Track market-moving stories before they get noisy

Key Takeaways SMR is down 23% in a month and 35% YTD, as investors weigh promise vs. minimal revenues.NuScale says its SMR has U.S. NRC design approval, with plant setups scalable up to 12 modules.SMR posted ~$565K Q1 revenues and a ~$44M net loss, as investors watch cash burn and dilution risk. NuScale Power Corporation (SMR - Free Report) has gone from nuclear-energy favorite to a debated stock-market idea. The stock is down 23% over the past month and 34.5% year to date, raising a key question: Is this a “buy the dip” opportunity? Artificial intelligence, data centers and electrification are pushing power demand higher, and NuScale’s small modular reactor (“SMR”) technology is designed to provide clean, round-the-clock electricity in a scalable format. NuScale says its Power Module is the first and only SMR to receive U.S. Nuclear Regulatory Commission design approval, with plant configurations scalable up to 12 modules.

Image Source: Zacks Investment Research

Why NuScale’s Dip Has Investors Interested

The recent weakness is easy to understand. NuScale has promising technology, but it lacks a firm commercial sale of its SMR system. First-quarter revenues were only about $565,000, while the company posted a net loss of roughly $44 million. Investors are paying today for projects that may take years to reach operation.

The canceled Carbon Free Power Project also reminds investors that nuclear plans can face cost, financing and customer-commitment hurdles. This is why NuScale trades more like a speculative growth stock than a traditional energy company. The same issue affects nuclear peers Oklo Inc. (OKLO - Free Report) and NANO Nuclear Energy (NNE - Free Report) . OKLO has made visible progress with customers and fuel plans, while NANO Nuclear is building a microreactor and fuel-related platform, but OKLO, NNE and SMR are still valued mainly on future milestones.

SMR’s Growth Case Still Has Appeal

NuScale’s strongest argument is that it appears closer than many rivals to a deployable SMR solution. The company highlights U.S. NRC leadership, commercially available low-enriched uranium fuel, factory-built modules, passive safety features and the ability to support on-grid and off-grid power needs. Its first-quarter presentation also highlighted progress in Romania, where shareholders of SN Nuclearelectrica approved the next phase of the RoPower project in Doicesti. The company also pointed to ENTRA1’s efforts to deploy NuScale’s SMR technology through planned projects with the Tennessee Valley Authority.

Image Source: NuScale Power Corporation

While these developments do not guarantee sales, they keep the commercialization story alive. The AI power angle is also important. Data centers need stable baseload electricity, and nuclear power is getting attention because wind and solar cannot always provide continuous output. This backdrop has helped NuScale, OKLO and NANO Nuclear stay on investor radar. For investors comparing the three, NuScale’s regulatory head start may be its clearest differentiator.

NuScale’s Price Performance, Estimates and Valuation

The pullback has made SMR look less expensive than it did during the nuclear enthusiasm wave, but “less expensive” does not automatically mean “cheap.” The significant year-to-date decline reflects worries around timing, dilution and the lack of meaningful revenues. The Zacks Consensus Estimate for 2026 revenues indicates growth of 37%, while the 2027 estimate implies growth of 355%, suggesting that analysts expect the business to move in the right direction.

Still, those growth rates come from a very small base, and profitability is not yet visible. That makes valuation difficult. A price-to-earnings view does not work for a company losing money, while price-to-sales can look stretched because current sales remain minimal. NuScale may deserve a premium if it converts partnerships into binding contracts, but OKLO and NANO Nuclear are competing for the same nuclear-growth capital.

Image Source: Zacks Investment Research

What Could Change the SMR Story?

For NuScale to become a clearer buy-the-dip case, investors need proof of execution, such as a firm order, stronger project financing, additional international approvals or a major data-center-linked agreement. NuScale’s expanding Energy Exploration Center network supports workforce development, but investors are likely to focus more on contract wins and cash burn.

The biggest risk is that commercialization takes longer than expected, requiring more capital and causing further dilution. OKLO and NNE also face regulatory, funding and execution hurdles. However, NuScale’s approved light-water SMR design gives it a different risk profile than OKLO and NANO Nuclear, which may appeal to investors seeking advanced nuclear exposure tied to a more established reactor foundation.

Conclusion

NuScale’s sell-off makes the stock more interesting, but not yet a straightforward buy-the-dip opportunity for most investors. The long-term case is appealing because NuScale is targeting a real energy problem, has a differentiated regulatory position and could benefit from AI-driven demand for reliable clean power. However, limited revenues, continuing losses, an uncertain project timeline and possible need for more capital argue for patience. Aggressive investors may view the decline as an entry point into a speculative nuclear leader, but conservative investors may want to wait for a firm commercial sale or clearer earnings visibility. Based on the current balance of opportunity and risk, NuScale stock is currently a Zacks Rank #3 (Hold).

You can see the complete list of today’s Zacks #1 Rank stocks here.

Investors have been repositioning sharply across European airline stocks since the outbreak of Middle East hostilities, with Ryanair Holdings PLC (LSE:RYA) emerging as the clear defensive favourite while short positions have built against carriers more vulnerable to elevated fuel prices.

This is Citi's analysis of positioning data from institutional investors, with the analysis showing that sector positioning has turned more negative over both the past week and month.

Investors have increased short exposure in Wizz Air Holdings PLC (AIM:WIZZ), easyJet PLC (LSE:EZJ) and Air France-KLM, which Citi characterises as the most operationally and financially leveraged carriers and therefore most exposed to sustained fuel price pressure.

British Airways owner International Consolidated Airlines Group SA (LSE:IAG) has also seen a shift, with long positioning that had been particularly heavy now moving to a more balanced level as investors take profits or hedge against further volatility.

Ryanair has bucked the trend, with long positioning increasing over the past week as investors gravitate toward what Citi describes as the carrier best equipped to weather near-term geopolitical turmoil. This view, the bank said, is "widely and rightly held". 

The Irish carrier's low-cost model, strong hedging position and predominantly intra-European network make it less exposed than peers to Middle Eastern route disruptions and transatlantic demand softness.

Lufthansa is a notable outlier in the data. While positioning has turned more negative over the past month, that shift predates the onset of the conflict, despite the German carrier having particularly high exposure to crack spreads, the margin between crude oil and refined jet fuel prices that has widened sharply since hostilities began.

Citi said near-term share prices across the sector would remain heavily dictated by fuel price movements.

Key Takeaways Petrobras lifted refined output to 1,816 Mbpd in Q1 2026 as utilization reached 95%.PBR's March utilization hit 97.4%, the highest monthly level since December 2014.Petrobras cut LPG imports to 26 Mbpd and signed a Vale deal for S-10 diesel with 15% biodiesel. The refining business of Petroleo Brasileiro S.A., or Petrobras (PBR - Free Report) ), had a strong first quarter, and the main reason was simple: its refineries ran harder and produced more fuel. In the first quarter of 2026, the company produced 1,816 thousand barrels per day (Mbpd) of refined products, up 6.7% from the previous quarter. Its refinery utilization rate reached 95%, and in March it climbed to 97.4%, the highest monthly level since December 2014. This shows that Petrobras is getting more out of its existing refining assets at a time when fuel demand and supply security remain important.

The stronger performance came from making more of the products that matter most to customers and margins. Diesel, gasoline and jet fuel made up 68% of total oil products output in the quarter. The largest integrated energy firm in Brazil also reached a monthly record of 512 Mbpd of S-10 diesel production in March. Since S-10 diesel is a cleaner, high-demand fuel, producing more of it can help Petrobras improve its product mix and support downstream profitability. The higher use of pre-salt oil in refining also points to better flexibility in turning domestic crude into higher-value products.

This is important beyond just quarterly numbers. Higher refinery output helped Petrobras reduce its need for imports, including LPG imports, which fell to 26 Mbpd. The company also signed a deal with mining behemoth Vale to supply S-10 diesel containing 15% biodiesel, showing how its refining business can support both customer relationships and lower-carbon fuel offerings. If Petrobras can keep utilization high while controlling costs, the downstream business could become a more reliable earnings driver.

Petrobras’ stronger refining performance is not happening in isolation. A look at U.S. energy giants Chevron (CVX - Free Report) and ExxonMobil (XOM - Free Report) shows that downstream strength remains an important earnings lever for integrated energy majors, especially when higher utilization, better margins and product optimization come together.

Downstream Momentum Extends Beyond Petrobras

Chevron’s downstream had a mixed first quarter, but its refining assets showed clear operating strength. U.S. downstream earnings rose from a year earlier as margins improved, and U.S. refinery crude inputs increased 4% to 1,054 Mbpd, helped by Pasadena’s Light Tight Oil project. Chevron also achieved record U.S. crude throughput in March. For Chevron, international downstream weakness came from timing effects and higher costs.

ExxonMobil’s downstream performance was stronger on an underlying basis. Energy Products earnings, excluding identified items and timing effects, reached $2.8 billion, up $1.9 billion year over year, supported by better refining margins, trading and optimization gains, and cost savings. ExxonMobil also benefited from high U.S. Gulf Coast refinery utilization, although maintenance and Middle East disruptions reduced volumes. For ExxonMobil, downstream remained a key earnings support.

The Zacks Rundown on PBR

Shares of PBR have gained some 68% over the past year, outperforming the industry’s growth.

Image Source: Zacks Investment Research

Petrobras currently has an average brokerage recommendation (ABR) of 1.61 on a scale of 1 to 5 (Strong Buy to Strong Sell), calculated based on the actual recommendations (Buy, Hold, Sell, etc.) made by nine brokerage firms. 

Image Source: Zacks Investment Research

See how the Zacks Consensus Estimate for PBR’s earnings has been revised over the past 90 days.

Image Source: Zacks Investment Research

The company currently carries a Zacks Rank #1 (Strong Buy).

You can see the complete list of today’s Zacks #1 Rank stocks here.

When deciding whether to buy, sell, or hold a stock, investors often rely on analyst recommendations. Media reports about rating changes by these brokerage-firm-employed (or sell-side) analysts often influence a stock's price, but are they really important?

Let's take a look at what these Wall Street heavyweights have to say about Petrobras (PBR - Free Report) before we discuss the reliability of brokerage recommendations and how to use them to your advantage.

Petrobras currently has an average brokerage recommendation (ABR) of 1.61, on a scale of 1 to 5 (Strong Buy to Strong Sell), calculated based on the actual recommendations (Buy, Hold, Sell, etc.) made by nine brokerage firms. An ABR of 1.61 approximates between Strong Buy and Buy.

Of the nine recommendations that derive the current ABR, six are Strong Buy, representing 66.7% of all recommendations.

Brokerage Recommendation Trends for PBR

Check price target & stock forecast for Petrobras here>>>

The ABR suggests buying Petrobras, but making an investment decision solely on the basis of this information might not be a good idea. According to several studies, brokerage recommendations have little to no success guiding investors to choose stocks with the most potential for price appreciation.

Are you wondering why? The vested interest of brokerage firms in a stock they cover often results in a strong positive bias of their analysts in rating it. Our research shows that for every "Strong Sell" recommendation, brokerage firms assign five "Strong Buy" recommendations.

This means that the interests of these institutions are not always aligned with those of retail investors, giving little insight into the direction of a stock's future price movement. It would therefore be best to use this information to validate your own analysis or a tool that has proven to be highly effective at predicting stock price movements.

With an impressive externally audited track record, our proprietary stock rating tool, the Zacks Rank, which classifies stocks into five groups, ranging from Zacks Rank #1 (Strong Buy) to Zacks Rank #5 (Strong Sell), is a reliable indicator of a stock's near-term price performance. So, validating the Zacks Rank with ABR could go a long way in making a profitable investment decision.

Zacks Rank Should Not Be Confused With ABRAlthough both Zacks Rank and ABR are displayed in a range of 1--5, they are different measures altogether.

The ABR is calculated solely based on brokerage recommendations and is typically displayed with decimals (example: 1.28). In contrast, the Zacks Rank is a quantitative model allowing investors to harness the power of earnings estimate revisions. It is displayed in whole numbers -- 1 to 5.

It has been and continues to be the case that analysts employed by brokerage firms are overly optimistic with their recommendations. Because of their employers' vested interests, these analysts issue more favorable ratings than their research would support, misguiding investors far more often than helping them.

On the other hand, earnings estimate revisions are at the core of the Zacks Rank. And empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.

Furthermore, the different grades of the Zacks Rank are applied proportionately across all stocks for which brokerage analysts provide earnings estimates for the current year. In other words, at all times, this tool maintains a balance among the five ranks it assigns.

There is also a key difference between the ABR and Zacks Rank when it comes to freshness. When you look at the ABR, it may not be up-to-date. Nonetheless, since brokerage analysts constantly revise their earnings estimates to reflect changing business trends, and their actions get reflected in the Zacks Rank quickly enough, it is always timely in predicting future stock prices.

Should You Invest in PBR?In terms of earnings estimate revisions for Petrobras, the Zacks Consensus Estimate for the current year has increased 13.9% over the past month to $4.72.

Analysts' growing optimism over the company's earnings prospects, as indicated by strong agreement among them in revising EPS estimates higher, could be a legitimate reason for the stock to soar in the near term.

The size of the recent change in the consensus estimate, along with three other factors related to earnings estimates, has resulted in a Zacks Rank #1 (Strong Buy) for Petrobras. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>

Therefore, the Buy-equivalent ABR for Petrobras may serve as a useful guide for investors.

Petroleo Brasileiro S.A., or Petrobras  ( PBR ) and APA Corporation APA have both benefited from improving sentiment toward oil and gas stocks, with their shares posting similar gains recently.

Petrobras is a low-cost oil producer with a breakeven near $50/barrel and strong leverage to elevated Brent prices. PBR trades at a steep valuation discount to global peers, reflecting Brazil-specific political and debt risks, but offers a compelling forward yield potential. I expect a sustainable dividend yield approaching 10% at a 50% payout ratio, with upside as new FPSOs and higher oil prices flow through results.

Brazil's state-run ​oil firm Petrobras' ‌negotiation with SBM Offshore for two ​floating oil ​and gas production vessels (FPSO) ⁠for its Sergipe ​deepwater project is ​done, an executive from the company said ​on Thursday.

Key Takeaways PBR will lower average diesel prices to distributors by 0.3515 reais per liter, a 9.6% cut.PBR's diesel price cut is tied to a federal subsidy offsetting reinstated PIS and Cofins taxes.PBR's first diesel reduction since March follows a prior increase to 3.65 reais per liter. Petrobras (PBR - Free Report) , Brazil’s state-controlled Integrated oil and gas company, has announced a major reduction in domestic diesel prices, set to take effect starting Monday. This move, part of a federal government subsidy program, aims to shield Brazilian consumers from the global instability caused by the ongoing conflict in the Middle East.

The company stated that it is reducing the average diesel selling price to distributors by 0.3515 reais per liter, representing a 9.6% decrease. The adjustment lowers the price from 3.65 reais to 3.3 reais per liter.

According to Petrobras, the reduction is connected to a government initiative that offsets the impact of the reinstated Programa de Integração Social (“PIS”) and Contribuição para o Financiamento da Seguridade Social (Cofins) fuel taxes. The subsidy mechanism helps prevent higher fuel costs from being passed on to consumers and businesses.

Impact of Diesel Price Reduction on Brazilian ConsumersThis price adjustment marks a critical shift for the Brazilian energy market, particularly for industries reliant on diesel fuel, including transportation, agriculture and logistics. Lower diesel prices are expected to reduce operational costs for trucking companies, agricultural producers and public transportation systems, potentially translating to more stable prices for consumer goods across the country.

In the context of global energy volatility, Brazil’s strategic subsidy program reinforces the government’s commitment to economic stability, ensuring that domestic consumption is less vulnerable to international crises. Analysts predict that this reduction could temporarily buffer inflationary pressures, particularly in sectors heavily dependent on fuel.

PBR’s Strategic Price Adjustments and Historical ContextThe reduction marks the first diesel price cut since Petrobras raised domestic diesel prices to 3.65 reais per liter in March. The latest adjustment follows a recent increase in gasoline prices, reflecting Petrobras’ efforts to manage domestic fuel pricing while complying with government policies.

The move highlights the role of state intervention in Brazil’s energy market, where fuel pricing remains closely linked to economic and social policy objectives. Through this adjustment, Petrobras aligns its pricing decisions with federal measures aimed at supporting consumers and businesses.

Government Subsidy Program and Tax Offset MechanismThe diesel price cut is facilitated by a federal subsidy program aimed at offsetting PIS and Cofins fuel taxes, which had been reinstated. These taxes, typically levied on fuel distribution, have significant implications for end-user prices. The subsidy effectively neutralizes the impact of these taxes, ensuring that the price reduction is fully reflected at the consumer level.

This intervention highlights the government’s strategic use of fiscal tools to maintain energy affordability, particularly for low and middle-income households, as well as for businesses where fuel costs represent a major portion of operational expenditures.

Economic and Market Implications of Diesel Price ReductionThe reduction of diesel prices is anticipated to stimulate economic activity by lowering transportation costs, which can contribute to broader price stability in consumer goods and services. Additionally, this adjustment may influence regional trade dynamics, as Brazilian exports and distribution logistics benefit from reduced operational expenses.

This move could also affect investor sentiment, signaling that Petrobras is actively managing domestic price volatility while adhering to government policy objectives. Lower diesel prices may improve public perception of Petrobras, enhancing its reputation as a socially responsible energy provider.

Outlook for Petrobras and the Brazilian Fuel MarketLooking ahead, Petrobras may continue to adjust domestic fuel prices in alignment with global oil trends and federal economic policies. While this diesel reduction represents immediate relief, the company remains poised to respond to fluctuations in international crude oil prices, regional supply challenges and domestic fiscal policy changes.

The implementation of this subsidy-driven price cut illustrates the Brazilian government’s capacity to manage critical economic levers, ensuring that fuel affordability is maintained without undermining Petrobras’ long-term financial stability.

Conclusion: Strategic Measures Protect Consumers Amid Global InstabilityPetrobras’ diesel price reduction is a strategic intervention designed to protect Brazilian consumers and businesses from the economic fallout of Middle East conflicts. By implementing a 9.6% reduction and leveraging a federal subsidy to offset fuel taxes, the company demonstrates a commitment to stabilizing the domestic energy market.

This initiative reinforces Brazil’s proactive approach to energy management, fiscal responsibility and consumer protection, ensuring that essential commodities remain accessible during times of global uncertainty.

The combined effect of strategic pricing, government subsidies and proactive market management positions Petrobras as a key pillar of Brazil’s economic resilience, safeguarding both consumer interests and national energy security.

PBR's Zacks Rank & Key PicksCurrently, PBR has a Zacks Rank #3 (Hold).

Investors interested in the energy sector might look at some better-ranked stocks like Chevron (CVX - Free Report) , Imperial Oil (IMO - Free Report) and Marathon Petroleum (MPC - Free Report) , sporting a Zacks Rank #1 (Strong Buy) each at present. You can see the complete list of today’s Zacks #1 Rank stocks here.

Chevron is valued at $363.39 billion.  It is one of the world's largest integrated energy companies, engaged in oil and natural gas exploration, production, refining and marketing across multiple continents. Chevron is also investing in lower-carbon technologies, including renewable fuels, hydrogen and carbon capture, to support the global energy transition.

Imperial Oil is valued at $57.41 billion. It is a major Canadian petroleum company involved in crude oil production, refining and fuel distribution, with operations concentrated in Canada. A majority-owned subsidiary of ExxonMobil, Imperial Oil benefits from advanced technology and expertise while maintaining a strong presence in Canada's energy sector.

Marathon Petroleum is valued at $72.63 billion. It is one of the largest downstream energy companies in the United States, operating extensive refining, transportation and fuel marketing networks. Through its refining assets and retail fuel brands, Marathon Petroleum supplies gasoline, diesel and other petroleum products to consumers and businesses nationwide.

Key Takeaways Petrobras plans over R$70B in Sergipe for energy, fertilizer, infrastructure and decommissioning projects.PBR's Fafen-SE plant resumed full operations, producing 1,800 tons of urea daily and supporting jobs.Petrobras will invest over R$60B in the Sergipe Deep Waters Project to expand oil and gas production. Petrobras (PBR - Free Report) , a Brazilian integrated oil and gas company, has announced investments exceeding R$70 billion in Sergipe, reinforcing its long-term commitment to Brazil’s energy sector, industrial development and agricultural growth. According to World Fertilizer, the announcement coincided with the visit of Brazilian President Luiz Inácio Lula da Silva to the Petrobras Fertilizer and Nitrogen Plant (Fafen-SE) in Laranjeiras, highlighting the state's strategic role in Petrobras’ expansion plans.

The investment package will support offshore oil and gas exploration, fertilizer production, infrastructure development and platform decommissioning activities. Together, these projects are expected to create approximately 28,000 direct and indirect jobs, strengthening Sergipe’s position as one of Brazil’s most important industrial and energy hubs.

Fafen-SE Returns to ProductionA major milestone in Petrobras’ strategy is the reopening of the Fafen-SE fertilizer plant. The facility resumed ammonia production in December 2025 and restarted urea production in January 2026 following investments of approximately R$60 million.

Now operating at full capacity, the plant produces ammonia as well as pearl and granulated urea. With the ability to manufacture 1,800 tons of urea per day, Fafen-SE can meet roughly 7% of Brazil’s national demand, helping reduce dependence on imported fertilizers and strengthening domestic supply chains.

The facility’s return to operation has already generated 530 direct jobs and approximately 1,500 indirect jobs, delivering immediate economic benefits to the region.

Sergipe Deep Waters Project Receives Major FundingThe largest share of Petrobras’ investment will be directed to the Sergipe Deep Waters Project, which is set to receive more than R$60 billion under its strategic development plan.

Located offshore in deep-water areas, the project is expected to unlock significant oil and natural gas reserves, increase national production capacity and enhance Brazil’s energy security. The development is also expected to stimulate technological innovation and create opportunities across engineering, manufacturing, logistics and maritime services.

Supporting Industry and AgriculturePetrobras’ investments connect two sectors that are critical to Brazil’s economy: energy and agriculture. Natural gas extracted from offshore fields serves as a vital raw material for fertilizer production, fostering synergies between energy development and agribusiness.

By increasing domestic production of both energy resources and fertilizers, Petrobras aims to improve supply security, strengthen industrial resilience and reduce exposure to global market volatility.

Platform Decommissioning Expands Economic ActivityIn addition to exploration and production projects, Petrobras is investing in the decommissioning of shallow-water platforms. These activities require specialized engineering, environmental management and marine services, creating further opportunities for skilled workers and regional suppliers while ensuring compliance with environmental and operational standards.

Sergipe’s Growing Strategic ImportanceThe combination of fertilizer manufacturing, offshore energy development and infrastructure investments is transforming Sergipe into a key industrial center. As Petrobras advances these projects, local businesses, contractors and service providers are expected to benefit from increased demand and long-term economic growth.

With major energy and industrial projects moving forward simultaneously, Sergipe is emerging as a strategic pillar of Brazil’s future development, supporting both national energy security and agricultural competitiveness.

PBR's Zacks Rank & Key PicksPetrobras is one of Brazil’s largest energy companies, with operations spanning oil and gas exploration, production, refining and distribution. The company is also expanding its presence in strategic sectors such as fertilizers and low-carbon energy to support Brazil’s energy security and industrial development. Currently, PBR has a Zacks Rank #3 (Hold).

Investors interested in the energy sector might look at some better-ranked stocks like Chevron (CVX - Free Report) , Imperial Oil (IMO - Free Report) and Marathon Petroleum (MPC - Free Report) , sporting a Zacks Rank #1 (Strong Buy) each at present. You can see the complete list of today’s Zacks #1 Rank stocks here.

Chevron is valued at $370.1 billion.  It is one of the world's largest integrated energy companies, engaged in oil and natural gas exploration, production, refining and marketing across multiple continents. Chevron is also investing in lower-carbon technologies, including renewable fuels, hydrogen and carbon capture, to support the global energy transition.

Imperial Oil is valued at $58.42 billion. It is a major Canadian petroleum company involved in crude oil production, refining and fuel distribution, with operations concentrated in Canada. A majority-owned subsidiary of ExxonMobil, Imperial Oil benefits from advanced technology and expertise while maintaining a strong presence in Canada's energy sector.

Marathon Petroleum is valued at $75.51 billion. It is one of the largest downstream energy companies in the United States, operating extensive refining, transportation and fuel marketing networks. Through its refining assets and retail fuel brands, Marathon Petroleum supplies gasoline, diesel and other petroleum products to consumers and businesses nationwide.

Key Takeaways Petrobras and IG4 now share control of Braskem after the transfer of the controlling stake to Shine I.Braskem's new governance model emphasizes balanced oversight and joint decision-making.Petrobras CEO Magda Chambriard will chair Braskem as the company pursues growth and stability. Petróleo Brasileiro S.A. - Petrobras (PBR - Free Report) has officially entered a new phase in its long-standing relationship with Braskem S.A. (BAK - Free Report) following the completion of a transaction that establishes joint control of the petrochemical company alongside IG4 Capital. The agreement marks an important milestone for Braskem and reinforces Petrobras’ commitment to supporting the company’s long-term growth, operational resilience and value creation.

The new governance framework comes after the conclusion of a process that transferred Braskem’s controlling stake from Novonor to Shine I, an investment fund managed by IG4 Capital. With the transaction finalized, Petrobras and IG4 now share control of one of Latin America’s leading petrochemical producers.

A Balanced Governance StructureUnder the new ownership arrangement, Shine I holds 50.1% of Braskem’s voting shares, while Petrobras maintains its significant position with 47% of voting shares. The companies have also implemented a shared controlling agreement designed to ensure balanced governance and collaborative decision-making.

This structure reflects a commitment to transparency, accountability and strategic alignment as Braskem navigates evolving market conditions. Petrobras believes that strong governance is essential to creating sustainable value and supporting the company’s long-term competitiveness.

Leadership to Guide the Next Stage of GrowthAs part of the governance transition, Braskem will hold a shareholders’ meeting to elect a new board of directors. Petrobras CEO Magda Chambriard will serve as chairperson of Braskem, reinforcing Petrobras’ active participation in shaping the company’s strategic direction.

The refreshed governance and leadership framework is expected to enhance decision-making and provide greater focus on operational excellence, financial discipline and growth opportunities.

Supporting Braskem’s TransformationBraskem has faced a challenging operating environment in recent years, including pressure from petrochemical market conditions and liabilities related to salt mining operations in northeastern Brazil. Petrobras believes the new governance structure creates a stronger foundation for addressing these challenges while positioning the company for future success.

The partnership with IG4 brings together complementary expertise and resources that can support Braskem’s transformation efforts, strengthen its financial position and enhance its ability to execute strategic priorities.

Commitment to Long-Term Value CreationPetrobras, currently carrying a Zacks Rank #3 (Hold), remains committed to contributing to Braskem’s development as a key player in the global petrochemical industry. Through collaborative governance, strategic oversight and a shared vision with IG4, Petrobras aims to help create a more resilient and competitive company.

This new chapter represents an important opportunity to strengthen Braskem’s operations, improve corporate governance and unlock value for shareholders, employees, customers and stakeholders across the industry.

The formalization of joint control between Petrobras and IG4 marks the beginning of a new era for Braskem. With a balanced governance model and renewed leadership structure, the company is positioned to pursue sustainable growth while addressing existing challenges.

Petrobras looks forward to working closely with IG4 and Braskem’s leadership team to support the company’s continued evolution and long-term success.

Key PicksInvestors interested in the energy sector may consider some top-ranked stocks like Cenovus Energy Inc. (CVE - Free Report) and Chord Energy Corporation (CHRD - Free Report) , each sporting a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.

Calgary, Canada-based Cenovus Energy is a leading integrated energy firm. Starting from pumping out oil from its oil sands projects in Canada, the company’s operations comprise marketing the produced oil, natural gas and natural gas liquids. The Zacks Consensus Estimate for CVE’s 2026 earnings indicates 104.6% year-over-year growth.

Chord Energy's operations span across the Bakken and Three Forks formations, where the company boasts an impressive base of high-quality, oil-weighted resources. The Zacks Consensus Estimate for CHRD’s 2026 earnings indicates 115.4% year-over-year growth.

Key Takeaways Petrobras gained access to eight offshore exploration blocks under new production-sharing contracts.Ivory Coast's Baleine and Calao discoveries have strengthened confidence in offshore potential.Licensing reforms and fiscal changes are helping attract global energy investment. Petrobras (PBR - Free Report) has reportedly taken a major step into the Ivory Coast's offshore sector by advancing production sharing contracts for eight exploration blocks, signaling a new phase of energy development in one of West Africa's fastest-growing hydrocarbon markets. The move gives the Brazilian energy giant access to approximately 63,000 square kilometers of offshore acreage and strengthens the Ivory Coast's ambitions to become a leading oil and gas producer on the continent.

The agreement comes at a time when several African nations are competing to attract exploration capital and the Ivory Coast has emerged as a standout destination due to recent discoveries, supportive regulations and growing geological data, according to eurasiareview.

Petrobras Brings Deepwater Expertise to Ivory CoastUnlike many international operators, Petrobras, which is a Brazil-based integrated energy company, possesses decades of experience in developing complex offshore projects in deep and ultra-deep waters. The company's technical capabilities have been proven across Brazil's pre-salt basins, where challenging geological conditions required advanced drilling technologies and innovative production methods.

The newly acquired blocks include areas ranging from relatively shallow waters to offshore zones exceeding 4,000 meters in depth. Such environments require specialized knowledge and substantial operational capacity, making Petrobras a natural fit for the acreage. Its participation could accelerate the evaluation of untapped prospects and improve the likelihood of commercially successful discoveries.

Recent Discoveries Reshape the Ivory Coast's Energy OutlookIvory Coast's upstream industry has undergone a remarkable transformation following the discovery of the Baleine field. The find not only increased estimates of the country's hydrocarbon resources but also demonstrated that offshore basins previously considered underexplored contain commercially attractive reserves.

Momentum continued with the Calao discovery, which reinforced confidence in the region's geological systems. These developments have altered industry perceptions and encouraged operators to look beyond traditional African producing regions. As exploration activity expands, new seismic data and drilling results are expected to provide a clearer picture of the country's resource base.

Licensing Expansion Reflects Long-Term National StrategyThe Ivory Coast government's energy strategy extends beyond individual discoveries. Authorities have implemented policies designed to maximize exploration activity across offshore basins while maintaining a stable investment framework. A revised petroleum code and improved fiscal structure have created conditions that appeal to international operators seeking regulatory certainty.

As a result, a significant portion of the country's sedimentary basins is moving under active licensing arrangements. This approach allows the Ivory Coast to accelerate resource assessment while creating opportunities for partnerships, technology transfer and future production growth.

Growing Exploration Activity Could Transform the Ivorian EconomyThe expansion of offshore operations has implications far beyond the energy industry. Exploration campaigns generate demand for logistics services, marine transportation, engineering support and specialized technical expertise. As activity increases, local businesses gain opportunities to participate in supply chains connected to major offshore projects.

Future discoveries could also strengthen public finances through royalties, taxes and production-sharing revenues. These funds can support infrastructure projects, industrial development and broader economic diversification efforts. For emerging producers, hydrocarbon development often catalyzes investment across multiple sectors of the economy.

Competition for Offshore Resources Intensifies Across West AfricaThe Gulf of Guinea remains one of the world's most closely watched exploration regions. Countries throughout West Africa continue to promote offshore opportunities as companies search for large-scale discoveries capable of supporting production targets.

Ivory Coast's ability to attract Petrobras highlights its growing competitiveness within the regional market. While neighboring producers have traditionally captured the majority of investment, recent successes have enabled the country to establish itself as a credible alternative for companies seeking exposure to frontier opportunities with significant upside potential.

Africa Continues to Play Vital Role in Global Energy SupplyDespite shifts within the international energy landscape, oil and natural gas remain essential components of the global energy mix. African producers are increasingly positioned to contribute to supply security through the development of previously untapped resources.

New exploration programs are particularly important because they help replenish future reserves and support long-term production capacity. Projects such as Petrobras' offshore expansion in the Ivory Coast demonstrate that frontier basins continue to attract investment from major operators willing to pursue high-impact opportunities.

Strategic Milestone for Ivory Coast's Upstream SectorThe advancement of production sharing contracts for CI-513, CI-600, CI-601, CI-602, CI-603, CI-605, CI-701 and CI-702 reaches a milestone in the Ivory Coast's energy journey. The agreement combines world-class offshore expertise with a resource-rich basin that remains largely underexplored.

As drilling programs progress and geological assessments continue, these blocks could become an important source of discoveries. For the Ivory Coast, the development represents another step toward strengthening its position within Africa's evolving energy landscape while attracting the investment needed to unlock the full potential of its offshore resources.

PBR's Zacks Rank & Key PicksCurrently, PBR has a Zacks Rank #3 (Hold),

Investors interested in the energy sector might look at some better-ranked stocks like Imperial Oil (IMO - Free Report) , Murphy USA (MUSA - Free Report) and Marathon Petroleum (MPC - Free Report) , currently sporting a Zacks Rank #1 (Strong Buy) each at present. You can see the complete list of today’s Zacks #1 Rank stocks here.

Imperial Oil is valued at $58.86 billion. It is a major Canadian petroleum company involved in crude oil production, refining and fuel distribution, with operations concentrated in Canada. A majority-owned subsidiary of ExxonMobil, Imperial Oil benefits from advanced technology and expertise while maintaining a strong presence in Canada's energy sector.

Murphy USA is valued at $10.09 billion. Murphy USA is one of the largest independent gasoline and convenience store retailers in the United States, operating a network of stores primarily located near Walmart locations. The company focuses on offering low-cost fuel and everyday convenience products, supported by a strong loyalty program and disciplined capital-allocation strategy.

Marathon Petroleum is valued at $76.49 billion. It is one of the largest downstream energy companies in the United States, operating extensive refining, transportation and fuel marketing networks. Through its refining assets and retail fuel brands, Marathon Petroleum supplies gasoline, diesel and other petroleum products to consumers and businesses nationwide.

Key Takeaways Petrobras agreed to acquire 50% of the Itaimbezinho exploration block; Equinor stays the operator.The deal expands Petrobras's Campos Basin opportunities, with synergies near assets shared with Equinor.PBR expects closing after ANP and CADE approvals; it aims to add resources to replace depleted reserves. Petrobras S.A. (PBR - Free Report) , a Brazilian state-owned energy company, has entered into an agreement to purchase a 50% interest in the Itaimbezinho exploration block from Equinor (EQNR - Free Report) . The exploration block is located offshore Brazil inthe prolific Campos Basin. EQNR will retain the operatorship and a 50% interest in the production sharing contract upon completion of the deal, while Petrobras will own the remaining 50% stake.

The Brazilian energy giant stated that this agreement expands its exploration opportunities in the Campos Basin, an important hydrocarbon-producing region in Brazil. Additionally, working with Equinor in the Itaimbezinho exploration block is expected to generate operational synergies. This is due to its proximity to other assets in the Campos Basin, where the two companies already work together. Notably, PBR has partnered with EQNR on the Raia project and the Jasper exploration license in the Campos Basin.

The transaction is expected to close after receiving approval from Brazilian regulators, including the National Agency of Petroleum, Natural Gas and Biofuels (“ANP”) and the country’s Administrative Council for Economic Defense (“CADE”), along with the satisfaction of other customary closing requirements. 

Petrobras has mentioned that this project fits with its long-term strategy, which is focused on exploring new frontiers and promising exploration regions, and creating partnerships to replace oil and gas reserves depleted by production. The financial details of the deal have not been disclosed. The transaction is expected to expand PBR’s pipeline of exploration opportunities and increase its chances of discovering newer resources to replace its reserves.

Zacks Rank and Key PicksPBR and EQNR each currently carry a Zacks Rank #3 (Hold).

Some better-ranked stocks from the energy sector are Cenovus Energy (CVE - Free Report) and W&T Offshore (WTI - Free Report) . While Cenovus sports a Zacks Rank #1 (Strong Buy) at present, W&T Offshore carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

Cenovus Energy Inc. is a Canadian integrated energy company with operations spanning the upstream, midstream and downstream sectors. The company is involved in exploration and production from its low-cost oil sands and heavy oil assets in Canada. The strategic MEG Energy acquisition is expected to boost Cenovus Energy's production levels in 2026.

W&T Offshore benefits from its prolific Gulf of America assets, which offer low decline rates, strong permeability and significant untapped reserves. The company’s recent acquisition of six shallow-water fields in the Gulf of America boosts its future production prospects, which is expected to enhance its revenues. 

Digimarc Corporation (DMRC) Q4 2025 Earnings Call Prepared Remarks Transcript

Digimarc Corporation is positioned as a speculative buy after a pivotal Q4, driven by its Secure Gift Card solution targeting retail fraud. Q4 marked DMRC's first positive free cash flow and non-GAAP net income in over 12 years, with improved gross margins and sharply reduced operating expenses. DMRC's Secure Gift Card solution, already trialed successfully, is set for rollout with major retailers, addressing a multibillion-dollar fraud market opportunity.

Posted by Defense World Staff on Apr 7th, 2026

G4S (OTCMKTS:GFSZY – Get Free Report) and Digimarc (NASDAQ:DMRC – Get Free Report) are both industrials companies, but which is the superior investment? We will contrast the two companies based on the strength of their earnings, dividends, profitability, institutional ownership, analyst recommendations, risk and valuation.

Valuation and Earnings This table compares G4S and Digimarc”s revenue, earnings per share (EPS) and valuation.

Gross Revenue Price/Sales Ratio Net Income Earnings Per Share Price/Earnings Ratio G4S N/A N/A N/A N/A N/A Digimarc $33.91 million 3.99 -$32.31 million ($1.50) -4.08 G4S has higher earnings, but lower revenue than Digimarc.

Analyst Recommendations This is a breakdown of current ratings and price targets for G4S and Digimarc, as provided by MarketBeat.com.

Sell Ratings Hold Ratings Buy Ratings Strong Buy Ratings Rating Score G4S 0 0 0 0 0.00 Digimarc 1 0 1 0 2.00 Digimarc has a consensus price target of $10.00, suggesting a potential upside of 63.40%. Given Digimarc’s stronger consensus rating and higher probable upside, analysts clearly believe Digimarc is more favorable than G4S.

Insider & Institutional Ownership 66.9% of Digimarc shares are held by institutional investors. 19.3% of Digimarc shares are held by insiders. Strong institutional ownership is an indication that large money managers, hedge funds and endowments believe a stock is poised for long-term growth.

Profitability This table compares G4S and Digimarc’s net margins, return on equity and return on assets.

Net Margins Return on Equity Return on Assets G4S N/A N/A N/A Digimarc -95.27% -38.41% -29.00% Summary Digimarc beats G4S on 6 of the 9 factors compared between the two stocks.

About G4S (Get Free Report)

G4S plc, together with its subsidiaries, operates as an integrated security company in Africa, the Americas, Asia, Europe, and the Middle East. The company offers software tools, including evidence-based risk assessment, incident management, and travel advisory systems, such as symmetry incident management; and proprietary security systems comprising symmetry connect access control and visitor management systems. It also provides retail technology solutions, comprising of Retail Cash Solutions, CASH360, and South Africa-Deposita; security advice, risk mitigation strategies, secure support, and integrated solutions; and offer custody, detention, rehabilitation, and care services. The company serves corporates, financial institutions, private energy/utilities, retail, leisure and consumers, private energy/utilities, transport, ports, and aviation. G4S plc was founded in 1901 and is headquartered in London, the United Kingdom. G4S plc is a subsidiary of Atlas UK Bidco Limited.

About Digimarc (Get Free Report)

Digimarc Corporation, together with its subsidiaries, provides automatic identification solutions to commercial and government customers in the United States and internationally. The company offers Digimarc Validate protects, a cloud-based record of product authentication information; Digimarc Engage, an interactive communications channel connecting brands and consumers; and Digimarc Recycle. Its solutions are used in various application solutions, such as sorting of consumer-packaged goods in recycling streams. The company offers its solutions through its sales personnel and business partners. Digimarc Corporation was incorporated in 2008 and is based in Beaverton, Oregon.

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BEAVERTON, Ore.--(BUSINESS WIRE)--Digimarc Corporation (NASDAQ: DMRC) reported financial results for the first quarter ended March 31, 2026.

“Digimarc is capitalizing on the convergence of key trends driving increased demand for our solutions, positioning ourselves to benefit from the relentless advance of AI," said Riley McCormack, Digimarc CEO. "In Q1 2026, we made significant progress against our strategy of building the trust layer for the modern world while delivering a 9% sequential increase in ending ARR(1) and expanding our subscription gross profit margin(2) 400 basis points year-over year."

First Quarter 2026 Financial Results

Subscription revenue for the first quarter of 2026 was $4.4 million compared to $5.3 million for the first quarter of 2025. The decrease reflects $1.5 million lower subscription revenue from the expiration of two commercial contracts in 2025, partially offset by an increase from new and existing commercial contracts.

Service revenue for the first quarter of 2026 was $3.2 million compared to $4.1 million for the first quarter of 2025. The decrease primarily reflects $0.5 million of lower commercial service revenue from HolyGrail 2.0 recycling projects, as that work was previously completed.

Total revenue for the first quarter of 2026 was $7.6 million compared to $9.4 million for the first quarter of 2025.

ARR(1) as of March 31, 2026 was $15.0 million compared to $20.0 million as of March 31, 2025. The decrease primarily reflects the expiration of two commercial contracts, one in April 2025 that accounted for a total of $3.7 million of ARR and the other in October 2025 that accounted for $3.1 million of ARR, partially offset by $1.8 million of net increases to ARR from new and existing commercial contracts.

Gross profit margin for the first quarter of 2026 was 60% compared to 65% for the first quarter of 2025. Subscription gross profit margin(2) increased to 90% from 86% and service gross profit margin(2) decreased to 57% from 65% for the first quarter of 2026 compared to the first quarter of 2025.

Non-GAAP gross profit margin for the first quarter of 2026 was 83% compared to 81% for the first quarter of 2025.

Operating expenses for the first quarter of 2026 were $11.7 million compared to $18.2 million for the first quarter of 2025. The decrease primarily reflects $4.2 million of lower cash compensation costs largely due to lower headcount and $3.2 million of lower cash severance costs resulting from the reduction in force in the first quarter of 2025, partially offset by $1.0 million of legal costs associated with the corporate reorganization.

Non-GAAP operating expenses for the first quarter of 2026 were $8.1 million compared to $16.5 million for the first quarter of 2025.

Net loss for the first quarter of 2026 was $7.0 million or ($0.32) per diluted share compared to $11.7 million or ($0.55) per diluted share for the first quarter of 2025.

Non-GAAP net loss for the first quarter of 2026 was $1.6 million or ($0.07) per diluted share compared to $8.5 million or ($0.40) per diluted share for the first quarter of 2025.

At March 31, 2026, cash, cash equivalents and marketable securities totaled $10.0 million compared to $12.9 million at December 31, 2025. Free cash flow usage for the first quarter of 2026 was $2.0 million compared to $5.6 million for the first quarter of 2025.

Conference Call

Digimarc will hold a conference call today (Tuesday, May 12, 2026) to discuss these financial results and to provide a business update. CEO Riley McCormack and CFO Charles Beck will host the call starting at 5:00 p.m. Eastern time (2:00 p.m. Pacific time). A question and answer session will follow management’s prepared remarks.

The conference call and investor presentation will be broadcast live and available for replay here and in the investor section of the company’s website. The conference call script and investor presentation will also be posted to the company’s website shortly before the call.

For those who wish to call in via telephone to ask a question, please dial the number below at least five minutes before the scheduled start time. We encourage you to also login to the live broadcast so you can follow along with the investor presentation.

Toll Free number: 877-407-0832

International number: 201-689-8433

Conference ID number: 13754826

About Digimarc

Digimarc Corporation (NASDAQ: DMRC) is building the trust layer for the modern world. As AI accelerates how we produce, share, and interact with the world, the risks of fraud, counterfeiting, and misinformation are growing exponentially. Our innovative, highly scalable, and ultra-secure solutions make it possible for consumers, businesses, and intelligent systems to instantly verify what's real, protect what matters, and transact with confidence. Digimarc's solutions for loss prevention, authentication, and digital are built to counter the speed and sophistication of today's AI-enabled threats. Trusted by the world's central banks to deter the counterfeiting of global currency, we exist to protect truth in every interaction, spanning both the physical and digital worlds. Learn more at Digimarc.com.

Forward-Looking Statements

Except for historical information contained in this release, the matters described in this release contain various “forward-looking statements.” These forward-looking statements include statements identified by terminology such as “will,” “should,” "may," “expects,” “estimates,” “predicts” and “continue” or other derivations of these or other comparable terms. These forward-looking statements are statements of management’s opinion and are subject to various assumptions, risks, uncertainties and changes in circumstances. Actual results may vary materially from those expressed or implied from the statements in this release as a result of changes in economic, business and regulatory factors. More detailed information about risk factors that may affect actual results are outlined in the company’s Form 10-K for the year ended December 31, 2025, and in subsequent periodic reports filed with the SEC. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect management’s opinions only as of the date of this release. Except as required by law, Digimarc undertakes no obligation to publicly update or revise any forward-looking statements to reflect events or circumstances that may arise after the date of this release.

Non-GAAP Financial Measures

This release contains the following non-GAAP financial measures: Non-GAAP gross profit, Non-GAAP gross profit margin, Non-GAAP operating expenses, Non-GAAP net loss, Non-GAAP net loss per diluted share, and free cash flow. See below for a reconciliation of each non-GAAP financial measure to the most directly comparable GAAP financial measure. These non-GAAP financial measures are an important measure of our operating performance because they allow management, investors and analysts to evaluate and assess our core operating results from period-to-period after removing non-cash and non-recurring activities that affect comparability. Our management uses these non-GAAP financial measures in evaluating its financial and operational decision making and as a means to evaluate period-to-period comparisons.

Digimarc believes that providing these non-GAAP financial measures, together with the reconciliation to GAAP, helps management and investors make comparisons between us and other companies. In making any comparisons to other companies, investors need to be aware that companies use different non-GAAP measures to evaluate their financial performance. Investors should pay close attention to the specific definition being used and to the reconciliation between such measures and the corresponding GAAP measures provided by each company under applicable SEC rules. These non-GAAP financial measures are not measurements of financial performance or liquidity under GAAP. In order to facilitate a clear understanding of its consolidated historical operating results, investors should examine Digimarc’s non-GAAP financial measures in conjunction with its historical GAAP financial information, and investors should not consider non-GAAP financial measures in isolation or as substitutes for performance measures calculated in accordance with GAAP. Non-GAAP financial measures should be viewed as supplemental to, and should not be considered as alternatives to, GAAP financial measures. Non-GAAP financial measures may not be indicative of the historical operating results of the Company nor are they intended to be predictive of potential future results.

Digimarc Corporation

Consolidated Statements of Operations

(in thousands, except per share amounts)

(Unaudited)

  Three Months Ended

March 31,

2026

2025

Revenue:

Subscription

$

4,369

$

5,314

Service

3,210

4,054

Total revenue

7,579

9,368

Cost of revenue:

Subscription (2)

456

744

Service (2)

1,378

1,407

Amortization expense on acquired intangible assets

1,208

1,132

Total cost of revenue

3,042

3,283

Gross profit:

Subscription (2)

3,913

4,570

Service (2)

1,832

2,647

Amortization expense on acquired intangible assets

(1,208

)

(1,132

)

Total gross profit

4,537

6,085

Gross profit margin:

Subscription (2)

90

%

86

%

Service (2)

57

%

65

%

Total

60

%

65

%

Operating expenses:

Sales and marketing

2,082

5,078

Research, development and engineering

3,747

7,634

General and administrative

5,555

5,181

Amortization expense on acquired intangible assets

289

271

Total operating expenses

11,673

18,164

Operating loss

(7,136

)

(12,079

)

Other income, net

171

369

Loss before income taxes

(6,965

)

(11,710

)

Provision for income taxes

(1

)

(20

)

Net loss

$

(6,966

)

$

(11,730

)

Net loss per share:

Net loss per share — basic

$

(0.32

)

$

(0.55

)

Net loss per share — diluted

$

(0.32

)

$

(0.55

)

Weighted average shares outstanding — basic

22,008

21,521

Weighted average shares outstanding — diluted

22,008

21,521

Digimarc Corporation

Reconciliation of GAAP to Non-GAAP Financial Measures

(in thousands, except per share amounts)

(Unaudited)

  Three Months Ended

March 31,

2026

2025

GAAP gross profit

$

4,537

$

6,085

Amortization of acquired intangible assets

1,208

1,132

Amortization and write-off of other intangible assets (3)

207

220

Stock-based compensation

347

137

Non-GAAP gross profit

$

6,299

$

7,574

Non-GAAP gross profit margin

83

%

81

%

GAAP operating expenses

$

11,673

$

18,164

Depreciation and write-off of property and equipment

(154

)

(146

)

Amortization of acquired intangible assets

(289

)

(271

)

Amortization and write-off of other intangible assets

(121

)

(59

)

Amortization of lease right of use assets under operating leases

(117

)

(98

)

Stock-based compensation

(1,662

)

(1,123

)

Corporate reorganization expenses

(1,223

)

—

Non-GAAP operating expenses

$

8,107

$

16,467

GAAP net loss

$

(6,966

)

$

(11,730

)

Total adjustments to gross profit

1,762

1,489

Total adjustments to operating expenses

3,566

1,697

Non-GAAP net loss

$

(1,638

)

$

(8,544

)

GAAP net loss per diluted share

$

(0.32

)

$

(0.55

)

Non-GAAP net loss

$

(1,638

)

$

(8,544

)

Non-GAAP net loss per diluted share

$

(0.07

)

$

(0.40

)

Free cash flow

Cash flows from operating activities

$

(1,847

)

$

(5,486

)

Purchase of property and equipment

(44

)

(55

)

Capitalized patent costs

(77

)

(88

)

Free cash flow

$

(1,968

)

$

(5,629

)

Digimarc Corporation

Consolidated Balance Sheet Information

(in thousands)

(Unaudited)

  March 31,

December 31,

2026

2025

ASSETS

Current assets:

Cash and cash equivalents

$

8,818

$

9,820

Marketable securities

1,145

3,046

Trade accounts receivable, net

7,092

6,513

Other current assets

1,988

1,961

Total current assets

19,043

21,340

Property and equipment, net

989

1,104

Intangibles, net

15,244

17,045

Goodwill

8,923

9,056

Lease right of use assets

3,121

3,238

Other assets

1,190

1,175

Total assets

$

48,510

$

52,958

LIABILITIES AND SHAREHOLDERS’ EQUITY

Current liabilities:

Accounts payable and other accrued liabilities

$

6,004

$

4,359

Deferred revenue

4,227

3,993

Total current liabilities

10,231

8,352

Long-term lease liabilities

4,073

4,314

Other long-term liabilities

140

63

Total liabilities

14,444

12,729

Shareholders’ equity:

Preferred stock

50

50

Common stock

22

22

Additional paid-in capital

425,789

424,665

Accumulated deficit

(390,053

)

(383,087

)

Accumulated other comprehensive loss

(1,742

)

(1,421

)

Total shareholders’ equity

34,066

40,229

Total liabilities and shareholders’ equity

$

48,510

$

52,958

Digimarc Corporation

Consolidated Cash Flow Information

(in thousands)

(Unaudited)

  Three Months Ended

March 31,

2026

2025

Cash flows from operating activities:

Net loss

$

(6,966

)

$

(11,730

)

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

Depreciation and write-off of property and equipment

154

146

Amortization of acquired intangible assets

1,497

1,403

Amortization and write-off of other intangible assets

328

193

Amortization of lease right of use assets under operating leases

117

98

Stock-based compensation

2,009

1,260

Increase (decrease) in allowance for doubtful accounts

21

—

Changes in operating assets and liabilities:

Trade accounts receivable

(566

)

(149

)

Other current assets

(44

)

1,331

Other assets

(44

)

(105

)

Accounts payable and other accrued liabilities

1,624

1,549

Deferred revenue

231

689

Lease liability and other long-term liabilities

(208

)

(171

)

Net cash provided by (used in) operating activities

(1,847

)

(5,486

)

Cash flows from investing activities:

Purchase of property and equipment

(44

)

(55

)

Capitalized patent costs

(77

)

(88

)

Proceeds from maturities of marketable securities

2,128

6,564

Purchases of marketable securities

(227

)

(2,864

)

Net cash provided by (used in) investing activities

1,780

3,557

Cash flows from financing activities:

Purchase of common stock

(885

)

(1,545

)

Repayment of loans

(3

)

(15

)

Net cash provided by (used in) financing activities

(888

)

(1,560

)

Effect of exchange rate on cash

(47

)

26

Net increase (decrease) in cash and cash equivalents

$

(1,002

)

$

(3,463

)

Cash, cash equivalents and marketable securities at beginning of period

$

12,866

$

28,730

Cash, cash equivalents and marketable securities at end of period

9,963

21,567

Net increase (decrease) in cash, cash equivalents and marketable securities

$

(2,903

)

$

(7,163

)

Digimarc NASDAQ: DMRC reported sequential annual recurring revenue growth in the first quarter of 2026 while outlining progress and timing changes in its secure gift card, anti-counterfeiting and digital trust initiatives.

Chief Executive Riley McCormack said the company made “significant progress” in advancing adoption of its secure gift card solution, including the first commercial order for the product and a growing number of retailer discussions. Chief Financial Officer Charles Beck said ending ARR was $15 million in the first quarter, down from $20 million a year earlier but up 9% sequentially.

The year-over-year decline in ARR reflected the previously disclosed loss of two customer contracts in 2025, which accounted for $6.8 million of ARR, Beck said. Excluding those two contracts, ARR increased $1.8 million year over year, including $500,000 of ARR from gift cards in the first quarter.

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Secure Gift Card Rollouts Advance, With One Broader Launch Delayed McCormack said Digimarc closed its first secure gift card commercial order in the quarter, representing more than $500,000 of ARR and covering gift cards from six closed-loop and open-loop brands. The company is now advancing rollout plans with 15 North American retailers, including eight of the 20 largest by sales, up from eight retailers and four of the top 20 at the time of the company’s prior earnings call two months earlier.

McCormack said market engagement has increased across retailers, brands and gift card networks, citing industry summits and meetings with large retailers and a leading program manager. He said some retailers are encouraging major brands to adopt Digimarc’s solution and are engaging with other retailers to create incentives for widely sold brands to move faster.

Digimarc’s rollout with Schnucks is underway, McCormack said. During the question-and-answer portion of the call, he said Schnucks had expanded the cards from 10 stores to 15 stores and is moving toward all of its locations. “They’re very happy with the solution, and we’re really thrilled with them as a wonderful partner,” McCormack said.

However, another retailer’s rollout planned for the summer will be more limited than originally expected, with a full rollout to nearly 600 locations now targeted for January 2027. McCormack attributed the delay to scanner vendor firmware timing, saying two scanner models did not become generally available in the required timeframe, including one model critical to the retailer’s front end. He said the issue was not related to Digimarc’s software, but to base functionality needed for the retailer to push firmware updates at scale. The scanner vendor has since shipped updated firmware, which is undergoing the retailer’s normal acceptance testing.

Beck said the timing shift means gift cards are no longer expected to be the largest contributor to ARR growth in 2026, though the company still expects “significant ARR growth” for the year. He said the change reflects timing of initial rollouts rather than a change in Digimarc’s conviction in the opportunity.

Anti-Counterfeiting and Digital Trust Businesses See Upsells Digimarc also reported momentum in its product authentication business. McCormack said ARR from the company’s anti-counterfeiting solution continues to grow, driven by upsells and new customer wins. In the first quarter, Digimarc closed three upsell deals with existing anti-counterfeiting customers in pharmaceuticals, food and beverage, and consumer goods.

Asked what was driving the anti-counterfeiting upsells, McCormack said it varied by customer. “Sometimes it’s adding new brands, sometimes it’s adding new geography, sometimes it’s adding new functionality,” he said.

In digital trust and integrity, McCormack said Digimarc secured a six-figure upsell with a global technology company that adopted its leak detection solution for web content. He also said the company is progressing discussions with an industry trade group seeking an industrywide solution to a problem made worse by advances in artificial intelligence.

McCormack emphasized Digimarc’s positioning around digital watermarking and the Coalition for Content Provenance and Authenticity, or C2PA, standard. He also said the company is developing an extension of its “trust layer” strategy aimed at agentic AI, where autonomous systems may need scalable ways to verify what is real, authentic and authorized.

First-Quarter Revenue Declines, But Loss Narrows Total revenue for the first quarter was $7.6 million, down from $9.4 million in the same quarter last year. Beck said the $1.8 million decline was evenly split between subscription and service revenue.

Subscription revenue was $4.4 million, down from $5.3 million a year earlier. Service revenue was $3.2 million, down from $4.1 million a year earlier. Subscription gross margin was 90%, up 400 basis points year over year. Service gross margin was 57%, compared with 65% a year earlier. Beck said subscription revenue would have increased $600,000 excluding the two lost customer contracts, which contributed $1.5 million of subscription revenue in the prior-year quarter. Service revenue in the year-ago period included $500,000 from HolyGrail 2.0 recycling projects, compared with none in the latest quarter. He said Digimarc does not expect further service revenue from HolyGrail 2.0 because that program has ended.

Operating expenses were $11.7 million, down 36% from $18.2 million a year earlier. Beck said the decline reflected lower cash compensation costs due to reduced headcount, severance costs incurred last year, and lower consulting, software and hardware costs. Those savings were partly offset by $1.2 million in one-time legal and other costs tied to the corporate reorganization, as well as $500,000 in higher stock-based compensation.

Digimarc reported a net loss of $0.32 per diluted share, compared with a loss of $0.55 per diluted share in the prior-year quarter. On a non-GAAP basis, the company reported a loss of $0.07 per diluted share, compared with a loss of $0.40 per diluted share a year earlier.

Cash Position and Corporate Structure Update Digimarc ended the quarter with $10 million in cash and short-term investments and no debt. The company used a little under $2 million in free cash flow and $900,000 to buy back 169,000 shares as part of its employee stock program. Beck said free cash flow usage improved by $3.7 million from the prior-year period despite revenue headwinds and a $3.4 million unfavorable change in working capital and other activity.

Beck also said Digimarc expects to finalize its new corporate structure, which shareholders approved, on or around May 16. The change will result in a new CUSIP, and transfer agent Broadridge will contact investors about exchanging shares.

McCormack said Digimarc remains focused on three core areas: retail loss prevention, product authentication, and digital trust and integrity. He also said the company continues to selectively pursue opportunities outside those focus areas, including recycling, where Belgian and German market demonstrations remain on track.

About Digimarc NASDAQ: DMRCDigimarc Corporation is a technology company specializing in digital identification and authentication solutions. Its core offering centers on embedding imperceptible digital watermarks into images, audio, video and packaging materials. These watermarks carry unique identifiers that enable secure tracking, brand protection and content provenance across print and digital channels.

The company's product suite includes software development kits and cloud-based services that allow enterprises to integrate digital watermarking into their existing workflows.

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].

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Digimarc Corporation (NASDAQ: DMRC), a pioneer in digital identity and authentication solutions, today announced the introduction of new provenance and verification infrastructure designed to secure emerging autonomous and AI-enabled workflows.

As enterprises increasingly adopt AI systems capable of generating content, orchestrating workflows, and taking action with minimal human intervention, establishing trusted provenance and verifiable authenticity is becoming mission critical. Digimarc’s new capabilities are designed to help organizations determine whether digital content and artifacts produced or consumed by autonomous AI agents can be trusted before downstream action occurs.

The OWASP Top 10 for Agentic Applications 2026 identifies artifact integrity, supply chain vulnerabilities, and audit non-repudiation among the highest-impact risks facing agentic deployments today. Without cryptographically verifiable records of what agents consumed and produced, and under what authority they acted, organizations cannot confidently audit agent behavior, satisfy emerging regulatory requirements, or defend against the tampering and manipulation scenarios the OWASP framework was created to defeat.

Grounded in the Coalition for Content Provenance and Authenticity (C2PA) standard—the open specification adopted by organizations including Adobe, Google, Microsoft, OpenAI, and others—Digimarc’s approach combines provenance, verification, and audit capabilities into a standards-based trust layer for AI-powered workflows. Digimarc extends C2PA’s output attestation capability with a trust enforcement layer purpose-built for agentic environments. Every provenance seal is policy-gated, issued only when the identity of the agent, the integrity of the artifact, and the timing of the request all satisfy defined trust criteria.

The initial release centers on a new Model Context Protocol (MCP) server that enables systems and orchestration frameworks to stamp, verify, log, audit, and retrieve provenance information through MCP-compatible interfaces. By exposing provenance as a native capability within modern workflow architectures, organizations can introduce trusted verification and traceability directly into content and automation pipelines without requiring systems to manage the underlying cryptographic infrastructure themselves.

The MCP server is backed by Digimarc’s Illuminate platform and the company’s decades of experience in authentication, watermarking, and trusted identification technologies. For workflows requiring additional durability, Digimarc can combine C2PA manifests with its watermarking technology to help maintain provenance continuity even when metadata is altered or removed during processing.

“The agentic AI era is arriving faster than the trust infrastructure to support it,” said Ken Sickles, EVP and Chief Product Officer at Digimarc. “Organizations are deploying autonomous agents that produce, consume, and act on content at machine speed, and most have no reliable way to verify that the content those agents touched is genuine, unaltered, and attributable. Gartner projects that by 2028, 25% of enterprise AI applications will experience multiple security-related incidents annually. We built this solution because provenance cannot be an afterthought bolted on after deployment. It has to be atomic with the agent’s work, enforced by the runtime, and verifiable by anyone downstream.By grounding our approach in open standards like C2PA and exposing these capabilities through our MCP server, we’re helping to make trusted provenance a native capability for modern digital workflows.”

Digimarc is launching the initiative with a select group of early build partners and platform collaborators to help shape real-world use cases and future roadmap priorities. Initial areas of focus include trusted content workflows, provenance verification, and governed traceability across emerging automation ecosystems.

If interested, contact Digimarc or visit https://www.digimarc.com/solutions/agentic-trust.

About Digimarc

Digimarc (NASDAQ: DMRC) is building the trust layer for the modern world. Our solutions help people, businesses, and intelligent systems verify what’s real, protect what matters, and interact with confidence across physical and digital environments. Learn more at Digimarc.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260528177770/en/

HOUSTON, March 26, 2026 (GLOBE NEWSWIRE) -- KULR Technology Group, Inc. (NYSE American: KULR) (the "Company" or "KULR"), the advanced battery intelligence solution for autonomous platforms, digital infrastructure, e-mobility, and spaceflight applications, will hold a conference call on Tuesday, March 31st at 4:30 p.m. Eastern time (1:30 p.m. Pacific time) to discuss its financial results for the fourth quarter and full year ended December 31, 2025. The financial results will be issued in a press release prior to the call.

KULR management will host the conference call, followed by a question-and-answer period. Interested parties can submit relevant questions prior to the call to Stuart Smith via email: [email protected] by 11:00 a.m. ET on Sunday, March 29th, 2026. Mr. Smith will compile a list of questions and submit them to the Company prior to the conference call. The questions will be addressed according to the relevance to the shareholder base, and the appropriateness of the questions in light of public disclosure rules.

KULR Technology Group Fourth Quarter and Full Year 2025 Earnings Call
Date: Tuesday, March 31st, 2026
Time: 4:30 p.m. Eastern time (1:30 p.m. Pacific time)

To access the call, please register using the following link: KULR Fourth Quarter and Full Year 2025 Earnings Call. After registering, an email will be sent, including dial-in details and a unique conference call access code and PIN required to join the live call. The conference call will be available for replay here via the Investor Relations section on KULR’s website (www.kulr.ai).

About KULR Technology Group, Inc.
KULR Technology Group, Inc. (NYSE American: KULR) designs and builds advanced battery systems for autonomous platforms, digital infrastructure, e-mobility and spaceflight applications — sold as products or delivered as a service subscription. KULR’s four revenue engines: KULR ONE hardware, Energy-as-a-Service subscription, Dual-Life battery lifecycle model, and an on-chain AI agent intelligence layer, form the Company’s integrated battery intelligence platform. Learn more at KULR.ai.

Find KULR: Website | X | Telegram | LinkedIn | Instagram | TikTok | Facebook

Investor Relations:
KULR Technology Group, Inc.
Phone: 858-866-8478 x 847
Email: [email protected]

KULR Media Relations:
M Group Strategic Communications (on behalf of KULR)
Email: [email protected]

KULR Technology Group, Inc. (KULR) Q4 2025 Earnings Call Transcript

KULR Technology Group, Inc. reported dismal fourth-quarter results, with elevated cash burn and negative gross margins. Core battery revenues fell off a cliff without any sort of explanation provided by management on the conference call. In addition, profitability was impacted by a large number of impairment charges including additional write-offs related to the company's failed investment in exoskeleton developer German Bionic.

HOUSTON, April 29, 2026 (GLOBE NEWSWIRE) -- KULR Technology Group, Inc. (NYSE American: KULR) (the "Company" or "KULR"), an energy-systems platform company that enables the safe, certifiable deployment of ultra-high-power lithium battery systems for space and defense programs, hyperscale AI data centers, and telecom infrastructure OEMs, today announced it received initial purchase orders totaling nearly $1.0 million from a U.S. defense technology company and manufacturer of unmanned aerial systems (“UAS”) specializing in first-person view (“FPV”) drones for military use. Including this initial order, KULR expects total purchase orders from this customer to exceed $5 million, with all related orders expected to be fulfilled and shipped before the end of 2026.

The order is for KULR ONE Air® (K1A) batteries, KULR’s battery platform purpose-built for the rapidly growing UAS market. K1A is designed for UAV and UAM applications and combines lightweight, compact architecture with the safety and reliability standards derived from KULR’s aerospace and defense heritage.

The customer was also involved in Drone Dominance, the Department of War’s $1.1 billion initiative to rapidly equip warfighters with thousands of low-cost, expendable, one-way attack drones, further reflecting KULR’s growing presence in the U.S. defense drone ecosystem.

Earlier this month, Fortune Business Insights projected the global drone defense systems market will grow from $120.5 billion in 2026 to $6.86 trillion by 2034, representing a compound annual growth rate of 65.7% over the forecast period.

"This order marks an exciting milestone in KULR's expansion into the US domestic drone and UAV market," said Michael Mo, Chief Executive Officer of KULR. "With our expanding customer pipeline and a global market projected to grow at more than 65% annually through 2034, I believe KULR ONE Air is entering one of the most compelling growth markets in our industry. Our aerospace and defense heritage, combined with U.S.-based manufacturing, positions us to capture a meaningful share of this expansion."

KULR ONE Air was first introduced last year as a family of advanced lithium-ion battery systems engineered specifically for unmanned aerial systems. Built on KULR’s production platform, K1A is designed to deliver high performance, scalable manufacturing, and competitive cost for demanding drone missions.

About KULR Technology Group, Inc.

KULR Technology Group, Inc. (NYSE American: KULR) is an energy-systems platform company delivering certifiable battery safety, vibration-mitigation, and thermal control solutions that enable ultra-high-power lithium-ion systems and sensitive electronics to operate reliably across space and defense missions, hyperscale AI data centers, telecom infrastructure, and mobility applications. Learn more at KULR.ai.

Find KULR: Website | X | Telegram | LinkedIn | Instagram | TikTok | Facebook

Safe Harbor Statement

This release contains certain forward-looking statements based on our current expectations, intentions and assumptions that involve risks and uncertainties. Forward-looking statements in this release are based on information available to us as of the date hereof. Our actual results may differ materially from those stated or implied in such forward-looking statements, due to risks and uncertainties associated with our business, which include the risk factors disclosed in our Form 10-K filed with the Securities and Exchange Commission on March 31, 2026, as may be amended or supplemented by other reports we file with the Securities and Exchange Commission from time to time. Forward-looking statements include statements regarding our expectations, beliefs, intentions, or strategies regarding the future and can be identified by forward-looking words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “should,” and “would” or similar words. All such forward-looking statements that are provided by management in this release are based on information available at this time, and management expects that internal expectations may change over time. These statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Except as otherwise required by applicable law, we assume no obligation to update the information included in this press release, whether as a result of new information, future events or otherwise.

Investor Relations:
KULR Technology Group, Inc.
Phone: 858-866-8478 x 847
Email: [email protected]

HOUSTON, May 14, 2026 (GLOBE NEWSWIRE) -- KULR Technology Group, Inc. (NYSE American: KULR) (the "Company" or "KULR"), an energy-systems platform company that enables the safe, certifiable deployment of ultra-high-power lithium battery systems for space and defense programs, mobility applications, hyperscale AI data centers, and telecom infrastructure OEMs, today announced its financial results for the first quarter 2026.

First Quarter 2026 Financial Results:

Revenues: Revenue increased 98% to $4,846,430 in the first quarter ended March 31, 2026, from $2,448,606 reported in the same year-ago period.

Gross Margins: Gross margin was 29% in the first quarter ended March 31, 2026, compared to 8% in the same year-ago period.

Selling, General and Administrative (SG&A) Expenses: SG&A expenses decreased 9% to $6,531,969 in the first quarter ended March 31, 2026, from $7,200,250 reported in the same year-ago period.

R&D expenses: R&D expenses decreased 28% to $1,770,500 in the first quarter ended March 31, 2026, from $2,449,900 in the same year-ago period.

Operating Loss: Loss from operations decreased 22% to $7,385,177 in the first quarter ended March 31, 2026, compared to $9,443,805 reported in the same year-ago period.

Net Loss: Net loss for the first quarter of 2026 increased to $28,119,844, or a net loss of $0.61 per share, compared to a net loss of $18,806,658, or a net loss of $0.54 per share from the same period last year. Higher net loss in the first quarter of 2026 was primarily driven by a $20,767,713 mark-to-market loss associated with the Company’s bitcoin holdings.

Management Commentary

KULR Chief Executive Officer, Michael Mo, commented, “First quarter 2026 results demonstrate meaningful progress in our operating performance. Revenue increased 98% year-over-year, partially reflecting growing customer traction across our core battery and energy systems platforms. At the same time, we reduced SG&A expenses and lowered our loss from operations by 22%, showing that we are beginning to drive greater discipline and efficiency through the business. While our reported net loss was impacted by a non-cash mark-to-market loss associated with our bitcoin holdings, the underlying operating trends show a stronger revenue base, improved cost control, and a clearer path toward scaling KULR’s core business.”

The Company reported a cash balance of $19.0 million as of May 13, 2026.

KULR Technology Group First Quarter 2026 Earnings Call
Date: Thursday, May 14th, 2026
Time: 4:30 p.m. Eastern time (1:30 p.m. Pacific time)

To access the call, please register using the following link: KULR First Quarter 2026 Earnings Call. After registering, an email will be sent, including dial-in details and a unique conference call access code and PIN required to join the live call. The conference call will be available for replay here via the Investor Relations section on KULR’s website (www.kulr.ai).

Safe Harbor Statement
This release contains certain forward-looking statements based on our current expectations, intentions and assumptions that involve risks and uncertainties. Forward-looking statements in this release are based on information available to us as of the date hereof. Our actual results may differ materially from those stated or implied in such forward-looking statements, due to risks and uncertainties associated with our business, which include the risk factors disclosed in our Form 10-K filed with the Securities and Exchange Commission on March 31, 2026, as may be amended or supplemented by other reports we file with the Securities and Exchange Commission from time to time. Forward-looking statements include statements regarding our expectations, beliefs, intentions, or strategies regarding the future and can be identified by forward-looking words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “should,” and “would” or similar words. All such forward-looking statements that are provided by management in this release are based on information available at this time, and management expects that internal expectations may change over time. These statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Except as otherwise required by applicable law, we assume no obligation to update the information included in this press release, whether as a result of new information, future events or otherwise.

About KULR Technology Group, Inc.
KULR Technology Group, Inc. (NYSE American: KULR) is an energy-systems platform company delivering certifiable battery safety, vibration-mitigation, and thermal control solutions that enable ultra-high-power lithium-ion systems and sensitive electronics to operate reliably across space and defense missions, mobility applications, hyperscale AI data centers, and telecom infrastructure OEMs. Learn more at KULR.ai.

Find KULR: Website | X | Telegram | LinkedIn | Instagram | TikTok | Facebook

Investor Relations:
KULR Technology Group, Inc.
Phone: 858-866-8478 x 847
Email: [email protected]

Philadelphia, Pennsylvania--(Newsfile Corp. - May 15, 2026) - Shareholder litigation firm Kaskela Law announces that it is investigating KULR Technology Group, Inc. (NYSE American: KULR) ("KULR") on behalf of the company's current shareholders.

The investigation seeks to determine whether KULR and/or the company's officers and directors violated the securities laws or breached their fiduciary duties in connection with recent corporate actions.

KULR shareholders are encouraged to contact Kaskela Law LLC (D. Seamus Kaskela, Esq. or Adrienne Bell, Esq.) at (484) 229 - 0750 for additional information about this investigation and their legal rights and options.

Alternatively, investors may submit their information to the firm by clicking on the following link (or if necessary, by copying and pasting the link into your browser):

https://kaskelalaw.com/case/kulr-technology/

ABOUT KASKELA LAW:

Kaskela Law LLC exclusively represents investors in securities fraud, corporate governance, and merger & acquisition litigation on a contingent basis, which means that the firm's clients never pay any out-of-pocket costs for legal representation. For additional information about Kaskela Law LLC, including the firm's recent notable recoveries for investors, please visit www.kaskelalaw.com.

This communication may constitute attorney advertising in certain jurisdictions.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/297579

Source: Kaskela Law LLC

HOUSTON, May 18, 2026 (GLOBE NEWSWIRE) -- KULR Technology Group, Inc. (NYSE American: KULR) (the "Company" or "KULR"), an energy-systems platform company that enables the safe, certifiable deployment of ultra-high-power lithium battery systems for space and defense programs, mobility applications, hyperscale AI data centers, and telecom infrastructure OEMs, today announced that Argo Space Corp. (“Argo”), an orbital transportation and mobility company, has selected KULR as the battery provider for its forthcoming space mission. Under the agreement, KULR will supply its KULR ONE Space (K1S) battery systems, engineered to NASA safety standards, to power critical spacecraft subsystems throughout the mission’s operational lifetime.

“Building a new class of spacecraft to provide transport and maneuver meant designing it from the ground up. KULR had the best solution on the market for a battery that met our unique needs for performance, reliability, and cost. We’re excited to work with them on our first, our next, and our future spacecraft.” – Kirby Carlisle, Argo Chief Operating Officer.

The selection reflects KULR’s growing role as a trusted battery partner for the commercial space industry. The global space battery market is projected to grow to $5.61 billion by 2030, driven by surging demand for crewed and uncrewed deep space programs. Missions beyond LEO (low Earth orbit) impose uniquely severe requirements on energy storage: systems must sustain operation across extreme temperature cycling, prolonged vacuum exposure, and high-radiation environments.

“Being selected by Argo Space is an exciting milestone for KULR,” said Dr. Will Walker, Chief Technology Officer of KULR. “Our heritage at NASA and our decade of work developing battery systems that meet the most stringent space safety standards make KULR uniquely positioned to support missions where there is zero margin for error. This engagement validates the KULR ONE Space platform and opens a new frontier of opportunity as commercial space programs push beyond Earth orbit.”

The KULR ONE Space (K1S) battery system is built on KULR’s lightweight “REACH” battery architecture, which provides high energy density and low mass. K1S systems incorporate strategically selected cells with Initial Lot Assessment (ILA), Lot Acceptance Testing (LAT), and NASA WI-37A Cell Screening protocols.

“Space demands that every component perform flawlessly throughout the mission profile with no opportunity for servicing or replacement,” said Peter Hughes, Vice President of Engineering at KULR Technology Group. “Our team has spent years refining the K1S architecture specifically for these environments — integrating our thermal knowledge, NASA WI-37A screened cells, and comprehensive flight readiness testing in-house. This is exactly the program our KULR ONE Space platform was built for.”

This agreement builds on KULR’s demonstrated space heritage, which includes supplying battery systems that meet NASA safety requirements for Artemis’ crewed spaceflight, an active rideshare mission flight demonstration with Exolaunch aboard a SpaceX launch vehicle, and ongoing supply relationships with multiple commercial space operators. KULR’s Webster, Texas manufacturing and R&D facility will support production and qualification testing for the Argo battery systems.

About KULR Technology Group, Inc.
KULR Technology Group, Inc. (NYSE American: KULR) is an energy-systems platform company delivering certifiable battery safety, vibration-mitigation, and thermal control solutions that enable ultra-high-power lithium-ion systems and sensitive electronics to operate reliably across space and defense missions, mobility applications, hyperscale AI data centers, and telecom infrastructure OEMs. Learn more at KULR.ai.

Find KULR: Website | X | Telegram | LinkedIn | Instagram | TikTok | Facebook

Investor Relations:
KULR Technology Group, Inc.
Phone: 858-866-8478 x 847
Email: [email protected]

About Argo Space Corp.
Argo is an El Segundo, CA-based space startup founded in 2022 by SpaceX veterans. Argo is creating orbital logistics with a new class of spacecraft - refuellable space transportation and mobility vehicles designed to deliver customer assets to all orbital regimes and provide unmatched deltaV. The company's unique water-based spacecraft architecture provides cost-effective, flexible services for orbital logistics and capabilities for in-space maneuver, fulfilling a range of commercial and government missions. Argo is building the foundational logistics system for the industrial space age, from low Earth orbit to the Moon. Learn more at www.argospace.com

Find Argo: Website | Linkedin | X

Safe Harbor Statement
This release contains certain forward-looking statements based on our current expectations, intentions and assumptions that involve risks and uncertainties. Forward-looking statements in this release are based on information available to us as of the date hereof. Our actual results may differ materially from those stated or implied in such forward-looking statements, due to risks and uncertainties associated with our business, which include the risk factors disclosed in our Form 10-K filed with the Securities and Exchange Commission on March 31, 2026, as may be amended or supplemented by other reports we file with the Securities and Exchange Commission from time to time. Forward-looking statements include statements regarding our expectations, beliefs, intentions, or strategies regarding the future and can be identified by forward-looking words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “should,” and “would” or similar words. All such forward-looking statements that are provided by management in this release are based on information available at this time, and management expects that internal expectations may change over time. These statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Except as otherwise required by applicable law, we assume no obligation to update the information included in this press release, whether as a result of new information, future events or otherwise.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/271b7bde-dc58-470c-b416-0b40958b92d0