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

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

Key Details

Class Period: June 24, 2026 – Sept. 1, 2026 Lead Plaintiff Deadline: Nov. 10, 2026 Visit: www.hbsslaw.com/fcel Direct Contact Email: [email protected] Firm Telephone: 844-916-0895Video:Cannot view this video? Visit:
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What is the FuelCell Securities Class Action About?

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

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

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

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

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

What Can FuelCell Investors Do?

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

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

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

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

# # #

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

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

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

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

Source: Hagens Berman Sobol Shapiro LLP

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

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

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

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

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

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

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

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

Third Quarter Operating Highlights(4)

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Contacts
Investors:
Brett Andress
[email protected]

Media Outlets:
[email protected]

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

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

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

The key takeaway?

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

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

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

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

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

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

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

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

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

The chart below demonstrates this perfectly.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Table of contents

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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AKT can launch on Solana after two audits, but moving the compute marketplace and ending staking rewards still require a separate cutover vote.

AKT can launch on Solana after two audits, but moving the compute marketplace and ending staking rewards still require a separate cutover vote.

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An unidentified entity in the European Union may have lost more than $106 million from accounts at multiple cryptocurrency exchanges on Sunday, according to blockchain investigator ZachXBT.

In a Monday post, ZachXBT said funds suspected to have been stolen were withdrawn in USDC and USDT before being moved through several cryptocurrencies and blockchains.

The suspected attacker swapped USDC for Ether (ETH), used instant exchange services including WellWallet and Kyrrex, and converted funds into Monero (XMR) through the swap service Wagyu.

Source: ZachXBT Telegram post

The suspected attacker remains unidentified, though ZachXBT said the movement of funds pointed away from a link to North Korea’s Lazarus Group. The affected entity and exchanges involved have not been publicly named.

ZachXBT identified 11 wallet addresses associated with the funds.

The reported theft follows the $6.3 billion Binance hack on Oct. 29, which the FBI has attributed to North Korean hackers known as “TraderTraitor,” a group linked to Lazarus. The attack was the largest cryptocurrency theft on record.

Wallet associated with Solana arbitrage bot may have lost $786KA wallet associated with King, an automated trading bot on Solana, may have lost about $786,000 on Monday, according to pseudonymous blockchain monitoring account Onchain Lens.

King is an arbitrage bot, a software that automatically buys cryptocurrency in one market and sells it in another to profit from price differences. Onchain Lens told Cointelegraph the funds moved through several Solana wallets before being transferred to Ethereum using Mayan, a service for moving assets between blockchains. It said the rapid transfers suggested an attempt to conceal the funds’ origin and a possible wallet compromise.

King’s operator has not confirmed a compromise.

“Our report is based on unusual fund movements, rapid transfers and the subsequent cross-chain movement of funds, which we believe indicates an attempt to obscure their origin,” Onchain Lens told Cointelegraph. “This pattern strongly suggests a potential wallet compromise.”

Source: Onchain Lens

Magazine: Binance hackers raced to move billions before it could be frozen

Solana reported strong growth across its ecosystem in the third quarter of 2026, with notable gains in application revenue, decentralized exchange activity, and stablecoin markets. According to the official Q3 update, the network generated nearly $300 million in application revenue, reflecting a 50% rise from the previous quarter. Spot decentralized exchange (DEX) volume surged to $197 billion, underscoring increased trading across the platform’s applications.

Ecosystem growth and rising developer interestSolana Foundation described its recent ecosystem growth as exceptional, stating that metrics across multiple areas have reached new highs. Stablecoin market capitalization hit an all-time high of $17.51 billion, highlighting the network’s increasing importance in decentralized finance activities.

The ecosystem also saw strong engagement from developers. Nearly 2,900 projects were submitted to Colosseum’s Frontier initiative, demonstrating continued enthusiasm for building applications on Solana. Application revenue totaled nearly $300 million for the quarter, marking a significant jump from $200 million in Q2.

Alongside revenue and developer activity, trading on Solana’s spot DEXs grew substantially. Volume climbed to $197 billion, suggesting high liquidity and demand for decentralized trading on the network.

The network saw almost $300 million in application revenue for Q3, up 50% over the previous quarter, as well as $197 billion in spot DEX volume and stablecoin market cap at a new high of $17.51 billion.

Mini dictionary: Colosseum’s Frontier is a Solana-based startup accelerator and hackathon program focused on supporting early-stage projects and developers within the Solana ecosystem, providing resources and guidance to help teams build on the platform.

Q2 2026Q3 2026ChangeApplication revenue: $200 millionApplication revenue: $300 million+50%Spot DEX volume: $132 billionSpot DEX volume: $197 billion+49.2%Stablecoin market cap: below $17.51 billionStablecoin market cap: $17.51 billionAll-time highStablecoin adoption and network utilizationStablecoin adoption has further anchored Solana’s role as infrastructure for digital finance. Market capitalization of stablecoins on the network reached $17.51 billion, providing liquidity for lending, trading, and payment solutions.

High stablecoin liquidity supports a diverse range of decentralized finance applications, potentially making Solana an increasingly attractive choice for developers and traders. The strong fundamentals have reinforced the perception of Solana as a leading blockchain for high-throughput and low-cost activities.

Despite these positive indicators, analysts caution that strong network growth does not always translate directly into price gains for SOL in the short term. Fundamentals and price action may diverge based on market sentiment and technical patterns.

SOL price outlook: Key levels and potential correctionsOn the technical side, crypto analyst Crypto Patel identified critical levels in the current SOL price structure. After being rejected at $125, SOL may now face a corrective phase. The analyst pointed to the $90–$93 range as immediate support, with a deeper demand zone seen at $73–$78 if selling pressure intensifies.

Should buyers defend the $90–$93 support, SOL could attempt a recovery toward $107–$112, although this area may act as resistance rather than signaling a breakout. If sellers push the price below this support, the next significant demand region is projected at $73–$78, which could mark the end of the current correction phase.

Crypto Patel suggested that the completion of an Elliott Wave impulse could lead to an ABC correction pattern. A close above $114 would invalidate the bearish scenario and signal renewed bullish potential for SOL, while recovering from lower levels could set up a rally toward $160–$200 in the longer term.

If the correction ends at the lower end of the expected demand zone, SOL could be poised for a bullish run toward $160–$200, but this outlook depends on price action at key support and resistance.

Positive ecosystem fundamentals, such as rising application revenue and stablecoin adoption, may help strengthen investor confidence. However, short-term price movements remain closely tied to SOL’s response at crucial technical levels.

Researchers from Sei Labs and Solana developer Anza compared 39 multiple concurrent proposer designs, finding that more proposers alone do not guarantee transaction inclusion.

Researchers from @Sei_Labs, the team behind @SeiNetwork ($SEI), and Solana developer @anza_xyz have published a paper comparing 39 designs in which several validators add transactions to the same block in parallel. The aim is to stop any single leader from deciding alone which transactions get in and in what order.

The paper, titled SoK: Multiple Concurrent Proposer Blockchains, is authored by Benjamin Marsh and Alejandro Ranchal-Pedrosa of Sei Labs and Max Resnick of Anza. Marsh is also affiliated with the University of Portsmouth.

What the Study FoundAccording to the paper's abstract, multiple concurrent proposer (MCP) protocols let several parties contribute transactions to the same ledger update. The authors say they can spread communication and reduce one proposer's control over inclusion and order, but the benefits depend on how the contributions are combined.

The authors identify four direct MCP families: fixed proposal vectors, selected proposal collections, persistent proposal streams and causal proposal DAGs. They also compare these with what they call constrained assembly, where several parties restrict a block assembled by one party.

Across the 39 configurations, the study found that adding more proposers does not on its own guarantee that a given transaction is included. It also found that hiding transactions until a block is set does not stop someone from reacting last. The authors say these designs also need working recovery, payment and coordination rules to deliver reliable service.

Why It Matters for Sei and SolanaThe research touches both networks' product plans. Sei Labs describes Sei Giga as a multi-proposer EVM layer 1 architecture that uses the Autobahn consensus protocol. In a Sei blog post, the team says transactions have many paths to inclusion under multiple concurrent proposers, compared with a single-proposer system where a malicious proposer can temporarily censor them.

On the Solana side, Anza has published the Constellation whitepaper, a protocol design for multiple concurrent proposers on Solana. Four Pillars Research reported that, under the current spec, 16 proposers operate simultaneously.

Earlier academic work reached a similar cautious view. A 2023 paper on censorship resistance in on-chain auctions noted that multiple proposer protocols are not a panacea, pointing to unclear ordering, denial-of-service exposure and redundancy as open issues.

The new comparison suggests that the number of proposers is only one variable. How transactions are merged, recovered and paid for may matter as much for users hoping for fairer inclusion and ordering.

Sources

SoK: Multiple Concurrent Proposer Blockchains (IACR ePrint)Sei Giga v2.0 (arXiv)Constellation: Dismantling the Leader Monopoly (Four Pillars Research)

RIVN Rivian Automotive$13.19+$1.03 (+8.47%)

NASDAQ · As of 4:00 PM ET 11/02/26

Rivian Automotive (RIVN +8.47%), an electric trucks, SUVs, and delivery vans maker, closed at $13.19, up 8.47%. UBS upgraded the stock to Buy and called the recent sell-off a buying opportunity ahead of the R2 ramp. Investors are watching early R2 demand and margin progress next.

Trading volume reached 64.3 million shares, coming in about 165% above its three-month average of 24.3 million shares. Rivian Automotive IPO'd in 2021 and has fallen 87% since going public.

How the markets moved todayThe S&P 500 (^GSPC -0.51%) fell 0.50% to 7,542, while the Nasdaq Composite (^IXIC -1.07%) dropped 1.07% to 25,164. Among electric vehicle (EV) manufacturing, passenger EVs, and commercial delivery vans peers, Tesla (TSLA +1.00%) closed at $403.82, up 1.00%, and Ford Motor (F +2.86%) finished at $12.60, up 2.86%, as EV-capable automaker stocks moved higher on strong recent quarterly results.

What this means for investorsOn Monday, Nov. 2, UBS upgraded Rivian Automotive to Buy from Neutral/Hold and kept its $17 target, saying the sell-off was overdone ahead of the company's R2 ramp. UBS also said early R2 demand looks solid and expects Rivian to exit 2026 with a positive automotive gross margin percentage. That margin path is central to the stock's rerating.

Rivian's third-quarter results showed revenue up 38% year over year to $2.2 billion, with gross profit of $176 million, an increase of $152 million over the prior year. The company's budget R2 vehicle became its best selling auto by volume in Q3, demonstrating consumer demand for the all-electric midsize SUV is strong. The report gave the stock a fresh fundamental backdrop before the UBS call.

Rivian also said its Volkswagen joint venture received a $1 billion term loan in October. That financing adds liquidity context as the company works through its R2 launch.

So far, Rivian looks like it's on a growth trajectory despite a volatile macroeconomic environment of rising interest rates, thanks to its R2 release. This is quite an achievement, especially after federal EV subsidies were ended in 2025. The UBS upgrade further validates Rivian's strategic bet on R2 is a win.

Robert Izquierdo has positions in Ford Motor Company, Rivian Automotive, and Tesla. The Motley Fool has positions in and recommends Tesla. The Motley Fool has a disclosure policy.

A regulatory delay could slash Hyperliquid's value by nearly half, but the window for CFTC approval is narrowing fast and two forces are already pulling the token in opposite directions.

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ChatGPT’s Hyperliquid price prediction estimates that Hyperliquid (CRYPTO: HYPE) could be valued at $115 by December 31, 2026, if its much-anticipated U.S. launch occurs in the first half of 2027. However, if this launch is postponed to 2028 or blocked entirely, the price forecast significantly drops to $62. So, what could HYPE actually be worth if the deal faces delays?

HYPE is trading at $86, up 9.6% over the past week. In the month leading up to this date, its price has fluctuated between $76 and $94, remaining about 12.7% under its all-time high of $98 reached on September 23. To regain that peak, HYPE would need to rise about 15%, and to hit the $115 target, it would have to climb about 34.5%.

HYPE’s price movements largely stem from a plan by the Intercontinental Exchange (NYSE: ICE | ICE Price Prediction), the owner of the New York Stock Exchange, to introduce Hyperliquid-based perpetual futures to U.S. traders. On October 31, ICE reiterated that this plan is “subject to regulatory approvals.” U.S. traders would access it through futures commission merchants, regulated brokers that manage customer funds for futures trading, including ICE’s partnership with OKX.

Hyperliquid Would Be Worth $27.5 Billion at $115

Currently, HYPE’s market capitalization—calculated by multiplying the price by the circulating tokens—is approximately $20.5 billion, with 239.4 million tokens in circulation. If HYPE reaches $115, this market cap would soar to about $27.5 billion, still about half the valuation of Solana (CRYPTO: SOL), which stands at around $55 billion.

However, the key challenge is supply dilution; as new tokens enter circulation, the market cap needed to support the price will increase. Only about 24% of the 1 billion HYPE token maximum supply is currently circulating.

Factoring in all 1 billion tokens, HYPE’s fully diluted value would reach roughly $85.5 billion now and could skyrocket to $115 billion if it hits $115—far exceeding Solana’s fully diluted market cap of $60.1 billion.

If the launch is delayed and ChatGPT sets a target of $62, HYPE would give back much of its impressive 55.4% rally since August 4, when it was priced at $55. This target reflects a 27.5% drop from the current price.

For investors, a $1,000 investment in HYPE at $86 buys about 11.63 HYPE tokens. If ChatGPT’s optimistic prediction of $135 comes true by the end of 2027 in the favorable launch scenario, that initial investment could grow to about $1,570, yielding a 57% gain. Conversely, if the price falls to $50 in the delay scenario, the investment might shrink to around $580, resulting in a 42% loss before factoring in fees and taxes.

Three Forces Could Decide Whether HYPE Reaches $115

ICE Needs CFTC Approval Before HYPE’s U.S. Launch The U.S. launch depends on the Commodity Futures Trading Commission (CFTC) granting approval. ChatGPT estimates a 65% chance that this approval will happen before the end of 2027, making a delay a serious possibility.

This regulatory catalyst has already influenced HYPE’s price. After ICE’s October 29 announcement, HYPE saw an uptick, but momentum slowed when ICE revised its communication to emphasize the approval conditions. Therefore, ChatGPT’s $115 target only partly prices in the launch, considering the altered communication, the regulatory uncertainties, and substantial selling from large investors.

HYPE Has $612 Million of Long Positions Below Its Price Long positions—investments, often made with borrowed funds, that gain value if the price rises—total about $612 million below HYPE’s current price. A liquidation event occurs when an exchange forcibly closes one of these positions due to insufficient collateral, which can drive further price declines and trigger additional liquidations.

Recently, two major investors sold a combined 1.21 million HYPE tokens, valued at $109 million, after ICE revised its announcement. In the event of a delay, ChatGPT predicts HYPE’s lowest price over the next 90 days could drop to $45, a troubling 47.4% decline that would mark a critical stress test in a potentially unfavorable market.

Lighter Is Competing for the Same American Traders Lighter, a competing perpetual futures exchange, intends to secure its own U.S. licenses. If ICE’s approval process stalls while Lighter advances, HYPE may lose its competitive edge among American traders. This situation adds to ChatGPT’s concerns about potential liquidations and increased competition for HYPE if the launch is delayed.

Can HYPE Reach $115 by the End of 2026? HYPE faces significant challenges in hitting $115 by December 31, largely because the timing of regulatory approvals that would support this price is uncertain. ChatGPT assigns a 45% chance of HYPE achieving a new all-time high before the end of 2026, assuming the launch occurs in the first half of 2027. In contrast, this probability drops to just 12% if the launch is postponed.

To achieve this ambitious goal, HYPE must first maintain its 50-day average at around $85 (just 0.1% below current) so the longs below are not forced out. It will then need to break through the $98 mark (14.6% higher) as the CFTC approves ICE’s plan.

Should the price close below $85, it could put the significant $612 million in long positions at risk, making the $62 delay scenario increasingly likely. Conversely, if HYPE surpasses $98 ahead of any approvals, it could signal strong demand and support for the upcoming launch.

Contact [email protected] for any questions or corrections.

The onchain investigator did not name the victim or the exchanges involved, but he published 11 addresses and a TRM Labs graph tracing the funds toward Monero and a Tron bridge.

ZachXBT flags a suspected $106 million theft from an EU entity

Posted November 2, 2026 at 11:35 am ET.

More than $106 million may have been stolen on Nov. 1 from an EU entity’s accounts at multiple centralized exchanges, according to onchain investigator ZachXBT, who said he is highly confident the culprit is not North Korea’s Lazarus Group.

In a community alert posted to his Telegram channel on Nov. 2, ZachXBT said the suspected thief pulled the funds out as USDC and USDT. He wrote that he could “say with a high degree of confidence it is NOT Lazarus Group based on multiple laundering indicators,” without spelling out which indicators.

The post did not identify the entity, the exchanges or how the accounts were accessed, and said the actor “remains unidentified.” As of publication, no exchange or victim had publicly confirmed a loss.

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Where the Funds Went
According to ZachXBT, in the 24 hours before the alert, the actor was “aggressively swapping USDC for ETH,” then sent money to instant exchanges including WellWallet and Kyrrex, converted part of it to Monero (XMR) through the swap service Wagyu, and bridged funds across several chains. He listed 11 Ethereum addresses he tied to the theft.

A flow graph attached to the alert, credited to ZachXBT, Specter and TRM Labs, labels the source wallets only as Exchange 1, 2 and 3. It shows about 2.64 million USDC moving on Nov. 2 to an address that feeds a cluster tagged as Wagyu, and 2,200 ETH going to an address that then bridged funds to a Tron-format address. A separate cluster carries a Kyrrex tag, and several other instant exchanges in the graph are not named.

What Stays Traceable
Funds converted to Monero are far harder to follow than USDC or ETH, because Monero hides senders, receivers and amounts by default. That leaves the balances still sitting at public Ethereum addresses, and the hops through named services such as Kyrrex and Wagyu, as the parts of this trail that remain visible onchain.

Previously
The alert lands days after Binance’s hot wallets were drained on Oct. 29, a theft TRM Labs attributed with high confidence to TraderTraitor, a North Korean hacking unit.

Related Listen: Is THORChain a Money Laundering Service? A Chinese Crime Boss Says Yes

AI-assisted content: This article was produced with the assistance of AI tools and was reviewed, edited, and fact-checked by a member of the Unchained editorial team before publication.

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HAYWARD, Calif.--(BUSINESS WIRE)-- #biotechnology--Aarvik Therapeutics (Aarvik), an innovative, ADC-focused biotechnology company dedicated to engineering precision medicines for cancer therapy, is pleased to announce important updates to its partnership efforts. Dosing of the first patient in a Phase 1 trial in the US for AV-P138-ADC (ARR-002) was recently announced by Aarvik's research collaboration partner, ArriVent Biopharma, Inc. (ArriVent; Nasdaq: AVBP). AV-P138-ADC (ARR-002) is the first MUTTA™-based ADC.

Bitcoin traded near $78,000 at the time of this writing, on November 2, holding above Friday’s lows as Binance customers regained access to withdrawals. Its price was around $78,021, down 0.43% in the ongoing session at the time of this writing.

This small recovery follows a challenging close to October. On October 30, Crypto ETFs tracking U.S. BTC spots registered $643.33 million in net outflows, while Binance’s reopening saw withdrawals of billions of dollars from customers.

Customers move funds as Binance reopens
On November 1, Binance started restoring withdrawals in increments after the attack a few days before, on October 29. Starting over with a few networks and assets slowly, then restoring more services after further security checks.

On November 1, withdrawals tallied $4.649 billion against $1.01 billion in deposits between 06:00 and 15:30 UTC. Withdrawals therefore surged far ahead, with an approximate net exodus of $3.64 billion between 06:00 and 15:30 UTC.

Reuters said on November 2 that as of the date of that report, a Binance spokesperson had confirmed net customer withdrawals of $4.72 billion since opening back.

Binance has said it will cover the loss.

Bitcoin funds finish October with withdrawals
SoSoValue’s October 30 data showed $643.33 million leaving U.S. spot Bitcoin ETFs on a net basis. Combined fund assets stood at $98.14 billion.

BlackRock’s IBIT recorded the largest withdrawal at $233.70 million. Fidelity’s FBTC followed with $201.04 million, while ARK & 21Shares’ ARKB lost $129.55 million.

Source: SoSoValue
These withdrawals provide a separate measure of reduced exposure through Bitcoin investment products. The data gives no breakdown of investors’ reasons for redeeming their holdings.

The next U.S. trading sessions will show if the withdrawal pattern being seen will continue into November.

The rebound still faces $80,000
BTC bounced back from around $76,500 it was on Friday, but the move didn’t look like much on the chart.

On November 2, it traded between about $77,603 and $78,878 before settling near $78,021 at the time of this writing.

Source: TradingView
A move above $78,900 would take it above the day’s high and bring the $80,000–$80,300 region into view. That area is near where Bitcoin’s shorter-term average prices are.

Below the market, $77,600 marks the day’s low, followed by the recent $76,500 area.

Final Summary

Bitcoin was near $78,000 as Binance restored withdrawals and reported a lot of customer outflows.
U.S. spot Bitcoin ETFs lost $643.33 million on October 30, as the BTC price rebound remained below $80,000.

Silver rebounds from a major support zone near $48–$50, but monthly weakness raises downside risks as the first major pullback tests its long-term breakout.

Major Support Confluence Under Pressure
Silver declined to a new corrective low for the bearish trend at $48.86 on Friday, before finding support and bouncing during Monday’s session. The low fell within an initial key support zone defined by the confluence of the lower boundary of a falling channel, the peak from 2011 at $49.81, the 1980 high of $48.00, and the 78.6% Fibonacci retracement of the prior advance that began from the April 2025 swing low at $48.29. That April 2025 low of $28.32 also marked the low for that year.

Long-Term Breakout Faces Its First Test
The significance of the $49.81 to $48.00 support zone is reinforced by price action on the long-term monthly chart. It shows the current decline as the first pullback after a long-term base breakout, which was confirmed with a monthly close above the prior high of $49.81 in November 2025. A full pullback to test those prior long-term highs as support establishes a key pivot zone. It has the potential to mark the completion of the bearish correction or provide temporary support before lower levels are tested.

Resistance Levels Define Recovery Potential
Monday’s lower daily high of $51.28 is key near-term resistance and a rally above it could lead to a test of resistance in a range from approximately $52.67 to last week’s lower high of $54.63. That range includes the falling 10-day moving average at $53.89 and two anchored volume-weighted average price (AVWAP) lines measured from key swing highs and lows in 2020. Higher up, the 20-day moving average near $56.22 marks another dynamic resistance level, followed by the 20-month moving average on the monthly chart near $57.39 and falling.

Monthly Weakness Raises Further Downside Risk
The longer-term technical picture also highlights increasing downside risk. Weakness on the monthly chart was confirmed by a monthly close for October below the 20-month moving average for the first time since around February 2024. That confirms deteriorating monthly momentum and supports the possibility that silver could eventually decline below $48.00. A sustained break below that level would shift attention to the next lower support zone, defined by the higher swing low of $45.55 from October 2025.

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With over 20 years of experience in financial markets, Bruce is a seasoned finance MBA and CMT® charter holder. Having worked as head of trading strategy at hedge funds and a corporate advisor for trading firms, Bruce shares his expertise in futures to retail investors, providing actionable insights through both technical and fundamental analyses.

Miso Robotics stock: Is an IPO coming soon?Gentex NASDAQ: GNTX is pursuing growth beyond its traditional auto-dimming mirror business as global vehicle markets face disruption from Chinese automakers, supply-chain constraints and shifting technology requirements, President and CEO Steve Downing said during an investor event.

Downing said the company’s established customer base—primarily automakers in Europe, North America, Japan and Korea—has faced pressure as Chinese original equipment manufacturers gain market share. In response, Gentex has expanded its technology portfolio beyond mirrors and into sensing, electronics manufacturing, consumer products and aerospace applications.

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Technology Expansion Beyond Mirrors Analysts Recommend These Stocks To Cushion The Automotive SlumpGentex is developing applications for its dimming technology in visors, panoramic roofs, side windows and other large-area vehicle surfaces. The company also supplies dimmable windows for aerospace customers including Boeing and Airbus, according to Downing.

“The concept that just pure auto-dimming mirrors were going to be able to drive the type of growth that we need and expect for our business was clearly not the answer,” Downing said.

The company has also introduced a connected smoke detector product line, called PLACE, and is seeking to use its manufacturing and sensing capabilities in markets outside automotive. Downing said the new smoke-detector lineup includes connected features and functionality not previously common in the category.

One of Gentex’s newest initiatives is contract manufacturing of circuit boards for outside customers. Downing said electronics manufacturers have increasingly dedicated capacity to data centers and high-end processing platforms, creating an opening in automotive, aerospace and other industries.

Gentex has announced an initial contract manufacturing award with an OEM that is expected to represent about $180 million in revenue beginning in 2029. Downing said the company believes the broader electronics manufacturing opportunity could amount to $1 billion to $2 billion over the next five to seven years, though he noted the business would carry a different margin profile than Gentex’s traditional products.

VOXX Integration Progress Gentex acquired VOXX in a transaction valued at just under $200 million, according to Chief Financial Officer Kevin Nash. Downing said the acquisition was initially driven by VOXX’s role as an aftermarket distribution partner for Gentex, but it also brought consumer audio brands Klipsch and Onkyo, as well as direct-to-consumer and big-box retail relationships.

Those channels could help Gentex sell its PLACE smoke-detector products to consumers, while the consumer audio business could support further electronics manufacturing activity, Downing said.

Nash said VOXX was not generating EBIT at the time of the acquisition. Gentex had targeted a $40 million to $50 million annualized EBIT run rate by the end of 2027. He said the business is expected to finish 2026 at approximately $25 million to $30 million in EBIT, aided by premium audio product launches, sales growth and reductions in overlapping and overhead costs.

In-Cabin Monitoring Opportunity Downing highlighted Gentex’s in-house CMOS imager manufacturing capabilities as a differentiator in driver-monitoring and in-cabin sensing. He said Gentex manufactures camera imagers from the wafer level and expects to build roughly 3.5 million to 4 million cameras this year for applications including its Full Display Mirror system, driver monitoring and other sensing systems.

European regulations are helping drive adoption of in-cabin monitoring, although some automakers are also using the technology as a premium feature and as part of development toward higher levels of autonomous driving, he said.

Downing said Gentex sees potential to build additional paid features on top of in-cabin camera platforms. Potential applications discussed included measuring an occupant’s distance from an airbag, monitoring a rear-facing child seat through structured-light sensing of micro-vibrations, and detecting possible driver health events. Gentex also supplies smoke and vape sensing technology for Zoox autonomous vehicles, he said.

China, Costs and Supply-Chain Planning Downing said Gentex’s China business has been affected by the rise of domestic Chinese automakers, lower vehicle prices and local competitors offering lower-cost versions of auto-dimming products. He said the company had been on pace to export about $250 million of products to China from the United States.

Gentex’s outside auto-dimming mirror business in China has held up better than its core auto-dimming business because it is more technically difficult to manufacture, requiring capabilities including glass forming, shaping and electrochromic technology, according to Downing.

The company is planning around a more difficult China scenario while seeking growth elsewhere, he said. Gentex is also emphasizing flexible automation so production lines can shift more readily among customers as automaker demand changes.

Downing cited sharp increases in DRAM pricing and limited availability as a near-term headwind. He said a memory chip that had cost about $7 several months earlier was priced at about $47 if available, creating pressure on profitability for vision-system products. Gentex intends to improve supply-chain forecasting and may use its balance sheet to carry inventory in areas of concern, though Downing said availability currently limits that approach.

Nash said Gentex has returned its core business to mid-30% gross margins. He said a move from low-single-digit to mid-single-digit growth would help the company leverage its fixed cost base, while further labor and throughput improvements are intended to offset inflation and higher component costs.

Downing also said Gentex is seeing increased demand for U.S.-based electronics manufacturing as customers seek to reduce exposure to China and Taiwan. The company’s manufacturing facilities are located in West Michigan, which he said differentiates Gentex from contract manufacturers with production concentrated in Southeast Asia, India or Mexico.

On capital allocation, Downing said Gentex remains open to using debt for the right acquisition but currently sees share repurchases as a more attractive use of capital following a decline in its share price. He said the company’s long-term plan remains to double its automotive business while adding adjacent growth opportunities in aerospace, fire protection and consumer products.

About Gentex (NASDAQ:GNTX)Gentex Corporation NASDAQ: GNTX is a technology manufacturer headquartered in Zeeland, Michigan. Founded in 1974, the company develops products primarily for the automotive industry, along with selected applications in the aerospace and fire-protection markets.

Gentex is best known for its automatic-dimming rearview and side-view mirrors, which use electrochromic technology to reduce glare. Its automotive product portfolio also includes camera-based driver-assistance systems, digital vision and sensing technologies, connected-car products, overhead console systems, and HomeLink universal garage-door and home-control systems.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].

Should You Invest $1,000 in Gentex Right Now?Before you consider Gentex, you'll want to hear this.

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The shift toward digital trading has created a fierce rivalry between established players and agile newcomers. Deciding between Robinhood Markets (HOOD -1.35%) and Interactive Brokers Group (IBKR -2.69%) requires balancing rapid growth against global stability.

Robinhood focuses on accessible, user-friendly mobile trading for retail audiences, whereas Interactive Brokers targets professional traders with sophisticated tools and access to global markets. As both companies expand their offerings into new asset classes, investors must determine which business model is best positioned to capture market share in the evolving financial landscape.

The case for Robinhood MarketsRobinhood Markets operates as a multifaceted financial services platform offering retail brokerage, cryptocurrency trading, and digital banking services. In its latest annual report, filed for the fiscal year ended December 2025, the company highlighted a customer base of nearly 28.7 million funded accounts. The acquisition of Bitstamp in 2025 allowed the firm to begin serving institutional customers with services like on-exchange lending and perpetual futures for Bitcoin (BTC -1.15%).

In FY 2025, revenue reached nearly $4.5 billion, representing a significant increase of approximately 51.6% over the previous year. The company reported a net income of roughly $1.9 billion for the period, resulting in a net margin of about 42.1%. This performance indicates a substantial turnaround from the net loss reported in FY 2023, showing much stronger bottom-line results for the business.

As of its December 2025 balance sheet, the debt-to-equity ratio was approximately 1.3x. This ratio, which measures total debt against shareholder equity, suggests the company uses a moderate amount of leverage to fund its fintech stocks operations. Robinhood also reported a current ratio of roughly 1.3x, which measures its ability to cover short-term obligations, and generated nearly $1.6 billion in free cash flow. Free cash flow represents the cash remaining after subtracting capital expenditures from operating cash.

The case for Interactive Brokers GroupInteractive Brokers Group provides direct-access trade execution and clearing services across approximately 175 market centers globally. The company serves a diverse client base including individual investors, hedge funds, and registered investment advisors. Its primary value proposition lies in low-cost execution and a platform capable of handling multiple currencies and asset classes simultaneously.

For FY 2025, the company reported revenue of close to $10.2 billion, which was a growth of nearly 9.8% compared to the prior year. Net income for the period was approximately $984 million, reflecting a net margin of roughly 9.6%. Interactive Brokers has shown a consistent trend of increasing net income over the last three fiscal years as it scales its global footprint and account numbers.

According to its December 2025 balance sheet, the company maintained a debt-to-equity ratio of nearly 0.0x. This indicates that Interactive Brokers carries very little debt relative to its shareholder equity. The firm also reported a current ratio of approximately 1.1x and generated an impressive $15.7 billion in free cash flow, defined as cash from operations minus capital expenditures, providing significant liquidity for its global operations.

Risk profile comparisonRobinhood Markets faces significant regulatory and legislative scrutiny regarding its payment for order flow and cryptocurrency practices. The company also deals with risks from rapid operational expansion and its heavy reliance on third-party liquidity providers. Furthermore, significant litigation exposure and market systemic risks could impact trading volumes on its platform, specifically regarding the Robinhood 24 Hour Market.

Interactive Brokers Group operates in a highly competitive industry where research-driven firms like Morningstar (MORN +5.54%) and other electronic brokerages put constant pressure on commission-based revenue. The firm is exposed to clearing and execution risks, including potential credit losses from customer margin loans and counterparty defaults. Additionally, the company relies heavily on proprietary technology, making it vulnerable to system failures or cybersecurity threats that could disrupt its global trading services.

Valuation comparisonInteractive Brokers Group offers a lower Forward P/E, which measures market price against future earnings estimates, while Robinhood Markets carries a higher P/S ratio. The P/S ratio evaluates market capitalization relative to sales over the past twelve months.

MetricRobinhood MarketsInteractive Brokers GroupForward P/E39.6x28.4xP/S ratio13.2x11.7xValuation metrics include sourcing from Financial Modeling Prep (FMP) and may differ from other data providers.

Which stock would I buy for 2027?I'd go with Interactive Brokers. What tipped it for me is that it is adding customer accounts faster than Robinhood while keeping far more of its revenue as profit, a good balance of growth and stability. In Q3 2026, Interactive Brokers posted record pretax income at a 78% margin, and customer accounts grew 35% from a year earlier. It also raised its dividend and is testing AI agents that can trade on a customer's behalf.

To give Robinhood its due, its offerings continue to grow. Q3 2026 revenue hit a record as prediction markets and banking caught on with customers. But crypto revenue fell by more than half and earnings per share declined, which weighed on the stock.

For investors thinking in years rather than quarters, a broker that continues to add customers while remaining profitable has room to reward shareholders for a long time. With no debt to repay, Interactive Brokers is built to keep doing that even when markets turn rough.

HOUSTON, Nov. 02, 2026 (GLOBE NEWSWIRE) -- The Board of Directors of Westlake Chemical Partners GP LLC, the general partner of Westlake Chemical Partners LP (the "Partnership") (NYSE:WLKP), has declared a distribution of $0.4714 per unit. This is the 49th quarterly distribution announced by the Partnership since its initial public offering. The distribution will be payable on December 1, 2026, to unit holders of record on November 13, 2026.

This release is intended to be a qualified notice under Treasury Regulation Section 1.1446-4(b). Brokers and nominees should treat one hundred percent (100.0%) of the Partnership’s distributions to non-U.S. investors as being attributable to income that is effectively connected with a United States trade or business. Accordingly, the Partnership’s distributions to non-U.S. investors are subject to federal income tax withholding at the highest applicable effective tax rate.

About Westlake Chemical Partners LP

Westlake Chemical Partners is a limited partnership formed by Westlake Corporation to operate, acquire and develop ethylene production facilities and other qualified assets. Headquartered in Houston, the Partnership owns a 22.8% interest in Westlake Chemical OpCo LP. Westlake Chemical OpCo LP’s assets include three facilities in Calvert City, Kentucky, and Lake Charles, Louisiana which process ethane and propane into ethylene, and an ethylene pipeline. For more information about Westlake Chemical Partners LP, please visit http://www.wlkpartners.com.

Contacts

Media Inquiries:
Westlake Corp.
Ben Ederington, 1-713-585-2900

or

Investor Inquiries:
Westlake Corp.
Jeff Holy, 1-713-585-2900

Xylem experienced a ~15% post-earnings selloff due to smart metering segment delays, but I view this as a temporary setback. XYL's integrated water solutions, utility exposure, and mission-critical equipment provide a defensive business profile, though its economic moat is narrow. Portfolio restructuring, including divestitures and segment realignment, aims to enhance growth and margins, with proceeds targeted for higher-growth acquisitions in 2027-2028.

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Altcoins

2 November 2026 | 18:11 Quant is trading near $204, holding above $200 while its rising 50-day moving average closes in from below and the 0.5 Fibonacci level around $214 caps it from above.

Key Takeaways QNT near $204, below 0.5 Fib around $214. Rising 50-day SMA ($183) overtook the 0.618 Fib. Daily RSI at 53.64 above its signal line. Late-October dip held above the first low. QNT is still working through the spike that followed The Clearing House’s September 24 announcement that it had selected Quant’s technology for its On-Chain Money Initiative, a planned network for clearing and settling tokenized bank deposits.

On Binance’s daily chart, QNT is up 1.32% on the day, about $3, after opening near $202 and trading between roughly $197 and $206. The session dipped below $200 and recovered, keeping price on the round number buyers have defended through the recent sessions.

Quant daily QNT/USDT technical analysis chart for November 2. The more telling figure sits underneath the price. Eight days ago, the 50-day simple moving average was around $162, about $15 below the 0.618 Fibonacci retracement near $177. It now reads $183, roughly $6 above that level. The trend line has climbed through the horizontal floor in little more than a week.

That changes where support starts. During the first test of the 0.618 level, the nearest floor was a flat Fibonacci line. Now a rising average sits above it, so dip buyers have a higher level to defend. The space between that line and the 0.5 retracement around $214 is narrowing from below while the ceiling stays flat.

Two Dips, Two Different Lows QNT first dropped to the 0.618 level near $177 around October 25. The bounce carried it into the 0.5 retracement around $214, where price pushed above the level intraday but could not close there, and sellers drove it back down.

The second pullback, at the end of October, did not return to $177. It stopped higher, close to the rising 50-day average, and a strong green candle lifted price back toward $200. A higher low under a flat ceiling is a constructive shape, but it is not a confirmed double bottom. That would need the second low to match the first and a close above the high between them.

Momentum has shifted in the same direction. The 14-day RSI reads 53.64, above its signal line at 49.65 and back over the 50 midline after most of October below it. A reading in the low 50s points to a modest change in momentum, not a strong one.

What Sits Above $214 The 0.5 retracement around $214 is the midpoint of the entire August-to-September move, and it has already turned one rally back. It sits about $10, or 4.85%, above the current price.

A close above it would not lead into empty space. QNT traded for several sessions in early October between that midpoint and the 0.382 retracement near $252 before breaking down. Holders who bought in that band could use any return to it as a chance to exit near break-even.

The Wider Map Still Leans Up The Fibonacci grid is drawn from the August low near $56 to the late-September peak near $373. Above the 0.382 level, the 0.236 retracement near $298 marks the area where QNT traded in the days after that spike.

Further down, the 100-day SMA has climbed until it almost meets the 0.786 retracement, and the 200-day SMA at $96 is still sloping upward. The 50-day sits above the 100-day, which sits above the 200-day, so the averages remain in bullish order even after QNT gave back more than half of the September move.

The Squeeze May Have a Time Limit The 50-day average gained about $21 in eight sessions, close to $2.70 a day. At that pace, the line would reach the current price in roughly eight more sessions.

The pace comes from how the average is built. Each day it adds the latest close and drops the one from 50 sessions earlier. For now, it is dropping closes from mid-September, when QNT still traded near the bottom of the Fibonacci grid, and replacing them with closes around $200. That swap is what lifts the line so quickly.

But it looks like the effect has an expiry date. Around mid-November, the closes rolling out of the average become the late-September spike sessions, most of them well above today’s price. From that point, the 50-day stops climbing at this rate, and it would start to flatten or dip if QNT is still trading near $200. The rising floor that is squeezing price toward $214 has roughly two weeks of push left, so the range has a limited window to resolve.

If buyers clear the midpoint

What it needs

Daily closes that stay above $200 and the 50-day SMA at $183, with the RSI cross above its signal line backing a push into the 0.5 level.

The trigger

A decisive daily close above the 0.5 retracement around $214, which would confirm the reversal off the 0.618 area.

Where it could lead

The 0.382 retracement near $252, roughly 23% above current levels, through the band where QNT traded in early October.

If the midpoint turns it back again

What it needs

Another failure at the 0.5 level on thin volume, followed by a slip below today’s low near $197.

First stops

The rising 50-day SMA at $183, then the 0.618 retracement near $177.

What breaks the base

Only a decisive daily close under the 0.618 level near $177. That would expose the $123 to $124 zone, where the 100-day SMA at $123 meets the 0.786 Fib near $124.

What could undercut both readings

The September rally was news-driven. The Clearing House release describes Quant’s technology and does not mention the QNT token, and it says the network is expected to open to participating institutions in the first half of 2027. Any rerating of the token on that deal still has no live usage behind it.

Today’s volume of about 23,000 QNT comes from a session that has not closed yet, so whether buyers are pressing the ceiling with conviction can only be judged from completed daily candles.

Author

Kosta has reported on cryptocurrency markets and blockchain infrastructure since 2020, bringing over six years of hands-on experience in the crypto industry built through daily tracking of markets, trends, and emerging blockchain developments. Specializing in Bitcoin on-chain analysis, institutional ETF flows, and digital asset price action, his work at Coindoo has been cited by other news agencies and consistently covers market developments with a focus on data-driven reporting across Bitcoin, Ethereum, Solana, and XRP. Over the years, Kosta has contributed to multiple crypto media outlets in different regions, authoring over 6,000 articles across the sector. His reporting spans cryptocurrency markets and the broader fintech industry, tracking not only price action but also the technological and regulatory forces shaping the ecosystem. To support his analysis, Kosta actively leverages on-chain data and metrics from leading platforms such as Santiment, Glassnode, and CryptoQuant, enabling deeper, evidence-based market insights. He believes in the power of transparency and the data that underpins the blockchain ecosystem. His academic background in Marketing Management from Denmark further complements his analytical approach, adding a strong understanding of communication strategy and content positioning to his work.