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, /PRNewswire/ - Trilogy Metals Inc. (NYSE American: TMQ) (TSX: TMQ) ("Trilogy Metals", "Trilogy" or the "Company") announced today that its flagship Arctic Project in northwestern Alaska's Ambler Mining District, being advanced by Ambler Metals LLC ("Ambler Metals") – its 50/50 joint venture with South32 Limited (ASX, LSE, JSE: S32; ADR: SOUHY) ("South32") – has been officially accepted as a "Covered Project" on the Federal Permitting Improvement Steering Council's (the "Permitting Council") Federal Permitting Dashboard at permits.performance.gov under Title 41 of the Fixing America's Surface Transportation Act ("FAST-41"). The designation marks a pivotal milestone as Ambler Metals advances toward the start of the National Environmental Policy Act process, and positions the Arctic Project as a priority domestic critical mineral development under President Trump's resource policy agenda.

Tony Giardini, President and CEO of Trilogy, commented: "Acceptance into the FAST-41 program is one of the most significant milestones in the Arctic Project's history. The United States currently imports a substantial share of its copper supply from foreign nations – a strategic vulnerability that FAST-41, by providing a clear and coordinated federal permitting framework for domestic mineral projects, could help alleviate. Inclusion on the Federal Permitting Dashboard signals that the Arctic Project has been recognized at the highest levels of government as a nationally important critical minerals asset. For our shareholders and for the State of Alaska, this program provides a defined, transparent, and enforceable permitting schedule. We look forward to working closely with the Permitting Council, the U.S. Army Corps of Engineers (the "Corps"), cooperating agencies, and the local stakeholders and communities as we advance this project; their support and engagement will be as important to us as any regulatory milestone along the way."

In April 2026, Ambler Metals filed an application for a Clean Water Act Section 404 permit with the Corps, initiating federal permitting for the Arctic Project. The FAST-41 Covered Project designation follows directly from that filing and from a broader sequence of federal policy actions supporting domestic critical mineral development – including President Trump's January 2025 Executive Order 14153 ("Unleashing Alaska's Extraordinary Resource Potential"), Executive Order 14241 ("Immediate Measures to Increase American Mineral Production"), the October 2025 presidential approval of the Ambler Access Road and associated $35.6 million strategic federal equity investment commitment in Trilogy Metals, and the February 2026 issuance of Public Land Order 7966 removing federal withdrawals over approximately 2.1 million acres of the Dalton Utility Corridor.

About the FAST-41 Federal Permitting Program

Established by Title 41 of the Fixing America's Surface Transportation Act of 2015 and made permanent by the Bipartisan Infrastructure Law of 2021, the FAST-41 program is administered by the Federal Permitting Improvement Steering Council, an interagency body comprising cabinet-level departments and other federal agencies charged with improving the transparency and predictability of the federal environmental review and authorization process for major infrastructure projects.

FAST-41 Covered Project status entitles qualifying projects to coordinated federal environmental review and authorization timetables that are publicly tracked on the Federal Permitting Dashboard at permits.performance.gov, providing all project stakeholders, including investors, government agencies, host communities, and the general public, with visibility into the permitting timeline and agency review milestones. Covered Projects also benefit from direct interagency coordination and issue resolution mechanisms, while federal environmental reviews continue to follow established public-comment procedures under applicable law. The program is overseen by the Permitting Council Executive Director, who coordinates agency review schedules.

Acceptance into the FAST-41 program triggers a statutory process: within 21 days of the project's posting on the Federal Permitting Dashboard, lead federal agencies are required to invite cooperating agencies and within 60 days a Coordinated Project Plan and permitting timetable must be published.

The program has gained significant momentum in the context of federal efforts to onshore domestic critical mineral production and reduce dependence on foreign supply chains. Projects such as South32's Hermosa Critical Minerals Project in Arizona – the first-ever mining project to receive FAST-41 designation, Graphite One's Graphite Creek Project in Alaska, Equinox Gold's Castle Mountain Phase Two in California, Controlled Thermal Resources' Hell's Kitchen Critical Minerals and Power Project in California, Liberty Gold's Black Pine Gold Project in Idaho, Westwater Resources' Coosa Graphite Project in Alabama, Contango Ore's Johnson Tract Critical Metals Project in Alaska, and NovaGold's Donlin Gold Project in Alaska have all received FAST-41 Covered Project designations in recent years, illustrating the expanding scope of the program across the critical minerals and precious metals sectors.

The Critical Role of Domestic Copper in America's Industrial Resurgence

Copper has been classified as a critical mineral by the U.S. Geological Survey and is foundational to nearly every sector of the modern economy, from electrical wiring, plumbing, and industrial machinery to grid infrastructure, semiconductors, and defense systems. Demand is accelerating: according to Wood Mackenzie, global copper consumption is projected to rise 24% by 2035, driven by electrification and the growth of AI data centers1, which S&P Global estimates could account for as much as 14% of U.S. electricity demand by 20302. Yet domestic U.S. mine production has stagnated for years, and the United States increasingly relies on imports from foreign producers.

The FAST-41 designation for the Arctic Project reflects a broader federal policy recognition that domestic copper production must be expanded if the United States is to close this supply gap and reduce its vulnerability to geopolitical disruption. The Arctic Project is among only a small number of advanced-stage copper development assets in Alaska, a state that President Trump's administration has explicitly identified as central to its domestic resource strategy through executive action, and whose vast mineral endowment remains one of the most underutilized strategic advantages in the American critical minerals landscape.

About Trilogy Metals

Trilogy Metals Inc. is a metal exploration and development company holding a 50 percent interest in Ambler Metals LLC, which has a 100 percent interest in the Upper Kobuk Mineral Projects ("UKMP") in northwestern Alaska. On December 19, 2019, South32 Limited, a globally diversified mining and metals company, exercised its option to form a 50/50 joint venture with Trilogy Metals. The UKMP is located within the Ambler Mining District which is one of the richest and most-prospective known copper-dominant districts in the world. It hosts polymetallic volcanogenic massive sulfide ("VMS") deposits that contain copper, zinc, lead, gold and silver, and carbonate replacement deposits which have been found to host high-grade copper and cobalt mineralization. Exploration efforts have been focused on two deposits in the Ambler Mining District – the Arctic VMS deposit and the Bornite carbonate replacement deposit. Both deposits are located within a land package that spans approximately 190,929 hectares. Ambler Metals has an agreement with NANA Regional Corporation, Inc., an Alaska Native Corporation, that provides a framework for the exploration and potential development of the Ambler Mining District in cooperation with local communities. Trilogy Metals' vision is to develop the Ambler Mining District into a premier North American copper producer while protecting and respecting subsistence livelihoods.

Cautionary Note Regarding Forward-Looking Statements

This news release includes certain "forward-looking information" and "forward-looking statements" (collectively "forward-looking statements") within the meaning of applicable Canadian and United States securities legislation, including the United States Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, included herein, including, without limitation, statements regarding predicted outcomes and benefits of the Covered Project designation under the FAST-41 program; expectations regarding future demand for copper; completion and results of the Environmental Impact Statement; anticipated economic benefits of the development of the Arctic Project; and perceived merit of the properties are forward-looking statements. Forward-looking statements are frequently, but not always, identified by words such as "expects", "anticipates", "believes", "intends", "estimates", "potential", "possible", and similar expressions, or statements that events, conditions, or results "will", "may", "could", or "should" occur or be achieved. Forward-looking statements involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations include the uncertainties involving the outcome of pending litigation, success of exploration activities, permitting timelines, requirements for additional capital, government regulation of mining operations, environmental risks, prices for energy inputs, labour, materials, supplies and services, uncertainties involved in the interpretation of drilling results and geological tests, unexpected cost increases and other risks and uncertainties disclosed in the Company's Annual Report on Form 10-K for the year ended November 30, 2025 filed with Canadian securities regulatory authorities and with the United States Securities and Exchange Commission and in other Company reports and documents filed with applicable securities regulatory authorities from time to time. The Company's forward-looking statements reflect the beliefs, opinions, and projections on the date the statements are made. The Company assumes no obligation to update the forward-looking statements or beliefs, opinions, projections, or other factors, should they change, except as required by law.

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SOURCE Trilogy Metals Inc.

Key Takeaways SNDK is replacing cyclical NAND sales with multi-year agreements backed by financial guarantees.SNDK has signed five agreements spanning up to five years, with $42B in remaining obligations.SNDK trades at 5.27x forward sales, below Micron's 5.8x, Western Digital's 10.35x and the sector's 6.59x. Sandisk (SNDK - Free Report) is undergoing a fundamental transformation as it moves away from the cyclical, spot-market-driven business model that has historically defined the NAND flash industry. Instead, SNDK is building a New Business Model (NBM) centered on multi-year customer agreements, contracted revenue streams and stronger earnings visibility. The strategy is driving higher margins, improving cash flow generation and reducing exposure to traditional memory market volatility.

As profitability strengthens and the AI-driven storage opportunity expands, let's examine whether Sandisk's evolving business model makes the stock an attractive buy at current levels.

SNDK's NBM Drives Contracted RevenuesNAND manufacturers have been operating in a commodity-like environment where pricing is renegotiated every quarter, demand visibility is limited and earnings swing with supply-demand cycles. Sandisk is exiting that model. The NBM framework is built around multiyear supply partnerships where customers commit to consistent, growing volumes in exchange for supply assurance. Each agreement is backed by firm financial guarantees, secured through prepayments and third-party financial instruments, that compensate Sandisk if purchase obligations are not met. This converts a historically unpredictable revenue stream into a contracted, recurring revenue model.

Five agreements have been signed to date, spanning up to five years. The three contracts signed in the third quarter of fiscal 2026 carry minimum contractual revenues of $42 billion in remaining performance obligations. Financial guarantees across all five agreements exceed $11 billion, including $400 million in prepayments. Over one-third of fiscal 2027 bit shipments are already under firm commitment, and more agreements are in active discussion. Pricing combines fixed and variable components, offering downside protection while preserving upside participation. The framework aligns customer demand with output from the Kioxia Corporation joint venture, while the investment in Nanya Technology Corporation strengthens long-term supply security.

The Zacks Consensus Estimate for SNDK’s fiscal 2026 revenues is pegged at $19.42 billion, up 163.99% year over year. The consensus mark for 2026 EPS is pegged at $64.82, up 2067.89% year over year.

SNDK's Datacenter Push Rides the AI WaveThe NBM framework is catalyzed by a structural shift in datacenter demand driven by AI. Datacenter revenues grew 645% year over year in the fiscal third quarter. The workloads driving this demand, including inference, retrieval-augmented generation, KV cache and autonomous agentic systems, require substantial high-performance low-latency NAND flash at scale, sitting alongside NVIDIA (NVDA - Free Report) graphics processing units in the AI server stack and matching their throughput demands

As AI infrastructure buildouts accelerate across hyperscalers deploying NVIDIA graphics processing units at scale, the demand for high-density enterprise storage is compounding rapidly. NAND has moved from a peripheral component to a foundational layer of that infrastructure. Sandisk's BiCS8 technology has earned meaningful differentiation in enterprise solid state drive qualification cycles, positioning it competitively against Micron Technology (MU - Free Report) in datacenter accounts. Western Digital (WDC - Free Report) , despite its NAND heritage, remains constrained by its hard disk drive segment, limiting its ability to pursue a focused datacenter storage strategy comparable to Sandisk's. The fiscal fourth quarter is expected to see the launch of Sandisk's QLC Stargate solutions, complementing the existing TLC enterprise solid-state drive portfolio. NVIDIA-powered AI clusters are driving ever-greater storage requirements, reinforcing the durability of Sandisk's datacenter demand tailwind.

SNDK's Margins and Cash Flows on Growth TrajectoryThe NBM-driven mix shift and pricing reset produced a gross margin of 78.4% in the fiscal third quarter, up sharply from 22.7% in the same period last year. Earnings per share swung to $23.41 from a loss of 30 cents reported in the prior year quarter. Adjusted free cash flow reached $2.95 billion for the quarter. The balance sheet is now debt-free, with $3.74 billion in cash.

For the fiscal fourth quarter, Sandisk guides gross margin between 79% and 81%, signaling further expansion as the NBM agreements deepen. Earnings per share guidance of $30 to $33 implies year-over-year growth of over 100%. As more NBM contracts are signed, margins are expected to remain structurally elevated.

SNDK's YTD Price Performance & ValuationSandisk shares have jumped 556.9% in the year-to-date period, outperforming the Zacks Computer Storage industry’s return of 244% and the Zacks Computer and Technology sector’s appreciation of 16.2%. SNDK has outperformed its peers, Western Digital and Micron Technology, shares of which have returned 197.1% and 202.8%, respectively, year to date.

SNDK Stock’s Price Performance
Image Source: Zacks Investment Research

SNDK trades at a forward 12-month price-to-sales(P/S) multiple of 5.27x, a discount to Micron Technology’s 5.8x and Western Digital’s 10.35x, while also sitting below the broader sector’s multiple of 6.59x.

SNDK Stock’s Valuation
Image Source: Zacks Investment Research

ConclusionSandisk is benefiting from strong AI-driven NAND demand powering robust datacenter growth, underpinned by the NBM framework that converts cyclical revenues into contracted income streams. Rising financial guarantees, expanding bit commitments and structurally elevated margins relative to peers make the stock a compelling buy.

Sandisk currently sports a Zacks Rank #1 (Strong Buy) and a Growth Score of A, a favorable combination that offers a strong investment opportunity, per the Zacks Proprietary methodology. You can see the complete list of today’s Zacks #1 Rank stocks here.

SanDisk (NASDAQ:SNDK) has won a higher price target from Bank of America, with the bank lifting its objective to $2,100 from $1,550 on the back of robust NAND demand, favourable pricing trends, and a new wave of long-term supply agreements.

At BofA's 2026 Global Technology Conference in San Francisco, investor focus centred on SanDisk's so-called new business models (NBMs), structured agreements that combine fixed pricing for an initial period with variable pricing over the remainder of the contract.

BofA said the NBMs are designed so that SanDisk's margins remain within guidance range even if pricing hits the floor, which stays unchanged during the contract term.

The bank described the structure as a win-win, saying it locks in committed supply for customers while providing committed financials for SanDisk.

The company has signed more than a third of its fiscal 2027 revenue through NBMs so far, with five agreements in place carrying financial guarantees exceeding $11 billion. The three contracts signed during the third fiscal quarter alone carry minimum contractual revenue of $42 billion. The agreements also include $400 million in prepayments and other financial instruments managed by third-party institutions.

BofA said contract durations have been staggered deliberately to avoid a scenario where multiple agreements expire simultaneously.

On the pricing outlook, the bank said average selling prices are expected to continue rising through calendar 2026, with robust conditions expected to persist into the first half of 2027. Incremental new supply is not anticipated before 2028 or 2029, a dynamic the analysts said supports upside to pricing throughout the year.

BofA raised its fiscal 2027 revenue and earnings per share estimates to $44 billion and $188, respectively, from prior forecasts of $37.7 billion and $154.

The bank said its Buy rating reflects SanDisk's valuation, its joint venture partnership structure, market share gains, and long-term potential for industry consolidation.

There's no need for Wall Street to worry about the artificial-intelligence trade fizzling out.

HomeStock IdeasLong IdeasTech 

SummarySandisk Corporation remains a compelling Buy after its recent pullback, driven by structural AI-driven NAND demand, robust multi-year supply partnerships, and Nvidia RTX Spark-driven edge content growth.Its five NBMs already secure a RPO of $42 billion, covering more than one-third of anticipated FY 2027 bit demand and marking just the beginning of enhanced long-term revenue visibility.The upcoming BiCS8-based QLC SSD ramp, extended Kioxia JV, and Nanya partnership also strengthen Sandisk's supply resilience, supporting sustained mid- to high-teens bit growth alongside persistent pricing tailwinds. Getty Images

Sandisk Corporation’s (SNDK) steep selloff over the past week, alongside similar weakness across the broader memory peer group, reflects investors’ renewed angst over the durability of the AI-driven demand supercycle. The volatility’s been amplified by

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Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

Sandisk Corporation (SNDK) Presents at Mizuho Technology Conference 2026 Transcript

Tech stocks continue to be hot buys on Wall Street due to artificial intelligence (AI) and all the opportunities that it is opening up for their businesses. Thus far in 2026, the Nasdaq Composite, which features many big names in tech, has risen by more than 10%, outpacing the S&P 500's 8% gain.

More specifically, there have been some significant gains from stocks on the Nasdaq-100 index, which features the largest stocks on the exchange. Sandisk (SNDK 0.04%), Micron Technology (MU 3.81%), and Marvell Technology (MRVL 4.77%) are all up more than 200% as of Tuesday's close and are the top performers on the index. And while their gains have been stellar, here's why they could still rise higher this year and over the long run.

Image source: Getty Images.

Sandisk Shares of Sandisk have risen an incredible 594% this year, and it is the best-performing stock on the Nasdaq-100. It's a fairly new stock, having spun off from Western Digital early last year. Sandisk's focus on flash memory, which has been in high demand as a result of heightened investments in AI, has made it one of the most sought-after stocks to own, with retail investors anticipating continued robust demand.

At around $240 billion in market cap, Sandisk's valuation is not as high as that of other tech giants, which is a reason investors may still see more upside for the stock in the long run. In its most recent quarter, which ended on April 3, revenue of just under $6 billion was up a staggering 251% year over year.

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Sandisk's business has been growing fast, and while the stock may be volatile given how quickly it has risen, it's also possible to rise higher as long as demand remains strong. The stock is trading at a forward price-to-earnings (P/E) multiple of 25, which arguably isn't all that high for a top growth stock, given the S&P 500 average is a multiple of 22.

Micron Technology Although it's the second-best-performing stock in the Nasdaq-100, Micron has also been delivering incredible returns; as of the end of Tuesday, it was up 228%. Its memory products have also been in high demand, particularly for its high-bandwidth memory that is needed for AI chips. Business has been so strong that it has shifted focus to primarily serving major tech companies as they build out their AI infrastructure.

This year, amid the stock's ascent in value, it has joined the illustrious trillion-dollar club, now being among the most valuable tech companies in the world. In its most recent quarter, which ended Feb. 26, Micron's revenue came in at $23.9 billion, which rose 196% year over year. Meanwhile, net income of $13.8 billion surged by 771%.

Micron Technology

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With such tremendous bottom-line growth, the stock's valuation doesn't appear all that high, especially given the continued shortage of memory products. Its forward P/E is only nine. There is the longer-term risk that as more supply becomes available, demand will crumble. But with companies continuing to spend heavily on AI, that isn't happening anytime soon, which is why Micron may still rise higher. It's a bit of a risky play, but as companies continue to invest heavily in AI, Micron will remain well-positioned to benefit from those opportunities.

Marvell Technology The third-best stock on the Nasdaq-100 this year has been chipmaker Marvell Technology. As of Tuesday's close, it was up 214%. Its market cap now sits at around $230 billion as it has benefited from a growing demand for custom chips.

The company's growth may not be as impressive as the other two tech companies on this list, but it is also accelerating due to AI. It recently reported earnings, and for the period ended May 2, net revenue of $2.4 billion was up 28% year over year. Marvell forecasts that its growth rate will rise to 35% for the current period and continue to accelerate in upcoming quarters, with management citing "exceptional AI-related bookings."

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Nvidia CEO Jensen Huang recently said he believes Marvell could be a trillion-dollar company due to its strong growth opportunities. It's a huge endorsement for Marvell, which would suggest much more upside for the stock in the long run. Currently, it's the most expensive stock on this list, with a forward P/E of 66. But if Huang's prediction is correct, then there could still be far more upside left.

Key Takeaways SNDK signed five NBM agreements, totaling about $42B in minimum revenue commitments.SNDK agreements cover more than one-third of expected fiscal 2027 bit shipments.SNDK's contracts combine fixed and variable pricing to improve visibility while retaining upside. Sandisk Corporation (SNDK - Free Report) is attempting to reduce its exposure to the NAND industry's traditional boom-and-bust cycles through a new business model (NBM) built around multi-year customer agreements. The initiative represents a shift from the shorter-term contracting approach that has historically left NAND suppliers vulnerable to fluctuations in pricing and demand. By securing committed volumes, financial guarantees and structured pricing arrangements, Sandisk is seeking to improve revenue visibility and create a more predictable earnings profile.

The strategy is gaining traction as Sandisk signed three NBM agreements during the third quarter of fiscal 2026 and added two more in the fourth quarter of fiscal 2026. Collectively, the contracts represent approximately $42 billion in minimum contractual revenue commitments backed by financial guarantees exceeding $11 billion. The agreements already cover more than one-third of the company's expected fiscal 2027 bit shipments, providing a level of demand certainty that has historically been uncommon in the NAND market. The contracts also incorporate both fixed and variable pricing components, allowing Sandisk to retain participation in favorable pricing environments while improving visibility into future revenue streams.

While the NBM remains in its early stages, recent results suggest Sandisk is beginning to operate with greater visibility. Third-quarter fiscal 2026 revenues reached $5.95 billion, up 251% year over year and ahead of guidance. Gross margin expanded to 78.4% from 22.7% of the year-ago quarter. The strong performance has been supported by higher pricing and a shift toward higher-value customers, while the growing NBM base provides an additional layer of demand visibility that could become increasingly valuable across future NAND cycles.

The Zacks Consensus Estimate for Sandisk's fiscal 2026 revenues is pegged at $19.42 billion, indicating 163.99% year-over-year growth. As additional NBM agreements are added and a larger portion of shipments becomes contractually committed, Sandisk could gradually reduce its reliance on short-term NAND pricing swings and improve the predictability of its business model.

SNDK Faces Stiff CompetitionSNDK faces stiff competition from Western Digital Corporation (WDC - Free Report) and Micron Technology (MU - Free Report) , both of which compete in NAND-based storage markets and are exposed to industry pricing and demand cycles.

Western Digital continues to participate in the NAND market through its flash business separation legacy and remains influenced by shifts in industry supply and demand dynamics. WDC also relies on product execution and market conditions to drive profitability.

Micron Technology derives a significant portion of its business from memory products, leaving MU sensitive to pricing trends across both DRAM and NAND. While the company benefits from a broader portfolio, earnings can still fluctuate with memory cycles.

Unlike Western Digital and Micron Technology, SNDK is pursuing multi-year customer agreements backed by financial commitments in an effort to improve demand visibility and reduce exposure to NAND market volatility.

SNDK’s Share Price Performance, Valuation & EstimatesSandisk’s shares have skyrocketed 593.7% in the year-to-date period, outperforming the broader Zacks Computer and Technology sector’s return of 17.2%.

SNDK Stock Outperforms Sector
Image Source: Zacks Investment Research

SNDK stock is trading at a forward 12-month price/sales of 5.54X compared with the Zacks Computer-Storage Devices’ 4.12X. Sandisk has a Value Score of F.

SNDK’s Valuation
Image Source: Zacks Investment Research

The Zacks Consensus Estimate for fiscal 2026 earnings is pegged at $65.19 per share, up by 7 cents over the past 30 days. Sandisk reported earnings of $2.99 per share in fiscal 2025.

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

Sandisk SNDK shares rose about 4% on Wednesday, outperforming a weaker broader market as Wall Street analysts continued to grow more optimistic about the company's position in the rapidly expanding NAND memory market.

However, the stock shed some of the gains and was trading 1.54% higher at the time of writing.

The latest gains follow a series of bullish analyst updates that highlight strong demand for memory products used in artificial intelligence and data-center applications.

Investors have increasingly focused on memory manufacturers as AI infrastructure spending continues to accelerate, creating supply constraints across key segments of the semiconductor industry.

The latest boost came from Bank of America, which on Monday raised its price target on Sandisk to $2,100 from $1,500 while maintaining a Buy rating on the stock.

The firm cited favorable supply-and-demand dynamics in the NAND memory market and pointed to contractual arrangements that could provide greater earnings visibility.

According to Bank of America, Sandisk has already committed more than one-third of its expected fiscal 2027 revenue through newly structured customer agreements.

These arrangements include minimum revenue commitments, financial guarantees, and customer prepayments.

The bank believes the agreements could help stabilize earnings while allowing the company to benefit from rising memory prices.

Analysts also expect NAND pricing strength to continue through at least the first half of 2027.

Bank of America noted that limited new industry supply is expected to come online before 2028 or 2029, potentially supporting margins and revenue growth over the next several years.

The firm added that the contractual commitments could help protect results if market demand weakens.

Other Wall Street firms have also become more optimistic about Sandisk's prospects.

Cantor Fitzgerald recently increased its price target to $2,900 from $1,800.

Analyst CJ Muse said the AI memory opportunity remains far from over and believes the sector is still in the middle stages of its expansion.

Muse believes the AI memory trade has only reached “mid-innings” and expects sustainable tailwinds for memory companies as the industry enters “a new AI-driven memory paradigm.”

Mizuho analyst Vijay Rakesh also raised his price target, increasing it to $2,200 while maintaining an Outperform rating.

“We continue to see AI as the driving force behind the supply-demand imbalance in the memory market, as we note increasing demand in 2027/28E could add further pressure to the market,” Rakesh said in a note cited by Seeking Alpha.

The positive outlook reflects growing expectations that AI applications will continue driving demand for high-performance memory products required to train and operate advanced AI models.

Not all analysts are convinced the rally can continue indefinitely.

Morningstar Chief US Market Strategist Dave Sekera acknowledged the extraordinary demand environment but cautioned that memory remains a cyclical and commodity-oriented business.

Sandisk, of course, is one of the five largest suppliers of NAND flash memory. We know there’s a huge shortage of memory chips available. Insatiable demand from the AI buildout boom for memory right now. Again, one of these companies can charge whatever they want for the product. People are going to pay it, so you see a huge increase in revenue. You’re also seeing a huge increase in operating margins at this point in time.

However, Sekera warned that supply could eventually catch up with demand.

“Again, in my mind, I still think it’s more of a commodity-oriented product. At some point, supply is going to catch up, and when that happens, look out below.”

Morningstar currently assigns Sandisk a fair value estimate of $1,000 per share, significantly below current analyst targets.

Sekera noted that Morningstar rates the company as having “no economic moat” and described the stock as trading at a substantial premium to its fair value estimate.

Sandisk (SNDK 0.04%) stock closed out Wednesday's daily trading session in the red despite having been up big earlier in the day. The company's share price closed out the day down 0.3%, but it had been up as much as 7.2% close to the market open. Meanwhile, the S&P 500 ended the day down 1.6%, and the Nasdaq Composite fell 2%.

Sandisk stock actually surged early in today's session as investors bet on its strong outlook in the artificial intelligence (AI) memory tech market, but it lost ground as the market became more worried about the inflation outlook. With today's modest valuation pullback, the stock is still up 592% year to date as of this writing.

Image source: Getty Images.

Inflation concerns spurred a valuation reversal for Sandisk The Bureau of Labor Statistics published its Consumer Price Index (CPI) report for May this morning, and the report showed that inflation accelerated again last month. The 4.2% annual CPI increase was in line with the level forecasted by economists, and the 0.2% sequential increase for core CPI actually came in below the forecasted increase of 0.3%. On the other hand, the report still showed a meaningful increase for inflation -- and geopolitical dynamics have investors worried that the picture could worsen.

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Will the Iran war put an end to Sandisk's incredible rally? Over the last year, Sandisk stock has rallied roughly 3,840% -- an absolutely incredible return across a relatively short period of time. The stock's massive rally has been powered by surging demand and soaring pricing power in the memory technologies market in connection with the rise of AI technologies -- but that doesn't mean the company's valuation is immune to macroeconomic and geopolitical catalysts.

Recent comments from President Donald Trump suggest that the U.S. is poised to amplify its strikes on Iran, potentially pushing the timeline for a resolution to the conflict further out. Investors are worried that a protracted conflict will push energy prices higher for longer, add to inflationary pressures, and make it more likely that the Federal Reserve will hike interest rates. If those scenarios were to play out, it could significantly dampen the market's appetite for high-flying tech stocks.

Keith Noonan has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.

The memory market is booming, with TrendForce recently raising its global memory forecasts for both 2026 and 2027. It now sees the market hitting $889.3 billion in 2026, with $618.7 billion coming from DRAM (dynamic random-access memory) and $270.6 billion from NAND (flash). That's up from a prior outlook of $551.6 billion. For 2027, it raised its forecast from $842.7 billion to $1.28 trillion.

Both the DRAM and NAND markets have been seeing prices surge due to a demand-supply imbalance, stemming from the artificial intelligence (AI) infrastructure build-out. Graphics processing units (GPUs) and other AI chips need to be packaged with high-bandwidth memory (HBM), a specialized form of DRAM, to optimize performance, and the shift toward inference and agentic AI is increasing demand. In turn, with DRAM manufacturers focused on producing high-margin HBM, prices for ordinary DRAM have also gone through the roof.

NAND prices have also been flying higher. The industry cut back production after flash prices crashed following the pandemic, and it has been slow to come back online, with the big memory makers largely focused on DRAM and HBM. At the same time, demand for huge solid-state drives (SSDs) that use flash has been soaring due to AI.

Let's look at three ways investors can play the torrid memory market with two semiconductor stocks and one exchange-traded fund (ETF).

Image source: Getty Images

1. Micron Micron (MU 3.81%) is one of the world's big three DRAM makers, and the only one based in the U.S. About 80% of its revenue comes from DRAM, with the rest largely from NAND.

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The company has been riding the memory wave, with surging revenue and ballooning gross margins. Last quarter, saw its revenue nearly triple to $23.9 billion, while its gross margins climbed from 36.8% a year ago to 74.4%. That led to its adjusted EPS skyrocketing from $1.56 a year ago to $12.20 in its fiscal Q2.

With demand soaring, Micron has started to move toward signing long-term multiyear deals for the first time. This should help reduce some of the cyclicality of its business and provide it with better visibility. Meanwhile, the stock is not pricey, trading at a forward P/E of just 9 times fiscal 2027 analyst estimates.

2. Sandisk Sandisk (SNDK 0.04%) is a pure play on NAND flash. Similar to the dynamics with DRAM, it is also seeing surging prices driving revenue higher and expanding gross margins.

For its fiscal Q3, the company's revenue soared 251% year over year to $6 billion, as data center revenue rocketed 645% to $1.4 billion. Gross margin, meanwhile, climbed from 22.5% a year ago to 78.4%. This led to its adjusted EPS going from a loss of $0.30 to a profit of $23.41.

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Similar to Micron, Sandisk also started signing long-term deals. It currently has five deals in place covering a third of its capacity in fiscal 2027, with the longest deal extending five years. The deals include both fixed and variable pricing and have protections in place. The company is also starting to develop high-bandwidth flash (HBF), which could be a big growth driver in the coming years.

Sandisk stock is also not expensive, trading at a forward P/E of just 9 times the fiscal 2027 analyst consensus (ending June 2027).

3. DRAM - Roundhill Memory ETF Another great way to play the memory market is with the DRAM - Roundhill Memory ETF (DRAM 4.16%). The nice thing about the exchange-traded fund is that it gives investors exposure to the big international memory companies. While Micron is one of the big three memory makers, Korean companies SK Hynix and Samsung are generally viewed as the market leaders.

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Currently, Micron makes up 30% of the ETFs' holdings, followed by SK Hynix at 24.5%, and Samsung at 18.4%. SK Hynix currently doesn't have American Depository Receipts and thus doesn't trade in the U.S. However, it is perhaps the best-positioned of the companies, having a close relationship with Nvidia and recently entering a multiyear partnership with the chip giant to co‑develop next‑generation memory. It also reportedly supplies more than 60% of Nvidia's HBM4 volumes for its Vera Rubin platform. The DRAM ETF is one of the best ways to invest in the company.

Ucore highlights:

Ucore and Vulcan Elements executed a Memorandum of Understanding to build a domestic, secure rare earth magnet supply chain for defense and commercial applications.Ucore will provide initial NdPr and Dy oxide samples to Vulcan this year, leading to a long-term commercial supply agreement beginning in 2027.Together, Ucore and Vulcan Elements are onshoring an integrated rare earth magnet supply chain. Ucore's Louisiana Strategic Metals Complex will directly feed Vulcan's North Carolina manufacturing facilities.Vulcan announced a $1.4 billion partnership with the United States Government to build the largest rare earth magnet factory in the world outside of China, with 10,000 metric tonnes of magnet manufacturing capacity.Halifax, Nova Scotia--(Newsfile Corp. - March 24, 2026) -  Ucore Rare Metals Inc. (TSXV: UCU) (OTCQX: UURAF) ("Ucore" or the "Company") is pleased to announce the execution of a Memorandum of Understanding dated March 16, 2026 with Vulcan Elements Inc. ("Vulcan") to collaborate on the development of a domestic rare earth magnet supply chain for defense and commercial applications. Under the agreement, the parties intend to finalize a full commercial supply partnership whereby Ucore would supply Vulcan with NdPr oxide and Dy oxides at commercial scale beginning in 2027.

The collaboration aligns Ucore's demonstrated separation platform at its Commercial Demonstration Facility ("CDF") in Kingston, Ontario, and its planned Louisiana Strategic Metals Complex ("SMC") in Alexandria, Louisiana, with a leading American magnet manufacturer. Vulcan currently operates a commercial magnet manufacturing facility in Durham, North Carolina, and is expanding to a 10,000 tonne magnet manufacturing facility in Benson, North Carolina. The facility is enabled by a $1.4 billion partnership with the United States Government, including the Department of War and the Department of Commerce. In May 2025, Ucore announced an $18.4 million Award by the Department of War to develop its rare earth processing capabilities in Louisiana.

Ucore intends to make a portion of its planned Louisiana SMC capacity available to Vulcan beginning in 2027. The collaboration would create a direct commercial bridge from Ucore's demonstration-scale separation work in Kingston to commercial-scale production in Louisiana, while supporting Vulcan's manufacturing in North Carolina.

Pat Ryan, P.Eng., Chairman & Chief Executive Officer of Ucore, stated:
"Vulcan is building exactly the kind of downstream magnet platform that the United States needs, and this partnership creates a winning commercial partnership that aligns Ucore's separation capability with an industry-leading U.S. manufacturer. Our collaboration will anchor a resilient allied rare earth magnet supply chain in the United States."

John Maslin, Chief Executive Officer of Vulcan Elements, commented:
"Since its inception, Vulcan Elements' mission has been to build a domestic rare earth magnet supply chain that can propel America into the 21st century and enable the next era of innovation and national security. Vulcan's partnership with Ucore is a milestone for both companies, and for the United States of America. Together, we're rebuilding a core industry that is critical for economic growth and national security."

This year, Ucore and Vulcan intend to advance initial production, testing protocols, purity targets, acceptance criteria, and other technical specifications in support of Vulcan's magnet manufacturing capability-leading to a longer-term commercial supply agreement.

#

About Ucore Rare Metals Inc.

Ucore is focused on rare- and critical-metal resources, extraction, beneficiation, and separation technologies with the potential for production, growth, and scalability. Ucore's vision and plan is to become a leading advanced technology company, providing best-in-class metal separation products and services to the mining and mineral extraction industry.

Through strategic partnerships, this plan includes disrupting the People's Republic of China's control of the North American REE supply chain through the near-term development of a heavy and light rare-earth processing facility in the US State of Louisiana, subsequent SMCs in Canada and Alaska and the longer-term development of Ucore's 100% controlled Bokan-Dotson Ridge Rare Heavy REE Project on Prince of Wales Island in Southeast Alaska, USA ("Bokan").

Ucore is listed on the TSXV under the trading symbol "UCU" and in the United States on the OTC Markets' OTCQX® Best Market under the ticker symbol "UURAF."

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

About Vulcan Elements

Vulcan Elements manufactures sintered permanent neodymium iron boron (NdFeB) magnets in the United States for critical defense and commercial applications. NdFeB magnets convert electricity into motion. They are essential components in almost every advanced machine and electronic device-from AI data centers and semiconductor fabrication equipment to satellites, drones, robotics, electric motors, and virtually all military platforms. Vulcan remains committed to advancing technological innovations, galvanizing America's manufacturing workforce, and collaborating with both public and private sector stakeholders to strengthen the domestic rare earth magnet supply chain.

For further information, please visit www.vulcanelements.com

Forward-Looking Statements

This press release includes certain statements that may be deemed "forward-looking statements". All statements in this release (other than statements of historical facts) that address future business development, technological development and/or acquisition activities (including any related required financings), timelines, events, or developments that the Company is pursuing are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance or results, and actual results or developments may differ materially from those in forward-looking statements.

Regarding the disclosure in the press release above about government support for Ucore, the Company has assumed that the applicable projects (including each of the associated milestones) will be completed satisfactorily and in accordance with the respective agreements or letters of intent (as applicable) for such government support. For additional risks and uncertainties regarding the Company, its business activities, its ability to qualify for and receive any additional funding from any U.S. or Canadian government, the CDF and the aforementioned projects (generally), see the risk disclosure in the Company's MD&A for Q4-2025 (filed on SEDAR+ on May 18, 2025) (www.sedarplus.ca) as well as the risks described below.

Regarding the disclosure above in the "About Ucore Rare Metals Inc." section, the Company has assumed that it will be able to procure or retain additional partners and/or suppliers, in addition to Innovation Metals Corp. ("IMC"), as suppliers for Ucore's expected future SMCs. Ucore has also assumed that sufficient external funding will be found to continue and complete the ongoing research and development work required at the CDF and also later prepare a new National Instrument 43-101 technical report that demonstrates that Bokan is feasible and economically viable for the production of both REE and co-product metals and the then prevailing market prices based upon assumed customer offtake agreements. Ucore has also assumed that sufficient external funding will be secured to continue the development of the specific engineering plans for the SMCs and their construction and eventual commissioning and operations. Factors that could cause actual results to differ materially from those in forward-looking statements include, without limitation: IMC failing to protect its intellectual property rights in RapidSX™; RapidSX™ failing to demonstrate commercial viability in large commercial-scale applications; Ucore not being able to procure additional key partners or suppliers for the SMCs; Ucore not being able to raise sufficient funds to fund the specific design and construction of the SMCs and/or the continued development of RapidSX™; adverse capital-market conditions; unexpected due-diligence findings; the emergence of alternative superior metallurgy and metal-separation technologies; the inability of Ucore and/or IMC to retain its key staff members; a change in the legislation in Louisiana or Alaska and/or in the support expressed by the Alaska Industrial Development and Export Authority (AIDEA) regarding the development of Bokan; the availability and procurement of any required interim and/or long-term financing that may be required; and general economic, market or business conditions.

Neither the TSXV nor its Regulation Services Provider (as that term is defined by the TSXV) accept responsibility for the adequacy or accuracy of this release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/289691

Source: Ucore Rare Metals Inc.

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Halifax, Nova Scotia--(Newsfile Corp. - April 7, 2026) - Ucore Rare Metals Inc. (TSXV: UCU) (OTCQX: UURAF) ("Ucore" or the "Company") is pleased to announce the acceptance of its final reporting under Phase 1 of its Other Transaction Agreement ("OTA" or "Agreement") with the US Department of War (the "Reports"). The proprietary Reports were submitted to the US Army Contracting Command - Orlando and included both a Final Demonstration Report and a Final Techno-Economic Assessment ("TEA"). As per the Company's previous press release dated February 17, 2026, the Reports detail the work conducted at Ucore's RapidSX™ Commercialization and Demonstration Facility ("CDF") in Kingston, Ontario, which included direct comparison trials of the patent-pending RapidSX™ technology with conventional solvent extraction ("CSX") over thousands of hours.

The acceptance of the final Reports concludes Ucore's successful performance of Phase 1 under the Agreement and triggers the final Phase 1 payment milestone.

The following excerpt summarizes the Key Performance Metrics outlined in the Reports:

"Table 13 - Key Performance Metrics"

MetricPerformanceREE Separation Processing EfficiencyExtraction RateOn average, 5.4x less mixing time than CSX is needed to achieve target level of extractionSettling RateOn average, 1.8x less settling time than CSX is needed for phase disengagementRecoveryVirtually identical - better than or similar to CSX 13 times out of 14PurityVirtually identical - better than or similar to CSX 11 times out of 14Separation
FlexibilityAble to reconfigure stages in SX circuit within hours, allowing separation of different REEs to different target purities with the same equipmentOntime
FlexibilityAble to start and stop the system at will without loss of production equilibrium. RapidSX™ can immediately restart after planned and unplanned shutdown events.Other Demo Plant Performance DataOperating Hours5,718 hoursTonnage
Processed1.76 metric tonnes REO equivalentSeparations
Applied7 separations: 5 for heavy REE and 2 for light REEFootprintUp to 60% smaller for a process with equal throughputEconomicsCAPEX34% reduction in CAPEXOPEXSimilar: 2.2 $USD/kg of REO feedstock for RapidSX™, a slight decrease from CSX (2.3 $USD/kg)The Phase 1 Reports detail the work completed at the CDF, and provide further support and risk mitigation for the Company's commercialization execution strategy at the Louisiana Strategic Metals Complex ("Louisiana SMC") in Alexandria, Louisiana. Because the proprietary Reports contain detailed technical and commercial analysis provided to the DoW, Ucore is limiting this announcement to a high-level summary with selected tables of the findings most relevant to stakeholders on the Company's path to commercial execution in Louisiana.

Commercial Proof of Performance

The Reports, which were generated from millions of data points generated over a 2-year sequence of campaigns, indicate that the rare earth element ("REE") product recovery and purity achieved with RapidSX™ were consistently equal to or better than CSX. It should be noted that this was the expected result given that the chemistry of RapidSX™ and CSX is exactly the same.

The RapidSX™ advantage is in applying the chemistry much more efficiently, resulting in faster separation steps with a smaller physical equipment footprint. When coupled together, these two attributes yield significant cost and ESG efficiencies across a commercial REE separation facility.

Seven demonstration campaigns were completed as follows, all starting with nearly two tonnes of a heavy mixed rare earth oxide feed source containing both heavy and light REEs:

"Table 6 - Heavy and Light REE Classification of Each Separation"

Separation NumberREEs SeparatedClassificationOperating HoursStart DateEnd DateSX-1TbDy|TbDyHoYHeavy REE540Dec 18, 2023Apr 5, 2024SX-2Dy|HoHeavy REE3480Apr 30, 2024Mar 12, 2025SX-3Gd|TbHeavy REE303Mar 28, 2025May 6, 2025SX-4Tb|DyHeavy REE656May 7, 2025Jun 16, 2025SX-5Nd|SmLight REE361Jun 17, 2025Sep 11, 2025SX-6Ce|PrLight REE214Oct 28, 2025Nov 21, 2025SX-7Sm|SmEuGd|GdHeavy REE172Dec 18, 2025Jan 24, 2026Total-2 Light REE
5 Heavy REE5,717Dec 18, 2023Jan 24, 2026Product Purity and Recovery

The success of each of the above separations was determined by comparing the purity and recovery of each separation to the CSX baseline. The purity and recovery values are the key metrics used to compare separation efficiency. Purity is calculated as the amount of target REEs out of total REEs. Recovery is calculated based on the losses to the opposite side of the split.

Operational Flexibility & Lower Capital Intensity

The Reports highlight the ability to stop and restart the system without loss of equilibrium, as well as the ability to reconfigure circuit stages within hours to suit different separations and product objectives. This kind of flexibility is especially important in a commercial refinery, where feed variability, and meeting customer specifications in an evolving Western market, all benefit from a platform that is more agile. The Reports also supports the view that RapidSX™ can apply the proven chemistry of solvent extraction in a smaller and more modular equipment arrangement than conventional mixer-settler systems. Lower SX-area capital intensity can improve project economics, support a staged buildout strategy, and allow capital to be deployed more intelligently as the Louisiana SMC grows.

As noted, the success of the DoW demonstration program was as expected; the Company is not commercializing speculative chemistry. Rather, it is implementing a proven solvent extraction chemistry distribution platform while improving the physical delivery of the process.

"Phase 1 did more than validate a technology platform. It clarified why RapidSX™ matters commercially," said Mike Schrider, P.E., Vice-President and Chief Operating Officer of Ucore. "For Louisiana, the message is straightforward: across seven demonstration campaigns, RapidSX™ matched conventional solvent extraction on purity, recovery, and product quality, while delivering faster extraction and phase disengagement in a smaller operating footprint. We believe that combination is exactly what the U.S. rare earth supply chain needs."

Knowledge Transfer and Copy-and-Paste Deployment

The report emphasizes that continuous improvement, plant learnings, operating protocols, controls development, and sampling discipline are designed to reduce risk for direct knowledge transfer from the Kingston CDF to the Louisiana SMC. The planned coordinated commissioning will shorten the learning curve, strengthen startup discipline, and improve the likelihood of a smoother transition into commercial production.

# # #

About Ucore Rare Metals Inc.

Ucore is focused on rare- and critical-metal resources, extraction, beneficiation, and separation technologies with the potential for production, growth, and scalability. Ucore's vision and plan is to become a leading advanced technology company, providing best-in-class metal separation products and services to the mining and mineral extraction industry.

Through strategic partnerships, this plan includes disrupting the People's Republic of China's control of the North American REE supply chain through the near-term development of a heavy and light rare-earth processing facility in the US State of Louisiana, subsequent SMCs in Canada and Alaska and the longer-term development of Ucore's 100% controlled Bokan-Dotson Ridge Rare Heavy REE Project on Prince of Wales Island in Southeast Alaska, USA ("Bokan").

Ucore is listed on the TSXV under the trading symbol "UCU" and in the United States on the OTC Markets' OTCQX® Best Market under the ticker symbol "UURAF."

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

Forward-Looking Statements

This press release includes certain statements that may be deemed "forward-looking statements". All statements in this release (other than statements of historical facts) that address future business development, technological development and/or acquisition activities (including any related required financings), timelines, events, or developments that the Company is pursuing are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance or results, and actual results or developments may differ materially from those in forward-looking statements.

Regarding the disclosure in the press release above about government support for Ucore, the Company has assumed that the applicable projects (including each of the associated milestones) will be completed satisfactorily and in accordance with the respective agreements or letters of intent (as applicable) for such government support. For additional risks and uncertainties regarding the Company, its business activities, its ability to qualify for and receive any additional funding from any U.S. or Canadian government, the CDF and the aforementioned projects (generally), see the risk disclosure in the Company's MD&A for Q4-2025 (filed on SEDAR+ on March 18, 2026) (www.sedarplus.ca) as well as the risks described below.

Regarding the disclosure above in the "About Ucore Rare Metals Inc." section, the Company has assumed that it will be able to procure or retain additional partners and/or suppliers, in addition to Innovation Metals Corp. ("IMC"), as suppliers for Ucore's expected future SMCs. Ucore has also assumed that sufficient external funding will be found to continue and complete the ongoing research and development work required at the CDF and also later prepare a new National Instrument 43-101 technical report that demonstrates that Bokan is feasible and economically viable for the production of both REE and co-product metals and the then prevailing market prices based upon assumed customer offtake agreements. Ucore has also assumed that sufficient external funding will be secured to continue the development of the specific engineering plans for the SMCs and their construction and eventual commissioning and operations. Factors that could cause actual results to differ materially from those in forward-looking statements include, without limitation: IMC failing to protect its intellectual property rights in RapidSX™; RapidSX™ failing to demonstrate commercial viability in large commercial-scale applications; Ucore not being able to procure additional key partners or suppliers for the SMCs; Ucore not being able to raise sufficient funds to fund the specific design and construction of the SMCs and/or the continued development of RapidSX™; adverse capital-market conditions; unexpected due-diligence findings; the emergence of alternative superior metallurgy and metal-separation technologies; the inability of Ucore and/or IMC to retain its key staff members; a change in the legislation in Louisiana or Alaska and/or in the support expressed by the Alaska Industrial Development and Export Authority (AIDEA) regarding the development of Bokan; the availability and procurement of any required interim and/or long-term financing that may be required; and general economic, market or business conditions.

Neither the TSXV nor its Regulation Services Provider (as that term is defined by the TSXV) accept responsibility for the adequacy or accuracy of this release.

CONTACTS

Mr. Michael Schrider, P.E., Ucore Vice President and Chief Operating Officer, is responsible for the content of this news release and may be contacted at 1.902.482.5214.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/291483

Source: Ucore Rare Metals Inc.

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Halifax, Nova Scotia--(Newsfile Corp. - April 16, 2026) - Ucore Rare Metals Inc. (TSXV: UCU) (OTCQX: UURAF) ("Ucore" or the "Company") is pleased to announce the arrival of a crucial piece of long-lead-time equipment at its Louisiana Strategic Metals Complex ("LA-SMC") in Alexandria, LA. The equipment was procured under the Company's US$22.4 million modified funding agreement with the US Army Contracting Command-Orlando and associated Defense Priorities & Allocations System ("DPAS") Rating. The equipment is a GMM Pfaudler US Inc. 4,000-gallon jacketed glass-lined reactor designed to leach a wide variety of planned Western mixed rare earth oxides ("MREO") and mixed rare earth carbonates ("MREC") to be received at the LA-SMC.

Figure 1 - A 4,000 Gallon Pfaulder Leaching Reactor Arriving at the Louisiana SMC

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1119/292865_aaf53998745cbbf4_001full.jpg

Ucore presented its DPAS DO-B8 rating in a September 19, 2025, news release and noted that a DPAS rating imposes legal obligations on equipment suppliers, requiring that fulfillment of any LA-SMC order be given preferential treatment over unrated orders to meet national defense and emergency preparedness requirements.

The offloading and placement of the Reactor within the LA-SMC was successfully coordinated by Ucore's selected LA-SMC construction management contractor, Ratcliff Construction of Alexandria, LA. A section of the end wall was removed and replaced to facilitate the placement of the reactor within the building.

"The arrival of this major piece of equipment is a significant milestone for the Ucore Team as we stay laser-focused on establishing commercial rare earth processing in Louisiana," stated Mike Schrider, P.E., Ucore Vice President and Chief Operating Officer. "Ucore is conducting a coordinated knowledge transfer of its RapidSX™ technology platform and ancillary processing systems from its Commercialization and Demonstration Facility [CDF] in Kingston, Ontario, to the LA-SMC. This effort will continue throughout 2026, with the installation of one RapidSX™ Machine scheduled for commissioning and product qualification trials in H1-2027."

Coordinated CDF to LA-SMC activities include:

Anticipated LA-SMC feedstock testing and separation trials at the CDFFactory Acceptance Testing ("FAT") of the RapidSX™ Commercial Scale Equipment Platform at the CDFLA-SMC Engineering, Procurement, and Construction ("EPC") personnel familiarization, design, procurement, construction, and/or testing of the CDF equipment and processesLA-SMC personnel training at the CDF# # #

About Ucore Rare Metals Inc.

Ucore is focused on rare- and critical-metal resources, extraction, beneficiation, and separation technologies with the potential for production, growth, and scalability. Ucore's vision and plan is to become a leading advanced technology company, providing best-in-class metal separation products and services to the mining and mineral extraction industry.

Through strategic partnerships, this plan includes disrupting the People's Republic of China's control of the North American REE supply chain through the near-term development of a heavy and light rare-earth processing facility in the US State of Louisiana, subsequent SMCs in Canada and Alaska and the longer-term development of Ucore's 100% controlled Bokan-Dotson Ridge Rare Heavy REE Project on Prince of Wales Island in Southeast Alaska, USA ("Bokan").

Ucore is listed on the TSXV under the trading symbol "UCU" and in the United States on the OTC Markets' OTCQX® Best Market under the ticker symbol "UURAF."

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

Forward-Looking Statements

This press release includes certain statements that may be deemed "forward-looking statements". All statements in this release (other than statements of historical facts) that address future business development, technological development and/or acquisition activities (including any related required financings), timelines, events, or developments that the Company is pursuing are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance or results, and actual results or developments may differ materially from those in forward-looking statements.

Regarding the disclosure in the press release above about government support for Ucore, the Company has assumed that the applicable projects (including each of the associated milestones) will be completed satisfactorily and in accordance with the respective agreements or letters of intent (as applicable) for such government support. For additional risks and uncertainties regarding the Company, its business activities, its ability to qualify for and receive any additional funding from any U.S. or Canadian government, the CDF and the aforementioned projects (generally), see the risk disclosure in the Company's MD&A for Q4-2025 (filed on SEDAR+ on March 18, 2026) (www.sedarplus.ca) as well as the risks described below.

Regarding the disclosure above in the "About Ucore Rare Metals Inc." section, the Company has assumed that it will be able to procure or retain additional partners and/or suppliers, in addition to Innovation Metals Corp. ("IMC"), as suppliers for Ucore's expected future SMCs. Ucore has also assumed that sufficient external funding will be found to continue and complete the ongoing research and development work required at the CDF and also later prepare a new National Instrument 43-101 technical report that demonstrates that Bokan is feasible and economically viable for the production of both REE and co-product metals and the then prevailing market prices based upon assumed customer offtake agreements. Ucore has also assumed that sufficient external funding will be secured to continue the development of the specific engineering plans for the SMCs and their construction and eventual commissioning and operations. Factors that could cause actual results to differ materially from those in forward-looking statements include, without limitation: IMC failing to protect its intellectual property rights in RapidSX™; RapidSX™ failing to demonstrate commercial viability in large commercial-scale applications; Ucore not being able to procure additional key partners or suppliers for the SMCs; Ucore not being able to raise sufficient funds to fund the specific design and construction of the SMCs and/or the continued development of RapidSX™; adverse capital-market conditions; unexpected due-diligence findings; the emergence of alternative superior metallurgy and metal-separation technologies; the inability of Ucore and/or IMC to retain its key staff members; a change in the legislation in Louisiana or Alaska and/or in the support expressed by the Alaska Industrial Development and Export Authority (AIDEA) regarding the development of Bokan; the availability and procurement of any required interim and/or long-term financing that may be required; and general economic, market or business conditions.

Neither the TSXV nor its Regulation Services Provider (as that term is defined by the TSXV) accept responsibility for the adequacy or accuracy of this release.

CONTACTS

Mr. Michael Schrider, P.E., Ucore Vice President and Chief Operating Officer, is responsible for the content of this news release and may be contacted at 1.902.482.5214.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/292865

Source: Ucore Rare Metals Inc.

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Issued on behalf of Greenland Mines Ltd.

Companies mentioned: Greenland Mines Ltd. (NASDAQ: GRML), Neo Performance Materials Inc. (TSX: NEO; OTCQX: NOPMF), USA Rare Earth Inc. (NASDAQ: USAR), Ucore Rare Metals Inc. (TSXV: UCU; OTCQX: UURAF), Lynas Rare Earths Ltd. (ASX: LYC), American Rare Earths Limited (ASX: ARR; OTCQX: ARRNF)

AMERICAN NEWS GROUP News Commentary

, /PRNewswire/ -- If you're a retail investor trying to find an entry point into the rare earth boom, this deal is one worth paying attention to.

Key Takeaways

Greenland Mines Ltd. (NASDAQ: GRML) just secured one of the most strategically located rare earth projects in the Western world through a US$35 million agreement with Neo Performance Materials. The Sarfartoq Carbonatite Complex in southwest Greenland is rich in neodymium and praseodymium — the two rare earths most needed for permanent magnets used in EVs, wind turbines, and defense systems. Neo Performance Materials is staying on as a long-term partner, keeping an equity stake in Greenland Mines and the right to purchase up to 60% of the project's future output. Greenland Mines now has two world-class projects: the Skaergaard palladium-gold-platinum deposit and the Sarfartoq rare earth project — both in stable, Western-aligned Greenland. China still controls roughly 61% of global rare earth mining and 91% of refining, making Western-jurisdiction projects like Sarfartoq strategically important for governments and manufacturers alike.
  The Deal in Plain English

Greenland Mines Ltd. (NASDAQ: GRML) just signed an agreement to take over the Sarfartoq rare earth project in southwest Greenland from Neo Performance Materials Inc. (TSX: NEO; OTCQX: NOPMF). The price tag is US$35 million — US$20 million in cash, and US$15 million in Greenland Mines stock. [1]

Here is what makes this stand out for retail investors:

Neo Performance Materials is not exiting the project. They are keeping an equity stake in Greenland Mines and the right to buy up to 60% of the ore that comes out of Sarfartoq under an existing offtake arrangement. [1] That means Neo, a real revenue-generating company that just reported Q1 2026 revenue of about US$155 million, is essentially saying it wants Greenland Mines to advance this project — and plans to be the main customer. [2] For a small-cap developer, this is the kind of validation that most companies spend years trying to get. Why the Sarfartoq Project Is a Big Deal

Rare earth projects are not all created equal. Sarfartoq has three things going for it that retail investors should understand.

1. The Right Minerals

Sarfartoq is rich in neodymium and praseodymium, which together make up roughly 25% to 40% of the total rare earth oxides on the property. [3] These two elements are the workhorses of the rare earth magnet industry. They are what makes electric vehicle motors small, light, and powerful. They are also what makes wind turbine generators efficient enough to compete with traditional power sources.

2. The Right Location

Most undeveloped rare earth projects are in the middle of nowhere. Sarfartoq is different. It is located about 60 kilometers from an international airport, has access to tidewater and a major port facility, and is close to some of the best hydroelectric power potential in Greenland. [3] That kind of infrastructure access can knock years off a project's development timeline.

3. The Right Jurisdiction

Greenland is a Western-aligned territory of the Kingdom of Denmark. The Government of Greenland has made critical minerals a priority for economic development. The transfer of the NNSR shares is subject to government approval under the Greenland Mineral Activities Act, but Greenland has already approved a similar transfer for this same project in 2023. [3] That historical track record matters.

The Bigger Picture: Why Rare Earths Are Hot Again

China still controls roughly 61% of the world's rare earth mining and 91% of refining capacity, according to the International Energy Agency. [4] In 2025, Beijing introduced two waves of export controls on rare earths. Some of those controls were temporarily suspended in November 2025 after a U.S.-China trade truce, but the licensing system for seven key elements remains in place. [4]

The result is that prices for heavy rare earths outside of China have climbed, and Western governments are pouring money into building alternative supply chains. The U.S. Department of Defense has already committed more than US$439 million to domestic rare earth projects, and Canada, Europe, and Australia are doing the same. [5]

Four Other Names Riding the Same Wave

Greenland Mines is one of several public companies positioning to feed the Western rare earth supply chain. For retail investors building a watchlist, here are four others to know.

USA Rare Earth Inc. (NASDAQ: USAR)

USA Rare Earth is building a domestic mine-to-magnet supply chain in the United States. The company is developing the Round Top project in Texas, which hosts heavy rare earths needed for high-performance magnets, and runs a magnet manufacturing facility in Stillwater, Oklahoma. [6] In April 2026, USA Rare Earth announced an agreement to acquire Serra Verde, the owner of the only scaled rare earth mine outside of Asia producing all four magnetic rare earths — a transaction with an implied equity value of roughly US$2.8 billion. [7]

Ucore Rare Metals Inc. (TSXV: UCU; OTCQX: UURAF)

Ucore is a smaller-cap Canadian company that is building a Strategic Metals Complex in Alexandria, Louisiana, using its own RapidSX rare earth separation technology. The first phase is targeting about 2,000 tonnes per year of separated rare earth oxides by 2026, with later phases scaling up significantly. [8] The U.S. Department of Defense has been backing Ucore's separation technology, making the company one of the more closely watched processing plays in the sector.

Lynas Rare Earths Ltd. (ASX: LYC)

Lynas is the largest rare earth producer outside of China and has been operating profitably for years. The company mines rare earths at Mt Weld in Western Australia and processes them at facilities in Malaysia, with new processing capacity coming online in the United States. Lynas serves as a benchmark for what a fully built-out, Western-aligned rare earth supply chain looks like — and a reminder of how much room there is for new entrants given how dominant China remains.

American Rare Earths Limited (ASX: ARR; OTCQX: ARRNF)

American Rare Earths is advancing the Halleck Creek project in Wyoming, which the company describes as one of the largest rare earth deposits in North America. With U.S. defense procurement rules increasingly excluding Chinese material, projects like Halleck Creek are positioned to benefit directly from federal funding programs and offtake support.

What This Means for the Average Investor

Most retail investors will never get the chance to invest at the ground floor of a true critical minerals deal. The big rare earth producers — Lynas, MP Materials — already trade at multi-billion-dollar valuations. The earlier-stage developers offer more upside but come with more risk.

What sets Greenland Mines Ltd. (NASDAQ: GRML) apart in this group is the combination of a Nasdaq listing, a partnership with a real revenue-generating company (Neo), a project in a stable Western jurisdiction, and now two world-class assets in Greenland.

For investors who already missed the big run-ups in MP Materials and USA Rare Earth, deals like this one are exactly the kind of catalyst worth tracking. Always do your own research, understand the risks, and never invest more than you can afford to lose.

Sources:

[1] https://www.neomaterials.com/

[2] https://www.streetwisereports.com/article/2026/05/13/rare-earth-co-delivers-high-growth-q1-financial-surge.html

[3] https://www.newswire.ca/news-releases/neo-performance-materials-and-hudson-resources-advance-the-greenland-sarfartoq-rare-earth-project-after-receiving-government-approval-for-license-transfer-869897272.html

[4] https://www.iea.org/commentaries/with-new-export-controls-on-critical-minerals-supply-concentration-risks-become-reality

[5] https://www.csis.org/analysis/consequences-chinas-new-rare-earths-export-restrictions

[6] https://www.fool.com/investing/2026/05/12/the-best-rare-earth-stock-to-buy-and-hold-for-the/

[7] https://www.sec.gov/Archives/edgar/data/0001970622/000121390026045339/ea028691001ex99-3.htm

[8] https://investornews.com/critical-minerals-rare-earths/ucore-rare-metals-advances-as-pentagon-backed-refinery-reshapes-u-s-rare-earth-strategy/

DISCLAIMER / DISCLOSURE:

DISCLAIMER: Nothing in this publication should be considered as personalized financial advice. We are not licensed under securities laws to address your particular financial situation. No communication by our employees to you should be deemed as personalized financial advice. Please consult a licensed financial advisor before making any investment decision. This is a paid advertisement and is neither an offer nor recommendation to buy or sell any security. We hold no investment licenses and are thus neither licensed nor qualified to provide investment advice. The content in this report or email is not provided to any individual with a view toward their individual circumstances. americannewsgroup.com is a wholly-owned subsidiary of Market IQ Media Group, Inc. ("MIQ"). MIQ has been paid a fee for Greenland Mines Corp. advertising and digital media from Creative Direct Marketing Group ("CDMG"). There may be 3rd parties who may have shares of Greenland Mines Corp., and may liquidate their shares which could have a negative effect on the price of the stock. This compensation constitutes a conflict of interest as to our ability to remain objective in our communication regarding the profiled company. Because of this conflict, individuals are strongly encouraged to not use this publication as the basis for any investment decision. The owner/operator of MIQ does not own any shares of Greenland Mines Corp. but reserve the right to buy and sell, and will buy and sell shares of Greenland Mines Corp. at any time without any further notice commencing immediately and ongoing. We also expect further compensation as an ongoing digital media effort to increase visibility for the company, no further notice will be given, but let this disclaimer serve as notice that all material, including this article, which is disseminated by MIQ has been reviewed and approved on behalf of Greenland Mines Corp. by CDMG. While all information is believed to be reliable, it is not guaranteed by us to be accurate. Individuals should assume that all information contained in our newsletter is not trustworthy unless verified by their own independent research. Also, because events and circumstances frequently do not occur as expected, there will likely be differences between any predictions and actual results. Always consult a licensed investment professional before making any investment decision. Be extremely careful, investing in securities carries a high degree of risk; you may likely lose some or all of the investment.

CAUTIONARY NOTE REGARDING MINERAL RESOURCES:

The Mineral Resource Estimates referenced in this article were prepared in accordance with NI 43-101 by SLR Consulting as disclosed in the technical report dated November 22, 2022. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. The gross undiscounted in-situ metal values expressed herein are illustrative calculations using February 2026 metal prices and do not account for mining recoveries, metallurgical losses, capital costs, operating costs, royalties, taxes, permitting requirements, or any other technical or economic factors. These values are not indicative of future revenue, project economics or net present value. No preliminary economic assessment, pre-feasibility study, or feasibility study has been completed on the Skaergaard Project, and there is no certainty that the Mineral Resources disclosed will be converted to Mineral Reserves or that an economically viable mining operation can be established.

FORWARD-LOOKING STATEMENTS:

This publication contains forward-looking information which is subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ from those projected in the forward-looking statements. Forward-looking statements in this publication include that demand for platinum group metals and critical minerals will continue to grow and tighten; that Greenland Mines Ltd's Skaergaard Project will advance through its planned technical, metallurgical, and environmental work programs as described; that the Company's engagements with SLR Consulting, GTK Mintec, and WSP will proceed as planned; that the Iceland LOI will progress toward a binding agreement with the cost and savings characteristics described; that comparable companies will perform as expected. The forward-looking information contained herein is provided for the purpose of assisting the reader to understand the Company's business, however such information may not be appropriate for other purposes. Risks that could change or prevent these statements from coming to fruition include changing governmental laws and policies; permitting risks; the Company's ability to obtain and retain necessary licensing; political and competitive risks; failure of forecasts and assumptions to come to fruition; metal price volatility; the inherent uncertainty of mineral resource estimates; and other unforeseen circumstances. The publisher of this article does not take responsibility for the accuracy of any statements made by the issuing company or its representatives. Readers are cautioned not to place undue reliance on these forward-looking statements, and the publisher undertakes no obligation to update or revise any forward-looking statements except as required by applicable law.

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SOURCE American News Group

Halifax, Nova Scotia--(Newsfile Corp. - June 1, 2026) - Ucore Rare Metals Inc. (TSXV: UCU) (OTCQX: UURAF) ("Ucore" or the "Company") is pleased to announce a significant step forward in Canada's critical minerals strategy, having hosted senior officials from Natural Resources Canada ("NRCan") and other Government of Canada departments at its Commercialization and Demonstration Facility ("CDF") in Kingston, Ontario, on May 14, 2026. The high-level visit focused on Ucore's progress under Natural Resources Canada's Critical Minerals Research, Development and Demonstration ("CMRDD") program, and other federal initiatives to strengthen domestic rare earth element ("REE") supply chains.

During the visit, Ucore showcased the Company's advancements in REE separation using its patent pending RapidSX™ technology. Funding from the CMRDD program is advancing the Technology Readiness Level ("TRL") of Ucore's RapidSX™ technology platform through the production of neodymium-praseodymium ("NdPr") and Samarium ("Sm") products at the CDF from tonnes of Canada-friendly feedstock sources.

Discussions also explored the implementation of new policies supporting Canadian critical mineral independence and the standing up of the recently established $2 billion Critical Minerals Sovereign Fund.

Mike Schrider, P.E., Ucore's Vice President & Chief Operating Officer, emphasized the growing momentum behind the Company's Canadian operations:

"Our Kingston team has made demonstrable progress under the NRCan CMRDD program, continuing to prove the efficacy of RapidSX™ as a commercial-ready solution for the separation of both heavy and light rare earth elements. Hosting NRCan and other senior officials at our facility allowed us to show, firsthand, how we are turning policy into practice."

Dr. Ahmad Hussein, Head of External Affairs and Ucore's Advisory Board Member, highlighted the technical and strategic alignment with federal priorities:

"The visit confirmed that Ucore's work directly supports Canada's mandate to build secure, sustainable rare earth supply chains. Our progress in REE processing at the Kingston facility demonstrates the viability of on-shore separation. We are actively reviewing how the $2 billion Critical Minerals Sovereign Fund and new policy frameworks can be leveraged to scale our operations, reduce foreign dependency, and deliver long-term value for Canadian industry."

The RapidSX™ Commercialization and Demonstration Facility is the centerpiece of Ucore's Canadian strategy, positioning the Company as a key enabler of North American rare earth production. Ucore continues to work closely with federal partners to advance towards full commercial deployment in Canada.

.# # #

About Ucore Rare Metals Inc.

Ucore is focused on rare and critical-metal resources, extraction, beneficiation, and separation technologies with the potential for production, growth, and scalability. Ucore's vision and plan is to become a leading advanced technology company, providing best-inclass metal separation products and services to the mining and mineral extraction industry.

Through strategic partnerships, this plan includes disrupting the People's Republic of China's control of the North American REE supply chain through the near-term development of a heavy and light rare-earth processing facility in the US State of Louisiana, subsequent SMCs in Canada and Alaska and the longer-term development of Ucore's 100% controlled BokanDotson Ridge Rare Heavy REE Project on Prince of Wales Island in Southeast Alaska, USA ("Bokan").

Ucore is listed on the TSXV under the trading symbol "UCU" and in the United States on the OTC Markets' OTCQX® Best Market under the ticker symbol "UURAF."

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

Forward-Looking Statements

This press release includes certain statements that may be deemed "forward-looking statements". All statements in this release (other than statements of historical facts) that address future business development, technological development and/or acquisition activities (including any related required financings), timelines, events, or developments that the Company is pursuing are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance or results, and actual results or developments may differ materially from those in forward-looking statements.

Regarding the disclosure in the press release above about government support for Ucore, the Company has assumed that the applicable projects (including each of the associated milestones) will be completed satisfactorily and in accordance with the respective agreements or letters of intent (as applicable) for such government support. For additional risks and uncertainties regarding the Company, its business activities, its ability to qualify for and receive any additional funding from any U.S. or Canadian government, the CDF and the aforementioned projects (generally), see the risk disclosure in the Company's MD&A for Q1-2026 (filed on SEDAR+ on May 29, 2026) (www.sedarplus.ca) as well as the risks described below.

Regarding the disclosure above in the "About Ucore Rare Metals Inc." section, the Company has assumed that it will be able to procure or retain additional partners and/or suppliers, in addition to Innovation Metals Corp. ("IMC"), as supply chain participants for Ucore's expected future SMCs. Ucore has also assumed that sufficient external funding will be found to continue and complete the ongoing research and development work required at the CDF and also later prepare a new National Instrument 43-101 technical report that demonstrates that Bokan is feasible and economically viable for the production of both REE and co-product metals and the then prevailing market prices based upon assumed customer offtake agreements. Ucore has also assumed that sufficient external funding will be secured to continue the development of the specific engineering plans for the SMCs and their construction and eventual commissioning and operations. Factors that could cause actual results to differ materially from those in forward-looking statements include, without limitation: IMC failing to protect its intellectual property rights in RapidSX™; RapidSX™ failing to demonstrate commercial viability in large commercial-scale applications; Ucore not being able to procure additional key partners or suppliers for the SMCs; Ucore not being able to raise sufficient funds to fund the specific design and construction of the SMCs and/or the continued development of RapidSX™; unexpected cost overruns; adverse capital-market conditions; unexpected due-diligence findings; the emergence of alternative superior metallurgy and metal-separation technologies; the inability of Ucore and/or IMC to retain its key staff members; a change in the legislation in Louisiana or Alaska and/or in the support expressed by the Alaska Industrial Development and Export Authority (AIDEA) regarding the development of Bokan; the availability and procurement of any required interim and/or long-term financing that may be required; and general economic, market or business conditions.

Neither the TSXV nor its Regulation Services Provider (as that term is defined by the TSXV) accept responsibility for the adequacy or accuracy of this release.

CONTACTS

Mr. Michael Schrider, P.E., Ucore Vice President and Chief Operating Officer, is responsible for the content of this news release and may be contacted at 1.902.482.5214.

For additional information, please contact:
Mark MacDonald
Vice President, Investor Relations
Ucore Rare Metals Inc.
1.902.482.5214
[email protected]

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/299616

Source: Ucore Rare Metals Inc.

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OMAHA, NE, April 01, 2026 (GLOBE NEWSWIRE) -- FitLife Brands, Inc. (“FitLife” or the “Company”) (NASDAQ: FTLF), a provider of innovative and proprietary nutritional supplements and wellness products, today announced financial results for the fourth quarter and full year ended December 31, 2025.

Highlights for the fourth quarter ended December 31, 2025 include:

Total revenue was $25.9 million, an increase of 73% compared to the fourth quarter of 2024.  Wholesale revenue was $15.5 million, or 60% of total revenue, an increase of 213% compared to the fourth quarter of 2024.Online revenue was $10.5 million, or 40% of total revenue, an increase of 4% compared to the fourth quarter of 2024.Excluding the amortization of the inventory step-up related to the Irwin acquisition, gross margin was 37.0% compared to 41.4% during the fourth quarter of 2024, with the decline in gross margin primarily attributable to the acquisition of Irwin, which historically operated at a lower gross margin than Legacy FitLife.Net income was $1.6 million compared to $2.1 million during the fourth quarter of 2024, with the decline driven primarily by transaction expense and amortization of the inventory step-up associated with the acquisition of Irwin.Basic earnings per share and diluted earnings per share were $0.17 and $0.16, respectively, compared to $0.23 and $0.21 during the fourth quarter of 2024.Adjusted EBITDA was $3.5 million, a 14% increase compared to the fourth quarter of 2024.Sales of Irwin products on Amazon scaled from zero at the beginning of the quarter to approximately $0.5 million in the month of December; subsequent to the end of the fourth quarter, Irwin revenue on Amazon has continued to scale to approximately $0.8 million monthly. Highlights for the year ended December 31, 2025 include:

The Company completed the acquisition of Irwin Naturals (“Irwin”) on August 8, 2025Total revenue was $81.5 million, an increase of 26% compared to the prior year.Wholesale revenue was $39.7 million, or 49% of total revenue, an increase of 84% compared to the prior year.Online revenue was $41.8 million, or 51% of total revenue, a decrease of 3% compared to the prior year.Excluding the amortization of the inventory step-up related to the Irwin acquisition, gross margin was 39.9% compared to 43.6% during 2024, with the decline in gross margin primarily attributable to the acquisition of Irwin, which historically operated at a lower gross margin than Legacy FitLifeNet income was $6.3 million compared to $9.0 million during 2024.Basic earnings per share and diluted earnings per share were $0.68 and $0.63, respectively, compared to $0.98 and $0.91 during the prior year.Adjusted EBITDA was $14.0 million compared to $14.1 million in the prior year.The Company ended the year with $39.1 million outstanding on its term loan and $5.6 million outstanding on its revolving line of credit. For the fourth quarter ended December 31, 2025, total revenue was $25.9 million, an increase of 73% compared to $15.0 million during the same period last year. Online revenue for the quarter was $10.5 million, an increase of 4% compared to the quarter ended December 31, 2024. Online revenue accounted for 40% and 67% of the Company’s total revenue during the quarters ended December 31, 2025 and 2024, respectively.

Wholesale revenue for the quarter ended December 31, 2025 was $15.5 million, more than tripling the $4.9 million from the same period last year. The Company’s recent acquisition of Irwin contributed $11.2 million of wholesale revenue for the quarter ended December 31, 2025, while Legacy FitLife wholesale revenue declined $0.7 million, or 14%, compared to the same period last year.  

For the year ended December 31, 2025, total revenue was $81.5 million, an increase of 26% compared to $64.5 million in the prior year. Online revenue for the full year was $41.8 million, a 3% decrease compared to $43.0 million in the prior year. Wholesale revenue for the full year was $39.7 million, an increase of 84% compared to $21.5 million in the prior year.

Gross margin for the quarter ended December 31, 2025 was 34.5% compared to 41.4% during the same period in the prior year. Gross margin for the quarter was adversely affected by $0.7 million of amortization of the inventory step-up related to the inventory acquired in the Irwin transaction. Excluding the amortization of the inventory step-up, gross margin for the quarter would have been 37.0%.  

Gross margin for the full year ended December 31, 2025 was 38.6% compared to 43.6% during the prior year. Gross margin was adversely affected by $1.0 million of amortization of the inventory step-up related to the inventory acquired in the Irwin transaction. Excluding the amortization of the inventory step-up, gross margin for fiscal 2025 would have been 39.9%

Net income for the fourth quarter of 2025 was $1.6 million compared to $2.1 million during the quarter ended December 31, 2024. Basic and diluted earnings per share were $0.17 and $0.16 respectively, compared to $0.23 and $0.21 during the fourth quarter of 2024.  

Net income for the year ended December 31, 2025 was $6.3 million compared to $9.0 million during the prior year. Basic and diluted earnings per share decreased 31% to $0.68 and $0.63 earnings per share, respectively, when compared to the prior year.

Adjusted EBITDA for the quarter ended December 31, 2025 was $3.5 million, an increase of 14% compared to the same period in 2024. Adjusted EBITDA for the year ended December 31, 2025 was $14.0 million, a 1% decrease compared to $14.1 million during the prior year.

As of December 31, 2025, the Company had $39.1 million outstanding on its term loan and $5.6 million outstanding on the revolver, and cash of $1.6 million, or total net debt of approximately $43.1 million.

Performance of Brands

One of the primary metrics used by management to evaluate the performance of the Company’s brands is contribution, a non-GAAP financial measure which management defines as gross profit less advertising and marketing expenditures.   Other companies may also report contribution as a performance metric, but their definition or calculation of contribution may differ from the Company’s. Management believes that contribution, as defined by the Company, is a particularly relevant performance metric since it incorporates the gross profit associated with a specific brand or collection of brands as well as the advertising and marketing expenditures associated with the same brand or brands. With limited exceptions, other operating expenses incurred by the Company are generally not allocable to a specific brand or collection of brands.

Legacy FitLife consists of thirteen brands, and Irwin consists of three brands. These collections of brands do not meet the definition of operating segments and are not managed as such.

Legacy FitLife      (Unaudited)           2024
 2025
 Q4 Q1Q2Q3Q4 Wholesale revenue4,939  5,306 5,696 6,686 4,238  Online revenue10,074  10,630 10,431 9,978 9,028  Total revenue15,013  15,936 16,127 16,664 13,266  Gross profit6,212  6,874 6,904 6,542 5,395 Gross margin41.4% 43.1%42.8%39.3%40.7%Advertising and marketing979  1,053 1,191 1,285 1,077 Contribution5,233  5,821 5,713 5,257 4,318 Contribution as a % of revenue34.9% 36.5%35.4%31.5%32.5% For the fourth quarter of 2025, revenue for Legacy FitLife (which now includes MusclePharm as well as MRC) declined 12% compared to the same period last year due to declines in both online and wholesale revenue.

Online revenue decreased by 10% compared to the fourth quarter of 2024, primarily driven by lower online sales from MRC and MusclePharm, partially offset by higher online revenue from the other Legacy FitLife brands.  Wholesale revenue decreased 14% as compared to the fourth quarter of 2024.

Gross margin for Legacy FitLife decreased to 40.7% during the fourth quarter of 2025 compared to 41.4% during the fourth quarter of last year. Contribution as a percentage of revenue decreased to 32.5% compared to 34.9% during the fourth quarter of last year.

Irwin  (Unaudited)           2025    Q3Q4 Wholesale revenue6,510 11,216  Online revenue311 1,428  Total revenue6,821 12,644  Gross profit2,194 3,544 Gross margin32.2%28.0%Advertising and marketing72 182 Contribution2,122 3,362 Contribution as % of revenue31.1%26.6%    The fourth quarter of 2025 is the first full quarter of Irwin’s operating results since the Company acquired Irwin in August 2025. During the quarter, Irwin generated 89% of its revenue from the wholesale channel and 11% from online sales.

Online revenue during the quarter represents transactions through Irwin’s websites as well as through Amazon and other e-commerce platforms. The Company began selling Irwin products on Amazon in mid-October, and sales increased rapidly throughout the quarter to approximately $0.5 million in the month of December.

Normalizing for loss of the customers that occurred prior to the acquisition of Irwin by the Company, as well as for the results of Irwin’s CBD business, which the Company is in the process of exiting, total revenue for Irwin increased approximately 6% in the fourth quarter of 2025 compared to the fourth quarter of 2024.

Irwin generated gross margin of 28.0% and contribution as a percentage of revenue of 26.6% during the fourth quarter of 2025. Excluding amortization of the inventory step-up, Irwin’s gross margin and contribution as a percentage of revenue would have been 33.2% and 31.8%, respectively.  

FitLife Consolidated      (Unaudited)       2024
        2025  Q4 Q1Q2Q3Q4        Wholesale revenue4,939  5,306 5,696 13,196 15,454  Online revenue10,074  10,630 10,431 10,289 10,456  Total revenue15,013  15,936 16,127 23,485 25,910  Gross profit6,212  6,874 6,904 8,736 8,939 Gross margin41.4% 43.1%42.8%37.2%34.5%Advertising and marketing979  1,053 1,191 1,357 1,259 Contribution5,233  5,821 5,713 7,379 7,680 Contribution as % of revenue34.9% 36.5%35.4%31.4%29.6%        For the Company overall, revenue for the fourth quarter of 2025 increased 73%, gross profit increased 44%, and contribution increased 47% compared to the fourth quarter of 2024.

Gross margin decreased to 34.5% compared to 41.4% during the fourth quarter of last year, with the decline in gross margin primarily attributable to the acquisition of Irwin, which historically operated at a lower gross margin than Legacy FitLife.  

Contribution as a percentage of revenue decreased to 29.6% compared to 34.9% during the fourth quarter of last year. Excluding the impact of the amortization of the inventory step-up at Irwin, gross margin and contribution margin as a percentage of revenue would have been 37.0% and 32.2%, respectively, during the fourth quarter of 2025.

Management commentary

Dayton Judd, the Company’s Chairman and Chief Executive Officer, commented, “Other than at MRC, where revenue declined 15% over the course of the year, 2025 was a strong year for all of our brand groupings. Excluding MRC and MusclePharm, the other Legacy FitLife brands delivered organic growth of 6%. MusclePharm delivered organic growth of 5%, with growth in both the online and wholesale channels. And in its first full quarter of ownership, Irwin delivered organic growth of 6%.

“We began paying down debt during the fourth quarter, with a scheduled amortization payment of $1.5 million on the term loan and an additional $0.4 million reduction on our revolver. During the first quarter, we reduced the outstanding balance on the revolver further by approximately $1.4 million in addition to a scheduled amortization payment on the term loan of $1.5 million on March 31. We intend to continue allocating our available free cash flow to debt reduction.

“During our previous earnings call in November, I provided commentary about emerging weakness we were observing across our brand portfolio. During the first quarter of 2026, this weakness has persisted across most brands and channels.   From a macro environment perspective, given the backdrop of economic and political volatility, we know there are broad-based consumer confidence concerns, particularly for discretionary products. Consumer sentiment remains near all-time lows, and consumer discretionary spending has been declining since late last year and is at the lowest level it has been in the past four years. However, we know there are some things we should be doing regardless of the economic environment to improve our performance.

“The Company is focused on five key initiatives that we anticipate will favorably impact revenue and cost in the future. These priorities are to (1) drive meaningful improvement in Irwin’s supply chain, (2) increase focus on new product development at Irwin, (3) drive awareness and demand generation for our products off-Amazon, (4) leverage Irwin’s sales team to cross-sell other FitLife products into the wholesale channel, and (5) reduce SG&A through operating efficiencies.

“Despite the weakness late in the fourth quarter and into the first quarter, I am encouraged by the continued growth of online revenue for Irwin, particularly on Amazon. We ended the fourth quarter at a run rate of approximately $0.5 million of revenue on Amazon from Irwin’s products. I am encouraged that growth has continued throughout the first quarter, with monthly revenue now approximately $0.8 million. In other words, in a few short months, this has become a business with roughly $9-10 million of annual revenue on a run rate basis, with margins higher than our traditional wholesale business. In addition, for a number of reasons, we believe there is the potential for additional long-term revenue and profit growth for Irwin products in this channel. The online growth we are experiencing at Irwin is encouraging, but at this point we are not able to determine whether it will fully or only partially offset the weakness we are experiencing elsewhere in our business.”

Earnings Conference Call

The Company will hold an investor conference call on Wednesday, April 1, 2026 at 4:30 pm ET. Investors interested in participating in the live call can dial (833) 492-0064 from the U.S. and provide the conference identification code of 115536. International participants can dial (973) 528-0163 and provide the same code.

About FitLife Brands

FitLife Brands is a developer and marketer of innovative and proprietary nutritional supplements and wellness products for health-conscious consumers. FitLife markets more than 500 different products online and through various retail locations. FitLife is headquartered in Omaha, Nebraska. For more information, please visit our website at www.fitlifebrands.com.

Forward-Looking Statements

Statements in this release that are forward-looking involve known and unknown risks and uncertainties, which may cause the Company's actual results in future periods to be materially different from any future performance that may be suggested in this news release. Such factors may include, but are not limited to, the ability of the Company to continue to grow revenue, and the Company's ability to continue to achieve positive cash flow given the Company's existing and anticipated operating and other costs. Many of these risks and uncertainties are beyond the Company's control. Reference is made to the discussion of risk factors detailed in the Company's filings with the Securities and Exchange Commission including its reports on Form 10-K and 10-Q. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the dates on which they are made.

FITLIFE BRANDS, INC.
CONSOLIDATED BALANCE SHEETS
(in thousands, except per share amounts)

  December 31, 2025  December 31, 2024         ASSETS:        CURRENT ASSETS        Cash and cash equivalents $1,646  $4,468 Restricted cash  -   52 Accounts receivable, net of allowance for credit losses of $9 and $41, respectively  8,765   1,626 Inventories, net of allowance for obsolescence of $247 and $100, respectively  21,324   11,074 Prepaid expense and other current assets  1,334   923 Total current assets  33,069   18,143          Property and equipment, net  128   75 Right of use asset  682   412 Intangibles, net of amortization of $499 and $152, respectively  51,440   26,235 Goodwill  19,393   13,022 Deferred tax asset  1,525   644 Other assets  83   - TOTAL ASSETS $106,320  $58,531          LIABILITIES AND STOCKHOLDERS' EQUITY:        CURRENT LIABILITIES:        Accounts payable $6,911  $4,067 Accrued expense  5,429   684 Income taxes payable  1,704   1,415 Product returns  1,039   564 Term loan – current portion  6,094   4,500 Lease liability – current portion  433   81 Total current liabilities  21,610   11,311          Revolving line of credit  5,600   - Term loan, net of current portion and unamortized deferred finance costs  32,849   8,550 Long-term lease liability, net of current portion  272   331 Derivative liability  26   - Deferred tax liability  2,324   2,213 TOTAL LIABILITIES  62,681   22,405          STOCKHOLDERS’ EQUITY:        Preferred stock, $0.01 par value, 10,000 shares authorized, none outstanding as of December 31, 2025 and 2024  -   - Common stock, $0.01 par value, 120,000 shares authorized; 9,391 and 9,210 issued and outstanding as of December 31, 2025 and 2024  94   92 Additional paid-in capital  32,213   31,129 Retained earnings  11,893   5,567 Accumulated other comprehensive loss  (561)  (662)TOTAL STOCKHOLDERS' EQUITY  43,639   36,126 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $106,320  $58,531  FITLIFE BRANDS, INC.
CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share amounts)

  Years ended December 31,   2025  2024          Revenue $81,458  $64,469 Cost of goods sold  50,005   36,389 Gross profit  31,453   28,080          OPERATING EXPENSE:        Advertising and marketing  4,860   4,626 Selling, general and administrative  14,036   9,972 Merger and acquisition related  2,075   255 Depreciation and amortization  420   108 Total operating expense  21,391   14,961 OPERATING INCOME  10,062   13,119          OTHER EXPENSE (INCOME)        Interest income  (98)  (69)Interest expense  1,863   1,367 Other expense  49   - Foreign exchange loss (gain)  19   (50)Total other expense, net  1,833   1,248 INCOME BEFORE INCOME TAX PROVISION  8,229   11,871          PROVISION FOR INCOME TAXES  1,903   2,887          NET INCOME $6,326  $8,984          NET INCOME PER SHARE        Basic $0.68  $0.98 Diluted $0.63  $0.91 Basic weighted average common shares  9,347   9,197 Diluted weighted average common shares  9,977   9,898           FITLIFE BRANDS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)

  Years ended December 31,   2025  2024          CASH FLOWS FROM OPERATING ACTIVITIES:        Net income $6,326  $8,984 Adjustments to reconcile net income to net cash provided by operating activities:        Depreciation and amortization  420   108 Allowance for credit losses  (32)  24 Allowance for inventory obsolescence  147   (62)Stock-based compensation  404   459 Amortization of deferred finance costs  40   41 Write-off of deferred financing costs  49   - Amortization of inventory step-up  1,045   -          Changes in operating assets and liabilities:        Accounts receivable - trade  210   361 Inventories  (582)  (2,109)Deferred taxes  (881)  148 Prepaid expense and other assets  200   692 Right of use asset  242   90 Accounts payable  743   866 Income taxes payable  (54)  634 Lease liability  (223)  (107)Accrued liabilities and other liabilities  (582)  (512)Product returns  (33)  (7)Net cash provided by operating activities  7,439   9,610          CASH FLOWS FROM INVESTING ACTIVITIES:        Cash paid for Irwin acquisition  (42,500)  - Purchase of property and equipment  (42)  (10)Net cash used in investing activities  (42,542)  (10)         CASH FLOWS FROM FINANCING ACTIVITIES:        Proceeds from exercise of stock options  682   17 Borrowings on 2025 term loan  40,452   - Payments on 2025 term loan  (1,523)  - Payoff of 2023 term loans  (10,875)  - Payments on 2023 term loans  (2,250)  (7,000)Borrowings on line of credit  5,600   - Net cash provided by (used in) financing activities  32,086   (6,983)         Foreign currency impact on cash  143   5          CHANGE IN CASH AND RESTRICTED CASH  (2,874)  2,622 CASH AND RESTRICTED CASH, BEGINNING OF PERIOD  4,520   1,898 CASH AND CASH EQUIVALENTS, END OF PERIOD $1,646  $4,520          Supplemental cash flow disclosure        Cash paid for income taxes $2,362  $2,498 Cash paid for interest, net of amounts capitalized $1,748  $1,361          Non-cash investing and financing activities        Addition to right-of-use assets from new operating lease liabilities $-  $386  Non-GAAP Financial Measures

The financial information included in this release and the presentation below contain certain financial measures defined as “non-GAAP financial measures” by the SEC, including non-GAAP EBITDA and non-GAAP adjusted EBITDA. These measures may be different from non-GAAP financial measures used by other companies. The presentation of this financial information, which is not prepared under any comprehensive set of accounting rules or principles, is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP.

  As presented below, non-GAAP EBITDA excludes interest, foreign currency gain/loss, income taxes, and depreciation and amortization. Adjusted non-GAAP EBITDA excludes, in addition to interest, foreign currency gain/loss, taxes, depreciation and amortization, equity-based compensation, M&A/integration expense, restructuring and non-recurring gains or losses. The Company believes the non-GAAP measures provide useful information to both management and investors by excluding certain expense and other items that may not be indicative of its core operating results and business outlook. The Company believes that the inclusion of non-GAAP measures in the financial presentation below allows investors to compare the Company’s financial results with the Company’s historical financial results and is an important measure of the Company’s comparative financial performance.

The Company’s calculation of Adjusted EBITDA for the year ended December 31, 2025 and 2024 is as follows:

  Year ended December 31,   2025  2024   (Unaudited)  (Unaudited) Net income $6,326  $8,984 Interest expense  1,863   1,367 Interest income  (98)  (69)Foreign exchange (gain) loss  19   (50)Provision for income taxes  1,903   2,887 Depreciation and amortization  420   108 EBITDA  10,433   13,227 Non-cash and non-recurring adjustments        Stock-based compensation  404   459 Merger and acquisition related  2,075   255 Amortization of inventory step-up  1,045   - Writeoff of deferred financing costs  49   - Restructuring costs  -   184 Adjusted EBITDA $14,006  $14,125 

FitLife Brands (NASDAQ:FTLF) executives said the company’s fourth quarter and full-year fiscal 2025 results were shaped by the August 2025 acquisition of Irwin Naturals, while also acknowledging broad-based demand softness that intensified late in the fourth quarter and has persisted into the first quarter of 2026.

CEO Dayton Judd said the fourth quarter was the first full quarter to include Irwin Naturals’ financial results. CFO Jakob York joined the call; EVP Ryan Hansen was on vacation.

Full-year 2025: Growth in most brand groupings, except MRC Judd said 2025 was “a strong year for all of our brand groupings other than MRC.” He reported that Legacy FitLife (excluding MRC and MusclePharm) delivered approximately 6% organic revenue growth, with wholesale revenue flat and online revenue up about 16% for the year. MusclePharm delivered about 5% organic revenue growth in 2025, with growth in both wholesale and online channels, while MRC revenue declined approximately 15%.

Judd also provided historical context for Irwin Naturals, noting that the brand’s results prior to FitLife’s ownership were affected by several factors that no longer reflect the go-forward business, including the discontinuation of the final Irwin product at Costco U.S. in early 2025, Rite Aid’s bankruptcy and liquidation, and FitLife’s post-acquisition decision to exit CBD.

Judd said Irwin historically generated meaningful CBD revenue, totaling about $4.8 million in gross revenue in the 12 months prior to the acquisition, but FitLife decided to discontinue all CBD products after the deal. The company expects to be fully out of CBD inventory “later in 2026,” he said.

After adjusting for Costco U.S., Rite Aid, and CBD, Judd said Irwin’s net revenue would have been $54 million for full-year 2024 and $54 million for full-year 2025—flat year over year on a normalized basis.

Fourth quarter results: Revenue jumps on Irwin acquisition, margins pressured For the fourth quarter of 2025, FitLife reported total revenue of $25.9 million, up 73% year over year, “primarily as a result of the acquisition of Irwin,” Judd said, partially offset by weakness in Legacy FitLife. Wholesale revenue rose to $15.5 million, or 60% of revenue, up 213%, while online revenue was $10.5 million, or 40% of revenue, up 4%.

Excluding amortization of the inventory step-up related to the Irwin acquisition, gross margin was 37.0%, down from 41.4% a year earlier. Judd attributed the decline primarily to Irwin’s historically lower margin profile, while adding that management expects improvement over time. Contribution (gross profit less advertising and marketing expense) increased 47%, driven mainly by Irwin, but was partially offset by lower contribution from Legacy FitLife.

Net income was $1.6 million, down from $2.1 million in the year-ago quarter, which Judd said was driven primarily by transaction-related expenses and the inventory step-up amortization. Adjusted EBITDA was $3.5 million, up 14% year over year.

During Q&A, Judd said the inventory step-up amortization ended in the fourth quarter: “In the Q1 numbers and beyond, you will not see any amortization of inventory step-up.”

Brand performance: Legacy FitLife softness; Irwin shows early Amazon momentum Judd said the company began seeing “broad-based weakness across our portfolio of brands” around mid-November, and that weakness accelerated late in the fourth quarter and into the first quarter. He pointed to consumer confidence concerns and weaker discretionary spending, adding that consumer sentiment “remains near all-time lows.”

Total Legacy FitLife revenue in the fourth quarter was $13.3 million, with 68% from online sales and 32% from wholesale customers. Judd said wholesale revenue declined 14% year over year and online revenue fell 10%, for a total decline of 12%. The declines were primarily attributable to MRC and MusclePharm; excluding those two, the other Legacy FitLife brands delivered 4% organic growth in the quarter, he said.

Legacy FitLife gross margin declined to 40.7% from 41.4%, and contribution fell 18% to $4.3 million. Excluding MRC and MusclePharm, Judd said the remaining brands delivered higher revenue, higher gross margin, and higher contribution as a percentage of revenue compared with the prior-year quarter.

Irwin produced $12.6 million of revenue in the quarter, with $11.2 million (89%) from wholesale and 11% from online. Reported gross margin was 28.0% and contribution margin was 26.6%. Adjusting for the inventory step-up amortization, Judd said Irwin gross margin would have been 33.2% and contribution margin would have been 31.8%.

Judd highlighted accelerating momentum on Amazon after FitLife began selling Irwin products there in mid-October. He said Amazon revenue for Irwin scaled from about $60,000 in October to $300,000 in November and nearly $500,000 in December. He added that growth continued into the first quarter of 2026, with Irwin’s monthly Amazon revenue now approximately $0.8 million, implying a $9 million to $10 million annualized run rate.

Judd also said Irwin’s subscriber growth has been strong, with subscribers increasing from about 500 at the beginning of 2026 to over 3,600 “today,” contrasting that with declines in subscriber counts across most other brands. He attributed the broader subscriber declines to an Amazon change made around late September that switched the default buy box from Subscribe & Save to one-time purchase.

Balance sheet and 2026 priorities: Supply chain fixes, marketing shift, and no guidance On the balance sheet, Judd said FitLife began scheduled amortization on its term loan in the fourth quarter and paid down about $1.9 million of debt during the quarter, ending with a $44.7 million debt balance. He added that the company reduced its revolver balance by $1.4 million during the first quarter and made another scheduled term-loan amortization payment of about $1.5 million “yesterday,” saying FitLife is “ahead of schedule” on debt reduction and intends to continue using excess free cash flow to pay down debt.

Judd said management has identified five priorities to address weak performance and improve revenue and costs over time:

Improve Irwin’s supply chain, including reducing roughly $2 million of annual obsolete inventory disposal. Judd said moving products from two-year to three-year dating could potentially lift Irwin gross margin by 300 to 400 basis points, with a “dollar-for-dollar impact on EBITDA.” FitLife hired a new VP of operations for Irwin in February and expects meaningful supply chain improvements through 2026. Increase Irwin new product development, with three new products currently in production that FitLife expects to launch in the third quarter. Drive off-Amazon awareness and demand generation, as Judd said FitLife believes Amazon’s evolving algorithms increasingly reward listings that bring external traffic. He cited Irwin as the fastest-growing FitLife Amazon account and described efforts to build off-Amazon presence for Dr. Tobias, including TikTok brand ambassadors and a partnership with competitive eater Joey Chestnut tied to Dr. Tobias’s Hero Colon Cleanse product. Cross-sell into wholesale using Irwin’s sales team, noting FitLife recently gained placement of six MusclePharm SKUs in a regional grocery chain beginning in the second quarter, with additional retailer conversations underway. Continue SG&A efficiency efforts, including exiting MRC’s Toronto-area office lease and expecting Irwin’s lease renewal later in the year to be for a smaller space at a lower cost per square foot. Asked about the relative impact of macro pressure versus Amazon-specific headwinds, Judd said he could not confidently bifurcate the two. He noted that point-of-sale data shows supplement category growth has been declining for about six months and recently turned negative, but he also pointed to additional variables such as out-of-stocks that are “hard to quantify.”

On gross margin expectations, Judd said returning to 40% may be difficult given Irwin’s historical margin profile, but he expects improvement. He told one analyst that a consolidated gross margin “closer to high 30s% is reasonable” over time as supply chain issues are addressed.

FitLife declined to provide formal guidance for 2026. Judd said the company is holding off due to continued weakness in the first quarter and uncertainty about how long exogenous challenges will persist and how quickly internal initiatives will translate into results. He told investors that “Q1 looks a whole lot like Q4,” indicating the company is not seeing a typical seasonal lift so far.

Judd also addressed questions about MusclePharm, noting the brand continues to face elevated protein input costs and broader protein category dynamics. He said FitLife declined a roughly $1.5 million purchase order from an international customer in the first quarter due to what would have been the lowest gross margin the company had ever sold at, emphasizing the company’s intent to protect profitability rather than chase revenue.

On Irwin and Costco U.S., Judd said FitLife has held discussions but does not expect to regain Costco U.S. distribution “anytime soon.” He noted Irwin continues to sell in Costco Canada and said there have been no SKU losses there since FitLife acquired the business.

About FitLife Brands (NASDAQ:FTLF) FitLife Brands, Inc provides nutritional supplements for health-conscious consumers in the United States and internationally. The company provides weight loss, sports nutrition, and general health products; sports nutrition products; weight loss and sports nutrition products; sports nutrition and general wellness formulations with an emphasis on natural, vegan, and organic ingredients; and male health and weight loss products, as well as other diet, health, and sports nutrition supplements and related products; and value-oriented sports nutrition and weight loss products.

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OMAHA, NE, May 05, 2026 (GLOBE NEWSWIRE) -- FitLife Brands, Inc. (“FitLife,” or the “Company”) (Nasdaq: FTLF), a provider of innovative and proprietary nutritional supplements and wellness products, today announced that it plans to report its financial performance for the first quarter of fiscal 2026 on Thursday, May 14, 2026.

In addition, the Company announced that it will hold an investor conference call after market close on May 14, 2026 at 5:00 pm ET.  Investors interested in participating in the live call can dial (833) 492-0064 from the U.S. and provide the conference identification code of 133048.  International participants can dial (973) 528-0163 and provide the same code.

About FitLife Brands
FitLife Brands is a developer and marketer of innovative and proprietary nutritional supplements and wellness products for health-conscious consumers.  FitLife markets over 500 different products online and through various retail locations.  FitLife is headquartered in Omaha, Nebraska.  For more information, please visit our website at www.fitlifebrands.com.

FitLife Brands Inc. (FTLF - Free Report) came out with quarterly earnings of $0.17 per share, beating the Zacks Consensus Estimate of $0.14 per share. This compares to earnings of $0.2 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of +21.43%. A quarter ago, it was expected that this company would post earnings of $0.25 per share when it actually produced earnings of $0.25, delivering no surprise.

Over the last four quarters, the company has surpassed consensus EPS estimates just once.

FitLife Brands , which belongs to the Zacks Medical - Products industry, posted revenues of $25.33 million for the quarter ended March 2026, missing the Zacks Consensus Estimate by 1.61%. This compares to year-ago revenues of $15.94 million. The company has not been able to beat consensus revenue estimates over the last four quarters.

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

FitLife Brands shares have lost about 41.4% since the beginning of the year versus the S&P 500's gain of 8.8%.

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

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

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

Ahead of this earnings release, the estimate revisions trend for FitLife Brands was unfavorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #5 (Strong Sell) for the stock. So, the shares are expected to underperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.20 on $27.14 million in revenues for the coming quarter and $0.86 on $110.74 million in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Medical - Products is currently in the bottom 35% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

Medtronic (MDT - Free Report) , another stock in the same industry, has yet to report results for the quarter ended April 2026. The results are expected to be released on June 3.

This medical device company is expected to post quarterly earnings of $1.58 per share in its upcoming report, which represents a year-over-year change of -2.5%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.

Medtronic's revenues are expected to be $9.66 billion, up 8.2% from the year-ago quarter.

FitLife Brands, Inc. (FTLF) Q1 2026 Earnings Call Transcript

Oxford BioMedica (OTCMKTS:OXBDF - Get Free Report) and Immuneering (NASDAQ: IMRX - Get Free Report) are both small-cap medical companies, but which is the better investment? We will compare the two companies based on the strength of their profitability, institutional ownership, analyst recommendations, dividends, risk, earnings and valuation. Volatility and Risk Oxford BioMedica has a beta

Shares of Immuneering Corporation (NASDAQ: IMRX - Get Free Report) have earned a consensus rating of "Moderate Buy" from the seven ratings firms that are currently covering the company, Marketbeat reports. One analyst has rated the stock with a sell recommendation, five have given a buy recommendation and one has given a strong buy recommendation to

Immuneering (NASDAQ:IMRX) CEO Benjamin J. Zeskind told investors at a Needham conference session that 2026 has started with what he described as “extraordinary” early survival results for the company’s lead program, atebimetinib, in first-line pancreatic cancer, and outlined multiple upcoming clinical and regulatory milestones across pancreatic and lung cancer.

Phase II pancreatic cancer survival update and near-term catalysts Zeskind said the company reported in January a 12-month overall survival (OS) rate of 64% in first-line pancreatic cancer patients treated with atebimetinib in combination with chemotherapy, with median OS not yet reached at the time of that cutoff. He said the dataset had a 13.4-month median follow-up and included 34 patients, exceeding the original enrollment goal of 30.

He also highlighted a cross-trial comparison against the pivotal MPACT study for gemcitabine/nab-paclitaxel (GNP), which he cited as having shown 35% 12-month OS. Zeskind emphasized that Immuneering’s survival curves “separate early” and remain separated at six, nine, and 12 months based on the company’s updates.

Looking ahead, Zeskind reiterated guidance for another survival update in the first half of the year based on an expanded cohort “of more than 50 patients,” describing it as the original 34 patients plus “another 20 or so.” He said the company previously indicated OS in the expanded cohort was “trending consistently” with the initial 34-patient cohort, while declining to provide additional specifics ahead of the planned update.

Beyond OS, he pointed to previously reported progression-free survival (PFS) of 8.5 months, which he said was “about three months better” than the standard-of-care benchmark, along with tolerability results. He said only two categories of grade 3 adverse events occurred in more than 10% of patients—neutropenia and anemia—which he associated with the chemotherapy backbone and said were not observed in monotherapy.

Zeskind also noted the phase II population skewed older than historical pivotal studies: he cited a median age of 69, with more than two-thirds of patients over 65.

Mechanism: “Deep Cyclic Inhibition” and a three-part survival thesis Zeskind contrasted atebimetinib with traditional targeted therapies that aim for continuous pathway suppression, describing Immuneering’s approach as “Deep Cyclic Inhibition.” He said the company designed atebimetinib to deliver intense pulses of MAP kinase pathway inhibition—spiking rapidly to high concentration, shutting down signaling above the IC90, and then clearing quickly due to a short half-life—resulting in pathway “release” by the end of the day before the next dose.

He attributed this profile to novel chemistry that provides a “fast off rate” and supports once-daily oral dosing for patients. Conceptually, he said the intermittent pressure is intended to prevent the rapid selection of resistant cancer cell populations predicted by Darwinian models of tumor evolution, referencing work by Moffitt Cancer Center’s Robert Gatenby. Zeskind characterized the intended effect as keeping sensitive and resistant cells “fighting each other,” calling it a tumor “civil war.”

He said the company believes survival benefits may be driven by three mechanisms:

Durable tumor control: long, slow, steady reductions rather than rapid shrinkage followed by resistance. Body mass preservation: Improved tolerability: To support the importance of weight stability and tolerability, Zeskind cited literature-based hazard ratios, including 1.55 for patients who lose weight versus those stable or gaining, 1.48 when performance status declines to ECOG 2, and 1.51 for patients unable to receive second-line therapy.

Why first-line pancreatic cancer is the priority In response to a question about differences between first-line and second-line activity, Zeskind said Immuneering has prioritized first-line pancreatic cancer because “that’s where the most patients are,” estimating there are twice as many patients in the first-line setting as in later lines and noting many do not reach later lines. He also pointed to the need to combine with chemotherapy in first line and said atebimetinib’s tolerability has enabled combination treatment.

He added that for first-line chemotherapies, the “primary resistance pathway is the MAP kinase pathway,” suggesting this biology may be relevant when thinking about line-of-therapy dynamics.

Phase III MAPKeeper-301: design, timing, and regulatory focus Zeskind outlined Immuneering’s planned pivotal trial, MAPKeeper-301, calling it a “global randomized pivotal study” comparing atebimetinib plus modified GNP chemotherapy versus standard-of-care GNP, with OS as the primary endpoint. He said the trial will enroll “a little over 500 patients.”

He also referenced a December announcement of “regulatory alignment,” said the study is “fully funded,” and reiterated guidance to dose the first patient mid-year. On timing, he pushed back on discussing interim PFS timelines and said the company is guiding to a top-line readout “about two years after that first patient dose.”

On the chemotherapy landscape, Zeskind said use in the real world is “about 50/50” between gemcitabine-containing regimens and FOLFIRINOX/NALIRIFOX, describing gemcitabine regimens as better tolerated and the others as harsher but offering some survival advantage. He said Immuneering selected modified GNP (every-other-week dosing) based on work by Mayo Clinic investigators Daniel H. Ahn and Tanios Bekaii-Saab showing improved tolerability without a significant survival difference versus standard scheduling.

He added the company also has a phase II arm combining atebimetinib with FOLFIRINOX, and described a case discussed by Weill Cornell’s Allyson J. Ocean involving a “confirmed complete response,” while noting aggregate data have not yet been shared.

Competitive commentary and AACR ctDNA poster Asked about competition, Zeskind discussed the company’s view of Revolution Medicines’ program and said Immuneering has urged the company to release additional first-line pancreatic cancer data—particularly overall survival and other endpoints—to allow more transparent comparisons, while acknowledging cross-trial caveats. Zeskind compared disclosed tolerability metrics, stating Immuneering’s reported adverse-event profile appears different from what Revolution has reported in first line, and argued that comparisons should use consistent denominators when assessing response rates.

Zeskind also previewed an upcoming AACR presentation focused on acquired alterations detected in circulating tumor DNA (ctDNA). He said Immuneering has previously observed “very few acquired alterations in the MAP kinase pathway” in phase I, which he believes supports the idea that atebimetinib may avoid driving common on-pathway resistance mechanisms seen with mutation-specific RAS inhibitors or pan-RAS approaches. He said the company’s AACR press release indicated a similar conclusion from the upcoming dataset.

About Immuneering (NASDAQ:IMRX) Immuneering (Nasdaq: IMRX) is a clinical-stage biopharmaceutical company leveraging artificial intelligence and its proprietary RABIT (Repurposing and Accelerating Biotechnology Tools) platform to design and optimize small-molecule and peptide therapies. By analyzing large-scale biomedical datasets, Immuneering’s machine learning algorithms identify novel drug–target interactions, repurpose existing drug scaffolds and accelerate lead candidate selection. The company’s AI-driven approach aims to reduce development timelines and improve therapeutic profiles in areas of high unmet medical need.

The company’s lead program, IRX-2, is a small-molecule candidate currently in Phase 2 clinical trials for the treatment of painful diabetic peripheral neuropathy.

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- New data from Phase 2a clinical trial evaluating atebimetinib + mGnP in first-line pancreatic cancer will be presented in an oral session by Dr. Peter Vu, UC San Diego Health -

- The ASCO presentation will highlight data from an expanded cohort totaling 55 first-line patients -

NEW YORK, April 21, 2026 (GLOBE NEWSWIRE) -- Immuneering Corporation (Nasdaq: IMRX), a late-stage clinical oncology company focused on keeping cancer patients alive and helping them thrive, today announced that updated data from the Phase 2a clinical trial evaluating atebimetinib (IMM-1-104) in combination with modified gemcitabine/nab-paclitaxel (mGnP) in first-line pancreatic cancer patients will be presented as an oral presentation at the 2026 American Society of Clinical Oncology (ASCO) Annual Meeting, taking place May 29 – June 2, 2026, in Chicago, IL.

The oral presentation will highlight data from an expanded cohort totaling 55 first-line patients, which includes the initial cohort of 34 patients that the company previously reported plus an additional 21 patients.

“We are excited to present new survival data from an expanded cohort of 55 first-line pancreatic cancer patients treated with atebimetinib in combination with mGnP in an oral presentation at ASCO,” said Ben Zeskind, Ph.D., CEO of Immuneering. “Atebimetinib was designed with three distinct mechanisms to promote survival: shrinking tumors durably, preserving body mass, and maximizing tolerability. We believe these mechanisms have the potential to both yield the best survival in the first-line setting, and to give patients the best chance of reaching and benefitting from second-line treatment. We look forward to sharing this updated dataset in first-line pancreatic cancer patients as we pursue our mission to help patients survive and thrive.”

Oral Presentation Details:
Title: Results from a phase 2a study of atebimetinib in combination with mGnP in advanced or metastatic pancreatic cancer
Session Type/Title: Rapid Oral Abstract Session – Gastrointestinal Cancer – Gastroesophageal, Pancreatic, and Hepatobiliary
Abstract Number: 4013
Date and Time: June 1, 2026, 1:15 p.m. – 2:45 p.m. CDT
Presenter: Peter Vu, MD, MHA

About Immuneering
Immuneering is a late-stage clinical oncology company focused on keeping cancer patients alive and helping them thrive. The Company is developing an entirely new category of cancer medicines, Deep Cyclic Inhibitors, designed to improve overall survival by three mechanisms: shrinking tumors durably with less resistance, preserving body mass by countering cachexia, and minimizing side effects to maximize performance status and combinability. Immuneering’s lead product candidate, atebimetinib, is an oral, once-daily Deep Cyclic Inhibitor of MEK, designed to improve survival across many cancer indications, including MAPK pathway-driven tumors such as pancreatic cancer. The company expects to dose the first patient in mid-2026 in MAPKeeper 301, a globally randomized pivotal Phase 3 trial evaluating atebimetinib in combination with chemotherapy in first-line pancreatic cancer patients. The Company’s development pipeline also includes additional combination opportunities and early-stage programs. For more information, please visit www.immuneering.com.

Forward-Looking Statements
This press release contains forward-looking statements, including within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including, without limitation, statements regarding: the treatment potential of atebimetinib, alone or in combination with other agents to treat cancer, including modified Gemcitabine/nab-paclitaxel (mGnP) in first-line pancreatic cancer and its potential to deliver overall survival with both durability and tolerability; the timing of dosing of the MAPKeeper 301 study; the content of the upcoming 2026 oral presentation at ASCO; the ability of the three design mechanisms of atebimetinib to shrink tumors durably, improve overall survival and overcome the limitations of conventional MAPK inhibition and provide a more sustained clinical benefit for patients.

These forward-looking statements are based on management’s current expectations. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to, the following: the risks inherent in oncology drug research and development, including target discovery, target validation, lead compound identification, and lead compound optimization; we have incurred significant losses, are not currently profitable and may never become profitable; our projected cash runway; our need for additional funding; our unproven approach to therapeutic intervention; our ability to address regulatory questions and the uncertainties relating to regulatory filings, reviews and approvals; the lengthy, expensive, and uncertain process of clinical drug development, including potential delays in or failure to obtain regulatory approvals; our reliance on third parties and collaborators to conduct our clinical trials, manufacture our product candidates, and develop and commercialize our product candidates, if approved; failure to compete successfully against other drug companies; protection of our proprietary technology and the confidentiality of our trade secrets; potential lawsuits for, or claims of, infringement of third-party intellectual property or challenges to the ownership of our intellectual property; our patents being found invalid or unenforceable; costs and resources of operating as a public company; and unfavorable or no analyst research or reports.

These and other important factors discussed under the caption “Risk Factors” in our Annual Report on Form 10-K for the period ended December 31, 2025, and our other reports filed with the U.S. Securities and Exchange Commission, could cause actual results to differ materially from those indicated by the forward-looking statements made in this press release. Any such forward-looking statements represent management's estimates as of the date of this press release. While we may elect to update such forward-looking statements at some point in the future, except as required by law, we disclaim any obligation to do so, even if subsequent events cause our views to change. These forward-looking statements should not be relied upon as representing our views as of any date subsequent to the date of this press release.

Investor Contact:
Courtney Dugan
[email protected]

Media Contact:
Peg Rusconi
[email protected]