Market Signal Briefing

Quarterly total revenues reached RMB28.8 billion (US$4.1 billion)1
Quarterly deliveries were 109,194 vehicles
Full year total revenues reached RMB112.3 billion (US$16.1 billion)
Full year deliveries were 406,343 vehicles

BEIJING, China, March 12, 2026 (GLOBE NEWSWIRE) -- Li Auto Inc. (“Li Auto” or the “Company”) (Nasdaq: LI; HKEX: 2015), a leader in China’s new energy vehicle market, today announced its unaudited financial results for the quarter and full year ended December 31, 2025.

Operating Highlights for the Fourth Quarter of 2025 and Full Year 2025

Total deliveries for the fourth quarter of 2025 were 109,194 vehicles, representing a 31.2% year-over-year decrease.
             FY 2025 2025 Q4 2025 Q3 2025 Q2 2025 Q1Deliveries 406,343 109,194 93,211 111,074 92,864             FY 2024 2024 Q4 2024 Q3 2024 Q2 2024 Q1Deliveries 500,508 158,696 152,831 108,581 80,400            As of December 31, 2025, in China, the Company had 548 retail stores in 159 cities, 561 servicing centers and Li Auto-authorized body and paint shops operating in 224 cities, and 3,907 super charging stations in operation equipped with 21,651 charging stalls.
Financial Highlights for the Fourth Quarter of 2025

Vehicle sales were RMB27.3 billion (US$3.9 billion) in the fourth quarter of 2025, representing a decrease of 36.1% from RMB42.6 billion in the fourth quarter of 2024 and an increase of 5.4% from RMB25.9 billion in the third quarter of 2025.Vehicle margin2 was 16.8% in the fourth quarter of 2025, compared with 19.7% in the fourth quarter of 2024 and 15.5% in the third quarter of 2025.Total revenues were RMB28.8 billion (US$4.1 billion) in the fourth quarter of 2025, representing a decrease of 35.0% from RMB44.3 billion in the fourth quarter of 2024 and an increase of 5.2% from RMB27.4 billion in the third quarter of 2025.Gross profit was RMB5.1 billion (US$733.7 million) in the fourth quarter of 2025, representing a decrease of 42.8% from RMB9.0 billion in the fourth quarter of 2024 and an increase of 14.8% from RMB4.5 billion in the third quarter of 2025.Gross margin was 17.8% in the fourth quarter of 2025, compared with 20.3% in the fourth quarter of 2024 and 16.3% in the third quarter of 2025.Operating expenses were RMB5.6 billion (US$797.0 million) in the fourth quarter of 2025, representing an increase of 5.8% from RMB5.3 billion in the fourth quarter of 2024 and a decrease of 1.3% from RMB5.6 billion in the third quarter of 2025.Loss from operations was RMB442.6 million (US$63.3 million) in the fourth quarter of 2025, compared with RMB3.7 billion income from operations in the fourth quarter of 2024 and RMB1.2 billion loss from operations in the third quarter of 2025.Operating margin was negative 1.5% in the fourth quarter of 2025, compared with 8.4% in the fourth quarter of 2024 and negative 4.3% in the third quarter of 2025. Net income was RMB20.2 million (US$2.9 million) in the fourth quarter of 2025, compared with net income of RMB3.5 billion in the fourth quarter of 2024 and net loss of RMB624.4 million in the third quarter of 2025. Non-GAAP net income3 was RMB274.4 million (US$39.2 million) in the fourth quarter of 2025, compared with non-GAAP net income of RMB4.0 billion in the fourth quarter of 2024 and non-GAAP net loss of RMB359.7 million in the third quarter of 2025.Diluted net earnings per ADS4 attributable to ordinary shareholders was RMB0.01 (US$0.001) in the fourth quarter of 2025, compared with diluted net earnings per ADS attributable to ordinary shareholders of RMB3.31 in the fourth quarter of 2024 and diluted net loss per ADS attributable to ordinary shareholders of RMB0.62 in the third quarter of 2025. Non-GAAP diluted net earnings per ADS attributable to ordinary shareholders was RMB0.25 (US$0.04) in the fourth quarter of 2025, compared with non-GAAP diluted net earnings per ADS attributable to ordinary shareholders of RMB3.79 in the fourth quarter of 2024 and non-GAAP diluted net loss per ADS attributable to ordinary shareholders of RMB0.36 in the third quarter of 2025.Net cash provided by operating activities was RMB3.5 billion (US$503.5 million) in the fourth quarter of 2025, compared with RMB8.7 billion net cash provided by operating activities in the fourth quarter of 2024 and RMB7.4 billion net cash used in operating activities in the third quarter of 2025. Free cash flow5 was RMB2.5 billion (US$352.9 million) in the fourth quarter of 2025, compared with RMB6.1 billion in the fourth quarter of 2024 and negative RMB8.9 billion in the third quarter of 2025.
 Key Financial Results(in millions, except for percentages and per ADS data)

  For the Three Months Ended % Change6
 December 31,
2024 September 30,
2025 December 31,
2025 YoY QoQ  RMB RMB RMB     Vehicle sales42,643.0 25,867.1 27,252.3 (36.1)% 5.4% Vehicle margin19.7% 15.5% 16.8% (2.9)pts 1.3pts            Total revenues44,273.7 27,364.7 28,775.4 (35.0)% 5.2% Gross profit8,970.2 4,469.0 5,130.6 (42.8)% 14.8% Gross margin20.3% 16.3% 17.8% (2.5)pts 1.5pts            Operating expenses(5,266.9) (5,646.2) (5,573.2) 5.8% (1.3)% Income/(Loss) from operations3,703.3 (1,177.2) (442.6) N/A (62.4)% Operating margin8.4% (4.3)% (1.5)% (9.9)pts 2.8pts            Net income/(loss)3,532.7 (624.4) 20.2 (99.4)% N/A Non-GAAP net income/(loss)4,039.7 (359.7) 274.4 (93.2)% N/A            Diluted net earnings/(loss) per ADS attributable to ordinary shareholders3.31 (0.62) 0.01 (99.7)% N/A Non-GAAP diluted net earnings/(loss) per ADS attributable to ordinary shareholders3.79 (0.36) 0.25 (93.4)% N/A            Net cash provided by/(used in) operating activities8,680.3 (7,395.6) 3,521.4 (59.4)% N/A Free cash flow (non-GAAP)6,059.3 (8,912.2) 2,467.6 (59.3)% N/A             Financial Highlights for the Full Year 2025

Vehicle sales were RMB106.7 billion (US$15.3 billion) in 2025, representing a decrease of 23.0% from RMB138.5 billion in 2024.Vehicle margin was 17.9% in 2025, compared with 19.8% in 2024.Total revenues were RMB112.3 billion (US$16.1 billion) in 2025, representing a decrease of 22.3% from RMB144.5 billion in 2024.Gross profit was RMB21.0 billion (US$3.0 billion) in 2025, representing a decrease of 29.2% from RMB29.7 billion in 2024.Gross margin was 18.7% in 2025, compared with 20.5% in 2024.Operating expenses were RMB21.5 billion (US$3.1 billion) in 2025, representing a decrease of 5.0% from RMB22.6 billion in 2024.Loss from operations was RMB521.1 million (US$74.5 million) in 2025, compared with RMB7.0 billion income from operations in 2024.Operating margin was negative 0.5% in 2025, compared with 4.9% in 2024.Net income was RMB1.1 billion (US$162.9 million) in 2025, representing a decrease of 85.8% from RMB8.0 billion in 2024. Non-GAAP net income was RMB2.4 billion (US$342.8 million) in 2025, representing a decrease of 77.5% from RMB10.7 billion in 2024.Diluted net earnings per ADS attributable to ordinary shareholders was RMB1.08 (US$0.15) in 2025, compared with RMB7.58 in 2024. Non-GAAP diluted net earnings per ADS attributable to ordinary shareholders was RMB2.25 (US$0.32) in 2025, compared with RMB10.04 in 2024.Net cash used in operating activities was RMB8.6 billion (US$1.2 billion) in 2025, compared with RMB15.9 billion net cash provided by operating activities in 2024.Free cash flow was negative RMB12.8 billion (US$1.8 billion) in 2025, compared with RMB8.2 billion in 2024.
 Key Financial Results(in millions, except for percentages and per ADS data)

  For the Year Ended % Change December 31, 2024 December 31, 2025 YoY RMB RMB  Vehicle sales138,538.1 106,683.1 (23.0)%Vehicle margin19.8% 17.9% (1.9)pts      Total revenues144,459.9 112,312.5 (22.3)%Gross profit29,656.1 20,985.1 (29.2)%Gross margin20.5% 18.7% (1.8)pts      Operating expenses(22,637.0) (21,506.2) (5.0)%Income/(Loss) from operations7,019.1 (521.1) N/AOperating margin4.9% (0.5)% (5.4)pts      Net income8,045.3 1,139.4 (85.8)%Non-GAAP net income10,670.1 2,397.2 (77.5)%      Diluted net earnings per ADS attributable to ordinary shareholders7.58 1.08 (85.8)%Non-GAAP diluted net earnings per ADS attributable to ordinary shareholders10.04 2.25 (77.6)%      Net cash provided by/(used in) operating activities15,933.2 (8,611.4) N/AFree cash flow (non-GAAP)8,203.1 (12,816.9) N/A       Recent Developments

Delivery Update

In January and February 2026, the Company delivered 27,668 and 26,421 vehicles, respectively. As of February 28, 2026, in China, the Company had 539 retail stores in 160 cities, 548 servicing centers and Li Auto-authorized servicing shops operating in 223 cities, and 4,054 super charging stations in operation equipped with 22,447 charging stalls.
Li AI Glasses, Livis

In December 2025, the Company launched its AI glasses, Livis, at a starting price of RMB1,999. Livis comes standard with high-quality ZEISS lenses and features frames weighing 36 grams. It is equipped with Li Xiang Tong Xue Agent and Livis OS, an operating system developed in-house by the Company specifically for AI glasses, offering capabilities such as photo and video capture, intelligent Q&A, and audio playback. Livis can also seamlessly integrate with Li Auto’s in-car infotainment system, facilitating a more convenient vehicle control experience.
Overseas Expansion

In December 2025, the Company entered the markets in Egypt, Kazakhstan, and Azerbaijan, further expanding its global footprint.
Safety and Health Assessment Results

In January 2026, according to China Insurance Automotive Safety Index (C-IASI) evaluation results under the latest assessment protocol, Li i8 received top ratings across occupant safety, pedestrian safety, assistance safety and new energy vehicle (NEV)-specific categories, along with a “G” rating for crashworthiness and repair economy.In December 2025, Li i6 achieved the highest overall score ever recorded among NEVs in the China-Automobile Health Index (C-AHI) assessment conducted by China Automotive Engineering Research Institute Co., Ltd. Li i6 also received the highest ratings across all three categories assessed: the Clean Air Index, the Health Protection Index, and the Energy Efficiency and Emission Index.
CEO and CFO Comments

Mr. Xiang Li, chairman and chief executive officer of Li Auto, commented, “Following our proactive strategic adjustments in 2025, we have seen positive momentum across organizational efficiency, supply capability, and sales system since the fourth quarter. These improvements have translated into higher store efficiency, alleviated Li i6 production constraints, and a recovery in Li i8 sales. In 2026, we will embark on an important product cycle. The all-new Li L9 to be launched in the second quarter will feature comprehensive upgrades in powertrain, autonomous driving, and chassis technology, all designed to deliver a generational leap in user experience. Looking ahead, we will continue to refine our restructured AI-native R&D system and consistently invest in R&D to drive product innovation and technological breakthroughs over the long term.”

Mr. Tie Li, chief financial officer of Li Auto, added, “Despite near-term challenges from product cycle transitions and heightened industry competition, we leveraged our operational strength and disciplined cost management to achieve a resilient gross margin for the fourth quarter. Our solid financial position also underpinned overall performance, resulting in a positive bottom line for the full year. Our year-end cash position remained robust at RMB101.2 billion, providing ample fuel for us to capture the immense opportunities in embodied AI while accelerating global expansion.”

Financial Results for the Fourth Quarter of 2025

Revenues

Total revenues were RMB28.8 billion (US$4.1 billion) in the fourth quarter of 2025, representing a decrease of 35.0% from RMB44.3 billion in the fourth quarter of 2024 and an increase of 5.2% from RMB27.4 billion in the third quarter of 2025.Vehicle sales were RMB27.3 billion (US$3.9 billion) in the fourth quarter of 2025, representing a decrease of 36.1% from RMB42.6 billion in the fourth quarter of 2024 and an increase of 5.4% from RMB25.9 billion in the third quarter of 2025. The decrease in revenue from vehicle sales over the fourth quarter of 2024 was primarily attributable to the decrease in vehicle deliveries. The increase in revenue from vehicle sales over the third quarter of 2025 was primarily attributable to the increase in vehicle deliveries, partially offset by lower average selling price due to different product mix following the commencement of Li i6 deliveries. Other sales and services were RMB1.5 billion (US$217.8 million) in the fourth quarter of 2025, representing a decrease of 6.6% from RMB1.6 billion in the fourth quarter of 2024 and an increase of 1.7% from RMB1.5 billion in the third quarter of 2025. The revenue from other sales and services remained relatively stable over the fourth quarter of 2024 and third quarter of 2025.
Cost of Sales and Gross Margin

Cost of sales was RMB23.6 billion (US$3.4 billion) in the fourth quarter of 2025, representing a decrease of 33.0% from RMB35.3 billion in the fourth quarter of 2024 and an increase of 3.3% from RMB22.9 billion in the third quarter of 2025. The decrease in cost of sales over the fourth quarter of 2024 was primarily attributable to the decrease in vehicle deliveries. The increase in cost of sales over the third quarter of 2025 was primarily attributable to the increase in vehicle deliveries, partially offset by the estimated costs related to the recall of Li MEGA in the third quarter of 2025 and lower average cost of sales due to different product mix.Gross profit was RMB5.1 billion (US$733.7 million) in the fourth quarter of 2025, representing a decrease of 42.8% from RMB9.0 billion in the fourth quarter of 2024 and an increase of 14.8% from RMB4.5 billion in the third quarter of 2025.Vehicle margin was 16.8% in the fourth quarter of 2025, compared with 19.7% in the fourth quarter of 2024 and 15.5% in the third quarter of 2025. The decrease in vehicle margin over the fourth quarter of 2024 was mainly attributable to different product mix. The increase in vehicle margin over the third quarter of 2025 was mainly attributable to the estimated costs related to the recall of Li MEGA in the third quarter of 2025, partially offset by lower average selling price due to different product mix following the commencement of Li i6 deliveries. Gross margin was 17.8% in the fourth quarter of 2025, compared with 20.3% in the fourth quarter of 2024 and 16.3% in the third quarter of 2025. The changes in gross margin over the fourth quarter of 2024 and third quarter of 2025 were mainly due to the changes in vehicle margin.
Operating Expenses

Operating expenses were RMB5.6 billion (US$797.0 million) in the fourth quarter of 2025, representing an increase of 5.8% from RMB5.3 billion in the fourth quarter of 2024 and a decrease of 1.3% from RMB5.6 billion in the third quarter of 2025.Research and development expenses were RMB3.0 billion (US$431.4 million) in the fourth quarter of 2025, representing an increase of 25.3% from RMB2.4 billion in the fourth quarter of 2024 and an increase of 1.4% from RMB3.0 billion in the third quarter of 2025. The increase in research and development expenses over the fourth quarter of 2024 was mainly attributable to costs related to AI and other programs to support expanding product portfolios and technologies. The research and development expenses remained relatively stable over the third quarter of 2025. Selling, general and administrative expenses were RMB2.6 billion (US$378.5 million) in the fourth quarter of 2025, representing a decrease of 14.0% from RMB3.1 billion in the fourth quarter of 2024 and a decrease of 4.4% from RMB2.8 billion in the third quarter of 2025. The decrease in selling, general and administrative expenses over the fourth quarter of 2024 was primarily due to decreased employee compensation. The selling, general and administrative expenses remained relatively stable over the third quarter of 2025.
Income/(Loss) from Operations

Loss from operations was RMB442.6 million (US$63.3 million) in the fourth quarter of 2025, compared with RMB3.7 billion income from operations in the fourth quarter of 2024 and RMB1.2 billion loss from operations in the third quarter of 2025. Operating margin was negative 1.5% in the fourth quarter of 2025, compared with 8.4% in the fourth quarter of 2024 and negative 4.3% in the third quarter of 2025. Non-GAAP loss from operations was RMB188.4 million (US$26.9 million) in the fourth quarter of 2025, compared with RMB4.2 billion non-GAAP income from operations in the fourth quarter of 2024 and RMB912.5 million non-GAAP loss from operations in the third quarter of 2025.
Net Income/(Loss) and Net Earnings/(Loss) Per Share

Net income was RMB20.2 million (US$2.9 million) in the fourth quarter of 2025, compared with RMB3.5 billion net income in the fourth quarter of 2024 and RMB624.4 million net loss in the third quarter of 2025. Non-GAAP net income was RMB274.4 million (US$39.2 million) in the fourth quarter of 2025, compared with RMB4.0 billion non-GAAP net income in the fourth quarter of 2024 and RMB359.7 million non-GAAP net loss in the third quarter of 2025.Basic and diluted net earnings per ADS attributable to ordinary shareholders were both RMB0.01 (US$0.001) in the fourth quarter of 2025, compared with RMB3.52 and RMB3.31 basic and diluted net earnings per ADS attributable to ordinary shareholders in the fourth quarter of 2024, respectively, and RMB0.62 and RMB0.62 basic and diluted net loss per ADS attributable to ordinary shareholders in the third quarter of 2025, respectively. Non-GAAP basic and diluted net earnings per ADS attributable to ordinary shareholders was RMB0.26 (US$0.04) and RMB0.25 (US$0.04) in the fourth quarter of 2025, respectively, compared with RMB4.03 and RMB3.79 non-GAAP basic and diluted net earnings per ADS attributable to ordinary shareholders in the fourth quarter of 2024, respectively, and RMB0.36 and RMB0.36 non-GAAP basic and diluted net loss per ADS attributable to ordinary shareholders in the third quarter of 2025, respectively.
Cash Position, Operating Cash Flow and Free Cash Flow

Cash position7 was RMB101.2 billion (US$14.5 billion) as of December 31, 2025.Net cash provided by operating activities was RMB3.5 billion (US$503.5 million) in the fourth quarter of 2025, compared with RMB8.7 billion net cash provided by operating activities in the fourth quarter of 2024 and RMB7.4 billion net cash used in operating activities in the third quarter of 2025. The change in net cash provided by operating activities over the fourth quarter of 2024 was mainly due to the decrease in cash received from customers, partially offset by decreased payment related to inventory purchase. The change in net cash provided by operating activities over the third quarter of 2025 was mainly due to decreased payment related to inventory purchase. Free cash flow was RMB2.5 billion (US$352.9 million) in the fourth quarter of 2025, compared with RMB6.1 billion in the fourth quarter of 2024 and negative RMB8.9 billion in the third quarter of 2025.
Financial Results for the Full Year 2025

Revenues

Total revenues were RMB112.3 billion (US$16.1 billion) in 2025, representing a decrease of 22.3% from RMB144.5 billion in 2024.Vehicle sales were RMB106.7 billion (US$15.3 billion) in 2025, representing a decrease of 23.0% from RMB138.5 billion in 2024. The decrease in revenue from vehicle sales was mainly attributable to the decrease in vehicle deliveries. Other sales and services were RMB5.6 billion (US$805.0 million) in 2025, representing a decrease of 4.9% from RMB5.9 billion in 2024. The revenue from other sales and services remained relatively stable over the year of 2024.
Cost of Sales and Gross Margin

Cost of sales was RMB91.3 billion (US$13.1 billion) in 2025, representing a decrease of 20.4% from RMB114.8 billion in 2024. The decrease in cost of sales was mainly attributable to the decrease in vehicle deliveries. Gross profit was RMB21.0 billion (US$3.0 billion) in 2025, representing a decrease of 29.2% from RMB29.7 billion in 2024.Vehicle margin was 17.9% in 2025, compared with 19.8% in 2024. The decrease in vehicle margin was mainly due to different product mix.Gross margin was 18.7% in 2025, compared with 20.5% in 2024. The decrease in gross margin was mainly attributable to the decrease in vehicle margin.
Operating Expenses

Operating expenses were RMB21.5 billion (US$3.1 billion) in 2025, representing a decrease of 5.0% from RMB22.6 billion in 2024. Research and development expenses were RMB11.3 billion (US$1.6 billion) in 2025, representing an increase of 2.2% from RMB11.1 billion in 2024. The research and development expenses remained relatively stable over the year of 2024.Selling, general and administrative expenses were RMB10.7 billion (US$1.5 billion) in 2025, representing a decrease of 12.8% from RMB12.2 billion in 2024. The decrease in selling, general and administrative expenses was primarily due to decreased employee compensation associated with the recognition of share-based compensation expenses regarding the chief executive officer’s performance-based awards in 2024.
Income/(Loss) from Operations

Loss from operations was RMB521.1 million (US$74.5 million) in 2025, compared with RMB7.0 billion income from operations in 2024. Operating margin was negative 0.5% in 2025, compared with 4.9% in 2024. Non-GAAP income from operations was RMB736.6 million (US$105.3 million) in 2025, representing a decrease of 92.4% from RMB9.7 billion in 2024.
Net Income and Net Earnings Per Share

Net income was RMB1.1 billion (US$162.9 million) in 2025, representing a decrease of 85.8% from RMB8.0 billion in 2024. Non-GAAP net income was RMB2.4 billion (US$342.8 million) in 2025, representing a decrease of 77.5% from RMB10.7 billion in 2024.Basic and diluted net earnings per ADS attributable to ordinary shareholders was RMB1.12 (US$0.16) and RMB1.08 (US$0.15) in 2025, respectively, compared with RMB8.06 and RMB7.58 in 2024, respectively. Non-GAAP basic and diluted net earnings per ADS attributable to ordinary shareholders was RMB2.36 (US$0.34) and RMB2.25 (US$0.32) in 2025, respectively, compared with RMB10.69 and RMB10.04 in 2024, respectively.
Operating Cash Flow and Free Cash Flow

Net cash used in operating activities was RMB8.6 billion (US$1.2 billion) in 2025, compared with RMB15.9 billion net cash provided by operating activities in 2024. The change in net cash used in operating activities was mainly due to decrease in cash received from customers.Free cash flow was negative RMB12.8 billion (US$1.8 billion) in 2025, compared with RMB8.2 billion in 2024.
Employees

As of December 31, 2025, the Company had a total of 30,728 employees.
Business Outlook

For the first quarter of 2026, the Company expects:

Deliveries of vehicles to be between 85,000 and 90,000 vehicles, representing a year-over-year decrease of 8.5% to 3.1%.Total revenues to be between RMB20.4 billion (US$2.9 billion) and RMB21.6 billion (US$3.1 billion), representing a year-over-year decrease of 21.3% to 16.7%.
This business outlook reflects the Company’s current and preliminary views on its business situation and market conditions, which are subject to change.

Conference Call

Management will hold a conference call at 8:00 a.m. U.S. Eastern Time on Thursday, March 12, 2026 (8:00 p.m. Beijing/Hong Kong Time on March 12, 2026) to discuss financial results and answer questions from investors and analysts.

For participants who wish to join the call, please complete online registration using the link provided below prior to the scheduled call start time. Upon registration, participants will receive the conference call access information, including dial-in numbers, passcode, and a unique access PIN. To join the conference, please dial the number provided, enter the passcode followed by your PIN, and you will join the conference instantly.

Participant Online Registration: https://s1.c-conf.com/diamondpass/10053202-045ws9.html

A replay of the conference call will be accessible through March 19, 2026, by dialing the following numbers:

United States:+1-855-883-1031Mainland China:+86-400-1209-216Hong Kong, China:+852-800-930-639International:+61-7-3107-6325Replay PIN:10053202
Additionally, a live and archived webcast of the conference call will be available on the Company’s investor relations website at https://ir.lixiang.com.

Non-GAAP Financial Measures

The Company uses non-GAAP financial measures, such as non-GAAP cost of sales, non-GAAP research and development expenses, non-GAAP selling, general and administrative expenses, non-GAAP income/(loss) from operations, non-GAAP net income/(loss), non-GAAP net income/(loss) attributable to ordinary shareholders, non-GAAP basic and diluted net earnings/(loss) per ADS attributable to ordinary shareholders, non-GAAP basic and diluted net earnings/(loss) per share attributable to ordinary shareholders and free cash flow, in evaluating its operating results and for financial and operational decision-making purposes. By excluding the impact of share-based compensation expenses and release of valuation allowance on deferred tax assets, the Company believes that the non-GAAP financial measures help identify underlying trends in its business and enhance the overall understanding of the Company’s past performance and future prospects. The Company also believes that the non-GAAP financial measures allow for greater visibility with respect to key metrics used by the Company’s management in its financial and operational decision-making.

The non-GAAP financial measures are not presented in accordance with U.S. GAAP and may be different from non-GAAP methods of accounting and reporting used by other companies. The non-GAAP financial measures have limitations as analytical tools and when assessing the Company’s operating performance, investors should not consider them in isolation, or as a substitute for financial information prepared in accordance with U.S. GAAP. The Company encourages investors and others to review its financial information in its entirety and not rely on a single financial measure.

The Company mitigates these limitations by reconciling the non-GAAP financial measures to the most comparable U.S. GAAP performance measures, all of which should be considered when evaluating the Company’s performance.

For more information on the non-GAAP financial measures, please see the table captioned “Unaudited Reconciliation of U.S. GAAP and Non-GAAP Results” set forth at the end of this press release.

Exchange Rate Information

This press release contains translations of certain Renminbi amounts into U.S. dollars at a specified rate solely for the convenience of the reader. Unless otherwise noted, all translations from Renminbi to U.S. dollars and from U.S. dollars to Renminbi are made at a rate of RMB6.9931 to US$1.00, the exchange rate on December 31, 2025, set forth in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the Renminbi or U.S. dollars amounts referred could be converted into U.S. dollars or Renminbi, as the case may be, at any particular rate or at all.

About Li Auto Inc.

Li Auto Inc. is a leader in China’s new energy vehicle market. The Company designs, develops, manufactures, and sells premium smart electric vehicles. Its mission is: Be Proactive, Change the World (主动积极, 改变世界). Through innovations in product, technology, and business model, the Company provides families with safe, convenient, and comfortable products and services. Li Auto is a pioneer in successfully commercializing extended-range electric vehicles in China. While firmly advancing along this technological route, it builds platforms for battery electric vehicles in parallel. The Company leverages technology to create value for users. It concentrates its in-house development efforts on proprietary range extension systems, innovative electric vehicle technologies, and smart vehicle solutions. The Company started volume production in November 2019. Its current model lineup includes a high-tech flagship family MPV, four Li L series extended-range electric SUVs, and two Li i series battery electric SUVs. The Company will continue to expand its product lineup to target a broader user base.

For more information, please visit: https://ir.lixiang.com.

Safe Harbor Statement

This press release contains statements that may constitute “forward-looking” statements pursuant to the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “aims,” “future,” “intends,” “plans,” “believes,” “estimates,” “targets,” “likely to,” “challenges,” and similar statements. Li Auto may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”) and The Stock Exchange of Hong Kong Limited (the “HKEX”), in its annual report to shareholders, in press releases and other written materials, and in oral statements made by its officers, directors, or employees to third parties. Statements that are not historical facts, including statements about Li Auto’s beliefs, plans, and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Li Auto’s strategies, future business development, and financial condition and results of operations; Li Auto’s limited operating history; risks associated with extended-range electric vehicles and high-power charging battery electric vehicles; Li Auto’s ability to develop, manufacture, and deliver vehicles of high quality and appeal to customers; Li Auto’s ability to generate positive cash flow and profits; product defects or any other failure of vehicles to perform as expected; Li Auto’s ability to compete successfully; Li Auto’s ability to build its brand and withstand negative publicity; cancellation of orders for Li Auto’s vehicles; Li Auto’s ability to develop new vehicles; and changes in consumer demand and government incentives, subsidies, or other favorable government policies. Further information regarding these and other risks is included in Li Auto’s filings with the SEC and the HKEX. All information provided in this press release is as of the date of this press release, and Li Auto does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

For investor and media inquiries, please contact:

Li Auto Inc.
Investor Relations
Email: [email protected]

Christensen Advisory
Roger Hu
Tel: +86-10-5900-1548
Email: [email protected]

 Li Auto Inc.
Unaudited Condensed Consolidated Statements of Comprehensive Income/(Loss)(All amounts in thousands, except for ADS/ordinary share and per ADS/ordinary share data)

   For the Three Months Ended For the Year Ended   December 31,
2024 September 30,
2025 December 31,
2025 December 31,
2025 December 31,
2024 December 31,
2025 December 31,
2025   RMB RMB RMB US$ RMB RMB US$ Revenues:               Vehicle sales 42,642,978 25,867,091 27,252,291 3,897,026 138,538,092 106,683,100 15,255,480 Other sales and services 1,630,694 1,497,571 1,523,131 217,805 5,921,854 5,629,411 804,995 Total revenues 44,273,672 27,364,662 28,775,422 4,114,831 144,459,946 112,312,511 16,060,475 Cost of sales:               Vehicle sales (34,252,151) (21,846,962) (22,669,292) (3,241,666) (111,121,036) (87,591,473) (12,525,414) Other sales and services (1,051,303) (1,048,699) (975,501) (139,495) (3,682,772) (3,735,980) (534,238) Total cost of sales (35,303,454) (22,895,661) (23,644,793) (3,381,161) (114,803,808) (91,327,453) (13,059,652) Gross profit 8,970,218 4,469,001 5,130,629 733,670 29,656,138 20,985,058 3,000,823 Operating expenses:               Research and development (2,408,357) (2,974,338) (3,016,587) (431,366) (11,071,358) (11,314,949) (1,618,016) Selling, general and administrative (3,076,993) (2,769,019) (2,647,068) (378,525) (12,229,323) (10,664,857) (1,525,055) Other operating income, net 218,446 97,155 90,438 12,932 663,657 473,631 67,728 Total operating expenses (5,266,904) (5,646,202) (5,573,217) (796,959) (22,637,024) (21,506,175) (3,075,343) Income/(Loss) from operations 3,703,314 (1,177,201) (442,588) (63,289) 7,019,114 (521,117) (74,520) Other (expense)/income:               Interest expense (61,759) (32,663) (37,419) (5,351) (187,755) (168,078) (24,035) Interest income and investment income, net 403,021 475,435 430,733 61,594 1,819,964 1,918,883 274,397 Others, net 17,128 (4,501) 21,930 3,136 664,301 67,447 9,645 Income/(Loss) before income tax 4,061,704 (738,930) (27,344) (3,910) 9,315,624 1,297,135 185,487 Income tax (expense)/benefit (529,010) 114,534 47,587 6,805 (1,270,374) (157,707) (22,552) Net income/(loss) 3,532,694 (624,396) 20,243 2,895 8,045,250 1,139,428 162,935 Less: Net income attributable to noncontrolling interests 9,757 580 13,724 1,963 12,900 14,990 2,143 Net income/(loss) attributable to ordinary shareholders of Li Auto Inc. 3,522,937 (624,976) 6,519 932 8,032,350 1,124,438 160,792                 Net income/(loss) 3,532,694 (624,396) 20,243 2,895 8,045,250 1,139,428 162,935 Other comprehensive income/(loss)               Foreign currency translation adjustment, net of nil tax 236,903 (71,876) (337,950) (48,326) 53,128 (653,432) (93,440) Total other comprehensive income/(loss) 236,903 (71,876) (337,950) (48,326) 53,128 (653,432) (93,440) Total comprehensive income/(loss) 3,769,597 (696,272) (317,707) (45,431) 8,098,378 485,996 69,495 Less: Net income attributable to noncontrolling interests 9,757 580 13,724 1,963 12,900 14,990 2,143 Comprehensive income/(loss) attributable to ordinary shareholders of Li Auto Inc. 3,759,840 (696,852) (331,431) (47,394) 8,085,478 471,006 67,352 Weighted average number of ADSs               Basic 1,000,250,311 1,009,414,942 1,010,547,649 1,010,547,649 996,595,976 1,007,535,097 1,007,535,097 Diluted 1,066,897,163 1,009,414,942 1,041,928,950 1,041,928,950 1,064,636,715 1,071,363,764 1,071,363,764 Net earnings/(loss) per ADS attributable to ordinary shareholders               Basic 3.52 (0.62) 0.01 0.00 8.06 1.12 0.16 Diluted 3.31 (0.62) 0.01 0.00 7.58 1.08 0.15 Weighted average number of ordinary shares               Basic 2,000,500,621 2,018,829,884 2,021,095,298 2,021,095,298 1,993,191,951 2,015,070,194 2,015,070,194 Diluted 2,133,794,325 2,018,829,884 2,083,857,900 2,083,857,900 2,129,273,430 2,142,727,527 2,142,727,527 Net earnings/(loss) per share attributable to ordinary shareholders               Basic 1.76 (0.31) 0.00 0.00 4.03 0.56 0.08 Diluted 1.65 (0.31) 0.00 0.00 3.79 0.54 0.08                  Li Auto Inc.
Unaudited Condensed Consolidated Balance Sheets(All amounts in thousands)

     As of     December 31, 2024 December 31, 2025 December 31, 2025   RMB RMB US$ ASSETS       Current assets:       Cash and cash equivalents 65,901,123 56,691,765 8,106,815 Restricted cash 6,849 216,314 30,932 Time deposits and short-term investments 46,904,548 44,331,407 6,339,307 Trade receivable 135,112 119,823 17,134 Inventories 8,185,604 8,752,439 1,251,582 Prepayments and other current assets 5,176,546 5,174,246 739,907 Total current assets 126,309,782 115,285,994 16,485,677 Non-current assets:       Long-term investments 922,897 848,672 121,358 Property, plant and equipment, net 21,140,933 22,774,938 3,256,773 Operating lease right-of-use assets, net 8,323,963 9,099,313 1,301,184 Intangible assets, net 914,951 1,191,974 170,450 Goodwill 5,484 5,484 784 Deferred tax assets 2,542,180 3,334,206 476,785 Other non-current assets 2,188,888 1,755,237 250,996 Total non-current assets 36,039,296 39,009,824 5,578,330 Total assets 162,349,078 154,295,818 22,064,007 LIABILITIES AND EQUITY       Current liabilities:       Short-term borrowings 281,102 6,217,745 889,126 Trade and notes payable 53,596,194 40,579,219 5,802,751 Amounts due to related parties 11,492 26,644 3,810 Deferred revenue, current 1,396,489 1,621,429 231,861 Operating lease liabilities, current 1,438,092 1,690,356 241,718 Finance lease liabilities, current 95,205 - - Accruals and other current liabilities 12,397,322 13,412,260 1,917,924 Total current liabilities 69,215,896 63,547,653 9,087,190 Non-current liabilities:       Long-term borrowings 8,151,598 3,299,203 471,780 Deferred revenue, non-current 720,531 624,734 89,336 Operating lease liabilities, non-current 5,735,738 6,258,957 895,019 Finance lease liabilities, non-current 642,984 348,506 49,836 Deferred tax liabilities 864,999 691,652 98,905 Other non-current liabilities 5,696,950 6,385,370 913,096 Total non-current liabilities 21,812,800 17,608,422 2,517,972 Total liabilities 91,028,696 81,156,075 11,605,162 Total Li Auto Inc. shareholders’ equity 70,874,884 72,619,255 10,384,416 Noncontrolling interests 445,498 520,488 74,429 Total shareholders’ equity 71,320,382 73,139,743 10,458,845 Total liabilities and shareholders’ equity 162,349,078 154,295,818 22,064,007          Li Auto Inc.
Unaudited Condensed Consolidated Statements of Cash Flows(All amounts in thousands)

   For the Three Months Ended For the Year Ended  December 31,
2024 September 30,
2025 December 31,
2025 December 31,
2025 December 31,
2024 December 31,
2025 December 31,
2025  RMB RMB RMB US$ RMB RMB US$Net cash provided by/(used in) operating activities 8,680,301 (7,395,580) 3,521,370 503,549 15,933,160 (8,611,397) (1,231,413)Net cash (used in)/provided by investing activities (19,987,058) 8,373,137 2,110,251 301,762 (41,137,169) (703,125) (100,546)Net cash (used in)/provided by financing activities (734,467) 597,470 178,563 25,534 (415,648) 767,402 109,737Effect of exchange rate changes on cash, cash equivalents and restricted cash 355,742 (48,607) (225,491) (32,245) 198,120 (452,773) (64,746)Net change in cash, cash equivalents and restricted cash (11,685,482) 1,526,420 5,584,693 798,600 (25,421,537) (8,999,893) (1,286,968)Cash, cash equivalents and restricted cash at beginning of period 77,593,454 49,796,966 51,323,386 7,339,147 91,329,509 65,907,972 9,424,715Cash, cash equivalents and restricted cash at end of period 65,907,972 51,323,386 56,908,079 8,137,747 65,907,972 56,908,079 8,137,747               Net cash provided by/(used in) operating activities 8,680,301 (7,395,580) 3,521,370 503,549 15,933,160 (8,611,397) (1,231,413)Capital expenditures (2,620,969) (1,516,607) (1,053,769) (150,687) (7,730,022) (4,205,517) (601,381)Free cash flow (non-GAAP) 6,059,332 (8,912,187) 2,467,601 352,862 8,203,138 (12,816,914) (1,832,794)                Li Auto Inc.
Unaudited Reconciliation of U.S. GAAP and Non-GAAP Results(All amounts in thousands, except for ADS/ordinary share and per ADS/ordinary share data)

   For the Three Months Ended For the Year Ended  December 31,
2024 September 30,
2025 December 31,
2025 December 31,
2025 December 31,
2024 December 31,
2025 December 31,
2025  RMB RMB RMB US$ RMB RMB US$Cost of sales (35,303,454) (22,895,661) (23,644,793) (3,381,161) (114,803,808) (91,327,453) (13,059,652)Share-based compensation expenses 10,394 10,260 10,405 1,488 39,728 35,996 5,147Non-GAAP cost of sales (35,293,060)  (22,885,401)  (23,634,388)  (3,379,673)  (114,764,080) (91,291,457) (13,054,505)               Research and development expenses (2,408,357) (2,974,338) (3,016,587) (431,366) (11,071,358) (11,314,949) (1,618,016)Share-based compensation expenses 303,047 164,014 143,303 20,492 1,257,921 782,917 111,956Non-GAAP research and development expenses (2,105,310) (2,810,324)  (2,873,284) (410,874) (9,813,437) (10,532,032) (1,506,060)               Selling, general and administrative expenses (3,076,993) (2,769,019) (2,647,068) (378,525) (12,229,323) (10,664,857) (1,525,055)Share-based compensation expenses 199,633 90,425 100,492 14,370 1,333,256 438,841 62,753Non-GAAP selling, general and administrative expenses (2,877,360) (2,678,594)  (2,546,576) (364,155) (10,896,067) (10,226,016) (1,462,302)               Income/(Loss) from operations 3,703,314 (1,177,201) (442,588) (63,289) 7,019,114 (521,117) (74,520)Share-based compensation expenses 513,074 264,699 254,200 36,350 2,630,905 1,257,754 179,856Non-GAAP income/(loss) from operations 4,216,388  (912,502) (188,388) (26,939) 9,650,019  736,637  105,336                Net income/(loss) 3,532,694 (624,396) 20,243 2,895 8,045,250 1,139,428 162,935Share-based compensation expenses 513,074 264,699 254,200 36,350 2,630,905 1,257,754 179,856Release of valuation allowance on deferred tax assets (6,085) — — — (6,085) — —Non-GAAP net income/(loss)8 4,039,683  (359,697) 274,443  39,245  10,670,070  2,397,182  342,791                Net income/(loss) attributable to ordinary shareholders of Li Auto Inc. 3,522,937 (624,976) 6,519 932 8,032,350 1,124,438 160,792Share-based compensation expenses 513,074 264,699 254,200 36,350 2,630,905 1,257,754 179,856Release of valuation allowance on deferred tax assets (6,085) — — — (6,085) — —Non-GAAP net income/(loss) attributable to ordinary shareholders of Li Auto Inc. 4,029,926 (360,277) 260,719  37,282  10,657,170  2,382,192  340,648                Weighted average number of ADSs              Basic 1,000,250,311 1,009,414,942 1,010,547,649 1,010,547,649 996,595,976 1,007,535,097 1,007,535,097Diluted 1,066,897,163 1,009,414,942 1,041,928,950 1,041,928,950 1,064,636,715 1,071,363,764 1,071,363,764Non-GAAP net earnings/(loss) per ADS attributable to ordinary shareholders              Basic 4.03 (0.36) 0.26 0.04 10.69 2.36 0.34Diluted 3.79 (0.36) 0.25 0.04 10.04 2.25 0.32Weighted average number of ordinary shares               Basic 2,000,500,621 2,018,829,884 2,021,095,298 2,021,095,298 1,993,191,951 2,015,070,194 2,015,070,194Diluted 2,133,794,325 2,018,829,884 2,083,857,900 2,083,857,900 2,129,273,430 2,142,727,527 2,142,727,527Non-GAAP net earnings/(loss) per share attributable to ordinary shareholders              Basic 2.01 (0.18) 0.13 0.02 5.35 1.18 0.17Diluted 1.89 (0.18) 0.13 0.02 5.02 1.13 0.16 ___________________ 

1   All translations from Renminbi (“RMB”) to U.S. dollars (“US$”) are made at a rate of RMB6.9931 to US$1.00, the exchange rate on December 31, 2025 as set forth in the H.10 statistical release of the Federal Reserve Board.

2   Vehicle margin is the margin of vehicle sales, which is calculated based on revenues and cost of sales derived from vehicle sales only.

3   The Company’s non-GAAP financial measures exclude share-based compensation expenses and release of valuation allowance on deferred tax assets. See “Unaudited Reconciliation of U.S. GAAP and Non-GAAP Results” set forth at the end of this press release.

4   Each ADS represents two Class A ordinary shares.

5   Free cash flow represents operating cash flow less capital expenditures, which is considered a non-GAAP financial measure.

6 Except for vehicle margin, gross margin, and operating margin, where absolute changes instead of percentage changes are presented.

7   Cash position includes cash and cash equivalents, restricted cash, time deposits and short-term investments, and long-term time deposits and financial instruments included in long-term investments.

8 Non-GAAP items have no tax impact for all the periods presented.

, /PRNewswire/ -- The DJS Law Group reminds investors of a class action lawsuit against Camping World Holdings, Inc. ("Camping World" or "the Company") (NYSE: CWH) violations of §§10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by the U.S. Securities and Exchange Commission.

Shareholders who purchased shares of CWH during the class period listed are encouraged to contact the firm regarding possible lead plaintiff appointments. Appointment as lead plaintiff is not required to partake in any recovery.

CLASS PERIOD: April 29, 2025 to February 24, 2026

DEADLINE: May 11, 2026

CASE DETAILS: According to the Complaint, the Company made false and misleading statements to the market. Despite Camping World's claims that it could "surgically manage [its] inventory, the Company was forced to institute "strict, corrective inventory management objectives" which hurt profitability. Based on these facts, Camping World's public statements were false and materially misleading throughout the class period.

If you are a shareholder who suffered a loss, contact us to participate.

WHY DJS LAW GROUP? DJS Law Group's primary focus is to enhance investor return through balanced counseling and aggressive advocacy. We specialize in securities class actions, corporate governance litigation, and domestic/international M&A appraisals. Our clients are some of the largest and most sophisticated hedge funds and alternative asset managers in the world. The litigation claims of our clients are extraordinarily valuable assets that demand respect, focus, and results.

Join the case to recover your losses.

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

CONTACT:

David J. Schwartz

DJS Law Group

274 White Plains Road, Suite 1

 Eastchester, NY 10709

Phone: 914-206-9742

Email: [email protected]

SOURCE DJS Law Group LLP

, /PRNewswire/ -- The Schall Law Firm, a national shareholder rights litigation firm, reminds investors of a class action lawsuit against Corcept Therapeutics Incorporated ("Corcept" or "the Company") (NASDAQ: CORT) for violations of §§10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by the U.S. Securities and Exchange Commission.

Investors who purchased the Company's securities between October 31, 2024 and December 30, 2025, inclusive (the "Class Period"), are encouraged to contact the firm before April 21, 2026.

If you are a shareholder who suffered a loss, click here to participate.

We also encourage you to contact Brian Schall of the Schall Law Firm, 2049 Century Park East, Suite 2460, Los Angeles, CA 90067, at 310-301-3335, to discuss your rights free of charge. You can also reach us through the firm's website at www.schallfirm.com, or by email at [email protected].

The class, in this case, has not yet been certified, and until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.

According to the Complaint, the Company made false and misleading statements to the market. Corcept misled investors about the viability of its product candidate, relacorilant. Despite claiming relacorilant was "approaching approval," the Company knew that the FDA considered its clinical data was not adequate for approval. Based on these facts, the Company's public statements were false and materially misleading throughout the class period. When the market learned the truth about Corcept, investors suffered damages.

Join the case to recover your losses

The Schall Law Firm represents investors around the world and specializes in securities class action lawsuits and shareholder rights litigation.

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

CONTACT:

The Schall Law Firm
Brian Schall, Esq.,
www.schallfirm.com
Office: 310-301-3335
[email protected]

SOURCE The Schall Law Firm

, /PRNewswire/ -- The Schall Law Firm, a national shareholder rights litigation firm, reminds investors of a class action lawsuit against Driven Brands Holdings Inc. ("Driven Brands" or "the Company") (NASDAQ: DRVN) for violations of §§10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by the U.S. Securities and Exchange Commission.

Investors who purchased the Company's securities between May 9, 2023 and February 24, 2026, inclusive (the "Class Period"), are encouraged to contact the firm before May 8, 2026.

If you are a shareholder who suffered a loss, click here to participate.

We also encourage you to contact Brian Schall of the Schall Law Firm, 2049 Century Park East, Suite 2460, Los Angeles, CA 90067, at 310-301-3335, to discuss your rights free of charge. You can also reach us through the firm's website at www.schallfirm.com, or by email at [email protected].

The class, in this case, has not yet been certified, and until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.

According to the Complaint, the Company made false and misleading statements to the market. Driven Brands committed errors in the recording of leases impacting its right of use assets and right of use liabilities recorded on its balance sheet as of December 28, 2024, and September 27, 2025. The Company's errors causes overstatements of revenue and cash and understatements of selling, general, and administrative expenses for fiscal year 2023 and 2024. The Company's supply and other expenses were improperly presented in fiscal years 2023 and 2024. The Company suffered from other errors including its income tax provision. Based on these facts, the Company's public statements were false and materially misleading throughout the class period. When the market learned the truth about Driven Brands, investors suffered damages.

Join the case to recover your losses

The Schall Law Firm represents investors around the world and specializes in securities class action lawsuits and shareholder rights litigation.

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

CONTACT:

The Schall Law Firm
Brian Schall, Esq.,
www.schallfirm.com
Office: 310-301-3335
[email protected]

SOURCE The Schall Law Firm

, /PRNewswire/ -- The Schall Law Firm, a national shareholder rights litigation firm, reminds investors of a class action lawsuit against Vistagen Therapeutics, Inc. ("Vistagen" or "the Company") (NASDAQ: VTGN) for violations of §§10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by the U.S. Securities and Exchange Commission.

Investors who purchased the Company's securities between April 1, 2024 and December 16, 2025, inclusive (the "Class Period"), are encouraged to contact the firm before March 16, 2026.

If you are a shareholder who suffered a loss, click here to participate.

We also encourage you to contact Brian Schall of the Schall Law Firm, 2049 Century Park East, Suite 2460, Los Angeles, CA 90067, at 310-301-3335, to discuss your rights free of charge. You can also reach us through the firm's website at www.schallfirm.com, or by email at [email protected].

The class, in this case, has not yet been certified, and until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.

According to the Complaint, the Company made false and misleading statements to the market. Vistagen gave investors the false impression that it was likely to have Phase 3 success with its fasedienol drug candidate by creating the impression that its PALISADE-2 trial produced positive results.The Company downplayed the risk of failure in clinical studies. Based on these facts, the Company's public statements were false and materially misleading throughout the class period. When the market learned the truth about Vistagen, investors suffered damages.

Join the case to recover your losses

The Schall Law Firm represents investors around the world and specializes in securities class action lawsuits and shareholder rights litigation.

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

CONTACT:

The Schall Law Firm
Brian Schall, Esq.,
www.schallfirm.com

Office: 310-301-3335

[email protected]

SOURCE The Schall Law Firm

Chicago, Illinois--(Newsfile Corp. - March 12, 2026) - SYNTHOLENE ENERGY CORP (TSXV: ESAF) (FSE: 3DD0) (OTCQB: SYNTF) ("Syntholene" or the "Company") announces that it has selected Papadakis Engineering ("Papadakis"), the advanced fabrication and systems division of Papadakis Racing, as its development and integration partner for the geothermal heat exchanger system supporting Syntholene's planned thermal-hybrid synthetic fuel Demonstration Facility.

Papadakis Engineering is a U.S.-based engineering and fabrication firm with deep expertise in high-performance thermal systems, precision manufacturing, and complex system integration.

The Papadakis organization is internationally recognized for its championship-winning motorsports engineering program, having designed and built record-setting powertrains and vehicle systems for top-tier professional racing series, including multiple Formula Drift titles.

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The firm is known for translating extreme performance requirements into reliable, precision-engineered systems operating under continuous thermal and mechanical stress, a pedigree that directly informs its approach to advanced industrial thermal and integration challenges.

"Thermal integration is one of the most important levers for Syntholene's vision of lowering the cost of electrolytic hydrogen and, by extension, synthetic fuels," said Dan Sutton, Chief Executive Officer of Syntholene Energy Corp. "Papadakis brings an uncommon combination of thermal engineering, fabrication discipline, and execution speed. Their experience delivering tightly integrated, high-performance systems makes them an ideal partner as Syntholene moves from design into physical system validation."

The Company's engagement of Papadakis is pursuant to a written project proposal dated January 28, 2026. The project scope covers detailed engineering, fabrication, containerized integration, and electrical scope associated with a geothermal heat exchanger skid designed to provide low-grade process heat to Syntholene's Solid Oxide Electrolyzer Cell (SOEC)-based hydrogen production system. Under the proposal, Papadakis has agreed to provide electrical and heat exchanger integration services for a total contract value of US$289,026 payable in tranches during the term, with delivery of services expected to be complete by June 1, 2026. The work is intended to support factory acceptance testing and delivery of a fully integrated demonstration-scale system. This proposal was entered into by the Company in the ordinary course of its business in furtherance of the previously announced proposed Demonstration Facility. Papadakis and the Company are arm's length parties.

"Syntholene's proposed Demonstration Facility represents the kind of engineering challenge we're built for: integrating complex subsystems into a cohesive, performance-driven platform," said Stephan Papadakis, Founder of Papadakis Engineering. "My team is excited to apply our high-performance engineering discipline to a program aimed at improving the efficiency and economics of synthetic fuel production."

The selection of Papadakis represents a key milestone in the execution of Syntholene's thermal-hybrid production architecture, which aims to integrate electricity with process heat to reduce net electrical demand and improve overall SOEC system efficiency. The proposed Demonstration Facility is designed to validate this approach and to generate operating data required to inform future commercial deployment plans.

The proposed Demonstration Facility is intended to serve as a validation platform for Syntholene's thermal-hybrid production system, enabling the Company to de-risk system integration, operating performance, and unit economics ahead of targeted future commercial scale-up. Data to be generated from the facility is expected to inform subsequent project development, engagement with strategic partners, and discussions with policymakers and capital providers.

About Papadakis Engineering

Papadakis Engineering is an agile engineering, procurement, and construction firm specializing in advanced design, prototyping, precision fabrication, and integrated system development. The company bridges the gap between engineering and execution, enabling clients to move efficiently from concept through validated hardware.

Papadakis Engineering has deep experience solving complex mechanical, thermal, and electrical integration challenges under compressed timelines and high-performance requirements. Originally founded by champion Stephan Papadakis in the high-performance environment of professional motorsport, the firm applies that same discipline to industrial, energy, and advanced technology programs requiring precision, reliability, and secure operations.

About Syntholene Energy Corp

Syntholene is actively commercializing its novel Hybrid Thermal Production System for low-cost clean fuel synthesis. The target output is ultrapure synthetic jet fuel, which the Company seeks to manufacture at 70% lower cost than the nearest competing technology today. The Company's mission is to deliver the world's first truly high-performance, low-cost, and carbon-neutral synthetic fuel at an industrial scale, unlocking the potential to produce clean synthetic fuel at lower cost than fossil fuels, for the first time.

Founded by experienced operators across advanced energy infrastructure, nuclear technology, low-emissions steel refining, process engineering, and capital markets, Syntholene aims to be the first team to deliver a scalable modular production platform for cost-competitive synthetic fuel, thus accelerating the commercialization of carbon-neutral eFuels across global markets.

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

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of applicable securities laws. The use of any of the words "expect", "anticipate", "aims", "continue", "estimate", "objective", "may", "will", "project", "should", "believe", "plans", "intends", "targets" and similar expressions are intended to identify forward-looking information or statements. All statements, other than statements of historical fact, including but not limited to statements regarding the proposal with Papadakis and proposed services, the timeline and cost for service delivery pursuant to the Papadakis proposal, proposed Demonstration Facility, testing planned at the proposed Demonstration Facility and the proposed use of data from such testing, commercial scalability,proposed benefits to the project from the skills of the engaged service providers, economic benefits of the Company's products relative to competitive products; protection of the Company's intellectual property through provisional patents and patents; the Company's ability to execute on its plans for advancement and commercialization of its technology; technical and economic viability, anticipated geothermal power availability, anticipated benefit of eFuel, and future commercial opportunities, are forward-looking statements.

The forward-looking statements and information are based on certain key expectations and assumptions made by the Company, including without limitation the assumption that the Company will be able to execute its business plan in the manner and timeline set forth in its public disclosure or at all, that the engaged service providers have the skills to advance the Company's business plans, that Papadakis will be able to complete the propsal on time and budget, that the eFuel will have its expected benefits, that there will be market adoption, that the Company's review of the competitive landscape and that its understanding of being the world's first Company to have geothermal-SOEC integration remain accurate, that any potential competitors to the Company would not be able to develop or execute geothermal-SOEC integration as quickly or as well as the Company, that the Company will be able to produce the eFuel at competitive pricing in the range anticipated in this news release or at all, that the proposed validation testing will be able to be completed, and that the results from such tests will validate the Company's technology and support further commercialization, that geothermal heat will be available to the Company at the necessary levels, that the proposed Demonstration Facility will be completed on time and on budget, that the Company will continue to have access to skilled personnel with relevant experience, that regulatory requirements remain favourable for the Company, and that the Company will be able to access financing as needed to fund its business plan. Although the Company believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward-looking statements and information because the Company can give no assurance that they will prove to be correct. Since forward-looking statements and information address future events and conditions, by their very nature, they involve inherent risks and uncertainties.

Actual results could differ materially from those currently anticipated due to a number of factors and risks, including, without limitation, Syntholene's ability to complete the testing, that the results of the testing will support continued commercialization and the Company's technology, that the engaged service providers do not have the necessary skills to and do not advance the Company's business plan, that Papadakis is not able to complete the scope of services on time and on budget or at all, that there are competitors in geothermal-SOEC integration that are unknown to the Company, that the Company may not be able to produce eFuel at the targeted prices or at a price that is lower than potential competitors, that definitive commercial purchase orders for Syntholene's eFuel may not materialize, Syntholene's ability to meet production targets, realize projected economic benefits, overcome technical challenges, secure financing, maintain regulatory compliance, manage geopolitical risks, and successfully negotiate definitive terms. Syntholene does not undertake any obligation to update or revise these forward-looking statements, except as required by applicable securities laws.

This news release contains future-oriented financial information and financial outlook information (collectively, "FOFI") about the cost and pricing of the eFuel product that Syntholene is seeking to commercialize, which is subject to the same assumptions, risk factors, limitations, and qualifications as set forth in the above paragraphs. FOFI contained in this news release was made as of the date hereof and was provided for the purpose of describing the anticipated effects of advancement of Syntholene's business operations. Syntholene's actual results, performance or achievement could differ materially from those expressed in, or implied by, such FOFI. Syntholene disclaims any intention or obligation to update or revise any FOFI contained in this news release, whether as a result of new information, future events or otherwise, unless required pursuant to applicable law. Readers are cautioned that the FOFI contained herein should not be used for purposes other than for which it is disclosed herein.

Readers are advised to exercise caution and not to place undue reliance on the forward-looking statements and FOFI in this news release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/288190

Source: Syntholene Energy Corp

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SANTA CLARA, Calif.--(BUSINESS WIRE)--Arista Networks (NYSE: ANET) today announced the formation of a multi-source agreement (MSA) for XPO, a revolutionary 12.8 Tbps liquid cooled optics module that supports a front panel density of 204.8 Tbps per open compute rack unit, a 4X improvement compared to 1600G-OSFP optics. XPO was designed specifically to support AI networking including scale-up, scale-out, scale-across, and metro reach fabrics, offering the following key innovations: Record-Breakin.

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Pantheon Resources plc Board Changes, AGM & Webinar Update LONDON, UK / ACCESS Newswire / March 12, 2026 / Pantheon Resources plc (AIM:PANR) (OTCQX:PTHRF) ("Pantheon" or the "Company"), the oil and gas company developing the Kodiak and Ahpun oil fields in close proximity to pipeline and transportation infrastructure on Alaska's North Slope, is pleased to announce the intended appointment of Lord Spencer of Alresford ("Michael Spencer") as its new Chairman. The Board intends to appoint him to his new role immediately after the close of the Company Annual General Meeting ("AGM") on Thursday 12 March 2026.

Jersey, March 12, 2026 (GLOBE NEWSWIRE) -- 12 March 2026 | SAINT HELIER, Jersey | CoinShares International Limited (“CoinShares”) (Nasdaq Stockholm: CS; US OTCQX: CNSRF) announced on 8 September 2025 a joint merger plan with Vine Hill Capital Investment Corp. (Nasdaq: VCIC) (“Vine Hill”) and Odysseus Holdings Limited (“Odysseus Holdings”), including a court-sanctioned scheme of arrangement under Article 125 of the Jersey Companies Law (“Scheme of Arrangement”) (such joint merger plan and the Scheme of Arrangement being together the “Transaction”). The Transaction once completed would in effect facilitate a change of listing venue for CoinShares shares from Nasdaq Stockholm to the Nasdaq Stock Market in the United States, or any other public stock market or exchange in the United States as may be agreed between CoinShares and Vine Hill. On 18 February 2026 CoinShares published a scheme circular in relation to the Scheme of Arrangement (the “ Scheme Circular”).

Gold – Chart Gold is trading in the $5,160 ballpark on the 2-hour chart, hanging in there just above the $5,123 line of support after a pretty wild rollercoaster ride that took it from a peak of $5,410 just a little while ago. Price is right now stuck in a holding pattern between $5,123 and $5,239, a reflection of the general confusion and indecision in the market in the aftermath of that sharp correction we saw earlier this month.

The RSI is hovering around that 45-50 region, which is basically saying that momentum is neutral, so we’re not really getting any kind of strong or clear reading from it right now. If Gold price manages to take out $5,239 decisively, then it could be back on its way to $5,331 and beyond – maybe even all the way back to $5,410.

On the flipside, if it breaks below $5,123 then things could get a bit riskier, and we might see the price start to slide all the way down to $5,016 and then possibly even $4,936.

Silver Price Forecast: $84.42 Support in Focus – Break Above $89 or Drop Toward $79?

Like most European automakers, BMW faces intense competition and a downturn in luxury spending in China as tariffs add to industry costs.

March 12, 2026 03:23 ET  | Source: Shell plc

Shell plc publishes 2025 Annual Report and Accounts
March 12, 2026

Shell plc published its Annual Report and Accounts for the year ended December 31, 2025 (“2025 Annual Report and Accounts”).

The 2025 Annual Report and Accounts will be submitted to the Annual General Meeting to be held on May 19, 2026.

The 2025 Annual Report and Accounts can be viewed online or downloaded in pdf format at www.shell.com/investors/results-and-reporting/annual-report. 

In compliance with UK Listing Rule 6.4.1, on March 12, 2026, a copy of the 2025 Annual Report and Accounts was submitted to the National Storage Mechanism. This document will shortly be available for inspection at https://data.fca.org.uk/#/nsm/nationalstoragemechanism. In compliance with section 5:25m(6) Financial Markets Supervision Act, the 2025 Annual Report and Accounts was submitted to the Dutch Authority for the Financial Markets (AFM) on March 12, 2026. The AFM publishes the report in its public register. 

Printed copies of the 2025 Annual Report and Accounts will be available from April 27, 2026, and can be requested, free of charge, at www.shell.com/investors/results-and-reporting/annual-report/order-printed-annual-reports.

Shell plc will also file its Form 20-F for the year ended December 31, 2025, with the US Securities and Exchange Commission today. The Form 20-F will be available for download from www.shell.com/investors/results-and-reporting/annual-report or www.sec.gov.

This announcement is made in accordance with DTR 6.3.5R(1A).

Additional Information
For the purposes of complying with the Disclosure Guidance and Transparency Rules (DTRs) and the requirements imposed on issuers though the DTRs, information required to be communicated in unedited full text has been included in the 2025 Annual Report and Accounts. This was submitted to the National Storage Mechanism in unedited full text on March 12, 2026, and will shortly be available for inspection. Furthermore, the 2025 Annual Report and Accounts are available at www.shell.com/investors/results-and-reporting/annual-report.

Enquiries

UK / International Media Relations: +44 20 7934 5550 
Americas Media Relations: Contact Shell US Media Team

, /PRNewswire/ -- The DJS Law Group reminds investors of a class action lawsuit against Vistagen Therapeutics, Inc. ("Vistagen" or "the Company") (NASDAQ: VTGN) for violations of §§10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by the U.S. Securities and Exchange Commission.

Shareholders who purchased shares of VTGN during the class period listed are encouraged to contact the firm regarding possible lead plaintiff appointments. Appointment as lead plaintiff is not required to partake in any recovery.

CLASS PERIOD: April 1, 2024 to December 16, 2025

DEADLINE: March 16, 2026

CASE DETAILS: According to the Complaint, the Company made false and misleading statements to the market. Vistagen misled investors about the results of its PALISADE-2 trial of fasedienol. The Company created the false impression that its drug candidate would enjoy a successful Phase 3 trial. Based on these facts, Vistagen's public statements were false and materially misleading throughout the class period.

If you are a shareholder who suffered a loss, contact us to participate.

WHY DJS LAW GROUP? DJS Law Group's primary focus is to enhance investor return through balanced counseling and aggressive advocacy. We specialize in securities class actions, corporate governance litigation, and domestic/international M&A appraisals. Our clients are some of the largest and most sophisticated hedge funds and alternative asset managers in the world. The litigation claims of our clients are extraordinarily valuable assets that demand respect, focus, and results.

Join the case to recover your losses.

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

CONTACT:

David J. Schwartz

DJS Law Group

274 White Plains Road, Suite 1

 Eastchester, NY 10709

Phone: 914-206-9742

Email: [email protected]

SOURCE DJS Law Group LLP

  VANCOUVER, BRITISH COLUMBIA, MARCH 12, 2026 – TheNewswire – GERMANIUM MINING CORP. (“GERMANIUM MINING” OR THE “COMPANY”) (CSE: GMC; OTCQB: EMSKF; FSE: 1I30) is pleased to announce that it has completed remote sensing work on its Lac Du Km 35 Property, located in the Chibougamau area, Quebec.

Description of the Lac du Km 35 Property Regional Setting

The Property comprises the prominent Faribault Shear Zone (“FSZ”), oriented east-southeast, and located towards the eastern part of the Property.  The FSZ dips to the south-southwest and ends to the Grenville Front which extends southwest-northeast for several hundreds of kilometres. The FSZ is a key structural feature that may connect with other permeable zones at depth, acting as a preferential conduit for hydrothermal fluids.

Discovered by government geologists in 1998 and never followed up, the Laganière germanium showing consists of a peridotite outcrop within the Laganière gneissic Complex that comprises amphibolites and hornblende and biotite gneisses.  The Laganière showing returned a value of 0.02% (186 ppm) germanium and is currently the highest germanium value ever reported from an outcrop in the province of  Québec.  

The Laganière germanium showing lies beside the main lumber road and immediately adjacent to the south to a cluster of electromagnetic anomalies of roughly 400 m x 400 m in size that were never tested.  The Laganière germanium showing is also 450 m northeast of the FSZ, 800 m from the southern margin of the Duberger felsic pluton and approximately 2 km to the west of the Grenville Front. The area between the FSZ and the Laganière Germanium showing, including the never tested cluster of electromagnetic anomalies, will be the main focus of GMC.

Satellite Imagery Study

The remote sensing work allowed the identification of new structural and circular features that may be associated to germanium mineralization.  

The satellite imagery study used ESA (European Space Agency) PNEO satellites constellation with panchromatic data of 30 cm in resolution, acquired in September 2023.  A pan sharpened image was acquired  with visible and infrared bands. Image has been acquired in September 2023 and is of high quality.  Algorithms were applied on these images in order to pinpoint relevant structural bodies, including potential intrusions, variably dipping dykes and lenticular-shaped elements as well as outlining potential outcrops.

Major structures and circular features have been identified on property with main trends being NE, EW, NNE, and NW.  Many structures coincide with the Ministry Québec government structural maps and new major structures have also been identified.

The Laganière germanium showing area is correlated with a circular feature having a diameter of approximately 300 metres; the exact nature of this circular feature is still unknown and will be investigated.  The Laganière showing area is also crosscut by a set of 3 major NE structures.  Finally, the important Faribeault Shear Zone, roughly 450 metres southwest of the Laganière germanium showing, has been clearly mapped from the image.

In addition, the remote sensing work allowed the outline of several outcropping areas nearby the Laganière germanium showing.  It is expected that between 15 to 20 potential outcrops per line-kilometre would be mapped and sampled in the upcoming program in the summer of 2026.  

The information will be transferred to a GIS system and a series of maps at scale 1:5,000 will be generated.  Precise satellite image interpreted structural features will help optimizing the field campaign and logistics.

About Germanium

Germanium is a hard, greyish and brittle metalloid.  Germanium has many growing applications in electronics and solar, in fiber optics, and Infrared optics for civil and military uses.  Germanium is in the list of critical metals in Canada, the United States and the European Union.

Since December 3, 2024, China, the largest producer of refined germanium, has banned germanium exports to the United States.  Germanium is not an openly traded commodity and recent spot prices have germanium over US$5,000 per kilogram.

The Company cautions that the geological information provided in this news release is of historical nature and mineralization may not be representative of mineralization on the Lac du Km 35 Property.

Benoit Moreau, P.Eng., a qualified person as defined by National Instrument 43-101, and vice-president of exploration for Germanium Mining Corp., is responsible for the technical information contained in this news release.

About Germanium Mining Corp.

Germanium Mining is a publicly traded exploration company focused on the development of highly prospective, discovery-stage mineral properties located in some of Canada's top mining jurisdictions. The Company’s properties are in the “Allison Lake Batholith” of Northwestern Ontario, and the “Chapais-Chibougamau”, “Abitibi”, “Upper Laurentides” and “James Bay” regions of Quebec as well as in Nevada, USA.

Make sure to follow the Company on Twitter, Instagram and Facebook as well as subscribe for Company updates at http://www.germaniummining.com

ON BEHALF OF THE BOARD

Mario Pezzente

___                               
        CEO & Director

For more information on Germanium Mining Corp. please contact:

Phone: 604-717-6605
Corporate e-mail: [email protected]
Website: www.germaniummining.com
Corporate Address: 2905 – 700 West Georgia Street, Vancouver, BC, V7Y 1C6

FORWARD-LOOKING STATEMENTS

This news release contains forward-looking statements. All statements, other than statements of historical fact that address activities, events, or developments that the Company believes, expects or anticipates will or may occur in the future are forward-looking statements. Forward-looking statements in this news release include, but are not limited to, statements regarding the intended use of proceeds of the Offering and other matters regarding the business plans of the Company. The forward-looking statements reflect management’s current expectations based on information currently available and are subject to a number of risks and uncertainties that may cause outcomes to differ materially from those discussed in the forward-looking statements including that the Company may use the proceeds of the Offering for purposes other than those disclosed in this news release; adverse market conditions; and other factors beyond the control of the Company. Although the Company believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and, accordingly, undue reliance should not be put on such statements due to their inherent uncertainty. Factors that could cause actual results or events to differ materially from current expectations include general market conditions and other factors beyond the control of the Company. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable law.

The Canadian Securities Exchange (operated by CNSX Markets Inc.) has neither approved nor disapproved of the contents or accuracy of this press release.

 

, /PRNewswire/ -- The DJS Law Group reminds investors of a class action lawsuit against CoreWeave, Inc. ("CoreWeave" or "the Company") (NASDAQ: CRWV) for violations of §§10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by the U.S. Securities and Exchange Commission.

Shareholders who purchased shares of CRWV during the class period listed are encouraged to contact the firm regarding possible lead plaintiff appointments. Appointment as lead plaintiff is not required to partake in any recovery.

CLASS PERIOD: March 28, 2025 to December 15, 2025
DEADLINE: March 13, 2026

CASE DETAILS: According to the Complaint, the Company made false and misleading statements to the market. CoreWeave understated the risk of relying on a single third-party provider for data centers while also overplaying its ability to meet customer demand. Based on these facts, CoreWeave's public statements were false and materially misleading throughout the class period.

If you are a shareholder who suffered a loss, contact us to participate.

WHY DJS LAW GROUP? DJS Law Group's primary focus is to enhance investor return through balanced counseling and aggressive advocacy. We specialize in securities class actions, corporate governance litigation, and domestic/international M&A appraisals. Our clients are some of the largest and most sophisticated hedge funds and alternative asset managers in the world. The litigation claims of our clients are extraordinarily valuable assets that demand respect, focus, and results.

Join the case to recover your losses.

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

CONTACT:

David J. Schwartz

DJS Law Group

274 White Plains Road, Suite 1

 Eastchester, NY 10709

Phone: 914-206-9742

Email: [email protected]

SOURCE DJS Law Group LLP

The Japanese automaker is canceling the launches and development of certain models in response to a slowdown in North America's electric-vehicle market.

Poolbeg Pharma PLC (AIM:POLB, OTC:POLBF, FRA:POLBF), the AIM-listed clinical-stage biopharmaceutical company, has appointed Dr Adrian Kilcoyne to its Scientific Advisory Board, bringing more than 20 years of oncology and immunology drug development experience to the company.

Kilcoyne is currently chief medical officer at Cellectis, the French biotechnology company focused on allogeneic CAR-T therapies, which engineer a patient's immune cells to target and destroy cancer.

He previously held chief medical officer roles at Celularity and Humanigen, and has held senior positions at AstraZeneca, Celgene, Sanofi, Roche and Eli Lilly.

His appointment is expected to support Poolbeg's TOPICAL trial, which is testing POLB 001, the company's lead drug candidate designed to prevent cytokine release syndrome (CRS), a potentially life-threatening immune overreaction that can occur when patients receive certain cancer immunotherapies.

Kilcoyne said he had seen "first-hand both the clinical impact on patients and the economic burden on healthcare systems" caused by CRS, and believed POLB 001 had the potential to allow more patients access to immunotherapy treatments.

Prof Luke O'Neill, chair of Poolbeg's Scientific Advisory Board, said Dr Kilcoyne's regulatory expertise would be "invaluable" as the company advances POLB 001 through clinical trials.

XRP price slipped 2.47% to $1.38 on Wednesday amid market caution ahead of inflation data.  Ripple will be in a position to control onboarding, compliance controls, flow of funds, and foreign exchange under the license. The broader crypto market weakened as investors reduced risk before key U.S. inflation figures release.  XRP has struggled below $1.40 following a strong rally and a modest market correction recently.

Ripple to Acquire BC Payments Australia to Secure AFSL The digital payments company Ripple is moving to acquire BC Payments Australia to secure an AFSL license. The transaction is scheduled to finalize on April 1, subject to customary closing conditions.

The acquisition strengthens Ripple’s regulatory standing in the Asia Pacific financial services market. Ripple will be in a position to control onboarding, compliance controls, flow of funds, and foreign exchange under the license.

Another license received 🇦🇺🚀 https://t.co/OqwT0yCR3X

— Reece Merrick (@reece_merrick) March 11, 2026

The company will also manage liquidity and settlement processes across traditional banking rails and digital assets. Executives described Australia as a strategic hub for expanding blockchain-based payment infrastructure. 

Asia Pacific managing director Fiona Murray said the approval will support broader regional scaling plans.  Ripple stated that compliance remains central to its global growth strategy and operational model.

The firm now holds more than 75 regulatory approvals across multiple international jurisdictions. Following the announcement, XRP recorded gains as demand increased in spot and derivatives trading markets.

XRP Price Analysis: Will Bulls Target the $1.50 Level in the Coming Sessions? XRP price decreased to $1.3766 on Wednesday as traders reacted to steady selling pressure across major digital assets. 

According to the technical analysts, XRP is still trading below the significant resistance level of $1.40. A firm close above $1.40 could encourage renewed buying interest in the near term.

Should the bullish momentum continue, the second upward target will be at $1.50. Breaking out above $1.50 successfully might lead to the break into the 1.60 area.

Source: XRP/USDT 4-hour chart: Tradingview The Moving Average Convergence Divergence indicator is approaching the zero line. This position implies that neither the buyers nor the sellers have an upper hand. In the meantime, the Relative Strength Index is close to the 50 level.  This type of reading is usually an indicator of neither overbought nor oversold neutral momentum.

On the negative side, there is distinct support at the $1.30 level. This area has already received selling pressure in the past few pullbacks. A low move below $1.30 may open XRP to further decline to $1.20.

XRP Derivatives Volume Jumps 17% as Open Interest Edges Higher The XRP derivatives markets have recorded positive returns in the past 24 hours, and this means that traders are back on the hook. Trading volume increased by 17% to $4.18 billion across the key exchanges. The rise indicates intensified futures and perpetual contracts speculation around the token.

Open interest also rose extending 0.47% to 2.40 billion. This increase shows that the available positions are not closed. The derivatives measures tend to give an idea on the short term mood and the possible price movements.

According to ARK Invest and Unchained, quantum computing is unlikely to arrive as a sudden “Q-day” event. Instead, they suggest it will emerge through gradual technological progress, giving both the market and the Bitcoin (BTC) network time to prepare and adapt before any real danger materializes.

In a recently released white paper, both firms outlined a five-stage framework that tracks quantum computing’s progression from commercial utility to eventual cryptographic relevance.

5-Stage Framework Maps Quantum Development TimelineThe white paper by Dhruv Bansal (Unchained CSO), Tom Honzik (Unchained Director of Custody Research), and David Puell (Trading Analyst and Associate Portfolio Manager at ARK Invest) provides a systematic way to assess quantum threats.

The framework begins at Stage 0. Here, quantum computers exist but lack any commercial utility. This is roughly where the technology sits today, according to the white paper.

“Today’s systems operate in the so-called “NISQ era”—roughly 100 logical qubits and circuit depths in the hundreds—both well below the thresholds necessary to break Bitcoin’s elliptic curve cryptography (ECC). To do so would require at least 2,330 logical qubits and tens of millions to billions of quantum gates,” the authors wrote.

At Stage 1, quantum systems become commercially useful for specific industries such as chemistry and materials science. Stage 2 marks a shift. At this point, quantum technology can break weak keys or deprecated cryptosystems.

“Before an advanced CRQC exists that can break the strong 256-bit ECC used by Bitcoin, a simpler CRQC will exist that can break weaker cryptosystems—those using shorter keys or buggy implementations, for example. As a result, CRQCs attacks are likely to begin on the most vulnerable systems, steadily working their way toward stronger systems like Bitcoin,” the paper added.

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Bitcoin Quantum Risk Stages. Source: Ark InvestStage 3 represents the first real risk to Bitcoin. Quantum computers at this level could, in theory, break ECC, the algorithm that protects Bitcoin’s private keys. However, the process would still take considerable time.

“Broadly speaking, bitcoin deposits created before 2011 tend to be quantum vulnerable—given the address type widely used at the time, P2PK—while more recent systems tend to be quantum-resistant.22 The good news is that bitcoin holders can use quantum-resistant addresses across a broad range of wallets and custodians.”

Finally, Stage 4 is the critical threshold. At this point, a quantum machine could break a private key faster than Bitcoin’s 10-minute block time. According to the report,

“Inaction at the protocol level during Stage 4 would threaten Bitcoin as a useful monetary system in quite serious ways—an existential threat to the protocol. For Bitcoin to operate as a functioning currency, it must support entirely quantum-safe addresses before quantum computing develops to Stage 4.”

ARK Invest and Unchained noted that proposals for quantum-safe Bitcoin addresses already exist, and the stakeholders invested in the network have strong incentives to implement protective measures if needed.

They also highlighted that progress in post-quantum cryptography (PQC) currently outpaces advances toward building cryptographically relevant quantum computers (CRQCs) capable of breaking Bitcoin’s encryption.

The authors argued that while quantum computing presents a long-term risk, it does not pose an immediate threat. As the technology evolves, they said the Bitcoin community should continue researching and preparing strategies to safeguard the network.

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Three Scenarios for Bitcoin’s Quantum FutureMeanwhile, the report also presented three possible timelines for how this threat could materialize. In the pessimistic scenario, a sudden and unexpected quantum breakthrough catches the Bitcoin community off guard.

While disruptive, the authors argue that Bitcoin would survive because multiple PQC proposals already exist and could be deployed under pressure.

The optimistic scenario assumes quantum computing stalls due to barriers. In this case, Bitcoin would have ample time to research, test, and implement quantum-resistant upgrades.

The balanced scenario, which aligns with mainstream, institutional predictions, projects that quantum computers will reach Stage 3 in 10–20 years.

“In our view, within 10-20 years the PQC research community will make enough progress on algorithms to give the Bitcoin developer community time to adapt and optimize them for the Bitcoin blockchain, virtual machine, and ecosystem of tools, devices, and companies,” the paper noted.

Thus, the report’s conclusion stays consistent: Bitcoin is not at risk today. The quantum computing conversation has gained attention following recent progress. Yet the gap between current capabilities and the power needed to crack Bitcoin remains vast for now.

Bitcoin price risks a drop back to the $65,000 zone as bearish macroeconomic forces continue to impact investor risk sentiment.

Summary

Bitcoin price failed to hold the $70,000 support on Thursday. Investor demand for risk assets dropped amid surging oil prices and rising U.S. Treasury yields. The latest U.S. CPI print came in line with market expectations, which can force the Fed to keep interest rates elevated for a longer period. According to data from crypto.news, Bitcoin (BTC) price fell 4.8% over the past 7 days, dropping below the $70,000 support level. Trading at $69,385 at the time of writing, the bellwether was nearly 29% below its year-to-date high of around $97,500 and 45% from its all-time high.

Bearish macro pressures continue to hurt Bitcoin Currently, Bitcoin faces a number of geopolitical and macroeconomic risks that could push its price towards $65,000 and subsequently the $60,000 mark.

First, Iran has announced that it would change its retaliation strategy in the Middle East from reciprocal hits to continuous strikes against the interests of its adversaries, a move intended to punish Israel and the United States.

Additionally, Tehran said that it would continue blocking all ships carrying oil to Israel and the United States from using the Strait of Hormuz, where millions of barrels of crude pass through daily.

Through these measures, Iran aims to push crude oil prices to as high as $200, a move that could ultimately lead to higher inflation throughout the world, with the greatest impact coming on the U.S., which remains sensitive to energy price shocks. This escalating tension in the Middle East has historically driven investors away from volatile assets like cryptocurrency and into traditional safe havens.

Second, Wednesday’s U.S. core CPI data for February came in line with market expectations, essentially forcing the Federal Reserve to maintain elevated interest rates for a longer period. 

Meanwhile, if the war continues to drive up energy costs, it could fuel inflation further and dampen any hopes for a pivot in monetary policy this year. Higher interest rates typically sap the liquidity necessary for speculative assets to thrive.

According to the CME FedWatch data, there is a 99.3% chance that the interest rates will remain unchanged during the March FOMC meeting, with the current target rate sitting at 350 to 375 basis points. Odds of an April rate cut meanwhile stood at just 10.9% when writing, down sharply from 21% one month earlier.

It should also be noted that February inflation data came without fully accounting for the recent impact of surging oil prices and hence does not reflect the hawkish stance the Fed will be forced to adopt over the coming weeks.

Third, US yields on the 10-year Treasury have continued to go higher as bond markets react to these inflationary pressures. These yields recently rose by several basis points, making the guaranteed returns of government debt far more attractive than the risks associated with digital currencies.

Bitcoin price analysis In terms of technicals, Bitcoin has once again fallen below the $70,000 mark. Traders are closely watching the $68,500 support level, but persistent selling pressure suggests that the path of least resistance remains to the downside with a potential retracement to the $65,000 support zone until global stability returns.

BTC/USDT 24-hour price chart — March 12 | Source: crypto.news On the 4-hour chart, momentum indicators suggest that the bearish structure has already started building. The MACD lines are close to confirming a bearish crossover, while the RSI is trending downwards after hitting overbought levels.

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A new controversy has emerged within the cryptocurrency community, particularly on “crypto Twitter,” involving US-based exchange Coinbase (COIN). 

Rumors are circulating that the exchange is actively opposing the proposed Bitcoin (BTC) de minimis tax exemption, allegedly to promote a regulatory framework that favors stablecoins over Bitcoin.

Coinbase’s Alleged Lobbying  As the US government seeks to establish a comprehensive regulatory framework for the crypto industry—especially following Donald Trump’s re-election campaign—tax exemptions have become a focal point in congressional discussions. 

In a March 4 interview, Senator Cynthia Lummis mentioned that both the House Ways and Means Committee and the Senate Finance Committee are contemplating a $300 exemption, which would allow crypto users to utilize Bitcoin for transactions without incurring capital gains taxes. 

“We’re trying to figure out the appropriate criteria for distinguishing when a transaction—such as a sale of Bitcoin—should be subject to capital gains taxes and when it can be used as a straightforward medium of exchange, akin to the US dollar,” explained Lummis.

However, industry insights shared by Marty Bent, managing partner at Ten31, indicate that Coinbase may be lobbying against such exemptions. Bent claimed on social media that the exchange is attempting to “nuke” the Bitcoin exemption while seeking to support stablecoins exclusively. 

Allegedly, Coinbase representatives have informed legislators that “No one is using Bitcoin as money. A de minimis exemption for Bitcoin is a handout that will be DOA [dead on arrival].”

Accusations Fly This revelation has garnered significant attention from leaders within the cryptocurrency sector. Conner Brown, Managing Director at the Bitcoin Policy Institute, expressed concern over the potential implications of such a move. 

He stated that there has been a noticeable shift in legislative discussions favoring stablecoin-only exemptions over the past three months. 

Brown emphasized that missteps in this area could represent a grave error for the US policy landscape, urging his peers to remain vigilant. “We’ve invested years in this fight, and we can’t let it slip away at the last moment,” he asserted.

The response from the crypto community has been largely critical, with some participants accusing Coinbase of aligning with traditional banking interests. Some have gone so far as to characterize the exchange as “just another branch of the fractional reserve banking system.”

As of now, Coinbase has not provided any official confirmation or response regarding the rumors circulating about its lobbying activities. It remains to be seen whether the exchange will address these allegations or clarify its stance in the ongoing discourse about Bitcoin and stablecoins.

The daily chart shows COIN’s drop below $200 on Wednesday. Source: COIN on TradingView.com Featured image from OpenArt, chart from TradingView.com 

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Ronaldo is a seasoned crypto enthusiast with over four years of experience in the field. He is passionate about exploring the vast and dynamic world of decentralized finance (DeFi) and its practical applications for achieving economic sovereignty. Ronaldo is constantly seeking to expand his knowledge and expertise in the DeFi space, as he believes it holds tremendous potential for transforming the traditional financial landscape.

The team behind the Solana-based memecoin launch platform Bonk.fun warned users to avoid its website after hackers reportedly compromised the domain and deployed a malicious wallet drainer, with at least one trader claiming losses of $273,000 after connecting their wallet.

Summary

The Bonk.fun domain was reportedly compromised and used to deploy a malicious wallet drainer. The team says only users who signed a fake approval message after the breach were affected. Some users reported significant losses, including one trader claiming a $273,000 wallet drain. Bonk.fun domain hack triggers wallet drainer In a statement posted on social media, the Bonk.fun account said a “malicious actor” had taken control of the platform’s domain and urged users not to interact with the website until the issue is resolved.

“A malicious actor has compromised the BONKfun domain, do not interact with the website until we have secured everything,” the platform said.

Tom, an operator associated with Bonk.fun, also warned that hackers had hijacked a team account and placed a crypto drainer directly on the site’s domain. The attacker allegedly used the compromised domain to prompt users to sign a fraudulent approval message disguised as a terms-of-service request.

To answer the concerns I’m seeing:

1. No if you connected to bonk fun in the past you’re not affected

2. No if you trade bonk fun tokens on terminals etc you’re not affected

3. The only people affected were people who signed a fake TOS message on the bonkfun domain after…

— Tom (@SolportTom) March 12, 2026 According to Tom, only users who signed the fake message after the compromise were affected.

“If you connected to Bonk.fun in the past you’re not affected,” Tom wrote, adding that users trading Bonk.fun tokens through external trading terminals were also safe.

He said the team quickly detected the incident and spread warnings across social media, which helped limit losses.

Despite the response, some users reported significant losses. One user claimed on X that they lost their entire wallet after connecting to the site.

“I just got drained for $273,000 on Bonk.fun,” the user wrote, adding that their wallet was left “bone dry” after connecting.

i just got drained for $273,000 on @bonkfun

i connected my same wallet i use daily to trade bonk tokens, once id connected all my assets were taken and my wallet was left bone dry.

— dopamine (@dopamine273) March 12, 2026 The team said it is working to secure the domain and investigate the incident, stressing that protecting users remains its top priority.

The attack highlights a recurring security risk in the crypto sector, where compromised websites are often used to trick users into signing malicious transactions that grant attackers access to their funds.

TL;DR:

Support Resilience: Shiba Inu is defending the $0.0000056 level, accumulating a 52% annual decline but showing signs of seller exhaustion. Exchange Scarcity: SHIB reserves on centralized exchanges have dropped to a record low of 80.1 trillion, drastically reducing immediate sell pressure. Technical Signals: The weekly RSI near 30 indicates the asset is in oversold territory, which historically precedes significant rebounds in memecoins. The Shiba Inu (SHIB) ecosystem is currently facing a challenging period. At the time of writing, the coin is trading at $0.0000058, struggling to shake off a bearish trend that has eroded its market capitalization to $3.3 billion. While pessimism prevails, analyst Javon Marks suggests that SHIB is finalizing a falling wedge structure.

$SHIB looks to be nearing the breaking point of another Falling Wedge-like structure and can be getting ready to deliver a huge move!

The last move out of a Falling Wedge-like structure for Shiba Inu consisted of an over 455% surge in prices and they may be setting up here to do… pic.twitter.com/1tM6sjCILf

— JAVON⚡️MARKS (@JavonTM1) March 10, 2026 This pattern is widely recognized as a herald of bullish reversals. According to Marks, the last time SHIB broke out of a similar formation, the price skyrocketed by 455%. However, for this scenario to repeat, the asset must first overcome the technical resistance of the 26-day EMA.

Shibarium and the Challenge of Real Utility Unlike previous rallies fueled purely by sentiment, SHIB’s future is closely tied to its Layer 2 network, Shibarium. Although the protocol reached the milestone of 1 billion transactions, daily activity shows signs of stagnation following security incidents in 2025 that dampened institutional confidence.

Furthermore, the burn rate remains volatile. While over 410 trillion tokens have been removed from circulation, the remaining supply of 585 trillion continues to be the primary obstacle to reaching ambitious price targets. Nonetheless, the massive migration of tokens toward self-custody wallets suggests that whales are still accumulating, waiting for a macroeconomic catalyst.

In summary, market sentiment is mixed. While the MACD shows a loss of bearish momentum, institutional investors remain cautious. The critical level to watch is $0.0000054; a close below this support would invalidate the bullish thesis and could lead the asset to new lows.

Since the U.S.-Israel war with Iran began in late February, Bitcoin has traded in a tight range of $65K-$73K. The resilience has extended to Ethereum and the broader altcoin market as the war drags on. 

Commenting on the same in their weekly market update, Coinbase analysts, led by David Duong, noted that the panic sell-off across Bitcoin [BTC] and Ethereum [ETH] that was prevalent in February has dropped significantly. 

Citing the Spent Output Profit Ratio (SOPR), a metric which tracks whether short-term holders (STH) are selling at a loss or profit, Coinbase added, 

An upturn in STH SOPR for BTC and ETH beginning in late February suggests spot demand has recently been strong enough to absorb countervailing selling pressure, indicating more resilient market positioning.

Source: Coinbase Duong added that panic sell-offs or capitulations always set the stage for a reset in spot positioning and a potential sustainable recovery. 

Bitcoin panic sell-off drops by 87% A similar sentiment was shared by Bitfinex analysts, who highlighted that the daily BTC sell-off at a loss has dropped significantly from $3 billion to $370 million – An 87% decline in selling pressure. 

Source: Bitfinex/Whale Alerts  The analysts added, 

The cohort willing to sell at a discount has largely exhausted itself. ETF flows this week will show whether fresh demand steps in or the range just tightens further.

So far this week, Spot BTC ETFs have recorded daily net inflows of $167 million and $250 million on Monday and Tuesday, respectively. 

If the inflows streak extends throughout the week, perhaps, bulls may attempt a breakout above $73K. Otherwise, the sideways structure may extend as Bitfinex analysts projected. 

What’s next for BTC? Well, the outlook was reinforced by the price charts. Losing the mid-range of the Bollinger Bands would likely send BTC to $65K or $66K. The price could drop even further if the upcoming U.S-China talks don’t yield a positive outcome for energy markets and the West Asian crisis. 

Source: BTC/USDT, TradingView A MACD death cross and losing the RSI’s neutral level could be the tell-tale signs for potential extra losses that could drag BTC lower. In fact, according to Coinbase, a sustained recovery could only be feasible if BTC clears the $73K resistance. 

Final Summary  Bitcoin’s daily sell-off has declined significantly, by 87% from $3 billion to $370 million.  Bitfinex analysts believe that a fall in pressure could set the stage for a sustainable recovery, but only if ETF flows remain green.