral to Vaxart’s success.
Do NOT risk your investment. Vote the WHITE proxy card today “FOR” Vaxart’s nominees and WITHHOLD on the dissident shareholder nominees. We also encourage you to discard any proxy materials you receive from the dissident shareholder group.
VOTE THE WHITE PROXY CARD “FOR” VAXART’S DIRECTORS TO REALIZE THE FUTURE VALUE
OF YOUR VAXART INVESTMENT
With key value-creating inflection points in sight, don’t let a group of unqualified Board nominees derail Vaxart at this critical time. The current Board and management team are best suited to execute the Company’s strategy and deliver value for your shares.
Protect your ability to realize the value of your Vaxart investment by voting “FOR” ALL 6 of the Company’s highly qualified director nominees on the WHITE proxy card today.
Thank you for your continued support.
Sincerely,
The Vaxart Board of Directors
Vote “FOR” ALL 6 of Vaxart’s highly qualified director nominees on the WHITE proxy card
TODAY!
If you have questions or require assistance with voting your shares, please call Vaxart’s proxy solicitor:
Additional shareholder resources and voting information can be found at Vote.Vaxart.com.
About Vaxart
Vaxart is a clinical-stage biotechnology company developing a range of oral recombinant vaccines based on its proprietary delivery platform. Vaxart vaccines are designed to be administered using pills that can be stored and shipped without refrigeration and eliminate the risk of needle-stick injury. Vaxart believes that its proprietary pill vaccine delivery platform is suitable to deliver recombinant vaccines, positioning the Company to develop oral versions of currently marketed vaccines and to design recombinant vaccines for new indications. Vaxart’s development programs currently include pill vaccines designed to protect against coronavirus, norovirus, and influenza, as well as a therapeutic vaccine for human papillomavirus (HPV), Vaxart’s first immune-oncology indication. Vaxart has filed broad domestic and international patent applications covering its proprietary technology and creations for oral vaccination using adenovirus and TLR3 agonists.
Cautionary Language Concerning Forward-Looking Statements
This communication contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are subject to the “safe harbor” provisions created by those sections, that involve substantial risks and uncertainties. All statements, other than statements of historical facts, included in this communication regarding Vaxart’s strategy, prospects, plans and objectives, results from preclinical and clinical trials, commercialization agreements and licenses, and beliefs and expectations of management are forward-looking statements. These forward-looking statements may be accompanied by such words as “should,” “believe,” “could,” “potential,” “will,” “expected,” “anticipate,” “plan,” “target,” “seek,” “intend,” “may,” “predict,” “project,” “would,” and other words and terms of similar meaning. Examples of such statements include, but are not limited to, statements relating to Vaxart’s ability to develop and commercialize its product candidates, including its vaccine booster products; Vaxart’s expectations regarding clinical results and trial data, and the timing of receiving and reporting such clinical results and trial data; Vaxart’s expected timing for future clinical trials; and Vaxart’s expectations with respect to the effectiveness of its product candidates; expectations regarding collaborations, including the collaboration with Dynavax; expectations regarding the pursuit of strategic partnerships and external funding opportunities for Vaxart’s programs; expectations regarding government funding; and expectations regarding Vaxart’s capital resources and funded runway. Vaxart may not actually achieve the plans, carry out the intentions, or meet the expectations or projections disclosed in the forward-looking statements, and you should not place undue reliance on these forward-looking statements. Actual results or events could differ materially from the plans, intentions, expectations, and projections disclosed in the forward-looking statements. Various important factors could cause actual results or events to differ materially from the forward-looking statements that Vaxart makes, including uncertainties inherent in research and development, including the ability to meet anticipated clinical endpoints, commencement and/or completion dates for clinical trials, regulatory submission dates, regulatory approval dates, and/or launch dates, as well as the possibility of unfavorable new clinical data and further analyses of existing clinical data; the risk that clinical trial data are subject to differing interpretations and assessments by regulatory authorities; whether regulatory authorities will be satisfied with the design of and results from the clinical studies; decisions by regulatory authorities impacting labeling, manufacturing processes, and safety that could affect the availability or commercial potential of any product candidate, including the possibility that Vaxart’s product candidates may not be approved by the FDA or non-U.S. regulatory authorities; that, even if approved by the FDA or non-U.S. regulatory authorities, Vaxart’s product candidates may not achieve broad market acceptance; that a Vaxart collaborator may not attain development and commercial milestones; that Vaxart or its partners may experience manufacturing issues and delays due to events within, or outside of, Vaxart’s or its partners’ control; difficulties in production, particularly in scaling up initial production, including difficulties with production costs and yields, quality control, including stability of the product candidate and quality assurance testing, shortages of qualified personnel or key raw materials, and compliance with strictly enforced federal, state, and foreign regulations; that Vaxart may not be able to obtain, maintain, and enforce necessary patent and other intellectual property protection; that Vaxart’s capital resources may be inadequate; Vaxart’s ability to resolve pending legal matters; Vaxart’s ability to obtain sufficient capital to fund its operations on terms acceptable to Vaxart, if at all; the impact of government healthcare proposals and policies; competitive factors; and other risks and uncertainties described in the “Risk Factors” sections of Vaxart’s most recent Annual Report on Form 10-K, including amendments thereto, and Quarterly Reports on Form 10-Q filed with the U.S. Securities and Exchange Commission. Vaxart undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by applicable law.
Important Additional Information and Where to Find It
Vaxart has filed a definitive proxy statement and form of white proxy card with the U.S. Securities and Exchange Commission (the “SEC”) in connection with its solicitation of proxies for the 2026 Annual Meeting of Stockholders (the “Annual Meeting”). STOCKHOLDERS OF THE COMPANY ARE STRONGLY ENCOURAGED TO READ SUCH PROXY STATEMENT (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO), THE ACCOMPANYING WHITE PROXY CARD AND ALL OTHER DOCUMENTS FILED WITH, OR FURNISHED TO, THE SEC IN CONNECTION WITH THE ANNUAL MEETING CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE AS THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE ANNUAL MEETING. Stockholders are able to obtain the Company’s proxy statement, any amendments or supplements to the proxy statement and other documents filed by the Company with the SEC at no charge at the SEC’s website at www.sec.gov. Copies are also available at no charge at the Company’s website at https://investors.vaxart.com/financials-filings/sec-filings.
Mails Letter to Shareholders Detailing Strength of the Board’s Nominees and Momentum in Advancing Vaxart’s Value Creation Strategy
Reinforces that the Dissident’s Nominees Have No Relevant Biotechnology or Public Company Leadership Experience and Their Appointment to the Board Would Be Value Destructive
Visit Vote.Vaxart.com for Additional Information and Voting Resources
SOUTH SAN FRANCISCO, Calif., June 08, 2026 (GLOBE NEWSWIRE) -- Vaxart, Inc. (OTCQX: VXRT) (“Vaxart” or the “Company”), a clinical-stage biotechnology company developing a range of oral recombinant vaccines based on its proprietary delivery platform, today mailed a letter to shareholders urging them to vote “FOR” ALL six of the company’s highly qualified director nominees on the WHITE proxy card in connection with its upcoming Annual Meeting of Stockholders scheduled to be held on July 16, 2026.
The full text of the letter is as follows:
Dear Fellow Vaxart Shareholders:
You have an important choice to make about the future of your investment in Vaxart ahead of the 2026 Annual Meeting of Stockholders. As you determine which directors should serve on Vaxart’s Board, consider:
The Company’s WHITE proxy card presents a slate of six director nominees with the relevant experience and expertise to oversee the successful execution of the Company’s strategy. Two of the directors joined the Board within the last year, and the average tenure of all the nominees is 2.3 years.
A gold proxy card, on the other hand, is being issued by three shareholders who are nominating themselves to replace half of the Company’s Board despite a clear lack of credentials. None of them has experience leading a public company or a clinical-stage biotechnology company, and none of them has experience advancing vaccine programs through regulatory pathways. We strongly urge you to vote “FOR” ALL 6 of Vaxart’s director nominees – Dr. James B. Breitmeyer, Kevin P. Finney, Dr. Elaine J. Heron, Steven Lo, W. Mark Watson and Dr. David Wheadon – on the WHITE proxy card ahead of our July 16th Annual Meeting. We believe replacing any of Vaxart’s directors would jeopardize the execution of the Company's strategy at a critical stage of development.
Vaxart Is Executing On A Deliberate, Milestone-Driven Plan With Urgency
Vaxart is doing the work required to test, strengthen and validate our oral vaccine platform where the patient impact and commercial opportunity is the greatest:
We are executing our BARDA-funded Phase 2b COVID-19 trial that directly compares Vaxart’s oral pill vaccine candidate against an approved mRNA injectable, providing meaningful evidence of the platform’s potential. This program is the lead candidate for validating the mucosal immunity advantages of the VAAST oral pill platform. For the Sentinel Cohort of approximately 400 participants, we are working toward topline 12-month safety and immunogenicity data in the near term.For the Main Cohort, a double-blinded study of approximately 5,000 participants, we are working toward a full efficacy and safety readout in the mid term.With positive Phase 2b results, our strategic partner Dynavax has the option to further develop and commercialize this asset. We are advancing our norovirus program, building on prior Phase 2 challenge data that demonstrated the potential to reduce infection, illness and viral shedding. We believe these results support continued development of candidates designed to address both current and emerging strains. We are currently evaluating the cross-reactivity of our second-generation bivalent candidate, which has demonstrated significantly higher antibody responses compared to first-generation constructs.We are working to initiate a Phase 2b safety and immunogenicity study in the near term, subject to securing additional partnership or external funding. We are developing our seasonal and avian influenza programs that serve as important proof points for our platform’s ability to compete with market-leading injectables. We are pursuing a disciplined development strategy that prioritizes programs with the strongest scientific rationale, commercial potential and funding pathways and are actively evaluating funding pathways to accelerate advancement of these programs.We have strengthened our financial position and preserved flexibility, including realizing the upfront payment through the Dynavax partnership, which extended the Company’s cash runway into the second quarter of 2027.
Vaxart has implemented a multi-pronged approach to preserve capital and ensure it can reach upcoming clinical inflection points.In April 2026, we entered into a $25 million share purchase agreement with Lincoln Park Capital, which provides flexible financing that may be utilized if additional capital is needed.To protect our runway, we implemented a 21% workforce reduction in 2025 and completed the relocation of our corporate headquarters to reduce fixed overhead. Translating Vaxart’s differentiated platform and potential into long-term value requires disciplined clinical execution, prudent capital allocation, and deep regulatory and partnership expertise. This expertise is particularly important in an industry where success depends on both leadership decisions and the capability of the Board and management to steer the company through all stages of vaccine development, including trial enrollment and patient observation periods, data analysis, and regulatory and partner review processes. Effective oversight requires balancing urgency and rigor necessary to maximize the likelihood of success. Our Board is fully focused on achieving that goal.
The Dissident Shareholder Group Is Seeking To Eliminate Significant Experience from the Boardroom
The dissident shareholders who are nominating themselves for election have backgrounds principally in insurance, medical practice, and small business operations. None has served as a director or senior executive of a public company or a clinical-stage vaccine company, overseen the development of vaccine candidates through late-stage clinical trials, or led the regulatory and strategic partnerships necessary to bring innovative vaccines to market.
At this important stage in Vaxart's development, we believe shareholders are best served by directors with substantial experience in biotechnology, vaccine development, clinical trials, regulatory affairs and public company governance.
The Company’s director nominees all provide expertise that is essential to overseeing Vaxart. If the dissident shareholder group is successful, they would eliminate significant and relevant expertise brought by these current directors at a critical time for the Company.
Steven Lo became Chief Executive Officer a little more than two years ago and has led several important initiatives to strengthen the Company and position it for long-term success.Following BARDA’s two stop-work orders in 2025 that adversely impacted vaccine programs for Vaxart and many other companies, Mr. Lo helped secure the continuation of BARDA funding for Vaxart’s lead COVID-19 program. Mr. Lo led the negotiation of our strategic partnership with Dynavax (now part of Sanofi), extending the Company’s cash runway into the second quarter of 2027.Mr. Lo implemented initiatives to reduce fixed overhead expenses, improving the Company's operating efficiency and lowering its future cost structure.Mr. Lo helped negotiate a $25 million share purchase agreement, providing a flexible tool to strengthen its balance sheet if needed.Mr. Lo’s interests are closely aligned with those of shareholders. More than 60% of his compensation is delivered through equity incentives with multi-year vesting requirements, and approximately one-third of his target direct compensation can only be realized if shareholders benefit from stock price appreciation. In addition, Mr. Lo has never sold a single share of Company stock.1 Dr. Elaine J. Heron is an established biotechnology executive with primary expertise across life sciences, drug development, rare diseases, public company governance, and M&A.Dr. Heron served as CEO and Chair of the Board of Amplyx Pharmaceuticals, Inc., an antifungal development company which was acquired by Pfizer.
Previously Dr. Heron served as CEO and Chair of the Board of Labcyte, Inc., a life sciences technology company whose innovative liquid-handling platform became widely used in pharmaceutical research and development and was subsequently acquired by Danaher Corporation.Dr. Heron served as Vice President and General Manager of Applera’s Molecular Biology division, a $1 billion annual revenue business now part of Thermo Fisher Scientific, where she helped develop the DNA sequencer used in the Human Genome Project and pioneer real-time PCR systems that have become the gold standard for gene expression analysis.Dr. Heron served on the Board of BioMarin Pharmaceutical Inc. from 2002 to 2025, during which it grew into a leading rare disease biotechnology company with annual revenue of approximately $2.8 billion and commercial operations spanning more than 80 countries.Dr. Heron currently serves on the board of Pavella Therapeutics, Inc., a clinical-stage biotechnology company developing drugs for serious rare skin diseases that completed its IPO in late 2024 and has since achieved a market capitalization of $1.6 billion.Dr. Heron holds a B.S. in Chemistry and a Ph.D. in Analytical Biochemistry from Purdue University and an MBA from Pepperdine University. Dr. David Wheadon brings nearly three decades of experience in clinical development, regulatory affairs and pharmaceutical innovation, with deep expertise in the processes that determine whether new therapies ultimately reach patients. Dr. Wheadon served as Senior Vice President, Global Regulatory Affairs, Patient Safety and Quality Assurance for AstraZeneca Pharmaceuticals, where he led the market access strategy for the company’s innovative product portfolio and oversaw late-stage development through regulatory approvals.
As Senior Vice President, Scientific & Regulatory Affairs at Pharmaceutical Research and Manufacturers of America (“PhRMA”) and member of the Management Committee, Dr. Wheadon led industry-wide advocacy and engaged extensively with U.S. public health agencies, gaining a deep understanding of drug development standards and approval pathways.Dr. Wheadon began his career as a clinical research physician in neuroscience at Eli Lilly and Company, developing foundational expertise in clinical development and the end-to-end innovation process from early-stage research through patient-focused evaluations.Dr. Wheadon has significant public company board experience, including serving as a Director of Karuna Therapeutics, Inc. where he helped guide the company through its approximately $14 billion acquisition by Bristol Myers Squibb.Dr. David Wheadon has an A.B. in Biology from Harvard University and an M.D. from Johns Hopkins University School of Medicine. He completed his residency in psychiatry at the Tufts-New England Medical Center. The Dissident Shareholder Nominees Are Ill-Equipped To Oversee a Public Biotechnology Company
Seeking change for its own sake is not a strategy. Daniel Houle has acknowledged that he and his fellow nominees do not have the experience that the biotechnology executives currently serving on Vaxart's Board possess. Rather, they are seeking Board seats to learn more about the Company's operations with the hope of identifying a magic bullet that will accelerate Vaxart’s trajectory.
But serving on the Board of a clinical-stage biotechnology company requires more than curiosity. It requires the judgment necessary to evaluate clinical, regulatory, financial and strategic matters, discharge fiduciary obligations to all shareholders and provide effective oversight of management.
Time is of the essence for Vaxart. The Company is executing important clinical programs, pursuing partnership opportunities and working to validate its oral vaccine platform. Success requires continuity, discipline and experienced oversight. Potential partners and investors in the Company will care about who is serving on the Board after the Annual Meeting.
PROTECT THE VALUE OF YOUR INVESTMENT BY VOTING THE WHITE PROXY CARD TODAY
Vaxart is executing against a clear, milestone-driven strategy and moving with urgency. We are advancing important clinical programs, strengthening our financial position, pursuing strategic opportunities and working to unlock the full potential of our differentiated oral vaccine platform and innovative scientific advancements.
Your Board has responded to shareholder feedback and assembled the expertise of six highly qualified directors who are integral to the clinical, regulatory, financial and strategic decisions that will shape Vaxart's future. The progress Vaxart is making today reflects that. Replacing ANY of our directors at this moment, particularly with nominees who have no relevant experience, risks disruption at a pivotal time for our Company.
Your vote is extremely important no matter how many shares you own. We urge you to cast your vote “FOR” ALL 6 of the Company’s highly qualified director nominees today by marking, signing, dating, and returning the enclosed WHITE proxy card or voting instruction form by mail in the postage-paid envelope provided, or by voting online following instructions on your WHITE proxy card or voting instruction form.
Thank you for your continued support.
Sincerely,
The Vaxart Board of Directors
Vote “FOR” ALL 6 of Vaxart’s highly qualified director nominees on the WHITE proxy card TODAY!
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About Vaxart
Vaxart is a clinical-stage biotechnology company developing a range of oral recombinant vaccines based on its proprietary delivery platform. Vaxart vaccines are designed to be administered using pills that can be stored and shipped without refrigeration and eliminate the risk of needle-stick injury. Vaxart believes that its proprietary pill vaccine delivery platform is suitable to deliver recombinant vaccines, positioning the Company to develop oral versions of currently marketed vaccines and to design recombinant vaccines for new indications. Vaxart’s development programs currently include pill vaccines designed to protect against coronavirus, norovirus, and influenza, as well as a therapeutic vaccine for human papillomavirus (HPV), Vaxart’s first immune-oncology indication. Vaxart has filed broad domestic and international patent applications covering its proprietary technology and creations for oral vaccination using adenovirus and TLR3 agonists.
Cautionary Language Concerning Forward-Looking Statements
This communication contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are subject to the “safe harbor” provisions created by those sections, that involve substantial risks and uncertainties. All statements, other than statements of historical facts, included in this communication regarding Vaxart’s strategy, prospects, plans and objectives, results from preclinical and clinical trials, commercialization agreements and licenses, and beliefs and expectations of management are forward-looking statements. These forward-looking statements may be accompanied by such words as “should,” “believe,” “could,” “potential,” “will,” “expected,” “anticipate,” “plan,” “target,” “seek,” “intend,” “may,” “predict,” “project,” “would,” and other words and terms of similar meaning. Examples of such statements include, but are not limited to, statements relating to Vaxart’s ability to develop and commercialize its product candidates, including its vaccine booster products; Vaxart’s expectations regarding clinical results and trial data, and the timing of receiving and reporting such clinical results and trial data; Vaxart’s expected timing for future clinical trials; and Vaxart’s expectations with respect to the effectiveness of its product candidates; expectations regarding collaborations, including the collaboration with Dynavax; expectations regarding the pursuit of strategic partnerships and external funding opportunities for Vaxart’s programs; expectations regarding government funding; and expectations regarding Vaxart’s capital resources and funded runway. Vaxart may not actually achieve the plans, carry out the intentions, or meet the expectations or projections disclosed in the forward-looking statements, and you should not place undue reliance on these forward-looking statements. Actual results or events could differ materially from the plans, intentions, expectations, and projections disclosed in the forward-looking statements. Various important factors could cause actual results or events to differ materially from the forward-looking statements that Vaxart makes, including uncertainties inherent in research and development, including the ability to meet anticipated clinical endpoints, commencement and/or completion dates for clinical trials, regulatory submission dates, regulatory approval dates, and/or launch dates, as well as the possibility of unfavorable new clinical data and further analyses of existing clinical data; the risk that clinical trial data are subject to differing interpretations and assessments by regulatory authorities; whether regulatory authorities will be satisfied with the design of and results from the clinical studies; decisions by regulatory authorities impacting labeling, manufacturing processes, and safety that could affect the availability or commercial potential of any product candidate, including the possibility that Vaxart’s product candidates may not be approved by the FDA or non-U.S. regulatory authorities; that, even if approved by the FDA or non-U.S. regulatory authorities, Vaxart’s product candidates may not achieve broad market acceptance; that a Vaxart collaborator may not attain development and commercial milestones; that Vaxart or its partners may experience manufacturing issues and delays due to events within, or outside of, Vaxart’s or its partners’ control; difficulties in production, particularly in scaling up initial production, including difficulties with production costs and yields, quality control, including stability of the product candidate and quality assurance testing, shortages of qualified personnel or key raw materials, and compliance with strictly enforced federal, state, and foreign regulations; that Vaxart may not be able to obtain, maintain, and enforce necessary patent and other intellectual property protection; that Vaxart’s capital resources may be inadequate; Vaxart’s ability to resolve pending legal matters; Vaxart’s ability to obtain sufficient capital to fund its operations on terms acceptable to Vaxart, if at all; the impact of government healthcare proposals and policies; competitive factors; and other risks and uncertainties described in the “Risk Factors” sections of Vaxart’s most recent Annual Report on Form 10-K, including amendments thereto, and Quarterly Reports on Form 10-Q filed with the U.S. Securities and Exchange Commission. Vaxart undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by applicable law.
Important Additional Information and Where to Find It
Vaxart has filed a definitive proxy statement and form of white proxy card with the U.S. Securities and Exchange Commission (the “SEC”) in connection with its solicitation of proxies for the 2026 Annual Meeting of Stockholders (the “Annual Meeting”). Stockholders are able to obtain the Company’s proxy statement, any amendments or supplements to the proxy statement and other documents filed by the Company with the SEC at no charge at the SEC’s website at www.sec.gov. Copies are also available at no charge at the Company’s website at https://investors.vaxart.com/financials-filings/sec-filings.
SOUTH SAN FRANCISCO, Calif., June 09, 2026 (GLOBE NEWSWIRE) -- Vaxart, Inc. (OTCQX: VXRT), a clinical-stage biotechnology company developing a range of oral recombinant vaccines based on its proprietary delivery platform, today announced that members of the management team will participate in the BTIG Infectious Disease Day 2026 on June 16.
BTIG Infectious Disease Day 2026
Date: Tuesday, June 16, 2026
Format: 1x1 Meetings
Location: Virtual
Institutional Investors interested in meeting with Vaxart management should contact their BTIG representative.
About Vaxart
Vaxart is a clinical-stage biotechnology company developing a range of oral recombinant vaccines based on its proprietary delivery platform. Vaxart vaccines are designed to be administered using pills that can be stored and shipped without refrigeration and eliminate the risk of needle-stick injury. Vaxart believes that its proprietary pill vaccine delivery platform is suitable to deliver recombinant vaccines, positioning the Company to develop oral versions of currently marketed vaccines and to design recombinant vaccines for new indications. Vaxart’s development programs currently include pill vaccines designed to protect against coronavirus, norovirus, and influenza, as well as a therapeutic vaccine for human papillomavirus (HPV), Vaxart’s first immune-oncology indication. Vaxart has filed broad domestic and international patent applications covering its proprietary technology and creations for oral vaccination using adenovirus and TLR3 agonists.
Contact
Vaxart Media and Investor Relations:
FINN Partners [email protected]
Eastman Kodak stock is showing exceptional strength. What’s fueling KODK momentum? Kodak Q4 Revenue Climbs As EBITDA DoublesKodak said fourth-quarter revenue rose 9% year over year to $290 million, driven by 25% growth in its Advanced Materials & Chemicals segment to $85 million and a 4% increase in Print revenue to $195 million. Gross profit climbed 31% to $67 million, while operational EBITDA more than doubled to $22 million from $9 million a year earlier.
For the full year, revenue increased 2% to $1.069 billion and operational EBITDA jumped 138% to $62 million, suggesting that Kodak's cost actions, pricing improvements and efficiency measures are gaining traction.
Kodak Cash Balance Jumps $136 Million Year Over YearThe company ended 2025 with a cash balance of $337 million, up $136 million from a year earlier, aided largely by the termination of the Kodak Retirement Income Plan and the reversion of assets to the company.
Still, Kodak reported a GAAP net loss of $108 million in the fourth quarter and a full-year net loss of $128 million, reflecting one-time items tied to pension-related charges and debt extinguishment.
Kodak Scores High On Value But Weak On QualityEastman Kodak Company has a Benzinga Edge Value score of 94.1, indicating the stock ranks highly on valuation metrics relative to peers. However, its Momentum score stands at 59.2 while Quality is much lower at 9.5, suggesting moderate price momentum but weak underlying financial quality.
KODK Shares Climb Friday MorningKODK Price Action: Eastman Kodak shares were up 4.93% at $7.23 at the time of publication on Friday, according to Benzinga Pro data.
Image: Shutterstock
This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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Eastman Kodak Company (NYSE: KODK - Get Free Report)'s stock price gapped up before the market opened on Friday. The stock had previously closed at $6.89, but opened at $7.53. Eastman Kodak shares last traded at $7.5170, with a volume of 924,658 shares traded. Trending Headlines about Eastman Kodak Here are the key news stories
Shares of Eastman Kodak Company (KODK - Free Report) have gained 10.5% since reporting results for the fourth quarter of 2025, outperforming the S&P 500 index’s 1.1% fall. Over the past month, however, Kodak’s stock has slipped 0.8% compared with a steeper 2.2% decline in the broader market.
Kodak reported fourth-quarter 2025 revenues of $290 million, up 9% from $266 million in the year-ago period, reflecting growth across its core segments. Gross profit rose 31% to $67 million, with margin expansion to 23% from 19% a year earlier. Despite these improvements, the company posted a GAAP net loss of $108 million against a net income of $26 million in the prior-year quarter.
For 2025, revenues increased 2% to $1.069 billion, while gross profit rose 14% to $232 million. However, Kodak swung to a net loss of $128 million from net income of $102 million in 2024, highlighting the impacts of non-recurring charges. The diluted loss per share for 2025 was $1.78 against 90 cents of diluted earnings per share in 2024.
Segmental Performance & Key Business MetricsKodak’s growth in the quarter was driven primarily by its Advanced Materials & Chemicals (AM&C) segment, where revenues grew 25% year over year to $85 million. The Print segment delivered more modest growth, with revenues rising 4% to $195 million.
Operational EBITDA, a key profitability metric, increased sharply to $22 million from $9 million in the prior-year quarter, reflecting improved pricing and volume. For the year, operational EBITDA surged 138% year over year to $62 million, indicating meaningful operational improvements despite GAAP losses.
Segment-level performance shows that both Print and AM&C contributed to EBITDA growth, with improvements driven by higher volumes and pricing gains.
Management CommentaryManagement emphasized that the company ended 2025 on a strong note, with long-term investments beginning to yield results. CEO Jim Continenza highlighted that Kodak’s strategy, focused on deleveraging, infrastructure upgrades and product innovation, is now translating into improved operational performance and a stronger balance sheet.
Executives also pointed to progress in streamlining operations and reducing costs, including approximately $40 million in reduced annual interest expenses due to debt reduction efforts. The company underscored its positioning as a more focused industrial manufacturer with three core businesses: Print, AM&C and Brand licensing.
Factors Influencing PerformanceThe sharp swing to a net loss in both the fourth quarter and 2025 was primarily driven by non-recurring items related to the termination of the Kodak Retirement Income Plan (“KRIP”), including excise tax charges and accounting adjustments.
Operational improvements, however, were supported by better pricing, increased volumes and efficiency gains. These positives were partially offset by higher manufacturing costs, including elevated aluminum input costs and broader inflationary pressures.
Cash flow also showed significant improvement, with the operating cash flow increasing substantially year over year due to pension-related proceeds and operational gains. The company ended the year with $337 million in cash, up from $201 million in 2024.
Other DevelopmentsA major development during the fourth quarter was the completion of the KRIP pension reversion, which generated substantial proceeds and enabled Kodak to significantly reduce its debt. The company used these funds to pay down term loans and strengthen its liquidity position, while also funding a new pension plan.
Kodak amended its Series B preferred equity terms in March 2026, extending maturities and adjusting dividend rates, while continuing to prioritize debt reduction. These actions reflect ongoing balance sheet restructuring efforts aimed at lowering financing costs and improving financial flexibility.
Overall, while Kodak’s reported earnings were weighed down by one-time charges, underlying operational metrics, particularly revenue growth, margin expansion and EBITDA improvement, suggest progress in executing its turnaround strategy.
NEWBERRY, Ind.--(BUSINESS WIRE)--Ateios Systems and Kodak today announced the expansion of the Ateios RaiCore™ battery electrode platform to three of the world’s most widely used cathode chemistries, Lithium Cobalt Oxide (LCO), Lithium Iron Phosphate (LFP), and Nickel Manganese Cobalt (NMC), while earning third-party verifications for eliminating perfluoralkoxy alkane (PFA) forever chemicals.
Independent third-party testing confirmed that RaiCore™ composite electrode formulations (LCO, LFP, NMC, and graphite) contain total organic fluorine (TOF) levels below the analytical reporting limit of 20 parts per million, well below the 100-ppm regulatory threshold for PFAS-containing materials. The verification continues to maintain RaiCore’s status as the world’s only PFAS-free battery electrodes verified by an independent third party. The third-party verification report is available upon request.
Alongside the verification, Ateios released its 4th-generation RaiCoreTM electrodes with a new improved formulation based on customer feedback. The new formulation has enabled the highest active material loading to >98%, incorporates an optimized conductive additive network, and improves rheology for high-speed gap coating, delivering leading energy and power density while maintaining compatibility with existing battery manufacturing lines. LCO and LFP electrodes are in pilot programs with leading battery OEMs worldwide.
“With the support of our customers, Kodak, and key materials suppliers, we continue pushing the frontier of battery production speed, performance, and sustainability,” said Dr. Rajan Kumar, Founder and CEO of Ateios Systems. “Our goal is simple: help battery innovators build higher-performance batteries and enable seamless adoption inside existing gigafactories.”
“Ateios continues to raise the bar for battery performance with their RaiCore™ electrodes, and Kodak is proud to contribute to the success of the platform by leveraging our expertise in precise, high-speed multilayer coating,” said Jim Continenza, Kodak’s Executive Chairman and CEO.
The platform expansion was accelerated by support from the U.S. National Science Foundation (NSF) Energy Storage Engine in Upstate New York and by an expanded supply chain with non-Foreign Entity of Concern (FEOC) partners to meet the challenge of domestic battery supply. Funding from both the Engine’s use-inspired R&D grant and its flagship SuperBoost Technology Translation grant enabled Ateios to validate its RaiCore platform for LFP cathodes and scale the fabrication of production-grade battery cells for multiple chemistries in partnership with Kodak.
“The work shared by Ateios and Kodak highlights significant progress toward solving key challenges in next-generation battery manufacturing, said Dr. Stanley Whittingham, the Engine’s Chief Innovation Officer. Ateios was identified as a potential high-impact company and as a candidate for the Engine grants while participating in the NSF funded ChargeUp Accelerator program at Binghamton University.
Battery innovators are invited to begin qualification testing as the first RaiCore™ samples emerge from Kodak’s development and production coating machine.
Ateios Systems will showcase production-grade RaiCore™ electrodes, pilot data, and third-party verification at the 43rd International Battery Seminar & Exhibit (Kodak Booth #301 & Booth #330) in Orlando, March 23–26.
Ateios Systems pioneers advancements in battery technology with its groundbreaking RaiCure™ platform. This innovative technology produces battery components with enhanced performance, reduced costs, and minimized environmental impact. Ateios can work with partners throughout the entire battery development cycle, from inception to production, to produce large-scale, high-quality battery components. For more information, visit www.ateios.com
About Kodak
Kodak (NYSE: KODK) is a leading global manufacturer focused on commercial print and advanced materials & chemicals. With 79,000 worldwide patents earned over 130 years of R&D, we believe in the power of technology and science to enhance what the world sees and creates. Our innovative, award-winning products, combined with our customer-first approach, make us the partner of choice for commercial printers worldwide. Kodak is committed to environmental stewardship, including industry leadership in developing sustainable solutions for print. For additional information on Kodak, visit us at kodak.com, or follow us on LinkedIn.
Eastman Kodak Company (KODK - Free Report) and Ateios Systems have taken a significant step forward in battery technology by expanding the capabilities of the RaiCore electrode platform. This development not only broadens compatibility across major cathode chemistries but also reinforces a growing industry focus on sustainability and manufacturability.
The latest expansion brings RaiCore technology to three widely used battery chemistries: Lithium Cobalt Oxide, Lithium Iron Phosphate, and Nickel Manganese Cobalt. By doing so, Ateios positions its platform as a flexible solution that can integrate into a broad range of battery applications, from consumer electronics to electric vehicles.
A defining aspect of this advancement is its environmental significance. Independent testing has confirmed that RaiCore electrodes contain extremely low levels of total organic fluorine, well below regulatory thresholds associated with PFAS (per- and polyfluoroalkyl substances). This makes RaiCore one of the very few, if not the only, battery electrode platforms verified to be free from these so-called “forever chemicals,” addressing a growing regulatory and public concern around hazardous materials in energy storage.
Alongside this validation, Ateios has introduced its fourth-generation RaiCore formulation. The updated design reflects both technical refinement and customer-driven improvements. With active material loading exceeding 98%, enhanced conductive pathways and better rheological properties, the electrodes are engineered for both high performance and efficient large-scale manufacturing. Importantly, these improvements are achieved without requiring major changes to existing battery production infrastructure, an advantage that could accelerate adoption across gigafactories worldwide.
Kodak plays a critical role in this collaboration by contributing its expertise in precision coating technologies. Its capabilities in high-speed, multilayer coating processes support the scalable production of these advanced electrodes, bridging the gap between innovation and industrial deployment.
The initiative has also benefited from institutional backing. Support from the U.S. National Science Foundation’s Energy Storage Engine and related grant programs has enabled Ateios to validate its technology across multiple chemistries and scale production to commercially relevant levels. This backing highlights the broader strategic importance of domestic battery supply chains and next-generation manufacturing technologies.
With pilot programs already underway with leading battery manufacturers, RaiCore is moving closer to real-world implementation. As samples roll out from Kodak’s production systems, the platform is entering a critical phase of qualification testing by industry partners.
Overall, the collaboration between Ateios Systems and Kodak reflects a convergence of performance, sustainability and manufacturability. By addressing environmental concerns while enhancing battery efficiency and scalability, RaiCore represents a promising direction for the future of energy storage.
On Jim Continenza's first day on the job as Eastman Kodak executive chairman in 2019, he got a call from a star Hollywood filmmaker telling him the company was making a big mistake.
The photography technology company was in the process of shutting down its acetate factory, which makes one of the key ingredients used in film. Christopher Nolan, the director behind major movies like "Inception" and "Oppenheimer," urged Continenza to stop the process.
"He goes, 'Do not turn this off. Please take a look.' And I did," Continenza, now CEO, told CNBC. "He was right. I started looking at it because I shoot 35 millimeter [film], and I'm like, 'Why would one of the greatest directors of all time even have this conversation?'"
Continenza, a self-proclaimed "turnaround specialist," said he quickly realized how central film was to Kodak's roots, and how it could be one of its biggest strengths as he fought to bring the company back from teetering on the edge of bankruptcy.
Fast forward roughly seven years, and multiple 2026 Oscar-winning movies, including "One Battle After Another" and "Sinners," were shot on Kodak film. It's part of a bigger trend as the category sees a resurgence fueled by both a nostalgia for film in Hollywood and by younger consumers.
That road wasn't smooth, though. The company declared bankruptcy in 2012 and reemerged a year later. Then it cautioned last year that its financial conditions "raise substantial doubt about Kodak's ability to continue as a going concern."
In the second-quarter earnings where it made that going concern statement, Kodak posted a 12% decrease in gross profit, with millions in debt obligations.
But Continenza said it was one step in a longer process toward rebuilding the company to its former success.
Last month, the company's earnings report looked different. Its fourth-quarter gross profit reached $67 million, a 31% increase from the year prior. Kodak also said it had reduced its annual interest expense by roughly $40 million.
Continenza said at the time that the results were signs of the long-term plan he began executing in 2019. He told CNBC that he chose Kodak as his final company to revive before closing his chapter as a C-suite executive, having previously served in leadership roles at communication companies including AT&T and Lucent.
"Here's what our goal is: We're going to create jobs for the next generation. Make no mistake, we're going to fix this company and put it on a stable foundation and put building blocks to grow all the systems," Continenza said. "We didn't put in what we need, we put in what we want, and that's a difference."
Troubled watersIn a digitally evolving society, Kodak has been fighting to keep its place and relevancy.
The company's 2012 bankruptcy protection came after it failed to improve its finances as digital photography took off and revolutionized the industry. When it reemerged the following year as a smaller company, it shifted its primary focus to commercial printing.
Though it's not a company that is largely covered by investors anymore, Melius Research analyst Ben Reitzes wrote in a note last year that the onset of digital technology posed a significant setback for Kodak.
"At the time, Kodak management told us that film would co-exist with digital cameras and more photos would be taken — and more would need to be printed by Kodak," he wrote.
Still, Kodak faced its struggles. Its stock sank more than 35% in 2014, continuing to gradually fall over the next few years and hitting an all-time low of $1.55 per share during the onset of the pandemic in March 2020.
Last August, the more than 100-year-old photography company said it had roughly $155 million in cash and nearly $600 million in loans.
A Kodak spokesperson said at the time that the going concern language had to be included because Kodak did not have enough available liquidity to pay off its debt, due within 12 months. Still, the company said it was confident it would pay off a significant portion of that loan before it became due by terminating its pension plan and said the disclosure was just a required technical report.
Wall Street investors didn't like what they heard. The stock plunged from a price of roughly $7 per share a few days prior to just over $5 per share on the day of earnings.
"We could have done a better job on it, because to us, it wasn't as dire straits, it was more of a GAAP accounting coincidence by dates," Continenza said, adding that it was a "timing issue" for the loans.
Continenza said Kodak's main challenges were in its "huge tranches" of debt and a lack of communication with its shareholders and customers.
The CEO said he's never sold a share of Kodak and instead bought stock after the company issued its going concern disclosure.
"You've got to put the work in and the long-term investments, and you've got to be methodical, but you've got to fix your operations, and I've spent seven years of doing it," he said. "[It's] a 130-plus year old company, right? You can imagine what's in the attic."
Defining successContinenza said he's been intentional about instituting long-term changes since he took over the company. He's changed about 90% of the company's leadership, paid off more than $400 million in debt and reorganized the company's priorities to focus on print and advanced materials and chemicals.
He said it was also important to be "transparent" with his team and acknowledged that turning around the company would mean layoffs and staffing changes.
"First thing I always do is go out and get people who want to hold the company and buy them out, and that's what we did," he said. "I got a board and investors who love what we're doing — we keep them informed, and they help guide us."
As he examined what worked for the company, Continenza said he saw an opportunity with Generation Z and the resurgence of the film aesthetic. The look of photos and videos shot on film captures something that "penetrates your heart and soul," he said.
Kodak leaned into the analog and authenticity trend, investing its resources in its film capacities and creating products that consumers, directors and filmmakers alike were interested in.
Continenza said he also refinanced the company three times and rightsized its balance sheet.
It seems to have hit the right note on Wall Street. Over the past year, Kodak's stock has shot up nearly 100%.
Kodak 1-year chart
"We're doing our job. The stock's not supposed to spike, it's supposed to crawl, because that's how we grow," he said. "I don't look at our stock price. I don't care. I couldn't tell you what it is today. I'm a long-term investor."
Continenza said success to him will mean continuing to improve finances and ensuring Kodak has a solid succession plan in place to continue its growth.
Though the company is well over 100 years old, he said he likes to treat Kodak as a startup, where all of the debt is paid off, the brand is well-loved and only Kodak itself could, at this point, "screw it up."
"We don't need to be a $5 billion or $20 billion or $80 billion company," Continenza said. "We're a billion-dollar global company, but one thing we have going for us is our brand recognition. And make no mistake, around the globe, it is endeared and loved, and it'll continue to be."
ROCHESTER, N.Y.--(BUSINESS WIRE)--Eastman Kodak Company announces the availability of VERITA 200D 5206/7206, a new color negative motion picture film stock, which will be offered in 65mm, 35mm, and 16mm formats.
Developed in close collaboration with writer, director and producer Sam Levinson and cinematographer Marcell Rév, HCA, ASC, VERITA 200D was commercialized in motion picture format to achieve a distinct visual aesthetic for the third season of HBO’s original drama series Euphoria. The stock has also been selectively trade‑tested by cinematographers worldwide over several years.
VERITA 200D delivers detailed highlights, high color saturation, deep blacks, and warm, natural skin tones. Compared with Kodak’s VISION3 color negative films, it features a shorter yet exceptionally rich dynamic range for a more classical cinematic look.
Levinson and Rév exposed more than one million feet of VERITA 200D in 35mm and 65mm formats during production of Euphoria Season 3, which premiered April 12, 2026 on HBO and HBO Max, and was shot entirely on KODAK film. The series is also the first television production to shoot significant volumes of large‑format 65mm film.
“VERITA has the richness and density curve that reminds me of the golden age of color film, with the flexibility and latitude of modern negative stocks,” said Rév.
Additionally, numerous commercials and music films utilized VERITA 200D in advance of its formal release as well as A24’s upcoming The Death of Robin Hood, directed by Michael Sarnoski, starring Hugh Jackman, and lensed by Pat Scola, ASC.
“In addition to recent advancements to VISION3 with a new anti‑halation undercoat film structure, the commercialization of VERITA 200D underscores Kodak’s continued commitment to providing filmmakers with a variety of the highest‑quality creative tools possible,” said Vanessa Bendetti, Vice President and Head of Motion Picture at Kodak.
As a specialty motion picture stock, VERITA 200D 5206/7206 is available by request through a Kodak sales representative.
For more information, visit kodak.com/go/verita.
About Kodak
Kodak (NYSE: KODK) is a global manufacturer specializing in commercial print and advanced materials & chemicals. With 79,000 worldwide patents earned over 130 years of R&D, we believe in the power of technology and science to enhance what the world sees and creates. Our innovative, award-winning products, combined with our customer-first approach, make us the partner of choice for commercial printers worldwide. Kodak is committed to environmental stewardship, including industry leadership in developing sustainable solutions for print. For additional information on Kodak, visit us at kodak.com, or follow us on LinkedIn.
BAKU, AZERBAIJAN - SEPTEMBER 13: Lando Norris of Great Britain and McLaren takes a photo on a disposable camera from the fan stage prior to practice ahead of the F1 Grand Prix of Azerbaijan at Baku City Circuit on September 13, 2024 in Baku, Azerbaijan. (Photo by Peter Fox - Formula 1/Formula 1 via Getty Images)
Formula 1 via Getty Images
Shares of film company Eastman Kodak have risen 96% in the last year.
The 138-year-old company has a storied past – including a 2012 bankruptcy, about which I wrote in Forbes. I attribute the bankruptcy to Kodak’s long history of success with a Silver Halide strategy from which the company’s management was unable to deviate when competition – from Polaroid, Fuji Film, and digital photography – took their toll.
Although Kodak emerged from bankruptcy in October 2013, the company 's stock still trades at less than half the value from that day. And it does not help that last year, the company said that its finances “raise substantial doubt about Kodak’s ability to continue as a going concern,” according to CNBC.
Yet, Kodak’s stock is up 96% in the last year. No doubt, some of the increase in price has to do with actions taken by Jim Continenza who has been CEO of the Rochester, New York company since 2019.
Since then, he has pursued a two-pronged strategy. First, he is tapping in to a trend among Generation Z, per Market Reports World, which embraces the emotional tug of analog and authenticity – creating products “that consumers, directors and filmmakers” found compelling, noted CNBC, adding he has “refinanced the company three times and rightsized its balance sheet.”
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In the last year, his turnaround efforts have driven up the stock following the going concern scare.
Investors may be missing an important insight: As those fears fade, the company must begin to grow profitably in the wake of Kodak’s investments in GenZ focused products.
If that does not happen, look out below.
Why Is Kodak Stock Up 96% In The Last Year?Kodak stock is up so much because it dodged the August 2025 going concern warning – which sent the stock down to $4.94 – and has since reported improving earnings.
The most important reason for the increase in Kodak’s stock price was the significant improvement in the company’s operations between the second and third quarters of 2025.
Indeed, following Kodak’s Q3 2025 report released last November, the company’s stock rose 33%. The Q3 report resolved the company’s going concern warning – as the company declared the “prior conditions that raised substantial doubt have been resolved,” reported the Rochester Business Journal.
Better financial metrics eliminated the company’s solvency risk. For fiscal year 2025, Kodak’s operational earnings before interest, taxes, depreciation, and amortization increased 138% to $62 million as gross margins increased 19% to 22%.
Underlying these financial metrics was a clever monetization of a hidden asset – Kodak’s Retirement Income Plan – which was more than $1 billion over-funded. Through a so-called pension reversion, Kodak received roughly $767 million – $312 million of which was used to prepay loans.
This slashed $277 million from the company’s debt, per Stock Titan. As a result, Kodak reduced interest expense by $40 million and added to the company’s cash – leaving Kodak with $337 million in cash.
Kodak also enjoyed notable growth tailwinds. For example, as the sole remaining supplier of aluminum lithographic printing plates, Kodak benefited from U.S. International Trade Commission anti-dumping duties on Japanese and Chinese imports, according to KeyPoint Intelligence.
Second, over five years, analog film demand doubled with 35mm film sales reaching 18 million units in 2023 – the highest since 2004 – due to Gen Z enthusiasm and Hollywood’s continued preference for celluloid, per Market Reports World.
Finally, fueled by new pharmaceutical products and a battery electrode partnership with Ateios Systems, Kodak’s Advanced Materials & Chemicals segment delivered 17% revenue growth last year to $316 million, according to Business Wire. The AM&C segment generates about 63% of Kodak's profits on just 30% of revenue.
Ultimately, AM&C’s growth is due to competitive advantages in precision coating, chemical manufacturing, and materials science that have been developed over the last 130 years -- enabling Kodak to compete in some high-growth sectors.
For instance, Kodak’ has tapped its coating expertise to produce battery electrodes for Ateios at 80 meters per minute – three times the industry standard – with no forever chemicals.
What Lessons Should Investors Draw From Kodak’s Bankruptcy?While these anecdotes sound promising, it helps to view them in the context of the competitive forces that sent Kodak into bankruptcy.
At a high level, Kodak’s decades of initial success made it difficult for the company to adapt to significant headwinds.
When Kodak was founded in 1888, quality was its "fighting argument." The company gladly gave away cameras in exchange for getting people hooked on paying to have their photos developed -- yielding Kodak “80% of the market for the chemicals and paper used to develop and print those photos,” noted my 2011 Forbes post.
Inside Kodak, this was known as the Silver Halide strategy -- named after the chemical compounds in its film. Kodak’s formula keyed off of international distribution, mass production to lower unit costs, R&D investment to introduce better products, and extensive advertising to make sure consumers knew about Kodak's superior quality.
Over many decades, Kodak’s inability to let go of this strategy sent the company into bankruptcy. In the late 1940s, Polaroid introduced instant photography – a threat to Kodak’s chemical and paper profits. In the 1980s, Fuji cut film prices below Kodak’s – winning the Japanese company distribution at WalMart and sending the Rochester company’s revenues down and layoffs up.
After a failed acquisition of a pharmaceutical company – whose deal fax I witnessed scrolling in to Kodak’s executive offices when I was consulting for the company -- Kodak decided to enter the inkjet printing business.
This new business had parallels to Kodak’s Silver Halide strategy (with inkjet cartridges being the business model equivalent of the chemicals and film). By that point, Kodak lagged rivals such as HP and its balance sheet proved unsustainable.
Which Is Stronger: The Kodak Bull Or Bear Case?The lesson I take from Kodak’s history is simple: companies that rest on their laurels are ultimately doomed to fail. Kodak could not abandon the Silver Halide strategy. Ironically, in 1975 Kodak invented digital photography but killed it because management feared it would diminish film and chemical sales, reported the World Economic Forum.
Now the green shoots outlined above – notably, growing demand for celluloid film and AM&C revenue growth which are the core of the bull case -- are overwhelmed by a harsh reality: most of the company’s business is in decline.
How so? Kodak’s core Print segment – which still accounts for roughly 70% of the company’s revenue – is declining, reported Junk Bond Investor. As media shifts to digital, lithography printing plate volumes are declining at a nearly 10% annual rate.
And revenue for the print segment fell 3% in 2025 while burning through $8 million in operational EBITDA in 2024 before turning positive at $3 million, noted Business Wire.
The bear case suggests the rapid increase in Kodak stock could be a sell signal. “Jim Continenza has been CEO for five years, and revenue keeps sliding," wrote Junk Bond Investor. "$1.2 billion in 2022, $1.1 billion in 2023, $1.0 billion in 2024, That's not a turnaround, that's managed decline."
Continenza does not agree. He likes to treat Kodak “as a startup, where all of the debt is paid off, the brand is well-loved,” he told CNBC.
“We’re a billion-dollar global company, but one thing we have going for us is our brand recognition. And make no mistake, around the globe, it is endeared and loved, and it’ll continue to be,” he concluded.
ROCHESTER, N.Y.--(BUSINESS WIRE)--Kodak will host the First-Quarter 2026 Earnings call on Thursday, May 7, 2026, at 5:00 pm EDT. Executive Chairman and Chief Executive Officer James Continenza and Chief Financial Officer David Bullwinkle will host a conference call with financial analysts and investors to discuss the financial results.
On May 01, 2026, Eastman Kodak Co KODK shares rose 5.6% today to a current price of $14.08. The stock has seen significant movement recently, with a 52-week range from $4.94 to a high of $14.29.
GF Value™ verdict: The current price is $14.08, which is 178.3% above the GF Value™ estimate of $5.06, indicating that the stock is significantly overvalued.GF Score™: The stock has a GF Score™ of 57/100, reflecting an average rating across various metrics.Most notable signal: The momentum rank stands at 9/10, suggesting strong recent performance in the stock price. Is KODK Overvalued or Undervalued? Based on the GF Value™, Eastman Kodak Co KODK is currently assessed as significantly overvalued. The GF Value™ estimate of $5.06 indicates a substantial margin of safety if the stock were to revert to its intrinsic value. With the current trading price at $14.08, this represents a 178.3% premium, signaling a potential risk for investors who may be considering entering or holding a position in KODK. The GF Valuation label categorizes the stock as significantly overvalued, which underscores the caution that should be exercised.
GF Value™ is GuruFocus' proprietary measure of intrinsic value, calculated from historical trading multiples, past business growth, and future performance estimates. This indicates that while KODK has experienced remarkable price appreciation recently, the underlying fundamentals may not support such elevated valuations, and potential investors should carefully evaluate the risks associated with investing at these price levels.
How Does KODK's Valuation Compare to Its History? Metric Current Historical P/E (TTM) N/A 8.4x (5-Year Median) As the current P/E ratio is not available, we cannot perform a comparative analysis against its historical median. However, the absence of a current P/E indicates a lack of traditional valuation metrics for KODK at this time. Therefore, we cannot determine if the current trading price aligns with historical valuation trends, which further corroborates the view that the stock may be overvalued as suggested by the GF Value™ assessment.
What Does KODK's GF Score™ Tell Us? Metric Rating GF Score™ 57 Financial Strength 6/10 Profitability 4/10 Growth 1/10 Valuation 1/10 Momentum 9/10 The GF Score™ of 57/100 indicates that KODK ranks in the average range among its peers. Financial strength is relatively stable at 6/10, but profitability and growth scores are notably low at 4/10 and 1/10, respectively, suggesting challenges in sustaining earnings and growth. The valuation rank also stands at 1/10, aligning with the conclusion that KODK is overvalued. Conversely, the momentum rank of 9/10 highlights strong recent price performance, which has likely contributed to the current inflated valuation.
What Are Insiders Doing with KODK Stock? In the last three months, there have been no insider transactions reported for Eastman Kodak Co KODK . The absence of insider buying or selling can suggest a lack of strong conviction from insiders regarding the stock's future performance. This could be interpreted as a sign that insiders are either satisfied with current valuations or are cautious about the stock's future prospects given the significant overvaluation indicated by GF Value™.
What This Means for Investors Based on the GF Value™ assessment, Eastman Kodak Co KODK is considered significantly overvalued at its current price of $14.08. While the stock has shown impressive momentum and price appreciation, the stark contrast between its market price and intrinsic value suggests caution is warranted for potential investors.
For the complete analysis, visit the Eastman Kodak Co KODK stock page. You can also explore the GF Value™ page for detailed valuation methodology, or use the GuruFocus Stock Screener to find similar opportunities.
Frequently Asked Questions What is KODK's GF Score™?
KODK's GF Score™ is 57/100, indicating an average rating across the key metrics used to assess its performance and investment potential.
Is KODK overvalued or undervalued?
KODK is considered significantly overvalued, with a current price of $14.08 compared to a GF Value™ estimate of $5.06.
What is KODK's P/E ratio?
Currently, KODK does not have a reported P/E ratio, but its 5-year median P/E is 8.4x, suggesting that it may be trading above historical valuation levels.
This stock alert was generated using automated technology and GuruFocus financial data to provide readers with timely and accurate market reporting. This content was reviewed by GuruFocus editorial team prior to publication. Please send any questions or comments about this story to [email protected].
Film company Eastman Kodak has seen its fair share of financial struggles, but CEO Jim Continenza is determined to make it a success story. CNBC's Laya Neelakandan has the details.
ROCHESTER, N.Y.--(BUSINESS WIRE)--Eastman Kodak Company (NYSE: KODK) today reported financial results for the first quarter 2026.
First quarter 2026 highlights include:
Consolidated revenues of $265 million, compared with $247 million for Q1 2025, an increase of $18 million or 7 percent Advanced Materials & Chemicals (AM&C) revenues were $76 million, compared with $74 million for Q1 2025, an increase of $2 million or 3 percent Print revenues were $180 million, compared with $165 million for Q1 2025, an increase of $15 million or 9 percent Gross profit of $57 million, compared with $46 million for Q1 2025, an increase of $11 million or 24 percent Gross profit percentage of 22 percent, compared with 19 percent for Q1 2025, an increase of 3 percentage points GAAP net loss of $16 million, compared with net loss of $7 million for Q1 2025, an increase of $9 million Operational EBITDA of $15 million, compared with $2 million for Q1 2025, an increase of $13 million A quarter-end cash balance of $299 million, compared with $337 million on December 31, 2025, a decrease of $38 million Cash flow from operations improved $8 million from the prior-period “In the first quarter, Kodak achieved year-over-year improvement in key metrics, including revenue, gross profit and Operational EBITDA,” said Jim Continenza, Kodak’s Executive Chairman and CEO. “We have delivered three consecutive quarters of strong performance, despite a highly volatile and challenging business environment. Our success is no accident. It reflects several years of investing in innovation and infrastructure and focusing on operational excellence. Looking forward, we plan to build on our momentum by continuing to put our customers first, strengthen our balance sheet and invest in businesses that will drive future growth.”
For the quarter ended March 31, 2026, revenues were $265 million, an increase of $18 million or 7 percent compared to the same period in 2025. Adjusting for the favorable impact of foreign exchange of $7 million, revenues increased by $11 million, or 4 percent compared to the prior year.
GAAP net loss was $16 million for the quarter, compared to GAAP net loss of $7 million in 2025, an increase of $9 million. Operational EBITDA for the quarter ended March 31, 2026, was $15 million, compared to $2 million in 2025, an increase of $13 million. The increase in Operational EBITDA was primarily driven by improved pricing, partially offset by higher manufacturing costs and higher silver and aluminum prices.
Kodak ended the quarter with a cash balance of $299 million, a decrease of $38 million from December 31, 2025. The decrease was primarily driven by an increase in inventory of $38 million primarily driven by silver and aluminum commodities, the required March 13, 2026 principal repayment for the term loans of $50 million, partially offset by cash proceeds from redemption of Kodak Retirement Income Plan reversion investments of $46 million.
Find the Q1 infographic here.
Revenue and Operational EBITDA by Reportable Segment Q1 2026 vs. Q1 2025
(in millions)
Q1 2026 Actuals
Print
Advanced Materials & Chemicals
Brand
Total
Revenue
$
180
$
76
$
6
$
262
Operational EBITDA *
$
3
$
7
$
5
$
15
Q1 2025 Actuals
Print
Advanced Materials & Chemicals
Brand
Total
Revenue
$
165
$
74
$
4
$
243
Operational EBITDA *
$
(9
)
$
7
$
4
$
2
Q1 2026 vs. Q1 2025 Actuals
B(W)
Print
Advanced Materials & Chemicals
Brand
Total
Revenue
$
15
$
2
$
2
$
19
Operational EBITDA *
$
12
$
-
$
1
$
13
Q1 2026 Actuals on constant currency ** vs. Q1 2025 Actuals
B(W)
Print
Advanced Materials & Chemicals
Brand
Total
Revenue
$
8
$
2
$
2
$
12
Operational EBITDA *
$
12
$
(1
)
$
1
$
12
* Total Operational EBITDA is a non-GAAP financial measure. The reconciliation between GAAP and non-GAAP measures is provided in Appendix A of this press release.
** The impact of foreign exchange represents the foreign exchange impact using average foreign exchange rates for the three months ended March 31, 2025, rather than the actual average exchange rates in effect for the three months ended March 31, 2026.
Eastman Business Park segment is not a reportable segment and is excluded from the tables above.
About Kodak
Kodak (NYSE: KODK) is a leading global manufacturer focused on commercial print and advanced materials & chemicals. With 79,000 worldwide patents earned over 130 years of R&D, we believe in the power of technology and science to enhance what the world sees and creates. Our innovative, award-winning products, combined with our customer-first approach, make us the partner of choice for commercial printers worldwide. Kodak is committed to environmental stewardship, including industry leadership in developing sustainable solutions for print. For additional information on Kodak, visit us at kodak.com, or follow us on X @Kodak and LinkedIn.
This press release includes “forward–looking statements” as that term is defined under the Private Securities Litigation Reform Act of 1995.
Forward–looking statements include statements concerning Kodak’s plans, objectives, goals, strategies, future events, future revenue or performance, capital expenditures, liquidity, investments, financing needs and business trends and other information that is not historical information. When used in this press release, the words “estimates,” “expects,” “anticipates,” “projects,” “plans,” “intends,” “believes,” “predicts,” “forecasts,” “strategy,” “continues,” “goals,” “targets” or future or conditional verbs, such as “will,” “should,” “could,” or “may,” and similar words and expressions, as well as statements that do not relate strictly to historical or current facts, are intended to identify forward–looking statements. All forward–looking statements, including management’s examination of historical operating trends and data, are based upon Kodak’s current expectations and assumptions. Forward-looking statements are subject to risks, uncertainties and other factors that could cause actual results or outcomes, or timing of actual results or outcomes, to differ materially from historical results or those expressed in or implied by such forward-looking statements.
Important factors that could cause actual events, results or outcomes, or their timing, to differ materially from the forward-looking statements include, among others, the risks and uncertainties described in more detail in Kodak’s Annual Report on Form 10‑K for the year ended December 31, 2025 under the headings “Business,” “Risk Factors,” “Legal Proceedings,” and/or “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources,” in the corresponding sections of Kodak’s Quarterly Report on Form 10‑Q for the quarter ended March 31, 2026, and in other filings Kodak makes with the U.S. Securities and Exchange Commission from time to time, as well as the following: Kodak’s ability to improve and sustain its operating structure, cash flow, profitability and other financial results; Kodak’s ability to achieve strategic objectives, cash forecasts, financial projections, and projected growth; Kodak’s ability to achieve the financial and operational results contained in its business plans; changes in commodity prices, tariff rates, foreign currency exchange rates and interest rates; the impact of the global economic environment, including geopolitical issues, inflationary pressures, changes in trade policies, including tariffs or other trade restrictions or the threat of such actions, medical epidemics and Kodak’s ability to effectively mitigate or recoup the associated increased costs of aluminum, silver and other raw materials, energy, labor, shipping, delays in shipment and production times, and fluctuations in demand; Kodak’s ability to obtain additional or alternate financing if and as needed, Kodak’s continued ability to manage world-wide cash through intercompany loans, distributions and other mechanisms, and Kodak’s ability to provide or facilitate financing for its customers; Kodak’s ability to fund continued investments, capital needs and collateral requirements and service its debt and Series B Preferred Stock; Kodak’s ability to effectively compete with large, well-financed industry participants or with competitors whose cost structure is lower than Kodak’s; the performance by third parties of their obligations to supply products, components or services to Kodak and Kodak’s ability to address supply chain disruptions and continue to obtain raw materials and components available from single or limited sources of supply, which may be adversely affected by geopolitical issues, changes in trade policies, including tariffs or other trade restrictions or the threat of such actions, and commodity supply constraints; Kodak’s ability to effectively anticipate technology and industry trends, including related to artificial intelligence (AI), and develop and market new products, solutions and technologies, including products based on its technology and expertise that relate to industries in which it does not currently conduct material business; Kodak’s ability to effect strategic transactions, such as investments, acquisitions, strategic alliances, divestitures and similar transactions, or to achieve the benefits sought to be achieved from such strategic transactions; Kodak’s ability to comply with the covenants in its various credit facilities; Kodak’s continued ability to manage, defend and resolve a variety of current and legacy claims without incurring material losses or disruptions to its business and to bear the costs associated with such claims; Kodak’s ability to discontinue, sell or spin-off certain non-core businesses or operations, or otherwise monetize assets; and the potential impact of force majeure events, cyber‐attacks or other data security incidents or information technology (IT) outages that could disrupt or otherwise harm Kodak’s operations.
Future events and other factors may cause Kodak’s actual results or outcomes to differ materially from the forward–looking statements. All forward–looking statements attributable to Kodak or persons acting on its behalf apply only as of the date of this press release and are expressly qualified in their entirety by the cautionary statements included or referenced in this press release. Kodak undertakes no obligation to update or revise forward–looking statements to reflect events or circumstances that arise after the date made or to reflect the occurrence of unanticipated events, except as required by law.
APPENDICES
In this first quarter 2026 financial results news release, reference is made to the following non-GAAP financial measures:
Operational EBITDA; and Revenues and Operational EBITDA on a constant currency basis. Kodak believes that these non-GAAP measures represent important internal measures of performance as used by management. Accordingly, where they are provided, it is to give investors the same financial data management uses with the belief that this information will assist the investment community in properly assessing the underlying performance of Kodak, its financial condition, results of operations and cash flow.
The change in revenues and Operational EBITDA on a constant currency basis, as presented in this financial results news release, is calculated using average foreign exchange rates for the three months ended March 31, 2025, rather than the actual average exchange rates in effect for the three months ended March 31, 2026.
Kodak’s segment measure of profit and loss is an adjusted earnings before interest, taxes, depreciation and amortization (“Operational EBITDA”). Operational EBITDA represents the consolidated loss from continuing operations excluding the provision for income taxes; non-service cost components of pension and other postemployment benefits income; depreciation and amortization expense; restructuring costs and other; stock-based compensation expense; consulting and other costs; idle costs; interest expense; loss on early extinguishment of debt; other operating expense, net; and other charges, net.
The following table reconciles the most directly comparable GAAP measure of Net Loss to Operational EBITDA on a constant currency basis for the three months ended March 31, 2026 and 2025, respectively:
(in millions)
Q1 2026
Q1 2025
$Change
% Change
Net Loss
$
(16
)
$
(7
)
$
(9
)
129
%
All other
2
—
2
Depreciation and amortization
7
7
—
Restructuring costs and other
—
5
(5
)
Stock based compensation
5
2
3
Consulting and other costs (1)
(1
)
—
(1
)
Idle costs (2)
1
1
—
Other operating expense, net (3)
2
—
2
Interest expense (3)
6
14
(8
)
Pension income excluding service cost component (3)
(4
)
(22
)
18
Loss on early extinguishment of debt (3)
1
—
1
Other charges, net (3)
9
—
9
Provision for income taxes (3)
3
2
1
Operational EBITDA
$
15
$
2
$
13
650
%
Impact of foreign exchange (4)
(1
)
—
(1
)
Operational EBITDA on a constant currency basis
$
14
$
2
$
12
600
%
Footnote Explanations:
(1)
Consulting and other costs are professional services and internal costs associated with corporate strategic initiatives and litigation. Consulting and other costs included $1 million of income in the three months ended March 31, 2026, representing insurance reimbursement of legal costs previously paid by the Company associated with investigations and litigation matters.
(2)
Consists of third-party costs such as security, maintenance, and utilities required to maintain land and buildings in certain locations not used in any Kodak operations and the costs, net of any rental income received, of underutilized portions of certain properties.
(3)
As reported in the Consolidated Statement of Operations.
(4)
The impact of foreign exchange is calculated by using average foreign exchange rates for the three months ended March 31, 2025, rather than the actual average exchange rates in effect for the three months ended March 31, 2026.
A. FINANCIAL STATEMENTS
Eastman Kodak Company
Consolidated Statement of Operations (Unaudited)
Three Months Ended
March 31,
(in millions, except per share data)
2026
2025
Revenues
Sales
$
229
$
210
Services
36
37
Total revenues
265
247
Cost of revenues
Sales
185
174
Services
23
27
Total cost of revenues
208
201
Gross profit
57
46
Selling, general and administrative expenses
48
45
Research and development costs
8
9
Restructuring costs and other
—
5
Other operating expense, net
2
—
Loss from operations before interest expense, pension income excluding service cost component, loss on early extinguishment of debt, other charges, net and income taxes
(1
)
(13
)
Interest expense
6
14
Pension income excluding service cost component
(4
)
(22
)
Loss on early extinguishment of debt
1
—
Other charges, net
9
—
Loss from operations before income taxes
(13
)
(5
)
Provision for income taxes
3
2
NET LOSS
$
(16
)
$
(7
)
Basic net loss per share attributable to Eastman Kodak Company common shareholders
$
(0.21
)
$
(0.12
)
Diluted net loss per share attributable to Eastman Kodak Company common shareholders
$
(0.21
)
$
(0.12
)
Number of common shares used in basic and diluted net loss per share
Basic
97.5
80.6
Diluted
97.5
80.6
The notes accompanying the financial statements contained in the first quarter Form 10-Q are an integral part of these consolidated financial statements.
Eastman Kodak Company
Consolidated Statement of Financial Position (Unaudited)
March 31,
December 31,
(in millions, except per share data)
2026
2025
ASSETS
Cash and cash equivalents
$
299
$
337
Trade receivables, net of allowances of $7 at both periods
135
145
Inventories, net
255
218
Other current assets
104
141
Total current assets
793
841
Property, plant and equipment, net of accumulated depreciation of $502 and $499, respectively
195
191
Goodwill
12
12
Intangible assets, net
17
17
Operating lease right-of-use assets
35
37
Restricted cash
92
96
Pension and other postretirement assets
303
302
Other long-term assets
110
121
TOTAL ASSETS
$
1,557
$
1,617
LIABILITIES, REDEEMABLE CONVERTIBLE PREFERRED STOCK AND EQUITY
Accounts payable, trade
$
111
$
101
Short-term borrowings and current portion of long-term debt
52
1
Current portion of operating leases
11
11
Other current liabilities
140
155
Total current liabilities
314
268
Long-term debt, net of current portion
108
208
Pension and other postretirement liabilities
187
191
Operating leases, net of current portion
27
30
Other long-term liabilities
249
207
Total liabilities
885
904
Commitments and Contingencies (Note 9)
Redeemable, convertible preferred stock, no par value, $100 per share liquidation preference
72
99
EQUITY
Common stock, $0.01 par value
1
1
Additional paid in capital
1,280
1,278
Treasury stock, at cost
(27
)
(26
)
Accumulated deficit
(537
)
(521
)
Accumulated other comprehensive loss
(117
)
(118
)
Total shareholders’ equity
600
614
TOTAL LIABILITIES, REDEEMABLE CONVERTIBLE PREFERRED STOCK AND EQUITY
$
1,557
$
1,617
The notes accompanying the financial statements contained in the first quarter Form 10-Q are an integral part of these consolidated financial statements.
Eastman Kodak Company
Consolidated Statement of Cash Flows (Unaudited)
Three Months Ended
March 31,
(in millions)
2026
2025
Cash flows from operating activities:
Net loss
$
(16
)
$
(7
)
Adjustments to reconcile to net cash used in operating activities:
Depreciation and amortization
7
7
Pension and postretirement income
—
(18
)
Change in fair value of preferred stock embedded derivative
12
—
Non-cash changes in workers' compensation and employee benefit reserves
—
1
Stock based compensation
5
2
Net gain from sale of assets
(1
)
—
Loss on early extinguishment of debt
1
—
Provision for deferred income taxes
1
1
Decrease (increase) in trade receivables
9
(8
)
(Increase) decrease in miscellaneous receivables
(4
)
3
Increase in inventories
(38
)
(15
)
Increase in trade payables
9
6
Decrease in liabilities excluding borrowings and trade payables
(20
)
(20
)
Other items, net
5
10
Total adjustments
(14
)
(31
)
Net cash used in operating activities
(30
)
(38
)
Cash flows from investing activities:
Additions to properties
(6
)
(12
)
Proceeds from sale of preferred equity investment
2
—
Proceeds from redemption of KRIP reversion investments
46
—
Net proceeds from the sale of assets
—
5
Net cash provided by (used in) investing activities
42
(7
)
Cash flows from financing activities:
Repayment of Amended and Restated Term Loan Agreement
(51
)
—
Preferred stock cash dividend payments
(3
)
(1
)
Treasury stock purchases
—
(1
)
Net cash used in financing activities
(54
)
(2
)
Effect of exchange rate changes on cash, cash equivalents and restricted cash
(1
)
2
Net decrease in cash, cash equivalents and restricted cash
(43
)
(45
)
Cash, cash equivalents and restricted cash, beginning of period
442
301
Cash, cash equivalents and restricted cash, end of period
$
399
$
256
Non-cash Financing Item:
Series B preferred stock embedded derivative liability at issuance
$
30
$
—
The notes accompanying the financial statements contained in the first quarter Form 10-Q are an integral part of these consolidated financial statements.
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The new Kodak-licensed collection combines Kodak's trusted imaging heritage with Hubble Connected's smart communication and care-focused connectivity platform for modern families
, /PRNewswire/ -- Hubble Connected, a leading provider of smart nursery and family technology solutions trusted by more than 5 million parents worldwide, today announced the upcoming launch of a new line of Kodak-licensed connected products, debuting at the ABC Kids Expo in Las Vegas.
The Kodak Family Vision Duo redefines nursery monitoring with its innovative dual-camera system and built-in ConnectChat™ technology, designed to help families stay connected while keeping a watchful eye on what matters most. Developed under license from Kodak, the new collection brings together one of the world's most iconic imaging brands with Hubble Connected's expertise in connected family technology and communication. The collaboration reflects a shared vision to create intuitive, design-forward solutions that help families stay connected, communicate more easily, and capture everyday moments as they happen.
For generations, Kodak has been synonymous with preserving life's most meaningful memories. Through this partnership, Hubble Connected is extending that trusted legacy into a new generation of connected family experiences - reimagining how families monitor, communicate, and stay connected both at home and on the go.
"The Kodak brand holds a unique place in how families connect and create memories," said Marty Urick, President, North America at Hubble Connected. "Through this collaboration, we're bringing that emotional connection into a new generation of smart products designed to support how families live, communicate, and stay connected as their families grow."
The Kodak-licensed collection represents a broader expansion beyond traditional baby monitoring, introducing a more holistic ecosystem for modern family life. The lineup will include smart nursery monitoring solutions, connected pet monitoring and feeding products, and children's communication technology including smart watches and phones designed to help families communicate, educate, and stay connected as children grow more independent.
All products will be seamlessly managed through the Kodak HubbleClub app, creating a unified platform experience across the home, nursery, pet, and family communication categories.
Built with a focus on simplicity, accessibility, and thoughtful design, the new range aims to make advanced technology feel approachable for everyday families — combining Kodak's trusted visual heritage with Hubble Connected's seamless connectivity platform in products designed to fit naturally into modern households.
Attendees at the ABC Kids Expo will receive an exclusive first look at the Kodak-licensed collection from May 13–15 at Hubble Connected's Booth 525.
About Hubble Connected
Hubble Connected is committed to creating innovative technology for growing families. From smart nursery solutions to connected communication devices across family and pet categories, Hubble Connected has helped more than 5 million parents stay connected, informed, and supported through products designed to bring families closer while prioritizing safety, simplicity, and peace of mind. See more at hubbleconnected.com.
About Kodak
Kodak (NYSE: KODK) is a leading global manufacturer. With 79,000 worldwide patents earned over 130 years of R&D, we believe in the power of technology and science to enhance what the world sees and creates. Our iconic brand, innovative products and customer-first approach make us the partner of choice for customers worldwide. Kodak is committed to environmental stewardship, including industry leadership in developing sustainable solutions. For additional information on Kodak, visit us at kodak.com, or follow us on X @Kodak and LinkedIn.
The Kodak trademark, logo, and trade dress are used under license from Kodak.
The new Kodak-licensed collection combines Kodak's trusted imaging heritage with Hubble Connected's smart communication and care-focused connectivity platform for modern families
, /PRNewswire/ -- Hubble Connected, a leading provider of smart nursery and family technology solutions trusted by more than 5 million parents worldwide, today announced the upcoming launch of a new line of Kodak-licensed connected products, debuting at the ABC Kids Expo in Las Vegas.
Hubble Connected Partners with Kodak to Launch New Family Technology Ecosystem Across Baby, Kids, and Pet Categories
Developed under license from Kodak, the new collection brings together one of the world's most iconic imaging brands with Hubble Connected's expertise in connected family technology and communication. The collaboration reflects a shared vision to create intuitive, design-forward solutions that help families stay connected, communicate more easily, and capture everyday moments as they happen.
For generations, Kodak has been synonymous with preserving life's most meaningful memories. Through this partnership, Hubble Connected is extending that trusted legacy into a new generation of connected family experiences - reimagining how families monitor, communicate, and stay connected both at home and on the go.
"The Kodak brand holds a unique place in how families connect and create memories," said Marty Urick, President, North America at Hubble Connected. "Through this collaboration, we're bringing that emotional connection into a new generation of smart products designed to support how families live, communicate, and stay connected as their families grow."
The Kodak-licensed collection represents a broader expansion beyond traditional baby monitoring, introducing a more holistic ecosystem for modern family life. The lineup will include smart nursery monitoring solutions, connected pet monitoring and feeding products, and children's communication technology including smart watches and phones designed to help families communicate, educate, and stay connected as children grow more independent.
All products will be seamlessly managed through the Kodak HubbleClub app, creating a unified platform experience across the home, nursery, pet, and family communication categories.
Built with a focus on simplicity, accessibility, and thoughtful design, the new range aims to make advanced technology feel approachable for everyday families — combining Kodak's trusted visual heritage with Hubble Connected's seamless connectivity platform in products designed to fit naturally into modern households.
Attendees at the ABC Kids Expo will receive an exclusive first look at the Kodak-licensed collection from May 13–15 at Hubble Connected's Booth 525.
About Hubble Connected
Hubble Connected is committed to creating innovative technology for growing families. From smart nursery solutions to connected communication devices across family and pet categories, Hubble Connected has helped more than 5 million parents stay connected, informed, and supported through products designed to bring families closer while prioritizing safety, simplicity, and peace of mind. See more at hubbleconnected.com.
About Kodak
Kodak (NYSE: KODK) is a leading global manufacturer. With 79,000 worldwide patents earned over 130 years of R&D, we believe in the power of technology and science to enhance what the world sees and creates. Our iconic brand, innovative products and customer-first approach make us the partner of choice for customers worldwide. Kodak is committed to environmental stewardship, including industry leadership in developing sustainable solutions. For additional information on Kodak, visit us at kodak.com, or follow us on X @Kodak and LinkedIn.
The Kodak trademark, logo, and trade dress are used under license from Kodak.
View original content to download multimedia:https://www.prnewswire.com/news-releases/hubble-connected-partners-with-kodak-to-launch-new-family-technology-ecosystem-across-baby-kids-and-pet-categories-302769539.html
Shares of Eastman Kodak Company (KODK - Free Report) have declined 28.8% since reporting results for the first quarter of 2026, sharply underperforming the S&P 500 index’s 0.2% return. Over the past month, Kodak shares have fallen 19.3%, while the broader index has advanced 6%, reflecting continued investor caution despite the company’s reported operational improvements and revenue growth trends.
Kodak reported first-quarter 2026 revenues of $265 million, up 7% from $247 million in the year-ago quarter, driven by gains in both its Print, and Advanced Materials & Chemicals (AM&C) businesses. Gross profit rose 24% year over year to $57 million from $46 million, while the gross margin improved to 22% from 19%.
Operational EBITDA increased to $15 million from $2 million a year earlier. However, the GAAP net loss widened to $16 million, or 21 cents per share, from a loss of $7 million, or 12 cents per share, in the prior-year quarter. Management attributed the larger loss partly to non-cash charges related to preferred stock derivative accounting and lower pension income.
Segment Performance ImprovesKodak’s Print segment generated revenues of $180 million, up 9% from the prior-year period. Operational EBITDA improved to $3 million from a loss of $9 million a year earlier. The company said commercial print operations benefited from pricing actions and continued customer demand despite inflationary pressure and supply-chain challenges tied to aluminum costs and logistics disruptions.
The AM&C segment posted revenues of $76 million, up 3% year over year, with operational EBITDA holding steady at $7 million. According to management, growth was driven primarily by a $3-million increase in film and chemicals revenues, partially offset by weaker inks and consumables sales. Kodak also highlighted ongoing momentum in motion picture and still film demand.
Brand segment revenues increased to $6 million from $4 million in the prior-year quarter, while operational EBITDA rose to $5 million from $4 million.
Management Highlights Operational ExecutionExecutive chairman and CEO Jim Continenza said Kodak has now delivered three consecutive quarters of year-over-year growth in revenues, gross profit and operational EBITDA. He attributed the performance to several years of investments in innovation, infrastructure and operational efficiency.
Management emphasized continued investment in film production, noting strong industry demand for Kodak motion picture products. The company cited films such as “One Battle After Another,” “Sinners” and Christopher Nolan’s upcoming “The Odyssey” as projects shot on Kodak film. Kodak also announced the launch of VERITA 200D film and a new electrophysiology laboratory partnership with SUNY Geneseo aimed at strengthening research and development capabilities.
In commercial print, Kodak introduced the SONORA UltraXR plate in Europe, expanding its process-free plate portfolio. Management has said that the company continues to focus on manufacturing efficiency, customer service and infrastructure investments to support long-term growth initiatives.
Commodity Costs & Non-Cash Charges Weigh on EarningsDespite revenue growth, Kodak’s profitability continued to face pressure from higher raw material costs, particularly silver and aluminum. The company said that operational EBITDA gains were partially offset by increased manufacturing expenses and commodity inflation.
CFO David Bullwinkle informed that the quarter’s GAAP net loss included a $12-million non-cash charge tied to the fair value adjustment of an embedded derivative associated with Series B preferred stock. Kodak also recorded $5 million in stock-based compensation expenses. In addition, pension income declined year over year following the termination of the KRIP pension plan in late 2025.
Cash and cash equivalents totaled $299 million as of March 31, 2026, down from $337 million at the end of 2025. The decline reflected higher inventory levels, a $50-million principal repayment on term loans and increased commodity-related working capital needs. However, the operating cash flow improved by $8 million from the prior-year quarter.
Balance Sheet & LiquidityManagement highlighted continued balance-sheet improvement during the quarter. Kodak said it remained in a net debt positive position for the second consecutive quarter after repaying $50 million of higher-interest debt. The company ended the quarter with unrestricted cash of $299 million and said that lower future interest expenses should support liquidity, going forward.
Other DevelopmentsDuring the quarter, Kodak continued restructuring its financial position through debt reduction and pension-related transactions. The company redeemed $46 million of KRIP reversion investments and used a significant portion of those proceeds to repay term loan debt. Kodak did not announce any acquisitions or divestitures during the quarter.
San Diego, California--(Newsfile Corp. - May 15, 2026) - Johnson Fistel, PLLP is investigating whether Eastman Kodak Company (NYSE: KODK) or certain of its executive officers violated federal securities laws. The investigation focuses on investors' losses and whether they may be recovered under federal securities laws.
What if I purchased Kodak securities?
If you purchased Eastman Kodak Company securities and suffered losses on your investment, join our investigation now: Click Here to Join the Investigation.
Or for more information, contact Jim Baker at [email protected] or (619) 814-4471.
There is no cost or obligation to you.
Background of the Investigation
On May 7, 2026, Kodak reported its first quarter 2026 financial results. Although Kodak reported year-over-year increases in revenue, gross profit, and Operational EBITDA, the Company also disclosed that its GAAP net loss increased to $16 million, compared to a net loss of $7 million in the prior-year period. Kodak stated that its Operational EBITDA improvement was "primarily driven by improved pricing," but was "partially offset by higher manufacturing costs and higher silver and aluminum prices."
Kodak further disclosed that it ended the quarter with a cash balance of $299 million, down $38 million from December 31, 2025. The Company attributed the decrease primarily to a $38 million increase in inventory driven by silver and aluminum commodities, as well as a required $50 million term-loan principal repayment, partially offset by $46 million in cash proceeds from redemption of Kodak Retirement Income Plan reversion investments.
Following these disclosures, Kodak's stock price declined sharply.
In light of these disclosures, Johnson Fistel is investigating whether Eastman Kodak Company complied with state and federal laws, including the federal securities laws. If you suffered losses, or are a long-term holder of Kodak stock, contact Johnson Fistel.
About Johnson Fistel, PLLP
Johnson Fistel, PLLP is a nationally recognized shareholder rights law firm with offices in California, New York, Georgia, Idaho, and Colorado. The firm represents individual and institutional investors in shareholder class actions and derivative lawsuits. Johnson Fistel has been selected as one of the Top 10 Plaintiff Law Firms by ISS Securities Class Action Services. In 2024, Johnson Fistel recovered approximately $90,725,000 for aggrieved investors.
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This communication may be considered a promotional communication. Johnson Fistel, PLLP and its attorneys are responsible for the content of this communication. Frank J. Johnson is the attorney responsible for this advertisement.
Contact:
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To view the source version of this press release, please visit https://www.newsfilecorp.com/release/297651
Source: Johnson Fistel, PLLP
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How can you separate market signal from media noise when headlines are designed to hijack your attention? In this episode of Motley Fool Hidden Gems Investing, Motley Fool contributor Rachel Warren talks with Fred Marshall, author of Thrive: The Antidote to Future Shock, about staying calm, focused, and effective in a world changing faster than our ability to adapt.
To catch full episodes of all The Motley Fool's free podcasts, check out our podcast center. When you're ready to invest, check out this top 10 list of stocks to buy.
A full transcript is below.
This podcast was recorded on May 24, 2026.
Fred Marshall: So many people feel overwhelmed, and they don't know why, and so the answer, it’s pretty straightforward. Information technology is just feeding our minds, our neural nets, with more information than we can possibly process. We get text messages, we get email, DMs, newsfeeds. We're drinking from not just one fire hose, but several fire hoses. That alone can create cognitive overload and overwhelm, and so if you're feeling overwhelmed, it's not you, it's literally future shock. Suddenly, it snuck up on us.
Rachel Warren: That was author Fred Marshall discussing his new book, Thrive: The Antidote to Future Shock. I'm contributing Motley Fool Stock analyst Rachel Warren. I talked with Marshall about how to stay calm, focused, and effective in a world that's changing faster than our ability to adapt and what that means for you as an investor. Enjoy. Hello, everyone, and welcome back to Motley Fool Conversations. I'm Motley Fool analyst Rachel Warren, and today I'm excited to welcome Fred Marshall to the show. Fred is a pioneer in identifying the research-based behavioral patterns of top performers, then helping global innovators like Apple, Pfizer, and Genentech scale those behaviors to drive billions in brand growth. He's a recognized expert in change management, launching new brands, and salesforce effectiveness. He's personally trained over 130,000 people in 14 countries, and his quantum learning team has helped launch 74 new brands in the biopharma space that have generated billions in new growth.
Now for the first time, he’s sharing his research-based insights to a wider audience at a time when change, future uncertainty, and job anxiety are at an all-time high. Fred is the author of the new book Thrive: The Antidote to Future Shock. Thrive is a strategic playbook for navigating the overwhelm and disruption of exponential change. It shows how to stay calm, focused, and effective in a world that's changing faster than our ability to adapt. Fred, welcome to the show.
Fred Marshall: Thank you so much, so glad to be here.
Rachel Warren: We're in a time of rapid technological and social change. I want to start off the conversation today asking, why does this specifically trigger a future shock, as you lay out in your book, and why does it feel so uniquely overwhelming compared to prior eras?
Fred Marshall: Yeah, it's the most important question, I think, right now, because so many people feel overwhelmed and they don't know why. The answer, it's pretty straightforward. Information technology is just feeding our minds, our neural nets with more information than we can possibly process. We get text messages, we get email, DMs, newsfeeds. We're drinking from not just one fire hose, but several fire hoses. That alone can create cognitive overload and overwhelm. The other thing that's happening is change. There's a lot of change happening in the world. AI is the current big driver of that change, and that's creating a lot of uncertainty. If you combine information overwhelm and uncertainty, it's a prescription for future shock, which Alvin Toffler defined as that state of disorientation. You're like, wait, what's going on? What's happening? Why do I feel foggy right now? Why is it so hard to connect the dots in my brain? That future shock sensation is the symptom of those larger forces. If you're feeling overwhelmed, it's not you, it's literally future shock. Suddenly, it snuck up on us.
Rachel Warren: Something about Thrive, it is very much the strategic playbook for navigating this new world that we live in. I wonder, as investors, what are some of the applications that we can take away, whether it’s how to respond when we’re feeling paralyzed by market volatility, trying to look at the different technologies that are driving the markets, and see where the growth story is.
Fred Marshall: Yeah, I think about that all the time. The defining characteristic right now is this breathtaking opportunity and potential disruption happening at the same time. Separating the signal from the noise is the problem to solve. If you just open up your phone and look at news feeds, you're going to get a lot of conflicting information. You're going to get a lot of information that's if we're honest, it's designed to catch eyeballs and to grab people's attention, so the headlines will be pretty intense, maybe a little dialed up more than they should be, but if you look at the fundamental things that are going on in the market and the world today, and if you can keep your eye on the longer view, I think the biggest problem today is that we're being trained to just focus on 60-second junks. Instagram and TikTok and newsfeeds are training us to think in increments. You can't even get through a newsfeed without an ad and then a link to something else. There's no long thinking beyond a few minutes, and it's hard to get a long time horizon. When you're investing, long time horizons, I think, are a better strategy than trying to time the market and do those things, and so you pick things that you think have a future and then as Warren Buffett said, the most important thing is temperament, have the temperament to not let the volatility and the random ups and downs distract you to the point where you make a bad choice. Buy when you shouldn't buy, sell when you shouldn't sell, that kind of stuff.
Rachel Warren: One of the things that stuck out to me throughout your book was this concept of treating anxiety into agency. Obviously, there's a lot of ways to apply that not just as investors, as consumers, as employees, when we're looking at company leaders. What are some of these steps as investors or even giving some examples of company leaders that you can see as a way to reclaim agency during periods of market downturn or volatility?
Fred Marshall: Agency is the most important thing, and because if you're not taking action, if you're not leading with initiative, and this showed up in all the research that we've done at companies like Pfizer, Genentech, Apple, the top performers take initiative. They still respond to events. They still respond to others, but they lead with initiative, and so that notion of having agency and taking initiative is the most important thing, and it starts with where you put your attention. If you put your attention on doom scrolling and negative news feeds and all that, you're going to optimize your brain, your neural net, your mindset for anxiety and stress, but if you feed it good data, good relationships, trusted sources, follow people who know what they're talking about, or at least have deep expertise and can give you an informed and balanced perspective on the big picture, you'll be better off.
It starts really with managing where you put your attention. I would say curating. I think the secret sauce, if I had to pick one, what's one thing to remember from today? Curate where you put your attention to align with the vision you have of your future self. If you want to have a healthy body, put your attention to that every week, set up a weekly cadence, just like you'd invest, monthly in a 401(k), invest your attention in the categories, the areas that are going to drive the future outcomes that you want. You can be very spreadsheety about it. You can say, this is the outcome I want. What are the building blocks that ladder up to that? That life design, aligned with the vision that you have of the future for you, as building blocks and then organizing it as a weekly cadence of action is the way to do initiative. Then you get compounding working on your side.
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Rachel Warren: One of the things, as well, that I thought was interesting, there were a lot of applications from your book that I think are applicable to wealth compounding in our portfolios as investors, building investing systems like you've talked about. One of the things that I took from the book that I thought was really interesting was this idea that no one scales on discipline alone. If discipline isn't the secret, what are some of these systems, whether it's metaphorical or otherwise, that we should be maybe building instead.
Fred Marshall: I think the best one for the everyday investor is the two-sided growth engine. It's really simple. You got cash at the top, and you're feeding that cash from two places. One is your own earning power after taxes, money goes in. Then the second is returns from your investments as loading in. Then you got to pay taxes on that, and then that becomes the free cash flow that you have available. You could load some of that with some debt. You could make that pot bigger if you borrowed money, and there are times when you want to borrow money and use leverage to buy stuff when the math works, and it makes sense, and the risk is appropriate, but look at the two feeders for a second. Assets that generate cash flow are growing in value, and then you investing in yourself, your own capabilities, your own ability to impact them and affect the future of others, is a huge source of cash into the system. I would always be investing in you, your body, your mind, your skill sets, your capabilities, and also the infrastructure that you have around personally. Personal infrastructure, here's a podcast studio, is my personal infrastructure. I'm sitting in it right now. It's so inexpensive to build sophisticated infrastructure today, like never before. It used to cost millions of dollars to build a studio like this. Now, a couple thousand, not even 1,000 bucks, you can build something great. That's amazing.
Build your infrastructure, relationships, systems all aligned with the future that you want and the future capabilities that will bring more value to others and, therefore, cash flow your personal income. Let that drive, but then be really investment heavy, invest as much as you possibly can, because the more you put in, then you achieve what I like to call financial escape velocity. That's where the money coming in from both sides is way bigger than your burn rate. In the beginning, you scrunch down your burn rate. You don't get a new car, stay in the less expensive apartment, even though it's cramped. You can keep funding the assets and funding your own personal growth and development, do that. Then at some point, you get so much cash flow that you have plenty. Now, you can get a nicer car. Keep those priorities. That's what Warren Buffett did. His burn rate is so low. Same house for how many years? It's a modest ranch house. It's nothing big, legendary. Legendary, I don't want to live like a monk. I like luxuries and things nice stuff. Who doesn't make sure that your ratios are right? Do you know what I mean by that? If your ratio of investing and your ratio of growing your own skill sets and capability is high, then you can afford to get your burn rate up and have fun stuff, have cappuccinos instead of instant coffee, and things like that.
Rachel Warren: Well, I want to lean more into your background in corporate transformation and innovation, just to pivot a bit. You worked with giants like Pfizer and Apple, as well as many others. How does cognitive overwhelm among leaders, how does that degrade decision-making quality and long-term earnings? Are there ways to spot that?
Fred Marshall: I don't think anybody can thread the line between cognitive overload of a CEO and earnings and stock price. There are so many variables between those two things. However, cognitive overload is a serious problem, and I have the privilege of interacting with CEOs of some pretty interesting companies. I had a chance to meet Brett Adcock who's running Figure and many others. The ones that I admire the most are the ones who are just like, they've got the infrastructure, so they don't get overloaded. Even something as simple as knowing that their best time is in the morning. I don't want to name the CEO who said this to me, but he said, my best time is in the morning. I put all the hard stuff in the morning. Then that's when I'm freshest and clearest, and I have my best thinking, and I'm not saturated yet. I save the easy stuff for the afternoon. That’s a system, he said, he’s been doing for 20 years. Pretty interesting. He’s very aware of cognitive load, and when he’s best, and not so, I think between building systems to manage infrastructure so you don’t get overloaded, and doing what I would describe as good data compression. What does that mean?
If you have too much information coming to you, you can't manage it. It's too much. The weather channel figured this out a long time ago. Don't give me barometric pressure. I don't know what millibars are. Just show me an icon. Is it a little cloud with some sun? That's good. Is it a little cloud with some rain and a little lightning thing? Oh, at 3:00. All right, that's all I need. Give me a data-compressed version of the deep insight that's actionable. I think if we design our dashboards to have really good data compression in AI, it can help with this in a big way. Have really great data compression. Then we can manage a lot of detail and a lot of complexity seamlessly.
Rachel Warren: I guess, as well, a different way to ask it is with all the companies that you've advised and worked with, are there behavioral traits in leadership that you find tend to separate the companies that become market leaders from market followers?
Fred Marshall: Yes, there are three behaviors that we've seen, and we've seen them so often. I actually call them the three predictors of success. The first one is, is this leader leading with initiative most of the time, or are they responding to the flow of events most of the time? The best leaders are about two-thirds, one-third, two-thirds of the time. They are pushing the envelope. They are leading with initiative. They know where they want to go. They're in the process of getting there, and they're building the teams and the systems and the infrastructure to make that happen. Then about a third of the time they're responding to the flow of events and what's going on in the world and customers and everything else. That ratio is a magic ratio. That's the first dimension.
The second dimension is internal focus versus external focus. Internal focus, companies that are really internally oriented and worried about their own dashboards, Kodak really fell into this process in a big way. They lived in Rochester. They forgot to get out into the world, and that internal focus blinded them to what was happening, blinded them to the significance of the very digital photography that they invented. They let their internal orientation blind them to seeing what was possible and the threats that were coming, but external focus alone isn't good either. If you’re all other-focused, you don’t get done what you need to get done, and so the balance is about two-thirds external, one-third internal. That's the sweet spot between those. Leading with initiative most of the time, mostly externally focused, but definitely getting done what you want to get done. That's the second predictor. You can see that behavior really easily. It's fascinating. Just a couple hours with somebody, and I can see it all.
The third behavior is refuses to make assumptions, is very aware of the assumptions that they're making, and refuses to make assumptions when it counts. That shows up as challenging assumptions, breaking assumptions that other people have, being very aware of the paradigms or mindsets that other people have, and saying, well, why? They're locked into this? They don't need to be locked into that. We could change it. Amazon, to me, is a really good example of that. The paradigm was that you went to the grocery store to get groceries. You went to Macy's to get a new suit. You went here to get this, you went there to get that. He said, well, what if there was a place where anyone in the world could have access to any product in the world? What if there was one little portal that could connect those two things and get it to them in a couple of days? How valuable would that be? Turns out, pretty valuable.
Rachel Warren: Here we are today. I want to talk about the difference between noise and signal. You touched on this a bit earlier, and I think this is something that's really valuable for investors as well. I guess my first question on that is, is noise simply bad information, or is it often accurate, it may be irrelevant data that distracts from the thesis?
Fred Marshall: Yeah, I think you said it perfectly. Start with the thesis. Right. Articulating your thesis and the forces that support it and oppose it is really important to do. Make sure you know what your assumptions are, and make sure you have credible input or data that's helping you define what that thesis is, but then you can simply ask this question. Here's a bit of news. How credible is it? Let me read through. Was the headline just designed to get my eyeballs on it, and then you read through the body of the text, and you find out that they’re not saying that at all, that it was just attention-grabbing newsfeed, but the real information was underneath the hood? We see that a lot.
Like Jensen will do some big presentation at CES or someplace else, and everybody will focus on one thing when the real news is buried, 45 minutes into what he said, and he just throws this little one-liner off that, we think it's going to improve, AI improved by a million times in the next 10 years. Buried in there. It's like, no, earnings aren't what people expect it is what gets the headline. That little thing is, like, improved by a million times in the next 10 years. That's pretty important. Why isn't anybody talking about that? That's going to drive everything. It's going to drive costs down. It's going to drive usage up. It's going to drive everything that we could do with AI. How did that get buried? It happens all the time. I think you have to have a little bit of an instinct for what is significant and not. Those instincts you grow and develop over time. I wish I had a generic way to give people those instincts, but you learn as you go.
Rachel Warren: No, I think that's a really helpful way to think about it. One final question as we draw to the end of our time here together today. What are some of the most important habits in your view that we as investors can develop to ensure that we thrive rather than just survive to borrow some verbiage from your book?
Fred Marshall: Well, let me start with emotional self-regulation. I think that that's probably at the top of the list, not get too excited when AMD seems to be going through the roof right now, not get too depressed if Nvidia clicks down a little bit, and just be a little quieter, a little cooler, a little more or less reactive, and not let your emotions get away with you because emotions are amplifiers. They make things seem bigger and closer than they really are. Like that scene in Jurassic Park where it looks at the mirror and objects may be closer than they appear. You want to have a clear-eyed view. Managing your emotions and regulating emotions, I think, is the foundation.
The second is where you put your attention. Credible news sources only, please. I'm not going to let noise and pundits enter my brain because they have a different agenda. They have a mixed agenda, and so I want the most credible news sources is maybe the second thing. Then the third is that group of people that we talked about before, the people that you surround yourself with, the relationships, having strong relationships with people who are plugged into that world. It's been my experience that every industry is its own universe, its own ecosystem. Biopharma is a world. It's actually a little bit different than traditional pharma, small molecule pharma versus biologics, pharma’s a little bit different. IT is its own universe. AI is its own universe. Web development is its own universe, and so if you're investing in one of those universes, curating relationships with people who are in that world is the way to go because they can give you insight about how it really works and what's really going on that's valuable. You won't get distracted by the noise.
Rachel Warren: Well, I wish we had more time to discuss this, but this has been such a really informative and enlightening conversation.
Fred Marshall: So fun.
Rachel Warren: Watching, or listening, please check out Fred's new book, Thrive: The Antidote to Future Shock. Fred, thank you so much for joining me.
Fred Marshall: Thank you. Really enjoyed our conversation, Rachel.
Rachel Warren: As always, people on the program may have interest in the stocks they talk about. The Motley Fool may have formal recommendations for or against, so don't buy or sell stocks based solely on what you hear. All personal finance content follows Motley Fool editorial standards and is not approved by advertisers. Advertisements are sponsored content and provided for informational purposes only. To see our full advertising disclosure, please check out our show notes. From the Motley Fool Hidden Gems Investing team, I'm Rachel Warren. Thanks for listening. We'll see you next time.
The Zacks Oil and Gas - Exploration and Production - International industry remains well-positioned as strong commodity prices and supply constraints continue to support earnings. Companies operating outside the United States are benefiting directly from higher realizations, which are boosting cash flows and improving balance sheets. At the same time, a clear shift toward capital discipline and cost efficiency is helping operators lower break-even levels and focus on high-return projects. Portfolio reshaping and geographic repositioning are further strengthening cash flow quality and long-term resilience. Though there are challenges, including natural field declines and ongoing reinvestment needs, the broader setup looks constructive. The industry’s solid ranking, strong relative performance versus the S&P 500, and attractive valuation suggest room for further upside. As companies continue to refine portfolios and improve execution, the outlook remains encouraging. Within this space, Harbour Energy (HBRIY - Free Report) , Vermilion Energy (VET - Free Report) and Kosmos Energy (KOS - Free Report) stand out as compelling names to watch.
Industry Overview The Zacks Oil and Gas - International E&P industry consists of companies primarily operating outside the United States and focused on the exploration and production (E&P) of oil and natural gas. These firms find hydrocarbon reservoirs, drill oil and gas wells, and produce and sell these materials to be refined later into products such as gasoline, fuel oil, distillate, etc. The economics of oil and gas supply and demand are the fundamental drivers of this industry. In particular, a producer’s cash flow is determined by realized commodity prices. In fact, all E&P companies are vulnerable to historically volatile prices in the energy markets. A change in realizations affects their returns on drilling inventory and causes them to alter production growth rates. These operators are also exposed to exploration risks where drilling results are uncertain.
4 Key Investing Trends to Watch in the Oil and Gas - International E&P Industry Commodity Price Gains: The sharp rise in crude prices following supply disruptions in the Middle East creates a strong macro tailwind for the global oil and gas exploration and production space. When benchmark prices move from the $60 range to near or above $100, upstream players typically see a direct and meaningful improvement in realizations and cash flows. This kind of pricing environment not only boosts near-term profitability but also strengthens balance sheets, enabling higher reinvestment into exploration and development activities. At the same time, supply constraints tied to key chokepoints like the Strait of Hormuz highlight the structural importance of diversified production sources, which further support sustained demand for international upstream output. Overall, elevated prices combined with tighter supply conditions create a favorable backdrop for earnings visibility and capital discipline across the industry.
Improving Cost Structures and Capital Discipline: Companies are steadily reshaping portfolios toward lower-cost, higher-return assets while exiting mature or expensive operations. This shift, combined with tighter capital allocation and efficiency gains, is driving down unit costs and improving margins. Production growth is increasingly tied to high-return projects with quick paybacks, helping sustain cash flows even in uncertain price environments. Over time, this disciplined approach enhances resilience, supports debt reduction, and allows firms to better navigate commodity cycles while still investing in future growth.
Declining Legacy Assets and High Reinvestment Needs: Many portfolios still include aging fields with natural decline rates, requiring continuous drilling and capital spending just to maintain production levels. At the same time, newer projects often demand significant upfront investment and longer development timelines. This creates a balancing act between funding growth and preserving balance sheet strength. If capital discipline weakens or project execution falters, returns can suffer. Additionally, shifting capital away from higher-cost regions may reduce diversification and expose companies more to specific basin risks.
Portfolio High-Grading and Geographic Repositioning: Companies are actively reshaping their asset mix by divesting higher-cost, mature operations and reallocating capital toward more competitive regions with better fiscal terms and stronger margins. This shift is not just about reducing costs—it’s about improving the overall quality of cash flows. By concentrating on assets with longer life, lower taxes, and better operating control, firms are building portfolios that can generate steadier and more predictable returns. In many cases, production from legacy regions is being replaced with output from newer, higher-margin basins, which enhances profitability even if total volumes remain stable. Over time, this repositioning supports stronger free cash flow generation, lowers break-even levels, and gives companies greater flexibility to navigate commodity cycles while still funding growth initiatives.
Zacks Industry Rank Reflects Positive Outlook The Zacks Oil and Gas – International E&P industry is a six-stock group within the broader Zacks Oil - Energy sector. It currently carries a Zacks Industry Rank #44, which places it in the top 18% of 243 Zacks industries.
The group’s Zacks Industry Rank, which is basically the average of the Zacks Rank of all the member stocks, indicates fairly strong near-term prospects. Our research shows that the top 50% of the Zacks-ranked industries outperforms the bottom 50% by a factor of more than 2 to 1.
Considering the encouraging dynamics of the industry, we will present a few stocks that you may want to consider for your portfolio. But it’s worth taking a look at the industry’s shareholder returns and current valuation first.
Industry Outperforms S&P 500 but Lags Sector The Zacks Oil and Gas - International E&P industry has fared better than the Zacks S&P 500 composite, though it has underperformed the broader Zacks Oil - Energy Sector over the past year.
The industry has gone up 27.5% over this period compared with the broader sector’s increase of nearly 32%. The S&P 500 has gained 20%.
One-Year Price Performance
Industry's Current Valuation Since oil and gas companies are debt-laden, it makes sense to value them based on the EV/EBITDA (Enterprise Value/ Earnings before Interest, Tax, Depreciation and Amortization) ratio. This is because the valuation metric takes into account not just equity but also the level of debt. For capital-intensive companies, EV/EBITDA is a better valuation metric because it is not influenced by changing capital structures and ignores the effect of non-cash expenses.
On the basis of the trailing 12-month enterprise value-to EBITDA (EV/EBITDA), the industry is currently trading at 5.95X, significantly lower than the S&P 500’s 17.34X. It is also below the sector’s trailing 12-month EV/EBITDA of 7.14X.
Over the past five years, the industry has traded as high as 9.60X, as low as 2.33X, with a median of 4.17X.
Trailing 12-Month Enterprise Value-to EBITDA (EV/EBITDA) Ratio (Past Five Years)
3 Oil and Gas - International E&P Stocks to Watch Vermilion Energy: Vermilion Energy is a globally diversified producer with core assets in Canada’s Deep Basin and Montney, complemented by operations across Europe and Australia. This mix provides exposure to premium gas markets while keeping cash flows balanced and decline rates low. The Zacks Rank #1 (Strong Buy) company prioritizes steady production, sustainable free cash flow and disciplined capital use.
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Recent updates highlight improving operations and a deep drilling inventory, though meaningful free cash flow growth is expected later in the decade. Canada now anchors production, supported by long-life assets and existing infrastructure, while European gas offers attractive economics and pricing upside. As leverage falls, Vermilion expects to increase buybacks and other return-of-capital measures over time.
The Zacks Consensus Estimate for 2026 earnings of the company indicates 268.4% growth. Vermilion Energy’s shares have gained more than 51% in a year.
Price and Consensus: VET
Harbour Energy: It is one of the largest independent oil and gas exploration and production companies listed in London. Formed through the merger of Chrysaor and Premier Oil, and later expanded with the acquisition of Wintershall Dea, the company produces around 460–500 thousand barrels of oil-equivalent per day. Harbour Energy’s operations span Norway, the U.K., Argentina, North Africa and Mexico, giving it a broad and balanced global presence.
The Zacks Rank #3 (Hold) company has grown through a series of acquisitions, supported by a focus on improving operations, reducing debt and returning cash to shareholders. Recent deals, including entry into the U.S. Gulf of Mexico, aim to strengthen cash flow and long-term growth. With strong scale now achieved, Harbour Energy is increasingly focused on improving returns and optimizing its portfolio.
The Zacks Consensus Estimate for 2026 earnings of the company indicates 287.5% growth. Harbour Energy’s shares are up 56.6% in a year.
Price and Consensus: HBRIY
Kosmos Energy: Kosmos Energy is a deepwater exploration and production company with a balanced portfolio of oil and natural gas assets across proven basins. Its operations span offshore Ghana, Equatorial Guinea and the U.S. Gulf of Mexico, complemented by world-scale gas developments offshore Mauritania and Senegal. The company pursues a mix of long-cycle gas projects, meeting rising global demand and shorter-cycle oil opportunities that generate strong returns at current prices.
With a stable production base and strategic partnerships, Zacks Rank #3 Kosmos emphasizes disciplined growth, balance sheet resilience and sustainable cash generation. Recent milestones, including first gas at its flagship LNG project, have positioned the business to deliver meaningful free cash flow for years ahead. By combining infrastructure-led exploration with phased project development, Kosmos seeks to minimize risk, optimize costs and advance value creation while supporting the broader energy transition.
The Zacks Consensus Estimate for 2026 earnings of the company indicates 46.6% growth. Kosmos Energy’s shares have edged up 2.2% in a year.
Kosmos Energy Ltd. (NYSE: KOS - Get Free Report) saw some unusual options trading on Thursday. Investors purchased 16,738 call options on the company. This is an increase of 109% compared to the typical daily volume of 8,002 call options. Analyst Ratings Changes Several research firms have recently weighed in on KOS. Weiss Ratings reiterated a
Director Adebayo Ogunlesi reported an open-market purchase of 3,157,895 shares of Kosmos Energy (KOS 0.69%) for a transaction value of ~$6.0 million, according to a SEC Form 4 filing.
Transaction summaryMetricValueShares traded3,157,895Transaction value$6.0 millionPost-transaction shares (direct)4,974,184Post-transaction value (direct ownership)$12.0 millionTransaction value based on SEC Form 4 reported price ($1.90); post-transaction value based on March 10, 2026 market close ($2.41).
Key questionsHow does this purchase compare to Ogunlesi's prior trading activity in Kosmos Energy?
This is the first open-market purchase by Ogunlesi in at least the past three years; all previous Form 4 filings since June 2023 reflected only administrative updates with no net buying or selling.What proportion of his prior holdings does the transaction represent?
The purchase increased direct common stock holdings by 173.87%, taking his position from 1,816,289 to 4,974,184 shares, more than doubling his exposure to the company.Is there any indication of indirect or derivative participation in this transaction?
No; all shares were acquired for direct ownership, and the filing shows zero indirect holdings and no derivative security involvement.How does the transaction size relate to Ogunlesi’s current ownership and Kosmos Energy's total insider ownership?
Post-transaction, Ogunlesi’s direct holdings represent approximately 1.03% of total shares outstanding as of the latest available data, contributing materially to overall insider exposure in the company.Company overviewMetricValueRevenue (TTM)$1.29 billionNet income (TTM)-$699.79 millionDividend yield0.00%1-year price change4.48%* 1-year price change calculated as of March 10, 2026.
Company snapshotOffers deep-water oil and gas exploration and production, with principal assets offshore Ghana, Equatorial Guinea, the U.S. Gulf of Mexico, and gas development projects offshore Mauritania and Senegal.Operates an independent exploration-led business model, generating revenue primarily from the sale of crude oil and natural gas produced from its offshore assets.Serves global energy markets as an independent oil and gas exploration and production company.Kosmos Energy is a Dallas-based independent oil and gas company specializing in deep-water exploration and production along the Atlantic Margins. The company leverages a focused asset portfolio and proven basin exploration strategy to drive growth and operational efficiency. Its competitive edge lies in technical expertise and access to high-potential offshore resources in underexplored regions.
What this transaction means for investorsThis is a sizable purchase and notable because the director hadn’t acquired company stock in the past three years.
The stock price has been skyrocketing this year, up about 198% year-to-date (YTD), and since March 10, the company’s stock price has jumped about 35% to its current $2.71 per share.
This comes at a time of rising oil prices, due in part to the war in Iran and geopolitical tensions in the Middle East.
However, it also occurred when Kosmos had a public offering of its common stock on March 10 at $1.90 per share, a significant discount to the approximately $2.00 per share price at the time. The offering was to raise money primarily for debt repayment.
In addition, in February, the government of Ghana extended its license to drill for oil there until 2040. Also, it sold assets in Equatorial Guinea to focus on its assets in Ghana and other locations. Further, the company guided for a significant increase in production in fiscal 2026.
The stock is trading at just 8 times forward earnings.
Dave Kovaleski has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
Kosmos Energy Ltd. (NYSE: KOS - Get Free Report) shares were up 8.3% during trading on Thursday after Johnson Rice upgraded the stock from an accumulate rating to a buy rating. Johnson Rice now has a $4.25 price target on the stock. Kosmos Energy traded as high as $2.93 and last traded at $2.88. Approximately 6,357,492
Shares of Kosmos Energy Ltd. (NYSE:KOS – Get Free Report) gapped up prior to trading on Thursday . The stock had previously closed at $2.69, but opened at $2.93. Kosmos Energy shares last traded at $2.98, with a volume of 5,678,729 shares traded.
Analysts Set New Price Targets A number of analysts recently weighed in on the stock. Mizuho lowered their price objective on shares of Kosmos Energy from $2.00 to $1.50 and set a “neutral” rating for the company in a research note on Friday, December 12th. Bank of America reiterated an “underperform” rating and set a $1.00 price objective (down from $3.40) on shares of Kosmos Energy in a research note on Friday, December 5th. Wall Street Zen raised Kosmos Energy from a “sell” rating to a “hold” rating in a research report on Saturday. Weiss Ratings reissued a “sell (d-)” rating on shares of Kosmos Energy in a research report on Monday, December 29th. Finally, Johnson Rice raised shares of Kosmos Energy from an “accumulate” rating to a “buy” rating and set a $4.25 price objective on the stock in a research report on Wednesday, March 25th. Two analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, Kosmos Energy has an average rating of “Hold” and a consensus target price of $2.19.
View Our Latest Analysis on KOS
Kosmos Energy Price Performance The company has a quick ratio of 0.45, a current ratio of 0.75 and a debt-to-equity ratio of 5.53. The stock has a 50 day moving average price of $2.16 and a two-hundred day moving average price of $1.61. The firm has a market cap of $1.41 billion, a PE ratio of -2.01, a price-to-earnings-growth ratio of 0.44 and a beta of 0.65.
Kosmos Energy (NYSE:KOS – Get Free Report) last issued its earnings results on Saturday, February 14th. The oil and gas producer reported ($0.16) earnings per share (EPS) for the quarter. Kosmos Energy had a negative return on equity of 39.29% and a negative net margin of 54.18%.The firm had revenue of $294.62 million during the quarter. As a group, equities analysts expect that Kosmos Energy Ltd. will post 0.42 earnings per share for the current year.
Insiders Place Their Bets In other news, CFO Nealesh D. Shah acquired 157,894 shares of the stock in a transaction that occurred on Tuesday, March 10th. The shares were bought at an average cost of $1.90 per share, for a total transaction of $299,998.60. Following the acquisition, the chief financial officer owned 1,863,061 shares in the company, valued at approximately $3,539,815.90. This represents a 9.26% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Josh R. Marion sold 19,656 shares of Kosmos Energy stock in a transaction on Tuesday, February 3rd. The stock was sold at an average price of $1.37, for a total transaction of $26,928.72. Following the sale, the senior vice president directly owned 197,409 shares in the company, valued at approximately $270,450.33. This trade represents a 9.06% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders have bought 3,684,210 shares of company stock worth $6,999,999 and have sold 272,844 shares worth $377,592. 1.99% of the stock is currently owned by company insiders.
Institutional Inflows and Outflows Institutional investors and hedge funds have recently modified their holdings of the company. Captrust Financial Advisors grew its position in Kosmos Energy by 93.9% in the fourth quarter. Captrust Financial Advisors now owns 28,601 shares of the oil and gas producer’s stock worth $26,000 after acquiring an additional 13,854 shares during the period. Blueshift Asset Management LLC acquired a new position in shares of Kosmos Energy in the 2nd quarter valued at $27,000. Old Port Advisors purchased a new position in shares of Kosmos Energy during the 4th quarter worth approximately $27,000. Cibc World Markets Corp acquired a new stake in Kosmos Energy in the 4th quarter valued at approximately $28,000. Finally, Public Employees Retirement System of Ohio raised its position in Kosmos Energy by 35.7% in the fourth quarter. Public Employees Retirement System of Ohio now owns 42,577 shares of the oil and gas producer’s stock valued at $39,000 after purchasing an additional 11,209 shares during the period. Institutional investors and hedge funds own 95.33% of the company’s stock.
About Kosmos Energy (Get Free Report)
Kosmos Energy Ltd. is an independent oil and gas exploration and production company headquartered in Dallas, Texas. Since its founding in 2003, the company has focused on identifying and developing hydrocarbon reserves in frontier and emerging basins around the world. Kosmos combines geological and geophysical expertise with a disciplined approach to acreage acquisition and partner selection to pursue high‐impact offshore exploration opportunities.
The company’s portfolio is anchored by assets in West Africa and the Gulf of Mexico.
Further Reading Five stocks we like better than Kosmos Energy Receive News & Ratings for Kosmos Energy Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Kosmos Energy and related companies with MarketBeat.com's FREE daily email newsletter.
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Kosmos Energy Ltd. (NYSE:KOS – Get Free Report) has received a consensus recommendation of “Hold” from the nine ratings firms that are currently covering the firm, Marketbeat.com reports. Two analysts have rated the stock with a sell rating, five have issued a hold rating and two have assigned a buy rating to the company. The average 1 year price objective among brokerages that have issued a report on the stock in the last year is $2.1857.
Several brokerages have recently weighed in on KOS. Wall Street Zen upgraded Kosmos Energy from a “sell” rating to a “hold” rating in a report on Saturday. The Goldman Sachs Group increased their price target on Kosmos Energy from $1.75 to $2.00 and gave the company a “neutral” rating in a report on Friday, January 30th. Mizuho reduced their price objective on Kosmos Energy from $2.00 to $1.50 and set a “neutral” rating on the stock in a research report on Friday, December 12th. Johnson Rice raised Kosmos Energy from an “accumulate” rating to a “buy” rating and set a $4.25 price objective on the stock in a research note on Wednesday, March 25th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Kosmos Energy in a report on Monday, December 29th.
Read Our Latest Research Report on KOS
Kosmos Energy Trading Up 0.3% Shares of KOS opened at $2.93 on Monday. The stock has a market cap of $1.41 billion, a PE ratio of -2.01, a price-to-earnings-growth ratio of 0.44 and a beta of 0.65. Kosmos Energy has a 52-week low of $0.84 and a 52-week high of $3.02. The firm’s fifty day moving average is $2.16 and its two-hundred day moving average is $1.61. The company has a quick ratio of 0.45, a current ratio of 0.75 and a debt-to-equity ratio of 5.53.
Kosmos Energy (NYSE:KOS – Get Free Report) last announced its quarterly earnings data on Saturday, February 14th. The oil and gas producer reported ($0.16) earnings per share (EPS) for the quarter. The business had revenue of $294.62 million for the quarter. Kosmos Energy had a negative net margin of 54.18% and a negative return on equity of 39.29%. Research analysts forecast that Kosmos Energy will post 0.42 earnings per share for the current fiscal year.
Insider Activity In other news, CFO Nealesh D. Shah purchased 157,894 shares of the stock in a transaction dated Tuesday, March 10th. The shares were purchased at an average price of $1.90 per share, with a total value of $299,998.60. Following the transaction, the chief financial officer owned 1,863,061 shares in the company, valued at $3,539,815.90. The trade was a 9.26% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Andrew G. Inglis acquired 315,790 shares of the company’s stock in a transaction that occurred on Tuesday, March 10th. The stock was purchased at an average cost of $1.90 per share, with a total value of $600,001.00. Following the acquisition, the chief executive officer directly owned 4,542,807 shares of the company’s stock, valued at $8,631,333.30. This trade represents a 7.47% increase in their position. The SEC filing for this purchase provides additional information. In the last 90 days, insiders have acquired 3,684,210 shares of company stock worth $6,999,999 and have sold 272,844 shares worth $377,592. 1.99% of the stock is owned by insiders.
Institutional Trading of Kosmos Energy Several hedge funds have recently made changes to their positions in KOS. AQR Capital Management LLC lifted its holdings in Kosmos Energy by 56.7% in the first quarter. AQR Capital Management LLC now owns 387,739 shares of the oil and gas producer’s stock valued at $884,000 after acquiring an additional 140,261 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in Kosmos Energy by 4.5% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 278,082 shares of the oil and gas producer’s stock worth $634,000 after acquiring an additional 12,045 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in Kosmos Energy by 21.1% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 2,541,006 shares of the oil and gas producer’s stock worth $5,793,000 after acquiring an additional 443,384 shares during the last quarter. Strs Ohio purchased a new stake in Kosmos Energy in the first quarter valued at $120,000. Finally, Rhumbline Advisers raised its position in Kosmos Energy by 7.9% in the second quarter. Rhumbline Advisers now owns 718,954 shares of the oil and gas producer’s stock valued at $1,237,000 after purchasing an additional 52,750 shares during the period. Hedge funds and other institutional investors own 95.33% of the company’s stock.
About Kosmos Energy (Get Free Report)
Kosmos Energy Ltd. is an independent oil and gas exploration and production company headquartered in Dallas, Texas. Since its founding in 2003, the company has focused on identifying and developing hydrocarbon reserves in frontier and emerging basins around the world. Kosmos combines geological and geophysical expertise with a disciplined approach to acreage acquisition and partner selection to pursue high‐impact offshore exploration opportunities.
The company’s portfolio is anchored by assets in West Africa and the Gulf of Mexico.
See Also Five stocks we like better than Kosmos Energy
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Kosmos Energy (KOS 0.69%), deepwater Atlantic oil and gas producer, closed Monday at $3.10, up 6.36%. The stock advanced after multiple reports highlighted new 52-week highs and reiterated neutral analyst views. Investors are watching whether recent gains can be sustained given mixed fundamentals and high leverage.
The company’s trading volume reached 37.6 million shares, which is about 39% above compared with its three-month average of 27 million shares. Kosmos Energy IPO'd in 2011 and is down 90% since its IPO.
How the markets moved todayThe S&P 500 (^GSPC +0.50%) added 0.44% to finish Monday at 6,611.83, while the Nasdaq Composite (^IXIC +0.31%) gained 0.54% to close at 21,996. Among oil, gas & consumable fuels producers, peer Apa (APA +0.65%) closed at $43.02, rising 2.33% as energy stocks tracked supportive sector sentiment.
What this means for investorsKosmos Energy shares climbed to a new 52-week high near $3.05 on strong trading volume, moving well above the average analyst price target of about $2.19. This rise happened even though BofA still rates the stock as Underperform and most analysts remain neutral. The gap between the stock’s momentum and expectations stands out for the company focused on deepwater oil production in the Atlantic.
The rally is driven by forecasts of about a 30% free cash flow yield in 2026 and the company’s goals for more production, lower costs, and less debt, all linked to better output and efficiency in its offshore projects. Investors are watching to see if Kosmos’s offshore production gains will turn into steady free cash flow at current oil prices, which would help the company reduce its debt levels. Otherwise, the stock rally could get ahead of a balance sheet that is still exposed to execution risk and commodity price volatility.
Eric Trie has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
Kosmos Energy is a midcap offshore oil and gas company with operations off Africa and in the Gulf of America. KOS experienced an 60% drawdown due to high leverage and persistent negative cash flow generation. I analyze the company's financial backstory to understand the drivers behind its current distressed position.
April 15, 2026 02:00 ET | Source: Kosmos Energy, LLC
DALLAS, April 15, 2026 (GLOBE NEWSWIRE) -- Kosmos Energy (NYSE/LSE: KOS) announced today the following schedule for its first quarter 2026 results:
Earnings Release: Tuesday, May 5, 2026, pre-UK market open via Notified, Regulatory News Service, and the Company’s website at www.kosmosenergy.com.Conference Call: Tuesday, May 5, 2026, at 11:00 a.m. ET. The call will be available via telephone and webcast. Dial-in telephone numbers:
Toll Free: 1-800-715-9871
Toll/International: 1-646-307-1963
UK Toll Free: 0800 260 6466
Webcast:
investors.kosmosenergy.com
Webcast Conference Call Replay: A replay of the webcast will be available at investors.kosmosenergy.com for approximately 90 days following the event.
About Kosmos Energy
Kosmos Energy is a leading deepwater exploration and production company focused on meeting the world’s growing demand for energy. We have diversified oil and gas production from assets offshore Ghana, Equatorial Guinea, Mauritania, Senegal and the Gulf of America. Additionally, in the proven basins where we operate we are advancing high-quality development opportunities, which have come from our exploration success. Kosmos is listed on the NYSE and LSE and is traded under the ticker symbol KOS.
As an ethical and transparent company, Kosmos is committed to doing things the right way. The Company’s Business Principles articulate our commitment to transparency, ethics, human rights, safety and the environment. Read more about this commitment in the Kosmos Sustainability Report. For additional information, visit www.kosmosenergy.com.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that Kosmos expects, believes or anticipates will or may occur in the future are forward-looking statements. Kosmos’ estimates and forward-looking statements are mainly based on its current expectations and estimates of future events and trends, which affect or may affect its businesses and operations. Although Kosmos believes that these estimates and forward-looking statements are based upon reasonable assumptions, they are subject to several risks and uncertainties and are made in light of information currently available to Kosmos. When used in this press release, the words “anticipate,” “believe,” “intend,” “expect,” “plan,” “will” or other similar words are intended to identify forward-looking statements. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of Kosmos, which may cause actual results to differ materially from those implied or expressed by the forward-looking statements. Further information on such assumptions, risks and uncertainties is available in Kosmos’ Securities and Exchange Commission (“SEC”) filings. Kosmos undertakes no obligation and does not intend to update or correct these forward-looking statements to reflect events or circumstances occurring after the date of this press release, except as required by applicable law. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. All forward-looking statements are qualified in their entirety by this cautionary statement.
DALLAS, May 05, 2026 (GLOBE NEWSWIRE) -- Kosmos Energy Ltd. (“Kosmos” or the “Company”) (NYSE/LSE: KOS) announced today its financial and operating results for the first quarter of 2026. For the quarter, the Company generated a net loss of $226 million, or $0.45 per diluted share. When adjusted for certain items that impact the comparability of results, the Company generated an adjusted net loss(1) of $36 million, or $0.07 per diluted share for the first quarter of 2026.
FIRST QUARTER 2026 AND POST QUARTER END HIGHLIGHTS
Net Production(2): ~74,800 barrels of oil equivalent per day (boepd), up ~25% versus first quarter 2025Revenues: $371 million, or $55.81 per boe (excluding the impact of derivative cash settlements) Production expense: $131 million (or $19.66 per boe), down ~22% versus first quarter 2025 (~$167 million)Capital expenditures: $91 million Greater Tortue Ahmeyim (GTA) gross production averaged ~2.85 million tonnes per annum (mtpa) for the first quarter, in excess of the floating LNG nameplate capacity (2.7 mtpa) Kosmos successfully completed a $350 million senior secured bond offering in the Nordic marketKosmos successfully completed an equity raise of approximately $200 million with the proceeds used to accelerate debt paydownKosmos announced the sale of its interest in the Ceiba Field and Okume Complex in Equatorial Guinea, for up to ~$220 millionThe TEN partnership finalized the acquisition of the TEN FPSO, which is expected to result in a material reduction in operating expensesKosmos took final investment decision for the operated Tiberius project in the Gulf of America Commenting on the Company’s first quarter 2026 performance, Chairman and Chief Executive Officer Andrew G. Inglis said: “Earlier this year, we set four goals for 2026: increase production from our core assets; lower costs; reduce debt; and advance our high‑quality growth portfolio with minimal capital. We are delivering strongly on all four of these goals.
“In the first quarter, Kosmos achieved record daily and quarterly production, driven by GTA fully ramped up and new wells at Jubilee. Operating costs were ~22% lower year-on-year and we reduced net debt(1) by ~7% versus year‑end 2025. With this ongoing momentum, we have raised our full‑year debt reduction target from 10% to ~20%.
“We continue to maintain our capital discipline while we progress our quality growth options. We took final investment decision on the Tiberius development, entered into a strategic exploration alliance with Shell in the Gulf of America, and are moving forward on GTA Phase 1+ expansion.
“With oil prices higher, our goals are unchanged. We will direct excess free cash flow toward accelerated debt reduction and further strengthening the balance sheet. Our exposure to premium international oil markets positions Kosmos to capture value from current market dislocations and reinforces our confidence in the path ahead.”
FINANCIAL UPDATE
In January 2026, Kosmos successfully completed a $350 million senior secured bond offering in the Nordic market with proceeds used to repurchase ~$250 million of the Company's 2027 senior unsecured notes and to repay $100 million of borrowings under the reserve-based lending facility (RBL).
In March, Kosmos successfully raised approximately $200 million of equity with the proceeds used to accelerate debt repayment.
In April, Kosmos completed its spring RBL re-determination with the borrowing base reduced to approximately $1.25 billion. Post the sale of the Company's production assets in Equatorial Guinea, expected around midyear 2026, the borrowing base will reduce to approximately $1.2 billion,
Kosmos has growing exposure to higher near-term oil prices, with realizations and free cash flow expected to rise in the second quarter, taking account of the lag effect between sales and benchmark prices. In the second quarter so far, we have seen record pricing and record differentials for production priced off premium international benchmarks such as Dated Brent in Ghana.
Kosmos has taken advantage of a higher forward price curve to add further hedges for 2027. The company has 5.7 million barrels of oil hedged for the remainder of 2026 with an average floor of approximately $66/barrel and a further 4.0 million barrels hedged in 2027 with a floor of approximately $65/barrel.
Net capital expenditure for the first quarter of 2026 was $91 million, in line with guidance. Full year 2026 capital expenditure guidance of $350 million is unchanged.
The Company generated net cash provided by operating activities of approximately $107 million and free cash flow(1) of approximately $14 million. Kosmos exited the first quarter of 2026 with approximately $2.8 billion of net debt(1) and liquidity of approximately $488 million.
OPERATIONAL UPDATE
Production
Total net production(2) in the first quarter of 2026 averaged approximately 74,800 boepd, a record quarterly high for Kosmos, up ~25% versus first quarter 2025. The increase was largely driven by the ramp up at GTA and new wells coming online at Jubilee. Sales for the first quarter 2026 were approximately 73,800 boepd.
The Company exited the quarter in a net underlift position of approximately 1.3 mmboe.
Mauritania and Senegal
GTA Phase 1 production averaged approximately 17,000 boepd net during the quarter, or 2.85 mtpa of LNG equivalent gross as the project continued to produce above the floating LNG vessel's nameplate capacity (2.7 mtpa), benefiting from cooler seasonal temperatures. The partnership lifted 9.5 gross LNG cargos in the first quarter, in line with guidance. Full year guidance of 32-36 gross LNG cargos remains unchanged. One condensate cargo was lifted by BP in the first quarter. The second and third condensate cargos in 2026 are expected to be lifted by Kosmos and the national oil companies of Mauritania and Senegal.
Lowering operating costs for GTA Phase 1 remains a priority for the partnership in 2026 with net operating costs per boe on track to fall by more than 50% year-on-year with scope for further reductions in 2027 and beyond.
With Phase 1 production fully ramped up and performing well, the partnership is now focusing on future production growth through Phase 1+, which fully utilizes the existing infrastructure for sales to the domestic markets in Senegal and Mauritania. Heads of terms for domestic gas sales are expected in 2026. In addition, Senegal has begun construction of an onshore power plant near Saint Louis and is expected to commence construction of the gas pipeline network around the midyear, which will transport gas from the GTA hub terminal to shore for domestic power generation.
Ghana
Production in Ghana averaged approximately 35,400 boepd net in the first quarter of 2026, which included gas production of approximately 6,900 boepd. Kosmos lifted three cargos from Ghana during the quarter, in line with guidance.
At Jubilee (38.6% working interest), oil production in the first quarter averaged approximately 70,000 bopd gross. The J74 well came online in early 2026 followed by the J75 well at the end of the quarter. Both wells are performing in line with expectations.
The next well in the campaign (J76) has been drilled and the completion is about to commence. Two additional producer wells (J77 and J50) have also been drilled and will be completed shortly after J76. As the operator recently communicated, all three producer wells are expected online in June and July and Kosmos expects an aggregate contribution from these wells of around 20,000 bopd gross. A water injection well will conclude the drilling campaign and is expected online at the end of the third quarter.
At TEN (20.4% working interest), oil production averaged approximately 14,900 bopd gross for the first quarter, in line with expectations. In February 2026, the TEN partnership finalized a sale and purchase agreement to acquire the TEN FPSO at the end of its current lease. Signing the agreement is expected to significantly reduce TEN operating costs and positively impact leverage in 2026 and beyond.
Also in February, the Ghanaian parliament formally ratified the license extensions for the West Cape Three Points and Deepwater Tano Petroleum Agreements, which cover the Jubilee and TEN fields, following government approval of the extensions in December. The licenses now extend to 2040. With an extended license period, the partnership is aligned on securing a rig for the 2027/2028 drilling campaign, which is expected to include up to ten wells and start in mid-2027.
Gulf of America
Production in the Gulf of America averaged approximately 16,800 boepd net (~84% oil) during the first quarter, in line with guidance, with strong performance from the Kosmos-operated Odd Job and Kodiak fields. Early in the second quarter, the Winterfell-2 well was shut in pending future intervention.
On Tiberius, in the outboard Wilcox play, Kosmos (operator, 50% working interest) took final investment decision with our partner Occidental (50% working interest) in March. The project targets first oil in the second half of 2028, with long-lead items already secured and most of the capital expected in 2027 and 2028. A farm down to reduce Kosmos’ working interest to ~33% has now commenced and is expected to close later this year.
As previously announced, Kosmos deepened its inventory of future opportunities for its infrastructure-led exploration (ILX) strategy in the Gulf of America, entering into a strategic alliance with Shell in February in the Norphlet trend. Shell and Kosmos now have alignment over ten blocks in the Gulf of America to explore multiple high-potential prospects, including Trailblazer, a prospect with significant potential (~200 mmboe gross). In the event of success, it could be tied back into Shell's nearby Appomattox platform. Drilling of Trailblazer is planned for the first half of 2027 with Kosmos designated as development operator.
Equatorial Guinea
Production in Equatorial Guinea averaged approximately 16,000 bopd gross and 5,600 bopd net in the first quarter. Kosmos lifted 0.4 cargos from Equatorial Guinea during the quarter in line with guidance.
In February, Kosmos announced that it entered into an agreement to sell its 40.375% non-operating working interest in the Ceiba Field and Okume Complex production assets to Panoro Energy for up to $220 million. Proceeds will be used to reduce borrowings outstanding under the RBL. The transaction has been approved by the Government of Equatorial Guinea and is expected to close around midyear 2026, subject to customary CEMAC approval.
(1) A Non-GAAP measure, see attached reconciliation of non-GAAP measure. Net debt excludes $80.1 million TEN FPSO finance lease liability. For purposes of the debt cover ratio calculation under the RBL Facility, the finance lease liability is included in net debt.
(2) Production means net entitlement volumes. In Ghana, Equatorial Guinea, and Mauritania and Senegal this means those volumes net to Kosmos' working interest or participating interest and net of royalty or production sharing contract effect. In the Gulf of America, this means those volumes net to Kosmos' working interest and net of royalty.
Conference Call and Webcast Information
Kosmos will host a conference call and webcast to discuss first quarter 2026 financial and operating results today, May 5, 2026, at 10:00 a.m. Central time (11:00 a.m. Eastern time). The live webcast of the event can be accessed on the Investors page of Kosmos’ website at http://investors.kosmosenergy.com/investor-events. The dial-in telephone number for the call is +1-800-715-9871. Callers in the United Kingdom should call 0800 260 6466. Callers outside the United States should dial +1-646-307-1963. A replay of the webcast will be available on the Investors page of Kosmos’ website for approximately 90 days following the event.
About Kosmos Energy
Kosmos Energy is a leading deepwater exploration and production company focused on meeting the world’s growing demand for energy. We have diversified oil and gas production from assets offshore Ghana, Equatorial Guinea, Mauritania, Senegal and the Gulf of America. Additionally, in the proven basins where we operate we are advancing high-quality development opportunities, which have come from our exploration success. Kosmos is listed on the NYSE and LSE and is traded under the ticker symbol KOS. As an ethical and transparent company, Kosmos is committed to doing things the right way. The Company’s Business Principles articulate our commitment to transparency, ethics, human rights, safety and the environment. Read more about this commitment in the Kosmos Sustainability Report. For additional information, visit www.kosmosenergy.com.
Non-GAAP Financial Measures
EBITDAX, Adjusted net income (loss), Adjusted net income (loss) per share, free cash flow, and net debt are supplemental non-GAAP financial measures used by management and external users of the Company's consolidated financial statements, such as industry analysts, investors, lenders and rating agencies. The Company defines EBITDAX as Net income (loss) plus (i) exploration expense, (ii) depletion, depreciation and amortization expense, (iii) equity based compensation expense, (iv) unrealized (gain) loss on commodity derivatives (realized losses are deducted and realized gains are added back), (v) (gain) loss on sale of oil and gas properties, (vi) interest (income) expense, (vii) income taxes, (viii) debt modifications and extinguishments, (ix) doubtful accounts expense and (x) similar other material items which management believes affect the comparability of operating results. The Company defines Adjusted net income (loss) as Net income (loss) adjusted for certain items that impact the comparability of results. The Company defines free cash flow as net cash provided by operating activities less Oil and gas assets, Other property, and certain other items that may affect the comparability of results and excludes non-recurring activity such as acquisitions, divestitures and National Oil Company ("NOC") financing. NOC financing refers to the amounts funded by Kosmos under the Carry Advance Agreements that the Company has in place with the national oil companies of each of Mauritania and Senegal related to the financing of the respective national oil companies’ share of certain development costs at Greater Tortue Ahmeyim. The Company defines net debt as total long-term debt less cash and cash equivalents and total restricted cash.
We believe that EBITDAX, Adjusted net income (loss), Adjusted net income (loss) per share, free cash flow, Net debt and other similar measures are useful to investors because they are frequently used by securities analysts, investors and other interested parties in the evaluation of companies in the oil and gas sector and will provide investors with a useful tool for assessing the comparability between periods, among securities analysts, as well as company by company. EBITDAX, Adjusted net income (loss), Adjusted net income (loss) per share, free cash flow, and net debt as presented by us may not be comparable to similarly titled measures of other companies.
This release also contains certain forward-looking non-GAAP financial measures, including free cash flow. Due to the forward-looking nature of the aforementioned non-GAAP financial measures, management cannot reliably or reasonably predict certain of the necessary components of the most directly comparable forward-looking GAAP measures, such as future impairments and future changes in working capital. Accordingly, we are unable to present a quantitative reconciliation of such forward-looking non-GAAP financial measures to their most directly comparable forward-looking GAAP financial measures. Amounts excluded from these non-GAAP measures in future periods could be significant.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that Kosmos expects, believes or anticipates will or may occur in the future are forward-looking statements. Kosmos’ estimates and forward-looking statements are mainly based on its current expectations and estimates of future events and trends, which affect or may affect its businesses and operations. Although Kosmos believes that these estimates and forward-looking statements are based upon reasonable assumptions, they are subject to several risks and uncertainties and are made in light of information currently available to Kosmos. When used in this press release, the words “anticipate,” “believe,” “intend,” “expect,” “plan,” “will” or other similar words are intended to identify forward-looking statements. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of Kosmos, which may cause actual results to differ materially from those implied or expressed by the forward-looking statements. Further information on such assumptions, risks and uncertainties is available in Kosmos’ Securities and Exchange Commission (“SEC”) filings. Kosmos undertakes no obligation and does not intend to update or correct these forward-looking statements to reflect events or circumstances occurring after the date of this press release, except as required by applicable law. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. All forward-looking statements are qualified in their entirety by this cautionary statement.
Kosmos Energy Ltd.
Consolidated Statements of Operations
(In thousands, except per share amounts, unaudited)
Three Months Ended March 31, 2026 2025 Revenues and other income: Oil and gas revenue $370,728 $290,135 Other income, net 169 296 Total revenues and other income 370,897 290,431 Costs and expenses: Oil and gas production 130,595 167,308 Exploration expenses 19,744 9,669 General and administrative 27,710 26,255 Depletion, depreciation and amortization 119,873 120,667 Interest and other financing costs, net 58,802 51,842 Derivatives, net 251,996 6,732 Other expenses, net 3,264 1,989 Total costs and expenses 611,984 384,462 Loss before income taxes (241,087) (94,031)Income tax expense (benefit) (15,513) 16,575 Net loss $(225,574) $(110,606) Net loss per share: Basic $(0.45) $(0.23)Diluted $(0.45) $(0.23) Weighted average number of shares used to compute net loss per share: Basic 506,198 475,681 Diluted 506,198 475,681 Kosmos Energy Ltd.
Condensed Consolidated Balance Sheets
(In thousands, unaudited)
March 31, December 31, 2026
2025
Assets Current assets: Cash and cash equivalents $129,957 $91,518Receivables, net 110,510 103,472Assets held for sale 18,707 —Other current assets 194,268 232,884Total current assets 453,442 427,874 Property and equipment, net 3,367,489 3,733,784Non-current assets held for sale 408,895 —Other non-current assets 553,616 534,968Total assets $4,783,442 $4,696,626 Liabilities and stockholders’ equity Current liabilities: Accounts payable $194,969 $202,555Accrued liabilities 332,078 237,609Current maturities of long-term debt 30,220 132,143Liabilities held for sale 43,544 —Other current liabilities 156,243 —Total current liabilities 757,054 572,307 Long-term liabilities: Long-term debt, net 2,866,043 2,920,616Deferred tax liabilities 134,750 305,924Long-term liabilities held for sale 260,601 —Other non-current liabilities 249,885 369,189Total long-term liabilities 3,511,279 3,595,729 Total stockholders’ equity 515,109 528,590Total liabilities and stockholders’ equity $4,783,442 $4,696,626 Kosmos Energy Ltd.
Condensed Consolidated Statements of Cash Flow
(In thousands, unaudited)
Three Months Ended March 31, 2026 2025 Operating activities: Net loss $(225,574) $(110,606)Adjustments to reconcile net income to net cash provided by (used in) operating activities: Depletion, depreciation and amortization (including deferred financing costs) 122,465 122,551 Deferred income taxes (49,013) 1,811 Unsuccessful well costs and leasehold impairments 14,541 1,903 Change in fair value of derivatives 302,976 7,586 Cash settlements on derivatives, net(1) (81,321) 494 Equity-based compensation 5,950 8,361 Debt modifications and extinguishments (1,217) — Other (7,561) (5,597)Changes in assets and liabilities: Net changes in working capital 25,310 (27,391)Net cash provided by (used in) operating activities 106,556 (888) Investing activities Oil and gas assets (87,047) (90,245)Notes receivable and other investing activities (11,598) (44,048)Net cash used in investing activities (98,645) (134,293) Financing activities: Borrowings under long-term debt 124,167 100,000 Payments on long-term debt (277,738) — Net proceeds from issuance of senior notes and bonds 350,000 — Repurchase and redemption of senior notes (346,984) — Net proceeds from issuance of common stock 206,440 — Payments on finance lease (5,262) — Other financing costs (7,731) — Net cash provided by financing activities 42,892 100,000 Net increase (decrease) in cash, cash equivalents and restricted cash 50,803 (35,181)Cash, cash equivalents and restricted cash at beginning of period 117,744 85,277 Cash, cash equivalents and restricted cash at end of period(2) $168,547 $50,096 (1) Cash settlements on commodity hedges were $(30.3) million and $(1.8) million for the three months ended March 31, 2026 and 2025, respectively.
(2) Includes cash reported within current assets held for sale on the Consolidated Balance Sheets relating to the Ceiba and Okume Complex located in Block G offshore Equatorial Guinea cash held for sale.
Kosmos Energy Ltd.
EBITDAX
(In thousands, unaudited) Three Months Ended Twelve Months Ended March 31, 2026 March 31, 2025 March 31, 2026Net loss$(225,574) $(110,606) $(814,754)Exploration expenses 19,744 9,669 233,691 Depletion, depreciation and amortization 119,873 120,667 555,980 Impairment of long-lived assets — — 177,563 Equity-based compensation 5,950 8,361 25,542 Derivatives, net 251,996 6,732 191,599 Cash settlements on commodity derivatives (30,341) (1,751) (18,197)Other expenses, net(1) 3,263 1,989 14,766 Gain on sale of assets — — (2,200)Interest and other financing costs, net 58,802 51,842 230,390 Income tax expense (benefit) (15,513) 16,575 33,117 EBITDAX$188,200 $103,478 $627,497 Pro Forma Adjustment - TEN FPSO Lease(1) — — 47,421 Pro Forma EBITDAX 188,200 103,478 674,918 EBITDAX - M|S (5,784) (57,932) (77,333)Pro Forma EBITDAX - Base Business$193,984 $161,410 $752,251 (1) Adjustment to present Pro Forma EBITDAX for the impact to operational expense for the periods presented resulting from executing the TEN FPSO finance lease transaction.
The following table presents our net debt as of March 31, 2026 and December 31, 2025:
March 31, December 31, 2026
2025
Total long-term debt $2,946,876 $3,100,274Cash and cash equivalents 129,957 91,518Cash included in assets held for sale 7,960 —Total restricted cash 30,630 26,226Net debt(1) $2,778,329 $2,982,530 (1) Excludes $80.1 million TEN FPSO finance lease liability.
Kosmos Energy Ltd.
Adjusted Net Income (Loss)
(In thousands, except per share amounts, unaudited)
Three Months Ended March 31, 2026 2025 Net loss$(225,574) $(110,606) Derivatives, net 251,996 6,732 Cash settlements on commodity derivatives (30,341) (1,751)Other, net(2) 3,259 1,664 Write-off of leasehold costs 13,181 — Debt modifications and extinguishments (1,217) — Total selected items before tax 236,878 6,645 Income tax (expense) benefit on adjustments(1) (46,926) (1,465)Adjusted net income (loss)$(35,622) (105,426) Net loss per diluted share$(0.45) $(0.23) Derivatives, net 0.50 0.01 Cash settlements on commodity derivatives (0.06) — Write-off of leasehold costs 0.03 — Total selected items before tax 0.47 0.01 Income tax (expense) benefit on adjustments(1) (0.09) — Adjusted net income (loss) per diluted share$(0.07) $(0.22) Weighted average number of diluted shares 506,198 475,681 (1) Income tax expense is calculated at the statutory rate in which such item(s) reside. Statutory rates for the U.S., Equatorial Guinea and Ghana are 21%, 25% and 35%, respectively.
Kosmos Energy Ltd.
Free Cash Flow
(In thousands, unaudited)
Three Months Ended March 31, 2026 2025 Reconciliation of free cash flow: Net cash provided by (used in) operating activities$106,556 $(888)Net cash used for oil and gas assets (87,047) (90,245)Payments on finance lease (5,262) — Free cash flow 14,247 (91,133)Net cash provided by (used in) operating activities - M|S (4,400) 14,971 Net cash used for oil and gas assets - M|S (1,714) (49,943)Base business free cash flow$20,361 $(56,161)Kosmos Energy Ltd.
Operational Summary
(In thousands, except barrel and per barrel data, unaudited)
Three Months Ended March 31, 2026 2025 Net Volume Sold Oil (MMBbl) 4.414 3.659 Gas (MMcf) 12.749 (1)
4.172 (1)
NGL (MMBbl) 0.104 0.091 Total (MMBoe) 6.643 4.445 Total (MBoepd) 73.809 49.393 Revenue Oil sales$297,011 $270,405 Gas sales 72,104 17,629 NGL sales 1,613 2,101 Total oil and gas revenue 370,728 290,135 Cash settlements on commodity derivatives (30,341) (1,751) Realized revenue$340,387 $288,384 Oil and Gas Production Costs$130,595 (1)
$167,308 (1)
Sales per Bbl/Mcf/Boe Average oil sales price per Bbl$67.29 $73.90 Average gas sales price per Mcf 5.66 4.23 Average NGL sales price per Bbl 15.51 23.09 Average total sales price per Boe 55.81 65.27 Cash settlements on commodity derivatives per Boe (4.57) (0.39) Realized revenue per Boe 51.24 64.87 Oil and gas production costs per Boe$19.66 $37.64 Oil and gas production costs per Boe ex. M/S (1)$14.24 $24.99 (1) Includes $55.3 million and $58.1 million for the three months ended March 31, 2026 and 2025, respectively, of oil and gas production costs related to the LNG production at the GTA Phase 1 project in Mauritania and Senegal. GTA Phase 1 project LNG sales volumes for the three months ended March 31, 2026 and 2025 were 1.357 MMboe and 0.1 MMboe, respectively. First LNG was achieved in February 2025 and the first LNG cargo was successfully completed in April 2025.
Kosmos was underlifted by approximately 1.3 million barrels of oil equivalent (mmboe) as of March 31, 2026.
Kosmos Energy Ltd.
Hedging Summary
As of March 31, 2026(1)
(Unaudited)
Weighted Average Price per Bbl Index MBbl Floor(2) Sold Put Ceiling2026: Two-way collars 1H26 Dated Brent 500 $60.00 — $74.75Three-way collars FY26 Dated Brent 1,500 60.00 50.00 75.51Swaps 1H26 Dated Brent 500 72.90 — —Swaps FY26 Dated Brent 2,250 70.62 — —Swaps FY26 WTI 1,000 64.83 — —2027: Three-way collars 1H27 Dated Brent 2,000 70.00 55.00 85.00Three-way collars FY27 Dated Brent 2,000 60.00 47.50 75.00 (1) Please see the Company’s filed 10-K for additional disclosure on hedging material. Includes hedging position as of March 31, 2026 and hedges put in place through filing date.
(2) “Floor” represents floor price for collars and strike price for purchased puts.
Note: Excludes 0.6 MMBbls of Dated Brent sold calls with a strike price of $100.00 per Bbl, 0.7 MMBbls of Dated Brent sold calls with a strike price of $80.00 per Bbl and 1.5 MMBbls of Dated Brent sold puts with a strike price of $55.00 in 2026. Excludes 1.0 MMBbls of WTI sold puts with a strike price of $50.00 in 2026.
2026 Guidance
2Q 2026FY 2026 Production(1,2,3)70,000 - 74,000 boe per day70,000 - 78,000 boe per day Opex$25.00 - $28.00 per boe$20.00 - $22.00 per boe DD&A$15.50 - $17.50 per boe$18.00 - $20.00 per boe G&A(~65% cash)$20-$25 million~$75 million Exploration Expense(4)~$5 million$10 - $30 million Net Interest Expense$55 - $65 million$230 - $250 million Tax$10.00 - $13.00 per boe$5.00 - $7.00 per boe Capital Expenditure$100 - $125 million~$350 million Note: Ghana / Equatorial Guinea / Mauritania & Senegal revenue calculated by number of cargos. All guidance includes Equatorial Guinea assets. Revised guidance to be issued post the closing of transaction. Guidance includes Equatorial Guinea contribution of approximately 6,000 boepd of production, operating costs of $45-55/barrel and ~$15 million of capital expenditures.
(1) 2Q 2026 net cargo forecast – Ghana: 3-4 cargos / Equatorial Guinea: 0.4 cargo. FY 2026 Ghana: 12-13 cargos / Equatorial Guinea 2-3 cargos. Average cargo sizes 950,000 barrels of oil.
(2) 2Q 2026 gross cargo forecast - Mauritania & Senegal: 8-9 cargos. FY 2026: 32-36 cargos. Average cargo size ~170,000 m3 with Kosmos NRI of ~24%. Kosmos expects 0.3 net condensate cargos in 2Q26
(3) Gulf of America Production: 2Q 2026 forecast 14,000 - 16,000 boe per day. FY 2026: 15,000-17,000 boe per day. Oil/Gas/NGL split for 2026: ~83%/~11%/~6%.
(4) Excludes leasehold impairments and dry hole costs.
Investors might want to bet on Kosmos Energy (KOS - Free Report) , as it has been recently upgraded to a Zacks Rank #2 (Buy). This upgrade is essentially a reflection of an upward trend in earnings estimates -- one of the most powerful forces impacting stock prices.
The sole determinant of the Zacks rating is a company's changing earnings picture. The Zacks Consensus Estimate -- the consensus of EPS estimates from the sell-side analysts covering the stock -- for the current and following years is tracked by the system.
The power of a changing earnings picture in determining near-term stock price movements makes the Zacks rating system highly useful for individual investors, since it can be difficult to make decisions based on rating upgrades by Wall Street analysts. These are mostly driven by subjective factors that are hard to see and measure in real time.
Therefore, the Zacks rating upgrade for Kosmos Energy basically reflects positivity about its earnings outlook that could translate into buying pressure and an increase in its stock price.
Most Powerful Force Impacting Stock PricesThe change in a company's future earnings potential, as reflected in earnings estimate revisions, and the near-term price movement of its stock are proven to be strongly correlated. The influence of institutional investors has a partial contribution to this relationship, as these big professionals use earnings and earnings estimates to calculate the fair value of a company's shares. An increase or decrease in earnings estimates in their valuation models simply results in higher or lower fair value for a stock, and institutional investors typically buy or sell it. Their bulk investment action then leads to price movement for the stock.
Fundamentally speaking, rising earnings estimates and the consequent rating upgrade for Kosmos Energy imply an improvement in the company's underlying business. Investors should show their appreciation for this improving business trend by pushing the stock higher.
Harnessing the Power of Earnings Estimate RevisionsAs empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock movements, tracking such revisions for making an investment decision could be truly rewarding. Here is where the tried-and-tested Zacks Rank stock-rating system plays an important role, as it effectively harnesses the power of earnings estimate revisions.
The Zacks Rank stock-rating system, which uses four factors related to earnings estimates to classify stocks into five groups, ranging from Zacks Rank #1 (Strong Buy) to Zacks Rank #5 (Strong Sell), has an impressive externally-audited track record, with Zacks Rank #1 stocks generating an average annual return of +25% since 1988. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here >>>> .
Earnings Estimate Revisions for Kosmos EnergyThis independent oil and gas company is expected to earn $0.24 per share for the fiscal year ending December 2026, which represents no year-over-year change.
Analysts have been steadily raising their estimates for Kosmos Energy. Over the past three months, the Zacks Consensus Estimate for the company has increased 161.5%.
Bottom LineUnlike the overly optimistic Wall Street analysts whose rating systems tend to be weighted toward favorable recommendations, the Zacks rating system maintains an equal proportion of "buy" and "sell" ratings for its entire universe of more than 4,000 stocks at any point in time. Irrespective of market conditions, only the top 5% of the Zacks-covered stocks get a "Strong Buy" rating and the next 15% get a "Buy" rating. So, the placement of a stock in the top 20% of the Zacks-covered stocks indicates its superior earnings estimate revision feature, making it a solid candidate for producing market-beating returns in the near term.
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The upgrade of Kosmos Energy to a Zacks Rank #2 positions it in the top 20% of the Zacks-covered stocks in terms of estimate revisions, implying that the stock might move higher in the near term.
On March 31, 2026, Jeremy Grantham (Trades, Portfolio) executed a significant reduction in holdings of Kosmos Energy Ltd KOS . The transaction involved a decrease of 16,496,599 shares, representing a 47.40% reduction in Grantham's position in the company. This strategic move has drawn attention from investors and analysts, given Grantham's reputation for astute market predictions and investment strategies. The shares were traded at a price of $2.78, impacting Grantham's portfolio by -0.12%. Post-transaction, Grantham holds 18,307,718 shares, which constitute 3.16% of the total holdings in Kosmos Energy Ltd.
Jeremy Grantham (Trades, Portfolio): A Profile of Investment Acumen Jeremy Grantham (Trades, Portfolio) is the Chairman of Grantham Mayo van Otterloo (GMO) LLC, a Boston-based asset management firm. Known for identifying speculative market bubbles, Grantham has a reputation for steering clients away from impending market crashes. Over his long career, Grantham has built a reputation for correctly identifying market bubbles and avoiding investments in overvalued sectors. His top holdings include Apple Inc AAPL , Meta Platforms Inc META , Alphabet Inc GOOGL , Lam Research Corp LRCX , and Microsoft Corp MSFT , with a total equity of $39.12 billion. The firm's top sectors are Technology and Healthcare.
Understanding Kosmos Energy Ltd Kosmos Energy Ltd is a deepwater exploration and production company with operations in Ghana, Equatorial Guinea, Mauritania, Senegal, and the Gulf of America. The company has a market capitalization of $1.72 billion and is currently trading at $2.89 per share. Despite a year-to-date price increase of 223.7%, the stock has a poor GF Score of 66/100, suggesting limited future performance potential. The stock is modestly undervalued with a GF Value of $3.64, indicating a price to GF Value ratio of 0.79.
Financial Metrics and Valuation Kosmos Energy Ltd's financial metrics reveal some challenges. The company has a Balance Sheet Rank of 3/10 and a Profitability Rank of 4/10. Over the past three years, the company has experienced a 17.10% decline in revenue growth and a 43.40% decline in EBITDA growth. The Altman Z score of -0.29 and a Piotroski F-Score of 2 further highlight financial challenges. The company's Growth Rank is 5/10, and the GF Value Rank is 8/10.
Other Notable Investors in Kosmos Energy Ltd Aside from Jeremy Grantham (Trades, Portfolio), other notable investors in Kosmos Energy Ltd include Jefferies Group (Trades, Portfolio), Joel Greenblatt (Trades, Portfolio), and Barrow, Hanley, Mewhinney & Strauss. The largest holder of Kosmos Energy Ltd shares is Hotchkis & Wiley Capital Management LLC. These investors' involvement indicates a continued interest in the company's potential, despite its current financial challenges.
Transaction Analysis The reduction in Grantham's stake in Kosmos Energy Ltd reflects a strategic decision to adjust the firm's portfolio. The transaction's impact on the portfolio was -0.12%, indicating a relatively minor adjustment in the overall scheme of Grantham's investments. However, the decision to reduce holdings by nearly half suggests a reassessment of the company's future prospects, possibly influenced by its financial metrics and market conditions. This move may prompt other investors to reevaluate their positions in Kosmos Energy Ltd, considering the insights and strategies of a seasoned investor like Grantham.
This stock alert was generated using automated technology and GuruFocus financial data to provide readers with timely and accurate market reporting. This content was reviewed by GuruFocus editorial team prior to publication. Please send any questions or comments about this story to [email protected].
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