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Michael Burry is becoming more aggressive against the AI trade, but one company he has criticised remains off limits: CoreWeave.

The “Big Short” investor has retained put options on Nvidia and Palantir, increased his Micron short and replaced losing semiconductor ETF puts with a larger bearish position in the Nasdaq-heavy QQQ.

Yet Burry says CoreWeave is too dangerous to short because its limited float, retail following and volatility can overwhelm fundamentals.

His decision is tactical rather than bullish. CoreWeave may be one of the AI companies Burry distrusts most, but it is also the one he sees as most capable of punishing bearish traders.

Burry said his current bearish exposure resembles, and may be even more aggressive in some respects than, his positioning around the 2020 market crash.

His latest portfolio update shows QQQ puts representing about 6% of the portfolio after he exited losing SOXX puts.

An outright SOXX short remains his largest bearish position at roughly 7%, while he retained Nvidia and Palantir puts and increased his Micron short as the memory stock approached $1,000.

Burry has also increased cash to about 12% as partial preparation for a broader decline.

His concern stretches beyond valuations. Burry argues that AI companies increasingly finance one another and recycle capital through the same ecosystem, while growing debt introduces a real cost of capital.

He has identified 2028 as a possible point when excess compute capacity becomes more visible.

CoreWeave would appear to fit Burry’s thesis perfectly.

Earlier this year, he criticised its debt-funded GPU spending, rapid depreciation and customer concentration, comparing the AI cloud provider unfavourably with infrastructure businesses from the dot-com era.

But when asked whether CoreWeave was an attractive short, Burry focused instead on trading risk.

“CRWV has more of a meme vibe,” he said, according to Stocktwits, adding that he would rather avoid shorting the leading candidate for “memesville.”

This week demonstrated the danger.

CoreWeave shares surged more than 19% on Wednesday after second-quarter revenue more than doubled to $2.58 billion.

Revenue backlog reached $104.2 billion, while the company raised its 2026 revenue outlook to $12.4 billion-$13.2 billion.

Bernstein analyst Madison Rezaei, previously critical of CoreWeave’s execution, acknowledged after the results that “in this quarter, they delivered.” She nevertheless retained an Underperform view, with debt and longer-term AI-compute economics still concerns.

The contradiction captures Burry’s problem: questionable fundamentals do not guarantee a falling stock.

Burry is betting against a market where many analysts still see demand, not excess capacity, as the dominant issue.

Brad Neuman, director of market strategy at Alger, told Business Insider that investors should be “more worried about supply than demand,” pointing to constraints around data centres and grid connections.

Micron offers another sharp disagreement. Mizuho analyst Vijay Rakesh reiterated an Outperform rating and $1,375 target this week, arguing that tight DRAM and NAND conditions could persist through 2027 and support unusually high margins.

Nvidia also retains strong analyst support. Bank of America’s Vivek Arya described Nvidia’s new third-party AI infrastructure financing platform as structurally bullish because it shifts much of the capital burden away from Nvidia while reinforcing its CUDA ecosystem.

Quarterly cash dividend increased 19 percent to $0.86 per share
16th consecutive year Cboe has increased its dividend

, /PRNewswire/ -- Cboe Global Markets, Inc. (Cboe: CBOE), a leading global markets operator and pioneer in equity and index derivatives, today announced its Board of Directors has declared an increased quarterly cash dividend of $0.86 per share of common stock for the third quarter of 2026, representing a 19 percent increase from the prior quarter's dividend of $0.72 per share.

The third-quarter 2026 dividend is payable on September 15, 2026, to stockholders of record as of August 31, 2026.

About Cboe Global Markets

Cboe Global Markets (Cboe: CBOE) is a leading global markets operator with a long history of innovation in equity and index derivatives. Since launching the world's first listed options exchange in 1973, Cboe has pioneered landmark products, including the introduction of S&P 500® index options and the creation of the VIX® Index, the world's leading gauge of market volatility, reshaping how investors manage risk and access opportunity. Today, Cboe operates derivatives, equities, and FX markets, providing trading, clearing, and investment solutions for customers worldwide. To learn more, visit www.cboe.com.

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Merck will leverage SCRI’s Accelero™ delivery model to streamline trial operations with the goal of expanding patient access to cancer clinical research in the community setting

NASHVILLE, Tenn.--(BUSINESS WIRE)--Sarah Cannon Research Institute (SCRI), one of the world’s leading oncology research organizations conducting community-based clinical trials, announced a strategic collaboration with Merck, known as MSD outside the United States and Canada, to utilize SCRI’s Accelero™ delivery model designed to expand patient access to oncology clinical trials at community-based sites across the U.S.

The oncology clinical research landscape is rapidly evolving, as study designs become more complex, patient eligibility criteria more precise, and the heightened urgency to bring breakthrough science to patients faster continues to grow. These dynamics require modern clinical trial delivery models that are more efficient, data-enabled, and accessible for patients in community settings. SCRI and Merck are working together to address the challenges by advancing a scalable approach to oncology trial execution.

“At Merck, we are focused on advancing research to better understand cancer and potential therapeutic approaches. By leveraging the Accelero™ delivery model, we have the potential to reach patients faster, reduce protocol complexity, and make oncology clinical studies more accessible in the communities where patients live,” said Jennifer Coppola, Associate Vice President and Regional Head for Global Clinical Trial Operations of North America at Merck Research Laboratories.

Through Accelero™, SCRI uses a streamlined operating model to improve the speed and efficiency of oncology drug development. SCRI works closely with its physician network and industry partners to identify specific challenges and tailor fit-for-purpose solutions, including EHR-to-EDC data transfer across portfolios, accelerated site start-up and increased enrollment on high-priority studies. With select industry partners, Accelero™ has delivered site activations up to 50 percent faster than traditional operations, enrollment rates 19 percent higher than the 7 percent national average, and 95 percent fewer data changes than traditional clinical research coordinator data entry processes.1

“Merck has helped shape the modern era of cancer treatment, and we share a commitment to advance the next generation of cancer medicines through innovative approaches,” said Dee Anna Smith, Chief Executive Officer of SCRI. “Together, we are committed to accelerating trial delivery, reduce operational friction, and bring research to patients.”

About Sarah Cannon Research Institute (SCRI)
Sarah Cannon Research Institute (SCRI) is one of the world’s leading oncology research organizations conducting community-based clinical trials. Focused on advancing therapies for patients over the last three decades, SCRI is a leader in drug development. It has conducted more than 900 first-in-human clinical trials since its inception and contributed to pivotal research that has led to the majority of new cancer therapies approved by the FDA in the past decade. SCRI’s research network brings together approximately 1,500 oncology physicians who provide access to clinical trials in SCRI’s research network of over 200 locations in more than 20 states across the U.S. Visit SCRI.com to learn more.

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Applied Materials, Inc. (AMAT) Q3 2026 Earnings Call August 13, 2026 4:30 PM EDT

Company Participants

Michael Sullivan - Corporate Vice President of Investor Relations
Gary Dickerson - President, CEO & Executive Director
Brice Hill - Senior VP, CFO & leads Global Information Services

Conference Call Participants

Christopher Muse - Cantor Fitzgerald & Co., Research Division
Vivek Arya - BofA Securities, Research Division
Stacy Rasgon - Bernstein Institutional Services LLC, Research Division
Timothy Arcuri - UBS Investment Bank, Research Division
Sreekrishnan Sankarnarayanan - TD Cowen, Research Division
Harlan Sur - JPMorgan Chase & Co, Research Division
Blayne Curtis - Jefferies LLC, Research Division
James Schneider - Goldman Sachs Group, Inc., Research Division
Mehdi Hosseini - Susquehanna Financial Group, LLLP, Research Division
Srinivas Pajjuri - RBC Capital Markets, Research Division

Presentation

Operator

Welcome to the Applied Materials Third Quarter of Fiscal 2026 Earnings Call. [Operator Instructions]

I would now like to turn the call over to Mike Sullivan, Corporate Vice President of Investor Relations. Please go ahead.

Michael Sullivan
Corporate Vice President of Investor Relations

Good afternoon, everyone, and thank you for joining today's call. With me are Gary Dickerson, our President and CEO; and Brice Hill, our Chief Financial Officer.

Before we begin, I'd like to remind you that today's call includes forward-looking statements, which are subject to risks and uncertainties that could cause our actual results to differ. Information concerning these risks and uncertainties is discussed in our most recent Form 10-Q and other filings with the SEC.

Today's call also includes non-GAAP financial measures. Reconciliations to GAAP measures can be found in today's earnings press release and in our quarterly earnings materials, which are available on our website at ir.appliedmaterials.com.

In addition, any comments regarding calendar 2026 refer to Q2 of this fiscal year through Q1 of fiscal 2027, which will be a 14-week quarter.

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CRM Stocks Are Hot in 2024 — Should You Hold for 2025 Gains?Freshworks NASDAQ: FRSH CFO Tyler Sloat said the company is positioning its employee experience, or EX, portfolio around enterprise-grade technology designed to avoid the complexity typically associated with larger software platforms.

Speaking during a company webinar, Sloat said Freshworks faces competition in virtually every deal and that its primary differentiator is delivering products that are easy to use, deploy and manage while still providing enterprise capabilities. He said the company’s roots serving small and midsize businesses helped establish that emphasis on usability.

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Freshworks Stock Soars 50% – Is This the Perfect Entry Point?“Our right to win really comes with… being able to deliver an enterprise-grade product without that enterprise-grade complexity,” Sloat said, adding that the approach can also help customers reduce costs relative to competitors.

EX portfolio expands beyond IT ticketing Sloat said Freshworks has broadened its EX offering from core IT service management, or ITSM, ticketing into several adjacent product areas. Those include enterprise service management, or ESM, IT asset management, or ITAM, and IT operations management, or ITOM.

Top 2 CRM Stocks Positioned to Surge Higher With AI in 2025The company’s ESM capabilities are intended to support business functions outside IT, with human resources representing the largest current use case, according to Sloat. He said Freshworks rearchitected its database layer to create separate workspaces with security and compliance controls, allowing functions such as HR to operate separately from IT teams.

Freshworks also expanded its ITAM capabilities through its acquisition of Device42. Sloat said the company initially partnered with and resold Device42’s product before acquiring the business. Freshworks has since rewritten the configuration management database, or CMDB, in its Freshservice product to incorporate Device42 capabilities in a cloud framework.

ITOM is the next major area of focus, Sloat said, following Freshworks’ acquisition of FireHydrant. He described ITOM as a category often used by technology operations teams within product or chief technology officer organizations to respond to incidents. He said FireHydrant was one of Freshworks’ top three deals in the second quarter, involving a large organization that selected FireHydrant without also being a Freshservice customer.

While Freshworks plans to consider additional adjacent markets, Sloat said it intends to prioritize integrating new offerings into a seamless and manageable platform rather than adding disconnected products.

AI viewed as table stakes and internal efficiency driver Sloat said artificial intelligence capabilities have become essential in competitive software evaluations. He pointed to growing attach rates for Freddy Copilot on “significant” deals, which Freshworks defines as transactions above $30,000.

He said Freshworks sees its system of record and ITIL-compliant workflows as a durable competitive advantage, even as AI may make competing products easier to configure or administer. The company is building AI features including AI Agent Studio for EX, Copilot capabilities and AI Insights on top of those workflows.

Internally, Sloat said the engineering organization has been among the largest users of AI tools, using them to improve coding speed and accuracy. He said Freshworks’ headcount is down more than 20% from its peak a couple of years ago, while annual recurring revenue has increased by roughly 30%.

The company has also adopted AI-enabled software it already licenses, selected AI-first vendors for certain new tools, and made tools including Gemini, Claude and OpenAI available to employees, according to Sloat. He said Freshworks is requiring teams to demonstrate returns from those investments rather than treating AI tools as experimental products.

AI pricing and revenue recognition Sloat said Freshworks is monitoring AI-related token costs internally and has teams dedicated to managing usage and evaluating returns. For customers, the company offers Freddy Copilot as an add-on and sells AI Agent Studio through session packs priced at $0.49 per resolution.

He said customer AI use has increased significantly this year and that the company’s pricing structure is intended to support both customer value and Freshworks’ margins. Sloat said Freshworks continues to report gross margins in the mid-80% range.

The CFO said session-pack revenue is recognized ratably rather than immediately upon consumption. For example, if a customer purchases an annual session pack, revenue is recognized over the applicable subscription period, he said.

Sloat also said AI-related revenue assumptions are included in Freshworks’ previously disclosed long-term targets of $1.4 billion in annual recurring revenue and $1.3 billion in revenue. However, he said the company does not plan to provide a separate AI revenue figure every quarter as AI features become embedded across its products.

Capital allocation and October event Freshworks had $664 million in net cash and effectively no debt, according to Sloat. He said the company does not view itself as overcapitalized and expects to continue deploying capital through stock repurchases, net settlement of restricted stock units and selective acquisitions.

Sloat said Freshworks expects to generate $265 million of free cash flow this year and has discussed potentially committing a portion of annual free cash flow to buybacks in the future. He said the company aims to grow free cash flow per share by 20% annually through a combination of revenue growth, profitability and share-count reduction.

The company’s next virtual Refresh event is scheduled for October and will highlight new product features, with a substantial focus on AI capabilities, Sloat said.

About Freshworks (NASDAQ:FRSH)Freshworks, Inc is a global provider of cloud-based customer engagement software designed to help businesses streamline customer support, sales, marketing, and IT service operations. The company's integrated suite of solutions enables organizations of all sizes to deliver seamless experiences across multiple channels, including email, chat, phone, and social media. Freshworks' platform is built on modern, user-friendly interfaces and offers native automation, AI-powered insights, and analytics to improve efficiency and customer satisfaction.

The company's flagship product, Freshdesk, serves as a helpdesk solution for customer support teams, while Freshservice addresses IT service management needs.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].

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Should You Invest $1,000 in Freshworks Right Now?Before you consider Freshworks, you'll want to hear this.

MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Freshworks wasn't on the list.

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The AI boom is creating opportunities across semiconductors, cloud computing, enterprise software, infrastructure, cybersecurity, and automation.

Inside this report, you’ll find 10 companies positioned to benefit as artificial intelligence moves from hype to real-world deployment and becomes a core growth driver for corporate America.

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4 Healthcare Stocks With Massive Gains—and More to ComeGuardant Health NASDAQ: GH highlighted growth across its oncology testing, minimal residual disease, and colorectal cancer screening businesses at the Canaccord Genuity Growth Conference, with co-CEOs Helmy Eltoukhy and AmirAli Talasaz pointing to expanding adoption, new reimbursement developments, and planned product launches.

Eltoukhy said the company’s second-quarter performance reflected “a business that’s really firing on all cylinders,” citing three large and overlapping growth opportunities in therapy selection, recurrence detection and cancer screening. He said Guardant360, the company’s liquid-biopsy therapy selection test, delivered more than 30% year-over-year growth, while its tissue test grew at an even faster rate.

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Deciphering Disruption: Inside Cathie Wood's Latest PlaysAccording to Eltoukhy, adoption of the company’s Smart Platform, which combines genomic and epigenomic capabilities, has supported volume growth in both liquid and tissue testing. He said the platform’s applications and performance have helped differentiate Guardant360 Liquid CDx, including its ability to identify certain disease characteristics and transitions in lung cancer from blood samples.

MRD portfolio expands with Reveal Ultra
Guardant’s MRD business, centered on its Guardant Reveal test, grew more than 100% year over year, Eltoukhy said. The company launched a therapy-monitoring indication for Reveal in November, and he said the business is benefiting from Guardant’s established relationships with oncologists through Guardant360.

3 Fast-Growing Stocks Analysts See Doubling in PriceThe company expects to launch Guardant Reveal Ultra, its first tumor-informed offering, during 2026. Eltoukhy said the addition would give Guardant a broad oncology testing portfolio spanning liquid, tissue, tumor-informed and tissue-free approaches.

He described tumor-informed and tissue-free MRD testing as complementary opportunities. Tissue-free testing can provide results more quickly and may identify disease beyond the tissue removed in surgery, while tumor-informed approaches can offer deeper sensitivity, he said. Guardant believes both approaches will be important across what Eltoukhy characterized as an approximately 18 million-patient MRD market.

Guardant is pursuing reimbursement progress for Reveal in breast cancer and therapy monitoring through MolDX, Eltoukhy said. He added that demand has been strong even before reimbursement, which he viewed as evidence of product-market fit. The company is also working toward eventual ADLT, or advanced diagnostic laboratory test, status for Reveal and its tissue products, potentially through regulatory pathways.

Shield adoption and payer coverage
Talasaz said Shield, Guardant’s blood-based colorectal cancer screening test, has moved from a category-building phase into a category-scaling phase. Shield recorded roughly 50% quarter-over-quarter volume growth and multi-hundred-percent year-over-year growth, according to Eltoukhy.

Talasaz said adoption by healthcare providers and primary-care physicians, as well as sales-representative productivity, has exceeded the company’s expectations. He also pointed to UnitedHealth Group’s decision to provide broad coverage for Shield for eligible patients in its plans.

Guardant had worked with UnitedHealth for several years, including pilots involving employer populations managed by the insurer, Talasaz said. He said recent colorectal cancer screening guideline inclusion, including by the American Cancer Society, served as a final catalyst for UnitedHealth’s coverage decision.

While the company is holding constructive discussions with other payers, Talasaz said Guardant does not expect another major payer coverage decision before the end of 2026. He added that the American Cancer Society guideline may also support state-level coverage mandates in certain states.

Cost reductions and screening pipeline
Guardant received FDA approval for an enhanced Shield workflow designed to increase laboratory throughput and efficiency. Talasaz said the workflow is expected to lower Shield’s cost of goods sold by 15% by year-end. He said the company is targeting Shield cost of goods sold of about $200 at scale in 2028, compared with approximately $400 reported in the second quarter, while projecting an average selling price above $700 at that point.

The company has more than 400 commercial representatives in the field and plans to expand that organization to between 600 and 700 representatives at steady state, Talasaz said. Guardant is also running national direct-to-consumer and influencer campaigns, although most commercial investment remains focused on field-based promotion.

Shield was developed as a multi-cancer detection platform and has been clinically validated for a panel of 10 solid tumor types, Talasaz said. While it is FDA approved for colorectal cancer screening, Guardant is also conducting a lung cancer screening study. Enrollment has been completed, and the company expects to complete clinical follow-up and the database sometime before year-end or in early 2027.

Guardant also offers patients receiving Shield for colorectal cancer screening the option to receive information on nine additional cancer types through its data initiative program. Talasaz said the majority of primary-care physicians ordering Shield are opting into those multi-cancer reports. The resulting commercial database could ultimately support a future FDA submission to expand Shield’s indication from colorectal cancer screening to multi-cancer detection, he said.

Reimbursement and longer-term opportunities
Eltoukhy said Guardant360 Liquid CDx’s recent FDA approval did not materially affect second-quarter results because the company is phasing its launch. Guardant expects the principal launch to occur after obtaining ADLT designation, which Eltoukhy said has been positioned as a first-half 2027 event. The process includes securing a PLA code and then submitting for ADLT status.

He said broader reimbursement for the therapy-selection test would likely occur in stages, beginning with Medicare Part B, followed by Medicare Advantage and commercial payers, in a process that could take 12 to 24 months.

Beyond oncology, Talasaz said Guardant’s epigenomic technologies have generated early proof-of-concept findings in areas including organ health monitoring, fatty liver disease and neurodegenerative diseases such as Alzheimer’s disease and dementia. He stressed that these efforts remain in early stages, but said the company sees potential to apply its oncology model of screening, monitoring and treatment management in other disease areas.

About Guardant Health (NASDAQ:GH)Guardant Health, Inc is a precision oncology company specializing in blood-based cancer diagnostics. Founded in 2012 and headquartered in Redwood City, California, the company develops non-invasive tests that use circulating tumor DNA (ctDNA) to profile genomic alterations in patients with solid tumors. Guardant Health's mission is to advance cancer care by providing actionable data to clinicians, pharmaceutical partners and researchers worldwide.

The company's flagship product, Guardant360, is a next-generation sequencing (NGS) assay designed to detect mutations, copy number variations and select fusions in more than 70 cancer-related genes.

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Robotics and automation are rapidly becoming essential infrastructure across healthcare, manufacturing, logistics, and many other industries.

"Physical AI" is coming to the United States, and there are four ways that investors can gain exposure to this new robotics revolution. Plus, learn which seven companies are most positioned to benefit as intelligent robots enter the workforce.

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Mobilicom NASDAQ: MOB reported second-quarter revenue of approximately $1.2 million as deliveries under a U.S. Department of War program of record moved to a monthly cadence, executives said during the company’s first-half 2026 results call.

Founder and Chief Executive Officer Oren Elkayam said all revenue during the period came from off-the-shelf product sales to enterprise and defense customers, with the majority generated in the United States. He said the company continued to generate revenue from both hardware products and software licensing, with hardware gross margins in the 50% to 60% range and software margins that can reach up to 90%.

Director of Finance Liad Gelfer said the majority of first-half revenue arrived in the second quarter as the program transitioned to ongoing monthly deliveries. While backlog declined from the end of the first quarter, Gelfer said that reflected shipments rather than weakening demand, describing backlog as “throughput rather than a stock of waiting orders.” Orders received after the first-half close are being built for second-half fulfillment, he said.

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Cash Position and Spending Mobilicom said it ended the period with nearly $16 million in adjusted cash on hand. Gelfer said the company has no debt, credit facilities or at-the-market equity program, and characterized its balance sheet as providing a multiyear runway at its current spending rate.

Gelfer said the company’s EBITDA loss was roughly $500,000 per month, in line with adjusted cash burn. The difference between the two measures reflected working capital accumulated to support anticipated second-half deliveries, he said.

He added that the company’s reported IFRS net loss was affected primarily by non-cash share-based compensation, currency movements and warrant valuation changes. Cash received during the half came from holders exercising existing instruments rather than from a new equity issuance, according to Gelfer.

Responding to an analyst question, Gelfer said Mobilicom does not need to raise capital to execute its stated plan. Any future financing would be considered for opportunities such as accelerating operations or pursuing mergers and acquisitions, rather than for operating necessity, he said.

New Products and Design Wins Elkayam said Mobilicom launched two products during the period: SkyHopper Multiband and Scarper Tactical. The company also secured two design wins based on those products, including a win with an Israeli Tier 1 manufacturer for a short- to mid-range loitering munition platform.

The chief executive said the loitering munition program could support larger volumes if it advances to mass production. He also highlighted a separate design win for an AI-enabled autonomous weapon system that incorporates two Mobilicom software products and two hardware products, including the Scarper data link and a 10-inch mobile ground control station.

Elkayam said the initial order for that program has already been delivered and described the selection as evidence that the company can sell an integrated hardware, cybersecurity and software stack rather than individual components.

Mobilicom reported nine Tier 1 customer platforms during the first half, meeting its full-year target range of eight to 10 platforms. The company said one platform had entered a monthly delivery cadence, compared with its goal of having two platforms in that stage during 2026.

Approximately 1,000 units were produced during the first quarter, with deliveries continuing into the second quarter. Production of another 1,000 units began in the second quarter. The company accelerated procurement of long-lead components for an additional 1,000 units in response to supply-chain constraints. Elkayam said the inventory of long-lead items is intended to support Mobilicom’s first U.S. production run in 2026 and help the company respond more quickly to demand.

U.S. Manufacturing and Defense Market Efforts The company said it continued to deliver monthly under a U.S. Marine Corps program of record through a Tier 1 customer. Mobilicom also said one of its customers is advancing through the U.S. Army’s LASSO validation process.

Mobilicom has narrowed its search for a U.S. manufacturing partner to two candidates after reviewing multiple prospective manufacturers, conducting site inspections and evaluating factors including tax benefits, location, capacity and capabilities. Elkayam said the company is in the final stages of selecting a partner and that the Pentagon is monitoring its progress on the onshoring plan.

The company also said it received FCC Trusted Drone exemption status across its cybersecurity software and hardware offerings. Elkayam said its products hold several U.S. endorsements and validations that support participation in federal and Department of War programs, including Blue UAS Select, Trusted Cyber certification, NDAA validation and frequency allocation under DD Form 1494.

Mobilicom was selected to demonstrate its secure autonomy technology at Northern Strike 2026, which Elkayam described as a major Department of War exercise involving military users and decision-makers.

Drone Dominance Opportunity During the question-and-answer session, Elkayam discussed the Department of War’s Drone Dominance Program. He said the first phase focused on low-cost, small first-person-view drones and did not present a direct opportunity for Mobilicom because requirements were largely price-driven and involved basic missions.

However, he said the program’s second phase is shifting toward secured, encrypted digital communications and cybersecurity compliance requirements. Those requirements align with Mobilicom’s Scarper product family, according to Elkayam.

While Mobilicom is monitoring the market, Elkayam said the company has not yet decided whether to target the lower-cost, high-volume FPV segment. He said later phases expected in 2027 could be more relevant to the company’s capabilities, particularly as security, certified-vendor and U.S.-manufacturing requirements increase.

Looking ahead, Mobilicom said it is focused on supporting OEM customers through integration and qualification, maintaining monthly deliveries in the second half, finalizing its U.S. manufacturing agreement and expanding its higher-margin cybersecurity and software licensing business.

About Mobilicom (NASDAQ:MOB)Mobilicom Ltd. NASDAQ: MOB is an Israel-based technology company specializing in secure communications, cybersecurity and edge computing solutions for unmanned systems, ground vehicles and critical assets. The company's core platform integrates advanced encryption, artificial intelligence and resilient networking capabilities to protect data and command-and-control links in contested or degraded environments.

The company's flagship offerings include AerialGuard, a turnkey cyber-hardened communications suite for unmanned aerial vehicles (UAVs); VehicularGuard, designed to secure vehicle-to-everything (V2X) communications in ground systems; and MissionCore, a software-defined command-and-control framework that delivers real-time situational awareness and autonomous decision support.

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Shares of Airbnb (ABNB +2.80%) furthered their ascent on Thursday, as investors continue to price in the vacation rental company's strong second-quarter report and artificial intelligence (AI)-powered expansion initiatives.

Image source: Getty Images.

AI-driven gains Airbnb's revenue jumped 17% year over year to $3.6 billion in the second quarter, boosted by higher travel demand for the FIFA World Cup.

Nights and seats booked on its platform increased 10% to 148.3 million, fueling a 16% rise in gross booking value to $27.2 billion.

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CEO Brian Chesky said AI was also helping to drive Airbnb's sales and profits higher. AI is making it easier for hosts to list properties and for guests to find them. It's also enabling Airbnb to roll out new features faster.

"We've rebuilt Airbnb from the ground up to be an AI-native company, and it's showing up in our results," Chesky said in a letter to shareholders.

All told, Airbnb's free cash flow surged 30% to $1.25 billion.

Acquisitions could accelerate Airbnb's growth That robust cash flow provides Airbnb with considerable optionality.

The travel platform is expanding beyond short-term house rentals to include hotel stays, car rentals, grocery deliveries, and other services. All of which offer Airbnb potential acquisition prospects.

"Entrepreneurs would love to be part of Airbnb and to hold stock," Chesky said during a conference call with analysts. "So, I think there's a huge number of opportunities for us."

Joe Tenebruso has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Airbnb. The Motley Fool has a disclosure policy.

, /PRNewswire/ -- T. Rowe Price OHA Select Private Credit Fund (the "Company" or "OCREDIT") today reported financial results and total distributions of $0.60 per share for the quarter ended June 30, 2026.

As private credit remains a key driver of financing solutions within credit markets, OCREDIT closed the second quarter with the addition of 7 new portfolio companies across a diverse range of industries, representing portfolio net growth of nearly $124.0 million. OCREDIT's $3.1 billion investment portfolio is now comprised of exposure to 144 portfolio companies across 25 unique sectors, and a weighted average portfolio yield at cost of 9.8%3. "The second quarter reinforced our conviction in private credit. We believe stable borrower fundamentals and continued demand for private capital support a compelling opportunity set for investors," said Eric Muller, OCREDIT's Chief Executive Officer.

QUARTERLY HIGHLIGHTS3

Inception-to-date1 annualized total return of 10.58%2;
Net investment income per share was $0.61 with weighted average yield on debt and income producing investments, at amortized cost of 9.8%3, and earnings per share were $0.41;
Distributions declared were $0.60 with an annualized distribution rate of 9.2%;
Net asset value per share as of June 30, 2026 was $25.96;
Gross investment fundings were $176.1 million;
Debt-to-equity as of June 30, 2026 remained consistent with March 31, 2026 at 0.93x;
The Company had total net debt outstanding of $1,522.5 million with a weighted average interest rate of debt of 6.0%.
During the second quarter of 2026, the Company issued 511,070 of Class I common shares for proceeds of $13.3 million, 198,044 of Class S common shares for proceeds of $5.2 million, and 531,599 of Class D common shares for proceeds of $13.9 million. From July 1, 2026 through August 13, 2026, the Company received total proceeds of $14.8 million from common shareholders in connection with its public offering.4
Subsequent to quarter end on July 2, 2026, the Company entered into an Indenture relating to the issuance of $400.0 million in aggregate principal amount of Notes, due July 2, 2031, with a fixed interest rate of 6.50% per year.

DISTRIBUTIONS5 

During the second quarter of 2026, the Company declared total distributions of $0.60 per share. As of June 30, 2026, the Company's annualized distribution rate was 9.2%.6

From July 1, 2026 through August 13, 2026, the Company declared the following distribution on July 28, 2026 which is payable on or about August 31, 2026 to common shareholders of record as of July 31, 20266:

($ per share)

July 28, 2026

Base Distribution

$                   0.20

Total Distribution

$                   0.20

SELECTED FINANCIAL HIGHLIGHTS

($ in thousands, unless otherwise noted)

Q2 2026

Q1 2026

Net investment income per share

$                    0.61

$                    0.59

Net investment income

$                38,339

$                36,113

Earnings per share

$                    0.41

$                  (0.05)

($ in thousands, unless otherwise noted)

As of  June 30,
2026

As of March 31,
2026

Total fair value of investments

$            3,100,822

$            2,983,663

Total assets

$            3,209,163

$            3,152,168

Total net assets

$            1,641,847

$            1,638,402

Net asset value per share

$                   25.96

$                   26.15

INVESTMENT ACTIVITY

For the three months ended June 30, 2026, net investment fundings were $124.0 million. The Company invested $176.1 million during the quarter, including $114.7 million in 7 new companies and $61.4 million in existing companies. The Company had $52.1 million of principal repayments and sales during the quarter.

($ in millions, unless otherwise noted)

Q2 2026

Q1 2026

Investment Fundings

$                  176.1

$                  221.0

Sales and Repayments

$                    52.1

$                    94.5

Net Investment Activity

$                  124.0

$                  126.5

As of June 30, 2026, the Company's investment portfolio had a fair value of $3,100.8 million, comprised of investments in 144 portfolio companies operating across 25 different industries. The investment portfolio at fair value was comprised of 90.8% first lien loans, 7.1% second lien loans, 1.4% preferred equity investments, 0.2% common stocks and 0.5% asset backed securities. In addition, as of June 30, 2026, 97.0% of the Company's debt investments based on fair value were at floating rates and 3.0% were at fixed rates. There was one debt investment placed on non-accrual status as of June 30, 2026 with $29.4 million cost and $16.0 million fair value.

FORWARD-LOOKING STATEMENTS

Certain information contained in this communication constitutes "forward-looking statements" within the meaning of the federal securities laws and the Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by the use of forward-looking terminology, such as "outlook," "indicator," "believes," "expects," "potential," "continues," "may," "can," "will," "should," "seeks," "approximately," "predicts," "intends," "plans," "estimates," "anticipates", "confident," "conviction," "identified" or the negative versions of these words or other comparable words thereof. These may include financial projections and estimates and their underlying assumptions, statements about plans, objectives and expectations with respect to future operations, statements regarding future performance, statements regarding economic and market trends and statements regarding identified but not yet closed investments. Such forward-looking statements are inherently uncertain and there are or may be important factors that could cause actual outcomes or results to differ materially from those indicated in such statements. OCREDIT believes these factors also include but are not limited to those described under the section entitled "Risk Factors" in its prospectus, and any such updated factors included in its periodic filings with the Securities and Exchange Commission (the "SEC"), which are accessible on the SEC's website at www.sec.gov. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this document (or OCREDIT's prospectus and other filings). Except as otherwise required by federal securities laws, OCREDIT undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future developments or otherwise.

ABOUT T. ROWE PRICE OHA SELECT PRIVATE CREDIT FUND

OCREDIT is a non-diversified, closed-end management investment company that has elected to be regulated as a business development company ("BDC") under the Investment Company Act of 1940, as amended. The Company also intends to elect to be treated as a regulated investment company under the Internal Revenue Code of 1986, as amended. OHA Private Credit Advisors LLC (the "Adviser") is the investment adviser of the Company. The Adviser is registered as an investment adviser with the SEC under the Investment Advisers Act of 1940. OCREDIT's registration statement became effective on September 29, 2023. From inception through June 30, 2026, the Company has invested approximately $4.4 billion in aggregate cost of debt investments prior to any subsequent exits or repayments. The Company's investment objective is to generate attractive risk-adjusted returns, predominately in the form of current income, with select investments capturing long-term capital appreciation, while maintaining a strong focus on risk management. OCREDIT invests primarily in directly originated and customized private financing solutions, including loans and other debt securities with a strong focus on senior secured lending to larger companies.

Please visit www.ocreditfund.com for additional information.

ABOUT OAK HILL ADVISORS

Oak Hill Advisors ("OHA") is a leading global credit-focused alternative asset manager with over 30 years of investment experience. OHA works with institutions and individuals and seeks to deliver a consistent track record of attractive risk-adjusted returns. The firm has approximately $112 billion in assets under management ("AUM") as of June 30, 2026 across credit strategies, including private credit, high yield bonds, leveraged loans, private capital solutions and collateralized loan obligations. Additional information on OHA's AUM calculation methodology can be found on the OHA website. OHA's emphasis on long-term partnerships with companies, sponsors and other partners allows for the provision of customized credit solutions across market cycles. With over 400 experienced professionals across seven global offices, OHA brings a collaborative approach to offering investors a single platform to meet their diverse credit needs. OHA is the private markets platform of T. Rowe Price Group, Inc. (NASDAQ – GS: TROW). For more information, please visit www.oakhilladvisors.com.

ABOUT T. ROWE PRICE

T. Rowe Price (NASDAQ-GS: TROW) is a leading global asset management firm, entrusted with managing $1.87 trillion in client assets as of July 31, 2026, about two-thirds of which are retirement-related. Renowned for nearly 90 years of investment excellence, retirement leadership, and independent proprietary research, the firm leverages its longstanding expertise to ask better questions that can drive better investment decisions. Built on a culture of integrity and prioritizing client interests, T. Rowe Price empowers millions of investors worldwide to thrive amid evolving markets. Visit troweprice.com/newsroom for news and public policy commentary. 

T. Rowe Price OHA Select Private Credit Fund

Consolidated Statements of Assets and Liabilities

(in thousands, except per share amounts)

As of

As of

June 30, 2026

December 31, 2025

(Unaudited)

ASSETS

Investments at fair value:

Non-controlled/non-affiliated investments (cost of $3,170,452 
and $2,905,803 at June 30, 2026 and December 31, 2025,
respectively)

$             3,100,822

$             2,893,559

Cash, cash equivalents and restricted cash

65,048

140,859

Subscription receivable

—

950

Interest receivable

23,960

21,267

Deferred financing costs

10,037

12,197

Receivable for investments sold

559

1,476

Derivative assets, at fair value (Note 5)

7,619

10,981

Other assets

1,118

$                         —

Total assets

$             3,209,163

$             3,081,289

LIABILITIES

Debt (net of unamortized debt issuance costs of $2,004 and
$2,366, at June 30, 2026 and December 31, 2025, respectively)

$             1,522,471

$             1,441,856

Payable for investments purchased

248

3,259

Interest and debt fee payable

8,329

9,417

Distribution payable

12,516

13,465

Management fee payable

5,100

4,753

Income incentive fee payable

5,657

5,391

Distribution and/or shareholder servicing fees payable

132

124

Due to counterparty

5,710

10,740

Accrued expenses and other liabilities

6,035

4,038

Derivative liability, at fair value (Note 5)

1,118

—

Total liabilities

$             1,567,316

$             1,493,043

Commitments and contingencies (Note 9)

NET ASSETS

Common shares, $0.01 par value (63,250,367 and 59,072,291
shares issued and outstanding at June 30, 2026 and December
31, 2025, respectively)

$                       633

$                       591

Additional paid in capital

1,725,884

1,615,011

Distributable earnings (loss)

(84,670)

(27,356)

Total net assets

$             1,641,847

$             1,588,246

Total liabilities and net assets

$             3,209,163

$             3,081,289

Net asset value per share

$                    25.96

$                    26.89

See accompanying notes to consolidated financial statements.

sec.gov

T. Rowe Price OHA Select Private Credit Fund

Consolidated Statements of Operations

(in thousands, except per share amounts)

(Unaudited)

For the Three Months Ended

For the Six Months Ended

June 30, 2026

June 30, 2025

June 30, 2026

June 30, 2025

Investment income from non-controlled / non-affiliated
investments:

Interest and dividend income

$          70,453

$          60,964

$       137,614

$      115,071

PIK income

4,670

2,840

9,473

5,058

Other income

2,302

2,985

3,800

4,248

Total investment income

77,425

66,789

150,887

124,377

Expenses:

Interest and debt fee expense

$          24,394

$          19,960

$         47,588

$        37,926

Management fees

5,100

4,105

10,110

7,888

Income incentive fee

5,657

5,048

10,682

9,192

Distribution and shareholder servicing fees

   Class S

268

179

538

305

   Class D

126

28

240

30

Professional fees

666

642

1,265

1,106

Board of Trustees fees

98

98

195

195

Administrative service expenses

773

532

1,564

1,045

Other general & administrative expenses

2,428

872

4,677

1,637

Amortization of deferred offering costs

—

61

—

220

Total expenses before fee waivers and expense support

39,510

31,525

76,859

59,544

Expense support

(424)

—

(424)

—

Recoupment of expense support

—

556

—

1,576

Management fees waiver

—

—

—

—

Income incentive fee waiver

—

—

—

—

Total expenses net of fee waivers and expense support

39,086

32,081

76,435

61,120

Net investment income

38,339

34,708

74,452

63,257

Realized and unrealized gain (loss):

Realized gain (loss):

Non-controlled/non-affiliated investments

25

801

526

(1,696)

Foreign currency transactions

(1,103)

1,997

(1,160)

1,680

Foreign currency forward contracts

1,357

(7,101)

4,161

(8,455)

Net realized gain (loss)

279

(4,303)

3,527

(8,471)

Net change in unrealized appreciation (depreciation):

Non-controlled/non-affiliated investments

(14,535)

(5,247)

(57,386)

(15,322)

Foreign currency translation

(22)

161

(147)

167

Foreign currency forward contracts

1,351

(2,313)

1,486

(2,402)

Net change in unrealized appreciation (depreciation)

(13,206)

(7,399)

(56,047)

(17,557)

Net realized and unrealized gain (loss)

(12,927)

(11,702)

(52,520)

(26,028)

Net increase (decrease) in net assets resulting from operations

$          25,412

$          23,006

$         21,932

$        37,229

See accompanying notes to consolidated financial statements.

sec.gov

For a more detailed description of OCREDIT's investment guidelines and risk factors, please refer to the prospectus. Consider the investment objectives, risks, and charges and expenses carefully before investing or sending money. For a free prospectus containing this and other information, call 1-855-405-6488 or visit www.ocreditfund.com. Read it carefully.

OCREDIT is a BDC, which offers individual investors access to private lending, historically only accessible to institutions and high-net-worth investors. At least 70% of a BDC's investments must be in U.S. private companies with less than $250 million in market capitalization.

OCREDIT is a non-exchange traded BDC that expects to invest at least 80% of its total assets (net assets plus borrowings for investment purposes) in private credit investments. An investment in OCREDIT involves a high degree of risk. An investor should purchase securities of OCREDIT only if they can afford the complete loss of the investment.

Neither the SEC nor any state securities regulator has approved or disapproved of these securities or determined if this prospectus is truthful or complete. Securities regulators have also not passed upon whether this offering can be sold in compliance with existing or future suitability or Regulation Best Interest standard to any or all purchasers.

For OCREDIT's full historical performance figures, please visit https://www.troweprice.com/en/us/ocredit/performance for more information.

As of June 30, 2026, OCREDIT is available in 54 states and territories.

As of June 30, 2026, OCREDIT is not registered for offer or sale outside of the United States.

BDCs may charge management fees, incentive fees, as well as other fees associated with servicing loans. These fees will detract from the total return.   

OCREDIT may in certain circumstances invest in companies experiencing distress increasing the risk of default or failure.  OCREDIT is not listed on an exchange which heightens liquidity risk for an investor.  OCREDIT has limited prior operating history and there is no assurance that it will achieve its investment objectives. The Company's public offering is a "blind pool" offering and thus investors will not have the opportunity to evaluate the Company's investments before they are made.  Investors should not expect to be able to sell shares regardless of performance and should consider that they may not have access to the money invested for an extended period of time and may be unable to reduce their exposure in a market downturn. 

OCREDIT employs leverage, which increases the volatility of OCREDIT's investments and will magnify the potential for loss. Fixed-income securities are subject to credit risk, call risk, and interest rate risk.  As interest rates rise, bond prices fall.  Investments in high-yield bonds involve greater risk than higher rated bonds.  International investments can be riskier than U.S. investments and subject to foreign exchange risk. These risks are magnified in emerging markets.  

OCREDIT is "non-diversified," meaning it may invest a greater portion of its assets in a single company. OCREDIT's share price can be expected to fluctuate more than that of a comparable diversified fund.  OCREDIT may invest in derivatives, which may be riskier or more volatile than other types of investments because they are generally more sensitive to changes in market or economic conditions.

Account opening and closing fees may apply depending on the amount invested and the timing of the account closure. There may be costs associated with the investments in the account such as periodic management fees, incentive fees, loads, other expenses or brokerage commissions. Fees for optional services may also apply.

Opinions and estimates offered herein constitute the judgment of OHA as of the date this document is provided to an investor and are subject to change as are statements about market trends. All opinions and estimates are based on assumptions, all of which are difficult to predict and many of which are beyond the control of OHA. In preparing this document, OHA has relied upon and assumed, without independent verification, the accuracy and completeness of all information. OHA believes that the information provided herein is reliable; however, it does not warrant its accuracy or completeness. Certain information contained in the press release discusses general market activity, industry or sector trends, or other broad-based economic, market or political conditions and should not be construed as research or investment advice. 

Diversification cannot assure a profit or protect against loss in a declining market. Potential investors are urged to consult a tax professional regarding the possible economic, tax, legal, or other consequences of investing in OCREDIT in light of their particular circumstances.

In the United States, the Company's securities are offered through T. Rowe Price Investment Services Inc., a broker-dealer registered with the SEC and a member of FINRA. OHA is a T. Rowe Price company.

© 2026 Oak Hill Advisors. All Rights Reserved. OHA is a trademark of Oak Hill Advisors, L.P. T. ROWE PRICE, INVEST WITH CONFIDENCE, the Bighorn Sheep design and related indicators (see troweprice.com/ip) are trademarks of T. Rowe Price Group, Inc. All other trademarks shown are the property of their respective owners. Use does not imply endorsement, sponsorship, or affiliation of Oak Hill Advisors with any of the trademark owners.

1 Inception is November 14, 2022.

2 Annualized total return based on net asset value calculated as the change in net asset value per share during the respective period, assuming distributions that have been declared are reinvested on the effects of the performance of the Company during the period. Past performance is no guarantee of future results.

3 Computed as (a) the annual stated interest rate or yield plus the annual accretion of discounts or less the annual amortization of premiums, as applicable, on income producing securities, divided by (b) the total relevant investments at amortized cost or fair value, as applicable.

4 Does not include common shares sold through the Company's distribution reinvestment plan.

5 Future distribution payments are not guaranteed. The Company may pay distributions from the sale of assets, offering proceeds, or borrowings.

6 Performance and share activity shown is indicative of Class I only, unless otherwise indicated.

SOURCE OHA

JFrog Stock Gets Punished for Solid Results: Buy the DipJFrog NASDAQ: FROG said its latest quarterly results reflected continued growth in cloud usage, security adoption and enterprise spending, with management highlighting the company’s role in handling the growing volume of software artifacts generated by artificial intelligence-driven development.

At the Canaccord Genuity Growth Conference, Chief Financial Officer Ed Grabscheid said JFrog delivered 29% top-line growth during the quarter, while cloud revenue rose 53%. He attributed the performance to security demand, customers exceeding minimum cloud commitments and expansions into higher annual commitments.

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JFrog leaps on EPS beat and raised guidance“Security continues to be a significant growth driver for the company,” Grabscheid said, adding that the company also saw strong cloud-product usage across its portfolio. He said the company had expected the operational trends, though investors and analysts may have been more surprised by the strength of the results.

AI Development Drives More Artifacts
Management repeatedly pointed to the effect of AI coding tools and agents on software development volumes. Grabscheid said organizations are increasingly operating as “software factories” that move at the speed of machines, resulting in more code creation and, consequently, more binaries and other artifacts.

2 Tech stocks getting bullish upgrades ahead of Q1JFrog views its Artifactory product as a system of record not only for software binaries but also for large language models, model context protocol, or MCP, connections and agent skills registries, according to Vice President of Investor Relations Jeff Schreiner.

Schreiner said customers have begun looking to host agent skills and MCP connections in Artifactory. He also noted that AI models can create different storage dynamics because earlier model versions may need to be retained rather than deleted.

“The models are becoming first-class binaries because they’re, in fact, the largest form of a binary,” Schreiner said.

The company has introduced integrations with Claude Code and Cursor, which Schreiner said are intended to let customers integrate JFrog’s tools with their preferred coding agents. Through native integrations, customers can use JFrog Curation to scan packages that agents may pull during software builds, including packages from repositories such as PyPI, Go and npm.

Cloud Consumption and Commitments
Grabscheid said cloud usage trends have changed materially over the past three quarters, with customers consuming above their minimum commitments. He said the elevated usage level seen in the first quarter remained consistent in the second quarter and extended broadly across the product portfolio.

According to Grabscheid, reduced friction between developers and budget holders, along with shifting technology budgets to support AI spending, has helped support consumption. JFrog’s model allows customers to use more than their contracted minimums at an overage rate, which the company recognizes as revenue.

Management said its sales team is working to convert elevated usage into higher annual commitments, but does not intend to force customers to make such changes before their budgeting and renewal processes support them. Grabscheid said JFrog expects customers to recommit at higher levels as organizations plan for 2027, potentially improving revenue durability and predictability.

Security Adoption Gains Momentum
Security has shifted from an attached product to a leading component of JFrog’s customer discussions, executives said. Grabscheid said security was included in 80% of the company’s $1 million customer cohort wins during the quarter, while 40% of new customers landed with security.

He said buyer conversations increasingly begin with security rather than Artifactory, as customers focus on protecting software supply chains. JFrog’s security offerings include Curation, which manages what packages or models are permitted to enter an organization, and Advanced Security, which is integrated with Artifactory.

Grabscheid said Curation is particularly important because it operates outside an organization’s firewall and can apply centralized policies to open-source packages and models. Schreiner said JFrog believes its native integration and scalability differentiate it from point-solution competitors.

Security contributed to 80% of the company’s $1 million cohort wins, management said.
Forty percent of new customers adopted security products.
Management said Curation is a primary asset in new security customer wins.

OpenAI Relationship and Profitability Approach
JFrog disclosed that OpenAI is a customer after previously being unable to identify the company publicly. Grabscheid said OpenAI used a self-hosted JFrog environment in connection with a reported sandbox incident involving Hugging Face and an Artifactory zero-day vulnerability. He said JFrog and OpenAI worked to remediate, patch and distribute an update.

Grabscheid said the episode highlighted a difference between self-hosted and cloud deployments: cloud customers receive updates immediately, while self-hosted customers may take days to apply remediation. He said the situation could help revive cloud-migration discussions as customers assess their AI deployment strategies.

Management also emphasized its effort to balance growth and profitability. The operator cited high-20% growth and a 33% free-cash-flow margin for the quarter. Grabscheid said JFrog’s philosophy has been to maintain a balance between growth and profitability, though the company would consider giving up a point of margin to accelerate growth.

On guidance, Grabscheid said JFrog has sought to account conservatively for variability from large enterprise deals and cloud usage above minimum commitments. He said the company’s cloud guidance represented a 34% to 42% range at the midpoint, while its net dollar retention rate floor was increased to 120%.

About JFrog (NASDAQ:FROG)JFrog is a software company specializing in DevOps solutions designed to streamline the management, distribution and security of software binaries. Its core offering, JFrog Artifactory, serves as a universal artifact repository manager compatible with all major package formats, enabling development teams to store, version and share build artifacts across the software delivery pipeline. The company's platform also includes tools for continuous integration and delivery (CI/CD), security scanning and release automation.

Among JFrog's flagship products are JFrog Xray, a security and compliance scanning service that analyzes artifacts and dependencies for vulnerabilities; JFrog Pipelines, a CI/CD orchestration engine that automates build and release workflows; and JFrog Distribution, which accelerates the secure distribution of software releases to edge nodes and end users.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].

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Should You Invest $1,000 in JFrog Right Now?Before you consider JFrog, you'll want to hear this.

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Circle Internet Group (CRCL +5.75%) now has a bank. Sort of.

It won't hold your paycheck, give you a mortgage, or hand out a toaster for opening an account. In fact, Circle won't open an account for you at all. It's not that kind of bank.

On July 10, the U.S. Office of the Comptroller of the Currency (OCC) gave Circle final approval to establish a specialized bank named Circle National Trust. The doors opened on July 24.

A trust bank is the financial equivalent of a very serious safe-deposit vault. Circle's own FAQ says it plainly: No deposits, no lending. Its job is to hold things carefully and answer to a federal regulator while doing it.

A footnote on the company's site says the bank is expected to operate primarily as a sub-custodian at launch, serving Circle affiliates. Outside institutions might get access later, "depending on demand," which is corporate for "if anyone asks."

The fine print
What it does today is narrower than the headlines suggest:

Circle's USDC (USDC +0.00%) stablecoin did not change when the bank opened. Reserves still sit mostly with BNY as the custodian and BlackRock as the asset manager, attested monthly by Deloitte. Sorry for the accounting jargon, but the three companies play very different roles here. Circle CFO Jeremy Fox-Geen said USDC's underlying operations may move to Circle National Trust someday, but they have not changed yet.
Circle is not first in this area. BitGo received its unconditional charter before Circle did, from the same December 2025 batch of five conditional approvals.
The bank charter isn't a moat. Ripple, Paxos, and Fidelity have been sitting on conditional approvals for eight months, and at least three more firms filed applications in early August.

The market reaction
Shares jumped 15.6% intraday on approval day but closed at a milder 5.7% gain. Mizuho's Dan Dolev called the pop "likely overly optimistic," noting that the charter fixes neither USDC's shrinking market value nor the pending arrival of rival stablecoin Open USD.

Circle's stock bounced around for a few weeks. As of Aug. 13, after last week's earnings bump, it sits 13.1% above its close before the charter approval.

Image source: Getty Images.

Building the vault early
So why bother? It's a timing issue. The federal stablecoin law called the GENIUS Act takes effect in January 2027. Fox-Geen described the charter as regulatory bedrock laid down ahead of rules that have yet to arrive. Circle built a custodial vault before anyone required it, on the theory that showing up early beats scrambling later.

Not everyone applauded. The Independent Community Bankers of America (ICBA) pointed out that trust banks carry no deposit insurance, and the National Community Reinvestment Coalition (NCRC) noted they also skip Community Reinvestment Act obligations. NCRC called Circle's plan "the most dangerous banking charter of the century."

The charter is a permission slip, not a revenue line. Circle still earns its keep the same way it did in June: collecting interest on the dollars and Treasuries backing USDC.

Today's Change

(

5.75

%) $

4.10

Current Price

$

75.38

The trust bank doesn't do much for Circle's business, at least not yet. It would start to matter if reserve management actually moved under OCC supervision, custody opened to institutions outside Circle's own corporate family, or the GENIUS Act's arrival turned federal supervision from a nice-to-have bonus into a regulatory requirement.

Until then, you should judge Circle the way its income statement does: by how much USDC is in circulation and what interest rates are being paid on the reserves behind it.

Expanded partnership builds on the partnership in Zagreb and targets four additional cities in Europe.

, /PRNewswire/ -- Pony AI Inc. ("Pony.ai") (NASDAQ: PONY; HKEX: 2026), a global leader in the large-scale commercialization of autonomous driving technology, and Uber Technologies, Inc. ("Uber") (NYSE: UBER), today announced an expansion of their strategic partnership, with plans to collaborate on the deployment of more than 2,000 Pony.ai Robotaxis across Europe.     

The partnership will expand from the existing commercial service in Zagreb, coming soon to the Uber platform, to four additional cities in Europe. Additional details about the rollout will be announced in phases and the expanded partnership also includes plans to deploy in the Middle East.     

The expanded agreement gives Pony.ai's joint-deployment model a clearer path to commercial scale. The model brings together three core functions required to operate Robotaxi services at scale: Level 4 (L4) autonomous driving technology, a leading mobility platform, and day-to-day fleet operations. It allows technology, platform, and fleet partners to work together in the same market, while individual partners may also take on more than one role. Vehicle funding and ownership can sit with different partners depending on the market.

Under the expanded partnership, Pony.ai will provide its L4 autonomous driving technology, rider-experience and operational expertise developed through multiple large-scale Robotaxi deployments while Uber will provide customer access through its leading global mobility platform, including booking, payment, and customer service capabilities, alongside its growing network of human drivers. Day-to-day fleet operations may be carried out by established local fleet partners selected for each market.

Pony.ai operates paid, fully driverless Robotaxi services in China's four tier-one cities, where it has achieved city-wide breakeven unit economics in multiple markets, validating its commercially sustainable model for operating Robotaxis at scale.

For Pony.ai, the expanded partnership with Uber marks a further evolution of its growth strategy, complementing continued expansion into new markets with fleet deployments at regional scale. The collaboration dates back to May 2025, when Pony.ai and Uber first announced plans to bring Pony.ai Robotaxis onto the Uber platform in international markets. In 2026, the companies worked with Croatian mobility company Verne to launch Europe's first commercial Robotaxi service in Zagreb, with Verne serving as the local fleet owner and operator.

"This expanded agreement marks an important new phase in the partnership between Pony.ai and Uber. It reflects our shared commitment to bringing safe, reliable Robotaxi services to more European cities," said Dr. James Peng, Founder and CEO of Pony.ai. "By combining Pony.ai's proven autonomous driving technology and operational know-how with Uber's global mobility platform and extensive market reach, we aim to build sustained commercial operations at scale across Europe and beyond."

"The next chapter for autonomous mobility is about moving from individual launches to repeatable commercial scale," said Sarfraz Maredia, Global Head of Autonomous Mobility & Delivery at Uber. "Together with Pony.ai, we're combining advanced autonomous technology with Uber's hybrid platform, on-the-ground experience, and operational excellence, to build a model that can quickly and reliably expand across cities."    

About Pony AI Inc.

Pony AI Inc. is a global leader in achieving large-scale commercialization of autonomous mobility. Leveraging its vehicle-agnostic Virtual Driver technology, a full-stack autonomous driving technology that seamlessly integrates Pony.ai's proprietary software, hardware and services, Pony.ai is developing a commercially viable and sustainable business model that enables the mass production and deployment of vehicles across transportation use cases. Founded in 2016, Pony.ai has expanded its presence across China, Europe, Asia, the Middle East and other regions, ensuring widespread access to its advanced technology.

About Uber Technologies, Inc.

Uber's mission is to create opportunity through movement. We started in 2010 to solve a simple problem: how do you get access to a ride at the touch of a button? More than 79 billion trips later, we're building products to get people closer to where they want to be. By changing how people, food, and things move through cities, Uber is a platform that opens up the world to new possibilities.

Safe Harbor Statement

This press release contains statements that may constitute "forward-looking" statements pursuant to the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "aims," "future," "intends," "plans," "believes," "estimates," "likely to," and similar statements. Statements that are not historical facts, including statements about Pony.ai's beliefs, plans, and expectations are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. Further information regarding these and other risks is included in Pony.ai's filings with the SEC and the Hong Kong Stock Exchange. All information provided in this press release is as of the date of this press release, and Pony.ai does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

Cardinal Health (CAH - Free Report)  gave investors plenty to like in its fiscal fourth-quarter report this week, sending shares to a record high of $258 as Wall Street digests another earnings beat and an encouraging fiscal 2027 outlook.

The Dividend Aristocrat's quarterly sales came in below expectations, but that was overshadowed by stronger-than-anticipated profitability, double-digit projected earnings growth, and a sizable increase to its share-repurchase authorization.

With Cardinal Health also expanding several higher-growth businesses, the post-earnings setup remains compelling even after an impressive run that has lifted CAH 12% year to date and nearly 150% over the last three years.

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Cardinal Health Tops Q4 EPS ExpectationsCardinal Health closed FY26 on a strong note, reporting Q4 adjusted earnings of $2.91 per share, which surged 40% from a year ago and crushed EPS expectations of $2.42 by 20%. This was aided by higher operating earnings, tariff refunds, a lower tax rate, and a reduced share count.

That said, the earnings beat wasn't entirely attributable to the tariff benefit. Excluding the approximately 31-cent-per-share impact from tariff refunds, adjusted EPS would have been about $2.60, still comfortably above expectations.

Revenue presented a more mixed picture. Cardinal’s Q4 sales increased 6% year over year to $63.67 billion, but missed consensus estimates of $65.61 billion by 3%. Still, Pharmaceutical and Specialty Solutions revenue rose 6%, benefiting from growth from existing customers and favorable generics performance. Conversely, Global Medical Products and Distribution sales declined 2%, reflecting lower distribution volumes and anticipated tariff-refund repayments to customers.

For the full fiscal year, Cardinal Health generated $254.25 billion in revenue, up 14% YoY, while adjusted EPS surged more than 36% to $11.26.

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CAH's FY27 Earnings Outlook Steals the ShowArguably the most bullish part of Cardinal Health's report was management's initial FY27 outlook.

CAH expects adjusted EPS of $12.40-$12.60, representing roughly 10-12% growth. It’s also noteworthy that the EPS guidance represents 13%-15% growth from an adjusted FY26 earnings baseline of $10.95 per share that excludes the one-time tariff-refund benefit.

More importantly, that outlook was well above Wall Street’s consensus FY27 EPS forecast of $12.18 (Current Qtr below).   

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The guidance also exceeds management's longer-term EPS growth framework, providing another indication that recent operational momentum isn't simply the result of temporary benefits.

Growth is expected across several parts of the business. Pharmaceutical and Specialty Solutions revenue is projected to increase 3%-5% in FY27, accompanied by 8%-11% segment profit growth. Global Medical Products and Distribution sales are forecasted to rise 2%-4%, while its collection of other businesses is expected to produce revenue growth of 11%-13%.

The latter includes businesses such as At-Home Solutions and OptiFreight Logistics, while recent acquisitions are expanding Cardinal Health's exposure to higher-growth areas of healthcare. The recently acquired Strive Medical business and announced acquisition of AdaptHealth's Diabetes Health operations are expected to produce meaningful contributions to growth.

A Massive New Buyback Adds to the Bull CaseMore intriguing is that Cardinal Health's improving earnings outlook is being accompanied by aggressive capital returns.

The board authorized an additional $5 billion for share repurchases, bringing CAH's total remaining repurchase authorization to approximately $6.4 billion. Management expects to repurchase at least $1 billion of stock during FY27 after buying back roughly $1.35 billion during FY26.

That is particularly noteworthy given Cardinal Health's rising profitability. Repurchasing shares reduces the outstanding share count and can provide an additional boost to per-share earnings, complementing the underlying growth of a business.

Expanding share repurchase authorizations also demonstrates management's confidence in cash generation while leaving room for strategic investments and tuck-in acquisitions. Rather than relying on a single lever to create shareholder value, Cardinal Health is balancing organic investment, M&A, dividends, and share repurchases.

This comes as Cardinal Health has increased its dividend for 29 consecutive years, with an annual yield approaching 1%, and its 20% payout ratio suggests there is plenty of room for future dividend hikes.

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Bottom Line: CAH Still Looks Like a Buy

Cardinal Health's Q4 report wasn't perfect. Revenue missed expectations, and part of the quarterly earnings upside stemmed from a one-time tariff refund. Those factors deserve consideration, particularly with CAH trading near record territory.

However, the broader picture looks considerably more attractive.

Adjusted earnings still exceeded Q4 EPS expectations after removing the tariff benefit; management's $12.40-$12.60 FY27 EPS outlook calls for 13%-15% underlying growth and came in well above consensus forecast, and several of Cardinal Health's businesses are positioned for further expansion. Add a $6.4 billion total share-repurchase authorization and at least $1 billion of planned FY27 buybacks, and there are multiple potential drivers of EPS growth.

Trading at what is still a reasonable 19X forward earnings multiple, CAH currently sports a Zacks Rank #2 (Buy), along with an overall “A” VGM Zacks Style Scores grade for the combination of Value, Growth, and Momentum.

Gossamer Bio (GOSS - Free Report) came out with a quarterly loss of $0.2 per share versus the Zacks Consensus Estimate of a loss of $0.1. This compares to a loss of $0.17 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of -100.00%. A quarter ago, it was expected that this biopharmaceutical company would post a loss of $0.17 per share when it actually produced a loss of $0.2, delivering a surprise of -17.65%.

Over the last four quarters, the company has not been able to surpass consensus EPS estimates.

Gossamer Bio, which belongs to the Zacks Medical - Biomedical and Genetics industry, posted revenues of $9.24 million for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 171.71%. This compares to year-ago revenues of $11.49 million. The company has topped consensus revenue estimates four times over the last four quarters.

The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.

Gossamer Bio shares have lost about 94.3% since the beginning of the year versus the S&P 500's gain of 13.2%.

What's Next for Gossamer Bio?While Gossamer Bio has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?

There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.

Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.

Ahead of this earnings release, the estimate revisions trend for Gossamer Bio was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is -$0.07 on $5.4 million in revenues for the coming quarter and -$0.39 on $34.8 million in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Medical - Biomedical and Genetics is currently in the bottom 39% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

One other stock from the broader Zacks Medical sector, Veeva Systems (VEEV - Free Report) , is yet to report results for the quarter ended July 2026. The results are expected to be released on August 26.

This provider of cloud-based software services for the life sciences industry is expected to post quarterly earnings of $2.22 per share in its upcoming report, which represents a year-over-year change of +11.6%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.

Veeva Systems' revenues are expected to be $904.07 million, up 14.6% from the year-ago quarter.

DLocal (DLO - Free Report) came out with quarterly earnings of $0.18 per share, missing the Zacks Consensus Estimate of $0.2 per share. This compares to earnings of $0.14 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of -10.00%. A quarter ago, it was expected that this online payment company would post earnings of $0.16 per share when it actually produced earnings of $0.17, delivering a surprise of +6.25%.

Over the last four quarters, the company has surpassed consensus EPS estimates three times.

DLocal, which belongs to the Zacks Financial Transaction Services industry, posted revenues of $399.66 million for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 11.07%. This compares to year-ago revenues of $256.46 million. The company has topped consensus revenue estimates four times over the last four quarters.

The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.

DLocal shares have added about 1% since the beginning of the year versus the S&P 500's gain of 13.2%.

What's Next for DLocal?While DLocal has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?

There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.

Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.

Ahead of this earnings release, the estimate revisions trend for DLocal was favorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #2 (Buy) for the stock. So, the shares are expected to outperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.22 on $385.49 million in revenues for the coming quarter and $0.82 on $1.51 billion in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Financial Transaction Services is currently in the top 43% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

Klarna (KLAR - Free Report) , another stock in the same industry, has yet to report results for the quarter ended June 2026. The results are expected to be released on August 18.

This Swedish buy now, pay later company is expected to post quarterly loss of $0.07 per share in its upcoming report, which represents a year-over-year change of +50%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.

Klarna's revenues are expected to be $987.94 million, up 20% from the year-ago quarter.

Today's Change

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-8.40

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Current Price

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113.47

Cisco Systems (CSCO -8.40%), a global networking hardware and security provider, closed at $113.47, down 8.40%. The stock fell after better-than-expected fiscal fourth-quarter results and guidance, but investors are focusing on margin pressure, even as the stock is still up nearly 50% this year.
Trading volume reached 61.1 million shares, coming in about 137% above its three-month average of 25.7 million shares.

How the markets moved todayThe S&P 500 (^GSPC +0.65%) rose 0.65% to 7,799, and the Nasdaq Composite (^IXIC +0.81%) gained 0.81% to 26,803. In networking equipment and enterprise communications technology, Arista Networks (ANET -3.27%) fell 3.27% to $203.62, while Hewlett Packard Enterprise (HPE +1.75%) rose 1.75% to $59.82 as investors weighed Cisco Systems' earnings reaction and broader spending trends.

What this means for investorsInvestors approached Cisco’s fiscal fourth-quarter earnings with high expectations for the company. Cisco stock was up 60% year-to-date entering today’s trading. While the company delivered record top and bottom-line results, total (non-GAAP) gross margin for the quarter dropped to 66.3% from last year's 68.4%. This decline was partly attributed to the increased cost of components used in AI hardware, such as memory.

AI-related demand remains strong, however. Some analysts also noted the decline in gross margin, but suggested that operating margins would expand in fiscal 2027. This expansion could result in profits growing faster than revenue.

That may make today’s plunge a good opportunity to at least begin a position in Cisco stock.

Howard Smith has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Arista Networks, Cisco Systems, and Hewlett Packard Enterprise. The Motley Fool has a disclosure policy.

PRINCETON, N.J.--(BUSINESS WIRE)--Bristol Myers Squibb (NYSE: BMY) today announced that the U.S. Food and Drug Administration (FDA) has approved ZENBEXUS™ (iberdomide) in combination with daratumumab and hyaluronidase-fihj and dexamethasone (ZDd) for the treatment of adult patients with multiple myeloma who have received at least one prior line of therapy including a proteasome inhibitor and an immunomodulatory agent.1 Full approval for this indication will be contingent upon verification and description of clinical benefit in the confirmatory trial(s). ZENBEXUS is the first FDA-approved CELMoD, belonging to a new class called cereblon-modulating protein degraders for the treatment of multiple myeloma.1 Please see the Important Safety Information section below, including Boxed WARNINGS for ZENBEXUS regarding embryo-fetal toxicity and venous and arterial thromboembolism. ZENBEXUS is contraindicated in females who are pregnant.1

$BMY announced @US_FDA granted accelerated approval for its first CELMoD in relapsed or refractory #MultipleMyeloma, introducing a new class of treatment.

Share “Today’s approval of ZENBEXUS represents meaningful progress for patients living with multiple myeloma and underscores the power of our targeted protein degradation platform, particularly our CELMoD programs,” said Cristian Massacesi, MD, chief medical officer and head of development at Bristol Myers Squibb. “As the first approved CELMoD, ZENBEXUS marks the arrival of a new treatment class and is an important milestone in our efforts to expand what is possible for patients with multiple myeloma. And we believe this is only the beginning. This approval validates years of scientific research and strengthens our confidence in the potential of this approach as we continue to advance our innovative pipeline on behalf of patients with significant unmet needs.”

Approval of ZENBEXUS is based on results from the Phase 3 EXCALIBER-RRMM trial evaluating ZENBEXUS, daratumumab and hyaluronidase-fihj and dexamethasone (ZDd; n=207) compared to daratumumab, bortezomib and dexamethasone (DVd; n=213) in patients with RRMM.1 At a median follow-up of 16 months, results showed treatment with ZDd demonstrated a statistically significant improvement in one of the dual primary endpoints of minimal residual disease (MRD)-negative complete response (CR) in 41% of patients (n=85; 95% CI: 34-48) vs. 21% of patients (n=44; 95% CI: 15-27) treated with DVd (p < 0.0001).1 MRD-negativity is among the deepest measures of response in multiple myeloma and is considered predictive of improved progression-free survival (PFS).2 This FDA decision marks the first approval in relapsed or refractory multiple myeloma based on MRD-negative CR.

“The FDA approval of iberdomide marks the anticipated arrival of a new therapeutic class for relapsed or refractory multiple myeloma and has the potential to make a meaningful difference for patients,” said Sagar Lonial, MD, FACP, FASCO, EXCALIBER-RRMM lead investigator and chief medical officer of the Winship Cancer Institute of Emory University. “The strong results observed with the CELMoD-based combination within a familiar triplet approach creates the potential for a new treatment foundation in multiple myeloma.”

The combination of ZDd was observed to have a safety profile that is expected of the combination, with 7.8% of patients discontinuing ZDd due to adverse reactions.1 Among the key safety findings, ZDd can cause serious, life-threatening, or fatal infections and severe neutropenia.1 Neutropenia and infections in patients who received ZDd occurred at a rate of 90.2% and 78.9%, respectively, leading to few discontinuations (1% and 1.5%, respectively).1 The most common adverse reactions (≥20%) in the ZDd arm and DVd arm, respectively, were upper respiratory tract infection (54% and 52%), fatigue (36% and 33%), musculoskeletal pain (35% and 33%), pneumonia (34% and 17%), diarrhea (33% and 36%), motor dysfunction (26% and 17%), rash (26% and 15%), sleep disorder (25% and 28%), hypogammaglobulinemia (24% and 12%), COVID-19 (23% and 16%), and constipation (20% and 22%).1 Serious adverse reactions in ≥2% of patients included pneumonia (26%), upper respiratory tract infection (6.4%), second primary malignancy (5.9%), neutropenia (4.9%), febrile neutropenia (3.9%), COVID-19 (4.4%), and sepsis (2.9%).1 Fatal adverse reactions occurred in 10 patients (4.9%) who received ZENBEXUS.1 Sepsis (1.5%) was the only fatal drug reaction that occurred in more than 1 patient.1 The following fatal adverse reactions occurred in 1 patient each: listeria encephalitis, influenza, lung adenocarcinoma, cardiac arrest, large intestine perforation, metabolic acidosis, and respiratory failure.1

“The goal for every person living with multiple myeloma is not simply to live longer, but to live well,” said Heather Cooper Ortner, president and chief executive officer of the International Myeloma Foundation. “That is why it is important to have access to effective therapeutic options, particularly in the community setting where the majority of myeloma care is delivered. This approval represents an important step forward by expanding treatment options for patients facing their first relapse. Every new option gives patients and their healthcare teams additional choices as treatment needs evolve, as well as renewed hope for the future.”

ZENBEXUS was granted Breakthrough Therapy designation and accelerated approval based on MRD-negative CR at any time in the EXCALIBER-RRMM study.1 This review was conducted under the FDA’s Project Orbis initiative, which enables concurrent review by the health authorities in several other countries.

While ZENBEXUS is the first FDA approved CELMoD therapy, a New Drug Application for mezigdomide, an investigational CELMoD, in combination with carfilzomib and dexamethasone is also currently under review with the FDA with a Prescription Drug User Fee Act target date of May 13, 2027.

Bristol Myers Squibb offers various programs and resources to address the needs of patients and caregivers, and provides support that allows for access to therapies, including ZENBEXUS.

About EXCALIBER-RRMM
EXCALIBER-RRMM (NCT04975997) is a Phase 3, multicenter, two-stage, randomized, open-label study evaluating the efficacy and safety of ZENBEXUS (iberdomide) in combination with daratumumab and hyaluronidase-fihj and dexamethasone (ZDd) versus daratumumab, bortezomib, and dexamethasone (DVd) in patients with relapsed or refractory multiple myeloma (RRMM).2 The study included a dose optimization stage and was designed to assess dual-primary endpoints of minimal residual disease (MRD) negativity and progression-free survival (PFS), with additional secondary endpoints including overall survival (OS), overall response rate (ORR), safety and sustained MRD negativity.2 The study remains ongoing to assess the primary endpoint of PFS. Eligible participants included adults with 1 to 2 prior lines of anti-myeloma therapy and progressive disease.2 A total of 939 patients were randomized.1 The primary efficacy population for MRD negativity included the first 420 patients randomized to the ZENBEXUS (1 mg) + Dd arm (n=207) or the comparator daratumumab, bortezomib, and dexamethasone (DVd) arm (n=213).1 Treatment in both arms was administered until disease progression or unacceptable toxicity.1

This approval, the first in RRMM based on MRD-negative complete response (CR), marks the first public disclosure of MRD-negative CR data from the EXCALIBER-RRMM trial. The MRD data were first disclosed at the time of approval to preserve the integrity of the study while additional endpoints mature. The study remains ongoing, with patients continuing to be evaluated for PFS, one of the trial's dual primary endpoints. Full data from EXCALIBER-RRMM are expected this year.

About Minimal Residual Disease (MRD)
Minimal residual disease (MRD) refers to the small number of cancer cells that may remain in a patient’s body after treatment and are undetectable using conventional diagnostic methods.3 In multiple myeloma, MRD assessment has emerged as a highly sensitive and clinically meaningful tool for evaluating treatment response.3 MRD negativity does not necessarily mean all cancer cells are gone.3

Modern MRD detection methods, such as next-generation sequencing (NGS) and next-generation flow cytometry (NGF), can identify one malignant cell among 100,000 (threshold for MRD) to 1,000,000 normal cells, offering unprecedented precision in measuring disease burden.3 MRD is increasingly being used in clinical trials as a surrogate endpoint for progression-free survival (PFS) and is gaining recognition from regulatory authorities for its role in accelerating approval timelines.2

Indication
ZENBEXUS (iberdomide) in combination with daratumumab and hyaluronidase-fihj and dexamethasone is indicated for the treatment of adult patients with multiple myeloma who have received at least 1 prior line of therapy including a proteasome inhibitor and an immunomodulatory agent.

This indication is approved under accelerated approval based on minimal residual disease (MRD)-negative complete response (CR) at any time. Continued approval for this indication may be contingent upon verification and description of clinical benefit in a confirmatory trial(s).

IMPORTANT SAFETY INFORMATION

CONTRAINDICATIONS

Based on the mechanism of action and findings in animal studies, ZENBEXUS can cause birth defects or embryo-fetal death in humans. ZENBEXUS is contraindicated in females who are pregnant. If this drug is used during pregnancy or if the patient becomes pregnant while taking this drug, the patient should be informed of the potential hazard to a fetus.

WARNINGS AND PRECAUTIONS

Embryo-Fetal Toxicity

Females of Reproductive Potential: Must avoid pregnancy while taking ZENBEXUS and for at least 4 weeks after completing therapy. Advise females of reproductive potential of the potential risk to a fetus and to use 2 methods of effective contraception for at least 4 weeks before beginning ZENBEXUS therapy, during therapy, during dose interruptions and for at least 4 weeks after the last dose of ZENBEXUS therapy. Refer patients who can become pregnant to a qualified provider of contraceptive methods, if needed.

Two negative pregnancy tests with a sensitivity of at least 25 mIU/mL must be obtained prior to initiating therapy. Pregnancy testing should be performed weekly during the first 4 weeks of treatment. Thereafter, testing should occur every 4 weeks in patients with regular menstrual cycles, or every 2 weeks in patients with irregular menstrual cycles.

Females of reproductive potential taking ZENBEXUS must not donate eggs during treatment and for 4 weeks after completion.

Males: ZENBEXUS may pass into human semen. Advise patients who can impregnate partners to use effective contraception during treatment and for 4 weeks following the discontinuation of ZENBEXUS therapy. Male patients taking ZENBEXUS must not donate sperm during treatment and for 4 weeks after completion.

Blood Donation: Patients must not donate blood during treatment with ZENBEXUS and for 4 weeks following discontinuation of ZENBEXUS therapy.

ZENBEXUS REMS

ZENBEXUS is available only through a restricted program called ZENBEXUS REMS, because of the risk of embryo-fetal toxicity. Prescribers must be certified with and patients must be enrolled in the ZENBEXUS REMS Program and comply with ongoing monitoring and contraception requirements. Further information about ZENBEXUS REMS, including information for pharmacies, wholesalers, and distributors, is available at www.ZENBEXUSREMS.com or by telephone at 1-888-423-5436.

Serious Venous and Arterial Thromboembolism

ZENBEXUS can cause serious and life-threatening venous thromboembolic events (DVT and PE) and arterial thromboembolic events (myocardial infarction and stroke). In the EXCALIBER-RRMM study (N=204), venous thromboembolic events occurred in 6.4% of patients treated with ZENBEXUS combined with daratumumab and hyaluronidase-fihj and dexamethasone (IberDd) despite mandatory thromboembolism prophylaxis. The incidence of DVT was 3.4% and the incidence of PE was 1.5%.

Arterial thromboembolic events occurred in 3.4% of patients. The incidence of myocardial infarction was 2.0%, and the incidence of stroke (CVA) was 1.5%.

Monitor patients for signs and symptoms of thromboembolic events during treatment with ZENBEXUS. Patients with known risk factors, including prior thrombosis, may be at greater risk, and actions should be taken to try to minimize all modifiable factors (e.g., hyperlipidemia, hypertension, smoking). Thromboprophylaxis is recommended, and the choice of regimen should be based on assessment of the patient's underlying risk factors. In patients who develop a thromboembolism, interrupt ZENBEXUS and initiate anticoagulant therapy according to guidelines.

Neutropenia

ZENBEXUS can cause severe neutropenia. In the EXCALIBER-RRMM study, all-grade neutropenia was reported in 90.2%, Grade 3 in 30.9%, and Grade 4 in 53.4% of patients in the IberDd arm. Febrile neutropenia occurred in 5.4% of patients.

Monitor complete blood count throughout treatment with ZENBEXUS. Interrupt, reduce dosage, or discontinue ZENBEXUS, as necessary. Initiate granulocyte colony-stimulating factor (GCSF) as appropriate per guidelines.

Infections

ZENBEXUS can cause serious infections, including life-threatening or fatal infections. Patients with active or uncontrolled infection should not start ZENBEXUS treatment until the infection is controlled. In the EXCALIBER-RRMM study, infections, including opportunistic infections, were reported in 78.9%, Grade 3 in 35.8%, Grade 4 in 3.4%, and fatal infections in 2% of patients receiving IberDd. Serious infections occurred in 40% of patients. Discontinuations due to infections occurred in 1.5% of patients.

Monitor patients for signs and symptoms of infection prior to and during treatment with ZENBEXUS and treat appropriately. Withhold or reduce the dose based on severity.

Consider prophylactic anti-infective medications according to current practice guidelines.

Second Primary Malignancies

In the EXCALIBER-RRMM study, at a median follow-up time of 16 months, second primary malignancies (SPM) occurred in 6.9% of patients in the IberDd arm and 4.9% of patients in the daratumumab and hyaluronidase-fihj, bortezomib, and dexamethasone (DVd) arm.

Monitor patients for the development of SPM.

ADVERSE REACTIONS

Serious adverse reactions occurred in 58.3% of patients receiving ZENBEXUS. Serious adverse reactions in ≥2% of patients included pneumonia (26%), upper respiratory tract infection (6.4%), SPM (5.9%), neutropenia (4.9%), febrile neutropenia (3.9%), COVID-19 (4.4%), and sepsis (2.9%). Fatal adverse reactions occurred in 10 patients (4.9%) who received ZENBEXUS. Sepsis (1.5%) was the only fatal drug reaction that occurred in more than 1 patient. The following fatal adverse reactions occurred in 1 patient each: listeria encephalitis, influenza, lung adenocarcinoma, cardiac arrest, large intestine perforation, metabolic acidosis, and respiratory failure.

The most common adverse reactions (≥20%) in the IberDd arm and DVd arm, respectively, were upper respiratory tract infection (54% and 52%), fatigue (36% and 33%), musculoskeletal pain (35% and 33%), pneumonia (34% and 17%), diarrhea (33% and 36%), motor dysfunction (26% and 17%), rash (26% and 15%), sleep disorder (25% and 28%), hypogammaglobulinemia (24% and 12%), COVID-19 (23% and 16%), and constipation (20% and 22%).

The most common Grade 3 to 4 laboratory abnormalities (≥30%) in the IberDd arm and DVd arm, respectively, were neutropenia (77% and 11%), leukopenia (69% and 18%), and lymphopenia (62% and 51%).

DRUG INTERACTIONS

Effects of Other Drugs on ZENBEXUS

Strong or Moderate CYP3A Inhibitors: Coadministration of ZENBEXUS with strong or moderate CYP3A inhibitors should be avoided. If a strong or moderate CYP3A inhibitor must be used in combination with ZENBEXUS, reduce the ZENBEXUS dose. Concomitant use with strong or moderate CYP3A inhibitors may increase the risk of adverse reactions.

Strong or Moderate CYP3A Inducers: Coadministration of ZENBEXUS with strong or moderate CYP3A inducers should be avoided. Concomitant use with a strong or moderate CYP3A inducer may decrease the efficacy of ZENBEXUS.

SPECIFIC POPULATIONS

Pregnancy (See the BOXED WARNINGS)

There is a pregnancy exposure registry that monitors outcomes in patients exposed to ZENBEXUS during pregnancy. See the ZENBEXUS REMS WARNINGS AND PRECAUTIONS section.

Lactation

Advise women not to breastfeed during treatment with ZENBEXUS. Refer to the Prescribing Information for daratumumab hyaluronidase-fihj or dexamethasone for additional information.

Females and Males of Reproductive Potential

ZENBEXUS can cause fetal harm when administered during pregnancy.

Pregnancy Testing, Females of Reproductive Potential, and Males: See the Embryo-Fetal Toxicity WARNINGS AND PRECAUTIONS section.

Geriatric Use

In patients treated with IberDd, the incidence of serious adverse reactions was 53%, 56%, and 74% in adult patients younger than 65 years of age, 65 years of age to younger than 75 years of age, and 75 years of age and older, respectively.

Renal Impairment

Reduce the ZENBEXUS dose in patients with estimated glomerular filtration rate (eGFR) less than 30 mL/min/1.73 m2 not on dialysis. If dose modification is needed due to adverse events, reduce the ZENBEXUS dose to 1 mg every other day on Days 1 to 21 of a 28-day cycle.

Please see full Prescribing Information for ZENBEXUS including Boxed WARNINGS.

About Targeted Protein Degradation and CELMoD
Targeted protein degradation (TPD) is a differentiated research platform at Bristol Myers Squibb built on more than two decades of scientific expertise, providing new avenues to degrade therapeutically relevant proteins that were previously considered difficult to address. BMS is the only company that has successfully developed and commercialized protein degrader agents for the treatment of multiple myeloma. These agents, known as immunomodulatory drugs (IMiDs), helped establish the current standard of care in the treatment of this disease, which remains without a cure. BMS is building on this foundation with several investigational protein degraders in clinical trials, leveraging three different modalities including cereblon E3 ligase modulators (CELMoDs), ligand-directed degraders (LDDs), and degrader antibody conjugates (DACs). This three-pronged approach enables matching the right therapeutic modality to a molecular mechanism of action to modulate targets most effectively and ultimately provides more opportunities for potential breakthroughs that may offer meaningful new options for patients across a broad range of diseases, in and beyond hematology and oncology. Learn more about the science behind TPD at Bristol Myers Squibb here.

About Ongoing Trials
ZENBEXUS™ is also being evaluated in the EXCALIBER Maintenance study.

About Bristol Myers Squibb: Transforming Patients' Lives Through Science
At Bristol Myers Squibb, our mission is to discover, develop and deliver innovative medicines that help patients prevail over serious diseases. We are pursuing bold science to define what's possible for the future of medicine and the patients we serve. For more information about Bristol Myers Squibb, visit us at BMS.com or follow us on LinkedIn, X, YouTube, Facebook and Instagram.

Cautionary Statement Regarding Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 regarding, among other things, the research, development and commercialization of pharmaceutical products. All statements that are not statements of historical facts are, or may be deemed to be, forward-looking statements. Such forward-looking statements are based on current expectations and projections about our future financial results, goals, plans and objectives and involve inherent risks, assumptions and uncertainties, including internal or external factors that could delay, divert or change any of them in the next several years, that are difficult to predict, may be beyond our control and could cause our future financial results, goals, plans and objectives to differ materially from those expressed in, or implied by, the statements. These risks, assumptions, uncertainties and other factors include, among others, whether ZENBEXUS™(iberdomide) in combination with daratumumab and hyaluronidase-fihj and dexamethasone (ZDd) for the indication described in this release will be commercially successful, any marketing approvals, if granted, may have significant limitations on their use, and, that continued approval of ZENBEXUS™ (iberdomide) in combination with daratumumab and hyaluronidase-fihj and dexamethasone (ZDd) described in this release may be contingent upon verification of progression-free survival, the dual primary endpoint of the EXCALIBER-RRMM trial and potential further verification and description of clinical benefit in confirmatory trials. No forward-looking statement can be guaranteed. Forward-looking statements in this press release should be evaluated together with the many risks and uncertainties that affect Bristol Myers Squibb’s business and market, particularly those identified in the cautionary statement and risk factors discussion in Bristol Myers Squibb’s Annual Report on Form 10-K for the year ended December 31, 2025, as updated by our subsequent Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and other filings with the Securities and Exchange Commission. The forward-looking statements included in this document are made only as of the date of this document and except as otherwise required by applicable law, Bristol Myers Squibb undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, changed circumstances or otherwise.

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References

ZENBEXUS Prescribing Information. ZENBEXUS U.S. Product Information. August 2026. Princeton, N.J.: Bristol Myers Squibb Company. Lonial S, Dimopoulos MA, Berdeja JG, et al. EXCALIBER-RRMM: a phase III trial of iberdomide, daratumumab, and dexamethasone in relapsed/refractory multiple myeloma. Future Oncol. 2025;21(14):1761-1769. doi:10.1080/14796694.2025.2501920 Szalat RE, Anderson KC, Munshi NC. Role of minimal residual disease assessment in multiple myeloma. Haematologica. 2024;109(7):2049-2059. doi:10.3324/haematol.2023.284662.

3 Battery Stocks to Buy and Hold for the Rest of the DecadeEnerSys NYSE: ENS reported record first-quarter fiscal 2027 results, with sales rising 5% from a year earlier to $936 million as favorable price mix, higher volumes and foreign-currency translation supported growth. The company said its Network & Infrastructure Solutions and Precision Power Solutions businesses performed strongly, while Industrial Mobility Solutions continued to face weaker material-handling demand despite an early recovery in transportation.

President and CEO Shawn O'Connell said the quarter reflected strength in data centers, communications and defense markets, along with operating-expense discipline and stock repurchases supported by cash generation. First-quarter orders rose 7% year over year, while book-to-bill was 1.06 times. Backlog was relatively flat from the prior year and increased 2% sequentially.

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Profitability Boosted by Tariff Refunds and Tax Credits
Chief Financial Officer Andi Funk said the quarter included a $31 million, or $0.63-per-share, one-time benefit from refunds of previously paid IEEPA tariffs. The refunds were not included in the company’s guidance or its operational segment results.

Gross profit increased 24% year over year to $313 million, and gross margin expanded 510 basis points to 33.5%. Excluding the tariff refunds, gross profit rose 12% and gross margin improved 180 basis points. The company also received $9 million in expanded 45X manufacturing tax-credit benefits, largely related to moving production from its Monterrey, Mexico, plant to its Richmond, Kentucky, facility.

Adjusted operating earnings rose 47% from the prior-year period, while adjusted EBITDA increased 50% and adjusted diluted earnings per share climbed 65%. Excluding tariff refunds, adjusted operating earnings increased 22% with 45X benefits and 21% without them, according to the company.

EnerSys also changed its adjusted-metric presentation beginning this quarter to exclude non-cash stock-based compensation expense from adjusted operating earnings, adjusted EBITDA and adjusted diluted EPS. Prior-year figures were recast for comparability.

Segment Results Highlight Data Centers and Defense

Network & Infrastructure Solutions: Revenue increased 9% to $428 million, while adjusted operating earnings rose 50% to $45 million. Adjusted operating margin improved 280 basis points to 10.5%. The company cited demand for power electronics, data-center products and service offerings.
Industrial Mobility Solutions: Revenue declined 3% to $407 million, and adjusted operating earnings fell 11% to $38 million. The segment’s 9.3% adjusted operating margin was down 70 basis points, as lower material-handling volumes offset price mix and cost improvements.
Precision Power Solutions: Revenue grew 24% to $101 million, with adjusted operating earnings increasing 48% to $18 million. Adjusted operating margin rose 280 basis points to 18.2%, driven by aerospace and defense demand, particularly for counter-drone and missile-defense applications.

O'Connell said data-center revenue grew in the low teens during the quarter, while data-center orders increased more than 80% from a year earlier. Funk noted that such orders can extend 12 to 36 months, providing visibility into demand for the company’s lead-based offerings.

The company expects its recently launched DataSafe Noir lithium offering for data centers to begin contributing meaningfully to revenue in fiscal 2028. O'Connell said the product has generated customer interest due to its energy density, cost competitiveness and the ability to pair it with EnerSys’ service network.

In Industrial Mobility, management said transportation orders nearly doubled year over year in the first quarter, while material-handling orders declined by a high-single-digit percentage. EnerSys expects material-handling demand to improve later in fiscal 2027 and said it plans to begin recognizing revenue from its next-generation lithium offering in the second half.

DOE-Supported Lithium Plant Planned in South Carolina
EnerSys finalized a U.S. Department of Energy grant for a planned lithium-cell manufacturing facility in Greenville, South Carolina. The facility will focus on defense applications and serve as a Lithium and Advanced Technologies Center of Excellence.

The plant is expected to have initial annual production capacity of approximately 1 gigawatt-hour and will manufacture high-energy-density cells for manned platforms, soldier power, space and autonomous systems. O'Connell said the facility is designed for specialized defense applications requiring smaller-format cells, specialized equipment and security protocols rather than broad commercial lithium production.

The revised DOE grant will provide approximately $150 million toward the project’s estimated $650 million cost. EnerSys expects its approximately $500 million net investment to be funded entirely through operating cash flow. The company also cited an approximately $200 million state and local incentive package from South Carolina and Greenville County.

Construction is planned to begin in the first half of fiscal 2028, with full production expected about three years after construction begins. Management expects the investment to generate an internal return in the mid-20% range.

Cash Flow, Capital Returns and Outlook
Operating cash flow was $230 million and capital expenditures totaled $12 million, producing $218 million in free cash flow compared with negative $32 million a year earlier. The result was aided by a $115 million U.S. federal tax refund and tariff-refund receipts. As of July 5, EnerSys held $531 million in cash and cash equivalents, while net debt totaled $522 million.

During the quarter, the company repurchased 219,000 shares for $50 million at an average price of about $229 per share. It had nearly $900 million remaining under its repurchase authorization. The board also increased the quarterly dividend 10% to $0.2875 per share for the second quarter of fiscal 2027.

For the fiscal second quarter, EnerSys forecast net sales of $955 million to $995 million and adjusted diluted EPS of $3.15 to $3.25, including $42 million to $47 million of 45X benefits to cost of sales. Excluding 45X benefits, it expects adjusted diluted EPS of $1.95 to $2.05, representing growth of about 25% at the midpoint from the prior-year period.

About Enersys (NYSE:ENS)Enersys, headquartered in Reading, Pennsylvania, is a global leader in stored energy solutions, specializing in manufacturing and distributing industrial batteries, battery chargers, power equipment, and related accessories. The company serves a diverse range of end markets, including telecommunications, data centers, medical, aerospace, defense, electric vehicle motive power, and utility outcomes. Its products are engineered to deliver critical reserve power and motive power applications across key infrastructure and industrial sectors.

The company's product portfolio encompasses lead-acid batteries, lithium-ion energy storage systems, chargers, inverters, power management software, and a broad array of battery accessories.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].

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Key Takeaways:

Parsons was awarded a $70 million task order under the U.S. Air Force's Air Base Air Defense (ABAD) contract to provide integration, testing, deployment, maintenance, and operational transition support for U.S. Air Forces in the Europe-Air Forces Africa (USAFE-AFAFRICA) region.The company will provide integration, testing, deployment, maintenance, and operational transition of Point Defense capabilities. CHANTILLY, Va., Aug. 13, 2026 (GLOBE NEWSWIRE) -- Parsons Corporation (NYSE: PSN) announced today that it has been awarded a $70 million ceiling task order under the U.S. Air Force's Air Base Air Defense (ABAD) contract to provide integration, testing, deployment, maintenance, and operational transition support for operational capabilities throughout the USAFE-AFAFRICA region. The task order has a four-year period of performance with three 12-month option periods and expands upon Parsons' ongoing support of the Air Force's ABAD mission.

"Parsons is honored to continue supporting the U.S. Air Force's critical force protection mission across Europe and Africa," said Mike Kushin, president of Parsons' Defense and Intelligence business. "This award reflects our proven ability to integrate and operationalize exquisite defense capabilities in complex, fluid environments. By expanding our role on the ABAD program, we will help strengthen the readiness, resilience, and protection of U.S. and allied forces throughout the USAFE-AFAFRICA theater."

Under the task order, Parsons will support the integration, testing, fielding, sustainment, maintenance, and operational transition of point defense systems designed to defend personnel, aircraft, installations, and other critical assets from emerging aerial threats – including counter unmanned aircraft systems (CUAS).

As the threat environment continues to evolve, the need for scalable and integrated air base defense solutions remains critical to enabling freedom of maneuver and mission success across contested and dynamic operational environments.

This award builds upon Parsons' established performance supporting the ABAD program and reinforces the company's position as a trusted partner delivering advanced defense technologies and mission-focused solutions to the U.S. Department of War.

Parsons brings decades of experience in air and missile defense, systems engineering, mission integration, operational support, and rapid capability deployment. The company continues to help customers address increasingly complex national security challenges through innovative, mission-ready solutions that enhance operational effectiveness and improve resilience across the all-domain battlespace.

To learn more about Parsons' integrated missile defense capabilities, visit www.parsons.com/missile-defense-c5isr/.

About Parsons:

Parsons (NYSE: PSN) is a leading disruptive technology provider in the national security and global infrastructure markets, with capabilities across cyber and electronic warfare, space and missile defense, transportation, water and environment, urban development, and critical infrastructure protection. Please visit Parsons.com and follow us on LinkedIn to learn how we’re making an impact.

Media Contact:                                        
Bernadette Miller
+1 980.253.9781
[email protected]

Investor Relations Contact:
Dave Spille
+1 703.775.6191
[email protected]

Ciena Stock: Powering the AI Boom - A Network Infrastructure PlayExtreme Networks NASDAQ: EXTR is positioning its Wi-Fi 7 products, network automation software and expanding data center capabilities to benefit from an enterprise networking upgrade cycle tied to artificial intelligence, higher-bandwidth applications and security needs, according to Stan Kovler, the company’s senior vice president of corporate development and investor relations.

Speaking at an Oppenheimer event, Kovler said customers are increasingly moving to next-generation networking technology, including Wi-Fi 7, which offers greater bandwidth, reliability and more predictable connectivity. He said some customers are upgrading directly from Wi-Fi 4 or Wi-Fi 5 rather than moving through Wi-Fi 6 or Wi-Fi 6E.

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Wi-Fi 7 Demand Driven by Venues, Video and Connected Systems
Arista Networks Advances the Era of AI and Microperimeters Kovler highlighted large venues as a key use case for higher-capacity wireless networks. Stadium operators are deploying thousands of Wi-Fi access points to support growing concurrent usage, including live streaming, video sharing, digital concessions and security applications.

“Now pretty much everyone is on Wi-Fi at a lot of these events,” Kovler said, citing the need to support users at venues such as large college football stadiums. He said Wi-Fi remains less expensive to deploy than 5G in many venue environments, estimating that Wi-Fi can be three to four times cheaper to deploy than a cell-site-based alternative.

Extreme Networks Snags an Upgrade on Inventory NormalizationThe company is also seeing networking demand expand into locations and applications that historically had less connectivity, including manufacturing facilities, retail checkout systems and airport passenger-processing systems. Kovler pointed to facial recognition, 4K video, factory automation and connected devices as examples of workloads requiring more network capacity and upgraded switching infrastructure.

Security is another driver, particularly in manufacturing and regulated industries. Kovler said Extreme’s fabric technology can create separate virtual networks for individual production lines, potentially helping contain a cyberattack within a limited area rather than allowing it to spread across an organization.

He also cited demand for sovereign-cloud-style deployments, in which government and regulated-industry customers operate management systems in protected environments instead of relying on public cloud infrastructure.

Platform ONE Expands AI Automation Features
Extreme Networks plans to roll out an upgrade to its Extreme Platform ONE software later in the month, Kovler said. The company calls the next-generation capability “Agent ONE,” which is intended to expand the use of AI in network administration.

According to Kovler, the platform initially focused on knowledge-based searches and helping network engineers find information. Future capabilities are expected to provide greater automation, including a “Coworker mode” that can schedule tasks and automate processes. A subsequent offering planned for introduction in October, called “Operator mode,” is designed to address agent-to-agent workflows and more autonomous network operations.

Kovler said the primary near-term productivity benefit should be faster troubleshooting and reduced mean time to resolution. AI can analyze logs and network events in an automated way, potentially allowing IT teams to identify and resolve issues more quickly than through manual processes, he said.

He characterized the economic benefit primarily as cost avoidance rather than immediate workforce reductions. As organizations and their networks grow, automated management tools could reduce the need to add personnel, he said.

Subscription Transition and Data Center Investment
Kovler said Extreme Platform ONE bundles support with AI-driven subscription management capabilities. The bundle represented 30% of the company’s subscription bookings in fiscal 2026 and reached 50% of subscription bookings in the fourth quarter, according to his remarks.

Extreme is transitioning customers from a discrete support model toward a SaaS-oriented subscription model. Kovler said subscriptions accounted for 57% of deferred revenue in the latest quarter. The company aims to move roughly half of its customer base to Extreme Platform ONE by the end of fiscal 2027, compared with approximately 10% at the end of fiscal 2026, and expects to largely complete the transition by fiscal 2028.

He said fiscal 2027 will be a transition year, as the bundling of product lines affects the discrete support revenue line. However, he expects SaaS annual recurring revenue to reaccelerate as subscription revenue is recognized from deferred revenue, with an inflection anticipated toward the end of the fiscal year.

The company is also investing in data center offerings supporting speeds of 400 and 800, Kovler said. He expects enterprises to invest more in on-premises compute and AI workloads over time. Extreme aims to use Platform ONE as a common management layer for both campus networks and future data center switches.

Pricing, Supply and Market-Share Opportunity
Kovler said Extreme expects another year of double-digit product revenue growth and believes it can gain share from larger incumbents. He said aging customer equipment, end-of-life products and competitor product-line transitions may create opportunities, particularly in government and regulated markets where contracts can be reopened for bidding.

The company has raised prices twice during the past year, while some competitors have raised prices more frequently, Kovler said. Extreme is guaranteeing pricing for customers that register interest and deals through October and November, a strategy he said is intended to support orderly purchasing and supply-chain planning rather than encourage a short-term buying surge.

He added that the company has secured memory supply and has visibility into its memory pricing for the year. In certain product lines, he said, competitors are facing longer lead times, which Extreme believes can support additional share gains.

Kovler described current backlog as improving but remaining at “very reasonable levels,” rather than reaching the elevated levels seen during the prior supply-chain-driven cycle. He said the company prefers measured demand growth and is seeking to avoid customers placing orders far in advance of actual delivery needs.

About Extreme Networks (NASDAQ:EXTR)Extreme Networks, Inc NASDAQ: EXTR is a global provider of end-to-end networking solutions designed to support enterprise, data center, and service provider environments. The company's product portfolio encompasses high-performance wired and wireless access switches, routers, network security appliances, and software-defined networking (SDN) tools. Driven by a cloud-native management architecture, Extreme's Intelligent Edge Platform integrates network analytics, automation and orchestration capabilities to help organizations optimize performance, reduce operational complexity and strengthen security.

Since its founding in the mid-1990s and subsequent public listing in 1999, Extreme Networks has expanded its technology footprint through targeted acquisitions.

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EDEN PRAIRIE, Minn., Aug. 13, 2026 (GLOBE NEWSWIRE) -- Winnebago Industries, Inc. (NYSE: WGO), a leading outdoor recreation product manufacturer, today announced strategic actions to optimize its manufacturing footprint, enhance operational efficiency and position its premium brands for long-term growth.

As part of an ongoing enterprise initiative to align operations with market demand and maximize the use of existing resources, Winnebago Industries is making targeted manufacturing adjustments across two of its RV brands. The Winnebago brand's towable RV production operations will relocate to the nearby production campus where Grand Design RV products are currently manufactured in Middlebury, Indiana, providing access to a modern manufacturing environment and available capacity to support future growth. In addition, the Grand Design RV business will also pursue select line consolidation within its manufacturing footprint.

Separately, the Winnebago motorhome business will relocate production of its B-Van product line from Lake Mills, Iowa, to its primary manufacturing facility in Forest City, Iowa, bringing key manufacturing functions together in a single complex and strengthening coordination across the business. Both the Winnebago Towables campus in Middlebury, Indiana and the Winnebago Motorhome facility in Lake Mills, Iowa, will be closed and offered for sale at a later date.

"Winnebago Industries is focused on building a stronger and more agile enterprise for the future," said Michael Happe, president and chief executive officer of Winnebago Industries. "These actions reflect our commitment to thoughtfully managing our manufacturing footprint, leveraging the strengths of our portfolio and deploying resources where they can create the greatest value. By taking proactive steps today, we are strengthening our ability to serve customers, support dealers and drive long-term growth across our brands."

The company emphasized that Winnebago Towables and Grand Design will remain distinct businesses. Each brand will continue to maintain its own leadership team, product development, sales, dealers and product portfolio. No product lines are being discontinued as a result of these actions.

"One of the advantages of our parent company is the ability to leverage the strengths of each business while preserving what makes every brand unique," said Don Clark, group president of Winnebago Industries' Towables segment and president of Grand Design RV. "These moves allow us to better utilize available capacity while maintaining the culture, customer focus and brand identity that have made Grand Design successful. At the same time, it provides Winnebago Towables with additional resources and a stronger platform for future growth. These brands remain independent, but united in their effort to help more people enjoy their time outdoors."        

"For the Winnebago motorhome business, bringing more of our manufacturing expertise together in Forest City creates a stronger operating foundation and better positions us for the future," said Chris West, president of the Winnebago brand. "By combining talent, production capabilities and key manufacturing functions in one location, we can improve coordination, strengthen execution and continue delivering the quality and innovation our dealers and customers expect."

As these transitions occur over the next several months, dealers and customers can remain confident that business will continue seamlessly. The company does not expect any disruption to production and anticipates no changes to ordering processes, dealer relationships, warranty support, customer service or the ownership experience. Maintaining exceptional service and support for customers and dealers remains a top priority.

About Winnebago Industries

Winnebago Industries, Inc. is a leading North American manufacturer of outdoor recreation products under the Winnebago, Grand Design, Chris-Craft, Newmar and Barletta brands, which are used primarily in leisure travel and outdoor recreation activities. The Company builds high-quality motorhomes, travel trailers, fifth-wheel products, outboard and sterndrive powerboats, pontoons, and commercial community outreach vehicles. Committed to advancing sustainable innovation and leveraging vertical integration in key component areas, Winnebago Industries has multiple facilities in Iowa, Indiana, Minnesota and Florida. The Company’s common stock is listed on the New York Stock Exchange and traded under the symbol WGO. For access to Winnebago Industries' investor relations material or to add your name to an automatic email list for Company news releases, visit http://winnebagoind.com/investors.

Forward Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements related to the Company’s intention to optimize its manufacturing capabilities, benefits of such optimization, and our ability to manage the transitions so that no disruptions occur.  Investors are cautioned that forward-looking statements are inherently uncertain and involve potential risks and uncertainties. A number of factors could cause actual results to differ materially from these statements, including, but not limited to general economic uncertainty in key markets and a worsening of domestic and global economic conditions or low levels of economic growth; ability to innovate and commercialize new products; ability to manage our inventory to meet demand; risk related to cyclicality and seasonality of our business; ability to retain relationships with our suppliers and obtain components; business or production disruptions; inadequate management of dealer inventory levels; increased material and component costs, including availability and price of fuel and other raw materials; exposure to warranty claims and product recalls; ability to retain brand reputation and related exposure to product liability claims. We caution that the foregoing list of important factors is not complete. These forward-looking statements should be considered in light of the discussion of risks and uncertainties described under the heading “Risk Factors” contained in the Company’s most recent annual report on Form 10-K, Quarterly Reports on Form 10-Q, as well as any amendments to such filings, and in other filings with the SEC. The Company disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained in this release or to reflect any changes in the Company's expectations after the date of this release or any change in events, conditions or circumstances on which any statement is based, except as required by law.

Media Contact: Daniel Sullivan | [email protected]

Investor Relations Contact: Joan Ondala | [email protected]

3 Ways to Play the Data Center Land GrabEquinix NASDAQ: EQIX is planning years ahead to support a higher volume of data center development, with power availability, labor constraints and supply-chain management shaping how it selects and advances projects, Executive Vice President of Global Operations Raouf Abdel said at TD Cowen’s 12th Annual Communications Infrastructure Summit.

Abdel said his responsibilities span the full data center lifecycle, including real estate, energy, design and construction, procurement and operations. That role has become more challenging as the industry faces constraints across multiple resources, including people, manufacturing capacity, real estate and energy.

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3 REITs to Watch as AI Data Center Spending Surpasses Office Construction“Our world has gotten a lot harder,” Abdel said, pointing to community sentiment and other local considerations in addition to infrastructure requirements.

Long-Term Planning Supports Development Pipeline
Equinix has been preparing for a higher development throughput for several years, Abdel said. The company has publicly announced more than 52 projects underway across 33 global markets, while another roughly 50 projects are in planning or development stages, including efforts to secure land, power and necessary supply-chain capacity.

3 Smart Investments If Interest Rates Stay Higher for LongerThe company is now planning projects expected to be delivered in 2028 and 2029, he said. Land banking, power planning and advance manufacturing purchases are intended to support future deliveries, while projects coming online this year were generally placed on their development path two or three years ago.

Abdel described Equinix’s land bank as “multi-gigawatt,” though he said a cited 3-gigawatt estimate may have been somewhat overstated. The company’s standard development template is around 60 megawatts, according to the discussion.

He said Equinix has changed its approach to site selection as utility constraints have intensified. Rather than acquiring land and subsequently seeking power, the company now starts with the availability of power infrastructure and then identifies land that can support it.

“We won’t take down land if there isn’t some line of sight to that power,” Abdel said.

He said transmission and distribution infrastructure, rather than generation, are generally the principal bottlenecks. A project that requires substantial grid upgrades or new connections could face an extended wait for power, while locations near high-voltage transmission lines or with available utility capacity may offer a more manageable path.

Power Constraints Remain Central Consideration
Although Equinix expects much of its capital spending to be directed toward its top 25 markets, Abdel acknowledged that many established data center markets also face significant power constraints. He said the company’s long planning horizon and its ability to choose among a portfolio of potential projects provide flexibility.

For example, some expansion projects involve later phases at existing properties where Equinix had already established a power plan. The company is building in Ashburn, Virginia, today because those projects have been in development plans for years, he said.

Power availability will remain a significant issue across the data center industry, Abdel said, but Equinix aims to prioritize projects where energy delivery is on track. Of the approximately 100 projects referenced during the discussion, he said the company was confident in delivering about 50, while future selections from the remaining pipeline will depend in part on which projects obtain energy.

Pre-Sales Increase Need for Execution
Abdel said Equinix’s pre-sales are at their highest level to date, increasing the connection between capacity delivery and bookings. Demand in many markets is “insatiable,” he said, leaving less room for project delays.

He attributed the company’s ability to pull forward some capacity to close attention to project risks, supply chains and scheduling. Equinix has sought to preserve schedule flexibility early in projects rather than consuming that flexibility before later-stage issues emerge.

“Our goal, my goal, my organization’s goal is to continue to look at every opportunity to move up as long as we play within the capital envelope that we have,” Abdel said.

He added that the company believes it can progress toward higher delivery levels because it has development plans, land positions and what he called reasonable certainty around energy, though delays remain a potential risk.

Labor and Construction Costs Add Pressure
Beyond energy, Abdel identified skilled trades labor as a major constraint, particularly electricians and plumbers. He cited the greater Chicago area as an example of a market with substantial planned data center activity and insufficient available labor.

Equinix’s long-standing relationships with general contractors and electrical contractors are an advantage, he said, but the broader industry’s development pace is straining the supply of workers. Abdel said electricians can earn $150 an hour in some markets, contributing to construction-cost inflation.

Construction costs also vary widely based on the location and type of project, he said. Abdel cited an indicative range of $10,000 to $20,000, while noting that comparisons can differ depending on whether they include land, power delivery, fiber and supporting infrastructure. Manufacturing-side cost pressure has moderated, he said, but on-site labor costs remain elevated.

To mitigate those costs, developers are assessing how much work can be prefabricated or completed off-site to reduce labor requirements at construction locations, Abdel said.

On the operational side, Equinix is placing workloads in facilities suited to their density requirements. Older sites can accommodate higher-density customers when capacity becomes available, though Abdel said it would not be realistic to place 40- to 50-kilowatt cabinets in a 20-year-old facility. The company has retrofitted some older data centers with liquid cooling, while newer facilities are being designed for higher densities and to be liquid-cooling ready.

About Equinix (NASDAQ:EQIX)Equinix, Inc is a global provider of digital infrastructure and interconnection services, specializing in carrier-neutral data centers and colocation. The company operates a platform that enables enterprises, cloud and network service providers, and content companies to colocate IT infrastructure, interconnect directly with partners and providers, and access cloud on-ramps and network services in a secure, low-latency environment.

Equinix's offerings include traditional colocation space and power, cross-connects and meet-me rooms, and a suite of connectivity and on-demand services designed for hybrid multicloud architectures.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].

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MP Materials (MP +2.87%) recently announced it had signed a supply agreement with a new, unnamed customer. That news, along with its second-quarter earnings report, has proven to be quite the catalyst for the rare-earth stock, which has rallied more than 10% since the announcement.

While MP Materials has publicly named many other noteworthy new customers (e.g., Apple and the Department of Defense), it's keeping this one secret for now. All it revealed is that it's a significant long-term offtake agreement with a U.S. aerospace and defense customer for separated gadolinium, one of the 17 rare-earth metals. The customer's name isn't what's significant here. Let's break down why the deal itself matters for MP Materials stock.

Image source: Getty Images.

Layering in another growth driver MP Materials currently makes most of its revenue from NdPr oxide and metal (a fused blend of neodymium and praseodymium, two rare-earth elements). It's an important material for electric vehicles, robotics, and electronics. During the second quarter, MP Materials generated $94.4 million in revenue from NdPr oxide and metal sales, accounting for 87% of its total revenue.

With that context, let's turn to the deal. The company noted that the contract with the unnamed U.S. aerospace and defense customer is "significant" and "at attractive economics." This suggests it should be a meaningful future contributor to revenue. It's also for separated gadolinium, which will expand its HREE (heavy rare-earth elements) product portfolio, providing additional diversification. The deal also expands its customer base. That's a lot of benefits in one contract.

Today's Change

(

2.87

%) $

1.55

Current Price

$

55.66

It builds on its previously disclosed large-scale deals with Apple and the DoD. In July 2025, Apple signed a $500 million partnership with MP Materials for the production of recycled rare-earth magnets in the U.S., helping the tech titan source 100% of the recycled rare-earth magnets for its products domestically. It also signed a transformative public-private partnership with the DoD last July to accelerate U.S. independence for rare-earth magnets by constructing its new 10X facility in Texas.

These and other deals are enabling MP Materials to build a large-scale, diversified rare-earth business. They position the company for continued growth in the coming years as it commences its Apple supply agreement (2027), completes 10X (2028), and starts other customer agreements. "As we expand our commercial relationships, scale domestic manufacturing capacity, and deepen our vertical integration, we are strengthening MP's competitive position and building a differentiated industrial platform that we believe will drive long-term shareholder value," commented founder and CEO James Litinsky in the second-quarter earnings press release.

While the promise is growing more apparent, risks remain and bear watching The unnamed U.S. aerospace and defense customer deal is just one of the many storylines running through MP Materials these days. The company's revenue jumped 89% in the second quarter, driven by strong NdPr sales. Despite that, it's still losing money (nearly $2.1 million in the quarter, though that's down 90% year over year). Meanwhile, the mining stock has been volatile, falling over 25% in the past year despite the recent rally (and 45% from its 52-week high).

That volatility will likely continue as investors weigh the company's future potential against its risks. Its long-term potential is becoming more evident with each new deal. However, just as important to monitor is its ability to execute its strategy by converting these signed agreements into revenue.

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EL DORADO, Ark.--(BUSINESS WIRE)--The Board of Directors of Murphy USA Inc. (NYSE: MUSA) today declared a quarterly cash dividend on the Common Stock of Murphy USA Inc. of $0.65 per share, or $2.60 per share on an annualized basis. This represents an increase of 23% from the Q3 2025 dividend and is 1.6% above the Q2 2026 dividend. The dividend is payable on September 3, 2026, to stockholders of record as of August 24, 2026.

Murphy USA Inc. (NYSE: MUSA) today declared a quarterly cash dividend on the Common Stock of Murphy USA Inc. of $0.65 per share, or $2.60 per share on an annualized basis. This represents an increase of 23% from the Q3 2025 dividend

Share About Murphy USA

Murphy USA (NYSE: MUSA) is a leading retailer of gasoline and convenience merchandise with more than 1,800 stores located primarily in the Southwest, Southeast, Midwest and Northeast United States. The Company and its team of approximately 16,900 employees serve an estimated two million customers each day through its network of retail gasoline and convenience stores in 27 states. The majority of Murphy USA's stores are located in close proximity to Walmart Supercenters, but we also operate standalone stores that market gasoline and other products under the Murphy USA, Murphy Express, and QuickChek brands. Murphy USA ranks 263 among Fortune 500 companies.

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-- IND clearance for ATR 1072 and launch of Corventis Phase 1/2 trial in PRKAG2 syndrome --

-- Achieved second milestone payment under global cardiovascular collaboration with Bristol Myers Squibb --

, /PRNewswire/ -- Atrium Therapeutics, Inc. (Nasdaq: RNA) ("Atrium," "Atrium Therapeutics," or the "Company"), a biopharmaceutical company advancing precision cardiology by developing RNA therapeutics targeted to the heart, today reported financial results for the second quarter ended June 30, 2026, and highlighted recent corporate progress including FDA clearance of its Investigational New Drug (IND) application for ATR 1072 and continued achievements under its collaboration with Bristol Myers Squibb (BMS).

"Our team continues to execute well, achieving FDA clearance of our IND for ATR 1072 and launching Corventis — Atrium's first Phase 1/2 trial and the first clinical study to evaluate a potential disease-modifying treatment for people living with PRKAG2 syndrome," said Kathleen Gallagher, President and Chief Executive Officer of Atrium Therapeutics. "Atrium's precision approach to genetic cardiomyopathies is part of a burgeoning frontier in medicine. Our experienced team is well-positioned to continue advancing and efficiently expanding our pipeline with urgency on behalf of patients and clinicians."

Recent Highlights

Received FDA clearance of IND application and Health Canada No Objection Letter for ATR 1072. FDA cleared Atrium's IND application for ATR 1072, allowing the Company to proceed with Corventis, a Phase 1/2 open-label, multicenter clinical trial designed to evaluate the safety, tolerability, pharmacokinetics, pharmacodynamics, and efficacy of ATR 1072 in participants living with PRKAG2 syndrome. Additionally, the Company has received a No Objection Letter from Health Canada enabling the activation of planned Corventis study sites in Canada. The study will enroll approximately 37 participants across two parts: Part A, multiple ascending dose cohorts to characterize safety and support dose selection, and Part B, a single-arm expansion cohort at the recommended Phase 2 dose to further evaluate efficacy trends in cardiac structure and function. ATR 1072 is Atrium's first precision cardiology program to enter the clinic. Initiated clinical site activities for Corventis. Atrium continues to expect the first participant to be enrolled by the end of 2026. Earned a second milestone payment from Bristol Myers Squibb. Atrium achieved a second milestone under its global cardiovascular collaboration with BMS in August, triggering a payment of $15 million which will be accounted for in the third quarter financial statements. Anticipated Upcoming Milestones

Enroll first participant in the Corventis Phase 1/2 trial for ATR 1072 by the end of 2026. Report initial trial data from Corventis demonstrating proof of concept in the second half of 2027. File IND application for ATR 1086 in 2027, with IND-enabling studies initiating in 2026. We are also advancing two undisclosed pipeline programs in rare cardiomyopathy targets and expect to select our next development candidate in 2027. Second Quarter 2026 Financial Results

Collaboration Revenue: Collaboration revenue was $3.0 million for the second quarter of 2026, primarily related to R&D services under Atrium's research collaboration and license agreement with Bristol Myers Squibb. Research and Development (R&D) Expenses: R&D expenses were $15.3 million for the second quarter of 2026, primarily reflecting clinical trial preparations, IND-enabling activities, and continued development of the Company's overall research capabilities. General and Administrative (G&A) Expenses: G&A expenses were $10.3 million for the second quarter of 2026, driven by employee-related expenses, professional fees, and costs to support the Company's expanded operations. Cash, Cash Equivalents, and Short-term Investments: As of June 30, 2026, Atrium $263.9 million in cash, cash equivalents and short-term investments. The Company believes its current cash resources, inclusive of the receipt of the second milestone payment from had BMS earned in August, are sufficient to fund planned operations through mid-2028. About Atrium Therapeutics

Atrium Therapeutics, Inc. (Nasdaq: RNA) is pioneering targeted delivery of ribonucleic acid (RNA) therapeutics to the heart to transform the standard of care for people living with cardiomyopathies. With the U.S. Food and Drug Administration's (FDA) recent clearance of its Investigational New Drug (IND) application for ATR 1072 for PRKAG2 (Protein Kinase AMP-activated non-catalytic subunit Gamma 2) syndrome, Atrium is advancing its first precision cardiology program into the clinic through the Corventis Phase 1/2 clinical trial. The Company's proprietary technology - designed at Avidity Biosciences, Inc. - combines the tissue selectivity of monoclonal antibodies (mAbs) and other targeted delivery ligands with the precision of oligonucleotides and is designed to selectively target the underlying drivers of genetically driven cardiac diseases through targeted, non-viral delivery of small interfering RNA (siRNA). This approach builds upon learnings from demonstrated delivery to skeletal muscle and applies it for efficient delivery to the heart, with the potential to overcome challenges associated with non-specific tissue delivery. Beyond ATR 1072, the Company's pipeline includes ATR 1086 for PLN (phospholamban) cardiomyopathy and two undisclosed research targets in rare cardiomyopathies.

For more information about our RNA delivery platform, development pipeline and people, please visit https://atriumtherapeutics.com/ and engage with us on LinkedIn.

Availability of Other Information About Atrium Therapeutics

Investors and others should note that Atrium Therapeutics communicates with its investors and the public using its website https://atriumtherapeutics.com/, including, but not limited to, Atrium Therapeutics' disclosures, investor presentations and FAQs, Securities and Exchange Commission ("SEC") filings, press releases, public conference call transcripts and webcast transcripts, as well as on LinkedIn. The information that Atrium Therapeutics posts on its website or on LinkedIn could be deemed to be material information. As a result, Atrium Therapeutics encourages investors, the media, and others interested to review the information that it posts there on a regular basis. The contents of Atrium Therapeutics' website or social media shall not be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended.

About PRKAG2 Syndrome

PRKAG2 syndrome is a rare, autosomal dominant, early-onset cardiomyopathy caused by mutations in the PRKAG2 gene, which encodes the Gamma 2 regulatory subunit of AMPK. Mutations enhance AMPK activity leading to abnormal glycogen accumulation in heart, thickened heart muscles, electrical conduction problems, and arrhythmias. Based on current scientific literature estimates, there are at least 1,000 – 2,000 people with PRKAG2 syndrome in the U.S. Current management is limited to symptomatic treatment; no approved therapies exist to address the underlying genetic driver of disease.

About PLN Cardiomyopathy

Phospholamban ("PLN") cardiomyopathy is a rare autosomal dominant, progressive cardiac disease caused by mutations in PLN, a key regulator of sarcoplasmic reticulum Ca2+-ATPase 2a ("SERCA2a") calcium pump. PLN mutations produce protein aggregates that disrupt endoplasmic reticulum processes and lead to dilated, arrhythmogenic, or hypertrophic cardiomyopathies and a significantly increased risk of heart failure and sudden cardiac death. There are 2,000 – 4,000 people with pathogenic PLN variants in the United States. No approved therapies target the underlying molecular cause of the disease.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements can generally be identified by words such as "potential," "can," "will," "plan," "may," "could," "would," "expect," "anticipate," "look forward," "believe," "committed," "investigational," "pipeline," "launch," or similar terms, or by express or implied discussions regarding Atrium Therapeutics' ("Atrium's" or "our") future results of operations and financial condition; the Company's expected cash runway and the period over which existing cash, cash equivalents and investments are expected to fund planned operations; research and development plans; anticipated timing, design and conduct of ongoing and planned preclinical studies and clinical trials for product candidates; the expected development, advancement and clinical evaluation of ATR 1072 for the treatment of PRKAG2 syndrome, including the expected timing of initiation, enrollment, dosing and availability of data from Corventis; the disease-modifying potential of ATR 1072 to treat PRKAG2 syndrome; our expectations regarding our RNA delivery platform and ability to generate high-quality cardiology development candidates, the timing and likelihood of regulatory filings and approvals for product candidates; the potential safety and therapeutic benefits of our product candidates; the timing and likelihood of success; plans and objectives of management for future operations; and future results of anticipated product development efforts. You should not place undue reliance on these statements. Such forward-looking statements are based on our current beliefs and expectations regarding future events, and are subject to significant known and unknown risks and uncertainties. Particular areas where risks or uncertainties could cause Atrium's actual results to be materially different than those expressed in Atrium's forward-looking statements include but are not limited to: the initiation, timing, progress, potential registrational quality, and results of our research and development programs, preclinical studies, any clinical trials, and other regulatory submissions; the potential for clinical trial results to differ from our preclinical studies; our ability to timely enroll a sufficient number of patients in our clinical trials, such as Corventis; the beneficial characteristics, including potential safety, efficacy and therapeutic effects of our product candidates and the potential advantages of our product candidates compared to alternative therapies; the success and capabilities of the RNA delivery platform; the prevalence of certain diseases and conditions we intend to treat and our estimates of the potential market opportunity for our product candidates; the timing of and costs involved in obtaining and maintaining regulatory approval of our current and any future product candidates; our ability to develop our current and future product candidates; the implementation of our strategic plans for our business, product candidates, research programs and technologies; developments related to our competitors and our industry; our competitive position and the success of competing therapies that are or may become available; our ability to maintain our current license agreements and collaborations and identify and enter into future license agreements and collaborations; the expected potential benefits of strategic collaborations with third parties and our ability to attract collaborators in the future; our reliance on third parties for manufacturing and to conduct preclinical studies and clinical trials of our product candidates; our ability to efficiently and cost-effectively conduct our current and future  trials; the costs of operating as a public company; the accuracy of our estimates regarding future expenses, future revenue, capital requirements and the need for additional financing; the period over which we estimate our existing cash and cash equivalents will be sufficient to fund our future operating expenses and capital expenditure requirements; and other factors specified under the heading "Risk Factors" in Atrium's Quarterly Report on Form 10-Q for the quarter ended June 30, 2026 filed with the SEC and in other filings and furnishings made by Atrium with the SEC from time to time, which are all available on the SEC's website at www.sec.gov. Atrium is providing the information in this communication as of this date and does not undertake any obligation to update any forward-looking statements contained in this communication as a result of new information, future events or otherwise, except as required by law.

Atrium Therapeutics, Inc.
 Condensed Statements of Operations and Comprehensive Loss
(in thousands except per share information)
(Unaudited)

Three Months Ended

June 30,

Six Months Ended

June 30,

2026

2025

2026

2025

Collaboration revenue

$       3,004

$        3,847

$      22,639

$       5,420

Operating expenses:

Research and development

15,343

13,293

32,000

20,230

General and administrative

10,279

3,418

30,537

5,506

Total operating expenses

25,622

16,711

62,537

25,736

Loss from operations

(22,618)

(12,864)

(39,898)

(20,316)

Other income (expense)

Interest income

2,104

—

2,757

—

Other income (expense), net

328

(15)

322

(12)

Total other income (expense)

2,432

(15)

3,079

(12)

Net loss

$   (20,186)

$   (12,879)

$   (36,819)

$   (20,328)

Basic and diluted net loss per common share

$       (1.18)

$       (0.75)

$       (2.15)

$      (1.19)

Weighted average common shares outstanding used in the calculation of basic and diluted
net loss per common share

17,106

17,106

17,106

17,106

Other comprehensive loss:

Net unrealized loss on short-term investments

(235)

—

(235)

—

Comprehensive loss

$   (20,421)

$   (12,879)

$   (37,054)

$   (20,328)

Atrium Therapeutics, Inc.

 Condensed Balance Sheets

(in thousands,  except par value)

(Unaudited)

June 30,

December 31,

2026

2025

Assets

Current assets:

Cash and cash equivalents

$          72,334

$                 —

Short-term investments

191,566

—

Prepaid assets

4,506

1,535

Restricted cash, current portion

311

—

Other current assets

6,334

1,310

Total current assets

275,051

2,845

Restricted cash, net of current portion

106

—

Property and equipment, net

4,066

2,724

Right-of-use asset

1,289

2,784

Total assets

$        280,512

$            8,353

Liabilities and Stockholders' Equity / Former Parent's Deficit

Current liabilities:

Accounts payable

$            3,513

$            4,398

Accrued liabilities

13,312

8,945

Accrued compensation

3,962

3,147

Lease liabilities

1,683

3,672

Deferred revenue, current portion

9,038

21,639

Total current liabilities

31,508

41,801

Deferred revenue, net of current portion

33,653

28,691

Other long-term liabilities

775

574

Total liabilities

65,936

71,066

Commitments and contingencies

Stockholders' equity / Former Parent's deficit:

Preferred stock, $0.001 par value: 40,000 shares authorized; no shares issued and outstanding

—

—

Common stock, $0.001 par value: 400,000 shares authorized; 17,106 shares issued and
outstanding as of June 30, 2026, and no shares authorized, issued, or outstanding as of
December 31, 2025

16

—

Additional paid-in capital

222,853

—

Accumulated deficit

(8,058)

—

Accumulated other comprehensive loss, net

(235)

—

Net investment from Former Parent

—

(62,713)

Total stockholders' equity/Former Parent's deficit

214,576

(62,713)

Total liabilities and Stockholders' equity/Former Parent's deficit

$        280,512

$            8,353

SOURCE Atrium Therapeutics