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AMETEK, Inc. (AME) M&A Call Transcript

Resources Investor Relations Journalists Agencies Client Login Send a Release News Products Contact , /PRNewswire/ -- The Board of Directors of AMETEK, Inc. (NYSE: AME) declared a regular quarterly dividend of $0.34 per share for the second quarter ending June 30, 2026.

This second quarter dividend is payable June 30, 2026 to shareholders of record as of June 15, 2026.

Corporate Profile:
AMETEK (NYSE: AME) is a leading global provider of industrial technology solutions serving a diverse set of attractive niche markets with annual sales of approximately $7.5 billion. The AMETEK Growth Model integrates the Four Growth Strategies - Operational Excellence, Technology Innovation, Global and Market Expansion, and Strategic Acquisitions - with a disciplined focus on cash generation and capital deployment. AMETEK's objective is double-digit percentage growth in earnings per share over the business cycle and a superior return on total capital. Founded in 1930, AMETEK has been listed on the NYSE for over 95 years and is a component of the S&P 500. For more information, visit www.ametek.com.

Contact:
Kevin Coleman
Vice President, Investor Relations and Treasurer
[email protected]
Phone: 610.889.5247

SOURCE AMETEK, Inc.

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Ametek, Inc. is positioned for durable growth, leveraging megatrends in aerospace & defense, semiconductors, and data centers. Recent acquisitions—First Aviation and Indicor ($5B)—significantly expand AME's aerospace, defense, and instrumentation capabilities, with value accretion expected from late 2026. I reiterate my buy rating on AME stock with a $272/share price target at 20.23x eFY28 EV/aEBITDA, citing robust market dynamics and strategic expansion.

Guardant Health, Inc. (Nasdaq: GH), a leading precision oncology company, today announced the company and its research collaborators will present 38 abstracts, as well as one oral presentation in partnership with Pfizer, showcasing advances in methylation-based tumor classification and liquid biopsy technology at the American Society of Clinical Oncology (ASCO) Annual Meeting in Chicago, Illinois taking place May 29 – June 2, 2026.

Key data that will be presented include:

Abstract #3077 validating the use of Guardant360 Liquid CDx as a companion diagnostic for therapy selection and comprehensive pan-cancer tumor profiling in routine oncology practice. Findings led to recent FDA approval of the IVD assay, marking the world’s largest FDA-approved liquid biopsy panel, demonstrating how incorporating both genomic and epigenomic signals for variant detection produces strong analytical sensitivity, accuracy, and specificity across clinically relevant alterations. Abstract #3070 revealing the potential of Guardant360 Liquid in expanding access to targeted ALK inhibitor therapy and getting the right treatment to lung patients faster. Demonstrating advanced detection missed by standard genomic methods, the analysis demonstrated improved detection of actionable ALK fusions in non-small cell lung cancer (NSCLC) while maintaining high specificity by identifying additional ALK fusion-positive cases. Abstract #TPS10632 evaluating longitudinal performance of the Shield blood test for primary colorectal cancer screening in its intended use population, building off the strong performance in the prospective, observational ECLIPSE study that led to FDA approval. “Our presence at this year’s ASCO reflects the power of liquid biopsy tests to provide oncologists with actionable insights to more effectively treat patients in a faster amount of time,” said Helmy Eltoukhy, Guardant Health chairman and co-CEO. “Guardant’s Smart Platform, an AI-enabled multiomic technology platform behind our next generation of cancer tests, is fueling the entire portfolio and supporting new clinical applications across the cancer care continuum.”

Key Guardant Health and collaborator presentations at ASCO 2026

Presentation

Title

Time / Location

8502

Lorlatinib vs crizotinib as first-line treatment for advanced ALK+ non-small cell lung cancer: 7-year update from the phase 3 CROWN study

May 29, 2026 / 1:00 - 4:00 PM CDT

3525 / 279

A deep learning approach to quantify tumor microenvironment features associated with postoperative ctDNA status and outcomes in a phase III FOLFOX-based adjuvant colon cancer trial (N0147; Alliance)

May 30, 2026 / 9:00 AM - 12:00 PM CDT

3546 / 313

A multicenter single-arm phase II trial evaluating the safety and efficacy of panitumumab and irinotecan in NeoRAS wild-type metastatic colorectal cancer patients (C-PROWESS)

May 30, 2026 / 9:00 AM - 12:00 PM CDT

3572 / 339

Circulating tumor DNA (ctDNA) tumor fraction (TF) dynamics to refine progression-free survival and radiographic response during anti-EGFR rechallenge in metastatic colorectal cancer

May 30, 2026 / 9:00 AM - 12:00 PM CDT

3659 / 426

Evaluation of circulating tumor DNA (ctDNA) burden, detected mutations and clinical outcomes in metastatic colorectal cancer (mCRC) using real-world data (RWD)

May 30, 2026 / 9:00 AM - 12:00 PM CDT

4050 / 33

Molecular circulating tumor DNA (ctDNA) profiling from patients (pts) treated with zanidatamab + chemotherapy (CT) in first-line (1L) HER2-positive (HER2+) advanced or metastatic gastroesophageal adenocarcinoma (mGEA)

May 30, 2026 / 9:00 AM - 12:00 PM CDT

4159 / 142

First-line GemCis ± immunotherapy vs FGFR inhibition in ctDNA-detected FGFR2 fusion-positive advanced cholangiocarcinoma: a real-world analysis

May 30, 2026 / 9:00 AM - 12:00 PM CDT

4161 / 144

Real-world analysis of epigenomic molecular tumor-type prediction for biliary tract cancer in CUP

May 30, 2026 / 9:00 AM - 12:00 PM CDT

4238 / 221

Real-world outcomes in gastrointestinal cancer patients with targetable genomic alterations identified on serial liquid biopsy

May 30, 2026 / 9:00 AM - 12:00 PM CDT

3051 / 188

Tumor-of-origin prediction using methylation signals from plasma cell-free DNA (cfDNA): Real-world experience in Asia and the Middle East (AME)

May 30, 2026 / 1:30 - 4:30 PM CDT

3052 / 189

Tissue-free minimal residual disease evaluation and clinical utility in early breast cancer: a real-world study

May 30, 2026 / 1:30 - 4:30 PM CDT

3070 / 207

Cell-free DNA methylation profile-based fusion epigenotyping to enhance ALK fusion detection in NSCLC patients

May 30, 2026 / 1:30 - 4:30 PM CDT

3077 / 214

Analytical validation of a plasma-based cfDNA NGS assay (Guardant360 Liquid CDx) for comprehensive solid tumor profiling

May 30, 2026 / 1:30 - 4:30 PM CDT

3105 / 242

Phase II basket trial of brigatinib for ALK fusion–positive solid tumors: ALLBREAK trial (WJOG15221M)

May 30, 2026 / 1:30 - 4:30 PM CDT

1031 / 145

Concordance between liquid and tissue biopsy in participants with newly diagnosed recurrent breast cancer

June 1, 2026 / 1:30 - 4:30 PM CDT

1095 / 209

Liquid-based methylation profiling of molecular breast cancer subtypes (MBS) in hormone receptor positive (HR+) metastatic breast cancer (MBC) treated with CDK4/6 inhibitor (CDK4/6i)

June 1, 2026 / 1:30 - 4:30 PM CDT

The full abstracts for Guardant Health and a list of all abstracts being presented at ASCO 2026 can be found on the ASCO website.

About Guardant360® Liquid CDx

The largest FDA-approved liquid biopsy, Guardant360 Liquid CDx is the only FDA-approved liquid biopsy test integrating genomic and epigenomic data for comprehensive insights. Guardant360 Liquid CDx is approved as a companion diagnostic for multiple therapies in non-small cell lung cancer and colorectal cancer. It is also the only FDA-approved companion diagnostic for targeted therapy in advanced breast cancer patients with ESR1 mutations. The test is broadly covered by Medicare and commercial insurers, representing over 300 million lives.

About Guardant360 Liquid

Guardant360 Liquid is a blood-based test that analyzes tumor DNA fragments circulating in the blood (cfDNA) to identify genetic mutations in advanced solid tumors, helping oncologists find targeted therapies. It offers an alternative to tissue biopsies, providing comprehensive genomic profiling (CGP) to guide personalized treatment for a wide range of solid cancers including lung, breast, colorectal, and prostate cancer. Guardant360 Liquid is guideline-complete across all advanced solid tumors, and has been clinically validated in more than 1,500 publications and research abstracts.

About Guardant Reveal

Guardant Reveal is a tissue-free liquid biopsy test that detects minimal residual disease (MRD) and monitors recurrence in early-stage colorectal, breast, and lung cancers, helping oncologists guide treatment decisions. In addition to MRD detection, Reveal can be used for late-stage therapy response monitoring for patients with solid tumors. Guardant Reveal therapy response monitoring can be initiated at any time during a patient’s treatment journey, offering clinicians flexibility and actionable insights.

The first clinical-validation study of pan-cancer chemotherapy monitoring published in The Journal of Liquid Biopsyshowed that Guardant Reveal predicts long-term patient benefit up to 18 months earlier than standard clinical measures.

About Shield

Shield is a methylation partitioning cell-free DNA (mp-cfDNA) non-invasive, blood-based screening test that detects alterations associated with colorectal cancer in the blood. It is intended as a screening test for individuals at average risk for the disease, age 45 or older, and is not intended for individuals at high risk for colorectal cancer. The Shield test can be considered in a manner similar to guideline-recommended non-invasive CRC screening options and can be completed during any healthcare visit. A positive Shield result raises concern for the presence of colorectal cancer or advanced adenoma and the patient should be referred for colonoscopy evaluation.

About Guardant Health

Guardant Health is a leading precision oncology company focused on guarding wellness and giving every person more time free from cancer. Founded in 2012, Guardant is transforming patient care and accelerating new cancer therapies by providing critical insights into what drives disease through its advanced blood and tissue tests, real-world data and AI analytics. Guardant tests help improve outcomes across all stages of care, including screening to find cancer early, monitoring for recurrence in early-stage cancer, and treatment selection for patients with advanced cancer. For more information, visit guardanthealth.com and follow the company on LinkedIn, X (Twitter) and Facebook.

Guardant Health Forward-Looking Statements

This press release contains forward-looking statements within the meaning of federal securities laws, including statements regarding the potential utilities, values, benefits and advantages of Guardant Health’s liquid biopsy tests or assays, which involve risks and uncertainties that could cause the actual results to differ materially from the anticipated results and expectations expressed in these forward-looking statements. These statements are based on current expectations, forecasts and assumptions, and actual outcomes and results could differ materially from these statements due to a number of factors. These and additional risks and uncertainties that could affect Guardant Health’s financial and operating results and cause actual results to differ materially from those indicated by the forward-looking statements made in this press release include those discussed under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operation” and elsewhere in its Annual Report on Form 10-K for the year ended December 31, 2025 and in its other reports filed with or furnished to the Securities and Exchange Commission. The forward-looking statements in this press release are based on information available to Guardant Health as of the date hereof, and Guardant Health disclaims any obligation to update any forward-looking statements provided to reflect any change in its expectations or any change in events, conditions, or circumstances on which any such statement is based, except as required by law. These forward-looking statements should not be relied upon as representing Guardant Health’s views as of any date subsequent to the date of this press release.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260528810245/en/

Nes Ziona, Israel, June 02, 2026 (GLOBE NEWSWIRE) -- QTREX Quantum Ltd. (Nasdaq: QTEX) ("QTREX" or the "Company") a company focused on advancing Additively Manufactured Electronics (“AME”) for quantum computing infrastructure, today announced that Mr. Tal Parnas, Chairman of the Company’s Board of Directors, and Mr. Yoav Rozanovich, the Company’s Chief Business Officer, will be in Boston, Massachusetts during Quantum.Tech World 2026 on June 25–26, 2026, to present functional AME-based monolithic connectivity components engineered for quantum computing systems.

QTREX will conduct private, invitation-only meetings with industry leaders, research institutions and strategic partners in a dedicated meeting suite adjacent to the conference venue. Meetings will be scheduled in advance through Mr. Yoav Rozanovich.

The Company will present fabricated, functional monolithic connectivity components produced using its proprietary AME platform components, specifically engineered to address cryogenic interconnect challenges in superconducting quantum systems. These components demonstrate high-density signal routing, advanced dielectric materials integration and complex 3D architectures designed for scalable quantum hardware operating under extreme cryogenic conditions. QTREX is among a small number of companies worldwide with demonstrated capability to additively manufacture such components at this level of technical specification.

Quantum.Tech World 2026 is among the foremost global forums for the commercialization of quantum technologies, bringing together leading quantum hardware developers, systems integrators, enterprise adopters, government stakeholders and research institutions. QTREX’s participation reflects the Company’s position at the hardware frontier of quantum computing infrastructure, where the interconnect challenges that constrain scalability are now being addressed through physical, manufacturable components.

Industry participants and potential partners interested in scheduling a private meeting with QTREX during Quantum.Tech World 2026 may contact:

Mr. Yoav Rozanovich
Chief Business Officer, QTREX Quantum Ltd.
Email: [email protected]

About QTREX Quantum
QTREX Quantum Ltd. (Nasdaq: QTEX) is a technology company focused on advanced connectivity and electronics manufacturing solutions for next-generation hardware markets. Following its acquisition of the AME platform, the Company is developing high-density, thermally optimized quantum connectivity solutions for dilution cryostats and advancing AME applications for defense, aerospace, missile, space, and other mission-critical environments. The Company also continues to advance its medical technology portfolio, including respiratory support and blood monitoring platforms, while actively working to monetize certain parts of the medical business. For more information, please visit: www.q-trex.com

Forward-Looking Statement Disclaimer
This press release contains express or implied forward-looking statements pursuant to U.S. Federal securities laws. These forward-looking statements are based on the current expectations of the management of the Company only and are subject to a number of factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. For example, the Company is using forward-looking statements when it discusses the benefits and advantages of its products and that QTREX’s participation at Quantum.Tech World 2026 reflects the Company’s position at the hardware frontier of quantum computing infrastructure. These forward-looking statements and their implications are based solely on the current expectations of the Company’s management and are subject to a number of factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Except as otherwise required by law, the Company undertakes no obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. More detailed information about the risks and uncertainties affecting the Company is contained under the heading “Risk Factors” in the Company’s annual report on Form 20-F for the fiscal year ended December 31, 2025, filed with the U.S. Securities and Exchange Commission (the “SEC”), which is available on the SEC’s website at www.sec.gov.

Company Contact
QTREX Quantum
Email: [email protected]
Phone: +972-9-9664485

Investor Relations Contact:
Arx Investor Relations
North American Equities Desk
[email protected]

Hess Midstream remains a "Strong Buy," offering an 8% yield and 5%+ distribution growth, with fair value seen near $45. HESM's revenue is protected by long-term, inflation-linked fee contracts and minimum volume commitments, mitigating commodity price risk through at least 2028. Lower capex and disciplined capital allocation are driving higher free cash flow, supporting both buybacks and leverage reduction toward 2.75x.

Hess Midstream faces risk as its core Bakken acreage remains high-cost and lacks profitability. Both HESM and Chevron confirm Bakken production will remain flat at 200,000 BOED. The rig count is now down to three. The lack of production growth limits HESM's future prospects.  Current dividend increases serve as a short-term distraction.

Posted by Defense World Staff on Apr 8th, 2026

SG Americas Securities LLC cut its holdings in Hess Midstream Partners LP (NYSE:HESM – Free Report) by 66.2% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 36,608 shares of the company’s stock after selling 71,629 shares during the quarter. SG Americas Securities LLC’s holdings in Hess Midstream Partners were worth $1,263,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of the business. Diversified Trust Co. acquired a new stake in shares of Hess Midstream Partners in the fourth quarter valued at approximately $352,000. Penbrook Management LLC grew its position in shares of Hess Midstream Partners by 30.5% in the fourth quarter. Penbrook Management LLC now owns 30,055 shares of the company’s stock valued at $1,037,000 after purchasing an additional 7,025 shares during the last quarter. Avior Wealth Management LLC acquired a new stake in shares of Hess Midstream Partners in the fourth quarter valued at approximately $249,000. Severin Investments LLC acquired a new stake in shares of Hess Midstream Partners in the third quarter valued at approximately $301,000. Finally, Strategic Advocates LLC acquired a new stake in shares of Hess Midstream Partners in the third quarter valued at approximately $28,000. 98.97% of the stock is currently owned by institutional investors and hedge funds.

Hess Midstream Partners Stock Performance Shares of HESM opened at $39.28 on Wednesday. The company has a debt-to-equity ratio of 8.54, a quick ratio of 0.85 and a current ratio of 0.85. The company has a market capitalization of $8.16 billion, a price-to-earnings ratio of 13.73 and a beta of 0.58. The company’s 50 day simple moving average is $38.10 and its 200 day simple moving average is $35.39. Hess Midstream Partners LP has a 1 year low of $31.63 and a 1 year high of $44.14.

Hess Midstream Partners (NYSE:HESM – Get Free Report) last posted its quarterly earnings results on Monday, February 2nd. The company reported $0.72 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.72. The company had revenue of $374.50 million for the quarter, compared to the consensus estimate of $419.16 million. Hess Midstream Partners had a net margin of 21.77% and a return on equity of 74.89%. Hess Midstream Partners’s revenue was up 2.1% on a year-over-year basis. During the same quarter last year, the firm posted $0.68 earnings per share. On average, sell-side analysts predict that Hess Midstream Partners LP will post 2.5 EPS for the current year.

Hess Midstream Partners Increases Dividend The business also recently declared a quarterly dividend, which was paid on Friday, February 13th. Shareholders of record on Thursday, February 5th were paid a dividend of $0.7641 per share. This is an increase from Hess Midstream Partners’s previous quarterly dividend of $0.75. This represents a $3.06 dividend on an annualized basis and a yield of 7.8%. The ex-dividend date of this dividend was Thursday, February 5th. Hess Midstream Partners’s payout ratio is 106.64%.

Analysts Set New Price Targets Several analysts have recently commented on HESM shares. Zacks Research upgraded shares of Hess Midstream Partners from a “strong sell” rating to a “hold” rating in a research report on Monday, March 2nd. Weiss Ratings raised shares of Hess Midstream Partners from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Monday, March 2nd. Raymond James Financial downgraded shares of Hess Midstream Partners from an “outperform” rating to a “market perform” rating in a research note on Monday, January 5th. Finally, Wells Fargo & Company upped their price objective on shares of Hess Midstream Partners from $39.00 to $40.00 and gave the company an “equal weight” rating in a research note on Friday, March 13th. One investment analyst has rated the stock with a Buy rating and eight have issued a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $40.71.

Check Out Our Latest Report on HESM

Hess Midstream Partners Company Profile (Free Report)

Hess Midstream Partners LP, formerly traded on the New York Stock Exchange under the ticker HESM, is a midstream energy partnership that owns, operates and develops crude oil, natural gas and produced water infrastructure in the Williston Basin. The company’s assets include crude oil gathering and transportation systems, saltwater disposal wells, natural gas processing and fractionation plants, and associated pipeline and storage facilities. Its integrated network is designed to support upstream production by providing gathering, processing, storage and marketing services for hydrocarbons and produced water.

Headquartered in Houston, Texas, Hess Midstream Partners primarily serves producers operating in North Dakota and Montana’s Bakken Shale region.

Featured Articles Five stocks we like better than Hess Midstream Partners Want to see what other hedge funds are holding HESM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Hess Midstream Partners LP (NYSE:HESM – Free Report).

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Eagle Global Advisors LLC trimmed its holdings in shares of Hess Midstream Partners LP (NYSE: HESM) by 10.8% during the undefined quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 1,672,776 shares of the company's stock after selling 202,710 shares during

What happenedAccording to a Securities and Exchange Commission (SEC) filing dated April 28, 2026, Cushing Asset Management, LP dba NXG Investment Management sold all 1,357,200 shares of Hess Midstream (HESM 0.67%) in the first quarter. The estimated transaction value was $50.29 million, calculated using the average closing price for the quarter. The quarter-end value of the position declined by $46.82 million, reflecting both the share sale and stock price changes.

What else to knowThis was a complete exit; Hess Midstream now represents none of the fund's 13F AUM.Top holdings after the filing:NYSE:TRGP: $163.55 million (8.1% of AUM)NYSE:ET: $154.35 million (7.7% of AUM)NYSE:WMB: $123.73 million (6.2% of AUM)NYSE:MPLX: $106.10 million (5.3% of AUM)NYSE:DTM: $97.92 million (4.9% of AUM)As of April 27, 2026, Hess Midstream shares were priced at $37.02, up 3.2% over the past year, underperforming the S&P 500 by 26.34 percentage points.Company overviewMetricValueRevenue (TTM)$1.62 billionNet income (TTM)$352.90 millionDividend yield7.84%Price (as of market close April 27, 2026)$37.02Company snapshotOwns and operates natural gas and crude oil gathering systems, gas processing and storage facilities, and terminaling and export assets in the U.S. midstream energy sector.Operates through three segments: Gathering; Processing and Storage; and Terminaling and Export.Headquartered in Houston, Texas, with a strategic focus on supporting upstream oil and gas development.Hess Midstream is a leading U.S. midstream energy partnership focused on the ownership and operation of critical infrastructure supporting upstream oil and gas development. The company leverages its integrated asset base and long-term contracts to deliver stable earnings and attractive distributions. Its strategic position in key production areas and strong customer relationships underpin its competitive advantage in the midstream sector.

What this transaction means for investorsThe top five holdings in Cushing’s portfolio are midstream energy names. In fact, the energy sector factors heavily into its entire portfolio; as of Q3 2025, Hess Midstream ranked No. 6. Cushing trimmed its share count in Q4, moving Hess Midstream down to No. 15, and in Q1 2026, it exited completely.

While notable, the move appears to reflect a shift within the sector rather than away from it. The fund’s top holdings are currently large, diversified pipeline operators with multi-basin exposure. By comparison, Hess Midstream has a more concentrated asset base, focusing primarily in the Bakken region with a single core customer: Chevron Corporation, following its acquisition of Hess. As a result, Cushing may have chosen to allocate capital in more diversified midstream operators with broader exposure and more balanced risk profiles.

That said, Hess Midstream is still a predictable, income-oriented business with long-term, fee-based contracts. Whether it’s a fit for an individual investor’s portfolio depends on their preference for stability vs. diversification. For investors already diversified across sectors, Hess Midstream can serve as a stable, income-generating foundation within the energy space.

Pamela Kock 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.

Hess Midstream LP (HESM) Q1 2026 Earnings Call Transcript

While the top- and bottom-line numbers for Hess Midstream Partners (HESM) give a sense of how the business performed in the quarter ended March 2026, it could be worth looking at how some of its key metrics compare to Wall Street estimates and year-ago values.

The Undercovered Dozen series spotlights 12 lesser-covered stocks featured on Seeking Alpha between May 29 and June 5. This curated selection aims to provide fresh investment ideas and foster community discussion around under-the-radar equities. Readers are encouraged to engage, share perspectives, and highlight additional overlooked investment opportunities.

Posted by Defense World Staff on Apr 19th, 2026

Massachusetts Financial Services Co. MA trimmed its position in Sun Communities, Inc. (NYSE:SUI – Free Report) by 99.6% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 2,322 shares of the real estate investment trust’s stock after selling 613,049 shares during the period. Massachusetts Financial Services Co. MA’s holdings in Sun Communities were worth $288,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Thurston Springer Miller Herd & Titak Inc. boosted its holdings in Sun Communities by 1,226.7% in the 4th quarter. Thurston Springer Miller Herd & Titak Inc. now owns 199 shares of the real estate investment trust’s stock worth $25,000 after buying an additional 184 shares during the last quarter. Fulcrum Asset Management LLP acquired a new stake in Sun Communities in the 3rd quarter worth about $27,000. Aster Capital Management DIFC Ltd acquired a new stake in Sun Communities in the 3rd quarter worth about $27,000. Global X Japan Co. Ltd. purchased a new position in Sun Communities in the 4th quarter worth approximately $33,000. Finally, Assetmark Inc. lifted its stake in Sun Communities by 55.7% in the 3rd quarter. Assetmark Inc. now owns 271 shares of the real estate investment trust’s stock worth $35,000 after purchasing an additional 97 shares in the last quarter. 99.59% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In SUI has been the topic of a number of research reports. Wells Fargo & Company raised shares of Sun Communities from an “equal weight” rating to an “overweight” rating and raised their target price for the stock from $133.00 to $150.00 in a research note on Friday, February 27th. Zelman & Associates initiated coverage on shares of Sun Communities in a research note on Monday, March 16th. They issued an “outperform” rating and a $127.75 target price on the stock. Mizuho initiated coverage on shares of Sun Communities in a research note on Tuesday, March 31st. They issued an “outperform” rating and a $143.00 target price on the stock. Weiss Ratings raised shares of Sun Communities from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Monday, April 13th. Finally, Deutsche Bank Aktiengesellschaft lowered shares of Sun Communities from a “buy” rating to a “hold” rating and set a $138.00 target price on the stock. in a research note on Wednesday. Ten research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $139.73.

Read Our Latest Stock Report on SUI

Sun Communities Stock Up 1.7% SUI stock opened at $130.44 on Friday. The firm has a market cap of $16.07 billion, a PE ratio of 12.15, a PEG ratio of 4.39 and a beta of 0.90. The company has a debt-to-equity ratio of 0.58, a quick ratio of 4.43 and a current ratio of 4.43. The firm’s 50 day moving average price is $131.03 and its 200-day moving average price is $127.32. Sun Communities, Inc. has a one year low of $115.53 and a one year high of $137.85.

Sun Communities (NYSE:SUI – Get Free Report) last released its quarterly earnings results on Tuesday, February 24th. The real estate investment trust reported $1.40 EPS for the quarter, beating the consensus estimate of $1.37 by $0.03. The firm had revenue of $515.20 million for the quarter, compared to analyst estimates of $509.40 million. Sun Communities had a net margin of 61.86% and a negative return on equity of 0.04%. The business’s revenue for the quarter was up .1% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.41 EPS. Sun Communities has set its FY 2026 guidance at 6.830-7.030 EPS and its Q1 2026 guidance at 1.240-1.320 EPS. On average, equities research analysts anticipate that Sun Communities, Inc. will post 6.77 EPS for the current year.

Sun Communities Increases Dividend The company also recently declared a quarterly dividend, which was paid on Wednesday, April 15th. Stockholders of record on Tuesday, March 31st were given a dividend of $1.12 per share. This represents a $4.48 annualized dividend and a dividend yield of 3.4%. The ex-dividend date of this dividend was Tuesday, March 31st. This is a boost from Sun Communities’s previous quarterly dividend of $1.04. Sun Communities’s dividend payout ratio is presently 41.71%.

Insider Activity at Sun Communities In other news, Director Clunet R. Lewis sold 3,200 shares of Sun Communities stock in a transaction that occurred on Thursday, March 5th. The shares were sold at an average price of $136.15, for a total transaction of $435,680.00. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 1.58% of the company’s stock.

Sun Communities Company Profile (Free Report)

Sun Communities, Inc is a publicly traded real estate investment trust (REIT) that specializes in the acquisition, ownership and operation of manufactured housing communities, recreational vehicle (RV) resorts and marinas. The company’s portfolio spans more than 500 manufactured housing communities and over 160 RV resorts, offering affordable, long-term housing as well as short-stay recreational lodging. Through professional on-site management and amenity-rich community designs, Sun Communities serves a diverse customer base that includes retirees, workforce families and vacationers.

Founded in 1975 and headquartered in Southfield, Michigan, Sun Communities has grown organically and through strategic acquisitions to become one of the largest operators in its sector.

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Sun Communities, Inc. (SUI) Q1 2026 Earnings Call Transcript

WAYZATA, Minn.--(BUSINESS WIRE)--Sui Group Holdings Limited (NASDAQ: SUIG) (“SUI Group,” “SUIG” or the “Company”) today announced its financial and operating results for the first quarter ended March 31, 2026, along with an update on its SUI treasury strategy. “We believe Sui is emerging as a foundational layer for the next generation of digital infrastructure, where finance, commerce, and intelligent systems increasingly converge,” said Stephen Mackintosh, Chief Investment Officer of SUI Group.

WAYZATA, Minn.--(BUSINESS WIRE)--SUI Group Holdings Limited (NASDAQ: SUIG) (“SUI Group” or the “Company”), today announced it has co-led with Karatage Opportunities a $15 million funding round for Nof1, a world-class AI research lab training frontier models focused on financial markets, SUI Group has also made a strategic investment in Recursive Superintelligence's recent $650 million funding round, an AI research company building self-improving AI systems, valued at more than $4 billion. Sui G.

Southfield, MI, May 21, 2026 (GLOBE NEWSWIRE) -- Sun Communities, Inc. (NYSE: SUI) (the "Company" or "Sun"), a real estate investment trust ("REIT") that owns and operates or has an interest in manufactured housing ("MH") and recreational vehicle ("RV") communities, today announced that it has entered into a definitive agreement to sell its UK assets, including the Park Holidays business ("Park Holidays") to funds affiliated with Aermont Capital ("Aermont") in an all-cash transaction with an enterprise value of £768 million (or approximately $1.

DETROIT, May 23, 2026 (GLOBE NEWSWIRE) -- The Rosen Law Firm, P.A. announces that the United States District Court for the Eastern District of Michigan has approved the following announcement of a proposed class action settlement that would benefit purchasers of Sun Communities, Inc. publicly-traded common stock (NYSE: SUI):

UNITED STATES DISTRICT COURT
EASTERN DISTRICT OF MICHIGAN

MICHELLE NELSON, Individually and on Behalf of All Others Similarly Situated,    Plaintiff,

v.

SUN COMMUNITIES, INC., GARY A. SCHIFFMAN, JOHN BANDINI MCLAREN, KAREN J. DEARING, and FERNANDO CASTRO-CARATINI,

    Defendants.

 
CASE NO. 2:24-cv-13314-LVP-EASCLASS ACTION
SUMMARY NOTICE OF PENDENCY AND
PROPOSED CLASS ACTION SETTLEMENT

TO: ALL PERSONS WHO PURCHASED THE PUBLICLY-TRADED COMMON STOCK OF SUN COMMUNITIES, INC. (“SUN”) BETWEEN FEBRUARY 28, 2019 AND SEPTEMBER 24, 2024, BOTH DATES INCLUSIVE (“SETTLEMENT CLASS”).

YOU ARE HEREBY NOTIFIED, pursuant to an Order of the United States District Court for the Eastern District of Michigan, that a hearing (the “Settlement Hearing”) will be held on July 29, 2026 at 10:30 a.m. before the Honorable Linda V. Parker, United States District Court for the Eastern District of Michigan, 231 W. Lafayette Blvd., Room 206, Detroit, MI 48226, for the purpose of determining whether: (1) the proposed Settlement of the claims in the above-captioned action (the “Action”) for consideration including the sum of $2,300,000.00 should be approved by the Court as fair, reasonable, and adequate; (2) the proposed plan to distribute the Settlement proceeds is fair, reasonable, and adequate; (3) the application of Lead Counsel for an award of attorneys’ fees of up to one-third plus interest of the Settlement Amount, reimbursement of expenses of not more than $55,000, and awards of up to $3,500 to Lead Plaintiff and $2,500 to Plaintiff Nelson should be approved; (4) for purposes of the proposed Settlement only, the Action should be certified as a class action on behalf of the Settlement Class; and (5) whether this Action should be dismissed with prejudice as set forth in the Stipulation of Settlement, dated April 3, 2026 (the “Stipulation”). The Court reserves the right to hold the Settlement Hearing telephonically or by other virtual means.

If you purchased the publicly-traded common stock of Sun during the period between February 28, 2019 and September 24, 2024, both dates inclusive, your rights may be affected by this Settlement, including the release and extinguishment of claims you may possess relating to your ownership interest in publicly-traded Sun common stock. If you need assistance obtaining a Notice of Pendency and Proposed Settlement of Class Action (“Long Notice”) and a copy of the Proof of Claim and Release Form (“Claim Form”), you may write to, call, or contact the Claims Administrator: Sun Communities, Inc. Securities Litigation, c/o Strategic Claims Services, P.O. Box 230, 600 N. Jackson St., Ste. 205, Media, PA 19063; (Toll-Free) (866) 274-4004; (Fax) (610) 565-7985; [email protected]. You can also download copies of the Long Notice and submit your Claim Form online at www.strategicclaims.net/SunCommunities/. If you are a member of the Settlement Class, to share in the distribution of the Net Settlement Fund, you must submit a Claim Form electronically or postmarked no later than July 1, 2026 to the Claims Administrator, establishing that you are entitled to share in the recovery. Unless you submit a written exclusion request, you will be bound by any judgment rendered in the Action, whether or not you make a claim.

If you desire to be excluded from the Settlement Class, you must submit to the Claims Administrator a request for exclusion so that it is received no later than July 1, 2026, in the manner and form explained in the Long Notice. All members of the Settlement Class who have not requested exclusion from the Settlement Class will be bound by any judgment entered in the Action pursuant to the Stipulation.

Any objection to the Settlement, Plan of Allocation, or Lead Counsel’s request for an award of attorneys’ fees and reimbursement of expenses and award to Plaintiffs must be in the manner and form explained in the Long Notice and received no later than July 1, 2026, by each of the following:

Clerk's OfficeUnited States District Court
Eastern District of Michigan
231 W. Lafayette Blvd
Room 599
Detroit, MI 48226

Lead Counsel Jonathan R. Horne
The Rosen Law Firm, P.A.
275 Madison Ave
40th Floor
New York, NY 10016

Counsel for Defendants Jonathan K. Youngwood
Janet A. Gochman
Simpson Thacher & Bartlett LLP
425 Lexington Avenue
New York, NY 10017

If you have any questions about the Settlement, you may call or write to Lead Counsel:

Jonathan R. Horne
THE ROSEN LAW FIRM, P.A.
275 Madison Ave, 40th Floor
New York, NY 10016
Tel: (212) 686-1060
[email protected]

PLEASE DO NOT CONTACT THE COURT OR THE CLERK’S OFFICE REGARDING THIS NOTICE.

DATED: April 17, 2026BY ORDER OF THE UNITED STATES
DISTRICT COURT FOR THE EASTERN
DISTRICT OF MICHIGAN

The Rosen Law Firm, P.A. Continues to Remind Investors of the Proposed Class Action Settlement on Behalf of Purchasers of Sun Communities, Inc.

The Senate Banking Committee approved the Clarity Act in a bipartisan vote. But some issues are still up for debate.

Revenue of US$62.7 million was in line with guidance; cryptocurrency treasury[1] reached a record 1,807.60 BTC and 3,951.53 ETH as of March 31, 2026 Installed mining computing power across 10 joint-mining projects reached approximately 11 EH/s, up 10.7% sequentially; Produced 257 bitcoins in Q1 Strategic energy infrastructure footprint expanded through the acquisition of 49% interest in ABC Projects in West Texas from Cipher Mining and Nordic hash-to-heat deployment , /PRNewswire/ -- Canaan Inc. (NASDAQ: CAN) ("Canaan" or the "Company"), an innovator in crypto mining, today announced its unaudited financial results for the three months ended March 31, 2026.

First Quarter 2026 Operating and Financial Highlights

Metrics

Q1 2026

Market-readable takeaways

Total revenue

US$62.7 million

In line with guidance

Product revenue

US$42.9 million

Completed final deliveries
under a major U.S. order

Mining revenue

US$19.1 million

Resilient production despite
BTC/hashprice volatility

BTC produced

257 BTC

Continued mining output

Crypto treasury

1,807.60 BTC / 3,951.53
ETH

Record high treasury

Installed mining
computing power

~11 EH/s

Up 10.7% QoQ

All-in power cost

~US$0.04/kWh

Competitive mining cost base

G&A expense

US$15.0 million

Down 11% QoQ

Subsequent customer
cash collections

~US$42 million

Liquidity improved after
quarter-end

ABC Projects

49% interest / ~4.4 EH/s
operating hashrate

West Texas energy-compute
footprint

Nordic hash-to-heat
Project

8MW planned / 2MW in
operation

Sustainable compute
infrastructure use case

Total revenues were US$62.7 million, which was in line with the Company's previous guidance range.

Cryptocurrency treasury expanded to 1,807.60 BTC and 3,951.53 ETH by the end of the first quarter of 2026, with 257 bitcoins produced in the quarter.

Nangeng Zhang, chairman, and chief executive officer of Canaan, commented, "Q1 2026 was a quarter of disciplined execution and strategic positioning for Canaan. Despite bitcoin price volatility, compressed hashprice conditions, elevated energy costs, and weather-related disruptions in North America, we delivered total revenue of US$62.7 million, which was in line with our guidance, completed the final deliveries under a major U.S. customer order, and continued to advance our global mining deployment. Our installed computing power across ten joint-mining projects reached approximately 11 EH/s, up 10.7% sequentially, and we produced 257 bitcoins during the quarter. At the same time, our cryptocurrency treasury reached a record level of 1,807.60 BTC and 3,951.53 ETH as of March 31, 2026."

"We also made important progress in expanding Canaan's energy-compute infrastructure footprint. During the quarter, we acquired a 49% interest in the ABC Projects in West Texas from Cipher Mining, further strengthening our access to large-scale operational power infrastructure, with approximately 4.4 EH/s hashrate in operation at the project level. In parallel, our Nordic hash-to-heat deployment demonstrated another practical use case for our Avalon water-cooling technology by converting computing power into usable heat for local communities. These initiatives reflect our strategy to move closer to power resources, improve deployment flexibility, and build more durable operating advantages across market cycles."

"As energy access and thermal management become increasingly important constraints for high-density computing, we believe Canaan is well-positioned at the intersection of ASIC technology, crypto mining operations, and energy-integrated compute infrastructure. We remain focused on disciplined capital allocation, operational resilience, and long-term value creation for our shareholders."

Jin "James" Cheng, chief financial officer of Canaan, stated, "In Q1 2026, we demonstrated resilient operational execution amid a challenging industry environment. Total revenues reached US$62.7 million, in line with the guidance we provided in February, despite heightened market uncertainty. As we completed the final phase of deliveries under our large-scale North American customer order, machine sales generated US$42.9 million in revenue during the quarter. On the mining side, we generated US$19.1 million in mining revenue despite severe bitcoin price volatility and weather-related curtailments in North America. Although average bitcoin prices and hashprice declined significantly quarter-over-quarter, our bitcoin production experienced a comparatively smaller decrease, reflecting the resilience of our mining operations and continued hashrate deployment. We also maintained relatively stable machine production costs and maintained a competitive all-in power cost of approximately US$0.04/kWh across our mining operations."

"During the quarter, we further strengthened operational efficiency and optimized resource allocation across the organization, resulting in an 11% sequential decline in general and administrative expenses. Exiting the quarter with a relatively lean inventory position following the completion of our landmark order, we gain greater flexibility to navigate near-term market uncertainty. We also maintained solid liquidity at the end of Q1 and subsequently received approximately US$42 million in customer cash collections during Q2. Concurrent with ongoing mining operations and our DAT management, we grew our cryptocurrency treasury to new all-time highs. As we advance our energy-compute integration strategy, our capital allocation priorities remain anchored in operational agility, infrastructure scalability, and the disciplined pursuit of long-term, competitively advantaged energy resources."

[1] Defined as the total number of bitcoins and other cryptocurrencies owned by the Company on its Balance Sheet, including any bitcoins receivable, excluding bitcoins that the Company has received as customer deposits.

First Quarter 2026 Financial Results

Total revenues in the first quarter of 2026 were US$62.7 million, compared to US$196.3 million in the fourth quarter of 2025 and US$82.8 million in the same period of 2025. Total revenues consisted of US$42.9 million in products revenue, US$19.1 million in mining revenue and US$0.7 million in other revenues.

Products revenue in the first quarter of 2026 was US$42.9 million, compared to US$164.9 million in the fourth quarter of 2025 and US$58.3 million in the same period of 2025. The sequential decrease was mainly due to the decreased computing power sold and average selling price, resulting from a tightening of overall market demand led by the decline in bitcoin price. The year-over-year decrease was mainly due to the decreased computing power sold.

Mining revenue in the first quarter of 2026 was US$19.1 million, compared to US$30.4 million in the fourth quarter of 2025 and US$24.3 million in the same period of 2025. The sequential and year-over-year decreases were mainly due to the decrease in the average bitcoin price, partially offset by the increase in energized mining computing power.

Cost of revenues in the first quarter of 2026 was US$85.6 million, compared to US$181.7 million in the fourth quarter of 2025 and US$82.1 million in the same period of 2025.

Products costs in the first quarter of 2026 were US$62.4 million, compared to US$143.6 million in the fourth quarter of 2025 and US$59.2 million in the same period of 2025. The sequential decrease was consistent with the decrease in computing power sold. The year-over-year increase was mainly due to the increase in inventory and prepayment write-down and provision for reserve for inventory purchase commitments accrued. The inventory write-down, prepayment write-down and provision for reserve for inventory purchase commitments accrued for this quarter were US$24.5 million, compared to the inventory write-down, prepayment write-down and provision for reserve for inventory purchase commitments amounting to US$13.9 million for the fourth quarter of 2025 and the inventory write-down of US$2.5 million for the same period of 2025. Products costs consist of direct production costs of mining machines, and indirect costs related to production, as well as inventory write-down, prepayment write-down and provision for reserve for inventory purchase commitments.

Mining costs in the first quarter of 2026 were US$22.7 million, compared to US$37.0 million in the fourth quarter of 2025 and US$22.9 million in the same period of 2025. Mining costs herein consist of direct production costs of mining operations, including electricity and hosting, as well as depreciation of deployed mining machines. The sequential decrease was mainly due to the decrease in depreciation as a result of asset impairment recognized in the prior quarter and the change in estimated useful life of mining equipment beginning in fiscal year 2026. The year-over-year decrease was mainly due to the increase in deployed computing power for the Company's mining operations. The depreciation in this quarter for deployed mining machines was US$5.8 million, compared to US$12.1 million in the fourth quarter of 2025 and US$6.2 million in the same period of 2025.

Gross loss in the first quarter of 2026 was US$22.9 million, compared to a gross profit of US$14.6 million in the fourth quarter of 2025 and a gross profit of US$646 thousand in the same period of 2025.

Total operating expenses in the first quarter of 2026 were US$31.4 million, compared to US$38.2 million in the fourth quarter of 2025 and US$38.3 million in the same period of 2025.

Research and development expenses in the first quarter of 2026 were US$15.4 million, compared to US$11.5 million in the fourth quarter of 2025 and US$18.9 million in the same period of 2025. The sequential increase was mainly due to an increase of US$4.0 million in research and development expenditure. The year-over-year decrease was mainly due to a decrease of US$3.6 million in staff cost, a decrease of US$1.1 million in share-based compensation expenses, partially offset by an increase of US$1.6 million in research and development expenditure. Research and development expenses in the first quarter of 2026 also included share-based compensation expenses of US$0.7 million.

Sales and marketing expenses in the first quarter of 2026 were US$1.2 million, compared to US$1.1 million in the fourth quarter of 2025 and US$2.9 million in the same period of 2025. Sales and marketing expenses remained stable sequentially. The year-over-year decrease was mainly attributable to a decrease of US$1.7 million in staffing cost. Sales and marketing expenses in the first quarter of 2026 also included share-based compensation expenses of US$43 thousand.

General and administrative expenses in the first quarter of 2026 were US$15.0 million, compared to US$16.9 million in the fourth quarter of 2025 and US$16.9 million in the same period of 2025. The sequential decrease was mainly due to a decrease of US$2.1 million in staff cost. The year-over-year decrease was mainly due to a decrease of US$1.5 million in share-based compensation expenses. General and administrative expenses in the first quarter of 2026 also included share-based compensation expenses of US$3.8 million.

Loss from operations in the first quarter of 2026 was US$54.3 million, compared to US$23.6 million in the fourth quarter of 2025 and US$37.6 million in the same period of 2025.

Change in fair value of cryptocurrency and Change in fair value of financial derivatives in the first quarter of 2026 were a loss of US$24.9 million and a loss of US$16.0 million, respectively, compared to a loss of US$21.5 million and a loss of US$22.8 million in the fourth quarter of 2025, and a loss of US$2.3 million and a loss of US$14.1 million in the first quarter of 2025, respectively. The losses were mainly due to the decreased bitcoin price on March 31, 2026, compared to the bitcoin price on December 31, 2025.

Foreign exchange losses, net in the first quarter of 2026 were US$4.0 million, compared to a loss of US$2.9 million in the fourth quarter of 2025 and a gain of US$0.8 million in the same period of 2025, respectively.

Loss before income tax expense in the first quarter of 2026 was US$88.8 million, compared to US$84.2 million in the fourth quarter of 2025 and US$85.7 million in the same period of 2025.

Equity in gains of equity investees in the first quarter of 2026 was US$0.2 million, compared to nil in the fourth quarter of 2025 and nil in the same period of 2025.

Net loss in the first quarter of 2026 was US$88.7 million, compared to US$85.0 million in the fourth quarter of 2025 and US$86.4 million in the same period of 2025.

Non-GAAP adjusted EBITDA in the first quarter of 2026 was a loss of US$76.3 million, as compared to a loss of US$40.5 million in the fourth quarter of 2025 and a loss of US$38.1 million in the same period of 2025. For further information, please refer to "Use of Non-GAAP Financial Measures" in this press release.

Foreign currency translation adjustment, net of nil tax, in the first quarter of 2026 was a gain of US$5.2 million, compared to a gain of US$1.1 million in the fourth quarter of 2025 and a loss of US$1.1 million in the same period of 2025, respectively.

Basic and diluted net loss per American depositary share ("ADS") in the first quarter of 2026 were US$0.13. In comparison, basic and diluted net loss per ADS in the fourth quarter of 2025 were US$0.13, while basic and diluted net loss per ADS in the same period of 2025 were US$0.27. Each ADS represents 15 of the Company's Class A ordinary shares.

As of March 31, 2026, the Company held Cryptocurrency assets with a fair value of US$66.2 million and Cryptocurrency receivable with an aggregate fair value of US$67.0 million, respectively. Cryptocurrency assets primarily consist of 802.6 bitcoins owned by the Company and 63.4 bitcoins received as customer deposits. Cryptocurrency receivable consists of 905.0 bitcoins pledged for secured term loans and 100.0 bitcoins transferred to a fixed-term product. The classification of cryptocurrency receivable as current assets is consistent with the corresponding secured term loans. As of March 31, 2026, the Company held a total of 1,871.0 bitcoins.

As of March 31, 2026, the Company had cash of US$43.5 million, compared to US$80.8 million as of December 31, 2025. The Company has subsequently received approximately US$42 million in customer cash collections in April 2026.

Accounts receivable, net as of March 31, 2026, were US$51.6 million, compared to US$19.3 million as of December 31, 2025. Accounts receivable were mainly due to an installment policy implemented for some major customers who meet certain conditions. The Company subsequently collected approximately US$42 million in cash from Accounts receivable in April 2026.

Investment in equity investees as of March 31, 2026, was US$14.1 million. The Company uses the equity method of accounting to account for its 49% equity interest in Alborz LLC, Bear LLC, and Chief Mountain LLC (collectively, the "ABC Projects"). Please refer to "Recent Developments - Acquired Cipher Mining's 49% Interest in ABC Projects Totaling ~4.4 EH/s in West Texas".

ADSs Outstanding

As of March 31, 2026, the Company had a total of 690,594,191 ADSs outstanding, each representing 15 of the Company's Class A ordinary shares.

Recent Developments

Secured Nordic Hash-to-Heat Project

On May 19, 2026, Canaan Inc. announced that it had been selected through a competitive bid process to provide hash-to-heat infrastructure for a district heating network in the Nordic region. The project utilizes the Company's Avalon A1566HA hydro-cooled mining units with a total planned deployment capacity of approximately 8 MW. Approximately 2 MW of capacity is currently operating in the region and supplying hot water to local residents, and based on the successful initial deployment, the customer placed a follow-on order in March 2026 for an additional 6 MW of capacity. The Company believes the project further validates its capabilities in hydro-cooling, thermal management and energy-integrated compute infrastructure, while demonstrating the potential for scalable "hash-to-heat" applications in next-generation sustainable energy systems.

Acquired Cipher Mining's 49% Interest in ABC Projects Totaling ~4.4 EH/s in West Texas

On February 19, 2026, the Company acquired Cipher Mining Inc.'s (NASDAQ: CIFR) ("Cipher") 49% equity interest in ABC Projects in West Texas, totaling approximately 4.4 EH/s of operational hashrate capacity. The transaction was completed through a non-cash equity issuance, making Cipher a significant shareholder of the Company. The transaction also includes the purchase of 6,840 Avalon® A15Pro mining machines, which further expands the Company's self-mining scale and U.S. power infrastructure footprint. The ABC Projects bring significant experience in demand response and energy arbitrage within the Electrical Reliability Council of Texas ("ERCOT") grid, reinforcing the Company's strategy to enhance grid stabilization and operational flexibility amid rising data center demand.

The Share Repurchase Program

On December 17, 2025, the Company announced that its board of directors approved the renewal of a share repurchase program authorizing the buyback of up to US$30 million worth of its outstanding ADSs, or Class A ordinary shares, over the next 12 months starting December 12, 2025. Repurchases may be conducted through open-market, privately negotiated transactions, block trades, or any combination thereof, subject to market conditions and regulatory requirements.

As of May 19, 2026, the Company had repurchased approximately 2.8 million ADSs in a total consideration of US$2.0 million under the program.

Business Outlook

For the second quarter of 2026, the Company expects total revenues to be in the range of US$35 million to US$45 million, reflecting the near-term market conditions and evolving customer dynamics, which are subject to change.  

The Company will continue to closely monitor the global policy environment and market developments, and may revise or update its outlook as appropriate, based on future clarity and business visibility.

Conference Call Information

The Company's management team will hold a conference call at 8:00 A.M. U.S. Eastern Time on May 19, 2026 (or 8:00 P.M. Singapore Time on the same day) to discuss the financial results. Details for the conference call are as follows:

All participants must use the link provided above to complete the online registration process in advance of the conference call. Upon registering, each participant will receive a set of participant dial-in numbers and a unique access PIN, which can be used to join the conference call.

A live and archived webcast of the conference call will be available at the Company's investor relations website at investor.canaan-creative.com.

About Canaan Inc.

Established in 2013, Canaan Inc. (NASDAQ: CAN), is a technology company focusing on ASIC high-performance computing chip design, chip research and development, computing equipment production, and software services. Canaan has extensive experience in chip design and streamlined production in the ASIC field. In 2013, Canaan's founding team shipped to its customers the world's first batch of mining machines incorporating ASIC technology under the brand name Avalon. In 2019, Canaan completed its initial public offering on the Nasdaq Global Market. To learn more about Canaan, please visit https://www.canaan.io/.

Safe Harbor Statement

This press release contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Among other things, the business outlook and quotations from management in this announcement, as well as Canaan Inc.'s strategic and operational plans, contain forward-looking statements. Canaan Inc. may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission ("SEC") on Forms 20-F and 6-K, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about Canaan Inc.'s beliefs and expectations, such as expectations with regard to revenue or mining hash rate deployment, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the Company's goals and strategies; the Company's future business development, the ability of the Company to execute against its goals, financial condition and results of operations; the expected growth of the bitcoin industry and the price of bitcoin; the Company's expectations regarding demand for and market acceptance of its products, especially its bitcoin mining machines; the Company's expectations regarding maintaining and strengthening its relationships with production partners and customers; the Company's investment plans and strategies, fluctuations in the Company's quarterly operating results; competition in its industry; changing macroeconomic and geopolitical conditions, including evolving international trade policies and the implementation of increased tariffs, import restrictions, and retaliatory trade actions; and relevant government policies and regulations relating to the Company and cryptocurrency. Further information regarding these and other risks is included in the Company's filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and Canaan Inc. does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

Use of Non-GAAP Financial Measures

In evaluating Canaan's business, the Company uses non-GAAP measures, such as adjusted EBITDA, as supplemental measures to review and assess its operating performance. The Company defines adjusted EBITDA as net loss excluding income tax (benefit) expenses, interest income, interest expense, depreciation and amortization expenses, share-based compensation expenses, impairment on property, equipment and software, change in fair value of financial instruments other than derivatives and excess of fair value of convertible preferred shares. The Company believes that the non-GAAP financial measures provide useful information about the Company's results of operations, enhance the overall understanding of the Company's past performance and future prospects and allow for greater visibility with respect to key metrics used by the Company's management in its financial and operational decision-making.

The non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. The non-GAAP financial measures have limitations as analytical tools and investors should not consider them in isolation, or as a substitute for net loss, cash flows provided by operating activities or other consolidated statements of operations and cash flows data prepared in accordance with U.S. GAAP. One of the key limitations of using adjusted EBITDA is that it does not reflect all of the items of income and expense that affect the Company's operations. Further, the non-GAAP financial measures may differ from the non-GAAP information used by other companies, including peer companies, and therefore their comparability may be limited. The Company mitigates these limitations by reconciling the non-GAAP financial measures to the most comparable U.S. GAAP performance measures, all of which should be considered when evaluating the Company's performance.

Investor Relations Contact

Canaan Inc.
Xi Zhang
Email: [email protected] 

Christensen Advisory
Christian Arnell
Email: [email protected]

Public Relations Contact

BlocksBridge Consulting
Jesse Colzani
Email: [email protected]

CANAAN INC.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(all amounts in thousands, except share and per share data, or as otherwise noted)

As of December 31,

As of March 31,

2025

2026

USD

USD

ASSETS

Current assets:

Cash

80,778

43,451

Accounts receivable, net

19,290

51,560

Inventories

180,816

139,078

Prepayments and other current assets

99,707

94,808

Cryptocurrency receivable, current

52,699

27,004

Total current assets

433,290

355,901

Non-current assets:

Cryptocurrency

83,339

66,236

Cryptocurrency receivable, non-current

35,133

40,006

Investment in equity investees

-

14,056

Property, equipment and software, net

44,028

51,037

Intangible asset

689

636

Operating lease right-of-use assets

2,880

2,492

Deferred tax assets

191

194

Other non-current assets

489

496

Non-current financial investment

2,845

1,000

Total non-current assets

169,594

176,153

Total assets

602,884

532,054

LIABILITIES, AND SHAREHOLDERS'
EQUITY

Current liabilities

Current portion of long-term loans

28,515

21,140

Accounts payable

25,600

20,417

Contract liabilities

9,317

7,739

Income tax payable

11,403

11,591

Accrued liabilities and other current
liabilities

54,548

44,131

Operating lease liabilities, current

1,706

1,397

Total current liabilities

131,089

106,415

Non-current liabilities:

Long-term loans

23,731

33,373

Operating lease liabilities, non-current

948

642

Deferred tax liability

117

108

Other non-current liabilities

9,631

9,585

Total liabilities

165,516

150,123

Shareholders' equity:

Class A Ordinary shares (US$0.00000005
par value; 999,643,050,556 authorized,
10,431,482,973 and 11,237,922,873 shares
issued, 9,703,445,043 and 10,522,925,163
shares outstanding as of December 31, 2025
and March 31, 2026, respectively)

1

1

Class B Ordinary shares (US$0.00000005
par value; 356,624,444 shares authorized,
311,624,444 shares issued and outstanding
as of December 31, 2025 and March 31, 2026)

-

-

Treasury stocks (US$0.00000005 par value;

366,981,615 and 376,884,825 shares as of

December 31, 2025 and March 31, 2026,

respectively)

(37,172)

(34,566)

Additional paid-in capital

1,177,057

1,202,580

Statutory reserves

14,892

14,892

Accumulated other comprehensive loss

(56,653)

(51,471)

Accumulated deficit

(660,757)

(749,505)

Total shareholders' equity

437,368

381,931

Total liabilities and shareholders' equity

602,884

532,054

CANAAN INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

(all amounts in thousands of USD, except share and per share data, or as otherwise noted)

 
For the Three Months Ended

March 31,
2025

December 31,
2025

March 31,
2026

USD

USD

USD

Revenues

Products revenue

58,322

164,929

42,863

Mining revenue

24,254

30,358

19,124

Other revenues

200

987

706

Total revenues

82,776

196,274

62,693

Cost of revenues

Product cost

(59,190)

(143,562)

(62,365)

Mining cost

(22,940)

(37,020)

(22,677)

Other cost

-

(1,109)

(557)

Total cost of revenues

(82,130)

(181,691)

(85,599)

Gross profit (loss)

646

14,583

(22,906)

Operating expenses:

Research and development expenses

(18,947)

(11,456)

(15,390)

Sales and marketing expenses

(2,936)

(1,103)

(1,195)

General and administrative expenses

(16,908)

(16,868)

(15,020)

Impairment on property and equipment

-

(8,973)

-

Gain on disposal of property, equipment
and software

516

197

197

Total operating expenses

(38,275)

(38,203)

(31,408)

Loss from operations

(37,629)

(23,620)

(54,314)

Interest income

57

39

150

Interest expense

(351)

(827)

(929)

Change in fair value of cryptocurrency

(2,264)

(21,457)

(24,913)

Change in fair value of financial
instruments other than derivatives

(4,392)

(15,249)

-

Change in fair value of financial
derivatives

(14,055)

(22,799)

(15,974)

Excess of fair value of convertible
preferred shares

(28,179)

-

-

Foreign exchange gains (losses), net

835

(2,890)

(3,997)

Other income, net

252

2,573

11,198

Loss before income tax expenses

(85,726)

(84,230)

(88,779)

Income tax expense

(705)

(805)

(190)

Equity in gains of equity investees

-

-

221

Net loss

(86,431)

(85,035)

(88,748)

Foreign currency translation adjustment,
net of nil tax

(1,057)

1,133

5,182

Total comprehensive loss

(87,488)

(83,902)

(83,566)

Weighted average number of shares
used in per share calculation:

— Basic

4,817,919,054

9,517,488,550

10,371,318,890

— Diluted

4,817,919,054

9,517,488,550

10,371,318,890

Net loss per share (cent per share)

— Basic

(1.79)

(0.89)

(0.86)

— Diluted

(1.79)

(0.89)

(0.86)

Share-based compensation expenses

 were included in:

Cost of revenues

76

92

89

Research and development expenses

1,770

535

668

Sales and marketing expenses

53

67

43

General and administrative expenses

5,316

3,586

3,815

The table below sets forth a reconciliation of net loss to non-GAAP adjusted EBITDA for the period indicated:

For the Three Months Ended

March 31,
2025

December 31,
2025

March 31,
2026

USD

USD

USD

Net loss

(86,431)

(85,035)

(88,748)

Income tax expense

705

805

190

Interest income

(57)

(39)

(150)

Interest expense

351

827

929

EBIT

(85,432)

(83,442)

(87,779)

Depreciation and amortization expenses

7,513

14,424

6,816

EBITDA

(77,919)

(69,018)

(80,963)

Share-based compensation expenses

7,215

4,280

4,615

Impairment on property, equipment and
software

-

8,973

-

Change in fair value of financial
instruments other than derivatives

4,392

15,249

-

Excess of fair value of convertible
preferred shares

28,179

-

-

Non-GAAP adjusted EBITDA

(38,133)

(40,516)

(76,348)

SOURCE Canaan Inc.

Cipher Digital stock is among today’s top performers. Why is CIFR stock surging? The Trend Is Up, But The Distance From The Averages Cuts Both WaysOn a longer timeframe, Cipher still looks firmly bullish. The stock is trading 7.1% above its 20‑day SMA at $19.44, 22.2% above its 50‑day SMA at $17.03 and 35.5% above its 200‑day SMA at $15.36. That kind of separation usually signals a strong uptrend, but it can also work against traders if momentum cools and crowded entries start unwinding at the same time.

Structurally, the trend remains constructive. The 20‑day SMA sits above the 50‑day SMA, and the golden cross that formed in July 2025 when the 50‑day SMA moved above the 200‑day SMA continues to support the longer‑term bias. The last major upside shift also aligned with the breakout above resistance in November 2025, which eventually led to the stock's 52‑week high later that month.

The market has already shown it is willing to revalue the name when the setup turns, which is why traders keep one eye on the trend and the other on where the next stall might appear.

For now, the near‑term ceiling is clear. Key resistance sits at $22.50, a level where rebounds can pause before any attempt to revisit the 52‑week high zone. Momentum is the more interesting tell.

RSI Says Orderly, Not EuphoricRSI is sitting at 52.51, which is neutral. That matters because it shows Cipher is strong without being stretched. The stock is elevated relative to its moving averages, but it is not flashing the kind of overheated reading that forces traders to fade every uptick. For trend followers, that combination often marks the sweet spot: enough strength to keep buyers engaged, but not so much froth that the move becomes fragile.

Why Cipher Rallied Earlier This WeekCipher spent the previous session climbing after a run of upbeat analyst calls and growing interest in its high-performance computing and AI data center strategy. Morgan Stanley boosted its price target from $40.50 to $42.50 while keeping an overweight rating. Needham raised its target from $22 to $25, and Jefferies began coverage with a buy rating and a $32 target

The company has also been highlighting progress on that front. In its May update, Cipher said it secured a third AI data center campus lease with an investment grade hyperscale tenant. The firm now has 907 megawatts of operating and contracted capacity and a roughly 3.3 gigawatt pipeline, including 700 megawatts tied to high performance computing contracts worth more than $11.4 billion in committed revenue.

Rising short interest added another layer of momentum, with 16.69% of the float sold short and 2.39 days to cover, creating conditions where rallies can accelerate quickly.

CIFR Shares Are SoaringCIFR Price Action: Cipher shares were up 9.09% at $21.26 at the time of publication on Thursday, according to Benzinga Pro.

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Cipher Digital's long-term hyperscale leases and $11.4B in contracted revenues give it an edge over IREN Limited as AI infrastructure demand accelerates.