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Immuneering Corporation (IMRX) presents promising early data in frontline metastatic pancreatic cancer with its MEK inhibitor atebimetinib, benchmarking favorably against Revolution Medicines. IMRX's 12-month overall survival rate of 64% in a small phase 2a trial compares well to historical controls and competitive agents, but caution is warranted due to trial size. The company maintains over $200 million in liquidity, supporting a cash runway into 2029, though future trial costs may shorten this horizon.

- Detailed data from 55 patients to be shared in an oral presentation at the ASCO Annual Meeting on June 1, 2026 -

- Tolerability profile consistent with prior updates: only two categories of Grade 3 or higher treatment-related adverse events observed in ≥10% of patients, both chemotherapy-related -

- Company to hold investor conference call on June 1, 2026, at 8:00 a.m. EST -

NEW YORK, May 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 reported a 17.3-month median overall survival (OS) in first-line metastatic pancreatic cancer patients treated in its Phase 2a clinical trial evaluating atebimetinib (IMM-1-104) plus modified gemcitabine/nab-paclitaxel (mGnP), as of the April 24, 2026 data cutoff date. The only treatment-related adverse events observed at Grade 3 or higher in ≥10% of patients were anemia (16%) and neutropenia (18%), both chemotherapy-related. The full data (N=55) including details on OS, progression free survival (PFS), response, safety, weight stability/gain, and other relevant information will be shared in an oral presentation at the 2026 American Society of Clinical Oncology (ASCO) Annual Meeting by Peter Vu, MD, MHA of UC San Diego Health, on June 1, 2026, at 1:15 p.m. CDT.

“In my own patients on this trial, I have seen meaningful benefit without the functional decline I am accustomed to seeing in this disease — patients holding their weight, their energy, and their sense of themselves across many months of treatment," said Daniel Ahn, D.O., Mayo Clinic Arizona, an investigator on the Phase 2a trial of atebimetinib. "When the field has more than one effective first-line option, the deciding factor at the bedside will be tolerability.”

“A 17.3-month median overall survival is a meaningful result for first-line metastatic pancreatic cancer patients,” said Ben Zeskind, Ph.D., CEO of Immuneering. “Importantly, only two categories of Grade 3 or higher treatment-related adverse events were observed in 10% or more of patients, both chemotherapy-related. These findings support our randomized Phase 3 clinical trial, MAPKeeper 301, which is now recruiting. We look forward to Dr. Vu’s presentation of the full data at ASCO on June 1.”

The company will share data from the expanded cohort totaling 55 first-line patients at ASCO on June 1, 2026, which includes an initial cohort of 34 patients that the company previously reported, plus an additional 21 patients. The company’s pivotal Phase 3 MAPKeeper 301 (NCT07562152) trial of atebimetinib + mGnP in patients with first-line metastatic pancreatic cancer is currently recruiting, and the company is on track to dose the first patient in mid-2026.

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, M.D., MHA (UCSD)

Authors: Vincent Chung (City of Hope), Peter Vu (UCSD), Vincent Ma (University of Wisconsin), Nataliya Uboha (University of Wisconsin), Umair Majeed (Mayo Clinic), Su Chandra (Northwestern), Devalingam Mahalingam (Northwestern), Melissa Johnson (Sarah Cannon), Meredith Pelster (Sarah Cannon), Anna Pavlick (Weill Cornell), Allyson Ocean (Weill Cornell), Barbara Ma (Weill Cornell), Alex Spira (NEXT Oncology), Steven Duffy (HOACNY), Jason Henry (Sarah Cannon), Gregory Botta (UCSD), Alexander Philipovskiy (Sarah Cannon), Shubham Pant (MD Anderson), Sant Chawla (Sarcoma Oncology), Jenny Zhang (Immuneering), Jason Kim (Immuneering), Sarah Kolitz (Immuneering), Jason Funt (Immuneering), Vinny Hayreh (Immuneering), Brett Hall (Immuneering), Ben Zeskind (Immuneering), Igor Matushansky (Immuneering), Daniel Ahn (Mayo Clinic)  

Conference Call

Immuneering will host a conference call and live webcast at 8:00 a.m. ET / 7:00 a.m. CT on June 1, 2026, to discuss the data. Individuals interested in listening to the live conference call may do so by dialing (800) 715-9871 for U.S callers and (646) 307-1963 for other locations and reference conference ID 7597768, or from the webcast link in the “investors” section of the company's website at www.immuneering.com. A webcast replay will be available in the investor relations section on the company’s website for 90 days following the completion of the call.

About Immuneering

Immuneering is a late-stage clinical oncology company dedicated to keeping cancer patients alive and helping them thrive, with an initial focus on patients with RAS, RAF, and other MAPK-driven cancers. 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 investigational, oral, once-daily Deep Cyclic Inhibitor of MEK, designed to improve survival across many cancer indications. The company is conducting a global randomized pivotal trial, MAPKeeper 301, evaluating atebimetinib in combination with chemotherapy in first-line pancreatic cancer patients. The Company’s development pipeline also includes additional combination opportunities and preclinical 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; the timing of dosing of the MAPKeeper 301 study and the phase 2a results supporting such 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 activating trial sites or enrolling trial participants, 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 Quarterly Report on Form 10-Q for the period ended March 31, 2026, 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]

Immuneering Corporation (IMRX) Discusses Positive Atebimetinib ASCO Data Update in First-Line Pancreatic Cancer Transcript

, /CNW/ - BMO Financial Group (TSX: BMO) (NYSE: BMO) will host an all-bank Investor Day in Toronto on Thursday, March 26, 2026. The event will feature presentations from Darryl White, Chief Executive Officer, and members of BMO's senior executive leadership team.

Registration details, agenda and speaker information can be found at https://www.bmo.com/main/about-bmo/investor-relations/presentations-events. The live webcast and presentation slides will be posted on the day of the event.

About BMO Financial Group
BMO Financial Group is the eighth largest bank in North America by assets, with total assets of $1.5 trillion as of January 31, 2026. Serving customers for 200 years and counting, BMO is a diverse team of highly engaged employees providing a broad range of personal and commercial banking, wealth management, global markets and investment banking products and services to approximately 13 million customers across Canada, the United States, and in select markets globally. Driven by a single purpose, to Boldly Grow the Good in business and life, BMO is committed to driving positive change in the world, and making progress for a thriving economy, sustainable future, and stronger communities.

Web: www.bmo.com X: @BMOmedia

SOURCE BMO Financial Group

BMO's Second Quarter 2026 Report to Shareholders, including the unaudited interim consolidated financial statements for the period ended April 30, 2026, are available online at www.bmo.com/investorrelations, on the Canadian Securities Administrators' website at www.sedarplus.ca, and on the EDGAR section of the U.S. Securities and Exchange Commission's website at www.sec.gov.

Financial Results Highlights

Second Quarter 2026 compared with Second Quarter 2025:

Reported net income1 of $2,630 million, an increase of 34% from $1,962 million; adjusted net income1 of $2,733 million, an increase of 34% from $2,046 million Reported earnings per share (EPS)2 of $3.53, an increase of 41% from $2.50; adjusted EPS1, 2 of $3.67, an increase of 40% from $2.62 Provision for credit losses (PCL) of $739 million, a decrease from $1,054 million Reported return on equity (ROE) of 13.0%, compared with 9.4%; adjusted ROE1 of 13.5%, compared with 9.8% Common Equity Tier 1 (CET1) Ratio3 of 13.0%, compared with 13.5% Declared a quarterly dividend of $1.71 per common share, an increase of $0.08 or 5% from the prior year and $0.04 or 2% from the prior quarter Year-to-Date 2026 compared with Year-to-Date 2025:

Reported net income1 of $5,119 million, an increase of 25% from $4,100 million; adjusted net income1 of $5,284 million, an increase of 22% from $4,335 million Reported EPS2 of $6.92, an increase of 30% from $5.34; adjusted EPS1, 2 of $7.15, an increase of 26% from $5.66 PCL of $1,485 million, a decrease from $2,065 million Reported ROE of 12.5%, compared with 10.0%; adjusted ROE1 of 12.9%, compared with 10.6% , /CNW/ - BMO Financial Group (TSX:BMO) (NYSE:BMO) reported net income for the second quarter ended April 30, 2026 was $2,630 million, compared with $1,962 million in the prior year, and EPS of $3.53, compared with $2.50. Reported ROE was 13.0%, compared with 9.4% in the prior year. Adjusted net income was $2,733 million and adjusted EPS was $3.67, an increase from $2,046 million and $2.62, respectively, in the prior year. Adjusted ROE was 13.5%, compared with 9.8% in the prior year.

"At our March Investor Day, we reviewed our plan to elevate returns and accelerate growth. Our second quarter results continued to demonstrate meaningful progress and momentum against these commitments. We once again strengthened ROE and delivered strong EPS growth, driven by robust fee revenue across Capital Markets, Wealth Management and Treasury and Payments. We delivered solid sequential commercial banking loan growth in both Canada and the United States, reflecting improving client activity and the strength of our bankers. These outcomes are driven by our focus on deepening client relationships, innovating to drive business value, and optimizing performance," said Darryl White, CEO of BMO Financial Group.

"Our value‑driven approach to human‑ and AI‑powered client experiences is delivering tangible benefits. To continue to advance our innovation strategy, we recently established the BMO Institute for Applied Artificial Intelligence & Quantum, dedicated to the responsible application, governance and oversight of AI at scale, and support our clients as they integrate AI into their companies and households. Disciplined investment, capital and risk management continue to strengthen our earnings quality, creating sustainable long‑term value for our shareholders," concluded Mr. White.

Concurrent with the release of results, BMO announced a third quarter 2026 dividend of $1.71 per common share, an increase of $0.04 or 2% from the prior quarter and an increase of $0.08 or 5% from the prior year. The quarterly dividend of $1.71 is equivalent to an annual dividend of $6.84 per common share. During the quarter, we purchased for cancellation 6.0 million common shares under the normal course issuer bid, at an average price of $193.47 per share.

On May 11, 2026, we entered into a definitive agreement with Stonepeak for the sale of BMO's Transportation Finance and Vendor Finance businesses, including related loan portfolios which are part of our U.S. Banking and Canadian P&C operating segments. Stonepeak will acquire the assets of these businesses for cash consideration and an earn-out contingent upon the business achieving specified future performance targets. BMO will use a portion of the consideration to invest an approximate 19.9% equity interest in the new entity.

The transaction met the accounting requirements for assets held for sale in the third quarter of fiscal 2026, and as a result, we expect to recognize a charge of approximately $1.1 billion pre-tax ($0.9 billion after-tax), primarily related to goodwill recorded in Corporate Services and treated as an adjusting item. The final amount is subject to closing adjustments and foreign exchange rates prevailing at the date of closing. This transaction is expected to close in the fourth quarter of fiscal 2026, subject to regulatory approvals and customary closing conditions.

Caution

The foregoing section contains forward-looking statements. Please refer to the Caution Regarding Forward-Looking Statements section.

(1)

Results and measures in this document are presented on a generally accepted accounting principles (GAAP) basis. They are also presented on an adjusted basis that excludes the impact of certain specified items from reported results. Adjusted results and ratios are non-GAAP and are detailed in the Non-GAAP and Other Financial Measures section. Unless otherwise indicated, all amounts are in Canadian dollars. All ratios and percentage changes in this document are based on unrounded numbers.

(2)

All EPS measures in this document refer to diluted EPS, unless specified otherwise.

(3)

The CET1 Ratio is disclosed in accordance with the Capital Adequacy Requirements (CAR) Guideline, as set out by the Office of the Superintendent of Financial Institutions (OSFI), as applicable.

Second Quarter 2026 Performance Review

Adjusted results and ratios in this section are on a non-GAAP basis. Refer to the Non-GAAP and Other Financial Measures section for further information on adjusting items.

Canadian P&C

Reported net income was $884 million, an increase of $120 million or 15% from the prior year, and adjusted net income was $887 million, an increase of $119 million or 15%, primarily due to a 5% increase in revenue, as well as a lower provision for credit losses, partially offset by higher expenses. Revenue growth was driven by increases in net interest income, primarily due to higher net interest margin, and non-interest revenue due to higher card-related and mutual fund distribution fees, partially offset by lower deposit fee revenue.

U.S. Banking

Reported net income was $790 million, an increase of $189 million or 32% from the prior year, and adjusted net income was $847 million, an increase of $172 million or 25%. The impact of the weaker U.S. dollar decreased net income by 5%, revenue by 4% and expenses by 3%.

On a U.S. dollar basis, reported net income was $575 million, an increase of $154 million or 37% from the prior year, and adjusted net income was $616 million, an increase of $143 million or 30%, primarily due to a 5% increase in revenue and a lower provision for credit losses, with expenses relatively unchanged from the prior year. Revenue growth was driven by higher non-interest revenue, including the impact of a loss on the sale of a non-relationship U.S. credit card portfolio in the prior year, and higher net interest income due to higher net interest margin, partially offset by lower balances.

Wealth Management

Reported net income was $428 million, an increase of $108 million or 34% from the prior year, and adjusted net income was $444 million, an increase of $124 million or 39%. Wealth and Asset Management reported net income was $342 million, an increase of $81 million or 31%, and adjusted net income was $358 million, an increase of $97 million or 37%, reflecting higher revenue, primarily due to the impact of stronger global markets and net sales, higher net interest income, as well as the inclusion of Burgundy Asset Management (Burgundy), partially offset by higher expenses. Insurance net income was $86 million, an increase of $27 million or 47% from the prior year, primarily due to favourable market movements in the current year.

Capital Markets

Reported net income was $638 million, an increase of $204 million or 47% from the prior year, and adjusted net income was $641 million, an increase of $204 million or 46%, reflecting higher revenue in Global Markets and Investment and Corporate Banking, and a lower provision for credit losses, partially offset by higher expenses.

Corporate Services

Reported net loss was $110 million, compared with a reported net loss of $157 million in the prior year, and adjusted net loss was $86 million, compared with an adjusted net loss of $154 million, with changes driven by higher treasury-related revenue.

Credit Quality

Total provision for credit losses was $739 million, compared with a provision of $1,054 million in the prior year. The provision for credit losses on impaired loans was $734 million, a decrease of $31 million, primarily due to lower provisions in Capital Markets and U.S. Banking. The provision for credit losses on performing loans was $5 million, compared with $289 million in the prior year. The performing provision in the current quarter was primarily driven by the net impact of model changes, largely offset by portfolio credit migration and lower portfolio balances, while the prior year reflected changes in the macroeconomic environment.

Refer to the Critical Accounting Estimates and Judgments section of BMO's 2025 Annual Report and Note 3 of the audited annual consolidated financial statements for further information on the allowance for credit losses as at October 31, 2025.

Capital

BMO's Common Equity Tier 1 (CET1) Ratio was 13.0% as at April 30, 2026, a decrease from 13.1% at the end of the first quarter of 2026, as internal capital generation was more than offset by the impact of the purchase of common shares for cancellation and higher source currency risk-weighted assets.

Non-GAAP and Other Financial Measures

Results and measures in this document are presented on a generally accepted accounting principles (GAAP) basis. Unless otherwise indicated, all amounts are in Canadian dollars and have been derived from our audited annual consolidated financial statements and our unaudited interim consolidated financial statements, prepared in accordance with International Financial Reporting Standards (IFRS), as issued by the International Accounting Standards Board (IASB). References to GAAP mean IFRS. We use a number of financial measures to assess our performance, as well as the performance of our operating segments, including amounts, measures and ratios that are presented on a non‑GAAP basis, as described below. We believe that these non‑GAAP amounts, measures and ratios, read together with our GAAP results, provide readers with a better understanding of how management assesses results.

Non-GAAP amounts, measures and ratios do not have standardized meanings under GAAP. They are unlikely to be comparable to similar measures presented by other companies and should not be viewed in isolation from, or as a substitute for, GAAP results.

Certain information contained in BMO's Second Quarter 2026 Management's Discussion and Analysis dated May 27, 2026, for the period ended April 30, 2026, is incorporated by reference into this document. For further details on the composition of our supplementary financial measures, refer to the Glossary of Financial Terms section of BMO's Second Quarter 2026 Report to Shareholders, which is available online at www.bmo.com/investorrelations and at www.sedarplus.ca.

Adjusted measures and ratios

Management considers both reported and adjusted results and measures to be useful in assessing underlying ongoing business performance. Adjusted results and measures remove certain specified items from revenue, non‑interest expense and income taxes, as detailed in the following table. Adjusted results and measures presented in this document are non‑GAAP. Presenting results on both a reported and an adjusted basis permits readers to assess the impact of certain items on results for the periods presented, and to better assess results excluding those items that may not reflect ongoing business performance. As such, the presentation may facilitate readers' analysis of underlying trends. Except as otherwise noted, management's discussion of changes in reported results in this document applies equally to changes in the corresponding adjusted results.

Net Interest Margin, excluding Global Markets and Insurance

Effective the first quarter of fiscal 2026, we report net interest margin on a basis that excludes net interest income from our Global Markets business in Capital Markets, and average earning assets from our Global Markets and Insurance businesses. Management considers this measure to be useful in allowing readers to assess performance of BMO's lending, investing and deposit-raising activities without the volatility that may be associated with market and trading-related activities. This measure replaces net interest margin, excluding trading and insurance previously disclosed, and prior periods have been reclassified to conform with the current period's presentation.

Tangible common equity and return on tangible common equity

Tangible common equity is calculated as common shareholders' equity, less goodwill and acquisition-related intangible assets, net of related deferred tax liabilities. Return on tangible common equity (ROTCE) is calculated as net income available to common shareholders, adjusted for the amortization of acquisition-related intangible assets and any impairments, as a percentage of average tangible common equity. ROTCE is commonly used in the North American banking industry and is meaningful as a consistent measure of the performance of businesses, whether they were acquired or developed organically.

Adjusting Items

Adjusted results in the current quarter and prior periods excluded the following items:

Impact of divestitures related to the announced sale of 138 branches in select U.S. markets, recorded in non-interest expense in Corporate Services. Q2-2026 included expenses of $26 million ($24 million after-tax), comprising a write-down of goodwill of $18 million and divestiture-related costs of $8 million. Prior periods included divestiture-related costs of $4 million ($3 million after-tax) in Q1-2026. Acquisition and integration costs of $3 million ($2 million after-tax) in the current quarter. Prior periods included expenses of $9 million ($7 million after-tax) in Q1-2026, a reversal of $2 million ($1 million after-tax) in Q2-2025 and expenses of $10 million ($7 million after-tax) in Q1-2025. Amounts are recorded in non-interest expense in the related operating segment: Burgundy in Wealth Management and Bank of the West in Corporate Services. Amortization of acquisition-related intangible assets of $93 million ($70 million after-tax) in the current quarter. Prior periods included $96 million ($71 million after-tax) in Q1-2026, $109 million ($81 million after-tax) in Q2-2025 and $106 million ($79 million after-tax) in Q1-2025. Amounts are recorded in non-interest expense in the related operating segment. Change in the fair value of contingent consideration related to the acquisition of Burgundy, which reduced non-interest revenue in the current quarter by $7 million (pre-tax and after-tax), recorded in Wealth Management. Q1-2026 included a reduction of $16 million (pre-tax and after-tax). For further information, refer to Note 13 of the unaudited interim consolidated financial statements and Note 9 of the audited annual consolidated financial statements of BMO's 2025 Annual Report. U.S. Federal Deposit Insurance Corporation (FDIC) special assessment recorded in non-interest expense in Corporate Services. Q1-2026 included a partial reversal of a prior charge of $47 million ($35 million after-tax). Prior periods included expenses of $5 million ($4 million after-tax) in Q2-2025 and a partial reversal of $7 million ($5 million after-tax) in Q1-2025. Impact of aligning accounting policies for employee vacation across legal entities of $96 million ($70 million after-tax) in Q1-2025, recorded in non-interest expense in Corporate Services. Adjusting items in aggregate decreased net income by $103 million in the current quarter, compared with a $84 million decrease in the prior year and a decrease of $62 million in the prior quarter. On a year-to-date basis, adjusting items in aggregate decreased net income by $165 million, compared with a decrease of $235 million in the prior year.

Non-GAAP and Other Financial Measures (1)

TABLE 1

(Canadian $ in millions, except as noted)

Q2-2026

Q1-2026

Q2-2025

YTD-2026

YTD-2025

Reported Results

Net interest income

5,268

5,643

5,097

10,911

10,495

Non-interest revenue

4,299

4,181

3,582

8,480

7,450

Revenue

9,567

9,824

8,679

19,391

17,945

Provision for credit losses

739

746

1,054

1,485

2,065

Non-interest expense

5,330

5,753

5,019

11,083

10,446

Income before income taxes

3,498

3,325

2,606

6,823

5,434

Provision for income taxes

868

836

644

1,704

1,334

Net income

2,630

2,489

1,962

5,119

4,100

Dividends on preferred shares and distributions on other equity instruments

139

81

142

220

207

Net income (loss) attributable to non-controlling interest in subsidiaries

4

(1)

2

3

6

Net income available to common shareholders

2,487

2,409

1,818

4,896

3,887

Diluted EPS ($)

3.53

3.39

2.50

6.92

5.34

Adjusting Items Impacting Revenue (Pre-tax)

Change in fair value of contingent consideration (2)

(7)

(16)

–

(23)

–

Impact of adjusting items on revenue (pre-tax)

(7)

(16)

–

(23)

–

Adjusting Items Impacting Non-Interest Expense (Pre-tax)

Acquisition and integration costs/reversal

(3)

(9)

2

(12)

(8)

Amortization of acquisition-related intangible assets (3)

(93)

(96)

(109)

(189)

(215)

Impact of divestitures

(26)

(4)

–

(30)

–

FDIC special assessment

–

47

(5)

47

2

Impact of alignment of accounting policies

–

–

–

–

(96)

Impact of adjusting items on non-interest expense (pre-tax)

(122)

(62)

(112)

(184)

(317)

Adjusting Items Impacting Revenue (After-tax)

Change in fair value of contingent consideration (2)

(7)

(16)

–

(23)

–

Impact of adjusting items on revenue (after-tax)

(7)

(16)

–

(23)

–

Adjusting Items Impacting Non-Interest Expense (After-tax)

Acquisition and integration costs/reversal

(2)

(7)

1

(9)

(6)

Amortization of acquisition-related intangible assets (3)

(70)

(71)

(81)

(141)

(160)

Impact of divestitures

(24)

(3)

–

(27)

–

FDIC special assessment

–

35

(4)

35

1

Impact of alignment of accounting policies

–

–

–

–

(70)

Impact of adjusting items on non-interest expense (after-tax)

(96)

(46)

(84)

(142)

(235)

Impact of adjusting items on reported net income (after-tax)

(103)

(62)

(84)

(165)

(235)

Impact on diluted EPS ($)

(0.14)

(0.09)

(0.12)

(0.23)

(0.32)

Adjusted Results

Net interest income

5,268

5,643

5,097

10,911

10,495

Non-interest revenue

4,306

4,197

3,582

8,503

7,450

Revenue

9,574

9,840

8,679

19,414

17,945

Provision for credit losses

739

746

1,054

1,485

2,065

Non-interest expense

5,208

5,691

4,907

10,899

10,129

Income before income taxes

3,627

3,403

2,718

7,030

5,751

Provision for income taxes

894

852

672

1,746

1,416

Net income

2,733

2,551

2,046

5,284

4,335

Net income available to common shareholders

2,590

2,471

1,902

5,061

4,122

Diluted EPS ($)

3.67

3.48

2.62

7.15

5.66

(1)

Adjusted results exclude certain items from reported results and are used to calculate our adjusted measures as presented in the table above. Refer to the commentary in this Non-GAAP and Other Financial Measures section for further information on adjusting items.

(2)

Recorded in non-interest revenue.

(3)

Represents amortization of acquisition-related intangible assets and any impairment.

Summary of Reported and Adjusted Results by Operating Segment

TABLE 2

Wealth

Capital

Corporate

U.S. Operations (1)

(Canadian $ in millions, except as noted)

Canadian P&C

U.S. Banking

Management

Markets

Services

Total Bank

(US$ in millions)

Q2-2026

Reported net income (loss)

884

790

428

638

(110)

2,630

655

Dividends on preferred shares and distributions on

other equity instruments

11

14

1

15

98

139

15

Net income attributable to non-controlling interest in subsidiaries

–

4

–

–

–

4

3

Net income (loss) available to common shareholders

873

772

427

623

(208)

2,487

637

Acquisition and integration costs

–

–

2

–

–

2

–

Amortization of acquisition-related intangible assets

3

57

7

3

–

70

43

Change in fair value of contingent consideration

–

–

7

–

–

7

–

Impact of divestitures

–

–

–

–

24

24

18

Adjusted net income (loss) (2)

887

847

444

641

(86)

2,733

716

Adjusted net income (loss) available to common shareholders (2)

876

829

443

626

(184)

2,590

698

Q1-2026

Reported net income (loss)

948

742

352

657

(210)

2,489

715

Dividends on preferred shares and distributions on

other equity instruments

13

14

2

15

37

81

17

Net income (loss) attributable to non-controlling interest in subsidiaries

–

(2)

–

–

1

(1)

(1)

Net income (loss) available to common shareholders

935

730

350

642

(248)

2,409

699

Acquisition and integration costs

–

–

7

–

–

7

–

Amortization of acquisition-related intangible assets

3

60

5

3

–

71

46

Change in fair value of contingent consideration

–

–

16

–

–

16

–

Impact of divestitures

–

–

–

–

3

3

2

FDIC special assessment

–

–

–

–

(35)

(35)

(26)

Adjusted net income (loss) (2)

951

802

380

660

(242)

2,551

737

Adjusted net income (loss) available to common shareholders (2)

938

790

378

645

(280)

2,471

721

Q2-2025

Reported net income (loss)

764

601

320

434

(157)

1,962

515

Dividends on preferred shares and distributions on

other equity instruments

11

16

1

10

104

142

3

Net income (loss) attributable to non-controlling interest in subsidiaries

–

5

–

–

(3)

2

1

Net income (loss) available to common shareholders

753

580

319

424

(258)

1,818

511

Acquisition and integration costs/reversal

–

–

–

–

(1)

(1)

(1)

Amortization of acquisition-related intangible assets

4

74

–

3

–

81

54

FDIC special assessment

–

–

–

–

4

4

3

Adjusted net income (loss) (2)

768

675

320

437

(154)

2,046

571

Adjusted net income (loss) available to common shareholders (2)

757

654

319

427

(255)

1,902

567

YTD-2026

Reported net income (loss)

1,832

1,532

780

1,295

(320)

5,119

1,370

Dividends on preferred shares and distributions on

other equity instruments

24

28

3

30

135

220

32

Net income attributable to non-controlling interest in subsidiaries

–

2

–

–

1

3

2

Net income (loss) available to common shareholders

1,808

1,502

777

1,265

(456)

4,896

1,336

Acquisition and integration costs

–

–

9

–

–

9

–

Amortization of acquisition-related intangible assets

6

117

12

6

–

141

89

Change in fair value of contingent consideration

–

–

23

–

–

23

–

Impact of divestitures

–

–

–

–

27

27

20

FDIC special assessment

–

–

–

–

(35)

(35)

(26)

Adjusted net income (loss) (2)

1,838

1,649

824

1,301

(328)

5,284

1,453

Adjusted net income (loss) available to common shareholders (2)

1,814

1,619

821

1,271

(464)

5,061

1,419

(1)

U.S. Operations comprises reported and adjusted results recorded in U.S. Banking, and the U.S. operations in Capital Markets and Corporate Services.

(2)

Refer to the commentary in this Non-GAAP and Other Financial Measures section for details on adjusting items.

Certain comparative figures have been reclassified to conform with the current period's presentation.

Summary of Reported and Adjusted Results by Operating Segment (Continued)

TABLE 2 (Continued)

Wealth

Capital

Corporate

U.S. Operations (1)

(Canadian $ in millions, except as noted)

Canadian P&C

U.S. Banking

Management

Markets

Services

Total Bank

(US$ in millions)

YTD-2025

Reported net income (loss)

1,641

1,236

648

1,023

(448)

4,100

1,154

Dividends on preferred shares and distributions on

other equity instruments

23

31

3

20

130

207

6

Net income attributable to non-controlling interest in subsidiaries

–

5

–

–

1

6

4

Net income (loss) available to common shareholders

1,618

1,200

645

1,003

(579)

3,887

1,144

Acquisition and integration costs

–

–

–

–

6

6

4

Amortization of acquisition-related intangible assets

7

146

–

7

–

160

106

FDIC special assessment

–

–

–

–

(1)

(1)

(1)

Impact of alignment of accounting policies

–

–

–

–

70

70

25

Adjusted net income (loss) (2)

1,648

1,382

648

1,030

(373)

4,335

1,288

Adjusted net income (loss) available to common shareholders (2)

1,625

1,346

645

1,010

(504)

4,122

1,278

See previous page for footnote references.

Certain comparative figures have been reclassified to conform with the current period's presentation.

Caution

This Non-GAAP and Other Financial Measures section contains forward-looking statements. Please refer to the Caution Regarding Forward-Looking Statements.

Caution Regarding Forward-Looking Statements

Bank of Montreal's public communications often include written or oral forward-looking statements. Statements of this type are included in this document and may be included in other filings with Canadian securities regulators or the U.S. Securities and Exchange Commission, or in other communications. All such statements are made pursuant to the "safe harbor" provisions of, and are intended to be forward-looking statements under, the United States Private Securities Litigation Reform Act of 1995 and any applicable Canadian securities legislation. Forward-looking statements in this document may include, but are not limited to: statements with respect to our objectives and priorities for fiscal 2026 and beyond; our strategies or future actions; our targets and commitments; expectations for our financial condition, capital position, the regulatory environment in which we operate, the results of, or outlook for, our operations or the Canadian, U.S. and international economies; and include statements made by our management. Forward-looking statements are typically identified by words such as "will", "would", "should", "believe", "expect", "anticipate", "project", "intend", "estimate", "plan", "goal", "commit", "target", "may", "might", "schedule", "forecast", "outlook", "timeline", "suggest", "seek" and "could" or negative or grammatical variations thereof.

By their nature, forward-looking statements require us to make assumptions and are subject to inherent risks and uncertainties, both general and specific in nature. There is significant risk that predictions, forecasts, conclusions or projections will not prove to be accurate, that our assumptions may not be correct, and that actual results may differ materially from such predictions, forecasts, conclusions or projections. We caution readers of this document not to place undue reliance on our forward-looking statements, as a number of factors – many of which are beyond our control and the effects of which can be difficult to predict – could cause actual future results, conditions, actions or events to differ materially from the targets, expectations, estimates or intentions expressed in the forward-looking statements.

The future outcomes that relate to forward-looking statements may be influenced by many factors, including, but not limited to: general economic and market conditions in the countries in which we operate, including labour challenges and changes in foreign exchange and interest rates; political conditions, including changes relating to, or affecting, economic or trade matters, including tariffs, countermeasures and tariff mitigation policies; changes to our credit ratings; cyber and information security, including the threat of data breaches, hacking, identity theft and corporate espionage, as well as the possibility of denial of service resulting from efforts targeted at causing system failure and service disruption; technology resilience, innovation and competition; technological change, including the use of data and artificial intelligence (AI) in our business, including generative AI; failure of third parties to comply with their obligations to us; disruptions of global supply chains; environmental and social risk, including climate change; the Canadian housing market and consumer leverage; inflationary pressures; changes in laws, including tax legislation and interpretation, or in supervisory expectations or requirements, including capital, interest rate and liquidity requirements and guidance, including if the bank were designated a global systemically important bank, and the effect of such changes on funding costs and capital requirements; changes in monetary, fiscal or economic policy; weak, volatile or illiquid capital or credit markets; the level of competition in the geographic and business areas in which we operate; exposure to, and the resolution of, significant litigation or regulatory matters, our ability to successfully appeal adverse outcomes of such matters and the timing, determination and recovery of amounts related to such matters; the accuracy and completeness of the information we obtain with respect to our customers and counterparties; our ability to successfully execute our strategic plans, complete acquisitions or dispositions and integrate acquisitions, including obtaining regulatory approvals, and realize any anticipated benefits from such plans and transactions; critical accounting estimates and judgments, and the effects of changes in accounting standards, rules and interpretations on these estimates; operational and infrastructure risks, including with respect to reliance on third parties; global capital markets activities; the emergence or continuation of widespread health emergencies or pandemics, and their impact on local, national or international economies, as well as their heightening of certain risks that may affect our future results; the possible effects on our business of war or terrorist activities; natural disasters, such as earthquakes or flooding, and disruptions to public infrastructure, such as transportation, communications, power or water supply; and our ability to anticipate and effectively manage risks arising from all of the foregoing factors.

We caution that the foregoing list is not exhaustive of all possible factors. Other factors and risks could adversely affect our results. For further information, please refer to the discussion in the Risks That May Affect Future Results section, and the sections related to credit and counterparty, market, liquidity and funding, operational non-financial, legal and regulatory compliance, strategic, environmental and social, and reputation risk in the Enterprise-Wide Risk Management section of BMO's 2025 Annual Report, and the Risk Management section in our Second Quarter 2026 Report to Shareholders, all of which outline certain key factors and risks that may affect our future results. Investors and others should carefully consider these factors and risks, as well as other uncertainties and potential events, and the inherent uncertainty of forward-looking statements. We do not undertake to update any forward-looking statements, whether written or oral, that may be made from time to time by the organization or on its behalf, except as required by law. The forward-looking information contained in this document is presented for the purpose of assisting shareholders and analysts in understanding our financial position as at and for the periods ended on the dates presented, as well as our strategic priorities and objectives, and may not be appropriate for other purposes.

Material economic assumptions underlying the forward-looking statements contained in this document include those set out in the Economic Developments and Outlook section of BMO's 2025 Annual Report, as updated in the Economic Developments and Outlook section and the Risk Management – Geopolitical Developments section in our Second Quarter 2026 Report to Shareholders, as well as in the Allowance for Credit Losses section of BMO's 2025 Annual Report, as updated in the Allowance for Credit Losses section in our Second Quarter 2026 Report to Shareholders. Assumptions about the performance of the Canadian and U.S. economies, as well as overall market conditions and their combined effect on our business, are material factors we consider when determining our strategic priorities, objectives and expectations for our business. In determining our expectations for economic growth, we primarily consider historical economic data, past relationships between economic and financial variables, changes in government policies, and the risks to the domestic and global economy.

Investor and Media Information

Investor Presentation Materials

Interested parties are invited to visit BMO's website at www.bmo.com/investorrelations to review the 2025 Annual MD&A and audited annual consolidated financial statements, quarterly presentation materials and supplementary financial and regulatory information package.

Quarterly Conference Call and Webcast Presentations

Interested parties are also invited to listen to our quarterly conference call on Wednesday, May 27, 2026, at 8:15 a.m. (ET). The call may be accessed by telephone at 647-557-5533 (from within Toronto) or 1-888-440-4121 (toll-free outside Toronto), entering Passcode: 89709#. A replay of the conference call can be accessed until June 27, 2026, by calling 647-362-9199 (from within Toronto) or 1-800-770-2030 (toll-free outside Toronto) and entering Passcode: 89709#.

A live webcast of the call can be accessed on our website at www.bmo.com/investorrelations. A replay can also be accessed on the website.

Upcoming Events

Q3-2026 Earnings Release               August 25, 2026 Q4-2026 Earnings Release               December 2, 2026
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SOURCE BMO Financial Group

BMO Financial Group (TSX:BMO), Bank of Nova Scotia (TSX:BNS) and National Bank of Canada (TSX:NA) all topped analyst expectations in their second-quarter results, with each bank raising its quarterly dividend.

BMO posted the most dramatic profit surge of the three, with net income climbing 34% year-over-year to $2.63 billion, or $3.53 per diluted share, for the quarter ended April 30.

On an adjusted basis, earnings reached $3.67 per diluted share, well ahead of the consensus estimate of $3.45.

Revenue rose to $9.57 billion from $8.68 billion a year earlier, while provisions for credit losses fell sharply to $739 million from $1.05 billion. The bank raised its quarterly dividend to $1.71 per share from $1.67.

Jefferies noted the beat was strong but flagged that much of the upside came from capital markets rather than domestic retail, which underperformed.

BMO also announced the sale of its Transportation and Vendor Finance businesses to Stonepeak, a move expected to trigger a $1.1 billion charge next quarter.

Scotiabank kicked off the reporting season with adjusted earnings of $2.02 per share, topping the consensus estimate of $1.93.

Provisions for credit losses came in at $1.22 billion, above the $1.11 billion estimate, though Jefferies said the result reflected continued efficiency gains and improving profitability across most operating segments.

The exception was Global Banking and Markets, which saw a modest sequential decline. Scotia's CET1 capital ratio held at 13.3%.

Jefferies raised its target price by $7 to $112, noting the bank is narrowing the gap to peers even as loan growth in its international segment remains negative.

National Bank rounded out the trio with adjusted earnings of $3.23 per share, beating the $3.14 estimate, on adjusted revenue of $3.918 billion against expectations of $3.81 billion.

Capital markets was a standout, with advisory fees up 35% sequentially.

National raised its quarterly dividend by 6.5% to $1.32 per share. Its CET1 ratio edged down 10 basis points to 13.5% following share repurchases.

Shares of Scotiabank rose 1.2% in Toronto trading, while BMO was flat and National Bank slipped 2.7%.

Royal Bank of Canada (TSX:RY), Toronto-Dominion Bank (TSX:TD) and Canadian Imperial Bank of Commerce (CIBC) (TSX:CM) all topped analyst profit estimates on Thursday, as strength in domestic banking and lower loan loss provisions helped the lenders navigate a challenging macroeconomic backdrop marked by US-Canada trade tensions.

The three banks largely benefited from strong growth at home and lower provisions for credit losses, or the money set aside to shield profits from souring loans.

Royal Bank posted adjusted earnings per share of C$3.90 for the quarter ended April 30, beating the C$3.79 estimate, as net income rose 25% year over year to C$5.5 billion.

Return on equity reached 17.2%, surpassing the bank's recently elevated 17% target.

Provisions for credit losses fell 36% year over year to C$912 million, accounting for much of the beat.

RBC raised its quarterly dividend 7% to C$1.76 per share and announced plans to repurchase up to 45 million common shares. Shares fell roughly 1%.

Toronto-Dominion reported adjusted EPS of C$2.38, ahead of the C$2.26 consensus, with record second-quarter earnings in Canadian Personal and Commercial Banking, Wealth Management, and Wholesale Banking. Canadian banking profit rose 15% year over year, while US retail adjusted net income grew 12% in US dollar terms. Provisions came in below expectations at C$1 billion.

TD raised its quarterly dividend 3.7% to C$1.12 per share. Shares slipped roughly 0.4%.

CIBC posted adjusted EPS of C$2.54, beating the C$2.42 estimate, lifted by capital markets strength. Revenue came in at C$8.01 billion against expectations of C$7.84 billion.

Alongside its results, the bank announced a deal to sell its 91.67% stake in CIBC Caribbean Bank Limited to The Bank of NT Butterfield & Son for approximately US$1.6 billion, comprising US$1 billion in cash and Butterfield shares currently valued at US$645 million. The stake represents an equity interest in Butterfield of approximately 22% at closing, with CIBC obtaining two seats on Butterfield's board. CIBC plans to invest a portion of the proceeds in US wealth manager &Partners. Shares dropped 4.8%.

All six of Canada's major banks surpassed profit estimates for the second quarter.

Centrus Energy Corp. (LEU - Free Report) is expected to deliver a year-over-year decline in earnings on higher revenues when it reports results for the quarter ended March 2026. This widely-known consensus outlook gives a good sense of the company's earnings picture, but how the actual results compare to these estimates is a powerful factor that could impact its near-term stock price.

The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released on May 5. On the other hand, if they miss, the stock may move lower.

While the sustainability of the immediate price change and future earnings expectations will mostly depend on management's discussion of business conditions on the earnings call, it's worth handicapping the probability of a positive EPS surprise.

Zacks Consensus EstimateThis company is expected to post quarterly earnings of $0.41 per share in its upcoming report, which represents a year-over-year change of -55%.

Revenues are expected to be $74.05 million, up 1.3% from the year-ago quarter.

Estimate Revisions TrendThe consensus EPS estimate for the quarter has been revised 11.52% lower over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period.

Investors should keep in mind that the direction of estimate revisions by each of the covering analysts may not always get reflected in the aggregate change.

Price, Consensus and EPS Surprise

Earnings WhisperEstimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. Our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction) -- has this insight at its core.

The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.

Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only.

A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP.

Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell).

How Have the Numbers Shaped Up for Centrus Energy?For Centrus Energy, the Most Accurate Estimate is lower than the Zacks Consensus Estimate, suggesting that analysts have recently become bearish on the company's earnings prospects. This has resulted in an Earnings ESP of -19.79%.

On the other hand, the stock currently carries a Zacks Rank of #5.

So, this combination makes it difficult to conclusively predict that Centrus Energy will beat the consensus EPS estimate.

Does Earnings Surprise History Hold Any Clue?While calculating estimates for a company's future earnings, analysts often consider to what extent it has been able to match past consensus estimates. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number.

For the last reported quarter, it was expected that Centrus Energy would post earnings of $1.42 per share when it actually produced earnings of $0.79, delivering a surprise of -44.37%.

Over the last four quarters, the company has beaten consensus EPS estimates two times.

Bottom LineAn earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss.

That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.

Centrus Energy doesn't appear a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release.

An Industry Player's Expected ResultsAnother stock from the Zacks Mining - Non Ferrous industry, Southern Copper (SCCO - Free Report) , is soon expected to post earnings of $1.77 per share for the quarter ended March 2026. This estimate indicates a year-over-year change of +48.7%. Revenues for the quarter are expected to be $4.26 billion, up 36.3% from the year-ago quarter.

Over the last 30 days, the consensus EPS estimate for Southern Copper has been revised 3.2% up to the current level. Nevertheless, the company now has an Earnings ESP of 0.00%, reflecting an equal Most Accurate Estimate.

When combined with a Zacks Rank of #3 (Hold), this Earnings ESP makes it difficult to conclusively predict that Southern Copper will beat the consensus EPS estimate. The company beat consensus EPS estimates in each of the trailing four quarters.

Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.

Coeur Mining (CDE - Free Report) is expected to deliver a year-over-year increase in earnings on higher revenues when it reports results for the quarter ended March 2026. This widely-known consensus outlook gives a good sense of the company's earnings picture, but how the actual results compare to these estimates is a powerful factor that could impact its near-term stock price.

The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released on May 6. On the other hand, if they miss, the stock may move lower.

While management's discussion of business conditions on the earnings call will mostly determine the sustainability of the immediate price change and future earnings expectations, it's worth having a handicapping insight into the odds of a positive EPS surprise.

Zacks Consensus EstimateThis silver mining company is expected to post quarterly earnings of $0.44 per share in its upcoming report, which represents a year-over-year change of +300%.

Revenues are expected to be $794.1 million, up 120.6% from the year-ago quarter.

Estimate Revisions TrendThe consensus EPS estimate for the quarter has been revised 17.53% lower over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period.

Investors should keep in mind that the direction of estimate revisions by each of the covering analysts may not always get reflected in the aggregate change.

Price, Consensus and EPS Surprise

Earnings WhisperEstimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. This insight is at the core of our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction).

The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.

Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only.

A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP.

Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell).

How Have the Numbers Shaped Up for Coeur Mining?For Coeur Mining, the Most Accurate Estimate is lower than the Zacks Consensus Estimate, suggesting that analysts have recently become bearish on the company's earnings prospects. This has resulted in an Earnings ESP of -14.12%.

On the other hand, the stock currently carries a Zacks Rank of #3.

So, this combination makes it difficult to conclusively predict that Coeur Mining will beat the consensus EPS estimate.

Does Earnings Surprise History Hold Any Clue?Analysts often consider to what extent a company has been able to match consensus estimates in the past while calculating their estimates for its future earnings. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number.

For the last reported quarter, it was expected that Coeur Mining would post earnings of $0.43 per share when it actually produced earnings of $0.35, delivering a surprise of -18.60%.

Over the last four quarters, the company has beaten consensus EPS estimates two times.

Bottom LineAn earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss.

That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.

Coeur Mining doesn't appear a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release.

Expected Results of an Industry PlayerCentrus Energy Corp. (LEU - Free Report) , another stock in the Zacks Mining - Non Ferrous industry, is expected to report earnings per share of $0.41 for the quarter ended March 2026. This estimate points to a year-over-year change of -55%. Revenues for the quarter are expected to be $74.05 million, up 1.3% from the year-ago quarter.

The consensus EPS estimate for Centrus Energy has been revised 11.5% lower over the last 30 days to the current level. However, a lower Most Accurate Estimate has resulted in an Earnings ESP of -19.79%.

This Earnings ESP, combined with its Zacks Rank #3 (Hold), makes it difficult to conclusively predict that Centrus Energy will beat the consensus EPS estimate. Over the last four quarters, the company surpassed consensus EPS estimates two times.

Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.

Centrus Energy Corp. (LEU - Free Report) came out with quarterly earnings of $1.05 per share, beating the Zacks Consensus Estimate of $0.33 per share. This compares to earnings of $0.91 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of +216.84%. A quarter ago, it was expected that this company would post earnings of $1.42 per share when it actually produced earnings of $0.79, delivering a surprise of -44.37%.

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

Centrus Energy, which belongs to the Zacks Mining - Non Ferrous industry, posted revenues of $76.7 million for the quarter ended March 2026, surpassing the Zacks Consensus Estimate by 0.74%. This compares to year-ago revenues of $73.1 million. The company has topped consensus revenue estimates three times over the last four quarters.

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

Centrus Energy shares have lost about 14.8% since the beginning of the year versus the S&P 500's gain of 5.2%.

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

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.94 on $146.7 million in revenues for the coming quarter and $2.66 on $466.16 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, Mining - Non Ferrous is currently in the top 38% 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.

Lundin Mining (LUNMF - Free Report) , another stock in the same industry, has yet to report results for the quarter ended March 2026. The results are expected to be released on May 6.

This base metals mining company is expected to post quarterly earnings of $0.29 per share in its upcoming report, which represents a year-over-year change of +163.6%. The consensus EPS estimate for the quarter has been revised 3.5% higher over the last 30 days to the current level.

Lundin Mining's revenues are expected to be $1.12 billion, up 16% from the year-ago quarter.

3 Overlooked Nuclear Fuel Supply Chain WinnersCentrus Energy NYSE: LEU reported higher first-quarter revenue and raised its full-year revenue outlook, citing commercial progress, improving offtake discussions and continued work on its uranium enrichment expansion program.

On the company’s Q1 2026 earnings call, President and Chief Executive Officer Amir Vexler said the quarter marked the beginning of what he called a “historic undertaking” to return the United States to domestic commercial uranium enrichment. He said Centrus remains focused on serving commercial low-enriched uranium, or LEU, high-assay low-enriched uranium, or HALEU, and national security markets.

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Palantir’s New Partnership Continues Separating Fact From FictionVexler said the company’s initial build-out is intended to address more than $2.4 billion of commercial LEU enrichment backlog and 12 metric tons of HALEU capacity. He added that further additions would be tied to firm customer orders and capital resources.

First-Quarter Results Centrus reported first-quarter revenue of $76.7 million, up $3.6 million, or 5%, from the year-earlier period. Gross profit was $31.5 million, operating income was $0.8 million, net income was $10 million and diluted earnings per share were $0.45. Adjusted net income was $23.5 million, or $1.05 per diluted share.

Why Wall Street Is Betting Billions on Oklo's Nuclear VisionSenior Vice President, Chief Financial Officer and Treasurer Todd Tinelli said trailing 12-month revenue was $452.3 million. He said the company is emphasizing quarterly and trailing 12-month metrics because deliveries and contractual mix can vary significantly from quarter to quarter.

The LEU segment generated $44.6 million in first-quarter revenue, down 13% from the year-earlier period. Tinelli said SWU revenue declined by $9.7 million due to a 47% decrease in SWU volume sold, partially offset by a 52% increase in the average price of SWU sold. The company also recorded $3 million of uranium sales in the quarter.

Technical solutions revenue was $32.1 million, up $10.3 million, or 47%, primarily due to a $9.8 million increase in revenue from the HALEU operations contract. Vexler said Centrus has contractually produced more than 1.6 metric tons of HALEU UF6 for the government since beginning the contract.

Tinelli said first-quarter net income declined from $27.2 million in Q1 2025, primarily because of a $15.9 million increase in advanced technology costs and the absence of an $11.8 million non-recurring gain from extinguishment of long-term debt recorded in the prior-year quarter. Those factors were partially offset by higher investment income and lower income tax expense.

Backlog and Government Opportunities Centrus ended the quarter with $3.9 billion of backlog extending through 2040. Vexler said that includes $3.1 billion in the LEU segment and $0.8 billion in technical solutions. The LEU backlog consists of $700 million of broker-dealer backlog and $2.4 billion in contingent LEU enrichment sales under definitive agreements.

Vexler said Centrus remains limited in what it can disclose while government procurements are ongoing. He noted that in January the company won a $900 million HALEU enrichment award from the U.S. Department of Energy, which he said has the potential to exceed $1 billion and still needs to be finalized through negotiations.

Regarding national security work, Vexler said Centrus had submitted its response to the National Nuclear Security Administration after being notified of the agency’s intent to sole source certain enrichment activities from the company. He said Centrus stands ready to support the national security mission but deferred further details to the government.

Expansion Program and Partnerships Centrus launched a $560 million investment in its Oak Ridge centrifuge manufacturing plant in late January. Vexler said the company has signed three key partners to support the build-out while maintaining control over centrifuge design, engineering and manufacturing know-how.

Fluor will perform design engineering, procurement, construction and commissioning for the expansion. Palantir will provide its Foundry and artificial intelligence platform to integrate systems across classified and unclassified environments and help optimize the build-out. Geiger Brothers will lead on-the-ground construction work in Ohio. Vexler said Centrus has identified approximately $300 million in potential cost savings and additional improvements expected to reduce manufacturing lead times and accelerate the timetable since late January. In response to an analyst question, he said Palantir’s platform provides real-time data and helps Centrus manage hundreds of suppliers, improve project management and make decisions more quickly.

Tinelli said Centrus finished the quarter with $1.9 billion in unrestricted cash and did not access its at-the-market equity program. Including the $900 million HALEU award, he said the company views itself as having about $2.8 billion available, with HALEU funding expected to come in through milestone payments. He said Centrus continues to evaluate low-cost capital options, including potential government and third-party sources.

Guidance Raised for Revenue and Hiring Centrus raised its 2026 revenue guidance to a range of $450 million to $500 million, up from $425 million to $475 million. The company also increased its expected net new employee additions in Piketon, Ohio, to more than 100 from more than 50.

At the same time, Centrus reaffirmed the rest of its 2026 guidance, including capital expenditures of $350 million to $500 million, finalizing contracts with 100% of partners it deems critical, releasing a Certified-for-Construction package and hiring at least 100 net new employees at its Oak Ridge facility.

Tinelli said total capital spend in the first quarter was $45.2 million, including $23.2 million of capital expenditures and $22 million of non-CapEx spending. The non-CapEx total included $17 million of growth costs and $5 million of prepayments related to the Palantir agreement. He said both CapEx and non-CapEx spending are expected to accelerate through the year.

Market Commentary During the question-and-answer session, Vexler said the uranium enrichment market continues to face constrained supply and increasing demand from the existing reactor fleet and new reactor developers. He said Centrus is seeing favorable pricing trends, though he declined to comment on specific contract pricing.

Vexler also said advanced reactor companies are increasingly moving from licensing and development toward more serious fuel procurement. He said LEU can drive significant volume, while HALEU may offer advantages from a margin and market-positioning perspective.

The company also discussed its recently announced exploration of a joint venture with Oklo focused on HALEU deconversion. Vexler said commercial deconversion of UF6 into oxide or metal form for advanced reactor fuel does not currently exist and represents “a hole in the fuel cycle.” He said placing deconversion alongside enrichment could provide efficiencies and potential vertical integration for Centrus.

Vexler said conversations with advanced reactor companies, hyperscalers and other potential partners have picked up since Centrus announced its build-out plans, though he noted that first-of-a-kind discussions take time.

About Centrus Energy NYSE: LEUCentrus Energy Corp is a U.S.-based supplier of nuclear fuel and enrichment services, specializing in the production of low-enriched uranium (LEU) for commercial power reactors and highly enriched uranium for naval propulsion. Through its Centrus Global subsidiary, the company provides technical support, fuel fabrication services and recycled uranium products to utilities operating light-water reactors. Centrus also develops advanced centrifuge technologies aimed at improving enrichment efficiency and reducing the cost of nuclear fuel.

Originally founded as the United States Enrichment Corporation (USEC) in 1998 following a spin-out from the U.S.

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

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Key Takeaways Centrus Energy raised 2026 revenue guidance to $450M-$500M amid HALEU expansion plans.UUUU produced 790,000 pounds of uranium in Q1 and targets up to 2.5M pounds in 2026.LEU holds a $3.9B backlog through 2040 and is pioneering HALEU production. Energy Fuels Inc. (UUUU - Free Report) and Centrus Energy (LEU - Free Report) are two uranium-focused companies expected to play an important role in the global nuclear energy supply chain.

Headquartered in Lakewood, CO, Energy Fuels, with a market capitalization of $4.51 billion, has produced nearly two-thirds of all uranium in the United States since 2017. It also produces rare earth oxides and adds new products like titanium, zircon minerals and medical isotopes.

Bethesda, MD-based Centrus Energy’s core offering is low-enriched uranium, or LEU, the fissile component used to fuel commercial nuclear reactors. The company also provides advanced uranium enrichment and technical, manufacturing and engineering services. It is pioneering the production of High Assay Low-Enriched Uranium (HALEU), a specialized fuel expected to support the next generation of advanced nuclear reactors and growing global demand for carbon-free power. LEU has a market capitalization of roughly $3.5 billion.

The long-term uranium outlook remains favorable, supported by rising electricity demand and the accelerating transition toward clean energy. Against this backdrop, investors are assessing which company is better positioned for future growth: Energy Fuels or Centrus Energy.

The Case for UUUUDuring the first quarter of 2026, Energy Fuels mined ore containing approximately 425,000 pounds of uranium. The company produced 790,000 pounds of finished uranium in the quarter and hit the 1 million pounds mark in April.

Energy Fuels' first-quarter 2026 revenues surged 112% year over year to $35.8 million, primarily driven by uranium sales. During the quarter, UUUU sold 510,000 pounds of uranium at an average realized price of $70.04 per pound.

Costs applicable to revenues rose 18.5% due to higher uranium sales volumes and elevated production costs. Exploration, development and processing expenses climbed 24% year over year because of increased activity at the White Mesa Mill and the Bahia Project. Standby costs jumped 79% as the company advanced permitting and development work at the Roca Honda Project. Selling, general and administrative expenses increased 8% due to higher headcount and compensation costs.

The increase in operating costs was somewhat offset by higher uranium revenues and an increase in other income, resulting in a loss of four cents per share in the quarter, narrower than the year-ago loss of 13 cents per share.

UUUU expects to mine 2-2.5 million pounds of uranium in 2026, and process between 1.5 million and 2.5 million pounds of finished uranium. It also plans to sell 1.5-2 million pounds of uranium under existing contracts and spot market sales.

The company commenced processing low-cost Pinyon Plain mine ores in the fourth quarter of 2025. This is expected to result in costs of goods sold declining to the $30-$40 per pound range during the remainder of 2026. This is expected to boost its margins.

The company has six uranium supply contracts with U.S. nuclear utilities covering deliveries from 2027 to 2032, with potential total deliveries ranging from 2.59 million to 4.41 million pounds, depending on customer options. 

Energy Fuels continues to advance a deep pipeline of uranium projects. The Whirlwind mine and Nichols Ranch ISR project alone could add up to 500,000 pounds of annual uranium production within a year of a development decision. Other major projects, including Roca Honda, Bullfrog and Sheep Mountain, collectively contain nearly 70 million pounds of uranium resources.

Beyond uranium, the company continues to advance its rare earth strategy. During the first quarter, Energy Fuels announced successful pilot-scale production of high-purity terbium oxide at the White Mesa Mill, marking the first U.S. primary production of this critical heavy rare earth element in decades. Its proposed acquisition of Australian Strategic Materials is expected to strengthen its position as a fully integrated rare earth “mine-to-metal and alloy” producer outside China. UUUU outlined plans for two expansion phases at the White Mesa Mill that will boost total NdPr production capacity from the current level of 1,000 tons per annum (tpa) to approximately 6,229 tpa, in addition to roughly 80 tpa of terbium and 288 tpa of dysprosium. 

The Case for Centrus EnergyFor the first quarter of 2026, Centrus Energy reported revenue growth of 5% year over year to $76.7 million. Revenues from the Low-Enriched Uranium segment decreased 13% year over year to $44.6 million. Management noted that SWU revenues slid 19% to $41.6 million as the volume of SWU sold fell 47%, partly offset by a 52% jump in the average selling price. Uranium sales added $3 million in the quarter.  

The Technical Solutions segment generated revenues of $32.1 million, up 47% from the year-ago quarter. The lift was primarily tied to a $9.8 million increase from the HALEU Operation Contract with the Department of Energy.

As of March 31, 2026, the total company backlog was $3.9 billion, which extends to 2040, providing significant long-term revenue visibility.
Centrus Energy raised its full-year 2026 revenue guidance to a range of $450-$500 million from the prior range of $425-$475 million. 

The company is pursuing a multi-billion-dollar expansion of its Piketon, OH, facility to increase LEU and HALEU output and support more than $2.4 billion of contingent LEU sales commitments that are under definitive agreements as of March 31, 2026. The company continues to expect total capital deployment of $350-$500 million in 2026, driven by increased investment tied to its industrial buildout. 

To improve operational efficiency, Centrus Energy has partnered with Palantir Technologies PLTR and identified nearly $300 million in potential cost savings tied to its expansion initiatives.

The company is targeting annual HALEU production of 12 metric tons sometime after 2030, with initial production expected before the end of the decade.

Importantly, Centrus Energy remains the only licensed producer of HALEU in the Western world, giving it a unique strategic advantage as demand for advanced reactor fuel grows. Management estimates the HALEU market opportunity could reach $8 billion annually by 2035.

How Does the Zacks Consensus Estimate Compare for Energy Fuels & Centrus Energy?The Zacks Consensus Estimate for Energy Fuel’s 2026 earnings is pegged at a loss of 14 cents, narrower than the loss of 38 cents reported in 2025. The Zacks Consensus Estimate for UUUU’s earnings for 2027 is six cents per share. 

The Zacks Consensus Estimate for Centrus Energy’s 2026 earnings is pegged at $2.55 per share, which indicates a year-over-year decline of 34.6%.  The estimate for 2027 earnings is pinned at $2.73 per share, indicating year-over-year growth of 7.2%.

Image Source: Zacks Investment Research

Earnings estimates for both companies have moved down over the past 60 as shown in the chart below. 

Image Source: Zacks Investment Research

UUUU & LEU: Price Performance & ValuationIn the past three months, Energy Fuels’ stock has declined 21.1%. Meanwhile, Centrus Energy stock has lost 15%.

Image Source: Zacks Investment Research

Energy Fuels is trading at a forward price-to-sales multiple of 25.63X, while Centrus Energy’s forward sales multiple sits lower at 7.42X.

Image Source: Zacks Investment Research

ConclusionBoth Energy Fuels and Centrus Energy are positioned to benefit from the long-term growth of nuclear energy and the increasing focus on domestic critical mineral supply chains.

Energy Fuels offers broader exposure across uranium and rare earth elements, supported by rising production, improving cost trends and a substantial development pipeline. Its expanding REE business could become a meaningful long-term growth driver. However, the stock’s elevated valuation, ongoing losses and downward earnings revisions may limit near-term upside.

Centrus Energy, meanwhile, appears better positioned from a strategic and financial standpoint. Its dominant position in HALEU production, long-term backlog, expanding enrichment capabilities and improving revenue outlook provide stronger near-term visibility.

What happenedAccording to a Securities and Exchange Commission (SEC) filing dated May 14, 2026, RPG Investment Advisory, LLC initiated a new position in Centrus Energy (LEU 6.03%)by purchasing 50,460 shares. The quarter-end value of the position stood at $8.76 million, reflecting share price changes through March 31, 2026.

What else to knowThis was a new position for RPG Investment Advisory, LLC, now representing 1.06% of the fund’s 13F reportable assets.

Top holdings after the filing:

NASDAQ: NVDA: $55.42 million (6.7% of AUM)NASDAQ: GOOGL: $41.15 million (5.0% of AUM)NASDAQ: AAPL: $33.75 million (4.1% of AUM)NYSE: PWR: $29.68 million (3.6% of AUM)NASDAQ: AMZN: $28.57 million (3.4% of AUM)As of May 13, 2026, shares of Centrus Energy were priced at $192.31, up 107.7% over the past year, outperforming the S&P 500 by 81.28 percentage points.

Company overviewMetricValueRevenue (TTM)$452.30 millionNet income (TTM)$60.60 millionMarket capitalization$3.53 billionPrice (as of market close May 13, 2026)$192.31Company snapshotCentrus Energy is a leading supplier of nuclear fuel and technical services, operating at scale with a market capitalization of $3.64 billion and a trailing twelve months revenue of $452.30 million. The company leverages its expertise in uranium enrichment and technical solutions to support the global nuclear power industry.

The company Provides low-enriched uranium (LEU), separative work units (SWU), and technical solutions for the nuclear power industry, including engineering, manufacturing, and operations services.

It generates revenue primarily through the sale of LEU and related components to utilities operating nuclear power plants, as well as technical and consulting services for public and private sector clients.

Centrus Energy serves a global customer base with a focus on utilities in the United States, Japan, Belgium, and other international markets engaged in nuclear energy production.

What this transaction means for investorsCentrus Energy (NYSE: LEU) is one of the few public companies directly tied to rebuilding U.S. uranium enrichment capacity. The company supplies enriched uranium fuel components to nuclear utilities and is working on high-assay low-enriched uranium, or HALEU, a fuel expected to support some next-generation reactors. That makes Centrus different from a uranium miner or a nuclear utility, and its value depends on turning customer contracts, federal support, and centrifuge manufacturing into U.S. production capacity.

The first quarter showed the cost of moving from a strategic opportunity to production scale. Centrus remained profitable, but net income fell from a year earlier as advanced technology costs rose with the enrichment buildout. The company also reported $3.9 billion of backlog extending to 2040, though part of that total depends on securing public and private investment for new LEU production capacity.

For investors, Centrus is less a broad nuclear-power play than a test of whether U.S. enrichment capacity can be rebuilt through its centrifuge technology, funding path, and delivery milestones. Moving forward, the company’s progress can be measured through funded capacity, manufacturing scale-up, and commercialization deliveries that move Centrus from strategic importance to operational proof.

Eric Trie has positions in Nvidia. The Motley Fool has positions in and recommends Alphabet, Amazon, Apple, Nvidia, and Quanta Services. The Motley Fool has a disclosure policy.

Centrus Energy is rated Buy with a $260 price target, reflecting a 43% upside from current levels. LEU's $1.9B cash, $3.9B contracted backlog, and $900M DOE award underpin its strategic value as the only U.S.-owned uranium enrichment platform. Recent Q1 results showed raised FY 2026 revenue guidance, strong operational progress, and partnerships delivering $300M in cost savings and lead time improvements.

A month has gone by since the last earnings report for Centrus Energy Corp. (LEU - Free Report) . Shares have lost about 21.5% in that time frame, underperforming the S&P 500.

Will the recent negative trend continue leading up to its next earnings release, or is Centrus Energy due for a breakout? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its most recent earnings report in order to get a better handle on the important catalysts.

Centrus Energy's Q1 Earnings Beat Estimates on Technical Solutions StrengthCentrus Energy posted adjusted earnings of $1.05 per share in the first quarter of 2026, handily beating the Zacks Consensus Estimate of 33 cents. The adjusted figure declined 37.5% from $1.68 a year ago.

Quarterly revenues grew 5.0% year over year to $76.7 million and came in above the consensus mark of $76 million by 0.9%.

Profitability Pressured by Expansion CostsTotal cost of sales rose 12%, resulting in a 4% year-over-year decline in gross profit to $31.5 million. Gross margin declined to 41% from 45% in the year-ago quarter as segment mix and contract timing shifted.

Operating income fell sharply to $0.8 million from $20.5 million a year ago. The decline was largely driven by a sizable step-up in advanced technology costs to $18.9 million as the company ramped up expansion-related work. Operating margin plunged to 1% from 28% a year earlier.

Segment Performances in Q1Revenues from the Low-Enriched Uranium segment decreased 13% year over year to $44.6 million. Management noted that SWU revenues slid 19% to $41.6 million as the volume of SWU sold fell 47%, partly offset by a 52% jump in the average selling price. Uranium sales added $3 million in the quarter.

On the cost side of the segment, the cost of sales declined 17% to $16.7 million, reflecting the lower SWU volumes, even as average unit costs moved higher.

Technical Solutions generated revenues of $32.1 million, up 47% from the year-ago quarter. The lift was primarily tied to a $9.8 million increase from the HALEU Operation Contract with the Department of Energy.

Segment cost of sales rose 42% to $28.5 million, mainly from an $8.2 million increase in costs incurred under the HALEU contract, where revenue is recorded on a cost-plus-incentive-fee basis.

Centrus Energy’s Backlog & Capital Position as of Q126 EndAs of March 31, 2026, the total company backlog was $3.9 billion, which extends to 2040. The LEU backlog is at $3.1 billion, which includes roughly $2.4 billion of contingent contracts and commitments, with most already under definitive agreements. The Technical Solutions segment backlog was approximately $0.8 billion.

Cash used in operating activities was $35.1 million against a cash inflow of $36.5 million in the year-ago period. The shift reflected working-capital moves, including a $48.8 million increase in inventories and a $21.9 million reduction in inventories owed to customers and suppliers.

Centrus also stepped up capital spending to $23.2 million from $2.1 million a year ago, consistent with its manufacturing expansion efforts. Cash and cash equivalents totaled $1.9 billion at quarter end.

Centrus Raises 2026 Revenue OutlookCentrus raised its full-year 2026 revenue guidance to a range of $450-$500 million from the prior range of $425-$475 million. The company continues to expect total capital deployment of $350-$500 million, driven by increased investment tied to its industrial buildout.

During the quarter, management highlighted new partnerships intended to improve execution and efficiency, including a strategic collaboration with Fluor and early work with Palantir’s AI platform that identified about $300 million in potential cost savings. Operationally, the company expects to add at least 100 net new employees each at its Oak Ridge and Piketon sites and to release a Certified-for-Construction package. Centrus also said it is exploring a joint venture with Oklo focused on deconversion services for HALEU.

How Have Estimates Been Moving Since Then?Since the earnings release, investors have witnessed a flat trend in estimates review.

VGM ScoresAt this time, Centrus Energy has a poor Growth Score of F, however its Momentum Score is doing a lot better with a C. However, the stock was allocated a score of F on the value side, putting it in the lowest quintile for this investment strategy.

Overall, the stock has an aggregate VGM Score of F. If you aren't focused on one strategy, this score is the one you should be interested in.

Outlook Centrus Energy has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.

Performance of an Industry PlayerCentrus Energy belongs to the Zacks Mining - Non Ferrous industry. Another stock from the same industry, Southern Copper (SCCO - Free Report) , has gained 6.9% over the past month. More than a month has passed since the company reported results for the quarter ended March 2026.

Southern Copper reported revenues of $4.25 billion in the last reported quarter, representing a year-over-year change of +36.2%. EPS of $1.92 for the same period compares with $1.19 a year ago.

For the current quarter, Southern Copper is expected to post earnings of $1.85 per share, indicating a change of +51.6% from the year-ago quarter. The Zacks Consensus Estimate has changed +15.6% over the last 30 days.

Southern Copper has a Zacks Rank #3 (Hold) based on the overall direction and magnitude of estimate revisions. Additionally, the stock has a VGM Score of B.

Solstice Advanced Materials, which was just spun off in late October, has already generated returns of 54%, which is 3x more than its peers. SOLS benefits from diversified end markets, strong secular drivers in nuclear and refrigerants, and superior EBITDA margins (~25%) versus specialty materials peers. The company is well-set for growth with a $2B nuclear backlog, accelerating data center refrigerant demand, and a manageable net leverage of 1.5x, which leaves room for M&A.

Posted by Defense World Staff on Mar 31st, 2026

Beacon Investment Advisory Services Inc. purchased a new stake in Solstice Advanced Mat (NASDAQ:SOLS – Free Report) in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 10,139 shares of the company’s stock, valued at approximately $493,000.

Several other institutional investors have also modified their holdings of SOLS. Ferguson Wellman Capital Management Inc. purchased a new stake in shares of Solstice Advanced Mat during the fourth quarter worth $2,259,000. Exchange Traded Concepts LLC purchased a new position in Solstice Advanced Mat in the fourth quarter valued at $1,215,000. Parsons Capital Management Inc. RI acquired a new position in Solstice Advanced Mat during the 4th quarter worth $625,000. Chesley Taft & Associates LLC acquired a new position in Solstice Advanced Mat during the 4th quarter worth $456,000. Finally, Pathway Financial Advisors LLC acquired a new position in Solstice Advanced Mat during the 4th quarter worth $337,000.

Solstice Advanced Mat Price Performance Solstice Advanced Mat stock opened at $72.40 on Tuesday. The firm has a market capitalization of $11.49 billion and a PE ratio of 278.46. The company has a debt-to-equity ratio of 1.50, a quick ratio of 0.98 and a current ratio of 1.39. The company has a fifty day simple moving average of $71.84. Solstice Advanced Mat has a 1-year low of $40.43 and a 1-year high of $84.44.

Solstice Advanced Mat (NASDAQ:SOLS – Get Free Report) last released its quarterly earnings data on Wednesday, February 11th. The company reported $0.26 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.40 by ($0.14). The firm had revenue of $987.00 million during the quarter, compared to analyst estimates of $938.00 million. Solstice Advanced Mat has set its FY 2026 guidance at 2.450-2.750 EPS.

Solstice Advanced Mat Announces Dividend The firm also recently declared a quarterly dividend, which was paid on Tuesday, March 10th. Investors of record on Tuesday, February 24th were issued a $0.075 dividend. This represents a $0.30 dividend on an annualized basis and a yield of 0.4%. The ex-dividend date of this dividend was Tuesday, February 24th. Solstice Advanced Mat’s dividend payout ratio is 115.38%.

Analyst Ratings Changes A number of research firms have issued reports on SOLS. Alembic Global Advisors assumed coverage on Solstice Advanced Mat in a research report on Monday, December 1st. They issued an “overweight” rating and a $60.00 price target on the stock. Zacks Research upgraded shares of Solstice Advanced Mat to a “hold” rating in a research note on Friday, January 23rd. Weiss Ratings raised shares of Solstice Advanced Mat from a “sell (d+)” rating to a “hold (c)” rating in a report on Monday, February 23rd. Vertical Research upgraded shares of Solstice Advanced Mat from a “hold” rating to a “buy” rating and set a $58.00 price target for the company in a research note on Wednesday, January 7th. Finally, Royal Bank Of Canada upgraded shares of Solstice Advanced Mat from a “sector perform” rating to an “outperform” rating in a research note on Tuesday, January 20th. Four equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $67.00.

Read Our Latest Research Report on Solstice Advanced Mat

Solstice Advanced Mat Company Profile (Free Report)

Solstice Advanced Materials is a leading global specialty materials company that advances science for smarter outcomes. Solstice offers high-performance solutions that enable critical industries and applications, including refrigerants, semiconductor manufacturing, data center cooling, nuclear power, protective fibers, healthcare packaging and more.

Featured Stories Five stocks we like better than Solstice Advanced Mat Want to see what other hedge funds are holding SOLS? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Solstice Advanced Mat (NASDAQ:SOLS – Free Report).

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Solstice Advanced Mat Today

SOLS

Solstice Advanced Mat

$77.69 -2.59 (-3.23%)

As of 06/10/2026 04:00 PM Eastern

52-Week Range$40.43▼

$90.80Dividend Yield0.39%

P/E Ratio87.29

Price Target$87.38

Solstice Advanced Materials NASDAQ: SOLS is a relatively new stock to the market, but one that has gotten off to a blistering start. At the end of October 2025, the over $100 billion industrial conglomerate Honeywell International NASDAQ: HON spun out the company.

Since that time, Solstice shares have gone on an impressive run, up more than 50%. This comes as the firm is benefiting from key tailwinds across both the nuclear energy and semiconductor industries.

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Investors should likely temper their excitement given Solstice's current share price, which bakes in years of extensive growth. However, with the firm at the intersection of two top investment trends, Solstice is a name to watch should its valuation retreat significantly.

U.S. Uranium Conversion Runs Through Solstice Largely due to the rapid deployment of artificial intelligence (AI) data centers, nuclear energy and advanced semiconductor demand are on a big upswing. Many hyperscalers want to accelerate nuclear adoption due to rising electricity demand. This can help fulfill two key goals.

First off, nuclear energy is low-carbon, allowing these firms to make good on their clean energy commitments. Additionally, unlike other renewable sources like wind and solar, nuclear sites can run constantly, supporting demanding and continuous AI workloads.

Notably, Solstice owns the Metropolis Works uranium hexafluoride (UF6) conversion facility. This makes the firm the only domestic provider of UF6 conversion services. Solstice converts raw uranium into UF6 before it moves on to other producers in the fuel fabrication cycle.

Clearly, this gives Solstice a level of importance in national energy security. This is particularly true as the company notes that there are only four other UF6 conversion sites in the world. According to 2022 data, one of these is in Russia and another is in China, both countries that have adversarial relations with the United States.

Due to the rise in nuclear demand, capacity at the Metropolis facility is nearly sold out through 2030 and holds an over $2 billion backlog. Bank of America estimates that global nuclear energy capacity could triple by 2050, creating a significant opportunity for Solstice in a fragmented market.

A key threat is the entrance of new competitors. However, Solstice notes that getting new facilities production-ready takes four to five years.

SOLS’s Copper Manganese: A Vital Input for AI Semiconductors Meanwhile, advanced semiconductors are fundamental to the proliferation of AI. Solstice holds a similarly strong position as an advanced chip material supplier.

This comes as the firm makes copper manganese sputtering targets: essential for building semiconductors at process nodes below seven nanometers (nm). The company says it is “really the only producer that has copper manganese at scale." It also notes that it is one of only two or three suppliers in the world.

Solstice sees the demand for copper manganese continuing to increase as AI progresses. Moving to smaller and smaller process nodes is among the most important vectors for increasing semiconductor performance. As process nodes fall, they require more copper manganese.

The increased commitment to U.S.-based advanced semiconductor manufacturing also benefits Solstice, making these customers more likely to buy from it due to proximity. Top players in the semiconductor industry are investing heavily:

Taiwan Semiconductor Manufacturing NYSE: TSM is producing its 4nm chips in Arizona and plans to bring its 3nm process online by 2027. Samsung Electronics OTCMKTS: SSNLF plans to produce 2nm chips at its facility in Taylor, Texas. Intel NASDAQ: INTC plans to invest $100 billion to expand its chipmaking capacity in the U.S., with its Fab 52 designed to make 1.8nm chips. To support rising demand, Solstice is investing $200 million to double its sputtering target manufacturing capacity at its facility in Washington State. Overall, copper manganese demand is another significant opportunity that the firm is taking advantage of, and SOLS sees substantial runway for future growth in this space.

SOLS: A Watchlist Stock Amid Demand From High-Growth Industries Solstice Advanced Mat Stock Forecast Today12-Month Stock Price Forecast:
$87.38
12.47% Upside

Hold
Based on 10 Analyst Ratings

Current Price$77.69High Forecast$101.00Average Forecast$87.38Low Forecast$60.00Solstice Advanced Mat Stock Forecast Details

In its latest quarter, Solstice’s nuclear business grew by an impressive clip of 39% year over year (YOY). Meanwhile, its Electronic Materials division, which houses sputtering targets revenue, grew by a solid 19% YOY. Despite this, it is important to note that Solstice is a highly diversified business, not a pure play on nuclear and semiconductor trends. In 2024, nuclear and semiconductors combined for just  22% of total revenue.

Thus, total sales grew by just 3% YOY in 2025 and 8% YOY in Q4 2025. In 2026, the company’s revenue growth projection sits near 4%. This doesn’t line up favorably compared to Solstice’s valuation, making the stock's outlook questionable at current levels.

Overall, Solstice is clearly an interesting company, acting as a key supplier within the nuclear and semiconductor investment cycles.

This makes the stock one to watch going forward, should its aggregate fundamentals or valuation shift meaningfully.

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Posted by Defense World Staff on Apr 7th, 2026

Solstice Advanced Mat (NASDAQ:SOLS – Get Free Report) saw unusually large options trading activity on Monday. Stock traders purchased 10,746 put options on the company. This represents an increase of approximately 576% compared to the typical volume of 1,589 put options.

Institutional Inflows and Outflows Several hedge funds have recently modified their holdings of SOLS. Exchange Traded Concepts LLC acquired a new position in Solstice Advanced Mat in the 4th quarter valued at $1,215,000. Beacon Investment Advisory Services Inc. acquired a new position in Solstice Advanced Mat during the 4th quarter worth $493,000. Ferguson Wellman Capital Management Inc. acquired a new position in Solstice Advanced Mat during the 4th quarter worth $2,259,000. Wallington Asset Management LLC bought a new stake in Solstice Advanced Mat during the fourth quarter valued at about $974,000. Finally, IVC Wealth Advisors LLC bought a new stake in Solstice Advanced Mat during the fourth quarter valued at about $1,198,000.

Analysts Set New Price Targets A number of equities research analysts have issued reports on the stock. Zacks Research upgraded shares of Solstice Advanced Mat to a “hold” rating in a research report on Friday, January 23rd. Weiss Ratings upgraded shares of Solstice Advanced Mat from a “sell (d+)” rating to a “hold (c)” rating in a research report on Monday, February 23rd. Mizuho set a $80.00 target price on shares of Solstice Advanced Mat in a research report on Friday, February 13th. Wall Street Zen upgraded shares of Solstice Advanced Mat from a “sell” rating to a “hold” rating in a research report on Saturday, February 28th. Finally, Royal Bank Of Canada upgraded shares of Solstice Advanced Mat from a “sector perform” rating to an “outperform” rating in a research report on Tuesday, January 20th. Four investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $67.00.

Get Our Latest Stock Analysis on SOLS

Solstice Advanced Mat Stock Up 2.1% Shares of SOLS opened at $78.03 on Tuesday. The business’s fifty day simple moving average is $73.28. Solstice Advanced Mat has a 12 month low of $40.43 and a 12 month high of $84.44. The firm has a market cap of $12.39 billion and a price-to-earnings ratio of 300.12. The company has a current ratio of 1.39, a quick ratio of 0.98 and a debt-to-equity ratio of 1.50.

Solstice Advanced Mat (NASDAQ:SOLS – Get Free Report) last announced its quarterly earnings results on Wednesday, February 11th. The company reported $0.26 EPS for the quarter, missing the consensus estimate of $0.40 by ($0.14). The firm had revenue of $987.00 million for the quarter, compared to the consensus estimate of $938.00 million. Solstice Advanced Mat has set its FY 2026 guidance at 2.450-2.750 EPS.

Solstice Advanced Mat Dividend Announcement The firm also recently declared a quarterly dividend, which was paid on Tuesday, March 10th. Stockholders of record on Tuesday, February 24th were paid a dividend of $0.075 per share. The ex-dividend date was Tuesday, February 24th. This represents a $0.30 annualized dividend and a dividend yield of 0.4%. Solstice Advanced Mat’s dividend payout ratio is 115.38%.

Solstice Advanced Mat Company Profile (Get Free Report)

Solstice Advanced Materials is a leading global specialty materials company that advances science for smarter outcomes. Solstice offers high-performance solutions that enable critical industries and applications, including refrigerants, semiconductor manufacturing, data center cooling, nuclear power, protective fibers, healthcare packaging and more.

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Posted by Defense World Staff on Apr 20th, 2026

Davidson Investment Advisors bought a new position in Solstice Advanced Mat (NASDAQ:SOLS – Free Report) in the fourth quarter, according to its most recent disclosure with the SEC. The firm bought 112,904 shares of the company’s stock, valued at approximately $5,485,000. Davidson Investment Advisors owned about 0.07% of Solstice Advanced Mat as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Exchange Traded Concepts LLC acquired a new stake in shares of Solstice Advanced Mat in the 4th quarter worth $1,215,000. Aberdeen Group plc acquired a new stake in shares of Solstice Advanced Mat in the 4th quarter worth $8,227,000. Beacon Investment Advisory Services Inc. purchased a new position in shares of Solstice Advanced Mat during the 4th quarter worth $493,000. Ferguson Wellman Capital Management Inc. purchased a new position in shares of Solstice Advanced Mat during the 4th quarter worth $2,259,000. Finally, Blue Trust Inc. purchased a new position in shares of Solstice Advanced Mat during the 4th quarter worth $324,000.

Solstice Advanced Mat Price Performance Shares of Solstice Advanced Mat stock opened at $81.20 on Monday. The firm’s 50-day moving average price is $76.30. Solstice Advanced Mat has a 12 month low of $40.43 and a 12 month high of $84.44. The stock has a market cap of $12.89 billion and a PE ratio of 312.31. The company has a quick ratio of 0.98, a current ratio of 1.39 and a debt-to-equity ratio of 1.50.

Solstice Advanced Mat (NASDAQ:SOLS – Get Free Report) last announced its earnings results on Wednesday, February 11th. The company reported $0.26 EPS for the quarter, missing analysts’ consensus estimates of $0.40 by ($0.14). The company had revenue of $987.00 million during the quarter, compared to the consensus estimate of $938.00 million. Solstice Advanced Mat has set its FY 2026 guidance at 2.450-2.750 EPS.

Solstice Advanced Mat Dividend Announcement The business also recently disclosed a quarterly dividend, which was paid on Tuesday, March 10th. Stockholders of record on Tuesday, February 24th were paid a $0.075 dividend. This represents a $0.30 annualized dividend and a dividend yield of 0.4%. The ex-dividend date was Tuesday, February 24th. Solstice Advanced Mat’s dividend payout ratio (DPR) is presently 115.38%.

Analyst Ratings Changes SOLS has been the subject of a number of research analyst reports. Mizuho set a $80.00 price target on Solstice Advanced Mat in a report on Friday, February 13th. Vertical Research upgraded Solstice Advanced Mat from a “hold” rating to a “buy” rating and set a $58.00 price target for the company in a report on Wednesday, January 7th. Zacks Research upgraded Solstice Advanced Mat to a “hold” rating in a report on Friday, January 23rd. Weiss Ratings upgraded Solstice Advanced Mat from a “sell (d+)” rating to a “hold (c)” rating in a report on Monday, February 23rd. Finally, UBS Group cut Solstice Advanced Mat from a “buy” rating to a “neutral” rating and set a $87.00 price target for the company. in a report on Monday, April 13th. Three research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $67.00.

Check Out Our Latest Research Report on Solstice Advanced Mat

About Solstice Advanced Mat (Free Report)

Solstice Advanced Materials is a leading global specialty materials company that advances science for smarter outcomes. Solstice offers high-performance solutions that enable critical industries and applications, including refrigerants, semiconductor manufacturing, data center cooling, nuclear power, protective fibers, healthcare packaging and more.

Featured Stories Five stocks we like better than Solstice Advanced Mat Want to see what other hedge funds are holding SOLS? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Solstice Advanced Mat (NASDAQ:SOLS – Free Report).

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Accelerates portfolio simplification as Honeywell prepares for the planned spin-off of its Aerospace business, on track for Q3 2026

, /PRNewswire/ -- Honeywell (Nasdaq: HON) today announced that it has agreed to sell its Productivity Solutions and Services ("PSS") business to Brady Corporation, an international manufacturer of identification and protection solutions, for $1.4 billion in an all-cash transaction. The transaction is expected to be completed in the second half of 2026 and is subject to regulatory approvals and customary closing conditions.

The transaction follows the review of strategic alternatives Honeywell commenced in July 2025 for PSS and its Warehouse and Workflow Solutions ("WWS") business to further simplify the company's portfolio alongside the planned spin-off of its Aerospace business, which is expected to be complete in the third quarter of 2026. Honeywell remains actively engaged in its assessment of strategic alternatives for WWS, which operates commercially under the brand names Intelligrated and Transnorm.

"With the PSS divestiture, we are nearing completion of our multi-year portfolio transformation, further accelerating value creation as we prepare to separate our Aerospace and Automation businesses into two independent industry leading public companies. The sale also enables us to continue strengthening our financial and operational focus on the company's core businesses," said Vimal Kapur, Chairman and CEO of Honeywell.

"Going forward, PSS will benefit from Brady's highly complementary and specialized leadership in industrial identification and safety, creating a broader, more integrated offering for warehouse, logistics and manufacturing customers," Kapur added.

With 2025 revenue of approximately $1.1 billion, PSS is a leading provider of mobile computers, barcode scanners and printing solutions serving the warehouse and logistics market. PSS is currently part of Honeywell's Industrial Automation (IA) business portfolio.

Brady Corporation (NYSE: BRC) is an international manufacturer and marketer of high-performance labels, signs, safety devices and printing systems for industries that include electronics, manufacturing and aerospace. Brady provides products that enhance safety, security and productivity. The acquisition of PSS will help build Brady's capabilities in data capture, mobile computing and workflow automation, increasing its portfolio serving industrial and logistics customers, while creating a more integrated, end‑to‑end productivity and safety platform.

This announcement follows the divestiture of Honeywell's Personal Protective Equipment (PPE) business in 2024 and the spin-off of its Advanced Materials business as Solstice Advanced Materials (Nasdaq: SOLS) in October 2025. It also builds on the prior strategic actions Honeywell has taken to drive organic growth and optimize its portfolio, including announcing approximately $14 billion of accretive and synergistic acquisitions since 2023: Compressor Controls Corporation, SCADAfence, the Access Solutions business from Carrier Global, Civitanavi Systems, CAES Systems, the LNG business from Air Products, Sundyne, Li-ion Tamer and Johnson Matthey's Catalyst Technologies Business.

Centerview Partners is serving as financial advisor to Honeywell. Kirkland & Ellis LLP,  Baker McKenzie and Womble Bond Dickinson are providing external legal counsel.

About Honeywell 
Honeywell is an integrated operating company serving a broad range of industries and geographies around the world, with a portfolio that is underpinned by our Honeywell Accelerator operating system and Honeywell Forge platform. As a trusted partner, we help organizations solve the world's toughest, most complex challenges, providing actionable solutions and innovations for aerospace, building automation, industrial automation, process automation, and process technology that help make the world smarter and safer as well as more secure and sustainable. For more news and information on Honeywell, please visit www.honeywell.com/newsroom.

Forward Looking Statement
We describe many of the trends and other factors that drive our business and future results in this release. Such discussions contain forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the Exchange Act), including statements related to the proposed separation of Honeywell from Honeywell Aerospace and the planned sale of the Productivity Solutions and Services and Warehouse and Workflow Solutions businesses. Forward-looking statements are those that address activities, events, or developments that we or our management intend, expect, project, believe, or anticipate will or may occur in the future. They are based on management's assumptions and assessments in light of past experience and trends, current economic and industry conditions, expected future developments, and other relevant factors, many of which are difficult to predict and outside of our control, including Honeywell's current expectations, estimates, and projections regarding the proposed separation of Honeywell from Honeywell Aerospace and the planned sale of the Productivity Solutions and Services and Warehouse and Workflow Solutions businesses. They are not guarantees of future performance, and actual results, developments, and business decisions may differ significantly from those envisaged by our forward-looking statements, including the proposed separation of Honeywell from Honeywell Aerospace and the planned sale of the Productivity Solutions and Services and Warehouse and Workflow Solutions businesses, and the anticipated benefits of each. We do not undertake to update or revise any of our forward-looking statements, except as required by applicable securities law. Our forward-looking statements are also subject to material risks and uncertainties, including ongoing macroeconomic and geopolitical risks, such as changes in or application of trade and tax laws and policies, including the impacts of tariffs and other trade barriers and restrictions, lower GDP growth or recession in the U.S. or globally, supply chain disruptions, capital markets volatility, inflation, and certain regional conflicts, including ongoing conflicts in the Middle East, that can affect our performance in both the near- and long-term. In addition, no assurance can be given that any plan, initiative, projection, goal, commitment, expectation, or prospect set forth in this release can or will be achieved. These forward-looking statements should be considered in light of the information included in this release, our Form 10-K, and our other filings with the Securities and Exchange Commission. Any forward-looking plans described herein are not final and may be modified or abandoned at any time.

SOURCE Honeywell

Partnership with the only supplier of domestically produced commercial uranium hexafluoride (UF₆) in the United States marks a pivotal fuel cycle milestone as Hadron advances toward the GigCapital7 shareholder vote scheduled for May 7, 2026 and closing its deSPACing at a market-aligned $600 million valuation, and the Company’s Principal Design Criteria White Paper now before the NRC

NEW YORK--(BUSINESS WIRE)--Hadron Energy, Inc. (“Hadron” or the “Company”), developer of the Halo Micro-Modular Reactor (“MMR”), today announced the signing of a Uranium Conversion Services Agreement with ConverDyn, GP, the marketing agent for the only commercial uranium hexafluoride (UF₆) conversion facility in the United States, which is owned and operated by Solstice Advanced Materials (Nasdaq: SOLS). The Agreement secures a foundational and non-replicable step in Hadron’s domestic nuclear fuel cycle, directly enabling both the first deployment of the Halo MMR and its scalable commercial rollout.

The announcement arrives at an inflection point for U.S. energy infrastructure. AI data centers, advanced manufacturing facilities, and industrial operators are confronting power constraints that traditional grid solutions cannot resolve on commercially relevant timelines. Multi-year interconnection queues, aging transmission infrastructure, and surging load growth are driving a structural shift toward firm, on-site generation that operates independently of the grid. Hadron’s Halo MMR is built precisely for that environment: a 10 MWe light-water reactor that is fully factory-fabricated and truck-transportable, capable of delivering continuous, carbon-free nuclear power wherever it is needed most.

By securing ConverDyn, the sole supplier of domestic produced UF₆, Hadron has established a fuel supply pathway that is resilient, U.S.-based, and anchored in proven infrastructure which represents a significant and non-replicable supply chain moat.

The Fuel Supply Chain Starts Here

Uranium conversion is the critical first step in transforming mined uranium into reactor fuel. Before uranium can be enriched and fabricated into fuel assemblies, it must first be converted into UF₆— a process that Solstice uniquely performs at commercial scale within the United States exclusively for ConverDyn. By securing this relationship at this stage of its development, Hadron has established a fully domestic fuel supply pathway, reducing geopolitical supply chain risk and building the regulatory and operational credibility that an advanced reactor program of this ambition demands.

Under the Agreement, ConverDyn will supply UF₆ supporting Hadron’s fuel fabrication pathway beginning with the Halo MMR’s First-of-a-Kind (“FOAK”) deployment, with the potential to expand across subsequent commercial units as Hadron scales toward repeatable delivery. The collaboration spans the full commercialization of Hadron’s Halo microreactor commercial roadmap from first reactor to fleet scale deployment.

“Fuel is not a procurement afterthought, it has to be a foundational consideration from day one. Conversion is the critical first step that transforms uranium into a form that can be enriched and fabricated into reactor fuel. ConverDyn provides the only commercial UF₆ produced in the United States, and securing this relationship now means our fuel supply pathway is grounded in domestic infrastructure, regulatory familiarity, and operational credibility. That is exactly the kind of supply chain foundation a program like ours needs to move from design and licensing to a fueled, operating reactor.”
— Ross Ridenoure, Chief Nuclear Officer, Hadron Energy

Supply Chain Credibility as a Competitive Asset Building Upon Strategic Partnerships

Hadron has been deliberately and methodically assembling the supply chain, licensing infrastructure, and strategic partnerships required to move from design and development to a fueled, operating reactor, and the velocity and quality of those milestones send a signal that matters to investors, customers, and regulators alike.

The ConverDyn agreement follows Hadron’s recent Memorandum of Understanding with Paragon Energy Solutions, a Mirion Technologies Company, to develop the Instrumentation & Control (“I&C”) architecture for the Halo MMR — a critical subsystem milestone on the path to NRC licensing and commercial deployment. Hadron has also received NRC acceptance of its Quality Assurance Program Description (“QAPD”) Topical Report for review, an early but foundational step in the licensing process that establishes the quality framework governing all of Hadron’s nuclear design, procurement, and construction activities. Additionally, on April 10, 2026, Hadron submitted its Principal Design Criteria (PDC) White Paper to the U.S. Nuclear Regulatory Commission as part of the formal pre-application engagement process under 10 CFR Part 52, formalizing the technical and safety framework that will govern all future license applications for the Halo MMR. The NRC provided favorable feedback on Hadron’s proposed regulatory approach during a December 2025 pre-application meeting, meaningfully de-risking the Company’s path to commercialization.

On the commercial side, Hadron has signed a non-binding Memorandum of Understanding with Smartland Energy, LLC, establishing a portfolio-scale framework for the potential deployment of the Halo MMR across up to five qualified Smartland behind-the-meter power projects over time, representing aggregate capacity demand of approximately 1.8 GWe. In connection with the MOU, Smartland made an initial strategic investment in Hadron, reflecting long-term conviction in the platform’s commercial viability.

These milestones reflect a company building technical, regulatory, and supply chain infrastructure in parallel with its reactor design, the approach that best-in-class nuclear developers use to collapse timelines and de-risk the path to commercial power. The SEC declared the Form S-4 registration statement of GigCapital7 Corp. (Nasdaq: GIG) effective on April 15, 2026, and the shareholder vote to approve the proposed business combination, which places a pro-forma equity valuation of approximately $600 million on Hadron prior to the business combination to align with current public market conditions and Hadron’s commitment to entering the public markets from a position of credibility and long-term strength, is scheduled for May 7, 2026. Hadron is expected to trade on the Nasdaq Stock Market under the ticker symbol “HDRN.” Hadron has also completed a $7.5 million pre-deSPACing bridge equity financing via SAFE notes from strategic investors, further capitalizing this roadmap ahead of listing.

“The companies that will deploy first are the ones that treat supply chain as a core engineering problem, not a procurement afterthought. Following our PDC submission to the NRC, our I&C collaboration with Paragon, and our portfolio-scale MOU with Smartland, this Conversion Services Agreement with ConverDyn adds another foundational layer to our commercialization roadmap. We are building a supply chain that is domestic, credible, and resilient because that is what our customers and our investors should expect from us.”
— Sam Gibson, Founder & Chief Executive Officer, Hadron Energy

“We’re excited to partner with Hadron, a next-generation SMR developer, at a pivotal moment for the industry. ConverDyn brings decades of experience and a commercially proven position in the domestic nuclear fuel supply chain, providing the critical capabilities needed to support advanced reactor deployment. Through this partnership, Hadron will receive high-purity UF₆ produced using advanced processes and the deep operational expertise at Solstice Metropolis Works. This collaboration underscores how strong partnerships and established infrastructure are essential to scaling the next generation of nuclear energy.”
— Malcolm Critchley, President & CEO, ConverDyn

About Hadron Energy, Inc.

Hadron is a pioneer in MMR technology. Designed to deliver 10 MWe of continuous power, the Halo MMR is smaller, more cost-effective, and faster to deploy than other proposed nuclear power solutions. The reactor’s vessel, core, and containment shell are fully truck-transportable, enabling deployment across AI data centers, industrial hubs, remote communities, and infrastructure facilities where traditional power solutions cannot deliver. Hadron is advancing the Halo MMR through an integrated program of technical development, NRC licensing engagement, and a growing portfolio of strategic supply chain and deployment partnerships. For more information, please visit www.hadronenergy.com.

About ConverDyn

ConverDyn, a joint venture between Solstice Advanced Materials Inc. and General Atomics Inc., is the exclusive marketing and purchase agent for Solstice’s Metropolis Works uranium conversion facility in Metropolis, Illinois — the only operating commercial uranium conversion facility in the United States. ConverDyn provides uranium hexafluoride (UF₆) conversion and related services to nuclear utilities in North America, Europe and Asia, playing a critical role in the domestic nuclear fuel cycle.

About Solstice Advanced Materials

Solstice Advanced Materials is a leading global specialty materials company that advances science for smarter outcomes. Solstice offers high-performance solutions that enable critical industries and applications, including refrigerants, semiconductor manufacturing, data center cooling, nuclear power, protective fibers, healthcare packaging and more. Solstice is recognized for developing next-generation materials through some of the industry's most renowned brands such as Solstice®, Genetron®, Aclar®, Spectra®, Fluka™ and Hydranal™. Partnering with over 3,000 customers across more than 120 countries and territories and supported by a robust portfolio of over 5,700 patents and pending applications, Solstice’s approximately 4,100 employees worldwide drive innovation in materials science. For more information, visit www.Solstice.com.

About GigCapital7 Corp.

GigCapital7 Corp. is a Private-to-Public Equity (PPE)™ company, also known as a special purpose acquisition company (SPAC), with a Mentor-Investor™ methodology and a mission to partner with a high technology differentiating company to forge a successful path to the public markets through a business combination. GigCapital7 Corp. aims to partner with an innovative company with exceptional leaders in order to create an industry-leading partnership that will be successful for years to come.

Private-to-Public Equity (PPE)™ and Mentor-Investor™ are trademarks of GigManagement, LLC, a member entity of GigCapital Global and affiliate of GigCapital7 Corp., used pursuant to agreement.

Forward-Looking Statements

This press release includes certain statements that may be considered forward-looking statements within the meaning of the federal securities laws. Forward-looking statements include, without limitation, statements about future events or Hadron’s or GigCapital7’s future financial or operating performance. For example, statements regarding the Uranium Conversion Services Agreement with ConverDyn and the supply of uranium hexafluoride (UF₆); the development and translation into an operational reactor of the Hadron Halo MMR, and its subsequent construction and performance, including with respect to quality control and safety; Hadron’s anticipated growth and other metrics; the anticipated future demand of energy; the future demand and commercialization of the Hadron Halo MMR; potential relationships or engagements; the outcome of Hadron’s regulatory submissions; and statements regarding the benefits of the business combination between the parties and the anticipated timing of the completion of the business combination are all forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as “may,” “should,” “could,” “might,” “plan,” “possible,” “project,” “strive,” “budget,” “forecast,” “expect,” “intend,” “will,” “estimate,” “anticipate,” “believe,” “predict,” “potential” or “continue,” or the negatives of these terms or variations thereof or similar terminology.

These forward-looking statements regarding future events and the future results of Hadron and GigCapital7 are based upon estimates and assumptions that, while considered reasonable by Hadron, GigCapital7, and their respective management teams, are inherently uncertain and subject to risks, variability and contingencies, many of which are beyond Hadron’s or GigCapital7’s control. Factors that may cause actual results to differ materially from current expectations include, but are not limited to: the occurrence of any event, change or other circumstances that could give rise to the termination of the business combination agreement or other definitive agreements in connection thereto; the outcome of any legal proceedings that may be instituted against Hadron, GigCapital7 or others following the announcement of the business combination and any definitive agreements with respect thereto; the inability to complete the business combination due to the failure to obtain consents and approvals of the shareholders of GigCapital7; failure to obtain financing to complete the business combination or to satisfy other conditions to closing; delays or failures to obtain necessary regulatory approvals required to complete the business combination or related transactions; changes to the proposed structure of the business combination as a result of applicable laws, regulations or conditions; projections, estimates and forecasts of revenue and other financial and performance metrics; projections about industry trends and market opportunity; expectations relating to the demand for Hadron’s Halo MMR; Hadron’s ability to scale and grow its business; the cash position of Hadron following closing of the business combination; the ability to meet listing standards in connection with, and following, the consummation of the business combination; the risk that the business combination disrupts current plans and operations of Hadron as a result of the announcement and consummation of the business combination; the ability to recognize the anticipated benefits of the business combination, which may be affected by, among other things, competition, the ability of Hadron to successfully commercialize its Halo MMR, and Hadron’s ability to source and maintain key relationships with management and key employees; costs related to the business combination; changes in applicable laws and regulations; political and economic developments and market volatility; the risk that Hadron does not ever enter into any definitive agreements in connection with commercialization of its technology; the risk that Hadron is pursuing an emerging market; and other risks and uncertainties set forth under “Risk Factors” and other documents filed, or to be filed, with the SEC by GigCapital7 and/or Hadron, including the registration statement that Hadron and GigCapital7 filed in connection with the business combination (the “Registration Statement”).

If any of these risks materialize or Hadron’s assumptions prove incorrect, actual results could differ materially from the results implied by the forward-looking statements. There may be additional risks that Hadron or GigCapital7 do not presently know or currently believe are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. Any forward-looking statements made by or on behalf of Hadron or GigCapital7 reflect the expectations, plans or forecasts of future events and views of Hadron and GigCapital7 and speak only as of the date they are made. Neither Hadron nor GigCapital7 undertake any obligation to update any forward-looking statements to reflect any changes in their respective expectations with regard thereto or any changes in events, conditions or circumstances on which any such statement is based. These forward-looking statements should not be relied upon as representing Hadron’s or GigCapital7’s assessments as of any date subsequent to the date of this communication. Accordingly, undue reliance should not be placed upon the forward-looking statements.

Additional Information About the Transaction and Where to Find It

The proposed transaction is being submitted to GigCapital7’s shareholders for their consideration and approval. GigCapital7 and Hadron have filed with the SEC the Registration Statement that includes a prospectus relating to the offer of securities to be issued in connection with the business combination and GigCapital7 has filed a final prospectus/ definitive proxy statement, which is being distributed to GigCapital7’s shareholders in connection with GigCapital7’s solicitation of proxies for the shareholder vote in connection with the proposed business combination and other matters as described in the Registration Statement. GigCapital7 is mailing the final prospectus/definitive proxy statement and other relevant documents (the “GigCapital7 Shareholder Materials”) to its shareholders as of April 15, 2026, the record date established for voting on the proposed business combination. BEFORE MAKING ANY VOTING OR INVESTMENT DECISION, GIGCAPITAL7’S SHAREHOLDERS AND OTHER INTERESTED PARTIES ARE URGED TO READ, WHEN AVAILABLE, THE FINAL PROSPECTUS/DEFINITIVE PROXY STATEMENT AND ALL OTHER RELEVANT DOCUMENTS FILED OR THAT WILL BE FILED WITH THE SEC IN CONNECTION WITH GIGCAPITAL7’S SOLICITATION OF PROXIES FOR THE EXTRAORDINARY GENERAL MEETING OF ITS SHAREHOLDERS TO BE HELD TO APPROVE THE BUSINESS COMBINATION AND OTHER MATTERS AS DESCRIBED IN THE PROSPECTUS/PROXY STATEMENT BECAUSE THESE DOCUMENTS CONTAIN IMPORTANT INFORMATION ABOUT GIGCAPITAL7, HADRON AND THE PROPOSED BUSINESS COMBINATION. Shareholders and other interested parties may obtain a copy of these documents, without charge, at the SEC’s website located at www.sec.gov or by directing a written request to GigCapital7 Corp., Attn: Corporate Secretary, 1731 Embarcadero Rd., Suite 200, Palo Alto, CA.

NEITHER THE SEC NOR ANY STATE SECURITIES REGULATORY AGENCY HAS APPROVED OR DISAPPROVED THE BUSINESS COMBINATION OR ANY INVESTMENT IN ANY SECURITIES DESCRIBED HEREIN, PASSED UPON THE MERITS OR FAIRNESS OF THE BUSINESS COMBINATION OR ANY RELATED TRANSACTIONS OR PASSED UPON THE ADEQUACY OR ACCURACY OF THE DISCLOSURE IN THIS COMMUNICATION. ANY REPRESENTATION TO THE CONTRARY CONSTITUTES A CRIMINAL OFFENSE.

Participants in the Solicitation

Hadron, GigCapital7 and their respective directors, executive officers, management and employees, under SEC rules, may be deemed to be participants in a solicitation of proxies of GigCapital7’s shareholders in connection with the business combination. Investors and shareholders may obtain more detailed information regarding the names, affiliations, and interests of GigCapital7’s directors and executive officers in its filings with the SEC, including GigCapital7’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025, filed with the SEC on March 6, 2026. Information regarding the persons who may, under SEC rules, be deemed participants in the solicitation of proxies of GigCapital7 shareholders in connection with the business combination is set forth in the Registration Statement, along with information concerning the interests of Hadron’s and GigCapital7’s participants in the solicitation. Such interests may in some cases be different from those of Hadron’s or GigCapital7’s equity holders generally.

No Offer or Solicitation

This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities, or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. This communication is not, and under no circumstances is to be construed as, a prospectus, an advertisement or a public offering of the securities described herein in the United States or any other jurisdiction. No offer of securities shall be made except by means of a prospectus filed with the SEC meeting the requirements of Section 10 of the Securities Act of 1933, as amended, or exemptions therefrom.

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Poet Technologies (POET +1.90%) stock rocketed higher across May's trading, gaining 72.6% over the period. The S&P 500 rose 5.2% over the same stretch, and the Nasdaq Composite gained 8.4%.

Semiconductor and photonics stocks enjoyed very strong bullish momentum last month, and Poet benefited from the favorable valuation backdrop. The company's share price has been highly volatile in 2026, but it's still up roughly 87% year to date.

Image source: Getty Images.

Poet made some big moves in May On May 14, Poet announced that it had entered into a contract to sell Lumilens at least $50 million worth of hardware. The deal also leaves the door open for more than $500 million in total hardware sales. On the other hand, the contract also grants Lumilens stock warrants to purchase shares of Poet stock at $8.25 in tranches tied to the execution of hardware purchases.

Poet also published its first-quarter results on May 14, posting sales that beat the market's expectations. The company reported a loss of $0.08 per share on sales of $0.5 million. The per-share loss came in $0.03 lighter than the average analyst estimate, and sales topped the average analyst forecast by $0.25 million.

Following its Q1 report, Poet published a press release the following day announcing that it had secured $400 million in funding for the sale of roughly 19 million shares of common stock and a warrant offering the singular institutional investor the right to purchase roughly 19 million additional shares at a price of $26.15 per share.

Despite the stock dilution implied by the company's recent deals, Poet managed to post big gains last month thanks in part to bullish excitement surrounding artificial intelligence (AI) stocks.

Today's Change

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10.97

Why Poet stock is moving lower in June As of this writing, Poet stock is down roughly 3.5% in June's trading. The S&P 500 is down 2.6% over the same period, and the Nasdaq Composite's level has moved 4.7% lower.

Poet stock has been moving lower this month in conjunction with a broader pullback for tech-stock valuations. The Bureau of Labor Statistics (BLS) published its May jobs report on June 5, and stronger-than-expected jobs growth has actually prompted a significant pullback for growth stocks.

The BLS report showed that the U.S. economy added an estimated 172,000 nonfarm jobs last month -- exceeding the average economist estimate's target for 80,000 nonfarm payroll positions added in the period. While strong job growth could be viewed as an encouraging sign for the economy, it could also increase the likelihood that the Federal Reserve will hike interest rates this year. As a stock with a highly speculative valuation profile, Poet's share price could be particularly sensitive to the outlook on interest rates.