Track market-moving stories before they get noisy

Few stocks have delivered as compelling a performance over the past year or so as Sandisk (SNDK 0.04%). The memory specialist has delivered monster returns for investors who picked up shares shortly after its spinoff from Western Digital, which bought it in 2016.

If you had the foresight to invest $30,000 during the spinoff (which occurred on Feb. 24, 2025) and held on through the astonishing run that followed, the value of your stake would now be more than $1 million. That's an incredible gain in just over a year's time.

But for those investors who haven't already gotten into the stock, the question is, can Sandisk's run continue, or has it reached its peak? 

Image source: Getty Images.

Sandisk is thriving thanks to rising memory chip prices Sandisk makes NAND memory, which is primarily utilized for long-term data storage. Its products are mostly used to make solid-state drives (SSDs), which are used in data centers to house data and information. Sandisk and its peers don't have the production capacity to make enough NAND for SSDs to meet soaring data center demand. As a result, prices for these commodity components have soared, and Sandisk's revenues and profits have skyrocketed.

Sandisk is currently in the fourth quarter of its fiscal 2026. For this period, Wall Street analysts expect 332% year-over-year revenue growth. For fiscal 2027, Wall Street analysts expect 118% growth. That demonstrates how much the prices of memory are soaring, and the shortage driving those price hikes could last for a long time as data center spending continues to ramp up.

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A great source of insight about the future pace of data center expansion is Nvidia (NVDA 3.39%). The world's largest company has its fingers on the AI build-out pulse, and is a close partner with every AI company. Those relationships are helping it plan to meet demand for its AI accelerators down the road. While the big four AI hyperscalers say they plan to lay out about $650 billion in data center capital expenditures during 2026, Nvidia told investors that their collective capex will top $1 trillion in 2027. Furthermore, by 2030, it expects global annual data center capital expenditures to reach $3 trillion to $4 trillion.

Those new data centers will need more than just an enormous quantity of AI accelerators -- they'll also need a ton of memory, which bodes well for the long-term outlook of Sandisk. In that context, investors shouldn't view it as some flash-in-the-pan company that rises massively one year, then plunges the next. Its business will have a ton of staying power as long as the AI data center build-out is ongoing and as long as the production capacity of memory-chip makers lags behind demand. Once the AI build-out slows, Sandisk's stock may fare poorly, but it could be many years before that happens. As a result, Sandisk's stock could still be a smart AI investment.

Keithen Drury has positions in Nvidia. The Motley Fool has positions in and recommends Nvidia and Western Digital. The Motley Fool has a disclosure policy.

Ucore Rare Metals Inc. (OTCMKTS:UURAF - Get Free Report)'s stock price passed above its 200-day moving average during trading on Thursday. The stock has a 200-day moving average of $4.79 and traded as high as $5.05. Ucore Rare Metals shares last traded at $4.8780, with a volume of 103,633 shares changing hands. Analyst Upgrades

Halifax, Nova Scotia--(Newsfile Corp. - March 31, 2026) -   Ucore Rare Metals Inc. (TSXV: UCU) (OTCQX: UURAF) ("Ucore" or the "Company") is pleased to acknowledge the recent announcement by it's partner, Hastings Technology Metals Limited ("Hastings"), in partnership with Wyloo , regarding the acquisition of a fully-permitted hydrometallurgical mixed rare earth chloride ("MREC") production facility in Thailand. Ucore congratulates Hastings and Wyloo ("the Yangibana Joint Venture Partners") on this strategic acquisition, which is expected to accelerate their ability to process third-party monazite feedstock prior to development of the Yangibana Project.

Halifax, Nova Scotia--(Newsfile Corp. - April 14, 2026) - Ucore Rare Metals Inc. (TSXV: UCU) (OTCQX: UURAF) ("Ucore" or the "Company") is pleased to announce the completion of an upgraded mineral resource estimate ("Resource" or "Mineral Resource") for the Bokan Dotson-Ridge rare earth element project in Southeast Alaska ("Bokan"), together with the associated Technical Report (the "Technical Report"). The Technical Report has been prepared in accordance with both National Instrument 43-101 and SEC Regulation S-K 1300.

Halifax, Nova Scotia--(Newsfile Corp. - April 27, 2026) - Ucore Rare Metals Inc. (TSXV: UCU) (OTCQX: UURAF) ("Ucore" or the "Company") advises that an aggregate of 2,775,000 options have been granted to directors, officers, employees and consultants of the Company, subject to the approval of the TSX Venture Exchange. The options are exercisable into common shares at a price of $5.33 per share and the options expire five years from April 27, 2026, the date of grant. One third of the options will vest after six months, with one third vesting every six months thereafter until fully vested.

# # #

About Ucore Rare Metals Inc.

Ucore is focused on rare- and critical-metal resources, extraction, beneficiation, and separation technologies with the potential for production, growth, and scalability. Ucore's vision and plan is to become a leading advanced technology company, providing best-in-class metal separation products and services to the mining and mineral extraction industry.

Through strategic partnerships, this plan includes disrupting the People's Republic of China's control of the North American REE supply chain through the near-term development of a heavy and light rare-earth processing facility in the US State of Louisiana, subsequent SMCs in Canada and Alaska and the longer-term development of Ucore's 100% controlled Bokan-Dotson Ridge Rare Heavy REE Project on Prince of Wales Island in Southeast Alaska, USA ("Bokan").

Ucore is listed on the TSXV under the trading symbol "UCU" and in the United States on the OTC Markets' OTCQX® Best Market under the ticker symbol "UURAF."

For further information, please visit www.ucore.com.

Forward-Looking Statements

This press release includes certain statements that may be deemed "forward-looking statements". All statements in this release (other than statements of historical facts) that address future business development, technological development and/or acquisition activities (including any related required financings), timelines, events, or developments that the Company is pursuing are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance or results, and actual results or developments may differ materially from those in forward-looking statements.

For additional risks and uncertainties regarding the Company, its business activities, its ability to qualify for and receive any additional funding from any U.S. or Canadian government, the CDF and the aforementioned projects (generally), see the risk disclosure in the Company's MD&A for Q4-2025 (filed on SEDAR+ on March 18, 2026) (www.sedarplus.ca) as well as the risks described below.

Regarding the disclosure above in the "About Ucore Rare Metals Inc." section, the Company has assumed that it will be able to procure or retain additional partners and/or suppliers, in addition to Innovation Metals Corp. ("IMC"), as suppliers for Ucore's expected future SMCs. Ucore has also assumed that sufficient external funding will be found to continue and complete the ongoing research and development work required at the CDF and also later prepare a new National Instrument 43-101 technical report that demonstrates that Bokan is feasible and economically viable for the production of both REE and co-product metals and the then prevailing market prices based upon assumed customer offtake agreements. Ucore has also assumed that sufficient external funding will be secured to continue the development of the specific engineering plans for the SMCs and their construction and eventual commissioning and operations. Factors that could cause actual results to differ materially from those in forward-looking statements include, without limitation: IMC failing to protect its intellectual property rights in RapidSX™; RapidSX™ failing to demonstrate commercial viability in large commercial-scale applications; Ucore not being able to procure additional key partners or suppliers for the SMCs; Ucore not being able to raise sufficient funds to fund the specific design and construction of the SMCs and/or the continued development of RapidSX™; adverse capital-market conditions; unexpected due-diligence findings; the emergence of alternative superior metallurgy and metal-separation technologies; the inability of Ucore and/or IMC to retain its key staff members; a change in the legislation in Louisiana or Alaska and/or in the support expressed by the Alaska Industrial Development and Export Authority (AIDEA) regarding the development of Bokan; the availability and procurement of any required interim and/or long-term financing that may be required; and general economic, market or business conditions.

Neither the TSXV nor its Regulation Services Provider (as that term is defined by the TSXV) accept responsibility for the adequacy or accuracy of this release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/294386

Source: Ucore Rare Metals Inc.

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Orbital Engineering, Inc.'s Louisiana SMC report supports:

a three production-line RapidSX™ configuration targeted to process up to ≈9,000 tpa of TREO contained in qualified rare earth feedstocks, eliminating the fourth production line as originally considered.

the production of a full rare earth product suite, including NdPr, Pr, Nd, Sm, Gd, Tb and Dy, noted by the U.S. DoW as most crucial under their Defense Production Act and IBAS Programs.

incorporating the principles of lean manufacturing with fewer parallel production lines, yielding fewer individual column stages, resulting in reduced maintenance points, less operator time, and other operating cost efficiencies, yet with similar processing throughput.

the creation of an additional ≈600 tpa TREO capacity, multi-purpose RapidSX™ Machine "A" to be constructed first under the DoW Phase 2 Project, allowing for broader product flexibility, production line integration, and simplified execution.

Halifax, Nova Scotia--(Newsfile Corp. - May 28, 2026) - Ucore Rare Metals Inc. (TSXV: UCU) (OTCQX: UURAF) ("Ucore" or the "Company") is pleased to announce the results of a CAPEX and Capacity Engineering Report, dated May 27, 2026, prepared by the Company's engineering consortium and led by Orbital Engineering, Inc. ("Orbital"). This report reflects the efforts to move from the Company's Kingston, Ontario, Commercialization and Demonstration Facility ("CDF") to Production Line 1 at the Louisiana Strategic Metals Complex ("SMC"). Details include engineered capital expenditure ("CAPEX") and capacity projections for the initial standalone Machine A, and its planned integration into the first multi-machine RapidSX™ Production Line[1] ("Production Line 1") at the Louisiana SMC.

Optimized Louisiana SMC Configuration

As a result of efficiencies identified through engineering, demonstration, and scale-up work testing, Ucore is designing the Louisiana SMC to consist of the initial ≈600 tonnes per annum ("tpa") total rare earth oxide ("TREO") Machine A plus three RapidSX™ Production Lines (or "Trains"), each capable of processing up to ≈3,000 tpa of TREO. This optimized configuration reduces the planned number of production lines from four to three, while targeting an overall Louisiana SMC throughput capacity of ≈9,600 tpa of TREO. This configuration better balances capital intensity, reliability, maintainability, commercial flexibility, and operating cost per unit of production.

Each machine will use optimized RapidSX™ columns and supporting equipment throughout, increasing upfront capital costs but improving long-term operating economics by reducing the number of parallel processing lines, individual columns, pumps, valves, instruments, and maintenance points, and lowering operator time per unit of production.

"After approximately 6,500+ run-time hours in Ucore's RapidSX™ Commercialization and Demonstration Facility, our engineering team has developed a commercial configuration that is expected to lower unit operating costs and improve reliability over the life of the plant with expanded initial investment," stated Pat Ryan, P.Eng., Chairman and CEO of Ucore. "This is an important evolution in the Louisiana SMC plan. We are moving from a lowest initial build-cost concept toward a more robust commercial operating configuration designed for higher throughput per production line, fewer production lines, fewer maintenance points, and better long-term operating performance."

Mike Schrider, P.E., Vice President and Chief Operating Officer of Ucore, commented: "The engineering objective has been to translate RapidSX™ demonstration work into a commercial configuration that is practical to build, practical to operate, and scalable for North American rare earth supply chain requirements. The optimized design is intended to reduce process complexity while retaining Ucore's ability to process qualified feedstocks from multiple independent rare earth sources."

Pending construction completion, commissioning, qualification, and receipt of all required funding and permits, Ucore's Louisiana SMC shall be capable of accepting mixed rare earth carbonate ("MREC") and mixed rare earth oxide ("MREO") from Western-friendly feedstock sources and processing up to ≈9,600 tpa of contained TREOs. The SMC is designed to take advantage of the inherent flexibility and modularity of the RapidSX™ technical platform and capable of producing NdPr, Pr, Nd, Sm, Gd, SmEuGd ("SEG"), Tb, Dy, rare earth oxide products, and intermediates.

Enhancements to Standalone Machine A

The first RapidSX™ machine to be deployed in Louisiana, Machine A, is to be partially funded through the Company's previously announced US$18.4 million funding agreement with the US Department of War (see Ucore Press Release dated July 14, 2025). Originally contemplated as a single machine with 64 RapidSX™ stages and designed to replicate the 'any split' methodology demonstrated at the CDF through intermediate product storage and machine reuse, the now enhanced Machine A will consist of ≈118 RapidSX™ stages. This will allow for the direct production of neodymium-praseodymium ("NdPr") from conventional MREC or MREO feedstocks, as well as praseodymium ("Pr"), neodymium ("Nd"), samarium ("Sm"), gadolinium ("Gd"), terbium ("Tb"), and/or dysprosium ("Dy") from select partial MREC product groups without the use of interim product holding tanks for successive separations. This important strategic adjustment was in direct response to feedback from North American defense contractors regarding their urgent need to secure Western sources of these critical oxides.

Combining Machine A with Production Line #1

Upon successful operation and completion of gating items associated with Machine A, the Company intends to construct RapidSX™ Machines #1 and #2 of Production Line 1, dedicated to processing up to 3,000 tpa of TREO to produce an NdPr product. At the same time, Machine A will have the ability to work independently or attach to the back end of Production Line 1 to produce a SEG[2] product, while subsequent Production Lines 2 and 3 will be installed to eventually broaden the SMC's multi-product suite of offerings.

Planned Production Scale-Up

Ucore's Louisiana SMC facility scale-up is proceeding under a defined execution plan:

Deployment stepScope
ProductsEnhanced Machine AThe first RapidSX™ commercial machine capable of up to ≈600 tpa TREO of bespoke processingNdPr at an estimated throughput of ≈600 tpa TREO, with the ability to also produce Pr, Nd, Sm, Gd, Tb, and/or Dy, depending on feedstock and sub-products availabilityProduction Line 1Two RapidSX™ machines of ≈3,000 tpa TREO throughputNdPr production with the remaining products feeding Production Line 2Enhanced Machine A - IntegrationMachine A can be integrated into Production Line 1 Capable of producing a SEG product sub-groupProduction Line 2Five RapidSX™ machines ≈3,000 tpa TREO throughputNdPr, Tb, Dy, and SEG. Machines #3, #4 and #5 will be sized to accept intermediate streams from Production Lines 1 and 3Production Line 3Two RapidSX™ machines ≈3,000 tpa TREO throughputNdPr production with the remaining products feeding Production Line 2Engineered Capital Cost Estimates

Orbital's engineered capital cost estimate for the Enhanced Machine A and Production Line 1 is as follows:

Item
Engineered Capital Cost EstimateEnhanced Machine A
US$60MProduction Line 1US$44MOxide Production and PackagingUS$31MMachine A and Production Line 1 - Cumulative CostUS$135MThe updated capital plan reflects the Company's move from a lower initial build-cost configuration to a more robust configuration designed to lower long-term unit operating costs, improve process reliability, and increase maintainability as the Louisiana SMC scales toward commercial operations. The updated estimates also reflect inflation and market-cost escalation since the prior pre-engineering estimates, as well as the expansion of commercial-scale oxide production and packaging equipment with more substantive supporting infrastructure and higher-capacity systems.

As mentioned above, the US$60 million estimated capital cost of Enhanced Machine A will be partially funded by the previously announced US$18.4 million funding agreement with the US Department of War. The amounts in the table above do not include the cost of the first-fill of prospective feedstocks. The estimated timeline for completing the installation, testing, and commissioning of Machine A remains H1-2027.

Rare Earth Market Conditions

Market prices for rare earth oxides sold outside of China continue to reflect constrained Western supply chains and strong demand for critical magnet materials. According to Benchmark Mineral Intelligence's Rare Earths Price Assessment (30th April 2026), selected rare earth oxide prices were as follows:

ProductChina priceIndicative ex-China priceNdPr oxideUS$116 / kgUS$119 / kgTb oxideUS$890 / kgUpwards of 5x DDP ChinaDy oxideUS$200 / kgUpwards of 7x DDP ChinaThe markets for samarium and gadolinium remain more opaque, with fewer published data points available. However, the Company's trading partners have anecdotally observed samarium and gadolinium each trading outside of China at more than US$300 per kg. The Company cautions that these indicative and anecdotal pricing observations may not be representative of realized sales prices, which will depend on product specification, jurisdiction, customer qualification, contract terms, volume, delivery timing, and other commercial factors.

Canadian SMC Update

The Company remains engaged with Canadian federal government officials regarding the Company's proposed Canadian rare earth processing facility and the conditional funding package of up to C$36.3 million announced by Ucore on October 31, 2025. Ucore looks forward to providing further details to stakeholders as they become available in the coming months.

About Ucore Rare Metals Inc.

Ucore is advancing North American rare earth separation and refining through its Louisiana Strategic Metals Complex and the commercialization of its RapidSX™ separation technology. Ucore's vision is to become a leading advanced technology company providing metal separation products and services to the mining and mineral extraction industry.

Through strategic partnerships, Ucore's plan includes the development of a heavy and light rare earth processing facility in the United States, subsequent Strategic Metals Complexes in Canada and Alaska, and the longer-term development of Ucore's 100%-controlled Bokan-Dotson Ridge Rare Heavy REE Project on Prince of Wales Island in Southeast Alaska, USA.

Ucore is listed on the TSX Venture Exchange under the trading symbol "UCU" and in the United States on the OTC Markets' OTCQX® Best Market under the ticker symbol "UURAF."

Forward-Looking Statements

This press release contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking statements") within the meaning of applicable Canadian securities laws. All statements in this release, other than statements of historical fact, that address future business development, technological development, engineering, procurement, construction, commissioning, commercial production, operating costs, capital costs, project timelines, throughput, product mix, feedstock processing, government funding, customer qualification, offtake, market prices, or other future events or developments are forward-looking statements.

Forward-looking statements in this release includes, without limitation, statements regarding: the design, configuration and development of the Louisiana SMC; the expected number of RapidSX™ production lines and machines; expected throughput of 9,600 tonnes per annum of TREO; expected production of NdPr, Nd, Pr, Sm, Gd, Tb, and Dy; the expected sequencing and timing of t Machine A, Production Line 1, Production Line 2, and Production Line 3; estimated capital costs for Machine A and Production Line 1 and related infrastructure; expected operating characteristics, including potential reductions in unit operating costs and improvements in reliability; targeted milestones for engineering, construction, commissioning and commercial production; availability and sourcing of feedstock; customer engagement and potential product demand; rare earth market conditions and pricing; and the potential receipt of government funding and other financing..

Forward-looking statements are based on a number of material assumptions, including, without limitation: the successful completion and accuracy of baseline, front-end-engineering design and detailed engineering studies; the ability to complete further engineering, procurement, and construction activities as currently contemplated; the availability, cost, and timely delivery of equipment, materials, utilities, labour and construction services; the Company's ability to secure sufficient financing on acceptable terms; the receipt and timing of all required permits and approvals; the successful scale-up and commercial deployment of RapidSX™ technology from demonstration to commercial operation; the availability of qualified feedstock from third-party suppliers; successful customer qualification and offtake discussions; continued support from governmental partners; and general economic, market, and industry conditions, including assumptions regarding rare earth oxide prices, which are subject to significant volatility..

Forward-looking information relating to capital cost estimates and project design is based on a baseline engineering report and remains subject to refinement through further engineering and project development. Such estimates may not be directly comparable to previously disclosed estimates, which were prepared at an earlier stage of project development and may have included different scope elements, assumptions, or cost categories, including feedstock, working capital, or other non-capital items.

In addition, statements regarding expected operating efficiencies, cost reductions, reliability, and commercial performance are based on current engineering assumptions and preliminary analyses and are subject to validation through commissioning and commercial operations. There can be no assurance that such expectations will be achieved in whole or in part.

Although the Company believes that the assumptions underlying the forward-looking information are reasonable, there can be no assurance that such assumptions will prove to be accurate or that the anticipated results, performance, or achievements will be realized. Actual results may differ materially from those expressed or implied by the forward-looking information.

Factors that could cause actual results to differ materially include, without limitation: risks associated with the development, scale-up, and commercialization of new or unproven technologies; the risk that RapidSX™ may not perform at commercial scale as expected; engineering design changes; inaccuracies in capital or operating cost estimates; cost escalation due to inflation, supply chain disruption, or market conditions; delays or failures in procurement, construction, or commissioning; the inability to obtain or maintain required permits, approvals, or regulatory authorizations; challenges in securing adequate financing; adverse capital market conditions; variability in feedstock supply, quality, or pricing; failure to secure or maintain commercial relationships, customer qualification, or offtake arrangements; fluctuations and uncertainty in rare earth oxide prices and demand; the risk that indicative or quoted market prices, including for ex-China markets, may not be realized; operational risks once in production, including equipment failures or lower-than-expected recoveries; geopolitical risk; changes in applicable laws or regulations; environmental or permitting challenges; loss of key personnel; and general economic, business, or competitive conditions.

Readers are cautioned not to place undue reliance on forward-looking statements. The Company undertakes no obligation to update forward-looking statements except as required by applicable securities laws.

Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.

[1] A RapidSX™ Production line is a series of RapidSX™ Machines (each machine conducts a specific solvent extraction chemistry split) working together to produce multiple separated products.

[2] Samarium, Europium and Gadolinium.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/299208

Source: Ucore Rare Metals Inc.

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OMAHA, NE, March 30, 2026 (GLOBE NEWSWIRE) -- FitLife Brands, Inc. (“FitLife,” or the “Company”) (Nasdaq: FTLF), a provider of innovative and proprietary nutritional supplements and wellness products, today announced that it plans to report its financial performance for the fourth quarter of fiscal 2025 on Tuesday, March 31, 2026.

In addition, the Company announced that it will hold an investor conference call after market close on April 1, 2026 at 4:30 pm ET.  Investors interested in participating in the live call can dial (833) 492-0064 from the U.S. and provide the conference identification code of 115536.  International participants can dial (973) 528-0163 and provide the same code.

About FitLife Brands
FitLife Brands is a developer and marketer of innovative and proprietary nutritional supplements and wellness products for health-conscious consumers.  FitLife markets over 500 different products online and through various retail locations.  FitLife is headquartered in Omaha, Nebraska.  For more information, please visit our website at www.fitlifebrands.com.

FitLife Brands, Inc. (FTLF) Q4 2025 Earnings Call Transcript

Key Takeaways FitLife Brands saw the consumer slow wellness purchases to start the year. Earnings estimates have been slashed on FTLF for 2026 and 2027. Shares of FitLife Brands are at 52-week lows but are cheap, with a forward P/E of 10.8. FitLife Brands, Inc. (FTLF - Free Report) is seeing a slowdown in consumer spending on nutritional supplements and wellness products. This Zacks Rank #5 (Strong Sell) is expected to see earnings decline in 2026.

FitLife Brands develops proprietary nutritional supplements and wellness products for health-conscious consumers. It markets more than 500 different products online and through various retail locations.

Some of its brands include Dr. Tobias, PMD, Siren Labs, MusclePharm, and Maritime Naturals.

FitLife Brands Sees Big Growth for Irwin on AmazonOn Aug 8, 2025, FitLife Brands acquired Irwin Naturals. It put Irwin products on Amazon in Oct 2025, where it began at zero sales. It scaled to approximately $0.5 million in the month of December.

Subsequent to the end of the fourth quarter 2025, Irwin revenue on Amazon continued to scale to approximately $0.8 million monthly. This was also at margins higher than their traditional wholesale business.

A key initiative for 2026 is to leverage Irwin’s sales team to cross-sell Irwin’s other brands across the wholesale channel.

Consumer Slows Down in 2026FitLife Brands reported fourth quarter 2025 results on Apr 1, 2026, so it already had seen the results of the first few months of the new year.

“During our previous earnings call in November, I provided commentary about emerging weakness we were observing across our brand portfolio. During the first quarter of 2026, this weakness has persisted across most brands and channels,” said Dayton Judd, Chairman and CEO.

“From a macro environment perspective, given the backdrop of economic and political volatility, we know there are broad-based consumer confidence concerns, particularly for discretionary products,” he added.

Earnings Estimates are Slashed for 2026 and 2027It shouldn’t be a surprise, given the company’s gloomy outlook on the consumer, that the earnings estimates have been cut.

FitLife is a small cap company with a market cap of just $87.5 million. Zacks only has estimates from one analyst.

That analyst cut the 2026 and 2027 earnings estimate in the last 30 days. For 2026, it fell to $0.86 from $1.62. That’s an earnings decline of 8.5% as FitLife made $0.94 in 2025.

The 2027 earnings consensus also fell to $1.19 from $1.82 in the prior month. But that’s an earnings gain of 38.4%.

However, both of these were big cuts to the estimates. Here’s what it looks like on the price and consensus chart.

Image Source: Zacks Investment Research

Shares of FitLife Slide in 2026Given all the uncertainty about the consumer this year, it’s not a surprise that the shares have slid in 2026. They’re at 52-week lows.

Image Source: Zacks Investment Research

But FitLife is now cheap. It trades with a forward price-to-earnings (P/E) ratio of 10.8. A P/E under 15 usually means a company has value.

It also has other attractive valuations like a price-to-book (P/B) ratio of just 2. A P/B ratio of 3.0 and under usually means a company is undervalued.

As of Dec 31, 2025, FitLife had $39.1 million outstanding on its term loan and $5.6 million outstanding on the revolver. FitLife’s cash was $1.6 million, giving it a total net debt of $43.1 million.

For investors looking to invest in a wellness company, it might be best to stay on the sidelines with FitLife Brands until the consumer starts buying again.

OMAHA, NE, May 14, 2026 (GLOBE NEWSWIRE) -- FitLife Brands, Inc. (“FitLife” or the “Company”) (NASDAQ: FTLF), a provider of innovative and proprietary nutritional supplements and wellness products, today announced financial results for the first quarter ended March 31, 2026.

Highlights for the first quarter ended March 31, 2026 include:

Total revenue was $25.3 million, an increase of 59% compared to the first quarter of 2025.  Wholesale revenue was $14.1 million, or 56% of total revenue, an increase of 166% compared to the first quarter of 2025.Online revenue was $11.2 million, or 44% of total revenue, an increase of 6% compared to the first quarter of 2025.Gross margin was 37.6% compared to 43.1% during the first quarter of 2025, with the decline in gross margin primarily attributable to the acquisition of Irwin, which historically operated at a lower gross margin than Legacy FitLife.Net income was $1.7 million compared to $2.0 million during the first quarter of 2025, with the decline driven by higher amortization expense and interest expense associated with the acquisition of Irwin.Basic earnings per share and diluted earnings per share were $0.18 and $0.17, respectively, compared to $0.22 and $0.20 during the first quarter of 2025.Adjusted EBITDA was $3.3 million, a 3% decrease compared to the first quarter of 2025.The Company ended the quarter with $37.6 million outstanding on its term loan and $4.2 million outstanding on its revolving line of credit. For the first quarter ended March 31, 2026, total revenue was $25.3 million, an increase of 59% compared to $15.9 million during the same period last year.

Wholesale revenue for the quarter ended March 31, 2026 was $14.1 million, a 166% increase from the same period last year. The Company’s recent acquisition of Irwin contributed $10.3 million of wholesale revenue for the quarter ended March 31, 2026, while Legacy FitLife wholesale revenue declined $1.5 million, or 28%, compared to the same period last year.  

Online revenue for the quarter was $11.2 million, an increase of 6% compared to the quarter ended March 31, 2025. Online revenue accounted for 44% and 67% of the Company’s total revenue during the quarters ended March 31, 2026 and 2025, respectively.

Gross margin for the quarter ended March 31, 2026 was 37.6% compared to 43.1% during the same period in the prior year. The decrease in gross margin is primarily attributable to the acquisition of Irwin, which historically generated a lower gross margin than Legacy FitLife. 

Net income for the first quarter of 2026 was $1.7 million compared to $2.0 million during the quarter ended March 31, 2025. Basic and diluted earnings per share for the first quarter of 2026 were $0.18 and $0.17, respectively, compared to $0.22 and $0.20 during the first quarter of 2025.  

Adjusted EBITDA for the quarter ended March 31, 2026 was $3.3 million, a decrease of 3% compared to the same period in 2025.

As of March 31, 2026, the Company had $37.6 million outstanding on its term loan and $4.2 million outstanding on the revolver, and cash of $1.2 million, or total net debt of approximately $40.6 million, compared to $43.1 million as of December 31, 2025.

Performance of Brands

One of the primary metrics used by management to evaluate the performance of the Company’s brands is contribution, a non-GAAP financial measure which management defines as gross profit less advertising and marketing expenditures.   Other companies may also report contribution as a performance metric, but their definition or calculation of contribution may differ from the Company’s. Management believes that contribution, as defined by the Company, is a particularly relevant performance metric since it incorporates the gross profit associated with a specific brand or collection of brands as well as the advertising and marketing expenditures associated with the same brand or brands. With limited exceptions, other operating expenses incurred by the Company are generally not allocable to a specific brand or collection of brands.

Legacy FitLife consists of thirteen brands, and Irwin consists of three brands. These collections of brands do not meet the definition of operating segments and are not managed as such.

Legacy FitLife      (Unaudited)       2025 2026 Q1Q2Q3Q4 Q1        Wholesale revenue5,306 5,696 6,686 4,238  3,798  Online revenue10,630 10,431 9,978 9,028  8,678  Total revenue15,936 16,127 16,664 13,266  12,476  Gross profit6,874 6,904 6,542 5,395  5,143 Gross margin43.1%42.8%39.3%40.7% 41.2%Advertising and marketing1,053 1,191 1,285 1,077  887 Contribution5,821 5,713 5,257 4,318  4,256 Contribution as % of revenue36.5%35.4%31.5%32.5% 34.1%        For the first quarter of 2026, revenue for Legacy FitLife declined 22% compared to the same period last year due to declines in both online and wholesale revenue. Wholesale revenue decreased 28% as compared to the first quarter of 2025 due to lower sales to certain retail partners, primarily GNC. Online revenue decreased by 18% compared to the first quarter of 2025, primarily driven by lower online sales from MRC.

Gross margin for Legacy FitLife decreased to 41.2% during the first quarter of 2026 compared to 43.1% during the first quarter of last year. Contribution as a percentage of revenue decreased to 34.1% compared to 36.5% during the first quarter of last year.

Irwin    (Unaudited)     2025
 2026
 Q3Q4 Q1 Wholesale revenue6,510 11,216  10,295  Online revenue311 1,428  2,554  Total revenue6,821 12,644  12,849  Gross profit2,194 3,544  4,374 Gross margin32.2%28.0% 34.0%Advertising and marketing72 182  358 Contribution2,122 3,362  4,016 Contribution as % of revenue31.1%26.6% 31.3%      During the first quarter of 2026, Irwin generated 80% of its revenue from the wholesale channel and 20% from online sales. Total revenue for Irwin for the first quarter of 2026 increased 2% sequentially from the fourth quarter of 2025.

Normalizing for loss of the customers that occurred prior to the acquisition of Irwin by the Company, as well as for the results of Irwin’s CBD business, which the Company is in the process of exiting, total revenue for Irwin decreased approximately 13% in the first quarter of 2026 compared to the first quarter of 2025.   Management believes that the year-over-year revenue decline for Irwin is primarily a function of a weak consumer environment, a lack of new product launches, and supply chain challenges including inventory out-of-stock situations.

Online revenue during the quarter represents transactions through Irwin’s websites as well as through Amazon and other e-commerce platforms. The Company began selling Irwin products on Amazon in mid-October, and sales increased rapidly throughout the quarter, with a sequential increase in online revenue of 79% compared to the fourth quarter of 2025. At the end of the first quarter of 2026, Irwin’s Amazon sales reached a run-rate of approximately $9.6 million in annual revenue.

Irwin generated gross margin of 34.0% and contribution as a percentage of revenue of 31.3% during the first quarter of 2026. Excluding amortization of the inventory step-up during the fourth quarter of 2025, Irwin’s gross margin and contribution as a percentage of revenue would have been 33.2% and 31.8%, respectively.  

FitLife Consolidated      (Unaudited)       2025
 2026
 Q1Q2Q3Q4 Q1        Wholesale revenue5,306 5,696 13,196 15,454  14,093  Online revenue10,630 10,431 10,289 10,456  11,232  Total revenue15,936 16,127 23,485 25,910  25,325  Gross profit6,874 6,904 8,736 8,939  9,517 Gross margin43.1%42.8%37.2%34.5% 37.6%Advertising and marketing1,053 1,191 1,357 1,259  1,245 Contribution5,821 5,713 7,379 7,680  8,272 Contribution as % of revenue36.5%35.4%31.4%29.6% 32.7%        For the Company overall, revenue for the first quarter of 2026 increased 59%, gross profit increased 38%, and contribution increased 42% compared to the first quarter of 2025.

Gross margin decreased to 37.6% compared to 43.1% during the first quarter of last year, with the decline in gross margin primarily attributable to the acquisition of Irwin, which historically operated at a lower gross margin than Legacy FitLife.  

Contribution as a percentage of revenue decreased to 32.7% compared to 36.5% during the first quarter of last year.  

Management commentary

Dayton Judd, the Company’s Chairman and Chief Executive Officer, commented, “As previously disclosed, the first quarter of 2026 was a challenging one. The consumer weakness that we initially observed early in the fourth quarter of 2025 accelerated late in the fourth quarter and into the first quarter of 2026. In addition, apparent changes in the Amazon algorithms are causing the Company to alter how it promotes its products.

“In addition to those exogenous challenges, supply chain difficulties at Irwin also negatively impacted revenue as we dealt with a number of out-of-stock situations for some of our high-velocity products. We estimate that out-of-stock situations resulted in lost revenue of $1.0-1.5 million for Irwin during the first quarter, or more than half of the year-over-year organic decline experienced in the first quarter of 2026.

“As has been our practice, we continue to allocate our available free cash flow to debt reduction. During the first quarter, we made a scheduled amortization payment of $1.5 million on our term loan in addition to a $1.4 million paydown on our revolving line of credit.

“While the macro environment and other variables remain challenging, I am encouraged by some signs of improvement in our business. More specifically, monthly revenue increased sequentially throughout the first quarter. In addition, most of our Amazon selling accounts showed sequential improvement over the course of the quarter.   Also, we are pleased to announce the launch of two MusclePharm SKUs in several hundred Kroger stores nationwide beginning in June.

“Last, we remain excited about the growth of Irwin on Amazon. As previously disclosed, monthly revenue for Irwin on Amazon increased from approximately $0.5 million in December of 2025 to approximately $0.8 million in March of 2026. In the month of April, Irwin revenue on Amazon was approximately $0.9 million. Although the growth rate is slowing due to the higher base of sales, we have experienced further sequential growth in the May month-to-date period. Going forward, we expect continued future growth on Amazon for Irwin as we (1) continue to resolve the out-of-stock situations, (2) successfully set up listings for our remaining products that have not yet been available for sale on Amazon, and (3) launch our portfolio of Canadian products on Amazon Canada later in the second quarter.”

Earnings Conference Call

The Company will hold an investor conference call on Thursday, May 14, 2026 at 5:00 pm ET. Investors interested in participating in the live call can dial (833) 492-0064 from the U.S. and provide the conference identification code of 133048. International participants can dial (973) 528-0163 and provide the same code.

About FitLife Brands

FitLife Brands is a developer and marketer of innovative and proprietary nutritional supplements and wellness products for health-conscious consumers. FitLife markets more than 500 different products online and through various retail locations. FitLife is headquartered in Omaha, Nebraska. For more information, please visit our website at www.fitlifebrands.com.

Forward-Looking Statements

Statements in this release that are forward-looking involve known and unknown risks and uncertainties, which may cause the Company's actual results in future periods to be materially different from any future performance that may be suggested in this news release. Such factors may include, but are not limited to, the ability of the Company to continue to grow revenue, and the Company's ability to continue to achieve positive cash flow given the Company's existing and anticipated operating and other costs. Many of these risks and uncertainties are beyond the Company's control. Reference is made to the discussion of risk factors detailed in the Company's filings with the Securities and Exchange Commission including its reports on Form 10-K and 10-Q. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the dates on which they are made.

FITLIFE BRANDS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except per share amounts)

  March 31, 2026  December 31, 2025   (Unaudited)     ASSETS:        CURRENT ASSETS        Cash and cash equivalents $1,192  $1,646 Accounts receivable, net  7,778   8,765 Inventories, net  21,528   21,324 Prepaid expense and other current assets  1,142   1,334 Total current assets  31,640   33,069          Property and equipment, net  106   128 Right of use asset  581   682 Intangibles, net  51,196   51,440 Goodwill  19,363   19,393 Deferred tax asset  1,222   1,525 Derivative asset  72   - Other assets  89   83 TOTAL ASSETS $104,269  $106,320          LIABILITIES AND STOCKHOLDERS' EQUITY:        CURRENT LIABILITIES:        Accounts payable $6,451  $6,911 Accrued expense  5,602   5,429 Income taxes payable  1,494   1,704 Product returns  830   1,039 Term loan – current portion  6,094   6,094 Lease liability – current portion  341   433 Total current liabilities  20,812   21,610          Revolving line of credit  4,200   5,600 Term loan, net of current portion and unamortized deferred finance costs  31,334   32,849 Long-term lease liability, net of current portion  258   272 Derivative liability  -   26 Deferred tax liability  2,284   2,324 TOTAL LIABILITIES  58,888   62,681          STOCKHOLDERS’ EQUITY:        Preferred stock, $0.01 par value, 10,000 shares authorized, none outstanding as of March 31, 2026 and December 31, 2025  -   - Common stock, $0.01 par value, 120,000 shares authorized; 9,391 issued and outstanding as of March 31, 2026 and December 31, 2025  94   94 Additional paid-in capital  32,230   32,213 Retained earnings  13,613   11,893 Accumulated other comprehensive loss  (556)  (561)TOTAL STOCKHOLDERS' EQUITY  45,381   43,639 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $104,269  $106,320  FITLIFE BRANDS, INC. 
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share data)
(Unaudited)

  Three months ended March 31,   2026
 2025         Revenue $25,325 $15,936 Cost of goods sold  15,808  9,062 Gross profit  9,517  6,874         OPERATING EXPENSE:       Advertising and marketing  1,245  1,053 Selling, general and administrative  4,963  2,512 Merger and acquisition related  -  332 Depreciation and amortization  248  19 Total operating expense  6,456  3,916 OPERATING INCOME  3,061  2,958         OTHER EXPENSE       Interest expense, net  735  218 Foreign exchange (gain) loss  (21) 21 Total other expense, net  714  239 INCOME BEFORE INCOME TAX PROVISION  2,347  2,719         PROVISION FOR INCOME TAXES  627  701         NET INCOME $1,720 $2,018         NET INCOME PER SHARE       Basic $0.18 $0.22 Diluted $0.17 $0.20 Basic weighted average common shares  9,391  9,213 Diluted weighted average common shares  9,991  9,926  FITLIFE BRANDS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands)

  Three months ended March 31,   2026  2025          CASH FLOWS FROM OPERATING ACTIVITIES:        Net income $1,720  $2,018 Adjustments to reconcile net income to net cash provided by operating activities:        Depreciation and amortization  248   19 Allowance for credit losses  58   (3)Allowance for inventory obsolescence  (105)  (24)Stock-based compensation  17   107 Amortization of deferred financing costs  9   11          Changes in operating assets and liabilities:        Accounts receivable  921   (1,062)Inventories  16   (1,013)Deferred taxes  303   (47)Prepaid expense and other assets  94   362 Right of use asset  101   27 Accounts payable  (452)  1,168 Income taxes payable  (185)  318 Lease liability  (105)  (20)Accrued expense and other liabilities  53   449 Product returns  (209)  18 Net cash provided by operating activities  2,484   2,328          CASH FLOWS FROM INVESTING ACTIVITIES:        Purchase of property and equipment  -   (24)Net cash used in investing activities  -   (24)         CASH FLOWS FROM FINANCING ACTIVITIES:        Proceeds from exercise of stock options  -   259 Payments on 2025 term loan  (1,524)  - Payments on 2023 term loan  -   (1,125)Payments on line of credit  (1,400)  - Net cash used in financing activities  (2,924)  (866)         Foreign currency impact on cash  (14)  36          CHANGE IN CASH AND CASH EQUIVALENTS  (454)  1,474 CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD  1,646   4,520 CASH AND CASH EQUIVALENTS, END OF PERIOD $1,192  $5,994          Supplemental cash flow disclosure        Cash paid for income taxes $430  $408 Cash paid for interest $742  $238  Non-GAAP Financial Measures

The financial information included in this release and the presentation below contain certain financial measures defined as “non-GAAP financial measures” by the SEC, including non-GAAP EBITDA and non-GAAP adjusted EBITDA. These measures may be different from non-GAAP financial measures used by other companies. The presentation of this financial information, which is not prepared under any comprehensive set of accounting rules or principles, is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP.

  As presented below, non-GAAP EBITDA excludes interest, foreign exchange gains and losses, income taxes, and depreciation and amortization. Adjusted non-GAAP EBITDA excludes, in addition to interest, foreign exchange gains and losses, income taxes, depreciation and amortization, stock-based compensation and merger and acquisition related expense and non-recurring gains or losses. The Company believes the non-GAAP measures provide useful information to both management and investors by excluding certain expense and other items that may not be indicative of its core operating results and business outlook. The Company believes that the inclusion of non-GAAP measures in the financial presentation below allows investors to compare the Company’s financial results with the Company’s historical financial results and is an important measure of the Company’s comparative financial performance.

The Company’s calculation of Adjusted EBITDA for the three months ended March 31, 2026 and 2025 is as follows:

  Three months ended March 31,   2026 2025   (Unaudited) (Unaudited) Net income $1,720 $2,018 Interest expense, net  735  218 Foreign exchange (gain) loss  (21) 21 Provision for income taxes  627  701 Depreciation and amortization  248  19 EBITDA  3,309  2,977 Non-cash and non-recurring adjustments       Stock-based compensation  17  107 Merger and acquisition related  -  332 Adjusted EBITDA $3,326 $3,416 

FitLife Brands NASDAQ: FTLF reported sharply higher first-quarter 2026 revenue, driven by the acquisition of Irwin, while profitability declined as the company absorbed lower Irwin margins and higher acquisition-related expenses.

Chief Executive Officer Dayton Judd said total revenue for the quarter was $25.3 million, up 59% from the same period last year. Wholesale revenue was $14.1 million, or 56% of total revenue, increasing 166% year over year. Online revenue was $11.2 million, or 44% of revenue, up 6% from the first quarter of 2025.

Gross margin fell to 37.6% from 43.1% a year earlier, which Judd attributed primarily to the Irwin acquisition. Irwin has historically operated at lower gross margins than Legacy FitLife, he said. However, gross margins improved sequentially for both Legacy FitLife and Irwin from the fourth quarter of 2025 to the first quarter of 2026.

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Net income was $1.7 million, down from $2.0 million in the prior-year period. Judd said the decline was driven mainly by higher amortization expense and interest expense tied to the Irwin acquisition. Adjusted EBITDA was $3.3 million, down 3% from the first quarter of 2025.

Irwin Acquisition Lifts Sales, Pressures Margins Irwin generated $12.8 million in first-quarter revenue, with $10.3 million, or 80%, coming from wholesale customers and 20% from online sales. Irwin’s gross margin was 34.0%, and contribution as a percentage of revenue was 31.3%.

Judd said FitLife began selling Irwin products on Amazon in mid-October and saw the business scale throughout the fourth quarter. Irwin Amazon revenue reached almost $500,000 in December 2025, approximately $800,000 in March 2026 and approximately $900,000 in April 2026. He said the account continued to grow sequentially in May month to date, though the pace of growth had slowed.

FitLife said Irwin’s organic revenue declined approximately 13% year over year after adjusting for the loss of Costco U.S. and Rite Aid as customers before the acquisition and excluding CBD products because the company decided to exit the CBD market. Judd estimated that $1 million to $1.5 million, or more than half of the decline, was tied to previously discussed out-of-stock issues.

Judd said the company expects Irwin to have additional growth opportunities on Amazon as it resolves out-of-stock situations, sets up listings for products not yet available on the platform and launches Canadian products on Amazon Canada later in the second quarter. He also said Irwin’s Amazon subscriber count increased from roughly 500 at the beginning of the first quarter to approximately 3,600 at quarter-end and more than 5,700 at the time of the call.

Legacy FitLife Revenue Declines Legacy FitLife revenue was $12.5 million, with 70% from online sales and 30% from wholesale customers. Judd said wholesale revenue declined 28% year over year and online revenue fell 18%, producing a 22% decline in total revenue.

The declines were primarily tied to lower online revenue for MRC and lower wholesale revenue from GNC. Judd said the year-over-year wholesale comparison was particularly difficult because the first quarter of 2025 included restocking of GNC distribution centers following the resolution of a previously disclosed commercial dispute that had caused FitLife to stop shipments to GNC.

Legacy FitLife gross margin declined to 41.2% from 43.1% a year earlier, but improved from 40.7% in the fourth quarter of 2025. Contribution declined 27% to $4.3 million, and contribution as a percentage of revenue fell to 34.1% from 36.5%. Sequentially, contribution was approximately flat, while contribution margin improved from 32.5% in the fourth quarter.

Company Reduces Debt FitLife made a scheduled amortization payment of approximately $1.5 million during the quarter, reducing its term loan balance to $37.6 million. The company also paid down an additional $1.4 million on its revolving line of credit, bringing that balance to $4.2 million.

Judd said FitLife intends to continue using excess free cash flow to reduce indebtedness.

Q&A Focuses on Amazon, MusclePharm and Kroger Launch In response to a question from Ryan Meyers of Lake Street Capital Markets, Judd said revenue improved sequentially through the quarter. January was “kind of tough,” February was similar to January but stronger on a revenue-per-day basis, and March was above 9% in terms of revenue, he said. April revenue was higher than January and February but lower than March, though Judd said April was the company’s highest sales order month of the year. He noted that shipment timing affected revenue recognition.

Asked about Irwin’s Amazon potential, Judd said he did not see a reason the business would not reach at least $1 million per month. He cited roughly 20 Irwin products not yet set up for Amazon sales, out-of-stock products that have limited sales on the platform, the opening of Amazon Canada and increased advertising as potential tailwinds.

Sean McGowan of Roth Capital asked about MusclePharm. Judd said MusclePharm revenue was down “by choice,” as FitLife opted not to sell to some large international protein buyers at very low margins. He said online performance had improved from earlier double-digit declines to being down only slightly, and he expects MusclePharm margins to improve because the company is selling less to lower-margin international customers.

Judd also said FitLife is working to adapt to changes in Amazon’s marketplace dynamics by shifting more marketing dollars off Amazon and toward Google Ads, Meta Ads and TikTok. He said the company was “absolutely not declaring victory” but was seeing some positive trends.

FitLife also announced the launch of two MusclePharm liquid L-carnitine SKUs in several hundred Kroger stores nationwide beginning in June. In response to Samir Patel of Askeladden Capital, Judd said the products will be sold in roughly 700 to 800 stores across multiple Kroger banners, including Kroger, Fred Meyer and Smith’s. He said the company plans marketing support including connected TV advertising, possible direct mail and neck-band coupons to encourage trial.

Judd said the Kroger opportunity began before the Irwin acquisition, though FitLife expects synergies from Irwin’s existing relationships and broker network. He said the initiative has been a major focus for the company’s new chief marketing officer and consolidated marketing team.

About FitLife Brands NASDAQ: FTLFFitLife Brands, Inc provides nutritional supplements for health-conscious consumers in the United States and internationally. The company provides weight loss, sports nutrition, and general health products; sports nutrition products; weight loss and sports nutrition products; sports nutrition and general wellness formulations with an emphasis on natural, vegan, and organic ingredients; and male health and weight loss products, as well as other diet, health, and sports nutrition supplements and related products; and value-oriented sports nutrition and weight loss products.

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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OMAHA, NE, June 09, 2026 (GLOBE NEWSWIRE) -- FitLife Brands, Inc. (Nasdaq: FTLF), a leader in innovative nutritional supplements and wellness products, today announced a new partnership between Dr. Tobias® and legendary competitive eater Joey Chestnut.  The campaign, built around the tagline “Cleanse Like a Winner,” brings together Chestnut’s championship mindset with Dr. Tobias’ focus on everyday wellness and digestive health support.

The collaboration pairs one of the most recognizable names in sports entertainment with Dr. Tobias Colon 14 Day Cleanse in a campaign designed to inspire people to reset routines, stay consistent, and approach wellness with the mindset of a champion.

Known worldwide for his record-breaking performances and larger-than-life personality, Chestnut brings humor, discipline, and authenticity to the partnership – showing fans that even champions know the importance of getting back on track.

“I put my body through a lot when I do competitions and eating challenges. I need to be intentional with what I consume in between. I’ve regularly done cleanses to help me reset and restore my balance.  When I discovered Dr. Tobias, it quickly became my favorite.  It’s easy and it fits into my routine.  This partnership was so authentic and just made too much sense.  You don’t have to be a competitive eater to benefit from Dr. Tobias products though.  We’re going to have some fun in making people aware of that,” said Chestnut.

The “Cleanse Like a Winner” campaign will roll out across TikTok, Instagram, YouTube, and digital platforms with a mix of comedic content, behind-the-scenes moments, wellness routines, and motivational messaging inspired by Joey’s competitive spirit.

“Joey is disciplined, driven, and genuinely passionate about digestive wellness. He brings the kind of energy, authenticity, and champion mindset we wanted for this campaign,” said Cassie Anderson, Director of Sponsorships. “Together, we’re creating a fresh, entertaining approach to wellness that feels both motivating and approachable.”

The partnership reflects Dr. Tobias’ investment in culturally relevant campaigns that connect wellness with real-life habits and personalities consumers already know and love.

“Joey Chestnut represents commitment and consistency in his approach to holistic wellbeing that aligns perfectly with the Dr. Tobias Colon 14 Day Cleanse,” said Dayton Judd, CEO of FitLife Brands. “This partnership gives us an exciting opportunity to connect with customers in a fresh, entertaining way while reinforcing our focus on gut health and everyday wellness routines.”

The “Cleanse Like a Winner” campaign launches today across Dr. Tobias and Joey Chestnut social channels.

About Dr. Tobias

Dr. Tobias is a wellness brand focused on helping consumers support their everyday health routines through thoughtfully formulated supplements designed for modern lifestyles. Available on DrTobias.com, Amazon, TikTok and more, Dr. Tobias Colon 14 Day Cleanse is a staple in digestive health supplements.

About Joey Chestnut

Joey Chestnut is a world-renowned competitive eater and multiple-time champion recognized globally for his record-breaking performances, larger-than-life personality, and unmatched competitive drive.

About FitLife Brands

FitLife Brands is a developer and marketer of innovative and proprietary nutritional supplements and wellness products for health-conscious consumers.  FitLife markets over 500 different products online and through various retail locations.  FitLife is headquartered in Omaha, Nebraska.  For more information, please visit our website at www.fitlifebrands.com.

NEW YORK, March 17, 2026 (GLOBE NEWSWIRE) -- Immuneering Corporation (Nasdaq: IMRX), a late-stage clinical oncology company focused on keeping cancer patients alive and helping them thrive, today announced it will present a poster on one of the three key mechanisms by which atebimetinib aims to improve overall survival: shrinking tumors durably. The poster will be presented at the American Association for Cancer Research (AACR) Annual Meeting taking place April 17-22, 2026 in San Diego, CA.

Inhibitors of RAS, RAF, or MEK often provide only temporary benefit due to resistance, as tumors acquire new mutations or mechanisms of escape within the MAPK pathway. Atebimetinib, a novel Deep Cyclic Inhibitor of MEK, is engineered to mitigate the selective pressure that typically drives these resistance mechanisms, with the goal of more durable anti-tumor activity. Immuneering will present an analysis of circulating tumor DNA (ctDNA) from ≥64 patients with RAS-mutant solid tumors treated with atebimetinib, showing that acquired MAPK pathway alterations are rarely seen in patients treated with atebimetinib. These findings suggest that Deep Cyclic Inhibitors have the potential to overcome the limitations of conventional MAPK inhibition and provide a more sustained clinical benefit for patients.

Poster Presentation Details:
Title: Atebimetinib’s Deep Cyclic Inhibition of MEK Constrains MAPK-Axis Adaptive and Acquired Alterations in Patients with RAS-Mutant Tumors
Session Category: Experimental and Molecular Therapeutics
Session Title: Targeting Drug Resistance 2: RAS Signaling
Poster Number: 1873
Poster Board Number: 6
Session Date: April 20, 2026
Session Time: 9:00 AM – 12:00 PM ET
Location: Poster Section 19

The abstract will be available on the AACR website. Following presentation, the poster will be available on the publications section of Immuneering’s website at https://immuneering.com/publications.

About Immuneering

Immuneering is a late-stage clinical oncology company focused on keeping cancer patients alive and helping them thrive. The Company is developing an entirely new category of cancer medicines, Deep Cyclic Inhibitors, designed to improve overall survival by three mechanisms: shrinking tumors durably with less resistance, preserving body mass by countering cachexia, and minimizing side effects to maximize performance status and combinability. Immuneering’s lead product candidate, atebimetinib, is an oral, once-daily Deep Cyclic Inhibitor of MEK, designed to improve survival across many cancer indications, including MAPK pathway-driven tumors such as pancreatic cancer. The company expects to dose the first patient in mid-2026 in MAPKeeper 301, a globally randomized pivotal Phase 3 trial evaluating atebimetinib in combination with chemotherapy in first-line pancreatic cancer patients. The Company’s development pipeline also includes additional combination opportunities and early-stage programs. For more information, please visit www.immuneering.com.

Forward-Looking Statements

This press release contains forward-looking statements, including within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including, without limitation, statements regarding: the treatment potential of atebimetinib, alone or in combination with other agents to treat cancer, including modified Gemcitabine/nab-paclitaxel (mGnP) in first-line pancreatic cancer and its potential to deliver overall survival with both durability and tolerability; the ability of the three design mechanisms of atebimetinib to shrink tumors durably, improve overall survival and overcome the limitations of conventional MAPK inhibition and provide a more sustained clinical benefit for patients.

These forward-looking statements are based on management’s current expectations. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to, the following: the risks inherent in oncology drug research and development, including target discovery, target validation, lead compound identification, and lead compound optimization; we have incurred significant losses, are not currently profitable and may never become profitable; our projected cash runway; our need for additional funding; our unproven approach to therapeutic intervention; our ability to address regulatory questions and the uncertainties relating to regulatory filings, reviews and approvals; the lengthy, expensive, and uncertain process of clinical drug development, including potential delays in or failure to obtain regulatory approvals; our reliance on third parties and collaborators to conduct our clinical trials, manufacture our product candidates, and develop and commercialize our product candidates, if approved; failure to compete successfully against other drug companies; protection of our proprietary technology and the confidentiality of our trade secrets; potential lawsuits for, or claims of, infringement of third-party intellectual property or challenges to the ownership of our intellectual property; our patents being found invalid or unenforceable; costs and resources of operating as a public company; and unfavorable or no analyst research or reports.

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

Investor Contact:
Courtney Dugan
[email protected]

Media Contact:
Gina Nugent
[email protected]

NEW YORK, April 06, 2026 (GLOBE NEWSWIRE) -- Immuneering Corporation (Nasdaq: IMRX), a late-stage clinical oncology company focused on keeping cancer patients alive and helping them thrive, today announced that Ben Zeskind, Chief Executive Officer, will participate in a fireside chat at the 25th Annual Needham Virtual Healthcare Conference on Monday, April 13, 2026 at 3:45 p.m. ET. The fireside chat will be webcast live and archived in the Investor Relations section of Immuneering’s website at Events & Presentations | Immuneering Corporation.

About Immuneering
Immuneering is a late-stage clinical oncology company focused on keeping cancer patients alive and helping them thrive. The Company is developing an entirely new category of cancer medicines, Deep Cyclic Inhibitors, designed to improve overall survival by three mechanisms: shrinking tumors durably with less resistance, preserving body mass by countering cachexia, and minimizing side effects to maximize performance status and combinability. Immuneering’s lead product candidate, atebimetinib, is an oral, once-daily Deep Cyclic Inhibitor of MEK, designed to improve survival across many cancer indications, including MAPK pathway-driven tumors such as pancreatic cancer. The company expects to dose the first patient in mid-2026 in MAPKeeper 301, a globally randomized pivotal Phase 3 trial evaluating atebimetinib in combination with chemotherapy in first-line pancreatic cancer patients. The Company’s development pipeline also includes additional combination opportunities and early-stage programs. For more information, please visit www.immuneering.com.

Investor Contact:
Courtney Dugan
[email protected]

Media Contact:
Gina Nugent
[email protected]

Analysis of circulating tumor DNA from atebimetinib-treated patients shows acquired MAPK pathway alterations are rare, supporting observed durable first-line activity

Atebimetinib-treated tumors rarely acquire the genetic alterations most commonly associated with resistance to RAS inhibitors, providing molecular rationale to treat with atebimetinib early

NEW YORK, April 20, 2026 (GLOBE NEWSWIRE) -- Immuneering Corporation (Nasdaq: IMRX), a late-stage clinical oncology company focused on keeping cancer patients alive and helping them thrive, today announced the presentation of new genetic data at the 2026 American Association for Cancer Research (AACR) Annual Meeting taking place April 17-22, 2026 in San Diego, CA.

“Atebimetinib is designed to promote survival by three mechanisms: shrinking tumors durably, preserving body mass by counteracting muscle wasting, and maintaining performance status by maximizing tolerability,” said Ben Zeskind, Ph.D., Chief Executive Officer of Immuneering. “We believe these characteristics have the potential to both yield the best survival in the first-line, and to give patients the best chance of reaching and benefitting from second-line treatment. Today’s data at AACR add genetic rationale to support atebimetinib’s observed durable tumor shrinkage and its optimal use in the first-line setting by showing that the most common RAS-inhibitor resistance mechanisms are rarely seen in atebimetinib-treated patients.”   

Inhibitors of RAS, RAF, or MEK often provide only temporary benefit due to pervasive resistance, as tumors acquire new mutations or mechanisms of escape within the MAPK pathway. Atebimetinib, a novel Deep Cyclic Inhibitor of MEK, is engineered to mitigate the selective pressure that typically drives these resistance mechanisms, with the goal of more durable anti-tumor activity. Immuneering presented circulating tumor DNA (ctDNA) data from 123 patients treated with atebimetinib, showing that acquired MAPK pathway alterations are rarely seen. These findings suggest that Deep Cyclic Inhibitors have the potential to overcome the limitations of conventional MAPK inhibition and provide a more sustained clinical benefit for patients, while potentially preserving sensitivity to subsequent treatments.

Key Findings from the AACR Presentation:

Rare MAPK pathway reactivation: Across 86 patients treated with atebimetinib monotherapy and 37 patients treated in combination with chemotherapy, emergent and acquired mutations rarely converged on the RAS/MAPK pathway, in contrast to what is commonly observed with chronic RAS-targeted therapies.Diffuse, non-convergent resistance patterns: Emergent resistance following atebimetinib treatment utilized a variety of non-MAPK pathways, rather than converging on a single escape mechanism.Limited early adaptive resistance: ctDNA analysis showed minimal early molecular evolution during treatment, indicating that atebimetinib is not driving adaptive resistance and may impose less selective pressure than continuous pathway inhibition.Taken together, the data position atebimetinib as a differentiated MEK inhibitor with potential to drive deep and durable antitumor activity. “Our AACR data further validate the scientific foundation of our platform, demonstrating that Deep Cyclic Inhibition can fundamentally alter how tumors evolve under therapy, unlocking opportunities to improve treatment durability,” said Brett Hall, Ph.D., Chief Scientific Officer of Immuneering. “Deep Cyclic Inhibition of MEK avoids the continuous selective pressure that typically drives tumors to become resistant to treatment via reactivation of the MAPK pathway. This, combined with atebimetinib’s tolerability profile, has the potential to improve depth and durability of response in a broad range of cancers, starting with first-line pancreatic cancer.”

Poster Presentation Details:
Title: Atebimetinib’s Deep Cyclic Inhibition of MEK Constrains MAPK-Axis Adaptive and Acquired Alterations in Patients with RAS-Mutant Tumors
Session Category: Experimental and Molecular Therapeutics
Session Title: Targeting Drug Resistance 2: RAS Signaling
Poster Number: 1873
Poster Board Number: 6
Session Date: April 20, 2026
Session Time: 9:00 AM – 12:00 PM ET
Location: Poster Section 19

The poster is available on the publications section of Immuneering’s website at https://immuneering.com/publications.

Immuneering has guided to dosing the first patient in its pivotal Phase 3 MAPKeeper 301 trial of atebimetinib plus modified gemcitabine/nab-paclitaxel (mGnP) in patients with first-line metastatic pancreatic cancer in mid-2026. In the second half of the year, the company expects to dose the first patient in a Phase 2 trial of atebimetinib plus Libtayo® in patients with first-line RAS-mutant non-small cell lung cancer.

About Immuneering
Immuneering is a late-stage clinical oncology company focused on keeping cancer patients alive and helping them thrive. The Company is developing an entirely new category of cancer medicines, Deep Cyclic Inhibitors, designed to improve overall survival by three mechanisms: shrinking tumors durably with less resistance, preserving body mass by countering cachexia, and minimizing side effects to maximize performance status and combinability. Immuneering’s lead product candidate, atebimetinib, is an oral, once-daily Deep Cyclic Inhibitor of MEK, designed to improve survival across many cancer indications, including MAPK pathway-driven tumors such as pancreatic cancer. The company expects to dose the first patient in mid-2026 in MAPKeeper 301, a globally randomized pivotal Phase 3 trial evaluating atebimetinib in combination with chemotherapy in first-line pancreatic cancer patients. The Company’s development pipeline also includes additional combination opportunities and early-stage programs. For more information, please visit www.immuneering.com.

Forward-Looking Statements

This press release contains forward-looking statements, including within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including, without limitation, statements regarding: the treatment potential of atebimetinib, alone or in combination with other agents to treat cancer, including modified Gemcitabine/nab-paclitaxel (mGnP) in first-line pancreatic cancer and its potential to deliver overall survival with both durability and tolerability; the timing of dosing of additional studies, the ability of the three design mechanisms of atebimetinib to shrink tumors durably, improve overall survival and overcome the limitations of conventional MAPK inhibition, including to impose less selective pressure, and provide a more sustained clinical benefit for patients.

These forward-looking statements are based on management’s current expectations. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to, the following: the risks inherent in oncology drug research and development, including target discovery, target validation, lead compound identification, and lead compound optimization; we have incurred significant losses, are not currently profitable and may never become profitable; our projected cash runway; our need for additional funding; our unproven approach to therapeutic intervention; our ability to address regulatory questions and the uncertainties relating to regulatory filings, reviews and approvals; the lengthy, expensive, and uncertain process of clinical drug development, including potential delays in or failure to obtain regulatory approvals; our reliance on third parties and collaborators to conduct our clinical trials, manufacture our product candidates, and develop and commercialize our product candidates, if approved; failure to compete successfully against other drug companies; protection of our proprietary technology and the confidentiality of our trade secrets; potential lawsuits for, or claims of, infringement of third-party intellectual property or challenges to the ownership of our intellectual property; our patents being found invalid or unenforceable; costs and resources of operating as a public company; and unfavorable or no analyst research or reports.

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

Investor Contact:
Courtney Dugan
[email protected]

Media Contact:
Peg Rusconi
[email protected]

Immuneering Corporation (IMRX) presents promising early data in frontline metastatic pancreatic cancer with its MEK inhibitor atebimetinib, benchmarking favorably against Revolution Medicines. IMRX's 12-month overall survival rate of 64% in a small phase 2a trial compares well to historical controls and competitive agents, but caution is warranted due to trial size. The company maintains over $200 million in liquidity, supporting a cash runway into 2029, though future trial costs may shorten this horizon.

- Detailed data from 55 patients to be shared in an oral presentation at the ASCO Annual Meeting on June 1, 2026 -

- Tolerability profile consistent with prior updates: only two categories of Grade 3 or higher treatment-related adverse events observed in ≥10% of patients, both chemotherapy-related -

- Company to hold investor conference call on June 1, 2026, at 8:00 a.m. EST -

NEW YORK, May 21, 2026 (GLOBE NEWSWIRE) -- Immuneering Corporation (Nasdaq: IMRX), a late-stage clinical oncology company focused on keeping cancer patients alive and helping them thrive, today reported a 17.3-month median overall survival (OS) in first-line metastatic pancreatic cancer patients treated in its Phase 2a clinical trial evaluating atebimetinib (IMM-1-104) plus modified gemcitabine/nab-paclitaxel (mGnP), as of the April 24, 2026 data cutoff date. The only treatment-related adverse events observed at Grade 3 or higher in ≥10% of patients were anemia (16%) and neutropenia (18%), both chemotherapy-related. The full data (N=55) including details on OS, progression free survival (PFS), response, safety, weight stability/gain, and other relevant information will be shared in an oral presentation at the 2026 American Society of Clinical Oncology (ASCO) Annual Meeting by Peter Vu, MD, MHA of UC San Diego Health, on June 1, 2026, at 1:15 p.m. CDT.

“In my own patients on this trial, I have seen meaningful benefit without the functional decline I am accustomed to seeing in this disease — patients holding their weight, their energy, and their sense of themselves across many months of treatment," said Daniel Ahn, D.O., Mayo Clinic Arizona, an investigator on the Phase 2a trial of atebimetinib. "When the field has more than one effective first-line option, the deciding factor at the bedside will be tolerability.”

“A 17.3-month median overall survival is a meaningful result for first-line metastatic pancreatic cancer patients,” said Ben Zeskind, Ph.D., CEO of Immuneering. “Importantly, only two categories of Grade 3 or higher treatment-related adverse events were observed in 10% or more of patients, both chemotherapy-related. These findings support our randomized Phase 3 clinical trial, MAPKeeper 301, which is now recruiting. We look forward to Dr. Vu’s presentation of the full data at ASCO on June 1.”

The company will share data from the expanded cohort totaling 55 first-line patients at ASCO on June 1, 2026, which includes an initial cohort of 34 patients that the company previously reported, plus an additional 21 patients. The company’s pivotal Phase 3 MAPKeeper 301 (NCT07562152) trial of atebimetinib + mGnP in patients with first-line metastatic pancreatic cancer is currently recruiting, and the company is on track to dose the first patient in mid-2026.

Oral Presentation Details:

Title: Results from a phase 2a study of atebimetinib in combination with mGnP in advanced or metastatic pancreatic cancer
Session Type/Title: Rapid Oral Abstract Session – Gastrointestinal Cancer – Gastroesophageal, Pancreatic, and Hepatobiliary
Abstract Number: 4013
Date and Time: June 1, 2026, 1:15 p.m. – 2:45 p.m. CDT
Presenter: Peter Vu, M.D., MHA (UCSD)

Authors: Vincent Chung (City of Hope), Peter Vu (UCSD), Vincent Ma (University of Wisconsin), Nataliya Uboha (University of Wisconsin), Umair Majeed (Mayo Clinic), Su Chandra (Northwestern), Devalingam Mahalingam (Northwestern), Melissa Johnson (Sarah Cannon), Meredith Pelster (Sarah Cannon), Anna Pavlick (Weill Cornell), Allyson Ocean (Weill Cornell), Barbara Ma (Weill Cornell), Alex Spira (NEXT Oncology), Steven Duffy (HOACNY), Jason Henry (Sarah Cannon), Gregory Botta (UCSD), Alexander Philipovskiy (Sarah Cannon), Shubham Pant (MD Anderson), Sant Chawla (Sarcoma Oncology), Jenny Zhang (Immuneering), Jason Kim (Immuneering), Sarah Kolitz (Immuneering), Jason Funt (Immuneering), Vinny Hayreh (Immuneering), Brett Hall (Immuneering), Ben Zeskind (Immuneering), Igor Matushansky (Immuneering), Daniel Ahn (Mayo Clinic)  

Conference Call

Immuneering will host a conference call and live webcast at 8:00 a.m. ET / 7:00 a.m. CT on June 1, 2026, to discuss the data. Individuals interested in listening to the live conference call may do so by dialing (800) 715-9871 for U.S callers and (646) 307-1963 for other locations and reference conference ID 7597768, or from the webcast link in the “investors” section of the company's website at www.immuneering.com. A webcast replay will be available in the investor relations section on the company’s website for 90 days following the completion of the call.

About Immuneering

Immuneering is a late-stage clinical oncology company dedicated to keeping cancer patients alive and helping them thrive, with an initial focus on patients with RAS, RAF, and other MAPK-driven cancers. The Company is developing an entirely new category of cancer medicines, Deep Cyclic Inhibitors, designed to improve overall survival by three mechanisms: shrinking tumors durably with less resistance, preserving body mass by countering cachexia, and minimizing side effects to maximize performance status and combinability. Immuneering’s lead product candidate, atebimetinib, is an investigational, oral, once-daily Deep Cyclic Inhibitor of MEK, designed to improve survival across many cancer indications. The company is conducting a global randomized pivotal trial, MAPKeeper 301, evaluating atebimetinib in combination with chemotherapy in first-line pancreatic cancer patients. The Company’s development pipeline also includes additional combination opportunities and preclinical stage programs. For more information, please visit www.immuneering.com.

Forward-Looking Statements

This press release contains forward-looking statements, including within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including, without limitation, statements regarding: the treatment potential of atebimetinib, alone or in combination with other agents to treat cancer, including modified Gemcitabine/nab-paclitaxel (mGnP) in first-line pancreatic cancer; the timing of dosing of the MAPKeeper 301 study and the phase 2a results supporting such study; the content of the upcoming 2026 oral presentation at ASCO; the ability of the three design mechanisms of atebimetinib to shrink tumors durably, improve overall survival and overcome the limitations of conventional MAPK inhibition and provide a more sustained clinical benefit for patients.

These forward-looking statements are based on management’s current expectations. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to, the following: the risks inherent in oncology drug research and development, including target discovery, target validation, lead compound identification, and lead compound optimization; we have incurred significant losses, are not currently profitable and may never become profitable; our projected cash runway; our need for additional funding; our unproven approach to therapeutic intervention; our ability to address regulatory questions and the uncertainties relating to regulatory filings, reviews and approvals; the lengthy, expensive, and uncertain process of clinical drug development, including potential delays in activating trial sites or enrolling trial participants, or failure to obtain regulatory approvals; our reliance on third parties and collaborators to conduct our clinical trials, manufacture our product candidates, and develop and commercialize our product candidates, if approved; failure to compete successfully against other drug companies; protection of our proprietary technology and the confidentiality of our trade secrets; potential lawsuits for, or claims of, infringement of third-party intellectual property or challenges to the ownership of our intellectual property; our patents being found invalid or unenforceable; costs and resources of operating as a public company; and unfavorable or no analyst research or reports.

These and other important factors discussed under the caption “Risk Factors” in our Quarterly Report on Form 10-Q for the period ended March 31, 2026, and our other reports filed with the U.S. Securities and Exchange Commission, could cause actual results to differ materially from those indicated by the forward-looking statements made in this press release. Any such forward-looking statements represent management's estimates as of the date of this press release. While we may elect to update such forward-looking statements at some point in the future, except as required by law, we disclaim any obligation to do so, even if subsequent events cause our views to change. These forward-looking statements should not be relied upon as representing our views as of any date subsequent to the date of this press release.

Investor Contact:
Courtney Dugan
[email protected]

Media Contact:
Peg Rusconi
[email protected]

Immuneering Corporation (IMRX) Discusses Positive Atebimetinib ASCO Data Update in First-Line Pancreatic Cancer Transcript

, /CNW/ - BMO Financial Group (TSX: BMO) (NYSE: BMO) will host an all-bank Investor Day in Toronto on Thursday, March 26, 2026. The event will feature presentations from Darryl White, Chief Executive Officer, and members of BMO's senior executive leadership team.

Registration details, agenda and speaker information can be found at https://www.bmo.com/main/about-bmo/investor-relations/presentations-events. The live webcast and presentation slides will be posted on the day of the event.

About BMO Financial Group
BMO Financial Group is the eighth largest bank in North America by assets, with total assets of $1.5 trillion as of January 31, 2026. Serving customers for 200 years and counting, BMO is a diverse team of highly engaged employees providing a broad range of personal and commercial banking, wealth management, global markets and investment banking products and services to approximately 13 million customers across Canada, the United States, and in select markets globally. Driven by a single purpose, to Boldly Grow the Good in business and life, BMO is committed to driving positive change in the world, and making progress for a thriving economy, sustainable future, and stronger communities.

Web: www.bmo.com X: @BMOmedia

SOURCE BMO Financial Group

BMO's Second Quarter 2026 Report to Shareholders, including the unaudited interim consolidated financial statements for the period ended April 30, 2026, are available online at www.bmo.com/investorrelations, on the Canadian Securities Administrators' website at www.sedarplus.ca, and on the EDGAR section of the U.S. Securities and Exchange Commission's website at www.sec.gov.

Financial Results Highlights

Second Quarter 2026 compared with Second Quarter 2025:

Reported net income1 of $2,630 million, an increase of 34% from $1,962 million; adjusted net income1 of $2,733 million, an increase of 34% from $2,046 million Reported earnings per share (EPS)2 of $3.53, an increase of 41% from $2.50; adjusted EPS1, 2 of $3.67, an increase of 40% from $2.62 Provision for credit losses (PCL) of $739 million, a decrease from $1,054 million Reported return on equity (ROE) of 13.0%, compared with 9.4%; adjusted ROE1 of 13.5%, compared with 9.8% Common Equity Tier 1 (CET1) Ratio3 of 13.0%, compared with 13.5% Declared a quarterly dividend of $1.71 per common share, an increase of $0.08 or 5% from the prior year and $0.04 or 2% from the prior quarter Year-to-Date 2026 compared with Year-to-Date 2025:

Reported net income1 of $5,119 million, an increase of 25% from $4,100 million; adjusted net income1 of $5,284 million, an increase of 22% from $4,335 million Reported EPS2 of $6.92, an increase of 30% from $5.34; adjusted EPS1, 2 of $7.15, an increase of 26% from $5.66 PCL of $1,485 million, a decrease from $2,065 million Reported ROE of 12.5%, compared with 10.0%; adjusted ROE1 of 12.9%, compared with 10.6% , /CNW/ - BMO Financial Group (TSX:BMO) (NYSE:BMO) reported net income for the second quarter ended April 30, 2026 was $2,630 million, compared with $1,962 million in the prior year, and EPS of $3.53, compared with $2.50. Reported ROE was 13.0%, compared with 9.4% in the prior year. Adjusted net income was $2,733 million and adjusted EPS was $3.67, an increase from $2,046 million and $2.62, respectively, in the prior year. Adjusted ROE was 13.5%, compared with 9.8% in the prior year.

"At our March Investor Day, we reviewed our plan to elevate returns and accelerate growth. Our second quarter results continued to demonstrate meaningful progress and momentum against these commitments. We once again strengthened ROE and delivered strong EPS growth, driven by robust fee revenue across Capital Markets, Wealth Management and Treasury and Payments. We delivered solid sequential commercial banking loan growth in both Canada and the United States, reflecting improving client activity and the strength of our bankers. These outcomes are driven by our focus on deepening client relationships, innovating to drive business value, and optimizing performance," said Darryl White, CEO of BMO Financial Group.

"Our value‑driven approach to human‑ and AI‑powered client experiences is delivering tangible benefits. To continue to advance our innovation strategy, we recently established the BMO Institute for Applied Artificial Intelligence & Quantum, dedicated to the responsible application, governance and oversight of AI at scale, and support our clients as they integrate AI into their companies and households. Disciplined investment, capital and risk management continue to strengthen our earnings quality, creating sustainable long‑term value for our shareholders," concluded Mr. White.

Concurrent with the release of results, BMO announced a third quarter 2026 dividend of $1.71 per common share, an increase of $0.04 or 2% from the prior quarter and an increase of $0.08 or 5% from the prior year. The quarterly dividend of $1.71 is equivalent to an annual dividend of $6.84 per common share. During the quarter, we purchased for cancellation 6.0 million common shares under the normal course issuer bid, at an average price of $193.47 per share.

On May 11, 2026, we entered into a definitive agreement with Stonepeak for the sale of BMO's Transportation Finance and Vendor Finance businesses, including related loan portfolios which are part of our U.S. Banking and Canadian P&C operating segments. Stonepeak will acquire the assets of these businesses for cash consideration and an earn-out contingent upon the business achieving specified future performance targets. BMO will use a portion of the consideration to invest an approximate 19.9% equity interest in the new entity.

The transaction met the accounting requirements for assets held for sale in the third quarter of fiscal 2026, and as a result, we expect to recognize a charge of approximately $1.1 billion pre-tax ($0.9 billion after-tax), primarily related to goodwill recorded in Corporate Services and treated as an adjusting item. The final amount is subject to closing adjustments and foreign exchange rates prevailing at the date of closing. This transaction is expected to close in the fourth quarter of fiscal 2026, subject to regulatory approvals and customary closing conditions.

Caution

The foregoing section contains forward-looking statements. Please refer to the Caution Regarding Forward-Looking Statements section.

(1)

Results and measures in this document are presented on a generally accepted accounting principles (GAAP) basis. They are also presented on an adjusted basis that excludes the impact of certain specified items from reported results. Adjusted results and ratios are non-GAAP and are detailed in the Non-GAAP and Other Financial Measures section. Unless otherwise indicated, all amounts are in Canadian dollars. All ratios and percentage changes in this document are based on unrounded numbers.

(2)

All EPS measures in this document refer to diluted EPS, unless specified otherwise.

(3)

The CET1 Ratio is disclosed in accordance with the Capital Adequacy Requirements (CAR) Guideline, as set out by the Office of the Superintendent of Financial Institutions (OSFI), as applicable.

Second Quarter 2026 Performance Review

Adjusted results and ratios in this section are on a non-GAAP basis. Refer to the Non-GAAP and Other Financial Measures section for further information on adjusting items.

Canadian P&C

Reported net income was $884 million, an increase of $120 million or 15% from the prior year, and adjusted net income was $887 million, an increase of $119 million or 15%, primarily due to a 5% increase in revenue, as well as a lower provision for credit losses, partially offset by higher expenses. Revenue growth was driven by increases in net interest income, primarily due to higher net interest margin, and non-interest revenue due to higher card-related and mutual fund distribution fees, partially offset by lower deposit fee revenue.

U.S. Banking

Reported net income was $790 million, an increase of $189 million or 32% from the prior year, and adjusted net income was $847 million, an increase of $172 million or 25%. The impact of the weaker U.S. dollar decreased net income by 5%, revenue by 4% and expenses by 3%.

On a U.S. dollar basis, reported net income was $575 million, an increase of $154 million or 37% from the prior year, and adjusted net income was $616 million, an increase of $143 million or 30%, primarily due to a 5% increase in revenue and a lower provision for credit losses, with expenses relatively unchanged from the prior year. Revenue growth was driven by higher non-interest revenue, including the impact of a loss on the sale of a non-relationship U.S. credit card portfolio in the prior year, and higher net interest income due to higher net interest margin, partially offset by lower balances.

Wealth Management

Reported net income was $428 million, an increase of $108 million or 34% from the prior year, and adjusted net income was $444 million, an increase of $124 million or 39%. Wealth and Asset Management reported net income was $342 million, an increase of $81 million or 31%, and adjusted net income was $358 million, an increase of $97 million or 37%, reflecting higher revenue, primarily due to the impact of stronger global markets and net sales, higher net interest income, as well as the inclusion of Burgundy Asset Management (Burgundy), partially offset by higher expenses. Insurance net income was $86 million, an increase of $27 million or 47% from the prior year, primarily due to favourable market movements in the current year.

Capital Markets

Reported net income was $638 million, an increase of $204 million or 47% from the prior year, and adjusted net income was $641 million, an increase of $204 million or 46%, reflecting higher revenue in Global Markets and Investment and Corporate Banking, and a lower provision for credit losses, partially offset by higher expenses.

Corporate Services

Reported net loss was $110 million, compared with a reported net loss of $157 million in the prior year, and adjusted net loss was $86 million, compared with an adjusted net loss of $154 million, with changes driven by higher treasury-related revenue.

Credit Quality

Total provision for credit losses was $739 million, compared with a provision of $1,054 million in the prior year. The provision for credit losses on impaired loans was $734 million, a decrease of $31 million, primarily due to lower provisions in Capital Markets and U.S. Banking. The provision for credit losses on performing loans was $5 million, compared with $289 million in the prior year. The performing provision in the current quarter was primarily driven by the net impact of model changes, largely offset by portfolio credit migration and lower portfolio balances, while the prior year reflected changes in the macroeconomic environment.

Refer to the Critical Accounting Estimates and Judgments section of BMO's 2025 Annual Report and Note 3 of the audited annual consolidated financial statements for further information on the allowance for credit losses as at October 31, 2025.

Capital

BMO's Common Equity Tier 1 (CET1) Ratio was 13.0% as at April 30, 2026, a decrease from 13.1% at the end of the first quarter of 2026, as internal capital generation was more than offset by the impact of the purchase of common shares for cancellation and higher source currency risk-weighted assets.

Non-GAAP and Other Financial Measures

Results and measures in this document are presented on a generally accepted accounting principles (GAAP) basis. Unless otherwise indicated, all amounts are in Canadian dollars and have been derived from our audited annual consolidated financial statements and our unaudited interim consolidated financial statements, prepared in accordance with International Financial Reporting Standards (IFRS), as issued by the International Accounting Standards Board (IASB). References to GAAP mean IFRS. We use a number of financial measures to assess our performance, as well as the performance of our operating segments, including amounts, measures and ratios that are presented on a non‑GAAP basis, as described below. We believe that these non‑GAAP amounts, measures and ratios, read together with our GAAP results, provide readers with a better understanding of how management assesses results.

Non-GAAP amounts, measures and ratios do not have standardized meanings under GAAP. They are unlikely to be comparable to similar measures presented by other companies and should not be viewed in isolation from, or as a substitute for, GAAP results.

Certain information contained in BMO's Second Quarter 2026 Management's Discussion and Analysis dated May 27, 2026, for the period ended April 30, 2026, is incorporated by reference into this document. For further details on the composition of our supplementary financial measures, refer to the Glossary of Financial Terms section of BMO's Second Quarter 2026 Report to Shareholders, which is available online at www.bmo.com/investorrelations and at www.sedarplus.ca.

Adjusted measures and ratios

Management considers both reported and adjusted results and measures to be useful in assessing underlying ongoing business performance. Adjusted results and measures remove certain specified items from revenue, non‑interest expense and income taxes, as detailed in the following table. Adjusted results and measures presented in this document are non‑GAAP. Presenting results on both a reported and an adjusted basis permits readers to assess the impact of certain items on results for the periods presented, and to better assess results excluding those items that may not reflect ongoing business performance. As such, the presentation may facilitate readers' analysis of underlying trends. Except as otherwise noted, management's discussion of changes in reported results in this document applies equally to changes in the corresponding adjusted results.

Net Interest Margin, excluding Global Markets and Insurance

Effective the first quarter of fiscal 2026, we report net interest margin on a basis that excludes net interest income from our Global Markets business in Capital Markets, and average earning assets from our Global Markets and Insurance businesses. Management considers this measure to be useful in allowing readers to assess performance of BMO's lending, investing and deposit-raising activities without the volatility that may be associated with market and trading-related activities. This measure replaces net interest margin, excluding trading and insurance previously disclosed, and prior periods have been reclassified to conform with the current period's presentation.

Tangible common equity and return on tangible common equity

Tangible common equity is calculated as common shareholders' equity, less goodwill and acquisition-related intangible assets, net of related deferred tax liabilities. Return on tangible common equity (ROTCE) is calculated as net income available to common shareholders, adjusted for the amortization of acquisition-related intangible assets and any impairments, as a percentage of average tangible common equity. ROTCE is commonly used in the North American banking industry and is meaningful as a consistent measure of the performance of businesses, whether they were acquired or developed organically.

Adjusting Items

Adjusted results in the current quarter and prior periods excluded the following items:

Impact of divestitures related to the announced sale of 138 branches in select U.S. markets, recorded in non-interest expense in Corporate Services. Q2-2026 included expenses of $26 million ($24 million after-tax), comprising a write-down of goodwill of $18 million and divestiture-related costs of $8 million. Prior periods included divestiture-related costs of $4 million ($3 million after-tax) in Q1-2026. Acquisition and integration costs of $3 million ($2 million after-tax) in the current quarter. Prior periods included expenses of $9 million ($7 million after-tax) in Q1-2026, a reversal of $2 million ($1 million after-tax) in Q2-2025 and expenses of $10 million ($7 million after-tax) in Q1-2025. Amounts are recorded in non-interest expense in the related operating segment: Burgundy in Wealth Management and Bank of the West in Corporate Services. Amortization of acquisition-related intangible assets of $93 million ($70 million after-tax) in the current quarter. Prior periods included $96 million ($71 million after-tax) in Q1-2026, $109 million ($81 million after-tax) in Q2-2025 and $106 million ($79 million after-tax) in Q1-2025. Amounts are recorded in non-interest expense in the related operating segment. Change in the fair value of contingent consideration related to the acquisition of Burgundy, which reduced non-interest revenue in the current quarter by $7 million (pre-tax and after-tax), recorded in Wealth Management. Q1-2026 included a reduction of $16 million (pre-tax and after-tax). For further information, refer to Note 13 of the unaudited interim consolidated financial statements and Note 9 of the audited annual consolidated financial statements of BMO's 2025 Annual Report. U.S. Federal Deposit Insurance Corporation (FDIC) special assessment recorded in non-interest expense in Corporate Services. Q1-2026 included a partial reversal of a prior charge of $47 million ($35 million after-tax). Prior periods included expenses of $5 million ($4 million after-tax) in Q2-2025 and a partial reversal of $7 million ($5 million after-tax) in Q1-2025. Impact of aligning accounting policies for employee vacation across legal entities of $96 million ($70 million after-tax) in Q1-2025, recorded in non-interest expense in Corporate Services. Adjusting items in aggregate decreased net income by $103 million in the current quarter, compared with a $84 million decrease in the prior year and a decrease of $62 million in the prior quarter. On a year-to-date basis, adjusting items in aggregate decreased net income by $165 million, compared with a decrease of $235 million in the prior year.

Non-GAAP and Other Financial Measures (1)

TABLE 1

(Canadian $ in millions, except as noted)

Q2-2026

Q1-2026

Q2-2025

YTD-2026

YTD-2025

Reported Results

Net interest income

5,268

5,643

5,097

10,911

10,495

Non-interest revenue

4,299

4,181

3,582

8,480

7,450

Revenue

9,567

9,824

8,679

19,391

17,945

Provision for credit losses

739

746

1,054

1,485

2,065

Non-interest expense

5,330

5,753

5,019

11,083

10,446

Income before income taxes

3,498

3,325

2,606

6,823

5,434

Provision for income taxes

868

836

644

1,704

1,334

Net income

2,630

2,489

1,962

5,119

4,100

Dividends on preferred shares and distributions on other equity instruments

139

81

142

220

207

Net income (loss) attributable to non-controlling interest in subsidiaries

4

(1)

2

3

6

Net income available to common shareholders

2,487

2,409

1,818

4,896

3,887

Diluted EPS ($)

3.53

3.39

2.50

6.92

5.34

Adjusting Items Impacting Revenue (Pre-tax)

Change in fair value of contingent consideration (2)

(7)

(16)

–

(23)

–

Impact of adjusting items on revenue (pre-tax)

(7)

(16)

–

(23)

–

Adjusting Items Impacting Non-Interest Expense (Pre-tax)

Acquisition and integration costs/reversal

(3)

(9)

2

(12)

(8)

Amortization of acquisition-related intangible assets (3)

(93)

(96)

(109)

(189)

(215)

Impact of divestitures

(26)

(4)

–

(30)

–

FDIC special assessment

–

47

(5)

47

2

Impact of alignment of accounting policies

–

–

–

–

(96)

Impact of adjusting items on non-interest expense (pre-tax)

(122)

(62)

(112)

(184)

(317)

Adjusting Items Impacting Revenue (After-tax)

Change in fair value of contingent consideration (2)

(7)

(16)

–

(23)

–

Impact of adjusting items on revenue (after-tax)

(7)

(16)

–

(23)

–

Adjusting Items Impacting Non-Interest Expense (After-tax)

Acquisition and integration costs/reversal

(2)

(7)

1

(9)

(6)

Amortization of acquisition-related intangible assets (3)

(70)

(71)

(81)

(141)

(160)

Impact of divestitures

(24)

(3)

–

(27)

–

FDIC special assessment

–

35

(4)

35

1

Impact of alignment of accounting policies

–

–

–

–

(70)

Impact of adjusting items on non-interest expense (after-tax)

(96)

(46)

(84)

(142)

(235)

Impact of adjusting items on reported net income (after-tax)

(103)

(62)

(84)

(165)

(235)

Impact on diluted EPS ($)

(0.14)

(0.09)

(0.12)

(0.23)

(0.32)

Adjusted Results

Net interest income

5,268

5,643

5,097

10,911

10,495

Non-interest revenue

4,306

4,197

3,582

8,503

7,450

Revenue

9,574

9,840

8,679

19,414

17,945

Provision for credit losses

739

746

1,054

1,485

2,065

Non-interest expense

5,208

5,691

4,907

10,899

10,129

Income before income taxes

3,627

3,403

2,718

7,030

5,751

Provision for income taxes

894

852

672

1,746

1,416

Net income

2,733

2,551

2,046

5,284

4,335

Net income available to common shareholders

2,590

2,471

1,902

5,061

4,122

Diluted EPS ($)

3.67

3.48

2.62

7.15

5.66

(1)

Adjusted results exclude certain items from reported results and are used to calculate our adjusted measures as presented in the table above. Refer to the commentary in this Non-GAAP and Other Financial Measures section for further information on adjusting items.

(2)

Recorded in non-interest revenue.

(3)

Represents amortization of acquisition-related intangible assets and any impairment.

Summary of Reported and Adjusted Results by Operating Segment

TABLE 2

Wealth

Capital

Corporate

U.S. Operations (1)

(Canadian $ in millions, except as noted)

Canadian P&C

U.S. Banking

Management

Markets

Services

Total Bank

(US$ in millions)

Q2-2026

Reported net income (loss)

884

790

428

638

(110)

2,630

655

Dividends on preferred shares and distributions on

other equity instruments

11

14

1

15

98

139

15

Net income attributable to non-controlling interest in subsidiaries

–

4

–

–

–

4

3

Net income (loss) available to common shareholders

873

772

427

623

(208)

2,487

637

Acquisition and integration costs

–

–

2

–

–

2

–

Amortization of acquisition-related intangible assets

3

57

7

3

–

70

43

Change in fair value of contingent consideration

–

–

7

–

–

7

–

Impact of divestitures

–

–

–

–

24

24

18

Adjusted net income (loss) (2)

887

847

444

641

(86)

2,733

716

Adjusted net income (loss) available to common shareholders (2)

876

829

443

626

(184)

2,590

698

Q1-2026

Reported net income (loss)

948

742

352

657

(210)

2,489

715

Dividends on preferred shares and distributions on

other equity instruments

13

14

2

15

37

81

17

Net income (loss) attributable to non-controlling interest in subsidiaries

–

(2)

–

–

1

(1)

(1)

Net income (loss) available to common shareholders

935

730

350

642

(248)

2,409

699

Acquisition and integration costs

–

–

7

–

–

7

–

Amortization of acquisition-related intangible assets

3

60

5

3

–

71

46

Change in fair value of contingent consideration

–

–

16

–

–

16

–

Impact of divestitures

–

–

–

–

3

3

2

FDIC special assessment

–

–

–

–

(35)

(35)

(26)

Adjusted net income (loss) (2)

951

802

380

660

(242)

2,551

737

Adjusted net income (loss) available to common shareholders (2)

938

790

378

645

(280)

2,471

721

Q2-2025

Reported net income (loss)

764

601

320

434

(157)

1,962

515

Dividends on preferred shares and distributions on

other equity instruments

11

16

1

10

104

142

3

Net income (loss) attributable to non-controlling interest in subsidiaries

–

5

–

–

(3)

2

1

Net income (loss) available to common shareholders

753

580

319

424

(258)

1,818

511

Acquisition and integration costs/reversal

–

–

–

–

(1)

(1)

(1)

Amortization of acquisition-related intangible assets

4

74

–

3

–

81

54

FDIC special assessment

–

–

–

–

4

4

3

Adjusted net income (loss) (2)

768

675

320

437

(154)

2,046

571

Adjusted net income (loss) available to common shareholders (2)

757

654

319

427

(255)

1,902

567

YTD-2026

Reported net income (loss)

1,832

1,532

780

1,295

(320)

5,119

1,370

Dividends on preferred shares and distributions on

other equity instruments

24

28

3

30

135

220

32

Net income attributable to non-controlling interest in subsidiaries

–

2

–

–

1

3

2

Net income (loss) available to common shareholders

1,808

1,502

777

1,265

(456)

4,896

1,336

Acquisition and integration costs

–

–

9

–

–

9

–

Amortization of acquisition-related intangible assets

6

117

12

6

–

141

89

Change in fair value of contingent consideration

–

–

23

–

–

23

–

Impact of divestitures

–

–

–

–

27

27

20

FDIC special assessment

–

–

–

–

(35)

(35)

(26)

Adjusted net income (loss) (2)

1,838

1,649

824

1,301

(328)

5,284

1,453

Adjusted net income (loss) available to common shareholders (2)

1,814

1,619

821

1,271

(464)

5,061

1,419

(1)

U.S. Operations comprises reported and adjusted results recorded in U.S. Banking, and the U.S. operations in Capital Markets and Corporate Services.

(2)

Refer to the commentary in this Non-GAAP and Other Financial Measures section for details on adjusting items.

Certain comparative figures have been reclassified to conform with the current period's presentation.

Summary of Reported and Adjusted Results by Operating Segment (Continued)

TABLE 2 (Continued)

Wealth

Capital

Corporate

U.S. Operations (1)

(Canadian $ in millions, except as noted)

Canadian P&C

U.S. Banking

Management

Markets

Services

Total Bank

(US$ in millions)

YTD-2025

Reported net income (loss)

1,641

1,236

648

1,023

(448)

4,100

1,154

Dividends on preferred shares and distributions on

other equity instruments

23

31

3

20

130

207

6

Net income attributable to non-controlling interest in subsidiaries

–

5

–

–

1

6

4

Net income (loss) available to common shareholders

1,618

1,200

645

1,003

(579)

3,887

1,144

Acquisition and integration costs

–

–

–

–

6

6

4

Amortization of acquisition-related intangible assets

7

146

–

7

–

160

106

FDIC special assessment

–

–

–

–

(1)

(1)

(1)

Impact of alignment of accounting policies

–

–

–

–

70

70

25

Adjusted net income (loss) (2)

1,648

1,382

648

1,030

(373)

4,335

1,288

Adjusted net income (loss) available to common shareholders (2)

1,625

1,346

645

1,010

(504)

4,122

1,278

See previous page for footnote references.

Certain comparative figures have been reclassified to conform with the current period's presentation.

Caution

This Non-GAAP and Other Financial Measures section contains forward-looking statements. Please refer to the Caution Regarding Forward-Looking Statements.

Caution Regarding Forward-Looking Statements

Bank of Montreal's public communications often include written or oral forward-looking statements. Statements of this type are included in this document and may be included in other filings with Canadian securities regulators or the U.S. Securities and Exchange Commission, or in other communications. All such statements are made pursuant to the "safe harbor" provisions of, and are intended to be forward-looking statements under, the United States Private Securities Litigation Reform Act of 1995 and any applicable Canadian securities legislation. Forward-looking statements in this document may include, but are not limited to: statements with respect to our objectives and priorities for fiscal 2026 and beyond; our strategies or future actions; our targets and commitments; expectations for our financial condition, capital position, the regulatory environment in which we operate, the results of, or outlook for, our operations or the Canadian, U.S. and international economies; and include statements made by our management. Forward-looking statements are typically identified by words such as "will", "would", "should", "believe", "expect", "anticipate", "project", "intend", "estimate", "plan", "goal", "commit", "target", "may", "might", "schedule", "forecast", "outlook", "timeline", "suggest", "seek" and "could" or negative or grammatical variations thereof.

By their nature, forward-looking statements require us to make assumptions and are subject to inherent risks and uncertainties, both general and specific in nature. There is significant risk that predictions, forecasts, conclusions or projections will not prove to be accurate, that our assumptions may not be correct, and that actual results may differ materially from such predictions, forecasts, conclusions or projections. We caution readers of this document not to place undue reliance on our forward-looking statements, as a number of factors – many of which are beyond our control and the effects of which can be difficult to predict – could cause actual future results, conditions, actions or events to differ materially from the targets, expectations, estimates or intentions expressed in the forward-looking statements.

The future outcomes that relate to forward-looking statements may be influenced by many factors, including, but not limited to: general economic and market conditions in the countries in which we operate, including labour challenges and changes in foreign exchange and interest rates; political conditions, including changes relating to, or affecting, economic or trade matters, including tariffs, countermeasures and tariff mitigation policies; changes to our credit ratings; cyber and information security, including the threat of data breaches, hacking, identity theft and corporate espionage, as well as the possibility of denial of service resulting from efforts targeted at causing system failure and service disruption; technology resilience, innovation and competition; technological change, including the use of data and artificial intelligence (AI) in our business, including generative AI; failure of third parties to comply with their obligations to us; disruptions of global supply chains; environmental and social risk, including climate change; the Canadian housing market and consumer leverage; inflationary pressures; changes in laws, including tax legislation and interpretation, or in supervisory expectations or requirements, including capital, interest rate and liquidity requirements and guidance, including if the bank were designated a global systemically important bank, and the effect of such changes on funding costs and capital requirements; changes in monetary, fiscal or economic policy; weak, volatile or illiquid capital or credit markets; the level of competition in the geographic and business areas in which we operate; exposure to, and the resolution of, significant litigation or regulatory matters, our ability to successfully appeal adverse outcomes of such matters and the timing, determination and recovery of amounts related to such matters; the accuracy and completeness of the information we obtain with respect to our customers and counterparties; our ability to successfully execute our strategic plans, complete acquisitions or dispositions and integrate acquisitions, including obtaining regulatory approvals, and realize any anticipated benefits from such plans and transactions; critical accounting estimates and judgments, and the effects of changes in accounting standards, rules and interpretations on these estimates; operational and infrastructure risks, including with respect to reliance on third parties; global capital markets activities; the emergence or continuation of widespread health emergencies or pandemics, and their impact on local, national or international economies, as well as their heightening of certain risks that may affect our future results; the possible effects on our business of war or terrorist activities; natural disasters, such as earthquakes or flooding, and disruptions to public infrastructure, such as transportation, communications, power or water supply; and our ability to anticipate and effectively manage risks arising from all of the foregoing factors.

We caution that the foregoing list is not exhaustive of all possible factors. Other factors and risks could adversely affect our results. For further information, please refer to the discussion in the Risks That May Affect Future Results section, and the sections related to credit and counterparty, market, liquidity and funding, operational non-financial, legal and regulatory compliance, strategic, environmental and social, and reputation risk in the Enterprise-Wide Risk Management section of BMO's 2025 Annual Report, and the Risk Management section in our Second Quarter 2026 Report to Shareholders, all of which outline certain key factors and risks that may affect our future results. Investors and others should carefully consider these factors and risks, as well as other uncertainties and potential events, and the inherent uncertainty of forward-looking statements. We do not undertake to update any forward-looking statements, whether written or oral, that may be made from time to time by the organization or on its behalf, except as required by law. The forward-looking information contained in this document is presented for the purpose of assisting shareholders and analysts in understanding our financial position as at and for the periods ended on the dates presented, as well as our strategic priorities and objectives, and may not be appropriate for other purposes.

Material economic assumptions underlying the forward-looking statements contained in this document include those set out in the Economic Developments and Outlook section of BMO's 2025 Annual Report, as updated in the Economic Developments and Outlook section and the Risk Management – Geopolitical Developments section in our Second Quarter 2026 Report to Shareholders, as well as in the Allowance for Credit Losses section of BMO's 2025 Annual Report, as updated in the Allowance for Credit Losses section in our Second Quarter 2026 Report to Shareholders. Assumptions about the performance of the Canadian and U.S. economies, as well as overall market conditions and their combined effect on our business, are material factors we consider when determining our strategic priorities, objectives and expectations for our business. In determining our expectations for economic growth, we primarily consider historical economic data, past relationships between economic and financial variables, changes in government policies, and the risks to the domestic and global economy.

Investor and Media Information

Investor Presentation Materials

Interested parties are invited to visit BMO's website at www.bmo.com/investorrelations to review the 2025 Annual MD&A and audited annual consolidated financial statements, quarterly presentation materials and supplementary financial and regulatory information package.

Quarterly Conference Call and Webcast Presentations

Interested parties are also invited to listen to our quarterly conference call on Wednesday, May 27, 2026, at 8:15 a.m. (ET). The call may be accessed by telephone at 647-557-5533 (from within Toronto) or 1-888-440-4121 (toll-free outside Toronto), entering Passcode: 89709#. A replay of the conference call can be accessed until June 27, 2026, by calling 647-362-9199 (from within Toronto) or 1-800-770-2030 (toll-free outside Toronto) and entering Passcode: 89709#.

A live webcast of the call can be accessed on our website at www.bmo.com/investorrelations. A replay can also be accessed on the website.

Upcoming Events

Q3-2026 Earnings Release               August 25, 2026 Q4-2026 Earnings Release               December 2, 2026
Shareholder Dividend Reinvestment and Share Purchase Plan (DRIP)

Common shareholders may elect to have their cash dividends reinvested in
common shares of the bank, in accordance with the bank's DRIP. More
information about the Plan and how to enrol can be found at
www.bmo.com/investorrelations.

For dividend information, change in shareholder address

or to advise of duplicate mailings, please contact

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Toronto, Ontario M5H 4A6

Telephone: 416-263-9200

Fax: 1-888-453-0330

E-mail: [email protected]

For other shareholder information, please contact

Bank of Montreal

Shareholder Services

Corporate Secretary's Department

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Toronto, Ontario M5X 1A1

Telephone: 416-867-6785

E-mail: [email protected]

For further information on this document, please contact

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BMO's 2025 Annual MD&A, audited consolidated financial statements, Annual Information Form and annual report on Form 40-F (filed with the
U.S. Securities and Exchange Commission) are available online at www.bmo.com/investorrelations and at www.sedarplus.ca. Printed copies of the
bank's complete 2025 audited consolidated financial statements are available free of charge upon request at 416-867-6785 or [email protected]. 

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SOURCE BMO Financial Group

BMO Financial Group (TSX:BMO), Bank of Nova Scotia (TSX:BNS) and National Bank of Canada (TSX:NA) all topped analyst expectations in their second-quarter results, with each bank raising its quarterly dividend.

BMO posted the most dramatic profit surge of the three, with net income climbing 34% year-over-year to $2.63 billion, or $3.53 per diluted share, for the quarter ended April 30.

On an adjusted basis, earnings reached $3.67 per diluted share, well ahead of the consensus estimate of $3.45.

Revenue rose to $9.57 billion from $8.68 billion a year earlier, while provisions for credit losses fell sharply to $739 million from $1.05 billion. The bank raised its quarterly dividend to $1.71 per share from $1.67.

Jefferies noted the beat was strong but flagged that much of the upside came from capital markets rather than domestic retail, which underperformed.

BMO also announced the sale of its Transportation and Vendor Finance businesses to Stonepeak, a move expected to trigger a $1.1 billion charge next quarter.

Scotiabank kicked off the reporting season with adjusted earnings of $2.02 per share, topping the consensus estimate of $1.93.

Provisions for credit losses came in at $1.22 billion, above the $1.11 billion estimate, though Jefferies said the result reflected continued efficiency gains and improving profitability across most operating segments.

The exception was Global Banking and Markets, which saw a modest sequential decline. Scotia's CET1 capital ratio held at 13.3%.

Jefferies raised its target price by $7 to $112, noting the bank is narrowing the gap to peers even as loan growth in its international segment remains negative.

National Bank rounded out the trio with adjusted earnings of $3.23 per share, beating the $3.14 estimate, on adjusted revenue of $3.918 billion against expectations of $3.81 billion.

Capital markets was a standout, with advisory fees up 35% sequentially.

National raised its quarterly dividend by 6.5% to $1.32 per share. Its CET1 ratio edged down 10 basis points to 13.5% following share repurchases.

Shares of Scotiabank rose 1.2% in Toronto trading, while BMO was flat and National Bank slipped 2.7%.

Royal Bank of Canada (TSX:RY), Toronto-Dominion Bank (TSX:TD) and Canadian Imperial Bank of Commerce (CIBC) (TSX:CM) all topped analyst profit estimates on Thursday, as strength in domestic banking and lower loan loss provisions helped the lenders navigate a challenging macroeconomic backdrop marked by US-Canada trade tensions.

The three banks largely benefited from strong growth at home and lower provisions for credit losses, or the money set aside to shield profits from souring loans.

Royal Bank posted adjusted earnings per share of C$3.90 for the quarter ended April 30, beating the C$3.79 estimate, as net income rose 25% year over year to C$5.5 billion.

Return on equity reached 17.2%, surpassing the bank's recently elevated 17% target.

Provisions for credit losses fell 36% year over year to C$912 million, accounting for much of the beat.

RBC raised its quarterly dividend 7% to C$1.76 per share and announced plans to repurchase up to 45 million common shares. Shares fell roughly 1%.

Toronto-Dominion reported adjusted EPS of C$2.38, ahead of the C$2.26 consensus, with record second-quarter earnings in Canadian Personal and Commercial Banking, Wealth Management, and Wholesale Banking. Canadian banking profit rose 15% year over year, while US retail adjusted net income grew 12% in US dollar terms. Provisions came in below expectations at C$1 billion.

TD raised its quarterly dividend 3.7% to C$1.12 per share. Shares slipped roughly 0.4%.

CIBC posted adjusted EPS of C$2.54, beating the C$2.42 estimate, lifted by capital markets strength. Revenue came in at C$8.01 billion against expectations of C$7.84 billion.

Alongside its results, the bank announced a deal to sell its 91.67% stake in CIBC Caribbean Bank Limited to The Bank of NT Butterfield & Son for approximately US$1.6 billion, comprising US$1 billion in cash and Butterfield shares currently valued at US$645 million. The stake represents an equity interest in Butterfield of approximately 22% at closing, with CIBC obtaining two seats on Butterfield's board. CIBC plans to invest a portion of the proceeds in US wealth manager &Partners. Shares dropped 4.8%.

All six of Canada's major banks surpassed profit estimates for the second quarter.

Centrus Energy Corp. (LEU - Free Report) is expected to deliver a year-over-year decline in earnings on higher revenues when it reports results for the quarter ended March 2026. This widely-known consensus outlook gives a good sense of the company's earnings picture, but how the actual results compare to these estimates is a powerful factor that could impact its near-term stock price.

The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released on May 5. On the other hand, if they miss, the stock may move lower.

While the sustainability of the immediate price change and future earnings expectations will mostly depend on management's discussion of business conditions on the earnings call, it's worth handicapping the probability of a positive EPS surprise.

Zacks Consensus EstimateThis company is expected to post quarterly earnings of $0.41 per share in its upcoming report, which represents a year-over-year change of -55%.

Revenues are expected to be $74.05 million, up 1.3% from the year-ago quarter.

Estimate Revisions TrendThe consensus EPS estimate for the quarter has been revised 11.52% lower over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period.

Investors should keep in mind that the direction of estimate revisions by each of the covering analysts may not always get reflected in the aggregate change.

Price, Consensus and EPS Surprise

Earnings WhisperEstimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. Our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction) -- has this insight at its core.

The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.

Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only.

A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP.

Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell).

How Have the Numbers Shaped Up for Centrus Energy?For Centrus Energy, the Most Accurate Estimate is lower than the Zacks Consensus Estimate, suggesting that analysts have recently become bearish on the company's earnings prospects. This has resulted in an Earnings ESP of -19.79%.

On the other hand, the stock currently carries a Zacks Rank of #5.

So, this combination makes it difficult to conclusively predict that Centrus Energy will beat the consensus EPS estimate.

Does Earnings Surprise History Hold Any Clue?While calculating estimates for a company's future earnings, analysts often consider to what extent it has been able to match past consensus estimates. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number.

For the last reported quarter, it was expected that Centrus Energy would post earnings of $1.42 per share when it actually produced earnings of $0.79, delivering a surprise of -44.37%.

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

Bottom LineAn earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss.

That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.

Centrus Energy doesn't appear a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release.

An Industry Player's Expected ResultsAnother stock from the Zacks Mining - Non Ferrous industry, Southern Copper (SCCO - Free Report) , is soon expected to post earnings of $1.77 per share for the quarter ended March 2026. This estimate indicates a year-over-year change of +48.7%. Revenues for the quarter are expected to be $4.26 billion, up 36.3% from the year-ago quarter.

Over the last 30 days, the consensus EPS estimate for Southern Copper has been revised 3.2% up to the current level. Nevertheless, the company now has an Earnings ESP of 0.00%, reflecting an equal Most Accurate Estimate.

When combined with a Zacks Rank of #3 (Hold), this Earnings ESP makes it difficult to conclusively predict that Southern Copper will beat the consensus EPS estimate. The company beat consensus EPS estimates in each of the trailing four quarters.

Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.

Coeur Mining (CDE - Free Report) is expected to deliver a year-over-year increase in earnings on higher revenues when it reports results for the quarter ended March 2026. This widely-known consensus outlook gives a good sense of the company's earnings picture, but how the actual results compare to these estimates is a powerful factor that could impact its near-term stock price.

The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released on May 6. On the other hand, if they miss, the stock may move lower.

While management's discussion of business conditions on the earnings call will mostly determine the sustainability of the immediate price change and future earnings expectations, it's worth having a handicapping insight into the odds of a positive EPS surprise.

Zacks Consensus EstimateThis silver mining company is expected to post quarterly earnings of $0.44 per share in its upcoming report, which represents a year-over-year change of +300%.

Revenues are expected to be $794.1 million, up 120.6% from the year-ago quarter.

Estimate Revisions TrendThe consensus EPS estimate for the quarter has been revised 17.53% lower over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period.

Investors should keep in mind that the direction of estimate revisions by each of the covering analysts may not always get reflected in the aggregate change.

Price, Consensus and EPS Surprise

Earnings WhisperEstimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. This insight is at the core of our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction).

The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.

Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only.

A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP.

Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell).

How Have the Numbers Shaped Up for Coeur Mining?For Coeur Mining, the Most Accurate Estimate is lower than the Zacks Consensus Estimate, suggesting that analysts have recently become bearish on the company's earnings prospects. This has resulted in an Earnings ESP of -14.12%.

On the other hand, the stock currently carries a Zacks Rank of #3.

So, this combination makes it difficult to conclusively predict that Coeur Mining will beat the consensus EPS estimate.

Does Earnings Surprise History Hold Any Clue?Analysts often consider to what extent a company has been able to match consensus estimates in the past while calculating their estimates for its future earnings. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number.

For the last reported quarter, it was expected that Coeur Mining would post earnings of $0.43 per share when it actually produced earnings of $0.35, delivering a surprise of -18.60%.

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

Bottom LineAn earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss.

That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.

Coeur Mining doesn't appear a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release.

Expected Results of an Industry PlayerCentrus Energy Corp. (LEU - Free Report) , another stock in the Zacks Mining - Non Ferrous industry, is expected to report earnings per share of $0.41 for the quarter ended March 2026. This estimate points to a year-over-year change of -55%. Revenues for the quarter are expected to be $74.05 million, up 1.3% from the year-ago quarter.

The consensus EPS estimate for Centrus Energy has been revised 11.5% lower over the last 30 days to the current level. However, a lower Most Accurate Estimate has resulted in an Earnings ESP of -19.79%.

This Earnings ESP, combined with its Zacks Rank #3 (Hold), makes it difficult to conclusively predict that Centrus Energy will beat the consensus EPS estimate. Over the last four quarters, the company surpassed consensus EPS estimates two times.

Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.

Centrus Energy Corp. (LEU - Free Report) came out with quarterly earnings of $1.05 per share, beating the Zacks Consensus Estimate of $0.33 per share. This compares to earnings of $0.91 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of +216.84%. A quarter ago, it was expected that this company would post earnings of $1.42 per share when it actually produced earnings of $0.79, delivering a surprise of -44.37%.

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

Centrus Energy, which belongs to the Zacks Mining - Non Ferrous industry, posted revenues of $76.7 million for the quarter ended March 2026, surpassing the Zacks Consensus Estimate by 0.74%. This compares to year-ago revenues of $73.1 million. The company has topped consensus revenue estimates three 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.

Centrus Energy shares have lost about 14.8% since the beginning of the year versus the S&P 500's gain of 5.2%.

What's Next for Centrus Energy?While Centrus Energy 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 Centrus Energy 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 $0.94 on $146.7 million in revenues for the coming quarter and $2.66 on $466.16 million 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, Mining - Non Ferrous is currently in the top 38% 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.

Lundin Mining (LUNMF - Free Report) , another stock in the same industry, has yet to report results for the quarter ended March 2026. The results are expected to be released on May 6.

This base metals mining company is expected to post quarterly earnings of $0.29 per share in its upcoming report, which represents a year-over-year change of +163.6%. The consensus EPS estimate for the quarter has been revised 3.5% higher over the last 30 days to the current level.

Lundin Mining's revenues are expected to be $1.12 billion, up 16% from the year-ago quarter.