Market Signal Briefing

Bitcoin (BTC)

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We believe in full transparency with our readers. Some of our content includes affiliate links, and we may earn a commission through these partnerships. However, this potential compensation never influences our analysis, opinions, or reviews. Our editorial content is created independently of our marketing partnerships, and our ratings are based solely on our established evaluation criteria. Read More

Ahmed Balaha

Author

Ahmed Balaha

Part of the Team Since

Aug 2025

About Author

Ahmed Balaha is a journalist and copywriter based in Georgia with a growing focus on blockchain technology, DeFi, AI, privacy, digital assets, and fintech innovation.

Has Also Written

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Ad Disclosure

We believe in full transparency with our readers. Some of our content includes affiliate links, and we may earn a commission through these partnerships. However, this potential compensation never influences our analysis, opinions, or reviews. Our editorial content is created independently of our marketing partnerships, and our ratings are based solely on our established evaluation criteria. Read More

Last updated: 

17 minutes ago

The one asset Wall Street spent a decade trying to kill just got dissed by the guy who wrote the book on unpredictable events.

Nassim Taleb, author of The Black Swan and one of the most vocal Bitcoin critics in intellectual circles, called Elon Musk’s X Money “much, much smarter than Bitcoin” after Musk announced early public access to the payments service is coming next month.

The crypto bros were not happy. The debate lit up X within hours.

X Money is Musk’s play at turning X into an everything app. Beta rolled out earlier this month. It runs on fiat, backed by a real bank, has a Visa-partnered physical debit card personalized with your X handle, and has zero connection to any cryptocurrency.

Taleb’s argument is private currencies compete with each other. X Money, being issued by a private company with real infrastructure and mainstream reach, fits that framing better than a decentralized asset he has called fragile for years.

He previously argued Bitcoin fails as both a currency and a hedge. His position has not changed. It has just found a new target to contrast against.

The pushback was immediate. Critics pointed out Taleb has been consistently wrong on Bitcoin for years and that X Money is structurally no different from PayPal or Zelle.

And they are not entirely wrong. But noise from critics has never been what moves Bitcoin price. What moves it is institutional flow, macro conditions, and sentiment.

With that in mind, let’s look at the BTC chart.

Bitcoin Price Prediction: Can BTC Break This Resistance Zone?BTC is sitting at $70,471 on the 2h chart, trading inside a rising wedge that has been compressing since early February, with price currently pressing up against the $72,000 first resistance zone.

Source: BTCUSD / TradingViewThe wedge is the key structure to watch here because these patterns typically resolve to the downside, and the chart itself acknowledges that risk with a dotted path showing a potential flush toward $64,000 before any real recovery leg develops.

That $64,000 level has already proven itself as a serious demand zone, getting tested and holding twice within the wedge, and below that sits the $60,000 floor, which is the last major support before the structure fully breaks down.

On the bull case, a clean break and hold above $72,000 opens the ladder toward $80,000, then $84,000, and the full $90,000 target marked on the chart.

But until $72,000 flips to support, the breakdown scenario toward $64,000 remains on the table and cannot be ignored.

Bitcoin Hyper Is Turning Bitcoin From a Store of Value Into Something You Can Actually UseBitcoin reacts to every macro headline. Spikes, settles, repeats. Same cycle.

But the real issue with Bitcoin has nothing to do with inflation reports. It is slow. It is limited. And for everyday use, it just does not cut it.

That is exactly what Bitcoin Hyper is building around.

The idea is clear.

Take Bitcoin’s security and trust. Add Solana-level speed and efficiency on top. The result is a version of Bitcoin that actually does things. Faster payments, staking, decentralized apps, BTC that moves instead of just sitting in a wallet.

Not just a store of value. An ecosystem.

That opens the door for real activity on top of Bitcoin. Faster payments, staking opportunities, decentralized apps, and an ecosystem where BTC can actually move instead of sitting idle.

Investors are clearly paying attention to that vision. The Bitcoin Hyper presale has already raised more than $32 million, with $HYPER currently priced at $0.0136751 before the next scheduled price increase.

There is also a strong incentive for early participants. Buyers can stake their tokens and earn rewards of up to 37%, the kind of yield that often attracts early momentum when new projects start gaining traction across the market.

Visit the Official Bitcoin Hyper Website Here

When someone in crypto loses millions of dollars in an instant, it's usually due to a hack or an exploit. But, on Thursday, one crypto whale appears to have lost nearly $50 million simply trying to swap USDT for AAVE.

"Earlier today, a user attempted to buy AAVE using $50 million USDT through the Aave interface. Given the unusually large size of the single order, the Aave interface, like most trading interfaces, warned the user about extraordinary slippage and required confirmation via a checkbox," Aave Labs founder and CEO Stani Kulechov said in a post to X.

Thursday's mishap could be the largest of its kind in history. Last year, a crypto trader lost considerably less when they swapped about $733,000 of USDC for roughly $19,000 in USDT as a result of a large sandwich attack.

"The user confirmed the warning on their mobile device and proceeded with the swap, accepting the high slippage, which ultimately resulted in receiving only 324 AAVE in return," Kulechov added.

Slippage is the difference between the price a trader would expect to get in a trade and the price they receive once the transaction executes. This can happen in large orders or when liquidity is weak.

CoW Swap, which has an established integration with Aave, also took to social media. "Based on what we’ve seen so far, there’s no indication of a protocol exploit or otherwise malicious behavior. The transaction executed according to the parameters of the signed order," the organization posted to X. "Our interface shows clear price impact warnings for swaps of this magnitude. We’re continuing to review the details and will share updates as we learn more."

Kulechov said Aave sympathizes with the user and is trying to contact them and return "$600,000 in fees collected from the transaction."

Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.

© 2026 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

XRP derivatives demand strengthened as Binance Taker CVD reached its highest level since November 2024.

The shift reflected improving buyer dominance in futures markets. Recent trading data showed aggressive buyers executed roughly 516.4 million XRP in market orders.

Meanwhile, sellers executed about 513.1 million XRP, leaving a 3.36 million XRP positive taker delta.

That imbalance suggested buyers gradually regained control after months of persistent sell pressure.

Higher CVD readings usually reflected stronger taker buy activity across futures markets. Traders appeared increasingly willing to open long exposure.

However, XRP price had not yet followed with a decisive breakout.

Triangle squeeze keeps XRP near resistance XRP price compressed inside a tightening symmetrical triangle on the 4-hour chart. The pattern showed descending resistance and rising support, narrowing price action.

At press time, XRP traded near $1.37 while approaching the triangle apex.

Immediate resistance sat near $1.4660, with stronger overhead pressure closer to $1.6494.

Meanwhile, support held around $1.3379, preventing deeper declines during consolidation. Repeated reactions along both trendlines highlighted strong market indecision.

However, compression structures often precede volatility expansion once the pattern resolves.

That setup left XRP at a structural decision point where buyers or sellers could force a directional move.

Source: TradingView Momentum indicators cooled after several rapid oscillations within the consolidation range.

The Stochastic RSI recently dropped near 5.90, reflecting weakening short-term buying momentum. These readings placed the oscillator close to oversold territory again.

Over recent weeks, Stochastic RSI repeatedly cycled between overbought and oversold conditions.

Such oscillations usually appear when price trades inside a range rather than a sustained trend.

Exchange outflows continue to reduce sell pressure On-chain flow data continued highlighting persistent XRP Exchange Outflows from trading platforms.

Recent data showed Exchange Netflows near –$3.12 million, meaning more tokens left exchanges than entered them.

Exchange Outflows often signaled holders transferring assets to private wallets. Such movements typically reduced immediate selling pressure across Spot markets.

Over recent months, Exchange Netflows have frequently remained negative across several sessions. That pattern suggested holders preferred accumulation during consolidation.

Even so, Outflows alone rarely trigger rallies without fresh demand entering the market.

XRP, therefore, continued trading within its triangle structure despite easing sell pressure.

Source: CoinGlass

XRP funding spike signals aggressive longs Derivatives positioning strengthened as Funding Rates surged across perpetual futures markets. The latest data placed the rate near 0.007152, marking an 803.11% increase recently.

Positive Funding Rates meant long traders paid shorts to maintain leveraged positions.

Such conditions usually appeared when traders aggressively opened long exposure.

Rapid funding spikes therefore reflected growing speculative confidence among derivatives participants.

However, elevated Funding Rates also signaled increasingly crowded long positioning.

If positioning becomes one-sided, volatility may follow quickly. That left traders watching whether derivatives demand continues expanding.

Source: CryptoQuant XRP approached a structural decision point as derivatives demand improved while price compressed inside a tightening triangle.

Buyers increased futures participation while Exchange Outflows reduced immediate selling pressure. However, the price still traded between $1.3379 support and $1.4660 resistance.

A break above resistance could trigger stronger upside participation. Conversely, rejection may extend consolidation within the triangle.

Final Summary  XRP derivatives demand strengthened as Binance Taker CVD (90D) hit its highest level since November 2024, signaling stronger buyer activity. Aggressive buyers executed 516.4M XRP versus 513.1M XRP sold, creating a 3.36M XRP positive taker delta.

Puntos claves de la noticia: Coinbase executives refute allegations they lobbied against a bitcoin tax exemption. Stablecoins are the sole beneficiaries of the exemption in the CLARITY Act. Bitcoin's price volatility turns every transaction into a potential taxable event. Coinbase executives moved quickly to refute allegations that circulated on social media over recent days.

Brian Armstrong says claims Coinbase opposed a Bitcoin de minimis tax exemption in Washington are “totally false.”

Brian Armstrong, CEO of Coinbase, has pushed back against claims that his company’s lobbyists are working to block a Bitcoin (BTC) tax exemption in Washington, calling the allegations “totally false.”

The dispute has drawn in Bitcoin advocates, tax lawyers, and crypto lobbyists, and cuts to the center of a wider debate about who the biggest companies in crypto actually represent when they walk the halls of Congress.

What the Accusations Said The allegations were made by Truth for the Commoner (TFTC), a Bitcoin-focused media account with nearly 100,000 followers on X, which posted on March 11 that Coinbase had told legislators “no one is using Bitcoin as money” and that a BTC de minimis exemption would be “DOA.”

According to TFTC, Coinbase has a financial motive for opposing the BTC tax exemption. The account claimed that the exchange earned $1.35 billion last year in stablecoin revenue, with almost all the money coming from interest on U.S. Treasuries held in reserves backing USDC.

TFTC also suggested that a de minimis rule that covers BTC but not stablecoins would make the king crypto a more attractive payment option, and that would pull users away from Coinbase’s yield-generating stablecoin ecosystem.

Recall that last year, Wyoming Senator Cynthia Lummis introduced digital asset tax legislation seeking to provide a de minimis exemption for crypto gains taxes on crypto transactions of up to $300. According to TFTC, the House version of the bill caps at $200 and only covers stablecoins.

Armstrong directly responded to the accusations against Coinbase, saying:

You may also like: Time to Pay Attention: Critical Bitcoin Metric Just Hit Its Lowest Level Since the FTX Collapse Here’s When Arthur Hayes Will Buy Bitcoin Again Tom Lee: Bitcoin Passed Key Stress Test Amid Oil Volatility “Not sure where you’re getting this misinformation (perhaps you can share?) but it’s totally false. I’ve spent a bunch of time lobbying for Bitcoin’s de minimis tax exemption, and will continue doing so.”

However, TFTC co-founder Mart Bent didn’t back down, telling Armstrong:

“I have sources that say otherwise, not you personally but your team and/or lobbyists.”

He also asked whether the Coinbase chief would walk away from the market structure bill if it failed to have a Bitcoin de minimis exemption, as he had done earlier in the year, when he withdrew support for the CLARITY Act after disagreements over stablecoin yield.

A Policy Debate With Numerous Moving Parts Meanwhile, tax lawyer Jason Schwartz, known as “CryptoTaxGuy” on X, has tried to offer some context in the exchange between Armstrong and TFTC.

According to him, the discussion might be mixing up four separate policy ideas, which are a personal use de minimis rule, a gas fee exemption, a change in stablecoin reporting, and a plan to consider stablecoin gains and losses as zero.

Schwartz added that different market participants will naturally advocate harder for different provisions, and this alone shouldn’t be seen as one party trying to “kill” another provision.

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A decentralized finance [DeFi] trader executed a massive swap, exchanging over $50 million in USDT for only about $36,000 in AAVE tokens.

On-chain data shows that the user attempted to purchase AAVE using 50,432,688 USDT through the Aave interface. 

The funds were withdrawn from Aave and routed through CoW Protocol. This on-chain liquidity aggregator executes trades across decentralized exchanges.

However, the transaction ultimately returned just about 327 AAVE, valued at roughly $36,297, indicating extremely high slippage.

Aave says user confirmed slippage warning Aave founder Stani Kulechov said the platform warned the trader about the unusually large order before the swap was executed.

According to Kulechov, the Aave interface flagged the trade as having extraordinary slippage. It required the user to explicitly acknowledge the risk before proceeding.

Source: X “The user confirmed the warning on their mobile device and proceeded with the swap, accepting the high slippage,” Kulechov wrote.

Because DeFi platforms are permissionless, transactions can still proceed once the user confirms the associated risks.

Kulechov noted that while such events occasionally occur in decentralized markets, the size of this particular transaction was far larger than typical trades, increasing the likelihood of extreme price impact.

CoW DAO says no exploit occurred Following the incident, CoW DAO, whose routing infrastructure facilitated the swap, said there is no indication of an exploit or malicious activity.

In a statement posted on X, the team said the transaction was executed in accordance with the parameters specified in the signed order.

“Based on what we’ve seen so far, there’s no indication of a protocol exploit or otherwise malicious behavior. The transaction executed according to the parameters of the signed order,” the team said.

CoW Protocol added that its interface, as well as the Aave interface used in the transaction, displayed clear price impact warnings for swaps of that magnitude.

The protocol said it is continuing to review the transaction and will share updates if additional details emerge.

Aave to refund $600K in fees Although the swap itself cannot be reversed, the Aave team said it plans to return approximately $600,000 in fees collected from the transaction.

Kulechov said the team is also attempting to contact the trader involved.

“We sympathize with the user and will try to make contact with the user,” he said.

The incident has also prompted discussion within the DeFi community about whether additional safeguards could help prevent similar outcomes in the future.

Final Summary A trader attempting to buy AAVE with $50 million USDT received only about $36,000 worth of tokens due to extreme slippage. Aave and CoW Protocol say the trade executed as signed and showed clear price impact warnings. At the same time, Aave plans to refund about $600,000 in fees collected from the transaction.

Ahmed Balaha

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Ahmed Balaha

Part of the Team Since

Aug 2025

About Author

Ahmed Balaha is a journalist and copywriter based in Georgia with a growing focus on blockchain technology, DeFi, AI, privacy, digital assets, and fintech innovation.

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9 minutes ago

Bitcoin miners are sitting on an asset most people have not fully priced in yet. Power infrastructure.

Miners with existing power infrastructure are at the crossroads of two of the most capital-intensive buildouts underway right now. Bitcoin hash rate expansion and AI data center demand.

Source: CNBCThe market has not caught up to that yet. That is the trade.

Why Bitcoin Miners With Megawatts Already WinBuilding a new data center from scratch means waiting in grid interconnection queues that stretch to 2028 and beyond. Bitcoin miners already skipped that line.

They have the land. The power contracts. The cooling systems. The grid relationships. That is years of lead time already locked in.

Sigel pointed out that miners still trade at a massive discount to data center peers on a market-cap-per-megawatt basis. The market is either ignoring AI demand entirely or betting miners cannot execute. Industry numbers suggest execution is already happening. Public miners are targeting a jump from 7 GW today to 20 GW by 2027.

LATEST: 📈 Bitcoin miners trade at a deep discount to data centers despite pivoting to power AI infrastructure, with their stocks poised for more gains, VanEck's Matthew Sigel told CNBC. pic.twitter.com/f4OQAOTAXP

— CoinMarketCap (@CoinMarketCap) March 11, 2026 There is also a grid services angle that most people overlook. Miners can cut their load on demand. That flexibility is becoming genuinely valuable as AI clusters and reshoring pile pressure onto domestic grids. Miners can simply switch off when the grid needs power. Nobody loses electricity. Miners just lose a little revenue. That is now a sellable service.

AI data center demand is growing at 24% annually through 2030. For miners holding the right infrastructure, that is not just a tailwind. That is a full repricing event waiting to happen.

What the AI Pivot Means for Listed Mining StocksThe deals are not hypothetical anymore.

MARA is converting mining sites into hyperscale data center campuses. Core Scientific just locked in up to $1 billion in financing from Morgan Stanley to fund its AI pivot.

CleanSpark said it plainly in Q1 2026. Bitcoin mining investments do not make sense at current hash prices compared to AI returns.

Hash rate is already feeling it. Global miner hash rate dropped 6% from its November 2025 peak. Some of that is rigs being reallocated to AI workloads. Not enough to threaten network security yet, but worth watching.

Source: CoinwarzOn the other side, Bitdeer is deploying 50,000 proprietary ASICs across 413 MW. That alone could add 33 EH/s to the network and $335 million in additional BTC revenue at current prices.

Q1 2026 earnings will be the first real test. Watch power capacity numbers, AI contract announcements, and curtailment revenue. The valuation gap Sigel flagged either starts closing this cycle or becomes very hard to justify.

Discover: The best new crypto in the world

Mastercard is strengthening its blockchain strategy by deepening its collaboration with Ripple and other leading digital asset firms to accelerate the development and real-world adoption of central bank digital currencies (CBDCs). This move signals a major step forward in bridging traditional finance with the emerging digital currency landscape.

In a recent presentation shared on X (formerly Twitter), Mastercard unveiled its expanding network of blockchain partners, which now includes Ripple, Binance, Consensys, PayPal, Fluency, and Fireblocks, among others. The global payments giant is leveraging these partnerships to help central banks and financial institutions safely experiment with digital currencies in controlled, practical environments.

At the heart of Mastercard's CBDC initiative is a straightforward but ambitious goal — making digital currencies just as easy and intuitive to use as traditional money. The company is actively working toward real-world CBDC deployments, pushing beyond theoretical exploration into tangible testing phases that financial institutions can participate in directly.

Ripple, long recognized as a leader in blockchain-based payment solutions and cross-border transactions, stands out as one of Mastercard's key collaborators in this effort. Alongside Consensys, Fluency, and Fireblocks, Ripple is helping Mastercard build the technical infrastructure needed to make CBDCs functional, secure, and widely accessible.

This partnership reflects a broader trend of institutional adoption gaining momentum across the global financial sector. As governments and central banks worldwide explore the potential of sovereign digital currencies, collaborations between established payment networks and blockchain innovators are becoming increasingly critical.

Mastercard's commitment to CBDC development reinforces the growing consensus that digital currencies are not a distant possibility but an approaching reality. By aligning with proven blockchain partners like Ripple, Mastercard is positioning itself at the forefront of the next major evolution in global payments, one where digital and traditional finance operate seamlessly side by side.

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Dogecoin is experiencing a dramatic spike in trading volume, with activity surging over 100% in recent sessions. While this liquidity boost has caught the attention of crypto traders, it has not been enough to reverse the meme coin's prolonged bearish trend.

Despite the volume increase, Dogecoin's price action remains surprisingly subdued. The asset is currently hovering around $0.092, showing minimal upward movement relative to the significant trading activity. This disconnect between volume and price is raising eyebrows across the crypto community, particularly as the broader digital asset market attempts to stabilize after months of sustained selling pressure.

The surge in meme coin interest comes at a sensitive time for the cryptocurrency market overall. Analysts are questioning whether retail traders are rotating back into speculative assets or simply testing liquidity before the next major move. Dogecoin, often seen as a barometer for retail sentiment, may be signaling renewed interest — but price confirmation remains absent.

From a technical standpoint, Dogecoin remains firmly entrenched in a downtrend that began in late 2024. The price continues to trade below several key moving averages, which are sloping downward and acting as dynamic resistance levels. The chart structure reflects a consistent pattern of lower highs and lower lows, a classic bearish formation that signals sellers still have firm control.

Buyers have attempted to initiate short-term recoveries, but each rally has been swiftly rejected, reinforcing the prevailing downward momentum. Until Dogecoin can break above critical resistance zones and reclaim key moving averages on sustained volume, any bullish reversal remains speculative.

Traders and investors should monitor volume trends alongside price action closely. A genuine trend reversal will require not just elevated volume, but consistent higher lows and a structural break of the current resistance framework.

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Key Takeaways HOOD and SOFI have seen rough price action over recent months. Both companies are still seeing strong platform momentum.Valuation multiples have come back down to earth amid the tough stretch. Both Robinhood (HOOD - Free Report) and SoFi (SOFI - Free Report) have faced notably rough price action over recent months, well off their previous all-time highs. But given the tough stretch, should they still warrant a watchlist spot?

HOOD Posts Record-Breaking ResultsRobinhood’s latest quarterly results broke records across several key metrics. Revenue grew by 26.5% year-over-year to a record $1.3 billion, whereas adjusted EPS was up a similarly strong 22% from the year-ago period.  

Robinhood Gold subscribers grew by 58% year-over-year to 4.2 million, with average revenue per user (ARPU) also climbing 16% year-over-year. Activity was broadly strong across its platform, with options and equities volumes both reflecting quarterly records.

EPS expectations for its current fiscal year have been soft since February, likely explaining a fair chunk of the poor price action. While the downward revisions are important to keep in mind, the $2.31 FY26 EPS estimate still remains nearly 40% higher since last March. Revisions for its next fiscal year also remain positive, as shown below.

Image Source: Zacks Investment Research

Shares do remain a tad rich from a valuation perspective, but the current 32.6X forward 12-month earnings multiple ranks as the lowest we’ve seen since the beginning of 2025. The stock is certainly one to keep a close eye on given the platform’s broader momentum, with the recent price action also bringing things back down to earth. Continued upward revisions would be key for the stock to get out of its rut, with the current price nowhere near the lofty $155 all-time highs we saw last October.

SoFi Reports Multiple RecordsSoFi also came out swinging strong in the latest release, posting record New Member additions of 1.0 million, reflecting a 35% year-over-year climb. Total fee-based revenue shot 50% higher from the year-ago period to $443 million, whereas total loan originations also reached a record $10.5 billion, growing 46% YoY.

More specifically, personal loan originations of $7.5 billion were an all-time high, with home loan originations of $1.1 billion also reflecting a record. As reflected by these results, consumers undoubtedly find the company’s offerings attractive, with the company also becoming the first nationally chartered bank to launch crypto trading for consumers.

Similar to HOOD, the stock has seen a huge drop from previous all-time highs of roughly $33 per share seen back in last November, with the current 28.8X forward 12-month earnings multiple much more tolerable relative to the 70.5X 2026 high.

EPS expectations for its current and next fiscal years also remain largely stable and bullish, as shown below.

Image Source: Zacks Investment Research

Putting Everything Together

While both Robinhood (HOOD - Free Report) and SoFi (SOFI - Free Report) have been beaten down from all-time highs, the reality is that both platforms are still seeing strong growth momentum. EPS revisions for their current and next fiscal years remain positive and bullish, with valuation multiples also coming back down to earth. Both stocks definitely deserve a close eye, with positive guidance in their next set of quarterly results likely to turn recent share weakness around.  

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Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

IRVINE, Calif., March 12, 2026 (GLOBE NEWSWIRE) -- Phoenix Energy One, LLC, (“Phoenix Energy” or the “Company”), an energy company (NYSE American: PHXE.P) focused on oil and gas exploration and production across key U.S. basins, with a primary footprint in the Williston Basin in North Dakota and Montana, will hold a public earnings call on Wednesday, March 18, 2026 at 1:30 PM PST to review Q4 2025 and full-year 2025 operating and financial results from its annual report on Form 10-K for the fiscal year ended December 31, 2025. Curtis Allen, Chief Financial Officer, will present an overview of the Company’s oil and gas portfolio, along with a detailed review of the financial performance and more noteworthy accomplishments of the fourth quarter and fiscal year 2025.

The earnings call replay will be available until Monday, April 13, 2026 at 2 pm PST. The audio replay will be posted to the Investors page of the Phoenix Energy website at https://phoenixenergy.com/investors/ within 24 hours of the call.

Phoenix Energy intends to file its Form 10-K for the fiscal year ended December 31, 2025 on EDGAR with the Securities and Exchange Commission after market close on Tuesday, March 17, 2026 and prior to market opening on Wednesday, March 18, 2026.

About Phoenix Energy One, LLC (NYSE American: PHXE.P)

Phoenix Energy One, LLC, doing business as Phoenix Energy, is an energy company formed in 2019. The company is focused on oil and gas exploration and production across key U.S. basins, with a primary footprint in the Williston Basin of North Dakota and Montana. Phoenix Energy operates under a differentiated three-pronged strategy of direct drilling, royalty acquisition, and non-operated working interests. For more information on Phoenix Energy, please visit our website at https://phoenixenergy.com/.

Forward Looking Statements

This press release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995, which are statements regarding all matters that are not historical facts. Forward-looking statements may be identified using words such as “estimate,” “plan,” “project,” “forecast,” “intend,” “will,” “expect,” “anticipate,” “believe,” “seek,” “target” or other similar expressions that predict or indicate future events or trends or that are not statements of historical facts.

Forward-looking statements are based on Phoenix Energy’s beliefs, assumptions, and expectations, taking into account currently known market conditions and other factors. Phoenix Energy’s ability to predict results or the actual effect of future events, actions, plans, or strategies is inherently uncertain and involves certain risks and uncertainties, many of which are beyond its control. Phoenix Energy’s actual results and performance could differ materially from those set forth or anticipated in its forward-looking statements. You are cautioned that the forward-looking statements contained in this press release are not guarantees of future performance, and we cannot assure you that such statements will be realized or that the forward-looking events and circumstances will occur. All forward-looking statements in this press release are made only as of the date of this press release, based on information available to Phoenix Energy as of the date of this press release, and you are cautioned not to place undue reliance on forward-looking statements considering the risks and uncertainties associated with them.

Actual results may differ materially from these expectations due to changes in global, regional, or local economic, business, competitive, market, regulatory, and other factors, many of which are beyond our control. Management believes that these factors include but are not limited to the risk factors the Company has identified in our quarterly report(s) filed on Form 10-Q under “Risk Factors.” Risk Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. The Company may not actually achieve the plans, intentions or expectations disclosed in such forward-looking statements and you should not place undue reliance on the Company’s forward-looking statements. The Company undertakes no obligation to publicly update or revise any forward-looking statement, whether because of new information, future developments or otherwise, except as may be required by any applicable securities laws.

Contact

Company: Phoenix Energy One, LLC
Email: [email protected]
Address: 18575 Jamboree Road, Suite 830, Irvine, CA 92612
Phone: 949-416-5037

Toronto, Ontario--(Newsfile Corp. - March 12, 2026) - Critical One Energy Inc. (CSE: CRTL) (OTCQB: MMTLF) (FSE: 4EF) ("Critical One" or the "Company"), a leading Canadian mining exploration company focused on critical metals and minerals, is pleased to announce the signing of a significant exploration agreement with Eabametoong First Nation and the commencement of Phase I drilling at its flagship Howells Lake Antimony-Gold Project ("Howells Lake Project") in Ontario, Canada. The Howells Lake Project is located in the Thunder Bay Mining Division and seated on the traditional territory of Eabametoong First Nation, approximately 120 to 200 kilometres (km) west of the Ring of Fire corridor.

The agreement with Eabametoong First Nation (EFN) establishes a collaborative framework for responsible exploration and potential future development of the Howells Lake Project, underscoring Critical One's commitment to building long-term, mutually beneficial relationships with EFN and Indigenous communities in which it operates. The Company emphasizes transparency and respect for traditional Indigenous knowledge and ways of life, alongside meaningful economic opportunities for EFN members, as foundational to advancing the project sustainably.

With the agreement in place, Critical One has mobilized crews and commenced Phase I diamond drilling at the Howells Lake Project. This initial program is designed to test high-priority targets, confirm and expand upon historical high-grade antimony and gold intersections, and gather essential data to support future resource delineation and development efforts.

"Eabametoong First Nation has been considering the proposed work at Howells Lake, and through recognition of EFN engagement protocols and the rights and interests of membership to partner in the design and conduct of activities in EFN territory, this project represents an important step forward in corporate and First Nation relationships," said Chief Solomon Atlookan. "As our families intensively use and harvest throughout the Howells and surrounding areas, so we had to develop new and innovative environmental measures as well as a strong role in deciding where and when activities may occur, including community environmental monitors to participate on site in any activity."

Chief Atlookan continued saying: "It has been a positive and respectful dialogue with Duane Parnham and his team to establish this phased agreement that will ensure our community is involved in guiding the Howells Lake Project over time and will also share in benefits from any work on our land. We are finding ways for this project to enable members to get out on the land together and make it easier to harvest and enjoy our territory and way of life, which is a major change from the harmful legacy of other exploration companies. Partnering with Eabametoong is the way forward."

Duane Parnham, Founder, Executive Chairman and CEO of Critical One, added: "We are thrilled to formalize our relationship with Eabametoong First Nation and to kick off drilling at Howells Lake. This milestone reflects our dedication to responsible exploration in collaboration with Indigenous partners while advancing a project of strategic importance for critical minerals like antimony, which is essential for defence, technology, and clean energy applications. Phase I drilling marks the beginning of an exciting phase for the Company, and we look forward to sharing results as they become available."

The Howells Lake Project represents one of Canada's largest known undeveloped antimony systems, with a historical resource of 1.7 million tons at a grade of 1.4% antimony with associated gold mineralization (Themistocleous, 1980)*. Historical drilling includes individual assays of up to 75% antimony and over 14 grams/ton (g/t) gold, as well as intervals such as 5.37% antimony over 8.35 metres and associations with high-grade gold. The project spans a substantial land package of approximately 25,000 hectares across a 30 km strike in a proven greenstone belt, positioning it as a key asset in addressing North America's growing demand for critical minerals amid supply chain constraints and elevated antimony prices.

The Company will issue CDN$250,000 worth of shares within 30 days of signing, make other cash considerations based on exploration value, and cover expenses throughout the life of the project.

*Note: All geological and assay information contained in this document is historical in nature and the Qualified Person ("QP") responsible for the technical disclosure in this release is unable to determine if any of that data would meet current NI 43-101 regulations regarding disclosure of scientific and technical information. Additionally, the QP has not done sufficient work to make the resource current. The historical resource uses "Inferred + Speculated" categories which are not comparable to or compliant with CIM definitions of resources. Drill intersections in the historical report are reported as downhole intervals and no true width could be determined at this time. Historical grades will need to be replicated and expanded upon with new drilling where uniform and dense drill intercepts, a defined orientation and size to the ore body, and cut-off grades, are to be established to meet modern resource standards. The information in the data recovered is considered of value and relevant to the Company's project. However, the Issuer is not treating the estimate as current.

References:

Themistocleous, S.G., 1980. Miminiska Lake Project, Northwestern Ontario, Geological Report, New Jersey Zinc Exploration Company (Canada) Ltd.

Qualified Person

Matthew Trenkler, P.Geo. and Chief Geological Officer, Critical One Energy Inc., a Qualified Person ("QP") under NI 43-101, has reviewed and approved the scientific and technical content of this news release. All technical information in this release pertaining to geology and assays is based on historical data that cannot be verified by the QP.

About Critical One Energy Inc.

Critical One Energy Inc. is a forward-focused critical minerals and upstream energy company, powering the future of clean energy and advanced technologies. The Howells Lake Antimony-Gold Project focuses the Company's exposure on antimony, one of the most in-demand critical minerals, as well as gold, which is known to occur at numerous locations on the Howells Lake Project. Backed by seasoned management expertise and prime resource assets, Critical One is strategically positioned to meet the rising global demand for critical minerals and metals. Its mine exploration portfolio is led by antimony-gold exploration potential in Canada and uranium investment interests in Namibia, Africa. By leveraging its technical, managerial, and financial expertise, the Company upgrades and creates high-value projects, thereby driving growth and delivering value to its shareholders.

Additional information about Critical One Energy Inc. can be found at criticaloneenergy.com and on the Company's SEDAR+ profile at www.sedarplus.ca.

Neither the Canadian Securities Exchange nor CIRO accepts responsibility for the adequacy or accuracy of this release.

Forward-looking Statements

This news release contains "forward-looking information" within the meaning of applicable securities laws. All statements contained herein that are not clearly historical in nature may constitute forward-looking information. In some cases, forward-looking information can be identified by words or phrases such as "may", "will", "expect", "likely", "should", "would", "plan", "anticipate", "intend", "potential", "proposed", "estimate", "believe" or the negative of these terms, or other similar words, expressions, and grammatical variations thereof, or statements that certain events or conditions "may" or "will" happen, or by discussions of strategy. Forward-looking information contained in this press release includes, but is not limited to, statements relating to the Company's business strategy and objectives.

Where the Company expresses or implies an expectation or belief as to future events or results, such expectation or belief is based on assumptions made in good faith and believed to have a reasonable basis. Such assumptions include, without limitation, that: the Company will have the resources required in order to conduct its business as currently operated.

However, forward-looking statements are subject to risks, uncertainties, and other factors, which could cause actual results to differ materially from future results expressed, projected, or implied by such forward-looking statements. Such risks include, but are not limited to, risks relating to the mining industry in general, and other risks as described in the Company's continuous disclosure record on SEDAR+.

Accordingly, undue reliance should not be placed on forward-looking statements and the forward-looking statements contained in this press release are expressly qualified in their entirety by this cautionary statement. The forward-looking statements contained herein are made as at the date hereof and are based on the beliefs, estimates, expectations, and opinions of management on such date. The Company does not undertake any obligation to update publicly or revise any such forward-looking statements or any forward-looking statements contained in any other documents whether as a result of new information, future events or otherwise or to explain any material difference between subsequent actual events and such forward-looking information, except as required under applicable securities law. Readers are cautioned to consider these and other factors, uncertainties, and potential events carefully and not to put undue reliance on forward-looking information.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/288346

Source: Critical One Energy Inc.

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Hannover Rück SE (HVRRY) Q4 2025 Earnings Call March 12, 2026 9:00 AM EDT

Company Participants

Karl Steinle - General Manager Investor & Rating Agency Relations
Clemens Jungsthofel - CEO & Chairman of the Executive Board
Christian Hermelingmeier - CFO & Member of Executive Board
Sven Althoff - Member of the Executive Board

Conference Call Participants

Andrew Baker - Goldman Sachs Group, Inc., Research Division
Kamran Hossain - JPMorgan Chase & Co, Research Division
Shanti Kang - BofA Securities, Research Division
Iain Pearce - BNP Paribas, Research Division
Chris Hartwell
Henry Heathfield - Morningstar Inc., Research Division
Benjamin Cohen - RBC Capital Markets, Research Division
Vinit Malhotra - Mediobanca - Banca di credito finanziario S.p.A., Research Division
James Shuck - Citigroup Inc., Research Division
William Hardcastle - UBS Investment Bank, Research Division

Presentation

Operator

Ladies and gentlemen, welcome to the conference call on Annual Results 2025. I'm Sergen, the Chorus Call operator. [Operator Instructions] The conference is being recorded. [Operator Instructions] At this time, it's my pleasure to hand over to Karl Steinle. Please go ahead, sir.

Karl Steinle
General Manager Investor & Rating Agency Relations

Well, good afternoon, everyone, and welcome from sunny Hannover to our analyst and investor call on our full year results for the year 2025. As announced, our CEO, Clemens Jungsthofel; and our CFO, Christian Hermelingmeier, will provide a brief overview of the business development in '25 and the outlook for the current year. For the Q&A session, they will be joined by Claude Chevre and Sven Althoff. And it's now my pleasure to hand over to you, Clemens.

Clemens Jungsthofel
CEO & Chairman of the Executive Board

Thank you, Kark, and good afternoon from Hannover. So let's start with our business performance '25, which was indeed very satisfactory. The group net income of EUR 2.64 billion is a record result for Hannover Re, reflecting a sustainable increase in the earnings power

SALT LAKE CITY--(BUSINESS WIRE)--Traeger, Inc. (“Traeger” or the “Company”) (NYSE: COOK), creator and category leader of the wood pellet grill, today announced that it will proceed with a 1-for-50 reverse stock split (“Reverse Stock Split”) of its outstanding common stock following approval by its Board of Directors. The 1-for-50 ratio is within the range approved by stockholders at a special meeting of COOK stockholders held on March 2, 2026. The Reverse Stock Split is intended to increase the.

An Ulta Beauty store sign is pictured in the Manhattan borough of New York City, New York, U.S., March 8, 2022. REUTERS/Carlo Allegri Purchase Licensing Rights, opens new tab

CompaniesMarch 12 (Reuters) - Ulta Beauty (ULTA.O), opens new tab forecast annual profit largely below Wall Street estimates on Thursday, as the cosmetics retailer ramps up marketing efforts to ​boost demand amid choppy consumer spending, sending its shares down ‌8% in extended trading.

To draw younger and more affluent shoppers, Ulta has leaned on celebrity-owned and premium labels such as Beyonce's Cecred haircare line, Rihanna's Fenty Skin ​Body, and ran holiday campaigns featuring Khloe Kardashian and Paris ​Hilton.

The Week in Breakingviews newsletter offers insights and ideas from Reuters' global financial commentary team. Sign up here.

While the company topped holiday-quarter sales expectations, its selling, general ⁠and administrative expenses increased 17.4% to $3.30 billion for fiscal year 2025, ​partly due to higher advertising costs.

Consumers, particularly in the lower- and middle-income ​categories, have been paring back spending on non-essential purchases as they funnel more of their crimped budgets into everyday essentials such as groceries and pantry staples.

Ulta Beauty was ​increasingly mindful of rising global conflicts that could impact economic conditions, ​executives said on a post-earnings call, as sticky inflation and rising geopolitical unrest weigh ‌on ⁠consumer sentiment.

It expects comparable sales growth of 2.5% to 3.5% in fiscal 2026, compared with the 5.4% growth it posted in 2025.

Ulta Beauty also faces intense competition from Target (TGT.N), opens new tab and Walmart (WMT.O), opens new tab as they broaden their ​beauty offerings and ​ride the surge ⁠in demand for K-beauty products.

Last year, the company acquired British high-street chain Space NK to enter the growing UK ​market and step up its international expansion under ​its turnaround ⁠plan.

Ulta Beauty expects full-year earnings per share to be between $28.05 and $28.55, with the mid-point below analysts' expectations of $28.40, according to data compiled by LSEG.

The ⁠company posted ​fourth-quarter earnings per share of $8.01, compared with ​the estimate of $8.03.

It expects annual net sales to grow 6% to 7%, while analysts estimate ​a 5.94% rise.

Reporting by Sanskriti Shekhar in Bengaluru; Editing by Shilpi Majumdar

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FOSTER CITY, Calif.--(BUSINESS WIRE)--Mirum Pharmaceuticals Reports Inducement Grants Under Nasdaq Listing Rule 5635(c)(4).

March 12, 2026 17:30 ET  | Source: Westport Fuel Systems Inc.

VANCOUVER, British Columbia, March 12, 2026 (GLOBE NEWSWIRE) -- Westport Fuel Systems Inc. (TSX: WPRT / Nasdaq: WPRT) (“Westport” or “The Company”) announces that the Company will release 2025 financial results on Thursday, March 26, 2026, after market close. A conference call and webcast to discuss the financial results and other corporate developments will be held on Friday, March 27, 2026.

Time: 9:00 a.m. ET (6:00 a.m. PT)
Call Link:   https://register-conf.media-server.com/register/BIe85f76e1734944a1a55b770ad7d41fe1
Webcast:   https://investors.westport.com

Participants may register up to 60 minutes before the event by clicking on the call link and completing the online registration form. Upon registration, the user will receive dial-in info and a unique PIN, along with an email confirming the details.

The webcast will be archived on Westport’s website and a replay will be available at https://investors.westport.com.

About Westport

Westport is a technology and innovation company connecting synergistic technologies to power a cleaner tomorrow. As a leading supplier of affordable, alternative fuel, low-emissions transportation technologies, we design, manufacture, and supply advanced components and systems that enable the transition from traditional fuels to cleaner energy solutions.

Our proven technologies support a wide range of clean fuels – including natural gas, renewable natural gas, and hydrogen – empowering OEMs and commercial transportation industries to meet performance demands, regulatory requirements, and climate targets in a cost-effective way. With decades of expertise and a commitment to engineering excellence, Westport is helping our partners achieve sustainability goals—without compromising performance or cost-efficiency – making clean, scalable transport solutions a reality.

Westport is headquartered in Vancouver, Canada. For more information, visit www.westport.com.

Investor Inquiries:
Investor Relations
T: +1 604-718-2046
E: [email protected]

TONMYA™ (cyclobenzaprine HCl sublingual tablets) launched November 17, 2025, for the treatment of fibromyalgia; through February 27, 2026, more than 1,500 healthcare providers have prescribed TONMYA to patients, approximately 2,500 patients have initiated treatment with TONMYA, and cumulative prescriptions totaled approximately 4,200

Expect to initiate U.S. field study in 2027 for TNX-4800 for seasonal prevention of Lyme disease pending FDA clearance

Completed $20.0 million registered direct offering with Point72 on December 29, 2025

Approximately $207.6 million in cash and cash equivalents as of December 31, 2025

BERKELEY HEIGHTS, N.J., March 12, 2026 (GLOBE NEWSWIRE) -- Tonix Pharmaceuticals Holding Corp. (Nasdaq: TNXP) ("Tonix" or the "Company"), a fully integrated, commercial biotechnology company, today announced financial results for the fourth quarter and full year ended December 31, 2025, and provided an overview of recent operational highlights.

“2025 was transformational for Tonix as we achieved FDA approval and began the U.S. commercial launch of TONMYA, our first fully in-house developed product and the first new medicine approved for fibromyalgia in more than 15 years,” said Seth Lederman, M.D., Chief Executive Officer of Tonix Pharmaceuticals. “TONMYA is a non-opioid analgesic designed for long-term, once-daily bedtime dosing. We believe TONMYA now provides an alternative medicine for the approximately 10 million adults in the U.S. who suffer from fibromyalgia. We have the capabilities to engage healthcare providers and patients, having launched the product and an approximately 90-member salesforce. Early prescription trends reflect favorable prescriber uptake and repeat utilization consistent with our internal launch expectations. Our experienced commercial team is committed to growing awareness and adoption, facilitating patient access, and obtaining payer coverage as we strive to improve the fibromyalgia journey for patients and healthcare providers.”

Dr. Lederman continued, “We also meaningfully advanced our robust clinical pipeline in 2025. Tonix in-licensed TNX-4800, a long-acting human monoclonal antibody for the seasonal prevention of Lyme disease, for which there are no FDA-approved vaccines or prophylactics. This program, developed by researchers at UMass Chan Medical School, anchors our clinical-stage infectious disease pipeline, and we plan to discuss Phase 2/3 development with the FDA this year. An additional highlight includes FDA clearance of the Investigational New Drug application (IND) for HORIZON, a potentially pivotal Phase 2 study of TNX-102 SL (cyclobenzaprine HCl sublingual tablets) in major depressive disorder, which is expected to initiate enrollment in mid-2026. Looking ahead, our priorities are clear. We are driven to continue our momentum in 2026 as we focus on the successful commercialization of TONMYA, pipeline progress, and sustainable long-term value for patients and shareholders.”

Commercial Updates

TONMYA (cyclobenzaprine HCl sublingual tablets): a centrally acting, non-opioid analgesic for the treatment of fibromyalgia in adults

In August 2025, the U.S. FDA approved TONMYA for the treatment of fibromyalgia in adults, making it the first new prescription medicine approved for this indication in more than 15 years. The approval was based on two double-blind, randomized, placebo-controlled Phase 3 clinical trials of nearly 1,000 patients that demonstrated statistically significant reduction in daily pain scores compared to placebo.On November 17, 2025, TONMYA became commercially available at pharmacies by prescription in the U.S. Approximately 90 sales representatives were deployed in the field in advance of the launch. Early prescription trends reflect favorable adoption rates by prescribers and patients, with prescription volumes increasing each full month post launch. Launch metrics for the period November 17, 2025–February 27, 2026 (launch-to-date), are as follows: More than 1,500 healthcare providers have prescribed TONMYA to patients.Approximately 2,500 patients have initiated treatment with TONMYA.Cumulative prescriptions totaled approximately 4,200. This includes bridge prescriptions that are facilitated through the Company’s specialty pharmacy channel. Bridge prescriptions represent initial patient fills provided while coverage determinations are pending and do not immediately generate net product revenue. The Company has contracted with existing wholesalers and specialty pharmacies for distribution and with companies to assist with prescription fulfillment and patient access. Tonix also has a robust patient access program and support services in place, including TONMYA savings card, copay assistance, and prior authorization support, intended to reduce access barriers during early commercialization.The Company is prioritizing expanding payer engagement and establishing contracts with commercial payers, while also progressing discussions with Medicare and Medicaid. Key Product Pipeline Candidates: Recent Highlights

Infectious Disease Pipeline
TNX-4800 (anti-OspA mAb): long-acting human monoclonal antibody in development for the seasonal prevention of Lyme disease, which has no FDA-approved vaccines or prophylactics

In December 2025, Tonix announced plans to meet with the FDA in 2026 to explore Phase 2/3 development options, including a Phase 2 field study and a Phase 2 controlled human infection model (CHIM) study, which is also called a human challenge study. The Company expects to have GMP investigational product available for clinical testing in early 2027. Pending FDA clearances, the field study is expected to initiate enrollment in 2027 and the CHIM study in 2028. Central Nervous System (CNS) Pipeline
TNX-102 SL (cyclobenzaprine HCl sublingual tablets): in development for major depressive disorder (MDD)

In November 2025, the FDA cleared the IND for TNX-102 SL 5.6 mg for the treatment of MDD in adults. The IND clearance enables Tonix to proceed with the HORIZON study, a potentially pivotal Phase 2, 6-week, randomized, double-blind, placebo-controlled study of TNX-102 SL as a first-line monotherapy in adults with MDD. About 360 patients will be enrolled at approximately 30 U.S. sites, with the primary endpoint being the MADRS total score change from baseline at Week 6. Tonix plans to initiate enrollment in mid-2026.
Prior studies of TNX-102 SL in fibromyalgia and post-traumatic stress disorder (PTSD) showed promising signals for improvement of depressive symptoms. TNX-102 SL treatment has been associated with a low incidence of side effects common with traditional antidepressants, including weight gain, blood pressure changes, sexual dysfunction, and cognitive issues. TNX-102 SL for the treatment of acute stress reaction (ASR) and acute stress disorder (ASD), and prophylaxis against development of PTSD

The U.S. Department of Defense-funded Optimizing Acute Stress Reaction Interventions (OASIS) trial is being conducted by the University of North Carolina under an investigator-initiated IND application. The OASIS trial examines the safety and efficacy of TNX-102 SL to reduce adverse posttraumatic neuropsychiatric sequelae among patients in the emergency department after a motor vehicle collision. Topline data is expected to be reported in the second half of 2026. Immunology Pipeline
TNX-1500 (dimeric Fc modified anti-CD40L, humanized monoclonal antibody): third generation anti-CD40L for prophylaxis of kidney transplant rejection and treatment of autoimmune disorders

In November 2025, Tonix announced a collaboration with Massachusetts General Hospital to advance a Phase 2 open-label, investigator-initiated clinical trial of TNX-1500 in kidney transplant recipients, planned for initiation mid-year 2026 pending FDA clearance of the IND. The study is expected to enroll five adult kidney transplant recipients.
In October 2025, Tonix presented an update at the Japan Society for Transplantation annual congress, highlighting Phase 1 safety and pharmacokinetic and pharmacodynamic results and outlining next steps toward Phase 2 evaluation in allogenic kidney transplantation. Rare Disease Pipeline
TNX-2900 (intranasal potentiated oxytocin): in development for Prader-Willi syndrome, with Orphan Drug designation as well as Rare Pediatric Disease designation that could make Tonix eligible for a Priority Review Voucher upon approval

In September 2025, Tonix announced plans to initiate a Phase 2, randomized, double-blind, placebo-controlled trial in children and adolescents with Prader-Willi syndrome. The study is expected to initiate in the first quarter of 2027. Financial: Recent Highlights

Tonix had approximately $207.6 million of cash and cash equivalents as of December 31, 2025, compared to approximately $98.8 million as of December 31, 2024. Net cash used in operations was approximately $99.8 million for the full year ended December 31, 2025, compared to $60.9 million for the same period in 2024. Cash paid for capital expenditures for the full year ended December 31, 2025, were approximately $3.4 million compared to $0.1 million for the same period in 2024.

In December 2025, Tonix completed a $20.0 million registered direct offering with Point72 Asset Management. The net proceeds are being used to fund commercialization of marketed products, pipeline development, and general working capital. TD Cowen acted as sole placement agent for the offering. A.G.P./Alliance Global Partners acted as a financial advisor.

Subsequent to year-end, the Company has raised $8.6 million proceeds using its at-the-market (ATM) facility.

The Company believes that its cash resources at December 31, 2025, will meet its planned operating and capital expenditure requirements into the first quarter of 2027.

As of March 11, 2026, the Company had 13,405,401 shares of common stock outstanding.

Full Year 2025 Financial Results

Net product revenue for the full year 2025 was approximately $13.1 million, compared to $10.1 million in 2024. Net revenue from sales of Zembrace®, SymTouch®, and Tosymra® for the full year 2025 was approximately $11.7 million, compared to $10.1 million in 2024. Net revenue from sales of TONMYA for the period from launch on November 17, 2025, to December 31, 2025, was approximately $1.4 million. Cost of sales for the full year 2025 was approximately $6.6 million, compared to $7.8 million in 2024.

Research and development expenses for the full year 2025 were approximately $44.5 million, compared to $40.0 million in 2024. This increase is predominately due to pipeline prioritization period over period, and increased headcount.

Selling, general, and administrative expenses for the full year 2025 were $87.7 million, compared to $40.1 million in 2024. The increase is predominately due to spending on sales and marketing related to TONMYA as well as increased headcount.

Net loss available to common stockholders was approximately $124.0 million, or $14.57 per basic and diluted share, for the full year 2025, compared to net loss available to common stockholders of $130.0 million, or $176.60 per basic and diluted share, in 2024. The basic and diluted weighted average common shares outstanding for the full year 2025 was 8,511,318 compared to 736,339 shares for 2024.

Fourth Quarter 2025 Financial Results

Net product revenue for the fourth quarter 2025 was approximately $5.4 million, compared to $2.6 million for the same period in 2024, and consisted of combined net sales of TONMYA™, Zembrace® SymTouch®, and Tosymra®. Cost of sales for the fourth quarter 2025 was approximately $1.1 million, compared to $1.2 million for the same period in 2024.

Research and development expenses for the fourth quarter 2025 were approximately $16.9 million, compared to $8.3 million for the same period in 2024. This increase is predominately due to pipeline prioritization period over period and increased headcount.

Selling, general, and administrative expenses for the fourth quarter 2025 were $35.7 million, compared to $15.6 million for the same period in 2024. The increase is predominately due to spending on sales and marketing related to TONMYA and increased headcount.

Net loss available to common stockholders was $46.9 million, or $3.98 per basic and diluted share, for the fourth quarter 2025, compared to net loss available to common stockholders of $22.1 million, or $9.77 per basic and diluted share, for the same period in 2024. The basic and diluted weighted average common shares outstanding for the fourth quarter 2025 was 11,798,945 compared to 2,263,535 shares for the same period in 2024.

Tonix Pharmaceuticals Holding Corp.
Tonix Pharmaceuticals* is a fully-integrated, commercial-stage biotechnology company focused on central nervous system (CNS) and immunology treatments in areas of high unmet medical need. TONMYATM (cyclobenzaprine HCl sublingual tablets 2.8mg), the Company’s recently approved flagship medicine, is the first new treatment for fibromyalgia in more than 15 years. Tonix’s CNS commercial infrastructure supports its marketed products, including its acute migraine products, Zembrace® SymTouch® and Tosymra®. Tonix is maximizing the science behind TONMYA in Phase 2 clinical trials to evaluate its potential in major depressive disorder and acute stress disorder. In addition, the Company’s CNS portfolio includes TNX-2900, which is Phase 2 ready for the treatment of Prader-Willi syndrome, a rare disease. Tonix is also advancing a pipeline of immunology programs, including monoclonal antibody TNX-4800 for Lyme disease prophylaxis and TNX-1500, a third-generation CD40 ligand inhibitor for the prevention of kidney transplant rejection. To learn more, visit www.tonixpharma.com and follow the Company on LinkedIn and X.

*Tonix’s product development candidates are investigational new drugs or biologics; their efficacy and safety have not been established and have not been approved for any indication.

Zembrace SymTouch and Tosymra are registered trademarks of Tonix Medicines. TONMYA is a trademark of Tonix Pharma Limited. All other marks are property of their respective owners.

Forward Looking Statements
Certain statements in this press release are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995 including those relating to the completion of the offering, the satisfaction of customary closing conditions, the intended use of proceeds from the offering and other statements that are predictive in nature. These statements may be identified by the use of forward-looking words such as “anticipate,” “believe,” “forecast,” “estimate,” “expect,” and “intend,” among others. These forward-looking statements are based on Tonix's current expectations and actual results could differ materially as a result of a number of factors, including the ability of the Company to satisfy the conditions to the closing of the offering and the timing thereof, as well as those described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, as filed with the SEC on March 12, 2026, and periodic reports filed with the SEC on or after the date thereof. Tonix does not undertake an obligation to update or revise any forward-looking statement. All of Tonix's forward-looking statements are expressly qualified by all such risk factors and other cautionary statements. The information set forth herein speaks only as of the date thereof.

 TONIX PHARMACEUTICALS HOLDING CORP.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In Thousands, Except Share and Per Share Amounts)
(unaudited)
         Year Ended
December 31,  Three Months Ended
December 31,   2025  2024  2025  2024 REVENUE:            Product revenue, net $13,107  $10,094  $5,390  $2,582 COSTS AND EXPENSES:                Cost of revenue  6,640   7,765   1,058   1,183 Research and development  44,486   39,972   16,941   8,297 Selling, general, and administrative  87,684   40,101   35,677   15,582 Asset impairment charges  —   58,957   —   —    138,810   146,795   53,676   25,062                  Operating loss  (125,703)  (136,701)  (48,286)  (22,480)                 Grant income  3,012   2,594   71   926 Gain on change in fair value of warrant liabilities  —   6,150   —   — Loss on extinguishment of debt  (2,092)  —   —   — Interest income  4,146   22   1,344   1 Interest expense  (89)  (1,234)  —   (280)Other (expense) income, net  (3,295)  (867)  (39)  (275)                 Net loss  (124,021)  (130,036)  (46,910)  (22,108)                 Net loss available to common stockholders $(124,021) $(130,036) $(46,910) $(22,108)                 Net loss per common share, basic and diluted $(14.57) $(176.60) $(3.98) $(9.77)                 Weighted average common shares outstanding, basic and diluted  8,511,318   736,339   11,798,945   2,263,535                    TONIX PHARMACEUTICALS HOLDING CORP.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In Thousands)
(Unaudited)1       December 31, 2025  December 31, 2024 Assets       Cash and cash equivalents$207,637  $98,776 Accounts Receivable, net 6,271   3,683 Inventory 6,013   8,408 Prepaid expenses and other 8,955   8,135 Total current assets 228,876   119,002 Other non-current assets 48,295   43,888 Total assets$277,171  $162,890         Liabilities and stockholders’ equity       Total liabilities$32,021  $23,332 Stockholders’ equity 245,150   139,558 Total liabilities and stockholders’ equity$277,171  $162,890  1 The condensed consolidated balance sheets for the years ended December 31, 2025, and 2024 have been derived from the audited financial statements but do not include all of the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements.    Investor Contacts
Jessica Morris
Tonix Pharmaceuticals 
(862) 799-8599 
[email protected]  

Brian Korb 
astr partners 
(917) 653-5122 
[email protected] 

Media Contacts
Deborah Elson
Tonix Pharmaceuticals 
[email protected]

Ray Jordan 
Putnam Insights 
[email protected] 

INDICATION
TONMYA is indicated for the treatment of fibromyalgia in adults.

CONTRAINDICATIONS
TONMYA is contraindicated:
In patients with hypersensitivity to cyclobenzaprine or any inactive ingredient in TONMYA. Hypersensitivity reactions may manifest as an anaphylactic reaction, urticaria, facial and/or tongue swelling, or pruritus. Discontinue TONMYA if a hypersensitivity reaction is suspected. With concomitant use of monoamine oxidase (MAO) inhibitors or within 14 days after discontinuation of an MAO inhibitor. Hyperpyretic crisis seizures and deaths have occurred in patients who received cyclobenzaprine (or structurally similar tricyclic antidepressants) concomitantly with MAO inhibitors drugs.
During the acute recovery phase of myocardial infarction, and in patients with arrhythmias, heart block or conduction disturbances, or congestive heart failure. In patients with hyperthyroidism.

WARNINGS AND PRECAUTIONS
Embryofetal toxicity: Based on animal data, TONMYA may cause neural tube defects when used two weeks prior to conception and during the first trimester of pregnancy. Advise females of reproductive potential of the potential risk and to use effective contraception during treatment and for two weeks after the final dose. Perform a pregnancy test prior to initiation of treatment with TONMYA to exclude use of TONMYA during the first trimester of pregnancy.

Serotonin syndrome: Concomitant use of TONMYA with selective serotonin reuptake inhibitors (SSRIs), serotonin norepinephrine reuptake inhibitors (SNRIs), tricyclic antidepressants, tramadol, bupropion, meperidine, verapamil, or MAO inhibitors increases the risk of serotonin syndrome, a potentially life-threatening condition. Serotonin syndrome symptoms may include mental status changes, autonomic instability, neuromuscular abnormalities, and/or gastrointestinal symptoms. Treatment with TONMYA and any concomitant serotonergic agent should be discontinued immediately if serotonin syndrome symptoms occur and supportive symptomatic treatment should be initiated. If concomitant treatment with TONMYA and other serotonergic drugs is clinically warranted, careful observation is advised, particularly during treatment initiation or dosage increases.

Tricyclic antidepressant-like adverse reactions: Cyclobenzaprine is structurally related to TCAs. TCAs have been reported to produce arrhythmias, sinus tachycardia, prolongation of the conduction time leading to myocardial infarction and stroke. If clinically significant central nervous system (CNS) symptoms develop, consider discontinuation of TONMYA. Caution should be used when TCAs are given to patients with a history of seizure disorder, because TCAs may lower the seizure threshold. Patients with a history of seizures should be monitored during TCA use to identify recurrence of seizures or an increase in the frequency of seizures.

Atropine-like effects: Use with caution in patients with a history of urinary retention, angle-closure glaucoma, increased intraocular pressure, and in patients taking anticholinergic drugs.

CNS depression and risk of operating a motor vehicle or hazardous machinery: TONMYA monotherapy may cause CNS depression. Concomitant use of TONMYA with alcohol, barbiturates, or other CNS depressants may increase the risk of CNS depression. Advise patients not to operate a motor vehicle or dangerous machinery until they are reasonably certain that TONMYA therapy will not adversely affect their ability to engage in such activities. Oral mucosal adverse reactions: In clinical studies with TONMYA, oral mucosal adverse reactions occurred more frequently in patients treated with TONMYA compared to placebo. Advise patients to moisten the mouth with sips of water before administration of TONMYA to reduce the risk of oral sensory changes (hypoesthesia). Consider discontinuation of TONMYA if severe reactions occur.

ADVERSE REACTIONS
The most common adverse reactions (incidence ≥2% and at a higher incidence in TONMYA-treated patients compared to placebo-treated patients) were oral hypoesthesia, oral discomfort, abnormal product taste, somnolence, oral paresthesia, oral pain, fatigue, dry mouth, and aphthous ulcer.

DRUG INTERACTIONS
MAO inhibitors: Life-threatening interactions may occur.

Other serotonergic drugs: Serotonin syndrome has been reported.

CNS depressants: CNS depressant effects of alcohol, barbiturates, and other CNS depressants may be enhanced.

Tramadol: Seizure risk may be enhanced.
Guanethidine or other similar acting drugs: The antihypertensive action of these drugs may be blocked.

USE IN SPECIFIC POPULATIONS
Pregnancy: Based on animal data, TONMYA may cause fetal harm when administered to a pregnant woman. The limited amount of available observational data on oral cyclobenzaprine use in pregnancy is of insufficient quality to inform a TONMYA-associated risk of major birth defects, miscarriage, or adverse maternal or fetal outcomes. Advise pregnant women about the potential risk to the fetus with maternal exposure to TONMYA and to avoid use of TONMYA two weeks prior to conception and through the first trimester of pregnancy. Report pregnancies to the Tonix Medicines, Inc., adverse-event reporting line at 1-888-869-7633 (1-888-TNXPMED).

Lactation: A small number of published cases report the transfer of cyclobenzaprine into human milk in low amounts, but these data cannot be confirmed. There are no data on the effects of cyclobenzaprine on a breastfed infant, or the effects on milk production. The developmental and health benefits of breastfeeding should be considered along with the mother’s clinical need for TONMYA and any potential adverse effects on the breastfed child from TONMYA or from the underlying maternal condition.

Pediatric use: The safety and effectiveness of TONMYA have not been established.

Geriatric patients: Of the total number of TONMYA-treated patients in the clinical trials in adult patients with fibromyalgia, none were 65 years of age and older. Clinical trials of TONMYA did not include sufficient numbers of patients 65 years of age and older to determine whether they respond differently from younger adult patients.

Hepatic impairment: The recommended dosage of TONMYA in patients with mild hepatic impairment (HI) (Child Pugh A) is 2.8 mg once daily at bedtime, lower than the recommended dosage in patients with normal hepatic function. The use of TONMYA is not recommended in patients with moderate HI (Child Pugh B) or severe HI (Child Pugh C). Cyclobenzaprine exposure (AUC) was increased in patients with mild HI and moderate HI compared to subjects with normal hepatic function, which may increase the risk of TONMYA-associated adverse reactions.

Please see additional safety information in the full Prescribing Information.
To report suspected adverse reactions, contact Tonix Medicines, Inc. at 1-888-869-7633, or the FDA at 1-800-FDA-1088 or www.fda.gov/medwatch.

Indication and Usage
Zembrace® SymTouch® (sumatriptan succinate) injection (Zembrace) and Tosymra® (sumatriptan) nasal spray are prescription medicines used to treat acute migraine headaches with or without aura in adults who have been diagnosed with migraine.

Zembrace and Tosymra are not used to prevent migraines. It is not known if Zembrace or Tosymra are safe and effective in children under 18 years of age.

Important Safety Information
Zembrace and Tosymra can cause serious side effects, including heart attack and other heart problems, which may lead to death. Stop use and get emergency help if you have any signs of a heart attack:

discomfort in the center of your chest that lasts for more than a few minutes or goes away and comes backsevere tightness, pain, pressure, or heaviness in your chest, throat, neck, or jawpain or discomfort in your arms, back, neck, jaw or stomachshortness of breath with or without chest discomfortbreaking out in a cold sweatnausea or vomitingfeeling lightheaded Zembrace and Tosymra are not for people with risk factors for heart disease (high blood pressure or cholesterol, smoking, overweight, diabetes, family history of heart disease) unless a heart exam shows no problem.

Do not use Zembrace or Tosymra if you have:

history of heart problemsnarrowing of blood vessels to your legs, arms, stomach, or kidney (peripheral vascular disease)uncontrolled high blood pressurehemiplegic or basilar migraines. If you are not sure if you have these, ask your provider.had a stroke, transient ischemic attacks (TIAs), or problems with blood circulationsevere liver problemstaken any of the following medicines in the last 24 hours: almotriptan, eletriptan, frovatriptan, naratriptan, rizatriptan, ergotamines, or dihydroergotamine. Ask your provider for a list of these medicines if you are not sure.are taking certain antidepressants, known as monoamine oxidase (MAO)-A inhibitors or it has been 2 weeks or less since you stopped taking a MAO-A inhibitor. Ask your provider for a list of these medicines if you are not sure.an allergy to sumatriptan or any of the components of Zembrace or Tosymra Tell your provider about all of your medical conditions and medicines you take, including vitamins and supplements.

Zembrace and Tosymra can cause dizziness, weakness, or drowsiness. If so, do not drive a car, use machinery, or do anything where you need to be alert.

Zembrace and Tosymra may cause serious side effects including:

changes in color or sensation in your fingers and toessudden or severe stomach pain, stomach pain after meals, weight loss, nausea or vomiting, constipation or diarrhea, bloody diarrhea, fevercramping and pain in your legs or hips; feeling of heaviness or tightness in your leg muscles; burning or aching pain in your feet or toes while resting; numbness, tingling, or weakness in your legs; cold feeling or color changes in one or both legs or feetincreased blood pressure including a sudden severe increase even if you have no history of high blood pressuremedication overuse headaches from using migraine medicine for 10 or more days each month. If your headaches get worse, call your provider.serotonin syndrome, a rare but serious problem that can happen in people using Zembrace or Tosymra, especially when used with anti-depressant medicines called SSRIs or SNRIs. Call your provider right away if you have: mental changes such as seeing things that are not there (hallucinations), agitation, or coma; fast heartbeat; changes in blood pressure; high body temperature; tight muscles; or trouble walking.hives (itchy bumps); swelling of your tongue, mouth, or throatseizures even in people who have never had seizures before The most common side effects of Zembrace and Tosymra include: pain and redness at injection site (Zembrace only); tingling or numbness in your fingers or toes; dizziness; warm, hot, burning feeling to your face (flushing); discomfort or stiffness in your neck; feeling weak, drowsy, or tired; application site (nasal) reactions (Tosymra only) and throat irritation (Tosymra only).

Tell your provider if you have any side effect that bothers you or does not go away. These are not all the possible side effects of Zembrace and Tosymra. For more information, ask your provider.

This is the most important information to know about Zembrace and Tosymra but is not comprehensive. For more information, talk to your provider and read the Patient Information and Instructions for Use. You can also visit https://www.tonixpharma.com or call 1-888-869-7633.

You are encouraged to report adverse effects of prescription drugs to the FDA. Visit www.fda.gov/medwatch, or call 1-800-FDA-1088.

John Lonski on economic impact of tariff refunds The Lonski Group President John Lonski discusses a federal judge's order to the Trump administration to pay out tariff refunds and a Fox News poll regarding inflation and personal finance situations on ‘Varney & Co.’

Costco is facing a proposed nationwide class action lawsuit seeking refunds for customers over higher prices charged by the company due to the Trump administration's tariffs that were subsequently ruled unconstitutional by the Supreme Court.

The lawsuit was filed by a Costco shopper in federal court in Illinois on Wednesday and seeks a declaration that the company must return to customers any refunds it receives for tariffs Costco paid under the International Emergency Economic Powers Act (IEEPA).

The suit follows the Supreme Court's ruling on Feb. 20 which held that President Donald Trump overstepped his authority in imposing tariffs under IEEPA, as the law doesn't grant tariff authority to the president.

Costco is among the more than 2,000 companies that have filed suits in the U.S. Court of International Trade seeking to recover tariffs they paid for imported goods. If the company receives those funds back through a refund, the lawsuit seeks to ensure those refunds are provided to customers who faced higher prices because of tariffs.

FOX Business reached out to Costco for comment.

FEDEX SAYS IT WILL RETURN ANY TARIFF REFUNDS TO CUSTOMERS, SHIPPERS WHO PAID THEM

Costco said it plans to return tariff refunds to consumers through lower prices and additional value, though the suit seeks to require consumer compensation. (David Paul Morris/Bloomberg)

"This lawsuit seeks to prevent Costco, the third-largest retailer in the world, from double recovery," the lawsuit said. "Costco has made no commitment to return any portion of anticipated tariff refunds to the consumers who bore those costs."

The suit added that the company has only promised "a possible future benefit to an indeterminate group of future shoppers."

Costco CEO Ron Vachris told analysts last week that it was still unclear if or when businesses will get refunds for the IEEPA tariffs they previously paid.

Vachris indicated that if Costco does receive the funds, the company plans to channel them into lower prices and improved value for shoppers.

FEDEX SUES TRUMP ADMINISTRATION FOR FULL TARIFF REFUNDS AFTER SUPREME COURT RULING ON IEEPA

Ticker Security Last Change Change % COST COSTCO WHOLESALE CORP. 1,003.32 +11.09 +1.12% FedEx, which has also filed suit in the Court of International Trade to recover tariff refunds, is facing a similar class action lawsuit that was filed in late February by shippers who paid higher prices due to the tariffs.

Before the class-action lawsuit was filed, the company said in a statement that, "If refunds are issued to FedEx, we will issue refunds to the shippers and consumers who originally bore those charges. When that will happen and the exact process for requesting and issuing refunds will depend in part on future guidance from the government and the court."

The class action lawsuit claims that FedEx's promise wasn't legally enforceable and seeks to ensure shippers and consumers receive the additional funds they paid due to the tariffs.

HOW SHOULD BUSINESSES APPROACH TARIFF REFUNDS?

Tariffs are taxes on imports paid by the importer, who often passes on some or all of the higher cost onto consumers through higher prices. (Brandon Bell/Getty Images)

The Supreme Court's ruling sent the case back to lower courts, where it's possible that the government could reach an agreement with the courts over a format for providing refunds to tariff payers.

Existing avenues to pursue tariff refunds exist through the U.S. Court of International Trade, where thousands of companies have filed suit to recover those funds.

A recent study by the Federal Reserve Bank of New York found that U.S. businesses and consumers bore 86% of the tariff burden, while foreign exporters bore 14% as of November 2025. 

The New York Fed's researchers found that the share borne by U.S. businesses and consumers declined over the year from 94% in the January through August period to 92% in September and October.

GET FOX BUSINESS ON THE GO BY CLICKING HERE

Those findings are similar to those contained in another analysis by the nonpartisan Congressional Budget Office (CBO), which noted in its 10-year budget and economic outlook that foreign exporters were absorbing about 5% of the tariff costs with the remaining 95% falling on U.S. firms and consumers.

Reuters contributed to this report.

Enghouse Systems Limited (ENGH:CA) Shareholder/Analyst Call March 12, 2026 4:30 PM EDT

Company Participants

Todd May - VP & General Counsel
Rob Medved - Chief Financial Officer

Presentation

Operator

Ladies and gentlemen, welcome to the Annual General Meeting of Enghouse Systems Limited. Please note, the meeting will be recorded.

I would like to introduce Mr. Todd May, VP and General Counsel of Enghouse Systems. Mr. May, the floor is yours.

Todd May
VP & General Counsel

Ladies and gentlemen, I would like to welcome all of you. I will be acting as Chairman of the meeting. I would ask that the meeting come to order.

Rob Medved, Chief Financial Officer of the corporation, shall act as Secretary of the meeting. We are pleased to host the meeting through the virtual meeting platform accessible to all our shareholders regardless of physical location. We will only present the formal business of the corporation at the meeting and will provide an operational update on the first quarter during the conference call tomorrow.

The first item of business will be the appointment of scrutineers for this meeting. With the consent of the meeting, I hereby appoint Rosa Garofalo of TSX Trust Company, the corporation's transfer agent and registrar, to act as scrutineer for purposes of this meeting. Would the Secretary please report on the mailing of the notice calling this meeting?

Rob Medved
Chief Financial Officer

Mr. Chairman, I table the declaration made by TSX Trust Company to the effect that on February 6, 2026, a notice and access notice and a proxy were mailed to all registered shareholders of record at the close of business on January 30, 2026, and that those documents and certain other proxy-related materials, including the information circular for this meeting, were posted on SEDAR+ and on the website of TSX Trust Company.

Arbor Realty Trust, Inc. remains pressured, but legacy portfolio issues appear manageable rather than existential. The ABR Series D preferreds offer yield, seniority over common, and meaningful upside to par. Preferred coverage looks solid, though senior note pricing tempers confidence in the thesis.

-- Total Revenue of $59.3 million, above the high-end of our guidance range --

-- Adjusted EBITDA above the high-end of our guidance range  --

, /PRNewswire/ -- LivePerson, Inc. (NASDAQ: LPSN) ("LivePerson" the "Company", "we" or "us"), a leading provider of predictable conversational AI, today announced financial results for the fourth quarter ended December 31, 2025.

Fourth Quarter Highlights

Total revenue was $59.3 million for the fourth quarter of 2025, a decrease of 19% as compared to the same period last year, driven by customer cancellations and downsells.

LivePerson signed 40 deals in total for the fourth quarter, consisting of 36 existing and 4 new customers. Trailing-twelve-months average revenue per enterprise and mid-market customer (ARPC) increased 8.8% for the fourth quarter to $680,000, up from approximately $625,000 for the comparable prior-year period. ARPC is calculated using only recurring revenue, which is consistent with the revenue base for calculating Net Revenue Retention.

"Over the past year, we improved our balance sheet, optimized our cost structure, and successfully scaled and innovated on our platform," said John Sabino, LivePerson CEO. "With Syntrix launched, our Google Cloud partnership scaling, and our platform modernization near completion, we are now executing from a stronger position, focused on accelerating innovation, expanding high-velocity partnerships, and returning to growth."

"We are entering 2026 with a leaner cost base and improved balance sheet, providing a stronger foundation for commercial execution," said John Collins, LivePerson CFO and COO. "Strong renewal performance in the quarter underscored customer confidence in the staying power of our platform, and we expect growing traction with partners like Google Cloud Marketplace to help maintain the momentum."

Customer Expansion

During the fourth quarter, the Company signed 40 total deals for the quarter, including 36 expansions and 4 new logos. Expansions included:

a major European telecommunications provider; a leading South American bank; and a global airline carrier. New logos included:

a New Zealand-based wealth manager. Net Loss, Adjusted Operating Income (Loss) and Adjusted EBITDA

Net loss for the fourth quarter of 2025 was $46.1 million or $3.92 per share, as compared to a net loss of $112.1 million or $19.00 per share for the fourth quarter of 2024.  Adjusted operating income, a non-GAAP financial metric, for the fourth quarter of 2025 was $5.5 million, as compared to $1.0 million adjusted operating income for the fourth quarter of 20241. Adjusted operating income (loss) excludes provision for income taxes, interest expense, interest income, amortization of purchased intangibles and finance leases, litigation, consulting and other employee costs, restructuring costs, stock-based compensation expense, change in fair value of warrants, gain on troubled debt restructuring, gain on debt extinguishment, impairment of goodwill, impairment of intangibles and other assets, leadership transition costs, working capital adjustment related to the Kasamba divestiture, IT transformation costs, acquisition and divestiture costs, loss on divestiture, and other (income) expense, net.

Adjusted EBITDA, a non-GAAP financial measure, for the fourth quarter of 2025 was $10.8 million as compared to adjusted EBITDA of $8.1 million for the fourth quarter of 2024. Adjusted EBITDA excludes interest expense, interest income, provision for income taxes, depreciation and amortization, amortization of purchased intangibles and finance leases, litigation, consulting and other employee costs, restructuring costs, stock-based compensation expense, change in fair value of warrants, gain on troubled debt restructuring, gain on debt extinguishment, impairment of goodwill, impairment of intangibles and other assets, leadership transition costs, working capital adjustment related to the Kasamba divestiture, IT transformation costs, acquisition and divestiture costs, loss on divestiture, and other (income) expense, net.

A reconciliation of non-GAAP financial measures to GAAP measures has been provided in the financial tables included in this press release. An explanation of the non-GAAP financial measures and how they are calculated is included below under the heading "Non-GAAP Financial Measures."

Cash and Cash Equivalents

The Company's cash balance was $95.0 million at December 31, 2025, as compared to $183.2 million at December 31, 2024.

Financial Expectations

The following forward-looking measures and the underlying assumptions involve significant known and unknown risks and uncertainties, and actual results may vary materially from these forward-looking measures. The Company does not present a quantitative reconciliation of the forward-looking non-GAAP financial measures, adjusted EBITDA and adjusted EBITDA margin to the most directly comparable GAAP financial measures (or otherwise present such forward-looking GAAP measures) because it is impractical to forecast certain items without unreasonable efforts due to the uncertainty and inherent difficulty of predicting, within a reasonable range, the occurrence and financial impact of and the periods in which such items may be recognized. In particular, these non-GAAP financial measures exclude certain items, including interest expense, interest income, provision for income taxes, depreciation and amortization, amortization of purchased intangibles and finance leases, litigation, consulting and other employee costs, restructuring costs, stock-based compensation expense, change in fair value of warrants, gain on troubled debt restructuring, gain on debt extinguishment, impairment of goodwill, impairment of intangibles and other assets, leadership transition costs, working capital adjustment related to the Kasamba divestiture, IT transformation costs, acquisition and divestiture costs, loss on divestiture, and other (income) expense, net, which depend on future events that the Company is unable to predict. Depending on the size of these items, they could have a significant impact on the Company's GAAP financial results.

For the first quarter of 2026, we currently expect total revenue to range from $53 million to $55 million or (18)% to (15)% year over year. We currently expect recurring revenue to represent 92% of total revenue. For the first quarter of 2026, we currently expect adjusted EBITDA to range from $2 million to $5 million, or a margin of 3.8% to 9.1%.

For the full year 2026, we currently expect total revenue to range from $195 million to $207 million or (20)% to (15)% year over year. In addition, we currently expect recurring revenue to represent 92% of total revenue. For the full year 2026, we currently expect adjusted EBITDA to range from $(4) million to $7 million, or a margin of (2.1)% to 3.4%.

___________________________________

1 

All historical share and per share amounts for the periods prior to the completion on October 13, 2025 of the 1:15 reverse stock split have been adjusted to give retroactive effect to the reverse stock split for all periods presented.

First Quarter 2026

Guidance

Revenue (in millions)

$53 - $55

Revenue growth (year-over-year)          

(18)% - (15)%

Adjusted EBITDA (in millions)

$2 - $5

Adjusted EBITDA margin (%)

3.8% - 9.1%

Full Year 2026

Guidance

Revenue (in millions)

$195 - $207

Revenue growth (year-over-year)          

(20)% - (15)%

Adjusted EBITDA (in millions)

$(4) - $7

Adjusted EBITDA margin (%)

(2.1)% - 3.4%

Disaggregated Revenue

Included in the accompanying financial results are revenues disaggregated by revenue source, as follows:

Three Months Ended
December 31,

Year Ended December 31,

2025

2024

2025

2024

(In thousands)

Revenue:

Hosted services

$       50,973

$       60,216

$      207,603

$     261,682

Professional services           

8,315

12,990

36,139

50,792

Total revenue

$       59,288

$       73,206

$      243,742

$     312,474

Supplemental Fourth Quarter 2025 Presentation

LivePerson will post a presentation providing supplemental information for the fourth quarter of 2025 on the investor relations section of the Company's web site at ir.liveperson.com.

Earnings Teleconference Information

The Company will discuss its fourth quarter of 2025 financial results during a teleconference today, March 12, 2026, at 5:00 PM ET. To participate via telephone, callers should dial in five to ten minutes prior to the 5:00 p.m. Eastern start time; domestic callers (U.S. and Canada) should dial 1-877-407-0784, while international callers should dial 1-201-689-8560, and both should reference the conference ID "13758561."

The conference call will also be simulcast live on the Internet and can be accessed by logging onto the investor relations section of the Company's web site at ir.liveperson.com.

If you are unable to participate in the live call, the teleconference will be available for replay approximately two hours after the call until March 26, 2026. To access the replay, please call 1-844-512-2921 (U.S. and Canada) or 1-412-317-6671 (international). Please reference the conference ID "13758561." A replay will also be available on the investor relations section of the Company's web site at ir.liveperson.com.

About LivePerson, Inc.

LivePerson (NASDAQ: LPSN) is an enterprise leader in predictable conversational AI. The world's leading brands use our award-winning Conversational Cloud and Syntrix platforms to connect with millions of customers. We power nearly a billion messages every month, providing uniquely rich data analytics, agent training, and AI evaluation tools to unlock the power of conversational AI for better business outcomes.  Learn more at liveperson.com.

Non-GAAP Financial Measures

Investors are cautioned that the following financial measures used in this press release and on our earnings call are "non-GAAP financial measures": (i) adjusted EBITDA, or net loss before interest expense, interest income, provision for income taxes, depreciation and amortization, amortization of purchased intangibles and finance leases, litigation, consulting and other employee costs, restructuring costs, stock-based compensation expense, change in fair value of warrants, gain on troubled debt restructuring, gain on debt extinguishment, impairment of goodwill, impairment of intangibles and other assets, leadership transition costs, working capital adjustment related to the Kasamba divestiture, IT transformation costs, acquisition and divestiture costs, loss on divestiture, and other (income) expense, net; (ii) adjusted EBITDA margin, or net loss before interest expense, interest income, provision for income taxes, depreciation and amortization, amortization of purchased intangibles and finance leases, litigation, consulting and other employee costs, restructuring costs, stock-based compensation expense, change in fair value of warrants, gain on troubled debt restructuring, gain on debt extinguishment, impairment of goodwill, impairment of intangibles and other assets, leadership transition costs, working capital adjustment related to the Kasamba divestiture, IT transformation costs, acquisition and divestiture costs, loss on divestiture, and other (income) expense, net, divided by revenue; (iii) adjusted operating income (loss), or net loss before provision for income taxes, interest expense, interest income, amortization of purchased intangibles and finance leases, litigation, consulting and other employee costs, restructuring costs, stock-based compensation expense, change in fair value of warrants, gain on troubled debt restructuring, gain on debt extinguishment, impairment of goodwill, impairment of intangibles and other assets, leadership transition costs, working capital adjustment related to the Kasamba divestiture, IT transformation costs, acquisition and divestiture costs, loss on divestiture, and other (income) expense, net; (iv) free cash flow, or net cash used in operating activities less purchases of property and equipment, including capitalized internal-use software development costs; (v) non-GAAP cost of revenue, or cost of revenue excluding stock-based compensation and IT transformation costs; (vi) non-GAAP sales and marketing expenses, or sales and marketing expenses excluding stock-based compensation and leadership transition costs; (vii) non-GAAP general and administrative expenses, or general and administrative expenses excluding stock-based compensation, litigation, consulting and employee costs, leadership transition costs and acquisition and divestiture costs; and (viii) non-GAAP product development expenses, or product development expenses excluding stock-based compensation, litigation, consulting and employee costs, leadership transition costs and IT transformation costs.

Non-GAAP financial information should not be construed as an alternative to any other measures of performance determined in accordance with GAAP, or as an indicator of our operating performance, liquidity or cash flows generated by operating, investing and financing activities as there may be significant factors or trends that it fails to address. We present non-GAAP financial information because we believe that it is helpful to some investors as one measure of our operations.

Forward-Looking Statements

Statements in this press release and on our earnings call regarding LivePerson that are not historical facts are forward-looking statements and are subject to risks and uncertainties that could cause actual future events or results to differ materially from such statements. Any such forward-looking statements, including but not limited to financial guidance, changes to our capital structure, our ability to execute on our transformation strategy, the effects of our cost-reduction efforts and the impact of our new hires, are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. With respect to our financial guidance, we note that it is routine for our internal projections and expectations to change as the quarter and year progress, and therefore it should be clearly understood that the internal projections and beliefs upon which we base our expectations may change. Although these expectations may change, we are under no obligation to inform you if they do. Some of the factors that could cause actual results to differ materially from the forward-looking statements contained herein include, without limitation: our ability to retain existing customers and cause them to purchase additional services and to attract new customers; the intensive personnel, infrastructure and resource commitment required to support our customer base; our ability to retain key personnel, attract new personnel and to manage staff attrition; our ability to realize the intended operational efficiencies and cost savings from our restructuring initiatives; our ability to successfully integrate acquisitions; our ability to secure necessary financing on commercially reasonable terms, or at all; lengthy sales cycles; delays in our implementation cycles; payment-related risks; potential fluctuations in our quarterly revenue and operating results; limitations on the effectiveness of our controls; non-payment or late payment of amounts due to us from a significant number of customers; volatility in the capital markets; recognition of revenue from subscriptions; customer retention and engagement; our ability to develop and maintain successful relationships with partners, service partners, social media and other third-party consumer messaging platforms and endpoints; our ability to effectively operate on mobile devices; the highly competitive markets in which we operate; general economic conditions; failures or security breaches in our services, those of our third-party service providers, or in the websites of our customers; regulation or possible misappropriation of personal information belonging to our customers' Internet users; US and international laws and regulations regarding privacy data protection and AI and increased public scrutiny of privacy, security and AI issues that could result in increased government regulation and other legal obligations; ongoing litigation and legal matters; new regulatory or other legal requirements that could materially impact our business; governmental export controls and economic sanctions; industry-specific regulation and unfavorable industry-specific laws, regulations or interpretive positions; future regulation of the Internet or mobile devices; technology-related defects that could disrupt the LivePerson services; our ability to protect our intellectual property rights or potential infringement of the intellectual property rights of third parties; the use of AI in our product offerings or by our vendors; the presence of, and difficulty in correcting, errors, failures or "bugs" in our products; our ability to license necessary third-party software for use in our products and services, and our ability to successfully integrate third-party software; potential adverse impact due to foreign currency exchange rate fluctuations; additional regulatory requirements, tax liabilities, currency exchange rate fluctuations and other risks if and as we expand; risks related to our operations in Israel; potential failure to meet service level commitments to certain customers; legal liability and/or negative publicity for the services provided to consumers via our technology platforms; technological or other defects that could disrupt or negatively impact our services; our ability to maintain our reputation; changes in accounting principles generally accepted in the United States; natural catastrophic events and interruption to our business by man-made problems; potential limitations on our ability to use net operating losses to offset future taxable income; risks related to our common stock being traded on more than one securities exchange; risks related to our ability to comply with stock exchange listing requirements; and other factors described in the "Risk Factors" sections of the Company's Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on March 14, 2025, and the Company's Quarterly Report on Form 10-Q for the quarterly periods ended March 31, 2025, June 30, 2025 and September 30, 2025, filed with the SEC on May 8, 2025, August 13, 2025 and November 12, 2025, respectively. This list is intended to identify only certain of the principal factors that could cause actual results to differ from those discussed in the forward-looking statements. Readers are referred to the Company's reports and documents filed from time to time by us with the Securities and Exchange Commission for a discussion of these and other important factors that could cause actual results to differ from those discussed in forward-looking statements.

LivePerson, Inc.

Consolidated Statements of Operations

(In Thousands, Except Share and Per Share Data)

Unaudited

Three Months Ended

December 31,

Year Ended

December 31,

2025

2024

2025

2024

Revenue

$        59,288

$        73,206

$     243,742

$      312,474

Costs, expenses and other:

Cost of revenue (exclusive of depreciation and
amortization shown separately below)

15,918

16,526

69,392

77,395

Sales and marketing

14,192

20,281

75,800

97,337

General and administrative

8,746

16,090

44,441

79,761

Product development

11,453

17,291

54,706

79,784

Depreciation and amortization

5,522

7,521

22,732

42,272

Restructuring costs

489

3,263

11,667

11,139

Impairment of goodwill

41,595

56,924

41,595

60,551

Impairment of intangibles and other assets

2,108

36,304

2,108

46,872

Loss on divestiture

—

—

—

558

Total costs, expenses and other

100,023

174,200

322,441

495,669

Loss from operations

(40,735)

(100,994)

(78,699)

(183,195)

Other (expense) income, net:

Interest expense

(8,073)

(6,286)

(31,530)

(14,486)

Interest income

594

1,312

4,751

5,860

Gain on troubled debt restructuring

—

—

27,720

—

Gain on debt extinguishment

—

—

—

73,083

Other income (expense), net

5,132

(5,554)

13,977

(12,800)

Total other (expense) income, net

(2,347)

(10,528)

14,918

51,657

Loss before provision for income taxes

(43,082)

(111,522)

(63,781)

(131,538)

Provision for income taxes

3,019

606

3,452

2,735

Net loss

$      (46,101)

$     (112,128)

$     (67,233)

$     (134,273)

Net loss per share of common stock:

Basic (1)

$         (3.92)

$        (19.00)

$        (8.57)

$        (22.70)

Diluted (1)

$         (4.14)

$        (19.00)

$      (12.39)

$        (22.70)

Weighted-average shares used to compute net loss      
per share:

Basic (1)

11,772,983

5,902,768

7,843,700

5,914,344

Diluted (1)

12,213,855

5,902,768

8,640,730

5,914,344

(1)

The number of shares has been restated to reflect the 1:15 reverse stock split effectuated on October 13, 2025. All historical share and per
share amounts for the periods prior to the completion of the reverse stock split have been adjusted to give retroactive effect to the reverse stock
split for all periods presented.

LivePerson, Inc.

Consolidated Statements of Cash Flows

(In Thousands)

Unaudited

Year Ended December 31,

2025

2024

OPERATING ACTIVITIES:

Net loss

$     (67,233)

$    (134,273)

Adjustments to reconcile net loss to net cash used in operating activities:

Stock-based compensation expense

14,256

21,989

Depreciation and amortization

21,975

30,310

Reduction of operating lease right-of-use assets

17

4,059

Amortization of purchased intangible assets and finance leases

757

11,962

Amortization of debt issuance costs and accretion of debt discount

7,614

4,513

Impairment of goodwill

41,595

60,551

Impairment of intangibles and other assets

2,108

46,872

Change in fair value of warrants

(13,202)

12,232

Gain on troubled debt restructuring

(42,429)

—

Gain on debt extinguishment

—

(73,083)

Interest expense

15,263

5,810

Allowance for credit losses

866

14,959

Loss on divestiture

—

558

Deferred income taxes

622

623

Changes in operating assets and liabilities:

Accounts receivable

1,160

37,548

Prepaid expenses and other current assets

3,591

7,300

Contract acquisition costs

10,383

3,331

Other assets

34

652

Accounts payable, accrued expenses and other current liabilities

(19,823)

(44,518)

Deferred revenue

(4,315)

(23,058)

Operating lease liabilities

(14)

(4,868)

Other liabilities

(3,660)

1,401

Net cash used in operating activities

(30,435)

(15,130)

INVESTING ACTIVITIES:

Purchases of property and equipment, including capitalized internal-use software
development costs

(12,088)

(25,142)

Purchases of intangible assets

(1,639)

(3,074)

Net cash used in investing activities

(13,727)

(28,216)

FINANCING ACTIVITIES:

Payment on settlement of warrants

(1,297)

—

Payment in connection with troubled debt restructuring

(45,000)

—

Proceeds from issuance of 2029 convertible senior notes

—

100,000

Payment for repurchase of 2024 convertible senior notes

—

(72,492)

Payment for repurchase of 2026 convertible senior notes

—

(4,901)

Payment of debt issuance costs

—

(7,584)

Principal payments for financing leases

(26)

(401)

Proceeds from issuance of common stock in connection with the exercise of options and      
ESPP

820

350

Net cash (used in) provided by financing activities

(45,503)

14,972

Effect of foreign exchange rate changes on cash and cash equivalents

1,432

(1,314)

Net decrease in cash, cash equivalents, and restricted cash

(88,233)

(29,688)

Cash, cash equivalents, and restricted cash - beginning of year

183,237

212,925

Cash, cash equivalents, and restricted cash - end of year

$      95,004

$     183,237

LivePerson, Inc.

Reconciliation of Non-GAAP Financial Information to GAAP

(In Thousands)

Unaudited

Three Months Ended
December 31,

Year Ended

December 31,

2025

2024

2025

2024

Reconciliation of Adjusted EBITDA:

GAAP net loss

$     (46,101)

$    (112,128)

$     (67,233)

$    (134,273)

Add/(less):

Interest expense

8,073

6,286

31,530

14,486

Interest income

(594)

(1,312)

(4,751)

(5,860)

Provision for income taxes

3,019

606

3,452

2,735

Depreciation and amortization

5,342

7,145

21,975

30,310

Amortization of purchased intangibles and finance leases     

180

377

757

11,962

Litigation, consulting and other employee costs

(795)

2,029

4,683

16,976

Restructuring costs

489

3,263

11,667

11,139

Stock-based compensation expense

2,652

3,156

14,256

21,989

Change in fair value of warrants

(4,444)

4,442

(13,202)

12,232

Gain on troubled debt restructuring

—

—

(27,720)

—

Gain on debt extinguishment

—

—

—

(73,083)

Impairment of goodwill

41,595

56,924

41,595

60,551

Impairment of intangibles and other assets

2,108

36,304

2,108

46,872

Leadership transition costs

—

(195)

—

2,998

Working capital adjustment - Kasamba

—

—

—

1,776

IT transformation costs

—

110

331

1,205

Acquisition and divestiture costs

—

—

—

920

Loss on divestiture

—

—

—

558

Other (income) expense, net

(688)

1,110

(775)

566

Adjusted EBITDA

$      10,836

$       8,117

$      18,673

$      24,059

Reconciliation of Adjusted Operating Income (Loss):

Loss before provision for income taxes

$     (43,082)

$    (111,522)

$     (63,781)

$    (131,538)

Add/(less):

Interest expense

8,073

6,286

31,530

14,486

Interest income

(594)

(1,312)

(4,751)

(5,860)

Amortization of purchased intangibles and finance leases

180

377

757

11,962

Litigation, consulting and other employee costs

(795)

2,029

4,683

16,976

Restructuring costs

489

3,263

11,667

11,139

Stock-based compensation expense

2,652

3,156

14,256

21,989

Change in fair value of warrants

(4,444)

4,442

(13,202)

12,232

Gain on troubled debt restructuring

—

—

(27,720)

—

Gain on debt extinguishment

—

—

—

(73,083)

Impairment of goodwill

41,595

56,924

41,595

60,551

Impairment of intangibles and other assets

2,108

36,304

2,108

46,872

Leadership transition costs

—

(195)

—

2,998

Working capital adjustment - Kasamba

—

—

—

1,776

IT transformation costs

—

110

331

1,205

Acquisition and divestiture costs

—

—

—

920

Loss on divestiture

—

—

—

558

Other (income) expense, net

(688)

1,110

(775)

566

Adjusted operating income (loss)

$       5,494

$         972

$      (3,302)

$      (6,251)

LivePerson, Inc.

Reconciliation of Non-GAAP Financial Information to GAAP

(In Thousands)

Unaudited

Three Months Ended

December 31,

Year Ended

December 31,

2025

2024

2025

2024

Calculation of Free Cash Flow:

Net cash used in operating activities

$        (9,654)

$        (3,115)

$      (30,435)

$     (15,130)

Purchases of property and equipment, including capitalized      
internal-use software development costs

(2,304)

(3,638)

(12,088)

(25,142)

Total Free Cash Flow

$      (11,958)

$        (6,753)

$      (42,523)

$     (40,272)

Three Months Ended
December 31,

Year Ended

December 31,

2025

2024

2025

2024

GAAP cost of revenue (1)

$      15,918

$      16,526

$       69,392

$        77,395

Stock-based compensation

(117)

(198)

(583)

(1,080)

IT transformation costs

—

(110)

(331)

(880)

Non-GAAP cost of revenue

$      15,801

$      16,218

$       68,478

$        75,435

GAAP sales and marketing expenses (1)

$      14,192

$      20,281

$       75,800

$        97,337

Stock-based compensation

(754)

(903)

(3,698)

(7,394)

Leadership transition costs

—

—

—

(860)

Non-GAAP sales and marketing expenses

$      13,438

$      19,378

$       72,102

$        89,083

GAAP general and administrative expenses (1)

$       8,746

$      16,090

$       44,441

$        79,761

Stock-based compensation

(1,152)

(948)

(5,963)

(6,789)

Litigation, consulting and employee costs

914

(2,029)

(4,138)

(16,976)

Leadership transition costs

—

195

—

(954)

Acquisition and divestiture costs

—

—

—

(920)

Non-GAAP general and administrative expenses

$       8,508

$      13,308

$       34,340

$        54,122

GAAP product development expenses (1)

$      11,453

$      17,291

$       54,706

$        79,784

Stock-based compensation

(629)

(1,107)

(4,012)

(6,726)

Litigation, consulting and employee costs

(119)

—

(545)

—

Leadership transition costs

—

—

—

(1,184)

IT transformation costs

—

—

—

(325)

Non-GAAP product development expenses

$      10,705

$      16,184

$       50,149

$        71,549

(1)

GAAP amounts have been adjusted to remove depreciation and amortization as those are now presented separately in the Consolidated Statements of Operations for each period.

LivePerson, Inc.

 Consolidated Balance Sheets

(In Thousands)

Unaudited

December 31,
2025

December 31,
2024

ASSETS

Current assets:

Cash and cash equivalents

$        95,004

$       183,237

Accounts receivable, net of allowances of $4,451 and $8,627 as of December 31, 2025      
and 2024, respectively

27,014

28,737

Prepaid expenses and other current assets

15,100

19,250

Total current assets

137,118

231,224

Property and equipment, net

90,389

100,557

Contract acquisition costs, net

23,951

33,559

Intangible assets, net

13,409

15,070

Goodwill, net

184,902

222,554

Deferred tax assets, net

4,511

4,411

Other assets

387

403

Total assets

$       454,667

$       607,778

LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities:

Accounts payable

$          9,522

$        15,378

Accrued expenses and other current liabilities

38,700

66,582

Deferred revenue

54,295

57,980

Convertible senior notes

20,052

—

Total current liabilities

122,569

139,940

Senior notes, net of current portion

371,732

527,070

Deferred tax liabilities

4,196

3,542

Other liabilities

665

4,542

Total liabilities

499,162

675,094

Commitments and contingencies

Total stockholders' equity

(44,495)

(67,316)

Total liabilities and stockholders' equity

$       454,667

$       607,778

Investor Relations contact
[email protected]

SOURCE LivePerson

FARMINGTON, Conn., March 12, 2026 /PRNewswire/ -- Otis Worldwide Corporation (NYSE: OTIS) Executive Vice President and CFO Cristina Méndez will participate in a fireside chat at the Industrials Conference hosted by J.P.

Bedford, Nova Scotia--(Newsfile Corp. - March 12, 2026) - Sylla Gold Corp. (TSXV: SYG) ("Sylla" or the "Company") is pleased to announce that it has exercised its option to acquire a 100% interest in the Niaouleni West and Samaya South properties at its Niaouleni Gold Project by making the final cash payments. In addition to the earlier exercise of the Deguefarakole option agreement, the Company has now exercised three of the four option agreements that comprise the 17,200-hectare Niaouleni Gold Project. The Company has until August 31, 2026, to complete the option payments to acquire the 2,100-hectare Sananfara property.

Regan Isenor, President and CEO of Sylla, commented, "Exercising the Niaouleni West and Samaya South option agreements marks an important milestone for Sylla Gold, as it consolidates 100% ownership of these highly prospective properties within our broader Niaouleni land package. By exercising these options agreements, we've strengthened the strategic footprint of the project and positioned the Company to systematically unlock the potential of the Niaouleni gold system."

The Niaouleni Gold Project is located within the emerging Sanankoro-Kobada-Niaouleni Gold Corridor. The Company's exploration work to date has been completed within its 9,200-hectare Deguefarakole licence area (Figure 1). The Company completed 76 reverse circulation drill holes during its maiden drill program conducted between August 2022 and March 2023, encountering anomalous gold grades over significant widths in 66 of 76 RC holes drilled on the property (see Sylla press releases dated August 29, 2022, September 13, 2022, and April 12, 2023). Drilling was mainly focused around the Niaouleni South Prospect. The Company's drilling activities extended the strike length at Niaouleni South to 700 m and remains open to the north, south and at depth. The Niaouleni South prospect sits approximately 6 km along strike from Toubani Resources Kobada gold deposit.

Niaouleni West

Niaouleni West represents one of the most compelling exploration opportunities within the highly prospective Niaouleni-Kobada-Sanankoro gold corridor. Positioned directly along the extension of the significant shear zone that hosts Toubani Resource's Kobada gold deposit and the Company's Niaouleni South discovery zone at Dequefarakole. The Niaouleni West property has already returned high-grade gold-in-soil geochemical anomalies and contains extensive artisanal gold workings that align precisely with the interpreted structural trend of the corridor. These results highlight a large, underexplored target area where gold mineralization appears structurally controlled along the same deformation system responsible for nearby discoveries. With strong geochemical signatures, favourable geology, and a strategic location within one of West Africa's most active gold belts, Niaouleni West offers significant discovery potential and scalability of the Niaouleni Gold Project.

Samaya South

Samaya South, located approximately 3.5 kilometers west of Toubani's Kobada gold deposit, represents a prospective exploration target within the broader Niaouleni land package. The area has been the focus of extensive historical soil and termite mound geochemical sampling, which has outlined a number of anomalous gold trends coincident with favourable structural and lithological features interpreted to be part of the same regional shear system that hosts nearby deposits. Importantly, the presence of surface artisanal gold workings across the target area provides further evidence of near-surface mineralization and highlights the strong prospectivity of the zone. These encouraging indicators position Samaya South as a priority target for follow-up exploration, including detailed geochemical surveys and subsequent RC drilling.

Figure 1: Map of the Niaouleni Gold Project in Mali

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6472/288286_59055efa74637b6e_001full.jpg

The renewal, transfer and issuances of the Company's exploration licences are conditional upon approval by the Malian government. Touba Mining Jr. SARL, the optionor of the Niaouleni West, Samaya South and Sananfara properties waived the exploration expenditure requirements in each of the applicable option agreements.

Qualified Person Statement

All scientific and technical information contained in this news release was prepared and approved by Gregory Isenor, P.Geo., Director of Sylla Gold Corp. who is a Qualified Person as defined in NI 43-101.

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

This news release contains certain "forward-looking information" within the meaning of applicable securities laws. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate", "may", "will", "would", "potential", "proposed" and other similar words, or statements that certain events or conditions "may" or "will" occur. These statements are only predictions. Forward-looking information is based on the opinions and estimates of management at the date the information is provided, and is subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information. For a description of the risks and uncertainties facing the Company and its business and affairs, readers should refer to the Company's Management's Discussion and Analysis. The Company undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change, unless required by law. The reader is cautioned not to place undue reliance on forward-looking information.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/288286

Source: Sylla Gold Corp.

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