Market Signal Briefing

TORONTO, Feb. 25, 2026 (GLOBE NEWSWIRE) -- Northland Power Inc. (“Northland” or the “Company”) (TSX: NPI) today reported financial results for the year ended December 31, 2025. All dollar amounts set out herein are in Canadian dollars, unless otherwise stated.

Highlights

Record high wind production across German offshore wind assets in the fourth quarter contributed to delivering Adjusted EBITDA1 of $1.25 billion, in-line with 2025 financial guidance and Free Cash Flow1 of $1.46 per share, exceeding 2025 financial guidance. Introduced a new global strategy and 2030 outlook, targeting a doubling of gross operating capacity to 7 GW, with clear growth and financial priorities and a five-year funding plan. Progressed construction on the Baltic Power (1.1 GW) and Hai Long (1.0 GW) offshore wind projects. Expanded battery energy storage system (“BESS”) pipeline with the addition of two late-stage pre-construction projects totaling 300 MW / 1.2 GWh in Poland. Issued 2026 financial guidance with Adjusted EBITDA expected to be $1.45 - $1.65 billion, and Free Cash Flow expected to be $1.05 - $1.25 per share. “In 2025, we set a clear direction for Northland through our five-year plan focused on maximizing long-term shareholder value. We are executing on our strategy and advancing our next phase of growth, including delivering our projects in construction and adding two late-stage pre-construction BESS projects in Poland. We also see value-accretive opportunities across our core markets in Canada and Europe,” stated Christine Healy, President and CEO of Northland.

Ms. Healy continued, “In the fourth quarter of 2025, our operating fleet availability was 96%, and our offshore wind assets in Germany set a new production record. Construction progress continues to be on track for our two offshore wind projects.”

Significant Events and Updates

Construction Projects Update:

Hai Long Offshore Wind Project – Northland continues to advance the 1.0 GW Hai Long project. The project currently has 37 out of 73 turbines installed, with 20 turbines generating power. As reported last quarter, turbine commissioning has been slower than expected and could impact pre-completion revenues in the amount of approximately $150 - $200 million (Northland share). The project is optimizing the commissioning schedule in preparation for in-water activities expected to resume in April 2026. The project is on track for commercial operations in 2027, with overall costs aligned with original expectations. Baltic Power Offshore Wind Project – Northland continues to advance the 1.1 GW Baltic Power project. Offshore construction activities are progressing, including the installation of both offshore substations, all turbine monopile foundations, 30 of the turbines, and 2 out of 4 export cables. The local grid operator completed grid interconnection works, a key milestone for energization of the project. The project is on track for commercial operations in the second half of 2026, with overall costs aligned with original expectations. Others:

Secured Polish Battery Energy Storage Projects – On November 20, 2025, Northland acquired two late-stage pre-construction battery energy storage projects totaling 300 MW / 1.2 GWh in Poland. Announced New Strategic Plan and 2030 Outlook – On November 20, 2025, Northland held its 2025 Investor Day where management presented the Company’s five-year strategic growth and funding plan. Highlights included: targeting to double operating capacity to 7 GW by 2030; implementing a regional operating model with a deepened focus on core markets of Canada and Europe; improving cost efficiency; selectively advancing high-quality opportunities; and raising investment return targets to 12+%. Nordsee One Offshore Wind Facility – On November 18, 2025, Northland signed a five-year bilateral power purchase agreement for approximately one-third of the production from its 332 MW Nordsee One offshore wind farm. Previously Announced Dividend Change – On November 12, 2025, Northland’s Board of Directors approved an adjustment to Northland’s dividend to $0.72 per share on an annual basis. Thorold Natural Gas Facility Upgrade – On November 25, 2025, Northland completed the performance test for a 23 MW capacity upgrade at the Thorold facility and executed an amended PPA extending the contract to April 30, 2035. Financial Results

Fourth Quarter

Fourth quarter 2025 financial results increased year-over-year, driven by higher production across the International business unit offshore wind facilities, contribution from the Oneida energy storage facility (which commenced operations in the second quarter of 2025), and increased market demand for dispatchable power at natural gas facilities.

Revenue from energy sales of $723 million in the fourth quarter of 2025 increased from $572 million in 2024. Net income increased in the fourth quarter of 2025 to $290 million from $150 million in 2024. Adjusted EBITDA (a non-IFRS measure) increased in the fourth quarter of 2025 to $390 million from $312 million in 2024. Free Cash Flow per share (a non-IFRS measure) increased in the fourth quarter of 2025 to $0.46 from $0.31 in 2024. Cash provided by operating activities was $227 million in the fourth quarter of 2025 compared to $360 million in the same quarter of 2024. Full-Year 2025

Full-year 2025 Adjusted EBITDA and Free Cash Flow decreased compared to 2024, due to low offshore wind resource in the first half of the year within the International business unit, partially offset by the contribution from Oneida and high wind conditions at the Americas business unit onshore facilities.

Revenue from energy sales increased on a full-year basis to $2,435 million from $2,346 million in 2024. Net loss was $108 million in 2025 compared to net income of $371 million in 2024, primarily due to a $527 million non-cash pre-tax impairment expense for the Nordsee One offshore wind facility recognized in the third quarter of 2025. Adjusted EBITDA (a non-IFRS measure) decreased on a full-year basis to $1,253 million from $1,262 million in 2024. Free Cash Flow per share (a non-IFRS measure) decreased on a full-year basis to $1.46 from $1.53 in 2024. Cash provided by operating activities was $1,426 million on a full-year basis compared to $1,029 million in 2024. Available corporate liquidity of $931 million as at December 31, 2025 includes $39 million of cash on hand and approximately $892 million of available capacity on corporate revolving credit facilities. The following table presents key IFRS and non-IFRS financial measures and operational results. Revenue from energy sales, operating income (loss) and net income (loss), as reported under IFRS, include consolidated results of entities not wholly owned by Northland, whereas Northland’s non-IFRS financial measures include only Northland’s proportionate ownership interest.

Summary of Consolidated Results

(in thousands of dollars, except per share amounts)Three months ended December 31, Year ended December 31,   2025  2024  2025   2024 FINANCIALS             Revenue from energy sales(1)$722,841 $571,867 $2,434,970  $2,346,264 Operating income (loss)(1) 290,518  216,571  279,393   812,892 Net income (loss)(1) 289,815  150,469  (108,359)  371,389 Net income (loss) attributable to shareholders 245,336  128,294  (163,248)  271,825 Adjusted EBITDA (a non-IFRS measure)(2) 389,523  312,139  1,252,991   1,261,951               Cash provided by operating activities(1) 227,177  359,631  1,426,164   1,028,968 Free Cash Flow (a non-IFRS measure)(2) 121,399  80,650  382,094   394,420 Cash dividends paid 78,451  49,284  286,008   200,488 Total dividends declared(3)$67,991 $77,832 $303,185  $309,024               Per Share             Weighted average number of shares — basic and
   diluted (000s) 261,502  259,166  261,301   257,300 Net income (loss) attributable to common
   shareholders — basic and diluted$0.93 $0.49 $(0.65) $1.03 Free Cash Flow (a non-IFRS measure)(2)$0.46 $0.31 $1.46  $1.53 Total dividends declared$0.26 $0.30 $1.16  $1.20               ENERGY VOLUMES             Electricity production in gigawatt hours (GWh)(4) 3,472  2,836  10,953   11,046 Northland’s share of electricity production (GWh)(5) 2,973  2,414  9,502   9,621 (1) Represents fully consolidated financial information on 100% basis for all direct and indirect subsidiaries including those partially owned by Northland. Share of profit (loss) from joint ventures have been included only in the net income measures, as required by IFRS.
(2) See Forward-Looking Statements and Non-IFRS Financial Measures below.
(3) Represents total dividends declared to common shareholders, including dividends in cash or in shares under Northland’s Dividend Reinvestment Plan.
(4) Includes 100% of electricity production from all direct and indirect subsidiaries, including those which are partially owned by Northland as well as Northland’s share of pre-completion production from Hai Long.
(5) Presented at Northland’s economic interest.
   Fourth Quarter Highlights

International Business Unit

Northland’s International business unit consists of operating offshore wind facilities located in Germany and the Netherlands, along with onshore wind and solar facilities in Spain.

Offshore wind facilities

Electricity production for the three months ended December 31, 2025 increased 21% or 271 GWh compared to the same quarter of 2024. Commercial availability for the three months ended December 31, 2025 was at 97%.

Revenue from energy sales of $385 million for the three months ended December 31, 2025 increased 38% or $105 million, compared to the same quarter of 2024, due to higher production across offshore wind facilities.

Adjusted EBITDA of $243 million for the three months ended December 31, 2025 increased 34% or $62 million compared to the same quarter of 2024, due to the same factor noted above.

Onshore renewable facilities

Electricity production for the three months ended December 31, 2025 of 248 GWh was in line with the same quarter of 2024. Commercial availability for the three months ended December 31, 2025 was at 97%.

Revenue from energy sales of $45 million for the three months ended December 31, 2025 decreased 17% or $9 million compared to the same quarter of 2024, due to lower market prices at the Spanish facilities.

Adjusted EBITDA of $29 million for the three months ended December 31, 2025 decreased 24% or $9 million compared to the same quarter of 2024, due to the same factor noted above.

Americas Business Unit

Northland’s Americas business unit includes natural gas, onshore wind, solar, and energy storage facilities in Canada, onshore wind projects in the United States, and regulated utility operations in Colombia.

Onshore renewable & energy storage facilities

Electricity production for the three months ended December 31, 2025 of 553 GWh was in line with the same quarter of 2024. Commercial availability for the three months ended December 31, 2025 was at 97%.

Revenue from energy sales of $91 million for the three months ended December 31, 2025 increased 30% or $21 million compared to the same quarter of 2024, due to the contribution from the Oneida energy storage facility commencing operations in the second quarter of 2025.

Adjusted EBITDA of $52 million for the three months ended December 31, 2025 increased 16% or $7 million compared to the same quarter of 2024, due to the same factor noted above.

Natural gas facilities

Electricity production of 1,088 GWh for the three months ended December 31, 2025 increased 42% or 324 GWh compared to the same quarter of 2024, due to higher market demand for dispatchable power. Commercial availability for the three months ended December 31, 2025 was at 90%.

Revenue from energy sales of $102 million for the three months ended December 31, 2025 increased 29% or $23 million compared to the same quarter of 2024, due to higher market demand for dispatchable power.

Adjusted EBITDA of $52 million for the three months ended December 31, 2025 increased 11% or $5 million compared to the same quarter of 2024, due to the factor noted above.

Utility

Revenue from energy sales of $97 million for the three months ended December 31, 2025 increased 6% or $5 million compared to the same quarter of 2024, due to growth in the asset base.

Adjusted EBITDA of $40 million for the three months ended December 31, 2025 was in line with the same quarter of 2024.

Consolidated statements of income (loss)

General and administrative (“G&A”) costs of $33 million increased $6 million compared to the same quarter of 2024, due to certain non-recurring administrative expenses.

Development costs of $21 million were in line with the same quarter of 2024.

Finance costs of $83 million decreased $14 million compared to the same quarter of 2024, due to scheduled principal repayments on facility-level loans.

Fair value gain on financial instruments was $50 million, due to net movement in the fair value of derivatives related to foreign exchange and interest rate contracts.

Foreign exchange loss of $8 million was due to fluctuations in foreign exchange rates.

Share of profit from joint ventures of $118 million was due to the gains on fair value of derivatives, partially offset by the foreign exchange losses, at the joint ventures.

Net income of $290 million in the fourth quarter of 2025 compared to net income of $150 million in the same quarter of 2024, as a result of the factors described above.

Adjusted EBITDA

The following table reconciles net income (loss) to Adjusted EBITDA:

 Three months ended December 31,
  Year ended December 31,
    2025   2024   2025   2024  Net income (loss)$289,815  $150,469  $(108,359) $371,389  Adjustments:                Finance costs, net 72,089   79,758   302,965   320,634  Provision for (recovery of) income taxes 85,769   66,615   (40,884)  192,167  Depreciation of property, plant and equipment 160,170   148,796   652,887   615,343  Amortization of contracts and intangible assets 15,972   14,734   62,697   58,384  Fair value (gain) loss on financial instruments (49,637)  (11,333)  378,439   87,592  Foreign exchange (gain) loss 8,313   6,353   (55,555)  (716) Impairment of non-financial assets 630   —   527,155   —  Fair value adjustment relating to the disposal
group held for sale —   —   —   43,884  Elimination of non-controlling interests (85,977)  (62,892)  (278,526)  (267,108) Share of (profit) loss from joint ventures (118,166)  (23,105)  (193,534)  (43,734) Others (1) 10,545   (57,256)  5,706   (115,884) Adjusted EBITDA (2)$389,523  $312,139  $1,252,991  $1,261,951  (1) “Others” mainly include Northland’s share of Adjusted EBITDA from equity accounted investees, Gemini interest income, finance lease (lessor) and other expenses (income).
(2) See Forward-Looking Statements and Non-IFRS Financial Measures below.
  Adjusted EBITDA of $390 million for the three months ended December 31, 2025 increased 25% or $77 million compared to the same quarter of 2024. The factors increasing Adjusted EBITDA include:

$62 million increase in operating results at the International business unit offshore wind facilities, due to higher production, as described above; $14 million increase due to the pre-completion revenue from the Hai Long offshore wind project and lower joint venture project costs; and $11 million increase due to the contribution from the Oneida energy storage facility commencing operations in the second quarter of 2025. The factor partially offsetting the increase in the Adjusted EBITDA was:

$9 million decrease in operating results from the International business unit onshore wind facilities, as described above. Free Cash Flow

The following table reconciles cash flow from operations to Free Cash Flow:

 Three months ended December 31,
  Year ended December 31,
    2025   2024   2025   2024  Cash provided by operating activities$227,177  $359,631  $1,426,164  $1,028,968  Adjustments:                Net change in non-cash working capital balances
related to operations 174,192   (43,309)  (28,106)  305,084  Non-expansionary capital expenditures (2,541)  (1,789)  (3,795)  (5,272) Restricted funding for major maintenance, debt
and decommissioning reserves (16,148)  (8,532)  (2,429)  (20,677) Interest (68,973)  (61,913)  (272,498)  (263,499) Scheduled principal repayments on facility debt (253,379)  (340,184)  (772,211)  (714,051) Funds set aside (utilized) for scheduled principal
repayments 60,934   148,788   —   —  Preferred share dividends (2,126)  (1,500)  (6,323)  (6,162) Consolidation of non-controlling interests (32,850)  (19,810)  (93,662)  (93,254) Growth expenditures 21,354   23,054   67,040   66,841  Others (1) 13,759   26,214   67,914   96,442  Free Cash Flow (2)$121,399  $80,650  $382,094  $394,420  (1) “Others” mainly include the effect of foreign exchange rates and hedges, interest rate hedge, Nordsee One interest on shareholder loans, acquisition costs, lease payments, interest income, Northland’s share of Free Cash Flow from equity accounted investees, investment income, and other non-cash expenses adjusted in working capital excluded from Free Cash Flow in the period.
(2) See Forward-Looking Statements and Non-IFRS Financial Measures below.
   Free Cash Flow of $121 million for the three months ended December 31, 2025 was 51% or $41 million higher than the same quarter of 2024.

The factor increasing Free Cash Flow was:

$76 million increase in Adjusted EBITDA (gross of growth expenditures) due to the factors described above. The factors offsetting the increase in Free Cash Flow were:

$13 million increase in current taxes as a result of higher operating results; $12 million decrease from foreign exchange hedges, lease payments, and other settlements; and $10 million increase in scheduled debt repayments on facility-level loans and net movement in funds set aside for maintenance and decommissioning reserves. The following table reconciles Adjusted EBITDA to Free Cash Flow:

 Three months ended December 31, Year ended December 31,   2025   2024   2025   2024  Adjusted EBITDA (2)$389,523  $312,139  $1,252,991  $1,261,951  Adjustments:                Scheduled debt repayments (163,597)  (151,576)  (631,607)  (578,563) Interest expense (51,928)  (48,611)  (202,668)  (193,575) Current taxes (59,731)  (47,131)  (120,380)  (175,112) Non-expansionary capital expenditure (2,034)  (2,015)  (2,999)  (5,078) Utilization (funding) of maintenance and
decommissioning reserves (4,712)  (7,845)  5,974   (18,716) Lease payments, including principal and interest (3,441)  (2,908)  (13,304)  (12,586) Preferred dividends (2,126)  (1,500)  (6,323)  (6,162) Foreign exchange hedge gain (loss) (13,434)  (307)  (2,355)  12,584  Growth expenditures 21,354   23,054   67,040   66,841  Others(1) 11,525   7,350   35,725   42,836  Free Cash Flow (2)$121,399  $80,650  $382,094  $394,420  (1) Others mainly include repayment of Gemini subordinated debt, and interest rate and foreign currency hedge settlements.
(2) See Forward-Looking Statements and Non-IFRS Financial Measures below.
   Outlook

The Company’s outlook focuses on execution during a period of elevated construction activity. Near‑term priorities include the safe construction and delivery of Hai Long and Baltic Power projects. The Company has also implemented a simplified, regionally focused operating structure to enhance efficiency and align strategic and financial objectives.

Northland anticipates generating revenue from Hai Long and Baltic Power in 2026. For Hai Long, the revenue generated will be used to fund the construction of the project and will not be included in Free Cash Flow until the project reaches commercial operations, anticipated in 2027. Baltic Power is expected to achieve commercial operations in the second half of 2026.

Adjusted EBITDA

Management expects 2026 Adjusted EBITDA of $1.45 - $1.65 billion, representing an increase from 2025 Adjusted EBITDA of $1.25 billion. Several factors are expected to contribute to this increase:

Hai Long contribution of $150 - $200 million; Baltic Power contribution of $70 - $120 million expected to start in the second half of 2026; and Full year contribution from Oneida and partial year contribution from Jurassic BESS of approximately $15 million. Increase in Adjusted EBITDA is expected to be partially offset by:

Lower Nordsee One contribution of approximately $20 million due to scheduled contract step-down. Northland has assumed development expenditures will be approximately $50 million. The Company intends to be selective and pursue only those projects that meet its strategic objectives and targeted returns.

Free Cash Flow

Management expects 2026 Free Cash Flow of $1.05 - $1.25 per share, which is lower than the 2025 Free Cash Flow of $1.46 per share. Several factors contributing to this variance include:

One-time 2025 items including the non-recurrence of the German tax benefit ($0.12), deferral of Spanish debt repayments ($0.07), and other items ($0.03) that combine to approximately $0.22 per share; Foreign exchange hedging costs ($0.10) and higher debt service for the natural gas business ($0.05) are anticipated to total approximately $0.15 per share; and Lower capitalized interest on hybrid debt as Oneida has commenced operations and Baltic Power assets will have commenced operations ($0.10), along with other costs ($0.05) that combines to approximately $0.15 per share. Decrease in Free Cash Flow is expected to be partially offset by:

Baltic Power contribution net of debt repayments and other various items by approximately $0.20 per share. The information in this Outlook constitutes forward-looking information within the meaning of applicable Canadian securities laws, is based on several assumptions and is subject to risks and uncertainties. See Forward-Looking Statements in this document as well as the Risk Factors in the 2025 AIF.

Fourth-Quarter Earnings Conference Call

Northland will hold an earnings conference call on February 26, 2026, to discuss its fourth quarter 2025 results. The call will be hosted by Northland’s Senior Management, who will discuss the Company’s financial results and developments and answer questions from analysts.

Conference call details are as follows:

Thursday, February 26, 2026, 10:00 a.m. ET

Participants wishing to join the call and ask questions must register using the following URL below:

https://register-conf.media-server.com/register/BIa0157d1deac442dda5e66371e5e79582

For all other attendees, the call will be broadcast live on the internet, in listen-only mode and can be accessed using the following link:

Webcast URL: https://edge.media-server.com/mmc/p/au4w68kp

For those unable to attend the live call, an audio recording will be available on northlandpower.com on Friday, February 27, 2026.

Northland’s audited consolidated financial statements for the year ended December 31, 2025, and related MD&A can be found on SEDAR+ at www.sedarplus.ca under Northland’s profile and on northlandpower.com.

ABOUT NORTHLAND POWER

Northland Power is a Canadian-owned global power producer dedicated to accelerating the global energy transition. Founded in 1987, with almost four decades of experience, Northland has a long history of developing, owning and operating a diversified mix of energy infrastructure assets including offshore and onshore wind, solar, battery energy storage, and natural gas. Northland also supplies energy through a regulated utility.

Headquartered in Toronto, Canada, with global offices in seven countries, Northland owns or has an economic interest in 3.5 GW of gross operating generating capacity, 2.2 GW under construction and a significant inventory of early to mid-stage development opportunities encompassing approximately 9 GW of potential capacity.

Publicly traded since 1997, Northland's Common Shares, and Series 1 and Series 2 Preferred Shares trade on the Toronto Stock Exchange under the symbols NPI, NPI.PR.A and NPI.PR.B, respectively.

NON-IFRS FINANCIAL MEASURES

This press release includes references to the Company’s adjusted earnings before interest, income taxes, depreciation and amortization (“Adjusted EBITDA”), Free Cash Flow and applicable payout ratios and per share amounts, which are measures not prescribed by International Financial Reporting Standards (“IFRS”), and therefore do not have any standardized meaning under IFRS and may not be comparable to similar measures presented by other companies. Non-IFRS financial measures are presented at Northland’s share of underlying operations. These measures should not be considered alternatives to net income (loss), cash flow from operating activities or other measures of financial performance calculated in accordance with IFRS. Instead, these measures are provided to complement IFRS measures in the analysis of Northland’s results of operations from management’s perspective. Management believes that Northland’s non-IFRS financial measures and applicable payout ratio and per share amounts are widely accepted and understood financial indicators used by investors and securities analysts to assess the performance of a company, including its ability to generate cash through operations.

FORWARD-LOOKING STATEMENTS

This press release contains statements that constitute forward-looking information within the meaning of applicable securities laws (“forward-looking statements”) that are provided for the purpose of presenting information about management’s current expectations and plans. Readers are cautioned that such statements may not be appropriate for other purposes. Northland’s actual results could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, the events anticipated by the forward-looking statements may or may not transpire or occur. Forward-looking statements include statements that are not historical facts and are predictive in nature, depend upon or refer to future events or conditions, or include words such as “expects,” “anticipates,” “plans,” “predicts,” “believes,” “estimates,” “intends,” “targets,” “projects,” “forecasts” or negative versions thereof and other similar expressions or future or conditional verbs such as “may,” “will,” “should,” “would” and “could”. These statements may include, without limitation, statements regarding future Adjusted EBITDA and Free Cash Flow, including respective per share amounts, dividend payments and dividend payout ratios, the implementation, timing and anticipated benefits of Northland’s new strategic plan, the timing for and attainment of the Hai Long and Baltic Power offshore wind projects, Jurassic BESS battery energy storage project and other growth activity and the anticipated contributions therefrom to Adjusted EBITDA and Free Cash Flow, the expected generating capacity of certain projects, guidance, anticipated dates of commercial operations, forecasts as to overall project costs, the completion of construction, acquisitions, dispositions, whether partial or full, investments or financings and the timing thereof, the timing for and attainment of financial close and commercial operations for each project, the potential for future production from project pipelines, cost and output of development projects, the all-in interest cost for debt financing, the impact of currency and interest rate hedges, Northland’s anticipated credit rating, litigation claims, future funding requirements, and the future operations, business, financial condition, financial results, priorities, ongoing objectives, strategies and the outlook of Northland, its subsidiaries and joint ventures.

These statements are based upon certain material factors or assumptions that were applied in developing the forward-looking statements, including the design specifications of development projects, the provisions of contracts to which Northland or a subsidiary is a party, management’s current plans and its perception of historical trends, current conditions and expected future developments, the ability to obtain necessary approvals, satisfy any closing conditions, satisfy any project finance lender conditions to closing sell-downs or obtain adequate financing regarding contemplated construction, acquisitions, dispositions, investments or financings, as well as other factors, estimates and assumptions that are believed to be appropriate in the circumstances. Although these forward-looking statements are based upon management’s current reasonable expectations and assumptions, they are subject to numerous risks and uncertainties. Some of the factors that could cause results or events to differ from current expectations include, but are not limited to, risks associated with further regulatory and policy changes which could impair current guidance and expected returns, risks associated with merchant pool pricing and revenues, risks associated with sales contracts, Northland’s ability to execute on its growth strategy, the emergence of widespread health emergencies or pandemics, Northland’s reliance on the performance of its offshore wind facilities at Gemini, Nordsee One and Deutsche Bucht for over 50% of its Adjusted EBITDA, counterparty and joint venture risks, contractual operating performance, variability of sales from generating facilities powered by intermittent renewable resources, wind and solar resource risk, unplanned maintenance risk, offshore wind concentration, natural gas and power market risks, commodity price risks, operational risks, recovery of utility operating costs, Northland’s ability to resolve issues/delays with the relevant regulatory and/or government authorities, permitting, construction risks, project development risks, integration and acquisition risks, procurement and supply chain risks, financing risks, disposition and joint-venture risks, competition risks, interest rate and refinancing risks, liquidity risk, inflation risks, commodity availability and cost risk, construction material cost risks, impacts of regional or global conflicts, credit rating risk, currency fluctuation risk, variability of cash flow and potential impact on dividends, taxation, natural events, environmental risks, unforeseeable site conditions, including geological and geotechnical risks, climate change, health and worker safety risks, market compliance risk, government regulations and policy risks, utility rate regulation risks, international activities, cybersecurity, data protection and reliance on information technology, labour relations, labour shortage risk, management transition risk, geopolitical risk in and around the regions Northland operates in, large project risk, reputational risk, insurance risk, risks relating to co-ownership, bribery and corruption risk, terrorism and security, litigation risk and legal contingencies, and the other factors described in the “Risks Factors” section of Northland’s MD&A and 2025 AIF, which can be found at www.sedarplus.ca under Northland’s profile and on Northland’s website at northlandpower.com.

Northland has attempted to identify important factors that could cause actual results to materially differ from current expectations; however, there may be other factors that cause actual results to differ materially from such expectations. Northland’s actual results could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, and Northland cautions you not to place undue reliance upon any such forward-looking statements.

The forward-looking statements contained in this release are, unless otherwise indicated, stated as of the date hereof and are based on assumptions that were considered reasonable as of the date hereof. Other than as specifically required by law, Northland undertakes no obligation to update any forward-looking statements to reflect events or circumstances after such date or to reflect the occurrence of unanticipated events, whether as a result of new information, future events or results, or otherwise.

Certain forward-looking information in this release and the MD&A may also constitute a “financial outlook” within the meaning of applicable securities laws. Financial outlook involves statements about Northland’s prospective financial performance, financial position or cash flows and is based on and subject to the assumptions about future economic conditions and courses of action and the risk factors described above in respect of forward-looking information generally, as well as any other specific assumptions and risk factors in relation to such financial outlook noted in this release and the MD&A. Such assumptions are based on management’s assessment of the relevant information currently available and any financial outlook included in this release and the MD&A is provided for the purpose of helping readers understand Northland’s current expectations and plans. Readers are cautioned that reliance on any financial outlook may not be appropriate for other purposes or in other circumstances and that the risk factors described above or other factors may cause actual results to differ materially from any financial outlook. The actual results of Northland’s operations will likely vary from the amounts set forth in any financial outlook and such variances may be material.

For further information, please contact:

Alison Holditch, Investor Relations

416-989-8734

[email protected]

northlandpower.com

1 Adjusted EBITDA and Free Cash Flow are non-IFRS financial measures. Non-IFRS financial measures do not have any standardized meaning under IFRS and may not be comparable to similar measures presented by other companies. See “Non-IFRS Financial Measures”, and sections entitled “5.5: Adjusted EBITDA” and “5.6: Free Cash Flow” in the Management’s Discussion and Analysis for the year ended December 31, 2025, dated February 25, 2026 (“MD&A”) incorporated by reference herein for more information about each of these measures.

Did you buy SMR Class A common stock between May 13, 2025, and November 6, 2025?

Affected NuScale Power Corporation Investor Summary

Who: NuScale Power Corporation (NYSE: SMR) What: Securities fraud class action lawsuit filed Class Period: May 13, 2025, through November 6, 2025 Deadline to Seek Lead Plaintiff Status: April 20, 2026 Key Lawsuit Allegations: Material misstatements and/or omissions concerning the company's commercialization strategy for its nuclear power generation projects and development. Investor Action: Contact Kessler Topaz Meltzer & Check, LLP (www.ktmc.com) for recovery options at no cost to investor , /PRNewswire/ -- Kessler Topaz Meltzer & Check, LLP (www.ktmc.com), a nationally recognized securities litigation law firm, informs investors that a securities fraud class action lawsuit has been filed against NuScale Power Corporation (NuScale) (NYSE: SMR) on behalf of those who purchased or acquired NuScale Class A common stock between May 13, 2025, and November 6, 2025, inclusive. The lawsuit is filed in the United States District Court for the District of Oregon and is captioned Truedson v. NuScale Power Corporation, et al, Case No. 3:26-cv-00328 (D. Or.). Investors have until April 20, 2026, to file for lead plaintiff status. 

CONTACT KTMC TO DISCUSS YOUR LEGAL RIGHTS:
If you purchased or acquired NuScale Class A common stock and have lost money on your investment, you are encouraged to contact KTMC attorney Jonathan Naji, Esq. at:

(484) 270-1453
[email protected]
https://www.ktmc.com/smr-nuscale-power-corporation-class-action-lawsuit?utm_source=PR_Newswire&utm_medium=pressrelease&utm_campaign=smr&mktm=PR 

There is no cost or obligation to speak with an attorney.

NUSCALE POWER CORPORATION CLASS ACTION LAWSUIT - COMPLAINT ALLEGATION SUMMARY:
The complaint alleges that, throughout the Class Period, Defendants made false and/or misleading statements and/or failed to disclose that: (1) ENTRA1 Energy LLC ("ENTRA1") had never built, financed, or operated any significant projects– let alone projects in the highly technical and complicated field of nuclear power generation during its entire operating history; (2) NuScale had entrusted its commercialization, distribution, and deployment of its NuScale Power Module and hundreds of millions of dollars of NuScale capital to an entity that lacked any significant prior experience owning, financing, or operating nuclear energy generation facilities; (3) the purported experience and qualifications attributed to ENTRA1 by Defendants during the Class Period in fact referred to the purported experience and qualifications of the principals of the Habboush Group, a distinct entity without significant experience in the field of nuclear power generation; and (4) as a result, NuScale's commercialization strategy was exposed to material, undisclosed risks of failure, delays, regulatory challenges, or other negative setbacks.

Why did NuScale's Stock Drop?
On November 6, 2025, NuScale surprised investors by revealing that the company's general and administrative expenses had ballooned more than 3,000% to $519 million during its third fiscal quarter, up from $17 million in the prior year period, due largely to NuScale's payment of $495 million to ENTRA1 for its TVA agreement. As a result, NuScale's quarterly net loss skyrocketed to $532 million, up from $46 million in the prior year period. On this news, the price of NuScale Class A common stock declined by $5.45 per share, or approximately 14.4%, from a close of $37.91 per share on November 5, 2025, to close at $32.46 on November 6, 2025.

WHAT SMR INVESTORS CAN DO NOW:

File to be lead plaintiff by April 20, 2026. Contact KTMC for a free case evaluation. All representation is on a contingency fee basis, there is no cost to you. Retain counsel of choice or take no action. THE LEAD PLAINTIFF PROCESS FOR NUSCALE POWER CORPORATION INVESTORS:
NuScale investors may, no later than April 20, 2026, seek to be appointed as a lead plaintiff representative of the class through Kessler Topaz Meltzer & Check, LLP or other counsel, or may choose to do nothing and remain an absent class member. A lead plaintiff is a representative party who acts on behalf of all class members in directing the litigation. The lead plaintiff is usually the investor or small group of investors who have the largest financial interest and who are also adequate and typical of the proposed class of investors. The lead plaintiff selects counsel to represent the lead plaintiff and the class and these attorneys, if approved by the court, are lead or class counsel. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.

Kessler Topaz Meltzer & Check, LLP encourages NuScale investors to contact the firm for more information.

ABOUT KESSLER TOPAZ MELTZER & CHECK, LLP (KTMC):
Kessler Topaz Meltzer & Check, LLP (KTMC) is a leading U.S. plaintiff-side law firm focused on securities-fraud class actions and global investor protection. The firm represents individual investors as well as institutions, such as major pension funds, asset managers, and international investors. KTMC has led some of the largest recoveries in securities litigation and has been recognized by peers and the legal media with numerous accolades, including The National Law Journal's Plaintiff's Hot List and Trailblazers in Plaintiffs' Law, BTI Consulting Group's Honor Roll of Most Feared Law Firms, The Legal Intelligencer's Class Action Firm of the Year, Lawdragon's Leading Plaintiff Financial Lawyers, and Law360's Titans of the Plaintiffs Bar. The firm operates globally with offices in Pennsylvania and California. KTMC has recovered over $25 billion for our clients and the classes they represent. For more information about Kessler Topaz Meltzer & Check, LLP, please visit www.ktmc.com. The complaint in this matter was not filed by KTMC.

CONTACT:
Jonathan Naji, Esq.
(484) 270-1453
280 King of Prussia Road
Radnor, PA 19087
[email protected] 

May be considered attorney advertising in certain jurisdictions. Past results do not guarantee future outcomes.

SOURCE Kessler Topaz Meltzer & Check, LLP

TXO Partners LP (TXO - Free Report) closed the most recent trading day at $12.54, moving -1.03% from the previous trading session. The stock's performance was behind the S&P 500's daily gain of 0.81%. Meanwhile, the Dow gained 0.63%, and the Nasdaq, a tech-heavy index, added 1.26%.

Shares of the company have appreciated by 8.76% over the course of the past month, underperforming the Oils-Energy sector's gain of 11.53%, and outperforming the S&P 500's loss of 0.25%.

Investors will be eagerly watching for the performance of TXO Partners LP in its upcoming earnings disclosure. The company is expected to report EPS of $0.1, down 61.54% from the prior-year quarter. Meanwhile, our latest consensus estimate is calling for revenue of $111.09 million, up 24.36% from the prior-year quarter.

TXO's full-year Zacks Consensus Estimates are calling for earnings of $0.07 per share and revenue of $386.17 million. These results would represent year-over-year changes of -89.23% and +36.55%, respectively.

Investors might also notice recent changes to analyst estimates for TXO Partners LP. These recent revisions tend to reflect the evolving nature of short-term business trends. As a result, upbeat changes in estimates indicate analysts' favorable outlook on the business health and profitability.

Our research demonstrates that these adjustments in estimates directly associate with imminent stock price performance. To take advantage of this, we've established the Zacks Rank, an exclusive model that considers these estimated changes and delivers an operational rating system.

The Zacks Rank system, ranging from #1 (Strong Buy) to #5 (Strong Sell), possesses a remarkable history of outdoing, externally audited, with #1 stocks returning an average annual gain of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has shifted 29.87% upward. Right now, TXO Partners LP possesses a Zacks Rank of #3 (Hold).

Digging into valuation, TXO Partners LP currently has a Forward P/E ratio of 25.34. This valuation marks a premium compared to its industry average Forward P/E of 12.96.

The Energy and Pipeline - Master Limited Partnerships industry is part of the Oils-Energy sector. With its current Zacks Industry Rank of 210, this industry ranks in the bottom 15% of all industries, numbering over 250.

The Zacks Industry Rank assesses the strength of our separate industry groups by calculating the average Zacks Rank of the individual stocks contained within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Keep in mind to rely on Zacks.com to watch all these stock-impacting metrics, and more, in the succeeding trading sessions.

In the latest trading session, M-tron Industries, Inc. (MPTI - Free Report) closed at $67.42, marking a +2.9% move from the previous day. This move outpaced the S&P 500's daily gain of 0.81%. Elsewhere, the Dow gained 0.63%, while the tech-heavy Nasdaq added 1.26%.

Shares of the company witnessed a gain of 5.25% over the previous month, trailing the performance of the Construction sector with its gain of 8.81%, and outperforming the S&P 500's loss of 0.25%.

Market participants will be closely following the financial results of M-tron Industries, Inc. in its upcoming release. The company is forecasted to report an EPS of $0.64, showcasing a 12.33% downward movement from the corresponding quarter of the prior year. Meanwhile, the latest consensus estimate predicts the revenue to be $14 million, indicating a 9.29% increase compared to the same quarter of the previous year.

For the annual period, the Zacks Consensus Estimates anticipate earnings of $2.36 per share and a revenue of $54.05 million, signifying shifts of -10.94% and +10.28%, respectively, from the last year.

Investors might also notice recent changes to analyst estimates for M-tron Industries, Inc. These revisions typically reflect the latest short-term business trends, which can change frequently. As such, positive estimate revisions reflect analyst optimism about the business and profitability.

Our research demonstrates that these adjustments in estimates directly associate with imminent stock price performance. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.

The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate remained stagnant. At present, M-tron Industries, Inc. boasts a Zacks Rank of #3 (Hold).

From a valuation perspective, M-tron Industries, Inc. is currently exchanging hands at a Forward P/E ratio of 24.27. This represents a discount compared to its industry average Forward P/E of 25.03.

It is also worth noting that MPTI currently has a PEG ratio of 0.87. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. MPTI's industry had an average PEG ratio of 1.73 as of yesterday's close.

The Engineering - R and D Services industry is part of the Construction sector. At present, this industry carries a Zacks Industry Rank of 53, placing it within the top 22% of over 250 industries.

The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.

Ero Copper Corp. (ERO - Free Report) ended the recent trading session at $34.37, demonstrating a +2.63% change from the preceding day's closing price. The stock exceeded the S&P 500, which registered a gain of 0.81% for the day. Elsewhere, the Dow saw an upswing of 0.63%, while the tech-heavy Nasdaq appreciated by 1.26%.

Shares of the company have depreciated by 5.34% over the course of the past month, underperforming the Basic Materials sector's gain of 6.83%, and the S&P 500's loss of 0.25%.

Investors will be eagerly watching for the performance of Ero Copper Corp. in its upcoming earnings disclosure. The company's earnings report is set to be unveiled on March 5, 2026. The company is predicted to post an EPS of $1.06, indicating a 523.53% growth compared to the equivalent quarter last year. Meanwhile, the latest consensus estimate predicts the revenue to be $293.5 million, indicating a 139.59% increase compared to the same quarter of the previous year.

For the annual period, the Zacks Consensus Estimates anticipate earnings of $2.17 per share and a revenue of $780.3 million, signifying shifts of +178.21% and +65.95%, respectively, from the last year.

Investors should also note any recent changes to analyst estimates for Ero Copper Corp. These revisions help to show the ever-changing nature of near-term business trends. Consequently, upward revisions in estimates express analysts' positivity towards the business operations and its ability to generate profits.

Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. To take advantage of this, we've established the Zacks Rank, an exclusive model that considers these estimated changes and delivers an operational rating system.

Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Over the past month, the Zacks Consensus EPS estimate has shifted 3.19% upward. Right now, Ero Copper Corp. possesses a Zacks Rank of #3 (Hold).

In terms of valuation, Ero Copper Corp. is presently being traded at a Forward P/E ratio of 7.82. For comparison, its industry has an average Forward P/E of 31.24, which means Ero Copper Corp. is trading at a discount to the group.

The Mining - Non Ferrous industry is part of the Basic Materials sector. With its current Zacks Industry Rank of 150, this industry ranks in the bottom 39% of all industries, numbering over 250.

The Zacks Industry Rank is ordered from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Keep in mind to rely on Zacks.com to watch all these stock-impacting metrics, and more, in the succeeding trading sessions.

Note: The following is an excerpt from this week’s Earnings Trends report. You can access the full report that contains detailed historical actual and estimates for the current and following periods, please click here>>>

Here are the key points:

Total earnings for the 453 S&P 500 members that have reported Q4 results are up +12.2% from the same period last year on +8.7% higher revenues, with 75.1% beating EPS estimates and 73.1% beating revenue estimates. The Q4 earnings growth pace and EPS beats percentage for this group of 453 index members are tracking below what we had seen from this same group of companies in the preceding period, with the EPS beats percentage also tracking below the 20-quarter average for this group of companies.The revenue growth pace for this group of 453 index members represents a clear acceleration relative to other recent periods. The Q4 revenue beats percentage is tracking below the preceding period but is otherwise tracking above the 20-quarter average for this group of companies. Combining the actual results that have come out with estimates for the still-to-come companies, total Q4 earnings are currently expected to be up +13.2% from the same period last year on +9.2% higher revenues. This will be the 10th consecutive quarter of positive earnings growth for the index.Retail Earnings – Walmart, Home Depot, & AmazonWalmart (WMT - Free Report) shares were down following quarterly results, with the company’s underwhelming guidance as the catalyst. But more than the company’s guidance, the post-release weakness in Walmart shares appears more as a sell-the-news type of development. After all, Walmart shares are up in excess of +13% since the start of 2026, handily outperforming the broader market’s +0.4% gain. Over the past year, Walmart shares are up +30.9%, handily outperforming the S&P 500 index’s +18.5% gain.

Walmart is enjoying strong momentum in its business, with growth in ecommerce and ‘adjacent’ new businesses like advertising, marketplace, and third-party fulfillment driving results. Same-store sales for the U.S. business (excluding fuel) increased +4.6% relative to consensus estimates of +4.24%, with U.S. ecommerce up +27% from the same period last year.

Walmart’s ecommerce business now accounts for roughly 18% of its total revenues, with the company’s U.S. ecommerce unit now fully profitable. Importantly, the business’s growing scale is helping open up ‘adjacent’ opportunities, such as advertising, that offer much higher margins. Walmart brought in +46% more in advertising revenues in the just-completed fiscal year, totaling $6.4 billion.

Home Depot (HD - Free Report) beat estimates and reaffirmed guidance that it had provided at its December 2025 investor meeting. While the company is executing well, the overall home improvement space remains challenging, reflecting a combination of high home prices and mortgage rates. Uncertainty about the timing of demand normalization in the post-COVID period has been another headwind for Home Depot and others in the space. Home Depot’s guidance for 2026 reflects a stable demand backdrop, though housing optimists expect trends to start improving in the coming months.

Home Depot’s same-store sales (comps) increased +0.4% for the quarter, beating estimates of a -0.24% decline and a +0.8% gain in the year-earlier period. Comps had missed estimates in the preceding period, when it had reported +0.2% growth relative to expectations of +1.25% growth.

Looking at the Retail sector scorecard, we now have Q4 results from 22 of the 30 Retail sector companies in the S&P 500 index. Please note that the Zacks Retail sector not only includes ‘traditional’ operators like Walmart and Home Depot, but also digital players like Amazon (AMZN - Free Report) and restaurant operators.

For the 22 Zacks Retail sector companies that have reported Q4 results, total earnings are up +6.9% from the same period last year on +8.6% higher revenues, with 50% beating EPS estimates and 77.3% beating revenue estimates.

The comparison charts below put the Q4 EPS and revenue beats percentages for the large-cap index in a historical context.

Image Source: Zacks Investment Research

In order to put the Retail sector’s Q4 earnings and revenue growth rates in a historical context, we show below the growth rates with and without Amazon’s contribution. Amazon’s Q4 earnings were up +5.9% from the same period last year on +13.6% higher revenues. 

Image Source: Zacks Investment Research

Looking at Q4 as a whole for the sector, combining the actual results that have come out with estimates for the still-to-come retailers, total earnings are expected to be up +5.6% from the same period last year on +7% higher revenues. For 2025, Retail sector earnings are on track to increase +12.1% on +6.4% higher revenues, with the earnings growth rate dropping +1.5% once Amazon’s contribution is excluded.

The chart below shows the sector’s aggregate annual earnings, with the right-hand chart showing the sector’s earnings excluding Amazon.

Image Source: Zacks Investment Research

The Earnings Big PictureThe chart below shows expectations for 2025 Q4 in terms of what was achieved in the preceding four periods and what is currently expected for the next three quarters.

Image Source: Zacks Investment Research

Estimates for the current period (2026 Q1) have softened a bit lately, but remain modestly above levels at the start of the period, as the chart below shows.

Image Source: Zacks Investment Research

The chart below shows the overall earnings picture for the S&P 500 index on an annual basis.

Image Source: Zacks Investment Research

The estimate revisions trend in the aggregate remains positive, even though there is plenty of churn at the sector level. Importantly, favorable revisions in the Tech and Finance sectors are helping offset pressures in other sectors.

Faruqi & Faruqi, LLP Securities Litigation Partner James (Josh) Wilson Encourages Investors Who Suffered Significant Losses In Driven Brands Holdings To Contact Him Directly To Discuss Their Options

If you suffered significant losses in Driven Brands stock or options and would like to discuss your legal rights, call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310).

[You may also click here for additional information]

NEW YORK, Feb. 25, 2026 (GLOBE NEWSWIRE) -- Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against Driven Brands Holdings Inc. (“Driven Brands” or the “Company”) (NASDAQ: DRVN).

Faruqi & Faruqi is a leading national securities law firm with offices in New York, Pennsylvania, California and Georgia. The firm has recovered hundreds of millions of dollars for investors since its founding in 1995. See www.faruqilaw.com.

Driven Brands shares fell over 30% on February 25th after the automotive services company delayed its fourth-quarter release due to material errors in its previously issued financial statements for the fiscal year ended December 28, 2024 (“fiscal year 2024”) and the fiscal year ended December 30, 2023 (“fiscal year 2023”) contained in the Company’s Annual Report on Form 10-K for the fiscal year 2024, and in previously issued unaudited condensed consolidated financial statements for each of the quarterly and year-to-date periods within fiscal year 2024 as well as the quarterly and year-to-date periods for the periods ended September 27, 2025, June 28, 2025 and March 29, 2025. The Company disclosed that these financial statements should not be relied upon and require restatement. Driven Brands also stated that the Report of its Independent Registered Public Accounting Firm on the financial statements and internal control over financial reporting should not be relied upon. Some of the errors include lease recording issues affecting right of use assets and liabilities, cash account discrepancies that led to overstatements of cash and revenue, and overstated company-operated store expenses for fiscal years 2023 and 2024. Additionally, the company identified material weaknesses in internal control over financial reporting.

To learn more about the Driven Brands investigation, go to www.faruqilaw.com/DRVN or call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310).

Follow us for updates on LinkedIn, on X, or on Facebook.

Attorney Advertising. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP (www.faruqilaw.com). Prior results do not guarantee or predict a similar outcome with respect to any future matter. We welcome the opportunity to discuss your particular case. All communications will be treated in a confidential manner.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/7f60c456-51b6-4096-a862-d5d3beda6cc5

LOS ANGELES--(BUSINESS WIRE)--The Law Offices of Frank R. Cruz announces an investigation of Driven Brands Holdings Inc. (“Driven Brands” or the “Company”) (NASDAQ: DRVN) on behalf of investors concerning the Company's possible violations of federal securities laws. IF YOU ARE AN INVESTOR WHO LOST MONEY ON DRIVEN BRANDS HOLDINGS INC. (DRVN), CLICK HERE TO INQUIRE ABOUT POTENTIALLY PURSUING A CLAIM TO RECOVER YOUR LOSS. What Is the Investigation About? On February 25, 2025, Driven Brands disclos.

Seagate Technology Holdings plc (STX) Presents at Bernstein Insights: What's next in tech? - 4th Annual Tech, Media, Telecom Forum Transcript

By Reuters

February 25, 202610:58 PM UTCUpdated 14 mins ago

Item 1 of 2 Anthropic logo is seen in this illustration taken May 20, 2024. REUTERS/Dado Ruvic/Illustration/File Photo

[1/2]Anthropic logo is seen in this illustration taken May 20, 2024. REUTERS/Dado Ruvic/Illustration/File Photo Purchase Licensing Rights, opens new tab

Feb 25 (Reuters) - The Pentagon has asked defense contractors Boeing (BA.N), opens new tab and Lockheed Martin (LMT.N), opens new tab to provide an assessment of their reliance on Anthropic's AI model, Claude, a first step toward a potential designation of the AI firm as a "supply chain risk," Axios reported on Wednesday.

Make sense of the latest ESG trends affecting companies and governments with the Reuters Sustainable Switch newsletter. Sign up here.

Reporting by Mrinmay Dey in Mexico City; Editing by Chris Reese

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

February 25, 2026 18:00 ET  | Source: Western Uranium & Vanadium Corp.

Toronto, Ontario and Nucla, Colorado, Feb. 25, 2026 (GLOBE NEWSWIRE) -- Western Uranium & Vanadium Corp. (CSE: WUC) (OTCQX: WSTRF) (“Western” or the “Company”) is pleased to announce that Grant Glasier, Vice President Marketing, Project Development and Government Affairs, will present at Red Cloud’s Pre-PDAC 2026 Mining Showcase on Friday, February 27, 2026 at 2:20 PM (ET). Western will be presenting on Day 2 of the event as part of the uranium track.

The Red Cloud Pre-PDAC Mining Showcase is a premier gathering of leading mining companies, institutional investors, analysts, and industry stakeholders held in advance of the annual Prospectors & Developers Association of Canada Convention.

Mr. Glasier’s presentation will provide an update on Western’s strategic initiatives, recent project developments, and the Company’s role in helping meet growing demand for secure uranium and vanadium supply amid strengthening nuclear energy policies and increasing focus on critical mineral supply chains.

Following the showcase, Western will attend PDAC 2026, taking place March 1–4, 2026, widely recognized as the world’s premier mining and mineral exploration convention. The Company invites shareholders, investors, and conference attendees to connect with Western’s management team at Booth #2841.

PDAC provides an important platform for engagement with industry peers, investors, and strategic partners, while highlighting Western’s ongoing progress in advancing its uranium and vanadium portfolio in support of North American energy security.

Management looks forward to meeting with stakeholders throughout the week.

Event Details

Red Cloud Pre-PDAC 2026 Mining Showcase
Venue: Omni King Edward Hotel
Date: February 27, 2026
Registration: https://redcloudfs.com/prepdac2026/

PDAC 2026 Convention
Venue: Metro Toronto Convention Centre South Building
Date: March 1–4, 2026
Registration: https://www.pdac.ca/convention 

Both events will be held in Toronto, Canada.

About Western Uranium & Vanadium Corp.

Western Uranium & Vanadium Corp. is developing high-grade uranium and vanadium production at its Sunday Mine Complex. In addition to the flagship property located in the prolific Uravan Mineral Belt, the production pipeline also includes conventional projects in Colorado and Utah. The Mustang Mineral Processing Plant is being licensed and developed for mined material recovery and will incorporate kinetic separation to optimize economics.

FOR ADDITIONAL INFORMATION, PLEASE CONTACT:

George Glasier
President and CEO
970-864-2125
[email protected]

Grant Glasier
Vice President Marketing, Project Development and Government Affairs
303- 808-3306
[email protected]

NEW YORK--(BUSINESS WIRE)--If you have suffered a loss on your uniQure N.V. (“uniQure” or the “Company”) (NASDAQ:QURE) investment, contact Lauren Molinaro of Kirby McInerney LLP by email at [email protected], or fill out the contact form below to discuss your rights or interests in the securities fraud class action lawsuit at no cost.

Investors have until April 13, 2026 to ask the Court to appoint them as lead plaintiff. Courts do not consider applications filed after this deadline. The lead plaintiff oversees the litigation on behalf of the class and may influence key decisions, including litigation strategy and settlement. Courts regularly appoint individual investors as lead plaintiffs, not only institutions.

[CONTACT THE FIRM IF YOU SUFFERED A LOSS]

What Is The Lawsuit About?

The lawsuit has been filed on behalf of investors who purchased securities during the period of September 24, 2025 through October 31, 2025, inclusive (“the Class Period”). The lawsuit alleges that (1) the design of uniQure’s Pivotal Study including comparison of the Pivotal Study results to the ENROLL-HD external historical data set was not fully approved by the FDA and (2) the Company downplayed the likelihood that, despite purportedly highly successful results from the Pivotal Study, uniQure would have to delay its BLA timeline to perform additional studies to supplement its BLA submission.

On November 3, 2025, uniQure disclosed that the Company “believes that the FDA currently no longer agrees that data from the Phase I/II studies of AMT-130 in comparison to an external control, as per the prespecified protocols and statistical analysis plans shared with the FDA in advance of the analyses, may be adequate to provide the primary evidence in support of a BLA submission.” The Company added, “Consequently, the timing of the BLA submission for AMT-130 is now unclear.” On this news, the price of uniQure shares declined by $33.40 per share, or approximately 49.33%, from $67.69 per share on October 31, 2025 to close at $34.29 on November 3, 2025.

[CLICK HERE TO LEARN MORE ABOUT THE CLASS ACTION]

What Should I Do?

If you purchased or otherwise acquired uniQure securities, have information, or would like to learn more about this investigation, please contact Lauren Molinaro of Kirby McInerney LLP by email at [email protected], or fill out the contact form below, to discuss your rights or interests with respect to these matters at no cost.

[WHAT IS A SECURITIES CLASS ACTION?]

Kirby McInerney LLP is a New York-based plaintiffs’ law firm concentrating in securities, antitrust, whistleblower, and consumer litigation. The firm’s efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars. Additional information about the firm can be found at Kirby McInerney LLP’s website.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

HOUSTON--(BUSINESS WIRE)--Cactus, Inc. (NYSE: WHD) (“Cactus” or the “Company”) today announced financial and operating results for the fourth quarter and full year of 2025.

Fourth Quarter Highlights

Revenue of $261.2 million and operating income of $59.9 million; Net income of $48.3 million and diluted earnings per Class A share of $0.57; Adjusted net income(1) of $52.1 million and diluted earnings per share, as adjusted(1) of $0.65; Net income margin of 18.5% and adjusted net income margin(1) of 20.0%; Adjusted EBITDA(2) and Adjusted EBITDA margin(2) of $85.5 million and 32.7%, respectively; Cash flow from operations of $72.3 million; Cash and cash equivalents balance of $494.6 million, including $371.0 million of restricted cash, with no bank debt outstanding as of December 31, 2025; and On January 1, 2026, Cactus closed on its previously announced acquisition of a majority interest in Baker Hughes' Surface Pressure Control business (“Cactus International”). Financial Summary

Three Months Ended

Twelve Months Ended

December 31,

September 30,

December 31,

December 31,

2025

2025

2024

2025

2024

(in thousands)

(in thousands)

Revenues

$

261,203

$

263,954

$

272,121

$

1,079,051

$

1,129,814

Operating income(3)

$

59,850

$

61,234

$

70,452

$

250,501

$

289,613

Operating income margin

22.9

%

23.2

%

25.9

%

23.2

%

25.6

%

Net income

$

48,302

$

50,188

$

57,447

$

201,642

$

232,758

Net income margin

18.5

%

19.0

%

21.1

%

18.7

%

20.6

%

Adjusted net income(1)

$

52,134

$

53,719

$

56,796

$

215,708

$

245,067

Adjusted net income margin(1)

20.0

%

20.4

%

20.9

%

20.0

%

21.7

%

Adjusted EBITDA(2)

$

85,493

$

86,943

$

92,711

$

352,954

$

392,050

Adjusted EBITDA margin(2)

32.7

%

32.9

%

34.1

%

32.7

%

34.7

%

Scott Bender, CEO and Chairman of the Board of Cactus, commented, “I am pleased with the way our business finished the year in 2025. Fourth quarter margins were strong in both segments. Pressure Control revenues exceeded expectations on strong sales of drilling equipment and increased rental revenues, while Spoolable Technologies revenues declined in line with expectations in the seasonally slow quarter. On January 1, 2026, we closed on the acquisition of a majority interest in Baker Hughes's Surface Pressure Control business, which we will refer to as Cactus International, supporting a multi-year journey to geographically diversify our earnings base.”

“In the first quarter of 2026 we anticipate that U.S. land activity levels will be relatively flat from the fourth quarter of 2025. Sales in our legacy Pressure Control business are expected to soften on lower products sold per rig followed after a strong fourth quarter and reduced customer rental activity. Beginning in the first quarter, our Pressure Control segment will include results of Cactus International. In Spoolable Technologies, we anticipate revenues to be softer than the fourth quarter, as activity has recently started to rebound from holiday lows late last year.”

Mr. Bender concluded, “I am proud of the way our team executed in 2025 considering the challenging macro and tariff environment faced while planning for a transformational acquisition. Our consistent performance and sustainable cash generation reflect the underlying attributes of the business. We remain excited by the integration opportunities ahead despite the near-term macro-overhang and are very happy to welcome the Cactus International team to our family.”

Segment Performance

We report two business segments, Pressure Control and Spoolable Technologies. Corporate and other expenses not directly attributable to either segment are presented separately as Corporate and Other Expenses. Beginning with the first quarter of 2026, results of the Cactus International business will be included in the Pressure Control segment.

Pressure Control

Fourth quarter 2025 Pressure Control revenue increased $9.7 million, or 5.8%, sequentially, as products sold per rig followed increased leading to higher product revenues. Rental revenues also increased sequentially on higher customer activity. Operating income increased $4.1 million, or 9.3%, sequentially, with margins increasing 90 basis points due to the implementation of cost reduction and recovery initiatives and improved utilization of rental equipment. Adjusted Segment EBITDA increased $4.0 million, or 7.2%, sequentially, with Adjusted Segment EBITDA margins increasing 50 basis points.

Spoolable Technologies

Fourth quarter 2025 Spoolable Technologies revenues decreased $11.0 million, or 11.6%, sequentially, due to reduced customer activity levels in the seasonally slow quarter. Operating income was $4.9 million lower, or 18.9%, sequentially, with operating income margins decreasing 220 basis points due to reduced operating leverage. Adjusted Segment EBITDA was $4.9 million lower, or 13.6%, sequentially, with Adjusted Segment EBITDA margins decreasing 90 basis points.

Corporate and Other Expenses

Fourth quarter 2025 Corporate and Other expenses increased $0.7 million, or 7.2%, sequentially. Fourth quarter Corporate and Other expenses contained $3.3 million of transaction-related expenses related to the acquisition of a majority interest in Baker Hughes' Surface Pressure Control business, $0.1 million higher than the third quarter.

Liquidity, Capital Expenditures and Other

As of December 31, 2025, the Company had $494.6 million of cash and cash equivalents, including $371.0 of restricted cash held in escrow at year-end to facilitate the close of the SPC acquisition on January 1, 2026, no bank debt outstanding, $222.9 million of availability on our revolving credit facility and $100.0 million available under an undrawn term loan facility. Operating cash flow was $72.3 million for the fourth quarter of 2025. During the fourth quarter, the Company made dividend payments and associated distributions of $11.2 million. The Company also made Tax Receivable Agreement ("TRA") payments and associated distributions of $23.3 million related to 2024 tax savings provided by the TRA.

Net capital expenditures were $4.3 million during the fourth quarter of 2025. Net capital expenditures for the full year of 2025 were $39.1 million. For the full year 2026, the Company expects net capital expenditures to be in the range of $40 to $50 million inclusive of capital for the Cactus International business. Major contributors to the spend include continued manufacturing efficiency investments at FlexSteel, routine U.S. branch facility upgrades, and Saudi Arabia wellhead facility investments.

As of December 31, 2025, Cactus had 68,889,726 shares of Class A common stock outstanding (representing 86.3% of the total voting power) and 10,958,435 shares of Class B common stock outstanding (representing 13.7% of the total voting power).

Quarterly Dividend

In February 2026, the Board approved a quarterly cash dividend of $0.14 per share of Class A common stock, with payment to occur on March 19, 2026 to holders of record of Class A common stock at the close of business on March 2, 2026. A corresponding distribution of up to $0.14 per CC Unit has also been approved for holders of CC Units of Cactus Companies, LLC.

Conference Call Details

The Company will host a conference call to discuss financial and operational results tomorrow, Thursday February 26, 2026 at 9:00 a.m. Central Time (10:00 a.m. Eastern Time).

The call will be webcast on Cactus’ website at www.CactusWHD.com. Please access the webcast for the call at least 10 minutes ahead of the start time to ensure a proper connection. Analysts and institutional investors may click here to pre-register for the conference call and obtain a dial-in number and passcode.

An archived webcast of the conference call will be available on the Company’s website shortly after the end of the call.

About Cactus, Inc.

Cactus designs, manufactures, sells or rents a range of highly engineered pressure control and spoolable pipe technologies. Its products are sold and rented principally for onshore unconventional oil and gas wells and are utilized during the drilling, completion and production phases of its customers’ wells. In addition, it provides field services for its products and rental items to assist with the installation, maintenance and handling of the equipment. Cactus operates service centers and manufacturing facilities globally with an emphasis in North America and the Middle East.

Cautionary Statement Concerning Forward-Looking Statements

Certain statements contained in this press release and oral statements made regarding the matters addressed in this release constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks, uncertainties and other factors, many of which are outside of Cactus’ control, that could cause actual results to differ materially from the results discussed in the forward-looking statements.

Forward-looking statements can be identified by the use of forward-looking terminology including “may,” “believe,” “expect,” “intend,” “anticipate,” “plan,” “should,” “estimate,” “continue,” “potential,” “will,” “when,” “once,”“hope” or other similar words and include the Company’s expectation of future performance contained herein. These statements discuss future expectations, contain projections of results of operations or of financial condition, or state other “forward-looking” information. You are cautioned not to place undue reliance on any forward-looking statements, which can be affected by assumptions used or by risks or uncertainties. Consequently, no forward-looking statements can be guaranteed. When considering these forward-looking statements, you should keep in mind the risk factors and other factors noted in the Company’s Annual Report on Form 10-K, any Quarterly Reports on Form 10-Q and the other documents that the Company files with the Securities and Exchange Commission. The risk factors and other factors noted therein could cause actual results to differ materially from those contained in any forward-looking statement. Cactus disclaims any duty to update and does not intend to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date of this press release.

Cactus, Inc.

Condensed Consolidated Statements of Income

(unaudited)

  Three Months Ended December 31,

Twelve Months Ended December 31,

2025

2024

2025

2024

(in thousands, except per share data)

Revenues

Pressure Control

$

178,428

$

176,719

$

717,191

$

724,038

Spoolable Technologies

84,202

96,072

368,245

407,038

Corporate and other(1)

(1,427

)

(670

)

(6,385

)

(1,262

)

Total revenues

261,203

272,121

1,079,051

1,129,814

Operating income

Pressure Control

48,672

50,829

189,861

210,710

Spoolable Technologies

20,925

25,523

98,660

104,864

Total segment operating income

69,597

76,352

288,521

315,574

Corporate and other expenses

(9,747

)

(5,900

)

(38,020

)

(25,961

)

Total operating income

59,850

70,452

250,501

289,613

Interest income, net

3,142

2,303

10,962

6,459

Other (expense) income, net

(1,015

)

3,204

(794

)

3,204

Income before income taxes

61,977

75,959

260,669

299,276

Income tax expense

13,675

18,512

59,027

66,518

Net income

$

48,302

$

57,447

$

201,642

$

232,758

Less: net income attributable to non-controlling interest

8,464

10,760

35,628

47,351

Net income attributable to Cactus, Inc.

$

39,838

$

46,687

$

166,014

$

185,407

​

​

Earnings per Class A share - basic

$

0.58

$

0.69

$

2.42

$

2.79

Earnings per Class A share - diluted(2)

$

0.57

$

0.68

$

2.41

$

2.77

Weighted average shares outstanding - basic

68,864

67,474

68,565

66,393

Weighted average shares outstanding - diluted(2)

69,517

80,359

69,015

79,915

Cactus, Inc.

Condensed Consolidated Balance Sheets

(unaudited)

  December 31,

2025

2024

(in thousands)

Assets

Current assets

Cash and cash equivalents

$

123,571

$

342,843

Restricted cash

371,011

—

Accounts receivable, net

164,493

191,627

Inventories

276,613

226,796

Prepaid expenses and other current assets

19,231

13,422

Total current assets

954,919

774,688

Property and equipment, net

342,592

346,008

Operating lease right-of-use assets, net

19,491

24,094

Intangible assets, net

148,004

163,991

Goodwill

203,028

203,028

Deferred tax asset, net

187,545

219,003

Investment in unconsolidated affiliates

5,923

—

Other noncurrent assets

10,115

8,516

Total assets

$

1,871,617

$

1,739,328

Liabilities and Equity

Current liabilities

Accounts payable

$

71,541

$

72,001

Accrued expenses and other current liabilities

59,095

75,416

Current portion of liability related to tax receivable agreement

21,314

20,297

Finance lease obligations, current portion

7,476

7,024

Operating lease liabilities, current portion

4,815

4,086

Total current liabilities

164,241

178,824

Deferred tax liability, net

2,786

2,868

Liability related to tax receivable agreement, net of current portion

241,609

258,376

Finance lease obligations, net of current portion

9,672

10,528

Operating lease liabilities, net of current portion

15,786

20,078

Other noncurrent liabilities

4,475

4,475

Total liabilities

438,569

475,149

Equity

1,433,048

1,264,179

Total liabilities and equity

$

1,871,617

$

1,739,328

Cactus, Inc.

Condensed Consolidated Statements of Cash Flows

(unaudited)

  Twelve Months Ended December 31,

2025

2024

(in thousands)

Cash flows from operating activities

Net income

$

201,642

$

232,758

Reconciliation of net income to net cash provided by operating activities

Depreciation and amortization

63,914

60,438

Deferred financing cost amortization

1,081

1,120

Stock-based compensation

24,493

22,888

Provision for expected credit losses

1,211

370

Inventory obsolescence

3,163

3,841

Gain on disposal of assets

(2,985

)

(1,013

)

Deferred income taxes

35,142

19,773

Change in fair value of earn-out liability

—

16,318

(Gain) loss from revaluation of liability related to tax receivable agreement

794

(3,204

)

Changes in operating assets and liabilities:

Accounts receivable

26,443

13,048

Inventories

(52,456

)

(25,628

)

Prepaid expenses and other assets

(5,955

)

(2,267

)

Accounts payable

(2,132

)

675

Accrued expenses and other liabilities

(15,869

)

28,964

Payments pursuant to tax receivable agreement

(20,069

)

(20,800

)

Payment of earn-out liability

—

(31,168

)

Net cash provided by operating activities

258,417

316,113

Cash flows from investing activities

Investment in unconsolidated affiliates

(6,000

)

—

Capital expenditures and other

(38,805

)

(39,176

)

Proceeds from sales of assets

5,742

3,788

Net cash used in investing activities

(39,063

)

(35,388

)

Cash flows from financing activities

Payment of contingent consideration

—

(5,960

)

Payments of deferred financing costs

(2,400

)

—

Payments on finance leases

(7,692

)

(7,882

)

Dividends paid to Class A common stock shareholders

(37,441

)

(33,681

)

Distributions to members

(15,604

)

(13,290

)

Repurchases of shares

(5,927

)

(9,331

)

Net cash used in financing activities

(69,064

)

(70,144

)

Effect of exchange rate changes on cash and cash equivalents

1,449

(1,530

)

Net increase in cash, cash equivalents and restricted cash

151,739

209,051

Cash, cash equivalents and restricted cash

Beginning of period

342,843

133,792

End of period

$

494,582

$

342,843

Cactus, Inc. – Supplemental Information
Reconciliation of GAAP to non-GAAP Financial Measures
Adjusted net income, diluted earnings per share, as adjusted and adjusted net income margin
(unaudited)

Adjusted net income, diluted earnings per share, as adjusted and adjusted net income margin are not measures of net income as determined by GAAP but they are supplemental non-GAAP financial measures that are used by management and external users of the Company’s consolidated financial statements. Cactus defines adjusted net income as net income assuming Cactus, Inc. held all units in its operating subsidiary at the beginning of the period, with the resulting additional income tax expense related to the incremental income attributable to Cactus, Inc. Adjusted net income also includes certain other adjustments described below. Cactus defines diluted earnings per share, as adjusted as Adjusted net income divided by weighted average shares outstanding, as adjusted. Cactus defines Adjusted net income margin as Adjusted net income divided by total revenue. The Company believes this supplemental information is useful for evaluating performance period over period.

Three Months Ended

Twelve Months Ended

December 31,

September 30,

December 31,

December 31,

2025

2025

2024

2025

2024

(in thousands, except per share data)

Net income

$

48,302

$

50,188

$

57,447

$

201,642

$

232,758

Adjustments:

Revaluation loss (gain) on TRA liability(1)

1,015

(221

)

(3,204

)

794

(3,204

)

Transaction related expenses, pre-tax(2)

3,299

3,170

—

13,458

2,793

Intangible amortization expense(3)

3,997

3,997

3,997

15,988

15,988

Remeasurement loss on earn-out liability(4)

—

—

—

—

16,318

Severance expenses(5)

164

247

—

588

—

Income tax expense differential(6)

(4,643

)

(3,662

)

(1,444

)

(16,762

)

(19,586

)

Adjusted net income

$

52,134

$

53,719

$

56,796

$

215,708

$

245,067

Diluted earnings per share, as adjusted

$

0.65

$

0.67

$

0.71

$

2.69

$

3.07

Weighted average shares outstanding, as adjusted(7)

80,501

80,355

80,359

80,236

79,915

Revenue

$

261,203

$

263,954

$

272,121

$

1,079,051

$

1,129,814

Net income margin

18.5

%

19.0

%

21.1

%

18.7

%

20.6

%

Adjusted net income margin

20.0

%

20.4

%

20.9

%

20.0

%

21.7

%

(1)

Represents non-cash adjustments for the revaluation of the liability related to the TRA.

(2)

Reflects transaction fees and expenses recorded in connection with the acquisition of a majority interest in Baker Hughes' Surface Pressure Control business and other growth initiatives.

(3)

Reflects amortization expense associated with the step-up in intangible value due to purchase price accounting.

(4)

Represents non-cash adjustments for the remeasurement of the earn-out liability associated with the FlexSteel acquisition.

(5)

Represents non-routine charges related to severance benefits.

(6)

Represents the increase or decrease in tax expense as though Cactus, Inc. owned 100% of its operating subsidiary at the beginning of the period, calculated as the difference in tax expense recorded during each period and what would have been recorded, adjusted for pre-tax items listed above, based on a corporate effective tax rate of 25.0% on income before income taxes for the three and twelve months ended December 31, 2025 and three months ended September 30, 2025, and 26.0% for the three and twelve months ended December 31, 2024.

(7)

Reflects 69.5, 68.7, and 67.5 million weighted average shares of basic Class A common stock outstanding and 11.0, 11.2 and 12.1 million of additional shares for the three months ended December 31, 2025, September 30, 2025 and December 31, 2024, respectively, and 69.0 and 66.4 million weighted average shares of Class A common stock and 11.2 and 13.1 million of additional shares for the twelve months ended December 31, 2025 and December 31, 2024, respectively, as if the weighted average shares of Class B common stock were exchanged and cancelled for Class A common stock at the beginning of the period, plus the effect of dilutive securities.

Cactus, Inc. – Supplemental Information
Reconciliation of GAAP to non-GAAP Financial Measures
EBITDA, Adjusted EBITDA and Adjusted EBITDA margin
(unaudited)

EBITDA, Adjusted EBITDA and Adjusted EBITDA margin are not measures of net income as determined by GAAP but are supplemental non-GAAP financial measures that are used by management and external users of the Company’s consolidated financial statements, such as industry analysts, investors, lenders and rating agencies. Cactus defines EBITDA as net income excluding net interest, income tax and depreciation and amortization. Cactus defines Adjusted EBITDA as EBITDA excluding the other items outlined below.

Cactus management believes EBITDA and Adjusted EBITDA are useful because they allow management to more effectively evaluate the Company’s operating performance and compare the results of its operations from period to period without regard to financing methods or capital structure, or other items that impact comparability of financial results from period to period. EBITDA and Adjusted EBITDA should not be considered as alternatives to, or more meaningful than, net income or any other measure as determined in accordance with GAAP. The Company’s computations of EBITDA and Adjusted EBITDA may not be comparable to other similarly titled measures of other companies. Cactus defines Adjusted EBITDA margin as Adjusted EBITDA divided by total revenue. Cactus presents this supplemental information because it believes it provides useful information regarding the factors and trends affecting the Company’s business.

Three Months Ended

Twelve Months Ended

December 31,

September 30,

December 31,

December 31,

2025

2025

2024

2025

2024

(in thousands)

Net income

$

48,302

$

50,188

$

57,447

$

201,642

$

232,758

Interest income, net

(3,142

)

(2,977

)

(2,303

)

(10,962

)

(6,459

)

Income tax expense

13,675

14,244

18,512

59,027

66,518

Depreciation and amortization

16,162

16,188

15,314

63,914

60,438

EBITDA

74,997

77,643

88,970

313,621

353,255

Revaluation loss (gain) on TRA liability(1)

1,015

(221

)

(3,204

)

794

(3,204

)

Transaction related expenses(2)

3,299

3,170

—

13,458

2,793

Remeasurement loss on earn-out liability(3)

—

—

—

—

16,318

Severance expenses(4)

164

247

—

588

—

Stock-based compensation

6,018

6,104

6,945

24,493

22,888

Adjusted EBITDA

$

85,493

$

86,943

$

92,711

$

352,954

$

392,050

Revenue

$

261,203

$

263,954

$

272,121

$

1,079,051

$

1,129,814

Net income margin

18.5

%

19.0

%

21.1

%

18.7

%

20.6

%

Adjusted EBITDA margin

32.7

%

32.9

%

34.1

%

32.7

%

34.7

%

Cactus, Inc. – Supplemental Information
Reconciliation of GAAP to non-GAAP Financial Measures
Adjusted Segment EBITDA and Adjusted Segment EBITDA margin
(unaudited)

Adjusted Segment EBITDA and Adjusted Segment EBITDA margin are not measures of net income as determined by GAAP but are supplemental non-GAAP financial measures that are used by management and external users of the Company’s consolidated financial statements, such as industry analysts, investors, lenders and rating agencies. Cactus defines Adjusted Segment EBITDA as segment operating income excluding depreciation and amortization and the other items outlined below, in each case, that are attributable to the segment.

Cactus management believes Adjusted Segment EBITDA is useful because it allows management to more effectively evaluate the Company’s segment operating performance and compare the results of its segment operations from period to period without regard to financing methods or capital structure, or other items that impact comparability of financial results from period to period. Adjusted Segment EBITDA should not be considered as an alternative to, or more meaningful than, net income or any other measure as determined in accordance with GAAP. The Company’s computations of Adjusted Segment EBITDA may not be comparable to other similarly titled measures of other companies. Cactus defines Adjusted Segment EBITDA margin as Adjusted Segment EBITDA divided by total segment revenue. Cactus presents this supplemental information because it believes it provides useful information regarding the factors and trends affecting the Company’s business.

Three Months Ended

Twelve Months Ended

December 31,

September 30,

December 31,

December 31,

2025

2025

2024

2025

2024

(in thousands)

Pressure Control

Revenue

$

178,428

$

168,714

$

176,719

$

717,191

$

724,038

Operating income

48,672

44,523

50,829

189,861

210,710

Depreciation and amortization expense

7,201

7,211

6,717

28,585

26,782

Severance expenses(1)

67

177

—

421

—

Stock-based compensation

3,211

3,264

3,954

13,289

11,917

Adjusted Segment EBITDA

$

59,151

$

55,175

$

61,500

$

232,156

$

249,409

Operating income margin

27.3

%

26.4

%

28.8

%

26.5

%

29.1

%

Adjusted Segment EBITDA margin

33.2

%

32.7

%

34.8

%

32.4

%

34.4

%

Spoolable Technologies

Revenue

$

84,202

$

95,240

$

96,072

$

368,245

$

407,038

Operating income

20,925

25,806

25,523

98,660

104,864

Depreciation and amortization expense

8,961

8,977

8,597

35,329

33,656

Severance expenses(1)

97

68

—

165

—

Stock-based compensation

1,094

1,128

1,162

4,377

4,251

Remeasurement loss on earn-out liability(2)

—

—

—

—

16,318

Adjusted Segment EBITDA

$

31,077

$

35,979

$

35,282

$

138,531

$

159,089

Operating income margin

24.9

%

27.1

%

26.6

%

26.8

%

25.8

%

Adjusted Segment EBITDA margin

36.9

%

37.8

%

36.7

%

37.6

%

39.1

%

Corporate and Other

Revenue(3)

$

(1,427

)

$

—

$

(670

)

$

(6,385

)

$

(1,262

)

Corporate and other expenses

(9,747

)

(9,095

)

(5,900

)

(38,020

)

(25,961

)

Severance expenses(1)

—

2

—

2

—

Stock-based compensation

1,713

1,712

1,829

6,827

6,720

Transaction related expenses(4)

3,299

3,170

—

13,458

2,793

Adjusted Corporate EBITDA

$

(4,735

)

$

(4,211

)

$

(4,071

)

$

(17,733

)

$

(16,448

)

Total revenue

$

261,203

$

263,954

$

272,121

$

1,079,051

$

1,129,814

Total operating income

$

59,850

$

61,234

$

70,452

$

250,501

$

289,613

Total operating income margin

22.9

%

23.2

%

25.9

%

23.2

%

25.6

%

Total Adjusted EBITDA

$

85,493

$

86,943

$

92,711

$

352,954

$

392,050

Total Adjusted EBITDA margin

32.7

%

32.9

%

34.1

%

32.7

%

34.7

%

More News From Cactus, Inc.

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Chip giant and world’s most valuable company Nvidia reported record profits in its most recent quarter on Wednesday, as demand for AI compute continues to skyrocket.

“The demand for tokens in the world has gone completely exponential,” CEO Jensen Huang said on a call with analysts following the results. “I think we’re all seeing that, to the point where even our six-year-old GPUs in the cloud are completely consumed and the pricing is going up.”

The company reported $68 billion in revenue in the most recent quarter, up 73% from the prior year, with $62 billion of that revenue coming from the company’s data center business.

Notably, Nvidia divided the data center revenue into $51 billion in compute revenue (largely GPUs) and $11 billion in networking products like NVLink. The company reported $215 billion in revenue for the full year.

As in previous quarters, the company did not report any revenue from chip exports to China, despite the recent lifting of export restrictions by the U.S. government. “While small amounts of H200 products for China-based customers were approved by the US government, they have yet to generate any revenue, and we do not know whether any imports will be allowed into China,” Colette Kress, the company’s chief financial officer, said.

“Our competitors in China, bolstered by recent IPOs, are making progress,” she continued, in an apparent reference to Moore Threads’ IPO in December, “and have the potential to disrupt the structure of the global AI industry over the long term.”

During the investor call, Huang also addressed the company’s pending investment in OpenAI, which has been reported at $30 billion.

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“We continue to work with OpenAI toward a partnership agreement. We believe we are close,” Huang said. He also referenced partnerships with Anthropic, Meta, and Elon Musk’s xAI. However, statements Nvidia filed with the U.S. Securities and Exchange Commission on Wednesday emphasized that there was “no assurance” an investment would take place.

Huang also addressed concerns about the sustainability of tech companies’ capex commitments, saying he believed the compute investments would soon bring revenue.

“In this new world of AI, compute is revenue. Without compute, there’s no way to generate tokens. Without tokens, there’s no way to grow revenues,” Huang said. “We’ve reached the inflection point and we’re generating profitable tokens that are productive for customers and profitable for the cloud service providers”

Russell Brandom has been covering the tech industry since 2012, with a focus on platform policy and emerging technologies. He previously worked at The Verge and Rest of World, and has written for Wired, The Awl and MIT’s Technology Review. He can be reached at [email protected] or on Signal at 412-401-5489.

Bragar Eagel & Squire, P.C. Litigation Partner Brandon Walker Encourages Investors Who Suffered Losses In Canada Goose (GOOS) To Contact Him Directly To Discuss Their Options

If you purchased or acquired stock in Canada Goose and would like to discuss your legal rights, call Bragar Eagel & Squire partner Brandon Walker or Melissa Fortunato directly at (212) 355-4648.

Click here to participate in the action.

NEW YORK, Feb. 25, 2026 (GLOBE NEWSWIRE) --

What’s Happening:

Bragar Eagel & Squire, P.C., a nationally recognized stockholder rights law firm, is investigating potential claims against Canada Goose Holdings Inc. (“Canada Goose” or the “Company”) (NYSE:GOOS) on behalf of Canada Goose stockholders. Our investigation concerns whether Canada Goose has violated the federal securities laws and/or engaged in other unlawful business practices. Investigation Details:

On February 5, 2026, Canada Goose reported its third quarter fiscal 2026 results. Canada Goose stated, among other things, that “Margins this quarter reflected deliberate choices we made to expand product relevance and fuel brand momentum.” On this news, the price of Canada Goose shares declined by $2.57 per share, or approximately 19.4%, from $13.22 per share on February 4, 2026 to close at $10.65 on February 5, 2026. Next Steps:

If you purchased or otherwise acquired Canada Goose shares and suffered a loss, are a long-term stockholder, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker or Melissa Fortunato by email at [email protected], by telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you. About Bragar Eagel & Squire, P.C.:

Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York, South Carolina, and California. The firm represents individual and institutional investors in securities, derivative, and commercial litigation as well as individuals in consumer protection and data privacy litigation. The firm has a nationwide practice and routinely handles cases in both federal and state courts. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.

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PIMCO Dynamic Income Strategy Fund implements a relative value, income-seeking strategy across corners of fixed income and equity markets. The fund maintains constant conviction to the energy sector. However, the remainder or its portfolio is sector-fluid. An elevated monthly distribution is apparent. In addition, expense ratios reflect active management and leverage. The latter of which is fluid, yet moderate.

NEW YORK, Feb. 25, 2026 (GLOBE NEWSWIRE) --

WHY: Rosen Law Firm, a global investor rights law firm, reminds purchasers of securities of PomDoctor Ltd. (NASDAQ: POM) between October 9, 2025 and December 11, 2025, inclusive (the “Class Period”), of the important April 7, 2026 lead plaintiff deadline.

SO WHAT: If you purchased PomDoctor securities during the Class Period you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement.

WHAT TO DO NEXT: To join the PomDoctor class action, go to https://rosenlegal.com/submit-form/?case_id=52621 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action. A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than April 7, 2026. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.

WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources, or any meaningful peer recognition. Many of these firms do not actually litigate securities class actions, but are merely middlemen that refer clients or partner with law firms that actually litigate the cases. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm has achieved, at that time, the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs’ Bar. Many of the firm’s attorneys have been recognized by Lawdragon and Super Lawyers.

DETAILS OF THE CASE: According to the lawsuit, defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) PomDoctor was the subject of a fraudulent stock promotion scheme involving social media-based misinformation and impersonated financial professionals; (2) insiders and/or affiliates used offshore or nominee accounts to facilitate the coordinated dumping of shares during a price inflation campaign; (3) PomDoctor’s public statements and risk disclosures omitted any mention of the false rumors and artificial trading activity driving the stock price; and (4) as a result of the foregoing, defendants’ positive statements about PomDoctor’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.

To join the PomDoctor class action, go to https://rosenlegal.com/submit-form/?case_id=52621 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action.

No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.

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Pepe is among the biggest movers and shakers in today's market, making a double-digit push higher.

With a still-ugly one-year chart (down nearly 50% over this time frame), meme coin Pepe (PEPE +10.51%) is making back some lost ground today. Shares of the popular meme cryptocurrency have surged 10.8% over the past 24 hours (as of 3:45 p.m. ET), suggesting that risk-on sentiment could be coming back-at least in the short-term.

Today's Change

(

10.51

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0.00

Current Price

$

0.00

Of course, the question many retail investors are asking is how long this momentum can continue. After all, the momentum has been one-sided for most of the past few months, with sustained selling pressure weighing on the mood of many bulls who continue to hold on for dear life.

Let's dive into the key drivers of this double-digit daily return in Pepe, and what to make of the explosive upside we're seeing right now in more speculative areas of the digital assets market.

Why is Pepe leapfrogging higher today?

Source: Getty Images.

Designed purely for community engagement and as a speculation tool (and sentiment gauge) for investors, there's no real utility or underlying cash flows/financial metrics to assess Pepe on over any meaningful time frame.

That said, a couple of key factors appear to be driving a newfound positive narrative around this token today. First and foremost, I covered a key Binance listing of another key meme coin earlier today, and Pepe was indeed one of the four tokens included in this launch. With increased accessibility and liquidity for investors (key factors traders consider when taking positions in highly speculative assets), one could reasonably assume there will be greater risk appetite for holding a token like Pepe as a result of this key announcement.

Additionally, accumulation by large investors (referred to as "whales" in the crypto community) has picked up over recent days. According to recent data, more than 23 trillion PEPE tokens have been accumulated by said whales over the past four months, amounting to around 5% of the overall maximum supply in existence. That's a big deal, and it's driving some investors to take the hint that more price appreciation is ahead. We'll see.

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

Crypto travel platform adds 50,000 rental locations across 150 countries as 2025 revenue tops $113 million.

Travala has launched a global car rental vertical through a partnership with CarTrawler, expanding its crypto-powered booking platform to cover ground transportation across more than 150 countries.

The integration gives Travala users access to over 50,000 car rental locations aggregated from more than 1,700 corporate and independent suppliers, including major brands such as Hertz and Avis. Bookings can be completed using Bitcoin, Ether, USDT, USDC, Solana, or traditional payment methods.

The rollout builds on Travala’s broader travel marketplace, which includes more than 3 million properties, access to over 600 airlines, and roughly 400,000 bookable activities. The company said the move advances its goal of becoming a one-stop platform for crypto native travelers.

“The launch of car rentals is a pivotal moment for the Travala ecosystem,” said Juan Otero, chief executive of Travala. He added that the partnership bridges traditional travel infrastructure with crypto native payments and rewards.

Founded in 2017 as a hotel booking platform, Travala expanded into flights and activities from 2021 onward and later introduced a luxury Concierge service. In late 2025, the company enabled multi-city flight bookings. Gross annual revenue surpassed $113 million in 2025 following the expansion of its product suite.

CarTrawler, headquartered in Dublin, brings more than 20 years of experience in B2B travel technology and connects over 320 travel partners to car rental suppliers. Its clients include major airlines such as American Airlines and Ryanair.

Gemma Harrison, SVP Commercial at CarTrawler, said the partnership enables Travala to access a global car rental marketplace through CarTrawler’s Connect platform.

POL Price Prediction as Brazil's Largest FX Bank Expands BBRL Stablecoin to PolygonPOL rises 5% to $0.1166 after Brazil's largest FX bank expands the BBRL stablecoin to Polygon as the network stablecoin supply hits $3.26B.

Emir Abyazov2 min read

25 February 2026, 09:22 PM

POL price has climbed nearly 5% to $0.1166 after Brazil’s largest foreign exchange bank expanded its BBRL stablecoin to Polygon. The move connects the Brazilian real to one of the most active stablecoin networks. Market participants reacted as on-chain data also showed rising liquidity. The token now trades with a market cap of $1.23 billion and daily volume above $109 million.

Grupo Braza announced that BBRL will now operate on the Polygon network. The stablecoin is fully backed by Brazilian reais and is audited. It is issued by an institution regulated by the Central Bank of Brazil.

The company said the expansion increases liquidity and lowers transaction costs. BBRL has been available to individuals and businesses since 2025. With Polygon integration, users gain near-instant transfers and lower fees.

According to Grupo Braza, the strategy aims to integrate the digitized real with major blockchain networks. The firm stated that the expansion supports payments, transfers, and international off-chain operations. Polygon Labs CEO Marc Boiron noted that regulated stablecoins backed by fiat currencies support global commerce adoption.

Polygon Stablecoin Supply and Revenue RiseOn-chain data shows strengthening activity across Polygon. Data from DeFiLlama indicates total stablecoin supply on the network reached $3.26 billion. This marks a sharp increase from $2.4 billion at the beginning of February.

Weekly revenue generated by decentralized applications on Polygon also rose nearly 70% in recent weeks. Rising stablecoin liquidity often supports higher transaction activity. Increased network usage can contribute to improved fee generation and ecosystem growth.

Source: Defillama

The addition of BBRL adds another regulated asset to Polygon’s infrastructure. A broader stablecoin base supports cross-border payments and tokenized finance use cases. The network continues positioning itself as a hub for global digital payments.

POL Price Prediction as Support Holds POL price previously peaked near $0.18 before entering a prolonged correction. The price formed lower highs and lower lows before finding support near $0.09. Since then, the token has established a higher low above $0.10.

The token is now compressing below the $0.12 resistance zone. Technical indicators show strengthening momentum. The Relative Strength Index stands near 58 and remains above 50. This level suggests that the bulls' control may continue further, hence a more uptrend. Concurrently, the MACD indicator has crossed above its signal line, and the histogram is expanding, indicating a rising buying pressure, which is good for POL.

Source: TradingView

The Money Flow Index is near 65, which indicates capital inflows without overbought conditions. As a result, the immediate resistance for POL sits around $0.12, followed by $0.125 to $0.13 however, if bearish momentum seizes the market, support levels remain near $0.105 and the $0.09 base.

If POL price closes decisively above $0.12, traders may watch the $0.13 and $0.15 levels. A sustained move could open a path toward the prior range near $0.17.

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Bitcoin’s weekly RSI is sliding toward levels last seen in the harshest bear market phases. Meanwhile, another analyst says the pre halving record high shifted the entire cycle clock.

Bitcoin Nears Rare Weekly RSI Lows as Price Holds Above 200 Week AverageBitcoin traded near the $68,000–$69,000 area on weekly charts as a key momentum gauge slid toward levels seen only during past bear market stress. Alex Thorn (@intangiblecoins) said Bitcoin is nearing all time oversold territory, with the weekly relative strength index, or RSI, dropping to about 15.6 on his chart.

Bitcoin Weekly RSI and Moving Averages Chart. Source: Alex Thorn on X (@intangiblecoins)

The chart shows the weekly RSI sitting lower than almost any reading since 2016. Thorn pointed to only two lower periods: November and December 2018, when Bitcoin fell from about $6,000 to roughly $3,000, and June and July 2022, when Three Arrows Capital collapsed and Genesis later turned out to be insolvent, he said.

At the same time, the price panel in the chart places Bitcoin above its 200 week moving average, marked near $58,500, while trading below shorter weekly moving averages. As a result, the chart frames a market with extreme weak momentum on the RSI, while longer term support remains nearby on the 200 week line.

Analyst Says Bitcoin Cycle Timing Shifted After Pre Halving HighMeanwhile, Rekt Fencer (@rektfencer) argued that Bitcoin’s market cycle no longer matches the usual halving based pattern after the asset printed a record high before the halving. He said that move “breaks the whole model” and shifts the timing window traders typically use to map tops and bottoms.

Bitcoin U.S. Dollar Two Week Chart (BTCUSD, Bitstamp). Source: Rekt Fencer on X (@rektfencer)

The chart tracks Bitcoin versus the U.S. dollar on a two week timeframe using Bitstamp data. It marks prior cycle durations with green labels, including 1,183 days, 1,085 days, and 847 days across earlier runs. Those brackets highlight how long each upswing lasted before momentum faded and price rolled over.

Rekt Fencer said the next phase should compress into a 700 to 800 day window instead of repeating the longer timelines shown on the left side of the chart. He linked that shift to the earlier record high, which moved the cycle’s peak and pullback sequence forward on the calendar.

Based on that timing change, he placed the potential cycle low in July or August. He also compared buying during the current stretch to buying around the deeper pullback zone in the prior cycle, framing it as an equivalent stage rather than a direct price match.

TLDR: Ethereum Foundation researcher Justin Drake proposed roughly seven protocol forks through 2029 on a six-month cadence. The EF protocol team targets 1 gigagas/sec L1 throughput via zkEVMs, equating to approximately 10,000 transactions per second. High-throughput L2 via data availability sampling aims to support up to 10 million transactions per second across Layer 2 networks. The strawmap introduces post-quantum cryptography and native privacy-preserving ETH transfers as long-term first-class protocol goals. Ethereum Foundation researcher Justin Drake has released a protocol document called the “strawmap,” proposed by the EF protocol team.

The plan outlines roughly seven forks through 2029, operating on a cadence of one upgrade every six months. Five long-term goals anchor the roadmap: faster L1 finality, 1 gigagas/sec throughput, high-throughput L2, post-quantum cryptography, and native privacy-preserving ETH transfers.

Drake Proposes a Six-Month Fork Cadence Through the End of the Decade Justin Drake, a researcher at the Ethereum Foundation, put forward the strawmap as a technical coordination tool for the EF protocol team.

The document covers seven planned forks stretching from the present through 2029. It was originally drafted during an internal EF workshop held in January 2026 before being shared publicly.

Drake introduced the document on social media, writing that the strawmap is “an invitation to view L1 protocol upgrades through a holistic lens.”

Introducing strawmap, a strawman roadmap by EF Protocol.

Believe in something. Believe in an Ethereum strawmap.

Who is this for?

The document, available at strawmap[.]org, is intended for advanced readers. It is a dense and technical resource primarily for researchers,… pic.twitter.com/gIZh5I8Not

— Justin Drake (@drakefjustin) February 25, 2026

By placing all proposals on a single visual, the EF protocol team aimed to present a unified perspective on Ethereum’s long-term ambitions. The time horizon extends well beyond what All Core Devs typically covers in its near-term planning cycles.

The six-month fork cadence is central to how the EF protocol team structured the strawmap. Each fork is limited to one consensus headliner and one execution headliner to keep the pace manageable.

For example, the upcoming Glamsterdam fork features ePBS and BALs as its two headliners across the respective layers.

Fork names follow a star-based naming convention on the consensus layer, with letters incrementing from Altair onward.

Upcoming forks like Glamsterdam and Hegotá carry confirmed names, while others such as I* and J* remain placeholders.

The roadmap is publicly accessible at strawmap.org and will receive at least quarterly updates as the protocol evolves.

Five Long-Term Goals Shape the EF Protocol Team’s Technical Vision The five north stars proposed by the EF protocol team define the technical direction through the end of the decade.

Drake described them clearly: faster L1 targeting finality in seconds, 1 gigagas/sec throughput via zkEVMs, high-throughput L2 via data availability sampling, post-quantum cryptography through hash-based schemes, and native privacy-preserving ETH transfers via shielded transactions.

Each goal connects directly to specific upgrade tracks mapped across the consensus, data, and execution layers. The gigagas target of 1 gigagas/sec translates to roughly 10,000 transactions per second on L1.

The teragas L2 goal targets 1 gigabyte per second, supporting approximately 10 million transactions per second across Layer 2 networks.

Post-quantum cryptography addresses the long-term durability of Ethereum’s security model. Hash-based cryptographic schemes are the proposed mechanism for protecting the network against future quantum computing threats. This upgrade track reflects the EF protocol team’s focus on securing Ethereum well beyond the current decade.

Native privacy through shielded ETH transfers rounds out the five goals. The strawmap treats privacy as a first-class protocol feature rather than an application-layer concern.

Drake described the document as a work-in-progress living document, not a formal prediction, but a structured path proposed by the EF protocol team for advancing Ethereum’s core infrastructure.

Vitalik Buterin’s wallet activity drew attention after Arkham tracked nearly $800,000 in ETH swaps into stablecoins via CoW Protocol. Meanwhile, ETH bounced to about $1,915 after tapping higher time frame support, with the chart showing a double bottom setup.

Vitalik Buterin Executes Series of ETH Swaps via CoW ProtocolVitalik Buterin moved large amounts of ether through CoW Protocol settlement contracts on Ethereum today, with onchain records showing repeated swaps between WETH and stablecoins. Arkham flagged the activity after tracking transfers tied to a Gnosis Safe Proxy wallet labeled to Buterin. The transactions appeared in short intervals over several hours, with each leg routed through CoW Protocol’s settlement address.

Vitalik Buterin ETH Swaps. Source: Arkham / X

The onchain data shows multiple WETH outflows paired with inbound stablecoins, including USDTB, GHO, and PYUSD. Individual trades ranged from roughly 23 to 45 WETH per swap, with dollar values around $43,000 to $84,000 at the time of execution. Taken together, the series of swaps added up to nearly $800,000 worth of ETH exchanged for stablecoins across the session, based on Arkham’s tracking and the USD values displayed on the ledger.

The pattern suggests a batch of routed trades rather than a single market order. CoW Protocol aggregates orders and settles them through its solver network, which can split large swaps into smaller legs to reduce price impact. The use of a Gnosis Safe also indicates treasury-style wallet management rather than retail behavior, since multisig safes often serve operational or custody purposes.

The transfers do not, by themselves, indicate where the proceeds will move next. However, the choice of stablecoins points to a conversion into dollar-pegged assets rather than movement to another volatile token. The activity occurred as ETH traded in a tight intraday range, with no immediate, visible price reaction tied to the individual settlements on public charts.

Ethereum Tests Support as Price Rebounds Toward $1,915Ethereum traded near $1,915 on the ETH/USDT chart as price rebounded from a higher time frame support zone marked near the lower end of the recent range. The chart shared by K A L E O on X shows ETH falling into a descending channel before pushing back toward the upper boundary. The latest candles show a sharp bounce from the local lows, with price recovering into the mid-$1,900 area after briefly dipping closer to the high-$1,700s to low-$1,800s zone.

Ethereum Double Bottom at HTF Support. Source: CryptoKaleo

The structure on the chart highlights two recent lows near the same support band, forming a double bottom at higher time frame support. After the second test, price reversed and moved higher, breaking above the short-term downtrend line inside the channel. That rebound places ETH back near prior consolidation levels, where price spent time trading sideways earlier in the session.

The broader context on the chart shows ETH moving in a wide, choppy range since the prior selloff from above $2,000. Lower highs formed across recent swings, while buyers defended the lower boundary near the marked support. The latest rebound reduces immediate downside pressure near that zone, although price still trades below the earlier range highs closer to $2,000.

Technical plan outlines seven forks through 2029 and sets five long term goals including higher throughput and post quantum security.

The Ethereum Foundation has published a technical document titled Strawmap outlining a long-term vision for Ethereum protocol upgrades through 2029.

The Strawmap was posted on X by Ethereum Foundation researcher Justin Drake on behalf of the EF Protocol team, highlighting a decade-scale development perspective for Layer 1 enhancements.

Designed for researchers, developers, and governance participants, the document presents a unified visual timeline of proposed upgrades across the consensus, data, and execution layers. The framework sketches roughly seven forks by the end of the decade, based on an estimated cadence of one fork every six months.

The Strawmap outlines five core goals for Ethereum’s base layer: faster transaction finality within seconds, throughput of about 10,000 transactions per second, massive scaling at the Layer 2 level, post-quantum security to protect the network long term, and built-in privacy through shielded ETH transfers.

The document began as a discussion starter at a January 2026 Ethereum Foundation workshop and is framed as a coordination tool rather than an official roadmap or prediction.