American Resources Corp (NASDAQ:AREC) earlier this week announced that its subsidiary Electrified Materials Corporation has procured its first battery shredding line as part of an expansion into lithium-ion battery recycling focused on lithium iron phosphate (LFP) chemistry.
Speaking with Proactive, CEO Mark Jensen said Electrified Materials is designed to complement the company’s ReElement refining platform by preprocessing recycled materials and supplying feedstock for downstream recovery operations.
Proactive: News came out from the company dealing with your Electrified Materials Corporation, which is another subsidiary that you have. Before we go to the news, maybe just explain to everyone about that subsidiary.
Mark Jensen: Electrified Materials Corporation is 100% owned by American Resources. Since the divestitures of all the other businesses, American Resources is laser focused on investing and taking minority stakes in mining assets throughout the world, while Electrified Materials is on the other spectrum, where the recycling division is preprocessing recycled components to feed into the ReElement platform. Both are designed to feed ReElement with feedstock — one from recycling and one from mined ore. Electrified Materials is focused not only on magnet materials, but also germanium and other feedstocks, as well as batteries.
The news is that you've procured your initial battery shredding line as part of a big expansion. Tell us what you have right now and what this will lead to.
We've been aggregating lithium-ion batteries, mostly focused on LFP. There’s a strategic reason for that. The NMC market is a little crowded, and we believe we're the only ones that can economically monetize the entire value stream of LFP. We spent about five years looking at technology. People say the battery recycling space is crowded right now with a lot of DOE-funded projects, but the difference between us and them is that we can go all the way through the lifecycle. We also cared about using best-in-class technology and processes while doing it safely. There have been a lot of disasters in the battery recycling space, including explosions and facilities burning down. We wanted to wait until the technology matured before buying our first shredding application.
Explain why you focus on lithium iron phosphate battery chemistry specifically.
We recycle and produce black mass at Electrified Materials. We sell the copper, aluminum, ferrous and other materials in the battery itself. LFP doesn’t contain cobalt or nickel, so many battery recyclers can’t refine those materials and instead sell them as an intermediate product. For us, we can go all the way through to high-purity lithium carbonate. We know a number of commercial partners that need it for technical and commercial reasons. Given our partnership with ReElement and the sister relationship between the companies, we can monetize the black mass and produce lithium carbonate. We can make money not only by offering lower tolling or tipping fees to battery customers, but also by sharing in the economics of the lithium carbonate produced by ReElement.
How big is this sector, and is it growing rapidly?
Over the last few years you've seen a massive transformation in the battery space. A lot of people were looking at NMC batteries, but now everybody's moving to LFP. It’s a safer battery, much lower cost and doesn’t contain conflict minerals. Every data center has battery storage, EVs are switching to LFP, and energy storage systems are using LFP as well. With grid disruptions and alternative energy growth, batteries are needed to smooth out the grid. You're seeing a huge influx in the use of LFP batteries globally.
As part of this expansion, what timing are we looking at?
It’ll definitely start happening this year. We bought the equipment and it should be delivered in the next few months. It will be relatively small scale in 2026 and then continually ramp into 2027. We’re already collecting multiple tons of batteries weekly. We didn’t want to buy the shredding equipment until we had at least a year’s worth of supply on the ground, and we have that now. We continue taking batteries every day while waiting for the equipment and are expanding our collection footprint through partners and potential JV relationships.
Quotes have been lightly edited for style and clarity
First Phosphate Corp. (CSE:PHOS, OTCQX:FRSPF, FRA:KD0, OTC:FPHOY) earlier this week reported a substantially updated mineral resource estimate for its Bégin-Lamarche phosphate project in Quebec, with indicated resources increasing by 378% following extensive drilling and metallurgical work.
CEO John Passalacqua told Proactive that the company had now completed more than 65,000 metres of drilling across the property, including a 40,000m second drill campaign completed earlier this year. He said the work had successfully upgraded inferred resources while also identifying additional mineral extensions across the deposit.
Passalacqua stated that the company had expanded the project from three zones to four distinct mineralized areas, now identified as the Mountain Zone, Northern Zone, Central Zone and Southern Zone. He said the deposit demonstrates strong continuity and remains open at depth, providing potential for additional future growth.
The company also highlighted positive metallurgical results supporting downstream battery material processing. Passalacqua noted that testing had achieved a 40.4% P2O5 concentrate grade, which he described as being among the purest globally.
He added that the company had achieved a phosphate-to-purified phosphoric acid conversion rate of approximately 91.1%, supporting the project’s potential suitability for lithium iron phosphate (LFP) battery applications.
According to Passalacqua, the project could become one of only a limited number of igneous phosphate operations globally capable of supplying high-purity phosphoric acid to the battery industry.
He said the strategic value of the project is increasing amid growing North American demand tied to electric vehicles, energy storage systems and AI-driven infrastructure expansion.
Looking ahead, Passalacqua said First Phosphate plans to internally review the updated data before potentially advancing to a feasibility study targeted for completion by December 2026.
Beyond that stage, the company would focus on permitting and project financing with the objective of achieving commercial production by 2029.
Proactive: All right. Welcome back inside our Proactive newsroom. Joining me now is John Passalacqua, CEO of First Phosphate. John, good to see you again. How are you?
John Passalacqua: Yeah great. Good to see you.
The company has big news today that you've updated your mineral resource at Bégin-Lamarche. Really strong numbers here, John. A big expansion for the project.
Yeah. Look, we're very happy with the results and all the work that's been done in the field. We've been able to increase indicated reserves by 378%. That's an extreme accomplishment. Not only have we been able to upgrade existing inferred resources, but we've also been able to find more and more extensions, and we even remain open at depth.
Talk to me a bit about the work that's gone into this. I know this was built over two drill programs, right?
Yes. It's been built over two drill programs. Our second drill program finished in March of this year. It was a 40,000m campaign. In total, we've drilled over 65,000m at the property. Now the drilling has pretty much been finalized for this stage of operations. We've been able to successfully upgrade, quantify and qualify all of our mineral resources at the property. We're quite happy. This now allows us to move to the next stages of development here.
Talk to us a bit about the characteristics of Bégin-Lamarche. It's broken up into four different areas that you've been working on.
Yeah, it's really great. We were working off three zones, but now with the increased mineralization and the way it's been qualified, we've moved to four zones. We have the Mountain Zone, the Northern Zone, the new Central Zone and the Southern Zone. Those are four distinct areas of the deposit corresponding to four different faults. Each has its own characteristics, but there is really large homogeneity across those zones and across the deposit. It's almost like one big massive blob of phosphate on surface that can be drilled out fairly easily.
In the report, you also talk about the metallurgical work and recovery rates. Those are very strong for the project moving forward.
Yeah. The really important thing is that the recovery rates are now pretty much solidified. We're able to get to an extremely high-purity concentrate. This concentrate is around one of the highest purities ever put together out there, and that's because of the purity of the rock. We arrive at a 40.4% P2O5 reading. That's incredible. It's almost pure apatite.
We've also been able to qualify the material to move it through the various steps into making purified phosphoric acid for the LFP battery industry. We get to a conversion ratio of about 91.1%, meaning that when you start with the rock, about 91.1% gets converted into purified phosphoric acid. Those are extremely generous rates and allow for the preparation of purified phosphoric acid for the LFP battery industry.
We've hit it on all levels — continuity, extensions on the resource, surface economics and downstream conversion capability. So we're extremely happy as a company.
Next steps. What happens now?
The next steps are for all of this to be reviewed internally. The next stage of mining development would be moving into a feasibility study. If we proceed, we'd like to complete that by December 2026. We'll be sitting down with the board and reviewing all the data.
After that, it would move into permitting and building the capital stack, which we've already started to do, with the goal of having a mine operational by 2029.
Obviously with a rise of 378%, this is a large project. Where does this put the project on a global scale?
In terms of North America, it could very well be the first igneous phosphate mine to come to life. There's only one other exporter of igneous phosphate in the world right now, and that's in Russia. We'd be one of only a handful of projects globally capable of providing this high-grade purified phosphoric acid.
It would be exceptional for North America because it is so rare and because of the growing need for LFP batteries. The purity level of 40.4% is amongst the purest, if not the purest, in the world. It's a great deposit and provides a strong sense of national security for North America by helping supply purified phosphoric acid needed for AI growth, energy storage and electric vehicle applications.
Well, it's quite a rise — 378%. Congratulations on that John. Good to see you again and we'll talk soon.
All right. Thank you. Really appreciate it.
Quotes have been lightly edited for style and clarity
Blockmate Ventures Inc (TSX-V:MATE, OTCQB:MATEF, FRA:8MH) earlier this week provided investors with an update on its Wyoming infrastructure strategy as the company advances plans to position itself within the rapidly expanding AI data center sector.
Speaking with Proactive, chairman Domenic Carosa said the company has secured land located directly opposite a Wyoming substation with access to as much as 200MW of potential power capacity. Carosa explained that while the site was initially intended for Bitcoin mining operations, Blockmate now sees a stronger long-term opportunity tied to artificial intelligence infrastructure.
Carosa said the growing demand for AI applications is driving a corresponding increase in demand for AI-focused data centers and power infrastructure. He noted that land positioned close to substations has become increasingly valuable because large-scale AI operations require substantial and reliable energy access.
According to Carosa, Blockmate has already begun discussions with several major hyperscalers and infrastructure groups regarding the Wyoming opportunity. Although specific counterparties were not identified, he indicated the company is engaging with globally recognized operators and strategic partners.
The chairman added that Blockmate is close to appointing an engineering firm to assist with expanding the zoning footprint and addressable area of the site. He suggested that successful rezoning and permitting efforts could materially improve the overall value of the property and increase development flexibility.
Carosa also revealed that the company plans to attend meetings in France with investors and potential development partners that have prior experience delivering AI infrastructure projects. He said those relationships could help accelerate Blockmate’s development timeline and broader strategic ambitions.
“Our view is that the better result for shareholders is to move that site into the AI space,” Carosa told Proactive.
Standard Uranium Ltd (TSX-V:STND, OTCQB:STTDF, FRA:9SU0) earlier this week announced plans for a $4 million financing aimed at significantly expanding exploration activities at its flagship Davidson River uranium project in Saskatchewan, according to comments made by chief executive Jon Bey in an interview with Proactive.
Bey said investor feedback over recent months encouraged the company to focus aggressively on Davidson River, which has long been viewed internally as the company’s cornerstone asset. He explained that the financing would allow Standard Uranium to scale up its summer drill campaign beyond its original plans.
The company intends to deploy two drill rigs beginning in June and continuing through the end of August, with drilling expected to surpass the initially targeted 5,000 metres. Bey said extending the campaign makes economic sense because mobilization and demobilization costs represent a major component of exploration spending.
According to Bey, the expanded drill campaign follows several years of target refinement work across the project.
Standard Uranium has combined AI-assisted geological targeting with new geophysical and gravity data collected by Fleet Space during 2025 exploration activities. Bey said the additional data has helped the company better define high-priority targets beneath overburden cover.
He described the identified targets as “phenomenal drill targets” and indicated the company intends to test as many as possible during the upcoming campaign.
Bey emphasized the strategic significance of Davidson River, noting the company was effectively built around the project. He stated that management had deliberately delayed returning to Davidson River until it believed the targeting confidence had materially improved.
“This is the company maker,” Bey said during the interview, adding that a successful discovery could result in a substantial market rerating and lead to ongoing drilling aimed at eventually defining a resource.
The interview also addressed broader uranium market dynamics. Bey said investor sophistication around uranium has increased significantly in recent years, with conversations shifting away from basic education toward more detailed discussions around supply-demand fundamentals and macroeconomic conditions.
He pointed to geopolitical developments and tightening long-term uranium supply conditions as supportive factors for the sector over the coming decades.
Bey added that Standard Uranium ultimately aims to become one of the companies advancing a uranium discovery toward mine development in Saskatchewan, which he described as one of the world’s premier jurisdictions for high-grade uranium production.
The company expects additional operational updates as drilling begins, with initial field activity anticipated in early June.
Imugene Ltd (ASX:IMU, OTC:IUGNF, FRA:ILA) has presented new Phase 1b data for its azer-cel cell therapy at the 2026 American Society of Clinical Oncology (ASCO) Annual Meeting in Chicago, with responses recorded across six different blood cancer subtypes in patients who had not previously received CAR-T treatment.
The data was delivered during an oral presentation by University of Minnesota investigator Dr Supriya Gupta, a distinction reserved for a small proportion of submissions at the world's largest oncology conference. ASCO attracted more than 8,500 abstract submissions this year, with only a limited number selected for oral presentation.
Imugene said the presentation highlighted results from the CAR-T naïve cohort of its ongoing Phase 1b study evaluating azer-cel, an off-the-shelf allogeneic CAR-T therapy designed to treat relapsed or refractory CD19-positive B-cell malignancies.
Responses across multiple blood cancers A total of 25 patients received azer-cel in combination with low-dose interleukin-2 (IL-2), with 24 evaluable for response after their first disease assessment at Day 28.
Responses were observed across all six cancer subtypes included in the analysis:
Diffuse large B-cell lymphoma (DLBCL): 67% response rate Marginal zone lymphoma (MZL): 83% response rate Chronic lymphocytic leukaemia (CLL): 100% response rate Primary central nervous system lymphoma (PCNSL): 50% response rate Follicular lymphoma (FL): 100% response rate Waldenström macroglobulinaemia (WM): 100% response rate Managing director and CEO Leslie Chong said interest from clinicians and researchers following the presentation had been encouraging.
"These are some of the most rigorous scientific minds in oncology, and the engagement we saw reflects growing recognition of azer-cel and its potential to offer patients further treatment options,” she said. “We look forward to providing further updates as the data matures.”
Study expands into next cohort The ASCO presentation comes as Imugene advances the next stage of the study, which is evaluating azer-cel in combination with Bruton tyrosine kinase inhibitors (BTKi).
Last week, the company announced it had dosed the first patient in Cohort 3 of the Phase 1b trial, marking the start of testing for the combination approach in patients with relapsed or refractory B-cell malignancies.
The broader trial includes both CAR-T naïve patients and those whose disease has relapsed or become refractory following previous CAR-T treatment. According to Imugene, the study is currently active across 10 sites in the United States and five sites in Australia.
Azer-cel is the company's lead cell therapy candidate and is being developed as an allogeneic, or donor-derived, CAR-T treatment that can be manufactured in advance and supplied off the shelf, potentially overcoming some of the logistical challenges associated with personalised autologous CAR-T therapies.
The company has previously reported strong early responses from the trial ahead of ASCO, with the latest presentation providing a more detailed look at outcomes across individual blood cancer subtypes as the program progresses through dose-expansion cohorts.
The S&P/ASX Small Ordinaries Index continued its strong run, climbing 2.28% on Friday to close at 3,501.80 and gaining 2.19% over the past five trading...
NewPeak Metals Ltd (ASX:NPM, OTC:NPMFF, FRA:NPM) earlier this week provided an update on exploration activities across its Australian and Argentinian gold projects, with managing director Mark Purcell outlining encouraging drilling results at the Tansey gold project in Queensland and ongoing exploration at Las Opeñas in Argentina.
Speaking with Proactive, Purcell said the company recently completed an approximately 1,200 metre drilling program across four holes at Tansey, targeting extensions beneath historical underground workings abandoned in the 1940s.
According to Purcell, the initial objective was straightforward — determine whether gold mineralisation continued beneath the historic mine. He reported that drilling confirmed the mineralisation does extend at depth, providing encouragement for the company’s exploration model.
Purcell noted that historical exploration in the district had been relatively limited, with only shallow drilling completed since the mine ceased operations decades ago. He said NewPeak Metals’ work represented some of the first meaningful drilling beneath the historical workings.
Importantly, the company also intersected a previously unidentified parallel structure during the campaign. Purcell suggested this may indicate the presence of a broader mineralised system extending across the district rather than isolated pockets of mineralisation.
The company is now preparing follow-up drilling programs aimed at both resource definition and broader regional exploration. Purcell said NewPeak Metals intends to integrate geological and structural data gathered from the recent campaign to identify larger-scale targets within the wider project area.
At the Las Opeñas gold project in Argentina’s San Juan Province, New Peak Metals has commenced a 2,500 metre drill campaign targeting a large mineralised system. Purcell described the target area as approximately eight kilometres long and 600 metres wide at surface scale.
Historic drilling completed prior to NewPeak Metals acquiring the project returned broad gold intercepts including more than 100 metres grading 0.58 grams per tonne gold. Purcell said the combination of historic drilling, surface mineralogy and geological indicators supports the potential for a significant gold discovery.
“We have several historic hits showing those sort of long intercepts,” Purcell said, adding that geological observations suggest “there’s a lot of smoke”.
Potential catalysts for the company include further assay results from both Tansey and Las Opeñas, expanded drilling campaigns and possible future resource definition work at Tansey.
Purcell also highlighted the company’s relatively low market capitalisation, arguing this could provide leverage to exploration success across its dual-jurisdiction gold portfolio.
Interview highlights NewPeak Metals completed a four-hole, 1,200 metre drill campaign at the Tansey gold project in southeast Queensland. Drilling confirmed gold mineralisation extends beneath historical underground workings from the 1940s. Historical exploration at Tansey has been limited, with little deep drilling completed before NewPeak Metals’ campaign. The company identified a previously unknown parallel mineralised structure during drilling. Management believes Tansey could represent part of a much larger gold system across the district. Follow-up drilling is being planned to support potential resource definition work. NewPeak Metals also commenced a 2,500 metre drill campaign at the Las Opeñas gold project in San Juan, Argentina. Historic drilling at Las Opeñas returned broad gold intercepts including more than 100 metres at 0.58g/t gold. The company believes geological indicators support the potential for a large-scale gold system in Argentina. Managing Director Mark Purcell highlighted the company’s low market capitalisation and existing exploration success as potential upside drivers for investors. Proactive: Welcome back to Proactive Investors. Ladies and gentlemen, I'm your host, Kerry Stevenson. I've asked Mark Purcell, managing director of NewPeak Metals, ASX code NPM, to join us. The company has a gold project in Argentina and another in southeast Queensland called the Tansey gold project. The company has received results back from Tansey and is conducting drilling in Argentina. Great to have you back on the program, Mark.
Mark Purcell: Good to see you.
Proactive: Latest news is this four-hole drill campaign at Tansey. Talk to us about Tansey and why investors should be taking notice.
Mark Purcell: We’ve just finished approximately 1,200 metres across four boreholes at Tansey. We acquired the asset fairly cheaply and our objective was simple. There’s an underground mine abandoned in the 1940s and we wanted to test whether the mineralisation extended beneath it. It certainly does, so we’re thrilled with those results.
Proactive: Has much work been done there since the 1940s?
Mark Purcell: The mine reached over 80 metres deep, which was significant for that era. The Queensland Government completed some drilling around 1969 and there have been a few shallow RC holes near surface, but no meaningful drilling beneath the mine to test the depth extensions.
Proactive: How large is your landholding there? Are you only focused on the South Burnett mine area?
Mark Purcell: The mine was the obvious place to start, but we have a much larger holding across the district. Around 1,000 metres north there’s another set of workings called Star of Dawn. During this drill program we clipped a parallel structure we didn’t know existed, which gives us hope that this could be one large mineralised system rather than isolated workings.
Proactive: What are the next steps?
Mark Purcell: We want to design a program targeting a potential resource while incorporating the geological data we’ve gathered. We’ll also review historical surface work to identify larger structures across the area.
Proactive: Is it a complex geological system?
Mark Purcell: It’s a little different because it’s a shear zone system. Many deposits form where the earth pulls apart and fluids fill the gaps, but this one is compressional where everything has been crushed together. The grain size is very fine and the geological forces involved were significant.
Proactive: So a larger drill campaign is likely?
Mark Purcell: Yes. We want to assess the broader district opportunity while also undertaking a second drill program specifically targeting a potential resource.
Proactive: Let’s talk about Las Opeñas in Argentina. What’s happening there?
Mark Purcell: We’re underway with a 2,500 metre drill program. The bracketed target area measures around eight kilometres by 600 metres at surface scale, so it’s enormous. Historic drilling before we acquired the project returned more than 100 metres at 0.58 grams per ton gold. We’re trying to determine whether there’s a very large-scale gold deposit there.
Proactive: Why do you believe there could be a major gold deposit?
Mark Purcell: We have several historic long intercepts grading around one gram per tonne gold, combined with encouraging geology and mineralogy at surface. There’s a lot of smoke and we want to find the fire.
Proactive: You’ve been Managing director for about a year now. What attracted you to New Peak Metals and why should investors be paying attention?
Mark Purcell: We have two gold projects in strong jurisdictions — San Juan in Argentina and Queensland in Australia. Both projects already have either drill intercepts or historical workings, so we’re not starting from scratch. Our market capitalisation is currently at a very low base, which we believe provides significant upside potential.
Proactive: There you have it. This is NewPeak Metals, ASX code NPM. Drill programs are underway and results will continue to come through. Thanks for joining me, Mark.
Greatland Resources Ltd (AIM:GGP, OTC:GRLGF, FRA:G8G, ASX:GGP) has locked in a $500 million corporate debt facility and formally approved the development of its flagship Havieron gold-copper project, strengthening its funding position as it prepares to build one of Australia's largest new gold-copper mines.
The company said the new facility, arranged with a lending syndicate of ANZ, ING, HSBC, NAB and Westpac, combined with its existing cash position leaves it fully funded for Havieron's development.
The announcement comes just days after Greatland secured key state and federal environmental approvals for the project, clearing an important hurdle ahead of construction activities.
Funding package strengthens balance sheet The debt package comprises three facilities worth a combined $500 million: two revolving credit facilities totalling $475 million and a $25 million contingent instrument facility used for bank and performance guarantees.
Facility A provides $250 million over five years, while Facility B provides a further $225 million over seven years. Both facilities can be used for working capital, general corporate purposes and Havieron's development. The contingent instrument facility has already been partly drawn, with $17.87 million utilised as of May 31.
Financial close has already been achieved on Facility A and the contingent instrument facility, while Facility B is expected to close later this month following publication of an updated ore reserve estimate for the nearby Telfer operation.
Greatland said it now has access to more than $1.7 billion in available liquidity, including a net cash position of more than $1.2 billion and the new debt facilities.
Notably, the facility carries no mandatory hedging requirements, preserving exposure to future gold and copper prices.
Board gives Havieron final approval Alongside the financing milestone, Greatland's board has approved the Final Investment Decision (FID) for Havieron, a customary step that follows the receipt of primary state and federal environmental approvals announced last week.
The company said substantive development activities will begin once certain secondary environmental approvals are granted.
According to the project's feasibility study, Havieron is expected to require about $1.065 billion in pre-production capital expenditure to first gold, followed by a further $673 million in expansion capital, much of which is expected to be funded from future project cash flows.
Management said the strength of the balance sheet could also provide flexibility to accelerate elements of the expansion program where doing so could reduce project risk or improve delivery schedules.
Managing director Shaun Day said the debt facility and investment decision created the “opportunity to deliver one of Australia's premier gold-copper projects”.
"The development of Havieron, alongside the successful delivery of Telfer life extensions, has the potential to underpin a multi-decade, world class gold-copper mining hub in the Paterson Province," he said.
Havieron sits adjacent to Greatland's 100%-owned Telfer mine in Western Australia's Paterson Province and is expected to become the centrepiece of a long-life gold and copper operation in the region. Top of FormBottom of Form
Fortifai Ltd (ASX:FTI, OTC:FTILF, FRA:9UQ0) has appointed seasoned Silicon Valley executive Kelly Herrell as chief executive officer of the company and its AI infrastructure subsidiary Nol8, effective June 1, 2026.
Herrell brings 30 years of operating experience in technology infrastructure, with a track record of scaling disruptive software and silicon-based businesses from early-stage growth through to IPO and acquisition exits. He has held senior roles across companies that have collectively generated more than US$12 billion in M&A and IPO exit value.
He was an early executive at CacheFlow, which listed on NASDAQ at a US$6 billion valuation and later became Blue Coat Systems, before being acquired by Symantec for US$4.65 billion.
At Cobalt Networks, he helped scale revenue from US$20 million to US$70 million in 18 months and supported preparations for its US$6 billion NASDAQ IPO before the company was acquired by Sun Microsystems for US$2 billion.
Herrell also served as CEO of Vyatta, where he helped build the company’s software-defined networking strategy before its acquisition by Brocade Communications in 2012.
"We set out to find a CEO who has done this before — taken a deeply technical, infrastructure-layer technology and built it into a company that competes with and displaces incumbents at scale. Kelly has done exactly that, multiple times, across three decades. His track record of category creation, his ability to translate complex technology into enterprise value, and his network across the Fortune 500 make him the right leader to take Nol8 to market globally," Co-Founder and CTO, Nol8 Alon Rashelbach said.
Focus on taking Nol8 global The new CEO will lead the commercialisation and global go-to-market strategy for Nol8’s AI Data Plane technology.
Most recently, he was CEO of Hazelcast from 2018 to 2024, a real-time data processing platform used by major banks and financial institutions.
Herrell said Nol8 fitted the same model that had underpinned his previous roles: identifying a fast-growing infrastructure challenge, developing a new product category and scaling it through disciplined go-to-market execution.
"Every company I have built or scaled has centred on the same methodology, identify a rapidly-growing pain point in technology infrastructure, deliver an innovative new category of product that eliminates the pain, and dominate that category through go-to-market execution. Nol8’s AI Data Plane precisely fits that formula, addressing a massive need to fuel AI Agents with the immense amounts of data they require. The technology is extraordinary, the founding team is world-class, and the market timing is right. I am here to build the go-to-market engine that turns this technology into a category-defining company."
What FortifAI and Nol8 do Nol8 is developing an FPGA-accelerated AI Data Plane designed to process, inspect, classify and act on data in real time at scale.
The technology uses proprietary neural-network architecture implemented in silicon and has potential applications across cybersecurity, financial services, telecommunications and other data-intensive sectors.
FortifAI is focused on artificial intelligence and advanced computing. Alongside Nol8, the company also has a portfolio of video games and is seeking to use AI to target technology efficiencies and growth opportunities.
What’s next Herrell’s appointment comes as FortifAI looks to advance Nol8’s technology and build commercial partnerships.
His long-term incentive package includes milestones linked to demonstrating more than three times data-per-dollar performance against industry-standard CPU pattern matching, delivering a streaming data validation MVP and securing at least two binding design partnership agreements.
Memphasys Ltd (ASX:MEM, OTC:MPHSF, FRA:IG7) has secured its first commercial partnership in South-East Asia, signing an exclusive agreement with TMSC Viet Nam Medical Technology Company Limited for the sale and distribution of its Felix™ sperm separation system in Vietnam.
The two-year agreement is valued at A$530,000 and marks a further expansion of Memphasys’ international commercialisation network, which already covers Europe, MENA, Japan and India.
“Vietnam is exactly the kind of market Felix™ was built for; a sophisticated, high-growth IVF sector that is actively looking for clinical tools that improve outcomes and reduce procedural complexity. TMSC Vietnam brings deep local knowledge in reproductive health and a genuine commitment to advancing fertility care in Vietnam. This agreement does not only open a new geography, it confirms our commercial model is globally scalable to new markets. We are looking forward to working alongside the TMSC Vietnam team to introduce Felix™ to Vietnamese clinicians and we are confident in the opportunity ahead,” chair of the Memphasys Commercialisation Committee Marjan Mikel said.
Agreement structure The contract comprises A$205,000 in expected value in Year 1 and A$325,000 in Year 2, with quarterly cartridge order growth built into the arrangement.
TMSC Vietnam has placed an initial order for 100 Felix™ cartridges and 3 consoles to support in-market testing and clinical preparation ahead of commercial launch.
Full sales are expected to begin once Vietnamese regulatory approval is received. Felix™ has been confirmed as a Class B medical device in Vietnam, with registration expected in August 2026.
"Vietnam's fertility sector is growing rapidly, and clinicians here are actively seeking technologies that deliver better outcomes for patients. Felix™ addresses a genuine clinical need, it is a sophisticated, evidence-based platform that we believe will resonate strongly with IVF specialists across the country. We are proud to be bringing this technology to Vietnam and look forward to working closely with the Memphasys team to establish Felix™ as the standard of care for sperm preparation in Vietnamese fertility clinics," Director of TMSC Viet Nam Medical Technology Company Limited Mrs. Truong Cam Van, said.
What it means for Memphasys
The agreement gives Memphasys a foothold in Vietnam’s growing assisted reproductive technology market and supports the company’s strategy of building contracted sales through distribution-led and direct engagement channels.
The arrangement mirrors its commercial model in the MENA region, where it works alongside its partner on product education, clinical positioning and market development.
About TMSC Vietnam TMSC Vietnam is a Hanoi-based medical technology company focused on reproductive health, diagnostics, digital health tools and medical device distribution.
The company has experience in male fertility products and has developed OvumB, an AI-powered ovulation tracking and fertility support application.
Its existing fertility sector focus and healthcare relationships are expected to support the introduction of Felix™ to IVF and ART clinics across Vietnam.
What’s next The company will now look to complete the Vietnamese regulatory submission process, in-market testing using the initial cartridge and console order, and the first commercial order in the September quarter of 2026, expected to total about A$50,000.
Memphasys also plans to continue developing its broader South-East Asian distribution strategy as it seeks to expand Felix™ into high-value fertility markets.
ReNerve Ltd (ASX:RNV, OTC:RNVEF) has executed a distribution agreement with Swedish Trading Company Limited (STC) to commercialise its NervAlign products across Hong Kong, Macau and the Greater Bay Area.
The agreement follows ReNerve’s recently announced expanded product approval across the jurisdictions and covers a combined addressable population of about 88 million people.
Agreement targets key regional markets Under the terms of the agreement, STC will manage importation, warehousing, marketing, sales and distribution of ReNerve products across Hong Kong, Macau and the Greater Bay Area.
ReNerve will provide clinical and technical support, training and regulatory liaison.
The agreement is exclusive for an initial three-year term and includes performance milestones and renewal options.
ReNerve and STC are currently shipping the first stocking orders to the Hong Kong region.
Established medical device network STC is a Hong Kong-based medical device distributor with an established commercial presence across the region.
The company represents complementary international healthcare brands and maintains direct relationships with major hospital and clinical networks.
"Securing a distribution partner of STC's calibre is a significant milestone for ReNerve and a direct result of the expanded regulatory approval we recently received across the region. STC has deep relationships with key clinical networks and hospital systems across the region, and we believe they are the ideal partner to drive rapid and effective market penetration for ReNerve," said Dr Julian Chick, ReNerve CEO.
"The Greater Bay Area of Hong Kong represents one of the most dynamic and well-resourced healthcare markets in Asia, and this agreement positions us to capture meaningful commercial traction in a region where the unmet need in nerve repair is important for ReNerve.. We look forward to working closely with the STC team to bring ReNerve to patients across this region."
Greater Bay Area opportunity The Guangdong–Hong Kong–Macau Greater Bay Area comprises 11 cities with a combined GDP of about US$2 trillion and a population of more than 88 million people.
ReNerve said the region had seen significant investment in healthcare infrastructure and was recognised as a priority market for innovative medical technologies under China’s national health strategy.
The company is developing products for peripheral nerve injury repair, including its NervAlign nerve repair technologies.
What’s next
With the distribution agreement now executed, ReNerve and STC are moving to supply initial stocking orders into Hong Kong.
The companies will work together on market entry activities, including clinical engagement, surgeon training and commercial rollout across Hong Kong, Macau and the Greater Bay Area.
AerSale (NASDAQ: ASLE - Get Free Report) and Applied Visual Sciences (OTCMKTS:APVS - Get Free Report) are both aerospace companies, but which is the superior business? We will compare the two businesses based on the strength of their earnings, analyst recommendations, risk, institutional ownership, valuation, dividends and profitability. Analyst Ratings This is a breakdown of recent
MIAMI, March 31, 2026 (GLOBE NEWSWIRE) -- AerSale Corporation (NASDAQ: ASLE) (the “Company”), a leading global provider of aviation aftermarket products and services, announced the lease of a Boeing 757-200 Precision Converted Freighter (PCF) aircraft to Stratos Freight, an emerging all-cargo airline based in Tashkent, Uzbekistan.
Stratos Freight is strategically positioned at the intersection of Asia and Europe, operating along key trade routes connecting China, the Middle East, and Europe. The addition of the Boeing 757-200PCF enhances the airline’s medium-widebody freighter fleet and supports its growing scheduled and charter cargo operations throughout Central Asia and beyond.
“The Boeing 757 freighter continues to be a highly versatile and efficient platform for regional cargo operations,” said Craig Wright, AerSale’s Senior Vice President and Head of Asset Management. “We are pleased to partner with Stratos Freight as they expand their network and strengthen their position in a rapidly growing logistics market. This lease reflects AerSale’s ability to deliver tailored asset solutions that meet the evolving needs of cargo operators worldwide.”
The Boeing 757-200PCF offers a unique combination of payload capability, range, and operating economics, making it well-suited for express and regional cargo missions. Its deployment with Stratos Freight is expected to enhance connectivity across high-demand trade lanes where efficiency and reliability are critical.
“We are excited to welcome the Boeing 757-200PCF into our fleet,” said Captain Mukhtar T. Khaitov, CEO of Stratos Freight. “This aircraft will play a key role in expanding our operational capabilities and supporting our mission to deliver efficient, reliable cargo solutions across Central Asia and key international markets.”
This transaction underscores AerSale’s integrated business model, leveraging its expertise in aircraft leasing, freighter conversions, and asset management to deliver value-driven solutions to airline partners globally.
About AerSale
AerSale serves airlines operating large jets manufactured by Boeing, Airbus and McDonnell Douglas and is dedicated to providing integrated aftermarket services and products designed to help aircraft owners and operators to realize significant savings in the operation, maintenance and monetization of their aircraft, engines, and components. AerSale’s offerings include Aircraft & Component MRO, Aircraft and Engine Sales and Leasing, Used Serviceable Material sales, and internally developed ‘Engineered Solutions’ to enhance aircraft performance and operating economics (e.g. AerSafe®, AerTrak®, and AerAware™ Enhanced Flight Vision System).
About Stratos Freight
Stratos Freight is all-cargo airline based in Tashkent, Uzbekistan, strategically positioned at the crossroads of Asia and Europe. They specialize in high-efficiency airfreight services, offering scheduled and charter operations across major logistics routes connecting China, the Middle East, and Europe.
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MIAMI, April 23, 2026 (GLOBE NEWSWIRE) -- AerSale Corporation (NASDAQ: ASLE) (the “Company”), announced today that it will release its earnings results for the first quarter ended March 31, 2026, on Thursday, May 7, 2026, after the market closes. The Company will host a conference call on the same day at 4:30 pm Eastern Time to discuss the results.
A live audio webcast of the call will be available to the public on a listen‑only basis at https://ir.aersale.com/news-events/events. An archived replay of the webcast will also be available on the Investors portion of the AerSale website at https://ir.aersale.com for one year.
About AerSale
AerSale is a global provider of integrated aviation aftermarket services and solutions, serving operators of Boeing, Airbus, and legacy McDonnell Douglas aircraft. The Company helps aircraft owners and operators optimize the value, safety, and operational efficiency of their fleets across the entire aircraft lifecycle.
AerSale’s comprehensive capabilities include aircraft and engine sales and leasing, used serviceable material (USM) sales, component and airframe MRO services, and FAA-certified engineered solutions. Through internally developed products such as AerSafe®, AerTrak®, and the AerAware™ Enhanced Flight Vision System, AerSale delivers innovative technologies that enhance aircraft performance, improve safety, and reduce operating costs.
With deep technical expertise and a fully integrated business model, AerSale provides everything customers need—through a single, trusted partner.
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Revenue of $70.6 million versus $65.8 million in the prior year periodNet loss of $3.5 million versus net loss of $5.3 million in the prior year periodAdjusted net income1 of $0.1 million versus adjusted net loss of $2.7 million in the prior year periodAdjusted EBITDA1 of $7.4 million versus adjusted EBITDA of $3.2 million in the prior year periodFeedstock acquisitions of $25.1 million versus $43.4 million in the prior year periodInventory of $369.5 millionAircraft and engines held for lease2 of $121.5 million
MIAMI, May 07, 2026 (GLOBE NEWSWIRE) -- AerSale Corporation (Nasdaq: ASLE) (“AerSale” or the “Company”) today reported first quarter 2026 financial results.
(in thousands, except per-share amount) (Unaudited) Three Months Ended March 31, 2026 2025 Percent ChangeTotal revenue $70,614 $65,776 7.4 %Net loss (3,450) (5,277) 34.6 %Adjusted net income (loss)(1) 66 (2,665) 102.5 %Adjusted EBITDA(1) 7,360 3,174 131.9 %Diluted loss per share (0.07) (0.10) 30.0 %Adjusted diluted earnings (loss) per share(1) 0.00 (0.05) 100.0 %Feedstock acquisitions $25,056 $43,439 (42.3)% First Quarter 2026 Results of Operations
The Company’s revenue for the first quarter of 2026 was $70.6 million, representing a 7.4% increase compared to $65.8 million in the first quarter of 2025, primarily driven by increased engine and B757 freighter leasing activity. Adjusted EBITDA1 in the first quarter of 2026 increased by $4.2 million to $7.4 million, or 10.4% of total revenue, representing an increase of 131.9% compared to $3.2 million, or 4.8% of total revenue, in the comparable prior year period. The increase in adjusted EBITDA1 was mainly driven by more equipment on lease and flight equipment sales during the period.
As a reminder to investors, the Company’s revenue is likely to fluctuate from quarter-to-quarter and year-to-year based on the timing of flight equipment sales and therefore, performance should be monitored based on the more recurring aspects of our business, which includes leasing, used serviceable material (“USM”) and maintenance repair and overhaul (“MRO”) activities.
In the first quarter of 2026, flight equipment sales were $5.2 million and consisted of one engine, compared to $1.8 million from one engine sold in the comparable prior‑year period. Excluding flight equipment sales, revenue grew 2.2% as the Company continued to expand the more recurring parts of its business. The increase was due in part to greater leasing revenue from an expanded lease pool, including the deployment of three Boeing 757 freighter aircraft, as well as continued growth in the engine leasing portfolio focused on high‑demand engine types that are expected to remain strong during the lease period. The Company also saw improved performance at the Goodyear, Arizona and Millington, Tennessee on-airport MRO facilities as the Company filled previously unutilized hanger capacity. This was partially offset by lower USM and MRO parts sales, as well as lower revenue from our Roswell, New Mexico facility due to lower stored aircraft.
Nick Finazzo, Chief Executive Officer at AerSale, stated, “Our first quarter performance reflects continued progress in growing the more recurring parts of our business through increased leasing activity and disciplined execution across our platform. During the quarter, we commenced work at our Millington facility following the award of a long‑term, multi‑line regional airline maintenance agreement and at our expanded Aerostructures facility. These expansion projects resulted in expected start‑up costs, which created modest margin pressure that we expect to normalize as volumes increase and operations mature.”
Mr. Finazzo continued, “We also continued to execute on our leasing strategy with the placement of an additional B757 freighter, ending the quarter with three aircraft on lease and one additional aircraft under letter of intent. With a strong inventory position and expanding capacity, we remain focused on monetizing our assets and delivering a more consistent earnings profile over time.”
Asset Management Solutions Segment (“AMS”) revenue increased 10.0% to $43.1 million during the first quarter of 2026 compared to $39.2 million in the first quarter of 2025. Excluding flight equipment sales, total revenue in the first quarter of 2026 increased 1.3% to $37.9 million from $37.5 million in the prior year, driven by increased leasing activity and favorable engine mix, partially offset by lower USM volume. The Company had 18 engines and three B757 freighter aircraft on lease in the current quarter, compared to 16 engines and one B757 freighter on lease in the prior year period.
Technical Operations (“TechOps”) revenue increased 3.4% to $27.5 million in the first quarter of 2026 compared to $26.6 million in the first quarter of 2025, driven primarily by higher revenue from on‑airport MRO operations. Revenue growth was led by increased storage work scope in Goodyear, Arizona and by the continued ramp‑up of operations in Millington, Tennessee in support for a recently awarded long term CRJ multi-line maintenance agreement. These increases were partially offset by lower MRO parts sales during the quarter.
Gross margin decreased to 26.7% for the first quarter of 2026 compared to 27.3% in the same period last year, as TechOps margins declined due to start‑up and training costs related to the CRJ lines in Millington and the expansion in Aerostructures. In addition, Goodyear incurred higher labor costs in the quarter as it ramped up labor in anticipation of demand during the remainder of the year.
Selling, general, and administrative expenses were $22.2 million in the first quarter of 2026 versus $24.6 million in the first quarter of 2025. AerSale incurred $1.8 million of share-based compensation expense in the first quarter of 2026 versus $1.2 million in the first quarter of 2025. The favorable cost reductions are a result of our efficiency initiatives that have reduced overall costs, as well as one-time severance charges incurred in the prior year period.
Loss from operations was $3.3 million in the first quarter of 2026 compared to $6.6 million in the first quarter of 2025.
Income tax benefit was $1.0 million in the first quarter of 2026, compared to $0.7 million in the first quarter of 2025. The Company’s effective tax rate was 22.6% in the first quarter of 2026 compared to 12.0% in the first quarter of 2025.
Net loss for the first quarter of 2026 was $3.5 million, compared to a net loss of $5.3 million in the prior year. During the first quarter of 2026, the Company recognized $1.8 million of share-based compensation expenses within payroll expenses, $1.6 million in non-cash inventory write-downs, and $0.1 million in facility relocation costs. Excluding these non-cash and unusual items and adjusted for tax, adjusted net income1 was $0.1 million in the first quarter of 2026, compared to an adjusted net loss1 of $2.7 million in the first quarter of 2025.
Diluted loss per share was $0.07 for the first quarter of 2026 compared to a diluted loss per share of $0.10 in the first quarter of 2025. Adjusted for the non-cash and unusual items noted above, adjusted diluted earnings per share1 was $0.00 for the first quarter of 2026, compared to an adjusted diluted per share loss of $0.05 for the first quarter of 2025.
Conference Call Information
The Company will host a conference call today, May 7, 2026 at 4:30 pm Eastern Time to discuss these results. A live audio webcast will be available to the public on a listen-only basis at https://ir.aersale.com/news-events/events. An archived replay of the webcast will also be available on the Investors portion of the AerSale website at https://ir.aersale.com/ for one year.
Non-GAAP Financial Measures
This press release includes non-GAAP financial measures, including adjusted EBITDA, adjusted net income (loss), and adjusted diluted earnings (loss) per share. AerSale defines adjusted EBITDA as net income (loss) excluding interest expense, depreciation and amortization, income tax expense (benefit), and other non-cash, non-recurring or unusual items. Adjusted net income (loss) is defined as net income (loss) excluding mark-to-market adjustments relating to our private warrants, stock-based compensation expense, inventory write-offs and other non-cash, non-recurring or unusual items. Adjusted diluted earnings (loss) per share is adjusted net income divided by the diluted weighted average number of shares outstanding during the measurement period.
AerSale believes these non-GAAP measures of financial results provide useful information to management and investors regarding certain financial and business trends relating to AerSale’s financial condition and results of operations. AerSale’s management uses certain of these non-GAAP measures to compare AerSale’s performance to that of prior periods for trend analyses and for budgeting and planning purposes. These non-GAAP measures should not be construed as an alternative to net income (loss) or net income (loss) margin as an indicator of operating performance or as an alternative to cash flow provided by operating activities as a measure of liquidity (each as determined in accordance with GAAP).
You should review AerSale’s financial statements and not rely on any single financial measure to evaluate AerSale’s business. Other companies may calculate adjusted EBITDA, adjusted net income (loss), or adjusted diluted earnings (loss) per share differently, and therefore AerSale’s adjusted EBITDA, adjusted net income (loss), or adjusted diluted earnings (loss) per share measures may not be directly comparable to similarly titled measures of other companies.
Reconciliations of net income (loss), the Company’s closest GAAP measure, to adjusted EBITDA, adjusted net income (loss), and adjusted diluted earnings (loss) per share, are outlined in the tables below following the Company’s condensed consolidated financial statements.
End Notes
(1)Adjusted net income (loss), adjusted EBITDA and adjusted diluted earnings (loss) per share are non-GAAP measures. See “Non-GAAP Financial Measures” and “Adjusted EBITDA, Adjusted Net Income (Loss) and Adjusted Basic/Diluted (Loss) Earnings Per Share Reconciliation Table” at the end of this press release for a discussion of why we believe these non-GAAP measures are useful together with a detailed reconciliation of these measures to their most directly comparable GAAP (Generally Accepted Accounting Principles) measure. (2)Aircraft and engines held for lease refers to the financial statement line item Aircraft and engines held for lease, net on the Condensed Consolidated Balance Sheet, which is comprised of assets’ cost net of accumulated depreciation. First Quarter 2026 Financial Results
AERSALE CORPORATION AND SUBSIDIARIES
Condensed Consolidated Statements of Operations
(in thousands, except share and per share data)
(Unaudited) Three Months Ended March 31, 2026 2025 Revenue: Products $35,304 $37,122 Leasing 11,846 7,501 Services 23,464 21,153 Total revenue 70,614 65,776 Cost of sales and operating expenses: Cost of products 24,023 27,639 Cost of leasing 4,463 3,008 Cost of services 23,247 17,164 Total cost of sales 51,733 47,811 Gross profit 18,881 17,965 Selling, general and administrative expenses 22,213 24,612 Loss from operations (3,332) (6,647)Other (expense) income: Interest expense, net (2,130) (1,181)Other income, net 1,007 1,888 Change in fair value of warrant liability - (57)Total other (expense) income, net (1,123) 650 Loss before income tax provision (4,455) (5,997)Income tax benefit 1,005 720 Net loss $(3,450) $(5,277) Loss per share: Basic $(0.07) $(0.10)Diluted $(0.07) $(0.10)Weighted average shares outstanding: Basic 47,240,034 52,338,258 Diluted 47,240,034 52,338,258 AERSALE CORPORATION AND SUBSIDIARIES
Condensed Consolidated Balance Sheet
(in thousands, except share data)
(Unaudited) March 31, December 31, 2026 2025Current assets: Cash and cash equivalents $2,085 $4,379Accounts receivable, net of allowance for credit losses of $1,098 and $1,173 as of March 31, 2026 and December 31, 2025, respectively 47,116 42,654Income tax receivable 1,126 1,728Inventory: Aircraft, airframes, engines, and parts 214,703 205,379Advance vendor payments 4,900 5,679Deposits, prepaid expenses, and other current assets 12,085 9,170Total current assets 282,015 268,989Fixed assets: Aircraft and engines held for lease, net 121,489 102,361Property and equipment, net 31,998 32,006Inventory: Aircraft, airframes, engines, and parts 154,783 158,385Operating lease right-of-use assets 28,873 30,130Deferred income taxes 9,735 8,784Deferred financing costs, net 925 1,024Other assets 578 586Goodwill 19,860 19,860Other intangible assets, net 17,810 18,347Total assets $668,066 $640,472 Current liabilities: Accounts payable $31,260 $29,645Accrued expenses 7,198 7,233Income tax payable 324 329Lessee and customer purchase deposits 2,123 780Current operating lease liabilities 4,114 4,313Current portion of long-term debt 993 993Deferred revenue 724 530Deferred insurance proceeds 28,610 28,610Total current liabilities 75,346 72,433Revolving credit facility 137,796 110,053Long-term debt 1,036 1,284Long-term lease deposits 3,182 3,492Long-term operating lease liabilities 27,150 28,190Maintenance deposit payments and other liabilities 773 589Total liabilities 245,283 216,041Stockholders’ equity: Common stock, $0.0001 par value. Authorized 200,000,000 shares; issued and outstanding 47,241,615 and 47,221,513 shares as of March 31, 2026 and December 31, 2025, respectively 5 5Additional paid-in capital 278,531 276,729Retained earnings 144,247 147,697Total stockholders' equity 422,783 424,431Total liabilities and stockholders’ equity $668,066 $640,472 AERSALE CORPORATION AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows
(in thousands)
(Unaudited) Three Months Ended March 31, 2026 2025 Cash flows from operating activities: Net loss $(3,450) $(5,277)Adjustments to reconcile net income to net cash used in operating activities Depreciation and amortization 6,138 4,943 Amortization of debt issuance costs 99 90 Amortization of operating lease assets 18 53 Inventory reserve 2,732 829 Deferred income taxes (951) (403)Change in fair value of warrant liability - 57 Share-based compensation 1,802 1,160 Changes in operating assets and liabilities: Accounts receivable (4,462) (5,221)Income tax receivable 602 (239)Inventory (29,941) (39,709)Deposits, prepaid expenses, and other current assets (2,915) 873 Other assets 8 (35)Advance vendor payments 779 107 Accounts payable 1,615 (6,647)Income tax payable (5) - Accrued expenses (101) (18)Deferred revenue 194 (857)Lessee and customer purchase deposits 1,033 1,251 Deferred insurance proceeds - 3,700 Other liabilities 142 122 Net cash used in operating activities (26,663) (45,221)Cash flows from investing activities: Acquisition of aircraft and engines held for lease, including capitalized costs (2,074) (1,128)Purchase of property and equipment (1,052) (2,411)Net cash used in investing activities (3,126) (3,539)Cash flows from financing activities: Proceeds from long-term debt - 220 Repayments of long-term debt (248) (151)Proceeds from revolving credit facility 83,043 148,943 Repayments of revolving credit facility (55,300) (55,100)Payments of debt issuance costs - (114)Purchase of treasury stock - (45,000)Taxes paid related to net share settlement of equity awards - (45)Net cash provided by financing activities 27,495 48,753 Decrease in cash and cash equivalents (2,294) (7)Cash and cash equivalents, beginning of period 4,379 4,698 Cash and cash equivalents, end of period $2,085 $4,691 Supplemental disclosure of cash activities Income tax payments (refunds), net $3 $(191)Interest paid $2,030 $1,063 Supplemental disclosure of noncash investing activities Reclassification of inventory to equipment held for lease, net $21,487 $3,509 AERSALE CORPORATION AND SUBSIDIARIES
Adjusted EBITDA, Adjusted Net Income (Loss) and Adjusted Basic/Diluted (Loss) Earnings Per Share Reconciliation Table
(in thousands, except per and percentage share data)
(Unaudited) Three Months Ended March 31, % of Total % of Total 2026 Revenue 2025 RevenueReported net loss $(3,450) (4.9)% $(5,277) (8.0)%Addbacks: Change in fair value of warrant liability - - % 57 0.1 %Share-based compensation 1,802 2.6 % 1,160 1.8 %Payroll taxes related to share-based compensation - - % 18 0.0 %Inventory write-off 1,615 2.3 % - - %Facility relocation costs 130 0.2 % 358 0.5 %Restructuring costs - - % 1,054 1.6 %Legal settlement - - % 400 0.6 %Income tax effect of adjusting items(1) (31) (0.0)% (435) (0.7)%Adjusted net income (loss) $66 0.1 % $(2,665) (4.1)%Interest expense, net 2,130 3.0 % 1,181 1.8 %Income tax benefit (1,005) (1.4)% (720) (1.1)%Depreciation and amortization 6,138 8.7 % 4,943 7.5 %Reversal of income tax effect of adjusting items(1) 31 - % 435 0.7 %Adjusted EBITDA $7,360 10.4 % $3,174 4.8 % Reported basic (loss) per share $(0.07) $(0.10) Addbacks: Change in fair value of warrant liability - 0.00 Share-based compensation 0.04 0.02 Payroll taxes related to share-based compensation - 0.00 Inventory write-off 0.03 - Facility relocation costs 0.00 0.01 Restructuring costs - 0.02 Legal settlement - 0.01 Income tax effect of adjusting items (0.00) (0.01) Adjusted basic earnings (loss) per share $0.00 $(0.05) Reported diluted (loss) per share $(0.07) $(0.10) Addbacks: Change in fair value of warrant liability - 0.00 Share-based compensation 0.04 0.02 Payroll taxes related to share-based compensation - 0.00 Inventory write-off 0.03 - Facility relocation costs 0.00 0.01 Restructuring costs - 0.02 Legal settlement - 0.01 Income tax effect of adjusting items (0.00) (0.01) Adjusted diluted earnings (loss) per share $0.00 $(0.05) (1)The income tax effect of current period adjusting items is calculated at the Company's applicable statutory rate of 24% after considering federal and state tax rates. Forward Looking Statements
This press release includes “forward-looking statements”. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). All statements other than statements of historical facts contained in this press release may constitute forward-looking statements, and include, but are not limited to, statements regarding our anticipated financial performance, including anticipations regarding improved financial results as a result of our recently awarded long-term CRJ maintenance contract and greater demand for AerSale’s USM business; expectations regarding feedstock and commercial demand; our growth trajectory; the expected operating capacity of our MRO facilities and demand for such services; and the sufficiency of our liquidity; AerSale’s actual results may differ from their expectations, estimates and projections and consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “predicts,” “potential,” “continue,” or the negative of these or other similar expressions are intended to identify such forward-looking statements. The forward-looking statements in this press release are only predictions. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our business, financial condition and results of operations. You should carefully consider the foregoing factors and the other risks and uncertainties described in the Risk Factors, Management’s Discussion and Analysis of Financial Condition and Results of Operations sections of the Company's most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission ("SEC"), and its other filings with the SEC, including its subsequent quarterly reports on Form 10-Q. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Moreover, we operate in an evolving environment. New risk factors and uncertainties may emerge from time to time, and it is not possible for management to predict all risk factors and uncertainties.
Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and we qualify all of our forward-looking statements by these cautionary statements. Except as required by applicable law, we do not plan to publicly update or revise any forward-looking statements contained herein, whether as a result of any new information, future events, changed circumstances or otherwise.
About AerSale
AerSale is a global provider of integrated aviation aftermarket services and solutions, serving operators of Boeing, Airbus, and legacy McDonnell Douglas aircraft. The Company helps aircraft owners and operators optimize the value, safety, and operational efficiency of their fleets across the entire aircraft lifecycle.
AerSale’s comprehensive capabilities include aircraft and engine sales and leasing, used serviceable material (USM) sales, component and airframe MRO services, and FAA-certified engineered solutions. Through internally developed products such as AerSafe®, AerTrak®, and the AerAware™ Enhanced Flight Vision System, AerSale delivers innovative technologies that enhance aircraft performance, improve safety, and reduce operating costs.
With deep technical expertise and a fully integrated business model, AerSale provides everything customers need—through a single, trusted partner.
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For more information about AerSale, please visit our website: www.AerSale.com.
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MIAMI, May 21, 2026 (GLOBE NEWSWIRE) -- AerSale Corporation (NASDAQ: ASLE) (the “Company”), today announced that the Company’s Chief Financial Officer, Martin Garmendia will present at the 2026 Jefferies Aftermarket MRO Virtual Summit on Thursday, May 28, 2026 at 12:10 pm ET, as well as host investor meetings.
The presentation will be webcast live and can be accessed through the link HERE or by going to the News and Events section of AerSale’s Investor Relations website at https://ir.aersale.com/news-events/ir-calendar. A replay will be available shortly after the conclusion of the presentation on AerSale’s Investor Relations website at https://ir.aersale.com.
About AerSale
AerSale is a global provider of integrated aviation aftermarket services and solutions, serving operators of Boeing, Airbus, and legacy McDonnell Douglas aircraft. The Company helps aircraft owners and operators optimize the value, safety, and operational efficiency of their fleets across the entire aircraft lifecycle.
AerSale’s comprehensive capabilities include aircraft and engine sales and leasing, used serviceable material (USM) sales, component and airframe MRO services, and FAA-certified engineered solutions. Through internally developed products such as AerSafe®, AerTrak®, and the AerAware™ Enhanced Flight Vision System, AerSale delivers innovative technologies that enhance aircraft performance, improve safety, and reduce operating costs.
With deep technical expertise and a fully integrated business model, AerSale provides everything customers need—through a single, trusted partner.
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For more information about AerSale, please visit our website: www.AerSale.com.
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AerSale NASDAQ: ASLE Chief Financial Officer Martin Garmendia said the aviation aftermarket remains supported by aging fleets, strong passenger demand and supply chain constraints that are extending the service lives of existing aircraft.
Speaking at Jefferies’ second annual MRO Summit, Garmendia described AerSale as operating at the intersection of three aftermarket businesses: trading and leasing mid-life aircraft and engines, tearing down assets for used serviceable material, or USM, and operating maintenance, repair and overhaul facilities.
“We do all that as one company, which gives us optionality that pure-play asset managers or pure-play MRO shops just don’t have,” Garmendia said.
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AerSale Emphasizes Integrated Aftermarket Model Garmendia said AerSale reports through two segments. Asset Management Solutions includes aircraft and engine trading, leasing and USM. The company typically acquires mid-life assets, often 12 to 15 years old, that have exited OEM maintenance or warranty periods. AerSale then decides whether to lease the asset, sell it whole or part it out.
The TechOps segment includes six MRO facilities: three on-airport heavy maintenance and modification sites in Goodyear, Arizona; Roswell, New Mexico; and Millington, Tennessee; and three component MRO locations, including two in Miami and a landing gear overhaul facility in Rio Rancho, New Mexico.
Garmendia said AerSale has “meaningful unused capacity” in its current footprint, allowing it to grow without significant new capital spending.
He said the company’s competitive position varies by segment, with AerSale competing against mid-life and end-of-life lessors, asset traders and parts providers in asset management, and against independent and OEM-affiliated MRO shops in TechOps. Its advantage, he said, comes from being able to evaluate an aging asset across multiple monetization paths.
Pricing and Demand Remain Strong Garmendia said demand for assets and acquisitions remains “extremely strong,” citing OEM delivery delays, issues with geared turbofan engines and an aging global fleet. He said the market remains competitive, particularly for assets that can be put into operation easily.
On the MRO side, he pointed to limited airframe maintenance capacity and long engine repair lead times. AerSale benefits, he said, from inventory it has already purchased and from available MRO capacity.
Asked about fuel prices and potential airline demand weakness, Garmendia said AerSale has not yet seen a measurable impact on maintenance demand. He said aircraft can operate with lower load factors, but as long as they remain in service, they still require maintenance and engines.
“It really would have to be something that really goes through on a much longer term basis” before aircraft are grounded, placed into storage programs or retired, he said.
USM Inventory and Leasing Are Key Focus Areas Garmendia said USM accounts for “a little over 50%” of AerSale’s Asset Management business. He said the company has increased inventory after having limited inventory two years ago, which has helped increase USM sales. He said USM revenue was more than $120 million last year.
USM parts typically offer operators a value proposition, often selling for 20% to 30% less than new parts, Garmendia said. He added that AerSale has also used some USM material to repair engines, particularly in the CFM56 market, when that provides a higher-return use of the inventory.
Garmendia said the company has been waiting for an increase in aircraft retirements, which would create more opportunities to buy assets for teardown. However, retirements have not increased as expected, including after COVID, due in part to OEM issues affecting aircraft and engines.
He identified 737 NG and A320ceo aircraft, along with CFM56 and V2500 engines, as platforms operators are likely to continue using because of their reliability and relatively low operating cost.
Lease rates have improved, particularly for engines, Garmendia said. He cited tight engine availability across mid-life and mature platforms, limited shop visit capacity, longer material lead times and issues with newer engines that are pulling spare capacity out of the market. AerSale has a little over 10 engines in repair and expects to place them into the market, he said.
GTF Issues Create Knock-On Demand Garmendia said AerSale is not directly involved in geared turbofan engine leasing, but the GTF situation is affecting platforms the company serves. Operators dealing with aircraft on ground are looking for replacement capacity, increasing demand for V2500 and CFM56 engines, he said.
At AerSale’s Goodyear facility, Garmendia said some aircraft are awaiting engines, including aircraft connected to Spirit Airlines’ wind down. He said AerSale is working with leasing companies on storage maintenance programs and efforts to return aircraft to the market once engines are available or new lessees are secured.
TechOps Growth and AI Use In TechOps, Garmendia said demand for heavy maintenance and modifications remains strong, supported by higher utilization, passenger demand and fleet age. He said AerSale’s Millington facility, which came online last year, has won an agreement with a domestic regional carrier for a full line maintenance program involving about three aircraft, bringing that facility to full capacity.
He also said AerSale’s landing gear facility has been awarded several contracts for this year, and its aerostructures facility recently opened after expanding capacity almost threefold.
On artificial intelligence, Garmendia said aviation is data-driven, especially regarding documentation and asset traceability. AerSale is using AI to analyze data for asset valuation, pricing and operational planning. He said the company has more than 15 years of data and is using AI to process it more efficiently and incorporate current market factors.
Garmendia said AI is currently focused more on the asset side, though AerSale is also exploring predictive maintenance and scheduling efficiencies in MRO. He said the company is unlikely to sell an AI product directly, but customers could benefit from more efficient processes.
Summarizing AerSale’s message to investors, Garmendia said aftermarket fundamentals remain strong, the company’s integrated model is its key differentiator, and AerSale is deliberately shifting its mix toward leasing, service and USM and away from opportunistic whole-asset sales to improve the consistency and visibility of earnings over time.
About AerSale NASDAQ: ASLEAerSale Inc is an integrated aftermarket solutions provider serving the global commercial, defense and business aviation markets. The company specializes in aircraft and engine maintenance, repair and overhaul (MRO), asset leasing and aviation parts distribution. Its key offerings include airframe heavy maintenance, engine tear‐down and component overhaul, used serviceable material programs and end‐of‐life aircraft disassembly. Through these services, AerSale supports operators seeking to optimize fleet availability, extend asset life cycles and reduce maintenance costs.
Founded in 2009 and headquartered in Coral Gables, Florida, AerSale has grown through strategic acquisitions and organic expansion.
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April 21, 2026 17:27 ET | Source: Matrix Service Company
TULSA, Okla., April 21, 2026 (GLOBE NEWSWIRE) -- Matrix Service Company (Nasdaq: MTRX), a leading provider of engineering and construction services to the energy and industrial markets, announced today that it will release third quarter Fiscal 2026 results after market on Wednesday, May 6, 2026.
On Thursday, May 7, 2026, at 10:30 a.m. Eastern time/9:30 a.m. Central time, Matrix Service Company will host a conference call to present and discuss the Company’s financial results and forward outlook.
Earnings Conference Call instructions
Investors and other interested parties can access a live audio-visual webcast using this webcasts link, or through the Company’s website at www.matrixservicecompany.com on the Investors Relations page under Events & Presentations. Please allow extra time prior to the call to visit the site and download the streaming media software required to listen to the Internet broadcast. The conference call will be recorded and will be available for replay within one hour of completion of the live call and can be accessed following the same link as the live call.
About Matrix Service Company
Matrix Service Company (Nasdaq: MTRX) is a leading specialty engineering and construction company whose commitment to safety, quality, and integrity has earned the Company a leadership position in providing infrastructure solutions across multiple end markets. Our work is foundational to helping our energy and industrial clients achieve their objectives, positively impact quality of life through the products they provide and improve the efficiency and resilience of their critical infrastructure. We pride ourselves on our commitment to our culture and core values, offering an inclusive and respectful work environment, and being certified as a Great Place To Work®.
The Company is headquartered in Tulsa, Oklahoma with offices located throughout the United States and Canada, as well as Sydney, Australia, and Seoul, South Korea. The Company reports its financial results in three key operating segments: Storage and Terminal Solutions, Utility and Power Infrastructure, and Process and Industrial Facilities.
To learn more about Matrix Service Company, visit matrixservicecompany.com
For more information about Matrix, please contact:
Investor Relations, Matrix Service Company
T: 918-838-8822
Email: [email protected]
This release contains forward-looking statements that are made in reliance upon the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are generally accompanied by words such as “anticipate,” “continues,” “expect,” “forecast,” “outlook,” “believe,” “estimate,” “should” and “will” and words of similar effect that convey future meaning, concerning the Company’s operations, economic performance and management’s best judgment as to what may occur in the future. Future events involve risks and uncertainties that may cause actual results to differ materially from those we currently anticipate. The actual results for the current and future periods and other corporate developments will depend upon a number of economic, competitive and other influences, including those factors discussed in the “Risk Factors” and “Forward Looking Statements” sections and elsewhere in the Company’s reports and filings made from time to time with the Securities and Exchange Commission. Many of these risks and uncertainties are beyond the control of the Company, and any one of which, or a combination of which, could materially and adversely affect the results of the Company's operations and its financial condition. We undertake no obligation to update information contained in this release.
TULSA, Okla., April 30, 2026 (GLOBE NEWSWIRE) -- Matrix Service Company (Nasdaq: MTRX) (“Matrix” or the “Company”), a leading provider of engineering and construction services to the energy and industrial markets, today announced that Kevin Cavanah, Vice President of Finance and Chief Financial Officer, will depart the Company following the filing of the Company’s fiscal 2026 Annual Report. He will continue to serve in his role as Chief Financial Officer through that time to support an orderly transition.
Matrix has retained a leading executive search firm to conduct a comprehensive search for its next Chief Financial Officer.
“I would like to thank Kevin for his more than 23 years of leadership and service to Matrix,” said John Hewitt, President and Chief Executive Officer. “Throughout his tenure, Kevin played a critical role in strengthening our financial discipline, enhancing our processes, and supporting the Company through multiple phases of growth and transformation. We appreciate his many contributions and his commitment to ensuring an orderly transition.”
Shawn Payne, Chief Operating Officer and Incoming President and Chief Executive Officer, added, “Looking ahead, we are sharpening our focus on execution and speed to market as we position the business for its next phase of growth. Kevin built a strong and experienced finance organization to support our path forward.”
The planned departure of Mr. Cavanah is not related to any disagreement with the Company on any matter relating to its accounting practices, financial statements, internal controls or operations.
ABOUT MATRIX SERVICE COMPANY
Matrix Service Company (Nasdaq: MTRX) is a leading specialty engineering and construction company whose commitment to safety, quality, and integrity has earned the Company a leadership position in providing infrastructure solutions across multiple end markets. Our work is foundational to helping our energy and industrial clients achieve their objectives, positively impact quality of life through the products they provide and improve the efficiency and resilience of their critical infrastructure. We pride ourselves on our commitment to our culture and core values, offering an inclusive and respectful work environment, and being certified as a Great Place To Work®. The Company is headquartered in Tulsa, Oklahoma with offices located throughout the United States and Canada, as well as Sydney, Australia, and Seoul, South Korea. The Company reports its financial results in three key operating segments: Storage and Terminal Solutions, Utility and Power Infrastructure, and Process and Industrial Facilities. To learn more about Matrix Service Company, visit matrixservicecompany.com
This release contains forward-looking statements that are made in reliance upon the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are generally accompanied by words such as “anticipate,” “continues,” “expect,” “forecast,” “outlook,” “believe,” “estimate,” “should” and “will” and words of similar effect that convey future meaning, concerning the Company’s operations, economic performance and management’s best judgment as to what may occur in the future. Future events involve risks and uncertainties that may cause actual results to differ materially from those we currently anticipate. The actual results for the current and future periods and other corporate developments will depend upon a number of economic, competitive and other influences, including the successful implementation of the Company's business improvement plan and the factors discussed in the “Risk Factors” and “Forward Looking Statements” sections and elsewhere in the Company’s reports and filings made from time to time with the Securities and Exchange Commission. Many of these risks and uncertainties are beyond the control of the Company, and any one of which, or a combination of which, could materially and adversely affect the results of the Company's operations and its financial condition. We undertake no obligation to update information contained in this release, except as required by law.
INVESTOR RELATIONS CONTACT
Patrick Roberts
Director, Corporate Development and Investor Relations
T: 918-359-8249
Email: [email protected]
TULSA, Okla., May 06, 2026 (GLOBE NEWSWIRE) -- Matrix Service Company (Nasdaq: MTRX), a leading provider of engineering and construction services to the energy and industrial markets, today announced financial results for the third quarter of fiscal 2026 ended March 31, 2026.
THIRD QUARTER FISCAL 2026 HIGHLIGHTS
Revenue of $206.7 millionNet income of $0.8 million, or $0.03 per diluted shareAdjusted net income(1) of $3.8 million, or $0.13 per diluted shareAdjusted EBITDA(1) of $4.9 millionLiquidity at March 31, 2026 of $297.2 million with no outstanding debtTotal backlog of $1.0 billion, with awards of $108.3 millionUpdates fiscal 2026 revenue guidance in a range of between $870 million and $890 million
(1) Adjusted net income and adjusted net income per diluted share are non-GAAP financial measures which exclude restructuring expense, Adjusted EBITDA is a non-GAAP financial measure which excludes interest expense, interest income, income taxes, depreciation and amortization expense, restructuring expense, and stock-based compensation. See the Non-GAAP Financial Measures section included at the end of this release for a reconciliation to net income and net income per share.
MANAGEMENT COMMENTARY
"During the fiscal third quarter, our team demonstrated strong project execution and operational focus, culminating in a return to profitability," said John Hewitt, President and Chief Executive Officer.
“Although our third quarter revenue was affected by client-related engineering and permitting delays, as well as severe weather, our strong project execution and improved cost structure enabled us to achieve adjusted diluted earnings per share of $0.13.
“While the pace of new awards was subdued during the third quarter, among the awards are an increasing number that are related to high-demand verticals including more than $30 million in increased electrical infrastructure and grid-related investments being driven in part by data center demand. Subsequent to the close of the quarter, we also received a limited notice to proceed for a major mining project on the west coast, which will begin in Q4 of this fiscal year and support revenue throughout fiscal 2027.
“Overall bidding activity remained steady, and our project opportunity pipeline remains healthy at more than $6.9 billion, reflecting multi-year opportunities across our core LNG markets, mining and minerals, power generation, and data center–related infrastructure.
“Due to the combined impact of client and weather-related delays on booked work in the third quarter, we have elected to lower our full-year fiscal 2026 revenue guidance. These project activities will move into later periods. Our return to profitability marks an important inflection point as we remain focused on continuous improvement.
"Under the leadership and organizational vision of incoming President and CEO Shawn Payne, the business is undertaking further streamlining to assure it is well positioned to build on its strong legacy and deliver sustainable profitable growth and long-term value creation.”
FISCAL 2026 THIRD QUARTER CONSOLIDATED RESULTS
Fiscal 2026 third quarter revenue was $206.7 million, compared to $200.2 million in the third quarter of fiscal 2025. The increase in revenue for the quarter was attributable to higher revenue in the Storage and Terminal Solutions segment, partially offset by lower revenue in the Processing and Industrial Facilities segment and the impact of client-related delays and severe weather events in the quarter.
Gross profit was $17.2 million, or 8.3% of revenue, in the third quarter of fiscal 2026 compared to $12.9 million, or 6.4% of revenue, for the third quarter of fiscal 2025. The increase in gross margin was due to higher gross margins in the Storage and Terminal Solutions and Utility and Power Infrastructure segments, partially offset by lower gross margins in the Process and Industrial Facility segment.
SG&A expenses were $15.2 million in the third quarter of fiscal 2026, compared to $17.7 million for the third quarter of fiscal 2025. The decrease in SG&A expenses primarily reflects the reduction of costs associated with the Company's organizational realignment initiatives over the last 12 months. Additionally, stock compensation expense decreased by $1.0 million primarily as a result of executive separations during the period.
During the quarter, the Company incurred $3.0 million of restructuring costs and other expenses associated with the previously announced CEO leadership transition and a lease impairment.
For the third quarter of fiscal 2026, the Company had net income of $0.8 million, or $0.03 per share, compared to a net loss of $3.4 million, or $(0.12) per share, in the third quarter of fiscal 2025. Adjusted net income for the third quarter of fiscal 2026 was $3.8 million, or $0.13 per share, compared to adjusted net loss of $3.3 million, or $(0.12) per share in the third quarter of fiscal 2025. Adjusted EBITDA for the third quarter of fiscal 2026 was $4.9 million compared to $0.01 million for the third quarter of fiscal 2025.
FISCAL 2026 THIRD QUARTER SEGMENT RESULTS
Storage and Terminal Solutions segment revenue increased 16% to $111.6 million in the third quarter of fiscal 2026 compared to $96.1 million in the third quarter of fiscal 2025, due to higher LNG project activity. Gross margin was 7.0% in the third quarter of fiscal 2026, compared to 3.9% in the third quarter of fiscal 2025. Segment gross margin was driven by increased project activity, as well as improved project execution and fixed cost absorption.
Utility and Power Infrastructure segment revenue increased 2% to $60.0 million in the third quarter of fiscal 2026 compared to $58.7 million in the third quarter of fiscal 2025. Gross margin was 13.6% in the third quarter of fiscal 2026, compared to 9.4% for the third quarter of fiscal 2025, an increase of 4.2% due to improved project execution throughout the segment.
Process and Industrial Facilities segment revenue decreased to $35.1 million in the third quarter of fiscal 2026 compared to $45.4 million in the third quarter of fiscal 2025, primarily due to lower revenue volumes for thermal vacuum chambers, refinery work, and industrial facilities. Gross margin was 2.5% in the third quarter of fiscal 2026, compared to 8.3% for the third quarter of fiscal 2025, a decrease of 5.8%, primarily due to a mix of work and the settlement of a legacy legal matter.
BACKLOG
The Company’s backlog was $1.0 billion as of March 31, 2026. Project awards totaled $108.3 million in the third quarter of fiscal 2026, resulting in a book-to-bill ratio of 0.5x for the quarter. Project awards during the third quarter for fiscal 2026 were driven primarily by activity in the Utility and Power Infrastructure segment, which produced a book-to-bill ratio of 0.8x.
The table below summarizes our awards, book-to-bill ratios and backlog by segment for our third quarter ended March 31, 2026 (amounts are in thousands, except for book-to-bill ratios):
Three Months Ended
Backlog as of
March 31, 2026
Segment: Awards
Book-to-Bill(1)
March 31, 2026
Storage and Terminal Solutions $37,535 0.3x $747,322 Utility and Power Infrastructure 46,633 0.8x 189,447 Process and Industrial Facilities 24,135 0.7x 91,898 Total $108,303 0.5x $1,028,667 ____________________
(1) Calculated by dividing project awards by revenue recognized during the period.
BALANCE SHEET & LIQUIDITY
As of March 31, 2026, Matrix had total liquidity of $297.2 million. Liquidity is comprised of $233.0 million of unrestricted cash and cash equivalents and $64.2 million of borrowing availability under the credit facility. The Company also has $25.0 million of restricted cash to support the credit facility. As of March 31, 2026, the Company had no outstanding debt.
FISCAL YEAR 2026 FINANCIAL GUIDANCE
The following forward-looking guidance reflects the Company’s current expectations and beliefs as of May 6, 2026. Various factors outside of the Company's control may impact the Company's revenue and business. These include the timing of project awards and starts which may be impacted by market fundamentals, client decision-making, permitting, and federal trade and environmental policy uncertainty. The following statements apply only as of the date of this disclosure and are expressly qualified in their entirety by the cautionary statements included elsewhere in this document.
Today, Matrix provided an update to its fiscal year 2026 revenue guidance, representing a 2% decrease at the mid-point:
Fiscal Year 2025 Fiscal Year 2026 Fiscal Year 2026 Actual Previous Guidance Current Guidance % IncreaseRevenue $769.3 million $875 - $925 million $870 - $890 million 13% - 16%
CONFERENCE CALL DETAILS
In conjunction with the earnings release, Matrix Service Company will host a conference call with John R. Hewitt, President and CEO, Shawn P. Payne, COO and incoming President and CEO, and Kevin S. Cavanah, Vice President and CFO. The call will take place at 10:30 a.m. (Eastern) / 9:30 a.m. (Central) on Thursday, May 7, 2026.
Investors and other interested parties can access a live audio-visual webcast using this webcast link, or through the Company’s website at www.matrixservicecompany.com on the Investors Relations page under Events & Presentations.
If you would like to dial in to the conference call, please register at least 10 minutes prior to the start time. Upon registration, participants will receive a dial-in number and unique PIN to join the call as well as an e-mail confirmation with the details.
For those unable to participate in the conference call, a replay of the webcast will be available on the Investor Relations page of the Company's website.
The conference call will be recorded and will be available for replay within one hour of completion of the live call and can be accessed following the same link as the live call.
ABOUT MATRIX SERVICE COMPANY
Matrix Service Company (Nasdaq: MTRX) is a leading specialty engineering and construction company whose commitment to safety, quality, and integrity has earned the Company a leadership position in providing infrastructure solutions across multiple end markets. Our work is foundational to helping our energy and industrial clients achieve their objectives, positively impact quality of life through the products they provide and improve the efficiency and resilience of their critical infrastructure. We pride ourselves on our commitment to our culture and core values, offering an inclusive and respectful work environment, and being certified as a Great Place To Work®.
The Company is headquartered in Tulsa, Oklahoma with offices located throughout the United States and Canada, as well as Sydney, Australia, and Seoul, South Korea. The Company reports its financial results in three key operating segments: Storage and Terminal Solutions, Utility and Power Infrastructure, and Process and Industrial Facilities.
To learn more about Matrix Service Company, visit matrixservicecompany.com.
FORWARD-LOOKING STATEMENTS
This release contains forward-looking statements that are made in reliance upon the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are generally accompanied by words such as “anticipate,” “continues,” “expect,” “forecast,” “outlook,” “believe,” “estimate,” “should” and “will” and words of similar effect that convey future meaning, concerning the Company’s operations, economic performance, financial guidance, sustained profitable growth and management’s best judgment as to what may occur in the future. Future events involve risks and uncertainties that may cause actual results to differ materially from those we currently anticipate. The actual results for the current and future periods and other corporate developments will depend upon a number of economic, competitive and other influences, including the successful implementation of the Company's business improvement plan and the factors discussed in the “Risk Factors” and “Forward Looking Statements” sections and elsewhere in the Company’s reports and filings made from time to time with the Securities and Exchange Commission. Many of these risks and uncertainties are beyond the control of the Company, and any one of which, or a combination of which, could materially and adversely affect the results of the Company's operations and its financial condition. We undertake no obligation to update information contained in this release, except as required by law.
Investors should note that the Company announces material financial information in SEC filings, press releases, presentations and public conference calls. Based on guidance from the SEC, the Company may use the Investors section of its website (www.matrixservicecompany.com) to communicate with investors, and the Company intends to post presentations there, among other things. It is possible that the financial and other information posted there could be deemed to be material information. The information on the Company’s website is not part of, and is not incorporated into, this release.
INVESTOR RELATIONS CONTACT
Patrick Roberts
Director, Corporate Development and Investor Relations
T: 918-359-8249
Email: [email protected]
Matrix Service Company
Consolidated Statements of Income(In thousands, except per share data)
Three Months Ended Nine Months Ended March 31,
2026 March 31,
2025 March 31,
2026 March 31,
2025Revenue $206,709 $200,161 $629,101 $552,909 Cost of revenue 189,556 187,311 584,631 521,354 Gross profit 17,153 12,850 44,470 31,555 Selling, general and administrative expenses 15,215 17,726 46,661 53,592 Restructuring costs and other 2,986 124 6,536 124 Operating loss (1,048) (5,000) (8,727) (22,161)Other income (expense): Interest expense (85) (134) (330) (368)Interest income 2,190 1,518 5,535 4,668 Other (187) 182 67 (313)Income (loss) before income tax expense 870 (3,434) (3,455) (18,174)Provision for federal, state and foreign income taxes 35 — 267 16 Net income (loss) $835 $(3,434) $(3,722) $(18,190)Basic income (loss) per common share $0.03 $(0.12) $(0.13) $(0.66)Diluted income (loss) per common share $0.03 $(0.12) $(0.13) $(0.66)Weighted average common shares outstanding: Basic 28,380 27,836 28,262 27,731 Diluted 28,533 27,836 28,262 27,731 Matrix Service Company
Consolidated Balance Sheets(In thousands)
March 31,
2026
June 30,
2025
Assets Current assets: Cash and cash equivalents $233,021 $224,641 Accounts receivable, net of allowance for credit losses 139,042 154,994 Costs and estimated earnings in excess of billings on uncompleted contracts 24,917 29,764 Inventories 6,009 5,917 Income taxes receivable — 110 Prepaid expenses and other current assets 7,917 4,347 Assets held for sale 1,128 — Total current assets 412,034 419,773 Restricted cash 25,000 25,000 Property, plant and equipment, net 37,255 42,097 Operating lease right-of-use assets 14,030 17,827 Goodwill 28,932 29,047 Other intangible assets, net of accumulated amortization 12 555 Other assets, non-current 99,287 65,957 Total assets $616,550 $600,256 Matrix Service Company
Consolidated Balance Sheets (continued)(In thousands, except share data)
March 31,
2026 June 30,
2025Liabilities and stockholders’ equity Current liabilities: Accounts payable $90,140 $80,453 Billings on uncompleted contracts in excess of costs and estimated earnings 340,704 323,593 Accrued wages and benefits 16,266 18,961 Accrued insurance 4,378 5,310 Operating lease liabilities 4,584 4,441 Other accrued expenses 4,125 3,617 Total current liabilities 460,197 436,375 Deferred income taxes 150 25 Operating lease liabilities 14,110 16,986 Other liabilities, non-current 2,673 4,154 Total liabilities 477,130 457,540 Commitments and contingencies Stockholders’ equity: Common stock — $0.01 par value; 60,000,000 shares authorized; 28,128,405 shares issued and outstanding at March 31, 2026; 27,888,217 shares issued and 27,610,486 shares outstanding as of June 30, 2025, respectively; 281 279 Additional paid-in capital 148,756 149,969 Retained earnings 757 4,479 Accumulated other comprehensive loss (10,374) (9,403)Treasury stock, at cost — 0 shares as of March 31, 2026 and 277,731 shares as of June 30, 2025; — (2,608)Total stockholders' equity 139,420 142,716 Total liabilities and stockholders’ equity $616,550 $600,256 Matrix Service Company
Condensed Consolidated Statements of Cash Flows(In thousands) Three Months Ended Nine Months Ended March 31,
2026 March 31,
2025 March 31,
2026 March 31,
2025 Operating activities: Net income (loss) $835 $(3,434) $(3,722) $(18,190)Adjustments to reconcile net income (loss) to net cash provided (used) by operating activities: Depreciation and amortization 2,011 2,513 6,704 7,538 Stock-based compensation expense 1,413 2,186 5,476 6,754 Operating lease impairment due to restructuring 886 — 2,415 — Gain on disposal of property, plant and equipment (130) (58) (457) (122)Other (103) 127 236 108 Changes in operating assets and liabilities increasing (decreasing) cash: Accounts receivable, net of allowance for credit losses 60,918 (69,872) (16,042) (88,802)Costs and estimated earnings in excess of billings on uncompleted contracts 366 (3,856) 4,847 (4,674)Inventories 853 768 (92) 2,450 Other assets and liabilities 2,575 1,843 (5,311) (5,120)Accounts payable 1,510 (1,519) 9,152 12,955 Billings on uncompleted contracts in excess of costs and estimated earnings (42,193) 95,120 17,111 161,349 Accrued expenses 5,221 7,429 (4,600) 2,517 Net cash provided by operating activities 34,162 31,247 15,717 76,763 Investing activities: Capital expenditures (917) (2,566) (4,104) (5,425)Proceeds from sale of property, plant and equipment 999 74 1,483 237 Net cash provided (used) by investing activities 82 (2,492) (2,621) (5,188)Financing activities: Payment of debt amendment fees — — (149) — Proceeds from issuance of common stock under employee stock purchase plan 46 47 144 149 Payments related to tax withholding for stock-based compensation — — (4,223) (1,235)Net cash provided (used) by financing activities 46 47 (4,228) (1,086)Effect of exchange rate changes on cash (233) (38) (488) (563)Net increase in cash and cash equivalents 34,057 28,764 8,380 69,926 Cash, cash equivalents and restricted cash, beginning of period 223,964 181,777 249,641 140,615 Cash, cash equivalents and restricted cash, end of period $258,021 $210,541 $258,021 $210,541 Supplemental disclosure of cash flow information: Cash paid during the period for: Income taxes $60 $21 $94 $39 Interest $80 $84 $300 $316 Matrix Service Company
Results of Operations(In thousands) Storage and Terminal Solutions Utility and Power Infrastructure Process and Industrial Facilities Corporate Total Three Months Ended March 31, 2026Total revenues(1) $111,621 $59,963 $35,125 $— $206,709 Cost of revenue (103,849) (51,801) (34,238) 332 (189,556)Gross profit (loss) 7,772 8,162 887 332 17,153 Selling, general and administrative expenses 5,312 2,074 1,503 6,326 15,215 Restructuring costs and other 4 902 94 1,986 2,986 Operating income (loss) $2,456 $5,186 $(710) $(7,980) $(1,048)(1) Total revenues are net of inter-segment revenues which are primarily Storage and Terminal Solutions and were $1.4 million for the three months ended March 31, 2026. Storage and Terminal Solutions Utility and Power Infrastructure Process and Industrial Facilities Corporate Total Three Months Ended March 31, 2025Total revenue(1) $96,054 $58,676 $45,431 $— $200,161 Cost of revenue (92,323) (53,139) (41,672) (177) (187,311)Gross profit (loss) 3,731 5,537 3,759 (177) 12,850 Selling, general and administrative expenses 6,344 2,536 2,142 6,704 17,726 Restructuring costs and other — 124 — — 124 Operating income (loss) $(2,613) $2,877 $1,617 $(6,881) $(5,000)(1) Total revenues are net of inter-segment revenues which are primarily Process and Industrial Facilities and were $1.1 million for the three months ended March 31, 2025. Storage and Terminal Solutions Utility and Power Infrastructure Process and Industrial Facilities Corporate Total Nine Months Ended March 31, 2026Total revenue(1) $320,932 $209,870 $98,299 $— $629,101 Cost of revenue (301,909) (187,696) (94,764) (262) (584,631)Gross profit (loss) 19,023 22,174 3,535 (262) 44,470 Selling, general and administrative expenses 16,283 7,293 4,383 18,702 46,661 Restructuring costs and other 1,882 1,576 870 2,208 6,536 Operating income (loss) $858 $13,305 $(1,718) $(21,172) $(8,727)(1) Total revenues are net of inter-segment revenues which are primarily Storage and Terminal Solutions and were $3.0 million for the nine months ended March 31, 2026. Storage and Terminal Solutions Utility and Power Infrastructure Process and Industrial Facilities Corporate Total Nine Months Ended March 31, 2025Total revenue(1) $269,800 $175,664 $107,445 $— $552,909 Cost of revenue (254,100) (165,411) (101,319) (524) (521,354)Gross profit (loss) 15,700 10,253 6,126 (524) 31,555 Selling, general and administrative expenses 17,480 10,073 5,585 20,454 53,592 Restructuring costs and other — 124 — — 124 Operating income (loss) $(1,780) $56 $541 $(20,978) $(22,161)(1) Total revenues are net of inter-segment revenues which are primarily Process and Industrial Facilities and were $2.8 million for the nine months ended March 31, 2025.
Backlog
We define backlog as the total dollar amount of revenue that we expect to recognize as a result of performing work that has been awarded to us through a signed contract, limited notice to proceed or other type of assurance that we consider firm. The following arrangements are considered firm:
fixed-price awards;minimum customer commitments on cost plus arrangements; andcertain time and material arrangements in which the estimated value is firm or can be estimated with a reasonable amount of certainty in both timing and amounts. For long-term maintenance contracts with no minimum commitments and other established customer agreements, we include only the amounts that we expect to recognize as revenue over the next 12 months. For arrangements in which we have received a limited notice to proceed, we include the entire scope of work in our backlog if we conclude that the likelihood of the full project proceeding as high. For all other arrangements, we calculate backlog as the estimated contract amount less revenue recognized as of the reporting date.
Three Months Ended March 31, 2026
Storage and Terminal Solutions Utility and Power Infrastructure Process and Industrial Facilities Total (In thousands)Backlog as of December 31, 2025 $821,408 $202,777 $102,888 $1,127,073 Project awards 37,535 46,633 24,135 108,303 Revenue recognized (111,621) (59,963) (35,125) (206,709)Backlog as of March 31, 2026 $747,322 $189,447 $91,898 $1,028,667 Book-to-Bill Ratio(1) 0.3x 0.8x 0.7x 0.5x
(1) Calculated by dividing project awards by revenue recognized.
Nine Months Ended March 31, 2026
Storage and Terminal
Solutions Utility and Power Infrastructure Process and Industrial Facilities Total (In thousands)Backlog as of June 30, 2025 $770,095 $346,384 $265,629 $1,382,108 Project awards 298,159 97,172 77,288 472,619 Other adjustment(2) — (44,239) (152,720) (196,959)Revenue recognized (320,932) (209,870) (98,299) (629,101)Backlog as of March 31, 2026 $747,322 $189,447 $91,898 $1,028,667 Book-to-Bill Ratio 0.9x 0.5x 0.8x 0.8x
(1) Calculated by dividing project awards by revenue recognized.
(2) Previous project awards removed from backlog.
Non-GAAP Financial Measures
Adjusted Net Income (Loss)
We have presented Adjusted net income (loss), which we define as Net income (loss) before Restructuring costs and other expenses, and the tax impact of this adjustment, because we believe it better depicts our core operating results. We believe that the line item on our Consolidated Statements of Income entitled “Net income (loss)” is the most directly comparable GAAP measure to Adjusted net income (loss). Since Adjusted net income (loss) is not a measure of performance calculated in accordance with GAAP, it should not be considered in isolation of, or as a substitute for, Net income (loss) as an indicator of operating performance. Adjusted net income (loss), as we calculate it, may not be comparable to similarly titled measures employed by other companies. In addition, this measure is not a measure of our ability to fund our cash needs. As Adjusted net income (loss) excludes certain financial information compared with Net income (loss), the most directly comparable GAAP financial measure, users of this financial information should consider the type of events and transactions that are excluded. Our non-GAAP performance measure, Adjusted net income (loss), has certain material limitations as follows:
It does not include restructuring costs and other expenses. Restructuring costs represent material costs that were incurred and are oftentimes cash expenses. Therefore, any measure that excludes restructuring costs has material limitations. A reconciliation of Net income (loss) to Adjusted net income (loss) follows:
Reconciliation of Net Income (Loss) to Adjusted Net Income (Loss)
(In thousands, except per share data) Three Months Ended Nine Months Ended March 31, 2026
March 31, 2025 March 31, 2026 March 31, 2025Net income (loss), as reported $835 $(3,434) $(3,722) $(18,190)Restructuring costs and other 2,986 124 6,536 124 Tax impact of adjustments and other net tax items(1) — — — — Adjusted net income (loss) $3,821 $(3,310) $2,814 $(18,066) Income (loss) per fully diluted share, as reported $0.03 $(0.12) $(0.13) $(0.66)Adjusted income (loss) per fully diluted share $0.13 $(0.12) $0.10 $(0.65)____________________
(1) Represents the tax impact of the adjustments to Net loss, calculated using the applicable effective tax rate of the adjustment. Due to the existence of valuation allowances on our deferred tax assets and net operating losses, there was no tax impact of any of the adjustments in any period presented.
Adjusted EBITDA
We have presented Adjusted EBITDA, which we define as net loss before gain on sale of assets, stock-based compensation, interest expense, interest income, income taxes, and depreciation and amortization, because it is used by the financial community as a method of measuring our performance and of evaluating the market value of companies considered to be in similar businesses. We believe that the line item on our Consolidated Statements of Income entitled “Net loss” is the most directly comparable GAAP measure to Adjusted EBITDA. Since Adjusted EBITDA is not a measure of performance calculated in accordance with GAAP, it should not be considered in isolation of, or as a substitute for, net earnings as an indicator of operating performance. Adjusted EBITDA, as we calculate it, may not be comparable to similarly titled measures employed by other companies. In addition, this measure is not a measure of our ability to fund our cash needs. As Adjusted EBITDA excludes certain financial information compared with net loss, the most directly comparable GAAP financial measure, users of this financial information should consider the type of events and transactions that are excluded. Our non-GAAP performance measure, Adjusted EBITDA, has certain material limitations as follows:
It does not include interest expense. Because we have borrowed money to finance our operations and to acquire businesses, pay commitment fees to maintain our senior secured revolving credit facility, and incur fees to issue letters of credit under the senior secured revolving credit facility, interest expense is a necessary and ongoing part of our costs and has assisted us in generating revenue. Therefore, any measure that excludes interest expense has material limitations.
It does not include interest income. Because we have cash invested in certain investment accounts and we will have earned interest income on these investments, any measure that excludes interest income has material limitations.
It does not include income taxes. Because the payment of income taxes is a necessary and ongoing part of our operations, any measure that excludes income taxes has material limitations.
It does not include depreciation or amortization expense. Because we use capital and intangible assets to generate revenue, depreciation and amortization expense is a necessary element of our cost structure. Therefore, any measure that excludes depreciation or amortization expense has material limitations.
It does not include restructuring costs. Restructuring costs represent material costs that were incurred and are oftentimes cash expenses. Therefore, any measure that excludes restructuring costs has material limitations.
It does not include equity-settled stock-based compensation expense. Stock-based compensation represents material amounts of equity that are awarded to our employees and directors for services rendered. While the expense is non-cash, we historically release vested shares out of our treasury stock, which has been replenished by using cash to periodically repurchase our stock. Therefore, any measure that excludes stock-based compensation has material limitations. A reconciliation of Net loss to Adjusted EBITDA follows:
Reconciliation of Net Loss to Adjusted EBITDA
(In thousands) Three Months Ended Nine Months Ended March 31, 2026 March 31, 2025 March 31, 2026 March 31, 2025Net income (loss) $835 $(3,434) $(3,722) $(18,190)Interest expense 85 134 330 368 Interest income (2,190) (1,518) (5,535) (4,668)Provision for federal, state and foreign income taxes 35 — 267 16 Depreciation and amortization 2,011 2,513 6,704 7,538 Restructuring costs and other(2) 2,686 124 6,236 124 Stock-based compensation(1) 1,413 2,186 5,476 6,754 Adjusted EBITDA $4,875 $5 $9,756 $(8,058)____________________
(1) Represents only the equity-settled portion of our stock-based compensation expense.
(2) Restructuring costs excludes equity-settled stock-based compensation expense incurred in conjunction with employee terminations.
Matrix Service (MTRX - Free Report) came out with quarterly earnings of $0.13 per share, beating the Zacks Consensus Estimate of $0.07 per share. This compares to a loss of $0.12 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of +100.00%. A quarter ago, it was expected that this energy services company would post earnings of $0.04 per share when it actually produced a loss of $0.02, delivering a surprise of -150%.
Over the last four quarters, the company has surpassed consensus EPS estimates two times.
Matrix Service, which belongs to the Zacks Engineering - R and D Services industry, posted revenues of $206.71 million for the quarter ended March 2026, missing the Zacks Consensus Estimate by 10.71%. This compares to year-ago revenues of $200.16 million. The company has topped consensus revenue estimates just once 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.
Matrix Service shares have added about 19.1% since the beginning of the year versus the S&P 500's gain of 6%.
What's Next for Matrix Service?While Matrix Service has outperformed 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 Matrix Service was unfavorable. 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 #4 (Sell) for the stock. So, the shares are expected to underperform 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 $0.18 on $249.28 million in revenues for the coming quarter and $0.18 on $903.18 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, Engineering - R and D Services is currently in the bottom 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.
One other stock from the same industry, Amentum Holdings (AMTM - Free Report) , is yet to report results for the quarter ended March 2026. The results are expected to be released on May 12.
This government services company is expected to post quarterly earnings of $0.58 per share in its upcoming report, which represents a year-over-year change of +9.4%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.
Amentum Holdings' revenues are expected to be $3.48 billion, down 0.4% from the year-ago quarter.
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, /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Matrix Service Company ("Matrix" or the "Company") (NASDAQ: MTRX). Such investors are advised to contact Danielle Peyton at [email protected] or 646-581-9980, ext. 7980.
The investigation concerns whether Matrix and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
[Click here for information about joining the class action]
On May 6, 2026, Matrix issued a press release announcing its financial results for the third quarter of its 2026 fiscal year. Among other items, Matrix reported revenue of $206.71 million, missing consensus estimates by $24.81 million. The Company also lowered its fiscal year 2026 revenue guidance to a range of $870 million to $890 million, compared to its previous guidance of $875 million to $925 million, representing a 2% decrease at the midpoint.
On this news, Matrix's stock price fell $1.64 per share, or 11.88%, to close at $12.16 per share on May 7, 2026.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.
Attorney advertising. Prior results do not guarantee similar outcomes.
LOS ANGELES, May 18, 2026 (GLOBE NEWSWIRE) -- The Schall Law Firm, a national shareholder rights litigation firm, announces that it is investigating claims on behalf of investors of Matrix Service Company (“Matrix” or “the Company”) (NASDAQ: MTRX) for violations of the securities laws.
The investigation focuses on whether the Company issued false and/or misleading statements and/or failed to disclose information pertinent to investors. Matrix announced its Q3 2026 financial results on May 6, 2026. The Company missed consensus estimates on Revenue, and lowered its full year guidance. Based on this news, shares of Matrix fell by almost 11.9% on the next day.
If you are a shareholder who suffered a loss, click here to participate.
We also encourage you to contact Brian Schall of the Schall Law Firm, 2049 Century Park East, Suite 2460, Los Angeles, CA 90067, at 310-301-3335, to discuss your rights free of charge. You can also reach us through the firm's website at www.schallfirm.com, or by email at [email protected].
The Schall Law Firm represents investors around the world and specializes in securities class action lawsuits and shareholder rights litigation.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and rules of ethics.
CONTACT:
The Schall Law Firm
Brian Schall, Esq.
310-301-3335 [email protected]
TULSA, Okla., May 18, 2026 (GLOBE NEWSWIRE) -- Matrix Service Company (Nasdaq: MTRX) announced today that President and Chief Executive Officer John R. Hewitt, Vice President and Chief Financial Officer Kevin Cavanah, Chief Operating Officer and incoming Chief Executive Officer, Shawn P. Payne, Director of Corporate Development and Investor Relations Patrick Roberts, and Senior Director of Accounting and Treasury AJ Smith will present and host one-on-one meetings with investors at the Sidoti Virtual Micro-Cap Conference taking place on May 20-21, 2026.
The presentation will begin at 1:00 PM ET on Wednesday, May 20 and can be accessed live here. Matrix will also host virtual one-on-ones with investors on Wednesday and Thursday, May 20-21, 2026. To register for the presentation or one-on-ones, visit www.sidoti.com/events or contact Matrix Service Company at [email protected].
About Sidoti Events, LLC (“Events”) and Sidoti & Company, LLC (“Sidoti”)
In 2023, Sidoti & Company, LLC , Sidoti & Company, LLC formed an affiliate company, Sidoti Events, LLC in order to focus exclusively on its rapidly growing conference business and to more directly serve the needs of presenters and attendees. The relationship allows Events to draw on the over 25 years of experience Sidoti has as a premier provider of independent securities research focused specifically on small and microcap companies and the institutions that invest in their securities, with most of its coverage in the $200 million-$5 billion market cap range. Sidoti’s coverage universe comprises approximately 150 equities, of which almost 70 percent participate in the firm's rapidly growing Company Sponsored Research ("CSR") and Sidoti Lighthouse Equity Research (“Lighthouse”) programs. Events is a leading provider of corporate access through the many investor conferences it hosts each year. By virtue of its direct ties to Sidoti, Events benefits from Sidoti’s small- and microcap-focused nationwide sales force, which has connections with over 2,500 institutional relationships in North America. This enables Events to provide multiple forums for meaningful interaction for small and microcap issuers and investors specifically interested in companies in the sector.
About Matrix Service Company
Matrix Service Company (Nasdaq: MTRX), through its subsidiaries, is a leading North American industrial engineering, construction, and maintenance contractor headquartered in Tulsa, Oklahoma with offices located throughout the United States and Canada, as well as Sydney, Australia and Seoul, South Korea.
The Company reports its financial results in three key operating segments: Utility and Power Infrastructure, Process and Industrial Facilities, and Storage and Terminal Solutions.
With a focus on sustainability, building strong Environment, Social and Governance (ESG) practices, and living our core values, Matrix ranks among the Top Contractors by Engineering-News Record, has been recognized for its Board diversification, is an active signatory to CEO Action for Diversity and Inclusion, and is recognized as a Great Place to Work®. To learn more about Matrix Service Company, visit www.matrixservicecompany.com and read our most recent Sustainability Report.
For more information about Matrix, please contact:
Patrick Roberts
Matrix Service Company
Director, Corporate Development and Investor Relations
T: 918-359-8249
Email: [email protected]
This release contains forward-looking statements that are made in reliance upon the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are generally accompanied by words such as “anticipate,” “continues,” “expect,” “forecast,” “outlook,” “believe,” “estimate,” “should” and “will” and words of similar effect that convey future meaning, concerning the Company’s operations, economic performance, financial guidance, sustained profitable growth and management’s best judgment as to what may occur in the future. Future events involve risks and uncertainties that may cause actual results to differ materially from those we currently anticipate. The actual results for the current and future periods and other corporate developments will depend upon a number of economic, competitive and other influences, including the successful implementation of the Company's business improvement plan and the factors discussed in the “Risk Factors” and “Forward Looking Statements” sections and elsewhere in the Company’s reports and filings made from time to time with the Securities and Exchange Commission. Many of these risks and uncertainties are beyond the control of the Company, and any one of which, or a combination of which, could materially and adversely affect the results of the Company's operations and its financial condition. We undertake no obligation to update information contained in this release, except as required by law.
Investors should note that the Company announces material financial information in SEC filings, press releases, presentations and public conference calls. Based on guidance from the SEC, the Company may use the Investors section of its website (www.matrixservicecompany.com) to communicate with investors, and the Company intends to post presentations there, among other things. It is possible that the financial and other information posted there could be deemed to be material information. The information on the Company’s website is not part of, and is not incorporated into, this presentation.
NEW YORK, May 19, 2026 (GLOBE NEWSWIRE) -- Pomerantz LLP is investigating claims on behalf of investors of Matrix Service Company (“Matrix” or the “Company”) (NASDAQ: MTRX). Such investors are advised to contact Danielle Peyton at [email protected] or 646-581-9980, ext. 7980.
The investigation concerns whether Matrix and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
[Click here for information about joining the class action]
On May 6, 2026, Matrix issued a press release announcing its financial results for the third quarter of its 2026 fiscal year. Among other items, Matrix reported revenue of $206.71 million, missing consensus estimates by $24.81 million. The Company also lowered its fiscal year 2026 revenue guidance to a range of $870 million to $890 million, compared to its previous guidance of $875 million to $925 million, representing a 2% decrease at the midpoint.
On this news, Matrix’s stock price fell $1.64 per share, or 11.88%, to close at $12.16 per share on May 7, 2026.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.
Attorney advertising. Prior results do not guarantee similar outcomes.
TULSA, Okla., May 21, 2026 (GLOBE NEWSWIRE) -- Matrix Service Company (Nasdaq: MTRX) announced today that, Chief Operating Officer and incoming Chief Executive Officer Shawn P. Payne, Vice President and Chief Financial Officer Kevin Cavanah, Director of Corporate Development and Investor Relations Patrick Roberts, and Senior Director of Accounting and Treasury A.J. Smith will be attending the Stifel Cross-Sector Insight Conference on June 2-3, 2026 in Boston, Massachusetts.
One-on-one meetings with management are available during the conference with prior notice and may be scheduled through the conference or by contacting Matrix Service Company at [email protected].
About Matrix Service Company
Matrix Service Company (Nasdaq: MTRX) is a leading specialty engineering and construction company whose commitment to safety, quality, and integrity has earned the Company a leadership position in providing infrastructure solutions across multiple end markets. Our work is foundational to helping our energy and industrial clients achieve their objectives, positively impact quality of life through the products they provide and improve the efficiency and resilience of their critical infrastructure. We pride ourselves on our commitment to our culture and core values, offering an inclusive and respectful work environment, and being certified as a Great Place To Work®.
The Company is headquartered in Tulsa, Oklahoma with offices located throughout the United States and Canada, as well as Sydney, Australia, and Seoul, South Korea. The Company reports its financial results in three key operating segments: Storage and Terminal Solutions, Utility and Power Infrastructure, and Process and Industrial Facilities. To learn more about Matrix Service Company, visit matrixservicecompany.com.
Forward-Looking Statements
This release contains forward-looking statements that are made in reliance upon the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are generally accompanied by words such as “anticipate,” “continues,” “expect,” “forecast,” “outlook,” “believe,” “estimate,” “should” and “will” and words of similar effect that convey future meaning, concerning the Company’s operations, economic performance, financial guidance, sustained profitable growth and management’s best judgment as to what may occur in the future. Future events involve risks and uncertainties that may cause actual results to differ materially from those we currently anticipate. The actual results for the current and future periods and other corporate developments will depend upon a number of economic, competitive and other influences, including the successful implementation of the Company's business improvement plan and the factors discussed in the “Risk Factors” and “Forward Looking Statements” sections and elsewhere in the Company’s reports and filings made from time to time with the Securities and Exchange Commission. Many of these risks and uncertainties are beyond the control of the Company, and any one of which, or a combination of which, could materially and adversely affect the results of the Company's operations and its financial condition. We undertake no obligation to update information contained in this release, except as required by law.
Investors should note that the Company announces material financial information in SEC filings, press releases, presentations and public conference calls. Based on guidance from the SEC, the Company may use the Investors section of its website (www.matrixservicecompany.com) to communicate with investors, and the Company intends to post presentations there, among other things. It is possible that the financial and other information posted there could be deemed to be material information. The information on the Company’s website is not part of, and is not incorporated into, this release.
Investor Relations Contact
Patrick Roberts
Director, Corporate Development and Investor Relations
T: 918-359-8249
Email: [email protected]
, /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Matrix Service Company ("Matrix" or the "Company") (NASDAQ: MTRX). Such investors are advised to contact Danielle Peyton at [email protected] or 646-581-9980, ext. 7980.
The investigation concerns whether Matrix and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
[Click here for information about joining the class action]
On May 6, 2026, Matrix issued a press release announcing its financial results for the third quarter of its 2026 fiscal year. Among other items, Matrix reported revenue of $206.71 million, missing consensus estimates by $24.81 million. The Company also lowered its fiscal year 2026 revenue guidance to a range of $870 million to $890 million, compared to its previous guidance of $875 million to $925 million, representing a 2% decrease at the midpoint.
On this news, Matrix's stock price fell $1.64 per share, or 11.88%, to close at $12.16 per share on May 7, 2026.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.
Attorney advertising. Prior results do not guarantee similar outcomes.
NEW YORK, May 26, 2026 (GLOBE NEWSWIRE) -- Pomerantz LLP is investigating claims on behalf of investors of Matrix Service Company (“Matrix” or the “Company”) (NASDAQ: MTRX). Such investors are advised to contact Danielle Peyton at [email protected] or 646-581-9980, ext. 7980.
The investigation concerns whether Matrix and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
[Click here for information about joining the class action]
On May 6, 2026, Matrix issued a press release announcing its financial results for the third quarter of its 2026 fiscal year. Among other items, Matrix reported revenue of $206.71 million, missing consensus estimates by $24.81 million. The Company also lowered its fiscal year 2026 revenue guidance to a range of $870 million to $890 million, compared to its previous guidance of $875 million to $925 million, representing a 2% decrease at the midpoint.
On this news, Matrix’s stock price fell $1.64 per share, or 11.88%, to close at $12.16 per share on May 7, 2026.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.
Attorney advertising. Prior results do not guarantee similar outcomes.
, /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Matrix Service Company ("Matrix" or the "Company") (NASDAQ: MTRX). Such investors are advised to contact Danielle Peyton at [email protected] or 646-581-9980, ext. 7980.
The investigation concerns whether Matrix and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
[Click here for information about joining the class action]
On May 6, 2026, Matrix issued a press release announcing its financial results for the third quarter of its 2026 fiscal year. Among other items, Matrix reported revenue of $206.71 million, missing consensus estimates by $24.81 million. The Company also lowered its fiscal year 2026 revenue guidance to a range of $870 million to $890 million, compared to its previous guidance of $875 million to $925 million, representing a 2% decrease at the midpoint.
On this news, Matrix's stock price fell $1.64 per share, or 11.88%, to close at $12.16 per share on May 7, 2026.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.
Attorney advertising. Prior results do not guarantee similar outcomes.
NEW YORK, June 02, 2026 (GLOBE NEWSWIRE) -- Pomerantz LLP is investigating claims on behalf of investors of Matrix Service Company (“Matrix” or the “Company”) (NASDAQ: MTRX). Such investors are advised to contact Danielle Peyton at [email protected] or 646-581-9980, ext. 7980.
The investigation concerns whether Matrix and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
[Click here for information about joining the class action]
On May 6, 2026, Matrix issued a press release announcing its financial results for the third quarter of its 2026 fiscal year. Among other items, Matrix reported revenue of $206.71 million, missing consensus estimates by $24.81 million. The Company also lowered its fiscal year 2026 revenue guidance to a range of $870 million to $890 million, compared to its previous guidance of $875 million to $925 million, representing a 2% decrease at the midpoint.
On this news, Matrix’s stock price fell $1.64 per share, or 11.88%, to close at $12.16 per share on May 7, 2026.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.
Attorney advertising. Prior results do not guarantee similar outcomes.
, /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Matrix Service Company ("Matrix" or the "Company") (NASDAQ: MTRX). Such investors are advised to contact Danielle Peyton at [email protected] or 646-581-9980, ext. 7980.
The investigation concerns whether Matrix and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
[Click here for information about joining the class action]
On May 6, 2026, Matrix issued a press release announcing its financial results for the third quarter of its 2026 fiscal year. Among other items, Matrix reported revenue of $206.71 million, missing consensus estimates by $24.81 million. The Company also lowered its fiscal year 2026 revenue guidance to a range of $870 million to $890 million, compared to its previous guidance of $875 million to $925 million, representing a 2% decrease at the midpoint.
On this news, Matrix's stock price fell $1.64 per share, or 11.88%, to close at $12.16 per share on May 7, 2026.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.
Attorney advertising. Prior results do not guarantee similar outcomes.
NEW YORK, June 09, 2026 (GLOBE NEWSWIRE) -- Pomerantz LLP is investigating claims on behalf of investors of Matrix Service Company (“Matrix” or the “Company”) (NASDAQ: MTRX). Such investors are advised to contact Danielle Peyton at [email protected] or 646-581-9980, ext. 7980.
The investigation concerns whether Matrix and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
[Click here for information about joining the class action]
On May 6, 2026, Matrix issued a press release announcing its financial results for the third quarter of its 2026 fiscal year. Among other items, Matrix reported revenue of $206.71 million, missing consensus estimates by $24.81 million. The Company also lowered its fiscal year 2026 revenue guidance to a range of $870 million to $890 million, compared to its previous guidance of $875 million to $925 million, representing a 2% decrease at the midpoint.
On this news, Matrix’s stock price fell $1.64 per share, or 11.88%, to close at $12.16 per share on May 7, 2026.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.
Attorney advertising. Prior results do not guarantee similar outcomes.
Pre-Market Stock Futures: The futures are trading lower as we get set to start a new trading week, and after last week’s string of record highs, it may be tough to duplicate the stellar performance that Wall Street put on. All of the major indices closed higher, except the Dow Jones Industrials, which finished the day down 0.16% at 49,230. The Nasdaq continued its hot streak, closing Friday at 24,836, up 1.63% for its fourth straight week of gains, and hitting yet another new all-time high. The S&P 500 did the same, closing at 7,165, up 0.80%, and also hitting another new all-time high. The small-cap Russell 2000, which is still the top-performing index in 2026, up over 11% on the year, closed Friday at 2,787, up 0.43%.
Treasury Bonds: Yields were down across the Treasury curve on Friday as buyers finally returned to U.S. sovereign debt. Everything from the case against Chairman Powell and the Fed being dropped, to the new Fed Chairman Kevin Warsh’s push for new inflation guidelines, to another meeting in Pakistan between our government and Iran for peace talks, was cited as a reason for the buying. When the smoke cleared on Friday, the 30-year-long bond closed at a 4.92% yield, while the benchmark 10-year note closed at 4.31%.
Oil and Gas: Prices were mixed across the energy complex on Friday, as news that peace negotiators were heading to Pakistan for renewed talks boosted hopes for a settlement to the war with Iran, only to be tamped down over the weekend. West Texas Intermediate finished the day down 1.54% at $94.37, while Brent Crude closed higher at $105.40, up 0.29%. Both of these moves came after JPMorgan said oil prices still had room to rise. Natural gas closed down 3.86% at $2.51.
Gold: The precious metals finished up a wild rollercoaster week after published data indicated that central governments around the globe are still buying gold at a breathtaking pace. Gold closed Friday trading at $4,707, up 0.34%, while Silver was last seen at $75.74, up 0.57%.
Crypto: The cryptocurrency markets saw a slight pullback on Friday, with the total market cap dipping 1.35% to $2.57 trillion. Bitcoin held near 11-week highs around $78,000 to $78,300, stalling after a recent rally. The market faces pressure from rising oil prices above $100 and the usual thin weekend liquidity, as cryptocurrencies trade 24/7/365, with Ethereum dipping and traders staying cautious. At 8 AM EDT, Bitcoin was trading at $77,840, while Ethereum was quoted at $2, 321.
24/7 Wall St. reviews dozens of analyst research reports daily to identify new investment ideas for both investors and traders. Some of these daily analyst calls cover stocks to buy. Other calls cover stocks to sell or avoid. Remember that no single analyst call should ever be used as a basis to buy or sell a stock.
Here are some of the top Wall Street analyst upgrades, downgrades, and initiations seen on Monday April, 27, 2026.
Upgrades: CrowdStrike Holdings (NASDAQ: CRWD | CRWD Price Prediction) was upgraded to Outperform from Neutral at Mizuho, which raised the target price for the cybersecurity giant to $520 from $490. Fortinet (NASDAQ: FTNT) was upgraded to Buy from Neutral at Arete, with a $104 target price. Nokia (NYSE: NOK) was upgraded to Buy from Hold at Argus, which has a $15 target price for the company. Rollins (NYSE: ROL) was upgraded to Buy from Neutral at Rotchschild & Co. Redburn, which raised the target price for the stock to $66 from $51.90. Snap (NYSE: SNAP) was raised to Buy from Neutral at Rothschild & Co Redburn, which doubled the target price for the stock to $10 from $5. Downgrades: Adobe (NASDAQ: ADBE) was downgraded to Neutral from Outperform at Mizuho, with a $270 target price. Advanced Micro Devices (NASDAQ: AMD) was downgraded to Market Perform from Outperform at Northland, which has a $260 target price for the legacy chip leader. Digital Realty Trust (NYSE: DLR) was downgraded to Hold from Buy at HSBC, which actually bumped the price target for the datacenter giant to $210 from $193. GE Vernova (NYSE: GEV) was downgraded to Neutral from Outperform at BNP Paribas, with an $1,190 target price. Pinterest (NYSE: PINS) was cut to Neutral from Buy at Rothschild & Co Redburn, which nudged the target price for the shares to $23 from $17. Initiations: BioMarin Pharmaceutical (NASDAQ: BMRN) was resumed in coverage at Morgan Stanley, which raised the target price for the stock to $120 from $98. Cohu (NASDAQ: COHU) was initiated with a Buy rating at Jefferies, which has a $55 target price for the shares. DoorDash (NASDAQ: DASH) was initiated with a Buy rating at TD Cowen, with a $225 target price. Riot Platforms (NASDAQ: RIOT) was initiated with a Buy rating at Chardan, with a $27.50 target price. StubHub Holdings (NYSE: STUB) was started with an Equal Weight rating at Morgan Stanley with an $8.25 target price.
Acquisition Adds Galafold® (migalastat) for Fabry Disease and Pombiliti® (cipaglucosidase alfa-atga) + Opfolda® (miglustat) for Pompe Disease to BioMarin's Commercial Portfolio
BioMarin Expects to Provide Updated FY 2026 Guidance During its First Quarter Earnings Call, May 4, 2026
, /PRNewswire/ -- BioMarin Pharmaceutical Inc. (Nasdaq: BMRN) said today that it completed the previously announced agreement to acquire Amicus Therapeutics for $14.50 per share in an all-cash transaction for a total equity value of approximately $4.8 billion. The acquisition will strengthen BioMarin's commercial portfolio, adding two new treatments to the company's existing portfolio of medicines that target lysosomal storage diseases: Galafold® (migalastat), the first oral treatment for Fabry disease, and Pombiliti® (cipaglucosidase alfa-atga) + Opfolda® (miglustat), a two-component therapy for Pompe disease. BioMarin also now has U.S. rights to DMX-200, a potential first-in-class investigational small molecule for the treatment of focal segmental glomerulosclerosis (FSGS), a rare and fatal kidney disease in Phase 3 development.
"The completion of the Amicus acquisition advances BioMarin's strategy to strengthen and diversify our growth profile while furthering our mission to deliver medicines for people living with rare diseases," said Alexander Hardy, President and Chief Executive Officer of BioMarin. "BioMarin's global scale, established commercial infrastructure, and advanced in‑house manufacturing capabilities build on Amicus' legacy and position us to bring Galafold and Pombiliti + Opfolda to more patients around the world."
About Galafold
Galafold® (migalastat) 123 mg capsules is an oral pharmacological chaperone of alpha-Galactosidase A (alpha-Gal A) for the treatment of Fabry disease in adults who have amenable galactosidase alpha gene (GLA) variants. In these patients, Galafold works by stabilizing the body's own dysfunctional enzyme so that it can clear the accumulation of disease substrate. Globally, Amicus Therapeutics estimates that approximately 35 to 50 percent of people living with Fabry disease may have amenable GLA variants, though amenability rates within this range vary by geography. Galafold is approved in more than 40 countries around the world, including the U.S., EU, U.K., and Japan.
U.S. INDICATIONS AND USAGE
Galafold is indicated for the treatment of adults with a confirmed diagnosis of Fabry disease and an amenable GLA variant based on in vitro assay data.
This indication is approved under accelerated approval based on reduction in kidney interstitial capillary cell globotriaosylceramide (KIC GL-3) substrate. Continued approval for this indication may be contingent upon verification and description of clinical benefit in confirmatory trials.
U.S. IMPORTANT SAFETY INFORMATION
ADVERSE REACTIONS: The most common adverse reactions reported with Galafold (≥10%) were headache, nasopharyngitis, urinary tract infection, nausea and pyrexia.
USE IN SPECIFIC POPULATIONS: There is insufficient clinical data on Galafold use in pregnant women to inform a drug-associated risk for major birth defects and miscarriage. Advise women of the potential risk to a fetus. It is not known if Galafold is present in human milk. Therefore, the developmental and health benefits of breastfeeding should be considered along with the mother's clinical need for Galafold and any potential adverse effects on the breastfed child from Galafold or from the underlying maternal condition. Galafold is not recommended for use in patients with severe renal impairment or end-stage renal disease requiring dialysis. The safety and effectiveness of Galafold have not been established in pediatric patients. To report Suspected Adverse Reactions, contact Amicus Therapeutics at 1-877-4AMICUS or FDA at 1-800-FDA-1088 or www.fda.gov/medwatch. For additional information about Galafold, including the full U.S. Prescribing Information, please visit https://www.amicusrx.com/pi/Galafold.pdf.
About Pombiliti + Opfolda
Pombiliti + Opfolda, is a two-component therapy that consists of cipaglucosidase alfa-atga, a bis-M6P-enriched rhGAA that facilitates high-affinity uptake through the M6P receptor while retaining its capacity for processing into the most active form of the enzyme, and the oral enzyme stabilizer, miglustat, that's designed to reduce loss of enzyme activity in the blood.
U.S. INDICATIONS AND USAGE
POMBILITI in combination with OPFOLDA is indicated for the treatment of adult patients with late-onset Pompe disease (lysosomal acid alpha-glucosidase (GAA) deficiency) weighing ≥40 kg and who are not improving on their current enzyme replacement therapy (ERT).
SAFETY INFORMATION
HYPERSENSITIVITY REACTIONS INCLUDING ANAPHYLAXIS: Appropriate medical support measures, including cardiopulmonary resuscitation equipment, should be readily available. If a severe hypersensitivity reaction occurs, POMBILITI should be discontinued immediately and appropriate medical treatment should be initiated. INFUSION-ASSOCIATED REACTIONS (IARs): If severe IARs occur, immediately discontinue POMBILITI and initiate appropriate medical treatment. RISK OF ACUTE CARDIORESPIRATORY FAILURE IN SUSCEPTIBLE PATIENTS: Patients susceptible to fluid volume overload, or those with acute underlying respiratory illness or compromised cardiac or respiratory function, may be at risk of serious exacerbation of their cardiac or respiratory status during POMBILITI infusion. See the full U.S. Prescribing Information for complete Boxed Warning. CONTRAINDICATION: POMBILITI in combination with Opfolda is contraindicated in pregnancy. EMBRYO-FETAL TOXICITY: May cause embryo-fetal harm. Advise females of reproductive potential of the potential risk to a fetus and to use effective contraception during treatment and for at least 60 days after the last dose. Adverse Reactions: Most common adverse reactions ≥ 5% are headache, diarrhea, fatigue, nausea, abdominal pain, and pyrexia. Please see U.S. full PRESCRIBING INFORMATION, including BOXED WARNING, for POMBILITI (cipaglucosidase alfa-atga) and full PRESCRIBING INFORMATION for OPFOLDA (miglustat).
About BioMarin
BioMarin is a leading, global rare disease biotechnology company focused on delivering medicines for people living with genetically defined conditions. Founded in 1997, the San Rafael, California-based company has a proven track record of innovation, with a portfolio of commercial therapies and a strong clinical and preclinical pipeline. Using a distinctive approach to drug discovery and development, BioMarin seeks to unleash the full potential of genetic science by pursuing category-defining medicines that have a profound impact on patients. To learn more, please visit www.biomarin.com.
Forward-Looking Statements
This press release contains forward-looking statements about, among other things, the business prospects of Amicus Therapeutics (Amicus) and BioMarin Pharmaceutical Inc. (BioMarin), including, without limitation, statements about: the prospective benefits of the acquisition; expectations regarding Amicus' products, Galafold and Pombiliti + Opfolda; expectations regarding Amicus' product candidate, DMX-200, and its ongoing development; BioMarin's capital allocation strategy to leverage its financial strength to diversify its pipeline and add innovative new therapies for patients; BioMarin's plans for external innovation, including BioMarin's ability to execute additional transactions in future quarters; statements about BioMarin's future performance; and other statements that are not historical facts. Actual results could differ materially from those anticipated in these forward-looking statements. Except as required by law, each of BioMarin and Amicus assume no obligation to update these forward-looking statements, whether as a result of new information, future events or otherwise. These statements, which represent each of BioMarin's and Amicus' current expectations or beliefs concerning various future events that are subject to significant risks and uncertainties, may contain words such as "may," "will," "would," "could," "expect," "anticipate," "intend," "plan," "believe," "estimate," "project," "seek," "should," "strategy," "future," "opportunity," "potential" or other similar words and expressions indicating future results.
These forward-looking statements are predictions and involve risks and uncertainties such that actual results may differ materially from these statements. Forward-looking statements reflect current beliefs and expectations; however, these statements involve inherent risks and uncertainties, including, without limitation, with respect to: the effects of the acquisition on Amicus' or BioMarin's stock price and/or Amicus' or BioMarin's operating results; unknown or inestimable liabilities; the development, launch and commercialization of products and product candidates; the parties' ability to realize the anticipated benefits of the acquisition, including the possibility that the expected benefits from the acquisition will not be realized or will not be realized within the expected time period and that BioMarin and Amicus will not be integrated successfully or that such integration may be more difficult, time-consuming or costly than expected; obtaining and maintaining adequate coverage and reimbursement for BioMarin's or Amicus' products; the time-consuming and uncertain regulatory approval process; the costly and time-consuming pharmaceutical product development process and the uncertainty of clinical success, including risks related to failure or delays in successfully initiating or completing clinical trials and assessing patients, including with respect to current and planned future clinical trials; global economic, financial, and healthcare system disruptions and the current and potential future negative impacts to BioMarin's or Amicus' business operations and financial results; the sufficiency of BioMarin's or Amicus' cash flows and capital resources; BioMarin's evaluation of the potential impact of the transaction on its financial results and financial guidance; BioMarin's or Amicus' ability to achieve targeted or expected future financial performance and results and the uncertainty of future tax, accounting and other provisions and estimates; the effects of the transaction on relationships with key third parties, including employees, customers, suppliers, other business partners or governmental entities, including the risk that the acquisition adversely affects employee retention; risks that the acquisition disrupts current plans and operations; any legal proceedings related to the acquisition; and other risks and uncertainties affecting BioMarin and Amicus, including those risk factors detailed in BioMarin's and Amicus' filings with the Securities and Exchange Commission (SEC), including, without limitation, the risk factors contained under the caption "Risk Factors" in BioMarin's Annual Report on Form 10-K for the fiscal year ended December 31, 2025 and Amicus' Annual Report on Form 10-K for the fiscal year ended December 31, 2025, as such risk factors may be updated by any subsequent reports, as well as the Proxy Statement on Schedule 14A filed by Amicus (as amended and/or supplemented). Stockholders of BioMarin and Amicus are urged not to place undue reliance on forward-looking statements, which speak only as of the date hereof. BioMarin and Amicus are under no obligation, and expressly disclaim any obligation, to update (publicly or otherwise) or alter any forward-looking statement, including without limitation any financial projection or guidance, whether as a result of new information, future events or otherwise.
BioMarin® is a registered trademark of BioMarin Pharmaceutical Inc. or its affiliates.
Contacts:
Investors
Traci McCarty
BioMarin Pharmaceutical Inc.
(415) 455-7558
Media
Marni Kottle
BioMarin Pharmaceutical Inc.
(415) 218-7111
Wall Street expects a year-over-year increase in earnings on higher revenues when Exelixis (EXEL - Free Report) reports results for the quarter ended March 2026. While this widely-known consensus outlook is important in gauging the company's earnings picture, a powerful factor that could impact its near-term stock price is how the actual results compare to these estimates.
The earnings report, which is expected to be released on May 5, might help the stock move higher if these key numbers are better than expectations. 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 drug developer is expected to post quarterly earnings of $0.75 per share in its upcoming report, which represents a year-over-year change of +21%.
Revenues are expected to be $612.57 million, up 10.3% from the year-ago quarter.
Estimate Revisions TrendThe consensus EPS estimate for the quarter has been revised 1.13% 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 an aggregate change may not always reflect the direction of estimate revisions by each of the covering analysts.
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 Exelixis?For Exelixis, the Most Accurate Estimate is higher than the Zacks Consensus Estimate, suggesting that analysts have recently become bullish on the company's earnings prospects. This has resulted in an Earnings ESP of +6.26%.
On the other hand, the stock currently carries a Zacks Rank of #3.
So, this combination indicates that Exelixis will most likely 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 Exelixis would post earnings of $0.77 per share when it actually produced earnings of $0.94, delivering a surprise of +22.08%.
Over the last four quarters, the company has beaten consensus EPS estimates four 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.
Exelixis appears 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 Medical - Biomedical and Genetics industry, BioMarin Pharmaceutical (BMRN - Free Report) , is soon expected to post earnings of $1 per share for the quarter ended March 2026. This estimate indicates a year-over-year change of -11.5%. Revenues for the quarter are expected to be $764.28 million, up 2.6% from the year-ago quarter.
The consensus EPS estimate for BioMarin has been revised 4.7% lower over the last 30 days to the current level. However, a lower Most Accurate Estimate has resulted in an Earnings ESP of -5.12%.
This Earnings ESP, combined with its Zacks Rank #3 (Hold), makes it difficult to conclusively predict that BioMarin 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.
VOXZOGO is the only approved treatment for children with achondroplasia starting at birth, with over 10 years of clinical research demonstrating the long-term benefit on complications associated with achondroplasia
Researchers will present additional data from studies of VOXZOGO for hypochondroplasia, ahead of pivotal topline Phase 3 data expected in the first half of 2026
, /PRNewswire/ -- BioMarin Pharmaceutical Inc. (Nasdaq: BMRN) today announced new research from studies of VOXZOGO® (vosoritide) in children with achondroplasia demonstrating positive impact on important health indicators, including arm span and bone density. The data will be presented, along with new data from studies of VOXZOGO in hypochondroplasia, at the Pediatric Endocrine Society's 2026 Annual Meeting (PES) in San Francisco.
Long-Term Treatment Leads to Meaningful Improvement in Multiple Health Measures
Data from three ongoing long-term extension clinical trials demonstrated the impact of long-term treatment with VOXZOGO on measures beyond height, including arm span and bone health. Researchers showed that arm span Z-scores improved from baseline in all age groups, and the arm span-to-height ratio also remained stable over time, showing treatment resulted in proportional skeletal growth. Children who initiated treatment with VOXZOGO after age 5 also achieved a mean difference in standing height of 10.60 cm after six years of treatment (p<0.0001) and 13.59 cm after eight years of treatment (p<0.0001), compared with untreated natural history cohorts.
"With VOXZOGO, we now have a depth and duration of evidence that is unmatched in the treatment of achondroplasia — providing meaningful insight not only into growth, but into the broader, sustained impact on a child's health," said Bradley Miller, M.D., Ph.D., pediatric endocrinologist at the University of Minnesota Medical School. "When you can see consistent benefits over time, it gives you greater confidence to intervene early and treat with purpose."
Another study with 119 children who received VOXZOGO measured the impact of long-term treatment on bone mineral content (BMC) and bone mineral density (BMD) assessed by dual X-ray absorptiometry (DXA) every year for up to six years. Results showed that BMC increased over time, while BMD Z‑scores remained consistent year over year, demonstrating that bone health was maintained in children who received long-term VOXZOGO treatment.
"We are committed to understanding and sharing the clear impact of long-term treatment with VOXZOGO on health measures beyond height, including arm span and bone density, that are meaningful to the thousands of children around the world receiving this medicine," said Greg Friberg, M.D., Executive Vice President and Chief Research & Development Officer at BioMarin. "With more than ten years of clinical research now, we have seen again and again a breadth of data that continue to demonstrate that long-term and early treatment are critical to ensure the greatest benefit in children with achondroplasia."
New Research in Hypochondroplasia; Topline Phase 3 Results Expected in 1H 2026
Two studies focused on VOXZOGO in hypochondroplasia will also be presented, including one from a single-arm Phase 2 study conducted by Children's National Hospital that showed a statistically significant improvement in total body minus head BMD of 0.03 g/cm2 (p<0.0001) and BMC of 54.84 g (p<0.0001) after 12 months in children who received the medicine.
The company plans to share topline results from its registration-enabling Phase 3 pivotal clinical trial of VOXZOGO in children with hypochondroplasia (CANOPY-HCH-3) in the first half of 2026. If the clinical results are positive, the company plans to submit data to health authorities in the second half of 2026 to seek approval for this new indication.
Below are key poster presentations for achondroplasia and hypochondroplasia at PES, with all times listed in Pacific Daylight Time:
Design of a Randomized, Double-Blind, Placebo-Controlled Phase 2 Study to Evaluate the Safety and Efficacy of Vosoritide in Infants and Children With Hypochondroplasia Aged <3 Years
Poster #12, Poster Session 2
Friday, May 1, 7:15 – 8:15 a.m.
Effect of Long-Term Vosoritide Treatment in Pediatric Participants With Achondroplasia on Bone Mineral Density and Bone Mineral Content Measured with Dual X-Ray Absorptiometry
Poster #16, Poster Session 3
Friday, May 1, 12:30 – 2 p.m.
Real-World Long-Term Effectiveness and Safety Outcomes of Vosoritide in Adolescents With Achondroplasia in Japan
Poster #58, Poster Session 3
Friday, May 1, 12:30 – 2 p.m.
Vosoritide Treatment Improves Linear Growth and Absolute Bone Content and Density in Children With Hypochondroplasia: A 12-Month Prospective Study
Poster #40, Poster Session 3
Friday, May 1, 12:30 – 2 p.m.
Effect of Long-Term Vosoritide Treatment on Growth in Children With Achondroplasia in Open-Label, Multicenter Clinical Trials
Poster #32, Poster Session 5
Saturday, May 2, 12:30 – 2 p.m.
Improving Guideline-Directed Management of Achondroplasia: Results of a Pre-Implementation Study
Poster #12, Poster Session 5
Saturday, May 2, 12:30 – 2 p.m.
About Achondroplasia
Achondroplasia, the most common form of skeletal dysplasia leading to disproportionate short stature in humans, is characterized by slowing of endochondral ossification, which results in disproportionate short stature and disordered architecture in the long bones, spine, face and base of the skull. This condition is caused by a change in the FGFR3 gene, a negative regulator of bone growth.
More than 80% of children with achondroplasia have parents of average stature and have the condition as the result of a spontaneous gene mutation. The worldwide incidence rate of achondroplasia is about one in 25,000 live births. VOXZOGO is being tested in children whose growth plates are still "open," typically those under 18 years of age. Approximately 25% of people with achondroplasia fall into this category.
For more information about our clinical trials in achondroplasia, hypochondroplasia and other skeletal conditions, please visit clinicaltrials.biomarin.com.
About VOXZOGO
In children with achondroplasia, endochondral bone growth, an essential process by which bone tissue is created, is negatively regulated due to a gain of function mutation in FGFR3. VOXZOGO, a C-type natriuretic peptide (CNP) analog, acts as a positive regulator of the signaling pathway downstream of FGFR3 to promote endochondral bone growth.
VOXZOGO is the only approved medicine to support the growth of children with achondroplasia starting from birth, with international consensus guidelines recommending initiation of VOXZOGO as early as possible. First approved in 2021, VOXZOGO has helped more than 5,000 infants and children in more than 50 countries. Through our ongoing studies, BioMarin continues to evaluate VOXZOGO on key clinical endpoints relevant for achondroplasia patients, such as arm span, tibial bowing (leg bowing), body proportionality, spinal morphology (including spinal stenosis) and quality of life measures.
VOXZOGO is approved in the U.S., Japan and Australia to increase linear growth in children of all ages with achondroplasia with open epiphyses, and VOXZOGO is indicated in the EU for the treatment of achondroplasia in children 4 months of age and older whose epiphyses are not closed, as confirmed by appropriate genetic testing. In the U.S., this indication is approved under accelerated approval based on an improvement in annualized growth velocity. Continued approval may be contingent upon verification and description of clinical benefit in confirmatory trial(s). To fulfill this post-marketing requirement, BioMarin intends to use the ongoing open-label extension studies compared to available natural history.
Patient Support Accessing VOXZOGO
BioMarin's robust support services have ensured a seamless treatment experience, spearheaded by Clinical Coordinators, who have conducted hundreds of trainings for families with achondroplasia since approval. BioMarin provides resources to support families navigating achondroplasia, including a caregiver mentorship program that connects parents with other caregivers, and a U.S. doctor directory that helps families and healthcare professionals identify clinicians experienced in achondroplasia care.
To reach a BioMarin RareConnections® Case Manager, please call, toll-free, 1-833-VOXZOGO (1-833-869-9646) or e-mail [email protected]. For more information about VOXZOGO, please visit www.voxzogo.com. For additional information regarding this product, please contact BioMarin Medical Information at [email protected].
VOXZOGO U.S. Important Safety Information
What is VOXZOGO used for?
VOXZOGO is a prescription medicine used to increase linear growth in children with achondroplasia and open growth plates (epiphyses). VOXZOGO is approved under accelerated approval based on an improvement in annualized growth velocity. Continued approval may be contingent upon verification and description of clinical benefit in confirmatory trials. What is the most important safety information about VOXZOGO?
VOXZOGO may cause serious side effects including a temporary decrease in blood pressure in some patients. To reduce the risk of a decrease in blood pressure and associated symptoms (dizziness, feeling tired, or nausea), patients should eat a meal and drink 8 to 10 ounces of fluid within 1 hour before receiving VOXZOGO. What are the most common side effects of VOXZOGO?
The most common side effects of VOXZOGO include injection site reactions (including redness, itching, swelling, bruising, rash, hives, and injection site pain), high levels of blood alkaline phosphatase shown in blood tests, vomiting, joint pain, decreased blood pressure, and stomachache. These are not all the possible side effects of VOXZOGO. Ask your healthcare provider for medical advice about side effects, and about any side effects that bother the patient or that do not go away. How is VOXZOGO taken?
VOXZOGO is taken daily as an injection given under the skin, administered by a caregiver after a healthcare provider determines the caregiver is able to administer VOXZOGO. Do not try to inject VOXZOGO until you have been shown the right way by your healthcare provider. VOXZOGO is supplied with Instructions for Use that describe the steps for preparing, injecting, and disposing VOXZOGO. Caregivers should review the Instructions for Use for guidance and any time they receive a refill of VOXZOGO in case any changes have been made. Inject VOXZOGO 1 time every day, at about the same time each day. If a dose of VOXZOGO is missed, it can be given within 12 hours from the missed dose. After 12 hours, skip the missed dose and administer the next daily dose as usual. The dose of VOXZOGO is based on body weight. Your healthcare provider will adjust the dose based on changes in weight following regular check-ups. Your healthcare provider will monitor the patient's growth and tell you when to stop taking VOXZOGO if they determine the patient is no longer able to grow. Stop administering VOXZOGO if instructed by your healthcare provider. What should you tell the doctor before or during taking VOXZOGO?
Tell your doctor about all of the patient's medical conditions including If the patient has heart disease (cardiac or vascular disease), or if the patient is on blood pressure medicine (anti-hypertensive medicine). If the patient has kidney problems or renal impairment. If the patient is pregnant or plans to become pregnant. It is not known if VOXZOGO will harm the unborn baby. If the patient is breastfeeding or plans to breastfeed. It is not known if VOXZOGO passes into breast milk. Tell your doctor about all of the medicines the patient takes, including prescription and over-the-counter medicines, vitamins, and herbal supplements. You may report side effects to BioMarin at 1-866-906-6100. You are encouraged to report negative side effects of prescription drugs to the FDA. Visit www.fda.gov/medwatch, or call 1-800-FDA-1088.
Please see additional safety information in the full Prescribing Information and Patient Information.
About BioMarin
BioMarin is a leading, global rare disease biotechnology company focused on delivering medicines for people living with genetically defined conditions. Founded in 1997, the San Rafael, California-based company has a proven track record of innovation, with a portfolio of commercial therapies and a strong clinical and preclinical pipeline. Using a distinctive approach to drug discovery and development, BioMarin seeks to unleash the full potential of genetic science by pursuing category-defining medicines that have a profound impact on patients. To learn more, please visit www.biomarin.com.
Forward-Looking Statements
This press release contains forward-looking statements about the business prospects of BioMarin Pharmaceutical Inc. (BioMarin), including without limitation, statements about: the data to be presented at the Pediatric Endocrine Society's 2026 Annual Meeting, including the key poster presentations; the development of BioMarin's VOXZOGO program, including plans to share topline results from the Phase 3 pivotal clinical trial of VOXZOGO in children with hypochondroplasia (CANOPY-HCH-3) in the first half of 2026 and to submit data to health authorities in the second half of 2026 if such results are positive; the safety profile and potential benefits of VOXZOGO for children with achondroplasia and hypochondroplasia; and the continued clinical development of VOXZOGO in multiple indications. These forward-looking statements are predictions and involve risks and uncertainties such that actual results may differ materially from these statements. These risks and uncertainties include, among others, any potential adverse events observed in the continuing monitoring of the patients in the clinical trials; the content and timing of decisions by the U.S. Food and Drug Administration, the European Medicines Agency, the European Commission and other regulatory authorities; and those factors detailed in BioMarin's filings with the Securities and Exchange Commission (SEC), including, without limitation, the factors contained under the caption "Risk Factors" in BioMarin's Annual Report on Form 10-K for the year ended December 31, 2025, as such factors may be updated by any subsequent filings with the SEC. Investors are urged not to place undue reliance on forward-looking statements, which speak only as of the date hereof. BioMarin is under no obligation, and expressly disclaims any obligation to update or alter any forward-looking statement, whether as a result of new information, future events or otherwise.
BioMarin®, BioMarin RareConnections® and VOXZOGO® are registered trademarks of BioMarin Pharmaceutical Inc.
First Quarter 2026 Total Revenues Increased Year-over-year to $766 million
Increased Full-year 2026 Total Revenues Guidance to between $3.825 billion and $3.925 billion, Representing Accelerated Growth Rate of 20% Y/Y at the Midpoint, and Reflecting the Addition of GALAFOLD® and POMBILITI® + OPFOLDA® to BioMarin's Portfolio
Conference Call and Webcast Scheduled Today at 4:30 p.m. ET
, /PRNewswire/ -- BioMarin Pharmaceutical Inc. (NASDAQ: BMRN) today announced financial results for the first quarter ended March 31, 2026.
"With the acquisition of Amicus Therapeutics complete, the addition of GALAFOLD and POMBILITI + OPFOLDA to our commercial portfolio allows us to reach patients with Fabry and Pompe diseases and meaningfully strengthens and accelerates our near-to-mid-term growth rates," said Alexander Hardy, President and Chief Executive Officer of BioMarin. "We expect these high-growth assets to support our strongest financial performance yet in 2026. Next quarter, we look forward to updating you on the longer‑term outlook of the Amicus integration based on our plans to leverage our global scale to expand the potential of these transformative therapies. With a faster-growing commercial portfolio, together with two near-term Phase 3 data readouts and ongoing pipeline progress expected over the coming quarters, we are well-positioned to drive innovation, create shareholder value, and improve outcomes for patients worldwide."
2026 Business and Pipeline Highlights
Innovation
In February, U.S. FDA approved PALYNZIQ® for adolescents 12 years of age and older with phenylketonuria (PKU); EU approval for adolescents 12 years of age and older is expected in 2026. In March, the company presented initial Phase 1/2 data for BMN 351 at the Muscular Dystrophy Association (MDA) Clinical & Scientific Congress demonstrating dose-dependent increases in dystrophin expression at Week 25 biopsy in both the 6 and 9 mg/kg dose cohorts. Clinical biomarkers, including decreases in creatine kinase, suggested improvements in overall muscle health beyond the Week 25 time point, and longer-term outcomes from both NSAA and 6MWT suggested a prevention of functional decline when compared to historical matched controls. The 12 mg/kg dose cohort continues to enroll, with a data update expected by year-end. In April, the first patient was enrolled in the registration-enabling Phase 2/3 study of BMN 333, BioMarin's long-acting C-type natriuretic peptide (CNP) for achondroplasia. A data update from this study is expected in 2027. In April, the company submitted its U.S. supplemental new drug application (sNDA) for full approval of VOXZOGO® for achondroplasia. The company expects to be notified of sNDA acceptance by Q3 2026. In May, at the Pediatric Endocrine Society's (PES) annual meeting, BioMarin reported new data demonstrating the benefits of long-term treatment with VOXZOGO, including improvements in arm span, bone health, and quality of life. Data from ongoing long-term extension clinical trials showed that children who initiated VOXZOGO treatment after age 5 achieved mean height gains of +10.60cm after six years and +13.59cm (p<0.0001 for both) after eight years of treatment, as compared to natural history data. In the second quarter, BioMarin expects to share BMN 401 Phase 3 topline data in children ages 1-to-12 year-old with ENPP1 deficiency. Regulatory submissions are anticipated in 2H'26 should the data be supportive, with a potential first-in-disease launch in 2027. In the second quarter, the company expects to share Phase 3 topline data for VOXZOGO for hypochondroplasia. Regulatory submissions are anticipated in 2H'26 should the data be supportive, with a potential first-in-class launch in 2027. Enrollment is progressing in the Phase 2 study of VOXZOGO in children under 3 years old with hypochondroplasia. Growth
Increased full-year 2026 Total Revenues guidance, accelerating anticipated growth rate to 20% Y/Y, as a result of the addition of GALAFOLD for Fabry disease and POMBILITI + OPFOLDA to BioMarin's commercial portfolio. Enzyme Therapies revenue grew 6% Y/Y in the first quarter, driven by revenue growth for VIMIZIM®, NAGLAZYME®, and BRINEURA®. Continued underlying patient demand in Q1 for PALYNZIQ was driven by an increase in enrollments and new starts in the under-18-year age group following label expansion in February. PALYNZIQ revenue is expected to increase over time with continued patient demand and as new adult and adolescent patients titrate up to maintenance dosing. As a result, full-year 2026 PALYNZIQ revenue is expected to increase year-over-year. The number of children being treated with VOXZOGO increased by more than 20% Y/Y in the first quarter. As expected, large VOXZOGO orders in fourth quarter of 2025 resulted in modest Y/Y growth of 3% in the first quarter of 2026. Value Commitment
During the first quarter, the company secured financing of approximately $3.7 billion of non-convertible debt to support the Amicus acquisition, achieving favorable pricing across the capital structure. BioMarin generated operating cash flows totaling $221 million in first quarter 2026. Total cash was approximately $2 billion as of the end of the quarter, and continued increasing operating cash flow is expected to support sustained investment in innovation and future growth. First Quarter 2026 Financial Highlights
Total Revenues for the first quarter of 2026 were $766 million, an increase of $21 million compared to the same period in 2025, primarily driven by timing of large government orders outside the U.S. and increase in patient demand for Enzyme Therapies (ALDURAZYME®, BRINEURA, NAGLAZYME, PALYNZIQ and VIMIZIM) as well as new patients initiating VOXZOGO therapy across all regions. The increase was partially offset by lower ROCTAVIAN® revenue attributed to voluntary withdrawal of the product from the market announced in the first quarter of 2026. GAAP Net Income for the first quarter of 2026 decreased to $106 million compared to $186 million for the same period in 2025. The decrease in GAAP Net Income was primarily attributed to the following: higher Selling, General & Administrative (SG&A) spend primarily due to incremental administrative costs related to ongoing support of corporate initiatives and pre-close costs for Amicus acquisition, and higher sales and marketing spend on VOXZOGO, PALYNZIQ and VIMIZIM; higher Cost of Sales primarily due to a $31 million charge associated with an unsuccessful process qualification campaign to expand NAGLAZYME manufacturing capabilities; higher Research and Development spend to support BMN 401, a late-stage clinical program acquired in the third quarter of 2025; partially offset by revenue growth as mentioned above. Non-GAAP Income for the first quarter of 2026 decreased to $149 million compared to $221 million for the same period in 2025. The decrease in Non-GAAP Income was primarily due to the factors noted above. GAAP Diluted Earnings per Share (EPS) and Non‑GAAP Diluted EPS for the first quarter of 2026 decreased compared to the same period in 2025, primarily reflecting the discrete items and higher operating expenses described above. The $31 million charge in Cost of Sales related to the NAGLAZYME campaign reduced EPS by approximately $0.12 year‑over‑year. In addition, pre‑close integration preparation costs recorded in SG&A and interest expense associated with the Amicus transaction reduced EPS by approximately $0.07. Financial Highlights (in millions of U.S. dollars, except per share data, unaudited)
Three Months Ended
March 31,
2026
2025
% Change
Total Revenues
$766
$745
3 %
Net Product Revenues by Product:
VOXZOGO
$220
$214
3 %
Enzyme Therapies:
VIMIZIM
$210
$188
12 %
NAGLAZYME
130
114
14 %
PALYNZIQ
90
93
(3) %
BRINEURA
47
40
18 %
ALDURAZYME
37
49
(24) %
Total Enzyme Therapies Revenue
$514
$484
6 %
KUVAN®
$24
$25
(4) %
ROCTAVIAN
$3
$11
(73) %
GAAP Net Income
$106
$186
(43) %
Non-GAAP Income (1)
$149
$221
(33) %
GAAP Operating Margin % (2)
16.9 %
30.0 %
Non-GAAP Operating Margin % (1)
24.3 %
35.7 %
GAAP Diluted EPS
$0.54
$0.95
(43) %
Non-GAAP Diluted EPS (1)
$0.76
$1.13
(33) %
(1)
Refer to Non-GAAP Information beginning on page 9 of this press release for definitions of Non-GAAP Income, Non-GAAP Operating Margin percentage and Non-GAAP Diluted EPS along with the related reconciliations to the comparable information reported under U.S. GAAP.
(2)
GAAP Operating Margin percentage is defined by the company as GAAP Income from Operations divided by Total Revenues.
Forward-Looking Non-GAAP Financial Information
BioMarin does not provide guidance for GAAP reported financial measures (other than revenue) or a reconciliation of forward-looking Non-GAAP financial measures to the most directly comparable GAAP reported financial measures because the company is unable to predict with reasonable certainty the financial impact of changes resulting from its strategic portfolio and business operating model reviews; potential future asset impairments; gains and losses on investments; and other unusual gains and losses without unreasonable effort. These items are uncertain, depend on various factors, and could have a material impact on GAAP reported results for the guidance period. As such, any reconciliations provided would imply a degree of precision that could be confusing or misleading to investors.
Updated 2026 Full-Year Financial Guidance (in millions, except EPS amounts)
Updated guidance reflects post-close contributions from Amicus beginning April 27, 2026. As previously communicated, the acquisition of Amicus is expected to be slightly dilutive to full-year 2026 Non‑GAAP Diluted EPS; historical BioMarin Non-GAAP Diluted EPS guidance is unchanged. The Amicus acquisition will be accounted for as a business combination, which will result in intangible amortization impacting GAAP results over future periods and excluded from Non‑GAAP results. BioMarin will continue to include interest expense related to the Amicus financing in both GAAP and Non‑GAAP financial results. Guidance is subject to change based on various factors including finalization of purchase accounting. The company expects approximately two-thirds of 2026 Non-GAAP Diluted EPS to be recognized in the second half of 2026, primarily due to the anticipated timing of revenue (more than 55% of 2026 Total Revenues is expected in 2H). Non-GAAP Diluted EPS in Q2 is expected to be modestly higher than in Q1. Item
Provided on February 23, 2026
Updated May 4, 2026
Total Revenues
$3,325
to
$3,425
$3,825
to
$3,925
Enzyme Therapies
$2,225
to
$2,275
$2,725
to
$2,775
VOXZOGO
$975
to
$1,025
Unchanged
Other Revenues(1)
$100
to
$125
Unchanged
Non-GAAP Diluted EPS (2)(3)(4)
$4.95
to
$5.15
$4.85
to
$5.05
(1)
Other Revenues includes KUVAN, ROCTAVIAN, and royalties.
(2)
Refer to Non-GAAP Information beginning on page 9 of this press release for definition of Non-GAAP Diluted EPS.
(3)
Non-GAAP Diluted EPS guidance assumes approximately 200 million Weighted-Average Diluted Shares Outstanding.
(4)
Non-GAAP Diluted EPS guidance assumes a combined company tax rate of 22%, which is subject to change as the company completes its integration activities and purchase accounting.
BioMarin will host a conference call and webcast to discuss first quarter 2026 financial results today, Monday, May 4, 2026, at 4:30 p.m. ET. This event can be accessed through this link or on the investor section of the BioMarin website at www.biomarin.com.
U.S./Canada Dial-in Number: 800-715-9871
Replay Dial-in Number: 800-770-2030
International Dial-in Number: 646-307-1963
Replay International Dial-in Number: 609-800-9909
Conference ID: 3424435
Conference ID: 3424435
About BioMarin
BioMarin is a leading, global rare disease biotechnology company focused on delivering medicines for people living with genetically defined conditions. Founded in 1997, the San Rafael, California-based company has a proven track record of innovation, with a portfolio of commercial therapies and a strong clinical and preclinical pipeline. Using a distinctive approach to drug discovery and development, we seek to unleash the full potential of genetic science by pursuing category-defining medicines that have a profound impact on patients. To learn more, please visit www.biomarin.com.
Forward-Looking Statements
This press release and the associated conference call and webcast contain forward-looking statements about the business prospects of BioMarin Pharmaceutical Inc. (BioMarin), including, without limitation, statements about: future financial performance, including the expectations of Total Revenues, Non-GAAP Diluted EPS and operating cash flow for, in certain instances, the full-year 2026, second quarter and second half of 2026, and future periods, and the underlying drivers of those results, such as the expected demand and continued growth of BioMarin's Enzyme Therapies portfolio, including PALYNZIQ, and VOXZOGO, and the expected impact of the acquisition of Amicus Therapeutics, Inc. (Amicus); the anticipated benefits of the acquisition of Amicus, including the addition of GALAFOLD and POMBILITI + OPFOLDA to BioMarin's portfolio; BioMarin's plans for investment in innovation and future growth; the timing of orders for commercial products; plans and expectations regarding the development, commercialization and commercial prospects of BioMarin's product candidates and commercial products, including the prospects and timing of actions relating to clinical studies and trials and product approvals, such as study initiations, study advancements, data readouts, submissions, filings, approvals, and label expansions; the expected benefits and availability of BioMarin's commercial products and product candidates; and potential growth opportunities and trends, including the assumptions and expectations regarding total addressable patient population (TAPP) with respect to the conditions targeted by BioMarin's product candidates and commercial products.
These forward-looking statements are predictions and involve risks and uncertainties such that actual results may differ materially from these statements. These risks and uncertainties include, among others: BioMarin's success in the commercialization of its commercial products; BioMarin's ability to realize the anticipated benefits of any acquisitions; BioMarin's ability to accurately estimate future financial performance; impacts of macroeconomic and other external factors on BioMarin's operations, regulatory uncertainty, the impact of new or increased tariffs, other trade protection measures, and escalating trade tensions; geopolitical instability, wars and military conflicts; results and timing of current and planned preclinical studies and clinical trials and the release of data from those trials; BioMarin's ability to successfully manufacture its commercial products and product candidates; the content and timing of decisions by the U.S. Food and Drug Administration, the European Medicines Agency, the European Commission and other regulatory authorities concerning each of the described products and product candidates; the market for each of these products; BioMarin's ability to meet product demand; actual sales of BioMarin's commercial products; and those factors detailed in BioMarin's filings with the Securities and Exchange Commission, including, without limitation, the factors contained under the caption "Risk Factors" in BioMarin's Annual Report on Form 10-K for the year ended December 31, 2025, as such factors may be updated by any subsequent reports. Investors are urged not to place undue reliance on forward-looking statements, which speak only as of the date hereof. BioMarin is under no obligation, and expressly disclaims any obligation to update or alter any forward-looking statement, whether as a result of new information, future events or otherwise.
BioMarin®, VOXZOGO®, VIMIZIM®, NAGLAZYME®, PALYNZIQ®, BRINEURA®, KUVAN®, ROCTAVIAN®, GALAFOLD®, and POMBILITI® + OPFOLDA® are registered trademarks of BioMarin Pharmaceutical Inc., or its affiliates. ALDURAZYME® is a registered trademark of BioMarin/Genzyme LLC. All other brand names and service marks, trademarks and other trade names appearing in this release are the property of their respective owners.
BIOMARIN PHARMACEUTICAL INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
Three Months Ended March 31, 2026 and 2025
(In thousands of U.S. dollars, except per share amounts)
(Unaudited)
Three Months Ended
March 31,
2026
2025
REVENUES:
Net product revenues
$ 760,078
$ 734,644
Royalty and other revenues
6,130
10,501
Total revenues
766,208
745,145
OPERATING EXPENSES:
Cost of sales
194,999
151,558
Research and development
178,796
158,731
Selling, general and administrative
258,290
206,116
Intangible asset amortization
4,483
4,847
Total operating expenses
636,568
521,252
INCOME FROM OPERATIONS
129,640
223,893
Interest income
22,560
19,013
Interest expense
(14,958)
(2,863)
Other income (expense), net
3,961
(1,954)
INCOME BEFORE INCOME TAXES
141,203
238,089
Provision for income taxes
35,676
52,403
NET INCOME
$ 105,527
$ 185,686
EARNINGS PER SHARE, BASIC
$ 0.55
$ 0.97
EARNINGS PER SHARE, DILUTED
$ 0.54
$ 0.95
Weighted average common shares outstanding, basic
192,497
190,967
Weighted average common shares outstanding, diluted
197,671
196,474
BIOMARIN PHARMACEUTICAL INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
March 31, 2026 and 2025
(In thousands of U.S. dollars, except per share amounts)
(Unaudited)
March 31, 2026
December 31, 2025
ASSETS
Current assets:
Cash and cash equivalents
$ 2,222,435
$ 1,311,679
Short-term investments
—
248,930
Accounts receivable, net
903,914
908,214
Inventory
1,273,221
1,298,883
Other current assets
205,500
185,784
Total current assets
4,605,070
3,953,490
Noncurrent assets:
Long-term investments
—
492,242
Property, plant and equipment, net
958,071
952,508
Intangible assets, net
204,662
213,837
Goodwill
196,199
196,199
Deferred tax assets
1,500,598
1,508,697
Restricted cash equivalents
850,000
—
Other assets
276,416
277,049
Total assets
$ 8,591,016
$ 7,594,022
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued liabilities
$ 793,152
$ 759,031
Total current liabilities
793,152
759,031
Noncurrent liabilities:
Long-term debt, net
1,430,282
597,176
Other long-term liabilities
155,475
150,816
Total liabilities
2,378,909
1,507,023
Stockholders' equity:
Common stock, $0.001 par value: 500,000,000 shares authorized; 193,268,870 and
192,300,101 shares issued and outstanding, respectively
193
192
Additional paid-in capital
5,966,868
5,956,582
Company common stock held by the Nonqualified Deferred Compensation Plan
(10,450)
(10,508)
Accumulated other comprehensive income (loss)
(4,237)
(13,473)
Retained earnings
259,733
154,206
Total stockholders' equity
6,212,107
6,086,999
Total liabilities and stockholders' equity
$ 8,591,016
$ 7,594,022
BIOMARIN PHARMACEUTICAL INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Three Months Ended March 31, 2026 and 2025
(In thousands of U.S. dollars)
(Unaudited)
Three Months Ended March 31,
2026
2025
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income
$ 105,527
$ 185,686
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization
16,411
22,069
Non-cash interest expense
6,086
660
Accretion of discount on investments
(455)
(1,362)
Stock-based compensation
43,458
37,700
Impairment of assets
—
2,967
Deferred income taxes
9,220
28,429
Unrealized foreign exchange losses (gains)
6,710
(10,026)
Other
(5,374)
(1,267)
Changes in operating assets and liabilities:
Accounts receivable, net
(7,159)
(57,590)
Inventory
44,490
(24,335)
Other current assets
(11,551)
(6,327)
Other assets
1,484
(1,624)
Accounts payable and accrued liabilities
3,100
(2,655)
Other long-term liabilities
8,704
2,069
Net cash provided by operating activities
220,651
174,394
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property, plant and equipment
(20,923)
(16,768)
Maturities and sales of investments
767,277
77,804
Purchases of investments
(25,792)
(89,274)
Other
4,966
—
Net cash provided by (used in) investing activities
725,528
(28,238)
CASH FLOWS FROM FINANCING ACTIVITIES:
Taxes paid related to net share settlement of equity awards
(28,180)
(38,779)
Proceeds from issuance of debt
850,000
—
Payments of debt issuance costs
(8,653)
—
Net cash provided by (used in) financing activities
813,167
(38,779)
Effect of exchange rate changes on cash
1,410
(1,416)
NET INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH
EQUIVALENTS
1,760,756
105,961
Cash, cash equivalents and restricted cash equivalents:
Beginning of period
$ 1,311,679
$ 942,842
End of period
$ 3,072,435
$ 1,048,803
Non-GAAP Information
The results presented in this press release include both GAAP information and Non-GAAP information. Non-GAAP Income is defined by the company as GAAP Net Income (Loss) excluding amortization of intangible assets, stock-based compensation expense and, in certain periods, certain other specified items, as detailed below when applicable. The company also includes a Non-GAAP adjustment for the estimated tax impact of the reconciling items. Non-GAAP R&D expenses and Non-GAAP SG&A expenses are defined by the company as GAAP R&D expenses and GAAP SG&A expenses, respectively, excluding stock-based compensation expense and, in certain periods, certain other specified items, as detailed below when applicable. Non-GAAP Operating Margin percentage is defined by the company as GAAP Income (Loss) from Operations, excluding amortization of intangible assets, stock-based compensation expense and, in certain periods, certain other specified items, divided by GAAP Total Revenues. Non-GAAP Diluted EPS is defined by the company as Non-GAAP Income divided by Non-GAAP Weighted-Average Diluted Shares Outstanding. Non-GAAP Weighted-Average Diluted Shares Outstanding is defined by the company as GAAP Weighted-Average Diluted Shares Outstanding, adjusted to include any common shares issuable under the company's equity plans or convertible debt in periods when they are dilutive under Non-GAAP.
BioMarin regularly uses both GAAP and Non-GAAP results and expectations internally to assess its financial operating performance and evaluate key business decisions related to its principal business activities: the discovery, development, manufacture, marketing and sale of innovative biologic therapies. BioMarin also uses Non-GAAP Income internally to understand, manage and evaluate its business and to make operating decisions, and compensation of executives is based in part on this measure. Because these Non-GAAP metrics are important internal measurements for BioMarin, the company believes that providing this information in conjunction with BioMarin's GAAP information enhances investors' and analysts' ability to meaningfully compare the company's results from period to period and to its forward-looking guidance, and to identify operating trends in the company's principal business.
Non-GAAP financial measures are not meant to be considered in isolation or as a substitute for, or superior to comparable GAAP measures and should be read in conjunction with the consolidated financial information prepared in accordance with GAAP. Investors should note that the Non-GAAP information is not prepared under any comprehensive set of accounting rules or principles and does not reflect all of the amounts associated with the company's results of operations as determined in accordance with GAAP. Investors should also note that these Non-GAAP financial measures have no standardized meaning prescribed by GAAP and, therefore, have limits in their usefulness to investors. In addition, from time to time in the future there may be other items that the company may exclude for purposes of its Non-GAAP financial measures; likewise, the company may in the future cease to exclude items that it has historically excluded for purposes of its Non-GAAP financial measures. Because of the non-standardized definitions, the Non-GAAP financial measure as used by BioMarin in this press release and the accompanying tables may be calculated differently from, and therefore may not be directly comparable to, similarly titled measures used by other companies.
The following tables present the reconciliation of GAAP reported to Non-GAAP adjusted financial information:
Reconciliation of GAAP Reported Information to Non-GAAP Information (1)
(In millions of U.S. dollars, except per share data)
(unaudited)
Three Months Ended
March 31,
2026
2025
GAAP Reported Net Income
$ 106
$ 186
Adjustments
Stock-based compensation expense - COS
4
2
Stock-based compensation expense - R&D
12
12
Stock-based compensation expense - SG&A
28
23
Amortization of intangible assets
4
5
Severance costs (2)
8
—
Loss on investments (3)
—
3
Income tax effect of adjustments
(13)
(10)
Non-GAAP Income
$ 149
$ 221
Three Months Ended
March 31,
2026
2025
R&D
SG&A
R&D
SG&A
GAAP expenses
$ 179
$ 258
$ 159
$ 206
Adjustments
Stock-based compensation expense
(12)
(28)
(12)
(23)
Severance costs (2)
—
(8)
—
—
Non-GAAP expenses
$ 167
$ 222
$ 147
$ 183
Three Months Ended
March 31,
2026
Percent
of
GAAP
Total
Revenue
2025
Percent
of
GAAP
Total
Revenue
GAAP Income from Operations
$ 130
16.9 %
$ 224
30.0 %
Adjustments
Stock-based compensation expense
44
5.7
37
5.0
Amortization of intangible assets
4
0.5
5
0.7
Severance costs (2)
8
1.0
—
—
Non-GAAP Income from Operations
$ 186
24.3 %
$ 266
35.7 %
Three Months Ended
March 31,
2026
2025
GAAP Diluted EPS
$ 0.54
$ 0.95
Adjustments
Stock-based compensation expense
0.22
0.19
Amortization of intangible assets
0.02
0.03
Severance costs (2)
0.04
—
Loss on investments (3)
—
0.02
Income tax effect of adjustments
(0.07)
(0.05)
Non-GAAP Diluted EPS(4)
$ 0.76
$ 1.13
(1)
Certain amounts may not sum or recalculate due to rounding.
(2)
These amounts were included in SG&A and represent charges for severance in connection with the company's plan to simplify its organizational design and strategic initiatives in the first quarter of 2026.
(3)
Represents impairment loss on non-marketable equity securities recorded in Other income (expense), net, in the first quarter of 2025.
(4)
Both GAAP and Non-GAAP Weighted-Average Diluted Shares Outstanding were 197.7 million and 196.5 million shares for the three months ended March 31, 2026 and 2025, respectively.
BioMarin Pharmaceutical (BMRN - Free Report) came out with quarterly earnings of $0.76 per share, missing the Zacks Consensus Estimate of $0.94 per share. This compares to earnings of $1.13 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of -18.96%. A quarter ago, it was expected that this rare disease biopharmaceutical would post earnings of $0.25 per share when it actually produced earnings of $0.46, delivering a surprise of +84%.
Over the last four quarters, the company has surpassed consensus EPS estimates three times.
BioMarin, which belongs to the Zacks Medical - Biomedical and Genetics industry, posted revenues of $766.21 million for the quarter ended March 2026, surpassing the Zacks Consensus Estimate by 0.50%. This compares to year-ago revenues of $745.15 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.
BioMarin shares have lost about 9% since the beginning of the year versus the S&P 500's gain of 5.6%.
What's Next for BioMarin?While BioMarin 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 BioMarin 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 $1.21 on $834.21 million in revenues for the coming quarter and $4.97 on $3.35 billion in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Medical - Biomedical and Genetics is currently in the bottom 44% 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.
Compugen (CGEN - Free Report) , another stock in the same industry, has yet to report results for the quarter ended March 2026.
This drug developer is expected to post quarterly loss of $0.07 per share in its upcoming report, which represents a year-over-year change of +12.5%. The consensus EPS estimate for the quarter has been revised 3.5% higher over the last 30 days to the current level.
Compugen's revenues are expected to be $2.62 million, up 14.9% from the year-ago quarter.
For the quarter ended March 2026, BioMarin Pharmaceutical (BMRN - Free Report) reported revenue of $766.21 million, up 2.8% over the same period last year. EPS came in at $0.76, compared to $1.13 in the year-ago quarter.
The reported revenue represents a surprise of +0.5% over the Zacks Consensus Estimate of $762.4 million. With the consensus EPS estimate being $0.94, the EPS surprise was -18.96%.
While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.
As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.
Here is how BioMarin performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
Revenues- Net Product Revenues- ALDURAZYME: $37 million versus $46.11 million estimated by seven analysts on average. Compared to the year-ago quarter, this number represents a -24.5% change.Revenues- Net Product Revenues- KUVAN: $24 million versus $15.5 million estimated by seven analysts on average. Compared to the year-ago quarter, this number represents a -4% change.Revenues- Net Product Revenues- NAGLAZYME: $130 million versus $117.67 million estimated by seven analysts on average. Compared to the year-ago quarter, this number represents a +14% change.Revenues- Net Product Revenues- VIMIZIM: $210 million compared to the $193.58 million average estimate based on seven analysts. The reported number represents a change of +11.7% year over year.Revenues- Royalty and other revenues: $6.13 million compared to the $15.58 million average estimate based on seven analysts. The reported number represents a change of -41.6% year over year.Revenues- Net Product Revenues- PALYNZIQ: $90 million compared to the $111.91 million average estimate based on seven analysts. The reported number represents a change of -3.2% year over year.Revenues- Net Product Revenues- VOXZOGO: $220 million versus the seven-analyst average estimate of $216.32 million. The reported number represents a year-over-year change of +2.8%.Revenues- Net product revenues: $514 million compared to the $746.65 million average estimate based on seven analysts. The reported number represents a change of -30% year over year.Revenues- Net Product Revenues- BRINEURA: $47 million versus the seven-analyst average estimate of $45.9 million. The reported number represents a year-over-year change of +17.5%.View all Key Company Metrics for BioMarin here>>>
Shares of BioMarin have returned -2.6% over the past month versus the Zacks S&P 500 composite's +10% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.
Key Takeaways BioMarin reported Q1 EPS of 76 cents, missing estimates, while revenue rose 3% to $766.2M.BMRN earnings fell 33% due to a $31M charge and higher costs tied to the Amicus acquisition.BioMarin raised its 2026 revenue outlook to $3.83-$3.93B, reflecting contributions from new therapies. BioMarin Pharmaceutical (BMRN - Free Report) reported first-quarter 2026 adjusted earnings per share of 76 cents, missing the Zacks Consensus Estimate of 94 cents. However, earnings declined 33% year over year. This was largely due to a $31 million charge tied to the company’s unsuccessful campaign to extend Naglazyme manufacturing capabilities, as well as higher operating expenses associated with the acquisition of Amicus Therapeutics.
Total revenues in the first quarter were $766.2 million, up 3% year over year. The figure beat the Zacks Consensus Estimate of $762.4 million.
BMRN Stock MovementShares of BioMarin were down in after-hours trading on Monday, likely due to the mixed earnings results.
Year to date, the stock has lost about 7% compared with the industry’s 2% decline.
Image Source: Zacks Investment Research
More on BMRN’s EarningsNet product revenues totaled nearly $760.1 million, up 3.5% year over year on higher revenues from the company’s Enzyme Therapies, as well as Voxzogo.
Royalty and other revenues totaled $6.1 million, down about 42% year over year.
Voxzogo, approved for achondroplasia, generated sales of $220 million, up 3% year over year. Per the company, this modest upside was expected, as it had previously experienced large orders for the drug in the fourth quarter of 2025. Despite this, Voxzogo sales beat the Zacks Consensus Estimate of $216 million.
BioMarin reports consolidated revenues from five products — Aldurazyme, Brineura, Naglazyme, Palynziq and Vimizim — under a single segment, “Enzyme Therapies.” Sales from this franchise increased 6% year over year to $514 million in the reported quarter, driven by higher product sales of Vimizim, Naglazyme and Brineura.
Palynziq injection sales totaled $90 million in the quarter, down 3% year over year, impacted by order timing in the United States. The drug’s sales missed the Zacks Consensus Estimate of $112 million.
Vimizim sales rose 12% year over year to $210 million, which beat the Zacks Consensus Estimate of $194 million.
Naglazyme sales increased 14% year over year to $130 million. Brineura generated sales of $47 million, up 18%.
Product revenues from Aldurazyme totaled $37 million, down 24% year over year.
BioMarin signed a collaboration agreement with Sanofi’s (SNY - Free Report) subsidiary, Genzyme, for Aldurazyme. SNY, through Genzyme, is BMRN’s sole customer for Aldurazyme. The Sanofi subsidiary is responsible for marketing and selling Aldurazyme to third parties.
Other RevenuesThe gene therapy Roctavian generated $3 million in sales compared with $11 million in the year-ago period. This downside is attributable to the company’s decision to voluntarily withdraw the product from the market.
In the phenylketonuria (PKU) franchise, Kuvan revenues declined 4% to $24 million due to generic competition. The drug lost U.S. market exclusivity in late 2020.
BMRN’s 2026 OutlookLast week, BioMarin announced that it completed the acquisition of Amicus Therapeutics for $4.8 billion. Post-acquisition, the company added two marketed therapies — Galafold (for Fabry disease) and Pombiliti-Opfolda (a combination therapy for Pompe disease) — which will form part of the Enzyme Therapies segment.
BMRN now expects to record total revenues in the range of $3.83-$3.93 billion in 2026, up from the previous guidance of $3.33-$3.43 billion. This new guidance, which includes contributions from Amicus’ marketed drugs, suggests growth of 20% at the mid-point of the range. Management expects to generate more than 55% of the overall 2026 revenues in the second half of the year.
While BioMarin reiterated its Voxzogo sales guidance to be in the range of $975 million to $1.03 billion, it now expects enzyme therapies revenues to be between $2.73 billion and $2.78 billion (previously: $2.23-$2.28 billion). Despite the decline in first-quarter sales, BMRN expects Palynziq sales to increase in 2026, primarily boosted by the drug’s recent approval in adolescents with PKU.
Since the company has accounted for the Amicus Therapeutics acquisition as a business combination, it will result in intangible amortization impacting GAAP results over future periods and will be excluded from non-GAAP results. However, both these results will be impacted by interest expense related to the Amicus financing.
BioMarin has revised its adjusted earnings per share (EPS) to be in the range of $4.85-$5.05 for the year, down from the previous guidance of $4.95-$5.15. While the company expects about two-thirds of this figure to be recognized in the second half of the year, it projects the adjusted EPS in the second quarter to be modestly higher than in the first quarter.
BMRN’s Recent Pipeline UpdatesBioMarin continues to advance its CANOPY clinical program, which evaluates Voxzogo in a phase III study for a potential second indication — hypochondroplasia, a condition characterized by impaired bone growth. Data from this study is expected in the second quarter of 2026, while regulatory submissions are expected thereafter in the second half of 2026 (provided the data is supportive).
As part of the CANOPY program, BMRN is also evaluating Voxzogo in separate phase II studies for two other short-stature pathway conditions — idiopathic short stature and Noonan Syndrome.
The company also expects to report data in the second quarter of 2026 from another phase III study evaluating BMN 401 for the treatment of a rare genetic disorder called ENPP1 deficiency in children. If this data is supportive, BioMarin intends to start regulatory submissions for the therapy in the second half of the year.
Last month, BMRN enrolled the first patient in a registration-enabling phase II/III study evaluating BMN 333 — a long-acting formulation of CNP — as a potential treatment for multiple growth-related conditions that offers the option for less frequent dosing. An update on this candidate is expected next year.
BMRN’s Zacks RankBioMarin currently carries a Zacks Rank #3 (Hold).
Stocks to ConsiderSome better-ranked stocks include Castle Biosciences (CSTL - Free Report) and Catalyst Pharmaceuticals (CPRX - Free Report) . While CSTL sports a Zacks Rank #1 (Strong Buy) at present, CPRX carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Over the past 30 days, estimates for Castle Biosciences’ 2026 loss per share have narrowed from $1.42 to $1.40. Over the same period, loss per share estimates for 2027 have narrowed from 79 cents to 78 cents. CSTL shares have lost 34% year to date.
Castle Biosciences’ earnings beat estimates in three of the trailing four quarters and missed in the remaining one, with the average surprise being 34.69%.
Over the past 30 days, estimates for Catalyst Pharmaceuticals’ 2026 EPS have risen from $2.78 to $2.79. Over the same period, EPS estimates for 2027 have increased from $3.25 to $3.28. CPRX shares have gained 24% year to date.
Catalyst Pharmaceuticals’ earnings beat estimates in each of the trailing four quarters, with the average surprise being 35.19%.
BioMarin Pharmaceutical remains a "Strong Buy," driven by pipeline progress, strategic acquisitions, and robust revenue guidance. BMRN's acquisition of Amicus Therapeutics adds GALAFOLD and POMBILITI + OPFOLDA, boosting 2026 revenue guidance to $3.825–$3.925 billion and targeting 20% YoY growth. VOXZOGO expansion into hypochondroplasia and ongoing clinical trials represent major catalysts, with topline Phase 3 data expected in Q2 2026.
Pre-Market Stock Futures: Futures are trading lower as we get set to start the new trading week, as reports indicate that President Trump declined Iran’s counteroffer for peace. This comes after a remarkable Friday, when stocks roared to record highs, driven primarily by a stronger-than-expected April jobs report that eased economic concerns and by a rally in technology and chip stocks. The S&P 500 rose 0.8% to close the session at 7,398 and notched its longest winning streak since 2024, while the Nasdaq Composite climbed 1.7% and finished the day at 26,247, both marking their sixth consecutive week of gains. The legacy Dow Jones Industrial Average eked out a small gain to close at 49,609, while the small-cap-heavy Russell 2000 was last seen at 2,861, up 0.71%. Earnings for the first quarter, which have been outstanding, are all but over, and Wall Street’s focus will remain on oil prices, the war in Iran, and any indications that inflation is edging higher.
Treasury Bonds: After briefly touching the 5% and higher level for long-dated Treasury bonds early last week, the buyers were once again the story on Friday as yields acros the curve were lower. The solid job numbers were cited as the reason buyers were looking past the inflationary implications of higher oil prices and increased Treasury borrowing. The 30-year long bond was last seen at 4.94% while the benchmark 10-year note finished the day at 4.36%.
Oil and Gas: A modest uptick in oil prices was among Friday’s few negatives. Analysts pointed to fresh military hostilities in the Strait of Hormuz, where U.S. and Iranian forces traded fire, putting the already fragile ceasefire at risk and stoking fears that supply flows through the vital Middle Eastern shipping lane could be disrupted for longer than anticipated. Brent Crude was last seen at $101.30, up 1.23%, while West Texas Intermediate finished the session at $95.42, up 0.64%. Natural gas closed Friday at $2.75, down 0.43%.
Gold: Gold moved in lockstep with stocks and bonds on Friday, capping one of its strongest weeks in recent memory. The precious metal settled at $4,713, its highest close since April 22, and logged a weekly gain of more than 2%, lifted by growing optimism that a U.S.-Iran peace deal could take shape and relieve the inflation pressure that has kept rate-cut hopes at bay. That backdrop is worth keeping in mind: gold had shed more than 10% since the war broke out in late February, dragged lower by surging oil prices that fanned inflation fears and pushed back expectations for easier monetary policy. At the margin, Friday’s bounce looks more like a peace-driven relief rally than a classic flight to safety. Silver also closed higher, and was last seen Friday at $80.22, up 2.47%.
Crypto: Crypto markets pulled back Friday as momentum stalled following a recent surge. Bitcoin slipped to around $80,000, down 0.8% on the day, a modest retreat, but enough to signal cooling sentiment across the board with major assets like Ethereum, Solana, and XRP also trailing off their weekly highs. At 8 AM EDT, Bitcoin was trading at $81,131, while Ethereum was quoted at $2,334.
24/7 Wall St. reviews dozens of analyst research reports daily to identify new investment ideas for both investors and traders. Some of these daily analyst calls cover stocks to buy. Other calls cover stocks to sell or avoid. Remember that no single analyst call should ever be used as a basis to buy or sell a stock.
Here are some of the top Wall Street analyst upgrades, downgrades, and initiations seen on Monday, May 11, 2026.
Upgrades: NatWest Group (NYSE: NWG | NWG Price Prediction) was upgraded to Outperform from Neutral at BNP Paribas, with an $18.20 target price. News Corporation (NASDAQ: NWSA) was raised to Outperform from Market Perform at Macquarie, with a $29.40 target price. Pitney Bowes (NYSE: PBI) was upgraded to Neutral from Underperform at Bank of America, which raised the price target to $16.50 from $9.50. Primoris Services (NYSE: PRIM) was raised to Outperform from Neutral at Mizuho, which lowered the target price for the stock to $135 from $175. Walt Disney (NYSE: DIS) was upgraded to Buy from Hold at Phillip Securities, with a $139 target price. Downgrades: Dell Technologies (NYSE: DELL) was downgraded to Neutral from Buy at UBS, with a $243 target price for the stock, up from $167. Healthpeak Properties (NYSE: DOC) was downgraded to Inline from Outperform at Evercore ISI, which nudged the price target for the stock to $21 from $20. HubSpot (NYSE: HUBS) was downgraded to Neutral from Outperform at Macquarie, which slashed the target price for the stock to $190 from $350. Trade Desk (NASDAQ: TTD) was cut to Reduce from Hold at HSBC with a $20 target price. Wendy’s (NYSE: WEN) was cut to Underweight from Neutral at JPMorgan, which trimmed the target price for the fast-food favorite to $6 from $7. Initiations: BioMarin Pharmaceutical (NASDAQ: BMRN) was reinstated with a Neutral rating at Goldman Sachs, which has a $69 target price. BridgeBio Oncology Therapeutics (NASDAQ: BBOT) was started with a Buy rating at Canaccord, with a $23 price target. Coherus Oncology (NASDAQ: CHRS) was started with a Buy rating at Guggenheim, with a $12 target price. Klarna Group (NYSE: KLAR) was initiated with a Hold rating at TD Cowen, and has a $16 target price for the shares. Oklo (NYSE: OKLO) was started with a Neutral rating at JPMorgan, which has set an $83 target for the stock.
ENERGY 3 study met 1 of 2 co-primary endpoints in children with ENPP1 deficiency Treatment with BMN 401 led to statistically significant increases in plasma inorganic pyrophosphate (PPi) concentration, one of the study's co-primary endpoints; however, no improvement was observed in Radiographic Global Impression of Change (RGI-C) scores, the study's other co-primary endpoint and an important clinical measure of change in rickets severity Company is evaluating data to determine next steps SAN RAFAEL, Calif., May 18, 2026 /PRNewswire/ -- BioMarin Pharmaceutical Inc. (Nasdaq: BMRN) today announced results from the pivotal Phase 3 ENERGY 3 trial evaluating BMN 401 in children aged 1-12 with ENPP1 deficiency, a rare, serious and progressive genetic condition.
CompaniesMay 18 (Reuters) - BioMarin Pharmaceutical (BMRN.O), opens new tab said on Monday its experimental treatment for a rare genetic condition met one of the two main goals in a late-stage study.
The company was testing its enzyme replacement therapy called BMN 401 in children aged 1 to 12 years with ENPP1 deficiency, a rare, lifelong genetic condition.
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The condition is caused by changes in the ENPP1 gene that result in a decrease in plasma inorganic pyrophosphate, leading to damage to blood vessels, soft tissues and bones.
BioMarin said the therapy met a main goal of significant increases in plasma pyrophosphate through 52 weeks, compared with conventional therapy.
However, it did not show an improvement in a measure of the treatment impact in children with rickets, which causes weak bones, the company said.
Shares of the company were down 2.3% at $50.62.
"We interpret the result as a meaningful clinical failure for BMN 401," H.C. Wainwright analyst Mitchell Kapoor said.
Children with ENPP1 deficiency typically develop a type of rickets that may cause pain and difficulty with movement.
"We are disappointed that the significant increases in plasma PPi observed with BMN 401 did not translate into meaningful clinical improvements for children with ENPP1 deficiency," said Greg Friberg, chief research and development officer at BioMarin.
BioMarin also said it saw no meaningful improvement in rickets severity, which reflects bone weakness and deformities, or in growth, including height and weight.
The company said it is evaluating the data to determine next steps.
The result "materially lowers the probability that BMN 401 becomes a meaningful near-term commercial asset," Kapoor said.
He added that it "increases pressure on BioMarin to deliver elsewhere, including Voxzogo expansion in hypochondroplasia, BMN 333’s long-acting CNP program, and additional business development."
Currently there are no approved treatments for ENPP1 deficiency, and current care focuses on managing symptoms such as bone deformities, pain and movement issues.
Reporting by Sneha S K and Kunal Das in Bengaluru; Editing by Shreya Biswas
Our Standards: The Thomson Reuters Trust Principles., opens new tab
Pre-Market Stock Futures: Futures are trading lower on Tuesday as the sell-off in technology stocks carried through to Monday and is headed down that road today. All of the major indices, except the Dow Jones Industrial Average, which closed 0.32% higher at 49,668, finished the day lower. The small-cap Russell 2000 was the big loser on Monday, closing down 0.63% at 2,775, while the tech-heavy Nasdaq closed lower by 0.51% at 26,090. The S&P 500, which made numerous new highs last week, was last seen at 7,403, down 0.07%. The same issues combined to create the weakness on Monday: worries about higher inflation, the ongoing war in Iran, where President Trump said he called off an imminent attack, and, of course, rising bond yields.
Treasury Bonds: After a brutal beatdown last week, yields across the Treasury curve closed modestly lower as some buyers came in to examine the wreckage. With Wall Street legend Ed Yardeni boldly stating that the bond vigilantes will push yields higher if new Fed Chair Kevin Warsh doesn’t raise rates to combat mounting inflation at some point, the proverbial line in the sand has clearly been drawn. The 30-year bond closed the day at 5.13%, unchanged, and the benchmark 10-year note at 4.59%, also unchanged from Friday.
Oil and Gas: For the first time in over a week, pricing across the energy complex was flat to down, and one thing is for sure. The pressure is mounting on President Trump to wrap up the situation in Iran and reopen the Strait of Hormuz for energy transit. When the dust finally settled Monday, Brent Crude closed the day almot 1% at $108.20, while West Texas Intermediate was marginally higher at $101.30. Natural gas, which has been strong recently, closed the session at $3.02, up 2.13%, as the United States LNG production and sales are quickly becoming the backbone of the world’s gas supply.
Gold: After a rough end to last week, precious metals trended higher on Monday as investors bought into the recent weakness. While the same issues that have muddied the water for almost every asset class since the start of the war with Iran, gold and silver have started to put in a solid base at current trading levels, and could be poised for big moves higher when the Iran issues are resolved. The final trade for Gold was reported at $4,561, up 0.50%, while Silver was last seen at $77.40, up 2.06%.
Crypto: Cryptocurrencies declined on Monday amid a broad sell-off, with Bitcoin sliding to a two-week low near $76,400. The drop triggered more than $660 million in liquidations across the crypto market, as rising bond yields, persistent inflation, and geopolitical tensions weighed on investor risk appetite. It confirms what many have been saying about the crypto market for months: most upticks and positive days are likely mostly short covering. At 8 AM EDT, Bitcoin was trading at $76,680, while Ethereum was quoted at $2,111.
24/7 Wall St. reviews dozens of analyst research reports daily to identify new investment ideas for both investors and traders. Some of these daily analyst calls cover stocks to buy. Other calls cover stocks to sell or avoid. Remember that no single analyst call should ever be used as a basis to buy or sell a stock.
Here are some of the top Wall Street analyst upgrades, downgrades, and initiations seen on Tuesday, May 19, 2026.
Upgrades: American Tower (NYSE: AMT | AMT Price Prediction) was upgraded to Outperform from Market Perform at Bernstein, which has a $207 target price for the shares. Assured Guaranty (NYSE: AGO) was upgraded to Buy from Neutral at UBS, with a $94 target price. Credicorp (NYSE: BAP) was raised to Buy from Hold at HSBC, with the target price for the stock bumped to $350 from $320. Jazz Pharmaceuticals (NASDAQ: JAZZ) was raised to Buy from Neutral at UBS, which launched the target price for the stock to $307 from $188. Stubhub Holdings (NYSE: STUB) was upgraded to Buy from Neutral at Guggenheim, which lifted the target price for the share to $12.50 from $8.50. Downgrades: Bank of America (NYSE: BAC) was downgraded to Hold from Buy at CFRA, without a target price. Citigroup (NYSE: C) was also cut to Hold from Buy at CFRA, without a target price. CrowdStrike Holdings (NASDAQ: CRWD) was double downgraded to Sell from Buy at DZ Bank, with a $500 target price. Fortinet (NASDAQ: FTNT) was also double downgraded to Sell from Buy at DZ Bank, with a $125 target price. Hanover Insurance Group (NYSE: THG) was downgraded to Market Perform from Outperform at BMO Capital, which bumped the target price for the stock to $203 from $194. Initiations: Alnylam Pharmaceuticals (NASDAQ: ALNY) was initiated with a Buy rating at Citigroup, which has set a $380 price target for the shares. BioMarin Pharmaceutical (NASDAQ: BMRN) was initiated with a Buy rating at Citigroup with a $75 target price. Cemex SAB (NYSE: CX) was assumed with a Neutral rating at Grupo Santander with a $14 target price. X-Energy (NASDAQ: XE) was started with a Buy rating at UBS, with a $40 target. JPMorgan has an Overweight rating for the stock with a $38 target, while UBS has a Buy rating and a nd a $40 target price. The stock was a recent successful IPO, backed by Amazon and Ken Griffin from Citadel. Zeta Global Holdings (NYSE: ZETA) was initiated with a Buy rating at Bank of America, with a $24 target price objective.
