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Alchemy Pay, a well-known payment gateway connecting crypto and fiat currencies, has recently achieved another regulatory milestone. In this respect, Alchemy Pay has officially received a Money Transmitter License from the Department of Financial and Professional Regulation of the U.S. state of Illinois. As Alchemy Pay revealed in its official press release, the development grows its coverage, letting it process crypto-to-fiat and fiat-to-crypto transfers for the consumers in the respective state. Hence, this regulatory approval increases Alchemy Pay’s cumulative MTL coverage to 18 U.S. states.

🔥#AlchemyPay has secured a Money Transmitter License (MTL) in the State of Illinois, enhancing Alchemy Pay’s ability to facilitate compliant fiat-to-crypto and crypto-to-fiat transactions, expand its payment services, and strengthen its market presence across the United States.… pic.twitter.com/3hbqhSl4pw

— Alchemy Pay|$ACH: Fiat-Crypto Payment Gateway (@AlchemyPay) June 24, 2026 Alchemy Pay Gets Money Transmitter License Authorization for Regulated Virtual Currency Services Getting the Illinois Money Transmitter License (MTL) authorization enables money transmission, virtual currency-related services, and electronic funds transactions for Alchemy Pay. Additionally, the partners and users can verify the platform’s new license through the Nationwide Multistate Licensing System Consumer Access portal. The development minimizes barriers that the traders, fintech apps, and merchants face. At the same time, the move also aligns the firm with stringent compliance benchmarks in the U.S. for stablecoins and digital assets.

Keeping this in view, Alchemy Pay is paying significant attention to regulatory clarity while expanding its services across notable markets. So, this license approval backs the platform’s wider strategy beyond simple payments. Additionally, the firm referred to the plans of issuing regulated stablecoin products in the future. It is also advancing its cutting-edge Alchemy Chain for this purpose.

Particularly, Alchemy Chain aims to connect conventional payment rails, financial institutions, and stablecoin in an inclusive compliant ecosystem. The integration of compliance into the infrastructure allows the project to establish a scalable settlement framework for merchants and enterprises. The target is to use stablecoins as worldwide settlement rails while also complying with oversight and licensing requirements.

Expanding Compliance Wins to Strengthen Regulated Services Worldwide While reflecting on the development, Alchemy Pay’s CMO, Ailona Tsik, mentioned that this regulatory landmark is crucial for the company and financial innovation. Previously, Alchemy Pay has obtained Electronic Financial Business registration and Digital Currency Exchange Provider registration in South Africa and Australia. The current achievement further expands the platform’s compliance wins. Ultimately, the development underscores Alchemy Pay’s commitment to broadening regulated footprint with a state-by-state approach.

AUTHOR

Umair Younas is a cryptocurrency-related content writer linked with this work since 2019. Here, at Blockchainreporter, he serves as a news and article writer. He is a crypto, blockchain, NFTs, DeFi, and FinTech enthusiast. He has strong command over writing authentic reviews about brokers and exchanges and he has collaborated with our education team to write educational content as well. He has a dream to raise awareness among people about digital currencies. His works are well-researched and brimmed with information hence they provide fresh insights. Stay tuned to his posts if you want to stay up-to-date with the crypto-verse.

Equinor's logo is seen next to the company's headquarters in Stavanger, Norway December 5, 2019. REUTERS/Ints Kalnins//File Photo Purchase Licensing Rights, opens new tab

CompaniesOSLO, June 25 (Reuters) - Norway's biggest oil company Equinor (EQNR.OL), opens new tab and its partners have dropped plans to electrify ​the Wisting oilfield from shore due ‌to high costs and technical complexity, it said on Thursday.

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Wisting is the largest undeveloped discovery on the Norwegian ​continental shelf, with estimated resources of ​nearly 500 million barrels of oil equivalent.

"Power ⁠from shore has been thoroughly assessed but ​was ruled out due to technical complexity and ​high costs," Trond Bokn, Equinor's senior vice president for project development, said.

"We are now continuing our work on ​power generation based on an energy-efficient gas ​turbine solution," he said in a statement.

A final investment decision ‌is ⁠planned for the end of 2027.

If sanctioned, Wisting could produce for around 30 years.

Equinor (42.5%) operates the licence alongside Aker BP (AKRBP.OL), opens new tab (27.5%), state-owned Petoro (20%) and ​INPEX Idemitsu (1605.T), opens new tab (10%).

Equinor ​and its ⁠partners on Thursday submitted for public consultation a proposed programme for ​the environmental impact assessment of a ​development ⁠of the field.

Partners have selected a Floating Production, Storage, and Offloading (FPSO) vessel as the development concept.

They ⁠will ​assess the potential for carbon ​capture and storage (CCS) to reduce CO2 emissions from production, Equinor ​said.

Reporting by Nerijus Adomaitis, editing by Anna Ringstrom

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

SummaryCompaniesAI datacenter demand squeezing memory supply for device makersMacBook Neo's starting price rises to $699 from $599Shares fall, analysts warn rivals may need steeper increasesSAN FRANCISCO, June 25 (Reuters) - Apple (AAPL.O), opens new tab raised iPad and MacBook prices on Thursday, saying it could no longer shield customers from soaring memory and storage chip ​costs driven by the AI industry's datacenter buildout.

The move does not affect Apple's main cash cow, the iPhone. But it would take starting price of the Neo - ‌its lowest priced laptop aimed at winning marketshare from affordable Windows and Chromebook laptops - from $599 to $699 months after launch.

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The increase shows even the world's most valuable consumer electronics company with supply chain relationships that are the envy of the industry is not immune to a memory price surge that has dulled the outlook for smartphone and PC sales.

Memory makers such as Micron (MU.O), opens new tab have in recent months prioritized orders from AI chipmakers like Nvidia (NVDA.O), opens new tab, helping them ​earn record profit but leaving little supply for electronics makers that have been forced to increase prices.

"We have never seen a component price increase this much, this quickly," Apple ​said in a statement. "We have shielded our customers from these increases so far, but we have now reached a point where we need to begin ⁠raising prices on a number of products, including today's increases for iPad and Mac."

Apple hiked the price of MacBook Air with 512 gigabytes of storage rose to $1,299 from $1,099, while the MacBook ​Pro with 1 terabyte of storage rose to $1,999 from $1,699, according to updated prices on its website. The iPad Air with 128 gigabytes of storage rose from $599 to $749, among other changes.

Apple also raised prices ​for both versions of its HomePod smart speaker and Apple TV set-top box. Shares of the company fell nearly 5%, while rival Dell (DELL.N), opens new tab was down more than 8%.

Rival device makers may have to raise prices even more sharply than Apple, whose deep supplier ties have cushioned it from the full hit, several analysts said.

"The memory environment is tough and remains structurally tough for the foreseeable future," said Ben Bajarin, CEO of technology consulting firm Creative Strategies.

Apple ​said in April existing inventories had helped it keep its gross margins above Wall Street expectations but that rising memory costs would start to catch up by the end of this month, ​with profitability expected to fall slightly.

"We expect significantly higher memory costs," CEO Tim Cook said on a conference call with analysts in late April.

"Where we don't give color beyond June, I can tell you that beyond ‌the June ⁠quarter, we believe memory costs will drive an increasing impact on our business," Cook had said.

MEMORY SURGE ADDS PRESSURE ON ELECTRONICS MAKERSApple has not disclosed what steps besides price hike it has taken to address rising memory costs. "We know this is not welcome news, and we are working tirelessly to find solutions," the company said on Thursday.

Analysts expect Apple to increase iPhone prices in the coming months and said the latest hike could prompt some potential buyers to advance their purchase decisions.

"The iPhone isn't spared, its hike is coming," said Nabila Popal, a senior research director at IDC. "It was incredibly ​strategic for Apple to make the price hike ​announcements prior to the iPhone fall launch, ⁠so the headlines at launch is not the price hikes but the value the new phones bring."

Prices of dynamic random access memory, used in virtually all modern tech gadgets, rose as much as 98% in the first quarter of 2026 and is set to jump by another 58% to ​63% in the current quarter, according to industry tracker TrendForce.

That surge, dubbed by some experts as "RAMageddon", has been driven by a boom in ​AI data center construction, with ⁠companies like Nvidia signing long-term deals with memory makers who are racing to increase capacity.

Micron said on Wednesday it has locked in $22 billion in such long-term commitments from customers looking to secure their memory supplies.

The rising costs are expected to weigh heavily on device sales this year, with research firm IDC estimating that the smartphone market would see its biggest-ever annual decline of nearly 14% this year while the ⁠PC market will ​fall 11.3%.

Among the notable bright spots has been the MacBook Neo launched in March, which helped power Apple's strong ​sales forecast for the June quarter and has even led some industry watchers to revise their estimates for PC sales.

With its increased price, it has now lost a $100 advantage over the $699 XPS 13 laptop that Dell unveiled last month especially ​to take on the Neo, while also making it more expensive than some Chromebooks from Lenovo and Asus.

Reporting by Stephen Nellis in San Francisco and Aditya Soni in Bengaluru; Editing by Arun Koyyur

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

The Trump administration’s Department of Transportation (DOT) has proposed new changes to federal vehicle regulations that would allow companies to skip including brake pedals in “vehicles designed to be driven exclusively by automated driving systems.”

The proposal, if adopted, would remove a major regulatory barrier for companies like Tesla and Zoox, which are developing vehicles intended to be fully autonomous, without a steering wheel or pedals. The public will now have 30 days to comment on the proposal before the DOT decides whether to approve the changes.

This is the latest of a series of proposed changes to vehicle laws from the Trump DOT. Late last year, the National Highway Traffic Safety Administration (NHTSA) proposed removing a number of Federal Motor Vehicle Safety Standards (FMVSS) requirements around windshield wiping and defogging systems, and tire placards.

President Biden was also working in this direction while in office. During his administration, the NHTSA proposed and ultimately finalized a rule that allowed autonomous vehicles to operate without steering wheels.

Currently, any company developing an autonomous vehicle that is missing parts required by the FMVSS has to request an exemption from the federal government. Even if the exemption is granted, regulations restrict how many such exempted vehicles can be on the road.

Removing requirements for parts like brake pedals will theoretically allow companies to get autonomous vehicles on the road quicker, according to the NHTSA.

“We are at the cusp of the greatest technological revolution in vehicle technology since the innovation of the Model T,” NHTSA Administrator Jonathan Morrison said in a statement. “If we want America to lead the way, we have to reimagine our regulatory framework. That’s why under Secretary Sean Duffy’s AV Framework, NHTSA is tearing down pointless barriers to innovative designs while strengthening the fundamental safety requirements that matter and holding AV developers accountable for safe performance.”

Tesla has spent the last few years developing a two-seater car it calls the Cybercab that is intended to operate without a steering wheel or pedals. The company has never applied for an exemption to the FMVSS standards requiring those controls. Instead, CEO Elon Musk has repeatedly said that his company would deploy the vehicles nationwide once regulatory approval was granted.

In the meantime, Tesla has spent the last year operating a small robotaxi service in Austin, Texas. The company began the service with safety drivers in the front seats, but has steadily removed those drivers, leaving the cars to operate “unsupervised.” The company has admitted to the NHTSA that it is using teleoperators to monitor and, in some rare cases, move the vehicles remotely at low speeds after crashes or to avoid obstacles.

Zoox, which is owned by Amazon, applied for and was granted an exemption from FMVSS standards last year so it could demonstrate its purpose-built robotaxi. The company has since applied for, and is waiting on, another exemption to operate that robotaxi commercially.

Companies like Waymo, which use retrofitted or modified versions of regular vehicles (such as the Jaguar I-Pace), have been able to deploy as many robotaxis as they want since they already have manual controls.

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Sean O’Kane is a reporter who has spent a decade covering the rapidly-evolving business and technology of the transportation industry, including Tesla and the many startups chasing Elon Musk. Most recently, he was a reporter at Bloomberg News where he helped break stories about some of the most notorious EV SPAC flops. He previously worked at The Verge, where he also covered consumer technology, hosted many short- and long-form videos, performed product and editorial photography, and once nearly passed out in a Red Bull Air Race plane.

You can contact or verify outreach from Sean by emailing [email protected] or via encrypted message at okane.01 on Signal.

Adobe on Thursday said it is acquiring Topaz Labs, which offers AI models for video and image enhancement, and that it will make it a part of its creative business.

Topaz Labs, which won an Emmy last year for its production tech, has existed for more than two decades, making tools for enhancing videos and images. In recent years, the company has released its own models: Astra for AI video upscaling and Wonder for image retouching and enhancement. The startup has also worked on a technology that makes it easier to run large video models on consumer-grade GPUs.

Adobe, which already offers some of Topaz’s tools in its Creative Cloud suite, said it will integrate Topaz’s models into its Firefly AI app as well as other parts of its image and video editing suites. Adobe said Topaz’s offerings will be available as stand-alone services through its website.

Deepa Subramaniam, VP of product marketing for Creative Cloud at Adobe, said professionals who want to combine real-life footage with AI clips can use Topaz’s products for tasks like sharpening details, reducing noise, or restoring archival footage.

“Topaz Labs brings deep expertise in optimizing large, complex AI models to run directly on device, a capability that will allow Adobe to deliver faster, more responsive experiences for customers and make advanced AI more accessible and cost-effective for creatives. In addition, Topaz Labs is trusted by professionals of all creative crafts – from designers and video professionals to photographers and enterprise creative teams,” Subramaniam said in an emailed statement.

Adobe has been in fierce competition with Canva and DaVinci Resolve-owner Blackmagic Design in the image and video editing space. Adobe has been stuffing AI into all of its apps and has also created an AI-centric media editing studio with Firefly. By acquiring startups like Topaz Labs, Adobe wants to keep its users from turning to other software for video editing and enhancements, encouraging them to stick to its ecosystem.

Adobe said the transaction will close in the second half of 2026.

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Ivan covers global consumer tech developments at TechCrunch. He is based out of India and has previously worked at publications including Huffington Post and The Next Web.

You can contact or verify outreach from Ivan by emailing [email protected] or via encrypted message at ivan.42 on Signal.

Key Takeaways All 32 large banks passed the Fed's 2026 stress test despite a severe hypothetical recession.JPM plans to raise its dividend to $1.65 per share and announced a new $50 billion share repurchase program.Stress capital buffers stay frozen until 2027 as the Fed revises its testing framework. The Federal Reserve's 2026 annual stress test reaffirmed the resilience of the U.S. banking system, with all 32 large banks comfortably clearing the regulator's hypothetical recession scenario. The results not only highlighted the sector's strong capital position but also paved the way for several banking giants, including JPMorgan (JPM - Free Report) , Goldman Sachs (GS - Free Report) , Morgan Stanley (MS - Free Report) and Wells Fargo (WFC - Free Report) , to announce plans for higher dividends and fresh share repurchase programs.

Unlike previous years, this year's stress test carries a unique regulatory significance. While the exercise demonstrated the industry's ability to withstand severe economic shocks, the results will not alter banks' stress capital buffer (SCB) requirements until 2027 as the Fed continues to overhaul its stress-testing framework and incorporate public feedback.

Fed's Stress Scenario Tests Banks Against Severe RecessionThe annual stress test, mandated under the Dodd-Frank Act following the 2008 financial crisis, evaluates whether large U.S. banks can continue lending during an extreme economic downturn while maintaining adequate capital levels.

The Fed's 2026 "severely adverse" scenario envisioned a sharp global recession triggered by a sudden collapse in investor risk appetite. Under this hypothetical scenario, U.S. unemployment rises to 10% from 5.5%, while real GDP contracts 4.6%. Residential home prices decline 30%, and commercial real estate prices plunge 39%. At the same time, equity markets tumble nearly 58%.

Despite these severe assumptions, the 32 participating banks, including the above-mentioned banks and Bank of America (BAC - Free Report) , were projected to absorb approximately $708 billion in total loan losses, including roughly $203 billion in credit card losses, $158-$160 billion in commercial and industrial loans, and about $75-$77 billion in commercial real estate losses. Even after these projected losses, aggregate Common Equity Tier 1 (CET1) capital fell only 1.6 percentage points, from 12.8% to 11.2%, remaining comfortably above regulatory minimums.

Fed Vice Chair for Supervision Michelle Bowman said the results underscore the strength of the U.S. banking system while emphasizing the central bank's ongoing efforts to improve transparency and accountability in future stress tests.

Regulatory Overhaul Makes 2026 Stress Test DifferentThis year's exercise differs from prior stress tests because the Fed has frozen SCB requirements through 2027 while it revises the testing methodology.

The decision follows years of criticism from major banks, which argued that the annual exercise lacked transparency and produced volatile capital requirements. The Fed has since proposed publishing more information about its models and scenarios while seeking public comments before implementing revised methodologies.

As a result, banks were not required to wait for revised capital requirements before announcing their capital return plans, allowing many institutions to quickly unveil dividend increases and share repurchase authorizations following the release of the results.

Banks’ Dividend Hikes and Buybacks Take Center StageFollowing the stress test results, major U.S. banks moved quickly to enhance shareholder returns, reflecting confidence in their capital strength. JPMorgan led the pack by announcing a plan to raise its quarterly dividend to $1.65 per share from $1.50 and authorized a massive $50 billion share repurchase program, one of the largest in the industry. CEO Jamie Dimon emphasized the bank’s preparedness for a wide range of economic scenarios, underscoring its robust capital position and earnings power.

Wells Fargo also signaled higher payouts, planning to increase its quarterly dividend by about 11% to 50 cents per share, subject to board approval in July. However, unlike some peers, the bank did not introduce a new buyback program, opting instead to continue repurchases under its existing framework. Similarly, Goldman also announced plans to hike its dividend to $5.00 per share from $4.50. This reflects a strong financial health and a commitment to returning excess capital, though it did not announce a new buyback authorization.

Morgan Stanley combined both strategies and will boost its dividend by 15% to $1.15 per share and reauthorized a $20 billion share repurchase program. This highlights confidence in its capital generation capabilities. In contrast, Bank of America held off on immediate announcements, stating it will finalize its dividend decision after its July board meeting. While it did not update its buyback plans, investors expect continued capital returns supported by its solid capital ratios.

Positive Signal for Bank InvestorsAlthough this year's stress test carries fewer regulatory implications because SCBs remain frozen until 2027, the results reinforce the strong financial position of the U.S. banking industry.

The ability of large banks to absorb more than $708 billion in projected losses while maintaining capital comfortably above regulatory minimums demonstrates the sector's resilience nearly two decades after the global financial crisis prompted the introduction of annual supervisory stress testing.

For investors, the immediate takeaway is clear. Robust capital positions continue to support attractive shareholder distributions. Now, investor attention is likely to shift toward the Fed's ongoing overhaul of the stress-testing framework and the anticipated Basel III Endgame proposals, both of which could further shape capital requirements and shareholder return strategies across the U.S. banking sector in the coming years.

June 25, 2026 09:00 ET  | Source: Applied Materials, Inc.

Innovations spanning DRAM and advanced packaging enable the 3D architectures behind cutting-edge AI chipsA new epitaxy system optimized for DRAM fabs adds a critical logic-class step—boosting memory speed and efficiency while maximizing output within tight fab footprint and supply constraints New CMP and deposition systems target the most critical advanced packaging steps, delivering higher-yield chip stacking for HBM and logicNew eBeam systems bring wafer-fab-grade metrology and defect review to advanced packaging, optimized to handle the unique challenges these packages present SANTA CLARA, Calif., June 25, 2026 (GLOBE NEWSWIRE) -- Applied Materials, Inc., the leader in materials engineering for the semiconductor industry, today introduced a suite of new chipmaking systems for building the advanced 3D chip architectures that power next-generation AI.

AI compute is increasingly constrained by memory, as model scale and data movement demands outpace gains in bandwidth, capacity and energy efficiency. This growing “memory wall” is accelerating adoption of advanced packaging architectures, including high bandwidth memory (HBM) and 3D stacking. These technologies deliver step-change improvements in bandwidth and efficiency but introduce new challenges in process complexity. Applied is enabling this transition with a materials engineering portfolio spanning DRAM, advanced packaging and process control, extending its leadership across each domain to help customers bring a new generation of AI chips to production faster and at higher yield.

Enhanced Epitaxy Brings Logic-Class Technology to Next-Generation DRAM

Epitaxy has been used for years in leading-edge logic, where precision growth of a crystalline material in the transistor channel has boosted performance well beyond what geometric scaling alone can deliver. Those same techniques are now becoming critical in DRAM peripheral transistors. Applied pioneered silicon germanium epitaxy in transistor channels more than a decade ago with its Centura™ Prime™ Epi system.

Enhanced Centura™ Prime™ Epi
Applied is now introducing an enhanced Centura™ Prime™ Epi system that selectively grows doped silicon germanium and silicon phosphorous in source/drain regions, combining advanced strain engineering with precise doping control. The result is higher drive current and transistor efficiency, enabling faster, more power-efficient DRAM operation—essential for the bandwidth demands of HBM and next-generation DDR. The new system also features a 20% smaller footprint, enabling higher tool density and faster capacity scaling in DRAM fabs.

“The transistor and materials technologies that drove performance gains in leading-edge logic are now becoming essential in DRAM,” said Dr. Prabu Raja, President of the Semiconductor Products Group at Applied Materials. “As DRAM scales to meet the bandwidth demands of HBM and AI workloads, the distinction between logic and memory process technology is converging. By leveraging our epitaxy leadership in leading-edge logic, Applied is uniquely positioned to drive this transition in DRAM.”

New CMP and Deposition Systems Target the Most Critical Advanced Packaging Steps

In recent years, advanced packaging has become as strategically important to the computing industry as on-chip transistor scaling. Modern AI server chips pack trillions of transistors by integrating multiple dies into a single package. HBM is a leading example of this approach, stacking DRAM chips on top of one another and connecting them with through-silicon vias (TSVs). Applied is the leader in process equipment for advanced packaging, including systems covering the majority of materials engineering steps required to create the TSVs, copper pillars and microbumps that connect stacked dies. Today, Applied is introducing three new systems targeting the most critical advanced packaging process steps.

Opta™ Quad CMP
Leveraging Applied’s leadership position in chemical mechanical planarization (CMP), the Opta™ Quad platform is engineered specifically for advanced packaging, where thicker films, longer polish times and tighter tolerances raise the risk of non-uniformity and yield loss. Opta Quad continuously monitors wafer conditions during polish and dynamically adjusts in real time, improving within-wafer uniformity and total thickness variation control. This is particularly critical for hybrid bonding—an emerging 3D stacking technology in which copper wiring and surrounding dielectrics from two chips are fused together in a single step, requiring near-perfect surface planarity for high-yield results.

Nokota™ VMax™ 2 ECD
As 3D stacks scale, uneven interconnects can leave gaps that prevent reliable contact between layers. Ensuring the TSVs and microbumps are leveled across the entire wafer becomes critical to stacking yield. Nokota™ VMax™ 2 is an electrochemical deposition (ECD) system engineered for high-precision copper plating across a broad range of applications for next-generation packaging, from TSV fill for 3D stacking to fine-pitch interconnects such as microbump formation. Nokota VMax 2 introduces Adaptive Pattern Tuning (APT), which dynamically shapes the electric field to correct for layout-driven variation and improve plating uniformity across the wafer.

Producer™ Avila™ 2 PECVD
To fit more layers into a stack, HBM dies are thinned to roughly 1/25th the thickness of a standard wafer, making them prone to warpage and deformation. These effects compound as layers are added, increasing the risk of bonding failure and yield loss. Producer™ Avila™ 2 is a plasma-enhanced chemical vapor deposition (PECVD) system that improves the mechanical stability of ultra-thin DRAM dies by depositing stress-balanced dielectric films around TSVs, enabling reliable stacking of 12, 16, and future high-layer-count HBM designs. In addition to HBM, the system supports a range of advanced memory and logic integration schemes.

“Advanced packaging has become a primary driver of system-level performance, and the complexity of next-generation 3D architectures demands new levels of precision across every process step,” Raja said. “Applied’s leadership in dielectric CVD, ECD and CMP—combined with deep process integration expertise—gives customers the tools they need to scale 3D stacks reliably and at yield.”

New eBeam Systems Bring Wafer-Fab Process Control to Advanced Packaging

Advanced packaging fabs are encountering defect and metrology challenges once exclusively found in wafer fabs. Feature dimensions have shrunk below the resolution limit of optical inspection tools, and particles that were tolerable with larger bumps now impact yield. A single defect can require scrapping an entire HBM stack, elevating process control to a strategic priority. Applied is extending its eBeam leadership with two new systems specifically designed for advanced packaging—both engineered to handle a wide range of substrate geometries and materials.

VeritySEM™ 7AP CD Metrology
The latest in Applied’s VeritySEM™ portfolio for critical dimension (CD) metrology, VeritySEM™ 7AP enables precise measurement of features on thick, heterogeneous, and highly warped substrates common in HBM and chiplet architectures. VeritySEM AP systems automatically reconfigure to support a range of sizes and materials, while delivering sub-10nm sensitivity—orders of magnitude better than optical tools.

SEMVision™ G7AP Defect Analysis
SEMVision™ is the industry’s leading eBeam defect analysis platform. SEMVision™ G7AP extends Applied’s leadership into advanced packaging, enabling high-resolution defect review and automated classification across silicon, organic, and glass substrates. The system can accelerate yield learning by helping customers quickly distinguish critical defects from nuisance signals. SEMVision G7AP is already in production at leading memory and logic manufacturers supporting high-volume advanced packaging.

“Applied has been at the forefront of eBeam technology for decades,” said Keith Wells, Group Vice President and General Manager of the Imaging and Process Control Group at Applied Materials. “As advanced packaging geometries scale below the resolution limit of optical tools, packaging fabs need eBeam-grade precision to both redetect and classify the defects. In developing the VeritySEM 7AP and SEMVision G7AP tools, Applied is transferring proven wafer fab expertise into packaging—purpose-built for the substrates and defect challenges of 3D architectures.”

A media kit with additional information on the new systems is available on the Applied Materials website. Further details about Applied’s advanced technologies will be provided at the company’s DRAM and Advanced Packaging Master Class being held later today.

About Applied Materials
Applied Materials, Inc. (Nasdaq: AMAT) is the leader in materials engineering solutions that are at the foundation of virtually every new semiconductor and advanced display in the world. The technology we create is essential to advancing AI and accelerating the commercialization of next-generation chips. At Applied, we push the boundaries of science and engineering to deliver material innovation that changes the world. Learn more at www.appliedmaterials.com.

Contact:
Ricky Gradwohl (Media) 408.235.4676
Mike Sullivan (Financial Community) 408.986.7977

, /PRNewswire/ -- The PNC Financial Services Group, Inc. (NYSE: PNC) announced that it plans to recommend to its board of directors an increase in the quarterly cash dividend on common stock of $0.30 per share, or 18%, to $2.00 per share in the third quarter of 2026, consistent with the current capital plan approved by its board. PNC's board of directors is expected to consider this recommendation at its next scheduled meeting July 6, 2026.

PNC received the results of the Federal Reserve's 2026 Comprehensive Capital Analysis and Review (CCAR). The Federal Reserve's CCAR disclosure included its estimate of PNC's minimum capital ratios for the period from the first quarter of 2026 through the first quarter of 2028 under the hypothetical Supervisory Severely Adverse scenario. Based on PNC's strong results, PNC's start to minimum Common Equity Tier 1 (CET1) depletion during the stress test horizon is 0.3%, which reflects the best performance in our peer group. Consistent with the Federal Reserve's announcement Feb. 4, 2026, PNC's stress capital buffer (SCB) will be maintained at the current regulatory minimum of 2.5% until PNC and other firms receive a new SCB requirement based on the results of a supervisory stress test to be conducted in 2027, which would be effective Oct. 1, 2027. PNC's CET1 ratio of 10.1% as reported for March 31, 2026, significantly exceeds PNC's SCB-based requirement of 7.0%, which is comprised of the regulatory minimum (4.5%) plus our SCB (2.5%), reflecting PNC's continued robust capital levels.

The PNC Financial Services Group, Inc. is one of the largest diversified financial services institutions in the United States, organized around its customers and communities for strong relationships and local delivery of retail and business banking including a full range of lending products; specialized services for corporations and government entities, including corporate banking, real estate finance and asset-based lending; wealth management and asset management. For information about PNC, visit www.pnc.com.

Cautionary Statement Regarding Forward-Looking Information
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act regarding our outlook or expectations for planned capital actions. Forward-looking statements are necessarily subject to numerous assumptions, risks and uncertainties, which change over time. Future events or circumstances may change our outlook and may also affect the nature of the assumptions, risks and uncertainties to which our forward-looking statements are subject. These forward-looking statements speak only as of the date of this press release, and we assume no duty, and do not undertake, to update them. Actual results or future events could differ, possibly materially, from those that we anticipated in these forward-looking statements. As a result, we caution against placing undue reliance on any forward-looking statements. Forward-looking statements are subject to the risks and uncertainties that are disclosed in PNC's 2025 Form 10-K, including in Item 1A. Risk Factors, and in PNC's subsequent SEC filings. Our SEC filings are accessible on the SEC's website at www.sec.gov and on our corporate website at www.pnc.com/secfilings.

CONTACTS

MEDIA:
Anne Pace
(631) 338-3268 
[email protected]  

INVESTORS:
Bryan Gill 
(412) 768-4143 
[email protected]

SOURCE The PNC Financial Services Group, Inc.

Darden Restaurants on Thursday reported mixed quarterly results as same-store sales growth at the company's fine-dining restaurants and Olive Garden fell short of expectations.

The company's forecast for its fiscal 2027 earnings and revenue also came on the lower end of Wall Street's projections.

Shares of the company slid more than 3% in premarket trading.

Here's what the company reported for its fiscal fourth quarter ended May 31 compared with what Wall Street was expecting, based on a survey of analysts by LSEG:

Earnings per share: $3.66 adjusted vs. $3.63 expectedRevenue: $3.72 billion vs. $3.73 billion expectedDarden reported net income of $404.9 million, or $3.51 per share, up from $303.8 million, or $2.58 per share, a year earlier.

Excluding costs of restaurant closures and other items, the company earned $3.66 per share.

Net sales climbed 13.7% to $3.72 billion, boosted by the inclusion of an extra week during the fiscal year.

Across all of Darden's restaurants, same-store sales rose 4.6%, topping expectations of 4.1% growth based on StreetAccount estimates.

LongHorn Steakhouse led the portfolio with same-store sales growth of 9.5%, beating StreetAccount projections of 7.1%. The chain has overtaken Olive Garden to become Darden's top performer, although it still accounts for less of the company's overall sales.

For its part, Olive Garden saw same-store sales grow 2.4% in the quarter, missing expectations of 3.2% growth.

Darden's fine-dining segment reported same-store sales growth of 1.9%, falling short of StreetAccount estimates of 3.1%. The division includes The Capital Grille and Ruth's Chris.

The company's "other business" segment saw same-store sales rise 4.6%, higher than the 3% projected by analysts. The division includes a handful of smaller restaurant chains, like Yard House and Chuy's.

Looking ahead to the next fiscal year, Darden is projecting total sales of $13.60 billion to $13.75 billion and net earnings per share from continuing operations in a range of $11.10 to $11.35. Wall Street is expecting the company to report fiscal 2027 revenue of $13.72 billion and earnings per share of $11.40.

Darden is also forecasting that it will report same-store sales growth of 2.5% to 3.5% for fiscal 2027 and open between 75 and 80 new locations.

CEO Shares Letter to Shareholders, inviting them to attend the townhall; Management to discuss Nasdaq bid price compliance, 35% May gross margin, Meyer Distributing, $36M+ revenue run-rate target, direct investments, insider alignment, NEXUS traction, Terravis Energy, and the Company's 2026 execution plan.

The live event will provide shareholders an opportunity to hear directly from CEO Steven Rossi and ask questions about Worksport's business momentum and long-term value creation strategy.

WEST SENECA, NY / ACCESS Newswire / June 25, 2026 / Worksport Ltd. (NASDAQ:WKSP) ("Worksport" or the "Company"), a U.S.-based innovator and manufacturer of hybrid and clean energy solutions primarily for the light truck, overlanding, and global consumer goods markets, today announced that its common stock closed above $1.00 on June 24, 2026, which the Company believes keeps Worksport in full compliance with Nasdaq's minimum bid price requirement, and represents a 75% increase in 5 trading days.

The Company also announced that it will host a live investor town hall on Tuesday, June 30, 2026, at 12:05 p.m. Eastern Time. The town hall will provide shareholders, prospective investors, analysts, media, and other interested parties an opportunity to hear directly from Founder and Chief Executive Officer Steven Rossi regarding Worksport's recent business developments, current execution priorities, and the Company's strategy for the second half of 2026 and beyond.

Link to register for townhall: Register to WKSP's June Townhall Here

https://us06web.zoom.us/webinar/register/WN_DzpmKu68RSuvtj5pbnAbYQ

Worksport encourages shareholders, prospective investors, analysts, media, and other interested parties to attend.

Management believes the upcoming town hall comes at an important moment for Worksport. Over the past several weeks, the Company has announced multiple developments that are believed to support a stronger operating foundation, improved market positioning, and an increasingly visible path toward operational cash flow positivity:

Operational progress: Worksport announced preliminary May 2026 gross margin of approximately 35%, up ~660 basis points from 28.4% in Q1 2026, reflecting continued manufacturing efficiency, pricing discipline, and operating leverage, despite domestic inflation of aluminum, a core component of its tonneau covers.

Distribution expansion: The Company announced Meyer Distributing as a new national distribution partner, expanding Worksport's access to a broader base of dealers, installers, and aftermarket resellers across North America.

Revenue opportunity: Worksport is projecting a $36+ million 12-month annual run rate target supported by B2C activity, expanding B2B distribution, new product launches, and channel ramp-up. Current 2026 revenue run-rate is growing healthily, at $21+ million.

Premium-priced capital: The Company recently completed two direct investments, including one priced at a premium to then-recent trading levels, while also receiving expressed investor interest in evaluating additional financing of up to $10 million, subject to customary conditions.

Insider alignment: On June 9, 2026, Founder and CEO Steven Rossi elected to receive additional Company shares in lieu of cash compensation, the second time this year, reinforcing his stated confidence in Worksport's long-term value creation opportunity.

CEO Letter to Shareholders

"Over the last several weeks, Worksport has released some of the most important updates in our Company's recent history," said Steven Rossi. "We achieved a preliminary 35% gross margin in May, setting a new record, added Meyer Distributing as a major multi-national master distribution partner, outlined a $36+ million annualized revenue opportunity, secured premium-priced capital, and saw our shares close back above $1.00 on June 24. We believe these are meaningful milestones, and shareholders deserve a clear explanation of how they connect."

Mr. Rossi continued, "Nasdaq compliance is important, but our deeper focus remains on building the business behind the ticker. Worksport today is operating from a much stronger foundation than it was one year ago: margins have improved, distribution is expanding, B2C demand remains active, B2B channels are growing, and our newly launched NEXUS tonneau cover is contributing to a broader commercial strategy. We believe these are the ingredients that can support our stated goal of achieving initial operational cash-flow positivity within 2026."

"This town hall is intended to be direct, transparent, and useful," Mr. Rossi added. "It is the place for shareholders to ask questions, hear from management, and better understand what we believe is ahead for Worksport. We intend to discuss our revenue trajectory, margin growth, distributor onboarding, NEXUS traction, SOLIS and COR progress, OE-focused opportunities, and how we are evaluating potential business development opportunities and accretive strategic synergies that could strengthen the Company's platform over time."

Mr. Rossi concluded, "Worksport's objective is clear: grow revenue, expand margins, convert inventory, strengthen distribution, continue advancing our intellectual property-backed product portfolio, and build long-term shareholder value. We believe Worksport has entered an important inflection point, and we look forward to discussing that future with shareholders on June 30."

Terravis Energy and Broader Product Platform

In addition to Worksport's core tonneau cover, SOLIS solar cover, and COR portable power strategies, the Company continues to actively develop its Terravis Energy subsidiary. Terravis remains focused on highly efficient heating and cooling technologies, including its patented ZeroFrost™ heat-pump technology. Management currently expects product certification during the second half of 2026, subject to testing, certification timing, and other customary development considerations.

Worksport believes its broader product platform, spanning truck accessories, solar integrations, portable energy systems, and clean heating and cooling solutions, provides multiple long-term growth pathways. The Company expects to address these opportunities during the June 30 town hall.

Town Hall Details

Date: Tuesday, June 30, 2026

Time: 12:05 p.m. ET - 1:00 p.m. ET

Format: Live Zoom town hall with CEO commentary and investor Q&A

Registration: Click here to register for Worksport's June 2026 Townhall

https://us06web.zoom.us/webinar/register/WN_DzpmKu68RSuvtj5pbnAbYQ

Replay: Recording expected to be available on investors.worksport.com

Investors may submit questions in advance by emailing [email protected]. Management expects to answer selected questions during the live session, subject to time availability and public disclosure considerations.

Worksport encourages shareholders, prospective investors, analysts, media, and other interested parties to attend.

Stay tuned for more information and join our mailing list to stay up to date with the latest: Join Worksport's Newsletter

Contacts

Investor Relations, Worksport Ltd. T: 1 (888) 554-8789 ext. 128

W: investors.worksport.com
W: www.worksport.com
E: [email protected]

Connect with Worksport Chief Executive Officer, Steven Rossi

Steven Rossi X (Twitter)

Steven Rossi LinkedIn

About Worksport

Worksport Ltd. (Nasdaq: WKSP), through its subsidiaries, designs, develops, manufactures, and owns the intellectual property on a variety of tonneau covers, solar integrations, portable power systems, and clean heating & cooling solutions. Worksport's hard-folding cover, designed and manufactured in-house, is compatible with all major truck models and is gaining traction with newer truck makers including the electric vehicle (EV) sector. Worksport seeks to capitalize on the growing shift of consumer mindsets towards clean energy integrations with its proprietary solar solutions, mobile energy storage systems (ESS), and Cold-Climate Heat Pump (CCHP) technology. Terravis Energy's website is terravisenergy.com.

Connect with Worksport

Please follow the Company's social media accounts on X (previously Twitter), Facebook, LinkedIn, YouTube, and Instagram, the links of which are links to external third-party websites, as well as sign up for the Company's newsletters at investors.worksport.com.

Social Media Disclaimer

The Company does not endorse, ensure the accuracy of, or accept any responsibility for any content on these third-party websites other than content published by the Company. Investors and others should note that the Company announces material financial information to our investors using our investor relations website, press releases, Securities and Exchange Commission ("SEC") filings, and public conference calls and webcasts. The Company also uses social media to announce Company news and other information. The Company encourages investors, the media, and others to review the information the Company publishes on social media. The Company does not selectively disclose material non-public information on social media. If there is any significant financial information, the Company will release it broadly to the public through a press release or SEC filing prior to publishing it on social media.

Forward-Looking Statements

The information contained herein may contain "forward‐looking statements." Forward‐looking statements reflect the current view about future events. When used in this press release, the words "anticipate," "believe," "estimate," "scheduled," "expect," "future," "intend," "plan," "project," "envisioned," "should," or the negative of these terms and similar expressions, as they relate to us or our management, identify forward‐looking statements. These statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial situation may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: (i) supply chain delays; (ii) acceptance of our products by consumers; (iii) delays in or nonacceptance by third parties to sell our products; and (iv) competition from other producers of similar products. More detailed information about the Company and the risk factors that may affect the realization of forward-looking statements is set forth in the Company's filings with the SEC, including, without limitation, our latest Annual Report on Form 10-K and our Quarterly Reports on Form 10-Q. Investors and security holders are urged to read these documents free of charge on the SEC's web site at www.sec.gov. As a result of these matters, changes in facts, assumptions not being realized or other circumstances, the Company's actual results may differ materially from the expected results discussed in the forward-looking statements contained in this press release. The forward-looking statements made in this press release are made only as of the date of this press release, and the Company undertakes no obligation to update them to reflect subsequent events or circumstances.

SOURCE: Worksport Ltd.

Visitors walk past IBM logo at the Mobile World Congress (MWC) in Barcelona, Spain, March 3, 2026. REUTERS/Nacho Doce Purchase Licensing Rights, opens new tab

June 25 (Reuters) - IBM (IBM.N), opens new tab on Thursday unveiled what it said was the world's first technology capable of producing chips smaller than ​one nanometer, as tech companies race to build semiconductors that ‌can handle increasingly demanding AI workloads.

Shares of the Armonk, New York-based company rose over 6% in premarket trading. They have fallen about 11% so far this ​year.

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The announcement comes at a time when chipmakers are searching for ​ways to maintain the decades-long trend of cramming more computing ⁠power into smaller spaces, a phenomenon known as Moore's Law.

The new ​chip technology, which bolsters IBM's position to compete with contract chipmakers TSMC (2330.TW), opens new tab ​and Intel (INTC.O), opens new tab, has a transistor architecture of 0.7 nanometers, or 7 angstroms.

Last week, Intel said the new generation of its 18A manufacturing process, which makes 1.8 nanometer ​chips, moved into risk production, the testing phase before commercial manufacturing.

IBM said the ​0.7-nanometer chip packs nearly 100 billion transistors onto a fingernail-sized surface, about twice the ‌density ⁠of its 2-nanometer chip unveiled in 2021, delivering up to 50% higher performance or 70% greater energy efficiency.

To get there, IBM developed a new transistor design called "nanostack". Instead of laying transistors flat, the design stacks them ​on top of each ​other in ⁠three dimensions, fitting more into the same volume of space.

"With our new nanostack architecture, we’re not just making ​smaller transistors, we’re reinventing how chips are built to ​deliver dramatically ⁠more power and energy efficiency,” director of IBM Research Jay Gambetta said.

IBM says production could begin within five years. The company has previously licensed ⁠chip technologies ​to Samsung (005930.KS), opens new tab and Japan's Rapidus. It has ​not announced a manufacturing partner for this technology.

Reporting by Anhata Rooprai in Bengaluru and Stephen ​Nellis in San Francisco; Editing by Varun H K and Devika Syamnath

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

An autonomous vehicle is seen at the BlackBerry QNX headquarters in Ottawa, Ontario, Canada, February 15, 2019. REUTERS/Chris Wattie Purchase Licensing Rights, opens new tab

June 25 (Reuters) - BlackBerry (BB.TO), opens new tab raised its annual revenue forecast on Thursday, betting on continued momentum for ​its QNX division following the completion of its turnaround ‌efforts, sending its U.S.-listed shares up around 8% in premarket trading.

Once a powerhouse in the smartphone industry, BlackBerry has shifted its focus towards software for ​connected devices and self-driving vehicles over the past several ​years.

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BlackBerry's QNX division, which provides secure real-time operating systems ⁠for mission-critical embedded systems most notably in the automotive sector, has ​maintained its strong growth trajectory, with revenue surging nearly 26% to $72.3 ​million during the first quarter ending May 31.

QNX has a backlog of almost $1 billion in future royalties.

"We see more of our QNX customers are leaning ​into next-generation software defined vehicles. They're working with us closely ​to deploy our platform across the board to help them meet those needs, ‌so ⁠we actually see really healthy demand," CEO John Giamatteo told Reuters.

BlackBerry now expects full-year 2027 revenue of between $594 million and $621 million, above its earlier projection of between $584 million and $611 million.

It forecast annual QNX ​revenue of $295 million ​to $312 million, ⁠compared with its previous range of $290 million to $307 million.

BlackBerry's secure communications division, which encompasses encrypted voice, messaging ​and critical event management solutions, reported a 24% ​rise ⁠in revenue to $73.6 million.

A vast majority of the secure communications business is government, and a significant portion of the pipeline is also government, ⁠CFO ​Tim Foote said.

The company posted total revenue ​of $152.9 million for the first quarter, up 26% from the same period a year ​earlier.

Reporting by Juby Babu in Mexico City; Editing by Anil D'Silva

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

, /PRNewswire/ -- Yiren Digital Ltd. (NYSE: YRD) ("Yiren Digital" or the "Company"), a leading fintech company specializing in digital consumer lending, insurance and financial technology innovation across China and global markets, today announced its unaudited financial results for the first quarter ended March 31, 2026.

First Quarter 2026 Operational Results

Credit Solution Business

Total loans facilitated in the first quarter of 2026 were RMB8.9 billion (US$1.3 billion), representing a decrease of 26% compared to RMB12.0 billion in the fourth quarter of 2025, and a decrease of 42% compared to RMB15.2 billion in the same period of 2025. Number of borrowers served in the first quarter of 2026 was 531,500, representing a decrease of 28% compared to 742,444 in the fourth quarter of 2025, and a decrease of 61% compared to 1,375,406 in the same period of 2025. Repeat borrowers' loan amount[1] accounted for 78% of the total loans facilitated in the first quarter of 2026, compared to 77% in the fourth quarter of 2025, and 74% in the same period of 2025. Cumulative number of borrowers served reached 14,518,023 as of March 31, 2026, representing an increase of 2% from 14,295,499 as of December 31, 2025, and an increase of 12% from 12,909,436 as of March 31, 2025. Average loan size was RMB11,991 during the first quarter of 2026, an increase of 5% from RMB11,454 in the fourth quarter of 2025, and an increase of 67% from RMB7,176 in the same period of 2025. Outstanding balance of performing loans facilitated was RMB21.6 billion (US$3.1 billion) as of March 31, 2026, representing a decrease of 24% from RMB28.6 billion as of December 31, 2025, and a decrease of 21% from RMB27.5 billion as of March 31, 2025. Insurance Brokerage Business

Number of insurance clients during the first quarter of 2026 was 397,854, representing an increase of 49% from 267,730 in the fourth quarter of 2025 and a 413% year-over-year increase from 77,541 in the same period of 2025. Cumulative number of insurance clients was 2,357,951 as of March 31, 2026, representing an increase of 16% from 2,035,550 as of December 31, 2025, and a 48% year-over-year increase from 1,590,394 as of March 31, 2025. Number of new insurance policies in the first quarter of 2026 was 999,575, representing a 21% increase from 824,225 in the fourth quarter of 2025, and a 135% year-over-year increase from 425,044 in the same period of 2025. Recent Developments

All-in-AI Strategic Updates

Enterprise AI Architecture Rollout: The Company's MagiCube multi-agent platform launched an upgraded 2.0 version with two additional specialized layers: XuanJi, the execution layer for facilitating human-to-enterprise workflows, and ZhiNao, the enterprise-AI AgentOS for multi-agent orchestration. The system is currently used within the Company and is being tested for external deployment. The Company also introduced AI Buddy, the employee office co-pilot within its enterprise AI workspace platform, giving knowledge-intensive employees direct access to enterprise data, agentic workflows and approved AI tools, to enable faster decisions and higher productivity. AI Application-Layer Strategic Investments Expansion: The Company has made seed investments in three early-stage, high-growth AI application companies, covering AI entertainment, AI-assisted language learning and AI research productivity tools. "During the first quarter of 2026, we continued to demonstrate resilience and strong execution across our businesses," said Mr. Ning Tang, Chairman and Chief Executive Officer of Yiren Digital. "We maintained a highly disciplined approach in our credit solutions business while driving robust customer growth in our insurance brokerage business, further diversifying our revenue streams. At the same time, we are rapidly advancing our 'All-in-AI' strategy, deepening AI integration across our existing operations and actively expanding our AI application portfolio. Each of these steps accelerates our evolution into an AI-native, multi-industry operating platform, which we expect will unlock significant new growth and enduring value for our Company."

"The credit performance of our newly originated loan assets continued to improve during the quarter, and the overall quality of our loan portfolio has successfully stabilized," Mr. William Hui, Chief Financial Officer of Yiren Digital, said. "The underlying risk trends of our legacy book continue to improve, and we expect to see more meaningful profitability gains in the second half of the year. Meanwhile, we remain focused on optimizing capital allocation and improving investment efficiency to further strengthen our financial position and long-term competitiveness."

First Quarter 2026 Financial Results

Total net revenue in the first quarter of 2026 was RMB915.1 million (US$132.7 million), compared to RMB957.6 million in the fourth quarter of 2025, representing a decrease of 41% from RMB1,554.5 million in the same period of 2025.

Within this, revenue from the credit solution business was RMB795.7 million (US$115.4 million), representing a slight decrease of 4% from RMB832.7 million in the fourth quarter of 2025, and a decrease of 39% compared to the same period in 2025. The decrease was primarily due to lower loan facilitation volume and a reduced service fee rate under the new regulatory framework, as the Company continued to prioritize risk-adjusted growth and maintain a disciplined operating strategy amid evolving market conditions. Revenue from the credit solution business accounted for 87% of total net revenue in the first quarter of 2026, unchanged from the fourth quarter of 2025.

Revenue from the insurance brokerage business was RMB87.2 million (US$12.6 million) in the first quarter of 2026, representing an increase of 4% from RMB83.8 million in the fourth quarter of 2025, and an increase of 22% from RMB71.5 million in the same period of 2025. The sequential and year-over-year growth was primarily driven by the continued expansion of the Company's internet distribution business, which has maintained strong momentum since mid-2025. As a result, the internet distribution business contributed 29% of the insurance brokerage business segment's revenue in the first quarter of 2026, compared with 22% in the fourth quarter of 2025, reflecting the ongoing optimization of the Company's business mix and digital distribution capabilities.

Revenue from other businesses was RMB32.2 million (US$4.7 million), compared with RMB41.1 million in the fourth quarter of 2025 and RMB188.6 million in the same period of 2025. The decrease was mainly attributable to the continued scaling down of the e-commerce business.

Sales and marketing expenses in the first quarter of 2026 were RMB113.6 million (US$16.5 million), compared to RMB206.1 million in the fourth quarter of 2025 and RMB277.0 million in the same period of 2025. The decrease was primarily attributable to lower customer acquisition and marketing spending as the Company maintained a disciplined approach to loan facilitation growth. In addition, the contribution of repeat borrowers increased to 78% in the first quarter of 2026 from 74% in the same period of 2025. The cost decline was further supported by improved marketing efficiency driven by AI-assisted precision marketing initiatives.

Origination, servicing and other operating costs in the first quarter of 2026 were RMB197.6 million (US$28.6 million), compared to RMB250.9 million in the fourth quarter of 2025 and RMB224.7 million in the same period of 2025. The cost decrease was primarily attributable to continued operational cost optimization within the insurance brokerage business, driven by the ongoing transition toward more efficient digital distribution channels and a reduced reliance on traditional distribution operations.

Research and development expenses in the first quarter of 2026 were RMB108.9 million (US$15.8 million), compared to RMB121.4 million in the fourth quarter of 2025 and RMB86.0 million in the same period of 2025. The year-over-year increase in R&D expenses was mainly due to increased recruitment of senior AI R&D talent to support the execution of the 2026 All-in-AI strategy.

General and administrative expenses in the first quarter of 2026 were RMB70.5 million (US$10.2 million), compared to RMB43.0 million in the fourth quarter of 2025 and RMB95.8 million in the same period of 2025. The year-over-year decrease was primarily due to enhanced overall corporate efficiency.

Allowance for contract assets, receivables and others in the first quarter of 2026 was RMB176.4 million (US$25.6 million), compared to RMB302.8 million in the fourth quarter of 2025 and RMB152.8 million in the same period of 2025. The year-over-year increase was primarily driven by higher credit loss provisions recognized on accounts receivable, financing receivables and guarantee receivables, partially offset by reduced credit loss provisions on contract assets amid scaled-back loan facilitation activities. The quarter-over-quarter decline mainly reflected stabilized credit performance in the first quarter of 2026, together with no material portfolio revaluation adjustments recorded in the current period—such adjustments had been recorded in the fourth quarter of 2025 from updated expected loss assumptions.

Provision for contingent liabilities in the first quarter of 2026 was RMB632.2 million (US$91.7 million), compared to RMB1,110.1 million in the fourth quarter of 2025 and RMB410.8 million in the same period of 2025. The year-over-year increase was primarily attributable to higher loan volume under the risk-taking model[2] and increased expected loss provisions for newly originated loans. The quarter-over-quarter decline mainly reflected a stabilized asset risk level and no material portfolio revaluation adjustments recorded.

Fair value adjustments loss in the first quarter of 2026 was RMB89.0 million (US$12.9 million), compared to RMB62.0 million in the fourth quarter of 2025 and RMB58.4 million in the same period of 2025. The increase in fair value loss is attributable to fair value adjustment in crypto assets reflecting change in market value of the digital assets.

Income tax expense in the first quarter of 2026 was RMB37.0 million (US$5.4 million).

Net loss for the first quarter of 2026 was RMB494.7 million (US$71.7 million), compared to a net loss of RMB868.2 million in the fourth quarter of 2025 and a net income of RMB247.5 million in the same period of 2025. The year-over-year change was mainly attributable to reduced credit solution business scale, reflecting lower overall loan origination volume, lower service fee rates under the new regulatory framework and higher credit-related costs. The quarter-over-quarter improvement primarily reflects a stabilized risk level and no material portfolio revaluation adjustments recorded with the risk-taking model. The improvement was further supported by improved asset quality, higher revenue contribution from the insurance brokerage business through internet distribution channels, and continued operational efficiency gains driven by AI-enabled cost optimization.

Adjusted EBITDA[3] (non-GAAP) in the first quarter of 2026 was a loss of RMB336.8 million (US$48.8 million), compared to a loss of RMB1,028.5 million in the fourth quarter of 2025 and a gain of RMB325.0 million in the same period of 2025.

Basic and diluted loss per ADS in the first quarter of 2026 were both RMB5.6420 (US$0.8180), compared to basic and diluted loss per ADS of both RMB9.9624 in the fourth quarter of 2025; and basic and diluted income per ADS of RMB2.8646 and RMB2.8460, respectively, in the same period of 2025.

Net cash used in operating activities in the first quarter of 2026 was RMB655.6 million (US$95.0 million), compared to RMB180.8 million used in operating activities in the fourth quarter of 2025, and to RMB478.7 million generated from operating activities in the same period of 2025. The higher net operating cash outflow for the period is primarily attributable to prepayments of operating costs and expenses, longer collection terms for operating receivables and higher indemnity disbursements under the risk-taking model.

Net cash used in investing activities in the first quarter of 2026 was RMB24.8 million (US$3.6 million), compared to RMB29.2 million provided by investing activities in the fourth quarter of 2025 and RMB145.6 million used in investing activities in the same period of 2025.

Net cash used in financing activities in the first quarter of 2026 was RMB345.6 million (US$50.1 million), compared to RMB234.1 million in the fourth quarter of 2025 and RMB80.6 million in the same period of 2025.

As of March 31, 2026, cash and cash equivalents were RMB2,453.1 million (US$355.6 million), compared to RMB3,348.1 million as of December 31, 2025. As of March 31, 2026, the balance of financial investments was RMB507.5 million (US$73.6 million), compared to RMB483.7 million as of December 31, 2025.

As of March 31, 2026, delinquency rates[4] for loans that were past due for 1-30 days, 31-60 days and 61-90 days were 2.5%, 2.7% and 3.2%, respectively, compared to 3.4%, 3.0% and 2.8%, respectively, as of December 31, 2025.

Recent Updates

The Company issued a statement in May regarding media reports relating to certain financial products offered by affiliates of the Company's controlling shareholder. Those matters are unrelated to the Company. Management is monitoring the situation closely and will make further disclosures as required under applicable laws, regulations, and listing standards.

Dividend Policy

Under the Company's semi-annual dividend policy, the Board will review operating results and evaluate the Company's cash dividend policy for the first half of 2026 following the conclusion of the second quarter.

Non-GAAP Financial Measures

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

Currency Conversion

This announcement contains currency conversions of certain RMB amounts into US$ at specified rates solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to US$ are made at a rate of RMB6.8980 to US$1.00, the effective noon buying rate on March 31, 2026, as set forth in the H.10 statistical release of the Federal Reserve Board.

Conference Call

Yiren Digital's management will host an earnings conference call at 8:00 a.m. U.S. Eastern Time on June 25, 2026 (or 8:00 p.m. Beijing/Hong Kong Time on June 25, 2026).

Participants who wish to join the call should register online in advance of the conference at:
https://dpregister.com/sreg/10209861/10439ec2351.

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

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

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

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

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

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

Safe Harbor Statement

This press release contains forward-looking statements. These statements are made under 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 "aim," "anticipate," "believe," "estimate," "expect," "hope," "going forward," "intend," "ought to," "plan," "project," "potential," "seek," "may," "might," "can," "could," "will," "would," "shall," "should," "is likely to" and the negative form of these words and other similar expressions. This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "target," "confident," and similar expressions. Forward-looking statements are based on management's current expectations, assumptions, and assessments of current market and operating conditions. These statements involve inherent risks, uncertainties, and other factors, many of which are outside the control of the Company, and which could cause actual results to differ materially from those expressed or implied in such statements. Actual results may differ materially from those expressed or implied in forward-looking statements due to a variety of factors and other risks described in the Company's filings with the U.S. Securities and Exchange Commission. All forward-looking statements speak only as of the date of this press release. The Company undertakes no, and expressly disclaims any, obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required under applicable law.

About Yiren Digital

Yiren Digital Ltd. is a leading fintech company specializing in digital consumer lending, insurance, and financial technology innovation across China and global markets. The Company leverages advanced artificial intelligence and emerging technologies to enhance customer experience, optimize capital efficiency, and expand financial inclusion. Following the regulatory filing of its in-house developed Large Language Model Zhiyu, and the significant enhancement of its MagiCube Agent platform, Yiren Digital is establishing a new growth engine to accelerate its evolution into an AI-native, multi-industry operating platform extending beyond traditional financial services. For more information, please visit https://ir.yiren.com.

Unaudited Condensed Consolidated Statements of Operations

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

For the Three Months Ended 

March 31,
2025

March 31,
2026

March 31,
2026

RMB

RMB

USD

Net revenue:

Loan facilitation services

742,394

(3,909)

(567)

Post-origination services

1,744

(41)

(6)

Guarantee services

318,397

519,155

75,262

Financing services

41,887

66,145

9,589

Insurance brokerage services

71,460

87,160

12,636

Electronic commerce services

184,074

921

133

Network and marketing services *

124,358

145,697

21,122

Technology services *

68,590

98,129

14,226

Others *

1,622

1,883

273

Total net revenue

1,554,526

915,140

132,668

Operating costs and expenses:

Sales and marketing

276,952

113,569

16,464

Origination,servicing and other operating costs

224,738

197,552

28,639

Research and development

85,954

108,933

15,792

General and administrative

95,837

70,504

10,221

Allowance for contract assets, receivables and others

152,805

176,424

25,576

Provision for contingent liabilities

410,763

632,219

91,653

Total operating costs and expenses

1,247,049

1,299,201

188,345

Other income/(loss):

Investment income

1,281

1,318

191

Interest income

22,925

12,498

1,812

Fair value adjustments loss

(58,376)

(89,036)

(12,908)

Others, net

674

1,591

231

Total other loss

(33,496)

(73,629)

(10,674)

Income/(loss) before provision for income taxes

273,981

(457,690)

(66,351)

Share of results of equity investees

(129)

-

-

Income tax expense

26,346

37,024

5,368

Net income/(loss)

247,506

(494,714)

(71,719)

Net loss attributable to non-controlling interests

-

1,173

171

Net income/(loss) attributable to ordinary shareholders
of the Company

247,506

(493,541)

(71,548)

Weighted-average number of ordinary shares used in
computing basic net income/(loss) per share

172,800,275

174,951,573

174,951,573

Basic net income/(loss) per share attributable to
ordinary shareholders of the Company

1.4323

(2.8210)

(0.4090)

Basic diluted net income/(loss) per ADS
attributable to ordinary shareholders of the
Company

2.8646

(5.6420)

(0.8180)

Weighted-average number of ordinary shares used in
computing diluted net income/(loss) per share

173,935,749

174,951,573

174,951,573

Diluted net income/(loss) per share attributable to
ordinary shareholders of the Company

1.4230

(2.8210)

(0.4090)

Diluted net income/(loss) per ADS attributable to
ordinary shareholders of the Company

2.8460

(5.6420)

(0.8180)

Unaudited Condensed Consolidated Cash Flow Data

Net cash generated from/(used in) operating activities

478,650

(655,588)

(95,040)

Net cash used in investing activities

(145,590)

(24,764)

(3,590)

Net cash used in financing activities

(80,576)

(345,590)

(50,100)

Effect of foreign exchange rate changes

2,367

(8,389)

(1,216)

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

254,851

(1,034,331)

(149,946)

Cash, cash equivalents and restricted cash, beginning of
period

4,101,557

3,870,834

561,153

Cash, cash equivalents and restricted cash, end of
period

4,356,408

2,836,503

411,207

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

Unaudited Condensed Consolidated Balance Sheets

 (in thousands)

As of

December 31,
2025

March 31,
2026

March 31,
2026

RMB

RMB

USD

        Cash and cash equivalents

3,348,126

2,453,140

355,631

        Restricted cash

522,708

383,363

55,576

        Accounts receivable

826,141

911,368

132,121

        Guarantee receivable

832,905

868,827

125,953

        Contract assets, net

619,291

305,106

44,231

        Contract cost

4,287

2,149

312

        Prepaid expenses and other assets

1,776,019

1,756,162

254,590

        Loans at fair value

342,895

156,134

22,635

        Financing receivables

909,182

938,958

136,120

        Amounts due from related parties*

2,974,080

3,429,417

497,161

        Financial investments

483,700

507,528

73,576

        Equity investments

11,528

23,455

3,400

        Property, equipment and software, net

50,403

84,630

12,269

        Digital Assets

391,267

287,228

41,639

        Deferred tax assets

325,094

361,981

52,476

        Right-of-use assets

37,329

33,891

4,913

Total assets

13,454,955

12,503,337

1,812,603

        Accounts payable

79,630

93,759

13,592

        Amounts due to related parties

44,179

14,982

2,172

        Guarantee liabilities-stand ready

989,701

1,025,763

148,704

        Guarantee liabilities-contingent

1,300,097

1,172,209

169,935

        Deferred revenue

227

150

22

        Payable to investors of consolidated ABFE

1,294,792

941,068

136,426

        Accrued expenses and other liabilities

404,680

406,222

58,890

        Deferred tax liabilities

29,854

34,197

4,957

        Lease liabilities

39,758

35,289

5,116

Total liabilities

4,182,918

3,723,639

539,814

        Ordinary shares

133

134

19

        Additional paid-in capital

5,239,550

5,242,914

760,063

        Treasury stock

(170,686)

(170,686)

(24,744)

        Accumulated other comprehensive income

(2,517)

(17,369)

(2,518)

        Retained earnings

4,205,557

3,710,721

537,942

Total Yiren Digital Ltd shareholders' equity

9,272,037

8,765,714

1,270,762

        Non-controlling interests

-

13,984

2,027

Total equity

9,272,037

8,779,698

1,272,789

Total liabilities and equity

13,454,955

12,503,337

1,812,603

* The Company has outstanding related party balances due from our controlling shareholder and its affiliates. These
balances are currently performing in accordance with their contractual terms. Should our controlling shareholder fail to
satisfy its payment obligations in the future, we may be required to adjust the carrying value of such related receivables
accordingly.

Operating Highlights and Reconciliation of GAAP to Non-GAAP Measures

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

For the Three Months Ended 

March 31,
2025

March 31,
2026

March 31,
2026

RMB

RMB

USD

Operating Highlights

Amount of loans facilitated 

15,237,923

8,910,760

1,291,789

Number of borrowers

1,375,406

531,500

531,500

Remaining principal of performing loans 

27,458,292

21,603,502

3,131,850

Cumulative number of insurance clients

1,590,394

2,357,951

2,357,951

Number of insurance clients

77,541

397,854

397,854

Gross written premiums

801,798

822,991

119,309

First year premium

412,497

536,332

77,752

Renewal premium

389,301

286,659

41,557

Segment Information

Credit solution business:

Revenue

1,294,480

795,746

115,359

Sales and marketing expenses

260,903

80,760

11,708

Origination, servicing and other operating costs

140,623

140,143

20,317

Allowance for contract assets, receivables and others

152,112

174,866

25,350

Provision for contingent liabilities

410,763

632,219

91,653

Insurance brokerage business:

Revenue

71,460

87,160

12,636

Sales and marketing expenses

2,795

2,388

346

Origination, servicing and other operating costs

81,440

54,475

7,897

Allowance for contract assets, receivables and others

(578)

(117)

(17)

Others:

Revenue

188,586

32,234

4,673

Sales and marketing expenses

13,254

30,421

4,410

Origination, servicing and other operating costs

2,675

2,934

425

Allowance for contract assets, receivables and others

(1,994)

188

27

Reconciliation of Adjusted EBITDA

Net income/(loss)

247,506

(494,714)

(71,719)

Interest income and investment income, net

(24,206)

(13,816)

(2,003)

Income tax expense

26,346

37,024

5,368

Depreciation and amortization

2,297

3,561

516

Share-based compensation

2,187

2,071

300

Fair value adjustments related to digital assets and
financial investments

70,824

129,059

18,710

Adjusted EBITDA

324,954

(336,815)

(48,828)

Adjusted EBITDA margin

20.9 %

-36.8 %

-36.8 %

Delinquency Rates

1-30 days

31-60 days

61-90 days

December 31, 2022

1.7 %

1.2 %

1.1 %

December 31, 2023

2.0 %

1.4 %

1.2 %

December 31, 2024

1.6 %

1.2 %

1.1 %

December 31, 2025

3.4 %

3.0 %

2.8 %

March 31, 2026

2.5 %

2.7 %

3.2 %

90+ Days Delinquency Rates by Vintage*

Loan
Issued Period

Month on Book

4

6

8

10

12

14

16

18

20

22

24

2022Q1

0.6 %

2.0 %

3.1 %

3.9 %

4.5 %

4.7 %

4.6 %

4.6 %

4.5 %

4.5 %

4.4 %

2022Q2

0.5 %

1.7 %

2.9 %

3.7 %

4.2 %

4.4 %

4.3 %

4.3 %

4.2 %

4.2 %

4.1 %

2022Q3

0.5 %

2.1 %

3.4 %

4.2 %

4.7 %

5.0 %

4.9 %

4.9 %

4.8 %

4.7 %

4.7 %

2022Q4

0.7 %

2.5 %

3.8 %

4.8 %

5.5 %

5.8 %

5.8 %

5.7 %

5.6 %

5.5 %

5.4 %

2023Q1

0.5 %

2.3 %

3.9 %

5.0 %

5.8 %

6.1 %

6.0 %

5.9 %

5.8 %

5.7 %

5.6 %

2023Q2

0.6 %

2.8 %

4.7 %

6.1 %

6.8 %

7.1 %

7.0 %

6.9 %

6.8 %

6.7 %

6.6 %

2023Q3

0.8 %

3.5 %

5.6 %

7.0 %

7.7 %

7.9 %

7.9 %

7.7 %

7.6 %

7.5 %

7.5 %

2023Q4

0.7 %

3.4 %

5.6 %

6.8 %

7.4 %

7.6 %

7.6 %

7.4 %

7.3 %

7.3 %

7.2 %

2024Q1

0.6 %

3.0 %

4.8 %

5.9 %

6.6 %

6.8 %

6.8 %

6.7 %

6.6 %

6.6 %

6.5 %

2024Q2

0.6 %

2.4 %

4.0 %

5.1 %

5.8 %

6.1 %

6.1 %

6.0 %

5.9 %

6.0 %

2024Q3

0.5 %

2.2 %

3.7 %

4.7 %

5.4 %

5.8 %

5.8 %

5.7 %

5.5 %

2024Q4

0.6 %

2.2 %

3.8 %

4.9 %

5.9 %

6.4 %

6.3 %

2025Q1

0.6 %

2.3 %

4.2 %

6.0 %

7.2 %

6.9 %

2025Q2

0.8 %

3.5 %

6.6 %

8.3 %

2025Q3

1.1 %

4.8 %

8.0 %

2025Q4

1.2 %

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

SOURCE Yiren Digital

-- Motorhome RV Sales, Profit Dollars and Profit Margins Improved Meaningfully Year Over Year --

-- Winnebago Towables Improved Share Results Through Product Refreshes and Execution --

— Barletta Continues to Expand Share of U.S. Aluminum Pontoon Market --

-- Company Updates Fiscal 2026 Guidance --

EDEN PRAIRIE, Minn., June 25, 2026 (GLOBE NEWSWIRE) -- Winnebago Industries, Inc. (NYSE: WGO), a leading manufacturer of outdoor recreation products, today reported financial results for the Fiscal 2026 third quarter ended May 30, 2026.

Third Quarter Fiscal 2026 Financial Summary

Net revenues of $698.7 million compared to $775.1 million in the third quarter of Fiscal 2025Gross profit of $94.9 million, representing 13.6% gross margin, compared to $106.0 million in the third quarter of Fiscal 2025Net income of $14.5 million, or $0.51 per diluted share; adjusted earnings per diluted share of $0.66 compared to adjusted earnings per diluted share of $0.81 in the third quarter of Fiscal 2025Adjusted EBITDA of $37.8 million, representing 5.4% adjusted EBITDA margin CEO Commentary
“Our teams continue to execute in a retail environment that remained challenging through the third quarter,” said President and Chief Executive Officer Michael Happe. “Industry retail demand was pressured by broader macro factors, including elevated fuel costs, geopolitical uncertainty, and weak consumer confidence which continued to drive cautious dealer ordering and tighter inventory management across the channel. In response, we stayed disciplined, aligning production closely with retail while continuing to advance our key product, operational and cost initiatives.

“We're seeing a mixed demand environment across the portfolio. In Motorhome RV, sales, profitability and market presence continue to improve, supported by sustained performance at Grand Design Motorized and solid execution at Newmar. New product introductions, expanding brand presence and improved profitability continue to strengthen our standing in the segment. In Towables RV, category demand remained muted during the quarter, particularly at higher price points where competitive and promotional activity remained elevated. At the same time, our newer, more accessible offerings such as Thrive and Access contributed to improved retail dollar share and stronger year-over-year financial performance within our Winnebago-branded portfolio. These results reflect both dealer commitment to our strategy and the positive reception to our refreshed product lineup.

In Marine, Barletta continues to perform well, maintaining consistent market share gains, reaching 9.3% on a trailing twelve-month basis through April, despite softer volumes in the quarter. This performance reflects continued consumer interest in its premium pontoons and an expanding product lineup, including the recent Sanza introduction.

“We delivered solid SG&A improvement year-over-year, while continuing to invest in Grand Design Motorized, and advancing footprint rationalization and capacity alignment actions within our RV businesses. While industry retail pressure in the quarter slowed the pace of improvement in field inventory turns, our focus remains on driving sustainable progress, which will require continued discipline around shipments and production.

"One of the most encouraging aspects of our performance this quarter was the stability of our gross margins despite a challenging retail environment, reflecting the strength of our product mix, pricing discipline and operational execution. We have remained focused on profitable market share, while our higher average selling prices continue to support a more resilient retail dollar share position. We are executing against the levers we control including product, brand, cost structure, and inventory discipline, positioning the business to deliver improved performance as conditions evolve.”

Third Quarter Fiscal 2026 Results

Net revenues were $698.7 million, a decrease of 9.9% compared to $775.1 million in the third quarter of Fiscal 2025, driven primarily by lower unit volume, partially offset by selective price adjustments and product mix. Unit volume trends reflected growth in the Motorhome RV segment, partially offset by declines in the Towable RV and Marine segments, as dealer ordering remained measured and production levels were closely aligned to retail demand.

Gross profit was $94.9 million, a decrease of 10.5% compared to $106.0 million in the third quarter of Fiscal 2025. Gross profit margin was consistent with prior year as higher input costs and deleverage were largely offset by selective price adjustments.

Selling, general and administrative expenses were $66.5 million, a decrease of 5.4% compared to $70.3 million in the third quarter of Fiscal 2025, primarily due to cost reduction initiatives.

Operating income was $23.0 million, a decrease of 23.9% compared to $30.2 million in the third quarter of Fiscal 2025.

Net income was $14.5 million, compared to $17.6 million in the third quarter of Fiscal 2025. Reported earnings per diluted share was $0.51, compared to $0.62 in the third quarter of Fiscal 2025. Adjusted earnings per diluted share was $0.66, a decrease of 18.5% compared to $0.81 in the third quarter of Fiscal 2025.

Consolidated Adjusted EBITDA was $37.8 million, a decrease of 18.7%, compared to $46.5 million in the third quarter of Fiscal 2025.

Third Quarter Fiscal 2026 Segments Summary

Towable RV

 Three Months Ended ($, in millions)May 30, 2026 May 31, 2025 Change(1) Net revenues$274.7   $371.7   (26.1)%Operating income$16.0   $29.7   (46.3)%Operating income margin 5.8 %  8.0 % (220)bps   (1) Amounts are calculated based on unrounded numbers and therefore may not recalculate using the rounded numbers provided.

Net revenues decreased primarily due to lower unit volume and a shift in product mix toward lower price-point models, partially offset by selective price adjustments.Operating income margin decreased primarily due to higher input costs, volume deleverage, and product mix, partially offset by selective price adjustments and cost containment initiatives. Motorhome RV

 Three Months Ended($, in millions)May 30, 2026 May 31, 2025 Change(1)Net revenues$320.7   $291.2   10.1%Operating income (loss)$9.6   $(3.2)  NMOperating income margin 3.0 % (1.1)% 410bps  (1) Amounts are calculated based on unrounded numbers and therefore may not recalculate using the rounded numbers provided.

NM: Not meaningful.

Net revenues increased primarily due to higher unit volume and selective price adjustments.Operating income margin increased primarily due to higher unit volume driven by new products and selective price adjustments, partially offset by higher input costs. Marine

 Three Months Ended
($, in millions)May 30, 2026 May 31, 2025 Change(1)
Net revenues$92.4  $100.7  (8.3)%Operating income$5.3  $9.4  (43.4)%Operating income margin 5.8%  9.3% (350)bps   (1) Amounts are calculated based on unrounded numbers and therefore may not recalculate using the rounded numbers provided.

Net revenues decreased primarily due to lower unit volume and product mix, partially offset by selective price adjustments.Operating income decreased primarily due to higher input costs and volume deleverage, partially offset by selective price adjustments. Balance Sheet and Cash Flow
As of May 30, 2026, cash and cash equivalents totaled $57.1 million. The Company had total outstanding debt of $442.9 million ($450.0 million of debt, net of debt issuance costs of $7.1 million) and working capital of $411.6 million. Cash flow provided by operating activities during the nine months ended May 30, 2026 was $26.2 million compared to cash flow used in operating activities of $52.5 million during the same period last year. Operating cash flow improved by $78.7 million year over year, shifting from a use of cash in the prior-year period to a source of cash in the current year.

Quarterly Cash Dividend
On May 15, 2026, the Company’s Board of Directors approved a quarterly cash dividend of $0.35 per share payable on June 24, 2026, to common stockholders of record at the close of business on June 10, 2026.

Outlook
For calendar year 2026, Winnebago Industries now expects North American RV wholesale shipments in the range of 290,000 to 310,000 units. Based on this outlook, the current business environment, and results through the first nine months of the fiscal year, Winnebago Industries is updating its Fiscal 2026 revenue and EPS guidance as follows:

Consolidated net revenues in the range of $2.65 billion to $2.75 billion;Reported earnings per diluted share in the range of $1.05 to $1.40 compared to the Company's prior expectations for reported earnings per diluted share in the range of $1.50 to $2.20; andAdjusted earnings per diluted share guidance in the range of $1.65 to $2.00(1) compared to a prior range of $2.10 to $2.80. The Company’s outlook takes into account prevailing trends in the RV sector, including the impacts from current policy and trade environment, competitive dynamics, shifts in consumer preferences, and key macroeconomic factors that may influence overall demand.

“Our outlook reflects a measured view of the environment,” Happe said. “We expect demand conditions to remain challenged in the near term, with continued variability across segments. The actions we are taking across our portfolio, cost structure and product roadmap position us to manage through the cycle and improve the earnings profile of the business over time, including further operational and capacity initiatives expected to begin benefiting performance as we move through fiscal 2027.”

Q3 FY 2026 Conference Call
Winnebago Industries, Inc. will discuss third quarter of Fiscal 2026 earnings results during a conference call scheduled for 9:00 a.m. Central Time today. Members of the news media, investors and the general public are invited to access a live broadcast of the conference call and view the accompanying presentation slides via the Investor Relations page of the Company's website at http://investor.wgo.net. The event will be archived and available for replay for the next 90 days.

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://investor.wgo.net.

Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including the business outlook and financial guidance for Fiscal 2026. 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; availability of financing for RV and marine dealers and retail purchasers; competition and new product introductions by competitors; ability to innovate and commercialize new products; ability to manage our inventory to meet demand; risk related to cyclicality and seasonality of our business; risk related to independent dealers; risk related to dealer consolidation or the loss of a significant dealer; significant increase in repurchase obligations; 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; ability to integrate mergers and acquisitions; ability to attract and retain qualified personnel and changes in market compensation rates; exposure to warranty claims and product recalls; ability to protect our information technology systems from data security, cyberattacks, and network disruption risks and the ability to successfully upgrade and evolve our information technology systems; ability to retain brand reputation and related exposure to product liability claims; governmental regulation, including for climate change; increased attention to environmental, social, and governance matters, and our ability to meet our commitments; impairment of goodwill and trade names; risks related to our 2030 Convertible Notes and Senior Secured Notes, including our ability to satisfy our obligations under these notes; and changes in recommendations or a withdrawal of coverage by third party securities analysts. Additional information concerning certain risks and uncertainties that could cause actual results to differ materially from that projected or suggested is contained in the Company's filings with the Securities and Exchange Commission ("SEC") over the last 12 months, copies of which are available from the SEC or from the Company upon request. We caution that the foregoing list of important factors is not complete. 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.

Contacts
Investors: Joan Ondala
[email protected]
Media: Dan Sullivan
[email protected]

Winnebago Industries, Inc.
Footnotes to News Release  Footnotes:

(1) Fiscal 2026 adjusted EPS guidance primarily excludes the pretax impact of intangible amortization of approximately $22 million.

Winnebago Industries, Inc.
Condensed Consolidated Statements of Income
(Unaudited and subject to reclassification)
  Three Months Ended(in millions, except percent and per share data)May 30, 2026 May 31, 2025Net revenues$698.7  100.0% $775.1  100.0%Cost of goods sold 603.8  86.4%  669.1  86.3%Gross profit 94.9  13.6%  106.0  13.7%Selling, general, and administrative expenses 66.5  9.5%  70.3  9.1%Amortization 5.4  0.8%  5.5  0.7%Total operating expenses 71.9  10.3%  75.8  9.8%Operating income 23.0  3.3%  30.2  3.9%Interest expense, net 5.0  0.7%  6.7  0.9%Non-operating income —  —%  (0.4) (0.1)%Income before income taxes 18.0  2.6%  23.9  3.1%Income tax provision 3.5  0.5%  6.3  0.8%Net income$14.5  2.1% $17.6  2.3%        Earnings per common share:       Basic$0.51    $0.63   Diluted$0.51    $0.62   Weighted average common shares outstanding:       Basic 28.3     28.0   Diluted 28.4     28.4            Nine Months Ended(in millions, except percent and per share data)May 30, 2026 May 31, 2025Net revenues$2,058.8  100.0% $2,020.9  100.0%Cost of goods sold 1,789.3  86.9%  1,755.0  86.8%Gross profit 269.5  13.1%  265.9  13.2%Selling, general, and administrative expenses 204.7  9.9%  212.1  10.5%Amortization 16.2  0.8%  16.7  0.8%Total operating expenses 220.9  10.7%  228.8  11.3%Operating income 48.6  2.4%  37.1  1.8%Interest expense, net 16.3  0.8%  19.3  1.0%Loss on note repurchase 0.8  —%  2.0  0.1%Non-operating income (0.3) —%  (1.0) (0.1)%Income before income taxes 31.8  1.5%  16.8  0.8%Income tax provision 7.0  0.3%  4.8  0.2%Net income$24.8  1.2% $12.0  0.6%        Earnings per common share:       Basic$0.88    $0.43   Diluted$0.87    $0.42   Weighted average common shares outstanding:       Basic 28.2     28.3   Diluted 28.4     28.4     Amounts in tables are calculated based on unrounded numbers and therefore may not recalculate using the rounded numbers provided.
In addition, percentages may not add in total due to rounding.

Winnebago Industries, Inc.
Condensed Consolidated Balance Sheets
(Unaudited and subject to reclassification)
 (in millions)May 30, 2026 August 30, 2025Assets   Current assets   Cash and cash equivalents$57.1 $174.0Receivables, net 186.1  192.0Inventories, net 435.2  396.4Prepaid expenses and other current assets 32.9  29.8Total current assets 711.3  792.2Property, plant, and equipment, net 319.9  333.0Goodwill 484.2  484.2Other intangible assets, net 440.7  456.9Investment in life insurance 27.9  27.1Operating lease assets 37.2  41.6Other long-term assets 17.3  19.4Total assets$2,038.5 $2,154.4    Liabilities and Shareholders' Equity   Current liabilities   Accounts payable$113.5 $129.3Accrued expenses 186.2  197.8Total current liabilities 299.7  327.1Long-term debt, net 442.9  540.5Deferred income tax liabilities, net 11.4  5.9Unrecognized tax benefits 5.7  4.8Long-term operating lease liabilities 34.1  39.3Deferred compensation benefits, net of current portion 4.4  5.1Other long-term liabilities 5.9  7.0Total liabilities 804.1  929.7Shareholders' equity 1,234.4  1,224.7Total liabilities and shareholders' equity$2,038.5 $2,154.4  Winnebago Industries, Inc.
Condensed Consolidated Statements of Cash Flows
(Unaudited and subject to reclassification)
  Nine Months Ended(in millions)May 30, 2026 May 31, 2025Operating activities   Net income$24.8  $12.0 Adjustments to reconcile net income to net cash provided by (used in) operating activities   Depreciation 28.8   28.7 Amortization 16.2   16.7 Amortization of debt issuance costs 1.9   2.3 Last in, first-out ("LIFO") expense (2.4)  (0.6)Stock-based compensation 15.8   12.2 Deferred income taxes 5.5   (0.7)Deferred compensation expense 0.5   — Loss on note repurchase 0.8   2.0 Asset impairment —   1.2 Restructuring and related costs 1.6   — Other, net (2.8)  (1.2)Change in operating assets and liabilities, net of assets and liabilities acquired   Receivables, net 6.0   (59.0)Inventories, net (36.3)  (38.5)Prepaid expenses and other assets 4.0   7.2 Accounts payable (16.9)  (15.8)Income taxes and unrecognized tax benefits (0.4)  4.3 Accrued expenses and other liabilities (20.9)  (23.3)Net cash provided by (used in) operating activities 26.2   (52.5)    Investing activities   Purchases of property, plant, and equipment (16.8)  (29.2)Proceeds from sale of property, plant, and equipment 5.4   2.1 Other, net 0.1   1.6 Net cash used in investing activities (11.3)  (25.5)    Financing activities   Borrowings on long-term debt 3.0   15.3 Repayments on long-term debt (103.0)  (175.2)Payments of cash dividends (30.1)  (29.3)Payments for repurchases of common stock (1.7)  (53.6)Other, net —   0.4 Net cash used in financing activities (131.8)  (242.4)    Net decrease in cash and cash equivalents (116.9)  (320.4)Cash and cash equivalents at beginning of period 174.0   330.9 Cash and cash equivalents at end of period$57.1  $10.5     Supplemental Disclosures   Income taxes paid, net$2.1  $2.3 Interest paid 13.3   17.3     Non-cash investing and financing activities   Capital expenditures in accounts payable$1.4  $3.9 Dividends declared not yet paid 11.4   10.5 Increase in lease assets in exchange for lease liabilities:   Operating leases 1.1   2.3 Finance leases —   0.2   Winnebago Industries, Inc.
Supplemental Information by Reportable Segment - Towable RV
(in millions, except unit data)
(Unaudited and subject to reclassification)
  Three Months Ended May 30, 2026 % of Revenues(1) May 31, 2025 % of Revenues(1) $ Change(1) % Change(1)Net revenues$274.7   $371.7   $(96.9) (26.1)%Operating income 16.0 5.8%  29.7 8.0%  (13.8) (46.3)%             Three Months EndedUnit deliveriesMay 30, 2026 Product Mix(2) May 31, 2025 Product Mix(2) Unit Change % ChangeTravel trailer 5,274 75.5%  6,569 69.2%  (1,295) (19.7)%Fifth wheel 1,709 24.5%  2,926 30.8%  (1,217) (41.6)%Total Towable RV 6,983 100.0%  9,495 100.0%  (2,512) (26.5)%             Nine Months Ended May 30, 2026 % of Revenues(1) May 31, 2025 % of Revenues(1) $ Change(1) % Change(1)Net revenues$830.5   $913.9   $(83.4) (9.1)%Operating income 38.2 4.6%  51.3 5.6%  (13.1) (25.6)%             Nine Months EndedUnit deliveriesMay 30, 2026 Product Mix(2) May 31, 2025 Product Mix(2) Unit Change % ChangeTravel trailer 15,350 73.0%  16,034 68.7%  (684) (4.3)%Fifth wheel 5,669 27.0%  7,302 31.3%  (1,633) (22.4)%Total Towable RV 21,019 100.0%  23,336 100.0%  (2,317) (9.9)%            Dealer Inventory(3)May 30, 2026   May 31, 2025   Unit Change % ChangeUnits 18,721    17,747    974  5.5%
  (1) Amounts are calculated based on unrounded numbers and therefore may not recalculate using the rounded numbers provided.
(2) Percentages may not add due to rounding differences.
(3) Data is based on the latest information available from our dealer partners and is subject to timing of reporting and other limitations.

Winnebago Industries, Inc.
Supplemental Information by Reportable Segment - Motorhome RV
(in millions, except unit data)
(Unaudited and subject to reclassification)
  Three Months Ended May 30, 2026 % of Revenues(1) May 31, 2025 % of Revenues(1) $ Change(1) % Change(1)Net revenues$320.7   $291.2    $29.5  10.1%Operating income (loss) 9.6 3.0%  (3.2) (1.1)%  12.7  NM             Three Months EndedUnit deliveriesMay 30, 2026 Product Mix(2) May 31, 2025 Product Mix(2) Unit Change % ChangeClass A 219 14.3%  288  20.1%  (69) (24.0)%Class B 517 33.7%  406  28.4%  111  27.3%Class C 797 52.0%  737  51.5%  60  8.1%Total Motorhome RV 1,533 100.0%  1,431  100.0%  102  7.1%             Nine Months Ended May 30, 2026 % of Revenues(1) May 31, 2025 % of Revenues(1) $ Change(1) % Change(1)Net revenues$933.9   $798.5    $135.3  16.9%Operating income (loss) 25.3 2.7%  (7.0) (0.9)%  32.2  NM             Nine Months EndedUnit deliveriesMay 30, 2026 Product Mix(2) May 31, 2025 Product Mix(2) Unit Change % ChangeClass A 705 16.2%  808  20.2%  (103) (12.7)%Class B 1,416 32.5%  1,158  29.0%  258  22.3%Class C 2,234 51.3%  2,031  50.8%  203  10.0%Total Motorhome RV 4,355 100.0%  3,997  100.0%  358  9.0%            Dealer Inventory(3)May 30, 2026   May 31, 2025   Unit Change % ChangeUnits 3,468    3,614     (146) (4.0)%  (1) Amounts are calculated based on unrounded numbers and therefore may not recalculate using the rounded numbers provided.
(2) Percentages may not add due to rounding differences.
(3) Data is based on the latest information available from our dealer partners and is subject to timing of reporting and other limitations.
NM: Not meaningful.

Winnebago Industries, Inc.
Supplemental Information by Reportable Segment - Marine
(in millions, except unit data)
(Unaudited and subject to reclassification)
  Three Months Ended May 30, 2026 % of Revenues(1) May 31, 2025 % of Revenues(1) $ Change(1) % Change(1)Net revenues$92.4   $100.7   $(8.3) (8.3)%Operating income 5.3 5.8%  9.4 9.3%  (4.1) (43.4)%             Three Months EndedUnit deliveriesMay 30, 2026   May 31, 2025   Unit Change % ChangeBoats 1,155    1,254    (99) (7.9)%             Nine Months Ended May 30, 2026 % of Revenues(1) May 31, 2025 % of Revenues(1) $ Change(1) % Change(1)Net revenues$264.1   $272.9   $(8.8) (3.2)%Operating income 14.3 5.4%  21.0 7.7%  (6.6) (31.6)%             Nine Months EndedUnit deliveriesMay 30, 2026   May 31, 2025   Unit Change % ChangeBoats 3,282    3,471    (189) (5.4)%            Dealer Inventory(2,3)May 30, 2026   May 31, 2025   Unit Change % ChangeUnits 3,175    3,069    106  3.5%  (1) Amounts are calculated based on unrounded numbers and therefore may not recalculate using the rounded numbers provided.
(2) Due to the nature of the Marine industry, this amount includes a higher proportion of retail sold units than our other segments.
(3) Data is based on the latest information available from our dealer partners and is subject to timing of reporting and other limitations.

Winnebago Industries, Inc.
Non-GAAP Reconciliation
(Unaudited and subject to reclassification)  Non-GAAP financial measures, which are not calculated or presented in accordance with accounting principles generally accepted in the United States (“GAAP”), have been provided as information supplemental and in addition to the financial measures presented in the accompanying news release that are calculated and presented in accordance with GAAP. Such non-GAAP financial measures should not be considered superior to, as a substitute for, or as an alternative to, and should be considered in conjunction with, the GAAP financial measures presented in the news release. The non-GAAP financial measures presented may differ from similar measures used by other companies.

The following table reconciles diluted earnings per share to Adjusted diluted earnings per share:

 Three Months Ended Nine Months Ended May 30, 2026 May 31, 2025 May 30, 2026 May 31, 2025Diluted earnings per share$0.51  $0.62  $0.87  $0.42 Amortization(1) 0.19   0.19   0.57   0.59 Loss on note repurchase(1) —   —   0.03   0.07 Asset impairment(1) —   0.04   —   0.04 Restructuring and related costs(1) —   —   0.06   — Gain on sale of property, plant and equipment(1) —   —   (0.10)  — Tax impact of adjustments(2) (0.04)  (0.05)  (0.12)  (0.16)Adjusted diluted earnings per share(3)$0.66  $0.81  $1.31  $0.96   (1) Represents a pre-tax adjustment.
(2) The company's non-GAAP income tax impact is calculated using an estimated tax rate for the U.S. of 22.0% for Fiscal 2026 and 23.0% for Fiscal 2025.
(3) Per share numbers may not foot due to rounding.

The following table reconciles net income to consolidated EBITDA and Adjusted EBITDA.

 Three Months Ended Nine Months Ended(in millions)May 30, 2026 May 31, 2025 May 30, 2026 May 31, 2025Net income$14.5 $17.6  $24.8  $12.0 Interest expense, net 5.0  6.7   16.3   19.3 Income tax provision 3.5  6.3   7.0   4.8 Depreciation 9.4  9.6   28.8   28.7 Amortization 5.4  5.5   16.2   16.7 EBITDA 37.8  45.7   93.1   81.5 Loss on note repurchase —  —   0.8   2.0 Asset impairment —  1.2   —   1.2 Restructuring and related costs —  —   1.6   — Gain on sale of property, plant and equipment —  —   (2.8)  — Non-operating income —  (0.4)  (0.3)  (1.0)Adjusted EBITDA$37.8 $46.5  $92.4  $83.7   Non-GAAP performance measures of Adjusted diluted earnings per share, EBITDA and Adjusted EBITDA have been provided as comparable measures to illustrate the effect of non-recurring transactions occurring during the reported periods and to improve comparability of our results from period to period. Adjusted diluted earnings per share is defined as diluted earnings per share adjusted for after-tax items that impact the comparability of our results from period to period. EBITDA is defined as net income before interest expense, provision for income taxes, and depreciation and amortization expense. Adjusted EBITDA is defined as net income before interest expense, provision for income taxes, depreciation and amortization expense and other pretax adjustments made in order to present comparable results from period to period. Management believes Adjusted diluted earnings per share and Adjusted EBITDA provide meaningful supplemental information about our operating performance because these measures exclude amounts that we do not consider part of our core operating results when assessing our performance.

Management uses these non-GAAP financial measures (a) to evaluate historical and prospective financial performance and trends as well as assess performance relative to competitors and peers; (b) to measure operational profitability on a consistent basis; (c) in presentations to the members of our Board of Directors to enable our Board of Directors to have the same measurement basis of operating performance as is used by management in its assessments of performance and in forecasting and budgeting for the Company; (d) to evaluate potential acquisitions; and (e) to ensure compliance with restricted activities under the terms of our asset-backed revolving credit facility and outstanding notes. Management believes these non-GAAP financial measures are frequently used by securities analysts, investors and other interested parties to evaluate companies in our industry.

SummaryCompaniesSubscription demand to increase as insurance options erode, analysts sayRivals are seeing growing demand for oral and cash-pay optionsDrugmakers benefit from selling to Hims' user baseNEW YORK, June 25 (Reuters) - Telehealth provider Hims and Hers Health (HIMS.N), opens new tab may get a boost next year from employers dropping coverage of weight-loss drugs like Novo Nordisk's (NOVOb.CO), opens new tab Wegovy and Eli Lilly's (LLY.N), opens new tab Zepbound and Foundayo ​to rein in costs, investors and analysts say.

Soaring use of the medications has pushed up costs for employers, some of whom plan to tell employees they will ‌no longer pay for them in 2027, industry experts say.

Jumpstart your morning with the latest legal news delivered straight to your inbox from The Daily Docket newsletter. Sign up here.

Instead, employees are expected to purchase direct-to-consumer products which include subscriptions from telehealth companies like Hims that bundle appointments with providers and access to the medicines.

Analysts currently estimate Hims revenue at $2.89 billion this year and $3.45 billion for 2027. Seven analysts have raised 2026 estimates for the company since May, boosted in part by its deal with Novo to sell its drugs.

About a third ​of the company's revenue comes from its weight-loss business, and it's growing, said Raul Shah, CEO of DocShah Financial, which owns less than 1% of Hims shares.

"I project ​that ratio to continue increasing as more Americans partake in the GLP-1 mania," he said, adding that he sees the U.S. weight-loss market ⁠shifting away from relying on insurance coverage.

A spokesperson for Hims and Hers declined to comment.

EMPLOYERS PUSH EMPLOYEES OFFEmployer-based plans are the most prevalent source of health insurance in the United ​States, with over 150 million Americans enrolled in them, KFF data showed.

About 43% of employers covered the drugs for weight-loss in 2025, and estimates for 2026 are about the same.

But 10% of ​employers currently covering GLP-1 drugs for weight loss said they planned to drop the drugs in 2027, according to the Business Group on Health, a policy research group for large employers.

Truist analyst Jailendra Singh said employers are directly driving cash-pay activity, through benefit guides and by advertising platforms like TrumpRx and manufacturer pharmacies. Health insurer Cigna (CI.N), opens new tab is one example, dropping coverage of the medications for its own employees.

Novo Nordisk and Eli Lilly ​offer cash-pay pricing through their pharmacies NovoCare and LillyDirect. Novo's Wegovy and Lilly's Foundayo weight-loss pills start at $149 per month for cash pay.

NOVO'S NEW PARTNERHims had become one of the ​largest U.S. telehealth providers of weight-loss drugs, even after shifting from mass compounding of alternative versions of Novo and Lilly drugs. The company missed earnings and revenue targets last quarter as it adjusted to new compounding ‌rules with ⁠the branded drugs no longer in shortage.

Hims in March announced it would partner with Novo Nordisk for its branded drugs but would continue to sell compounded versions in special doses or formulations, as regulations allow.

Jamey Millar, executive vice president of U.S. operations at Novo Nordisk, said Hims and Hers has since brought in the most volume of its telehealth partners.

Analysts said it was too early to provide estimates on how many subscribers Hims gained from the Novo deal. Hims had 2.6 million subscribers in the first quarter, up 9% from the year-ago quarter.

"Second-quarter results ​should give us a little bit more perspective ​on how many new subscribers are joining ⁠the platform and how well the weight-loss portfolio is performing," said Morningstar analyst Keonhee Kim.

The majority of Hims' revenue comes from auto-renewed subscriptions, which for GLP-1 users cost $39 for the first month and $149 for following months. That comes with access to unlimited clinical consultations but does not ​include the cost of the medication.

Hims and Hers shares closed at $32.70 on Wednesday, down more than 50% from July of 2025, when ​they reached $72.

RIVALS SEE GROWING ⁠DEMANDRival telehealth companies including Noom, Ivim Health and Ro said they anticipate demand will continue to grow as prices fall.

A spokesperson for Columbus, Ohio-based Ivim said the company has seen a 345% increase in demand for the Wegovy pill since January. Ro has said the Wegovy pill has increased demand and brought in new customers, including men.

Because Hims already has a large, recurring customer base, the company ⁠provides drugmakers with ​a more appealing footprint than smaller rivals, analysts said.

Truist estimates that about 70% to 80% of new Hims ​weight-loss subscribers renew on a monthly basis, indicating it has remained competitive.

Facing a decline in corporate coverage, drugmakers like Novo may want to target people who are already at Hims and other subscription-based telehealth programs, rather than looking ​for additional patients itself.

"Pharma knows how to sell business to business," said Rajiv Leventhal, a healthcare analyst at commerce data firm eMarketer.

Reporting by Amina Niasse; editing by Caroline Humer and Bill Berkrot

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

Ripple has officially launched its USD-backed stablecoin RLUSD in Japan, marking a major milestone in the company’s expansion across Asia. Following approval from Japan’s Financial Services Agency (JFSA), RLUSD is now available to both institutional and retail users through SBI VC Trade’s VCTRADE platform. 

The launch delivers on the strategic partnership announced by Ripple and SBI Group in August 2025 and brings regulated USD stablecoin access to one of the world’s most advanced digital asset markets.

Ripple and SBI Expand Their Long-Term PartnershipRipple and SBI have been working together since 2016 to expand blockchain use across Japan and Asia-Pacific. With RLUSD now live, they plan to use it for cross-border payments, tokenization, and collateral management. 

Ripple says Japan’s clear regulations make it a key market for stablecoins, while SBI called the launch a major step toward the future of on-chain finance. 

Konnichiwa 🇯🇵 @Ripple and @sbigroup have officially launched Ripple USD (RLUSD) in Japan!

Following JFSA approval, RLUSD is now live for institutional and retail users on SBI VC Trade’s platform. This builds directly on our long-standing partnership and brings trusted,… https://t.co/Fe20yKQEMJ

— Reece Merrick (@reece_merrick) June 25, 2026 According to Reece Merrick, Managing Director, Middle East & Africa, Ripple, “following JFSA approval, RLUSD is now live for institutional and retail users on SBI VC Trade’s platform. This builds directly on our long-standing partnership and brings trusted, regulated USD stablecoin access to one of the most innovative markets.”

A Fully Regulated USD StablecoinRLUSD has been approved in Japan as a Type 4 Electronic Payment Instrument.It is fully backed 1:1 by U.S. dollar deposits, Treasuries, and cash equivalents.Reserves are verified through monthly third-party attestations.SBI VC Trade will offer free RLUSD deposits and withdrawals.RLUSD is the second USD stablecoin on the platform after USD Coin.Since launching in late 2024, RLUSD has grown to a market cap of about $1.7 billion.RLUSD on XRPL Is Closing In on EthereumMeanwhile, the community is getting more interested in RLUSD’s supply distribution across blockchains.

According to XRP community members Vet and Bill Morgan, RLUSD circulating on the XRP Ledger is now close to overtaking Ethereum, with roughly $792 million on XRPL compared with about $793 million on Ethereum.

Analysts see Ripple is gradually shifting growth toward XRPL, which better aligns with the stablecoin’s core strengths of fast payments and efficient value transfers. Recent customer redemptions on Ethereum have also reduced supply there.

With Japan now onboard, Ripple is continuing to position RLUSD as a key piece of regulated global financial infrastructure.

Story Ends Here

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Nvidia CEO Jensen Huang Chris Jung/NurPhoto via Getty Images Nvidia's dominance in AI is moving beyond chips.

For the first time, the company became the top vendor by revenue in data center Ethernet switches — the networking gear that helps connect AI chips inside data centers, according to market research firm IDC.

This market is growing fast because cloud giants and other large businesses are pouring hundreds of billions into building out AI data centers. IDC research vice president Paul Nicholson called Nvidia's ascension "one of the most significant vendor landscape shifts IDC has tracked in enterprise networking."

In the first quarter of 2026, Nvidia generated $2.1 billion in data center Ethernet switch revenue — a 21.5% share of the market. That's up from 4% in the first quarter of 2024, said IDC senior research manager Brandon Butler.

Nvidia has pushed ahead of rivals like Arista Networks, which held a 20.7% share of the data center Ethernet switch market in the first quarter of this year. Other major players include Cisco, Huawei, and HPE.

The data center Ethernet switch market totaled $10 billion in the first quarter, according to IDC, growing 61% from a year earlier.

IDC attributed Nvidia's growth in networking revenue to its Spectrum-X product, "a tightly integrated system" that's designed to work closely with its AI chips, Butler said.

Butler said Nvidia's approach appeals to cloud giants looking to build quickly and avoid piecing together parts from multiple vendors. The trend also reflects a broader shift of companies buying networking and computing products together, IDC said.

The chip giant has increasingly highlighted networking as a major growth driver. At a shareholder meeting on Wednesday, Nvidia CEO Jensen Huang said Spectrum-X is "now larger than all other Ethernet networking peers combined."

The comments echoed Nvidia's most recent earnings call in May, when chief financial officer Colette Kress said the company's broader data center networking revenue had tripled to $15 billion from the previous year.

Nvidia's networking business traces back to its 2019 acquisition of Mellanox, which gave the company a foothold in data center networking before the AI boom took off.

Nvidia's lead isn't guaranteed. Cloud giants are increasingly looking to diversify their supplier base, Butler said, while businesses may lean on existing relationships with networking providers as they ramp up their infrastructure.

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Geoff Weiss is a senior reporter on Business Insider’s tech team, where he writes about AI startups and Y Combinator, the intersection of AI and the media industry, and workplace dynamics within top AI labs and chip companies.Previously, Geoff was on the media desk, covering YouTube and Netflix, and themes like the intersection of Hollywood and the creator economy. His work on Netflix’s video podcasting ambitions and Mr Beast’s lessons for Hollywood won second and first prize, respectively, at the 2025 LA Press Club Awards.Prior to joining Business Insider, Geoff was the senior editor of Tubefilter and a staff writer at Entrepreneur. He graduated from New York University with a degree in English Literature.He can be reached at [email protected], on Signal @geoffweiss.25, and on LinkedIn. Have a tip? Use a personal email address and a nonwork device; here's our guide to sharing information securely.Selected stories:Nvidia crushed its quarter — and CEO Jensen Huang said in a leaked all-hands that 'the market did not appreciate it'Nvidia will foot the bill for Trump's new visa fees. Here's what CEO Jensen Huang told staff.Massive AI salaries and RTO are fueling a real estate boom in San Francisco: 'It's going to rain money'The AI talent wars are ricocheting across startups. Here's how they're competing with Big Tech.

Artificial Intelligence

Qualcomm has set out an ambitious growth target for its data centre business, forecasting $15 billion in sales from the segment by 2029 as it accelerates efforts to diversify beyond its core smartphone chip business.

At an investor presentation, Qualcomm Chief Financial Officer Akash Palkhiwala stated that the company anticipates its data centre business to generate $5 billion in revenue in fiscal 2027.

At the time of writing, Qualcomm shares were up around 12% in premarket trading.

QCOM also raised its outlook for revenue from chips outside its traditional smartphone business.

The company now expects this segment to bring in $40 billion by 2029, up from an earlier estimate of $22 billion.

“We will be truly diversified,” Palkhiwala said.

The upbeat outlook also lifted shares of Arm Holdings, which provides underlying technology for many Qualcomm chips.

Arm rose 5% after Qualcomm’s forecast.

Earlier in the day, Qualcomm said Microsoft and Meta Platforms will use its new AI chips.

The company also said it will make custom chips for two other unnamed hyperscalers.

The announcements mark a significant step in Qualcomm’s effort to establish itself in the fast-growing AI infrastructure market, where chipmakers are racing to secure a role in data centres and large-scale computing systems.

Qualcomm’s pivot towards AI chips comes as the smartphone market faces increasing pressure.

The company said the market has been squeezed by a memory chip shortage driven by surging demand for AI infrastructure.

At the same time, major customers such as Apple and Samsung are developing more chips in-house, adding to the pressure on Qualcomm’s traditional business.

Bank of America analysts had earlier estimated that Qualcomm’s data centre push could generate modest annual revenue of roughly $2 billion to $5 billion by fiscal 2027 to 2028.

Qualcomm’s new target points to a more aggressive expansion plan.

Alongside its revenue targets, Qualcomm announced that it has reached an agreement to acquire Modular Inc., in a move aimed at strengthening Qualcomm Technologies’ software capabilities for generative and agentic AI across both data centre and edge environments.

The company said the acquisition is designed to deepen the software foundation behind its data centre strategy, with a focus on improving inference, orchestration, and deployment in distributed AI systems.

Qualcomm said Modular provides an open, AI-native software stack that allows AI models to run efficiently across a range of hardware architectures, including CPU, GPU, NPU, and custom ASIC systems, without requiring developers to rewrite software for each accelerator.

According to Qualcomm, the acquisition will help connect system-level optimisation with increasingly heterogeneous and disaggregated computing environments, an area that is becoming more important as AI workloads scale and performance-per-watt becomes a critical factor in inference costs.

By combining Qualcomm Technologies’ chip capabilities with Modular’s software platform, the company said it aims to offer customers a more efficient AI compute layer spanning devices, edge systems, and cloud infrastructure.

“This acquisition marks a pivotal moment not just for Qualcomm, but for the AI industry,” said Cristiano Amon, President and CEO of Qualcomm Incorporated.

He said the industry is shifting towards “disaggregated, multi-vendor architectures” that require “a more open and modern software foundation.”

Modular Co-founder and CEO Chris Lattner said the deal would help advance the company’s mission of building a more open and efficient software foundation for AI.

“Joining Qualcomm gives us the scale and platform reach to accelerate that mission,” he said.

Qualcomm’s revenue targets and the Modular acquisition underline a broader strategic shift.

The company is positioning itself not only as a supplier of smartphone processors, but also as a provider of AI chips, custom silicon, and software infrastructure across data centre and edge computing markets.

The transaction is expected to close in the second half of 2026, subject to customary closing conditions and regulatory approvals.

Circle is making an aggressive push into Japan’s corporate finance landscape, with ambitions to bring instant foreign currency settlement capabilities to one of the world’s largest economies.

At the center of that strategy: USDC, Circle’s dollar-pegged stablecoin, which became the first global dollar stablecoin to receive approval under Japan’s Financial Services Agency framework.

The SBI Holdings partnership driving Circle’s Japan expansion Circle’s Japan entry has been anchored by its partnership with SBI Holdings, one of the country’s most influential financial conglomerates. That collaboration kicked off in 2023 and has since produced tangible results.

The most significant: the establishment of Circle Japan KK, a dedicated local entity designed to serve as the operational hub for Circle’s activities in the Japanese market.

On the product side, SBI VC Trade, SBI’s crypto exchange arm, received regulatory approval on March 4, 2025, to list USDC. The stablecoin’s official launch on the platform was set for March 26, 2025.

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The approval matters because Japan’s stablecoin rules require issuers to meet strict reserve and compliance standards. Circle clearing that bar with USDC positions the token as a credible instrument for Japanese institutions, not just retail crypto traders.

Why corporate FX settlement is the real prize Japan is the world’s third-largest economy by GDP, and its corporations move enormous volumes of foreign currency every single day.

Traditional FX settlement between Japanese firms and their international counterparts typically involves correspondent banking networks, multiple intermediaries, and settlement windows that can stretch across days.

Stablecoins like USDC offer a fundamentally different model. Settlement can happen in minutes rather than days. Transaction costs drop significantly. And the entire process runs on blockchain rails that provide real-time transparency.

Circle has been positioning USDC as precisely this kind of corporate infrastructure tool, targeting institutional adoption for digital payments, liquidity management, and treasury operations.

What this means for investors and the broader market First, regulatory precedent. Japan approving USDC under its FSA framework creates a template that other Asian regulators might follow.

Second, competitive dynamics. The Japanese crypto market has historically been somewhat insular, with domestic players like bitFlyer and Coincheck dominating. Circle entering through a partnership with SBI, rather than trying to go it alone, reflects a pragmatic understanding of how business gets done in Japan.

Third, the liquidity implications. If USDC gains meaningful traction among Japanese corporations for settlement purposes, it could significantly boost the token’s overall circulation and utility.

Japan’s regulatory environment overhauled its crypto regulations after the Mt. Gox collapse and again after the Coincheck hack. Any compliance stumble by Circle or its partners could trigger regulatory tightening that slows adoption.

The key metric to watch is actual USDC transaction volume on Japanese platforms in the months following the March 26, 2025 launch.

Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.

With a network overhaul just days away, the Sia Foundation is urging users to take control of their coins before it’s too late.

The Sia network is about to get its biggest upgrade yet, with a major v2 hardfork set for June 6, giving users only a short time to update their wallets and software to stay connected. Once live, it will effectively shut out anyone still using outdated software or storing their Siacoin (SC) on exchanges that haven’t upgraded.

The Sia Foundation has described the move as more than a technical refresh. According to a Monday blog post, the fork introduces an entirely new architecture, reworks the core file-sharing protocol, and splits functionality into modular components. Calling it a “foundational overhaul” and even a “rebirth,” the Foundation has framed v2 as a clean break from the legacy system.

Under the new rules, nodes still running the old siad software will stop syncing. Wallets will become unusable. Storage contracts will no longer be valid. To stay on the network, users must switch to the v2-compatible stack — renterd, hostd, and walletd — and migrate their wallets accordingly.

That creates a high-stakes situation for users who rely on centralized exchanges.

Who will support Sei fork Several crypto exchanges have confirmed they’ll support the transition, including Binance, Kraken, and Poloniex. Yet, others, such as BitMart, CoinW, and Gate.io, remain uncommitted or in technical discussions. Some exchanges, including Bybit and Bithumb, have not publicly confirmed whether they’ll support the new upgrade at all.

Crypto exchanges notified by Siacoin Foundation about v2 hardfork | Source: Siacoin Foundation The Foundation has urged caution, saying that “it’s unlikely every exchange will upgrade immediately,” and adding that some may delay support, as they have during previous forks.

Technical details At the core of the upgrade is Utreexo, a cryptographic structure that significantly reduces the size of the blockchain’s state. Instead of downloading large amounts of unspent transaction data, new nodes can validate with compact proofs. The result: syncing a node in minutes rather than days, making it easier for users to spin up full nodes without high resource requirements.

That aligns with a broader goal: greater decentralization. Smaller, faster nodes lower the barrier to participation and could pave the way for browser-native apps and mobile clients. It also helps future-proof the network against scalability issues.

In addition, the new Renter-Host Protocol 4 improves how users interact with the storage layer. Features include faster file transfers, smarter contract handling, prepaid balances, and easier integration into web-based environments. Combined with the modular design of the v2 software stack, the system will be more flexible for developers and streamlined for users.

The old all-in-one siad daemon will be replaced with specialized components so that users could run only what they need, whether it’s uploading files, offering storage, or managing a wallet. Developers, in turn, gain access to clearer interfaces and better documentation, potentially making it easier to build on Sia in the future.

Market response Despite the technical leap, Siacoin has yet to reflect the enthusiasm in its price. As of press time, SC is trading at around $0.003 — down roughly 96% from its 2018 peak of $0.069. Even as the broader crypto market has experienced multiple rallies, SC has remained relatively flat.

SC-USDT price on 3-month timeframe since 2018 | Source: crypto.news Exchange support remains another critical challenge. The Foundation says it’s working closely with every exchange that has responded, but ultimately, support is voluntary. If large trading platforms don’t onboard the v2 upgrade promptly, user access could remain fragmented and onboarding could stall — regardless of the protocol’s technical merits.

What’s next From a technical perspective, the v2 fork appears to mark a meaningful evolution for the Sia network, though the developers say the upgrade is the beginning of a “new phase built for scalability, accessibility, and long-term growth.”

The Foundation is aiming for a more modular, lightweight architecture, one that could, in theory, make the protocol easier to use and build on. Features like Utreexo and the revamped RHP4 point toward a shift in focus: less friction, more flexibility, and a better fit for modern applications.

“This progress means users will soon interact with Sia the same way they do with traditional cloud storage — only with greater privacy, stronger security, and full ownership of their data.”

The Sei Foundation

Nonetheless, the long-term impact of the upgrade likely won’t hinge on engineering alone. Broader adoption may depend on how actively the community engages, whether developers embrace the new tooling, and if major exchanges follow through with support in a timely manner.

The Madras High Court has ruled against WazirX redistributing user’s XRP holdings following its 2024 hack, declaring that cryptocurrencies qualify as property under Indian constitutional law.

Summary

WazirX was barred from reallocating 3,532 XRP tokens belonging to an unaffected user under its “socialisation of losses” plan following a $234 million hack. The court rejected WazirX’s argument that its Singapore-based restructuring automatically applied to Indian users, asserting domestic jurisdiction over crypto holdings accessed in India. The court declared that cryptocurrencies qualify as property under Indian law and can be held in trust. WazirX barred from redistributing user’s XRP under its “socialisation of losses” plan The Madras High Court, one of the High Courts of India, has ruled that cryptocurrencies qualify as “property” under Indian constitutional law and are capable of being held in trust. The ruling came in a case involving user holdings on the Indian-operated platform of WazirX, following a major security breach in 2024.

The court heard the plea of an individual whose account held 3,532 XRP tokens that were unaffected by the hack but were set to be diluted under WazirX’s proposed “socialisation of losses” plan. The plan, approved in Singapore as part of a restructuring process, would have spread the losses from the July 2024 hack—reported at approximately $234 million —across all users, including those whose assets were unaffected.

WazirX argued that its Singapore-based restructuring governed its Indian users, but the court disagreed. Justice N. Anand Venkatesh held that the petitioner’s crypto holdings were held “by means of the WazirX platform” in India, and thus the court exercised domestic jurisdiction.

He directed the Indian operator, Zanmai Labs Pvt Ltd, to furnish a bank guarantee corresponding to the value of the frozen XRP while the matter is resolved. The court emphasised that the tokens must remain with the user and cannot be reallocated without proper legal basis.

The Madras High Court’s decision arrives amid India’s slow progress toward comprehensive crypto regulation. While the country enforces a 30% capital gains tax and 1% tax TDS on crypto trades, it still lacks legislation defining ownership rights, investor protections, or exchange accountability.

By treating crypto as property in this decision, the court has provided a crucial legal benchmark that strengthens investor protections and could guide the development of future regulatory frameworks.

31.05.2024 - 16:44

Update: 31.05.2024 - 17:04

Cryptocurrency exchange Coinbase announced in its statement that it will not support the transition of the Metal DAO (MTL) altcoin to its layer-2 blockchain network and will stop trading for this altcoin on its platform on June 14.

Metal DAO (MTL) announced that it would abandon the Ethereum blockchain and migrate to its own layer-2 blockchain, Metal L2, via an airdrop.

The exchange announced that the tokens in question will continue to be withdrawn by users despite the delisting process. However, users need to perform some procedures to switch to the new network by receiving an airdrop from the Layer-2 network.

According to the statement made by Coinbase, the token holders in question must move their MTL tokens on the exchange to cold wallets by June 23 in order to be eligible for the new token airdrop. According to the statement, users who do not move their assets to cold wallets will not be able to access their assets in the new network.

*This is not investment advice.

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Synthetix founder Kain Warwick published a detailed thread this morning acknowledging that sUSD has been depegged for over a year, taking personal responsibility for treasury mismanagement, and outlining a basis-vault-backed replacement stablecoin to run on the protocol's new v4 exchange.

Synthetix founder Kain Warwick has acknowledged that sUSD has been depegged for over a year, taken personal responsibility for treasury mismanagement, and published a detailed thread this morning explaining the path forward: winding down the SNX-backed stablecoin and replacing it with a basis-vault-backed instrument powered by the protocol's new v4 exchange.

Warwick's eleven-tweet thread follows governance's passage of SIP-423, covered earlier today by The Defiant, which would freeze the sUSD contract and pay holders four SNX per sUSD. In the thread, Warwick goes further than the SIP itself, framing the depeg as a multi-factor failure and detailing the reasoning behind every step.

30% Treasury AccumulationThe protocol's treasury has absorbed roughly 30% of outstanding sUSD supply over the past year, according to Warwick's thread. Yet he says that buying back the rest is not an option: selling SNX at current prices to retire the remaining sUSD would be value-destructive, and there is no demand for locked SNX that would allow the protocol to repeg without deepening that discount.

Warwick noted that locking SNX at today's price implies a 75% discount against the liquid token, "which given the state of the token market is probably accurate." At the time of publication, SNX trades at $0.2426, per CoinGecko, and sUSD is quoted at $0.25, or roughly 75 cents below its $1.00 target.

The 420-Pool CallOn the 420 pool, Warwick's assessment is direct. Introducing the mechanism "very likely saved the protocol from a death spiral at the cost of the sUSD peg." SNX holders absorbed that cost; the thread frames sUSD as a liability of SNX holders specifically, which is why the SIP-423 wind-down uses SNX rather than cash to make holders whole.

What Went WrongWarwick attributes the depeg to three compounding failures. The v3 exchange was, in his words, "a dumpster fire." The v4 build took far longer to scale than anticipated. Yield generation on sUSD balances, a mechanism intended to create buy-side demand for the stablecoin, failed to materialize.

The combination left sUSD exposed. Supply had once exceeded $1 billion across sUSD and other synths; an orderly wind-down got it to roughly $50 million, but Warwick describes the remaining tail as "functionally insolvent" without exchange revenue to backstop it.

"As the founder the responsibility for this mismanagement is mine," Warwick wrote.

Basis-Vault ReplacementThe forward-looking piece of the thread is the replacement design: sUSD as a debt instrument backed by SNX is being wound down and replaced by a basis-vault-backed stablecoin, intended to run on the v4 exchange on Ethereum mainnet.

The design differs structurally from sUSD. A basis-vault stablecoin earns yield from funding-rate arbitrage between spot and perpetual positions, rather than requiring collateral in a volatile governance token. Warwick did not specify a launch timeline or target supply for the replacement.

Perp Meta, MissedWarwick's self-critique centers on a specific market window. Synthetix had the architecture and the community to compete in the 2023-2024 on-chain perpetuals expansion. Instead, v3 development problems slowed the exchange, and purpose-built perp venues captured the growth.

"Synthetix was positioned almost perfectly to take advantage of the Perp Dex meta, but we fumbled hard," Warwick said. He added he remains a holder of both SNX and sUSD, describing both as "max pain since 2022." He closed the thread expressing confidence in a recovery, though he acknowledged the market is not currently pricing one in.

Synthetix's total value locked stands at $32.5 million, per DefiLlama, with virtually all of that on Ethereum. SNX carries a market capitalization of $83.6 million, per CoinGecko.