Track market-moving stories before they get noisy

Micron Technology is likely to increase its stock repurchases starting Dec. 9 after federal Chips Act restrictions on buybacks expire.

 | Source: Intuitive Surgical, Inc.

SUNNYVALE, Calif., Nov. 02, 2026 (GLOBE NEWSWIRE) -- Intuitive (NASDAQ: ISRG), a global technology leader in minimally invasive care and the pioneer of robotic-assisted surgery, today announced the appointment of Aaron Martin, President of Insurance at Humana, to its board of directors, effective January 1, 2027.

“Aaron has spent his career building and scaling healthcare technology at the point where payers, providers, and patients converge – a perspective that will sharpen our board's thinking as we further expand access to minimally invasive care globally,” said Intuitive CEO Dave Rosa. “His combination of digital innovation expertise, health system leadership, and large-scale insurance operations experience will deepen our ability to reach more patients with the best care.”

In his role at Humana, Martin holds broad responsibility for strategy, growth, operations, and financial performance across Humana's insurance portfolio and serves on the Humana Enterprise Leadership Team, reporting to the CEO. Prior to Humana, Martin spent almost four years at Amazon as Vice President of Healthcare, where he launched Amazon Clinic – the company's first message and video-based telehealth platform – and built Amazon's Health Conditions Programs in partnership with leading digital health companies. He also led brand and performance marketing and strategic partnerships for Amazon Health Services.

Before Amazon, Martin served as Executive Vice President and Chief Digital Officer at Providence St. Joseph Health, a $26 billion not-for-profit health system, where he led the consumer-facing digital business and founded and served as Managing General Partner of Providence Ventures, a $300 million corporate venture fund with 27 portfolio companies. He has also served as a board member for organizations including Kyruus, Wildflower Health, Xealth, DexCare, AVIA, and Presbyterian Health System.

Martin holds a Bachelor of Arts in Business & Economics and Music Performance from Austin College and an MBA in Finance and Healthcare Management from the Wharton School of the University of Pennsylvania.

“Intuitive has differentiated its platforms by leveraging the power of technology to enhance patient care and improve outcomes, and I am honored to join the board at such an exciting moment in the company's journey,” said Martin. “I look forward to contributing to expanding access to minimally invasive care for more patients worldwide.”

With Martin’s addition, Intuitive’s board of directors will expand from 10 to 11 members.

Contact Information:
[email protected]

About Intuitive

Intuitive (NASDAQ: ISRG), headquartered in Sunnyvale, California, is a global leader in minimally invasive care and the pioneer of robotic surgery. Our technologies include the da Vinci surgical system and the Ion endoluminal system. By uniting advanced systems, progressive learning, and value-enhancing services, we help physicians and their teams optimize care delivery to support the best outcomes possible. At Intuitive, we envision a future of care that is less invasive and profoundly better, where disease is identified early and treated quickly, so that patients can get back to what matters most.

Forward-Looking Statements

This press release contains forward-looking statements which relate to expectations concerning matters that are not historical facts. Statements using words such as “anticipates,” “expects,” “intends,” “may,” “will,” “can,” “could,” “should,” “would,” and similar words and expressions are intended to identify forward-looking statements. It includes a forward-looking statement regarding the anticipated effective date of Martin's appointment to the board of directors. The appointment is subject to Martin's continued willingness and ability to serve, and actual results may differ. It also includes statements about expanding access to minimally invasive care and our ability to reach more patients. These forward-looking statements should be considered in light of various important factors and involve known and unknown risks, uncertainties, and other factors, which may cause the actual results, performance, or achievements of Intuitive to be materially different from any future results, performance, or achievements expressed or implied by such forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release and which are based on current expectations and are subject to risks, uncertainties, and assumptions that are difficult to predict. Intuitive undertakes no obligation to publicly update or release any revisions to these forward-looking statements, except as required by law.

Upwork Inc (NASDAQ:UPWK) shares are soaring after-hours Monday after the company reported third-quarter financial results and provided an update on forward guidance.

Aave has adopted Chainlink’s 24/7 price feeds for its Horizon lending platform, bringing weekend and holiday valuations to tokenized collateral, starting with heavily traded U.S. equities.

Summary

Aave Horizon is using Chainlink’s 24/7 feeds to value tokenized real-world assets pledged as collateral.
Weekend prices draw on perpetual futures venues while the underlying traditional stock exchanges remain closed.
Institutional borrowers must meet issuer requirements before using tokenized assets to access Horizon’s stablecoin liquidity.
Horizon’s existing documentation describes price safeguards designed to prevent faulty valuations from triggering liquidations.

Chainlink identified Aave as its official launch partner in posts published on Nov. 2, highlighting collateral management as one application for its continuous market data service. The posts follow the product’s October launch and name a lending use case alongside round-the-clock derivatives trading.

As crypto.news previously reported, the 24/7 pricing launch brought weekend and holiday coverage to a service whose earlier version covered weekday sessions. The announcement identified lending, prediction markets and perpetual futures among its applications.

Chainlink 24/7 uses derivatives prices when exchanges close
In its product announcement, Chainlink says Horizon is using the feeds for tokenized RWA collateral, beginning with high-volume U.S. equities.

“With Chainlink 24/7, Aave can reliably value RWA collateral through weekends and holidays,” Aave founder and CEO Stani Kulechov said in the announcement.

During active sessions, the service draws on existing 24/5 data. After traditional markets close, it switches to quotes from multiple perpetual futures venues. Weekend values therefore come from derivatives trading, rather than transactions on a closed stock exchange.

Chainlink says the system removes stale inputs and limits outliers, while its session-aware methodology manages transitions between sources. At the regular-session opening bell, the feed preserves immediate price discovery.

Lending applications receive onchain updates through Data Feeds. Data Streams provide another delivery route, with session information that applications can use when adjusting risk settings.

Aave Horizon separates qualified borrowers from stablecoin lenders
Aave’s Horizon documentation describes a separate, licensed instance of the protocol for institutional and qualified participants. Borrowers supply permissioned real-world assets, while stablecoin liquidity comes from pools open to suppliers without issuer approval.

Access to collateral depends on the asset issuer’s requirements. Onboarding typically includes identity verification, compliance checks, and acceptance of terms before an investor joins the issuer’s allowlist.

Deposited RWAs cannot be borrowed by other participants. Their receipt tokens are non-transferable, keeping collateral positions with the original supplier.

Borrowers must maintain the required collateralization ratios, with liquidation possible when positions fall below the applicable thresholds. Loan-to-value limits and liquidation settings depend on each asset’s characteristics and regulatory requirements.

The documentation names USDC, RLUSD and GHO as borrowable stablecoins. Stablecoins supplied to those pools cannot themselves serve as collateral in Horizon.

Horizon documents safeguards against faulty collateral prices
For its existing issuer-reported net asset value feeds, Horizon describes an oracle safeguard developed with Chainlink and LlamaRisk. Upper and lower bounds determine whether a new valuation can be published.

Updates outside those bounds are rejected, leaving the last valid price in place. A breach triggers an emergency response that prevents new borrowing and further exposure while the cause is investigated.

The documented NAV safeguards address erroneous issuer valuations; they do not establish the specific settings for the newly described equity feeds.

In its August 2025 launch announcement, Aave said Horizon had adopted Chainlink SmartData through NAVLink to deliver collateral valuations. The platform launched on Ethereum using Aave Protocol version 3.3, with borrowing and lending executed through smart contracts.

Aave described its non-custodial structure as preventing Aave Labs from moving user funds. Issuers retain responsibility for whitelisting, identity checks, and asset management.

Horizon’s original collateral included US Treasury exposure
At launch, Horizon supported Superstate’s USTB and USCC alongside Centrifuge’s JRTSY and JAAA, according to Aave’s announcement. The products covered short-duration U.S. government securities, crypto carry strategies, Treasury bills and AAA-rated collateralized loan obligations.

Circle’s USYC was listed as an upcoming addition at that time, offering qualified investors exposure to short-duration U.S. Treasury bills.

Aave said institutions could borrow against their holdings without selling or redeeming the underlying tokenized assets. Stablecoin suppliers received interest-bearing receipt tokens representing their deposits, with borrowing demand providing the lending opportunity.

The launch announcement named LlamaRisk as a risk-analysis provider and said Chaos Labs would join as a risk-management provider.

 | Source: Regeneron Pharmaceuticals, Inc.

TARRYTOWN, N.Y., Nov. 02, 2026 (GLOBE NEWSWIRE) -- Regeneron Pharmaceuticals, Inc. (NASDAQ: REGN) will webcast management participation as follows:

2026 Jefferies Global Healthcare Conference in London at 2:00 p.m. GMT (9:00 a.m. ET) on Tuesday, November 17, 20269th Annual Evercore Healthcare Conference at 1:45 p.m. ET on Tuesday, December 1, 2026Citi’s 2026 Global Healthcare Conference at 9:40 a.m. ET on Wednesday, December 2, 2026 The sessions may be accessed from the "Investors & Media" page of Regeneron's website at https://investor.regeneron.com/events-and-presentations. Replays and transcripts of the webcasts will be archived on the Company's website for at least 30 days.

About Regeneron
Regeneron (NASDAQ: REGN) is a leading biotechnology company that invents, develops and commercializes life-transforming medicines for people with serious diseases. Founded and led by physician-scientists, our unique ability to repeatedly and consistently translate science into medicine has led to numerous approved treatments and product candidates in development, most of which were homegrown in our laboratories. Our medicines and pipeline are designed to help patients with eye diseases, allergic and inflammatory diseases, cancer, cardiovascular and metabolic diseases, neurological diseases, hematologic conditions, infectious diseases, and rare diseases. 

Regeneron pushes the boundaries of scientific discovery and accelerates drug development using our proprietary technologies, such as VelociSuite®, which produces optimized fully human antibodies and new classes of bispecific antibodies. We are shaping the next frontier of medicine with data-powered insights from the Regeneron Genetics Center® and pioneering genetic medicine platforms, enabling us to identify innovative targets and complementary approaches to potentially treat or cure diseases.

For more information, please visit www.Regeneron.com or follow Regeneron on LinkedIn, Instagram, Facebook or X.

Contact Information:
Investor Relations
Ryan Crowe
914.847.8790
[email protected]        

, /PRNewswire/ -- Danaher Corporation (NYSE: DHR) announced that President and Chief Executive Officer, Julie Sawyer Montgomery, will be presenting at the UBS Global Healthcare Conference in Palm Beach, Florida on Monday, November 9, 2026 at 11:45 a.m. ET and Jefferies Global Healthcare Conference in London, UK on November 17, 2026 at 10:00 a.m. GMT. These events will be simultaneously webcast on www.danaher.com.

ABOUT DANAHER
Danaher is a leading global life sciences, diagnostics and biotechnology innovator committed to advancing the power of science and technology to improve human health. Through a connected ecosystem of industry-leading businesses, the Company works closely with customers to solve many of their most complex scientific challenges by accelerating discovery, development and the delivery of life-changing therapies. Powered by the Danaher Business System and 60,000 associates worldwide, the Company strives for continuous improvement, operational excellence and Innovation at the Speed of Life. Explore more at www.danaher.com.

SOURCE Danaher Corporation

On its first quarter of fiscal 2027 earnings call, held on Nov. 2, 2026, Estée Lauder (EL -4.08%) raised its full-year fiscal 2027 organic net sales growth outlook -- which measures sales excluding acquisitions, divestitures, brand closures, and foreign currency translation -- to a range of 4% to 5.5%. Expanding operating margins and prestige market share gains show that operational restructuring is restoring profitable growth. Improving cash productivity across global regions reinforces the company's financial resilience. Three takeaways from the call highlight how management is positioning the business for sustained performance.

Fragrance net sales increased 20% as Estée Lauder expanded beyond its luxury tier into the prestige price tier. Strengthening distribution in Western markets helped its fragrance brands capture broader consumer demand and outpace industry growth rates.

Fragrance outperformed as organic sales rose 20%. We committed to create and capture growing demand in this vibrant category by strengthening our leadership in the luxury price tier and building our presence in the prestige price tier, and we are doing just that.
-- Stephane de la Faverie, President and Chief Executive Officer2. Operational Initiatives Deliver Lasting Operating Margin ExpansionThe company completed the approval phase of its Profit Recovery and Growth Plan (PRGP), a restructuring initiative aimed at optimizing cost structures. Reducing nonconsumer-facing overhead gave management the flexibility to increase advertising and promotional spending while expanding operating margins.

The approval phase of the restructuring component of our PRGP is behind us, but our commitment to everyday efficiency continues. We are executing the approved initiatives, capturing savings and simplifying our cost base.
-- Akhil Shrivastava, Executive Vice President and Chief Financial Officer3. Geographic Diversification and Emerging Market Growth Boost RevenueSales expanded across all geographic regions, led by a 9% organic sales increase in Mainland China and a 15% surge in priority emerging markets. Acquiring the remaining stake in Indian prestige beauty brand Forest Essentials further expands international reach and stabilizes core retail performance.

Mainland China delivered 9% organic sales growth as Skin Care and Makeup each rose high-single digit, while Fragrance increased double digits.
-- Stephane de la Faverie, President and Chief Executive OfficerLooking AheadGrowth is picking up across key regional markets, prompting executive leadership to lift full-year targets for sales and cash flow. Sustainable competitive advantages in brand equity, multi-tier product distribution, and global supply chain efficiency underpin future value creation, while management monitors geopolitical disruptions and retail inventory alignment.

While we remain cautious amid ongoing geopolitical and macroeconomic uncertainty, we are controlling the controllables, focused on disciplined execution and maintaining flexibility to respond as conditions evolve.
-- Akhil Shrivastava, Executive Vice President and Chief Financial OfficerExecution of One ELC, the company's enterprisewide operating model, simplifies processes and accelerates digital commerce initiatives. Expanding core prestige market share remains the primary focus for long-term shareholder returns.

Beauty Reimagined has transformed our company and positioned us for more diversified and sustainable long-term sales growth, prestige beauty share gain, and stronger profitability.
-- Stephane de la Faverie, President and Chief Executive OfficerThe Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.

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After a wave of hacks hit Binance, BTCPay Server, and Mercado Bitcoin within days of each other, South Korean regulators called an emergency meeting and demanded exchanges lock more coins offline. Whether that protects you depends on a risk most…

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South Korea’s Financial Services Commission has instructed the country’s crypto exchanges to increase the amount of customer coins they store in cold storage. Cold storage refers to wallets that are kept offline, making them less vulnerable to hackers. This announcement came after a major security breach at Binance prompted a wave of withdrawals.

During an emergency meeting with the Financial Supervisory Service, the DAXA exchange alliance, and major exchanges, regulators discussed the need for stronger security measures. They requested active monitoring of deposits and withdrawals, increased staffing for rapid response, and larger reserves. These measures affect anyone who keeps Bitcoin (CRYPTO:BTC), Ethereum (CRYPTO:ETH), or other cryptocurrencies on exchanges. As of November 2, 2026, Bitcoin is priced at $77,324, approximately 39% below its all-time high, while Ethereum is at $2,267.

Binance, Mercado Bitcoin and BTCPay Server Were Hit Within Days

Binance wasn’t the only platform facing challenges. Brazil’s Mercado Bitcoin experienced and contained a security incident, assuring clients that no funds were lost, although it paused deposits and withdrawals as a precaution. Likewise, BTCPay Server, an open-source payment software for merchants, reported attacks on hot wallets beginning on November 1, particularly affecting older versions.

In light of these events, many crypto holders are understandably concerned. One Reddit user pointed out, referring to Coinbase (NASDAQ:COIN | COIN Price Prediction), “Coinbase claims they keep 98% of their Bitcoin in cold storage anyway, so is the risk of storing on the exchange overblown?”

Your Exchange’s Cold Storage Ratio Sets How Much Hackers Can Steal

Exchanges use both hot wallets, which are connected to the internet, and cold wallets, which are offline. Hot wallets allow for instant withdrawals, but they are also easier for hackers to access. Cold wallets, by contrast, keep private keys offline, making theft much harder, though withdrawals may take longer. The amount of cryptocurrency an exchange holds in cold storage versus hot wallets determines how much an attacker can steal in a single attack.

South Korea’s Virtual Asset User Protection Act requires exchanges to keep at least 80% of user assets in cold storage. For instance, if an exchange has $1 billion in customer coins and follows this rule, it leaves up to $200 million accessible online. If the exchange maintains 98% in cold storage, only about $20 million is exposed. Therefore, a higher cold storage ratio reduces potential losses in a hack, while the exchange’s reserves affect how much users can recover after a theft.

However, a higher cold storage ratio does not guarantee quick access to your assets. For example, even though Mercado Bitcoin’s clients didn’t suffer financial loss, they couldn’t move their coins during the security pause.

Exchange, Hardware Wallet, or a Split: Each Carries Different Risks

Storing everything on a major exchange can offer quick trades and password recovery, and it frees you from tracking private keys. However, this convenience comes with risks, such as potential hacks, sudden suspensions, or exchange insolvency, as an Indian exchange’s $16 million loss in October showed. This setup may be ideal for active traders or for those holding small amounts of crypto that they could manage without for a week.

On the other hand, moving your entire portfolio to a hardware wallet eliminates the exchange from the equation. This method gives you more control but also makes you responsible for your security. If you lose the recovery phrase, your coins are gone, and no one can help you recover them. It’s also crucial to have a plan for passing on your assets to heirs, since they won’t be able to access coins they don’t know about. Additionally, purchasing hardware from unofficial resellers can introduce risks, as some devices may have been tampered with.

A balanced approach often works best: keep a portion of your assets on an exchange for quick trading and move a significant chunk to cold storage for safekeeping. For instance, if you own 0.1 BTC, worth around $7,700, you might allocate a small amount for trading while storing the rest in a secure wallet. This method helps you minimize both exchange risk and the impact of personal mistakes.

Should You Move Your Crypto Into Cold Storage?
If losing your crypto would have a substantial impact and you don’t trade frequently, it’s wise to consider moving most of your assets into a wallet you control. Your decision should consider how much crypto you hold, your trading habits, and your ability to safeguard a recovery phrase long term. However, haste can lead to costly mistakes. After a hack, some users might impulsively pull their assets and buy a discounted hardware wallet from an unreliable source, exposing themselves to higher risk.

The safest path is to buy hardware wallets directly from trusted manufacturers and keep your recovery phrase securely written down, whether on paper or metal. If Korean regulators turn their request into tighter cold storage rules, other countries could follow suit. Nevertheless, even with a high percentage of assets in cold storage, hackers can still reach coins before an exchange notices. Therefore, creating a diverse strategy for storing your crypto is key.

Want Up To $3,000 In Stock? SoFi Is Giving New Active Invest Users Complimentary StockLooking to grow your money but unsure where to begin? SoFi Active Invest is offering a limited-time promotion; open a new Active Invest account, fund it with $50 or more, and you could receive up to $1,000 in complimentary stock.

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Contact [email protected] for any questions or corrections.

CRWV CoreWeave$50.15-$4.72 (-8.60%)

NASDAQ · As of 4:00 PM ET 11/02/26

CoreWeave (CRWV -8.60%), a specialized cloud computing provider for generative AI workloads, closed at $50.15, down 8.60%. Premarket partnership news with CrowdStrike faded as leverage concerns weighed on the market, and investors are watching Nov. 10 earnings.

Trading volume reached 47.1M shares, coming in nearly 21% above its three-month average of 38.9M shares. CoreWeave IPO'd in 2025 and has grown 25% since going public.

How the markets moved todayThe S&P 500 (SNPINDEX: ^GSPC) dropped 0.50% to 7,542, and the Nasdaq Composite (NASDAQINDEX: ^IXIC) fell 1.07% to 25,164. Among peers in AI cloud infrastructure and specialized data center services, Oracle closed at $119.10, down 8.85%, and Nebius Group closed at $141.39, down 8.27%, underscoring weakness across chip-adjacent infrastructure names.

What this means for investorsThe latest price action in CoreWeave shows continued shareholder discomfort with the cloud stock's reliance on debt.

Although the expanded partnership with CrowdStrike is objectively good news for the company, the excitement over that deal was short-lived as the stock's downtrend continued.

Customer interest is not the issue. Demand for neocloud infrastructure is insatiable, as CoreWeave's backlog totaled $104 billion, not including Q3 customer commitments.

Still, that demand does the company little good if its ability to finance infrastructure builds remains in question. Considering that industry insiders like Elon Musk think many neoclouds will fail, CoreWeave is likely to remain under the gun for the foreseeable future.

In fairness, CoreWeave is not the only neocloud stock struggling, as both Nebius and Oracle also plunged. However, Oracle still has other legacy businesses, and Nebius is a profitable company with a debt level that's a fraction of CoreWeave's approximate $35 billion in obligations.

The real test for CoreWeave stock may come when it announces its earnings for the third quarter of 2026 on Nov. 10. Factors such as growth, capital expenditures, and debt levels will be where investors will probably focus.

If CoreWeave can continue building infrastructure, address its backlog, and service its debt, it may eventually win back investors' confidence. Nonetheless, any interruptions to this growth could be costly for CoreWeave, making investing in the stock a risky proposition at this time.

, /PRNewswire/ -- INOVIO (NASDAQ: INO), a biotechnology company focused on developing and commercializing DNA medicines to help treat and protect people from HPV-related diseases, cancer and infectious diseases, today announced that it will participate in the following scientific conferences:

Soft Bones Third International Scientific Meeting on Hypophosphatasia (New York)
Presentation: Rare Disease Protein Replacement Therapeutics: The Transformational Potential of Next-Gen DNA Medicine
Date: Sunday, November 8

World Federation of Hemophilia - New Technology & Gene Therapy (NTGT) Workshop (Montreal)
Presentation: INO-D001 for Hemophilia A
Date: Thursday, November 12

Abstracts and presentations will be added to our events page if available.

About INOVIO
INOVIO is a biotechnology company focused on developing and commercializing DNA medicines to help treat and protect people from HPV-related diseases, cancer, and infectious diseases. INOVIO's technology optimizes the design and delivery of innovative DNA medicines that enable the body to manufacture its own disease-fighting tools. For more information, visit www.inovio.com.

Contacts

Media: Josephine Galatioto - ICR Healthcare, [email protected]
Investors: Peter Vozzo - ICR Healthcare, (443) 213-0505, [email protected]

SOURCE INOVIO Pharmaceuticals, Inc.

Can a visual discovery engine outperform a backend advertising powerhouse in your portfolio? Deciding between Pinterest (PINS +4.91%) and The Trade Desk (TTD +2.12%) requires looking at how digital marketing is evolving for 2027.

Pinterest operates as an ad-supported digital platform where users find inspiration, while The Trade Desk provides a self-service software solution for advertisers to buy space across the open internet. Investors compare them because both represent high-growth avenues within the digital advertising market. Understanding their financial health and competitive risks is essential for anyone choosing between these two growth stocks today.

The case for PinterestFor those considering investing in social media stocks, Pinterest offers a unique visual search and shopping destination. In its latest annual report, the company notes it sells advertising space to brands wanting to reach over 600 million monthly active users during the discovery phase. This platform focuses on advertisers in retail and consumer goods, helping them move users from inspiration to an actual purchase.

In its 2025 fiscal year (FY), revenue reached $4.2 billion, representing a growth rate of 15.8% over the previous year. The company reported net income of $416.9 million for the period. This resulted in a 9.9% net margin, which measures the percentage of revenue kept as profit after all expenses.

As of its December 2025 balance sheet, the company had a debt-to-equity ratio of 0.1x and a current ratio of 7.6x, which tracks its ability to pay short-term bills. Free cash flow, which is cash from operations minus capital expenditures, reached $1.3 billion for the year. Note that stock-based compensation (SBC) represented roughly 68.6% of operating cash flow, which inflates reported cash generation since SBC is a non-cash expense added back in the cash flow statement.

The case for The Trade DeskThe Trade Desk operates a cloud-based platform that helps advertisers buy digital ad space across mobile, video, and connected television. In its latest annual report, the company disclosed that two holding company clients accounted for more than 10% of gross billings in 2025. This customer concentration adds a layer of risk, even as it maintains an ecosystem of hundreds of integrated ad exchanges and data vendors.

In FY 2025, the company generated revenue of $2.9 billion, a growth of 18.5% year over year. Net income for the fiscal year was $443.3 million, a steady increase from previous periods. This performance led to a net margin of 15.3%, showing how much profit the company retains from every dollar of sales.

As of its December 2025 balance sheet, the debt-to-equity ratio was 0.2x and the current ratio was 1.6x. Free cash flow, or cash from operations minus capital expenditures, was $795.7 million for the fiscal year. Note that stock-based compensation represented 49.4% of operating cash flow, which inflates reported cash generation.

Risk profile comparisonPinterest faces heavy reliance on advertising revenue and the effectiveness of third-party measurement tools while competing with the likes of Amazon and Meta Platforms for advertiser spending. The company must also navigate evolving data privacy laws like the EU AI Act and ongoing securities litigation. Risks also stem from content moderation challenges and the rapid adoption of new artificial intelligence technologies.

The Trade Desk relies heavily on the growth of the programmatic advertising market and faces intense competition from established giants like Alphabet, whose Google advertising platform dominates digital advertiser demand. Changes in browser privacy settings could limit access to vital data identifiers, impacting how the company targets ads. Additionally, privacy-related lawsuits remain a persistent legal exposure.

Valuation comparisonPinterest provides a significantly lower entry point based on future earnings estimates, while The Trade Desk appears cheaper relative to its trailing twelve-month sales volume.

The Forward P/E ratio, which compares the current stock price to future earnings estimates, highlights the difference in how the market prices these two firms. Additionally, the P/S ratio measures a company's market value against its sales over the past twelve months.

MetricPinterestThe Trade DeskForward P/E8.3x13.5xP/S ratio2.3x1.9xValuation metrics include sourcing from Financial Modeling Prep (FMP) and may differ from other data providers.

Which stock would I buy for 2027?Both Pinterest and The Trade Desk depend on advertising to generate income, but of the two, I would prioritize investing in Pinterest stock.

The social media platform has done an excellent job of growing its user base. In the third quarter of 2026, Pinterest reported record high global monthly active users (MAUs) of 661 million, which is a strong 10% year-over-year increase. Gen Z represents the fastest-growing and most engaged demographic on the platform, and is 57% of total users.

Pinterest faces some short-term headwinds because Europe removed tax exemptions on low-cost cross-border imports, causing a pullback in spending among advertisers selling these products. However, given the strong MAUs it's enjoying, Pinterest's revenue is poised to rebound over the long term.

The Trade Desk's business appears headed in the opposite direction from Pinterest, as it forecasted its Q3 sales will decline year over year. Its revenue growth has steadily fallen in recent quarters. Part of the problem is its customer concentration. The Trade Desk had a high-profile public dispute with the French advertising and PR holding company Publicis Groupe, which cut spending, causing The Trade Desk's revenue to plunge.

The ETH/USDG pool has about $3.5 million in liquidity and uses a tighter resting fee spread than its Ethereum counterpart.

The ETH/USDG pool has about $3.5 million in liquidity and uses a tighter resting fee spread than its Ethereum counterpart.

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Cover image via depositphotos.com

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

The end of October 2026 was marked by the largest incident in the history of the crypto market — the $6.3 billion hack of the Binance exchange. This case exposed the vulnerability of the instant exchange (swaps) infrastructure. 

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While the automated systems of the North Korean group TraderTraitor withdrew $242 million via the Tron blockchain in the first two days, decentralized bridges and liquidity aggregators de facto became the main tool for legalizing the stolen funds.

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And what do wallets have to do with it?Against this backdrop, the head of NEAR Intents Alex Shevchenko issued a warning to cryptocurrency wallet developers. His position is pragmatic: focusing exclusively on finding the best rate for the user turns services into unwitting accomplices in cybercrimes.

Since around $3.5 billion still remains under the hackers’ control after a wave of emergency freezes, regulatory pressure on the Web3 sector will inevitably increase. To minimize risks, the head of NEAR Intents formulated three basic survival rules for modern crypto wallets when choosing integration partners:

Counteracting money laundering (ML counteraction): The protocol’s ability to recognize flagged hacker assets on the fly and isolate them from liquidity pools.Slippage and refund control (Slippage & Refund rate): Ensuring that the execution price exactly matches the declared quote and ensuring the presence of secure asset refund mechanisms in case of transaction failures.Infrastructure stability (Uptime): Uninterrupted operation of swap systems under extreme network load and emergency market blocks.
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For wallet developers, the problem is structural. A single swap often passes through several protocols at once — an aggregator, a bridge and multiple liquidity pools — and each hop dilutes responsibility. 

If any link in this chain processes tainted funds, the wallet through which the transaction was initiated shares the reputational damage and, increasingly, the legal exposure. 

This is why due diligence on integration partners is shifting from an optional step to a core product requirement.

Investments in compliance and integration security are no longer a boring formality. The market has reached a point where the reputational and legal cleanliness of a service is valued far higher than saving a few cents on fees.

, /PRNewswire/ -- Carrier Global Corporation (NYSE: CARR) Chairman & CEO David Gitlin and Executive Vice President & CFO Patrick Goris will speak at the Baird 2026 Global Industrial Conference on Wednesday, Nov. 11, 2026, at 7:20 a.m. CT (8:20 a.m. ET).

The event will be broadcast live at ir.carrier.com. A webcast replay will be available on the website following the event.

About Carrier  
Carrier Global Corporation, global leader in intelligent climate and energy solutions, is committed to creating innovations that bring comfort, safety and sustainability to life. Through cutting-edge advancements in climate solutions such as temperature control, air quality and transportation, we improve lives, empower critical industries and ensure the safe transport of food, life-saving medicines and more. Since inventing modern air conditioning in 1902, we lead with purpose: enhancing the lives we live and the world we share. We continue to lead because of our world-class, inclusive workforce that puts the customer at the center of everything we do. For more information, visit carrier.com or follow Carrier on social media at @Carrier.

Carrier. For the World We Share.

CARR-IR

Contact:

Media Inquiries

Kristina Pantelides

561-236-4241

[email protected]

Investor Relations

Michael Rednor

561-365-2020

[email protected]

SOURCE Carrier Global Corporation

San Francisco, California--(Newsfile Corp. - November 2, 2026) - National trial law firm Hagens Berman alerts investors in FuelCell Energy, Inc. (NASDAQ: FCEL) that a securities class action has been filed, and reminds investors that they have until November 10, 2026, to seek appointment as lead plaintiff.

If you purchased or acquired FuelCell securities during the Class Period and suffered significant financial losses, submit your losses now.

Key Details

Class Period: June 24, 2026 – Sept. 1, 2026 Lead Plaintiff Deadline: Nov. 10, 2026 Visit: www.hbsslaw.com/fcel Direct Contact Email: [email protected] Firm Telephone: 844-916-0895Video:Cannot view this video? Visit:
https://www.youtube.com/watch?v=GlhunVARgjo

What is the FuelCell Securities Class Action About?

The lawsuit focuses on whether FuelCell Energy and certain top executives-including CEO Jason B. Few and CFO Michael S. Bishop-violated the Securities Exchange Act of 1934 by making materially false and misleading statements regarding the company's manufacturing capacity, production economics, and a major commercial agreement.

Specifically, the action alleges that throughout the Class Period, defendants touted a high-profile Capital Equipment Purchase Agreement (CEPA) announced on June 24, 2026, under which FuelCell agreed to supply carbonate fuel cell block systems for up to 380 megawatts (MW) of clean, baseload on-site power for data centers to Fit Energy USA LP (beginning with an initial 30 MW phase). Concurrently, FuelCell capitalized on the market enthusiasm by completing a massive underwritten public offering of over 12 million shares of common stock at $21 per share, raising roughly $245.5 million in net proceeds.

However, the complaint alleges that defendants failed to disclose critical operational realities to investors:

That FuelCell's actual manufacturing capacity was wholly inadequate to generate the production rates required under the Fit Energy CEPA; That the lagging production volume meant product costs and manufacturing overhead heavily exceeded the contractual pricing, locking the company into severe gross losses; and That the company was tracking multi-million-dollar charges and inventory commitments tied to Phase 0 of the agreement that would decimate its quarterly profitability. The truth emerged before the market opened on September 2, 2026, when FuelCell reported its fiscal third-quarter 2026 financial results. The company revealed a staggering net loss of $45.3 million and a massive jump in gross losses—driven by $17 million in charges recorded for Phase 0 of the Fit Energy CEPA because current product costs and overhead exceeded contract pricing.

Following these disclosures, the price of FuelCell stock plummeted nearly 16% in a single trading session, severely damaging shareholders.

What Can FuelCell Investors Do?

If you purchased FCEL securities between June 24, 2026, and September 1, 2026, you may be eligible to participate in the lawsuit as a lead plaintiff.

The Private Securities Litigation Reform Act of 1995 permits any investor who suffered financial losses to seek appointment as lead plaintiff. You do not need to sell your shares to join the class action.

Click Here To Submit Your Losses Click Here to Discuss Your Legal Rights: Contact Hagens Berman attorneys to learn more about the case, the lead plaintiff timeline, and your options."We're focused on whether FuelCell may have misled investors about its manufacturing capabilities, as the suit alleges," said Reed Kathrein, the Hagens Berman partner leading the firm's investigation of the claims in the pending suit.

Whistleblowers: Persons with non-public information regarding FuelCell should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email [email protected].

# # #

About Hagens Berman
Hagens Berman is a global plaintiffs' rights complex litigation firm focusing on corporate accountability. The firm is home to a robust practice and represents investors as well as whistleblowers, workers, consumers and others in cases achieving real results for those harmed by corporate negligence and other wrongdoings. Hagens Berman's team has secured more than $2.9 billion in this area of law. More about the firm and its successes can be found at hbsslaw.com. Follow the firm for updates and news at @ClassActionLaw.

Attorney Advertising. Prior results do not guarantee a similar outcome in any future case.

Contact: Hagens Berman, Reed Kathrein, 715 Hearst Avenue, Suite 300, Berkeley, CA 94710, 844-916-0895, [email protected]

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/322175

Source: Hagens Berman Sobol Shapiro LLP

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Revenues of $1.58 billion, net loss of $320.1 million includes $286.7 million of goodwill impairmentAdjusted EBITDA(1) of $36.0 million includes the unfavorable impact of $12.7 million of F&I chargeback liability adjustmentsCompany accelerates cost actions; the Company’s efficiency program now totals over $150 million of anticipated annualized savingsFourth quarter 2026 SG&A expected to decline by more than $50 million year over yearGood Sam Services and Plans gross margin expands 567 basis points to 62.3%
LINCOLNSHIRE, Ill., Nov. 02, 2026 (GLOBE NEWSWIRE) -- Camping World Holdings, Inc. (NYSE: CWH) (“CWH” or, collectively with its subsidiaries, the “Company” or “Camping World”), America’s Largest Recreational Vehicle Dealer, today reported results for the third quarter ended September 30, 2026.

Matthew Wagner, Chief Executive Officer and President of CWH, stated, “Our team did a tremendous amount of work in the third quarter to position the Company for the future. We built on our inventory discipline from the first half and entered the fourth quarter with our lowest mix of prior model year new units in five years. We grew our new vehicle average selling price on a richer mix of fifth wheels and motorized units, sequentially improved used vehicle gross margins and GPU(2), expanded Good Sam Services and Plans gross margins, and reduced our SG&A by $24 million in the quarter.”

Mr. Wagner continued, “As signals emerged over the summer that new vehicle gross margins across the industry were likely to remain under greater pressure than we had anticipated, we moved swiftly to further optimize our cost structure. We accelerated elements of our previously announced $100 million efficiency program and implemented additional reductions amounting to over $50 million of anticipated incremental annualized savings. We enter the fourth quarter with a cost base that we believe is rebuilt for the current market backdrop and a team focused on the variables we can control.”

Balance Sheet and Cash Flow
At the end of the third quarter of 2026, cash and cash equivalents totaled $263.8 million. Total outstanding long-term debt was $1.423 billion. The Company’s Net Debt(1) decreased $97.8 million, or 7.0%, at the end of the third quarter of 2026 compared to the third quarter of 2025. Tom Kirn, Chief Financial Officer of CWH, commented, “Operating cash flow year to date was $488.0 million, we reduced total inventory by $343 million from year end and had floor plan capacity of $823 million. In August, we amended and extended our M&T real estate facility to 2031, and we continue to evaluate alternatives to potentially refinance our Senior Secured Credit Facilities with the goal of increasing our financial flexibility.”

(1) Adjusted EBITDA and Net Debt are non-GAAP measures. For a reconciliation of these non-GAAP measures to the most directly comparable GAAP measures, see the “Non-GAAP Financial Measures” section later in this press release.
(2) Gross profit per unit (“GPU”).

Outlook
As previously disclosed(3), the Company expects full-year 2026 Adjusted EBITDA to be below the low end of its previously communicated range of $230 million to $270 million. Currently, the Company is not providing additional full-year 2026 guidance and the Company intends to discuss its framework for 2027 in connection with its fourth quarter results.

Mr. Wagner concluded, “The industry is planning for 2027 unit sales to be comparable to 2026, but we are building our plans around more conservative assumptions. With a cost base that we believe is on track to be more than $150 million lighter on an annualized basis by 2028, the largest used RV business in the industry, and a Good Sam business that compounds through the cycle, we believe we are positioned to deliver a step change in our earnings profile when the market turns.”

(3) Disclosed in Item 7.01 of the Company’s Form 8-K furnished to the Securities and Exchange Commission on October 5, 2026.

Third Quarter Operating Highlights(4)

Revenue was $1.6 billion for the third quarter, a decrease of $223.2 million, or 12.4%.New vehicle revenue was $638.9 million for the third quarter, a decrease of $127.9 million, or 16.7%, and new vehicle unit sales were 15,126 units, a decrease of 5,160 units, or 25.4%. Used vehicle revenue was $518.5 million for the third quarter, a decrease of $70.6 million, or 12.0%, and used vehicle unit sales were 17,176 units, a decrease of 1,518 units, or 8.1%. Combined new and used vehicle unit sales were 32,302, a decrease of 6,678 units, or 17.1%.Average selling price of new vehicles sold increased 11.7%, and average selling price of used vehicles sold decreased 4.2%.Same store new vehicle unit sales decreased 26.4% for the third quarter and same store used vehicle unit sales decreased 8.6%. Combined same store new and used vehicle unit sales decreased 17.8%.New vehicle gross margin was 10.2%, a decrease of 252 basis points, driven primarily by the 15.0% increase in the average cost per new vehicle sold, partially offset by the 11.7% increase in the average selling price per new vehicle sold. Used vehicle gross margin was 18.0%, a decrease of 36 basis points, primarily due to a 4.2% decrease in the average selling price per used vehicle sold, partially offset by a 3.8% decrease in the average cost per used vehicle sold.Products, service and other revenue was $209.0 million, a slight increase of $0.4 million, or 0.2%. Products, service and other gross margin was 38.3%, a decrease of 690 basis points, primarily due to a 12.8% increase in products, service and other costs applicable to revenue driven by higher service volume that was billed at lower average labor rates for basic installation and maintenance services.Finance and insurance, net was $147.5 million, a decrease of $30.8 million, or 17.3%, driven by a 17.1% decrease in total vehicle unit sales, which resulted in fewer contracts sold, and a $12.7 million unfavorable adjustment to variable consideration for chargebacks based on updates to the actuarial analysis of our chargeback liabilities, compared to a $3.7 million unfavorable chargeback adjustment in the prior year.Good Sam Club revenue was $19.0 million, an increase of $8.2 million, or 75.6%, driven by (i) increased co-branded credit card revenue from a revised partner agreement that resulted in the recognition of a nonrecurring $5.3 million milestone payment for completing certain growth initiatives and (ii) the addition of recurring profit sharing, which was $2.3 million for the three months ended September 30, 2026.Gross profit was $434.3 million, a decrease of $82.8 million, or 16.0%, and total gross margin was 27.4%, a decrease of 119 basis points. The gross profit decrease was mainly driven by the $32.4 million lower new vehicle gross profit, $30.8 million lower finance and insurance, net gross profit, $14.8 million of decreased used vehicle gross profit, and $14.3 million of decreased products, service and other gross profit, partially offset by an $8.0 million increase in Good Sam Club gross profit and a $1.5 million increase in Good Sam Services and Plans gross profit.Selling, general and administrative expenses (“SG&A”) were $387.1 million, a decrease of $23.9 million, or 5.8%. This decrease was primarily due to a $25.5 million decrease in employee cash compensation costs excluding commissions, resulting primarily from headcount reductions; a $4.2 million decrease in stock-based compensation expense (“SBC”); and a $2.3 million decrease in commission costs, partially offset by a $4.5 million increase in outside service provider fees primarily related to software, AI, and infrastructure maintenance expenses and a $2.5 million increase in rent expense. SG&A Excluding SBC(5) was $383.6 million, a decrease of $19.8 million, or 4.9%. As a percentage of gross profit, SG&A and SG&A Excluding SBC were 89.1% and 88.3%, respectively, an increase of 964 and 1,032 basis points, respectively.The Company recorded a noncash goodwill impairment charge of $286.7 million for the third quarter of 2026 related to its RV and Outdoor Retail reporting unit. The charge was largely driven by continued pressure on new RV industry demand, promotional pricing pressure in core travel trailer offerings, and the sustained decline in our share price, as well as macroeconomic factors, including higher consumer interest rates, elevated fuel prices and declines in consumer sentiment, which reduced the Company’s estimate of the fair value of the reporting unit as of September 30, 2026.Floor plan interest expense was $15.2 million, a decrease of $2.9 million, or 16.1%, primarily due to a 55 basis point decrease in the average floor plan borrowing rate and an 8.3% decrease in the average floor plan balance. The average interest rate for the Company’s Floor Plan Facility for the three months ended September 30, 2026 and 2025 was 5.93% and 6.48%, respectively.Net loss was $320.1 million for the third quarter of 2026, an increase of $290.7 million, or 990.5%. Adjusted EBITDA was $36.0 million, a decrease of $59.7 million, or 62.4%.Diluted loss per share of Class A common stock was $(3.09), an increase of $2.45, or 382.8%, from $(0.64) for the three months ended September 30, 2025. Adjusted loss per share – diluted(5) of Class A common stock was $(0.19), a change of $0.62, or 144.2%, from Adjusted earnings per share – diluted(5) of Class A common stock of $0.43 for the three months ended September 30, 2025.The total number of our store locations was 197 as of September 30, 2026 and 2025. (4) Unless otherwise indicated, all financial comparisons in these third quarter operating highlights compare our financial results for the third quarter ended September 30, 2026 to our financial results from the third quarter ended September 30, 2025.
(5) Adjusted (loss) earnings per share – diluted and SG&A Excluding SBC are non-GAAP measures. For a reconciliation of these non-GAAP measures to the most directly comparable GAAP measures, see the “Non-GAAP Financial Measures” section later in this press release.

Earnings Conference Call and Webcast Information
A conference call to discuss the Company’s third quarter 2026 financial results is scheduled for November 3, 2026, at 7:30 a.m. Central Time. Investors and analysts are invited to listen to the live audio webcast of the call via the Events & Presentations section of the Company’s IR website, http://investor.campingworld.com. For coverage analysts only: http://register-conf.media-server.com/register/Blcd349a1261ea4571954f0fed6f763e5a. Upon registering you will receive the dial-in info and a unique PIN to join the call. Presentation materials are available at http://investor.campingworld.com.

The event will be archived and available for replay for up to one year.

Presentation
This press release presents historical results for the periods presented for the Company and its subsidiaries, which are presented in accordance with accounting principles generally accepted in the United States (“GAAP”), unless noted as a non-GAAP financial measure. The Company is the sole managing member of CWGS, LLC, with sole voting power in and control of the management of CWGS, LLC. As of September 30, 2026, the Company owned 61.6% of CWGS, LLC. Accordingly, the Company consolidates the financial results of CWGS, LLC and reports a non-controlling interest in its condensed consolidated financial statements. Unless otherwise indicated, all financial comparisons in this press release compare our financial results for the third quarter ended September 30, 2026 to our financial results from the third quarter ended September 30, 2025.

About Camping World Holdings, Inc.
Camping World Holdings, Inc., headquartered in Lincolnshire, IL, (together with its subsidiaries) is America’s largest retailer of RVs and related products and services. Through Camping World and Good Sam brands, our vision is to make it easy for everyone to enjoy RVing and empower our customers’ joy of travel. We strive to build long-term value for our customers, employees, and stockholders by combining a unique and comprehensive assortment of RV products and services with a national network of RV dealerships, service centers and customer support centers along with the industry’s most extensive online presence and a highly trained and knowledgeable team of associates serving our customers, the RV lifestyle, and the communities in which we operate. We also believe that our Good Sam organization and family of highly specialized services and plans, including roadside assistance, protection plans and insurance, uniquely enable us to connect with our customers as stewards of an outdoor and recreational lifestyle. With RV sales and service locations in 44 states, Camping World has grown to become the prime destination for everything RV. For more information, visit www.CampingWorld.com.

Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including, without limitation, statements about macroeconomic and industry trends, future SG&A savings and cost efficiency initiatives, business plans and goals, future growth of our operations and our market share, capital spending and allocation priorities, future Adjusted EBITDA, future unit sales, future financial results, operational flexibility and positioning for future recovery, and the potential refinancing of our Senior Secured Credit Facilities. These forward-looking statements are based on management’s current expectations.

These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to, the following: general economic conditions, including inflation, interest rates, tariffs, and the health of the RV industry and the timing of any recovery in RV demand; the impact of geopolitical conflicts and gasoline prices; the availability of financing to us and our customers; fuel shortages, high prices for fuel or changes in energy sources; the well-being, as well as the continued popularity and reputation for quality of our manufacturers; changes in consumer preferences; competition in our industry; risks related to acquisitions, new store openings and expansion into new markets; our failure to maintain the strength and value of our brands; our ability to manage our inventory; fluctuations in our same store revenue; the cyclical and seasonal nature of our business; our dependence on the availability of adequate capital and risks related to our debt; the restrictive covenants imposed by our Senior Secured Credit Facilities and Floor Plan Facility; our ability to execute and achieve the expected benefits of our cost cutting initiatives; our reliance on our fulfillment and distribution centers; impacts from natural disasters, including pandemics and health crises; our dependence on our relationships with third party suppliers and lending institutions; risks associated with selling goods manufactured abroad; our ability to retain senior executives and attract and retain other qualified employees; risks associated with leasing substantial amounts of space; our private brand offerings; we may incur additional asset impairment charges for goodwill, intangible assets or other long-lived assets; tax risks; regulatory risks; litigation risks; data privacy and cybersecurity risks; our inability to maintain or upgrade our information technology systems; our ability to maintain effective internal control over financial reporting; risks related to our intellectual property; the impact of ongoing or future lawsuits against us and certain of our officers and directors; risks related to climate change and other environmental, social and governance matters; and risks related to our organizational structure.

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

We may use our official LinkedIn account at the handle @CampingWorld and the LinkedIn account of our Chief Executive Officer at the handle @MatthewWagner, as distribution channels of material information about the Company and for complying with our disclosure obligations under Regulation FD. The information we post through these social media channels may be deemed material. Accordingly, investors should subscribe to these accounts, in addition to following our press releases, SEC filings and public conference calls and webcasts. Social media channels may be updated from time to time.

Camping World Holdings, Inc. and SubsidiariesCondensed Consolidated Statements of Operations (unaudited)(In Thousands Except Per Share Amounts)               Three Months Ended  Nine Months Ended   September 30,  September 30,   2026
 2025
 2026
 2025
Revenue:            Good Sam Services and Plans $50,066  $52,508  $153,153  $152,929 RV and Outdoor Retail            New vehicles  638,903   766,779   2,095,644   2,303,317 Used vehicles  518,490   589,092   1,502,592   1,583,714 Products, service and other  208,993   208,634   584,976   596,516 Finance and insurance, net  147,479   178,297   495,256   528,162 Good Sam Club  18,979   10,808   39,933   30,952 Subtotal  1,532,844   1,753,610   4,718,401   5,042,661 Total revenue  1,582,910   1,806,118   4,871,554   5,195,590 Costs applicable to revenue (exclusive of depreciation and amortization shown separately below):            Good Sam Services and Plans  18,874   22,772   58,669   62,440 RV and Outdoor Retail            New vehicles  573,892   669,415   1,863,791   1,994,647 Used vehicles  425,390   481,217   1,242,569   1,280,417 Products, service and other  129,046   114,427   326,526   315,578 Good Sam Club  1,449   1,254   4,023   3,592 Subtotal  1,129,777   1,266,313   3,436,909   3,594,234 Total costs applicable to revenue  1,148,651   1,289,085   3,495,578   3,656,674              Gross profit (exclusive of depreciation and amortization shown separately below):            Good Sam Services and Plans  31,192   29,736   94,484   90,489 RV and Outdoor Retail            New vehicles  65,011   97,364   231,853   308,670 Used vehicles  93,100   107,875   260,023   303,297 Products, service and other  79,947   94,207   258,450   280,938 Finance and insurance, net  147,479   178,297   495,256   528,162 Good Sam Club  17,530   9,554   35,910   27,360 Subtotal  403,067   487,297   1,281,492   1,448,427 Total gross profit  434,259   517,033   1,375,976   1,538,916              Operating expenses:            Selling, general, and administrative  387,084   411,011   1,156,248   1,235,945 Debt restructure expense  510   —   510   — Depreciation and amortization  26,967   25,654   74,319   71,617 Goodwill impairment  286,748   —   286,748   — Long-lived asset impairment  6,668   617   19,767   1,237 Loss (gain) on lease termination and/or remeasurement  51   76   107   (31)(Gain) loss on sale or disposal of assets  (25)  534   (1,912)  (104)Total operating expenses  708,003   437,892   1,535,787   1,308,664 (Loss) income from operations  (273,744)  79,141   (159,811)  230,252 Other (expense) income            Floor plan interest expense  (15,159)  (18,061)  (56,830)  (57,356)Other interest expense, net  (27,409)  (30,982)  (81,170)  (92,349)Loss on debt restructure  (329)  —   (329)  — Tax Receivable Agreement liability adjustment  —   149,172   —   149,172 Other expense, net  (2,458)  (1,162)  (2,620)  (3,920)Total other (expense) income  (45,355)  98,967   (140,949)  (4,453)(Loss) income before income taxes  (319,099)  178,108   (300,760)  225,799 Income tax expense  (988)  (207,459)  (2,275)  (222,309)Net (loss) income  (320,087)  (29,351)  (303,035)  3,490 Less: net (loss) income attributable to non-controlling interests  123,068   (11,087)  116,474   (25,992)Net loss attributable to Camping World Holdings, Inc. $(197,019) $(40,438) $(186,561) $(22,502)             Loss per share of Class A common stock:            Basic $(3.09) $(0.64) $(2.93) $(0.36)Diluted $(3.09) $(0.64) $(2.93) $(0.36)Weighted average shares of Class A common stock outstanding:            Basic  63,860   62,735   63,670   62,627 Diluted  63,860   62,735   63,670   62,627  Camping World Holdings, Inc. and SubsidiariesSupplemental Data (unaudited)                Three Months Ended September 30, Increase  Percent  2026
 2025
 (decrease)  ChangeUnit sales             New vehicles  15,126   20,286   (5,160)   (25.4%)Used vehicles  17,176   18,694   (1,518)   (8.1%)Total  32,302   38,980   (6,678)   (17.1%)              Average selling price             New vehicles $42,239  $37,798  $4,441    11.7%Used vehicles  30,187   31,512   (1,325)   (4.2%)              Same store unit sales(1)             New vehicles  14,009   19,040   (5,031)   (26.4%)Used vehicles  16,251   17,779   (1,528)   (8.6%)Total  30,260   36,819   (6,559)   (17.8%)              Same store revenue(1)($ in 000s)             New vehicles $589,073  $716,904  $(127,831)   (17.8%)Used vehicles  491,134   557,487   (66,353)   (11.9%)Products, service and other  171,472   166,883   4,589    2.7%Finance and insurance, net  138,442   169,500   (31,058)   (18.3%)Total $1,390,121  $1,610,774  $(220,653)   (13.7%)              Average gross profit per unit             New vehicles $4,298  $4,800  $(502)   (10.5%)Used vehicles  5,420   5,771   (351)   (6.1%)Finance and insurance, net per vehicle unit  4,566   4,574   (8)   (0.2%)Total vehicle front-end yield(2)  9,460   9,839   (379)   (3.9%)              Gross margin             Good Sam Services and Plans  62.3%  56.6%  567 bps   New vehicles  10.2%  12.7%  (252)bps   Used vehicles  18.0%  18.3%  (36)bps   Products, service and other  38.3%  45.2%  (690)bps   Finance and insurance, net  100.0%  100.0%  unch     Good Sam Club  92.4%  88.4%  397 bps   Subtotal RV and Outdoor Retail  26.3%  27.8%  (149)bps   Total gross margin  27.4%  28.6%  (119)bps                 Retail locations             RV dealerships  196   196   —    0.0%RV service & retail centers  1   1   —    0.0%Total  197   197   —    0.0%              RV and Outdoor Retail inventories ($ in 000s)             New vehicles $1,171,969  $1,258,539  $(86,570)   (6.9%)Used vehicles  447,734   595,055   (147,321)   (24.8%)Products, parts, accessories and misc.  148,886   172,520   (23,634)   (13.7%)Total RV and Outdoor Retail inventories $1,768,589  $2,026,114  $(257,525)   (12.7%)              Vehicle inventory per location ($ in 000s)             New vehicle inventory per dealer location $5,979  $6,421  $(442)   (6.9%)Used vehicle inventory per dealer location  2,284   3,036   (752)   (24.8%)              Vehicle inventory turnover(3)             New vehicle inventory turnover  1.7   1.8   (0.1)   (7.4%)Used vehicle inventory turnover  3.3   3.2   0.1    4.5%              Other data             Active Customers(4)  4,039,493   4,229,138   (189,645)   (4.5%)Good Sam Club members(5)  1,369,725   1,608,107   (238,382)   (14.8%)Service bays(6)  2,812   2,811   1    0.0%Finance and insurance gross profit as a % of total vehicle revenue  12.7%  13.1%  (41)bps  n/aSame store locations  183   n/a   n/a    n/a                 Nine Months Ended September 30, Increase  Percent  2026
 2025
 (decrease)  ChangeUnit sales             New vehicles  52,656   63,708   (11,052)   (17.3%)Used vehicles  50,522   51,539   (1,017)   (2.0%)Total  103,178   115,247   (12,069)   (10.5%)              Average selling price             New vehicles $39,799  $36,154  $3,645    10.1%Used vehicles  29,741   30,728   (987)   (3.2%)              Same store unit sales(1)             New vehicles  49,248   59,699   (10,451)   (17.5%)Used vehicles  47,903   48,840   (937)   (1.9%)Total  97,151   108,539   (11,388)   (10.5%)              Same store revenue(1)($ in 000s)             New vehicles $1,958,903  $2,148,063  $(189,160)   (8.8%)Used vehicles  1,425,723   1,491,651   (65,928)   (4.4%)Products, service and other  477,375   477,557   (182)   (0.0%)Finance and insurance, net  469,562   500,683   (31,121)   (6.2%)Total $4,331,563  $4,617,954  $(286,391)   (6.2%)              Average gross profit per unit             New vehicles $4,403  $4,845  $(442)   (9.1%)Used vehicles  5,147   5,885   (738)   (12.5%)Finance and insurance, net per vehicle unit  4,800   4,583   217    4.7%Total vehicle front-end yield(2)  9,567   9,893   (326)   (3.3%)              Gross margin             Good Sam Services and Plans  61.7%  59.2%  252 bps   New vehicles  11.1%  13.4%  (234)bps   Used vehicles  17.3%  19.2%  (185)bps   Products, service and other  44.2%  47.1%  (292)bps   Finance and insurance, net  100.0%  100.0%  unch     Good Sam Club  89.9%  88.4%  153 bps   Subtotal RV and Outdoor Retail  27.2%  28.7%  (156)bps   Total gross margin  28.2%  29.6%  (138)bps                 Other data             Finance and insurance gross profit as a % of total vehicle revenue  13.8%  13.6%  18 bps  n/aSame store locations  183   n/a   n/a    n/a                  unch – unchanged
bps – basis points
n/a – not applicable

(1) Our same store revenue and units calculations for a given period include only those stores that were open both at the end of the corresponding period and at the beginning of the preceding fiscal year.
(2) Front end yield is calculated as gross profit from new vehicles, used vehicles and finance and insurance (net), divided by combined new and used vehicle unit sales.
(3) Inventory turnover is calculated as vehicle costs applicable to revenue over the last twelve months divided by the average quarterly ending vehicle inventory over the last twelve months.
(4) An Active Customer is a customer who has transacted with us in any of the eight most recently completed fiscal quarters prior to the date of measurement.
(5) Excludes Good Sam Club members under the free basic plan, which was introduced in November 2023 and provides for limited participation in the loyalty point program without access to the remaining member benefits. This figure represents only Good Sam Club memberships and is not representative of any policies recognized in Good Sam Services and Plans revenue.
(6) A service bay is a fully constructed bay dedicated to service, installation, and/or collision offerings.

Camping World Holdings, Inc. and SubsidiariesCondensed Consolidated Balance Sheets (unaudited)(In Thousands Except Per Share Amounts)            September 30, December 31, September 30,  2026
 2025 2025Assets         Current assets:         Cash and cash equivalents $263,756  $215,043 $230,513Contracts in transit  79,153   53,327  110,220Accounts receivable, net  146,298   170,498  122,357Inventories  1,768,811   2,111,900  2,026,392Prepaid expenses and other assets  59,276   67,338  57,644Assets held for sale  1,488   175  38,431Total current assets  2,318,782   2,618,281  2,585,557          Property and equipment, net  815,165   832,062  895,270Operating lease assets  779,334   790,974  716,467Deferred tax assets, net  1,426   1,426  1,495Intangible assets, net  13,183   15,824  16,703Goodwill  464,915   749,321  748,951Other assets  35,854   36,446  34,524Total assets $4,428,659  $5,044,334 $4,998,967Liabilities and stockholders' equity         Current liabilities:         Accounts payable $187,413  $147,707 $224,615Accrued liabilities  159,606   128,399  177,866Deferred revenues  88,857   90,456  98,293Current portion of operating lease liabilities  65,071   65,365  65,497Current portion of finance lease liabilities  8,812   8,820  8,689Current portion of Tax Receivable Agreement liability  —   1,416  1,200Current portion of long-term debt  23,868   57,939  22,749Notes payable – floor plan, net  1,254,357   1,603,645  1,361,019Other current liabilities  86,923   79,391  84,896Total current liabilities  1,874,907   2,183,138  2,044,824          Operating lease liabilities, net of current portion  804,325   804,167  732,884Finance lease liabilities, net of current portion  122,263   125,384  128,315Long-term debt, net of current portion  1,399,546   1,413,618  1,459,307Deferred revenues  50,490   56,773  61,844Other long-term liabilities  95,082   89,455  88,819Total liabilities  4,346,613   4,672,535  4,515,993Commitments and contingencies         Stockholders' equity:         Preferred stock, par value $0.01 per share – 20,000 shares authorized; none issued and outstanding  —   —  —Class A common stock, par value $0.01 per share – 250,000 shares authorized; 63,890, 63,437 and 62,819 shares issued and outstanding, respectively  639   634  628Class B common stock, par value $0.0001 per share – 75,000 shares authorized; 39,466 shares issued and outstanding  4   4  4Class C common stock, par value $0.0001 per share – 0.001 share authorized, issued and outstanding  —   —  —Additional paid-in capital  225,702   216,944  209,349Retained (deficit) earnings  (175,553)  11,008  86,235Total stockholders' equity attributable to Camping World Holdings, Inc.  50,792   228,590  296,216Non-controlling interests  31,254   143,209  186,758Total stockholders' equity  82,046   371,799  482,974Total liabilities and stockholders' equity $4,428,659  $5,044,334 $4,998,967 Camping World Holdings, Inc. and SubsidiariesSummary of Condensed Consolidated Statements of Cash Flows (unaudited)(In Thousands)         Nine Months Ended September 30,  2026
 2025
       Net cash provided by operating activities $488,008  $95,236        Investing activities      Purchases of property and equipment  (90,213)  (84,130)Proceeds from sale or disposal of property and equipment  351   3,650 Purchases of real property  (1,889)  (122,842)Proceeds from the sale or disposal of real property  68,022   53,769 Purchases of businesses, net of cash acquired  (7,054)  (81,203)Purchases of other investments  (7,665)  (6,668)Proceeds from other investments  5,733   326 Proceeds from divestiture of business  —   11,027 Net cash used in investing activities  (32,715)  (226,071)       Financing activities      Proceeds from long-term debt  132,787   — Payments on long-term debt  (183,883)  (38,223)Net (payments) proceeds on notes payable – floor plan, net  (347,050)  226,342 Payments on finance leases  (5,708)  (5,540)Payments on sale-leaseback arrangement  (157)  (151)Payment of debt issuance costs  (843)  — Payments of stock offering costs  —   (572)Dividends on Class A common stock  —   (23,504)RSU shares withheld for tax  (903)  (2,940)Stock award shares withheld for tax  (885)  — Contributions from (distributions to) holders of LLC common units  62   (2,486)Net cash (used in) provided by financing activities  (406,580)  152,926        Increase in cash and cash equivalents  48,713   22,091 Cash and cash equivalents at beginning of the period  215,043   208,422 Cash and cash equivalents at end of the period $263,756  $230,513 
Loss Per Share
Basic loss per share of Class A common stock is computed by dividing net loss attributable to Camping World Holdings, Inc. by the weighted-average number of shares of Class A common stock outstanding during the period. Diluted loss per share of Class A common stock is computed by dividing net loss attributable to Camping World Holdings, Inc. by the weighted-average number of shares of Class A common stock outstanding adjusted to give effect to potentially dilutive securities.

The following table sets forth reconciliations of the numerators and denominators used to compute basic and diluted loss per share of Class A common stock (unaudited):

               Three Months Ended September 30, Nine Months Ended September 30,(In thousands except per share amounts) 2026
 2025
 2026
 2025
Numerator:            Net (loss) income $(320,087) $(29,351) $(303,035) $3,490 Less: net (loss) income attributable to non-controlling interests  123,068   (11,087)  116,474   (25,992)Net loss attributable to Camping World Holdings, Inc. — basic $(197,019) $(40,438) $(186,561) $(22,502)Net loss attributable to Camping World Holdings, Inc. — diluted $(197,019) $(40,438) $(186,561) $(22,502)Denominator:            Weighted-average shares of Class A common stock outstanding — basic  63,860   62,735   63,670   62,627 Weighted-average shares of Class A common stock outstanding — diluted  63,860   62,735   63,670   62,627              Loss per share of Class A common stock — basic $(3.09) $(0.64) $(2.93) $(0.36)Loss per share of Class A common stock — diluted $(3.09) $(0.64) $(2.93) $(0.36)             Weighted-average anti-dilutive securities excluded from the computation of diluted loss per share of Class A common stock:            Stock options to purchase Class A common stock  127   144   132   150 Liability-classified awards  —   —   335   — PSUs and RSUs  2,041   2,359   1,969   2,423 Common units of CWGS, LLC that are convertible into Class A common stock  39,895   39,895   39,895   39,895              Weighted-average contingently issuable shares excluded from the computation of diluted loss per share of Class A common stock since all necessary conditions had not been satisfied:            PSUs  819   750   795   750 
Non-GAAP Financial Measures
To supplement our condensed consolidated financial statements, which are prepared and presented in accordance with accounting principles generally accepted in the United States (“GAAP”), we use the following non-GAAP financial measures: EBITDA; Adjusted EBITDA; Adjusted Net (Loss) Income Attributable to Camping World Holdings, Inc. – Basic; Adjusted Net (Loss) Income Attributable to Camping World Holdings, Inc. – Diluted; Adjusted (Loss) Earnings Per Share – Basic; Adjusted (Loss) Earnings Per Share – Diluted; SG&A Excluding SBC; and Net Debt and Net Debt Leverage Ratio (collectively the “Non-GAAP Financial Measures”). We believe that these Non-GAAP Financial Measures, when used in conjunction with GAAP financial measures, provide useful information about operating results, enhance the overall understanding of past financial performance and future prospects, and allow for greater transparency with respect to the key metrics we use in our financial and operational decision making. Certain of these Non-GAAP Financial Measures are also frequently used by analysts, investors and other interested parties to evaluate companies in the Company’s industry and are used by management to evaluate our operating performance, to evaluate the effectiveness of strategic initiatives and for planning purposes. By providing these Non-GAAP Financial Measures, together with reconciliations, we believe we are enhancing investors’ understanding of our business and our results of operations, as well as assisting investors in evaluating how well we are executing our strategic initiatives. In addition, our Senior Secured Credit Facilities use Adjusted EBITDA and Net Debt, as calculated for our subsidiary CWGS Group, LLC, to measure our compliance with covenants such as the consolidated leverage ratio. The Non-GAAP Financial Measures have limitations as analytical tools, and the presentation of this financial information is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. They should not be construed as an inference that the Company’s future results will be unaffected by any items adjusted for in these Non-GAAP Financial Measures. In evaluating these Non-GAAP Financial Measures, it is reasonable to expect that certain of these items will occur in future periods. However, we believe these adjustments are appropriate because the amounts recognized can vary significantly from period to period, do not directly relate to the ongoing operations of our business and complicate comparisons of our internal operating results and operating results of other companies over time. Each of the normal recurring adjustments and other adjustments described in this section and in the reconciliation tables below help management with a measure of our core operating performance over time by removing items that are not related to day-to-day operations.

A full reconciliation of forecasted Adjusted EBITDA to its most directly comparable GAAP measure cannot be provided without unreasonable efforts due to the inherent difficulty in forecasting and quantifying with reasonable accuracy significant items required for the reconciliations.

The Non-GAAP Financial Measures that we use are not necessarily comparable to similarly titled measures used by other companies due to different methods of calculation.

EBITDA and Adjusted EBITDA
We define “EBITDA” as net (loss) income before other interest expense, net (excluding floor plan interest expense), provision for income tax expense and depreciation and amortization. We define “Adjusted EBITDA” as EBITDA further adjusted for the impact of certain noncash and other items that we do not consider in our evaluation of ongoing operating performance. These items include, among other things, loss and expense on debt restructure, goodwill impairment, long-lived asset impairment, gains and losses on lease termination and/or remeasurement, gains and losses on sale or disposal of assets, net, SBC, employment agreement modification expenses relating to the employment agreements with Marcus A. Lemonis (the “Lemonis Second Employment Agreement”) and the Company’s former Chief Administrative and Legal Officer and Secretary, losses and gains and/or impairment on investments in equity securities, and Tax Receivable Agreement liability adjustment. We caution investors that amounts presented in accordance with our definitions of EBITDA and Adjusted EBITDA may not be comparable to similar measures disclosed by our competitors, because not all companies and analysts calculate EBITDA and Adjusted EBITDA in the same manner. We present EBITDA and Adjusted EBITDA because we consider them to be important supplemental measures of our performance and believe they are frequently used by securities analysts, investors and other interested parties in the evaluation of companies in our industry. Management believes that investors’ understanding of our performance is enhanced by including these Non-GAAP Financial Measures as a reasonable basis for comparing our ongoing results of operations.

The following table reconciles EBITDA and Adjusted EBITDA to the most directly comparable GAAP financial performance measures (unaudited):

               Three Months Ended September 30, Nine Months Ended September 30,($ in thousands) 2026
 2025
 2026
 2025
EBITDA and Adjusted EBITDA:            Net (loss) income $(320,087) $(29,351) $(303,035) $3,490 Other interest expense, net  27,409   30,982   81,170   92,349 Depreciation and amortization  26,967   25,654   74,319   71,617 Income tax expense  988   207,459   2,275   222,309 Subtotal EBITDA  (264,723)  234,744   (145,271)  389,765 Loss and expense on debt restructure (a)  839   —   839   — Goodwill impairment (b)  286,748   —   286,748   — Long-lived asset impairment (c)  6,668   617   19,767   1,237 Loss (gain) on lease termination and/or remeasurement (d)  51   76   107   (31)(Gain) loss on sale or disposal of assets, net (e)  (25)  534   (1,912)  (104)SBC (f)  3,600   7,750   12,758   23,464 Employment agreement modification expense (g)  389   —   389   — Tax Receivable Agreement liability adjustment (h)  —   (149,172)  —   (149,172)Loss and/or impairment on investments in equity securities (i)  2,458   1,163   2,620   3,920 Adjusted EBITDA $36,005  $95,712  $176,045  $269,079                               Three Months Ended TTM Ended September 30, June 30, March 31, December 31, September 30,($ in thousands)2026
 2026
 2026
 2025
 2026
Adjusted EBITDA:              Net (loss) income$(320,087) $43,713  $(26,661) $(109,128) $(412,163)Other interest expense, net 27,409   26,912   26,849   29,487   110,657 Depreciation and amortization 26,967   24,634   22,718   23,718   98,037 Income tax expense (benefit) 988   1,371   (84)  3,488   5,763 Subtotal EBITDA (264,723)  96,630   22,822   (52,435)  (197,706)Loss and expense on debt restructure (a) 839   —   —   —   839 Goodwill impairment (b) 286,748   —   —   —   286,748 Long-lived asset impairment (c) 6,668   13,099   —   —   19,767 Loss (gain) on lease termination and/or remeasurement (d) 51   (8)  64   (1,965)  (1,858)(Gain) loss on sale or disposal of assets, net (e) (25)  (2,055)  168   (746)  (2,658)SBC (f) 3,600   4,384   4,774   20,814   33,572 Employment agreement modification expense (g) 389   —   —   1,500   1,889 Tax Receivable Agreement liability adjustment (h) —   —   —   216   216 Loss and/or impairment on investments in equity securities (i) 2,458   —   162   6,459   9,079 Adjusted EBITDA$36,005  $112,050  $27,990  $(26,157) $149,888 
(a) Represents the debt restructure expense for third-party refinancing costs and loss on debt restructure for the partial write-off of unamortized finance costs on the refinancing of the M&T Real Estate Facility in August 2026, which was accounted for as a modification.
(b) Represents a goodwill impairment charge of $286.7 million related to the RV and Outdoor Retail reporting unit in the third quarter of 2026.
(c) Represents long-lived asset impairment charges related to the RV and Outdoor Retail segment.
(d) Represents the loss (gain) on the termination of operating leases and/or remeasurement resulting from lease termination fees and the derecognition of the operating lease assets and liabilities.
(e) Represents an adjustment to eliminate the gains and losses on sales and disposal of various assets.
(f) Represents SBC expense relating to employees, directors, and consultants of the Company. During the three months ended December 31, 2025, we recorded an aggregate SBC expense of $6.0 million relating to the Lemonis Second Employment Agreement for liability-classified share based awards, which were settled in May 2026 with $3.8 million of cash and shares of Class A common stock with a value on the date of issuance of $2.3 million.
(g) For the three, nine and trailing twelve months ended September 30, 2026, represents costs under the Transition Agreement with the Company’s former Chief Administrative and Legal Officer and Secretary. For the three months ended December 31, 2025, represents the 2026 salary under the Lemonis Second Employment Agreement for Mr. Lemonis, our former Chairman and Chief Executive Officer. We deemed the 2026 service conditions under the Lemonis Second Employment Agreement to be nonsubstantive for accounting purposes, so we accrued Mr. Lemonis’ 2026 salary of $1.5 million as of December 31, 2025, which was the date that Mr. Lemonis retired from the position of Chairman and Chief Executive Officer. Mr. Lemonis’ SBC, including liability-classified share-based awards, is included in the SBC amount above.
(h) Represents an adjustment to the Tax Receivable Agreement liability for the change in the determination of the realizability of future cash tax benefits underlying the estimate of future payments under the Tax Receivable Agreement.
(i) Represents losses and/or impairment on investments in equity securities and interest income relating to any notes receivable with those investments.

Adjusted Net (Loss) Income Attributable to Camping World Holdings, Inc. and Adjusted (Loss) Earnings Per Share
We define “Adjusted Net (Loss) Income Attributable to Camping World Holdings, Inc. – Basic” as net loss attributable to Camping World Holdings, Inc. adjusted for the impact of certain noncash and other items that we do not consider in our evaluation of ongoing operating performance. These items include, among other things, loss and expense on debt restructure, goodwill impairment, long-lived asset impairment, (gain) loss on lease termination and/or remeasurement, gain and loss on sale or disposal of assets, net, SBC, employment agreement modification expenses, Tax Receivable Agreement liability adjustment, loss and/or impairment on investments in equity securities, the income tax (expense) benefit effect of these adjustments, income tax expense impact from the significant change in valuation allowance against deferred tax assets, and the effect of net loss attributable to non-controlling interests from these adjustments.

We define “Adjusted Net (Loss) Income Attributable to Camping World Holdings, Inc. – Diluted” as Adjusted Net (Loss) Income Attributable to Camping World Holdings, Inc. – Basic adjusted for the reallocation of net loss attributable to non-controlling interests from stock options, performance stock units (“PSU”), and restricted stock units (“RSU”), if dilutive, or the assumed redemption, if dilutive, of all outstanding common units in CWGS, LLC for shares of newly issued Class A common stock of Camping World Holdings, Inc.

We define “Adjusted (Loss) Earnings Per Share – Basic” as Adjusted Net (Loss) Income Attributable to Camping World Holdings, Inc. - Basic divided by the weighted-average shares of Class A common stock outstanding. We define “Adjusted (Loss) Earnings Per Share – Diluted” as Adjusted Net (Loss) Income Attributable to Camping World Holdings, Inc. – Diluted divided by the weighted-average shares of Class A common stock outstanding, assuming (i) the redemption of all outstanding common units in CWGS, LLC for newly issued shares of Class A common stock of Camping World Holdings, Inc., if dilutive, and (ii) the dilutive effect of stock options, PSUs, and RSUs, if any. We present Adjusted Net (Loss) Income Attributable to Camping World Holdings, Inc. – Basic, Adjusted Net (Loss) Income Attributable to Camping World Holdings, Inc. – Diluted, Adjusted (Loss) Earnings Per Share – Basic, and Adjusted (Loss) Earnings Per Share – Diluted because we consider them to be important supplemental measures of our performance and we believe that investors’ understanding of our performance is enhanced by including these Non-GAAP financial measures as a reasonable basis for comparing our ongoing results of operations.

The following table reconciles Adjusted Net (Loss) Income Attributable to Camping World Holdings, Inc. – Basic, Adjusted Net (Loss) Income Attributable to Camping World Holdings, Inc. – Diluted, Adjusted (Loss) Earnings Per Share – Basic, and Adjusted (Loss) Earnings Per Share – Diluted to the most directly comparable GAAP financial performance measure:

               Three Months Ended September 30, Nine Months Ended September 30,(In thousands except per share amounts) 2026
 2025
 2026
 2025
Numerator:            Net loss attributable to Camping World Holdings, Inc. $(197,019) $(40,438) $(186,561) $(22,502)Adjustments related to basic calculation:            Loss and expense on debt restructure (a):            Gross adjustment  839   —   839   — Goodwill impairment (b):            Gross adjustment  286,748   —   286,748   — Income tax expense for above adjustment (c)  (99)  —   (99)  — Long-lived asset impairment (d):            Gross adjustment  6,668   617   19,767   1,237 Loss (gain) on lease termination and/or remeasurement (e):            Gross adjustment  51   76   107   (31)(Gain) loss on sale or disposal of assets (f):            Gross adjustment  (25)  534   (1,912)  (104)Income tax expense for above adjustment (c)  —   (14)  —   (10)SBC (g):            Gross adjustment  3,600   7,750   12,758   23,464 Income tax expense for above adjustment (c)  (3)  (4)  (9)  (18)Employment agreement modification expense (h):            Gross adjustment  389   —   389   — Tax Receivable Agreement liability adjustment (i):            Gross adjustment  —   (149,172)  —   (149,172)Income tax benefit for above adjustment (c)  —   37,293   —   37,293 Loss and/or impairment on investments in equity securities (j):            Gross adjustment  2,458   1,163   2,620   3,920 Income tax expense impact from significant change in valuation allowance against deferred tax assets (k)  —   175,387   —   175,387 Adjustment to net loss attributable to non-controlling interests resulting from the above adjustments (l)  (115,595)  (3,935)  (123,528)  (11,074)Adjusted net (loss) income attributable to Camping World Holdings, Inc. – basic  (11,988)  29,257   11,119   58,390 Adjustments related to diluted calculation:            Reallocation of net loss attributable to non-controlling interests from the dilutive effect of stock options, PSUs, and RSUs (m)  —   —   51   47 Reallocation of net loss attributable to non-controlling interests from the dilutive redemption of common units in CWGS, LLC (m)  —   15,022   —   — Adjusted net (loss) income attributable to Camping World Holdings, Inc. – diluted $(11,988) $44,279  $11,170  $58,437 Denominator:            Weighted-average Class A common shares outstanding – basic  63,860   62,735   63,670   62,627 Adjustments related to diluted calculation:            Dilutive redemption of common units in CWGS, LLC for shares of Class A common stock (n)  —   39,895   —   — Dilutive liability-classified awards (n)  —   —   335   — Dilutive PSUs and RSUs (n)  —   195   88   195 Adjusted weighted average Class A common shares outstanding – diluted  63,860   102,825   64,093   62,822              Adjusted (loss) earnings per share - basic $(0.19) $0.47  $0.17  $0.93 Adjusted (loss) earnings per share - diluted $(0.19) $0.43  $0.17  $0.93              Anti-dilutive amounts (o):            Numerator:            Reallocation of net (loss) income attributable to non-controlling interests from the anti-dilutive redemption of common units in CWGS, LLC (m) $(7,473) $—  $7,003  $37,018 Denominator:            Anti-dilutive redemption of common units in CWGS, LLC for shares of Class A common stock (n)  39,895   —   39,895   39,895 Anti-dilutive RSUs (n)  87   —   —   —              Reconciliation of per share amounts:            Loss per share of Class A common stock — basic $(3.09) $(0.64) $(2.93) $(0.36)Non-GAAP Adjustments (p)  2.90   1.11   3.10   1.29 Adjusted (loss) earnings per share - basic $(0.19) $0.47  $0.17  $0.93              Loss per share of Class A common stock — diluted $(3.09) $(0.64) $(2.93) $(0.36)Non-GAAP Adjustments (p)  2.90   1.11   3.10   1.29 Dilutive redemption of common units in CWGS, LLC for shares of Class A common stock (q)  —   (0.04)  —   — Adjusted (loss) earnings per share - diluted $(0.19) $0.43  $0.17  $0.93 
(a) Represents the debt restructure expense for third-party refinancing costs and loss on debt restructure for the partial write-off of unamortized finance costs on the refinancing of the M&T Real Estate Facility in August 2026, which was accounted for as a modification.
(b) Represents a goodwill impairment charge of $286.7 million related to the RV and Outdoor Retail reporting unit in the third quarter of 2026.
(c) Represents the current and deferred income tax expense or benefit effect of the above adjustments. For the three and nine months ended September 30, 2026, the income tax impact for many of the adjustments related to the public holding company, CWH, which had a full valuation allowance against its net deferred tax assets, for which no income tax benefit or expense could be recognized. Additionally, substantially all of the goodwill impairment related to goodwill that is not deductible for income tax purposes, for which no income tax benefit was recognized. This assumption uses a blended statutory tax rate of 25.0% for the adjustments for the 2026 and 2025 periods, which represents the estimated tax rates that would apply had the above adjustments been included in the determination of our non-GAAP metric.
(d) Represents long-lived asset impairment charges related to the RV and Outdoor Retail segment.
(e) Represents the (gain) loss on the termination and/or remeasurement of operating leases resulting from lease termination fees and the derecognition of the operating lease assets and liabilities.
(f) Represents an adjustment to eliminate the gains and losses on disposals and sales of various assets.
(g) Represents SBC expense relating to employees, directors, and consultants of the Company.
(h) Represents costs under the Transition Agreement with the Company’s former Chief Administrative and Legal Officer and Secretary.
(i) Represents an adjustment to the Tax Receivable Agreement liability for the change in the determination of the realizability of future cash tax benefits underlying the estimate of future payments under the Tax Receivable Agreement.
(j) Represents loss and/or impairment on investments in equity securities and interest income relating to any notes receivable with those investments.
(k) Represents the income tax expense relating to the significant change in the valuation allowance for deferred tax assets for CWH, the public holding company.
(l) Represents the adjustment to net income attributable to non-controlling interests resulting from the above adjustments that impact the net income of CWGS, LLC. This adjustment uses the non-controlling interest’s weighted average ownership of CWGS, LLC of 38.5% and 38.8% for the three months ended September 30, 2026 and 2025, respectively, and 38.5% and 38.8% for the nine months ended September 30, 2026 and 2025, respectively.
(m) Represents the reallocation of net income attributable to non-controlling interests from the impact of the assumed change in ownership of CWGS, LLC from stock options, PSUs, RSUs, and/or common units of CWGS, LLC.
(n) Represents the impact to the denominator for stock options, liability-classified awards, PSUs, RSUs, and/or common units of CWGS, LLC.
(o) The below amounts have not been considered in our adjusted (loss) earnings per share – diluted amounts as the effect of these items is anti-dilutive. Additionally, 750,000 PSUs granted in January 2025 and 77,500 PSUs granted during the nine months ended September 30, 2026 were excluded from the calculation of our adjusted (loss) earnings per share – diluted, since they represent contingently issuable shares for which all of the necessary conditions had not been satisfied. These PSU quantities are based on target levels of performance and exclude minimum payouts, which are not contingently issuable shares.
(p) Represents the per share impact of the Non-GAAP adjustments to net income detailed above (see (a) through (l) above).
(q) Represents the per share impact of the assumed redemption of common units in CWGS, LLC for shares of Class A common stock, which was dilutive for the three months ended September 30, 2025.

Our “Up-C” corporate structure may make it difficult to compare our results with those of companies with a more traditional corporate structure. There can be a significant fluctuation in the numerator and denominator for the calculation of our adjusted earnings per share – diluted depending on if the common units in CWGS, LLC are considered dilutive or anti-dilutive for a given period. To improve comparability of our financial results, users of our financial statements may find it useful to review our loss per share assuming the full redemption of common units in CWGS, LLC for all periods, even when those common units would be anti-dilutive. The relevant numerator and denominator adjustments have been provided under “Anti-dilutive amounts” in the table above (see (o) above).

SG&A Excluding SBC
We define “SG&A Excluding SBC” as SG&A before SBC relating to SG&A. We caution investors that amounts presented in accordance with our definition of SG&A Excluding SBC may not be comparable to similar measures disclosed by our competitors, because not all companies and analysts calculate SG&A Excluding SBC in the same manner. We present SG&A Excluding SBC because we believe that investors’ understanding of our performance and drivers of our other Non-GAAP Financial Measures, such as Adjusted EBITDA, is enhanced by including this Non-GAAP Financial Measure. We believe it provides a reasonable basis for comparing our ongoing results of operations.

The following table reconciles SG&A Excluding SBC to the most directly comparable GAAP financial performance measure:

  Three Months Ended September 30, Nine Months Ended September 30,($ in thousands) 2026
 2025
 2026
 2025
SG&A Excluding SBC:            SG&A $387,084  $411,011  $1,156,248  $1,235,945 SBC - SG&A  (3,467)  (7,632)  (12,365)  (23,121)SG&A Excluding SBC $383,617  $403,379  $1,143,883  $1,212,824 As a percentage of gross profit  88.3%  78.0%  83.1%  78.8%
Net Debt and Net Debt Leverage Ratio
We define “Net Debt” as the sum of long-term debt, finance lease liabilities and our revolving line of credit balance outstanding, if any, less cash and cash equivalents. We commonly use Net Debt along with Adjusted EBITDA, as described above, to calculate the “Net Debt Leverage Ratio”, which we define as Net Debt divided by Adjusted EBITDA for the trailing twelve months. We caution investors that amounts presented in accordance with our definition of Net Debt may not be comparable to similar measures disclosed by our competitors, because not all companies and analysts calculate Net Debt in the same manner. We present Net Debt because we believe that investors’ understanding of our solvency and borrowing capacity is enhanced by including this Non-GAAP Financial Measure.

The following table reconciles Net Debt to the most directly comparable GAAP financial performance measure, which is total debt:

  September 30, December 31, September 30,($ in thousands) 2026
 2025
 2025
Net Debt:         Current portion:         Finance lease liabilities $8,812  $8,820  $8,689 Long-term debt  23,868   57,939   22,749 Total current portion of debt  32,680   66,759   31,438 Noncurrent portion:         Finance lease liabilities  122,263   125,384   128,315 Long-term debt  1,399,546   1,413,618   1,459,307 Total noncurrent portion of debt  1,521,809   1,539,002   1,587,622 Total debt  1,554,489   1,605,761   1,619,060 Less: cash and cash equivalents  (263,756)  (215,043)  (230,513)Net Debt $1,290,733  $1,390,718  $1,388,547           Net Debt Leverage Ratio(1)  8.6   5.7   5.2  (1)  We define Net Debt Leverage Ratio as Net Debt divided by Adjusted EBITDA for the trailing twelve months.

Contacts
Investors:
Brett Andress
[email protected]

Media Outlets:
[email protected]

The market continues to track the Binance hacker’s wallet activity.

As AMBCrypto recently flagged, the hacker had used stolen funds as collateral to borrow Ethereum [ETH] on Aave. This complicated efforts to freeze the funds, with further asset swaps appearing to extend the laundering process.

As can be seen in the chart below, the hacker is actively swapping 970k SOL ($95.9 million) into BTC via the Relay Protocol.

The key takeaway?

Around 486,970 SOL ($46.4 million) has already moved in the past hour, meaning nearly half of the total stash has been routed through the swap.

Source: X This has sparked fresh speculation about what the hacker’s moves could mean for Solana.

Could Solana’s $90 support attract buyers? Interestingly, traders are positioning for more downside.

One analyst highlighted a whale opening a $23 million SOL short with 20x leverage, with a liquidation price of $123.2. At around $95 per SOL, this is a decent bearish position and adds to the short pressure as Solana [SOL] rotates into Bitcoin. 

The timing isn’t great for Solana bulls. SOL has had a losing streak for over 6 weeks now and is currently in a bear trend. This puts the $90 support level back in focus as the next key downside test.

With selling pressure building and traders piling into shorts, could $90 turn into a bull trap rather than a solid base for recovery?

Weak capital rotation into Solana raises bull trap risks Despite October’s risk-off environment, capital remained heavily tilted toward Bitcoin.

From a technical standpoint, Bitcoin dominance ended the month at 60.5% and has remained within a key resistance range.

This has led to the Altcoin Season Index declining by more than 15%, showing that altcoins continued to underperform in comparison to Bitcoin. This points to a clear shift in market positioning, with traders still favoring BTC over higher-risk altcoins.

The chart below demonstrates this perfectly.

In October alone, the SOL/BTC ratio dropped by 12%, which is the worst performance of the month since November. This highlights Solana’s growing weakness against Bitcoin, with the ratio showing that SOL continues to lose ground as capital rotates toward BTC.

Source: TradingView Technically, the setup is becoming increasingly bearish for Solana. 

In addition to the ongoing SOL to BTC exchanges made by the Binance hacker, increasing shorting positions show that bearish positioning is increasing.

As Solana has been in a downtrend for the last 6 weeks, the $90 level becomes an important level to watch. A breakdown below it could turn the current setup into a bull trap, especially as capital continues to favor Bitcoin over altcoins.

Final Summary The Binance hacker’s SOL-to-BTC swaps and rising short bets are adding pressure on Solana, putting $90 support at risk.

SOL/BTC fell 12% in October as investors favored Bitcoin over Solana, raising the risk of a further drop below $90.

Solana, a leading blockchain platform known for its high throughput, has clarified that account rent is a refundable storage requirement rather than a recurring fee. The rent mechanism, originally designed to encourage efficient data use on the network, has undergone several changes in recent years, including the disabling of ongoing rent collection.

Understanding account rent on SolanaSolana’s current model requires users to maintain a minimum balance of SOL – the blockchain’s native token – in accounts to make them rent-exempt. This means users do not pay monthly or recurring charges. Instead, SOL is temporarily locked as a storage balance and can be recovered if the account is closed.

The minimum balance depends on the size of data the account holds. Solana calculates the rent-exempt threshold using this formula: (128 + data size in bytes) × lamports per byte. Here, 128 bytes reflect fixed storage overhead, while ‘lamports’ are the smallest denomination of SOL.

Solana explained that the rent-exempt minimum stays tied up while an account exists, but users can sometimes withdraw excess SOL above the minimum without closing the account. Each account creation also requires a transaction fee, which is separate from the storage balance.

Account data size directly affects the minimum rent-exempt balance. Solana urges users to fetch the current required amount each time, since network parameters may change and previous minimums may no longer be accurate.

Recent change in rent-exempt minimumOn September 11, 2026, Solana reduced the rent-exempt minimum from 6,333 lamports per byte to 5,080 lamports per byte through the activation of SIMD-0437 step 2 on its mainnet-beta. This change marked a 27% decrease from the original rate of 6,960 lamports per byte. The Solana upgrade roadmap indicated plans for additional reductions coinciding with the expected Agave 4.4 release. However, as of November 2, 2026, those further steps remained pending.

ParameterPrevious ValueCurrent ValueReductionLamports per byte6,9605,08027%Token account creation and refund processWhen creating an associated token account, users must deposit a refundable storage minimum and pay a transaction fee. A standard Solana Program Library (SPL) token account requires 165 bytes. The payer funds both the required minimum balance and the transaction processing fee in separate amounts.

It is possible to recover the storage balance after an account is closed. Solana Foundation, the nonprofit overseeing network development, also highlighted the WithdrawExcessLamports instruction within its Token Program. This instruction allows for the withdrawal of SOL exceeding the rent-exempt minimum from a token account, a mint, or a multisig, without the need to close the account or alter token balances.

Mini dictionary: Solana Foundation is a non-profit organization founded to support the adoption, development, and security of the Solana blockchain ecosystem. Its responsibilities include funding projects, offering educational materials, and issuing official protocol guidance.

Solana Foundation’s instructions recommend using the getMinimumBalanceForRentExemption RPC method to determine the necessary storage deposit for accounts of a particular size, as rent parameters may evolve over time.

Important considerations for transactionsBefore approving or interacting with any account-related transaction, Solana urges users to read the transaction details carefully. New account creation may combine a storage deposit with the transaction fee, potentially making the required SOL higher than the fee alone. Official guidance warns never to share seed phrases, even for “rent recovery” purposes, as this is a common method used in scams.

The rent requirement serves only as a technical measure to manage on-chain data storage and does not guarantee security for user funds. Account holders are advised to consult their wallet or application’s official documentation and exercise caution during all transactions.

Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.

Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.

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Securitize has added 13 U.S. stocks to its Solana-based trading platform, bringing its tokenized equity lineup to 25. The November 2 expansion includes ExxonMobil, Salesforce, GameStop, and Disney, with each token backed by a share held in custody.

Securitize Adds 13 Stocks After October Launch
The new addition also features Arista Networks, Flex, Johnson & Johnson, Lockheed Martin, and Lumentum. The other companies in the new group include Merck, Seagate Technology, Texas Instruments, and Uber, according to the Securitize announcement.

The company launched its first 12 tokenized stocks on October 8. Among the first were Apple, Microsoft, Nvidia, Tesla, Amazon, and SpaceX, all U.S. companies.

Securitize Chairman and CEO Carlos Domingo said the expansion came less than a month after the first launch. The company is looking to place U.S. shares on-chain without affecting investors’ rights and securities protections,” he said.

Eligible investors in the United States, the European Union, and other allowed markets are able to access the tokens. Access remains subject to local securities rules and investor verification requirements.

Tokenized Shares Carry Rights Linked to Underlying Stocks
According to Securitize, each token corresponds to a single share of the underlying asset, and it is a security. In its structure, investors are entitled to applicable economic benefits such as dividends, where applicable, and to the voting rights, if the underlying shares grant them such rights.

The tokens are not a substitute for the direct registration on a company’s shareholder list. But if a company later implements its tokenization scheme, its owners can turn their rights into registered shares, according to Securitize.

The firm added that it does not issue or lend out the underlying shares of its tokens. These products do not contain shares issued or endorsed by any of the 25 underlying companies, and the program generates no new shares.

In the U.S., trading runs through Securitize Markets, an SEC-registered broker-dealer and FINRA member. European customers hold their interests through Securitize’s regional brokerage under applicable agreements and laws.

Solana Trading Uses USDC as Securitize Targets Wider Access
The 25 equities trade on Solana, while transactions settle in the USDC stablecoin. Jump Trading supports liquidity, and trading currently extends beyond regular U.S. stock market hours.

Securitize plans to offer round-the-clock trading, although it has not announced a firm start date. It also expects its products to reach a proposed New York Stock Exchange digital venue.

The company designed the offering to support the planned OKXICE tokenized securities venue. OKXICE filed plans for tokenized NYSE stocks in October, but the venue has not launched.

Trading on either future venue would depend on regulatory and operational approvals. Securitize has not given launch dates for those integrations or reported trading volumes for the 13 additions.

Table of contents

Securitize, the tokenization platform listed on the New York Stock Exchange under the ticker SECZ, said Nov. 2 it is expanding Securitize Stocks with 13 additional U.S. equities, lifting its onchain lineup to 25 stocks on Solana less than a month after the first 12 went live. The second wave adds Exxon Mobil, Salesforce, Walt Disney, Johnson & Johnson, Merck, Uber, Lockheed Martin, GameStop, Arista Networks, Flex, Lumentum, Seagate Technology and Texas Instruments, in trades that settle in USDC through Securitize Markets, the company’s SEC-registered broker-dealer.

The expansion reads as a scaling step and a diversification move at once. The original October basket was dominated by mega-cap technology and communications names — Apple, Microsoft, Nvidia, Alphabet, Tesla, Meta, Amazon and Netflix, plus MicroStrategy, Palantir, Circle and a tokenized SpaceX vehicle. The new names pull energy (Exxon Mobil), healthcare and pharmaceuticals (Johnson & Johnson, Merck), defense (Lockheed Martin) and consumer-facing businesses (Disney, GameStop, Uber) into the set, widening the sector mix an eligible investor can hold onchain.

The 13 Stocks Joining the LineupThe 13 additions, with tickers, are: Arista Networks (ANET), Flex (FLEX), Exxon Mobil (XOM), GameStop (GME), Johnson & Johnson (JNJ), Lockheed Martin (LMT), Lumentum (LITE), Merck & Co. (MRK), Salesforce (CRM), Seagate Technology (STX), Texas Instruments (TXN), The Walt Disney Company (DIS) and Uber Technologies (UBER). They join the 12 originals that launched Oct. 8 — AAPL, MSFT, NVDA, GOOG, TSLA, META, AMZN, NFLX, CRCL, SPCX, MSTR and PLTR.

The arithmetic is plain: 13 additions on a base of 12 is a 108% jump in the size of the menu in 25 days. More meaningful than the count is the composition. The first wave was a growth trade; the second is a broad-market trade, adding defensive sectors (healthcare, energy) alongside cyclical names (GameStop, Uber). That shift matters for anyone using tokenized equities as a building block for a diversified portfolio rather than a single-stock bet.

What “1:1 Backing” Actually MeansSecuritize is explicit that its tokens are not synthetic price wrappers. “Unlike products that primarily provide economic exposure to a stock’s price, Securitize Stocks are backed 1:1 by underlying shares, structured to preserve the investor rights and economic benefits associated with those shares, and convertible, where available, to direct ownership on the books of the issuer’s transfer agent,” the company said in the release.

Each token represents a security entitlement under Article 8 of the Uniform Commercial Code, which the company says preserves dividends and, where the underlying class carries them, voting rights. “Shares backing Securitize Stocks are not lent out,” the release states, removing a yield-extraction and counterparty risk that accompanies some synthetic exposures. Investors in the European Union hold their interests through Securitize Europe Brokerage and Markets, on the terms of its client agreement and applicable law.

The structure is also built as a bridge. The convertible entitlement token (CET) means that if an issuer later adopts issuer-sponsored tokenization, holders can convert their entitlements into shares recorded directly on the company’s register, through Securitize’s partnerships with transfer agents. The current list of available equities and the per-market eligibility and jurisdictional restrictions are published on the company’s Securitize Stocks page. Chairman and CEO Carlos Domingo framed the expansion around a broader ambition: “Less than a month after launching Securitize Stocks, we’re expanding the offering to bring even more of the world’s leading companies onchain. Our vision is to make U.S. equities available to investors globally, with the same rights and protections they expect from traditional markets.”

The difference between this and a simple price-tracking token is visible in the failure states. A synthetic product that only mirrors a stock’s price holds no claim on the underlying shares, so its holder is exposed to whatever collateral or credit risk the issuer of the synthetic has taken on. A security entitlement under UCC Article 8, by contrast, sits inside the securities-intermediation chain: the holder’s claim runs through a broker-dealer and ultimately to the share itself, with the same framework of transfer agents, custodians and, where applicable, SIPC coverage that governs conventional brokerage accounts. Securitize’s insistence on “no share lending” closes a second door — the one where a token issuer earns a lending yield on shares the customer believes they own outright, while introducing counterparty risk the customer never signed up for.

Trading Rails — Solana, USDC and Jump TradingSecuritize Stocks trade on Solana, with liquidity infrastructure supported by Jump Trading, and every transaction settles in USDC. Trading currently runs beyond traditional market hours, and the company says it is moving toward 24/7 availability. The gap matters: a standard NYSE session is 6.5 hours a day, or roughly 32.5 hours a week; round-the-clock trading stretches that to 168 hours a week — more than five times the window, and a change that removes the overnight gap where off-hours news can move a stock while the market is closed.

Solana was trading near $92.47 at the time of writing, down about 2.2% over 24 hours, against bitcoin near $77,260 and ether near $2,264, according to CoinGecko. Solana has become Securitize’s venue of choice for the equity product, after earlier work tokenizing funds and its own stock across multiple networks.

The Regulatory Distinction That MattersThe expansion’s most consequential feature may be what it does not depend on. Secondary trading runs through Securitize Markets, LLC, an SEC-registered broker-dealer and FINRA/SIPC member, under existing U.S. securities laws — and, as the release puts it, the offering “does not need to rely on the SEC’s Innovation Exemption.” That is a deliberate contrast with the Tokenized Securities Venue (TSV) track, where the OKXICE venue depends on the SEC’s Innovation Exemption and has already drawn objections from 22 issuers over blue-chip stocks being listed without their sign-off.

Securitize says its tokens are also designed to be compatible with TSVs, including OKXICE, and are expected to trade on the new 24/7 digital venue the New York Stock Exchange is developing, subject to that venue’s launch and regulatory approvals. None of those venues have launched yet.

Where Securitize Sits in a Crowding FieldTokenized equities are no longer a one-company story. Three distinct tracks are now running in parallel. Securitize represents the broker-dealer-first track: existing securities law, a registered broker-dealer, and security entitlements that settle in USDC on Solana. Coinbase has taken the same route by putting tokenized stocks on its Base network through its own regulated stack. The TSV track — led by OKXICE, the venue combining OKX technology with Intercontinental Exchange’s regulatory footprint — instead relies on the SEC’s Innovation Exemption, and that reliance is exactly what has made it contentious, with two dozen issuers objecting to blue-chip shares being listed without their approval. A third track sits in the middle: the New York Stock Exchange’s planned 24/7 digital venue, which has not launched and which Securitize expects its tokens to eventually trade on.

For Securitize, the competitive edge is the regulatory path of least resistance. By not needing the Innovation Exemption, it avoids the issuer-consent fight that has slowed the TSV model, at the cost of operating inside a stricter broker-dealer framework that may be slower to add assets. That trade-off — speed of listing versus legal certainty — is the real strategic fork in tokenized equities, and the 25-stock expansion is Securitize betting that certainty wins the institutions.

A $5B Platform and the Road AheadThe expansion lands against a larger backdrop. Securitize reported roughly $5 billion in tokenized assets on platform as of Sept. 30, 2026, and it tokenized its own common stock, SECZ, on its first day of trading in July 2026 — a live test of the exact mechanism it now sells to others. The firm works with asset managers including Apollo, BlackRock, BNY, Hamilton Lane, KKR and VanEck, and it positions itself as the only operator running regulated digital-securities infrastructure in both the U.S. and the EU. That dual-jurisdiction reach is material here: the equity tokens are available to eligible investors in the U.S., the EU and other permitted jurisdictions, which is a wider net than most U.S.-only tokenization efforts can cast.

What the release does not promise is just as important. The NYSE 24/7 venue and OKXICE have not launched, trading on them remains subject to regulatory approval and venue review, and the companies whose shares underlie Securitize Stocks have not sponsored, endorsed or issued the tokens. No new shares are issued in connection with the offering. The gap between “expected to trade” and actually trading is where previous tokenized-equity roadmaps have slipped, so the disclosure is a useful check on the headline.

The second wave builds on a launch that put the first 12 U.S. equities onchain in early October. Whether the broader market follows Securitize’s broker-dealer-first model or the TSV exemption model will shape how quickly tokenized equities scale beyond a 25-stock menu, and who gets to write the rules for the next wave.

For Solana, the expansion is a quiet win: a regulated, NYSE-listed operator is using the network as the settlement rail for U.S. equities, adding a class of activity that looks less like speculative token trading and more like traditional market infrastructure moving onchain. For the tokenization trade more broadly, the signal is simpler — the menu is widening from tech-heavy growth names to the diversified, defensive stocks that institutions actually hold in size.

November 2026 brings another round of token unlocks across the Solana ecosystem, with $TRUMP, $PUMP, and $CARDS leading the schedule by dollar value. The month also marks important milestones for $2Z and $JTO, as both projects approach new phases in their respective token distribution schedules.

Here is a breakdown of the most notable token unlocks scheduled for November 2026.

$TRUMP
The Official Trump token will release 27.12 million $TRUMP through linear vesting during November, valued at approximately $44.48 million. The distribution represents 9.62% of circulating supply and 2.71% of total supply, making it the month's largest unlock by dollar value.

$PUMP
Pump.fun will unlock 6.77 billion $PUMP through linear vesting, valued at approximately $27.67 million. The release represents 1.47% of circulating supply and 0.67% of total supply.

The distribution comes as Pump.fun continues to dominate Solana's application revenue. The platform generated approximately $62 million in October and remains the leading launchpad across all chains, surpassing competitors in monthly revenue and token launch graduates since July 2025.

Pump.fun also continues its token buyback and burn program. Over the past 7 days, the platform bought back and burned approximately $5.02 million worth of $PUMP. Cumulative buybacks have reached $499.82 million, representing 17.5% of the token's total supply.

$CARDS
Collector Crypt will unlock 59.26 million $CARDS on November 29, valued at approximately $13.51 million. The release represents 6.69% of circulating supply and 3% of total supply.

October marked the platform's strongest financial performance, with approximately $17.4 million in net revenue and $10.86 million in gross profit, according to Blockworks data.

A major contributor was Pump.fun's October 19 integration of Collector Crypt's Gacha pack-opening feature and trading card marketplace. The integration allowed Pump.fun users to purchase randomized packs containing tokenized trading cards, trade individual cards, and redeem eligible cards for physical collectibles.

$2Z
DoubleZero will unlock 133.44 million $2Z through linear vesting during November, valued at approximately $3.25 million. The release represents 2.53% of circulating supply and 1.33% of total supply.

November marks the first month following the expiration of $2Z's initial 1.66 billion token cliff unlock in October. The remaining allocation will gradually enter circulation through a 3-year linear vesting schedule running through October 2029.

$JTO
Jito will unlock 18.02 million $JTO through linear vesting during November, valued at approximately $6.55 million. The distribution represents 3.34% of circulating supply and 1.80% of total supply.

November also marks the penultimate month before scheduled $JTO emissions stop, making the next 2 months particularly important for tracking the protocol's remaining token distributions.

$MET
Meteora will unlock 7.33 million $MET on November 23, valued at approximately $2.05 million. The release represents 1.29% of circulating supply and 0.73% of total supply.

The protocol recently announced DLMM Pro, a new automated market maker combining features from DLMM, DAMM V2, and Dynamic Bonding Curve (DBC).

Meteora also launched its Season 2 Expert Contributors allocation checker. The initiative allocates 6 million $MET, equivalent to 0.6% of total supply, to educators, builders, and contributors under its LP Stimulus Plan.

What to Watch
November's unlock schedule features substantial releases from $TRUMP, $PUMP, and $CARDS, while $LAYER stands out with an 18.35% increase relative to its circulating supply.

Beyond the scheduled releases, October's revenue figures highlight the growing importance of consumer applications to Solana. Pump.fun's integration with Collector Crypt demonstrates how distribution partnerships can translate into increased platform activity and revenue.

Meanwhile, $2Z enters its first month of post-cliff linear vesting, and $JTO approaches the end of its scheduled emissions.

As always, token unlocks do not guarantee price movement. However, they remain an important metric for understanding changes in circulating supply, liquidity conditions, and potential short-term market dynamics across the Solana ecosystem.

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