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New Projects Expected to Add Approximately 15 Million GGEs of RNG Supply Capacity

WHITE PLAINS, N.Y. & MIAMI BEACH, Fla.--(BUSINESS WIRE)--OPAL Fuels (Nasdaq: OPAL), a leading vertically integrated producer and distributor of renewable natural gas and compressed natural gas (RNG/CNG) and GFL Environmental Inc. (NYSE: GFL) (TSX: GFL) (“GFL”) announced today the advancement of construction for two new RNG facilities at the Stones Throw Landfill in Tallapoosa County, Alabama and the Grady Road Landfill in Polk County, Georgia. The projects together represent nearly 2 million MMBTU of plant design capacity and are owned jointly, 50 percent each, by GFL and OPAL Fuels.

OPAL Fuels has agreed to market and distribute the full output from the new RNG facilities through its expanding CNG/RNG dispensing network further advancing OPAL Fuels’ strategy to drive profitable growth across both upstream production and downstream distribution.

The new RNG facilities are designed to supply fuel for approximately 800 Class 8 heavy-duty tractors, with such fuel providing better economics than diesel and the added benefits of zero Scope 1 and Scope 2 emissions. The projects are well positioned to supply accelerating fleet conversion activity in the heavy-duty trucking sector which is being driven by higher and volatile diesel pricing, increased regulatory clarity regarding combustion engines, and the availability of next-generation natural gas engine platforms.

“The construction of these two facilities underscore OPAL Fuels’ momentum in advancing our growth objectives with value accretive projects,” said Jonathan Maurer, Co-Chief Executive Officer of OPAL Fuels. “Bringing new RNG production online amid accelerating fleet demand reinforces the strength of our vertically integrated model, connecting landfill partners to high-value end markets through our growing fuel station network. This work supports our focus on sustainable revenue growth, margin expansion, and creating long-term shareholder value.”

“We are excited to continue building on our investments in RNG facilities at our landfills,” said Patrick Dovigi, GFL’s Founder and CEO. “These projects support the achievement of GFL’s GHG reduction goals including fueling our own CNG fleet from landfill gas produced at our landfills, in addition to generating strong, stable, risk-adjusted returns for many years into the future.”

Using proven technology, the projects will capture methane generated from the natural decomposition of organic material at the Grady Road Landfill and the Stones Throw Landfill and convert it into RNG, a low-carbon, cost-effective transportation fuel.

About OPAL Fuels

OPAL Fuels (Nasdaq: OPAL) is a leader in the capture and conversion of biogas into low carbon intensity RNG and renewable electricity. OPAL Fuels is also a leader in the marketing and distribution of RNG to heavy duty trucking and other hard to decarbonize industrial sectors. For additional information, and to learn more about OPAL Fuels and how it is leading the effort to capture North America’s harmful methane emissions and decarbonize the economy, please visit www.opalfuels.com.

About GFL

GFL is the fourth largest diversified environmental services company in North America, providing comprehensive solid waste management services from its platform of facilities throughout Canada and 18 U.S. states. GFL has a workforce of more than 15,000 employees across its organization.

Forward-Looking Statements

This release includes certain “forward-looking statements” and “forward-looking information” (collectively, “forward-looking statements”), within the meaning of applicable U.S. and Canadian securities laws, respectively. Forward-looking statements are statements that are not historical facts and generally relate to future events or OPAL Fuels’ or GFL’s future financial or other performance metrics. In some cases, you can identify forward-looking statements by terminology such as “believe,” “may,” “will,” “potentially,” “estimate,” “continue,” “anticipate,” “intend,” “could,” “would,” “project,” “target,” “plan,” “expect,” or the negatives of these terms or variations of them or similar terminology. Such forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. New risks and uncertainties may emerge from time to time, and it is not possible to predict all risks and uncertainties. These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by OPAL Fuels and GFL and their respective management, as the case may be, are inherently uncertain and subject to material change. Factors that may cause actual results to differ materially from current expectations include various factors beyond management’s control, including, but not limited to, general economic conditions and other risks, uncertainties and factors set forth in the sections entitled “Risk Factors” and “Cautionary Statement Regarding Forward-Looking Statements” in the OPAL Fuels’ annual report on Form 10-K and quarterly reports on Form 10-Q, and other filings it makes with the Securities and Exchange Commission and in the “Risk Factors” section of GFL’s annual information form for the year ended December 31, 2025, GFL’s other periodic filings with the U.S. Securities and Exchange Commission and the securities commission or similar regulatory authorities in Canada. Nothing in this communication should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. You should not place undue reliance on forward-looking statements in this communication, which speak only as of the date they are made and are qualified in their entirety by reference to the cautionary statements herein. Except as required by law, OPAL Fuels and GFL expressly disclaim any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in OPAL Fuels or GFL’s expectations with respect thereto or any change in events, conditions, or circumstances on which any statement is based.

Disclaimer

This communication is for informational purposes only and is neither an offer to purchase, nor a solicitation of an offer to sell, subscribe for or buy, any securities, nor shall there be any sale, issuance or transfer or securities in any jurisdiction in contravention of applicable law. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.

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FTSE 100 up 60 points to 10,325 Miners lifted by copper's new record highs Vistry slides further on profit warning Babcock, Avon Tech, Savills, Marshalls, TP Icap, Spirax also report  5.11pm: Gains trimmed Despite the ongoing political turmoil, the FTSE 100 finished Wednesday’s session higher, up 60 points at 10,325.

“The morning’s relief rally in UK assets has been tempered by Wes Streeting’s move against Keir Starmer, barely 24 hours after the leadership challenge appeared to have fizzled out,” IG chief market analyst Chris Beauchamp said.

“UK investors now face the prospect of more political uncertainty that adds to the already clouded outlook. However we haven’t seen a full reversal of the gains in the FTSE 100, helped by weakness in the pound which has continued to lose ground against the dollar.”

4.17pm: Indices inch ahead London stocks are heading for a small gain, with the blue-chips up 0.3% and the mid-cap FTSE 250 up 0.2%.

Miners make up six of the top 10 risers on the Footsie, with Antofagasta leading the pack, up 7.5% as copper prices hit new highs. 

Intertek has climbed 6.5% after its board said it was amenable to accepting a take-private bid. 

On the FTSE 250, the biggest faller is Vistry, down 12.3% after a gloomy trading statement.

Airtel Africa is down 12.4% too, after majority shareholder Bharti Airtel said it would increase its stake by buying shares at a discounted price.

3.50pm: Speech reactions More King's speech reactions.

Measures were confirmed to deliver the Chancellor's Leeds Reforms and modernise the regulatory framework to support innovation and competitiveness, including proposed reforms to the Financial Ombudsman Service and the Senior Managers and Certification regime, these "will improve regulatory certainty and reduce burden", says Karen Northey, a director at the Investment Association.

"With £3 trillion managed by our industry on behalf of European clients, a closer partnership with the EU on financial services, in addition to those industries referenced in the King’s Speech, can also help unlock investment opportunities."

The speech also saw the government announce legislation to ban all new exploration licences for oil and gas in the North Sea. 

Greenpeace UK’s co-executive director Areeba Hamid says: "By calling time on North Sea oil and gas, the government is opening a bright future for cheap and homegrown sources of renewable energy. If the recent turmoil has taught us anything it's that relying on fossil fuels - whether from the North Sea or Gulf states - will only leave us at the mercy of foreign wars and dictators."

The King also announced that the government will ban the use of leasehold for new flats, cap ground rents at £250 a year and implement a new process for converting to commonhold.

Scott Goldstein, a property disputes lawyer at Payne Hicks Beach, says: "Developers will no longer be able to hold onto freeholds once construction finishes, tightening their ground rent income, which is already reduced with the upcoming cap in 2028.

"The further loss of earnings from lease extensions could prompt developers to recoup costs by upping the price of new build flats. Developers may also turn their attention towards projects not affected by the leasehold restrictions, such as Build to Rent schemes or social housing."

He says buyers may soon find themselves footing more of the bill as the industry adapts to the reforms.

3.39pm: London AI startup valued at £3.5bn Google, Nvidia and AMD have invested in London AI startup Recursive Superintelligence as it raised US$650 million in an initial funding round, valuing the company at £3.5 billion (US$4.65 billion) as it looks to build self-improving AI systems.

The round was led by Google Ventures and Greycroft as the new company said it was "emerging from stealth" after being founded only months ago, currently employing only around 25 people in London and San Francisco. 

Recursive’s founders include former Salesforce chief scientist Richard Socher and UCL professor Tim Rocktäschel, formerly of Google DeepMind.

The company says it is pursuing AI systems capable of “recursively” improving themselves through automated experimentation without human intervention.

Rocktäschel said in a tweet: "Excited to co-found Recursive with an exceptional team in London and SF to create AI that experiments on how to safely improve itself, turning compute into knowledge that accumulates in an open-ended process of endless, automated scientific discoveries."

UK venture capital firm Twin Path also invested.

Super proud to be an investor in @Recursive_SI - we think the only UK VC backing this London based Frontier AI lab - if their prove their hypothesis- we think they can - then the world changes ???????????? https://t.co/BfwRMiDvfN

— John Spindler (@Twinpathvc) May 13, 2026 2.55pm: Wall Street mixed at open Wall Street has opened with a lack of clear direction, while the Footsie is heading northwards again. 

In New York, the Dow Jones has started 0.5% lower, with the S&P 500 slipping 0.15%, though the tech-powered Nasdaq Composite has inched up 0.1%.

Dragging on the Dow are falls for IBM, Salesforce and Home Depot, all down over 2%, with Amex, Microsoft, Disney and Nike next.

Leading the Nasdaq 100 risers is semiconductor group Marvell Technology, up 8%, followed by peers Texas Instruments, Micron Technology and Analog Devices.

1.57am: Blue-chips in the red The FTSE is heading lower.

The biggest falls inlcude Airtel Africa, Spirax, JD Sports, IMI and SSE, smaller blue-chips. 

But there are some from among the larger names, including RELX, BAE Systems, Experian and Imperial Brands, all down 2.4% to 1.4% lower. 

Among the biggest heavyweights, seven of the 10 largest conpanies are in the red or flat, with AstraZeneca, GSK and Unilever all down close to 1%. 

1.27pm: King's speech gets mixed reaction from City There's some comments on the King's speech. 

Richard Stone, chief executive of the Association of Investment Companies, says: “It’s disappointing that the government has missed an opportunity to push forward with the reforms it has promised to enfranchise retail investors.

"Unfortunately, we are still in a situation where platforms and other nominees can choose whether to pass on company information and voting rights to underlying retail shareholders. The resulting dislocation between companies and their shareholders hands disproportionate power to motivated minority shareholders like Saba Capital."

He says the AIC will continue to press the government to fulfil its promise to enact the Bill of Shareholder Rights proposed by the Digitisation Taskforce, as data shows that where companies have a higher level of retail shareholders, turnout is lower.

Shevaun Haviland, director general of the British Chambers of Commerce, says there were "some positives for business with action to tackle late payments, simplify trade with the EU and strengthen apprenticeships [that] can make a real difference to cashflow and confidence on the ground." 

She says there are also "significant gaps", with disappointment that there is "no clear progress on reforming business rates, which remain a major cost burden for firms across the UK".

Rain Newton-Smith, the CBI's chief executive, says: "Moves to strengthen energy security, bolster transport connections and streamline financial services regulation are welcome, as are concrete measures to deepen ties with Europe.

"The EU remains our most important trading partner and the government is right to take steps to smooth UK-EU trade and help us realise the full potential of this vital trading relationship." 

1.06pm: Goldman doesn't see gilts coming down soon Goldman Sachs has warned that higher oil prices linked to the Iran conflict and growing political uncertainty in the UK are likely to keep government borrowing costs elevated for some time.

The bank estimates that rising gilt yields and weaker growth could wipe around £12 billion from Chancellor Rachel Reeves’ fiscal headroom, limiting room for public spending and making it harder to meet borrowing rules.

The yield on the UK 10-year gilt rose above 5.1% this week, its highest level since 2008, while 30-year borrowing costs briefly hit levels last seen in 1998.

12.32pm: FTSE gains wiped out as challenge to PM could come tomorrow And now the FTSE has seen all its earlier gains wiped out.

It is tempting to say this is because UK bond yields are rising again, which they are, as several reports reveal that Wes Streeting is preparing to resign and had already discussed his intentions with PM Starmer ahead of the speech.

The latest reporting suggests momentum may be shifting towards a formal leadership challenge from Streeting, with sugestions that he may have secured the 81 Labour MPs required to trigger a contest.

The Times chief political correspondent, Aubrey Allegretti, tweeted that Streeting is “going to go for it” tomorrow, although there is still no public confirmation of this. 

Gilt yields have "shot higher" on these Streeting reports, says market analyst Neil Wilson at Saxo, adding that "It's clear that bond markets are very sensitive to headlines but we have not had confirmation yet as to any move to trigger a contest.

"However, as detailed this morning it seems increasingly clear that Starmer cannot hold on and I expect a move to happen once the King's Speech is out of the way."

And as for stock markets, despite these UK bond market moves, the London index is not the only one in the red, with those in Paris and Madrid down 0.4% and 0.2%.

Wall Street stock futures are mixed again, with the Dow Jones seen falling 0.3%, but the Nasdaq called 0.6% higher and S&P 500 futures up 0.2%. 

Analyst David Morrison at Trade Nation points out that the US dollar is stronger, building on gains made earlier in the week.

The dollar index hit a one-week high of 98.3 as "investors once again looked to mitigate risk. Tensions between the US and Iran remain high, and the month-long ceasefire between the two sides looks closer than ever to being broken.

"Could it be that it is only President Trump’s visit to Beijing, and tomorrow’s meeting with Xi Jinping, that is keeping the fragile peace going for a few more days?

"The talks should prove to be a pivotal moment in relations between the two economic giants. Topics are expected to include the war with Iran, energy security, AI, trade, tariffs and Taiwan, so plenty on which to focus."  

11.56am: King's speech over, key Starmer opponent prepares to resign UK gilt yields rose ahead of the King's speech, but are easing now, as nothing seems to have piqued the ire of the mighty bond market. 

Having said that, government borrowing costs are higher than they were a week ago. 

It comes as news emerges that health secretary Wes Streeting is preparing to quit as health secretary and could mount a formal challenge for the leadership as early as tomorrow, per the Gudairan.

This was the second King’s speech under this government, with more than 35 bills and draft bills unveiled, compared to around 50 a year ago.

Bills were targeted at "strengthening the UK’s foundations through measures to bolster economic, energy, national security", with laws focused on immigration, public services and state reforms.

Prime Minister Keir Starmer said:

11.31am: King's speech to play to two key audiences With the bond markets watching Westminster more closely, the King's speech is just starting in the House of Lords.

“From a market standpoint, the King’s speech is less about specific policy detail and more about what it signals on credibility, cohesion and control," says John Wyn-Evans, market analyst at Rathbones.

That is "particularly crucial" for this year's speech, given the domestic and international backdrop.

Despite the name, the speech is written by the government, not by the monarch personally.

Investors will be "listening for reassurance" that Keir Starmer's political agenda is "grounded in fiscal realism and a clear understanding of the constraints imposed by inflation, debt servicing costs", Wyn-Evans says.

“For gilt markets in particular, the tone matters as much as the content."

However, while the bond markets want a calm, measured speech that reinforces continuity in fiscal oversight and respect for institutional guardrails, the Labour party also wants the government to convey that it is making big changes to help turn the economy around and help households.

"What the markets want to hear and what the prime minister’s detractors want to hear may not overlap," says Wyn-Evans.

This adds an additional layer of uncertainty for investors.

But he notes that UK assets "tend to perform best when policy direction is predictable rather than ambitious, and when political noise is kept from spilling into fiscal outcomes".

However, that may increase calls from within the party for Starmer's head. 

10.55am: Tax the rich more, say the rich More than seven out of 10 UK millionaires would be willing to pay more tax to ensure the government can fund public assets such as the NHS and schools, according to new research.

A poll commissioned by Patriotic Millionaires UK found wealthy Britons are more concerned about doctors and skilled workers leaving the country than fellow millionaires emigrating amid debate over higher taxes on wealth.

A Survation poll found 79% backed higher taxes to create opportunities for young people.

Some 43% said they were most concerned about doctors and healthcare staff leaving the UK, compared with just 9% who were most concerned about other millionaires leaving.

The group is campaigning for higher taxes on wealth, including a 2% levy on fortunes above £10 million.

10.14am: Defence stocks in focus Some reaction to other company news this morning. 

"Disappointing", is the Babcock headline reaction from analyst David Farrell at Jefferies.

He says the "emergence of significant charges on the Type 31 contract, unfortunately, overshadows what was another year of meaningful progress, surpassing consensus expectations on revenue, EBITA and FCF.

"It may take some time for the market to digest the charges on the group's last remaining legacy project, but it is important not to lose sight of the positive trajectory, with FY27F consensus EBITA well underpinned and a new £200m buyback announced."

Babcock shares are up 1.7% this morning. 

Elsewhere in the defence sector, Avon Technologies is down 7% to a year's low as strong Ukraine-related orders from the Protection division was partly offset by a decline in the Team Wendy helmets business.

Funding delays linked to US government shutdowns "contributed to some temporary weakness in orders from federal agencies and law enforcement", says Andrew Humphrey at house broker Peel Hunt.

Orders were down 32% year-on-year, largely the result of funding delays at the US Department of Homeland Security from the government shutdown, though Congressional discussions on extensions to DHS funding ongoing since the shutdown ended in late April, with management expectations for additional helmet orders before the end of the calendar year.

9.16am: Intertek and miners keeping FTSE afloat After an hour and a quarter, the FTSE 100 is up 68 points at 10,333.5.

Intertek, followed by a group of miners and financials, continue to lead the index. 

Over in mainland Europe, stocks are also mostly in green, with Germany's DAX up 0.8% and France's CAC 40 rising 0.1%.

"Global equity markets are trying to edge higher this morning, but the mood is far from euphoric, with the ongoing stalemate in the Middle East continuing to drag on risk appetite," says market analyst Matt Britzman Hargreaves Lansdown.

"Investors are also watching President Trump’s meetings with China closely, with any signs of progress on trade likely to set the tone for the next leg in market sentiment.

"For now, markets look cautiously constructive, but there is still plenty of geopolitical noise threatening to knock confidence off course."

After UK government bonds had a bruising session yesterday, there has not been much of a let-up this morning, with borrowing costs hovering around levels last seen during the financial crisis. The 10-year yield fell below 5% this morning but is now back up slighly below 5.1%, while the 30-year yield is still above 5.7%.

On the mining sector, Britzman says: "Copper’s surge to fresh all-time highs is a timely reminder that the AI story is not just about chips and software. Futures climbed this morning, helped by stronger Chinese demand and mounting supply concerns, with resilient industrial activity, power grid investment, renewables and data centre growth all pulling in the same direction."

8.51am: Average CEO earns 145 more than UK average salary Average pay for FTSE 100 chief executives has risen 15% to £5.2 million, far outpacing growth in employee wages, according to new figures from the High Pay Centre.

The think tank said median employee pay rose 4.85% over the same period.

The ratio between the median CEO and employee reached 95:1 across 64 companies analysed, while compared to the UK-wide median salary of £39,039, the median CEO earned 145 times more.

High Pay Centre spokesperson Andrew Speke said the trend risked damaging morale, productivity and staff retention, calling for a “balanced, fair and sustainable” approach to corporate pay.

8.39am: Savills and TP Icap reaction There's some quick broker reaction after updates from FTSE 250 names Savills and TP Icap.

Peel Hunt analyst Clyde Lewis has reiterated a 'buy' rating on the estate agency giant after an AGM trading update revealed things were running marginally ahead of board expectations.

In terms of outlook, he notes that the group's commercial transactions pipeline remains strong, with the group expecting the traditional second-half weighting, while residential activity is likely to be mixed, "with a softer Middle Eastern market tempering the UK and Asia performances".

Lewis points out that the shares, which are down 0.5% today and have fallen around 16% year to date, are now available for around nine times forecast 2026 earnings.

As for TP Icap, the financial market infrastructure group, where first-quarter revenues rose 13% year on year, Jens Ehrenberg at Cavendish says this is comfortably ahead of expectations, though the shares are not quite up 1%. 

He describes the update as strong, with the group benefiting from elevated volatility levels driven by the geopolitical and macroeconomic backdrop.

8.15am: FTSE off to a flier thanks to miners and banks The FTSE 100 has been catapulted higher by early gains for miners, financials and defence and aerospace stocks. 

In opening trades, the London index has flown 73 points higher to 10,338.

Top of the initial leaderboard is Intertek, up 7.4% after its board said it "would be minded to recommend" a bid from Swedish private equity firm EQT to shareholders. 

Next comes a phalanx of miners, with Antofagasta, Fresnillo, Endeavour, Anglo American, Rio Tinto and Glencore up between 4.9% and 2.6%. 

Asia focused financials are next, with Standard Chartered and Prudential both up around 2%. Domestic lenders Barclays and Lloyds Banking Group are only slightly behind that. 

Babcock International gained an initla 2% after its update (see below). 

8am: Babcock fires off complicated update Babcock International has unveiled a new £200 million share buyback despite taking a £140 million hit on its Type 31 frigate programme.

The FSTE 100 defence contractor said strong cash generation and trading momentum left its outlook for 2027 unchanged, with underlying operational performance in the year to 31 March particularly strong in its Nuclear and Aviation divisions.

Profits were dragged lower by a non-recurring charge linked to the Royal Navy frigate contract, followed an engineering "maturity review" of the five-ship programme after higher levels of rework than expected during the outfitting stage of the first two vessels. The first two ships have been floated off, with the keel of ship three laid and construction has formally started on ship four.

Around £100 million of the £140 million charge will be recognised as a revenue reversal in the 2026 financial year, with the balance added to contract loss provisions.

Underlying operating profit excluding the Type 31 charge rose 19% at constant currency, while revenue climbed 10%.

7.40am: Vistry warning Vistry Group has warned that first-half profit will be "significantly lower" than last year, with trading since the start of 2026 affected by macroeconomic uncertainty that has increased since its results in March, with weaker market conditions hitting the second quarter

The builder has paused its share buyback programme as the housebuilder ramps up incentives and discounts to accelerate sales and improve cash generation.

Pausing the buyback is part of a wider push to reduce debt, including increased efforts to sell completed and near-completed homes, tighter discipline on partner deals and slower build rates on some sites.

7.17am: FTSE 100 called higher as oil prices rise again The FTSE 100 is predicted to mount a bit of a comeback on Wednesday, despite oil prices rising after a report that the United Arab Emirates has been carrying out military attacks on Iran. 

Jet fighters "secretly" made retaliatory attacks on Iran, including one on an oil refinery, which was said to make the oil-producing nation a clearer target if Tehran's ceasefire with Washington is abandoned. Brent crude is hovering just below $107 a barrel.

On the futures market, London's blue-chip index has been called around 55 points higher, following a session when it battled back from a 110-point deficit to finish down just four points at 10,265.32. 

US stocks were mixed overnight, with the tech-heavy Nasdaq sliding 0.7%, while the S&P 500 closed down less than 0.2% and the Dow Jones rose 0.1%. 

Treasury yields moved higher as the effects of the Iran war let to a three-year high reading in CPI inflation, with traders scaling back expectations for rate cuts any time soon. 

"Fears are mounting again about sticky inflation, modest downside risks to economic activity, and (discreetly), higher US interest rates," says market analyst Kyle Rodda at Capital.com.

"Although it’s only manifesting in Fed Fund Futures and Treasury yields, the markets are pricing in that the next move from the US Federal Reserve will be a rate hike."

Currently, the signals imply a 40% chance of a Fed hike by the end of the year.

In the absence of any market-moving earnings until Nvidia next week, with Middle East peace expected talks to go quiet as US President Donald Trump lands in China, markets may "enter something of a vacuum over the next few days", Rodda says.

"Global trade policy will be in focus and may shift attention away from geopolitics for a day or so, especially given the US is unlikely to make any bold moves in the war while its President is on a diplomatic visit with its adversary’s ally."

London-listed companies reporting today include Babcock, Vistry, Savills, Martshalls, Spirax and Avon Technologies. 

Calgary, Alberta--(Newsfile Corp. - May 26, 2026) - Arrow Exploration Corp. (AIM: AXL) (TSXV: AXL) ("Arrow" or the "Company"), the high-growth operator with a portfolio of assets across key Colombian hydrocarbon basins, is pleased to provide an update on operational activity on the Icaco field on the Tapir Block in the Llanos Basin of Colombia where Arrow holds a 50 percent beneficial interest.

Icaco 1
The Icaco 1 exploration well (IC-1) was spud May 5, 2026, and reached target depth on May 9, 2026. The IC-1 well was drilled, on time and under budget, to a total measured depth of 7,800 feet (7,524 feet true vertical depth) and encountered multiple hydrocarbon-bearing intervals.

As previously disclosed, the log analysis shows a total of 30 feet of pay in the Carbonera C7 formation ("C7"), 15 feet of pay in the Gacheta formation, and 26 feet of pay in the Ubaque formation.

Arrow put IC-1 on production on May 15, 2026, in the C7 where the pay zone that was perforated is comprised of two clean sandstones with an average porosity of 25%. An electric submersible pump ("ESP") was inserted in the well after perforating. During the clean-up period the well reached an average rate of 735 BOPD gross (368 BOPD net) with a 50% water cut for a 15 hour period before settling into the current stable production rate.

The well is currently on production at 15/128 choke, 30 Hz pump frequency resulting in a restricted rate of approximately 628 BOPD gross (314 BOPD net). The oil quality is 27.8° API and there is a 46% water cut (completion fluid and formation water).

The testing results indicate that the well is capable of higher rates, with well and pump optimization, and the ultimate flow rate will be determined over the coming weeks of production.

Initial production results are not necessarily indicative of long-term performance or ultimate recovery.

Icaco 2
The Icaco 2 (IC-2) well, a significant step out from the IC-1 well, was spud on May 18, 2026. The IC-2 well will give Arrow an opportunity to increase production from Icaco, as well as provide further information on the size and materiality of the Icaco discovery.

Forward Drilling Plans
The Company plans further appraisal and development drilling at the Icaco field including potential horizontal well development. With continued positive results at Icaco, the Company would build additional cellars and continue with development drilling that could last until the third quarter. After initial development at the Icaco pad has concluded, the Company plans development drilling at the AB and CN pads.

Production
Including the restricted production from the IC-1 well, total gross corporate production is approximately 5,100 boe/d. Currently the CN-HZ12 well is offline waiting on a workover. The well was producing approximately 330 BOPD gross (165 BOPD net) when it was shut in. Arrow has continued to shut in the Pepper gas field due to low natural gas prices in Alberta, which was producing approximately 130 boe/d when it was shut in. The Company believes that AECO gas prices will improve in the third and fourth quarter of 2026 once the region moves into the winter months. At that time the Pepper field is expected to be brought back on production.

Marshall Abbott, CEO of Arrow commented:
"Management believes the Icaco 1 well result is a material discovery in the southeastern area of the Tapir Block. Icaco 2, a significant step out to the north, will help delineate the pool and determine initial volumes and areal extent of each individual oil producing zone."

"The Icaco prospect has been developed by the Arrow team using both 2D seismic and the more recently shot 3D seismic program. The Icaco prospect demonstrates the same technical scope and repeatability of the play type that has proven to be highly successful for Arrow in the Tapir Block in the Llanos Basin of Colombia. Management looks forward to updating shareholders on the progress at Icaco in the near term."

"With production over 5,000 boe/d, Arrow aims to maintain a strong balance sheet with a healthy cash position, no debt and significant cash flow as seen in our 2025 audited Financial Statements. In the current oil price environment, the Company continues to build cash resources. This provides a stable platform with optionality to pursue both organic growth and accretive acquisitions."

For further information, contact:

Arrow Exploration
Marshall Abbott, CEO+1 403 651 5995Joe McFarlane, CFO+1 403 818 1033

Canaccord Genuity (Nominated Advisor and Joint Broker)
Henry Fitzgerald-O'Connor
James Asensio
Rory Blundell
George Grainger +44 (0)20 7523 8000  Auctus Advisors (Joint Broker)
Jonathan Wright +44 (0)7711 627449Rupert Holdsworth Hunt

Hannam & Partners (Joint Broker)
Leif Powis+44 20 7907 8500Samuel Merlin
  Camarco (Financial PR)
Owen Roberts +44 (0)20 3781 8331Rebecca Waterworth
About Arrow Exploration Corp.

Arrow Exploration Corp. (operating in Colombia via a branch of its 100% owned subsidiary Carrao Energy S.A.) is a publicly traded company with a portfolio of premier Colombian oil assets that are underexploited, under-explored and offer high potential growth. The Company's business plan is to expand oil production from some of Colombia's most active basins, including the Llanos, Middle Magdalena Valley (MMV) and Putumayo Basin. The asset base is predominantly operated with high working interests, and the Brent-linked light oil pricing exposure combines with low royalties to yield attractive potential operating margins. By way of a private commercial contract with the recognized interest holder before Ecopetrol S.A., Arrow is entitled to receive 50% of the production from the Tapir block. The formal assignment to the Company is subject to Ecopetrol's consent. Arrow's seasoned team is led by a hands-on executive team supported by an experienced board. Arrow is listed on the AIM market of the London Stock Exchange and on TSX Venture Exchange under the symbol "AXL".

Forward-Looking Statements

This news release contains certain statements or disclosures relating to Arrow that are based on the expectations of its management as well as assumptions made by and information currently available to Arrow which may constitute forward-looking statements or information ("forward-looking statements") under applicable securities laws. All such statements and disclosures, other than those of historical fact, which address activities, events, outcomes, results or developments that Arrow anticipates or expects may, could or will occur in the future (in whole or in part) should be considered forward-looking statements. In some cases, forward-looking statements can be identified by the use of the words "continue", "expect", "opportunity", "plan", "potential" and "will" and similar expressions. The forward-looking statements contained in this news release reflect several material factors and expectations and assumptions of Arrow, including without limitation, Arrow's evaluation of the impacts of COVID-19, the potential of Arrow's Colombian and/or Canadian assets (or any of them individually), the prices of oil and/or natural gas, and Arrow's business plan to expand oil and gas production and achieve attractive potential operating margins. Arrow believes the expectations and assumptions reflected in the forward-looking statements are reasonable at this time, but no assurance can be given that these factors, expectations, and assumptions will prove to be correct.

The forward-looking statements included in this news release are not guarantees of future performance and should not be unduly relied upon. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. The forward-looking statements contained in this news release are made as of the date hereof and the Company undertakes no obligations to update publicly or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Glossary

API:A specific gravity scale developed by the American Petroleum Institute (API) for measuring the relative density of various petroleum liquids, expressed in degrees.BOPD:barrels of oil per dayboe/d:barrels of oil equivalent per dayPay:A reservoir or portion of a reservoir that contains economically producible hydrocarbonsThis press release contains various references to the abbreviation "BOE" which means barrels of oil equivalent. Where amounts are expressed on a BOE basis, natural gas volumes have been converted to oil equivalence at six thousand cubic feet (Mcf) per barrel (bbl). The term BOE may be misleading, particularly if used in isolation. A BOE conversion ratio of six thousand cubic feet per barrel is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.

Qualified Person's Statement (AIM requirement)

The technical information contained in this announcement has been reviewed and approved by Grant Carnie, senior non-executive director of Arrow Exploration Corp. Mr. Carnie was formerly a member of the Canadian Society of Petroleum Geologists, holds a B.Sc. in Geology from the University of Alberta and has over 35 years' experience in the oil and gas industry.

This Announcement contains inside information for the purposes of the UK version of the market abuse regulation (EU No. 596/2014) as it forms part of United Kingdom domestic law by virtue of the European Union (Withdrawal) Act 2018 ("UK MAR").

NOT FOR RELEASE, DISTRIBUTION, PUBLICATION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO OR FROM THE UNITED STATES, AUSTRALIA, JAPAN, THE REPUBLIC OF SOUTH AFRICA OR ANY OTHER JURISDICTION WHERE TO DO SO MIGHT CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/298783

Source: Arrow Exploration Corp.

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MongoDB Inc (NASDAQ:MDB) is set to report fiscal first-quarter 2027 results Thursday after the bell, with Wedbush maintaining its Outperform rating and $380 price target ahead of the print, arguing the Street's revenue expectations are too conservative and that the database company remains in the early stages of capitalizing on its AI strategy.

Wedbush’s Dan Ives kept MongoDB on the firm's IVES AI 30 list, citing the company's consumption-based strategy and expanding reach across enterprise channels, particularly in US Enterprise and the mid-market.

The firm views the Street's consensus revenue estimate of $664.5 million for FQ1'27 as conservative, with Atlas consumption metrics seen as still in the early growth phase as more customers recognize the value of the MongoDB platform.

Wedbush also flagged the Atlas growth guidance of 26% for the quarter as a cautious figure, noting it implies a 300-basis-point deceleration from the prior quarter's close despite Atlas accounting for more than 70% of total revenue.

The analysts pointed to strong platform engagement as a positive indicator, noting that Atlas customers spending $100,000 or more in annual recurring revenue have been increasing the number of products used on the platform, with customers using two or more Atlas features up 800 basis points year-over-year. Customer retention rates have also trended higher consistently over recent quarters.

On the AI front, Wedbush views the company's recent acquisition of Voyage AI as central to its AI strategy, with the deal aimed at helping enterprises build reliable AI applications by connecting private and proprietary data directly to large language models.

Ives highlighted MongoDB's ability to assist organizations through migrations to new technologies across both on-premises and cloud environments, leveraging AI tools to simplify and validate the conversion process.

While Atlas represents approximately $2 billion in annual revenue today, Ives argued the company has yet to make a meaningful dent in what it sees as a total addressable market exceeding $100 billion, leaving significant runway for growth across mid-market and enterprise customer segments.

Arrow Exploration Corp (TSX-V:AXL, AIM:AXL, OTC:CSTPF) said first-quarter production, revenue and earnings rose as higher output from Colombia’s Tapir block underpinned a stronger start to 2026, before a post-period exploration discovery at Icaco added a fresh drilling catalyst.

Average production increased to 4,715 barrels of oil equivalent per day from 4,085 boe/d a year earlier, driven by additional crude volumes from the Mateguafa Attic field. Revenue net of royalties rose 21% to US$23.5 million, while adjusted EBITDA climbed 22% to US$14.1 million.

Net income increased to US$5.2 million from US$2.7 million in the same period last year. Arrow ended March with US$14.2 million of cash, which had increased to US$24 million by 1 May, while the company said it continued capital expenditure and drilling activity.

Post-period activity included the Icaco-1 exploration well, which Arrow said resulted in a discovery across three oil-bearing sands. The company has since spudded Icaco-2, an appraisal well intended to help delineate the pool and determine initial volumes and areal extent of each producing zone.

Chief executive Marshall Abbott said the Icaco discovery “could become a major production platform with a material impact on the Company”. Arrow expects Icaco-2 to be put on production over the coming weeks, followed by additional Icaco development wells and recompletions at Mateguafa Attic during the second quarter.

Arrow Exploration Corp (TSX-V:AXL, AIM:AXL, OTC:CSTPF) CEO Marshall Abbott talked with Proactive about the company’s strongest quarter to date, highlighting rising revenue, EBITDA, cash flow and continued operational momentum across the Tapir block in Colombia.

Proactive: Welcome back inside our Proactive newsroom. Joining me now is Marshall Abbott, CEO of Arrow Exploration. Marshall, great to have you back again. How are you?

Marshall Abbott: I’m doing great. How are you doing?

I’m doing good. Really interesting to read your Q1 financials released today. Exciting for the company with lots of positive numbers. Overall, what were your thoughts on Q1?

It was the best quarter ever for the company. Revenue was up, EBITDA was up, cash flow was up and cash in the bank was at US$24 million. We’re in good shape. Cash flow is very strong on a monthly basis. We’re active with rigs moving, a drilling rig operating and a service rig operating. We’ve also had a lot of success in the Tapir block in Colombia.

Let’s talk about that. What did you see there in Q1 and where is it headed?

In Q4 last year we had success in the Mateguafa play. We have three zones being completed there. Production is very solid, declines are minimal and water production is manageable. We only had three wells included for reserves at year-end, with the balance expected to be booked this year. We are even considering a potential mid-year reserve update.

We continue drilling Mateguafa wells. While additional drilling infrastructure is being prepared, we moved to the Icaco pad. The Icaco-1 well was a discovery and we are very excited about it. We identified fault-related structures through 3D seismic and the well encountered three separate producing zones. One zone is producing currently and we will test another zone shortly to evaluate productivity.

Initial flow rates were above 550 barrels per day and production appears stable. We drilled a second well and expect to release additional information soon. The area has performed better than expected. We remain very active on the drilling front and have a strong prospect inventory extending through the potential expiry of the block in February 2028.

Production is now above 5,000 barrels per day and we intend to continue growing. Our strong cash position gives us flexibility to expand drilling activity and evaluate acquisitions. We are seeing more onshore Colombia transactions. Last year we ranked among the top ten operators in Colombia and are increasingly recognised as a serious operator.

We also drilled the longest horizontal well leg in Colombia. I recently met with Ecopetrol regarding a Tapir block extension and discussions have been positive and supportive. Ecopetrol is also planning asset sales and we intend to evaluate opportunities.

Do you feel the Icaco success could mirror what you’ve seen at Tapir?

We’ve drilled six exploration wells throughout the block and five resulted in discoveries. We are very excited about Icaco. The play type has been repeated successfully and repeatability is central to our strategy. We are pleased with the results moving forward.

What key developments should investors watch over the next three to six months?

We plan to increase activity on the Tapir block through workovers, development wells and exploration wells. Additional exploration targets near Icaco on separate fault trends are being prepared now.

We also expect acquisition activity. Over the last 12 months we evaluated around 60 separate transactions. We remain disciplined and focused on opportunities with upside potential at the right valuation. We are well funded and excited about the opportunities across the portfolio.

Congratulations on the quarter and thanks for joining us.

Thanks.

Quotes have been lightly edited for style and clarity

First Phosphate Corp. (CSE:PHOS, OTCQX:FRSPF, FRA:KD0, OTC:FPHOY) earlier this week reported a substantially updated mineral resource estimate for its Bégin-Lamarche phosphate project in Quebec, with indicated resources increasing by 378% following extensive drilling and metallurgical work.

CEO John Passalacqua told Proactive that the company had now completed more than 65,000 metres of drilling across the property, including a 40,000m second drill campaign completed earlier this year. He said the work had successfully upgraded inferred resources while also identifying additional mineral extensions across the deposit.

Passalacqua stated that the company had expanded the project from three zones to four distinct mineralized areas, now identified as the Mountain Zone, Northern Zone, Central Zone and Southern Zone. He said the deposit demonstrates strong continuity and remains open at depth, providing potential for additional future growth.

The company also highlighted positive metallurgical results supporting downstream battery material processing. Passalacqua noted that testing had achieved a 40.4% P2O5 concentrate grade, which he described as being among the purest globally.

He added that the company had achieved a phosphate-to-purified phosphoric acid conversion rate of approximately 91.1%, supporting the project’s potential suitability for lithium iron phosphate (LFP) battery applications.

According to Passalacqua, the project could become one of only a limited number of igneous phosphate operations globally capable of supplying high-purity phosphoric acid to the battery industry.

He said the strategic value of the project is increasing amid growing North American demand tied to electric vehicles, energy storage systems and AI-driven infrastructure expansion.

Looking ahead, Passalacqua said First Phosphate plans to internally review the updated data before potentially advancing to a feasibility study targeted for completion by December 2026.

Beyond that stage, the company would focus on permitting and project financing with the objective of achieving commercial production by 2029.

Proactive: All right. Welcome back inside our Proactive newsroom. Joining me now is John Passalacqua, CEO of First Phosphate. John, good to see you again. How are you?

John Passalacqua: Yeah great. Good to see you.

The company has big news today that you've updated your mineral resource at Bégin-Lamarche. Really strong numbers here, John. A big expansion for the project.

Yeah. Look, we're very happy with the results and all the work that's been done in the field. We've been able to increase indicated reserves by 378%. That's an extreme accomplishment. Not only have we been able to upgrade existing inferred resources, but we've also been able to find more and more extensions, and we even remain open at depth.

Talk to me a bit about the work that's gone into this. I know this was built over two drill programs, right?

Yes. It's been built over two drill programs. Our second drill program finished in March of this year. It was a 40,000m campaign. In total, we've drilled over 65,000m at the property. Now the drilling has pretty much been finalized for this stage of operations. We've been able to successfully upgrade, quantify and qualify all of our mineral resources at the property. We're quite happy. This now allows us to move to the next stages of development here.

Talk to us a bit about the characteristics of Bégin-Lamarche. It's broken up into four different areas that you've been working on.

Yeah, it's really great. We were working off three zones, but now with the increased mineralization and the way it's been qualified, we've moved to four zones. We have the Mountain Zone, the Northern Zone, the new Central Zone and the Southern Zone. Those are four distinct areas of the deposit corresponding to four different faults. Each has its own characteristics, but there is really large homogeneity across those zones and across the deposit. It's almost like one big massive blob of phosphate on surface that can be drilled out fairly easily.

In the report, you also talk about the metallurgical work and recovery rates. Those are very strong for the project moving forward.

Yeah. The really important thing is that the recovery rates are now pretty much solidified. We're able to get to an extremely high-purity concentrate. This concentrate is around one of the highest purities ever put together out there, and that's because of the purity of the rock. We arrive at a 40.4% P2O5 reading. That's incredible. It's almost pure apatite.

We've also been able to qualify the material to move it through the various steps into making purified phosphoric acid for the LFP battery industry. We get to a conversion ratio of about 91.1%, meaning that when you start with the rock, about 91.1% gets converted into purified phosphoric acid. Those are extremely generous rates and allow for the preparation of purified phosphoric acid for the LFP battery industry.

We've hit it on all levels — continuity, extensions on the resource, surface economics and downstream conversion capability. So we're extremely happy as a company.

Next steps. What happens now?

The next steps are for all of this to be reviewed internally. The next stage of mining development would be moving into a feasibility study. If we proceed, we'd like to complete that by December 2026. We'll be sitting down with the board and reviewing all the data.

After that, it would move into permitting and building the capital stack, which we've already started to do, with the goal of having a mine operational by 2029.

Obviously with a rise of 378%, this is a large project. Where does this put the project on a global scale?

In terms of North America, it could very well be the first igneous phosphate mine to come to life. There's only one other exporter of igneous phosphate in the world right now, and that's in Russia. We'd be one of only a handful of projects globally capable of providing this high-grade purified phosphoric acid.

It would be exceptional for North America because it is so rare and because of the growing need for LFP batteries. The purity level of 40.4% is amongst the purest, if not the purest, in the world. It's a great deposit and provides a strong sense of national security for North America by helping supply purified phosphoric acid needed for AI growth, energy storage and electric vehicle applications.

Well, it's quite a rise — 378%. Congratulations on that John. Good to see you again and we'll talk soon.

All right. Thank you. Really appreciate it.

Quotes have been lightly edited for style and clarity

Standard Uranium Ltd (TSX-V:STND, OTCQB:STTDF, FRA:9SU0) earlier this week announced plans for a $4 million financing aimed at significantly expanding exploration activities at its flagship Davidson River uranium project in Saskatchewan, according to comments made by chief executive Jon Bey in an interview with Proactive.

Bey said investor feedback over recent months encouraged the company to focus aggressively on Davidson River, which has long been viewed internally as the company’s cornerstone asset. He explained that the financing would allow Standard Uranium to scale up its summer drill campaign beyond its original plans.

The company intends to deploy two drill rigs beginning in June and continuing through the end of August, with drilling expected to surpass the initially targeted 5,000 metres. Bey said extending the campaign makes economic sense because mobilization and demobilization costs represent a major component of exploration spending.

According to Bey, the expanded drill campaign follows several years of target refinement work across the project.

Standard Uranium has combined AI-assisted geological targeting with new geophysical and gravity data collected by Fleet Space during 2025 exploration activities. Bey said the additional data has helped the company better define high-priority targets beneath overburden cover.

He described the identified targets as “phenomenal drill targets” and indicated the company intends to test as many as possible during the upcoming campaign.

Bey emphasized the strategic significance of Davidson River, noting the company was effectively built around the project. He stated that management had deliberately delayed returning to Davidson River until it believed the targeting confidence had materially improved.

“This is the company maker,” Bey said during the interview, adding that a successful discovery could result in a substantial market rerating and lead to ongoing drilling aimed at eventually defining a resource.

The interview also addressed broader uranium market dynamics. Bey said investor sophistication around uranium has increased significantly in recent years, with conversations shifting away from basic education toward more detailed discussions around supply-demand fundamentals and macroeconomic conditions.

He pointed to geopolitical developments and tightening long-term uranium supply conditions as supportive factors for the sector over the coming decades.

Bey added that Standard Uranium ultimately aims to become one of the companies advancing a uranium discovery toward mine development in Saskatchewan, which he described as one of the world’s premier jurisdictions for high-grade uranium production.

The company expects additional operational updates as drilling begins, with initial field activity anticipated in early June.

The S&P/ASX Small Ordinaries Index continued its strong run, climbing 2.28% on Friday to close at 3,501.80 and gaining 2.19% over the past five trading...

Greatland Resources Ltd (AIM:GGP, OTC:GRLGF, FRA:G8G, ASX:GGP) has locked in a $500 million corporate debt facility and formally approved the development of its flagship Havieron gold-copper project, strengthening its funding position as it prepares to build one of Australia's largest new gold-copper mines.

The company said the new facility, arranged with a lending syndicate of ANZ, ING, HSBC, NAB and Westpac, combined with its existing cash position leaves it fully funded for Havieron's development.

The announcement comes just days after Greatland secured key state and federal environmental approvals for the project, clearing an important hurdle ahead of construction activities.

Funding package strengthens balance sheet The debt package comprises three facilities worth a combined $500 million: two revolving credit facilities totalling $475 million and a $25 million contingent instrument facility used for bank and performance guarantees.

Facility A provides $250 million over five years, while Facility B provides a further $225 million over seven years. Both facilities can be used for working capital, general corporate purposes and Havieron's development. The contingent instrument facility has already been partly drawn, with $17.87 million utilised as of May 31.

Financial close has already been achieved on Facility A and the contingent instrument facility, while Facility B is expected to close later this month following publication of an updated ore reserve estimate for the nearby Telfer operation.

Greatland said it now has access to more than $1.7 billion in available liquidity, including a net cash position of more than $1.2 billion and the new debt facilities.

Notably, the facility carries no mandatory hedging requirements, preserving exposure to future gold and copper prices.

Board gives Havieron final approval Alongside the financing milestone, Greatland's board has approved the Final Investment Decision (FID) for Havieron, a customary step that follows the receipt of primary state and federal environmental approvals announced last week.

The company said substantive development activities will begin once certain secondary environmental approvals are granted.

According to the project's feasibility study, Havieron is expected to require about $1.065 billion in pre-production capital expenditure to first gold, followed by a further $673 million in expansion capital, much of which is expected to be funded from future project cash flows.

Management said the strength of the balance sheet could also provide flexibility to accelerate elements of the expansion program where doing so could reduce project risk or improve delivery schedules.

Managing director Shaun Day said the debt facility and investment decision created the “opportunity to deliver one of Australia's premier gold-copper projects”.

"The development of Havieron, alongside the successful delivery of Telfer life extensions, has the potential to underpin a multi-decade, world class gold-copper mining hub in the Paterson Province," he said.

Havieron sits adjacent to Greatland's 100%-owned Telfer mine in Western Australia's Paterson Province and is expected to become the centrepiece of a long-life gold and copper operation in the region. Top of FormBottom of Form

Memphasys Ltd (ASX:MEM, OTC:MPHSF, FRA:IG7) has secured its first commercial partnership in South-East Asia, signing an exclusive agreement with TMSC Viet Nam Medical Technology Company Limited for the sale and distribution of its Felix™ sperm separation system in Vietnam.

The two-year agreement is valued at A$530,000 and marks a further expansion of Memphasys’ international commercialisation network, which already covers Europe, MENA, Japan and India.

“Vietnam is exactly the kind of market Felix™ was built for; a sophisticated, high-growth IVF sector that is actively looking for clinical tools that improve outcomes and reduce procedural complexity. TMSC Vietnam brings deep local knowledge in reproductive health and a genuine commitment to advancing fertility care in Vietnam. This agreement does not only open a new geography, it confirms our commercial model is globally scalable to new markets. We are looking forward to working alongside the TMSC Vietnam team to introduce Felix™ to Vietnamese clinicians and we are confident in the opportunity ahead,” chair of the Memphasys Commercialisation Committee Marjan Mikel said.

Agreement structure The contract comprises A$205,000 in expected value in Year 1 and A$325,000 in Year 2, with quarterly cartridge order growth built into the arrangement.

TMSC Vietnam has placed an initial order for 100 Felix™ cartridges and 3 consoles to support in-market testing and clinical preparation ahead of commercial launch.

Full sales are expected to begin once Vietnamese regulatory approval is received. Felix™ has been confirmed as a Class B medical device in Vietnam, with registration expected in August 2026.

"Vietnam's fertility sector is growing rapidly, and clinicians here are actively seeking technologies that deliver better outcomes for patients. Felix™ addresses a genuine clinical need, it is a sophisticated, evidence-based platform that we believe will resonate strongly with IVF specialists across the country. We are proud to be bringing this technology to Vietnam and look forward to working closely with the Memphasys team to establish Felix™ as the standard of care for sperm preparation in Vietnamese fertility clinics," Director of TMSC Viet Nam Medical Technology Company Limited Mrs. Truong Cam Van, said.

What it means for Memphasys

The agreement gives Memphasys a foothold in Vietnam’s growing assisted reproductive technology market and supports the company’s strategy of building contracted sales through distribution-led and direct engagement channels.

The arrangement mirrors its commercial model in the MENA region, where it works alongside its partner on product education, clinical positioning and market development.

About TMSC Vietnam TMSC Vietnam is a Hanoi-based medical technology company focused on reproductive health, diagnostics, digital health tools and medical device distribution.

The company has experience in male fertility products and has developed OvumB, an AI-powered ovulation tracking and fertility support application.

Its existing fertility sector focus and healthcare relationships are expected to support the introduction of Felix™ to IVF and ART clinics across Vietnam.

What’s next The company will now look to complete the Vietnamese regulatory submission process, in-market testing using the initial cartridge and console order, and the first commercial order in the September quarter of 2026, expected to total about A$50,000.

Memphasys also plans to continue developing its broader South-East Asian distribution strategy as it seeks to expand Felix™ into high-value fertility markets.

AerSale (NASDAQ: ASLE - Get Free Report) and Applied Visual Sciences (OTCMKTS:APVS - Get Free Report) are both aerospace companies, but which is the superior business? We will compare the two businesses based on the strength of their earnings, analyst recommendations, risk, institutional ownership, valuation, dividends and profitability. Analyst Ratings This is a breakdown of recent

MIAMI, April 23, 2026 (GLOBE NEWSWIRE) -- AerSale Corporation (NASDAQ: ASLE) (the “Company”), announced today that it will release its earnings results for the first quarter ended March 31, 2026, on Thursday, May 7, 2026, after the market closes. The Company will host a conference call on the same day at 4:30 pm Eastern Time to discuss the results.

A live audio webcast of the call will be available to the public on a listen‑only basis at https://ir.aersale.com/news-events/events. An archived replay of the webcast will also be available on the Investors portion of the AerSale website at https://ir.aersale.com for one year.

About AerSale

AerSale is a global provider of integrated aviation aftermarket services and solutions, serving operators of Boeing, Airbus, and legacy McDonnell Douglas aircraft. The Company helps aircraft owners and operators optimize the value, safety, and operational efficiency of their fleets across the entire aircraft lifecycle.

AerSale’s comprehensive capabilities include aircraft and engine sales and leasing, used serviceable material (USM) sales, component and airframe MRO services, and FAA-certified engineered solutions. Through internally developed products such as AerSafe®, AerTrak®, and the AerAware™ Enhanced Flight Vision System, AerSale delivers innovative technologies that enhance aircraft performance, improve safety, and reduce operating costs.

With deep technical expertise and a fully integrated business model, AerSale provides everything customers need—through a single, trusted partner.

Media:
For more information about AerSale, please visit our website:www.AerSale.com.
Follow us on: LinkedIn | Twitter | Facebook | Instagram

AerSale: Jackie Carlon
Telephone: (305) 764-3200
Email: [email protected]

AerSale Corporation (ASLE) Q1 2026 Earnings Call Transcript

MIAMI, May 21, 2026 (GLOBE NEWSWIRE) -- AerSale Corporation (NASDAQ: ASLE) (the “Company”), today announced that the Company’s Chief Financial Officer, Martin Garmendia will present at the 2026 Jefferies Aftermarket MRO Virtual Summit on Thursday, May 28, 2026 at 12:10 pm ET, as well as host investor meetings.

The presentation will be webcast live and can be accessed through the link HERE or by going to the News and Events section of AerSale’s Investor Relations website at https://ir.aersale.com/news-events/ir-calendar. A replay will be available shortly after the conclusion of the presentation on AerSale’s Investor Relations website at https://ir.aersale.com.

About AerSale

AerSale is a global provider of integrated aviation aftermarket services and solutions, serving operators of Boeing, Airbus, and legacy McDonnell Douglas aircraft. The Company helps aircraft owners and operators optimize the value, safety, and operational efficiency of their fleets across the entire aircraft lifecycle.

AerSale’s comprehensive capabilities include aircraft and engine sales and leasing, used serviceable material (USM) sales, component and airframe MRO services, and FAA-certified engineered solutions. Through internally developed products such as AerSafe®, AerTrak®, and the AerAware™ Enhanced Flight Vision System, AerSale delivers innovative technologies that enhance aircraft performance, improve safety, and reduce operating costs.

With deep technical expertise and a fully integrated business model, AerSale provides everything customers need—through a single, trusted partner.

Media:
For more information about AerSale, please visit our website: www.AerSale.com.
Follow us on: LinkedIn | Twitter | Facebook | Instagram

AerSale: Jackie Carlon
Telephone: (305) 764-3200

Email: [email protected]

Investor:
AerSale: [email protected]
Source: AerSale Corporation

April 21, 2026 17:27 ET  | Source: Matrix Service Company

TULSA, Okla., April 21, 2026 (GLOBE NEWSWIRE) -- Matrix Service Company (Nasdaq: MTRX), a leading provider of engineering and construction services to the energy and industrial markets, announced today that it will release third quarter Fiscal 2026 results after market on Wednesday, May 6, 2026.

On Thursday, May 7, 2026, at 10:30 a.m. Eastern time/9:30 a.m. Central time, Matrix Service Company will host a conference call to present and discuss the Company’s financial results and forward outlook.

Earnings Conference Call instructions

Investors and other interested parties can access a live audio-visual webcast using this webcasts link, or through the Company’s website at www.matrixservicecompany.com on the Investors Relations page under Events & Presentations. Please allow extra time prior to the call to visit the site and download the streaming media software required to listen to the Internet broadcast. The conference call will be recorded and will be available for replay within one hour of completion of the live call and can be accessed following the same link as the live call.

About Matrix Service Company

Matrix Service Company (Nasdaq: MTRX) is a leading specialty engineering and construction company whose commitment to safety, quality, and integrity has earned the Company a leadership position in providing infrastructure solutions across multiple end markets. Our work is foundational to helping our energy and industrial clients achieve their objectives, positively impact quality of life through the products they provide and improve the efficiency and resilience of their critical infrastructure. We pride ourselves on our commitment to our culture and core values, offering an inclusive and respectful work environment, and being certified as a Great Place To Work®.

The Company is headquartered in Tulsa, Oklahoma with offices located throughout the United States and Canada, as well as Sydney, Australia, and Seoul, South Korea. The Company reports its financial results in three key operating segments: Storage and Terminal Solutions, Utility and Power Infrastructure, and Process and Industrial Facilities.

To learn more about Matrix Service Company, visit matrixservicecompany.com

For more information about Matrix, please contact:

Investor Relations, Matrix Service Company
T: 918-838-8822
Email: [email protected]

This release contains forward-looking statements that are made in reliance upon the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are generally accompanied by words such as “anticipate,” “continues,” “expect,” “forecast,” “outlook,” “believe,” “estimate,” “should” and “will” and words of similar effect that convey future meaning, concerning the Company’s operations, economic performance and management’s best judgment as to what may occur in the future. Future events involve risks and uncertainties that may cause actual results to differ materially from those we currently anticipate. The actual results for the current and future periods and other corporate developments will depend upon a number of economic, competitive and other influences, including those factors discussed in the “Risk Factors” and “Forward Looking Statements” sections and elsewhere in the Company’s reports and filings made from time to time with the Securities and Exchange Commission. Many of these risks and uncertainties are beyond the control of the Company, and any one of which, or a combination of which, could materially and adversely affect the results of the Company's operations and its financial condition. We undertake no obligation to update information contained in this release.

TULSA, Okla., May 06, 2026 (GLOBE NEWSWIRE) -- Matrix Service Company (Nasdaq: MTRX), a leading provider of engineering and construction services to the energy and industrial markets, today announced financial results for the third quarter of fiscal 2026 ended March 31, 2026.

THIRD QUARTER FISCAL 2026 HIGHLIGHTS

Revenue of $206.7 millionNet income of $0.8 million, or $0.03 per diluted shareAdjusted net income(1) of $3.8 million, or $0.13 per diluted shareAdjusted EBITDA(1) of $4.9 millionLiquidity at March 31, 2026 of $297.2 million with no outstanding debtTotal backlog of $1.0 billion, with awards of $108.3 millionUpdates fiscal 2026 revenue guidance in a range of between $870 million and $890 million
(1) Adjusted net income and adjusted net income per diluted share are non-GAAP financial measures which exclude restructuring expense, Adjusted EBITDA is a non-GAAP financial measure which excludes interest expense, interest income, income taxes, depreciation and amortization expense, restructuring expense, and stock-based compensation. See the Non-GAAP Financial Measures section included at the end of this release for a reconciliation to net income and net income per share.

MANAGEMENT COMMENTARY

"During the fiscal third quarter, our team demonstrated strong project execution and operational focus, culminating in a return to profitability," said John Hewitt, President and Chief Executive Officer.

“Although our third quarter revenue was affected by client-related engineering and permitting delays, as well as severe weather, our strong project execution and improved cost structure enabled us to achieve adjusted diluted earnings per share of $0.13.

“While the pace of new awards was subdued during the third quarter, among the awards are an increasing number that are related to high-demand verticals including more than $30 million in increased electrical infrastructure and grid-related investments being driven in part by data center demand. Subsequent to the close of the quarter, we also received a limited notice to proceed for a major mining project on the west coast, which will begin in Q4 of this fiscal year and support revenue throughout fiscal 2027.

“Overall bidding activity remained steady, and our project opportunity pipeline remains healthy at more than $6.9 billion, reflecting multi-year opportunities across our core LNG markets, mining and minerals, power generation, and data center–related infrastructure.

“Due to the combined impact of client and weather-related delays on booked work in the third quarter, we have elected to lower our full-year fiscal 2026 revenue guidance. These project activities will move into later periods. Our return to profitability marks an important inflection point as we remain focused on continuous improvement.

"Under the leadership and organizational vision of incoming President and CEO Shawn Payne, the business is undertaking further streamlining to assure it is well positioned to build on its strong legacy and deliver sustainable profitable growth and long-term value creation.”

FISCAL 2026 THIRD QUARTER CONSOLIDATED RESULTS

Fiscal 2026 third quarter revenue was $206.7 million, compared to $200.2 million in the third quarter of fiscal 2025. The increase in revenue for the quarter was attributable to higher revenue in the Storage and Terminal Solutions segment, partially offset by lower revenue in the Processing and Industrial Facilities segment and the impact of client-related delays and severe weather events in the quarter.

Gross profit was $17.2 million, or 8.3% of revenue, in the third quarter of fiscal 2026 compared to $12.9 million, or 6.4% of revenue, for the third quarter of fiscal 2025. The increase in gross margin was due to higher gross margins in the Storage and Terminal Solutions and Utility and Power Infrastructure segments, partially offset by lower gross margins in the Process and Industrial Facility segment.

SG&A expenses were $15.2 million in the third quarter of fiscal 2026, compared to $17.7 million for the third quarter of fiscal 2025. The decrease in SG&A expenses primarily reflects the reduction of costs associated with the Company's organizational realignment initiatives over the last 12 months. Additionally, stock compensation expense decreased by $1.0 million primarily as a result of executive separations during the period.

During the quarter, the Company incurred $3.0 million of restructuring costs and other expenses associated with the previously announced CEO leadership transition and a lease impairment.

For the third quarter of fiscal 2026, the Company had net income of $0.8 million, or $0.03 per share, compared to a net loss of $3.4 million, or $(0.12) per share, in the third quarter of fiscal 2025. Adjusted net income for the third quarter of fiscal 2026 was $3.8 million, or $0.13 per share, compared to adjusted net loss of $3.3 million, or $(0.12) per share in the third quarter of fiscal 2025. Adjusted EBITDA for the third quarter of fiscal 2026 was $4.9 million compared to $0.01 million for the third quarter of fiscal 2025.

FISCAL 2026 THIRD QUARTER SEGMENT RESULTS

Storage and Terminal Solutions segment revenue increased 16% to $111.6 million in the third quarter of fiscal 2026 compared to $96.1 million in the third quarter of fiscal 2025, due to higher LNG project activity. Gross margin was 7.0% in the third quarter of fiscal 2026, compared to 3.9% in the third quarter of fiscal 2025. Segment gross margin was driven by increased project activity, as well as improved project execution and fixed cost absorption.

Utility and Power Infrastructure segment revenue increased 2% to $60.0 million in the third quarter of fiscal 2026 compared to $58.7 million in the third quarter of fiscal 2025. Gross margin was 13.6% in the third quarter of fiscal 2026, compared to 9.4% for the third quarter of fiscal 2025, an increase of 4.2% due to improved project execution throughout the segment.

Process and Industrial Facilities segment revenue decreased to $35.1 million in the third quarter of fiscal 2026 compared to $45.4 million in the third quarter of fiscal 2025, primarily due to lower revenue volumes for thermal vacuum chambers, refinery work, and industrial facilities. Gross margin was 2.5% in the third quarter of fiscal 2026, compared to 8.3% for the third quarter of fiscal 2025, a decrease of 5.8%, primarily due to a mix of work and the settlement of a legacy legal matter.

BACKLOG

The Company’s backlog was $1.0 billion as of March 31, 2026. Project awards totaled $108.3 million in the third quarter of fiscal 2026, resulting in a book-to-bill ratio of 0.5x for the quarter. Project awards during the third quarter for fiscal 2026 were driven primarily by activity in the Utility and Power Infrastructure segment, which produced a book-to-bill ratio of 0.8x.

The table below summarizes our awards, book-to-bill ratios and backlog by segment for our third quarter ended March 31, 2026 (amounts are in thousands, except for book-to-bill ratios):

  Three Months Ended
 Backlog as of
  March 31, 2026
 Segment: Awards
 Book-to-Bill(1)
 March 31, 2026
Storage and Terminal Solutions $37,535  0.3x $747,322 Utility and Power Infrastructure  46,633  0.8x  189,447 Process and Industrial Facilities  24,135  0.7x  91,898 Total $108,303  0.5x $1,028,667 ____________________
(1) Calculated by dividing project awards by revenue recognized during the period.

BALANCE SHEET & LIQUIDITY

As of March 31, 2026, Matrix had total liquidity of $297.2 million. Liquidity is comprised of $233.0 million of unrestricted cash and cash equivalents and $64.2 million of borrowing availability under the credit facility. The Company also has $25.0 million of restricted cash to support the credit facility. As of March 31, 2026, the Company had no outstanding debt.

FISCAL YEAR 2026 FINANCIAL GUIDANCE

The following forward-looking guidance reflects the Company’s current expectations and beliefs as of May 6, 2026. Various factors outside of the Company's control may impact the Company's revenue and business. These include the timing of project awards and starts which may be impacted by market fundamentals, client decision-making, permitting, and federal trade and environmental policy uncertainty. The following statements apply only as of the date of this disclosure and are expressly qualified in their entirety by the cautionary statements included elsewhere in this document.

Today, Matrix provided an update to its fiscal year 2026 revenue guidance, representing a 2% decrease at the mid-point:

  Fiscal Year 2025 Fiscal Year 2026 Fiscal Year 2026    Actual Previous Guidance Current Guidance % IncreaseRevenue $769.3 million $875 - $925 million $870 - $890 million 13% - 16%
CONFERENCE CALL DETAILS

In conjunction with the earnings release, Matrix Service Company will host a conference call with John R. Hewitt, President and CEO, Shawn P. Payne, COO and incoming President and CEO, and Kevin S. Cavanah, Vice President and CFO. The call will take place at 10:30 a.m. (Eastern) / 9:30 a.m. (Central) on Thursday, May 7, 2026.

Investors and other interested parties can access a live audio-visual webcast using this webcast link, or through the Company’s website at www.matrixservicecompany.com on the Investors Relations page under Events & Presentations.

If you would like to dial in to the conference call, please register at least 10 minutes prior to the start time. Upon registration, participants will receive a dial-in number and unique PIN to join the call as well as an e-mail confirmation with the details.

For those unable to participate in the conference call, a replay of the webcast will be available on the Investor Relations page of the Company's website.

The conference call will be recorded and will be available for replay within one hour of completion of the live call and can be accessed following the same link as the live call.

ABOUT MATRIX SERVICE COMPANY

Matrix Service Company (Nasdaq: MTRX) is a leading specialty engineering and construction company whose commitment to safety, quality, and integrity has earned the Company a leadership position in providing infrastructure solutions across multiple end markets. Our work is foundational to helping our energy and industrial clients achieve their objectives, positively impact quality of life through the products they provide and improve the efficiency and resilience of their critical infrastructure. We pride ourselves on our commitment to our culture and core values, offering an inclusive and respectful work environment, and being certified as a Great Place To Work®.

The Company is headquartered in Tulsa, Oklahoma with offices located throughout the United States and Canada, as well as Sydney, Australia, and Seoul, South Korea. The Company reports its financial results in three key operating segments: Storage and Terminal Solutions, Utility and Power Infrastructure, and Process and Industrial Facilities.

To learn more about Matrix Service Company, visit matrixservicecompany.com.

FORWARD-LOOKING STATEMENTS

This release contains forward-looking statements that are made in reliance upon the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are generally accompanied by words such as “anticipate,” “continues,” “expect,” “forecast,” “outlook,” “believe,” “estimate,” “should” and “will” and words of similar effect that convey future meaning, concerning the Company’s operations, economic performance, financial guidance, sustained profitable growth and management’s best judgment as to what may occur in the future. Future events involve risks and uncertainties that may cause actual results to differ materially from those we currently anticipate. The actual results for the current and future periods and other corporate developments will depend upon a number of economic, competitive and other influences, including the successful implementation of the Company's business improvement plan and the factors discussed in the “Risk Factors” and “Forward Looking Statements” sections and elsewhere in the Company’s reports and filings made from time to time with the Securities and Exchange Commission. Many of these risks and uncertainties are beyond the control of the Company, and any one of which, or a combination of which, could materially and adversely affect the results of the Company's operations and its financial condition. We undertake no obligation to update information contained in this release, except as required by law.

Investors should note that the Company announces material financial information in SEC filings, press releases, presentations and public conference calls. Based on guidance from the SEC, the Company may use the Investors section of its website (www.matrixservicecompany.com) to communicate with investors, and the Company intends to post presentations there, among other things. It is possible that the financial and other information posted there could be deemed to be material information. The information on the Company’s website is not part of, and is not incorporated into, this release.

INVESTOR RELATIONS CONTACT

Patrick Roberts
Director, Corporate Development and Investor Relations
T: 918-359-8249
Email: [email protected]

Matrix Service Company
Consolidated Statements of Income(In thousands, except per share data)

  Three Months Ended Nine Months Ended  March 31,
2026 March 31,
2025 March 31,
2026 March 31,
2025Revenue $206,709  $200,161  $629,101  $552,909 Cost of revenue  189,556   187,311   584,631   521,354 Gross profit  17,153   12,850   44,470   31,555 Selling, general and administrative expenses  15,215   17,726   46,661   53,592 Restructuring costs and other  2,986   124   6,536   124 Operating loss  (1,048)  (5,000)  (8,727)  (22,161)Other income (expense):        Interest expense  (85)  (134)  (330)  (368)Interest income  2,190   1,518   5,535   4,668 Other  (187)  182   67   (313)Income (loss) before income tax expense  870   (3,434)  (3,455)  (18,174)Provision for federal, state and foreign income taxes  35   —   267   16 Net income (loss) $835  $(3,434) $(3,722) $(18,190)Basic income (loss) per common share $0.03  $(0.12) $(0.13) $(0.66)Diluted income (loss) per common share $0.03  $(0.12) $(0.13) $(0.66)Weighted average common shares outstanding:        Basic  28,380   27,836   28,262   27,731 Diluted  28,533   27,836   28,262   27,731  Matrix Service Company
Consolidated Balance Sheets(In thousands)

  March 31,
2026
 June 30,
2025
Assets      Current assets:      Cash and cash equivalents $233,021  $224,641 Accounts receivable, net of allowance for credit losses  139,042   154,994 Costs and estimated earnings in excess of billings on uncompleted contracts  24,917   29,764 Inventories  6,009   5,917 Income taxes receivable  —   110 Prepaid expenses and other current assets  7,917   4,347 Assets held for sale  1,128   — Total current assets  412,034   419,773 Restricted cash  25,000   25,000 Property, plant and equipment, net  37,255   42,097 Operating lease right-of-use assets  14,030   17,827 Goodwill  28,932   29,047 Other intangible assets, net of accumulated amortization  12   555 Other assets, non-current  99,287   65,957 Total assets $616,550  $600,256  Matrix Service Company
Consolidated Balance Sheets (continued)(In thousands, except share data)

  March 31,
2026 June 30,
2025Liabilities and stockholders’ equity    Current liabilities:    Accounts payable $90,140  $80,453 Billings on uncompleted contracts in excess of costs and estimated earnings  340,704   323,593 Accrued wages and benefits  16,266   18,961 Accrued insurance  4,378   5,310 Operating lease liabilities  4,584   4,441 Other accrued expenses  4,125   3,617 Total current liabilities  460,197   436,375 Deferred income taxes  150   25 Operating lease liabilities  14,110   16,986 Other liabilities, non-current  2,673   4,154 Total liabilities  477,130   457,540 Commitments and contingencies    Stockholders’ equity:    Common stock — $0.01 par value; 60,000,000 shares authorized; 28,128,405 shares issued and outstanding at March 31, 2026; 27,888,217 shares issued and 27,610,486 shares outstanding as of June 30, 2025, respectively;  281   279 Additional paid-in capital  148,756   149,969 Retained earnings  757   4,479 Accumulated other comprehensive loss  (10,374)  (9,403)Treasury stock, at cost — 0 shares as of March 31, 2026 and 277,731 shares as of June 30, 2025;  —   (2,608)Total stockholders' equity  139,420   142,716 Total liabilities and stockholders’ equity $616,550  $600,256  Matrix Service Company
Condensed Consolidated Statements of Cash Flows(In thousands)  Three Months Ended Nine Months Ended  March 31,
2026 March 31,
2025 March 31,
2026 March 31,
2025         Operating activities:        Net income (loss) $835  $(3,434) $(3,722) $(18,190)Adjustments to reconcile net income (loss) to net cash provided (used) by operating activities:        Depreciation and amortization  2,011   2,513   6,704   7,538 Stock-based compensation expense  1,413   2,186   5,476   6,754 Operating lease impairment due to restructuring  886   —   2,415   — Gain on disposal of property, plant and equipment  (130)  (58)  (457)  (122)Other  (103)  127   236   108 Changes in operating assets and liabilities increasing (decreasing) cash:        Accounts receivable, net of allowance for credit losses  60,918   (69,872)  (16,042)  (88,802)Costs and estimated earnings in excess of billings on uncompleted contracts  366   (3,856)  4,847   (4,674)Inventories  853   768   (92)  2,450 Other assets and liabilities  2,575   1,843   (5,311)  (5,120)Accounts payable  1,510   (1,519)  9,152   12,955 Billings on uncompleted contracts in excess of costs and estimated earnings  (42,193)  95,120   17,111   161,349 Accrued expenses  5,221   7,429   (4,600)  2,517 Net cash provided by operating activities  34,162   31,247   15,717   76,763 Investing activities:        Capital expenditures  (917)  (2,566)  (4,104)  (5,425)Proceeds from sale of property, plant and equipment  999   74   1,483   237 Net cash provided (used) by investing activities  82   (2,492)  (2,621)  (5,188)Financing activities:        Payment of debt amendment fees  —   —   (149)  — Proceeds from issuance of common stock under employee stock purchase plan  46   47   144   149 Payments related to tax withholding for stock-based compensation  —   —   (4,223)  (1,235)Net cash provided (used) by financing activities  46   47   (4,228)  (1,086)Effect of exchange rate changes on cash  (233)  (38)  (488)  (563)Net increase in cash and cash equivalents  34,057   28,764   8,380   69,926 Cash, cash equivalents and restricted cash, beginning of period  223,964   181,777   249,641   140,615 Cash, cash equivalents and restricted cash, end of period $258,021  $210,541  $258,021  $210,541 Supplemental disclosure of cash flow information:        Cash paid during the period for:        Income taxes $60  $21  $94  $39 Interest $80  $84  $300  $316  Matrix Service Company
Results of Operations(In thousands)  Storage and Terminal Solutions Utility and Power Infrastructure Process and Industrial Facilities Corporate Total  Three Months Ended March 31, 2026Total revenues(1) $111,621  $59,963  $35,125  $—  $206,709 Cost of revenue  (103,849)  (51,801)  (34,238)  332   (189,556)Gross profit (loss)  7,772   8,162   887   332   17,153 Selling, general and administrative expenses  5,312   2,074   1,503   6,326   15,215 Restructuring costs and other  4   902   94   1,986   2,986 Operating income (loss) $2,456  $5,186  $(710) $(7,980) $(1,048)(1) Total revenues are net of inter-segment revenues which are primarily Storage and Terminal Solutions and were $1.4 million for the three months ended March 31, 2026.  Storage and Terminal Solutions Utility and Power Infrastructure Process and Industrial Facilities Corporate Total  Three Months Ended March 31, 2025Total revenue(1) $96,054  $58,676  $45,431  $—  $200,161 Cost of revenue  (92,323)  (53,139)  (41,672)  (177)  (187,311)Gross profit (loss)  3,731   5,537   3,759   (177)  12,850 Selling, general and administrative expenses  6,344   2,536   2,142   6,704   17,726 Restructuring costs and other  —   124   —   —   124 Operating income (loss) $(2,613) $2,877  $1,617  $(6,881) $(5,000)(1) Total revenues are net of inter-segment revenues which are primarily Process and Industrial Facilities and were $1.1 million for the three months ended March 31, 2025.  Storage and Terminal Solutions Utility and Power Infrastructure Process and Industrial Facilities Corporate Total  Nine Months Ended March 31, 2026Total revenue(1) $320,932  $209,870  $98,299  $—  $629,101 Cost of revenue  (301,909)  (187,696)  (94,764)  (262)  (584,631)Gross profit (loss)  19,023   22,174   3,535   (262)  44,470 Selling, general and administrative expenses  16,283   7,293   4,383   18,702   46,661 Restructuring costs and other  1,882   1,576   870   2,208   6,536 Operating income (loss) $858  $13,305  $(1,718) $(21,172) $(8,727)(1) Total revenues are net of inter-segment revenues which are primarily Storage and Terminal Solutions and were $3.0 million for the nine months ended March 31, 2026.  Storage and Terminal Solutions Utility and Power Infrastructure Process and Industrial Facilities Corporate Total  Nine Months Ended March 31, 2025Total revenue(1) $269,800  $175,664  $107,445  $—  $552,909 Cost of revenue  (254,100)  (165,411)  (101,319)  (524)  (521,354)Gross profit (loss)  15,700   10,253   6,126   (524)  31,555 Selling, general and administrative expenses  17,480   10,073   5,585   20,454   53,592 Restructuring costs and other  —   124   —   —   124 Operating income (loss) $(1,780) $56  $541  $(20,978) $(22,161)(1) Total revenues are net of inter-segment revenues which are primarily Process and Industrial Facilities and were $2.8 million for the nine months ended March 31, 2025.
Backlog

We define backlog as the total dollar amount of revenue that we expect to recognize as a result of performing work that has been awarded to us through a signed contract, limited notice to proceed or other type of assurance that we consider firm. The following arrangements are considered firm:

fixed-price awards;minimum customer commitments on cost plus arrangements; andcertain time and material arrangements in which the estimated value is firm or can be estimated with a reasonable amount of certainty in both timing and amounts. For long-term maintenance contracts with no minimum commitments and other established customer agreements, we include only the amounts that we expect to recognize as revenue over the next 12 months. For arrangements in which we have received a limited notice to proceed, we include the entire scope of work in our backlog if we conclude that the likelihood of the full project proceeding as high. For all other arrangements, we calculate backlog as the estimated contract amount less revenue recognized as of the reporting date.

Three Months Ended March 31, 2026

  Storage and Terminal Solutions Utility and Power Infrastructure Process and Industrial Facilities Total  (In thousands)Backlog as of December 31, 2025 $821,408  $202,777  $102,888  $1,127,073 Project awards  37,535   46,633   24,135   108,303 Revenue recognized  (111,621)  (59,963)  (35,125)  (206,709)Backlog as of March 31, 2026 $747,322  $189,447  $91,898  $1,028,667 Book-to-Bill Ratio(1)  0.3x  0.8x  0.7x  0.5x
(1) Calculated by dividing project awards by revenue recognized.
Nine Months Ended March 31, 2026

  Storage and Terminal
Solutions Utility and Power Infrastructure Process and Industrial Facilities Total  (In thousands)Backlog as of June 30, 2025 $770,095  $346,384  $265,629  $1,382,108 Project awards  298,159   97,172   77,288   472,619 Other adjustment(2)  —   (44,239)  (152,720)  (196,959)Revenue recognized  (320,932)  (209,870)  (98,299)  (629,101)Backlog as of March 31, 2026 $747,322  $189,447  $91,898  $1,028,667 Book-to-Bill Ratio  0.9x  0.5x  0.8x  0.8x
(1) Calculated by dividing project awards by revenue recognized.
(2) Previous project awards removed from backlog.
Non-GAAP Financial Measures

Adjusted Net Income (Loss)

We have presented Adjusted net income (loss), which we define as Net income (loss) before Restructuring costs and other expenses, and the tax impact of this adjustment, because we believe it better depicts our core operating results. We believe that the line item on our Consolidated Statements of Income entitled “Net income (loss)” is the most directly comparable GAAP measure to Adjusted net income (loss). Since Adjusted net income (loss) is not a measure of performance calculated in accordance with GAAP, it should not be considered in isolation of, or as a substitute for, Net income (loss) as an indicator of operating performance. Adjusted net income (loss), as we calculate it, may not be comparable to similarly titled measures employed by other companies. In addition, this measure is not a measure of our ability to fund our cash needs. As Adjusted net income (loss) excludes certain financial information compared with Net income (loss), the most directly comparable GAAP financial measure, users of this financial information should consider the type of events and transactions that are excluded. Our non-GAAP performance measure, Adjusted net income (loss), has certain material limitations as follows:

It does not include restructuring costs and other expenses. Restructuring costs represent material costs that were incurred and are oftentimes cash expenses. Therefore, any measure that excludes restructuring costs has material limitations. A reconciliation of Net income (loss) to Adjusted net income (loss) follows:

Reconciliation of Net Income (Loss) to Adjusted Net Income (Loss)
(In thousands, except per share data)  Three Months Ended Nine Months Ended  March 31, 2026
 March 31, 2025 March 31, 2026 March 31, 2025Net income (loss), as reported $835  $(3,434) $(3,722) $(18,190)Restructuring costs and other  2,986   124   6,536   124 Tax impact of adjustments and other net tax items(1)  —   —   —   — Adjusted net income (loss) $3,821  $(3,310) $2,814  $(18,066)          Income (loss) per fully diluted share, as reported $0.03  $(0.12) $(0.13) $(0.66)Adjusted income (loss) per fully diluted share $0.13  $(0.12) $0.10  $(0.65)____________________
(1) Represents the tax impact of the adjustments to Net loss, calculated using the applicable effective tax rate of the adjustment. Due to the existence of valuation allowances on our deferred tax assets and net operating losses, there was no tax impact of any of the adjustments in any period presented.

Adjusted EBITDA

We have presented Adjusted EBITDA, which we define as net loss before gain on sale of assets, stock-based compensation, interest expense, interest income, income taxes, and depreciation and amortization, because it is used by the financial community as a method of measuring our performance and of evaluating the market value of companies considered to be in similar businesses. We believe that the line item on our Consolidated Statements of Income entitled “Net loss” is the most directly comparable GAAP measure to Adjusted EBITDA. Since Adjusted EBITDA is not a measure of performance calculated in accordance with GAAP, it should not be considered in isolation of, or as a substitute for, net earnings as an indicator of operating performance. Adjusted EBITDA, as we calculate it, may not be comparable to similarly titled measures employed by other companies. In addition, this measure is not a measure of our ability to fund our cash needs. As Adjusted EBITDA excludes certain financial information compared with net loss, the most directly comparable GAAP financial measure, users of this financial information should consider the type of events and transactions that are excluded. Our non-GAAP performance measure, Adjusted EBITDA, has certain material limitations as follows:

It does not include interest expense. Because we have borrowed money to finance our operations and to acquire businesses, pay commitment fees to maintain our senior secured revolving credit facility, and incur fees to issue letters of credit under the senior secured revolving credit facility, interest expense is a necessary and ongoing part of our costs and has assisted us in generating revenue. Therefore, any measure that excludes interest expense has material limitations.
It does not include interest income. Because we have cash invested in certain investment accounts and we will have earned interest income on these investments, any measure that excludes interest income has material limitations.
It does not include income taxes. Because the payment of income taxes is a necessary and ongoing part of our operations, any measure that excludes income taxes has material limitations.
It does not include depreciation or amortization expense. Because we use capital and intangible assets to generate revenue, depreciation and amortization expense is a necessary element of our cost structure. Therefore, any measure that excludes depreciation or amortization expense has material limitations.
It does not include restructuring costs. Restructuring costs represent material costs that were incurred and are oftentimes cash expenses. Therefore, any measure that excludes restructuring costs has material limitations.
It does not include equity-settled stock-based compensation expense. Stock-based compensation represents material amounts of equity that are awarded to our employees and directors for services rendered. While the expense is non-cash, we historically release vested shares out of our treasury stock, which has been replenished by using cash to periodically repurchase our stock. Therefore, any measure that excludes stock-based compensation has material limitations. A reconciliation of Net loss to Adjusted EBITDA follows:

Reconciliation of Net Loss to Adjusted EBITDA
(In thousands)  Three Months Ended Nine Months Ended  March 31, 2026 March 31, 2025 March 31, 2026 March 31, 2025Net income (loss) $835  $(3,434) $(3,722) $(18,190)Interest expense  85   134   330   368 Interest income  (2,190)  (1,518)  (5,535)  (4,668)Provision for federal, state and foreign income taxes  35   —   267   16 Depreciation and amortization  2,011   2,513   6,704   7,538 Restructuring costs and other(2)  2,686   124   6,236   124 Stock-based compensation(1)  1,413   2,186   5,476   6,754 Adjusted EBITDA $4,875  $5  $9,756  $(8,058)____________________
(1) Represents only the equity-settled portion of our stock-based compensation expense.
(2) Restructuring costs excludes equity-settled stock-based compensation expense incurred in conjunction with employee terminations.

Matrix Service Company (MTRX) Q3 2026 Earnings Call Transcript

, /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Matrix Service Company ("Matrix" or the "Company") (NASDAQ: MTRX). Such investors are advised to contact Danielle Peyton at [email protected] or 646-581-9980, ext. 7980.

The investigation concerns whether Matrix and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.

[Click here for information about joining the class action]

On May 6, 2026, Matrix issued a press release announcing its financial results for the third quarter of its 2026 fiscal year. Among other items, Matrix reported revenue of $206.71 million, missing consensus estimates by $24.81 million. The Company also lowered its fiscal year 2026 revenue guidance to a range of $870 million to $890 million, compared to its previous guidance of $875 million to $925 million, representing a 2% decrease at the midpoint. 

On this news, Matrix's stock price fell $1.64 per share, or 11.88%, to close at $12.16 per share on May 7, 2026.

Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.

Attorney advertising. Prior results do not guarantee similar outcomes.

CONTACT:
Danielle Peyton
Pomerantz LLP
[email protected]
646-581-9980 ext. 7980

SOURCE Pomerantz LLP

TULSA, Okla., May 18, 2026 (GLOBE NEWSWIRE) -- Matrix Service Company (Nasdaq: MTRX) announced today that President and Chief Executive Officer John R. Hewitt, Vice President and Chief Financial Officer Kevin Cavanah, Chief Operating Officer and incoming Chief Executive Officer, Shawn P. Payne, Director of Corporate Development and Investor Relations Patrick Roberts, and Senior Director of Accounting and Treasury AJ Smith will present and host one-on-one meetings with investors at the Sidoti Virtual Micro-Cap Conference taking place on May 20-21, 2026.

The presentation will begin at 1:00 PM ET on Wednesday, May 20 and can be accessed live here. Matrix will also host virtual one-on-ones with investors on Wednesday and Thursday, May 20-21, 2026. To register for the presentation or one-on-ones, visit www.sidoti.com/events or contact Matrix Service Company at [email protected].

About Sidoti Events, LLC (“Events”) and Sidoti & Company, LLC (“Sidoti”)

In 2023, Sidoti & Company, LLC , Sidoti & Company, LLC formed an affiliate company, Sidoti Events, LLC in order to focus exclusively on its rapidly growing conference business and to more directly serve the needs of presenters and attendees.  The relationship allows Events to draw on the over 25 years of experience Sidoti has as a premier provider of independent securities research focused specifically on small and microcap companies and the institutions that invest in their securities, with most of its coverage in the $200 million-$5 billion market cap range. Sidoti’s coverage universe comprises approximately 150 equities, of which almost 70 percent participate in the firm's rapidly growing Company Sponsored Research ("CSR") and Sidoti Lighthouse Equity Research (“Lighthouse”) programs.  Events is a leading provider of corporate access through the many investor conferences it hosts each year. By virtue of its direct ties to Sidoti, Events benefits from Sidoti’s small- and microcap-focused nationwide sales force, which has connections with over 2,500 institutional relationships in North America.  This enables Events to provide multiple forums for meaningful interaction for small and microcap issuers and investors specifically interested in companies in the sector.

About Matrix Service Company

Matrix Service Company (Nasdaq: MTRX), through its subsidiaries, is a leading North American industrial engineering, construction, and maintenance contractor headquartered in Tulsa, Oklahoma with offices located throughout the United States and Canada, as well as Sydney, Australia and Seoul, South Korea.

The Company reports its financial results in three key operating segments: Utility and Power Infrastructure, Process and Industrial Facilities, and Storage and Terminal Solutions.

With a focus on sustainability, building strong Environment, Social and Governance (ESG) practices, and living our core values, Matrix ranks among the Top Contractors by Engineering-News Record, has been recognized for its Board diversification, is an active signatory to CEO Action for Diversity and Inclusion, and is recognized as a Great Place to Work®. To learn more about Matrix Service Company, visit www.matrixservicecompany.com and read our most recent Sustainability Report.

For more information about Matrix, please contact:

Patrick Roberts
Matrix Service Company
Director, Corporate Development and Investor Relations
T: 918-359-8249
Email: [email protected]

This release contains forward-looking statements that are made in reliance upon the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are generally accompanied by words such as “anticipate,” “continues,” “expect,” “forecast,” “outlook,” “believe,” “estimate,” “should” and “will” and words of similar effect that convey future meaning, concerning the Company’s operations, economic performance, financial guidance, sustained profitable growth and management’s best judgment as to what may occur in the future. Future events involve risks and uncertainties that may cause actual results to differ materially from those we currently anticipate. The actual results for the current and future periods and other corporate developments will depend upon a number of economic, competitive and other influences, including the successful implementation of the Company's business improvement plan and the factors discussed in the “Risk Factors” and “Forward Looking Statements” sections and elsewhere in the Company’s reports and filings made from time to time with the Securities and Exchange Commission. Many of these risks and uncertainties are beyond the control of the Company, and any one of which, or a combination of which, could materially and adversely affect the results of the Company's operations and its financial condition. We undertake no obligation to update information contained in this release, except as required by law.

Investors should note that the Company announces material financial information in SEC filings, press releases, presentations and public conference calls. Based on guidance from the SEC, the Company may use the Investors section of its website (www.matrixservicecompany.com) to communicate with investors, and the Company intends to post presentations there, among other things. It is possible that the financial and other information posted there could be deemed to be material information. The information on the Company’s website is not part of, and is not incorporated into, this presentation.

TULSA, Okla., May 21, 2026 (GLOBE NEWSWIRE) -- Matrix Service Company (Nasdaq: MTRX) announced today that, Chief Operating Officer and incoming Chief Executive Officer Shawn P. Payne, Vice President and Chief Financial Officer Kevin Cavanah, Director of Corporate Development and Investor Relations Patrick Roberts, and Senior Director of Accounting and Treasury A.J. Smith will be attending the Stifel Cross-Sector Insight Conference on June 2-3, 2026 in Boston, Massachusetts.

One-on-one meetings with management are available during the conference with prior notice and may be scheduled through the conference or by contacting Matrix Service Company at [email protected].

About Matrix Service Company

Matrix Service Company (Nasdaq: MTRX) is a leading specialty engineering and construction company whose commitment to safety, quality, and integrity has earned the Company a leadership position in providing infrastructure solutions across multiple end markets. Our work is foundational to helping our energy and industrial clients achieve their objectives, positively impact quality of life through the products they provide and improve the efficiency and resilience of their critical infrastructure. We pride ourselves on our commitment to our culture and core values, offering an inclusive and respectful work environment, and being certified as a Great Place To Work®.

The Company is headquartered in Tulsa, Oklahoma with offices located throughout the United States and Canada, as well as Sydney, Australia, and Seoul, South Korea. The Company reports its financial results in three key operating segments: Storage and Terminal Solutions, Utility and Power Infrastructure, and Process and Industrial Facilities. To learn more about Matrix Service Company, visit matrixservicecompany.com.

Forward-Looking Statements
This release contains forward-looking statements that are made in reliance upon the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are generally accompanied by words such as “anticipate,” “continues,” “expect,” “forecast,” “outlook,” “believe,” “estimate,” “should” and “will” and words of similar effect that convey future meaning, concerning the Company’s operations, economic performance, financial guidance, sustained profitable growth and management’s best judgment as to what may occur in the future. Future events involve risks and uncertainties that may cause actual results to differ materially from those we currently anticipate. The actual results for the current and future periods and other corporate developments will depend upon a number of economic, competitive and other influences, including the successful implementation of the Company's business improvement plan and the factors discussed in the “Risk Factors” and “Forward Looking Statements” sections and elsewhere in the Company’s reports and filings made from time to time with the Securities and Exchange Commission. Many of these risks and uncertainties are beyond the control of the Company, and any one of which, or a combination of which, could materially and adversely affect the results of the Company's operations and its financial condition. We undertake no obligation to update information contained in this release, except as required by law.

Investors should note that the Company announces material financial information in SEC filings, press releases, presentations and public conference calls. Based on guidance from the SEC, the Company may use the Investors section of its website (www.matrixservicecompany.com) to communicate with investors, and the Company intends to post presentations there, among other things. It is possible that the financial and other information posted there could be deemed to be material information. The information on the Company’s website is not part of, and is not incorporated into, this release.

Investor Relations Contact

Patrick Roberts
Director, Corporate Development and Investor Relations
T: 918-359-8249
Email: [email protected]

NEW YORK, May 26, 2026 (GLOBE NEWSWIRE) -- Pomerantz LLP is investigating claims on behalf of investors of Matrix Service Company (“Matrix” or the “Company”) (NASDAQ: MTRX). Such investors are advised to contact Danielle Peyton at [email protected] or 646-581-9980, ext. 7980.

The investigation concerns whether Matrix and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices. 

[Click here for information about joining the class action]

On May 6, 2026, Matrix issued a press release announcing its financial results for the third quarter of its 2026 fiscal year. Among other items, Matrix reported revenue of $206.71 million, missing consensus estimates by $24.81 million. The Company also lowered its fiscal year 2026 revenue guidance to a range of $870 million to $890 million, compared to its previous guidance of $875 million to $925 million, representing a 2% decrease at the midpoint. 

On this news, Matrix’s stock price fell $1.64 per share, or 11.88%, to close at $12.16 per share on May 7, 2026.

Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.

Attorney advertising. Prior results do not guarantee similar outcomes.

CONTACT:
Danielle Peyton
Pomerantz LLP
[email protected]
646-581-9980 ext. 7980

NEW YORK, June 02, 2026 (GLOBE NEWSWIRE) -- Pomerantz LLP is investigating claims on behalf of investors of Matrix Service Company (“Matrix” or the “Company”) (NASDAQ: MTRX). Such investors are advised to contact Danielle Peyton at [email protected] or 646-581-9980, ext. 7980.

The investigation concerns whether Matrix and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.

[Click here for information about joining the class action]

On May 6, 2026, Matrix issued a press release announcing its financial results for the third quarter of its 2026 fiscal year. Among other items, Matrix reported revenue of $206.71 million, missing consensus estimates by $24.81 million. The Company also lowered its fiscal year 2026 revenue guidance to a range of $870 million to $890 million, compared to its previous guidance of $875 million to $925 million, representing a 2% decrease at the midpoint.

On this news, Matrix’s stock price fell $1.64 per share, or 11.88%, to close at $12.16 per share on May 7, 2026.

Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.

Attorney advertising. Prior results do not guarantee similar outcomes.

CONTACT:
Danielle Peyton
Pomerantz LLP
[email protected]
646-581-9980 ext. 7980

NEW YORK, June 09, 2026 (GLOBE NEWSWIRE) -- Pomerantz LLP is investigating claims on behalf of investors of Matrix Service Company (“Matrix” or the “Company”) (NASDAQ: MTRX).  Such investors are advised to contact Danielle Peyton at [email protected] or 646-581-9980, ext. 7980.

The investigation concerns whether Matrix and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices. 

[Click here for information about joining the class action]

On May 6, 2026, Matrix issued a press release announcing its financial results for the third quarter of its 2026 fiscal year.  Among other items, Matrix reported revenue of $206.71 million, missing consensus estimates by $24.81 million.  The Company also lowered its fiscal year 2026 revenue guidance to a range of $870 million to $890 million, compared to its previous guidance of $875 million to $925 million, representing a 2% decrease at the midpoint. 

On this news, Matrix’s stock price fell $1.64 per share, or 11.88%, to close at $12.16 per share on May 7, 2026.

Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.

Attorney advertising. Prior results do not guarantee similar outcomes.

CONTACT:
Danielle Peyton
Pomerantz LLP
[email protected]
646-581-9980 ext. 7980

Acquisition Adds Galafold® (migalastat) for Fabry Disease and Pombiliti® (cipaglucosidase alfa-atga) + Opfolda® (miglustat) for Pompe Disease to BioMarin's Commercial Portfolio

BioMarin Expects to Provide Updated FY 2026 Guidance During its First Quarter Earnings Call, May 4, 2026

, /PRNewswire/ -- BioMarin Pharmaceutical Inc. (Nasdaq: BMRN) said today that it completed the previously announced agreement to acquire Amicus Therapeutics for $14.50 per share in an all-cash transaction for a total equity value of approximately $4.8 billion. The acquisition will strengthen BioMarin's commercial portfolio, adding two new treatments to the company's existing portfolio of medicines that target lysosomal storage diseases: Galafold® (migalastat), the first oral treatment for Fabry disease, and Pombiliti® (cipaglucosidase alfa-atga) + Opfolda® (miglustat), a two-component therapy for Pompe disease. BioMarin also now has U.S. rights to DMX-200, a potential first-in-class investigational small molecule for the treatment of focal segmental glomerulosclerosis (FSGS), a rare and fatal kidney disease in Phase 3 development.

"The completion of the Amicus acquisition advances BioMarin's strategy to strengthen and diversify our growth profile while furthering our mission to deliver medicines for people living with rare diseases," said Alexander Hardy, President and Chief Executive Officer of BioMarin. "BioMarin's global scale, established commercial infrastructure, and advanced in‑house manufacturing capabilities build on Amicus' legacy and position us to bring Galafold and Pombiliti + Opfolda to more patients around the world."

About Galafold
Galafold® (migalastat) 123 mg capsules is an oral pharmacological chaperone of alpha-Galactosidase A (alpha-Gal A) for the treatment of Fabry disease in adults who have amenable galactosidase alpha gene (GLA) variants. In these patients, Galafold works by stabilizing the body's own dysfunctional enzyme so that it can clear the accumulation of disease substrate. Globally, Amicus Therapeutics estimates that approximately 35 to 50 percent of people living with Fabry disease may have amenable GLA variants, though amenability rates within this range vary by geography. Galafold is approved in more than 40 countries around the world, including the U.S., EU, U.K., and Japan.

U.S. INDICATIONS AND USAGE
Galafold is indicated for the treatment of adults with a confirmed diagnosis of Fabry disease and an amenable GLA variant based on in vitro assay data.

This indication is approved under accelerated approval based on reduction in kidney interstitial capillary cell globotriaosylceramide (KIC GL-3) substrate. Continued approval for this indication may be contingent upon verification and description of clinical benefit in confirmatory trials.

U.S. IMPORTANT SAFETY INFORMATION

ADVERSE REACTIONS: The most common adverse reactions reported with Galafold (≥10%) were headache, nasopharyngitis, urinary tract infection, nausea and pyrexia.

USE IN SPECIFIC POPULATIONS: There is insufficient clinical data on Galafold use in pregnant women to inform a drug-associated risk for major birth defects and miscarriage. Advise women of the potential risk to a fetus. It is not known if Galafold is present in human milk. Therefore, the developmental and health benefits of breastfeeding should be considered along with the mother's clinical need for Galafold and any potential adverse effects on the breastfed child from Galafold or from the underlying maternal condition. Galafold is not recommended for use in patients with severe renal impairment or end-stage renal disease requiring dialysis. The safety and effectiveness of Galafold have not been established in pediatric patients. To report Suspected Adverse Reactions, contact Amicus Therapeutics at 1-877-4AMICUS or FDA at 1-800-FDA-1088 or www.fda.gov/medwatch. For additional information about Galafold, including the full U.S. Prescribing Information, please visit https://www.amicusrx.com/pi/Galafold.pdf.

About Pombiliti + Opfolda
Pombiliti + Opfolda, is a two-component therapy that consists of cipaglucosidase alfa-atga, a bis-M6P-enriched rhGAA that facilitates high-affinity uptake through the M6P receptor while retaining its capacity for processing into the most active form of the enzyme, and the oral enzyme stabilizer, miglustat, that's designed to reduce loss of enzyme activity in the blood.

U.S. INDICATIONS AND USAGE
POMBILITI in combination with OPFOLDA is indicated for the treatment of adult patients with late-onset Pompe disease (lysosomal acid alpha-glucosidase (GAA) deficiency) weighing ≥40 kg and who are not improving on their current enzyme replacement therapy (ERT).

SAFETY INFORMATION
HYPERSENSITIVITY REACTIONS INCLUDING ANAPHYLAXIS: Appropriate medical support measures, including cardiopulmonary resuscitation equipment, should be readily available. If a severe hypersensitivity reaction occurs, POMBILITI should be discontinued immediately and appropriate medical treatment should be initiated. INFUSION-ASSOCIATED REACTIONS (IARs): If severe IARs occur, immediately discontinue POMBILITI and initiate appropriate medical treatment. RISK OF ACUTE CARDIORESPIRATORY FAILURE IN SUSCEPTIBLE PATIENTS: Patients susceptible to fluid volume overload, or those with acute underlying respiratory illness or compromised cardiac or respiratory function, may be at risk of serious exacerbation of their cardiac or respiratory status during POMBILITI infusion. See the full U.S. Prescribing Information for complete Boxed Warning. CONTRAINDICATION: POMBILITI in combination with Opfolda is contraindicated in pregnancy. EMBRYO-FETAL TOXICITY: May cause embryo-fetal harm. Advise females of reproductive potential of the potential risk to a fetus and to use effective contraception during treatment and for at least 60 days after the last dose. Adverse Reactions: Most common adverse reactions ≥ 5% are headache, diarrhea, fatigue, nausea, abdominal pain, and pyrexia. Please see U.S. full PRESCRIBING INFORMATION, including BOXED WARNING, for POMBILITI (cipaglucosidase alfa-atga) and full PRESCRIBING INFORMATION for OPFOLDA (miglustat).

About BioMarin
BioMarin is a leading, global rare disease biotechnology company focused on delivering medicines for people living with genetically defined conditions. Founded in 1997, the San Rafael, California-based company has a proven track record of innovation, with a portfolio of commercial therapies and a strong clinical and preclinical pipeline. Using a distinctive approach to drug discovery and development, BioMarin seeks to unleash the full potential of genetic science by pursuing category-defining medicines that have a profound impact on patients. To learn more, please visit www.biomarin.com.

Forward-Looking Statements
This press release contains forward-looking statements about, among other things, the business prospects of Amicus Therapeutics (Amicus) and BioMarin Pharmaceutical Inc. (BioMarin), including, without limitation, statements about: the prospective benefits of the acquisition; expectations regarding Amicus' products, Galafold and Pombiliti + Opfolda; expectations regarding Amicus' product candidate, DMX-200, and its ongoing development; BioMarin's capital allocation strategy to leverage its financial strength to diversify its pipeline and add innovative new therapies for patients; BioMarin's plans for external innovation, including BioMarin's ability to execute additional transactions in future quarters; statements about BioMarin's future performance; and other statements that are not historical facts. Actual results could differ materially from those anticipated in these forward-looking statements. Except as required by law, each of BioMarin and Amicus assume no obligation to update these forward-looking statements, whether as a result of new information, future events or otherwise. These statements, which represent each of BioMarin's and Amicus' current expectations or beliefs concerning various future events that are subject to significant risks and uncertainties, may contain words such as "may," "will," "would," "could," "expect," "anticipate," "intend," "plan," "believe," "estimate," "project," "seek," "should," "strategy," "future," "opportunity," "potential" or other similar words and expressions indicating future results.

These forward-looking statements are predictions and involve risks and uncertainties such that actual results may differ materially from these statements. Forward-looking statements reflect current beliefs and expectations; however, these statements involve inherent risks and uncertainties, including, without limitation, with respect to: the effects of the acquisition on Amicus' or BioMarin's stock price and/or Amicus' or BioMarin's operating results; unknown or inestimable liabilities; the development, launch and commercialization of products and product candidates; the parties' ability to realize the anticipated benefits of the acquisition, including the possibility that the expected benefits from the acquisition will not be realized or will not be realized within the expected time period and that BioMarin and Amicus will not be integrated successfully or that such integration may be more difficult, time-consuming or costly than expected; obtaining and maintaining adequate coverage and reimbursement for BioMarin's or Amicus' products; the time-consuming and uncertain regulatory approval process; the costly and time-consuming pharmaceutical product development process and the uncertainty of clinical success, including risks related to failure or delays in successfully initiating or completing clinical trials and assessing patients, including with respect to current and planned future clinical trials; global economic, financial, and healthcare system disruptions and the current and potential future negative impacts to BioMarin's or Amicus' business operations and financial results; the sufficiency of BioMarin's or Amicus' cash flows and capital resources; BioMarin's evaluation of the potential impact of the transaction on its financial results and financial guidance; BioMarin's or Amicus' ability to achieve targeted or expected future financial performance and results and the uncertainty of future tax, accounting and other provisions and estimates; the effects of the transaction on relationships with key third parties, including employees, customers, suppliers, other business partners or governmental entities, including the risk that the acquisition adversely affects employee retention; risks that the acquisition disrupts current plans and operations; any legal proceedings related to the acquisition; and other risks and uncertainties affecting BioMarin and Amicus, including those risk factors detailed in BioMarin's and Amicus' filings with the Securities and Exchange Commission (SEC), including, without limitation, the risk factors contained under the caption "Risk Factors" in BioMarin's Annual Report on Form 10-K for the fiscal year ended December 31, 2025 and Amicus' Annual Report on Form 10-K for the fiscal year ended December 31, 2025, as such risk factors may be updated by any subsequent reports, as well as the Proxy Statement on Schedule 14A filed by Amicus (as amended and/or supplemented). Stockholders of BioMarin and Amicus are urged not to place undue reliance on forward-looking statements, which speak only as of the date hereof. BioMarin and Amicus are under no obligation, and expressly disclaim any obligation, to update (publicly or otherwise) or alter any forward-looking statement, including without limitation any financial projection or guidance, whether as a result of new information, future events or otherwise.

BioMarin® is a registered trademark of BioMarin Pharmaceutical Inc. or its affiliates.

Contacts:
Investors
Traci McCarty
BioMarin Pharmaceutical Inc.
(415) 455-7558

Media
Marni Kottle
BioMarin Pharmaceutical Inc.
(415) 218-7111

SOURCE BioMarin Pharmaceutical Inc.