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BOK Financial Private Wealth Inc. purchased a new position in shares of Cognex Corporation (NASDAQ:CGNX – Free Report) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 8,923 shares of the scientific and technical instruments company’s stock, valued at approximately $646,000.

A number of other large investors have also made changes to their positions in CGNX. State of Michigan Retirement System grew its position in Cognex by 0.5% during the first quarter. State of Michigan Retirement System now owns 39,853 shares of the scientific and technical instruments company’s stock worth $1,952,000 after buying an additional 200 shares during the period. Personal CFO Solutions LLC lifted its position in shares of Cognex by 3.2% during the 1st quarter. Personal CFO Solutions LLC now owns 6,793 shares of the scientific and technical instruments company’s stock valued at $333,000 after acquiring an additional 212 shares during the period. World Investment Advisors boosted its stake in shares of Cognex by 3.7% during the 1st quarter. World Investment Advisors now owns 6,073 shares of the scientific and technical instruments company’s stock worth $298,000 after acquiring an additional 214 shares in the last quarter. Quadrant Capital Group LLC boosted its stake in shares of Cognex by 1.0% during the 4th quarter. Quadrant Capital Group LLC now owns 22,907 shares of the scientific and technical instruments company’s stock worth $824,000 after acquiring an additional 234 shares in the last quarter. Finally, Essential Partners LLC grew its holdings in shares of Cognex by 12.5% in the 1st quarter. Essential Partners LLC now owns 2,153 shares of the scientific and technical instruments company’s stock worth $105,000 after acquiring an additional 239 shares during the period. Hedge funds and other institutional investors own 88.12% of the company’s stock.

Cognex Stock Performance Cognex stock opened at $63.41 on Wednesday. Cognex Corporation has a 1 year low of $34.60 and a 1 year high of $72.88. The firm has a 50 day moving average price of $64.99 and a 200 day moving average price of $58.44. The company has a market cap of $10.67 billion, a price-to-earnings ratio of 61.56 and a beta of 1.49.

Cognex (NASDAQ:CGNX – Get Free Report) last posted its quarterly earnings results on Wednesday, August 5th. The scientific and technical instruments company reported $0.45 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.42 by $0.03. Cognex had a return on equity of 13.50% and a net margin of 16.05%.The firm had revenue of $291.26 million during the quarter, compared to the consensus estimate of $292.10 million. During the same quarter in the previous year, the business earned $0.25 earnings per share. The firm’s quarterly revenue was up 16.9% compared to the same quarter last year. Cognex has set its FY 2026 guidance at 1.640-1.680 EPS and its Q3 2026 guidance at 0.500-0.540 EPS. Sell-side analysts predict that Cognex Corporation will post 1.68 EPS for the current year. Cognex Dividend Announcement The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 3rd. Stockholders of record on Thursday, August 20th will be paid a dividend of $0.085 per share. The ex-dividend date is Thursday, August 20th. This represents a $0.34 dividend on an annualized basis and a dividend yield of 0.5%. Cognex’s dividend payout ratio (DPR) is currently 33.01%.

Insider Activity at Cognex In related news, VP Darren Marc Long sold 20,252 shares of Cognex stock in a transaction on Wednesday, May 27th. The shares were sold at an average price of $66.34, for a total transaction of $1,343,517.68. Following the sale, the vice president owned 3,990 shares of the company’s stock, valued at $264,696.60. The trade was a 83.54% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 1.70% of the company’s stock.

Wall Street Analyst Weigh In A number of research analysts have recently weighed in on CGNX shares. Zacks Research upgraded Cognex from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, June 16th. Weiss Ratings upgraded shares of Cognex from a “hold (c)” rating to a “hold (c+)” rating in a research report on Tuesday, August 11th. Robert W. Baird set a $72.00 price objective on shares of Cognex in a research note on Friday, May 8th. UBS Group set a $75.00 target price on shares of Cognex in a report on Tuesday, May 26th. Finally, The Goldman Sachs Group restated a “buy” rating and set a $91.00 target price on shares of Cognex in a research report on Friday, August 7th. Two research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and five have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $75.64.

View Our Latest Stock Report on Cognex

About Cognex (Free Report)

Cognex Corporation is a leading provider of machine vision systems, software, sensors and industrial barcode readers used to automate manufacturing, logistics and distribution processes. The company designs and develops vision-based products that help manufacturers and logistics operators inspect, identify and guide parts, assemblies and packaged goods in real time. Its solutions are applied in a broad range of industries, including automotive, electronics, semiconductor, pharmaceutical, food and beverage, and general manufacturing.

The company’s product portfolio includes stand-alone vision systems, vision sensors and deep learning-based software platforms that enable automated inspection, quality control and traceability.

Read More Five stocks we like better than Cognex The AI Boom Is Turning This Cable Maker Into a Stock to Watch A Star Investor Just Trimmed Amazon—Here’s What It means Wendy’s Deal Buzz May Give Fast-Food Investors a New Reason to Look Home Depot Analysts See a Path to $375 and Beyond Want to see what other hedge funds are holding CGNX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Cognex Corporation (NASDAQ:CGNX – Free Report).

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BlackRock Inc. bought a new position in Entegris, Inc. (NASDAQ:ENTG – Free Report) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 20,480,129 shares of the semiconductor company’s stock, valued at approximately $3,683,556,000. BlackRock Inc. owned about 13.43% of Entegris as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in the company. Deutsche Bank AG acquired a new stake in Entegris during the 2nd quarter valued at $69,930,000. Perigon Wealth Management LLC purchased a new stake in shares of Entegris during the 2nd quarter worth about $396,000. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in Entegris in the second quarter valued at approximately $32,111,000. Persistent Asset Partners Ltd bought a new stake in Entegris in the second quarter worth $2,081,000. Finally, OneDigital Investment Advisors LLC bought a new stake in shares of Entegris during the 2nd quarter worth about $1,270,000.

Insider Activity at Entegris In related news, SVP Clinton M. Haris sold 6,848 shares of the stock in a transaction that occurred on Wednesday, May 27th. The stock was sold at an average price of $149.23, for a total transaction of $1,021,927.04. Following the completion of the sale, the senior vice president directly owned 54,961 shares of the company’s stock, valued at approximately $8,201,830.03. This represents a 11.08% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director James P. Lederer sold 3,569 shares of the firm’s stock in a transaction on Wednesday, June 3rd. The stock was sold at an average price of $143.59, for a total transaction of $512,472.71. Following the sale, the director owned 18,277 shares in the company, valued at approximately $2,624,394.43. The trade was a 16.34% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 18,395 shares of company stock valued at $2,808,134 over the last 90 days. Insiders own 0.53% of the company’s stock.

Entegris Stock Down 7.9% Shares of NASDAQ ENTG opened at $150.26 on Wednesday. The firm’s 50-day moving average is $147.82 and its 200-day moving average is $136.70. The company has a current ratio of 3.05, a quick ratio of 1.85 and a debt-to-equity ratio of 0.83. Entegris, Inc. has a 1 year low of $67.97 and a 1 year high of $186.94. The firm has a market capitalization of $22.91 billion, a PE ratio of 75.51, a price-to-earnings-growth ratio of 1.49 and a beta of 1.35. Entegris (NASDAQ:ENTG – Get Free Report) last posted its quarterly earnings results on Tuesday, August 4th. The semiconductor company reported $0.93 earnings per share for the quarter, beating analysts’ consensus estimates of $0.82 by $0.11. The company had revenue of $883.20 million for the quarter, compared to the consensus estimate of $835.79 million. Entegris had a return on equity of 12.25% and a net margin of 9.18%.The firm’s quarterly revenue was up 11.5% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.66 EPS. Entegris has set its Q3 2026 guidance at 0.960-1.040 EPS. Equities analysts expect that Entegris, Inc. will post 3.91 EPS for the current year.

Entegris Announces Dividend The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 19th. Investors of record on Wednesday, July 29th will be given a $0.10 dividend. The ex-dividend date is Wednesday, July 29th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.3%. Entegris’s dividend payout ratio is currently 20.10%.

Analyst Upgrades and Downgrades A number of research analysts recently issued reports on ENTG shares. BMO Capital Markets raised their target price on shares of Entegris from $153.00 to $167.00 and gave the company an “outperform” rating in a research note on Monday, July 6th. Oppenheimer restated an “outperform” rating and set a $160.00 price objective on shares of Entegris in a research report on Friday, May 1st. UBS Group increased their price target on shares of Entegris from $205.00 to $215.00 and gave the stock a “buy” rating in a research report on Wednesday, August 5th. Deutsche Bank Aktiengesellschaft raised Entegris from a “hold” rating to a “buy” rating and lifted their price objective for the company from $152.00 to $200.00 in a report on Wednesday, August 12th. Finally, Needham & Company LLC boosted their target price on Entegris from $165.00 to $170.00 and gave the stock a “buy” rating in a report on Wednesday, August 5th. Two analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat, Entegris has a consensus rating of “Buy” and a consensus price target of $170.89.

Get Our Latest Stock Analysis on ENTG

About Entegris (Free Report)

Entegris, Inc is a leading provider of advanced materials and process control solutions for the semiconductor and other high-technology industries. The company develops and supplies a broad portfolio of products designed to ensure purity and reliability throughout the manufacturing process, helping customers address critical contamination and yield challenges.

Entegris’s product offerings include high-purity chemicals and specialty materials, liquid and gas filtration and purification systems, and sophisticated wafer and chip handling solutions.

Recommended Stories Five stocks we like better than Entegris The AI Boom Is Turning This Cable Maker Into a Stock to Watch A Star Investor Just Trimmed Amazon—Here’s What It means Wendy’s Deal Buzz May Give Fast-Food Investors a New Reason to Look Home Depot Analysts See a Path to $375 and Beyond Want to see what other hedge funds are holding ENTG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Entegris, Inc. (NASDAQ:ENTG – Free Report).

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Key Takeaways CRC's $63M Crimson deal would add about 2,000 miles of crude pipelines and up to 400,000 bpd of capacity.Q2 pipeline issues cut CRC's pre-tax income by about $25M and led to a 137,000-barrel oil inventory build.CRC expects Crimson to improve connectivity, flexibility, flow assurance and access to higher-value markets. California Resources Corporation (CRC - Free Report) agreed to acquire Crimson Midstream Holdings for $63 million in cash as transportation bottlenecks in California have already hurt oil realizations, raised transportation costs and forced an inventory build. The timing puts market access at the center of the investment case.

CRC has beaten the Zacks Consensus Estimate in two of the preceding four quarters and missed the estimate in the other two, highlighting a mixed recent earnings track record. The investor question is whether greater control over pipelines and storage can improve access to higher-value markets and reduce dependence on constrained third-party routes. That strategic case is clear, but the transaction still has to close and CRC must convert infrastructure ownership into better commercial outcomes.

Image Source: Zacks Investment Research

CRC Adds 2,000 Miles of California Pipelines

Crimson would add roughly 2,000 miles of California crude-oil pipelines with combined transportation capacity of up to about 400,000 barrels per day. The network includes the SoCal Pipeline Network, IVEC Line, San Pablo Bay Pipeline, KLM Pipeline and other strategic assets.

The deal builds on CRC's first-quarter acquisition of the 118-mile Line 100 system. That asset added 60,000 barrels per day of crude-pipeline capacity and more than 1 million barrels of storage, giving CRC a broader mix of gathering, transportation, storage and truck-loading infrastructure.

Image Source: California Resources Corporation

CRC Targets Better Access to Higher-Value Markets

Management expects Crimson to improve connectivity, operating flexibility, flow assurance and third-party transportation opportunities. Certain acquired lines operate as common carriers, creating the potential for tariff revenue while giving CRC more options to move its own production to higher-value California markets.

Plains All American Pipeline, L.P. (PAA - Free Report) operates an extensive crude-oil logistics network built around pipelines, terminals and storage. Kinder Morgan, Inc. (KMI - Free Report) similarly emphasizes energy transportation and storage and stable fee-based assets. CRC remains an upstream producer, but Crimson would add a more contracted midstream element around its production.

CRC's Q2 Constraints Show Why the Deal Matters

Second-quarter 2026 pipeline proration and offtaker force majeure claims led to lower realizations, higher transportation costs and a temporary inventory build of about 137,000 barrels of oil. The substantial majority of that inventory was sold in July.

The disputes reduced CRC's second-quarter pre-tax income by about $25 million. Management expects third-quarter oil realizations of roughly 93% of Brent, versus about 95% in the second quarter, while stressing that it does not view the lower level as a new long-term run rate.

CRC Still Faces Closing and Execution Risks

The Crimson transaction is expected to close in the third quarter of 2026, subject to customary regulatory approvals. CRC plans to provide updated financial and operating guidance after the deal closes.

Execution risk extends beyond the acquisition. CRC is disputing pipeline proration and force majeure claims, and the timing and outcome remain uncertain. More infrastructure may broaden transportation choices, but investors should separate that strategic potential from improved realizations or margins that have not yet been realized.

CRC's Momentum Score Tempers the Strategic Upside

Crimson could directly address a weakness exposed in the second quarter by adding routes, storage and common-carrier infrastructure. The benefits, however, depend on closing the transaction, integrating the assets and translating additional optionality into better market access and cash flows.

CRC currently carries a Zacks Rank #4 (Sell). Its VGM Score of A, Growth Score of A and Value Score of B indicate favorable characteristics in those styles, while the Momentum Score of D points to weaker timing. Because Style Scores complement rather than override the Zacks Rank, the near-term setup remains cautious despite the strategic logic of the midstream expansion.

You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

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PDX becomes a proving ground for the future of airport EV infrastructure deploying ChargePoint's overhead-mounted fast charging system to accelerate rental fleet electrification at scale

CAMPBELL, Calif.--(BUSINESS WIRE)--ChargePoint (NYSE: CHPT), a global leader in electric vehicle (EV) charging solutions, today announced a rapid EV charging deployment at Portland International Airport (PDX) - one that redefines how airports approach rental car electrification. The installation features an overhead charging system with retractable cable management that eliminates the traditional trade-offs between space, cost, and equipment durability, delivering a blueprint for airports worldwide.

Located in PDX's Quick Turnaround (QTA) Facility, the deployment includes 10 dual-port fast charging dispensers mounted overhead with retractable cable management, allowing up to 20 vehicles to be connected simultaneously. By moving charging infrastructure above the vehicles, the design reclaims valuable ground-level space, dramatically simplifies installation, and removes the risk of vehicular damage to equipment - challenges that have long slowed airport EV adoption. Rental car companies can now rapidly charge between rentals, improving fleet utilization and elevating the customer experience.

"Airports aren't just adopting electric mobility; they're reshaping it," said Rick Wilmer, CEO of ChargePoint. "As rental fleet operators add electric vehicles to their fleets, airports face the challenge of delivering reliable, high-power charging infrastructure at scale. The Port of Portland's investment at PDX demonstrates how fast charging can integrate into existing parking lots without sacrifices for equipment placement."

"Projects like PDX demonstrate how innovative charging infrastructure can support sustainability goals while delivering measurable business value," said Jeremiah Hartley, Airport Rental Car Manager, Portland International Airport. "The innovative overhead charging system enabled us to save on installation costs by limiting the conduit and wiring needed and helps protect against potential damage caused by vehicles in the QTA."

The deployment also leverages ChargePoint's powerful fleet software, giving operators real-time visibility and control across complex rental car fleets from remote monitoring and streamlined troubleshooting to intelligent charging management that adapts to operational demands. The combination of high-power charging technology, space and cost-efficient design, and software intelligence positions PDX to establish a scalable model that airports around the world can follow.

ChargePoint and the ChargePoint logo are trademarks of ChargePoint, Inc. in the United States and in jurisdictions throughout the world. All other trademarks, trade names, or service marks used or mentioned herein belong to their respective owners.

About ChargePoint Holdings, Inc.

ChargePoint has established itself as the leader in electric vehicle (EV) charging innovation since its inception in 2007, long before EVs became widely available. The company provides comprehensive solutions tailored to the entire EV ecosystem, from the grid to the dashboard of the vehicle. The company serves EV drivers, charging station owners, vehicle manufacturers, and similar types of stakeholders. With a commitment to accessibility and reliability, ChargePoint’s extensive portfolio of software, hardware, and services ensures a seamless charging experience for drivers across North America and Europe. ChargePoint empowers every driver in need of charging access, connecting them to over 1.4 million public and private charging ports worldwide. ChargePoint has facilitated the powering of more than 21 billion electric miles, underscoring its dedication to reducing greenhouse gas emissions and electrifying the future of transportation. For further information, please visit the ChargePoint pressroom or the ChargePoint Investor Relations site. For media inquiries, contact the ChargePoint press office.

CHPT-IR

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Revenue of $4.02 billion, with year-over-year growth led by Data Center and Industrial Operating cash flow of $5.5 billion and free cash flow of $4.9 billion on a trailing twelve-month basis or 40% and 36% of revenue, respectively Returned $1.7 billion to shareholders via dividends and share repurchases in the third quarter , /PRNewswire/ -- Analog Devices, Inc. (Nasdaq: ADI), a global semiconductor leader, today announced financial results for its fiscal third quarter 2026, which ended August 1, 2026.

"ADI delivered a strong third quarter, exceeding the midpoint of our revenue, margin, and earnings outlook as we capitalized on broad-based demand," said Vincent Roche, CEO and Chair.  "We continue to extend our leadership through a powerful combination of innovation, deep customer collaboration, and manufacturing agility.  Our investments in these foundational areas, combined with the trust we have built over decades, provide a unique advantage to create, deliver, and capture value in the AI era – for customers and investors alike."

"Demand continued to strengthen across our product portfolio and regions throughout the third quarter, which is reflected in our record fourth quarter outlook" said Richard Puccio, CFO. "We believe our balance of disciplined execution and targeted growth investments will enable us to finish the year strongly and carry that momentum into fiscal 2027." 

Performance for the Third Quarter of Fiscal 2026 

Results Summary(1)

(in millions, except per-share amounts and percentages)

Three Months Ended

Aug. 1, 2026

Aug. 2, 2025

Change

Revenue

$            4,022

$            2,880

40 %

Gross margin

$            2,708

$            1,790

51 %

Gross margin percentage

67.3 %

62.1 %

520 bps

Operating income

$            1,613

$               818

97 %

Operating margin

40.1 %

28.4 %

1,170 bps

Diluted earnings per share

$              2.74

$              1.04

163 %

Adjusted Results(2)

Adjusted gross margin

$            2,917

$            1,995

46 %

Adjusted gross margin percentage

72.5 %

69.2 %

330 bps

Adjusted operating income

$            2,010

$            1,215

65 %

Adjusted operating margin

50.0 %

42.2 %

780 bps

Adjusted diluted earnings per share

$              3.45

$              2.05

68 %

Three Months
Ended

Trailing Twelve
Months

Cash Generation

Aug. 1, 2026

Aug. 1, 2026

Net cash provided by operating activities

$            1,604

$            5,545

% of revenue

40 %

40 %

Capital expenditures

$              (146)

$              (608)

Free cash flow(2)

$            1,458

$            4,937

% of revenue

36 %

36 %

Three Months
Ended

Trailing Twelve
Months

Cash Return

Aug. 1, 2026

Aug. 1, 2026

Dividend paid

$              (535)

$            (2,043)

Stock repurchases

(1,157)

(3,127)

Total cash returned

$           (1,692)

$            (5,170)

(1) The sum and/or computation of the individual amounts may not equal the total due to rounding.

(2) Reconciliations of non-GAAP financial measures to their most directly comparable GAAP financial measures are provided
in the financial tables included in this press release. See also the "Non-GAAP Financial Information" section for additional information.

Outlook for the Fourth Quarter of Fiscal Year 2026

For the fourth quarter of fiscal 2026, we are forecasting revenue of $4.3 billion, +/- $100 million. At the midpoint of this revenue outlook, we expect reported operating margin of approximately 42.6%, +/-150 bps, and adjusted operating margin of approximately 52.0%, +/-100 bps. We are planning for reported EPS to be $3.14, +/-$0.15, and adjusted EPS to be $3.86, +/-$0.15.  

Our fourth quarter fiscal 2026 outlook is based on current expectations and actual results may differ materially as a result of, among other things, the important factors discussed at the end of this release. The statements about our fourth quarter fiscal 2026 outlook supersede all prior statements regarding our business outlook set forth in prior ADI news releases, and ADI disclaims any obligation to update these forward-looking statements.

The adjusted results and adjusted anticipated results above are financial measures presented on a non-GAAP basis. Reconciliations of these non-GAAP financial measures to their most directly comparable GAAP financial measures are provided in the financial tables included in this release. See also the "Non-GAAP Financial Information" section for additional information.

Dividend Payment

The ADI Board of Directors has declared a quarterly cash dividend of $1.10 per outstanding share of common stock. The dividend will be paid on September 15, 2026 to all shareholders of record at the close of business on September 1, 2026.

Conference Call Scheduled for Today, Wednesday, August 19, 2026 at 10:00 am ET

ADI will host a conference call to discuss our third quarter fiscal 2026 results and short-term outlook today, beginning at 10:00 am ET. Investors may join via webcast, accessible at investor.analog.com.

Non-GAAP Financial Information

This release includes non-GAAP financial measures that are not in accordance with, nor an alternative to, U.S. generally accepted accounting principles (GAAP) and may be different from non-GAAP measures presented by other companies. In addition, these non-GAAP measures are not based on any comprehensive set of accounting rules or principles. These non-GAAP measures have material limitations in that they do not reflect all of the amounts associated with the Company's results of operations as determined in accordance with GAAP and should not be considered in isolation from, or as a substitute for, the Company's financial results presented in accordance with GAAP. The Company's use of non-GAAP measures, and the underlying methodology when including or excluding certain items, is not necessarily an indication of the results of operations that may be expected in the future, or that the Company will not, in fact, record such items in future periods. You are cautioned not to place undue reliance on these non-GAAP measures. Reconciliations of these non-GAAP financial measures to their most directly comparable GAAP financial measures are provided in the financial tables included in this release.

Management uses non-GAAP measures internally to evaluate the Company's operating performance from continuing operations against past periods and to budget and allocate resources in future periods. These non-GAAP measures also assist management in evaluating the Company's core business and trends across different reporting periods on a consistent basis. Management also uses these non-GAAP measures as primary performance measurements when communicating with analysts and investors regarding the Company's earnings results and outlook and believes that the presentation of these non-GAAP measures is useful to investors because it provides investors with the operating results that management uses to manage the Company and enables investors and analysts to evaluate the Company's core business. Management also believes that free cash flow, a non-GAAP liquidity measure, is useful both internally and to investors because it is indicative of the Company's ability to pay dividends, purchase common stock, make investments and fund acquisitions and, in the absence of refinancings, to repay its debt obligations.  

The non-GAAP financial measures referenced by ADI in this release include: adjusted gross margin, adjusted gross margin percentage, adjusted operating expenses, adjusted operating expenses percentage, adjusted operating income, adjusted operating margin, adjusted nonoperating expense (income), adjusted income before income taxes, adjusted provision for income taxes, adjusted tax rate, adjusted diluted earnings per share (EPS), free cash flow, and free cash flow revenue percentage. 

Adjusted gross margin is defined as gross margin, determined in accordance with GAAP, excluding: certain acquisition related expenses1, which are described further below. Adjusted gross margin percentage represents adjusted gross margin divided by revenue. 

Adjusted operating expenses is defined as operating expenses, determined in accordance with GAAP, excluding: certain acquisition related expenses1, acquisition related transaction costs2, and special charges, net3, which are described further below. Adjusted operating expenses percentage represents adjusted operating expenses divided by revenue.

Adjusted operating income is defined as operating income, determined in accordance with GAAP, excluding: acquisition related expenses1, acquisition related transaction costs2, and special charges, net3, which are described further below. Adjusted operating margin represents adjusted operating income divided by revenue. 

Adjusted nonoperating expense (income) is defined as nonoperating expense (income), determined in accordance with GAAP, excluding: certain acquisition related expenses1, which is described further below.   

Adjusted income before income taxes is defined as income before income taxes, determined in accordance with GAAP, excluding: acquisition related expenses1, acquisition related transaction costs2, and special charges, net3, which are described further below.   

Adjusted provision for income taxes is defined as provision for income taxes, determined in accordance with GAAP, excluding tax related items4, which are described further below. Adjusted tax rate represents adjusted provision for income taxes divided by adjusted income before income taxes. 

Adjusted diluted EPS is defined as diluted EPS, determined in accordance with GAAP, excluding: acquisition related expenses1, acquisition related transaction costs2, special charges, net3, and tax related items4, which are described further below.

Free cash flow is defined as net cash provided by operating activities, determined in accordance with GAAP, less additions to property, plant and equipment, net. Free cash flow revenue percentage represents free cash flow divided by revenue.  

1Acquisition Related Expenses: Expenses incurred as a result of current and prior period acquisitions and primarily include expenses associated with the fair value adjustments to debt, property, plant and equipment and amortization of acquisition related intangibles, which include acquired intangibles such as purchased technology and customer relationships. We excluded these costs from our non-GAAP measures because they relate to specific transactions and are not reflective of our ongoing financial performance.

2Acquisition Related Transaction Costs: Costs directly related to the acquisition of Empower Semiconductor, Inc., including legal, accounting and other professional fees as well as integration-related costs. We exclude these costs from our non-GAAP measures because they relate to a specific transaction and are not reflective of our ongoing financial performance.

3Special Charges, Net: Expenses, net, incurred in connection with facility closures, consolidation of manufacturing facilities, severance, other accelerated stock-based compensation expense and other cost reduction efforts or reorganizational initiatives. We excluded these expenses from our non-GAAP measures because apart from ongoing expense savings as a result of such items, these expenses have no direct correlation to the operation of our business in the future.

4Tax Related Items: Income tax effect of the non-GAAP items discussed above. We excluded the income tax effect of these tax related items from our non-GAAP measures because they are not associated with the tax expense on our current operating results.

About Analog Devices, Inc.

Analog Devices, Inc. (NASDAQ: ADI) is a global semiconductor leader that bridges the physical and digital worlds to enable breakthroughs at the Intelligent Edge. ADI combines analog, digital, AI, and software technologies into solutions that combat climate change, reliably connect humans and the world, and help drive advancements in automation and robotics, mobility, healthcare, energy and data centers. With revenue of more than $11 billion in FY25, ADI ensures today's innovators stay Ahead of What's Possible. Learn more at www.analog.com and on LinkedIn and X.

Forward-Looking Statements

This press release contains forward-looking statements, which address a variety of subjects including, for example, our statements regarding future financial performance; economic uncertainty; macroeconomic, geopolitical, demand and other market conditions, business cycles, and supply chains; our capital allocation strategy, including future dividends, share repurchases, capital expenditures, investments, and free cash flow returns; expected revenue, operating margin, nonoperating expenses, tax rate, earnings per share, and other financial results; expected market and technology trends and acceleration of those trends; markets, market position, addressable markets, and growth opportunities; expected product solutions, offerings, technologies, capabilities, and applications; the value and importance of, and other benefits related to, our product solutions, offerings, and technologies to our customers; benefits related to our hybrid manufacturing model; benefits related to acquisitions; statements related to seasonality; and other future events. Statements that are not historical facts, including statements about our beliefs, plans and expectations, are forward-looking statements. Such statements are based on our current expectations and are subject to a number of factors and uncertainties, which could cause actual results to differ materially from those described in the forward-looking statements. The following important factors and uncertainties, among others, could cause actual results to differ materially from those described in these forward-looking statements: economic, political, legal and regulatory uncertainty or conflicts; recently announced and future tariffs and other trade restrictions; changes in export classifications, import and export regulations or duties and tariffs; changes in demand for semiconductor products; performance of independent distributors; manufacturing delays, product and raw materials availability and supply chain disruptions; products may be diverted from our authorized distribution channels; our development of technologies and research and development investments; our ability to compete successfully in the markets in which we operate; our future liquidity, capital needs and capital expenditures;  our ability to recruit and retain key personnel; risks related to acquisitions or other strategic transactions; security breaches or other cyber incidents; risks related to the use of artificial intelligence in our business operations, products, and services; adverse results in litigation matters; reputational damage; changes in our estimates of our expected tax rates based on current tax law; risks related to our indebtedness; the discretion of our Board of Directors to declare dividends and our ability to pay dividends in the future; factors impacting our ability to repurchase shares; and uncertainty as to the long-term value of our common stock. For additional information about factors that could cause actual results to differ materially from those described in the forward-looking statements, please refer to our filings with the Securities and Exchange Commission, including the risk factors contained in our most recent Annual Report on Form 10-K. Forward-looking statements represent management's current expectations and are inherently uncertain. Except as required by law, we do not undertake any obligation to update forward-looking statements made by us to reflect subsequent events or circumstances.

Analog Devices and the Analog Devices logo are registered trademarks or trademarks of Analog Devices, Inc. All other trademarks mentioned in this document are the property of their respective owners.

ANALOG DEVICES, INC.

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

(In thousands, except per share amounts)

Three Months Ended

Nine Months Ended

Aug. 1, 2026

Aug. 2, 2025

Aug. 1, 2026

Aug. 2, 2025

Revenue

$     4,021,899

$     2,880,348

$    10,805,627

$     7,943,590

Cost of sales

1,314,355

1,090,600

3,613,309

3,111,929

Gross margin

2,707,544

1,789,748

7,192,318

4,831,661

Operating expenses:

   Research and development

533,480

454,251

1,510,203

1,298,980

   Selling, marketing, general and administrative

397,326

325,706

1,105,389

913,171

   Amortization of intangibles

187,985

187,415

563,285

562,245

   Special charges, net

(24,216)

4,348

23,766

69,980

Total operating expenses

1,094,575

971,720

3,202,643

2,844,376

Operating income

1,612,969

818,028

3,989,675

1,987,285

Nonoperating expense (income):

   Interest expense

88,728

79,592

262,692

229,559

   Interest income

(25,377)

(27,083)

(86,199)

(72,295)

   Other, net

3,749

2,110

(3,386)

5,108

Total nonoperating expense (income)

67,100

54,619

173,107

162,372

Income before income taxes

1,545,869

763,409

3,816,568

1,824,913

Provision for income taxes

205,779

244,891

469,302

345,309

Net income

$     1,340,090

$        518,518

$      3,347,266

$     1,479,604

Shares used to compute earnings per common share - basic

486,021

494,390

487,500

495,560

Shares used to compute earnings per common share - diluted

488,837

496,726

490,317

497,865

Basic earnings per common share

$              2.76

$              1.05

$               6.87

$              2.99

Diluted earnings per common share

$              2.74

$              1.04

$               6.83

$              2.97

ANALOG DEVICES, INC.

CONSOLIDATED BALANCE SHEETS

(Unaudited)

(In thousands, except share and per share amounts)

Aug. 1, 2026

Nov. 1, 2025

ASSETS

Current Assets

Cash and cash equivalents

$          2,165,870

$          2,499,406

Short-term investments

159,064

1,152,915

Accounts receivable

2,389,577

1,436,075

Inventories

1,931,496

1,656,323

Prepaid expenses and other current assets

426,523

363,342

Total current assets

7,072,530

7,108,061

Non-current Assets

Net property, plant and equipment

3,351,981

3,315,696

Goodwill

27,988,737

26,945,180

Intangible assets, net

7,468,220

8,013,815

Deferred tax assets

1,689,972

1,867,102

Other assets

852,977

742,858

Total non-current assets

41,351,887

40,884,651

TOTAL ASSETS

$        48,424,417

$        47,992,712

LIABILITIES AND SHAREHOLDERS' EQUITY

Current Liabilities

Accounts payable

$             682,167

$             543,760

Income taxes payable

461,804

610,370

Debt, current

1,344,855

—

Commercial paper notes

1,005,104

446,639

Accrued liabilities

2,162,324

1,645,032

Total current liabilities

5,656,254

3,245,801

Non-current Liabilities

Long-term debt

6,771,624

8,145,066

Deferred income taxes

1,837,959

2,163,281

Income taxes payable

90,723

100,963

Other non-current liabilities

516,960

521,846

Total non-current liabilities

9,217,266

10,931,156

Shareholders' Equity

Preferred stock, $1.00 par value, 471,934 shares authorized, none outstanding

—

—

Common stock, $0.16 2/3 par value, 1,200,000,000 shares authorized, 484,565,465 shares
outstanding (489,654,097 on November 1, 2025)

80,762

81,611

Capital in excess of par value

21,288,447

23,349,185

Retained earnings

12,330,779

10,539,541

Accumulated other comprehensive loss

(149,091)

(154,582)

Total shareholders' equity

33,550,897

33,815,755

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY

$        48,424,417

$        47,992,712

ANALOG DEVICES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

(In thousands)

Three Months Ended

Nine Months Ended

Aug. 1, 2026

Aug. 2, 2025

Aug. 1, 2026

Aug. 2, 2025

Cash flows from operating activities:

  Net income

$   1,340,090

$      518,518

$   3,347,266

$   1,479,604

  Adjustments to reconcile net income to net cash provided by operations:

       Depreciation

104,455

102,542

315,298

301,323

       Amortization of intangibles

389,765

384,750

1,160,358

1,202,179

       Stock-based compensation expense

96,255

84,703

263,651

235,108

       Deferred income taxes

(161,011)

52,052

(281,941)

(97,318)

       Other

(24,104)

(5,699)

(19,377)

(1,496)

       Changes in operating assets and liabilities

(141,491)

28,239

(940,740)

(8,008)

   Total adjustments

263,869

646,587

497,249

1,631,788

Net cash provided by operating activities

1,603,959

1,165,105

3,844,515

3,111,392

Cash flows from investing activities:

  Purchases of short-term available-for-sale investments

—

(1,150,240)

—

(1,150,240)

  Maturities of short-term available-for-sale investments

842,840

—

990,657

372,778

  Additions to property, plant and equipment, net

(145,662)

(79,153)

(392,677)

(318,399)

  Proceeds from sale of property, plant and equipment, net

—

—

—

58,892

  Proceeds from sale of a subsidiary, net

96,592

—

96,592

—

  Payments for acquisitions, net of cash acquired

(1,500,174)

—

(1,536,049)

(45,652)

  Other

(8,543)

(715)

(32,425)

(13,595)

Net cash used for investing activities

(714,947)

(1,230,108)

(873,902)

(1,096,216)

Cash flows from financing activities:

  Proceeds from debt

—

1,490,785

—

1,490,785

  Debt repayments

—

—

—

(399,998)

  Proceeds from commercial paper notes

5,906,409

2,551,168

13,061,198

6,867,508

  Payments of commercial paper notes

(5,451,502)

(2,551,223)

(12,502,732)

(6,866,581)

  Repurchase of common stock

(1,157,008)

(1,075,152)

(2,446,409)

(1,484,166)

  Dividend payments to shareholders

(535,309)

(490,161)

(1,556,028)

(1,437,521)

  Proceeds from employee stock plans

61,684

42,767

121,171

104,329

  Other

15,668

41,775

18,651

40,317

Net cash (used for) provided by financing activities

(1,160,058)

9,959

(3,304,149)

(1,685,327)

Net (decrease) increase in cash and cash equivalents

(271,046)

(55,044)

(333,536)

329,849

Cash and cash equivalents at beginning of period

2,436,916

2,376,235

2,499,406

1,991,342

Cash and cash equivalents at end of period

$   2,165,870

$   2,321,191

$   2,165,870

$   2,321,191

ANALOG DEVICES, INC.
REVENUE TRENDS BY END MARKET
(Unaudited)
(In thousands)

The categorization of revenue by end market is determined using a variety of data points including the technical characteristics of the product, the "sold to" customer information, the "ship to" customer information and the end customer product or application into which our product will be incorporated. The assignment of products to end markets may change over time. When this occurs, we reclassify revenue by end market for prior periods. Such reclassifications typically do not materially change the sizing of, or the underlying trends of results within, each end market.

Three Months Ended

August 1, 2026

August 2, 2025

Revenue

% of Revenue1

Y/Y%

Revenue

% of Revenue1

Industrial

$     1,971,926

49 %

53 %

$     1,292,988

45 %

Automotive

998,227

25 %

16 %

857,146

30 %

Communications

654,515

16 %

84 %

354,768

12 %

Consumer

397,231

10 %

6 %

375,446

13 %

Total revenue

$     4,021,899

100 %

40 %

$     2,880,348

100 %

Nine Months Ended

August 1, 2026

August 2, 2025

Revenue

%  of Revenue1

Y/Y%

Revenue

% of Revenue1

Industrial

$     5,269,825

49 %

50 %

$     3,512,896

44 %

Automotive

2,685,246

25 %

9 %

2,454,845

31 %

Communications

1,659,553

15 %

72 %

965,036

12 %

Consumer

1,191,003

11 %

18 %

1,010,813

13 %

Total revenue

$   10,805,627

100 %

36 %

$     7,943,590

100 %

1) The sum of the individual percentages may not equal the total due to rounding.

ANALOG DEVICES, INC.

RECONCILIATION OF GAAP TO NON-GAAP RESULTS

(Unaudited)

(In thousands, except per share amounts)

Three Months Ended

Nine Months Ended

Aug. 1, 2026

Aug. 2, 2025

Aug. 1, 2026

Aug. 2, 2025

Gross margin

$     2,707,544

$     1,789,748

$     7,192,318

$     4,831,661

  Gross margin percentage

67.3 %

62.1 %

66.6 %

60.8 %

      Acquisition related expenses

209,192

204,756

619,404

662,865

Adjusted gross margin

$     2,916,736

$     1,994,504

$     7,811,722

$     5,494,526

  Adjusted gross margin percentage

72.5 %

69.2 %

72.3 %

69.2 %

Operating expenses

$     1,094,575

$        971,720

$     3,202,643

$     2,844,376

  Percent of revenue

27.2 %

33.7 %

29.6 %

35.8 %

      Acquisition related expenses

(188,594)

(188,015)

(565,089)

(564,045)

      Acquisition related transaction costs

(23,391)

—

(23,391)

—

      Special charges, net

24,216

(4,348)

(23,766)

(69,980)

Adjusted operating expenses

$        906,806

$        779,357

$     2,590,397

$     2,210,351

  Adjusted operating expenses percentage

22.5 %

27.1 %

24.0 %

27.8 %

Operating income

$     1,612,969

$        818,028

$     3,989,675

$     1,987,285

  Operating margin

40.1 %

28.4 %

36.9 %

25.0 %

      Acquisition related expenses

397,786

392,771

1,184,493

1,226,910

      Acquisition related transaction costs

23,391

—

23,391

—

      Special charges, net

(24,216)

4,348

23,766

69,980

Adjusted operating income

$     2,009,930

$     1,215,147

$     5,221,325

$     3,284,175

  Adjusted operating margin

50.0 %

42.2 %

48.3 %

41.3 %

Nonoperating expense (income)

$          67,100

$          54,619

$        173,107

$        162,372

      Acquisition related expenses

2,150

2,150

6,450

6,450

Adjusted nonoperating expense (income)

$          69,250

$          56,769

$        179,557

$        168,822

Income before income taxes

$     1,545,869

$        763,409

$     3,816,568

$     1,824,913

     Acquisition related expenses

395,636

390,621

1,178,043

1,220,460

     Acquisition related transaction costs 

23,391

—

23,391

—

     Special charges, net

(24,216)

4,348

23,766

69,980

Adjusted income before income taxes

$     1,940,680

$     1,158,378

$     5,041,768

$     3,115,353

Provision for income taxes

$        205,779

$        244,891

$        469,302

$        345,309

Effective income tax rate

13.3 %

32.1 %

12.3 %

18.9 %

     Tax related items

48,270

(106,855)

162,938

15,780

Adjusted provision for income taxes

$        254,049

$        138,036

$        632,240

$        361,089

Adjusted tax rate

13.1 %

11.9 %

12.5 %

11.6 %

Diluted EPS

$              2.74

$              1.04

$              6.83

$              2.97

      Acquisition related expenses

0.81

0.79

2.40

2.45

      Acquisition related transaction costs

0.05

—

0.05

—

      Special charges, net

(0.05)

0.01

0.05

0.14

      Tax related items

(0.10)

0.22

(0.33)

(0.03)

Adjusted diluted EPS*

$              3.45

$              2.05

$              8.99

$              5.53

* The sum of the individual per share amounts may not equal the total due to rounding.

ANALOG DEVICES, INC.

RECONCILIATION OF NET CASH PROVIDED BY OPERATING ACTIVITIES TO FREE CASH FLOW

(Unaudited)

(In thousands)

Trailing
Twelve
Months

Three Months Ended

Aug. 1, 2026

Aug. 1, 2026

May 2, 2026

Jan. 31, 2026

Nov. 1, 2025

Revenue

$  13,881,544

$ 4,021,899

$ 3,623,465

$ 3,160,063

$ 3,076,117

Net cash provided by operating activities

$    5,545,325

$ 1,603,959

$    872,041

$ 1,368,515

$ 1,700,810

% of Revenue

40 %

40 %

24 %

43 %

55 %

Capital expenditures

$      (607,830)

$   (145,662)

$   (137,702)

$   (109,313)

$   (215,153)

Free cash flow

$    4,937,495

$ 1,458,297

$    734,339

$ 1,259,202

$ 1,485,657

% of Revenue

36 %

36 %

20 %

40 %

48 %

ANALOG DEVICES, INC.

RECONCILIATION OF PROJECTED GAAP TO NON-GAAP RESULTS

(Unaudited)

Three Months Ending October 31, 2026

Reported

Adjusted

Revenue

$4.3 Billion

$4.3 Billion

(+/- $100 Million)

(+/- $100 Million)

Operating margin

42.6 %

52.0 %(1)

(+/-150 bps)

(+/-100 bps)

Nonoperating expense

~$80 Million

~$80 Million

Tax rate

12% - 14%

12% - 14% (2)

Earnings per share

$3.14

$3.86 (3)

(+/- $0.15)

(+/- $0.15)

(1) Includes $405 million of adjustments related to acquisition related expenses as previously defined in the Non-GAAP Financial Information section of this press release. 

(2) Includes $53 million of tax effects associated with the adjustment for acquisition related expenses noted above.

(3) Includes $0.72 of adjustments related to the net impact of acquisition related expenses and the tax effects on those items.

For more information, please contact: 

Jeff Ambrosi
Senior Director, Investor Relations
Analog Devices, Inc.
781-461-3282
[email protected] 

SOURCE Analog Devices, Inc.

Item 1 of 2 People wearing costumes go trick-or-treating by a decorated house on Halloween night in Pasadena, California, U.S., October 31, 2024. REUTERS/Mario Anzuoni/File Photo

[1/2]People wearing costumes go trick-or-treating by a decorated house on Halloween night in Pasadena, California, U.S., October 31, 2024. REUTERS/Mario Anzuoni/File Photo Purchase Licensing Rights, opens new tab

SummaryCompaniesHershey expands Halloween range with popcorn, cheese puffs and pretzelsWeight-loss drugs are among factors driving healthier consumer habitsHershey says Zero Sugar portfolio has quadrupled in size from about five years agoIndividually wrapped, portion-controlled treats help keep confectionery ​relevant, Hershey saysLONDON, Aug 19 (Reuters) - Halloween trick-or-treating could be less sugary than usual this year as ‌consumers look for healthier snacks and candy companies such as Hershey (HSY.N), opens new tab, the United States' biggest chocolate-maker, adapt their product offerings.

Fuelled by GLP-1 weight-loss drugs and a growing focus on health, eating habits are changing, leading the makers of sweet and salty snacks to adjust their portfolios ​to offer more protein, smaller-sized products and fewer calories.

Sign up here.

In the run-up to Halloween on October 31, which can ​account for nearly a fifth of annual confectionery retail sales, Hershey has added more salty ⁠snacks such as popcorn, cheese puffs and pretzels to its trick-or-treat offering, which its research has found U.S. consumers ​begin stocking up on months in advance.

"Certainly, the Lesser Evil brand and our salty snacks brands broadly, Skinny Pop and ​Pirate's Booty, having a greater presence in Halloween is in response to the (healthy eating) dynamic," Dan Mohnshine, Hershey's vice president for demand creation, strategy and innovation, told Reuters.

But he said chocolate was still the Halloween snack of choice.

"When it comes to GLP-1s, we've seen pretty ​strong resilience in the chocolate category here in the U.S.," he said.

Without giving precise figures, he said early-season sales ​of snack-size bags of chocolates and sweets had risen in double-digits versus a year ago.

Sugar-free versions, sweetened with sugar alcohols rather than ‌conventional ⁠sugar, are also a growth area.

U.S. dollar sales in Hershey's Zero Sugar candy, mint and gum business grew around 4.3 times from 2020 through 2025, Mohnshine said.

AI-DRIVEN INNOVATION AND THE 'TRUNK-OR-TREAT' TRENDAccording to Hershey's "Unwrapping Halloween" report, published in partnership with data intelligence firm Morning Consult this month, three of the five biggest-selling U.S. candies at Halloween are Hershey's products and ​two-thirds of parents have already ​bought Halloween treats in the ⁠summer.

Further research from the National Confectioners Association found that in 2024, Americans spent $7.4 billion on treats, accounting for 18% of all confectionery retail sales that year.

Given the amount at ​stake, Hershey is using artificial intelligence to speed up product development.

"We've removed about three ​months from the ⁠typical timeframe it takes to go from consumer insight to approved concept," Mohnshine said. "As a result, our innovation pipeline over the last nine months has expanded 75%."

AI also identifies "trunk-or-treat" parties as a growing trend. They began in COVID lockdowns and are ⁠still favoured ​by communities and families who gather with their cars to exchange treats.

Mohnshine ​is expecting them to be more popular than ever this year and says the Reese's maker is at the ready with its expanded range ​of small, individually wrapped pieces that he said are "the key to remaining relevant".

Reporting by Alexander Marrow; editing by Barbara Lewis

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

New centralized experience brings fuel usage, driver behavior, routing, and card controls into a single pane of glass for operations and finance teams

SAN FRANCISCO--(BUSINESS WIRE)--Samsara (NYSE: IOT), the pioneer of the Connected Operations® Platform, today launched the Samsara Fuel Command Center, a centralized experience that brings its fuel management capabilities into a single pane of glass. It combines a consolidated view of total and recoverable fuel spend with intelligent fuel-stop recommendations in Commercial Navigation and Coast fuel card controls, giving operations and finance teams one place to identify waste, guide drivers to lower-cost fuel, and prevent card misuse.

“After implementing Coast through Samsara, we saw our fuel expenses drop by nearly $15,000 a month,” said Kyle Stewart, CFO at Trades Holding.

Share “We used to worry about fraud all the time. Cards went missing, PINs were shared, and we had no way to verify transactions,” said Tim Weisser, Fleet Operations Manager at Milestone Home Services. “Now with Coast and Samsara, the system takes care of it. If the truck's not there, the card doesn't work. Simple.”

Commercial fleets have contended with sustained fuel misuse and price volatility throughout 2026, as diesel prices have moved by more than $0.20 per gallon in a single week seven times since late February, according to data from the Samsara Fuel Spend Index. The latest swing erased three consecutive months of declines in just four weeks, pushing diesel to $5.23 per gallon by the end of July—16% above where the month began—while gasoline climbed from $3.93 to $4.25. This unpredictability heightens the need for cost controls and presents a significant opportunity. Internal data shows that U.S. customers had roughly $2 billion in potential fuel-spend savings in the first six months of the year. The Fuel Command Center gives operators the tools to capture those savings as conditions change.

“Fuel is one of the biggest costs a fleet carries—30% to 40% of total marginal operating costs,” said Ryan Yu, VP of Product at Samsara. “Prices have swung hard the past several months, and when they rise, fuel fraud rises with them. Customers told us pump-price visibility isn't enough. They need fraud, driver behavior, and vendor choices in one view, so they can cut costs before they add up. That's why we built Fuel Command Center: to give operators and finance leaders a way to turn their operations data into action and find immediate savings.”

The Fuel Command Center centralizes the data and controls fleets use to manage fuel across three core areas:

See total and recoverable fuel spend in one place

Fuel Command Center gives operations and finance teams a consolidated view of total and recoverable fuel spend. It identifies where money is being lost across idling, fueling location, driver efficiency, fraud, and suspicious fuel drops, then recommends the highest-impact actions. Managers can track quarterly trends and act from the same dashboard—for example, by turning on in-cab idling alerts or adding preferred fuel vendors.

Route drivers to the right fuel stop with Commercial Navigation

Commercial Navigation extends the centralized fuel strategy to the road by building preferred fuel stops into a route before a driver leaves the yard, so drivers do not have to toggle between telematics and third-party fuel apps. It accounts for corporate negotiated rates, responds when fuel runs low mid-route, and reroutes to the nearest preferred station. In a 90-day analysis of more than 2,000 Samsara customers, organizations cut a median of 4% in fuel spend by fueling at preferred vendors.

Stop card misuse before the transaction with Coast

Fuel card misuse rises with fuel prices: a Samsara analysis found that detected fraud incidents increase roughly 9% for every $0.10 increase in the price of diesel. Through the Samsara Coast integration, Fuel Command Center connects card authorization to vehicle location, allowing fleets to manage policies in one place and block transactions when the assigned vehicle is not present. “After implementing Coast through Samsara, we saw our fuel expenses drop by nearly $15,000 a month,” said Kyle Stewart, CFO at Trades Holding.

While fleets cannot control the price of fuel, they can control more of what they ultimately spend, and by centralizing fuel performance, routing, driver behavior, and card controls in Fuel Command Center, Samsara gives operations and finance teams one place to manage the variables that determine that cost. The result is a more direct way to offset external price volatility with savings generated inside their own operations.

Learn more about Samsara’s Fuel Command Center here. Learn more about Samsara’s Commercial Navigation here. Learn more about the Samsara and Coast integration here. Explore current Samsara Fuel Spend Index data here. Read about 8 ways to manage surging fuel costs here. About Samsara

Samsara (NYSE: IOT) is the pioneer of the Connected Operations® Platform, which is an open platform that connects the people, devices, and systems of some of the world's most complex operations, allowing them to develop actionable insights and improve their operations. With tens of thousands of customers across North America and Europe, Samsara is a proud technology partner to the people who keep our global economy running, including the world's leading organizations across industries in transportation, construction, wholesale and retail trade, field services, logistics, manufacturing, utilities and energy, government, healthcare and education, food and beverage, and others. The company's mission is to increase the safety, efficiency, and sustainability of the operations that power the global economy.

Samsara is a registered trademark of Samsara Inc. All other brand names, product names, or trademarks belong to their respective holders.

BlackRock Inc. bought a new position in Vulcan Materials Company (NYSE:VMC – Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 9,723,208 shares of the construction company’s stock, valued at approximately $2,868,444,000. BlackRock Inc. owned approximately 7.50% of Vulcan Materials at the end of the most recent quarter.

A number of other institutional investors have also recently modified their holdings of VMC. Brighton Jones LLC bought a new stake in shares of Vulcan Materials in the fourth quarter worth approximately $497,000. NewEdge Advisors LLC raised its holdings in shares of Vulcan Materials by 3.9% during the first quarter. NewEdge Advisors LLC now owns 4,359 shares of the construction company’s stock valued at $1,017,000 after purchasing an additional 163 shares during the last quarter. Empowered Funds LLC lifted its position in Vulcan Materials by 6.3% during the first quarter. Empowered Funds LLC now owns 3,195 shares of the construction company’s stock valued at $745,000 after purchasing an additional 190 shares during the period. Focus Partners Wealth lifted its position in Vulcan Materials by 28.5% during the first quarter. Focus Partners Wealth now owns 3,321 shares of the construction company’s stock valued at $775,000 after purchasing an additional 736 shares during the period. Finally, Geneos Wealth Management Inc. boosted its holdings in Vulcan Materials by 31.5% in the first quarter. Geneos Wealth Management Inc. now owns 334 shares of the construction company’s stock worth $78,000 after purchasing an additional 80 shares during the last quarter. 90.39% of the stock is owned by hedge funds and other institutional investors.

Vulcan Materials Trading Down 2.2% Vulcan Materials stock opened at $272.14 on Wednesday. The stock has a market cap of $35.26 billion, a P/E ratio of 32.13, a PEG ratio of 2.03 and a beta of 1.06. The company has a debt-to-equity ratio of 0.47, a current ratio of 1.76 and a quick ratio of 1.20. Vulcan Materials Company has a 1 year low of $252.35 and a 1 year high of $331.09. The firm’s 50 day moving average price is $289.55 and its 200-day moving average price is $288.07.

Vulcan Materials (NYSE:VMC – Get Free Report) last announced its quarterly earnings results on Wednesday, July 29th. The construction company reported $2.59 EPS for the quarter, beating analysts’ consensus estimates of $2.46 by $0.13. The company had revenue of $2.16 billion during the quarter, compared to analyst estimates of $2.14 billion. Vulcan Materials had a return on equity of 13.05% and a net margin of 13.75%.The firm’s revenue was up 2.5% on a year-over-year basis. During the same period in the prior year, the company earned $2.42 earnings per share. On average, equities analysts predict that Vulcan Materials Company will post 9.29 earnings per share for the current fiscal year. Vulcan Materials Dividend Announcement The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 2nd. Stockholders of record on Thursday, August 13th will be paid a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a dividend yield of 0.8%. The ex-dividend date of this dividend is Thursday, August 13th. Vulcan Materials’s payout ratio is currently 24.56%.

Wall Street Analysts Forecast Growth A number of research firms recently commented on VMC. Barclays upped their price objective on Vulcan Materials from $296.00 to $340.00 and gave the company an “overweight” rating in a research report on Thursday, April 30th. Berenberg Bank set a $283.00 price target on Vulcan Materials and gave the company a “hold” rating in a research note on Tuesday, June 2nd. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Vulcan Materials in a research report on Tuesday, July 7th. Wells Fargo & Company reduced their price target on shares of Vulcan Materials from $310.00 to $305.00 and set an “equal weight” rating for the company in a research report on Wednesday, July 8th. Finally, Stifel Nicolaus set a $333.00 price objective on shares of Vulcan Materials in a research note on Thursday, April 30th. Eight research analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $327.93.

View Our Latest Report on VMC

Insider Activity In related news, SVP David P. Clement sold 2,000 shares of the stock in a transaction that occurred on Friday, August 7th. The stock was sold at an average price of $285.10, for a total value of $570,200.00. Following the transaction, the senior vice president owned 6,716 shares of the company’s stock, valued at $1,914,731.60. This represents a 22.95% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 0.65% of the company’s stock.

(Free Report)

Vulcan Materials Company (NYSE: VMC) is a U.S.-based producer of construction materials that supplies the building and infrastructure markets. The company’s primary products include construction aggregates such as crushed stone, sand and gravel, as well as asphalt mixes and ready-mixed concrete. These materials are used in a wide range of projects including highways, commercial and residential construction, and public infrastructure.

Vulcan operates an integrated network of quarries, asphalt plants and concrete facilities to produce and deliver materials to contractors, municipalities and private developers.

Recommended Stories Five stocks we like better than Vulcan Materials The AI Boom Is Turning This Cable Maker Into a Stock to Watch A Star Investor Just Trimmed Amazon—Here’s What It means Wendy’s Deal Buzz May Give Fast-Food Investors a New Reason to Look Home Depot Analysts See a Path to $375 and Beyond Want to see what other hedge funds are holding VMC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Vulcan Materials Company (NYSE:VMC – Free Report).

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At the end of July, SoFi Technologies (SOFI -3.55%) reported second-quarter financial results. There is really nothing to complain about. All signs still point to a business that's firing on all cylinders, as it continues to find tremendous success in the competitive and vast financial services industry.

But one number stands out. Here's the single data point that matters most in the coming year for investors in this popular fintech stock.

Image source: Getty Images.

Pay attention to the bottom line When it comes to earnings season, it's extremely difficult to identify one number that investors should focus on. Businesses blast their shareholders with a firehose of information, which requires having the ability to identify the key variables.

Furthermore, investors shouldn't be thinking only about the next 12 months. It's best to own companies with at least a five-year time horizon, letting the fundamentals do the work to compound share prices.

Still, I believe profit growth is perhaps the most critical metric to follow when tracking SoFi's performance in the coming year. It provides a window into how the business is doing. And this figure is what drives stock returns over time.

Adjusted net income soared 65% year over year to $160 million in Q2. This translates to a net profit margin of 13%. The fourth quarter of 2023 was the first period that SoFi started reporting positive earnings under generally accepted accounting principles (GAAP). That wasn't a one-off event. The company's bottom line has exploded, supporting the perspective that SoFi is a quality enterprise.

Customer growth has been the main catalyst. SoFi added 1.1 million customers in the most recent quarter, bringing the total to 15.8 million. This led to deposit and lending growth, bolstering revenue gains. The top line, which came in at $1.2 billion in the second quarter, set a quarterly record.

That gives SoFi a budding scale advantage. It doesn't operate physical bank branches, allowing the business to avoid costly overhead. And as its offerings increase, it has more opportunities to cross-sell products to its customers, further aiding in monetization. Like larger financial institutions, SoFi could start to benefit from switching costs as it deepens its banking relationships with individual consumers.

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-3.55

%) $

-0.65

Current Price

$

17.66

A winning return in 12 months isn't guaranteed As is the case with virtually any company, investors want to see higher profit over time. Warren Buffett wrote in his 1996 shareholder letter that the objective is to own businesses "whose earnings are virtually certain to be materially higher five, ten and twenty years from now."

According to the leadership team's outlook, SoFi's adjusted earnings per share (EPS) are projected to rise at an annualized pace of 40% (at the midpoint) from 2025 to 2028. This kind of growth is spectacular. It's even more impressive in the financial services industry, a mature, established, and slow-changing market. SoFi has successfully carved out a niche as an up-and-coming digital platform.

Investors must watch EPS trends to ensure the thesis remains intact. Rising profits and a favorable competitive position, however, don't guarantee that the fintech stock will produce a positive return in the next 12 months. The valuation plays a huge part when dealing with such a short time frame.

As of this writing, SoFi shares trade at a forward price-to-earnings ratio of about 30. I believe this is a very reasonable multiple to pay for a booming business. But the market has a different take. Despite strong financial results, the stock price is 39% below its peak (as of Aug. 18). Shares have tanked 32% in 2026, while the S&P 500 index has climbed more than 12%.

SoFi can't control the investment community's sentiment. But it can keep expanding its customer base, increasing revenue, running with operational and risk discipline, and raising profit. That last point is what matters most.

Mining bosses say that regulatory scrutiny of major mergers is increasing as governments pay closer attention to critical minerals and security of supply ​in the face of a volatile geopolitical backdrop, but they do not see the shift as a fundamental barrier ‌to dealmaking.

Executives at Glencore (GLEN.L), Anglo American (AAL.L) and Rio Tinto (RIO.L), (RIO.AX) said after half-year results in July and August that antitrust reviews and national interest were becoming more prominent factors when assessing potential transactions, particularly where copper and other critical minerals are involved.

But they said the increased scrutiny was manageable and that, while some reviews could take longer, regulatory ​hurdles were not making large mining mergers and acquisitions unworkable.

VALUATION, STRATEGY AND SHAREHOLDERS REMAIN BIG OBSTACLES
"Regulators have always taken a look ​at any M&A," said Glencore CEO Gary Nagle. But he noted that the various watchdogs are now paying ⁠even closer attention "given the geopolitics of the world and critical minerals".

Glencore takes regulatory approval into account before pursuing transactions, Nagle said. "Of course, ​we're not going to go down a route of something that we don't believe is achievable or executable," he said.

The industry's recent record of ​failed or abandoned mega-deals suggests valuation, strategy and shareholder considerations have been more important obstacles than regulation. Rio Tinto and Glencore held talks over a potential combination while BHP (BHP.AX) made several attempts to acquire Anglo American. Neither transaction came close to completion.

Anglo's proposed merger with Teck Resources (TECKb.TO), however, illustrates how the regulatory landscape is evolving.

China is ​the last major jurisdiction still to approve the deal and could seek remedies focused on security of supply rather than an outright asset ​sale, investors say.

The combined group would have a relatively small share of global copper production at about 5%, limiting the case for a structural remedy, while ‌China's ⁠large and unutilised smelting capacity could make commitments to supply Chinese customers a more relevant tool.

That would echo China's approach to Glencore's acquisition of Xstrata in 2013. Beijing approved that deal subject to both structural and behavioural remedies, including the sale of the Las Bambas copper project in Peru and commitments to supply Chinese customers with copper, zinc and lead.

GEOPOLITICAL CONSIDERATIONS TO THE FORE
The difference today is the geopolitical backdrop.

Governments are ​increasingly concerned not only with whether ​a merger reduces competition, but ⁠also with who controls strategically important mines, where critical minerals are processed and whether supplies can be diverted away from domestic industries.

Anglo's sale of its nickel assets to China's MMG is an example of broader scrutiny. ​The European Commission has opened an in-depth investigation, saying the transaction could enable MMG to divert ferronickel ​supply away from European ⁠markets.

Anglo CEO Duncan Wanblad said mining transactions were taking "probably a little bit longer than they might have done five years ago", with companies needing to allow 12 to 18 months for regulatory approvals.

He rejected the idea that regulation was making deals fundamentally more difficult.

"I have nothing to suggest at ⁠this point ​in time that mining-related transactions are impossible to get done or difficult to get ​done," Wanblad said.

Rio Tinto CFO Peter Cunningham said the company would be "very, very disciplined" about M&A and needed to "think very, very deeply" about regulatory and other constraints before pursuing ​acquisitions.

But he described fluctuations in regulatory scrutiny as part of the industry's normal cycle.

For months, investors have focused on one question about Nebius Group (NBIS -7.60%): Can the company turn the artificial intelligence boom into attractive economics? Nebius' latest quarter provided an encouraging answer.

The number that caught my attention wasn't its 454% year-over-year revenue growth. It wasn't even the more than $40 billion of customer commitments. It was the payback period.

Nebius said the estimated payback period for contracts signed in the second quarter fell to about 1 year and 10 months, compared with a historical range of roughly two to three years. That improvement could be more important to long-term investors than another quarter of triple-digit growth.

Image source: Getty Images.

Why payback matters Nebius is building one of the most capital-intensive technology businesses.

The company spent approximately $5.7 billion on capital expenditures in Q2, primarily to expand its graphics processing unit (GPU) and data center infrastructure. It has also raised its contracted-power target for 2026 from 4 to 5 gigawatts as it races to meet demand.For perspective, a 1-gigawatt AI data center requires around $40 billion to $50 billion in capital investment in servers, facilities, network infrastructure, and energy.

That's an enormous amount of capital, and it raises the question investors care most about: How quickly does Nebius get that money back?

Imagine spending $1 billion on GPUs and related infrastructure. Revenue tells you how much business the infrastructure generates. Payback tells you how quickly the investment's cash flows can recover the capital deployed.

The shorter the payback period, the faster Nebius can potentially recycle its capital into the next wave of infrastructure. In the case of Nebius, its latest contracts allow it to regain its investments in less than two years.

For a company spending billions of dollars to expand capacity, the speed of that cycle matters enormously.

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The economics appear to be improving The payback improvement becomes even more interesting when combined with the terms of Nebius' latest contracts.

The company signed four major AI cloud contracts in Q2, each averaging more than $1 billion in total contract value. The contracts also carried annual contract values above $20 million per megawatt, compared with roughly $12 million across Nebius' existing 2026 capacity.

That's a notable improvement. Nebius isn't merely adding more customers. It appears to be securing infrastructure capacity at increasingly attractive economics.

Moreover, customers are helping fund the expansion. Around 70% of Q2 deals included customer prepayments, while Nebius expects more than $9 billion of customer prepayments during 2026.

Put those pieces together: Higher contract values. Shorter payback periods. Customer-funded capex. That is a very different story from simply saying, "AI demand is strong."

This could weaken the biggest bear argument Nebius' biggest risk has never really been whether customers want AI infrastructure. The latest contracts suggest they clearly do.

The bigger question has always been whether Nebius can generate attractive returns after spending billions of dollars to build the infrastructure those customers require. That's why the payback period matters.

A company can grow revenue by hundreds of percent and still destroy shareholder value if every dollar of additional revenue requires even more capital. But if Nebius can consistently recover its infrastructure investments in roughly two years, the economics of aggressive expansion look very different.

That is particularly important because Nebius' AI cloud business is already showing significant operating leverage. In Q2, the company reported approximately $575 million of AI cloud revenue, while adjusted EBITDA reached about $236 million at the group level.

The combination of strong demand, improving contract economics, and expanding margins suggests Nebius may be moving toward a much more attractive business model as it scales.

Investors shouldn't declare victory yet There is an important caveat. The one-year-and-10-month figure is an estimated payback period for the Q2 contracts. It isn't guaranteed that every future deployment will yield the same economics.

Payback can change with GPU prices, utilization, power costs, customer demand, hardware depreciation, and competition. Nebius also remains extraordinarily capital-intensive. The company is spending billions today based on the expectation that AI computing demand will remain strong for years.

If AI demand continues to exceed available capacity, that investment could prove highly lucrative. But if the industry eventually overbuilds, utilization and pricing could fall, extending payback periods and reducing returns on capital.

That's the risk investors cannot ignore, and should be watchful of.

What does it mean for investors? Growth investors usually focus on growth, but I think Nebius investors should start paying closer attention to unit economics rather than just headline growth.

That's why payback is a crucial metric to track, since it tells us how economically attractive that growth may be.

If Nebius can repeatedly deploy billions of dollars into AI infrastructure and recover that capital in roughly two years, it could create enormous long-term shareholder value as it scales. That could fundamentally change the way investors think about the company, and, ultimately, its long-term value creation.

Revenue increased 25% year-over-year to $178.1 million, exceeding the guidance range

Adjusted EBITDA was $42.4 million, representing a 24% margin and 32% year-over-year growth, also exceeding the guidance range

Third quarter 2026 revenue guidance of $181–183 million with adjusted EBITDA margin of 23% at the midpoints

Raised full-year guidance to $734–742 million revenue with adjusted EBITDA of $172–175 million (24% margin)

, /PRNewswire/ -- Opera Limited (NASDAQ: OPRA), a leading global browser and AI agent company, today announced financial results for the quarter ended June 30, 2026.

"Second quarter revenue and Adjusted EBITDA both came in above the top end of our guidance, with revenue growth accelerating to 25% year-over-year, reaching $178.1 million, and Adjusted EBITDA reaching $42.4 million. Notably, with healthy growth across both advertising and query revenue streams, our business continues to compound organically and capital-efficiently," said Lin Song, CEO.

"As AI fundamentally reshapes how people search, work and interact online, Opera's position as an independent, tech-enabling platform is more valuable than ever. Through our open ecosystem strategy, highlighted by our new Browser Connector for leading AI services like Claude and ChatGPT, we are facilitating user choice while converting elevated browser utility into immediate commercial momentum. The growth of time spent and browser engagement supports our healthy annualized ARPU growth of 25% to $2.46 alongside strong expansion across core products like Opera GX and MiniPay," continued Mr. Song.

Second Quarter 2026 Financial Highlights

Three Months Ended
June 30,

Six Months Ended
June 30,

In thousands, except percentages and per share amounts

2025

2026

% Change

2025

2026

% Change

Revenue

$

142,962

$

178,068

25

%

$

285,678

$

353,839

24

%

Operating profit

$

18,109

$

25,909

43

%

$

39,184

$

55,672

42

%

Operating margin

13

%

15

%

14

%

16

%

Net income

$

15,676

$

27,550

76

%

$

33,959

$

52,336

54

%

Net income margin

11

%

15

%

12

%

15

%

Adjusted net income (1)

$

23,723

$

30,022

27

%

$

47,878

$

61,198

28

%

Adjusted net income margin

17

%

17

%

17

%

17

%

Adjusted EBITDA (1)

$

32,094

$

42,429

32

%

$

64,352

$

84,427

31

%

Adjusted EBITDA margin

22

%

24

%

23

%

24

%

Diluted earnings per share

$

0.17

$

0.30

74

%

$

0.38

$

0.57

52

%

Adjusted diluted earnings per share (1)

$

0.26

$

0.33

25

%

$

0.53

$

0.67

26

%

Net cash flow from operating activities

$

33,119

$

22,192

(33)

%

$

49,063

$

64,337

31

%

As percentage of adjusted EBITDA

103

%

52

%

76

%

76

%

Free cash flow from operations (1)

$

29,073

$

16,912

(42)

%

$

41,099

$

52,417

28

%

As percentage of adjusted EBITDA

91

%

40

%

64

%

62

%

(1)

See the sections below titled "Non-IFRS Financial Measures" and "Reconciliations of Non-IFRS Financial Measures" for explanations and reconciliations of non-IFRS financial measures.

Second Quarter 2026 and Recent Business Highlights

Advertising revenue: Grew 27% year-over-year to $115.4 million, representing 65% of total revenue. Advertising revenue was driven by continued strong momentum from e-commerce partners, which remained the fastest-growing vertical. Query revenue: Grew 21% year-over-year to $62.1 million, accounting for 35% of total revenue and benefiting from both strong search performance and the evolution of our broader opportunities to address user queries. User base & ARPU: Average monthly active users ("MAUs") was 288 million across all products and services, with annualized average revenue per user ("ARPU") increasing 25% year-over-year to $2.46. Opera GX: Averaged 37 million MAUs in the quarter across PC and mobile, up 2 million sequentially and 10% year-over-year. MiniPay: Reached 18 million cumulative activated wallets as of June 2026, representing a 121% year-over-year increase. Cash flow & liquidity: Net cash flow from operating activities was $22.2 million in the quarter and $64.3 million year-to-date. This represented a 76% conversion of year-to-date adjusted EBITDA, equal to the cash conversion in the same period of 2025. Total cash and cash equivalents stood at $145.2 million at quarter-end. Dividends: A dividend of $0.40 per share under our semi-annual dividend program was paid in July, totaling $35.6 million. Share repurchases: During the quarter, Opera repurchased 0.64 million shares for $11.1 million or an average of $17.44 per share. This includes shares repurchased from the public and the according pro-rata shares repurchased, or agreed to be repurchased, from our majority shareholder. Cash used for repurchases was $14.2 million, which included settlement of the $4.1 million commitment outstanding as of March 31, 2026, partially offset by a $1.0 million period-end commitment which will be settled in the third quarter. As of June 30, 2026, 88,917,384 shares were outstanding net of cumulative repurchases of 1,776,194 shares for $28.1 million, or an average of $15.79 per share, under our current $300 million repurchase program. Second Quarter 2026 Financial Results

All comparisons in this section are relative to the second quarter of 2025 unless otherwise stated.

Revenue increased 25% to $178.1 million.

Advertising revenue increased 27% to $115.4 million. Query revenue increased 21% to $62.1 million. Other revenue was $0.6 million. Operating expenses increased 22% to $152.2 million.

The total amount of technology and platform fees, content cost and cost of inventory sold, all being costs of revenue, was $67.5 million, or 38% of revenue. Personnel expenses excluding share-based compensation increased 24% to $23.1 million. Share-based compensation expenses decreased 11% to $7.8 million. Marketing and distribution expenses increased 6% to $36.2 million. Depreciation and amortization increased 17% to $5.4 million. All other operating expenses increased 53% to $12.2 million, driven mainly by impairments of non-financial assets. Operating profit was $25.9 million, representing a 15% margin, compared to an operating profit of $18.1 million and a margin of 13% in the second quarter of 2025.

Fair value gain on long-term investments was $6.3 million, driven by the passage of time affecting the present value of probability-weighted expected returns.

Net finance income was $0.6 million, reflecting net interest income of $0.8 million, partially offset by foreign exchange loss of $0.2 million.

Income tax expense was $6.1 million, corresponding to an effective tax rate of 18%, and representing 14% of adjusted EBITDA in the quarter and 13% of adjusted EBITDA year-to-date. This compares to a full-year ratio of income tax expense to adjusted EBITDA of 12% in 2025.

Net income was $27.6 million, representing a 15% margin, compared to net income of $15.7 million and a margin of 11% in the second quarter of 2025.

Adjusted net income was $30.0 million, representing a 17% margin and an increase of 27% relative to $23.7 million and a 17% margin in the second quarter of 2025.

Adjusted EBITDA was $42.4 million, representing a 24% margin and an increase of 32% relative to $32.1 million and a 22% margin in the second quarter of 2025.

Diluted earnings per share was $0.30, whereas adjusted diluted earnings per share was $0.33.

Net cash flow from operating activities was $22.2 million, or 52% of adjusted EBITDA in the quarter and 76% of adjusted EBITDA year-to-date. Free cash flow from operations was $16.9 million, or 40% of adjusted EBITDA in the quarter and 62% of adjusted EBITDA year-to-date.

Business Outlook

Third Quarter 2026 Guidance

Full-Year 2026 Guidance

Revenue

$181–183 million

$734–742 million

Year-over-year revenue growth

19–20 

%

19–21

%

Adjusted EBITDA (1)

$41–43 million

$172–175 million

Adjusted EBITDA margin (2)

23

%

24

%

(1)

See the section below titled "Non-IFRS Financial Measures" for explanations of non-IFRS financial measures.

(2)

The percentages shown for adjusted EBITDA margin have been calculated based on the midpoints of the revenue and adjusted EBITDA guidance.

"Our second quarter outperformance is incorporated into a further raised full-year outlook that now includes 20% top-line growth at the midpoint. While our second-half trajectory reflects the strong underlying momentum of our business, our updated guidance maintains our disciplined and prudent approach toward guiding around year-end seasonality. We enter the third quarter with solid commercial velocity, driven by the expanding reach and engagement of our platform," said Frode Jacobsen, CFO.

"Our updated outlook highlights the structural operating leverage inherent in our business model, driving an expected 25–40 basis point expansion in Adjusted EBITDA margin over 2025. This ongoing efficiency gives us full flexibility to fund our product and marketing initiatives while continuing to return capital to our shareholders," continued Mr. Jacobsen.

Conference Call and Webcast Information

Opera's management will host a conference call to discuss the second quarter 2026 financial results at 8:00 a.m. ET today. The live webcast of the conference call can be accessed at our investor relations website at investor.opera.com, along with the earnings press release and financial tables. Following the call, a replay will be available at the same website.

We also provide announcements on our investor relations website at investor.opera.com regarding our financial performance and other matters, including SEC filings, press releases, slide presentations, business blog posts and information on corporate governance.

Non-IFRS Financial Measures

In addition to financial measures presented in accordance with IFRS Accounting Standards, we use the non-IFRS performance measures adjusted net income, adjusted EBITDA, adjusted diluted earnings per share, as well as the non-IFRS liquidity measure free cash flow from operations, to manage our business, evaluate performance, support planning and decision-making, and allocate resources. The non-IFRS performance measures are intended to provide supplemental information by excluding items that we believe are not representative of core business operating performance. While free cash flow from operations does not represent residual cash available for discretionary uses, we believe that it provides useful supplemental information regarding our ability to generate cash from ongoing operations to fund investments, including acquisitions, and to support capital allocation decisions.

Adjusted net income is defined as net income adjusted to exclude (i) profit (loss) from discontinued operations, (ii) gain (loss) on investments in unconsolidated entities, (iii) non-recurring expenses, (iv) impairment of non-financial assets, (v) amortization of acquired intangible assets, (vi) share-based compensation expenses, and (vii) the income tax effect of these adjustments. Adjusted net income margin is calculated as adjusted net income divided by revenue. Adjusted diluted earnings per share is calculated as adjusted net income divided by the diluted weighted average number of shares outstanding.

Adjusted EBITDA is defined as net income adjusted to exclude (i) profit (loss) from discontinued operations, (ii) income tax expense, (iii) net finance income (expense), (iv) gain (loss) on long-term investments in unconsolidated entities, (v) non-recurring expenses, (vi) impairment of non-financial assets, (vii) depreciation and amortization, (viii) share-based compensation expenses, and (ix) other operating income. Adjusted EBITDA margin is calculated as adjusted EBITDA divided by revenue.

Free cash flow from operations is defined as net cash flows from (used in) operating activities less (i) purchases of fixed and intangible assets, (ii) development expenditure and (iii) payment of lease liabilities.

We believe these non-IFRS financial measures are useful to investors because they facilitate period-to-period comparisons of operating performance and are consistent with how management evaluates the business. These measures should not be considered in isolation or as substitutes for, or superior to, the financial information prepared in accordance with IFRS Accounting Standards. Our definitions of adjusted net income, adjusted EBITDA, adjusted diluted earnings per share and free cash flow from operations may differ from similarly-titled measures used by other companies. In addition, these measures may be limited in their usefulness because they do not present the full economic effects of certain items of income, expenses and cash flows. We address the limitations of these non-IFRS financial measures by providing reconciliations from the most closely comparable IFRS financial measures in the section titled "Reconciliations of Non-IFRS Financial Measures" included at the end of this earnings press release. Investors are encouraged to review these reconciliations and to consider non-IFRS financial measures together with our IFRS results.

Forward-Looking Statements

This press release contains statements of a forward-looking nature. These statements include, but are not limited to, statements relating to our expectations regarding our business, strategy, products, services, outlook and guidance. Forward-looking statements are based on management's current expectations and assumptions and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by the forward-looking statements.

Important factors that could cause actual results to differ materially include, among others: (i) our ability to attract, retain, and engage users and to increase ARPU; (ii) changes in macroeconomic conditions, including inflationary pressures, interest rates, consumer and advertiser spending trends, and the effects of higher energy prices and market volatility; (iii) our ability to maintain and improve monetization from query and revenue-sharing arrangements, including dependence on major partners and changes in their commercial terms, policies, algorithms, or distribution mechanics; (iv) changes by platform providers (including mobile operating systems, app stores, and device manufacturers) that could affect distribution, product functionality, data access, attribution, or monetization; (v) competition in browsers, AI-enabled user experiences, digital advertising, and consumer internet products; (vi) the successful development, deployment, adoption, and monetization of new products and features, including AI initiatives, and the costs and risks associated with them; (vii) privacy, data protection, consumer protection, competition/antitrust, online safety, and other laws and regulations (including changes in interpretation, enforcement, or compliance obligations) and related litigation or regulatory inquiries; (viii) security incidents, service disruptions, outages, and failures of our or third parties' systems; (ix) our ability to manage operational, technical, and infrastructure costs, including hosting and distribution costs, and to scale effectively; (x) foreign currency exchange rate fluctuations and other market volatility; (xi) geopolitical events, including armed conflicts, sanctions, trade or shipping disruptions, or other instability in the Middle East and other regions, and their effects on energy prices, inflation, financial markets, supply chains, and broader economic conditions; (xii) our ability to attract and retain key personnel; and (xiii) other risks and uncertainties described under "Risk Factors" in our most recent Annual Report on Form 20-F and in our other filings and submissions with the U.S. Securities and Exchange Commission.

All information provided in this press release is as of the date hereof and is based on assumptions that the Company believes to be reasonable as of this date, and it undertakes no obligation to update any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that its expectations will turn out to be correct, and investors are cautioned that actual results may differ materially from the anticipated results.

About Opera

Opera is a user-centric and innovative software company focused on enabling the best possible internet browsing experience across devices. Hundreds of millions worldwide use Opera's mobile and desktop browsers for their speed, security, and unique features, enhanced with integrated AI that enables users to navigate and interact with the web in new transformative ways. Founded in 1995 and headquartered in Oslo, Norway, Opera is listed on the Nasdaq stock exchange under the ticker symbol "OPRA". Download Opera products from opera.com and learn more about Opera at investor.opera.com.

Opera Limited
Consolidated Statement of Operations
(In thousands, except per share amounts, unaudited)

Three Months Ended
June 30,

Six Months Ended
June 30,

2025

2026

2025

2026

Revenue

$

142,962

$

178,068

$

285,678

$

353,839

Other operating income

18

44

1

90

Operating expenses:

Technology and platform fees

(2,290)

(2,517)

(4,527)

(4,940)

Content cost

(1,517)

(1,814)

(2,439)

(3,292)

Cost of inventory sold

(47,055)

(63,159)

(94,588)

(124,013)

Personnel expenses excluding share-based compensation

(18,657)

(23,068)

(36,225)

(44,614)

Share-based compensation expenses

(8,764)

(7,835)

(14,764)

(14,242)

Marketing and distribution expenses

(33,994)

(36,181)

(68,198)

(74,698)

Credit loss expense

166

116

6

(324)

Depreciation and amortization

(4,634)

(5,431)

(9,067)

(10,636)

Impairment of non-financial assets

(605)

(3,298)

(1,338)

(3,967)

Other operating expenses

(7,521)

(9,015)

(15,354)

(17,530)

Total operating expenses

(124,870)

(152,203)

(246,496)

(298,257)

Operating profit

18,109

25,909

39,184

55,672

Share of net income (loss) of equity-accounted investees

(8)

872

(15)

853

Fair value gain on long-term investments

—

6,300

—

6,300

Net finance income (expense):

Finance income

894

885

1,572

1,709

Finance expense

(223)

(109)

(343)

(225)

Net foreign exchange gain (loss)

(1,009)

(168)

(1,845)

(734)

Net finance income (expense)

(338)

607

(615)

750

Income before income taxes

17,763

33,689

38,553

63,575

Income tax expense

(2,087)

(6,139)

(4,595)

(11,239)

Net income attributable to Opera shareholders

$

15,676

$

27,550

$

33,959

$

52,336

Earnings per share:

Basic

$

0.18

$

0.31

$

0.38

$

0.58

Diluted

$

0.17

$

0.30

$

0.38

$

0.57

Weighted-average number of shares outstanding:

Basic

89,505

89,235

89,495

90,490

Diluted

90,316

91,076

90,305

91,466

Opera Limited
Consolidated Statement of Comprehensive Income
(In thousands, unaudited)

Three Months Ended
June 30,

Six Months Ended
June 30,

2025

2026

2025

2026

Net income

$

15,676

$

27,550

$

33,959

$

52,336

Other comprehensive income (loss):

Items that may be reclassified to the Statement of Operations:

Exchange differences on translation of foreign operations

1,960

32

3,113

173

Other comprehensive income (loss)

1,960

32

3,113

173

Total comprehensive income attributable to Opera shareholders

$

17,636

$

27,582

$

37,072

$

52,509

Opera Limited
Consolidated Statement of Financial Position
(In thousands, unaudited)

As of December 31,

As of June 30,

2025

2026

Assets:

Property and equipment

$

32,744

$

32,114

Goodwill

430,323

430,204

Intangible assets

98,898

108,535

Investment in OPay

294,600

300,900

Equity-accounted investments

4,016

6,119

Other non-current investments and financial assets

1,625

1,717

Deferred tax assets

1,585

1,575

Total non-current assets

863,792

881,163

Trade receivables

112,593

122,196

Other current receivables

7,033

6,904

Cash and cash equivalents

155,466

145,214

Other current assets

4,367

6,660

Total current assets

279,459

280,974

Total assets

$

1,143,251

$

1,162,138

Equity:

Share capital

$

18

$

18

Additional paid-in capital

576,046

540,168

Treasury shares

(238,815)

(266,897)

Retained earnings

674,735

741,189

Foreign currency translation reserve

(1,268)

(1,095)

Total equity attributable to Opera shareholders

1,010,716

1,013,383

Liabilities:

Non-current lease liabilities

4,544

3,238

Deferred tax liabilities

9,212

8,304

Other non-current liabilities

10

1

Total non-current liabilities

13,766

11,543

Trade and other payables

89,520

92,253

Current lease liabilities

3,866

4,764

Income tax payable

6,610

8,072

Deferred revenue

4,499

13,301

Other current liabilities

14,273

18,822

Total current liabilities

118,768

137,212

Total liabilities

132,535

148,755

Total equity and liabilities

$

1,143,251

$

1,162,138

Opera Limited
Consolidated Statement of Changes in Equity
(In thousands, except number of shares, unaudited)

For the six months ended June 30, 2025:

Number of
shares
outstanding

Share
capital

Additional
paid-in
capital

Treasury
shares

Retained
earnings

Foreign
currency
translation
reserve

Total equity
attributable
to Opera shareholders

As of January 1, 2025

88,480,154

$

18

$

647,212

$

(238,815)

$

536,623

$

(4,938)

$

940,100

Net income

—

—

—

—

33,959

—

33,959

Other comprehensive income

—

—

—

—

—

3,113

3,113

Cost of equity awards, net of tax

—

—

—

—

13,984

—

13,984

Issuance of shares upon exercise of equity awards

1,033,137

—

—

—

—

—

—

Dividends

—

—

(35,395)

—

—

—

(35,395)

As of June 30, 2025

89,513,291

$

18

$

611,818

$

(238,815)

$

584,566

$

(1,825)

$

955,761

For the six months ended June 30, 2026:

Number of
shares
outstanding

Share
capital

Additional
paid-in
capital

Treasury
shares

Retained
earnings

Foreign
currency
translation
reserve

Total equity
attributable
to Opera
shareholders

As of January 1, 2026

89,648,056

$

18

$

576,046

$

(238,815)

$

674,735

$

(1,268)

$

1,010,716

Net income

—

—

—

—

52,336

—

52,336

Other comprehensive income

—

—

—

—

—

173

173

Cost of equity awards, net of tax

—

—

—

—

14,118

—

14,118

Issuance of shares upon exercise of equity awards

1,045,522

—

—

—

—

—

—

Share repurchases (1)

(1,776,194)

—

—

(28,083)

—

—

(28,083)

Dividends

—

—

(35,878)

—

—

—

(35,878)

As of June 30, 2026

88,917,384

$

18

$

540,168

$

(266,897)

$

741,189

$

(1,095)

$

1,013,383

(1)

Includes ADSs repurchased from the public market and ordinary shares repurchased or agreed to be repurchased from our majority shareholder on a pro rata basis under a share purchase agreement. Within the totals, 53,902 shares subject to a binding repurchase agreement with the majority shareholder have been reflected, corresponding to a redemption obligation of $1.0 million recognized in equity as of period-end, with delivery of the shares and cash settlement taking place in the subsequent quarter.

Opera Limited
Consolidated Statement of Cash Flows
(In thousands, unaudited)

Three Months Ended
June 30,

Six Months Ended
June 30,

2025

2026

2025

2026

Cash flows from operating activities:

Income before income taxes

$

17,763

$

33,689

$

38,553

$

63,575

Adjustments to reconcile income before income taxes to net cash
flow from operating activities:

Net finance (income) expense

338

(607)

615

(750)

Fair value gain on long-term investments

—

(6,300)

—

(6,300)

Share of net (income) loss of equity-accounted investees

8

(872)

15

(853)

Impairment of non-financial assets

605

3,298

1,338

3,967

Depreciation and amortization

4,634

5,431

9,067

10,636

Cost of equity awards

8,259

6,916

14,020

12,949

Other adjustments

(374)

(720)

(945)

(1,924)

Changes in working capital:

Trade and other receivables

5,311

(14,415)

(5,723)

(8,892)

Other current assets

182

(177)

619

(2,462)

Trade and other payables

8,630

2,140

1,937

2,483

Deferred revenue

(226)

113

(1,276)

(1,789)

Other liabilities

(6,552)

822

(3,411)

3,535

Income taxes paid

(5,460)

(7,125)

(5,747)

(9,839)

Net cash flow from operating activities

33,119

22,192

49,063

64,337

Cash flows from investing activities:

Purchase of equipment

(389)

(953)

(985)

(3,419)

Development expenditure

(2,476)

(2,990)

(4,707)

(5,872)

Investment in an associate

—

—

(1,250)

(1,250)

Interest received

894

885

1,572

1,709

Net cash flow used in investing activities

(1,971)

(3,059)

(5,370)

(8,832)

Cash flows from financing activities:

Share repurchases

—

(14,233)

—

(27,078)

Dividends paid

—

—

(35,395)

(35,878)

Payment of lease liabilities

(1,181)

(1,336)

(2,272)

(2,629)

Interest paid

(189)

(109)

(309)

(225)

Net cash flow used in financing activities

(1,370)

(15,678)

(37,976)

(65,810)

Net change in cash and cash equivalents

29,777

3,454

5,717

(10,306)

Cash and cash equivalents at beginning of period

103,546

141,903

126,797

155,466

Effect of exchange rate changes on cash and cash equivalents

500

(143)

1,308

54

Cash and cash equivalents at end of period

$

133,823

$

145,214

$

133,823

$

145,214

Opera Limited
Supplemental Financial Information
(In thousands, unaudited)

Revenue

The following table presents revenue disaggregated by type:

Three Months Ended
June 30,

Six Months Ended
June 30,

2025

2026

2025

2026

Advertising

$

91,148

$

115,356

$

185,774

$

232,348

Query

51,334

62,094

98,900

120,392

Other revenue

480

618

1,004

1,100

Total revenue

$

142,962

$

178,068

$

285,678

$

353,839

Share-based Compensation Expenses

The table below presents the amounts of share-based compensation expenses:

Three Months Ended
June 30,

Six Months Ended
June 30,

2025

2026

2025

2026

Cost of Opera-granted awards

$

(6,990)

$

(5,975)

$

(14,288)

$

(10,402)

Cost of parent-granted awards (1)

(1,269)

(941)

268

(2,547)

Total cost of equity awards

(8,259)

(6,916)

(14,020)

(12,949)

Social security contributions for Opera-granted awards

(504)

(920)

(744)

(1,292)

Total share-based compensation expenses

$

(8,764)

$

(7,835)

$

(14,764)

$

(14,242)

(1)

Kunlun, the majority shareholder of Opera, has granted equity awards to Opera employees as compensation for services provided to Opera. Opera does not have any obligation to settle the awards granted by Kunlun and such awards do not lead to dilution for Opera shareholders.

Other Operating Expenses

The table below presents the items of other operating expenses:

Three Months Ended
June 30,

Six Months Ended
June 30,

2025

2026

2025

2026

Hosting

$

(3,240)

$

(4,736)

$

(6,170)

$

(9,096)

Audit, legal and other advisory services

(1,699)

(1,246)

(3,902)

(1,651)

Software license fees

(836)

(958)

(1,675)

(1,885)

Rent and other office expenses

(506)

(627)

(1,137)

(1,253)

Travel

(512)

(683)

(1,011)

(1,168)

Other

(727)

(766)

(1,460)

(2,477)

Total other operating expenses

$

(7,521)

$

(9,015)

$

(15,354)

$

(17,530)

Opera Limited
Reconciliations of Non-IFRS Financial Measures
(In thousands, except per share amounts, unaudited)

The following table presents a reconciliation of net income to adjusted net income:

Three Months Ended
June 30,

Six Months Ended
June 30,

2025

2026

2025

2026

Net income

$

15,676

$

27,550

$

33,959

$

52,336

Add (deduct):

Fair value (gain) on long-term investments

—

(6,300)

—

(6,300)

Share of net (income) loss of equity-accounted investees

8

(872)

15

(853)

Impairment of non-financial assets

605

3,298

1,338

3,967

Amortization of acquired intangible assets

645

645

1,290

1,290

Share-based compensation expenses

8,764

7,835

14,764

14,242

Income tax effect on adjustments

(1,975)

(2,133)

(3,489)

(3,484)

Adjusted net income

$

23,723

$

30,022

$

47,878

$

61,198

Diluted weighted-average number of shares outstanding

90,316

91,076

90,305

91,466

Adjusted diluted earnings per share

$

0.26

$

0.33

$

0.53

$

0.67

The following table is a reconciliation of net income to adjusted EBITDA:

Three Months Ended
June 30,

Six Months Ended
June 30,

2025

2026

2025

2026

Net income

$

15,676

$

27,550

$

33,959

$

52,336

Add (deduct):

Income tax expense

2,087

6,139

4,595

11,239

Net finance (income) expense

338

(607)

615

(750)

Fair value (gain) on long-term investments

—

(6,300)

—

(6,300)

Share of net (income) loss of equity-accounted investees

8

(872)

15

(853)

Impairment of non-financial assets

605

3,298

1,338

3,967

Depreciation and amortization

4,634

5,431

9,067

10,636

Share-based compensation expenses

8,764

7,835

14,764

14,242

Other operating income

(18)

(44)

(1)

(90)

Adjusted EBITDA

$

32,094

$

42,429

$

64,352

$

84,427

The table below reconciles net cash flow from operating activities to free cash flow from operations:

Three Months Ended
June 30,

Six Months Ended
June 30,

2025

2026

2025

2026

Net cash flow from operating activities

$

33,119

$

22,192

$

49,063

$

64,337

Deduct:

Purchase of equipment

(389)

(953)

(985)

(3,419)

Development expenditure

(2,476)

(2,990)

(4,707)

(5,872)

Payment of lease liabilities

(1,181)

(1,336)

(2,272)

(2,629)

Free cash flow from operations

$

29,073

$

16,912

$

41,099

$

52,417

SOURCE Opera Limited

LONDON, Ontario, Aug. 19, 2026 (GLOBE NEWSWIRE) -- Aduro Clean Technologies Inc. (“Aduro” or the “Company”) (Nasdaq: ADUR) (TSX: ACT) (FSE: 9D5), a clean technology company using the power of chemistry to transform lower-value feedstocks, like waste plastics, heavy bitumen, and renewable oils, into resources for the 21st century, today announced the selection of Saipem S.p.A. (“Saipem”) for Early Works and Services supporting the development of Aduro's planned First-of-a-Kind (“FOAK”) Hydrochemolytic™ Technology ("HCT") Facility at Chemelot in the Netherlands. Early Works activities are expected to be funded from the Company’s existing cash resources and are not expected to require additional financing.

Saipem, a global leader in the engineering and construction of major projects for the energy and infrastructure sectors, both offshore and onshore, is recognized globally for delivering complex industrial and energy infrastructure projects and brings extensive experience in process engineering, modular project execution, downstream facilities, and industrial-scale technology deployment. Aduro believes this expertise will strengthen engineering and execution planning while supporting efficient progression toward industrial operation.

The selection follows a comprehensive evaluation process and establishes the engineering and project execution framework for Aduro's FOAK Program. The two companies intend to advance the project through a structured, stage-gated execution model that aligns engineering development with technical validation, supporting disciplined progression from pilot-scale operations toward industrial deployment.

The initial phase of the collaboration focuses on early engineering and procurement activities, including review of the Process Design Package, optimization of critical equipment packages, preliminary utility integration, and capital cost refinement. These activities are intended to mature the project definition while incorporating operating data generated through Aduro's Next Generation Process (“NGP”) Pilot Plant. Subject to successful completion of each development stage, the parties’ continued evaluation of the project, and the execution of definitive agreements, the collaboration is expected to progress through Front-End Engineering Design (“FEED”), detailed engineering, procurement, construction, commissioning, and start-up.

Aduro has intentionally aligned engineering activities with its ongoing pilot operating campaigns. This integrated approach enables lessons learned through pilot operations to be incorporated directly into the industrial design, reducing execution risk while strengthening the reference design for future commercial deployment. With Saipem engaged during the engineering readiness stage, Aduro expects the company's vast engineering and project execution experience to further help refine the planned facility design, validate key engineering assumptions, and support preparation for a potential FEED phase.

The planned FOAK Plant represents the next step in Aduro's commercialization strategy by providing the initial industrial-scale implementation of Hydrochemolytic™ Technology. The broader FOAK Facility is intended to establish the engineering, operating, and economic foundation for future commercial plants and provide a repeatable execution model for subsequent deployments.

“Selecting Saipem represents an important milestone in the industrialization of Hydrochemolytic™ Technology,” said Ofer Vicus, Chief Executive Officer of Aduro. “As we transition from pilot-scale toward industrial implementation, it was important to select a partner with deep experience delivering complex process facilities and bringing innovative technologies into commercial operation. Equally important is our shared commitment to a disciplined, stage-gated approach that allows engineering decisions to evolve alongside the operational knowledge we continue to generate through our NGP Pilot Plant. We believe this integrated development model strengthens the technical foundation of the FOAK Plant while reducing execution risk and improving long-term scalability.”

Vicus added, “By engaging with Saipem at an early stage, we can work together to optimize process and engineering decisions, procurement strategies, constructability, and overall project execution as the project advances through its planned development phases.”

The FOAK Facility is planned for Chemelot Industrial Park in the Netherlands, where Aduro has been advancing multiple parallel workstreams including permitting, site integration, feedstock logistics, customer engagement, engineering development, and commercialization planning. The engagement with Saipem represents another foundational element of the broader FOAK Program, complementing these activities as the Company continues advancing toward industrial deployment.

About Aduro Clean Technologies

Aduro Clean Technologies is a developer of patented water-based technologies to chemically recycle waste plastics; convert heavy crude and bitumen into lighter, more valuable oil; and transform renewable oils into higher-value fuels or renewable chemicals. The Company’s Hydrochemolytic™ technology relies on water as a critical agent in a chemistry platform that operates at relatively low temperatures and cost, a game-changing approach that converts low-value feedstocks into resources for the 21st century. For more information, visit https://www.adurocleantech.com

For further information, please contact:

Abe Dyck
Head of Corporate Development / Investor Relations
[email protected]
+1 226 784 8889

Forward-Looking Statements

This news release contains “forward-looking information” within the meaning of applicable Canadian securities laws and “forward-looking statements” within the meaning of applicable U.S. securities laws, including the U.S. Private Securities Litigation Reform Act of 1995.

Forward-looking information in this news release includes, but is not limited to, statements regarding the Conditional Letter of Award with Saipem; the anticipated scope, timing, objectives, and potential benefits of the Early Works/Services; the expectation that the Early Works activities will be funded from the Company’s existing cash resources and will not require additional financing; the potential execution of a full FEED services contract; the potential progression of the collaboration through FEED, detailed engineering, procurement, construction, commissioning, and start-up, subject to successful completion of each development stage, continued evaluation of the project, and execution of definitive agreements; the planned development and advancement of the Company’s FOAK Plant and broader FOAK Program at Chemelot; the expected role of engineering, procurement support, capital cost review, and pilot data in supporting the project; the Company’s NGP Pilot Plant operating campaigns; the intended role of the FOAK Facility in establishing an engineering, operating, and economic foundation for future commercial plants and informing subsequent deployments; the potential industrial implementation of Hydrochemolytic™ Technology; and the Company’s broader scale-up and commercialization pathway.

Forward-looking information is based on management’s current expectations, estimates, projections, and assumptions, and is subject to known and unknown risks, uncertainties, and other factors that may cause actual results, performance, or achievements to differ materially from those expressed or implied. These risks include, but are not limited to, the possibility that the parties may not enter into a full FEED services contract; changes to the scope, timing, cost, or outcome of the Early Works/Services; engineering, procurement, permitting, financing, construction, commissioning, and scale-up risks; availability and performance of critical equipment; the Company’s ability to generate sufficient pilot data to support design decisions; the ability to secure and maintain required commercial, feedstock, offtake, and project agreements; changes in market, regulatory, or economic conditions; availability of capital; and other risks described in the Company’s public disclosure filings available on SEDAR+ at www.sedarplus.ca and with the U.S. Securities and Exchange Commission at www.sec.gov.

Readers are cautioned not to place undue reliance on forward-looking information, which speaks only as of the date of this news release. Except as required by applicable law, Aduro undertakes no obligation to update or revise any forward-looking information.

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NYU Stern professor and Prof G Markets host Scott Galloway told listeners this week that SpaceX (NASDAQ:SPCX | SPCX Price Prediction) shares are worth a fraction of where they trade today. On an episode released around Monday, Aug. 17 to 18, 2026, he said the stock is “still crazy overvalued. I think this is a $10 to $30 stock.” Measured against the Aug. 17 close of $146.23, that range implies roughly 79% to 93% downside. Shares then closed down 1.98% at $143.34 on Aug. 18.

The Unusual IPO That Set the Stage SpaceX (NASDAQ:SPCX) price and key stats:

SpaceX priced at $135 per share on June 11, 2026 and began trading the next day on NASDAQ, implying a valuation of roughly $1.75 to $1.77 trillion at the IPO price. CNBC reported the stock closed up 19% at $161 on debut. Only about 4.2% of total equity floated publicly (555.6 million Class A shares), with retail earmarked 30% of the float, three times the mega-cap IPO norm. The offering represented a 61% premium to the December 2025 tender-offer valuation of roughly $800 billion. SpaceX was fast-tracked into the NASDAQ-100 effective July 7, 2026, forcing QQQ-tracking funds to buy. Around June 23, 2026, less than two weeks after listing, the company priced a $25 billion bond offering that drew nearly $89 billion in orders, even though it already held $100.8 billion in cash.

Galloway’s Three-Part Bear Case Galloway’s argument rests on three pillars. First, an artificially scarce public float of only 4% to 5% of shares, combined with forced index-fund buying from NASDAQ-100 inclusion, inflates the price through market mechanics rather than fundamentals. Second, he cast Elon Musk’s talent in financial terms, saying “Musk will go down as the greatest engineer of our time, but as a financial engineer,” framing the valuation as substantially a function of Musk’s ability to generate investor enthusiasm. Third, the $25 billion bond raise despite $100.8 billion in cash shows investors pricing in speculative AI-infrastructure ambitions well beyond the existing rocket and satellite businesses.

Galloway said he would not personally short the stock, because Musk’s ability to drive investor enthusiasm could keep pushing the price higher regardless of fundamentals. His $10 to $30 range reflects an attributed opinion about intrinsic value rather than a forecast of where shares will trade.

The Aug. 20 Supply Overhang A structural share unlock is scheduled. A 319 million-share unlock is set for Aug. 20, 2026, and roughly 4.9 billion shares, about 70% of non-Musk holdings, will unlock by the end of 2026. The stock fell as much as 4% intraday the day after Galloway’s comments before paring losses, with reporting attributing the move to a mix of his remarks and investors weighing the looming unlock.

The Bull Case Cuts the Other Way Wall Street disagrees. Consensus is a Moderate Buy with an average 12-month price target of roughly $226 to $232, implying 55% to 62% upside. A Yahoo Finance opinion piece argues the absence of a clean comparable is a feature of SpaceX’s uniqueness rather than evidence of an unanchored price, noting Amazon and Alphabet also lacked clean IPO-era comparables and later reached $2.7 trillion and $4.1 trillion. The same piece argues SpaceX’s three integrated businesses (reusable heavy-lift launch, a newly profitable Starlink broadband unit, national security contracts) have no public equivalent, and that gains have tracked concrete milestones, citing prediction markets pricing SpaceX around $1.5 to $2.5 trillion.

Operating momentum is real. Q2 2026 revenue of $7.81 billion beat the $6.82 billion consensus, EPS came in at -$0.09 versus a -$0.29 estimate, and adjusted EBITDA was $3.54 billion, up 191% year over year. Starlink subscribers doubled to 12.0 million and AI segment revenue grew 247%, per the company’s Aug. 4 earnings release.

What to Watch The Aug. 20 unlock is the near-term test. It will show how much of SPCX’s price reflects scarcity from a 4.2% float pinned by index buying, and how much reflects durable demand for a business generating 92% revenue growth with a $47.50 billion backlog. Galloway’s bear case rests on real mechanics. The bull case rests on real precedent and operating momentum. The unlocks will pressure both.

Contact [email protected] for any questions or corrections.

Prediction market traders now see little chance that Google releases its next flagship Gemini Pro artificial intelligence model before September, underlining a delay that has dragged on for most of the year.

On Polymarket, the largest betting exchange for real-world events, contracts give just a 2% chance of a release by 21 August and 10% by the end of the month, with the latter down 35 points.

The odds do not clear 50% until 30 September, priced at 47%, and reach 71% only by 31 October.

More than $1.1 million has been wagered on the market, making it one of the busier technology contracts on the platform.

The pessimism reflects a troubled development cycle for Gemini 3.5 Pro, the model most traders are watching.

Sundar Pichai, the Alphabet chief executive, told developers at Google's I/O conference in May that the model would arrive within a month.

That deadline passed, as did a widely reported July target, in what has become the company's third delay since June.

Google has instead shipped a series of cheaper, faster Gemini Flash models, releasing another version on 13 August without giving any date for the Pro edition.

Reports have pointed to persistent problems with coding performance and reliability, alongside the departure of senior researchers from its DeepMind AI unit.

The company is thought to have rebuilt the model from its foundations after it fell short of internal quality benchmarks.

Rivals have pressed their advantage during the gap, with OpenAI's GPT-5.6 and Anthropic's Claude models shipping on schedule.

The stakes are high for Alphabet, whose shares fell more than 4% in July after Bloomberg reported the setback, wiping out roughly $200 billion in market value.

For now, the current flagship remains Gemini 3.1 Pro, which dates back to February.

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Nvidia's effective monopoly over the most powerful chips has made U.S. export controls a key tool in Washington's effort to preserve its advantage over China in the AI race.

But despite U.S. restrictions on exporting the company's most advanced semiconductors, including GB300s, several Chinese firms have reportedly been able to access the chips' compute power via data centers in Southeast Asia.

Less than a week after Moonshot AI released a new model in July, White House official Michael Kratsios accused the company of using Nvidia's GB300 chips via a facility in Thailand.

Moonshot's Kimi K3 is one of a wave of new Chinese AI models that have made leaps in performance in recent months, as the race for AI supremacy between Washington and Beijing intensifies. DeepSeek and Alibaba have also recently released new AI systems that have scored well on performance benchmarks.

Industry watchers say access to advanced compute via overseas cloud providers is a key factor in Chinese AI models gaining capability. U.S. legislation is being discussed to plug this loophole, but hurdles remain before it can have an impact.

How Chinese firms access Nvidia computing power overseasNvidia's most advanced AI chips are under export restrictions to China, though some less capable semiconductors are allowed to be shipped to the country.

Cassia King, senior researcher on the Compute Policy team at the Institute for AI Policy and Strategy, told CNBC that Moonshot's reported access to compute through a Thai facility was legal "so long as Moonshot isn't actually buying and owning the physical hardware directly."

She said the U.S. export control regime "controls physical AI chips. It does not cover remote access to those chips."

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When asked about Chinese firms accessing Nvidia compute overseas to train AI models, a White House official told CNBC: "The Trump administration has implemented the most rigorous export control regime in modern history, and remains committed to safeguarding America's national and economic security."

The U.S. Department of Commerce and Bureau of Industry and Security (BIS) did not respond to a request for comment.

Chinese hyperscalers including ByteDance, Alibaba and Tencent have reportedly accessed compute power from Nvidia chips remotely via other Asian nations, including Thailand, Malaysia and Japan. ByteDance and Tencent did not respond to a request for comment. Alibaba declined to comment.

ByteDance was working with Singapore-headquartered Aolani, a cloud provider with Nvidia chips, to access compute in Malaysia, according to a source familiar with the matter, who asked to remain anonymous when discussing private information. The Wall Street Journal first reported the arrangement in March.

Aolani told CNBC it worked "with a global and diversified customer base spanning customers from North America and Asia."

"The companies we service do not have ownership, potential future claim or physical access to the chips that power our solutions," the spokesperson added. "Any permitted access to our services, infrastructure or technology is fully compliant with all applicable regulations."

AI infrastructure buildouts in Southeast Asia are booming as companies look to tap the growing market for advanced compute.

Real estate company JLL estimates that global data center capacity could roughly double to 200GW by 2030.

There are 31 planned 100MW+ data centers across Malaysia, Indonesia and Thailand, compared to just two today, according to data compiled by DC Byte.

What the Remote Access Security Act would changeMichelle Nie, a visiting fellow in technology and national security at think tank Center for a New American Security, told CNBC that loophole was "threatening U.S. national security."

"The point of chip export controls is to deny China the ability to train frontier AI using advanced U.S. chips," she added.

A proposed piece of legislation, the Remote Access Security Act (RASA), seeks to expand U.S. export controls to include the remote cloud-based access of critical hardware and software. It passed the House of Representatives in January but has yet to pass the Senate.

It faces potential industry pushback, Nie said, adding: "Cloud providers would bear the compliance burden of any KYC and customer verification requirements mandated by the bill."

The passing of RASA alone wouldn't solve the problem, Nie added, saying it would give the U.S. government "the authority to regulate remote access," but it "would still need to create a rule to export-control remote access to advanced chips."

The Bureau of Industry and Security (BIS) could push through a rule quickly, possibly in a "matter of days" with White House support, said King.

"The challenge will be in making a rule that's effective and enforceable," she added. "Policymakers will need to decide what compute is covered, who should be prohibited from remotely accessing the compute, and how to implement a robust know-your-customer scheme."