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SAN FRANCISCO--(BUSINESS WIRE)--Planet Labs PBC (NYSE: PL) (“Planet” or the “Company”), a leading provider of daily data and insights about change on Earth, today announced financial results for the period ended April 30, 2026. “Planet's excellent start to the year is a testament to the mission-critical nature of our data in an increasingly complex world,” said Will Marshall, Planet's Co-Founder, Chief Executive Officer and Chairperson. “Planet is executing with speed and focus, evidenced by th.

SpaceX Gets the Attention, But These 4 Stocks Could Get the ReturnsPlanet Labs PBC NYSE: PL reported record first-quarter fiscal 2027 revenue and raised its full-year sales outlook, citing strong demand from defense and intelligence customers, international governments seeking sovereign space capabilities, and expanding use of its AI-enabled geospatial products.

Will Marshall, Planet’s CEO, chairperson and co-founder, said the company generated $94 million in revenue in the quarter, up approximately 42% year over year. Non-GAAP gross margin was 56%, and Planet achieved its “Rule of 40” target for the third consecutive quarter, which the company defines as revenue growth rate plus adjusted EBITDA margin.

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Prologis Q1 2026: Data Centers Steal the ShowPlanet ended the period with approximately $906 million in backlog, up about 72% year over year. Ashley Johnson said remaining performance obligations were approximately $816 million, up more than 80% year over year, with about 35% expected to apply to the next 12 months and 66% to the next 24 months.

Defense and Intelligence Drives Growth Marshall said defense and intelligence remained a major source of strength for Planet, with first-quarter revenue in the sector growing more than 65% year over year. He said the growth was supported by demand for data subscription solutions and satellite services amid an uncertain geopolitical backdrop.

5 Space Stocks Already Climbing Ahead of the SpaceX IPOPlanet highlighted several recent U.S. government wins, including a six-month, $7.5 million contract renewal with the U.S. Navy for vessel detection and monitoring across areas of interest in the Pacific. Marshall also said the National Geospatial-Intelligence Agency awarded Planet a $21.9 million one-year contract extension for maritime surveillance under the Luno B IDIQ, as well as a new award for global monitoring services to support crisis response.

International government demand also remained strong. Marshall said Planet signed a new eight-figure, one-year dedicated capacity contract with an international defense and intelligence customer, providing immediate access to dedicated satellite capacity and analytics across the company’s Pelican, SkySat and PlanetScope constellations.

Planet also launched three additional Pelican satellites during the quarter, including one for the Swedish Armed Forces. Marshall said the satellite, Sweden’s first sovereign reconnaissance satellite, launched just four months after the contract was signed. He described the speed of delivery as a differentiator for Planet, saying customers can receive immediate access to data services while sovereign satellites are prepared for orbit.

Commercial Revenue Rebounds, Civil Government Flat Johnson said commercial sector revenue grew more than 20% year over year, while civil government revenue was approximately flat, primarily because of a reduction in Planet’s NASA contract. Marshall said the commercial growth reflected a focus on larger opportunities and AI-enabled solutions, with positive trends in agriculture and an initial maritime domain awareness sale in the energy sector.

In agriculture, Planet said it received a John Deere Supplier Sustainability Award for 2025 and renewed its relationship with Nave Analytics, which uses Planetary Variables including soil water content and biomass proxy data. Planet also signed WatchDuty, a nonprofit public safety platform focused on wildfire tracking and emergency alerts, as a new customer.

In civil government, Planet pointed to momentum in Europe, including:

A two-year, seven-figure agreement with the Greek government, signed through the European Space Agency, to support national satellite monitoring and rapid response workflows. A two-year, seven-figure contract with the State Agricultural Intervention Fund of the Czech Republic to support agricultural payments and monitoring for approximately 25,000 agricultural holdings. A seven-figure award involving the Scottish Agriculture and Rural Economy Directorate and partner Computacenter for PlanetScope data and analytics tied to agricultural reform. AI and Satellite Product Updates Marshall said Planet has begun private beta testing of a new AI app that is designed to make the company’s global satellite data archive searchable through natural language. He said the tool is intended to help non-technical users search data across space and time, run time-series analysis and generate insights or reports.

Planet also launched SuperRes, an AI-powered feature that improves PlanetScope imagery into a 2-meter class resolution visual product. Marshall said the company previously improved its daily scan product from 3.7-meter to 3-meter class resolution and plans for its future Owl constellation to upgrade daily monitoring data to a 1-meter class resolution product.

The company also announced that Pelican-11, the first Gen 2 Pelican technology demonstration satellite, was shipped to Vandenberg Space Force Base ahead of a SpaceX Transporter-17 launch. Marshall said Gen 2 Pelicans are expected to progress toward providing up to 30-centimeter class imagery and lower-latency analysis.

Guidance Raised for Fiscal 2027 For the second quarter, Planet expects revenue of $102 million to $107 million, representing approximately 42% year-over-year growth at the midpoint. The company guided for non-GAAP gross margin of 52% to 55% and adjusted EBITDA ranging from breakeven to a $5 million profit. Capital expenditures are expected to be $21 million to $27 million in the quarter.

For the full fiscal year, Planet raised its revenue outlook to $425 million to $441 million, representing approximately 41% growth at the midpoint. The company expects full-year non-GAAP gross margin of 52% to 54% and maintained its adjusted EBITDA outlook of breakeven to $10 million in profit.

Johnson said Planet expects capital expenditures of $80 million to $95 million for the year as it invests in next-generation satellites, manufacturing capacity in San Francisco and Berlin, AI-powered solutions, and its global sales and marketing organization. She said the company still expects to be free cash flow positive on an annual basis in fiscal 2027.

Planet ended the quarter with approximately $731 million in cash equivalents and short-term investments, an increase of more than $500 million from a year earlier. Johnson attributed the increase to convertible debt issuance, positive trailing 12-month free cash flow and about $108 million in proceeds from exercises of public warrants.

Management Discusses Pipeline and Market Demand During the question-and-answer session, Marshall and Johnson said the pipeline for international defense and intelligence opportunities remains robust and geographically balanced. Marshall said Europe remains a particularly strong region, supported by demand for sovereign space capabilities, but added that interest is global, including in Asia and North America.

Asked about commercial sector growth, Marshall said the drivers appear sustainable, particularly after Planet adjusted its agriculture business model to better align with customer outcomes. Johnson said AI-enabled products such as global monitoring and maritime domain awareness could broaden adoption among commercial customers, including in sectors that have not traditionally used geospatial data in modeling and analysis.

Marshall closed the call by pointing to Planet’s record revenue, backlog, satellite launches and AI product progress, saying the quarter reflected “really good momentum” across the business.

About Planet Labs PBC NYSE: PLPlanet Labs PBC is a public benefit corporation that operates one of the largest fleets of Earth-imaging satellites, providing high-frequency, high-resolution imagery and data analytics to a broad range of industries. The company's multi-spectral satellite constellation captures daily snapshots of the planet, enabling clients to monitor changes in agriculture, forestry, urban development, energy infrastructure and environmental conditions. Planet's imagery platform is designed to support timely decision-making by transforming raw satellite data into actionable insights for business and government users.

Founded in 2010 by former NASA scientists Will Marshall, Robbie Schingler and Chris Boshuizen, Planet Labs grew from a small startup into a key provider in the satellite imaging sector.

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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Planet Labs (NYSE:PL) reported first-quarter fiscal 2027 revenue and earnings above Wall Street estimates on Friday, with its defense and intelligence segment growing more than 65% year-over-year, though shares fell more than 19% in morning trading.

The satellite imagery company posted revenue of $94.2 million for the quarter, up 42% from a year earlier and ahead of analyst estimates of $90 million and the company's own guidance range of $87 million to $91 million. Adjusted loss per share came in at $0.03, better than the estimated loss of $0.04.

Remaining performance obligations reached $816 million, up 81% year-over-year, while total backlog exceeded $906 million, a 72% increase, reflecting continued demand from domestic and international government agencies amid a complex geopolitical environment.

Non-GAAP gross margin came in at 56%, well above guidance of 49% to 51%. Adjusted EBITDA was a loss of $1 million, beating both the guidance range of negative $6 million to negative $3 million and the Street estimate of negative $5.3 million.

Planet raised its full-year fiscal 2027 revenue guidance to a range of $425 million to $441 million, implying roughly 41% growth at the midpoint and slightly above prior analyst expectations of $427.9 million. Full-year adjusted EBITDA guidance of $0 to $10 million was in line with consensus, while non-GAAP gross margin is expected in the range of 52% to 54%.

For the second quarter, the company guided for revenue of $102 million to $107 million, above consensus of $100.9 million.

The commercial segment grew 20% year-over-year as Planet expanded with large enterprise customers across agriculture and energy using AI-enabled solutions. The company also launched new AI-driven products during the quarter, including tools for querying global data through natural language and a feature called SuperRes, which uses artificial intelligence to improve resolution of its PlanetScope imagery.

Wedbush maintained its Outperform rating and $50 price target on the stock, calling the results "beats across the board" and pointing to the company's strong RPO and backlog as indicators of visibility into future execution.

Planet ended the quarter with $730.8 million in cash, cash equivalents and short-term investments. Recurring annual contract value stood at 99%.

Planet Labs shares are retreating from recent levels. What’s pressuring PL stock? Q1 HighlightsPlanet Labs reported an adjusted loss of 3 cents per share, beating the consensus estimate of a 4 cent-loss. In addition, it posted revenue of $94.15 million, beating the consensus estimate of $89.85 million and representing a 42% year-over-year increase.

The company reported remaining performance obligations of $816 million, up 81% year over year, and a backlog of more than $906 million, up 72% year over year — giving management what it called “excellent visibility and predictability” into future growth.

On the balance sheet, Planet redeemed its outstanding public warrants, generating approximately $108 million in proceeds. The company ended the quarter with $731 million in cash, cash equivalents, and short-term investments, a 223% increase year over year.

Operationally, Planet successfully launched three Pelican satellites during the quarter, including Sweden’s first sovereign reconnaissance satellite, just four months after contract signing.

“Planet’s excellent start to the year is a testament to the mission-critical nature of our data in an increasingly complex world,” said CEO Will Marshall.

GuidancePlanet Labs raised its fiscal-year 2027 revenue guidance from between $415.00 million and $440.00 million to between $425.00 million and $441.00 million, versus the consensus estimate of $425.10 million.

Planet Labs sees revenue of $102.00 million to $107.00 million, versus the consensus estimate of $101.08 million.

Near-Term Reset Tests the Bull CaseThe bigger-picture trend is still up, but the stock is in a near-term reset: it's trading 6.5% below its 20-day SMA ($43.87) while still holding 5.8% above its 50-day SMA ($38.75). That "below the 20-day, above the 50-day" posture often acts like a battleground where dip-buyers and profit-takers fight for control.

RSI is at 51.37, which is basically neutral and suggests the stock isn't stretched in either direction right now. In plain English, RSI helps gauge whether recent buying or selling has become overheated; here, it's saying momentum has cooled from the May overbought condition back toward a more balanced range.

From a structure standpoint, Planet Labs remains in a bullish long-term configuration with the 20-day SMA above the 50-day SMA and the 50-day SMA above the 200-day SMA ($22.66). The risk is that continued weakness keeps price pinned under the 20-day area, turning recent May strength (including the 52-week high) into overhead supply.

Key Resistance: $41.50 — a nearby pivot area where rebounds can stall, sitting close to the current premarket zone Key Support: $38.00 — a nearby level that lines up closely with the 50-day SMA area, a common "trend support" zone in pullbacks Analyst Consensus & Recent ActionsThe stock carries a Buy rating with an average price target of $35.50. Recent analyst moves include:

Needham: Buy (Raises Target to $53.00) (June 5) Planet Labs Shares FallPL Price Action: At the time of publication, Planet Labs shares are trading 7.60% lower at $40.22, according to data from Benzinga Pro.

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Planet Labs (NYSE:PL) reported first-quarter fiscal 2027 revenue and earnings above Wall Street estimates on Friday, with its defense and intelligence segment growing more than 65% year-over-year, though shares fell more than 19% in morning trading.

The satellite imagery company posted revenue of $94.2 million for the quarter, up 42% from a year earlier and ahead of analyst estimates of $90 million and the company's own guidance range of $87 million to $91 million. Adjusted loss per share came in at $0.03, better than the estimated loss of $0.04.

Remaining performance obligations reached $816 million, up 81% year-over-year, while total backlog exceeded $906 million, a 72% increase, reflecting continued demand from domestic and international government agencies amid a complex geopolitical environment.

Non-GAAP gross margin came in at 56%, well above guidance of 49% to 51%. Adjusted EBITDA was a loss of $1 million, beating both the guidance range of negative $6 million to negative $3 million and the Street estimate of negative $5.3 million.

Planet raised its full-year fiscal 2027 revenue guidance to a range of $425 million to $441 million, implying roughly 41% growth at the midpoint and slightly above prior analyst expectations of $427.9 million. Full-year adjusted EBITDA guidance of $0 to $10 million was in line with consensus, while non-GAAP gross margin is expected in the range of 52% to 54%.

For the second quarter, the company guided for revenue of $102 million to $107 million, above consensus of $100.9 million.

The commercial segment grew 20% year-over-year as Planet expanded with large enterprise customers across agriculture and energy using AI-enabled solutions. The company also launched new AI-driven products during the quarter, including tools for querying global data through natural language and a feature called SuperRes, which uses artificial intelligence to improve resolution of its PlanetScope imagery.

Wedbush maintained its Outperform rating and $50 price target on the stock, calling the results "beats across the board" and pointing to the company's strong RPO and backlog as indicators of visibility into future execution.

Planet ended the quarter with $730.8 million in cash, cash equivalents and short-term investments. Recurring annual contract value stood at 99%.

Wall Street analysts turned more constructive following the earnings report, with both Wedbush and Needham highlighting accelerating revenue growth, expanding backlog, and increasing demand from defense customers.

Planet Labs reported first-quarter revenue of $94.2 million, up 42% from a year earlier and ahead of the $90 million consensus estimate.

Geopolitical Tensions Accelerate Defense SalesAccording to Needham analyst Ryan Koontz, Planet Labs reported its strongest revenue growth in 12 quarters, driven by sustained momentum in the Europe, Middle East, and Africa (EMEA) region, where revenue increased 88% year over year, and in its Defense and Intelligence segment, which grew 68% year over year. The performance reflects rising demand for sovereign Earth observation (EO) data amid escalating geopolitical tensions.

A new eight-figure one-year European contract signed early in the quarter significantly lifted performance. Wedbush analyst Dan Ives noted that the defense and intelligence sector represents a major tailwind, stating that “PL is seeing major tailwinds in the geopolitical space, continuing to drive mission-critical demand globally.”

Massive Backlog Gains Secure Future VisibilityThe company’s forward-looking metrics impressed both firms, with total backlog rising 72% year-over-year to $906.1 million. Total remaining performance obligations (RPO) jumped 81% to $816 million. Wedbush highlighted that approximately 40% of this backlog applies to the next 12 months, providing Planet Labs with significant short-term visibility. Furthermore, the company successfully reached a Rule of 40 profile for the third consecutive quarter.

AI Innovation Expands Commercial HorizonsBeyond government sales, Planet Labs achieved 28% year-over-year growth in its Commercial segment, according to Needham. To ignite further growth, the company launched artificial intelligence initiatives, including pioneering tools that utilize a natural language interface to query global data. Koontz commented that management views natural language as key to expanding commercial segments “which are often not accustomed to working with GIS.”

Wedbush also pointed to “SuperRes,” an AI-powered technology focused on improving PlanetScope data resolution, as a key differentiator.

Analysts Lift Price Forecast On Disciplined ScalingIn response to enhanced gross margins of 56.3% and an improved outlook, analysts adjusted their models. Needham maintained its Buy rating and raised its 12-month price forecast to $53 from $40, stating they see the increased revenue multiple justified by the “meaningful expansion of global opportunities and improvements in execution with limited competition.”

Wedbush maintained its Outperform rating and a $50 price forecast, concluding that Planet Labs remains a “key provider of necessary data across commercial and government applications.”

PL Stock Falls Despite Analyst OptimismDespite the bullish analyst commentary, Planet Labs shares came under heavy pressure Friday. The stock slumped after the company announced a massive $1.5 billion at-the-market (ATM) equity offering, raising concerns about potential shareholder dilution.

Planet Labs disclosed in a June 5 SEC filing that it entered into an equity distribution agreement allowing the company to sell up to $1.5 billion of Class A common stock from time to time through an at-the-market offering program. The structure also permits forward sale agreements, adding to investor concerns about potential dilution.

The selloff also occurred amid broader weakness across space-related stocks following S&P Global’s decision to maintain existing index eligibility rules, a move that dampened expectations for a rapid S&P 500 inclusion following SpaceX’s anticipated IPO.

PL Price Action: Planet Labs shares were down 25.06% at $32.61 at the time of publication on Friday, according to Benzinga Pro data.

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San Francisco-headquartered Planet Labs PL tanked on Friday morning after the company issued full-year guidance that disappointed some growth-hungry investors.

The satellite imagery specialist posted a record Q1 revenue of $94.2 million and scaled its backlog further, but structural margin adjustments and capital allocations underwhelmed short-term traders.

Still, renowned Wedbush analyst Dan Ives recommends buying the post-earnings dip in Planet Labs shares that remain up more than 65% versus the start of this year (2026).

Why Wedbush remains bullish on Planet Labs stockThe foundation of Wedbush’s unwavering optimism lies within Planet Labs’ massive, high-margin government pipeline.

In his research note, Ives said the retail market seems to be panicking over near-term operational noise – but the enterprise reality shows a business capturing critical market share globally.

Rising geopolitical tensions in early 2026 drove a 65% year-on-year increase in the firm’s Defense & Intelligence segment – a structural shift that increased its backlog to $906 million in fiscal Q1 – up a remarkable 72% versus last year.

Ives remains positive on PL stock as these multibillion-dollar sovereign defense pipelines signal a highly visible, long-term recurring revenue stream that vastly outweighs margin friction

While institutional algorithmic traders dumped Planet Labs stock over an adjusted EBITDA profit guidance of breakeven to $10 million – falling just short of peak Wall Street models – Ives views this capital allocation as a vital investment.

The NYSE-listed firm is aggressively transitioning from basic raw imagery to high-value, artificial intelligence (AI) enabled analytics and downstream data solutions.

Moreover, PL successfully shipped its cutting-edge Pelican-11 demonstration satellite to SpaceX’s launch site this week, keeping its next-generation constellation roadmap strictly on track.

All in all, Ives argues that the underlying health of the business is exceptionally robust, highlighted by a strong Net Dollar Retention rate of 113% and an immense $731 million cash cushion.

Investors should also note that options traders also share Ives’ optimism on PL shares.

The “put-to-call ratio” on contracts expiring mid-August sits at 0.42 currently – indicating a bullish skew – with the upper price set at $42.49, suggesting the stock could rally more than 25% over the next two months.

Crucially, despite the post-earnings weakness, Planet Labs is holding its 100-day moving average (MA), reinforcing that the broader uptrend remains intact.

Meanwhile, its relative strength index (RSI) has crashed to mid-30s, signaling the stock is now approaching “oversold” territory that often triggers a relief rally.

What’s also worth mentioning is that Wedbush Securities is not alone on Wall Street in keeping constructive on Planet Labs for the next 12 months.

The consensus rating on PL also currently sits at “moderate buy”, with the mean price objective of $35.36 indicating potential upside of another 9% from current levels.

Planet Labs delivered strong 42% revenue growth and a $900M+ backlog, but profitability remains distant, with widening losses and margin compression. PL's forward guidance disappointed: FY revenue of $425–441M implies decelerating growth, and adjusted EBITDA is guided to breakeven at best. Heavy investment in satellites and AI, plus a new $1.5B equity distribution program, signals ongoing capital intensity and potential dilution risks.

For two decades, investing in the commercial space economy has come with an asterisk: the single most important company in the industry wasn't available to own.

That changes this week. SpaceX is targeting a Nasdaq debut on June 12th under the ticker SPCX, with pricing expected after the close on June 11th, an offering of roughly 557 million shares at about $135 each, aiming to raise around $75 billion at a $1.75 trillion valuation.

That would make it the largest IPO in history by a wide margin. Whatever one thinks of the valuation, the event is a genuine milestone, and it's worth thinking carefully about what it means for the public companies that have been quietly building this industry alongside Elon Musk's juggernaut.

Here's the part that matters most for investors who can't get a meaningful allocation in the SpaceX deal itself: a listing of this magnitude gives the entire commercial space sector its first true large-cap benchmark.

Until now, public market investors have had no clean reference point for how to value a vertically integrated space business. Once SPCX is trading and analysts are publishing models, every other space stock gets repriced relative to it — and the early evidence suggests that repricing tends to run in one direction. Pure-play names have already been climbing in anticipation.

Space Stocks to WatchThe clearest beneficiary is Rocket Lab (RKLB - Free Report) , which has matured from a scrappy small-satellite launcher into something approaching a vertically integrated space prime. Its first-quarter 2026 results were genuinely impressive: record revenue of $200.3 million, up 63.5% year over year, a record GAAP gross margin of 38.2%, and a record backlog of $2.2 billion.

Image Source: StockCharts

The more telling shift is beneath the headline — Space Systems has now overtaken Launch Services as the larger revenue contributor, which speaks to a more diversified, higher-margin business than the "rocket company" label implies. The real catalyst ahead is Neutron, Rocket Lab's medium-lift reusable rocket targeted for a late-2026 debut, which would let the company compete for the larger payloads and constellation contracts that have historically gone to SpaceX.

The company signed its largest launch contract ever during the quarter — five dedicated Neutron missions with a confidential customer — alongside 31 new Electron and HASTE bookings. The caveat, and it's an important one, is valuation: at roughly 94 times sales, RKLB prices in a great deal of future success, and any slip in Neutron's schedule would sting.

A very different kind of bet is AST SpaceMobile (ASTS - Free Report) , which is attempting something audacious — a space-based cellular network that connects directly to ordinary, unmodified smartphones, eliminating dead zones anywhere on Earth.

The company has assembled nearly 60 mobile network operator partners covering more than 3 billion subscribers and reaffirmed full-year 2026 revenue guidance of $150 million to $200 million. Backed by AT&T and Vodafone, with a fortified balance sheet, AST represents the "new category" thesis in its purest form: if direct-to-device connectivity works at scale, the addressable market is staggering.

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The flip side is execution risk on a knife's edge — the company needs to launch dozens of its second-generation satellites this year, and every delay pushes the revenue ramp further out. It also faces the uncomfortable reality of competing with Starlink's own direct-to-cell ambitions. This is a high-conviction, high-volatility name; the stock's roughly 265% gain over the past year tells you the market is already dreaming big.

For investors who want exposure with a slightly clearer line of sight to profitability, Intuitive Machines (LUNR - Free Report) deserves a look. The lunar lander and space-infrastructure company guided 2026 revenue of up to roughly $1 billion against a backlog approaching $1.1 billion anchored by NASA and defense contracts, and stands closest to profitability among the major pure plays.

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NASA's Artemis program is creating entirely new commercial categories — lunar landers, surface communications, even lunar positioning — with a government spending pipeline that runs well into the next decade. The risk here is timing: lunar missions have a long history of slipping, and guidance tends to follow the launch cadence. Successful landings have been the right moments to lean in; slippage has been the time to step back.

There are other ways to play the theme, too. Earth-observation specialist Planet Labs (PL - Free Report) has seen its remaining performance obligations surge on defense and intelligence contracts with agencies including the NRO and NATO. And for those who'd rather not pick a single winner in a field this young, the established defense primes with deep space franchises — names like Lockheed Martin (LMT - Free Report) and L3Harris (LHX - Free Report) — offer space exposure wrapped in real earnings and dividends.

Bottom LineOf course, most of the pure-play names are not yet consistently profitable and trade at multiples that assume years of flawless execution. And they are exquisitely sensitive to sentiment — a recent Blue Origin launch failure knocked the group down sharply in a single session, a reminder that one bad headline can erase weeks of gains.

There's also a real "buy the rumor, sell the news" risk around the IPO itself; it would not be surprising to see space stocks give back some of their pre-listing enthusiasm once SPCX actually begins trading. None of this invalidates the long-term thesis, but it does argue for discipline, position sizing, and a genuine tolerance for volatility.

Still, the space economy is transitioning from a government-funded curiosity into a genuine commercial industry, and the SpaceX IPO is the clearest signal yet that public markets are ready to fund the next chapter.

For investors willing to accept the turbulence that comes with frontier industries, this week may be remembered as the moment the sector grew up — and the moment a handful of well-positioned public companies finally got the benchmark they needed to be taken seriously.

SAN FRANCISCO--(BUSINESS WIRE)--Planet Labs PBC (NYSE: PL), a leading provider of daily data and insights about change on Earth, today announced its role as a founding participant in the Atmospheric Impact of Reentered Spacecraft (AIRS) initiative. Convened by Astroscale Holdings Inc., the AIRS initiative is a first-of-its-kind industry-academia collaboration designed to improve scientific understanding of the effects of spacecraft reentry on Earth’s atmosphere.

As activity in low Earth orbit (LEO) accelerates, the number of satellites reentering the atmosphere is expected to rise significantly. While historical efforts have focused on orbital debris, the AIRS initiative addresses the underexplored research area of chemical compounds released during reentry fragmentation and vaporization. By sharing non-proprietary manufacturing data and material compositions, Planet and Astroscale will empower academic researchers at the University of Southampton to build high-fidelity atmospheric models.

"Our mission to make global change visible starts with a deep responsibility for the space environment in which we operate," said James Mason, Chief Space Officer at Planet. "Sustainable space operations must account for a satellite’s entire lifecycle, including its eventual reentry. By providing data to the AIRS initiative, we are helping the scientific community move past simulations and toward a factual, data-driven understanding of our industry’s atmospheric footprint."

“Spacecraft reentry has long been treated as an optimal mission endpoint, but it is increasingly clear that we need a deeper scientific understanding of what happens during this phase,” said Mike Lindsay, Chief Technology Officer at Astroscale. “By enabling industry to contribute real-world data in a trusted way, AIRS removes critical barriers for atmospheric research and ensures space sustainability is guided with the most accurate and up-to-date information.”

Planet’s participation demonstrates its commitment to Agile Aerospace and transparency – extending that transparency from the Earth’s surface to the very atmosphere that protects it. By contributing data from the world's largest Earth observation fleet, Planet is helping to ensure that the future of LEO is guided by evidence-based science.

About Planet

Planet is a leading provider of global, daily satellite imagery and geospatial solutions. Planet is driven by a mission to image the world every day, and make change visible, accessible and actionable. Founded in 2010 by three NASA scientists, Planet designs, builds, and operates the largest Earth observation fleet of imaging satellites. Planet provides mission-critical data, advanced insights, and software solutions to customers comprising the world’s leading agriculture, forestry, intelligence, education and finance companies and government agencies, enabling users to simply and effectively derive unique value from satellite imagery. Planet is a public benefit corporation listed on the New York Stock Exchange as PL. To learn more visit www.planet.com and follow us on X, LinkedIn, or tune in to HBO’s ‘Wild Wild Space’.

Forward-looking Statements

Certain statements contained in this press release are “forward-looking statements” about Planet within the meaning of the securities laws, including statements about the expansion of the high resolution capacity of Planet’s fleet, the delivery of such capacity to Planet customers, and the Company’s ability to realize any of the potential benefits from product and satellite launches, either as designed, within the expected time frame, in a cost-effective manner, or at all. Such statements, which are not of historical fact, involve estimates, assumptions, judgments and uncertainties. There are a number of factors that could cause actual results or outcomes to differ materially from those addressed in the forward-looking statements, including risks related to the macroeconomic environment. Such factors are detailed in Planet’s filings with the Securities and Exchange Commission, including our most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Planet does not undertake an obligation to update its forward-looking statements to reflect future events, except as required by applicable law.

DLocal stock is among today’s top performers. Why are DLO shares rallying? Revenue Beat, EPS In LineDLocal reported earnings per share of 18 cents, inline with the consensus estimate. Revenue came in at $337.88 million, beating the consensus estimate of $297.28 million.

Total payment volume reached a record $13.1 billion in the fourth quarter, up 70% year-over-year.

The company ended the year with $719.9 million in cash and cash equivalents.

CEO Pedro Arnt said 2025 reflected "exceptional execution," highlighting strong growth, customer retention and a high cash-conversion model.

DLocal announced a new share repurchase program of up to $300 million, set to run through March 2027 or until the limit is reached.

The company also declared a cash dividend of approximately $57.2 million, or about $0.1939 per share.

DLO Price Action: At the time of publication, DLocal shares are trading 12.14% higher at $12.84, according to data from Benzinga Pro.

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DLocal Limited delivered record 2025 results, surpassing $1B in revenue and $191M in adjusted free cash flow, with no debt and $720M in cash. DLO's TPV grew from $9.2B in Q2 to $13.1B in Q4, and management guides for 50–60% TPV growth in 2026, targeting over $60B. Operating leverage is driving expanding margins and capital returns, with a 30% payout ratio, special dividends, and a new $300M buyback program.

Every fintech is not the same. Even if you narrow your focus to Latin America, MercadoLibre (MELI 0.16%), DLocal (DLO +2.97%), and Nu Holdings (NU +1.64%) are three very different companies. There may be some overlap in offerings, but they have unique specialties as well as territorial ambitions.

One thing they all have in common is spectacular growth. MercadoLibre, DLocal, and Nu grew their revenue by 45%, 65%, and 57%, respectively, in their latest quarters. This isn't a race, but consider that the two U.S. companies many investors think of in the world of fintech both grew their top lines by roughly 4% over the same three months. There's also the bonus of opportunity with Mercado Libre, DLocal, and Nu trading at 38%, 28%, and 27%, respectively, off their recent highs. Let's travel south to check out three companies with businesses heading north as their stocks go south.

Image source: Getty Images.

1. MercadoLibre As one of Latin America's largest companies by market cap, MercadoLibre doesn't need much of an introduction. Typically labeled as an e-commerce business -- because that's where it started -- its biggest gains these days are coming from the financial front.

The $83.4 billion that its Mercado Pago subsidiary helped facilitate in payment volume during its latest quarter was 4 times higher than the gross merchandise value on the e-commerce front. The business is also growing faster than its online retail sales volume.

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MercadoLibre stock is the hardest hit of the three stocks on this list. The shares are down almost 40% from the all-time highs they notched last summer. This doesn't mean it's also the cheapest of the three names. MercadoLibre is trading at a beefy 30 times this year's projected earnings. Thankfully, the multiple drops below 22 if we look out to next year.

Margins are currently being pressured. Competitive challenges in Brazil -- its largest market -- find it taking a hit by lowering the order size requirement for free shipping.

Latin American fintech stocks are still worth your due diligence. Superior growth, historically potent net margins, and serving a region still early in the online migration make MercadoLibre and its peers worth watching.

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2. DLocal Uruguay-based DLocal is laser-focused on processing payments. It was one of Thursday's biggest gainers, rising nearly 10% in an otherwise down day for the market following blowout results. Revenue rose 65% for the quarter, fueled by a 70% surge in total payment volume.

It's currently the most geographically diversified player of the three. No single country accounts for more than 19% of its revenue. A little over 20% of its business last year came from outside of Latin America (primarily Egypt, as well as other countries in Africa and Asia). It helps that the tech-first platform is a rising star in managing cross-border payments, accounting for half of its payment volume in 2025.

Net income rose 63%, and adjusted free cash flow more than doubled. That last point is particularly noteworthy for income investors, since DLocal aims to distribute 30% of its free cash flow to shareholders in the form of a springtime dividend. DLocal's distribution of $0.19 a share in June translates into a 1.5% yield, a decent payout for a stock investors are buying for its high-octane growth.

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3. Nu Holdings There is a lot that is new with Nu Holdings these days. Earlier this month, the parent company of Brazil's Nubank announced that it secured naming rights for the new stadium in Miami, where Lionel Messi's Inter Miami will kick off their new home season. It may seem like an odd choice for a company with 131 million accounts in Brazil, Mexico, and Colombia, in that order. There is a method to the brand-ness.

Nu Holdings stock received conditional approval for its U.S. national bank charter in January. Is Nu ready to cash in on both this country's growing Latin American population and the region's infatuation with soccer to ramp up stateside operations?

As we wait for that chess move to play out, Nu keeps growing. Revenue climbed 57% in its latest quarter, with net income jumping 62% higher. A whopping 62% of Brazilian adults now have a Nubank account. That explosive growth and the stock's recent retreat make it the cheapest of the three stocks on a price-to-earnings (P/E) basis. It's trading for less than 13 times next year's profit target. With strong account growth and engagement, Nu should be turning heads for its high-margin business.

MONTEVIDEO, Uruguay, April 16, 2026 (GLOBE NEWSWIRE) -- DLocal Limited (NASDAQ: DLO, “dLocal” or the “Company”), the leading cross-border payment platform connecting global merchants to emerging markets, today announced a change to the time of its previously scheduled earnings conference call.

This post may contain links from our sponsors and affiliates, and Flywheel Publishing may receive compensation for actions taken through them.

© Ja Crispy / Shutterstock.com

Software stocks have always been expensive, up until a few months ago. Stocks like Procore Technologies (NYSE:PCOR | PCOR Price Prediction), dLocal (NASDAQ:DLO), and Intuit (NASDAQ:INTU) have plunged significantly, and they’re not the only ones that have done so. Wall Street now believes AI will make the software-as-a-service (SaaS) business model much less profitable. And considering AI models now can easily make some basic software with prompting and no coding knowledge, it’s easy to see why. 

For example, a business like Adobe (NASDAQ:ADBE) was well-coveted. It built software that it could then sell to users ad infinitum on a monthly basis for low upkeep. Wall Street loves recurring revenue and also loves high margins, so investors paid a premium for it.

Today, you don’t really need Photoshop. Almost all casual photo editing can be done by just asking AI.

Not all software stocks have an underlying business like Adobe, though. It’s a mistake to think of all SaaS stocks as the same. AI can replace some basic software, but the following three companies have software that can’t be replaced with prompts:

Procore Technologies (PCOR) Procore Technologies makes software for the construction industry, and construction management isn’t something AI is ever going to entirely replace. AI can definitely help with the tidbits, but it cannot replicate a platform that integrates everything a construction company needs to function, which Procore sells. On top of that, the construction industry can’t trade some reliability for big-time cost savings. Procore has audit trails, compliance, and no AI is reliable enough to handle that.

PCOR stock has been relatively spared compared to most other software stocks because of this. It is “only” down some 26% below its highs, but I think that’s a serious discount for a company with bright prospects.

Analysts expect nearly 30% annual EPS growth in the latter half of this decade. I will admit that the revenue growth is expected to slow down a little to 13.4% annually, but the earnings growth still makes it worth it.

Procore is also sitting on a $768 million pile of cash with just $72 million of debt. This company has historically focused on customer acquisition, but it is pivoting quickly.

I see the stock more than doubling above $100 sometime in 2027. Analysts have a $72 price target in the next 12 months, with the highest target at $95.

DLocal (DLO) DLocal is a payments company that AI is not going to replace anytime soon because of what it does. The business makes it easier for developing countries to pay global businesses. That may sound like a trivial thing, but it certainly isn’t once you realize just how much certain countries struggle with international payments.

Lots of countries restrict U.S. dollars from flowing out of the country, and the mishmash of their regulations makes it a nightmare for businesses to support them all. DLocal deals with this by letting a customer pay in their own currency and then paying the global company in their own currency.

The 3-year free cash flow growth rate is in hypergrowth territory at over 40% annually. Analysts expect revenue growth to top nearly 40% this year. You’re paying just over 15 times earnings for it.

This isn’t even the real discount. When you look at cash flow, you’re paying just 11 times FCF for DLO stock. When you strip out the $458 million net cash from the market cap, you’re paying just over 9 times FCF.

Intuit (INTU) Out of the three stocks in this list, Intuit is probably the most “vulnerable”. Intuit has a popular product you’ve likely heard of, and it’s called TurboTax, alongside other accounting products for businesses.

I do expect some softness on the consumer side, but I think the moat around the business software is underestimated. Accounting is growing fast, and the stack Intuit offers can’t be replaced.

The stock is down nearly 40% from its highs and now trades at less than 15 times forward earnings despite sustained double-digit growth. There has been a slight slowdown, but it does not warrant a selloff of this magnitude, as both sales and earnings are growing just fine.

I don’t expect a full recovery this year, but 50%-plus upside is likely if the broader software sector starts recovering.

TPV surpassed US$14 billion for the first time (+73% year-over-year), six consecutive quarters of 50%+ year-over-year growth. 
Record gross profit: US$119 million (+40% year-over-year).
Operating profit US$57 million excluding prior years tax adjustments (+25% year-over-year).
Expected higher OPEX from 2025 carry-over; operating leverage to improve in 2H26.
Net income at US$52 million excluding prior-years tax adjustments (+11% year-over-year).
Adjusted Free Cash Flow US$15 million, driven by temporary working capital effects, expected to revert.
Guidance unchanged.

MONTEVIDEO, Uruguay, May 14, 2026 (GLOBE NEWSWIRE) -- DLocal Limited (“dLocal”, “we”, “us”, and “our”) (NASDAQ:DLO), the leading cross-border financial infrastructure platform connecting global merchants to emerging markets, today announced its financial results for the first quarter ended March 31, 2026.

dLocal’s management team will host a conference call and audio webcast on May 14, 2026 at 5:00 p.m. Eastern Time. Please click here to pre-register for the conference call and obtain your dial in number and passcode.

The live conference call can be accessed via audio webcast at the investor relations section of dLocal’s website, at https://investor.dlocal.com/. An archive of the webcast will be available for a year following the conclusion of the conference call. The investor presentation will also be filed on EDGAR at www.sec.gov.

“Ten years in, the thesis is intact, the opportunity is larger than ever, and we are better equipped to capture it than at any point in our history. The infrastructure we have built - the licenses, the payment methods, the stakeholder relationships, the data, the technology - abstracts local complexity and compounds in value over time. The combination of strong base business momentum, a product roadmap that is gaining traction, and secular tailwinds across our markets as merchants increasingly convert to local processing, gives us confidence that the next decade can be as impressive as the last,” said Pedro Arnt, CEO of dLocal.

First quarter 2026 financial highlights

dLocal reports in US dollars and in accordance with IFRS as issued by the IASB

Total Payment Volume (“TPV”) reached US$14.1 billion in the first quarter of 2026, up 73% year-over-year compared to US$8.1 billion in the first quarter of 2025 and up 7% compared to US$13.1 billion in the fourth quarter of 2025. In constant currency, TPV growth for the period would have been 63% year-over-year.Revenues amounted to US$335.9 million, up 55% year-over-year compared to US$216.8 million in the first quarter of 2025 and broadly flat compared to US$337.9 million in the fourth quarter of 2025. In constant currency, revenue growth for the period would have been 52% year-over-year. The quarter-over-quarter comparison reflects a less favorable payment method mix and narrower FX spreads.Gross profit was US$118.7 million in the first quarter of 2026, a new record, up 40% compared to US$84.9 million in the first quarter of 2025 and up 2% compared to US$115.8 million in the fourth quarter of 2025. In constant currency, gross profit growth for the period would have been 35% year-over-year. The quarter-over-quarter comparison is explained by (i) Argentina's strong volume growth and normalized funding costs; (ii) broad-based volume growth in Africa and Asia, with notable contributions from Nigeria, Mozambique, and Vietnam; partially offset by (iii) Brazil's normalization following an exceptionally strong fourth quarter of 2025; and (iv) a modest mix shift toward lower take rate merchants in Other LatAm markets.As a result, gross profit margin was 35% in this quarter, compared to 39% in the first quarter of 2025 and 34% in the fourth quarter of 2025.Gross profit over TPV was at 0.84%, decreasing from 1.05% in the first quarter of 2025 and from 0.88% in the fourth quarter of 2025, reflecting the continued strong TPV momentum and the natural margin dynamics of scaling volume with established merchants and into new payment methods, products, and countries.During the first quarter of 2026, dLocal recorded a one-off prior-periods tax adjustment of US$9.7 million related to installment payment products in certain markets. This out-of-period adjustment was not material to any previously reported annual or interim period. Of the total adjustment, approximately US$5.3 million impacted the income tax expense line and US$4.4 million in operating expenses related to indirect and other taxes. The Company does not expect to record comparable items in future quarters.Operating expenses totaled US$65.9 million for the first quarter of 2026, or US$61.5 million excluding the prior-periods adjustment, up 58% year-over-year and 16% quarter-over-quarter on a normalized basis, reflecting the expected carry-over of the last part of the investment cycle costs, which ramped up mostly towards the end of 2025.As a result, Operating profit was US$52.8 million, or would have been US$57.2 million excluding the one-off prior-periods tax adjustment, representing growth of 25% year-over-year and decrease of 9% on a normalized basis. The Operating Profit to Gross Profit ratio was 44% as reported and 48% excluding the one-off.Net financial result was US$5.2 million gain, compared to a net finance gain of US$7.0 million in the first quarter of 2025 and a net finance gain of US$3.4 million in the fourth quarter of 2025.Our effective income tax rate for the period was approximately 26% as reported, elevated by the non-recurring prior-period adjustment. Excluding the adjustment, the effective rate would have been approximately 16%, broadly in line with prior quarters.Net income for the first quarter of 2026 was US$41.9 million, or US$0.14 per diluted share, down 10% compared to a profit of US$46.7 million, or US$0.16 per diluted share, for the first quarter of 2025 and down 25% compared to a profit of US$55.6 million, or US$0.18 per diluted share for the fourth quarter of 2025. Excluding the prior-periods tax adjustment, net income would have been US$51.6 million, or US$0.17 per diluted share, up 11% year-over-year.Adjusted Free cash flow for the first quarter of 2026 amounted to US$14.7 million, down 63% year-over-year compared to US$39.7 million in the first quarter of 2025 and down 77% compared to US$64.9 million in the fourth quarter of 2025. The year-over-year and sequential variation is primarily explained by temporary working capital effects, including timing in tax credit netting and higher receivables from our advancement operations, which are expected to normalize in upcoming quarters.As of March 31, 2026, dLocal had US$815.6 million in cash and cash equivalents, which includes US$451.8 million of Corporate cash and cash equivalents. The Corporate cash and cash equivalents increased by US$95.9 million from US$355.9 million as of March 31, 2025. When compared to the US$424.5 million Corporate cash and cash equivalents position as of December 31, 2025, it increased by US$27.3 million quarter-over-quarter. The following table summarizes our key performance metrics:

 Three months ended on March 31 2026 2025 % changeKey Performance metrics(In millions of US$ except for %)TPV14,055 8,107 73%Revenue335.9 216.8 55%Gross Profit118.7 84.9 40%Gross Profit margin35% 39% -4p.pOperating Profit52.8 45.8 15%Operating Profit/Gross Profit44% 54% -10p.pNet Income41.9 46.7 -10%Net Income margin12% 22% -9p.p
Adjusted Free Cash Flow reconciliation

We calculate “Adjusted Free Cash Flow” as net cash (used in) / generated from cash flows from operating activities, less (i) changes in working capital (merchant), and (ii) capital expenditures. The working capital (merchant) is defined as (i) changes in Trade receivables net (disclosed in Note 17 to our consolidated financial statements for the period ended March 31, 2026), plus (ii) changes in Trade payables (disclosed in Note 20 to our consolidated financial statements for the period ended March 31, 2026), plus (iii) changes in Other tax liabilities (disclosed in note 21 to our consolidated financial statements for the period ended March 31, 2026). Capital expenditures consist of acquisitions of property, plant and equipment and additions of intangible assets.

Management uses Adjusted Free Cash Flow as a measure for evaluating the Company's cash generation and the cash available for distribution to our shareholders as dividends pursuant to our dividend policy. Adjusted Free Cash Flow is not a financial measure recognized under IFRS and does not purport to be an alternative to cash generated from operating activities or as a measure of liquidity. Our presentation of Adjusted Free Cash Flow has limitations as an analytical tool, and you should not consider it in isolation or as a substitute for analysis of our results as reported under IFRS. See below for a reconciliation of our Adjusted Free Cash Flow to the nearest IFRS measure.

The table below presents a reconciliation of dLocal’s Adjusted Free Cash Flow reconciliation:

$ in thousands (except percentages)Three months ended on March 31 2026 2025 Net cash (used in ) / generated from operating activities92,781 95,411 Changes in working capital (merchant)¹(68,391) (48,170) Capital expenditures²(9,738) (7,512) Adjusted Free Cash Flow14,652 39,729  Note: 1 Changes in working capital (merchant) consists of (i) changes in the period in the balance of trade receivables net, plus (ii) changes in the period in the balance of trade payables, plus (iii) changes in the period in the balance of other tax liabilities. 2 Capital expenditures consist of acquisitions of property, plant and equipment and Additions of Intangible Assets.

Operating profit excluding prior years tax adjustments reconciliation

We calculate "Operating Profit Excluding Prior Years Tax Adjustments" as operating profit for the period, excluding the impact of prior periods tax adjustments. During the three-months period ended on March 31, 2026, certain tax assessments related to prior years were adjusted, resulting in tax impacts amounting to US$9,699 corresponding to fiscal years 2023, 2024 and 2025. From the total amount, US$5,296 relates to income tax and related interest (refer to Note 12. Income tax, footnote (i)) and US$4,403 relates to indirect taxes, other taxes and related interest which were included within other operating expenses. The Company concluded that the out of period adjustment was not material to any previously reported annual or interim period.

Management uses Operating Profit Excluding Prior Years Tax Adjustments as a measure for evaluating the Company's underlying operating performance by removing the effect of non-recurring, out-of-period tax assessments. Operating Profit Excluding Prior Years Tax Adjustments is not a financial measure recognized under IFRS and does not purport to be an alternative to operating profit as a measure of operating performance. Our presentation of Operating Profit Excluding Prior Periods Tax Adjustments has limitations as an analytical tool, and you should not consider it in isolation or as a substitute for analysis of our results as reported under IFRS.

The table below presents a reconciliation of dLocal’s operating profit excluding prior years tax adjustments reconciliation:

$ in thousandsThree months ended on March 31 20262025Operating profit52,77245,845Prior years tax adjustments (2023-2025)4,404-Operating profit excluding prior years tax adjustments57,17645,845
Net income excluding prior years tax adjustments reconciliation

We calculate "Net Income Excluding Prior Years Tax Adjustments" as net income (profit for the period), excluding the impact of prior periods tax adjustments. During the three-months period ended on March 31, 2026, certain tax assessments related to prior years were adjusted, resulting in tax impacts amounting to US$9,699 corresponding to fiscal years 2023, 2024 and 2025. From the total amount, US$5,296 relates to income tax and related interest (refer to Note 12. Income tax, footnote (i)) and US$4,403 relates to indirect taxes, other taxes and related interest which were included within other operating expenses. The Company concluded that the out of period adjustment was not material to any previously reported annual or interim period.

Management uses Net Income Excluding Prior Years Tax Adjustments as a measure for evaluating the Company's underlying profitability by removing the effect of non-recurring, out-of-period tax assessments. Net Income Excluding Prior Years Tax Adjustments is not a financial measure recognized under IFRS and does not purport to be an alternative to profit for the period as a measure of profitability. Our presentation of Net Income Excluding Prior Periods Tax Adjustments has limitations as an analytical tool, and you should not consider it in isolation or as a substitute for analysis of our results as reported under IFRS.

The table below presents a reconciliation of dLocal’s net income excluding prior years tax adjustments reconciliation:

$ in thousandsThree months ended on March 31 20262025Net income (Profit for the period)41,93646,667Prior years tax adjustments (2023-2025)9,700-Net income excluding prior years tax adjustments51,63646,667
dLocal Limited
Certain financial information
Consolidated Statements of Comprehensive Income for the three-month period ended March 31, 2026 and 2025
(All amounts in thousands of U.S. Dollars except share data or as otherwise indicated)

 Three months ended on March 31 2026 2025 Continuing operations  Revenues335,862 216,759 Cost of services(217,178) (131,880) Gross profit118,684 84,879    Technology and development expenses(12,124) (6,767) Sales and marketing expenses(9,919) (7,135) General and administrative expenses(42,657) (24,324) Impairment (loss)/gain on financial assets(780) (386) Other operating loss(432) (422) Operating profit52,772 45,845 Finance income10,757 12,228 Finance costs(5,598) (5,259) Inflation adjustment(1,386) (885) Other results3,773 6,084 Profit before income tax56,545 51,929 Income tax expense(14,609) (5,262) Profit for the period41,936 46,667    Profit attributable to:  Owners of the Group41,975 46,630 Non-controlling interest(39) 37 Profit for the period41,936 46,667    Earnings per share (in USD)  Basic Earnings per share0.14 0.16 Diluted Earnings per share0.14 0.15    Other comprehensive Income  Items that are or may be reclassified to profit or loss:  Exchange difference on translation on foreign operations3,047 3,526 Other comprehensive income for the period, net of tax3,047 3,526 Total comprehensive income for the period44,983 50,193    Total comprehensive income for the period is attributable to:Owners of the Group45,022 50,174 Non-controlling interest(39) 19 Total comprehensive income for the period44,983 50,193 
dLocal Limited
Certain financial information
Consolidated Condensed Interim Statements of Financial Position as of March 31, 2026 and December 31, 2025
(All amounts in thousands of U.S. dollars)

 Three months ended on March 31 2026 2025  on March 31, 2026on December 31, 2025ASSETS  Current Assets  Cash and cash equivalents815,605 719,897 Financial assets at fair value through profit or loss97,995 99,089 Trade and other receivables740,432 572,024 Derivative financial instruments2,341 140 Other assets20,871 29,607 Total Current Assets1,677,244 1,420,757    Non-Current Assets  Financial assets at fair value through profit or loss - Trade and other receivables26,664 25,982 Deferred tax assets10,251 7,666 Property, plant and equipment4,043 3,985 Right-of-use assets2,808 2,995 Intangible assets92,506 73,965 Goodwill6,550 - Other assets5,701 5,614 Total Non-Current Assets148,523 120,207 TOTAL ASSETS1,825,767 1,540,964    LIABILITIES  Current Liabilities  Trade and other payables1,116,490 854,436 Lease liabilities1,003 1,076 Tax liabilities39,778 21,500 Derivative financial instruments567 1,567 Financial liabilities106,944 86,898 Provisions461 433 Total Current Liabilities1,265,243 965,910    Non-Current Liabilities  Deferred tax liabilities5,427 3,316 Lease liabilities1,761 2,309 Total Non-Current Liabilities7,188 5,625 TOTAL LIABILITIES1,272,431 971,535    EQUITY  Share Capital588 590 Share Premium7,097 7,097 Treasury Shares(10,122)- Capital Reserve48,899 42,641 Other Reserves(12,919)(15,885)Retained earnings519,584 534,818 Total Equity Attributable to owners of the Group553,127 569,261 Non-controlling interest209 168 TOTAL EQUITY553,336 569,429 TOTAL EQUITY AND LIABILITIES1,825,767 1,540,964 
dLocal Limited
Certain interim financial information.
Consolidated Statements of Cash flows for the three-month period ended March 31, 2026 and 2025
(All amounts in thousands of U.S. dollars)

 Three months ended on March 31 2026 2025 Cash flows from operating activities  Profit before income tax56,545 51,929 Adjustments:  Interest Income from financial instruments(10,590) (5,106) Interest charges for lease liabilities57 41 Other interests charges7,512 883 Finance expense related to derivative financial instruments700 414 Net exchange differences(2,616) 4,142 Fair value loss/(gain) on financial assets at FVPL(167) (7,343) Amortization of Intangible assets7,062 4,584 Depreciation and disposals of PP&E and right-of-use653 703 Share-based payment expense, net of forfeitures6,066 6,020 Other operating gain432 422 Net Impairment loss/(gain) on financial assets780 386 Inflation adjustment and other financial results2,862 6,083  69,296 63,158 Changes in working capital  Increase in Trade and other receivables(170,302) 21,082 Decrease / (Increase) in Other assets(14,279) 1,025 Increase / (Decrease) in Trade and Other payables204,843 16,346 Increase / (Decrease) in Tax Liabilities9,577 965 Increase / (Decrease) in Provisions28 43 Cash (used) / generated from operating activities99,163 102,619 Income tax paid(6,382) (7,208) Net cash (used) / generated from operating activities92,781 95,411    Cash flows from investing activities  Acquisitions of Property, plant and equipment(522) (945) Additions of Intangible assets(9,216) (6,567) Acquisition of financial assets at FVPL(26,876) (41,374) Collections of financial assets at FVPL27,179 47,416 Interest collected from financial instruments10,590 5,106 Cash acquired in a business combination791 - Payments for investments in other assets at FVPL- (10,000) Net cash (used in) / generated investing activities1,946 (6,364)    Cash flows from financing activities  Repurchase of shares(10,122) - Share-options exercise paid192 - Interest payments on lease liability(57) (41) Principal payments on lease liability(748) (663) Finance expense paid related to derivative financial instruments(3,901) (3,132) Net proceeds from financial liabilities25,353 5,790 Interest payments on financial liabilities(5,306) (2,166) Other finance expense paid(7,455) (714) Net cash used in by financing activities(2,044) (926) Net increase in cash flow92,683 88,121    Cash and cash equivalents at the beginning of the period719,897 425,172 Net (decrease)/increase in cash flow92,683 88,121 Effects of exchange rate changes on inflation and cash and cash equivalents3,025 (1,787) Cash and cash equivalents at the end of the period815,605 511,506 
About dLocal
dLocal builds financial infrastructure for markets of the future, connecting global enterprises with billions of emerging market consumers in more than 60 countries across high-growth markets in Africa, Asia, the Middle East, and Latin America. Through the "One dLocal" concept (one direct API, one platform, and one contract), global companies can accept payments, send payouts, and settle funds globally without the need to manage multiple local entities and integrations. For more information, visit www.dlocal.com

Forward-looking statements
This presentation may contain forward-looking statements. These forward-looking statements convey dLocal’s current expectations or forecasts of future events, including guidance in respect of total payment volume, gross profit and operating profit. Forward-looking statements regarding dLocal and amounts stated as guidance involve known and unknown risks, uncertainties and other factors that may cause dLocal’s actual results, performance or achievements to be materially different from any future results, performances or achievements expressed or implied by the forward-looking statements. Certain of these risks and uncertainties are described in the “Risk Factors,” and “Cautionary Statement Regarding Forward-Looking Statements” sections of dLocal’s filings with the U.S. Securities and Exchange Commission.

Unless required by law, dLocal undertakes no obligation to publicly update or revise any forward-looking statements to reflect circumstances or events after the date hereof.

Starting in 2026, we provide guidance in respect of Operating Profit, which management believes is useful as a measure to compare our operating results to the operations of other companies in our industry, and to assess our operating performance independently of our capital structure, tax position, and non-cash depreciation and amortization charges.

Investor Relations Contact:
[email protected]

Media Contact:
[email protected]

This press release does not contain sufficient information to constitute an interim financial report as defined in International Accounting Standards 34, “Interim Financial Reporting” nor a financial statement as defined by International Accounting Standards 1 “Presentation of Financial Statements”. The first quarter financial information in this press release has not been audited nor has it been subject to any limited review procedures, whereas the annual results for the year ended December 31, 2025 are audited.

DLocal (DLO - Free Report) came out with quarterly earnings of $0.17 per share, beating the Zacks Consensus Estimate of $0.16 per share. This compares to earnings of $0.15 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of +6.25%. A quarter ago, it was expected that this online payment company would post earnings of $0.18 per share when it actually produced earnings of $0.22, delivering a surprise of +22.22%.

Over the last four quarters, the company has surpassed consensus EPS estimates four times.

DLocal, which belongs to the Zacks Financial Transaction Services industry, posted revenues of $335.86 million for the quarter ended March 2026, surpassing the Zacks Consensus Estimate by 0.93%. This compares to year-ago revenues of $216.76 million. The company has topped consensus revenue estimates four times over the last four quarters.

The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.

DLocal shares have lost about 13.9% since the beginning of the year versus the S&P 500's gain of 8.8%.

What's Next for DLocal?While DLocal has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?

There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.

Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.

Ahead of this earnings release, the estimate revisions trend for DLocal was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.20 on $355.42 million in revenues for the coming quarter and $0.85 on $1.5 billion in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Financial Transaction Services is currently in the top 33% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

Another stock from the broader Zacks Business Services sector, Full Truck Alliance Co. Ltd. Sponsored ADR (YMM - Free Report) , has yet to report results for the quarter ended March 2026. The results are expected to be released on May 21.

This company is expected to post quarterly earnings of $0.13 per share in its upcoming report, which represents a year-over-year change of -27.8%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.

Full Truck Alliance Co. Ltd. Sponsored ADR's revenues are expected to be $403.53 million, up 8.5% from the year-ago quarter.

DLocal Limited (DLO) Q1 2026 Earnings Call Transcript

It's been a rough earnings season for the leading fintech stocks of Latin America. MercadoLibre (MELI 0.16%), DLocal (DLO +2.97%), and Nu Holdings (NU +1.64%) all declined after posting their latest financial results.

Shares of e-commerce and fintech leader MercadoLibre have tumbled 17% in the past six trading days since a disappointing first-quarter performance. DLocal and Nu announced their numbers after Thursday's market close. The stocks slipped 13% and 6% on Friday, respectively.

Zoom out, and the carnage gets worse. Mercado Libre, DLocal, and Nu are trading 42%, 345, and 32% off their recent highs, respectively. There are some serious headwinds picking up for the recent laggards, but this also feels like an opportunity. Let's go over some reasons this could be a great time to establish or build a position in one or more of these Latin American fintech players.

Image source: Getty Images.

1. MercadoLibre MercadoLibre has seen its market cap shrink from $134 billion to $78 billion since reaching an all-time high a year ago. But that doesn't make it any less of a leader in Latin America's e-commerce and fintech realms. Revenue accelerated in its latest quarter, rising 49%, or 46% on a foreign-exchange neutral basis. No matter which measuring stick you use, that's MercadoLibre's biggest year-over-year jump since the second quarter of 2022.

The market isn't happy with what the 87% jump in its credit portfolio over the past year is doing to MercadoLibre's bottom line. Initiating loans requires establishing bad-debt reserves, squeezing margins in the short run. There's also the fear that if the Latin American bellwether jacks up its lending offerings, through credit cards and other loan products, MercadoLibre stock could come under pressure from credit risk if the Latin American economy takes a turn for the worse.

Today's Change

(

-0.16

%) $

-2.52

Current Price

$

1585.77

There's been too much negative attention to the short-term pressure on margins. At least 10 analysts have slashed their price targets on MercadoLibre, including a pair of downgrades. Lost in the noise, MercadoLibre's Mercado Pago processed $87.2 billion in total payment volume through the first three months of this year, a 50% increase from where it was a year ago. The e-commerce business saw its gross merchandise volume rise 42% to $19 billion for the quarter.

Near-term profit forecasts have dropped precipitously in recent months. One can't say that MercadoLibre is cheap at 37 times this year's earnings or even 26 times next year's analyst target. However, free cash flow more than doubled in MercadoLibre's latest quarter. Ramping up its credit offerings elevates the risk level of the shares. Lowering its threshold for free shipping in Brazil is a one-two punch that weighs on margins while raising concerns about MercadoLibre's competitive dominance in e-commerce.

I still like MercadoLibre here. This is a short-term hit for the promise of bigger gains in the future. It's a good investing strategy, and the company has a long track record of bouncing back after near-term setbacks.

Today's Change

(

2.97

%) $

0.35

Current Price

$

12.13

2. DLocal Like MercadoLibre, global payments processing speedster DLocal posted better-than-expected revenue that failed to impress amid challenging margin contraction. The Uruguay-based company saw its revenue rise 55%, fueled largely by a 73% surge in total payment volume.

However, revenue's failure to keep pace with total payment volume, both sequentially and year over year, raised concerns about DLocal's take rate. As a geographically diverse fintech with a penchant for cross-border payments, it unsurprisingly has to offer more generous terms when partnering with larger companies. But investors weren't ready for that. After a long run of double-digit earnings beats, DLocal proved mortal in the first quarter.

DLocal points to secular tailwinds, but the stock's 13% slide on Friday suggests that the headwinds, contracting margins, are stronger. Wall Street pros will probably be narrowing their projections in the coming days, but for now DLocal is trading for less than 13 times forward earnings and just 10 times next year's multiple.

Today's Change

(

1.64

%) $

0.19

Current Price

$

11.81

3. Nu Holdings This brings us to Nu Holdings stock. It's the best performer of the three this earnings season, but the parent company of Brazil's Nubank has still shed nearly a third of its peak value. Despite growing its customer base by 14% to 135 million by the end of March, Nu delivered better-than-expected top-line revenue of $5.3 billion. The 42% jump found it cracking the $5 billion ceiling on the top line for the first time.

Net income rose 41% despite a more modest 27% step up in gross profit. But although Nu still posted the strongest bottom-line growth of the three companies, it still didn't turn in a perfect report. Customer deposits dipped sequentially. The non-performing loan rate increased for customers who were 15 to 90 days late. And it missed slightly on earnings, partly on the early-stage credit provisions that also tripped up MercadoLibre.

Nu remains a cheap fintech relative to its growth. You can buy Nu for just 11 times next year's analyst profit estimate, and less than 15 times this year's outlook. Brazil accounts for 115 million of its 135 million accounts, but with Mexico now reaching 15 million, Nu sees that country at an inflection point to duplicate the growth spurt it achieved in its home country.

Opportunity is knocking for all three companies. You don't need a translator to figure that out.

DLocal Limited (DLO) Presents at J.P. Morgan 54th Annual Global Technology, Media and Communications Conference Transcript

Gold Royalty Corp. (NYSEAMERICAN:GROY - Get Free Report) was the target of unusually large options trading on Friday. Stock traders bought 20,174 call options on the stock. This represents an increase of approximately 932% compared to the typical daily volume of 1,955 call options. Wall Street Analyst Weigh In Several equities analysts have recently weighed

, /PRNewswire/ - Gold Royalty Corp. ("Gold Royalty" or the "Company") (NYSE American: GROY) is pleased to announce the filing of its operating and financial results for year ended December 31, 2025. All amounts are expressed in U.S. dollars unless otherwise noted.

David Garofalo, Chairman and CEO of Gold Royalty, commented: "We are incredibly proud of the company we have built over the past five years. 2025 was an important inflection point in the history of the Company as we reported positive cash flow and Adjusted EBITDA, added a highly coveted royalty on BHP's cash-flowing Pedra Branca mine in Brazil and materially strengthened our balance sheet. Our 2026 and five-year outlook demonstrate the continued peer-leading growth in our asset portfolio, including over 60% year-over-year growth expected in 2026."

Full Year and Q4 2025 Highlights

Fourth quarter 2025: Record revenue of $4.5 million, $5.2 million in Total Revenue, Land Agreement Proceeds and Interest*, and 1,255 gold equivalent ounces ("GEOs") for the quarter[*] Full year 2025: Record revenue of $15.6 million and $17.8 million in Total Revenue, Land Agreement Proceeds and Interest for 5,173 GEOs for the year* Positive full year 2025 operating cash flow of $6.2 million and Adjusted EBITDA* of $9.8 million Exited 2025 with over $12 million in cash, no debt and a fully undrawn credit facility which was increased to $150 million, inclusive of a $25 million accordion feature as at February 19, 2026 2026 and Five-Year Outlook

2026 guidance: Total GEOs are currently expected to increase to 7,500-9,300 in 2026, thanks to the continued ramp-up of our cash flowing assets and incorporates the addition of the Pedra Branca and an additional royalty on Borborema in late 2025 and early 2026, respectively. This outlook represents a mid-point increase of over 60% from 2025 results. Five-year outlook: GEOs are forecasted to increase to between 28,000 and 34,000 GEOs in 2030, representing peer-leading growth of over 490% based on the midpoint of guidance from 2025 results. The projected five-year outlook reflects continued contributions from our cornerstone producing assets, as well as new production from assets currently in development. See "2026 Outlook" and "Five-Year Outlook" below for further information regarding the Company's outlook. ___________

* Total Revenue, Land Agreement Proceeds and Interest, Adjusted EBITDA, and GEOs are each non-IFRS measures and do not have a standardized meaning under IFRS. See "Non-IFRS Measures" for further information.

Selected Financial Highlights

The following table sets forth selected financial information for the three months and year ended December 31, 2025:

For the three months ended

For the years ended

December 31, 2025

December 31, 2024

December 31, 2025

December 31, 2024

(in thousands of dollars, except per share and GEOs amounts)

($)

($)

($)

($)

Revenue

4,501

3,355

15,610

10,103

Net loss(1)

(920)

(3,193)

(4,130)

(3,411)

Net loss per share, basic and diluted

(0.00)

(0.02)

(0.02)

(0.02)

Cash provided by operating activities

176

1,262

6,170

2,543

Non-IFRS

Total Revenue, Land Agreement Proceeds and Interest(2)

5,206

3,846

17,768

12,847

Adjusted EBITDA(2)

3,198

1,240

9,751

4,779

Adjusted Net Loss(1)(2)

(22)

(2,721)

(1,749)

(1,150)

Adjusted Net Loss Per Share, basic and diluted(2)

(0.00)

(0.02)

(0.01)

(0.01)

GEOs(2)

1,255

1,445

5,173

5,462

Statement of Financial Position

Total assets

822,756

737,515

822,756

737,515

Total non-current liabilities

118,943

175,353

118,943

175,353

__________

Notes:

1)

Net loss and Adjusted Net Loss for the year ended December 31, 2024, includes a $6.5 million deferred tax recovery that was recognized as a result of an internal reorganization to streamline operations, which was completed in the third quarter of 2024. See "Discussion of Operations" for further information.

2)

Total Revenue, Land Agreement Proceeds and Interest, Adjusted EBITDA, Adjusted Net Income (Loss), Adjusted Net Income (Loss) Per Share, basic and diluted and GEOs are each non-IFRS measures and do not have a standardized meaning under IFRS. See "Non-IFRS Measures" below for further information.

Please refer to the Company's Annual Report Form 20-F, including the audited financial statements included therein, copies of which are available under the Company's profile at www.sedarplus.ca and www.sec.gov.

Portfolio Update

Borborema mine (2.75% NSR): On February 26, 2026, Aura Minerals Inc. ("Aura") issued a news release announcing the signing of a road relocation agreement at the Borborema mine. Aura also announced an updated feasibility study for the project, which increased Probable Reserves to 40.7 Mt at 1.13 g/t gold containing approximately 1,479 koz of gold and extends the mine life to over 20 years. These estimates were prepared by Aura under U.S. S-K 1300 definitions. For further information, please see Aura's news release dated February 26, 2026 and its technical report summary titled "Technical Report Summary on the Feasibility Study for the Borborema Gold Project, Currais Novos Municipality, Rio Grande do Norte, Brazil" with an effective date of September 19, 2025, available under its profiles at www.sedarplus.ca and www.sec.gov.

Borden mine (0.5% NSR, partial royalty coverage): On February 19, 2026, Discovery Silver Corp. ("Discovery") reported its results for the year ended December 31, 2025 and noted that it is targeting a return to full capacity of the Dome Mill by 2027 or sooner. It has disclosed that the mill is a 12,000 tonne-per-day processing facility that in recent years has operated below its nominal production rate. For further information see Discovery's news release dated February 19, 2026, available under its profile on www.sedarplus.ca.

Canadian Malartic / Odyssey mine (3.0% NSR, partial royalty coverage): On February 12, 2026, Agnico Eagle Mines Limited ("Agnico Eagle") reported its financial and operational results for the year ended December 31, 2025. The company confirmed that development activities at Odyssey remain on schedule, with ongoing ramp development and shaft sinking progressing as planned. Agnico Eagle also reiterated the advancement of the technical evaluation of a potential second shaft at the Odyssey mine, outlining in their release that the technical evaluation will assess the potential for an 8,000 to 10,000 tpd operation and is expected to be completed at the end of 2026, potentially followed by permit submission in early 2027 and subject to a series of approvals, could be positioned for initial production in 2033. For further information see Agnico Eagle's news release dated February 12, 2026, available under its profile on www.sedarplus.ca.

Côté Gold mine (0.75% NSR, partial royalty coverage): On February 17, 2026, IAMGOLD Corporation ("IAMGOLD") reported its financial and operational results for the year ended December 31, 2025. IAMGOLD highlighted that the Côté Gold mine achieved the top-end of its production guidance having produced 399,800 ounces in 2025 relative to its guidance of 360,000 – 400,000 ounces on a 100% basis. The 2026 guidance for the Côté Gold mine has increased to range from 390,000 to 440,000 ounces on a 100% basis, with the focus in 2026 being stabilization and optimization, improving the cost structure and preparing for the potential expansion at Côté. For further information see IAMGOLD's news release dated February 17, 2026, available under its profile on www.sedarplus.ca.

Cozamin mine (1.0% NSR, partial royalty coverage): On February 17, 2026, Capstone Copper Corp. ("Capstone") announced its 2026 guidance for Cozamin copper production between 21,000 – 24,000 tonnes at C1 cash costs of $1.55 - $1.85 per payable copper pound produced. It disclosed that copper production at Cozamin is expected to be consistently weighted across the year and slightly lower in 2026 compared to 2025 due to lower copper grades.

Additionally, on March 2, 2026, Capstone reported its financial and operational results for the year ended December 31, 2025 stating that Cozamin had produced 25,348 tonnes of copper in 2025 at C1 cash costs of $1.32 per payable copper pound produced. For further information see Capstone's news releases dated February 17, 2026 and March 2, 2026, available under its profile on www.sedarplus.ca.

Fenelon gold project (2.0% NSR): On February 17, 2026, Wallbridge Mining Company Ltd. ("Wallbridge") announced the start of the 2026 exploration drilling program at Fenelon with approximately 2,000 metres of large-diameter core drilling to support metallurgical test work and related technical studies. Upon completion of this first portion of the drilling campaign, a 1,500 metres reconnaissance drilling program is expected to test prospective areas within 2,500 metres of the main deposit area. For further information see Wallbridge's news release dated February 17, 2026, available under its profile on www.sedarplus.ca.

Granite Creek project (10.0% NPI): On February 19, 2026, i-80 Gold Corp. ("i-80") reported its financial and operational results for the year ended December 31, 2025. i-80 stated that Granite Creek underground generated a gross profit for the second half of 2025 and that it was successful in stabilizing groundwater inflow. i-80 also disclosed that a feasibility study over the underground is planned for completion in the second quarter of 2026 with the timeline for a pre-feasibility / feasibility study on the open pit portion of Granite Creek under review to optimize its future growth plan.

i-80 announced total production of 22,977 ounces of gold at Granite Creek for 2025, within previously announced guidance of 20,000–30,000 ounces. A water treatment plant is expected to be completed in the second quarter of 2026 and development activities are expected to support further ramp-up and the updated resource and feasibility study planned for the second quarter of 2026. For further information see i-80's news release dated February 19, 2026, available under its profiles on www.sedarplus.ca and www.sec.gov.

Ren project (1.5% NSR and 3.5% NPI): In its management discussion and analysis for the year ended December 31, 2025, Barrick Mining Corporation ("Barrick") noted that, as at the end of 2025, total project spending was $167 million (including $29 million in the fourth quarter of 2025) of an estimated capital cost of $410 to $470 million (100% basis). For further information see Barrick's management's discussion and analysis for the three and twelve months ended December 31, 2025, available under its profiles on www.sedarplus.ca and sec.gov.

South Railroad project (0.44% NSR, partial royalty coverage): On March 2, 2026, Orla Mining Ltd. ("Orla") disclosed that it had released an updated feasibility study over the South Railroad project and outlined that construction of the mine is expected in mid-2026 pending receipts of the final project permits. The study envisions an open-pit and heap-leach operation with a mine life of 10 years, producing 1,072,300 ounces of payable gold and 760,000 ounces of payable silver. For further information see Orla's news release dated March 2, 2026 and its technical report dated effective September 30, 2025 titled "South Railroad Project - NI 43-101 Feasibility Study Update", available under Orla's profiles on www.sedarplus.ca and www.sec.gov.

Tonopah West project (3.0% NSR): On March 3, 2026, Blackrock Silver Corp. ("Blackrock Silver") disclosed that it received its Class II Air Quality and Surface Disturbance Permit from the Nevada Department of Environmental Protection ("NDEP"), through the Bureau of Air Pollution Control. The permitting process is on schedule with all permits anticipated by mid-2027. It disclosed that once all permits are in hand, Blackrock Silver will decide when to commence with the exploration decline, test mining and bulk sample extraction programs. For further information see Blackrock Silver's news release dated March 3, 2026.

Vareš mine (100% copper stream with ongoing payments of 30% of the spot copper price): On February 10, 2026, DPM Metals ("DPM") reported its financial and operational results for the year ended December 31, 2025, and announced that integration activities had progressed well and it continued to advance its priorities for Vareš with a focus on ramping up to full production by year-end 2026. Development rates continued to progress as planned and DPM announced that the mine resumed production in January 2026. At the time of the news release, construction of the paste backfill plant was well-advanced and is expected to be commissioned in the third quarter of 2026.

Additionally, DPM provided guidance including that expected production in 2026 from Vareš is expected to be better as compared to estimates in its most recent technical report for the project. For further information see DPM's announcement dated February 10, 2026, available under its profile on www.sedarplus.ca.

Whistler project (1.0% NSR and right to acquire an additional 0.75% NSR): On March 2, 2026, U.S. GoldMining Inc. ("U.S. GoldMining") announced a positive preliminary economic assessment ("PEA") on the Whistler project. The PEA included an after-tax NPV(5%) of $2.04 billion and internal rate of return of 33.0% with an initial payback of 2.1 years under base case metals prices of $3,200/oz gold, $4.50/lb copper and $37.50/oz silver. The PEA envisions an average annual production of 345,000 ounces gold equivalent estimated during the first three years of operations and total life of mine production of 2.6 Moz gold, 6.9 Moz silver and 592 Mlb copper, over a 14.6 year mine life. For further information see U.S. GoldMining's news release dated March 2, 2026, available under its profiles at www.sedarplus.ca and www.sec.gov.

2026 Outlook

The Company currently forecasts total GEOs of between 7,500 and 9,300 for 2026, which includes approximately 684 GEOs relating to Land Agreement Proceeds credited against other mineral interest and interest payments, and is based on an assumed gold price of $5,150 per ounce, and an assumed copper price of $5.75 per pound.

Commodity prices will affect calculation of gold equivalent ounces from copper (and other metals) stream and royalties and from Land Agreement Proceeds and other payments; we present below a sensitivity table to illustrate the potential variability of our 2026 guidance to gold and copper metal prices.

Gold price ($/oz)

$4,150

$5,150

$6,150

Copper price
($/lb)

$4.75

7,800 - 10,300

7,400 - 9,700

7,200 - 9,300

$5.75

8,200 - 10,800

7,500 – 9,300

7,400 - 9,700

$6.75

8,500 - 11,300

8,000 - 10,500

7,700 - 10,000

Five-Year Outlook

In 2030, we expect GEOs to increase to between 28,000 and 34,000, which includes approximately 600 GEOs of Land Agreement Proceeds credited against other mineral interests and interest payments. The mid-point of this outlook represents an over 490% increase in GEOs relative to actual 2025 results.

All production and expected production growth implied by our guidance is sourced from assets already held in our portfolio and is based on public forecasts, expected development timelines and other disclosures by the owners and operators of the properties underlying our interests. In addition to the current mining operations in production for 2026, our 2030 outlook includes contributions from the Granite Creek, Ren and South Railroad development projects.

We assume a gold price of $3,500 per ounce and a copper price of $5.00 per pound in our projected five-year outlook.

In addition to the price assumptions outlined above, the 2026 and five-year outlooks included herein are based on the disclosed forecasts and expectations of the owners and operators of the properties underlying out royalty and stream interests and our assessments thereof. The outlooks respecting land agreement proceeds are based on contractual payments under existing agreements.

Royalty Generator Model Update

Our royalty generator model continues to generate positive results with eight new royalties added in 2025. We have generated 56 royalties since the acquisition of Ely Gold Royalties Inc. in 2021 through this model.

We currently have 38 properties subject to land agreements and six properties under lease generating land agreement proceeds. The model continues to incur low operating costs with only $0.1 million spent on maintaining mineral interests in 2025.

2025 Results Conference Call Details

A conference call will be held on Thursday, March 19, 2026, starting at 11:00 am ET (8:00 am PT) to discuss these results. To participate in the live call, please use one of the following methods:

Webinar: Click Here
US (toll-free): 1-866-652-5200
Canada (toll-free): 1-855-669-9657
International: 1-412-206-6408

The fourth quarter and year end 2025 presentation materials will be available on Gold Royalty's website at www.goldroyalty.com and a replay of the event will be available following the presentation.

About Gold Royalty Corp.

Gold Royalty Corp. is a gold-focused royalty company offering creative financing solutions to the metals and mining industry. Its mission is to invest in high-quality, sustainable and responsible mining operations to build a diversified portfolio of precious metals royalty and streaming interests that generate superior long-term returns for our shareholders. Gold Royalty's diversified portfolio currently consists primarily of net smelter return royalties on gold properties located in the Americas.

Qualified Person

Alastair Still, P.Geo., Director of Technical Services of the Company, is a "qualified person" as such term is defined under Canadian National Instrument 43-101 and has reviewed and approved the technical information disclosed in this news release.

Notice to Investors

For further information regarding the project updates regarding properties underlying the Company's royalties, stream and other interests, please refer to the disclosures of the operators thereof, including the news releases referenced herein and the other disclosures of such operators. Disclosure relating to properties in which Gold Royalty holds interests is based on information publicly disclosed by the owners or operators of such properties. The Company generally has limited or no access to the properties underlying its interests and is largely dependent on the disclosure of the operators of its interests and other publicly available information. The Company generally has limited or no ability to verify such information. Although the Company does not have any knowledge that such information may not be accurate, there can be no assurance that such third-party information is complete or accurate.

Unless otherwise indicated, the technical and scientific disclosure contained or referenced in this news release, including any references to mineral resources or mineral reserves, was prepared by the project operators in accordance with Canadian National Instrument 43-101, which differs significantly from the requirements of the U.S. Securities and Exchange Commission applicable to domestic issuers. Accordingly, the scientific and technical information contained or referenced in this news release may not be comparable to similar information made public by U.S. companies subject to the reporting and disclosure requirements of the SEC.

Forward-Looking Statements:

Certain of the information contained in this news release constitutes "forward-looking information" and "forward-looking statements" within the meaning of applicable Canadian and U.S. securities laws (collectively, "forward-looking statements"), including but not limited to statements regarding: estimated future GEOs and contractual payments, expectations regarding the Company's portfolio growth, the operations and/or development of the projects underlying the Company's royalties, stream and other interests, including the estimates of the operators thereof; statements related to the Company's projected 2026 and five-year outlook and other statements regarding the Company's plans and strategies. Such statements can be generally identified by the use of terms such as "may", "will", "expect", "intend", "believe", "plans", "anticipate" or similar terms. Forward-looking statements are based upon certain assumptions and other important factors, including assumptions of management regarding the accuracy of the disclosure of the operators of the projects underlying the Company's interests, their ability to achieve disclosed plans and targets, macroeconomic conditions, commodity prices and the Company's ability to finance future growth and acquisitions. Forward-looking statements are subject to a number of risks, uncertainties and other factors which may cause the actual results to be materially different from those expressed or implied by such forward-looking statements including, among others, any inability to any inability of the operators of the properties underlying the Company's royalties, stream and other interests to execute proposed plans for such properties or to achieved planned development and production estimates and goals, risks related to the operators of the projects in which the Company holds interests, including the successful continuation of operations at such projects by those operators, risks related to exploration, development, permitting, infrastructure, operating or technical difficulties on any such projects, the influence of macroeconomic developments, commodity price and counterparty risks, the ability of the Company to carry out its growth plans and other factors set forth in the Company's Annual Report on Form 20-F for the year ended December 31, 2025, and its other publicly filed documents under its profiles at www.sedarplus.ca and www.sec.gov. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company does not undertake to update any forward-looking statements, except in accordance with applicable securities laws.

Non-IFRS Measures

We have included, in this document, certain performance measures, including: (i) Total Revenue, Land Agreement Proceeds and Interest; (ii) Adjusted EBITDA; (iii) Adjusted Net Income (Loss) and Adjusted Net Income (Loss) Per Share, basic and diluted; and (iv) GEOs which are each non-IFRS measures. The presentation of such non-IFRS measures is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. These non-IFRS measures do not have any standardized meaning prescribed by IFRS and other companies may calculate these measures differently.

Total Revenue, Land Agreement Proceeds and Interest

Total Revenue, Land Agreement Proceeds and Interest are determined by adding land agreement proceeds credited against other mineral interests and interests earned on gold-linked loan to total revenue. We have included this information as management believes certain investors use this information to evaluate our performance in comparison to other gold royalty companies in the precious metal mining industry.

Below is a reconciliation of our Total Revenue, Land Agreement Proceeds and Interest to total revenue for the periods indicated:

For the three months ended

For the years ended

December 31, 2025

December 31, 2024

December 31, 2025

December 31, 2024

(in thousands of dollars)

($)

($)

($)

($)

Royalty

2,390

1,629

7,122

4,806

Streaming

808

893

3,224

893

Advance minimum royalty and pre-production royalty

1,158

732

4,212

2,982

Land agreement proceeds

369

297

1,613

3,085

Interest income on gold-linked loan

481

295

1,597

1,081

Total Revenue, Land Agreement Proceeds and Interests

5,206

3,846

17,768

12,847

Land agreement proceeds credited against other mineral interests

(224)

(196)

(561)

(1,663)

Interest income credited against gold-linked loan

(481)

(295)

(1,597)

(1,081)

Revenue

4,501

3,355

15,610

10,103

Adjusted EBITDA

Adjusted EBITDA is determined by adjusting net loss for the impact of: depletion, depreciation, finance costs, current and deferred tax expense (recovery), interest income credited against gold-linked loan, transaction related and non-recurring general and administrative expenses1, non-cash share-based compensation, share of loss and dilution loss (gain) in associate, change in fair value of gold-linked loan, short-term investments and embedded derivative, foreign exchange (gain) loss, loss (gain) on loan modification, partial make-whole payment for redemption of convertible debentures and other income. We have included this information as management believes certain investors use this information to evaluate our performance in comparison to other gold royalty companies in the precious metal mining industry. The table below provides a reconciliation of net loss (income) to Adjusted EBITDA.

For the three months ended

For the years ended

December 31, 2025

December 31, 2024

December 31, 2025

December 31, 2024

(in thousands of dollars)

($)

($)

($)

($)

Net loss

(920)

(3,193)

(4,130)

(3,411)

Depletion

1,287

1,771

2,658

3,204

Depreciation

20

20

78

79

Finance costs

1,533

2,188

8,266

8,043

Current tax expense (recovery)

205

(80)

323

506

Deferred tax recovery

(291)

(291)

(528)

(6,480)

Land agreement proceeds credited against other mineral interests

224

196

561

1,663

Interest income credited against gold-linked loan

481

295

1,597

1,081

Transaction related and non-recurring general and administrative expenses

230

8

409

424

Share-based compensation

851

839

2,754

2,338

Share of loss in associate

—

97

80

64

Dilution loss (gain) in associate

—

—

73

(9)

Change in fair value of gold-linked loan

(693)

(331)

(1,685)

(1,681)

Change in fair value of short-term investments

(368)

(19)

(548)

(38)

Change in fair value of embedded derivative

(70)

(143)

(483)

(612)

Foreign exchange (gain) loss

5

(102)

(34)

14

Loss (gain) on loan modification

933

—

240

(310)

Partial make-whole payment for redemption of convertible debentures

4,222

—

4,222

—

Other income

(4,451)

(15)

(4,102)

(96)

Adjusted EBITDA

3,198

1,240

9,751

4,779

__________

1 Transaction related and non-recurring general and administrative expenses comprised of operating expenses that are not expected to be incurred on an ongoing basis. During the year ended December 31, 2025, transaction related and non-recurring general and administrative expenses primarily consisted of professional fees related to implementation of new accounting system and evaluation of royalty and other asset acquisitions.

Adjusted Net Income (Loss) and Adjusted Net Income (Loss) Per Share, basic and diluted

Adjusted Net Income (Loss) is calculated by adjusting net (loss) income for the impact of: land agreement proceeds credited against other mineral interests, interest income credited against gold-linked loan, accretion of convertible debentures, transaction related and non-recurring general and administrative expenses2, share of loss (gain) and dilution loss (gain) in associate, changes in fair value of gold-linked loan, short-term investments and embedded derivative, foreign exchange (gain) loss, gain on loan modification and other expense (income). Adjusted Net Income (Loss) Per Share, basic and diluted, have been determined by dividing the Adjusted Net Income (Loss) by the weighted average number of common shares for the applicable period. Management believes that they are useful measures of performance as they adjust for items which are not always reflective of the underlying operating performance of our business and/or are not necessarily indicative of future operating results. The following is a reconciliation of net loss to Adjusted Net (Loss) Income, Per Share, basic and diluted for the periods indicated:

For the three months ended

For the years ended

December 31, 2025

December 31, 2024

December 31, 2025

December 31, 2024

(in thousands of dollars, except per share amounts)

($)

($)

($)

($)

Net loss

(920)

(3,193)

(4,130)

(3,411)

Land agreement proceeds credited against other mineral interests

224

196

561

1,663

Interest income credited against gold-linked loan

481

295

1,597

1,081

Accretion of convertible debentures

385

486

2,051

1,761

Partial make-whole payment for redemption of convertible debentures

4,222

—

4,222

—

Transaction related and non-recurring general and administrative expenses

230

8

409

424

Share of loss in associate

—

97

80

64

Dilution loss (gain) in associate

—

—

73

(9)

Change in fair value of gold-linked loan

(693)

(331)

(1,685)

(1,681)

Change in fair value of short-term investments

(368)

(19)

(548)

(38)

Change in fair value of embedded derivative

(70)

(143)

(483)

(612)

Foreign exchange (gain) loss

5

(102)

(34)

14

Loss (gain) on loan modification

933

—

240

(310)

Other income

(4,451)

(15)

(4,102)

(96)

Adjusted Net Income (Loss)

(22)

(2,721)

(1,749)

(1,150)

Weighted average number of common shares

188,005,702

169,505,388

174,986,972

159,516,299

Adjusted Net Income (Loss) Per Share, basic and diluted

(0.00)

(0.02)

(0.01)

(0.01)

___________

2 Transaction related and non-recurring general and administrative expenses comprised of operating expenses that are not expected to be incurred on an ongoing basis. During the year ended December 31, 2025, transaction related and non-recurring general and administrative expenses primarily consisted of professional fees related to implementation of new accounting system and evaluation of royalty and other asset acquisitions.

GEOs

GEOs are determined by dividing Total Revenue, Land Agreement Proceeds and Interest by the average gold prices for the applicable period:

(in thousands of dollars, except Average Gold Price/oz
and GEOs)

Average
Gold
Price/oz

Total Revenue,
Land Agreement
Proceeds and
Interest

GEOs

For the three months ended December 31, 2024

2,661

3,846

1,445

For the year ended December 31, 2024

12,847

5,462

For the three months ended December 31, 2025

4,149

5,206

1,255

For the year ended December 31, 2025

17,768

5,173

SOURCE Gold Royalty Corp.

Gold Royalty Corp. (GROY) Q4 2025 Earnings Call Transcript

, /PRNewswire/ - Gold Royalty Corp. ("Gold Royalty" or the "Company") (NYSE American: GROY) is pleased to announce its preliminary results for the first quarter of 2026 and dates for the release of its results for the first quarter, related earnings call and upcoming capital markets day. All amounts are expressed in U.S. dollars, unless otherwise noted.

Preliminary First Quarter 2026 Results

In the first quarter of 2026, the Company achieved record Total Revenue, Land Agreement Proceeds and Interest* of $9.4 million and record revenue of $7.2 million. Total Revenue, Land Agreement Proceeds and Interest* equates to 1,920 gold equivalent ounces ("GEOs")* in the first quarter, a 162% increase relative to the same period last year, and an increase of almost 80% from the previous quarter.

Gold Royalty maintains its 2026 full-year production guidance of 7,500 - 9,300 GEOs as released on March 18, 2026, with production more heavily weighted to the second half as DPM Metals' Vareš mine production is expected to reach its full run rate of 850,000 tonnes per year in 2026 and as Fortitude Gold's County Line mine ramps up after commencing operations in January.

David Garofalo, Chairman and CEO of Gold Royalty, commented: "2026 has started strongly for Gold Royalty. These new operating records reflect the success of our acquisition strategy, as recently acquired royalties on the Pedra Branca and Borborema mines contributed significantly to the quarterly result. We look forward to continued GEO growth as the year progresses."

* Total Revenue, Land Agreement Proceeds and Interest and GEOs are non-IFRS financial measures. See "Non-IFRS Measures" below.

First Quarter 2026 Results and Webcast Details

Gold Royalty expects to release its financial and operating results for first quarter of 2026 after market close on Wednesday, May 6, 2026.

A conference call will be held at 11:00 a.m. ET (8:00 a.m. PT) on Thursday, May 7, 2026 to discuss these results. To participate, please use one of the following methods:

Webinar: Click Here
US and Canada (toll-free): 1-833-890-3060
International: 1-412-206-6408

The first quarter 2026 results presentation will be available on Gold Royalty's website at www.goldroyalty.com and a replay of the event will be available following the presentation.

2026 Capital Markets Day

Gold Royalty will host its 2026 capital markets day on June 18, 2026 at 9:30 a.m. ET (6:30 a.m. PT). The event will be held in-person in Toronto and virtually. To register, please use the link below:

2026 capital markets day registration: Click Here

A replay of the event will be available following the presentation.

About Gold Royalty Corp.

Gold Royalty Corp. is a gold-focused royalty and streaming company offering creative financing solutions to the metals and mining industry. Its mission is to invest in high-quality, sustainable, and responsible mining operations to build a diversified portfolio of precious metals royalty and streaming interests that generate superior long-term returns for our shareholders. Gold Royalty's diversified portfolio currently consists primarily of net smelter return royalties on gold properties located in the Americas.

Notice to Investors

For further information regarding the properties underlying the Company's royalties, stream and other interests, please refer to the disclosures of the operators thereof, including the news releases referenced herein and the other disclosures of such operators. Disclosure relating to properties in which Gold Royalty holds interests is based on information publicly disclosed by the owners or operators of such properties. The Company generally has limited or no access to the properties underlying its interests and is largely dependent on the disclosure of the operators of its interests and other publicly available information. The Company generally has limited or no ability to verify such information. Although the Company does not have any knowledge that such information may not be accurate, there can be no assurance that such third-party information is complete or accurate.

Forward-Looking Statements:

Certain of the information contained in this news release constitutes "forward-looking information" and "forward-looking statements" within the meaning of applicable Canadian and U.S. securities laws (collectively, "forward-looking statements"), including but not limited to statements regarding: expectations regarding the operations and/or development of the projects underlying the Company's royalty interests;; and statements regarding the Company's outlook for 2026. Such statements can be generally identified by the use of terms such as "may", "will", "expect", "intend", "believe", "plans", "anticipate" or similar terms. Forward-looking statements are based upon certain assumptions and other important factors, including assumptions of management regarding the accuracy of the disclosure of the operators of the projects underlying the Company's projects, their ability to achieve disclosed plans and targets, macroeconomic conditions, commodity prices, and the Company's ability to finance future growth and acquisitions. Forward-looking statements are subject to a number of risks, uncertainties and other factors which may cause the actual results to be materially different from those expressed or implied by such forward-looking statements including, among others, any inability to any inability of the operators of the properties underlying the Company's royalty interests to execute proposed plans for such properties or to achieved planned development and production estimates and goals, risks related to the operators of the projects in which the Company holds interests, including the successful continuation of operations at such projects by those operators, risks related to exploration, development, permitting, infrastructure, operating or technical difficulties on any such projects, the influence of macroeconomic developments, the ability of the Company to carry out its growth plans and other factors set forth in the Company's Annual Report on Form 20-F for the year ended December 31, 2025 and its other publicly filed documents under its profiles at www.sedarplus.ca and www.sec.gov. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company does not undertake to update any forward-looking statements, except in accordance with applicable securities laws.

Non-IFRS Measures

We have included, in this document, certain performance measures, including: (i) Total Revenue, Land Agreement Proceeds and Interest; and (ii) GEOs, which are each non-IFRS measures. The presentation of such non-IFRS measures is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. These non-IFRS measures do not have any standardized meaning prescribed by IFRS, and other companies may calculate these measures differently.

Total Revenue, Land Agreement Proceeds and Interest

Total Revenue, Land Agreement Proceeds and Interest are determined by adding land agreement proceeds credited against other mineral interests and interests earned on gold-linked loan to total revenue. We have included this information as management believes certain investors use this information to evaluate our performance in comparison to other gold royalty companies in the precious metal mining industry.

The following is a reconciliation of Total Revenue, Land Agreement Proceeds and Interest to total revenue for the three months ended March 31, 2025 and 2026:

For the three months ended
March 31

2026

2025

(in thousands of dollars)

($)

($)

Royalty

7,033

1,116

Streaming

973

484

Advance minimum royalty and pre-production royalty

346

1,078

Land agreement proceeds

508

573

Interest income credited against gold-linked loan

502

326

Total Revenue, Land Agreement Proceeds and Interest

9,362

3,577

Land agreement proceeds credited against other mineral interests

(20)

(113)

Interest income credited against gold-linked loan

(502)

(326)

One-time working capital adjustment related to the purchase of Pedra Branca Royalty 

(1,000)

—

Equity accounted revenue from Borborema(1)

(662)

—

Revenue

7,178

3,138

Note:

(1) Represents our share of revenue in Borborema Royalty Limited Partnership, an entity that holds a NSR on the Borborema mine and is jointly controlled by the Company and Taurus.

GEOs

GEOs are determined by dividing Total Revenue, Land Agreement Proceeds and Interest by the average gold prices for the applicable period:

(in thousands of dollars, except Average Gold Price/oz
and GEOs)

Average
Gold Price/oz

Total
Revenue,
Land
Agreement
Proceeds
and Interest

GEOs

For the three months ended March 31, 2025                                                  

2,865

3,577

1,249

For the three months ended March 31, 2026

4,875

9,362

1,920

SOURCE Gold Royalty Corp.

Gold Royalty Corp. (GROY) Q1 2026 Earnings Call Transcript