Track market-moving stories before they get noisy

By PYMNTS  |  August 4, 2026

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Highlights

Enterprise momentum accelerated as Marqeta said the average size of new deals signed during the quarter increased more than 90% year over year, reflecting a shift toward larger embedded finance programs.

Management said stablecoin-backed cards are emerging from exploratory discussions into active customer demand, particularly for cross-border payouts and multinational banking platforms.

Despite some moderation in specific customer programs, Marqeta said lending and BNPL remain among its fastest-growing businesses.

Marqeta’s second-quarter earnings call Tuesday (Aug. 4) highlighted embedded finance, multinational issuing, stablecoins and commercial payments as the company’s primary strategic growth initiatives, even as overall growth is expected to moderate in the second half.

CEO Mike Milotich said customers want a single platform spanning card issuing, money movement, embedded banking capabilities and fraud decisioning rather than stitching together multiple provider.

“Our momentum this quarter highlights three ways this differentiation is translating into growth,” Milotich said, pointing to multinational card issuing, a broader product suite that now includes stablecoin-backed card capabilities and growing traction with larger enterprise customers.

He noted that the average deal signed during the quarter increased more than 90% from a year earlier as Marqeta expands from serving high-growth FinTechs into winning larger embedded-finance programs with established enterprises.

Marqeta also detailed its expansion into stablecoin-backed card programs through partnerships with Zero Hash and BVNK, along with participation in the OpenUSD initiative.

“Our strategy here is straightforward,” Milotich told, analysts, which is “to make digital dollars spendable through the same trusted card rails our customers and users already utilize on a daily basis.”

Analysts pressed management on whether the initiative reflects actual customer demand or simply preparation for a future market.

Milotich said the answer is both.

“I would say there’s a lot of exploratory discussion,” he said, particularly among businesses making cross-border payouts and companies building multinational banking offerings. He also noted that Marqeta already has experience supporting crypto-backed cards through existing relationships with Coinbase in the United States and Panda in Europe.

BNPL Evolves Beyond Virtual Cards Executives described current changes as an evolution in how buy now, pay later (BNPL) transactions are delivered.

The company said one major customer has shifted more spending toward flexible credential products while distributing some traditional single-use virtual card volume among multiple providers. Although that will slow reported growth, Milotich argued Marqeta retained the more strategic part of the business.

“If there’s a trade-off to be made, we feel like this is a good one,” he said, noting the company still expects lending, including BNPL, to grow more than 30% during the second half despite tougher comparisons. Flexible credentials, he said, are becoming the stickier, faster-growing product as BNPL providers expand beyond one-time virtual cards into longer-term payment relationships.

Management also said it is not seeing meaningful changes in consumer spending behavior, providing some reassurance that payment volumes remain fundamentally healthy heading into the second half of the year.

Looking Beyond Debit The company is also focusing on  additional money movement capabilities beyond cards, integrating fraud decisioning with richer merchant data.

Milotich also outlined a longer-term vision for credit in which issuers match consumers with multiple financial products instead of rejecting applicants who fail to qualify for premium rewards cards.

“We’re talking to them about a much more holistic offering,” he said, describing a future where companies can steer applicants toward credit-builder products, BNPL options or revolving credit using a unified technology platform instead of separate systems. Because Marqeta supports debit, credit, commercial products and multinational issuing from a single technology stack, he argued the company can offer a broader portfolio than competitors focused on individual products.

Processing volume reached $120 billion, increasing 32%, marking the fourth consecutive quarter above 30% growth. At the same time, executives acknowledged that diversification of Cash App card issuance, changing BNPL transaction mix and tougher year-over-year comparisons will temper reported growth over the remainder of 2026. Shares were flat in after-hours trading.

American Financial Group (AFG - Free Report) came out with quarterly earnings of $2.82 per share, beating the Zacks Consensus Estimate of $2.41 per share. This compares to earnings of $2.14 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of +17.01%. A quarter ago, it was expected that this property and casualty insurer would post earnings of $2.55 per share when it actually produced earnings of $2.47, delivering a surprise of -3.14%.

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

American Financial, which belongs to the Zacks Insurance - Property and Casualty industry, posted revenues of $1.94 billion for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 0.65%. This compares to year-ago revenues of $1.86 billion. The company has topped consensus revenue estimates two 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.

American Financial shares have added about 3.8% since the beginning of the year versus the S&P 500's gain of 11%.

What's Next for American Financial?While American Financial 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 American Financial 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 $2.93 on $2.31 billion in revenues for the coming quarter and $11.37 on $8.07 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, Insurance - Property and Casualty is currently in the bottom 39% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

Another stock from the same industry, American Integrity Insurance (AII - Free Report) , has yet to report results for the quarter ended June 2026. The results are expected to be released on August 11.

This company is expected to post quarterly earnings of $0.81 per share in its upcoming report, which represents a year-over-year change of -56%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.

American Integrity Insurance's revenues are expected to be $93.5 million, up 26.3% from the year-ago quarter.

Lennar (LEN - Free Report) ended the recent trading session at $87.02, demonstrating a +2.14% change from the preceding day's closing price. The stock outpaced the S&P 500's daily gain of 1.79%. Meanwhile, the Dow gained 1.71%, and the Nasdaq, a tech-heavy index, added 2.59%.

Coming into today, shares of the homebuilder had lost 2.8% in the past month. In that same time, the Construction sector lost 3.64%, while the S&P 500 gained 1.72%.

The upcoming earnings release of Lennar will be of great interest to investors. On that day, Lennar is projected to report earnings of $1.31 per share, which would represent a year-over-year decline of 34.5%. In the meantime, our current consensus estimate forecasts the revenue to be $8.33 billion, indicating a 5.42% decline compared to the corresponding quarter of the prior year.

For the entire fiscal year, the Zacks Consensus Estimates are projecting earnings of $5.46 per share and a revenue of $32.27 billion, representing changes of -32.26% and -5.6%, respectively, from the prior year.

Investors should also pay attention to any latest changes in analyst estimates for Lennar. These revisions help to show the ever-changing nature of near-term business trends. As a result, upbeat changes in estimates indicate analysts' favorable outlook on the business health and profitability.

Research indicates that these estimate revisions are directly correlated with near-term share price momentum. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable rating system.

The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has moved 0.03% higher. Lennar is holding a Zacks Rank of #5 (Strong Sell) right now.

In terms of valuation, Lennar is currently trading at a Forward P/E ratio of 15.61. This represents a premium compared to its industry average Forward P/E of 14.17.

One should further note that LEN currently holds a PEG ratio of 2.86. The PEG ratio is similar to the widely-used P/E ratio, but this metric also takes the company's expected earnings growth rate into account. By the end of yesterday's trading, the Building Products - Home Builders industry had an average PEG ratio of 2.86.

The Building Products - Home Builders industry is part of the Construction sector. This industry, currently bearing a Zacks Industry Rank of 169, finds itself in the bottom 32% echelons of all 250+ industries.

The Zacks Industry Rank assesses the vigor of our specific industry groups by computing the average Zacks Rank of the individual stocks incorporated in the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Don't forget to use Zacks.com to keep track of all these stock-moving metrics, and others, in the upcoming trading sessions.

Acadia Pharmaceuticals (ACAD - Free Report) came out with quarterly earnings of $0.18 per share, beating the Zacks Consensus Estimate of $0.06 per share. This compares to earnings of $0.16 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of +200.00%. A quarter ago, it was expected that this drugmaker would post earnings of $0.04 per share when it actually produced earnings of $0.02, delivering a surprise of -50%.

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

Acadia, which belongs to the Zacks Medical - Biomedical and Genetics industry, posted revenues of $307.96 million for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 4.81%. This compares to year-ago revenues of $264.57 million. The company has topped consensus revenue estimates two 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.

Acadia shares have lost about 4.1% since the beginning of the year versus the S&P 500's gain of 11%.

What's Next for Acadia?While Acadia 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 Acadia was favorable. 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 #2 (Buy) for the stock. So, the shares are expected to outperform 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 $0.13 on $328.06 million in revenues for the coming quarter and $0.39 on $1.24 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 top 42% 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, MaxCyte, Inc. (MXCT - Free Report) , is yet to report results for the quarter ended June 2026. The results are expected to be released on August 12.

This company is expected to post quarterly loss of $0.12 per share in its upcoming report, which represents no change from the year-ago quarter. The consensus EPS estimate for the quarter has been revised 14.3% lower over the last 30 days to the current level.

MaxCyte, Inc.'s revenues are expected to be $6.5 million, down 23.6% from the year-ago quarter.

August 04, 2026 18:00 ET  | Source: Sunrun Inc.

SAN FRANCISCO, Aug. 04, 2026 (GLOBE NEWSWIRE) -- Sunrun (Nasdaq: RUN), America’s largest provider of home battery storage, solar, and home-to-grid power plants, today announced it has priced a securitization of leases and power purchase agreements. The securitization is Sunrun’s seventeenth securitization since 2015 and second issuance in 2026.

“This $267 million public securitization involves refinancing a seasoned portfolio of residential solar assets. We appreciate our financial partners’ continued confidence in our high quality assets and servicing standards,” said Danny Abajian, Sunrun’s Chief Financial Officer. “This securitization was raised with Class A notes being priced at a 200 basis point credit spread, a 20 basis point improvement from the public Class A-1 Notes in Sunrun’s April 2026 securitization.”

The securitization was structured with one class of A- rated notes (the “Class A Notes”) and one class of BB- rated notes (the “Class B Notes”). The Class B Notes were retained by Sunrun. The $267 million Class A Notes were marketed in a public asset backed securitization. The Class A Notes were priced with a coupon of 6.28%. The pricing of the Class A Notes reflects a spread of 200 basis points and a 6.33% yield. The initial balance of the Class A Notes represents a 74.2% advance rate on ADSAB (present value using a 7.5% discount rate). The Class A Notes have an expected weighted average life of 4.94 years, an Optional Redemption Date of July 30, 2035, and a final maturity date of January 30, 2054.

The notes are backed by a diversified portfolio of 37,595 systems distributed across 42 utility service territories in 13 states. The weighted average customer FICO is 756. The transaction is expected to close by the end of August.

BofA Securities was the sole structuring agent and served as joint bookrunner with Citigroup, Morgan Stanley, and RBC Capital Markets. KeyBanc Capital Markets and First Citizens Capital Securities served as co-managers for the securitization.

This press release does not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.

About Sunrun

Sunrun Inc. (Nasdaq: RUN) is America’s largest provider of home battery storage, solar, and home-to-grid power plants. As the pioneer of home energy systems offered through a no-upfront-cost subscription model, Sunrun empowers customers nationwide with greater energy control, security, and independence. Sunrun supports the grid by providing on-demand dispatchable power that helps prevent blackouts and lowers energy costs. Learn more at www.sunrun.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Investors are cautioned against placing undue reliance on such statements. In some cases, you can identify forward-looking statements because they contain words such as "believe," "expect," "anticipate," "estimate," "plan," "continue," "intend," "target," "projects," "contemplates," "potential," or the negative of these words or other similar terms or expressions. Forward-looking statements in this press release include, but are not limited to, statements regarding: the anticipated closing of the securitization; the anticipated terms and timing of additional subordinated subsidiary-level non-recourse financing and its effect on the Company’s cumulative advance rate; the Company's ability to access capital markets at scale and on favorable terms; and the expected demand for the Company's solar and storage assets.

These statements are not guarantees of future performance; they reflect the Company's current views with respect to future events and are based on assumptions and estimates and are subject to known and unknown risks, uncertainties, and other factors that may cause actual results, performance, or achievements to be materially different from expectations or results projected or implied by forward-looking statements. These risks and uncertainties include, but are not limited to: changes in the capital markets, including the availability and terms of financing for the solar and storage industry; volatile or rising interest rates; changes in policies, regulations, and incentives, including net metering, interconnection limits, fixed fees, and the availability of tax credits; tariff and trade policy impacts; supply chain risks; the Company's ability to meet covenants in its investment funds and debt facilities; and the factors described under the caption "Risk Factors" in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2025 and subsequent Quarterly Reports on Form 10-Q, each as filed with the U.S. Securities and Exchange Commission.

All forward-looking statements in this press release are based on information available to the Company as of the date hereof, and the Company assumes no obligation to update publicly these forward-looking statements for any reason, except as required by law.

Investor & Analyst Contacts:

Patrick Jobin
SVP, Deputy CFO & Investor Relations Officer
[email protected]

Media Contact:

Wyatt Semanek
Sr. Director, Corporate Communications
[email protected]

Want Diversified Upside in Biotechnology? Check out LABUArrowhead Pharmaceuticals NASDAQ: ARWR reported positive Phase III results for plozasiran in severe hypertriglyceridemia (SHTG), accelerating plans for a supplemental New Drug Application and highlighting continued growth in the launch of its REDEMPLO therapy for familial chylomicronemia syndrome (FCS).

For the fiscal third quarter ended June 30, 2026, Arrowhead recorded a net loss of $194.3 million, or $1.36 per diluted share, compared with a loss of $175.2 million, or $1.26 per share, a year earlier. Revenue rose to approximately $75 million from $28 million in the prior-year period, driven by collaboration agreements and commercial REDEMPLO sales.

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Phase III SHTG Results and Regulatory Plans President and Chief Executive Officer Dr. Chris Anzalone said the company’s Phase III SHASTA-3 and SHASTA-4 studies both met their primary endpoint and all prespecified secondary endpoints in patients with SHTG.

Median triglyceride reductions from baseline were 79% in SHASTA-3 and 81% in SHASTA-4. In the studies’ placebo groups, reductions were approximately 27%, according to Andy Davis, senior vice president and head of the Global Cardiometabolic Franchise.

Arrowhead also reported a statistically significant reduction in acute pancreatitis events in a prespecified pooled analysis of the trials. Davis said plozasiran reduced cumulative acute pancreatitis events by 78% versus placebo across the broader SHTG population. In a subgroup of patients with triglyceride levels above 880 milligrams per deciliter and a prior history of acute pancreatitis, the company reported a 100% reduction in events versus placebo.

The company said safety and tolerability findings were consistent with prior plozasiran studies. Anzalone said Arrowhead observed no new safety signals, no clinically meaningful adverse changes in liver enzymes, no hypersensitivity cases and no thrombocytopenia signal. In a prespecified MRI-PDFF subgroup, there was no statistically significant difference in mean liver fat content between plozasiran and placebo.

Detailed SHASTA results are scheduled for presentation at the European Society of Cardiology Congress on Aug. 30, followed by an Arrowhead webcast on Aug. 31. Chief Medical Officer and Head of R&D Dr. James Hamilton said the company remained under embargo regarding further trial details ahead of the conference.

Arrowhead intends to submit an sNDA to the Food and Drug Administration before the end of 2026. The company acquired an FDA priority review voucher that could shorten the agency’s review period from 10 months to six months. Chief Financial Officer Dan Apel said Arrowhead expects to pay $215 million for the voucher during its fiscal fourth quarter, following Hart-Scott-Rodino clearance.

Management said the initial focus of a potential SHTG launch would likely be patients at the highest risk, while emphasizing that the clinical data support treatment across patients with triglyceride levels above 500 milligrams per deciliter. Anzalone said the company expects SHTG to be an education-driven market because physicians have historically had limited options for substantially reducing triglycerides.

REDEMPLO Launch Expands in FCS REDEMPLO prescription volume more than doubled during the fiscal third quarter and that momentum continued into the current quarter, Davis said. Arrowhead has supported more than 400 unique prescribers, led by preventive cardiologists and endocrinologists.

Davis said the company was receiving approximately 20 to 30 new prescriptions per week, consistent with its previously disclosed run rate. Arrowhead is working to improve the progression of prescriptions through prior authorization and appeals processes and expects an additional wave of field personnel to enter the market during August.

REDEMPLO has favorable policies in place with the most significant U.S. payers, according to Davis, and the company expects remaining coverage gaps to narrow in the coming months. Nearly all published payer policies allow clinicians to diagnose FCS through clinical criteria rather than genetic confirmation alone.

The therapy’s U.S. wholesale acquisition cost remains $45,000 per patient annually. Management said it does not intend to change the price following the SHASTA results, citing REDEMPLO’s efficacy, safety profile, quarterly dosing schedule and 25-milligram fixed dose.

REDEMPLO is approved for FCS in the United States, Canada, China, Australia and the European Union. Arrowhead said reimbursement processes in Europe will proceed country by country over approximately 12 months, beginning with Germany. Sanofi leads commercialization in Greater China.

Pipeline Readouts Ahead Arrowhead expects several clinical data releases before year-end. The company plans to report top-line Phase I data for ARO-DIMER-PA in September. The candidate is designed to silence both APOC3 and PCSK9 to reduce LDL cholesterol and triglycerides in patients with mixed hyperlipidemia.

The company also expects September data from its Phase I healthy-volunteer study of ARO-MAPT, a subcutaneously administered RNA interference therapy targeting tau. Hamilton said the release will focus on safety and total tau knockdown, with Arrowhead targeting approximately 50% to 60% knockdown. The study’s second phase in Alzheimer’s disease patients is actively enrolling.

For obesity and metabolic dysfunction-associated steatohepatitis, Arrowhead plans to provide an update primarily focused on ARO-ALK7 in the fourth quarter. It has submitted an ARO-INHBE Phase IIb protocol to regulators. Earlier data showed a placebo-adjusted 44% reduction in liver fat in a small subgroup of patients with obesity and elevated baseline liver fat receiving at least a 200-milligram dose as monotherapy.

Separately, Arrowhead completed enrollment in the Phase III YOSEMITE trial of its therapy for homozygous familial hypercholesterolemia, enrolling 70 patients compared with a planned 60. The company expects study completion in mid-2027 and data in the second half of 2027.

Financial Position and Collaboration Revenue Apel said the quarter’s revenue included approximately $26 million from the Sarepta collaboration, about $20 million from the Novartis collaboration and the full $25 million upfront payment from Madrigal for the ARO-PNPLA3 license and technology transfer.

Commercial REDEMPLO revenue was approximately $2.4 million for the quarter, more than double the roughly $1 million reported in the prior fiscal quarter. Arrowhead said it does not plan to separately highlight product sales until they become a more meaningful financial contributor.

Operating expenses increased to approximately $245 million from $193 million a year earlier, including research and development expense of $198 million and selling, general and administrative expense of $47 million. The increases reflected clinical development, manufacturing activity and commercialization investment.

Arrowhead ended the quarter with approximately $1.6 billion in cash and investments. Apel said the company believes its balance sheet provides flexibility to fund pipeline development, commercial activities and longer-term strategic priorities.

About Arrowhead Pharmaceuticals (NASDAQ:ARWR)Arrowhead Pharmaceuticals, Inc is a clinical-stage biopharmaceutical company focused on the discovery, development and commercialization of RNA interference (RNAi) therapeutics. Since its founding in 2008, Arrowhead has leveraged its proprietary delivery platform—known internally as the Advanced RNAi Compound (ARC) technology—to silence disease-causing genes in patients suffering from genetically defined diseases. The company's approach aims to offer durable, targeted treatments across a range of therapeutic areas.

The company's pipeline includes multiple candidates in various stages of development.

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

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Macerich (MAC - Free Report) came out with quarterly funds from operations (FFO) of $0.35 per share, beating the Zacks Consensus Estimate of $0.33 per share. This compares to FFO of $0.32 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an FFO surprise of +6.06%. A quarter ago, it was expected that this shopping center real estate investment trust would post FFO of $0.31 per share when it actually produced FFO of $0.34, delivering a surprise of +9.68%.

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

Macerich, which belongs to the Zacks REIT and Equity Trust - Retail industry, posted revenues of $249.71 million for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 3.24%. This compares to year-ago revenues of $249.79 million. The company has topped consensus revenue estimates two times over the last four quarters.

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

Macerich shares have added about 40.1% since the beginning of the year versus the S&P 500's gain of 11%.

What's Next for Macerich?While Macerich 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 FFO outlook. Not only does this include current consensus FFO 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 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 estimate revisions.

Ahead of this earnings release, the estimate revisions trend for Macerich 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 FFO estimate is $0.37 on $251.47 million in revenues for the coming quarter and $1.49 on $1 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, REIT and Equity Trust - Retail is currently in the top 36% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

Another stock from the broader Zacks Finance sector, Hamilton Insurance (HG - Free Report) , has yet to report results for the quarter ended June 2026. The results are expected to be released on August 6.

This provider of insurance and reinsurance services is expected to post quarterly earnings of $0.96 per share in its upcoming report, which represents a year-over-year change of -38.1%. The consensus EPS estimate for the quarter has been revised 1.9% higher over the last 30 days to the current level.

Hamilton Insurance's revenues are expected to be $687.02 million, down 7.3% from the year-ago quarter.

Sixth Street (TSLX - Free Report) came out with quarterly earnings of $0.43 per share, beating the Zacks Consensus Estimate of $0.41 per share. This compares to earnings of $0.56 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of +4.88%. A quarter ago, it was expected that this business development company would post earnings of $0.49 per share when it actually produced earnings of $0.42, delivering a surprise of -14.29%.

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

Sixth St, which belongs to the Zacks Financial - SBIC & Commercial Industry industry, posted revenues of $97.84 million for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 1.50%. This compares to year-ago revenues of $115.01 million. The company has topped consensus revenue estimates two 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.

Sixth St shares have lost about 18.4% since the beginning of the year versus the S&P 500's gain of 11%.

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

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.42 on $98.62 million in revenues for the coming quarter and $1.71 on $392.12 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, Financial - SBIC & Commercial Industry is currently in the bottom 32% 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, PhenixFIN (PFX - Free Report) , is yet to report results for the quarter ended June 2026.

This investment firm is expected to post quarterly earnings of $0.47 per share in its upcoming report, which represents a year-over-year change of -19%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.

PhenixFIN's revenues are expected to be $5.63 million, down 8.6% from the year-ago quarter.

The Arista logo is seen in this illustration taken August 3, 2025. REUTERS/Dado Ruvic/Illustration Purchase Licensing Rights, opens new tab

Aug 4 (Reuters) - Arista Networks (ANET.N), opens new tab forecast third-quarter revenue above Wall Street estimates on ​Tuesday, betting on strong demand ‌for its networking gear as companies expand their AI infrastructure.

The company has been ​expanding beyond its core ​cloud customer base into enterprise campus ⁠and branch networking to diversify ​its revenue.

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Shares were ​up 3% after the bell.

Arista, which makes the high-speed computer networking equipment that powers ​big data centers for customers ​like Microsoft and Amazon, forecast third-quarter revenue ‌of $3.3 ⁠billion, above analysts' average estimate of $2.94 billion, according to LSEG data.

The company also beat second-quarter expectations, posting ​revenue of $3.04 ​billion ⁠and adjusted earnings per share of $1.02, above analysts' estimate ​of $2.82 billion and 88 ​cents ⁠per share, respectively

It forecast third-quarter adjusted earnings per share in the range ⁠of $1.06 ​to $1.08, also above ​estimate of 91 cents.

Reporting by Nithyashree R B ​in Bengaluru; Editing by Sriraj Kalluvila

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Lattice Semiconductor (LSCC - Free Report) came out with quarterly earnings of $0.53 per share, beating the Zacks Consensus Estimate of $0.44 per share. This compares to earnings of $0.24 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of +20.46%. A quarter ago, it was expected that this chipmaker would post earnings of $0.36 per share when it actually produced earnings of $0.41, delivering a surprise of +13.89%.

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

Lattice, which belongs to the Zacks Electronics - Semiconductors industry, posted revenues of $201.08 million for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 8.65%. This compares to year-ago revenues of $123.97 million. The company has topped consensus revenue estimates four times over the last four quarters.

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

Lattice shares have added about 72.9% since the beginning of the year versus the S&P 500's gain of 11%.

What's Next for Lattice?While Lattice 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 Lattice was favorable. 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 #2 (Buy) for the stock. So, the shares are expected to outperform 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 $0.47 on $193.66 million in revenues for the coming quarter and $1.79 on $749.72 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, Electronics - Semiconductors is currently in the top 17% 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, Alpha and Omega Semiconductor (AOSL - Free Report) , is yet to report results for the quarter ended June 2026. The results are expected to be released on August 12.

This chipmaker is expected to post quarterly loss of $0.23 per share in its upcoming report, which represents a year-over-year change of -1250%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.

Alpha and Omega Semiconductor's revenues are expected to be $168 million, down 4.8% from the year-ago quarter.

Resources Investor Relations Journalists Agencies Client Login Send a Release News Products Contact , /PRNewswire/ -- The following is a report of earnings for Seaboard Corporation (NYSE American: SEB), with offices at 9000 West 67th Street, Merriam, Kansas, for the three and six months ended July 4, 2026 and June 28, 2025, in millions of dollars except share and per share amounts.

(UNAUDITED)

Three Months Ended

Six Months Ended

July 4,

June 28,

July 4,

June 28,

2026

2025

2026

2025

Net sales

$

2,922

$

2,480

$

5,322

$

4,796

Operating income

$

100

$

52

$

196

$

90

Net earnings attributable to Seaboard

$

153

$

102

$

272

$

134

Earnings per common share

$

159.74

$

105.22

$

283.99

$

138.11

Average number of shares outstanding

957,794

969,427

957,794

970,228

Dividends declared per common share

$

2.25

$

2.25

$

4.50

$

4.50

Seaboard Corporation today filed its Quarterly Report on Form 10-Q with the United States Securities and Exchange Commission. Seaboard Corporation has provided access to the Quarterly Report on Form 10-Q on its website at https://www.seaboardcorp.com/investors.

Also, Seaboard Corporation announced today that its Board of Directors has authorized and declared a quarterly cash dividend of $2.25 per share of its common stock. The dividend is payable on August 24, 2026 to stockholders of record at the close of business on August 14, 2026.

SOURCE Seaboard Corporation

, /PRNewswire/ -- Shutterstock, Inc. (NYSE: SSTK) (the "Company"), a family of brands delivering scalable creative and GenAI solutions to help customers fuel great work, today announced financial results for the second quarter ended June 30, 2026.

Commenting on the Company's performance, Rik Powell, the Company's Interim Chief Executive Officer and Chief Financial Officer, said, "Following the termination of our proposed merger, we have moved quickly to strengthen our balance sheet, reduce our cost structure, and sharpen our focus on the areas with the greatest potential and are approaching every aspect of the business with discipline and urgency. We have taken significant cost actions over the past 18 months that equate to over $70 million of annualized run-rate operating expense reductions and are targeting an additional $60 million in annualized run-rate operating expense reductions by the end of the year. These actions will give us greater optionality in our capital allocation strategy."

He continued, "While we recognize the challenges in front of us, Shutterstock remains a company with meaningful strategic assets, including a globally recognized brand, one of the world's largest and most diverse commercially licensed content libraries, a differentiated Data and AI Services business, our unique GIPHY platform, and strong cash generation. Together, these strengths provide a solid foundation as we refine our long-term strategy and position the business for its next phase of growth which we look forward to discussing in the coming weeks."

EARNINGS TELECONFERENCE INFORMATION

In light of the pending strategic update, the Company will no longer be hosting the conference call originally scheduled for August 6, 2026 or issuing guidance for the remainder of 2026.

Second Quarter 2026 highlights as compared to Second Quarter 2025:

     Financial Highlights

Revenues were $221.8 million compared to $267.0 million. Net loss was $155.9 million compared to net income of $29.4 million. Net loss includes a $163.4 million non-cash, after-tax goodwill impairment charge. Net loss per diluted common share was $4.25 compared to net income per diluted common share of $0.82. Adjusted net income was $30.0 million compared to $42.9 million. Adjusted net income per diluted common share was $0.82 compared to $1.19. Adjusted EBITDA was $65.1 million compared to $82.2 million. SECOND QUARTER RESULTS

Revenue

Second quarter revenue of $221.8 million decreased by $45.2 million or 17% as compared to the second quarter of 2025.

Revenue from our Content product offering decreased by $34.1 million, or 17%, as compared to the second quarter of 2025, to $165.7 million. The reduction in our Content revenue was driven primarily by weakness in new customer acquisition. Content revenue represented 75% of our total revenue in the second quarter of 2026.

Revenue generated from our Data, Distribution, and Services product offering decreased by $11.1 million, or 16%, as compared to the second quarter of 2025, to $56.1 million, and represented 25% of second quarter revenue in 2026. Revenue recognition in our data offering may vary from quarter-to-quarter based on the delivery timing of metadata licenses.

Net income and net income per diluted common share

Net income decreased by $185.4 million to a net loss of $155.9 million in the second quarter of 2026, compared to net income of $29.4 million for the second quarter of 2025. Net loss per diluted common share was $4.25, as compared to net income per diluted common share of $0.82 for the same period in 2025. In the second quarter of 2026, the Company recorded a non-cash goodwill impairment charge of $173.7 million resulting from the decline in the Company's fair value after the announcement of the terminated merger agreement. Additionally, the Company had further declines in revenue, with operating costs not declining at a similar rate, as well as $3.0 million of unrealized losses related to our investment in Meitu, Inc, $3.7 million of Merger related costs, $5.0 million of legal contingency expenses and $3.0 million of workforce optimizations expenses.

Adjusted net income and adjusted net income per diluted common share

Adjusted net income of $30.0 million in the second quarter of 2026 decreased by $12.9 million, compared to adjusted net income of $42.9 million for the second quarter of 2025, primarily due to the decline in revenue.

Adjusted net income per diluted common share was $0.82, compared to $1.19 for the second quarter of 2025.

Adjusted EBITDA

Adjusted EBITDA of $65.1 million for the second quarter of 2026 decreased by $17.1 million, or 21%, as compared to the second quarter of 2025, primarily due to the decline in revenue.

Net loss margin of 70.3% for the second quarter of 2026 decreased by 81.3%, as compared to net income margin of 11.0% in the second quarter of 2025. The adjusted EBITDA margin of 29.3% for the second quarter of 2026 decreased by 1.5%, as compared to 30.8% in the second quarter of 2025.

SECOND QUARTER LIQUIDITY

Our cash and cash equivalents decreased by $29.3 million to $133.2 million at June 30, 2026, as compared with $162.5 million as of March 31, 2026. This was driven by $0.6 million of net cash from operating activities, including a $35.0 million payment for the settlement of the FTC's civil investigative demand on the Company's subscription disclosure and enrollment and cancellation practices. In addition, the Company had $18.5 million of net cash used in financing activities and $10.1 million of net cash used in investing activities.

Net cash from operating activities was driven by the $35.0 million payment to the FTC. This was offset by cash generation from our business operations and changes in the timing of cash collections from our customers and payments pertaining to operating expenses. In addition, cash flows for the three months ended June 30, 2026 were unfavorably impacted by $3.0 million of expenses related to the Getty Images proposed merger.

Cash used in investing activities for the three months ended June 30, 2026 consisted of $10.1 million related to capital expenditures, $0.1 million of content acquisition, partially offset by $0.1 million related to the receipt of the Giphy Retention Compensation, as reimbursed by the Giphy seller.

Cash used in financing activities for the three months ended June 30, 2026 consisted of $13.2 million related to the payment of the quarterly cash dividend, $4.5 million paid in settlement of tax withholding obligations related to employee stock-based compensation awards, and $0.8 million used for the repayment of our credit facility.

Adjusted free cash flow was $28.5 million for the second quarter of 2026, an increase of $11.0 million from the second quarter of 2025.

KEY OPERATING METRICS

Three Months Ended June 30,

Six Months Ended June 30,

2026

2025

2026

20255

Subscribers (end of period)(1)

951,000

1,073,000

951,000

1,073,000

Subscriber revenue (in millions)(2)

$           99.8

$         108.0

$         203.6

$         217.9

Average revenue per customer (last twelve months)(3)

$           292

$           266

$           292

$           266

Paid downloads (in millions)(4)

98.7

112.6

202.8

233.5

_________________________________________________________

Subscribers, Subscriber Revenue and Average Revenue Per Customer from acquisitions are included in these metrics beginning twelve months after the closing of the respective business combination. Accordingly, the metrics include Subscribers, Subscriber revenue, and Average revenue per customer from Backgrid beginning February 2025. 2025 metrics include the counts and revenues from Envato, which was acquired in July 2024.

(1) Subscribers is defined as those customers who purchase one or more of our monthly recurring products for a continuous period of at least three months, measured as of the end of the reporting period.

(2) Subscriber revenue is defined as the revenue generated from subscribers during the period.

(3) Average revenue per customer is calculated by dividing total revenue for the last twelve-month period by customers. Customers is defined as total active, paying customers that contributed to total revenue over the last twelve-month period. 

(4) Paid downloads is the number of downloads that our customers make in a given period of our content. Paid downloads exclude content related to our Studios business, downloads of content that are offered to customers for no charge, including our free trials and metadata delivered through our data deal offering.

NON-GAAP FINANCIAL MEASURES

To supplement Shutterstock's consolidated financial statements presented in accordance with the accounting principles generally accepted in the United States, or GAAP, Shutterstock's management considers certain financial measures that are not prepared in accordance with GAAP, collectively referred to as non-GAAP financial measures, including adjusted EBITDA, adjusted EBITDA margin, adjusted net income, adjusted net income per diluted share, revenue growth (including by distribution channel) on a constant currency basis (expressed as a percentage), and adjusted free cash flow.

Shutterstock defines adjusted EBITDA as net income adjusted for depreciation and amortization, non-cash equity-based compensation, Giphy Retention Compensation Expense - non-recurring, foreign currency transaction gains and losses, severance costs associated with strategic workforce optimizations, goodwill impairment, impairment loss on long-term investment, impairment of lease assets, unrealized losses / gains on investments, legal contingencies, interest income and expense, income taxes and Merger related costs; adjusted EBITDA margin as the ratio of adjusted EBITDA to revenue; adjusted net income as net income adjusted for the impact of non-cash equity-based compensation, amortization of acquisition-related intangible assets, Giphy Retention Compensation Expense - non-recurring, severance costs associated with strategic workforce optimizations (reported in Other), unrealized losses / gains on investments (reported in Other), goodwill impairment, impairment loss on long-term investment, legal contingencies, Merger related costs and the estimated tax impact of such adjustments; adjusted net income per diluted common share as adjusted net income divided by weighted average diluted shares; revenue growth (including by product offering) on a constant currency basis (expressed as a percentage) as the increase in current period revenues over prior period revenues, utilizing fixed exchange rates for translating foreign currency revenues for all periods presented in the comparison; and adjusted free cash flow as net cash provided by operating activities, adjusted for capital expenditures, content acquisition, cash received related to Giphy Retention Compensation in connection with the acquisition of Giphy, cash paid for the settlement of the FTC investigation, and cash paid for costs related to the Getty Images merger.

The expense associated with the Giphy Retention Compensation related to (i) the one-time employment inducement bonuses and (ii) the vesting of the cash value of unvested Meta equity awards held by the employees prior to closing, which are reflected in operating expenses (together, the "Giphy Retention Compensation Expense - non-recurring"), are required payments in accordance with the terms of the acquisition. Meta's sale of Giphy was directed by the United Kingdom Competition and Markets Authority (the "CMA") and accordingly, the terms of the acquisition were subject to CMA preapproval. Management considers the operating expense associated with these required payments to be unusual and non-recurring in nature. The Giphy Retention Compensation Expense - non-recurring is not considered an ongoing expense necessary to operate the Company's business. Therefore, such expenses have been included in the below adjustments for calculating adjusted EBITDA, adjusted EBITDA margin, adjusted net income and adjusted net income per diluted common share.

These figures have not been calculated in accordance with GAAP and should be considered only in addition to results prepared in accordance with GAAP and should not be considered as a substitute for, or superior to, GAAP results. Shutterstock cautions investors that non-GAAP financial measures are not based on any standardized methodology prescribed by GAAP and are not necessarily comparable to similarly-titled measures presented by other companies.

Shutterstock's management believes that adjusted EBITDA, adjusted EBITDA margin, adjusted net income, adjusted net income per diluted common share, revenue growth (including by product offering) on a constant currency basis (expressed as a percentage) and adjusted free cash flow are useful to investors because these measures enable investors to analyze Shutterstock's operating results on the same basis as that used by management. Additionally, management believes that adjusted EBITDA, adjusted EBITDA margin, adjusted net income and adjusted net income per diluted common share provide useful information to investors about the performance of the Company's overall business because such measures eliminate the effects of unusual or other infrequent charges that are not directly attributable to Shutterstock's underlying operating performance; and revenue growth (including by product offering) on a constant currency basis (expressed as a percentage) provides useful information to investors by eliminating the effect of foreign currency fluctuations that are not directly attributable to Shutterstock's operating performance. Management also believes that providing these non-GAAP financial measures enhances the comparability for investors in assessing Shutterstock's financial reporting. Shutterstock's management believes that adjusted free cash flow is useful for investors because it provides them with an important perspective on the cash available for strategic measures, after making necessary capital investments in internal-use software and website development costs to support the Company's ongoing business operations, and provides them with the same measures that management uses as the basis for making resource allocation decisions.

Shutterstock's management also uses the non-GAAP financial measures adjusted EBITDA, adjusted EBITDA margin, adjusted net income, adjusted net income per diluted common share, revenue growth (including by product offering) on a constant currency basis (expressed as a percentage), and adjusted free cash flow, in conjunction with GAAP financial measures, as an integral part of managing the business and to, among other things: (i) monitor and evaluate the performance of Shutterstock's business operations, financial performance and overall liquidity; (ii) facilitate management's internal comparisons of the historical operating performance of its business operations; (iii) facilitate management's external comparisons of the results of its overall business to the historical operating performance of other companies that may have different capital structures and debt levels; (iv) review and assess the operating performance of Shutterstock's management team and, together with other operational objectives, as a measure in evaluating employee compensation; (v) analyze and evaluate financial and strategic planning decisions regarding future operating investments; and (vi) plan for and prepare future annual operating budgets and determine appropriate levels of operating investments.

Reconciliations of the differences between each of our non-GAAP financial measures (adjusted EBITDA, adjusted EBITDA margin, adjusted net income, adjusted net income per diluted common share, revenue growth (including by product offering) on a constant currency basis (expressed as a percentage), adjusted free cash flow), and each measure's most directly comparable financial measure calculated and presented in accordance with GAAP, are presented under the headings "Reconciliation of Non-GAAP Financial Information to GAAP" and "Supplemental Financial Data" immediately following the Consolidated Balance Sheets.

ABOUT SHUTTERSTOCK

Shutterstock is in the business of turning ideas into impact. Powered by a global network of millions of creators and our cutting-edge technology, we provide businesses, creatives, and brand leaders with the essential, universal ingredients to make their work more effective. Shutterstock offers access to one of the world's largest and most diverse collections of high-quality licensable assets, specialized training datasets, evaluation tools, and end-to-end strategic partnerships for the full model training lifecycle, as well as advertising and distribution solutions, exclusive editorial content, and full-service studio production—delivering unparalleled resources to fuel great work.

Discover our impact at www.shutterstock.com and connect with us on LinkedIn, Instagram, X, Facebook and YouTube.

FORWARD-LOOKING STATEMENTS

The statements in this press release, and any related oral statements, include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than historical facts, are forward-looking statements. Forward-looking statements may discuss goals, intentions and expectations as to future plans, trends, events, results of operations or financial condition, financings or otherwise, based on current beliefs and involve numerous risks and uncertainties that could cause actual results to differ materially from expectations. Forward-looking statements speak only as of the date they are made or as of the dates indicated in the statements and should not be relied upon as predictions of future events, as there can be no assurance that the events or circumstances reflected in these statements will be achieved or will occur or the timing thereof. Forward-looking statements can often, but not always, be identified by the use of forward-looking terminology including "believes," "expects," "may," "will," "should," "could," "might," "seeks," "intends," "plans," "pro forma," "estimates," "anticipates," "designed," or the negative of these words and phrases, other variations of these words and phrases or comparable terminology, but not all forward-looking statements include such identifying words. Forward-looking statements are based upon current plans, estimates and expectations that are subject to risks, uncertainties and assumptions. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary. The forward-looking statements in this press release relate to, among other things, statements regarding industry prospects, future business, future results of operations or financial condition, future dividends, future stock performance, our ability to consummate acquisitions and integrate the businesses we have acquired or may acquire into our existing operations, new or planned features, products or services, management strategies, our ability to offer premier Data Licensing and AI Services, and our competitive position. Important factors that could cause actual results to differ materially from those expressed or implied by the forward-looking statements include, among others, the risks discussed under the caption "Risk Factors" in Shutterstock's Annual Report on Form 10-K for the fiscal year ended December 31, 2025, subsequent Quarterly Reports on Form 10-Q and other filings with the SEC. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward looking statements. While the list of factors presented here is considered representative, no such list should be considered to be a complete statement of all potential risks and uncertainties. Unlisted factors may present significant additional obstacles to the realization of forward looking statements. Shutterstock does not assume, and hereby disclaims, any obligation to update forward-looking statements, except as may be required by law.

Shutterstock, Inc.

Consolidated Statements of Operations

(In thousands, except for per share data)

(unaudited)

Three Months Ended June 30,

Six Months Ended June 30,

2026

2025

2026

2025

Revenue

$       221,801

$       266,990

$       420,971

$       509,610

Operating expenses:

Cost of revenue

93,787

105,994

188,575

206,882

Sales and marketing

48,008

57,077

96,354

110,436

Product development

17,574

20,754

36,979

40,619

General and administrative

43,930

48,434

111,515

106,741

Goodwill impairment

173,738

—

173,738

—

Total operating expenses

377,037

232,259

607,161

464,678

(Loss) / income from operations

(155,236)

34,731

(186,190)

44,932

Interest expense

(3,833)

(4,224)

(7,593)

(8,522)

Other (expense) / income, net

(1,862)

12,624

(16,523)

27,139

(Loss) / income before income taxes

(160,931)

43,131

(210,306)

63,549

(Benefit) / provision for income taxes

(4,992)

13,691

(6,798)

15,421

Net (loss) / income

$      (155,939)

$        29,440

$      (203,508)

$        48,128

(Losses) / earnings per share:

Basic

$          (4.25)

$           0.84

$          (5.63)

$           1.37

Diluted

$          (4.25)

$           0.82

$          (5.63)

$           1.35

Weighted average common shares outstanding:

Basic

36,703

35,257

36,126

35,075

Diluted

36,703

35,958

36,126

35,642

Shutterstock, Inc.

Consolidated Balance Sheets

(In thousands, except par value amount)

(unaudited)

June 30, 2026

December 31, 2025

ASSETS

Current assets:

Cash and cash equivalents

$          133,208

$          178,244

Accounts receivable, net of allowance of $3,750 and $3,431

102,264

112,626

Prepaid expenses and other current assets

44,025

47,769

Total current assets

279,497

338,639

Property and equipment, net

61,237

62,553

Right-of-use assets

8,238

9,770

Intangible assets, net

192,073

215,673

Goodwill

400,025

574,614

Deferred tax assets, net

77,221

61,289

Other assets

73,986

93,398

Total assets

$        1,092,277

$        1,355,936

LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities:

Accounts payable

$           12,982

$           13,898

Accrued expenses

104,227

129,952

Contributor royalties payable

98,292

94,163

Deferred revenue

198,444

212,984

Debt

158,112

158,110

Other current liabilities

14,719

19,295

Total current liabilities

586,776

628,402

Deferred tax liability, net

1,323

1,134

Long-term debt

115,157

116,639

Lease liabilities

13,518

17,247

Other non-current liabilities

11,843

11,476

Total liabilities

728,617

774,898

Commitments and contingencies

Stockholders' equity:

Common stock, $0.01 par value; 200,000 shares authorized; 42,328 and 41,049 shares
issued and 36,807 and 35,528 shares outstanding as of June 30, 2026 and December 31,
2025, respectively

422

410

Treasury stock, at cost; 5,521 shares as of June 30, 2026 and December 31, 2025

(269,804)

(269,804)

Additional paid-in capital

536,627

520,018

Accumulated other comprehensive loss

(9,249)

(4,754)

Retained earnings

105,664

335,168

Total stockholders' equity

363,660

581,038

Total liabilities and stockholders' equity

$        1,092,277

$        1,355,936

Shutterstock, Inc.

Consolidated Statements of Cash Flows

(In thousands, except par value amount)

(unaudited)

Three Months Ended

June 30,

Six Months Ended

June 30,

2026

2025

2026

2025

CASH FLOWS FROM OPERATING ACTIVITIES

Net (loss) / income

$      (155,939)

$        29,440

$      (203,508)

$        48,128

Adjustments to reconcile net (loss) / income to net cash (used in)
/ provided by operating activities:

Depreciation and amortization

22,416

22,611

45,120

45,282

Deferred taxes

(8,399)

974

(15,741)

(6,798)

Goodwill impairment

173,738

—

173,738

—

Non-cash equity-based compensation

12,536

15,625

25,908

33,509

Loss on impairment of long-term investment

—

5,000

—

5,000

Bad debt expense

214

367

319

960

Unrealized loss / (gain) on investments, net

2,963

(18,028)

18,268

(31,288)

Changes in operating assets and liabilities:

Accounts receivable

735

(39,056)

9,701

(55,674)

Prepaid expenses and other current and non-current assets

(3,759)

4,775

1,592

22,757

Accounts payable and other current and non-current liabilities

(37,972)

2,677

(29,386)

(14,587)

Contributor royalties payable

3,459

6,401

5,084

9,780

Deferred revenue

(9,371)

(3,950)

(13,104)

(4,986)

Net cash provided by operating activities

$          621

$        26,836

$        17,991

$        52,083

CASH FLOWS FROM INVESTING ACTIVITIES

Capital expenditures

(10,115)

(11,312)

(21,710)

(22,120)

Cash received related to Giphy Retention Compensation

109

369

477

861

Acquisition of content

(110)

(4,081)

(301)

(4,978)

Security deposit (payment) / release

(23)

59

249

38

Net cash used in investing activities

$        (10,139)

$       (14,965)

$       (21,285)

$       (26,199)

CASH FLOWS FROM FINANCING ACTIVITIES

Cash paid to settle employee taxes related to RSU vesting

(4,461)

(1,473)

(10,848)

(5,012)

Payment of cash dividends

(13,214)

(11,623)

(25,996)

(23,124)

Repayment of credit facility

(782)

(782)

(1,563)

(1,563)

Net cash used in financing activities

$       (18,457)

$       (13,878)

$       (38,407)

$       (29,699)

Effect of foreign exchange rate changes on cash

(1,333)

6,186

(3,335)

8,974

Net (decrease) / increase in cash and cash equivalents

(29,308)

4,179

(45,036)

5,159

Cash and cash equivalents, beginning of period

162,518

112,231

178,244

111,251

Cash and cash equivalents, end of period

$       133,208

$       116,410

$       133,208

$       116,410

Supplemental Disclosure of Cash Information:

Cash paid for income taxes

$         6,934

$        15,293

$         7,678

$        14,689

Cash paid for interest

3,518

4,106

7,288

8,465

Shutterstock, Inc.
Reconciliation of Non-GAAP Financial Information to GAAP
(In thousands, except per share information)
(unaudited)

Adjusted EBITDA, adjusted EBITDA margin, adjusted net income, adjusted net income per diluted share, revenue growth (including by distribution channel) on a constant currency basis (expressed as a percentage), and adjusted free cash flow are not financial measures prepared in accordance with United States generally accepted accounting principles (GAAP). Such non-GAAP financial measures should not be construed as alternatives to any other measures of performance determined in accordance with GAAP. Investors are cautioned that non-GAAP financial measures are not based on any standardized methodology prescribed by GAAP and are not necessarily comparable to similarly-titled measures presented by other companies.

Three Months Ended June 30,

Six Months Ended June 30,

2026

2025

2026

2025

Net (loss) / income

$       (155,939)

$         29,440

$       (203,508)

$         48,128

Add / (less) Non-GAAP adjustments:

Non-cash equity-based compensation

12,536

15,625

25,908

33,509

Tax effect of non-cash equity-based compensation (1)

(2,946)

(3,672)

(6,088)

(7,875)

Acquisition-related amortization expense (2)

9,564

9,581

19,163

19,278

Tax effect of acquisition-related amortization expense (1)

(2,248)

(2,252)

(4,504)

(4,531)

Unrealized loss / (gain) on investment

2,963

(13,029)

18,268

(26,289)

Goodwill impairment

173,738

—

173,738

—

Tax effect of goodwill impairment(1)

(10,371)

—

(10,371)

—

Workforce optimization - severance

2,963

121

9,043

301

Tax effect of workforce optimization - severance(1)

(667)

(27)

(2,035)

(68)

Giphy retention compensation expense - non-recurring

—

438

649

1,005

Tax effect of Giphy retention compensation expense - non-
recurring(1)

—

(103)

(153)

(236)

Merger related costs

3,680

8,710

6,535

20,571

Tax effect of merger related costs(1)

(828)

(1,960)

(1,470)

(4,629)

Legal contingency

5,000

—

33,000

—

Tax effect of legal contingency(1)

(7,425)

—

(7,425)

—

Adjusted net income

$         30,020

$         42,872

$         50,750

$         79,164

Net (loss) / income per diluted common share

$          (4.25)

$           0.82

$          (5.63)

$           1.35

Adjusted net income per diluted common share

$           0.82

$           1.19

$           1.40

$           2.22

Weighted average diluted shares

36,703

35,958

36,126

35,642

____________________________________________________________

(1)

Statutory tax rates are used to calculate the tax effect of the adjustments.

(2)

Of these amounts, $8.9 million and $8.9 million are included in cost of revenue for the three months ended June 30, 2026 and 2025, respectively. The remainder of acquisition-related amortization expense is included in general and administrative expense in the Statement of Operations.

Three Months Ended June 30,

Six Months Ended June 30,

2026

2025

2026

2025

Net (loss) / income

$     (155,939)

$       29,440

$     (203,508)

$       48,128

Add / (less) Non-GAAP adjustments:

Interest expense

3,833

4,224

7,593

8,522

Interest income

(479)

(1,077)

(1,280)

(2,012)

Provision for income taxes

(4,992)

13,691

(6,798)

15,421

Depreciation and amortization

22,416

22,611

45,120

45,282

EBITDA

$     (135,161)

$       68,889

$     (158,873)

$      115,341

Non-cash equity-based compensation

12,536

15,625

25,908

33,509

Giphy retention compensation expense - non-recurring

—

438

649

1,005

Merger related costs

3,680

8,710

6,535

20,571

Foreign currency loss / (gain)

(622)

1,482

(465)

1,162

Unrealized loss / (gain) on investment

2,963

(13,029)

18,268

(26,289)

Legal contingencies

5,000

—

33,000

—

Workforce optimization - severance

2,963

121

9,043

301

Goodwill impairment

173,738

—

173,738

—

Adjusted EBITDA

$       65,097

$       82,236

$      107,803

$      145,600

Revenue

$      221,801

$      266,990

$      420,971

$      509,610

Net (loss) /  income margin

(70.3) %

11.0 %

(48.3) %

9.4 %

Adjusted EBITDA margin

29.3 %

30.8 %

25.6 %

28.6 %

Three Months Ended June 30,

Six Months Ended June 30,

2026

2025

2026

2025

Reported revenue (in thousands)

$      221,801

$      266,990

$      420,971

$      509,610

Revenue (decline) /growth

(17) %

21 %

(17) %

17 %

Revenue (decline) / growth on a constant currency basis

(17) %

20 %

(18) %

17 %

Content reported revenue (in thousands)

$      165,664

$      199,796

$      343,790

$      402,684

Content revenue (decline) / growth

(17) %

18 %

(15) %

17 %

Content revenue (decline) / growth on a constant currency basis

(16) %

16 %

(15) %

17 %

Data, Distribution, and Services reported revenue (in thousands)

$       56,137

$       67,194

$       77,181

$      106,926

Data, Distribution, and Services revenue (decline) / growth

(16) %

34 %

(28) %

18 %

Data, Distribution, and Services revenue (decline) / growth on a
constant currency basis

(19) %

35 %

(30) %

18 %

Three Months Ended June 30,

Six Months Ended June 30,

2026

2025

2026

2025

Cash flow information:

Net cash provided by operating activities

$           621

$         26,836

$         17,991

$         52,083

Net cash used in investing activities

$         (10,139)

$        (14,965)

$        (21,285)

$        (26,199)

Net cash used in financing activities

$        (18,457)

$        (13,878)

$        (38,407)

$        (29,699)

Adjusted free cash flow:

Net cash provided by operating activities

$           621

$         26,836

$         17,991

$         52,083

Capital expenditures

(10,115)

(11,312)

(21,710)

(22,120)

Content acquisitions

(110)

(4,081)

(301)

(4,978)

Cash received related to Giphy Retention Compensation

109

369

477

861

Legal contingency settlement

35,000

—

35,000

—

Merger related costs

2,970

5,686

10,150

15,036

Adjusted Free Cash Flow

$         28,475

$         17,498

$         41,607

$         40,882

Three Months Ended June 30,

Six Months Ended June 30,

2026

2025

2026

2025

Content

$        165,664

$        199,796

$        343,790

$        402,684

Data, Distribution, and Services

$         56,137

$         67,194

$         77,181

$        106,926

Total revenue

$        221,801

$        266,990

$        420,971

$        509,610

Shutterstock, Inc.

Supplemental Financial Data

(unaudited)

Historical Operating Metrics

Three Months Ended

6/30/26

3/31/26

12/31/25

9/30/25

6/30/25

3/31/25

12/31/24

9/30/245

Subscribers (end of period, in thousands) (1)

951

993

1,032

1,060

1,073

1,079

459

470

Subscriber revenue (in millions) (2)

$   99.8

$  103.8

$  104.7

$  107.2

$   108.0

$  109.9

$   75.7

$   78.7

Average revenue per customer (last twelve months) (3)

$   292

$   284

$   281

$   279

$    266

$   244

$   450

$   446

Paid downloads (in millions) (4)

98.7

104.1

107.9

111.7

112.6

120.9

33.0

32.9

Subscribers, Subscriber Revenue and Average Revenue Per Customer from acquisitions are included in these metrics beginning twelve months after the closing of the respective business combination. Accordingly, the metrics include Subscribers, Subscriber revenue, and Average revenue per customer from Backgrid beginning February 2025. 2025 metrics include the counts and revenues from Envato, which was acquired in July 22, 2024.

(1) Subscribers is defined as those customers who purchase one or more of our monthly recurring products for a continuous period of at least three months, measured as of the end of the reporting period.

(2) Subscriber revenue is defined as the revenue generated from subscribers during the period.

(3) Average revenue per customer is calculated by dividing total revenue for the last twelve-month period by customers. Customers is defined as total active, paying customers that contributed to total revenue over the last twelve-month period. 

(4) Paid downloads is the number of downloads that our customers make in a given period of our content. Paid downloads exclude content related to our Studios business, downloads of content that are offered to customers for no charge, including our free trials and metadata delivered through our data deal offering.

(5) Subscribers and Subscriber Revenue are presented as if Envato was acquired as of the beginning of the period presented. Average revenue per customer includes Envato historical results over the last twelve month period.

Equity-Based Compensation by expense category

Three Months Ended

6/30/26

3/31/26

12/31/25

9/30/25

6/30/25

3/31/25

12/31/24

9/30/24

Cost of revenue

$   270

$   183

$   558

$   528

$   532

$   396

$   505

$   443

Sales and marketing

2,652

2,112

2,287

2,098

2,559

2,255

2,627

3,226

Product development

3,242

3,078

3,218

3,370

3,529

2,912

2,722

2,745

General and administrative

6,398

7,999

8,542

6,966

9,005

12,321

9,256

8,680

Total non-cash equity-based compensation

$ 12,562

$ 13,372

$ 14,605

$ 12,962

$ 15,625

$ 17,884

$ 15,110

$ 15,094

Depreciation and Amortization by expense category

Three Months Ended

($ in thousands)

6/30/26

3/31/26

12/31/25

9/30/25

6/30/25

3/31/25

12/31/24

9/30/24

Cost of revenue

$ 20,732

$ 20,898

$ 21,010

$ 21,028

$ 20,804

$ 20,742

$ 21,191

$ 19,653

General and administrative

1,684

1,806

1,725

1,849

1,807

1,929

2,096

1,991

Total depreciation and amortization

$ 22,416

$ 22,704

$ 22,735

$ 22,877

$ 22,611

$ 22,671

$ 23,287

$ 21,644

SOURCE Shutterstock, Inc.

PANAMA CITY, Aug. 04, 2026 (GLOBE NEWSWIRE) -- Copa Holdings, S.A. (NYSE: CPA) today released preliminary passenger traffic statistics for July 2026:

Copa Holdings (Consolidated)July
2026July
2025% ChangeASM (mm)(1)3,316.7 2,854.8 16.2% RPM (mm)(2)2,973.6 2,533.7 17.4% Load Factor(3)89.7% 88.8% 0.9p.p.  Available seat miles - represents the aircraft seating capacity multiplied by the number of miles the seats are flown.Revenue passenger miles - represents the number of miles flown by revenue passengersLoad factor - represents the percentage of aircraft seating capacity that is utilized
For July 2026, Copa Holdings' capacity (ASMs) increased by 16.2%, while system-wide passenger traffic (RPMs) increased by 17.4% compared to 2025. As a result, the system load factor for the month was 89.7%, 0.9 percentage points higher than in July 2025.

Copa Holdings is a leading Latin American provider of passenger and cargo services. The Company, through its operating subsidiaries, provides service to countries in North, Central, and South America and the Caribbean. For more information, visit ir.copaair.com.

CPA-G

Investor Relations
[email protected]

Space giant SpaceX (NASDAQ:SPCX) reported its first quarterly financial results as a public company Tuesday after market close.

• What’s driving SPCX stock today?

Here are the highlights.

SpaceX Q2 EarningsSpaceX reported second-quarter revenue of $7.81 billion, up 92% year-over-year. The revenue total beat a Street consensus estimate of $6.93 billion according to data from Benzing Pro.

Revenue by segment was the following:

Space: $962 million, +29% year-over-year Connectivity: $4.29 billion, +66% year-over-year AI: $2.56 billion, +247% year-over-year The company reported a loss of nine cents per share, beating a Street consensus estimate of a loss of 24 cents per share.

Operating loss/income by segment was:

Space: -$542 million Connectivity: +$1.66 billion AI: -$1.26 billion SpaceX highlighted two successful Starship V3 flight tests over the last 90 days, closing $14.1 billion in cloud service agreements contracted sales and doubling Starlink subscribers year-over-year to 12 million.

The company has had 78 launches year-to-date and Starlink now serves 167 countries.

Digital assets, which include the company’s Bitcoin (CRYPTO:BTC) holdings, were $1.1 billion at the end of the quarter, down from $1.6 billion in the previous quarter.

"2026 has been a momentous year so far, and the second quarter demonstrated the true power of SpaceX," SpaceX Chief Financial Officer Bret Johnsen said.

What’s Next for SpaceXThe company ended the quarter with $100 billion in cash and cash equivalents.

SpaceX’s total backlog was $47.5 billion at the end of the quarter.

"This financial strength gives us substantial capacity to invest in Starship, Starlink Broadband and Mobile satellites, and our AI platform, while maintaining a disciplined long-term capital allocation framework," Johnsen said.

SpaceX Stock Price ActionSpaceX stock is down 6.20% to $117.56 in after-hours trading Tuesday versus a 52-week trading range of $104.83 to $225.64. The company went public at $135 per share, with shares opening at $150 when the stock was public.

Image: Shutterstock

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• SpaceX stock is among today’s weakest performers. Why is SPCX stock dropping?

Gene Munster on SpaceX EarningsThe highly anticipated first public financial report and conference call from SpaceX comes with shares trading lower Tuesday.

"SPCX down 7% on great outlook given capex will be about 65% higher than the Street in Sep and Dec," Munster tweeted.

The investor said, "market missing the point."

The Deepwater Management managing partner said higher capex is good for SpaceX because the stock is early.

Munster highlighted SpaceX’s contracted revenue and rising run rate, which could hit $100 billion by the end of the year.

"Elon is the master at explaining the long-term vision in simple terms. That’s a key reason why shares of SpaceX are going higher."

Munster highlighted SpaceX beating revenue estimates and sees Cloud and Starlink being the key contributors, adding $400 million and $450 million more than expected.

With shares trading lower ahead of the conference call, Munster offered a reason.

"Makes sense. The first quarter as a public company is always expected to be a blowout. That’s what we got."

SpaceX Hints at Future GrowthHighlighting management commentary from the conference call, Munster shared two key items that could hint at future growth for the space company.

SpaceX President Gwynne Shotwell said Starlink Mobile will start at the end of 2027. SpaceX expects to acquire lots of customers from existing mobile companies to be a true fourth carrier in the U.S.

While this could mean higher capex, Shotwell said existing wireless spectrum bought from EchoStar will help in this venture.

The SpaceX president also said SpaceX expects to be on the Moon in 2028.

"In line with roughly what has been talked about before and the market doesn’t believe it," Munster said.

Munster puts a 70% chance on this happening in 2028 and a 95% chance of happening in 2029.

"Either way, we are close. That’s one reason to own SPCX. The carrot of the moon will give shares a perpetual bid."

SpaceX Stock Price ActionSpaceX stock is down 8% to $115.28 in after-hours trading Tuesday versus a 52-week trading range of $104.83 to $225.64.

Photo: Shutterstock

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Image Credits:Nic Coury/Bloomberg / Getty Images 2:07 PM PDT · August 4, 2026

SpaceX has ramped up purchases of Tesla Megapack, spending $295 million on the battery storage devices in the second quarter and $329 million so far this year, according to the company’s earnings report released on Tuesday.

The purchase illustrates just how interconnected Elon Musk’s universe of companies are. Musk, who is the CEO and largest shareholder of SpaceX, also runs Tesla. Musk’s artificial intelligence business xAI acquired his social media platform, X, in 2025. Earlier this year, SpaceX gobbled up xAI.

The industrial-scale batteries are likely being deployed at the company’s xAI data centers. Before xAI merged with SpaceX, the AI company bought $430 million worth of Megapacks for its data centers. In the first quarter of this year, xAI had purchased only $34 million worth of the equipment. SpaceX also reported that as of December 2025, it had acquired $131 million worth of Tesla Cybertrucks at manufacturer’s suggested retail price, according to its regulatory filing.

Though xAI has leaned heavily on natural gas to power its data centers — including dozens of unpermitted turbines at a site in Mississippi not far from the Colossus data center project — large batteries like the Megapack are still a critical part of data centers. 

In addition to providing substantial backup power that can be tapped in a second or less, batteries can provide extra power to GPUs when they demand it. AI data centers don’t draw power consistently. Rather, their power demand ramps up and down depending on the demands of training AI models and running inference.

Such peaks can incur significant charges from a local utility or overwhelm on-site generators. Batteries help smooth out those peaks, lowering costs while ensuring that the data center can operate consistently.

Topics

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Tim De Chant is a senior climate reporter at TechCrunch. He has written for a wide range of publications, including Wired magazine, the Chicago Tribune, Ars Technica, The Wire China, and NOVA Next, where he was founding editor.

De Chant is also a lecturer in MIT’s Graduate Program in Science Writing, and he was awarded a Knight Science Journalism Fellowship at MIT in 2018, during which time he studied climate technologies and explored new business models for journalism. He received his PhD in environmental science, policy, and management from the University of California, Berkeley, and his BA degree in environmental studies, English, and biology from St. Olaf College.

You can contact or verify outreach from Tim by emailing [email protected].

Innovative Industrial Properties, Inc. (IIPR) Q2 2026 Earnings Call August 4, 2026 12:00 PM EDT

Company Participants

Eli Kanter - Senior Associate of Finance
Alan Gold - Executive Chairman
Paul Smithers - President, CEO & Director
Ben Regin - Chief Investment Officer
David Smith - CFO & Treasurer

Conference Call Participants

Aaron Grey - Alliance Global Partners, Research Division
William Kirk - ROTH Capital Partners, LLC, Research Division
William Catherwood - BTIG, LLC, Research Division

Presentation

Operator

Hello, everyone. Thank you for joining us, and welcome to the Innovative Industrial Properties, Inc. Q2 2026 Earnings Call. [Operator Instructions]

I will now hand the conference over to Eli Kanter, Director of Finance.

Eli Kanter
Senior Associate of Finance

Thank you for joining the call. Presenting today are Alan Gold, Executive Chairman; Paul Smithers, President and Chief Executive Officer; David Smith, Chief Financial Officer; and Ben Regin, Chief Investment Officer.

Before we begin, I'd like to remind everyone that some of the statements made during today's conference call, including statements regarding our potential lease transactions that are subject to letters of intent, are forward-looking statements within the meaning of the safe harbor of the Private Securities Litigation Reform Act of 1995 and subject to risks and uncertainties. Actual results may differ materially, and we refer you to our SEC filings, specifically our most recent report on Forms 10-K and 10-Q, for a full discussion of risk factors that could cause actual results to differ materially from those contained in forward-looking statements. We are not obligated to update or revise any forward-looking statements, whether due to new information, future events or otherwise, except as required by law.

In addition, on today's call, we will discuss certain non-GAAP financial information such as FFO, normalized FFO and AFFO. You can find this information, together with reconciliations to the most directly comparable GAAP financial measure, in

‘100 Times Better’ Network“We have 65 MHz of bandwidth available to us through the EchoStar spectrum, which gives a massive increase in capability,” Musk said on SpaceX’s conference call.

“Another way to look at it is we will also probably 10x the number of satellites. So simplifying, you could look at the Starlink Mobile leveraging the next-generation satellite and the EchoStar spectrum as being 100 times better — 10 times 10 — than what we’ve got right now.”

Musk added that the upgraded network will support “voice and video calls over Signal and WhatsApp,” and pointed to reliability as a key selling point.

“We will eliminate dead zones, leveraging basically the satellites in orbit. It’ll be better during any sort of natural disaster because, surprisingly, even though space movies make space look super dangerous, it’s a pretty quiescent environment,” he said.

Eyeing the Big Three’s $600 BillionOn the revenue opportunity, Musk sized up the incumbent carriers: “The big three in the United States — AT&T, Verizon and T-Mobile — roughly between them, $600 billion a year. And I anticipate us to be able to acquire quite a few of their customers because I think our service will be better.”

Musk said SpaceX will “start to fly the satellites next year” with service launching “end of next year.”

Legacy Carriers SlipT-Mobile US (NASDAQ:TMUS), which already has a direct-to-cell partnership with SpaceX, was down 2.77% to $172.30.

SpaceX stock was down 8.09% at $115.19 following the conference call Tuesday.

Photo: Shutterstock

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NEW YORK, Aug. 04, 2026 (GLOBE NEWSWIRE) -- Pomerantz LLP announces that a class action lawsuit has been filed against First Solar, Inc. (“First Solar” or the “Company”) (NASDAQ: FSLR) and certain officers. The class action, filed in the United States District Court for the Eastern District of New York, and docketed under 26-cv-03787, is on behalf of a class consisting of all persons and entities other than Defendants that purchased or otherwise acquired First Solar securities between February 26, 2025 and February 24, 2026, both dates inclusive (the “Class Period”), seeking to recover damages caused by Defendants’ violations of the federal securities laws and to pursue remedies under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder, against the Company and certain of its top officials.

If you are an investor who purchased or otherwise acquired First Solar securities during the Class Period, you have until August 24, 2026, to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Danielle Peyton at [email protected] or 646-581-9980 (or 888.4-POMLAW), toll-free, Ext. 7980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.  
 

[Click here for information about joining the class action]

First Solar is a solar technology company that provides photovoltaic (“PV”) solar energy solutions. First Solar manufactures and sells PV solar modules that convert sunlight into electricity. As relevant here, First Solar’s product offerings include its Series 6 Plus PV module, manufactured at facilities in locations including Malaysia and Vietnam.

At the outset of the Class Period, Defendants announced that First Solar would reduce production output of Series 6 modules at facilities in Malaysia and Vietnam in 2025, to account for circumstances including, inter alia, an “uncertain U.S. policy environment following the 2024 U.S. elections,” and “a supply and demand imbalance for Southeast Asian product”. Notwithstanding these circumstances, First Solar reassured investors that its primary market, the United States, enjoyed stable module prices.

Then, on April 2, 2025, United States (“U.S.”) President Donald J. Trump announced a series of “reciprocal” tariffs on U.S. imports from all countries, including rates of 24% and 46% on Malaysia and Vietnam, respectively, presenting a challenge to First Solar. These tariffs were subsequently reduced to 10%. Throughout the Class Period, Defendants continued to assure investors that the dynamic policy landscape presented a “long term favorable” for First Solar and actually “strengthened [its] relative position in the solar manufacturing industry”.

The complaint alleges that, throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operations, and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) Defendants had overstated First Solar’s capacity to manage the impact of U.S. tariff policy on the Company’s business; (ii) Defendants understated the extent to which its responses to U.S. tariff policy, including the intentional underutilization of production facilities in Malaysia and Vietnam, and attempted relocation of production to the U.S., were likely to negatively impact First Solar’s projected performance in the 2026 fiscal year; and (iii) as a result, Defendants’ public statements were materially false and misleading at all relevant times.

The truth began to emerge on January 7, 2026, when Jefferies downgraded First Solar to Hold from Buy, noting that during 2025, the Company had lowered guidance, faced significant de-bookings and experienced margin compression through 2025. Jefferies also flagged that “[international] facilities remain a pain point while tariffs exist” and “underutilization at [international] facilities remains a concern.” The Jefferies analyst also predicted that First Solar’s deployment opportunities were likely to be more limited in 2026.

On this news, First Solar’s stock price fell $27.67 per share, or 10.29%, to close at $241.11 per share on January 7, 2026.

Then, on February 24, 2026, First Solar issued a press release “announc[ing] financial results for the fourth quarter and year ended December 31, 2025.” Among other items, First Solar announced earnings that missed expectations by a wide margin and issued lower-than-expected FY 2026 revenue guidance, citing customer headwinds such as permitting delays under the Trump administration. Following First Solar’s announcement, Baird Research downgraded its stock to Neutral from Outperform, citing “several question marks in forward outlook”.

On this news, First Solar’s stock price fell $33.09 per share, or 13.61%, to close at $210.12 per share on February 25, 2026.

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Pomerantz LLP
[email protected]
646-581-9980 ext. 7980    

Q2 Revenue of $1,180 million, an increase of 18% on a reported and 17% on a constant currency basis

All-time high of 640 million global monthly active users, an increase of 11%

Completed over $2 billion of share repurchases year-to-date at an average price of $18.17

SAN FRANCISCO--(BUSINESS WIRE)--Pinterest, Inc. (NYSE: PINS) today announced financial results for the quarter ended June 30, 2026.

Revenue was $1,180 million, growing 18% year over year. On a constant currency basis, revenue would have grown 17% year over year. Global Monthly Active Users ("MAUs") increased 11% year over year to 640 million. GAAP net loss was $47 million and Adjusted EBITDA was $311 million. Net cash provided by operating activities was $293 million and free cash flow was $270 million. “Our Q2 results reflect the scale and strength of our platform: more than $1.1 billion in revenue, growing 18%, and 640 million monthly active users, our 11th consecutive quarter of double digit user growth,” said Bill Ready, CEO of Pinterest. “AI is at the heart of our momentum and is a clear accelerant for our business. It is trained on our unique human curation of style and taste, making Pinterest more personalized and actionable for users, while improving performance for advertisers and creating more opportunities to monetize over the long term."

Q2 2026 Financial Highlights

The following table summarizes our consolidated financial results (in thousands, except percentages, unaudited):

Three Months Ended June 30,

% Change

2026

2025

Revenue

$

1,179,654

$

998,227

18

%

Constant currency % growth(1)(2)

17

%

Net income (loss)

$

(46,669

)

$

38,755

NM

Net income (loss) margin

(4

)%

4

%

Non-GAAP net income(2)

$

249,518

$

228,270

9

%

Adjusted EBITDA(2)

$

311,307

$

250,776

24

%

Adjusted EBITDA margin(2)

26

%

25

%

Net cash provided by operating activities

$

292,885

$

207,693

41

%

Free cash flow(2)

$

269,933

$

196,683

37

%

____________  NM = Not meaningful (1)

On a constant currency basis, revenue for the three months ended June 30, 2026 was $1,169.3 million due to a $10.4 million favorable impact of changes in foreign exchange rates.

(2)

For more information on these non-GAAP financial measures, please see "―About non-GAAP financial measures" and the tables under "―Reconciliation of GAAP to non-GAAP financial results" included at the end of this release. Q2 2026 Other Highlights

The following table sets forth our revenue, MAUs and average revenue per user (ARPU) based on the geographic location of our users (in millions, except ARPU and percentages, unaudited):

Three Months Ended June 30,

% Change

2026

2025

Revenue - Global

$

1,180

$

998

18

%

Revenue - U.S. and Canada

$

880

$

745

18

%

Revenue - Europe

$

213

$

191

12

%

Revenue - Rest of World

$

87

$

63

38

%

MAUs - Global

640

578

11

%

MAUs - U.S. and Canada

106

102

4

%

MAUs - Europe

157

146

8

%

MAUs - Rest of World

377

329

15

%

ARPU - Global

$

1.86

$

1.74

7

%

ARPU - U.S. and Canada

$

8.30

$

7.29

14

%

ARPU - Europe

$

1.35

$

1.30

4

%

ARPU - Rest of World

$

0.23

$

0.19

21

%

Guidance

For Q3 2026, we expect revenue to be in the range of $1,190 million to $1,210 million, representing 13% - 15% growth year over year, which assumes a modest headwind from foreign exchange based on current spot rates. We expect Q3 2026 Adjusted EBITDA* to be in the range of $335 million to $355 million.

We intend to provide further details on our outlook during the conference call.

Webcast and conference call information

A live audio webcast of our second quarter 2026 earnings release call will be available at investor.pinterestinc.com. The call begins today at 1:30 PM (PT) / 4:30 PM (ET). This press release, including the reconciliations of certain non-GAAP measures to their nearest comparable GAAP measures and slide presentation are also available. A recording of the webcast will be available at investor.pinterestinc.com for 90 days.

We have used, and intend to continue to use, our investor relations website at investor.pinterestinc.com as a means of disclosing material nonpublic information and for complying with our disclosure obligations under Regulation FD.

Forward-looking statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act of 1934, as amended, about us and our industry that involve substantial risks and uncertainties. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts and are often characterized by the use of words such as "believes," "estimates," "expect," "may," "will," "can," "could," "would", "might," "continue," "intends," "plans," "forecasts," "strategy," "projections," "goals," "trends," "projects," "targets," "anticipates," "potential," "looking ahead," "long-term" or and similar expressions, or by discussions of strategy, plans or intentions. Such forward-looking statements involve known and unknown risks, uncertainties, assumptions and other important factors that could cause our actual results, performance or achievements, or industry results, to differ materially from historical results or any future results, performance or achievements expressed, suggested or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to, statements about: general economic uncertainty in global markets and a worsening of global economic conditions or low levels of economic growth, including inflation, tariffs and related retaliatory actions and other trade protection measures, stress in the banking industry, foreign exchange fluctuations and supply-chain issues; the effect of general economic and political conditions; our financial performance, including revenue, cost and expenses and cash flows; our ability to attract, retain and recover users and maintain and grow their level of engagement; our ability to provide content that is useful and relevant to users' personal taste and interests; our ability to develop successful new products or improve existing ones; our ability to maintain and enhance our brand and reputation; potential harm caused by compromises in security, including our cybersecurity protections and resources and costs required to prevent, detect and remediate potential security breaches; potential harm caused by changes in online application stores or internet search engines' methodologies, particularly search engine optimization methodologies and policies; discontinuation, disruptions or outages in third-party single sign-on access; our ability to compete effectively in our industry; our ability to scale our business, including our monetization efforts; our ability to attract and retain advertisers and scale our revenue model; our ability to attract and retain creators and publishers that create relevant and engaging content; our ability to develop effective products and tools for advertisers, including measurement tools; our ability to expand and monetize our platform internationally; our ability to effectively manage the growth of our business; our ability to continue to use and develop artificial intelligence ("AI") as well as managing the challenges and risks posed by AI; our ability to successfully manage our flexible work model with a more distributed workforce; our ability to sustain profitability; decisions that reduce short-term revenue or profitability or do not produce the long-term benefits we expect; fluctuations in our operating results; our ability to raise additional capital on favorable terms or at all; our ability to realize anticipated benefits from mergers and acquisitions, joint ventures, strategic partnerships and other investments; our ability to protect our intellectual property; our ability to receive, process, store, use and share data, and compliance with laws and regulations related to data privacy and content; current or potential litigation and regulatory actions involving us; our ability to comply with modified or new laws and regulations applying to our business, and potential harm to our business as a result of those laws and regulations; real or perceived inaccuracies in metrics related to our business; disruption of, degradation in or interference with our use of Amazon Web Services and our infrastructure; our ability to implement our restructuring plan effectively; and our ability to attract and retain personnel. These and other potential risks and uncertainties that could cause actual results to differ from the results predicted are more fully detailed in our Quarterly Report on Form 10-Q for the fiscal quarter ended June 30, 2026, which is available on our investor relations website at investor.pinterestinc.com and on the SEC website at www.sec.gov. All information provided in this release and in the earnings materials is as of August 4, 2026. Undue reliance should not be placed on the forward-looking statements in this press release, which are based on information available to us on the date hereof. We undertake no duty to update this information unless required by law.

About non-GAAP financial measures

To supplement our condensed consolidated financial statements, which are prepared and presented in accordance with generally accepted accounting principles in the United States ("GAAP"), we use the following non-GAAP financial measures: Adjusted EBITDA, Adjusted EBITDA margin, non-GAAP costs and expenses (including non-GAAP cost of revenue, research and development, sales and marketing, and general and administrative), non-GAAP income (loss) from operations, non-GAAP net income (loss), non-GAAP net income (loss) per share, constant currency revenue and free cash flow. The presentation of these financial measures is not intended to be considered in isolation, as a substitute for or superior to the financial information prepared and presented in accordance with GAAP. Investors are cautioned that there are material limitations associated with the use of non-GAAP financial measures as an analytical tool. In addition, these measures may be different from non-GAAP financial measures used by other companies, limiting their usefulness for comparative purposes. We compensate for these limitations by providing specific information regarding GAAP amounts excluded from these non-GAAP financial measures.

We define Adjusted EBITDA as net income (loss) adjusted to exclude depreciation and amortization expense, share-based compensation expense, payroll tax expense related to share-based compensation, interest income (expense), net, other income (expense), net, provision for (benefit from) income taxes and certain other non-recurring or non-cash items impacting net income (loss) that we do not consider indicative of our ongoing business performance. Adjusted EBITDA margin is calculated by dividing Adjusted EBITDA by revenue. Non-GAAP costs and expenses (including non-GAAP cost of revenue, research and development, sales and marketing, and general and administrative) and non-GAAP net income (loss) exclude amortization of acquired intangible assets, share-based compensation expense, payroll tax expense related to share-based compensation and restructuring charges. In addition to these exclusions, we also subtract an assumed provision for income taxes to calculate non-GAAP net income. We calculate the non-GAAP income tax provision using a fixed long-term projected tax rate in order to provide better consistency across reporting periods. The fixed long-term projected tax rate uses a financial projection that excludes the direct impact of our non-GAAP adjustments and eliminates the effects of items that can vary in size and frequency. For 2025 and 2026, we used a long-term projected tax rate of 20%, which reflects currently available information, as well as other factors and assumptions. The non-GAAP tax rate could be subject to change for a variety of reasons, including significant changes in the geographic earnings mix or changes in tax laws and regulations. We re-evaluate this long-term rate on an annual basis or if any significant events that may materially affect this long-term rate occur. Non-GAAP income (loss) from operations is calculated by subtracting non-GAAP costs and expenses from revenue. Non-GAAP net income (loss) per share is calculated by dividing non-GAAP net income (loss) by diluted weighted-average shares outstanding. We calculate constant currency revenue by translating our current period revenue using the corresponding prior period’s monthly exchange rates for currencies other than the U.S. dollar. We define free cash flow as net cash provided by operating activities less purchases of property and equipment. Free cash flow is not intended to represent our residual cash flow available for discretionary expenditures. We use these non-GAAP financial measures to evaluate our operating results and for financial and operational decision-making purposes. We believe these measures help identify underlying trends in our business that could otherwise be masked by the effect of the income and expenses they exclude. We also believe these measures provide useful information about our operating results, enhance the overall understanding of our past performance and future prospects and allow for greater transparency with respect to key metrics we use for financial and operational decision-making. We present these non-GAAP measures to assist potential investors in seeing our operating results through the eyes of management and because we believe these measures provide an additional tool for investors to use in comparing our operating results over multiple periods with other companies in our industry. There are a number of limitations related to the use of non-GAAP financial measures rather than the nearest GAAP equivalents. For example, Adjusted EBITDA excludes: (i) certain recurring, non-cash charges such as depreciation of fixed assets and amortization of acquired intangible assets, although these assets may have to be replaced in the future, and (ii) share-based compensation expense and payroll tax expense related to share-based compensation, which have been, and will continue to be for the foreseeable future, significant recurring expenses and an important part of our compensation strategy. In addition, constant currency revenue excludes the effect of changes in foreign currency exchange rates, which have an actual effect on our operating results, and free cash flow does not reflect our future contractual commitments arising from purchases of property and equipment.

For a reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measures, please see the tables under "―Reconciliation of GAAP to non-GAAP financial results" included at the end of this release.

Limitation of key metrics and other data

The numbers for our key metrics, which include our MAUs and ARPU, are calculated using internal company data based on the activity of user accounts. We define an MAU as an authenticated Pinterest user who visits our website, opens our mobile application or interacts with Pinterest through one of our browser or site extensions, such as the Save button, at least once during the 30-day period ending on the date of measurement. The number of MAUs does not include Shuffles users unless they would otherwise qualify as MAUs. Unless otherwise indicated, we present MAUs based on the number of MAUs measured on the last day of the current period. We measure monetization of our platform through our ARPU metric. We define ARPU as our total revenue in a given geography during a period divided by the average of the number of MAUs in that geography during the period. We calculate average MAUs based on the average of the number of MAUs measured on the last day of the current period and the last day prior to the beginning of the current period. We calculate ARPU by geography based on our estimate of the geography in which revenue-generating activities occur. We use these metrics to assess the growth and health of the overall business and believe that MAUs and ARPU best reflect our ability to attract, retain, engage and monetize our users, and thereby drive revenue. While these numbers are based on what we believe to be reasonable estimates of our user base for the applicable period of measurement, there are inherent challenges in measuring usage of our products across large online and mobile populations around the world. In addition, we are continually seeking to improve our estimates of our user base, and such estimates may change due to improvements or changes in technology or our methodology.

PINTEREST, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except par value)

(unaudited)

  June 30,

December 31,

2026

2025

ASSETS

Current assets:

Cash and cash equivalents

$

422,484

$

969,342

Marketable securities

852,417

1,497,811

Accounts receivable, net

932,000

997,849

Prepaid expenses and other current assets

116,446

90,735

Total current assets

2,323,347

3,555,737

Property and equipment, net

97,447

66,451

Operating lease right-of-use assets

143,050

150,399

Intangible assets, net

83,037

6,083

Goodwill

475,290

100,227

Deferred tax assets

1,616,367

1,592,153

Other assets

20,840

21,082

Total assets

$

4,759,378

$

5,492,132

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities:

Accounts payable

$

145,148

$

129,810

Accrued expenses and other current liabilities

464,663

335,663

Total current liabilities

609,811

465,473

Convertible notes, net (1)

981,128

—

Operating lease liabilities

215,507

220,581

Other liabilities

59,034

60,840

Total liabilities

1,865,480

746,894

Commitments and contingencies

Stockholders’ equity:

Class A common stock, $0.00001 par value, 6,666,667 shares authorized, 490,712 and 584,866 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively; Class B common stock, $0.00001 par value, 1,333,333 shares authorized, 74,785 and 79,680 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively

6

7

Additional paid-in capital

2,886,635

4,612,205

Accumulated other comprehensive income (loss)

(1,180

)

4,333

Retained earnings

8,437

128,693

Total stockholders’ equity

2,893,898

4,745,238

Total liabilities and stockholders’ equity

$

4,759,378

$

5,492,132

PINTEREST, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share amounts)

(unaudited)

  Three Months Ended

June 30,

Six Months Ended

June 30,

2026

2025

2026

2025

Revenue

$

1,179,654

$

998,227

$

2,187,168

$

1,853,215

Costs and expenses:

Cost of revenue

257,354

203,009

495,906

402,279

Research and development

451,010

359,624

831,799

691,289

Sales and marketing

374,273

313,075

692,124

566,995

General and administrative

137,880

126,849

241,397

232,459

Restructuring

14,335

—

61,432

—

Total costs and expenses

1,234,852

1,002,557

2,322,658

1,893,022

Loss from operations

(55,198

)

(4,330

)

(135,490

)

(39,807

)

Interest income (expense), net

7,334

28,022

25,120

55,315

Other income (expense), net

(1,295

)

10,960

(2,289

)

15,479

Income (loss) before provision for (benefit from) income taxes

(49,159

)

34,652

(112,659

)

30,987

Provision for (benefit from) income taxes

(2,490

)

(4,103

)

7,597

(16,690

)

Net income (loss)

$

(46,669

)

$

38,755

$

(120,256

)

$

47,677

Net income (loss) per share:

Basic

$

(0.08

)

$

0.06

$

(0.20

)

$

0.07

Diluted

$

(0.08

)

$

0.06

$

(0.20

)

$

0.07

Weighted-average shares used in computing net income (loss) per share:

Basic

562,913

676,852

599,629

676,688

Diluted

562,913

689,837

599,629

689,598

PINTEREST, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

(unaudited)

  Three Months Ended
June 30,

Six Months Ended

June 30,

2026

2025

2026

2025

Operating activities

Net income (loss)

$

(46,669

)

$

38,755

$

(120,256

)

$

47,677

Adjustments to reconcile net income (loss) to net cash provided by operating activities:

Depreciation and amortization

11,785

6,090

20,611

11,938

Share-based compensation

324,517

227,234

555,963

414,660

Deferred income taxes

(6,702

)

(5,925

)

(1,368

)

(27,999

)

Non-cash charitable contributions

12,198

13,495

12,198

13,495

Net amortization of investment premium and discount

(2,207

)

(4,105

)

(5,428

)

(9,513

)

Other

6,321

16,132

(570

)

16,892

Changes in assets and liabilities:

Accounts receivable

(100,000

)

(49,784

)

95,004

135,297

Prepaid expenses and other assets

(5,771

)

(23,814

)

(27,746

)

(22,853

)

Operating lease right-of-use assets

9,129

7,023

19,730

14,245

Accounts payable

75,136

(4,284

)

(8,433

)

8,752

Accrued expenses and other liabilities

25,553

(3,883

)

102,417

(14,285

)

Operating lease liabilities

(10,405

)

(9,241

)

(21,214

)

(16,907

)

Net cash provided by operating activities

292,885

207,693

620,908

571,399

Investing activities

Purchases of property and equipment

(22,952

)

(11,010

)

(39,293

)

(18,299

)

Purchases of marketable securities

(210,159

)

(462,975

)

(438,808

)

(878,311

)

Sales of marketable securities

32,721

10,540

436,611

12,890

Maturities of marketable securities

246,275

377,376

647,214

809,600

Acquisition of business, net of cash acquired

—

—

(446,954

)

—

Net cash provided by (used in) investing activities

45,885

(86,069

)

158,770

(74,120

)

Financing activities

Proceeds from exercise of stock options, net

—

—

—

8,053

Repurchases of Class A common stock

(78,578

)

(52,626

)

(2,024,886

)

(227,626

)

Shares repurchased for tax withholdings on release of restricted stock units and restricted stock awards

(111,633

)

(105,714

)

(180,532

)

(199,468

)

Proceeds from issuance of convertible notes, net of issuance costs (1)

(5,091

)

—

979,894

—

Purchase of capped calls related to convertible notes

(99,187

)

—

(99,187

)

—

Other financing activities

—

—

(1,890

)

—

Net cash used in financing activities

(294,489

)

(158,340

)

(1,326,601

)

(419,041

)

Effect of exchange rate changes on cash, cash equivalents and restricted cash

122

1,376

50

2,278

Net increase (decrease) in cash, cash equivalents and restricted cash

44,403

(35,340

)

(546,873

)

80,516

Cash, cash equivalents and restricted cash, beginning of period

384,086

1,257,077

975,362

1,141,221

Cash, cash equivalents and restricted cash, end of period

$

428,489

$

1,221,737

$

428,489

$

1,221,737

PINTEREST, INC.

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL RESULTS

(in thousands)

(unaudited)

  Three Months Ended

June 30,

2026

2025

Share-based compensation by function: (1)

Cost of revenue

$

8,484

$

4,983

Research and development

212,537

145,939

Sales and marketing

52,155

38,715

General and administrative

46,553

37,597

Total share-based compensation

$

319,729

$

227,234

Payroll tax expense related to share-based compensation by function:

Cost of revenue

$

247

$

145

Research and development

6,238

4,898

Sales and marketing

2,263

1,957

General and administrative

1,279

1,287

Total payroll tax expense related to share-based compensation

$

10,027

$

8,287

Amortization of acquired intangible assets by function: (1)

Cost of revenue

$

3,654

$

1,337

Sales and marketing

916

135

General and administrative

197

197

Total amortization of acquired intangible assets

$

4,767

$

1,669

Reconciliation of total costs and expenses to non-GAAP costs and expenses:

Total costs and expenses

$

1,234,852

$

1,002,557

Share-based compensation (1)

(319,729

)

(227,234

)

Payroll tax expense related to share-based compensation

(10,027

)

(8,287

)

Amortization of acquired intangible assets (1)

(4,767

)

(1,669

)

Restructuring charges

(14,335

)

—

Non-cash charitable contributions

(12,198

)

(13,495

)

Total non-GAAP costs and expenses

$

873,796

$

751,872

PINTEREST, INC.

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL RESULTS

(in thousands, except per share amounts)

(unaudited)

  Three Months Ended
June 30,

2026

2025

Reconciliation of net income (loss) to Adjusted EBITDA:

Net income (loss)

$

(46,669

)

$

38,755

Depreciation and amortization (1)

10,216

6,090

Share-based compensation (1)

319,729

227,234

Payroll tax expense related to share-based compensation

10,027

8,287

Interest (income) expense, net

(7,334

)

(28,022

)

Other (income) expense, net

1,295

(10,960

)

Benefit from income taxes

(2,490

)

(4,103

)

Restructuring charges (2)

14,335

—

Non-cash charitable contributions

12,198

13,495

Adjusted EBITDA

$

311,307

$

250,776

Reconciliation of net income (loss) to non-GAAP net income:

Net income (loss)

$

(46,669

)

$

38,755

Share-based compensation (1)

319,729

227,234

Payroll tax expense related to share-based compensation

10,027

8,287

Amortization of acquired intangible assets (1)

4,767

1,669

Restructuring charges (2)

14,335

—

Non-cash charitable contributions

12,198

13,495

Income tax effects and tax adjustments (3)

(64,869

)

(61,170

)

Non-GAAP net income

$

249,518

$

228,270

Basic weighted-average shares used in computing net income (loss) per share

562,913

676,852

Weighted-average dilutive securities (4)

14,715

12,985

Diluted weighted-average shares used in computing non-GAAP net income per share

577,628

689,837

Non-GAAP net income per share

$

0.43

$

0.33

Reconciliation of free cash flow:

Net cash provided by operating activities

$

292,885

$

207,693

Less:

Purchases of property and equipment

(22,952

)

(11,010

)

Free cash flow

$

269,933

$

196,683

_______________ (1)

Excludes share-based compensation expense of $4.8 million and amortization expense of $1.6 million included in restructuring charges for the three months ended June 30, 2026.

(2)

We have excluded restructuring charges associated with our Restructuring Plan from Adjusted EBITDA because it is non-recurring and not reflective of our ongoing business operations or the underlying trends in our business.

(3)

Includes the income tax effect of our non-GAAP adjustments using a long-term projected tax rate of 20% and other tax adjustments.

(4)

Gives effect to potential common stock instruments such as stock options, unvested restricted stock units and unvested restricted stock awards.

More News From Pinterest, Inc.

NEW YORK, Aug. 04, 2026 (GLOBE NEWSWIRE) -- Pomerantz LLP announces that a class action lawsuit has been filed against Intuit Inc. (“Intuit” or the “Company”) (NASDAQ: INTU) and certain officers. The class action, filed in the United States District Court for the Northern District of California, and docketed under 26-cv-07086, is on behalf of a class consisting of all persons and entities other than Defendants that purchased or otherwise acquired Intuit securities between August 22, 2025 and May 20, 2026, both dates inclusive (the “Class Period”), seeking to recover damages caused by Defendants’ violations of the federal securities laws and to pursue remedies under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder, against the Company and certain of its top officials.

If you are an investor who purchased or otherwise acquired Intuit securities during the Class Period, you have until September 8, 2026, to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Danielle Peyton at [email protected] or 646-581-9980 (or 888.4-POMLAW), toll-free, Ext. 7980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.  
 

[Click here for information about joining the class action]

Intuit provides financial management, payments and capital, compliance, and marketing products and services in the United States. The Company has four reportable business segments: (i) Global Business Solutions; (ii) Consumer; (iii) Credit Karma; and (iv) ProTax.  Intuit’s Consumer segment provides do-it-yourself (“DIY”) and assisted income tax preparation products and services under the “TurboTax” brand name, whereas its ProTax segment provides tax-preparation software products and electronic tax filing, payment, and related products and services.  The Company sells its products and services through direct sales channels, multichannel shop-and-buy experiences, mobile application stores, and partner and other channels.

At all relevant times, Defendants touted purportedly significant “momentum” across Intuit’s various business segments, particularly with respect to its tax-related business.  Defendants attributed this purported “momentum” to, inter alia, Intuit’s purportedly significant competitive advantages, including integration of artificial intelligence (“AI”) in its business and operations.

For example, in August 2025, Defendants provided financial guidance for Intuit’s fiscal full year (“FY”) of 2026, ended July 31, 2026, including 8% revenue growth in its TurboTax business, citing “outstanding execution across our platform” and “breakthrough adoption in assisted tax” as a result of the aforementioned purported competitive advantages.

The complaint alleges that, throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operations, and prospects.  Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) they had overstated Intuit’s competitive advantages and growth, as well as the overall strength and sustainability of its business model and operations; (ii) in reality, Intuit was losing significant business in its tax-related business, particularly in its TurboTax business, as a result of, inter alia, increasing competitive and pricing pressures; (iii) accordingly, Intuit’s previously issued FY 2026 TurboTax revenue growth guidance was unreliable and/or unrealistic; and (iv) as a result, Defendants’ public statements were materially false and misleading at all relevant times.

The truth began to emerge on May 20, 2026, when, during pre-market hours, Reuters published an article entitled “Intuit to cut 17% of global jobs to streamline operations, memo shows”.  Citing an internal Company memorandum and email from Defendant Sasan K. Goodarzi (“Goodarzi”), Intuit’s Chairman and Chief Executive Officer, to staff earlier in the day, the article reported that “Intuit . . . is laying off about 17% of its workforce, or about 3,000 employees worldwide, to streamline operations and sharpen focus on its key bets including its AI efforts[.]”  The article further revealed that Intuit “is also winding down its Reno and Woodland Hills offices as ⁠part of a strategic restructuring to consolidate teams in key hubs, according to the memo.”

On this news, Intuit’s stock price fell $15.78 per share, or 3.95%, to close at $383.93 per share on May 20, 2026.

The same day, during post-market hours, Intuit issued a press release announcing its fiscal third quarter (“Q3”) 2026 results.  Therein, Defendants reported weak Q3 2026 tax season revenue, including, inter alia, TurboTax revenue that grew by only 7% year-over-year, versus consensus estimates of at least 8% revenue growth.  During the accompanying earnings call held the same day, also during post-market hours, Defendant Sandeep S. Aujla, Intuit’s Executive Vice President and Chief Financial Officer, acknowledged that, with respect to TurboTax, “we did not have the overall tax season we expected[.]”  On the same call, Defendant Goodarzi likewise stated that he was “dissatisfied with our performance”, noting “[w]e faced pressure among the most price-sensitive DIY filers earning less than $50,000 a year”, and that “[w]e lost on price.”  Defendant Goodarzi also revealed that TurboTax online paying units were expected to grow by only 2% as total Internal Revenue Service filers were expected to decline by approximately 30 basis points, representing the “most significant industry-wide contraction since the post-COVID tax season.”  Accordingly, Defendant Goodarzi acknowledged that “we expect TurboTax to grow 7% for the full year”—down from Defendants’ prior guidance of 8% growth—and that, “[t]o reaccelerate this part of our business,” Defendants will need to “evolve our business model by delivering the right lineups and price points to meet simple filers’ needs at the low end and lean into the power of our broader Consumer platform to monetize beyond tax.”

Following these disclosures, Intuit’s stock price fell $76.86 per share, or 20.02%, to close at $307.07 per share on May 21, 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 billions of dollars in damages awards on behalf of class members. See www.pomlaw.com.

Attorney advertising.  Prior results do not guarantee similar outcomes.  

CONTACT:
Danielle Peyton
Pomerantz LLP
[email protected]
646-581-9980 ext. 7980  

Booking Holdings (BKNG - Free Report) reported $7.35 billion in revenue for the quarter ended June 2026, representing a year-over-year increase of 8.2%. EPS of $2.54 for the same period compares to $2.22 a year ago.

The reported revenue compares to the Zacks Consensus Estimate of $7.19 billion, representing a surprise of +2.26%. The company delivered an EPS surprise of +3.67%, with the consensus EPS estimate being $2.45.

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 Booking Holdings performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:

Units Sold - Room Nights: 325 million versus the seven-analyst average estimate of 320.52 million.Gross Bookings - Total: $51 billion versus $49.42 billion estimated by seven analysts on average.Units Sold - Airline Tickets: 17 million compared to the 19.22 million average estimate based on six analysts.Units Sold - Rental Car Days: 23 million versus 23.55 million estimated by six analysts on average.Gross Bookings - Agency: $14 billion versus the six-analyst average estimate of $13.46 billion.Gross Bookings - Merchant: $37 billion versus $36.02 billion estimated by six analysts on average.Revenues- Agency: $1.9 billion compared to the $1.91 billion average estimate based on six analysts. The reported number represents a change of -6.9% year over year.Revenues- Advertising and other revenues: $322 million compared to the $312.97 million average estimate based on six analysts. The reported number represents a change of +8.4% year over year.Revenues- Merchant: $5.13 billion versus $4.97 billion estimated by six analysts on average. Compared to the year-ago quarter, this number represents a +15% change.View all Key Company Metrics for Booking Holdings here>>>

Shares of Booking Holdings have returned +6.5% over the past month versus the Zacks S&P 500 composite's +1.7% change. The stock currently has a Zacks Rank #4 (Sell), indicating that it could underperform the broader market in the near term.

Sysco Corporation (SYY) Q4 2026 Earnings Call August 4, 2026 10:00 AM EDT

Company Participants

Kevin Kim - Vice President of Investor Relations
Kevin Hourican - CEO & Chairman
Brandon Sewell - Interim Chief Financial Officer

Conference Call Participants

Kelly Bania - BMO Capital Markets Equity Research
Edward Kelly - Wells Fargo Securities, LLC, Research Division
Lauren Silberman - Deutsche Bank AG, Research Division
John Heinbockel - Guggenheim Securities, LLC, Research Division
John Ivankoe - JPMorgan Chase & Co, Research Division
Mark Carden - UBS Investment Bank, Research Division
Brian Harbour - Morgan Stanley, Research Division

Presentation

Operator

Welcome to Sysco's Fourth Quarter Fiscal Year 2026 Conference Call. We will begin today's presentation with opening remarks and introductions. I would like to turn the call over to Kevin Kim, Vice President of Investor Relations. Please go ahead.

Kevin Kim
Vice President of Investor Relations

Good morning, everyone, and welcome to Sysco's Fourth Quarter Fiscal Year 2026 Earnings Call. On today's call, we have Kevin Hourican, our Chair of the Board and CEO; and Brandon Sewell, our Interim CFO. Before we begin, please note that statements made during this presentation that state the company's or management's intentions, beliefs, expectations or predictions of the future are forward-looking statements within the meaning of the Private Securities Litigation Reform Act, and actual results could differ in a material manner.

Additional information about factors that could cause results to differ from those in the forward-looking statements is contained in the company's SEC filings. This includes, but is not limited to, risk factors contained in our annual report on Form 10-K for the year ended June 28, 2025, subsequent SEC filings and in the news release issued earlier this morning. A copy of these materials can be found in the Investors section at sysco.com.

Non-GAAP financial measures are included in our company's -- in

Unless otherwise noted, all financial figures are unaudited, presented in Canadian dollars (Cdn$), and derived from the company's condensed consolidated financial statements which are based on Canadian generally accepted accounting principles (GAAP), specifically International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB), and are prepared in accordance with International Accounting Standard (IAS) 34 Interim Financial Reporting. Production volumes are presented on a working-interest basis, before royalties, except for production values from the company's Libya operations, which are presented on an economic basis. Certain financial measures referred to in this news release (adjusted funds from operations, adjusted operating earnings, free funds flow, and net debt) are not prescribed by Canadian generally accepted accounting principles (GAAP). See the Non-GAAP Financial Measures section of this news release. References to Oil Sands operations exclude Suncor Energy Inc.'s ownership of Fort Hills and interest in Syncrude.

Calgary, Alberta--(Newsfile Corp. - August 4, 2026) - Suncor Energy (TSX: SU) (NYSE: SU)

Second Quarter Highlights

Matched quarterly record adjusted funds from operations of $5.3 billion and set all-time quarterly per share record of $4.52.

Generated $4.0 billion in free funds flow and set all-time quarterly per share record of $3.38, more than quadruple the prior year quarter.

Returned nearly $1.8 billion to shareholders, with over $1.0 billion in share repurchases and over $700 million in dividends.

Beginning in August 2026, Suncor plans to increase monthly share repurchases to $500 million from $350 million.

Second quarter upstream production of 761,000 bbls/d, and record first half upgrader utilization of 94%.

Record second quarter refining throughput of 471,000 bbls/d and record second quarter refined product sales of 655,000 bbls/d.

"Suncor delivered record quarterly free funds flow per share of $3.38 in the second quarter, demonstrating the progress we've made in improving the performance of our business and increasing shareholder value," said Rich Kruger, President and Chief Executive Officer. "The quarter was led by the exemplary performance of our downstream business, delivering record quarterly adjusted funds from operations and record second quarter refining throughput and refined product sales, highlighting the strength of our integrated model and its ability to generate significant cash flow across a range of market conditions."

Second Quarter Results

Financial HighlightsQ2Q1Q2($ millions, unless otherwise noted)202620262025Net earnings 3 732 2 100 1 134Per common share(1) (dollars) 3.17 1.77 0.93Adjusted operating earnings(2) 3 804 2 300 873Per common share(1)(2) (dollars) 3.23 1.93 0.71Adjusted funds from operations(2) 5 329 4 030 2 689Per common share(1)(2) (dollars) 4.52 3.39 2.20Cash flow provided by operating activities 5 655 2 435 2 919Per common share(1) (dollars) 4.80 2.05 2.38Capital expenditures excluding capitalized interest 1 310 1 076 1 649Free funds flow(2) 3 980 2 913 981Dividend per common share(1) (dollars) 0.60 0.60 0.57Share repurchases per common share(3) (dollars) 0.89 0.69 0.61Returns to shareholders(4) 1 756 1 537 1 447Operating, selling and general expenses 3 419 3 778 3 163Net debt(2) 4 481 6 842 7 673Operating Highlights

Total upstream production (mbbls/d)760.9875.2808.1Refinery crude oil throughput (mbbls/d)470.6497.8442.3Refinery utilization(5) (%) 92 97 87(1) Presented on a basic per share basis.
(2) Non-GAAP financial measures or contains non-GAAP financial measures. See the Non-GAAP Financial Measures section of this news release.
(3) Calculated as the cost of share repurchases, excluding taxes paid on share repurchases, divided by the weighted average number of shares outstanding.
(4) Includes dividends paid on common shares and repurchases of common shares; excludes taxes paid on common share repurchases.
(5) Effective January 1, 2026, Suncor increased the nameplate capacity of its refining network by 10% from 466,000 bbls/d to 511,000 bbls/d. Prior quarter utilization rates have been restated to reflect this change.

Financial Results

Adjusted Operating Earnings Reconciliation(1)

Q2Q1Q2($ millions)202620262025Net earnings 3 732 2 100 1 134Unrealized foreign exchange loss (gain) on U.S. dollar denominated debt 132 139 (461)Unrealized (gain) loss on risk management activities (131) 92 68One-time legislative change to benefits 63 - -Write-down of equity investments - - 136Income tax expense (recovery) on adjusted operating earnings adjustments 8 (31) (4)Adjusted operating earnings(1) 3 804 2 300 873(1) Non-GAAP financial measure. All reconciling items are presented on a before-tax basis and adjusted for income taxes in the income tax expense (recovery) on adjusted operating earnings adjustments line. See the Non-GAAP Financial Measures section of this news release.

Suncor's adjusted operating earnings increased to $3.804 billion ($3.23 per common share) in the second quarter of 2026, compared to $873 million ($0.71 per common share) in the prior year quarter, primarily due to increased upstream price realizations and downstream margins, partially offset by a corresponding increase in tax and royalties expense.

Net earnings increased to $3.732 billion ($3.17 per common share) in the second quarter of 2026, compared to $1.134 billion ($0.93 per common share) in the prior year quarter. In addition to the factors impacting adjusted operating earnings, net earnings for the second quarter of 2026 and the prior year quarter were impacted by the items shown in the table above.

Adjusted funds from operations increased to $5.329 billion ($4.52 per common share) in the second quarter of 2026, compared to $2.689 billion ($2.20 per common share) in the prior year quarter, and were primarily influenced by the same factors impacting adjusted operating earnings. Adjusted funds from operations benefitted from the strength of Suncor's integrated operations in the current quarter, as the upstream captured the strong synthetic crude oil (SCO) premiums, while the downstream generated record adjusted funds from operations, despite the higher feedstock costs.

Cash flow provided by operating activities, which includes changes in non-cash working capital, was $5.655 billion ($4.80 per common share) in the second quarter of 2026, compared to $2.919 billion ($2.38 per common share) in the prior year quarter.

Free funds flow increased to $3.980 billion ($3.38 per common share), compared to $981 million ($0.80 per common share) in the prior year quarter, and was primarily influenced by the same factors impacting adjusted funds from operations as well as lower capital expenditures in the current quarter compared to the prior year quarter.

Operating, selling and general (OS&G) expenses were $3.419 billion in the second quarter of 2026, compared to $3.163 billion in the prior year quarter, with the increase primarily due to increased mining activity, in part due to the unprecedented combination of snow accumulation, rapid spring melt and major rainfall events in the current quarter and increased Oil Sands maintenance.

Operating Results

Q2Q1Q2(mbbls/d, unless otherwise noted)202620262025Upstream

Total Oil Sands bitumen production 815.2 933.9 860.8SCO and diesel production 510.0 550.8 468.0Inter-asset transfers and consumption (27.8) (31.5) (29.8)Upgraded production - net SCO and diesel 482.2 519.3 438.2Bitumen production 273.9 364.7 334.8Inter-asset transfers (66.0) (85.2) (24.6)Non-upgraded bitumen production 207.9 279.5 310.2Total Oil Sands production 690.1 798.8 748.4Exploration and Production 70.8 76.4 59.7Total upstream production 760.9 875.2 808.1Upstream sales 782.1 872.1 812.8

Downstream

Refinery utilization(1) (%) 92 97 87Refinery crude oil throughput 470.6 497.8 442.3Refined product sales 654.8 680.9 600.5Total Oil Sands bitumen production was 815,200 barrels per day (bbls/d) in the second quarter of 2026, compared to 860,800 bbls/d in the prior year quarter, with the decrease primarily due to the planned turnaround at Firebag, which was successfully completed ahead of schedule in the current quarter, partially offset by increased mining production despite an unprecedented combination of snow accumulation, rapid spring melt, and major rainfall events. Mining production in the prior year quarter was impacted by the Upgrader 1 coke drum replacement project and turnaround.

The company's higher value net SCO production increased to 482,200 bbls/d with upgrader utilization of 93% in the second quarter of 2026, compared to 438,200 bbls/d and 86%, respectively, in the prior year quarter, primarily due to fewer maintenance activities in the current quarter.

Non-upgraded bitumen production decreased to 207,900 bbls/d in the second quarter of 2026, compared to 310,200 bbls/d in the prior year quarter, primarily due to increased upgrader availability and decreased bitumen production.

Exploration and Production (E&P) production increased to 70,800 bbls/d in the second quarter of 2026, compared to 59,700 bbls/d in the prior year quarter, and featured strong production at all assets.

Refinery crude oil throughput increased to a second quarter record of 470,600 bbls/d with refinery utilization([1]) of 92% of the rerated nameplate capacity of 511,000 bbls/d. This compares to 442,300 bbls/d and 87% in the prior year quarter, primarily due to fewer maintenance activities in the current period. Refinery production increased to 503,400 bbls/d, compared to 464,600 bbls/d in the prior year quarter, as the company benefitted from a structural increase of intermediate feedstock through the secondary units.

Refined product sales increased to a second quarter record of 654,800 bbls/d, compared to 600,500 bbls/d in the prior year quarter, as Suncor continued to capitalize on global market opportunities, including record jet fuel sales, while also delivering more domestic volumes through high-value retail channels, leveraging Canada's number one retail brand.

(1) Effective January 1, 2026, Suncor increased the nameplate capacity of its refining network by 10% from 466,000 bbls/d to 511,000 bbls/d. Prior quarter utilization rates have been restated to reflect this change.

Corporate and Strategy Updates

Share repurchases to be increased to $500 million per month. Beginning in August 2026, Suncor plans to increase monthly share repurchases to $500 million per month, from $350 million per month, projecting total 2026 share repurchases of $4.7 billion and marking the third monthly increase since December 2025.

New loyalty program partnership announced. Petro-Canada and WestJet announced the details of a new loyalty program partnership that is expected to give Petro-Canada customers more value, options and flexibility when fuelling and flying.

Corporate Guidance Updates

Suncor has updated its 2026 corporate guidance ranges, previously released on December 11, 2025:

Business Environment, Current Income Tax Expense and Royalties have been updated to reflect the current business environment as at August 4, 2026.For further details and advisories regarding Suncor's 2026 corporate guidance, see www.suncor.com/guidance.

Non-GAAP Financial Measures

Certain financial measures in this news release - namely adjusted funds from operations, adjusted operating earnings, free funds flow, net debt, and related per share or per barrel amounts - are not prescribed by GAAP. These non-GAAP financial measures are included because management uses the information to analyze business performance, leverage and liquidity, as applicable, and it may be useful to investors on the same basis. These non-GAAP financial measures do not have any standardized meaning and, therefore, are unlikely to be comparable to similar measures presented by other companies. Therefore, these non-GAAP financial measures should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. Except as otherwise indicated, these non-GAAP financial measures are calculated and disclosed on a consistent basis from period to period. Specific adjusting items may only be relevant in certain periods.

Adjusted Operating Earnings

Adjusted operating earnings is a non-GAAP financial measure that adjusts net earnings for significant items that are not indicative of operating performance. Management uses adjusted operating earnings to evaluate operating performance because management believes it provides better comparability between periods. Adjusted operating earnings are reconciled to net earnings in the news release above.

Adjusted Funds From (Used In) Operations

Adjusted funds from (used in) operations is a non-GAAP financial measure that adjusts a GAAP measure – cash flow provided by operating activities – for changes in non-cash working capital, which management uses to analyze operating performance and liquidity. Changes to non-cash working capital can be impacted by, among other factors, commodity price volatility, the timing of offshore feedstock purchases and payments for commodity and income taxes, the timing of cash flows related to accounts receivable and accounts payable, and changes in inventory, which management believes reduces comparability between periods.

Three months ended June 30Oil SandsExploration and
ProductionRefining and
MarketingCorporate and
EliminationsIncome TaxesTotal($ millions)202620252026202520262025202620252026202520262025Earnings (loss) before income taxes 2 691 844 465 165 2 100 377 (277) 48 - - 4 979 1 434Adjustments for:

Depreciation, depletion and amortization 1 241 1 248 167 167 275 260 31 34 - - 1 714 1 709Accretion 129 124 20 16 4 4 - - - - 153 144Unrealized foreign exchange loss (gain) on U.S. dollar denominated debt - - - - - - 132 (461) - - 132 (461)Change in fair value of financial instruments and trading inventory (173) 215 12 34 (70) (62) - - - - (231) 187Loss (gain) on disposal of assets 5 - - - (2) - (3) - - - - -Share-based compensation (8) 7 (1) 1 (4) 4 (47) (6) - - (60) 6Settlement of decommissioning and
restoration liabilities (108) (86) (11) (11) (13) (15) - - - - (132) (112)Other 42 47 - - 9 47 41 100 - - 92 194Current income tax expense - - - - - - - - (1 318) (412) (1 318) (412)Adjusted funds from (used in) operations 3 819 2 399 652 372 2 299 615 (123) (285) (1 318) (412) 5 329 2 689Change in non-cash working capital

326 230Cash flow provided by operating activities

5 655 2 919Six months ended June 30Oil SandsExploration and
ProductionRefining and
MarketingCorporate and
EliminationsIncome TaxesTotal($ millions)202620252026202520262025202620252026202520262025Earnings (loss) before income taxes 4 207 2 519 847 323 3 750 1 049 (999) (167) - - 7 805 3 724Adjustments for:

Depreciation, depletion and amortization 2 476 2 447 342 338 551 517 76 70 - - 3 445 3 372Accretion 259 248 39 32 8 7 - - - - 306 287Unrealized foreign exchange loss (gain) on U.S. dollar denominated debt - - - - - - 271 (475) - - 271 (475)Change in fair value of financial instruments and trading inventory (32) 147 4 28 (14) (45) - - - - (42) 130Loss (gain) on disposal of assets 5 - - - (8) - (10) - - - (13) -Share-based compensation (42) (79) (3) (5) (18) (36) (117) (177) - - (180) (297)Settlement of decommissioning and restoration liabilities (248) (165) (16) (14) (26) (27) - - - - (290) (206)Other 88 92 1 - 37 52 26 115 - - 152 259Current income tax expense - - - - - - - - (2 095) (1 060) (2 095) (1 060)Adjusted funds from (used in) operations 6 713 5 209 1 214 702 4 280 1 517 (753) (634) (2 095) (1 060) 9 359 5 734Change in non-cash working capital

(1 269) (659)Cash flow provided by operating activities

8 090 5 075Free Funds Flow (Deficit)

Free funds flow (deficit) is a non-GAAP financial measure that is calculated by taking adjusted funds from operations and subtracting capital expenditures, including capitalized interest. Free funds flow reflects cash available for increasing distributions to shareholders and reducing debt. Management uses free funds flow to measure the capacity of the company to increase returns to shareholders and to grow Suncor's business.

Three months ended June 30Oil SandsExploration and
ProductionRefining and
MarketingCorporate and
EliminationsIncome TaxesTotal($ millions)202620252026202520262025202620252026202520262025Adjusted funds from (used in) operations 3 819 2 399 652 372 2 299 615 (123) (285) (1 318) (412) 5 329 2 689Capital expenditures including capitalized interest (914) (1 109) (126) (229) (300) (362) (9) (8) - - (1 349) (1 708)Free funds flow (deficit) 2 905 1 290 526 143 1 999 253 (132) (293) (1 318) (412) 3 980 981Six months ended June 30Oil SandsExploration and
ProductionRefining and
MarketingCorporate and
EliminationsIncome TaxesTotal($ millions)202620252026202520262025202620252026202520262025Adjusted funds from (used in) operations 6 713 5 209 1 214 702 4 280 1 517 (753) (634) (2 095) (1 060) 9 359 5 734Capital expenditures including capitalized interest (1 660) (1 858) (254) (438) (532) (542) (20) (15) - - (2 466) (2 853)Free funds flow (deficit) 5 053 3 351 960 264 3 748 975 (773) (649) (2 095) (1 060) 6 893 2 881Net Debt and Total Debt

Net debt and total debt are non-GAAP financial measures that management uses to analyze the financial condition of the company. Total debt includes short-term debt, current portion of long-term debt and long-term debt (all of which are GAAP measures). Net debt is equal to total debt less cash and cash equivalents (a GAAP measure).

June 30December 31($ millions, except as noted)20262025Short-term debt - -Current portion of long-term debt 656 973Long-term debt 9 197 9 014Total debt 9 853 9 987Less: Cash and cash equivalents 5 372 3 650Net debt 4 481 6 337Shareholders' equity 48 163 45 124Total debt plus shareholders' equity 58 016 55 111Total debt to total debt plus shareholders' equity (%) 17.0 18.1Net debt to net debt plus shareholders' equity (%) 8.5 12.3Legal Advisory – Forward-Looking Information

This news release contains certain forward-looking information and forward-looking statements (collectively referred to herein as "forward-looking statements") and other information based on Suncor's current expectations, estimates, projections and assumptions that were made by the company in light of information available at the time the statement was made and consider Suncor's experience and its perception of historical trends, including expectations and assumptions concerning: the accuracy of reserves estimates; commodity prices and interest and foreign exchange rates; the performance of assets and equipment; uncertainty related to geopolitical conflict; capital efficiencies and cost savings; applicable laws and government policies; future production rates; the sufficiency of budgeted capital expenditures in carrying out planned activities; the availability and cost of labour, services and infrastructure; the satisfaction by third parties of their obligations to Suncor; the development and execution of projects; and the receipt, in a timely manner, of regulatory and third-party approvals. All statements and information that address expectations or projections about the future, and other statements and information about Suncor's strategy for growth, expected and future expenditures or investment decisions, commodity prices, costs, schedules, production volumes, operating and financial results, future financing and capital activities, and the expected impact of future commitments are forward-looking statements. Some of the forward-looking statements may be identified by words like "expects", "anticipates", "will", "estimates", "plans", "scheduled", "intends", "believes", "projects", "indicates", "could", "focus", "vision", "goal", "outlook", "proposed", "target", "objective", "continue", "should", "may", "future", "potential", "opportunity", "would", "priority", "strategy" and similar expressions. Forward-looking statements in this news release include references to: Suncor's strategy, focus, goals and priorities and the expected benefits therefrom; Suncor's belief that Petro-Canada's new loyalty program partnership with WestJet will give Petro-Canada customers more value, options and flexibility when fueling and flying; and Suncor's projection of $4.7 billion of share repurchases in 2026. In addition, all other statements and information about Suncor's strategy for growth, expected and future expenditures or investment decisions, commodity prices, costs, schedules, production volumes, operating and financial results and the expected impact of future commitments are forward-looking statements. Some of the forward-looking statements and information may be identified by words like "expects", "anticipates", "will", "estimates", "plans", "scheduled", "intends", "believes", "projects", "indicates", "could", "focus", "vision", "goal", "outlook", "proposed", "target", "objective", "continue", "should", "may" and similar expressions.

Forward-looking statements and information are not guarantees of future performance and involve a number of risks and uncertainties, some that are similar to other oil and gas companies and some that are unique to Suncor. Suncor's actual results may differ materially from those expressed or implied by its forward-looking statements, so readers are cautioned not to place undue reliance on them.

Suncor's Annual Information Form and Annual Report to Shareholders, each dated February 25, 2026, Form 40-F, Suncor's Report to Shareholders for the Second Quarter of 2026 dated August 4, 2026, and other documents it files from time to time with securities regulatory authorities describe the risks, uncertainties, material assumptions and other factors that could influence actual results and such factors are incorporated herein by reference. Copies of these documents are available by referring to suncor.com/FinancialReports or on SEDAR+ at sedarplus.ca or EDGAR at sec.gov. Except as required by applicable securities laws, Suncor disclaims any intention or obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

To view a full copy of Suncor's second quarter 2026 Report to Shareholders and the financial statements and notes (unaudited), visit Suncor's profile on sedarplus.ca or sec.gov or visit Suncor's website at suncor.com/financialreports.

To listen to the conference call discussing Suncor's second quarter results, visit suncor.com/webcasts. The event will be archived for 90 days.

Suncor Energy - Canada's leading integrated energy company
Suncor's operations span the full energy value chain, including oil sands mining and in situ operations, upgrading, offshore production, petroleum refining in Canada and the U.S., marketing and trading, and nationwide Petro-Canada™ retail and wholesale networks – delivering reliable energy that fuels economic growth and meets the needs of customers across Canada and globally. With an unwavering focus on safety, operational excellence, and profitability, Suncor is committed to delivering industry-leading performance and long-term shareholder value. Suncor's common shares (symbol: SU) are listed on the Toronto and New York stock exchanges.

For more information, visit suncor.com or find us on LinkedIn, Instagram and Facebook.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/307978

Source: Suncor Energy Inc.

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Transformation program launched, starting with a focus on Back-to-Basics

Identified $1.4 billion cash flow improvement opportunities in 2026 across operating expenses, capital expenditures, and working capital Launched plan to refocus on three key areas: Cash & Cost, Customer & Quality, Culture & Team  Four strategic projects earmarked as top priorities for resource allocation and capital deployment New simplified organizational structure aligned with priorities, halving CEO reports and enforcing accountability Q2 Results 

Produced 4,774 vehicles, up 24% year over year, with production intentionally reduced to lower inventory and free up cash Delivered 3,953 vehicles, up 19% year over year Generated second quarter revenue of $405 million, up 56% year over year Ended the quarter with $3.0 billion in total liquidity Recently secured financing, combined with ongoing operational measures, provide sufficient liquidity runway well into 2027 Operational Highlights 

Robotaxi program began deliveries of Lucid Gravity Production-Validation vehicles, with testing underway by Uber and Nuro across the San Francisco Bay Area and Houston   AMP-2 manufacturing facility in Saudi Arabia has transitioned from construction to industrialization, with installation and tuning of manufacturing ongoing Midsize program development continues, with prototype vehicles and Atlas drive units progressing through validation and production readiness activities , /PRNewswire/ -- Lucid Group, Inc. (NASDAQ: LCID), maker of the world's most advanced software-defined vehicles and technologies, today announced financial results for its second quarter ended June 30, 2026, and outlined a comprehensive operational reset focused on strengthening execution, reducing cash burn and improving the customer experience.

"Lucid has leading technology, compelling products and deeply committed people, but potential is not performance," said Silvio Napoli, CEO of Lucid. "We are going back to basics, with a clear focus on cash, customers, and culture. We are focused on delivering on our four must win priorities, including our $1.4 billion cash flow improvement plan and the advancement of our Robotaxi, AMP-2, and Midsize programs, which will establish a strong foundation for Lucid's next chapter."

"Silvio and his leadership team are transforming the company, and the Board stands firmly behind their actions," said Turqi Alnowaiser, Chairman of Lucid. "The actions underway are intended to strengthen the company's execution, improve the customer experience, and translate Lucid's technology and product leadership into long-term value for customers and shareholders."

Three Priorities Guiding Lucid's Operational Reset

Lucid is refocusing the organization around three priorities designed to improve execution and strengthen the business.

Cash and Cost. Lucid is applying greater discipline to spending, investment decisions and capital allocation, while protecting the technologies and programs most important to its long-term competitiveness.

The company has deliberately reduced production to better align output with anticipated demand, convert inventory into deliveries and cash, and improve working capital.

Customer and Quality. Lucid is strengthening the ownership experience to match the performance of its vehicles, with a focus on product readiness, delivery experience, service responsiveness and parts availability as we invest in technicians and dedicated staff to reduce wait times by one third this year.

Culture and Team. Lucid is simplifying the organization, reducing layers and clarifying accountability to accelerate decisions and build a culture of ownership, performance and consistent execution.

The new structure halves the number of direct reports to the CEO and places experienced leaders in key roles across finance, technology, customer experience, transformation, digital and program execution. These changes are intended to accelerate decision-making, clarify ownership and build a performance-driven culture.

Four Strategic Projects

Lucid has identified four must-win projects.  

$1.4 billion cash savings plan. Lucid has identified $1.4 billion in cash reductions in 2026, including projected savings of approximately $600 million to $800 million in inventory, approximately $500 million in capital expenditures, and approximately $200 million in operating expenses. The operating expense actions include projected savings from the U.S. workforce reduction announced in June, expected to provide approximately $158 million in annualized savings. This represents the initial output of the company's broader business review underway.

Robotaxi. The company's robotaxi program with Uber and Nuro is a top priority and an important opportunity to extend Lucid's technology beyond privately owned vehicles. The program is in active testing and validation, supported by a fleet of nearly 100 vehicles across the San Francisco Bay Area and Houston. The company has begun delivering production-validation Lucid Gravity vehicles to Nuro. Moving forward, this project will be part of Lucid Technologies, a dedicated business unit bringing together AI, advanced driver-assistance, and digital capabilities.

AMP-2. Lucid's factory in Saudi Arabia is transitioning from construction to industrialization. Manufacturing systems across stamping, body, paint and final assembly are being installed and commissioned in preparation for production trials.

Midsize. Continued progress on the Midsize program, with Atlas drive units and prototype vehicles advancing through validation, durability testing, crash certification, battery-pack manufacturing validation, and cold-weather testing in New Zealand.

Second Quarter 2026 Performance

Lucid produced 4,774 vehicles and delivered 3,953 vehicles during the second quarter. The company moderated production to better align output with anticipated deliveries, reduce inventory and preserve cash.

Lucid reported second quarter revenue of $405 million and ended the quarter with $3.0 billion in total liquidity. Recently secured financing, in conjunction with operational actions the company is taking, is expected to provide sufficient liquidity runway well into 2027.

Conference Call Information

Lucid will host a conference call to discuss its second quarter 2026 financial results on Tuesday, August 4, 2026, at 2:30 pm PT / 5:30 pm ET. The live webcast of the conference call will be available on the Investor Relations website at ir.lucidmotors.com. Following the completion of the call, a replay will be available on the same website. Lucid uses its ir.lucidmotors.com website as a means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD.

About Lucid Group

Lucid Group, Inc. (NASDAQ: LCID) is a technology company creating exceptional mobility experiences through innovation to drive the world forward. Built on Lucid's proprietary technology and software defined vehicle architectures, the company's lineup of award-winning vehicles brings Lucid's "Compromise Nothing™" approach to premium segments of the global automotive market. Lucid designs and engineers its products in-house and assembles at its vertically integrated facilities in Arizona and Saudi Arabia, enabling continuous innovation across vehicles, software, and advanced driver assistance and autonomy-ready capabilities.

Investor Relations Contact
[email protected]

Media Contact
[email protected]

Trademarks

This communication contains trademarks, service marks, trade names and copyrights of Lucid Group, Inc. and its subsidiaries and other companies, which are the property of their respective owners.

Forward-Looking Statements

This communication includes "forward-looking statements" within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as "estimate," "plan," "project," "forecast," "intend," "will," "shall," "expect," "anticipate," "believe," "seek," "target," "continue," "could," "may," "might," "possible," "potential," "predict," "scheduled," "aiming," "targeting," "objective," "focus," "strategic" or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding results of operations, financial outlook and condition, guidance, liquidity, capital expenditures, its cash flow improvement plan, the expected savings from eliminating the second shift at AMP-1, prospects, growth, production volumes, strategies, management, and the markets in which Lucid operates, including expectations of financial and operational metrics, projections of market opportunity, market share and product sales, plans and expectations related to commercial product launches and future programs, initiatives and products, including the Midsize program, plans and expectations on vehicle production and delivery timing and volumes, expectations regarding market opportunities and demand for Lucid's products, the range, features, specifications, performance, production and delivery of Lucid's vehicles and potential impact on markets, plans and expectations regarding further monetization opportunities, plans and expectations regarding Lucid's software, technology features and capabilities, including with respect to battery and powertrain systems, plans and expectations regarding Lucid's systems approach to the design of the vehicles, estimate of Lucid's technology lead over competitors, estimate of the length of time Lucid's existing cash, cash equivalents and investments will be sufficient to fund planned operations, plans and expectations regarding Lucid's liquidity runway and cash flow improvement plans, future capital raises and funding strategy, plans and expectations regarding future manufacturing capabilities and facilities, logistics and supply chain, studio and service center openings, sales channels and strategies, test drive, appointment wait times, ability to mitigate supply chain and logistics risks, plans and expectations regarding expansion and construction of Lucid's AMP-1 and AMP-2 manufacturing facilities and capabilities, including potential benefits, ability to vertically integrate production processes, future market launches and international expansion, Lucid's ability to grow its brand awareness, expectations regarding executive leadership transitions, the potential success of Lucid's distribution strategy and future vehicle programs, changes to future or existing vehicle programs, the company's plans regarding increasing the number of technicians and concierges, potential automotive and strategic partnerships and their anticipated benefits, plans and expectations regarding Lucid's ADAS/AV roadmap and robotaxi program, expectations on the technology licensing landscape, expectations on the regulatory and political environment, and the promise of Lucid's technology. These statements are based on various assumptions, whether or not identified in this communication, and on the current expectations of Lucid's management. These forward-looking statements are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and may differ from these forward-looking statements. Many actual events and circumstances are beyond the control of Lucid. These forward-looking statements are subject to a number of risks and uncertainties, including changes in domestic and foreign business, economic, market, financial, political, regulatory and legal conditions, including uncertainties and changes in policies, imposition or proposed imposition of tariffs, export controls, threat of a trade war, the risk of a global economic recession or other downturn, bank closures and liquidity concerns at financial institutions, and global or regional conflicts or other geopolitical events, including the military operations in the Gulf region and the Middle East, and the potential escalation and the broadening of the conflict in Iran; the outcome of Lucid's broader business review, which remains underway; risks related to changes in overall demand for Lucid's products and services and cancellation of orders for Lucid's vehicles; risks related to prices and availability of commodities and components, including rare earth minerals, semiconductors and their related products, Lucid's supply chain, logistics, inventory management and quality control, and Lucid's ability to complete the tooling of its manufacturing facilities over time and scale production of Lucid's vehicles; risks related to the uncertainty of Lucid's projected financial and operational information; risks related to the timing of expected business milestones and commercial product launches; risks related to the construction and expansion of Lucid's manufacturing facilities and the increase of Lucid's production capacity; Lucid's ability to manage expenses and control costs; risks related to future market adoption of Lucid's offerings; the quality, reliability, and performance of Lucid's vehicles and services; the effects of competition and the pace and depth of electric vehicle adoption generally on Lucid's business; changes in regulatory requirements, policies, and governmental incentives; changes in fuel and energy prices; Lucid's ability to rapidly innovate; Lucid's ability to enter into or maintain partnerships with original equipment manufacturers, vendors and technology providers, including its ability to realize the anticipated benefits of its partnerships with Aston Martin, Uber, Nuro and NVIDIA; Lucid's ability to effectively recruit, integrate, motivate, and retain key employees, including recent changes to our executive team; risks related to potential vehicle recalls; Lucid's ability to establish and expand its brand, and capture additional market share, and the risks associated with negative press or reputational harm; the risk that Lucid's cash flow improvement plan does not achieve the anticipated effect, or results in unexpected quality issues or delays; risks related to Lucid's outstanding redeemable convertible preferred stock and convertible senior notes; availability, reduction or elimination of, and Lucid's ability to obtain and effectively utilize, zero emission vehicle credits, tax incentives, and other governmental and regulatory programs and incentives; Lucid's ability to conduct equity, equity-linked or debt financing in the future; Lucid's ability to pay interest and principal on its indebtedness; future changes to vehicle specifications which may impact performance, features, pricing and other expectations; the outcome of any potential litigation, government and regulatory proceedings, investigations and inquiries; and those factors discussed under the cautionary language and the Risk Factors in Lucid's Annual Report on Form 10-K for the year ended December 31, 2025, subsequent Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and other documents Lucid has filed or will file with the Securities and Exchange Commission. If any of these risks or uncertainties materialize, or Lucid's assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that Lucid currently does not know or that Lucid currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect Lucid's expectations, plans or forecasts of future events and views as of the date of this communication. Lucid anticipates that subsequent events and developments will cause Lucid's assessments to change. However, while Lucid may elect to update these forward-looking statements at some point in the future, Lucid specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing Lucid's assessments as of any date subsequent to the date of this communication. Accordingly, undue reliance should not be placed upon the forward-looking statements.

Non-GAAP Financial Measures and Key Business Metrics

Condensed consolidated financial information has been presented in accordance with US GAAP ("GAAP") as well as on a non-GAAP basis to supplement Lucid's condensed consolidated financial results. Lucid's non-GAAP financial measures include Adjusted EBITDA, adjusted net loss attributable to common stockholders (diluted), adjusted net loss per share attributable to common stockholders (diluted), and free cash flow, which are discussed below.

Adjusted EBITDA is defined as net loss attributable to common stockholders (basic) before (1) interest expense, (2) interest income, (3) provision for (benefit from) income taxes, (4) depreciation and amortization, (5) stock-based compensation, (6) workforce reduction charges, (7) change in fair value of common stock warrant liability, (8) change in fair value of equity securities of a related party, (9) change in fair value of derivative liabilities and subscription agreements associated with redeemable convertible preferred stock (related party), (10) accretion of redeemable convertible preferred stock (related party), and (11) gain on extinguishment of debt. Lucid believes that Adjusted EBITDA provides useful information to Lucid's management and investors about Lucid's financial performance.

Adjusted net loss attributable to common stockholders (diluted) is defined as net loss attributable to common stockholders (diluted) excluding (1) stock-based compensation, (2) workforce reduction charges, (3) change in fair value of common stock warrant liability, (4) change in fair value of equity securities of a related party, (5) change in fair value of derivative liabilities and subscription agreements associated with redeemable convertible preferred stock (related party), and (6) accretion of redeemable convertible preferred stock (related party).

Lucid defines and calculates adjusted net loss per share attributable to common stockholders (diluted) as adjusted net loss attributable to common stockholders (diluted) divided by weighted-average shares outstanding attributable to common stockholders (diluted).

Lucid believes that adjusted net loss attributable to common stockholders (diluted) and adjusted net loss per share attributable to common stockholders (diluted) financial measures provide investors with useful information to evaluate the performance of its business excluding items not reflecting ongoing operating activities.

Free cash flow is defined as net cash used in operating activities less capital expenditures. Lucid believes that free cash flow provides useful information to Lucid's management and investors about the amount of cash generated by the business after necessary capital expenditures.

These non-GAAP financial measures facilitate management's internal comparisons to Lucid's historical performance. Management believes that it is useful to supplement its GAAP financial statements with this non-GAAP information because management uses such information internally for its operating, budgeting, and financial planning purposes. Management also believes that presentation of the non-GAAP financial measures provides useful information to Lucid's investors regarding measures of its financial condition and results of operations that Lucid uses to run the business and therefore allows investors to better understand Lucid's performance. However, these non-GAAP financial and key performance measures have limitations as analytical tools and you should not consider them in isolation or as substitutes for analysis of Lucid's results as reported under GAAP.

Non-GAAP information is not prepared under a comprehensive set of accounting rules and therefore, should only be read in conjunction with financial information reported under GAAP when understanding Lucid's operating performance. In addition, other companies, including companies in Lucid's industry, may calculate non-GAAP financial measures and key performance measures differently or may use other measures to evaluate their performance, all of which could reduce the usefulness of Lucid's non-GAAP financial measures and key performance measures as tools for comparison. A reconciliation between GAAP and non-GAAP financial information is presented below.

LUCID GROUP, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

(in thousands, except share and per share data)

June 30,
2026

December 31,
2025

ASSETS

Current assets:

Cash and cash equivalents

$       732,601

$       997,827

Short-term investments (including nil and $50,000 associated with a related party as of June 30, 2026 and December 31, 2025, respectively)

28,712

631,093

Accounts receivable, net (including $186,581 and $120,540 from a related party as of June 30, 2026 and December 31, 2025, respectively)

223,050

177,162

Inventory

1,378,653

1,109,529

Prepaid expenses

72,458

59,606

Other current assets

341,067

324,434

Total current assets

2,776,541

3,299,651

Property, plant and equipment, net

4,222,841

3,978,132

Right-of-use assets

249,019

241,974

Long-term investments (including $14,191 and $24,259 associated with a related party as of June 30, 2026 and December 31, 2025, respectively)

14,191

512,241

Other noncurrent assets

436,234

354,983

TOTAL ASSETS

$     7,698,826

$     8,386,981

LIABILITIES

Current liabilities:

Accounts payable

$       366,907

$       487,521

Finance lease liabilities, current portion

5,045

84,222

Current portion of debt ($503,088 and $467,963 associated with a related party as of June 30, 2026 and December 31, 2025, respectively)

707,142

671,746

Other current liabilities (including $73,134 and $81,580 associated with a related party as of June 30, 2026 and December 31, 2025, respectively)

1,359,101

1,392,641

Total current liabilities

2,438,195

2,636,130

Finance lease liabilities, net of current portion

102,685

104,559

Debt, net of current portion (including $497,426 and nil associated with a related party as of June 30, 2026 and December 31, 2025, respectively)

2,546,556

2,046,576

Other long-term liabilities (including $123,504 and $123,198 associated with related parties as of June 30, 2026 and December 31, 2025, respectively)

599,441

582,739

Derivative liabilities associated with redeemable convertible preferred stock (related party)

163,655

16,200

Total liabilities

5,850,532

5,386,204

REDEEMABLE CONVERTIBLE PREFERRED STOCK

Preferred stock 10,000,000 shares authorized as of June 30, 2026 and December 31, 2025, Series A redeemable convertible preferred stock, par value $0.0001; 100,000 shares issued and outstanding as of June 30, 2026 and December 31, 2025; liquidation preference of $1,470,165 and $1,350,441 as of June 30, 2026 and December 31, 2025, respectively (related party)

1,469,464

1,339,641

Preferred stock 10,000,000 shares authorized as of June 30, 2026 and December 31, 2025, Series B redeemable convertible preferred stock, par value $0.0001; 75,000 shares issued and outstanding as of June 30, 2026 and December 31, 2025; liquidation preference of $1,032,889 and $949,249 as of June 30, 2026 and December 31, 2025, respectively (related party)

1,032,514

943,849

Preferred stock 10,000,000 shares authorized as of June 30, 2026 and December 31, 2025, Series C redeemable convertible preferred stock, par value $0.0001; 55,000 and 0 shares issued and outstanding as of June 30, 2026 and December 31, 2025; liquidation preference of $566,859 and nil as of June 30, 2026 and December 31, 2025, respectively (related party)

404,279

—

Total redeemable convertible preferred stock

2,906,257

2,283,490

STOCKHOLDERS' EQUITY (DEFICIT)

Common stock, par value $0.0001; 1,500,000,000 shares authorized as of June 30, 2026 and December 31, 2025; 394,155,958 and 327,451,844 shares issued and 394,070,176 and 327,366,062 shares outstanding as of June 30, 2026 and December 31, 2025, respectively

39

33

Additional paid-in capital

16,636,039

16,337,023

Treasury stock, at cost, 85,782 shares at June 30, 2026 and December 31, 2025

(20,716)

(20,716)

Accumulated other comprehensive income

615

11,692

Accumulated deficit

(17,673,940)

(15,610,745)

Total stockholders' equity (deficit)

(1,057,963)

717,287

TOTAL LIABILITIES, REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY (DEFICIT)

$     7,698,826

$     8,386,981

LUCID GROUP, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

(Unaudited)

(in thousands, except share and per share data)

Three Months Ended
June 30,

Six Months Ended
June 30,

2026

2025

2026

2025

Revenue (including $96,188 and $30,247 from a related party for the three months ended June 30, 2026 and 2025, and $134,558 and $35,343 for the six months ended June 30, 2026 and 2025, respectively)

$       405,347

$       259,432

$       687,812

$       494,480

Costs and expenses

Cost of revenue

832,072

531,783

1,426,242

995,343

Research and development

321,336

273,839

657,006

525,085

Selling, general and administrative

300,432

256,857

604,608

469,032

Workforce reduction charges

33,675

—

71,609

—

Total cost and expenses

1,487,515

1,062,479

2,759,465

1,989,460

Loss from operations

(1,082,168)

(803,047)

(2,071,653)

(1,494,980)

Other income (expense), net

Change in fair value of common stock warrant liability

—

5,322

—

18,183

Change in fair value of equity securities of a related party

549

3,948

(9,672)

(9,505)

Change in fair value of derivative liabilities and subscription agreements associated with redeemable convertible preferred stock (related party)

102,790

111,475

110,165

393,175

Gain on extinguishment of debt

—

116,360

—

116,360

Interest income

9,634

44,318

22,738

96,527

Interest expense (including $23,363 and $4,912 to a related party for the three months ended June 30, 2026 and 2025, and $34,672 and $8,612 for the six months ended June 30, 2026 and 2025, respectively)

(47,817)

(23,749)

(88,890)

(35,632)

Other income (expense), net

(16,789)

3,572

(24,656)

6,537

Total other income, net

48,367

261,246

9,685

585,645

Loss before provision for (benefit from) income taxes

(1,033,801)

(541,801)

(2,061,968)

(909,335)

Provision for (benefit from) income taxes

1,050

(2,369)

1,227

(3,732)

Net loss

(1,034,851)

(539,432)

(2,063,195)

(905,603)

Accretion of redeemable convertible preferred stock (related party)

(224,425)

(199,823)

(330,387)

(564,748)

Net loss attributable to common stockholders, basic

(1,259,276)

(739,255)

(2,393,582)

(1,470,351)

Interest expense on 2026 Notes

—

309

—

4,283

Gain on extinguishment of debt

—

(116,360)

—

(116,360)

Net loss attributable to common stockholders, diluted

$    (1,259,276)

$      (855,306)

$    (2,393,582)

$    (1,582,428)

Weighted-average shares outstanding attributable to common stockholders(1)

Basic

382,098,609

305,640,483

$  355,340,787

$  304,641,184

Diluted

382,098,609

305,788,272

$  355,340,787

$  305,670,808

Net loss per share attributable to common stockholders(1)

Basic

$          (3.30)

$          (2.42)

$          (6.74)

$          (4.83)

Diluted

$          (3.30)

$          (2.80)

$          (6.74)

$          (5.18)

Other comprehensive income (loss)

Net unrealized gains (losses) on investments, net of tax

$          (152)

$           293

$        (1,537)

$         3,845

Reclassification adjustment for realized gains on investments included in net loss

—

—

(5,702)

—

Foreign currency translation adjustments

(2,746)

8,973

(3,838)

12,870

Total other comprehensive income (loss)

(2,898)

9,266

(11,077)

16,715

Comprehensive loss

(1,037,749)

(530,166)

(2,074,272)

(888,888)

Accretion of redeemable convertible preferred stock (related party)

(224,425)

(199,823)

(330,387)

(564,748)

Comprehensive loss attributable to common stockholders

$    (1,262,174)

$      (729,989)

$    (2,404,659)

$    (1,453,636)

(1) The weighted-average shares outstanding attributable to common stockholders and net loss per share attributable to common stockholders have been adjusted for the prior periods presented to reflect the one-for-ten (1:10) reverse stock split effected on August 29, 2025.

LUCID GROUP, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

(in thousands)

Three Months Ended
June 30,

Six Months Ended
June 30,

2026

2025

2026

2025

Cash flows from operating activities:

Net loss

$  (1,034,851)

$     (539,432)

$  (2,063,195)

$     (905,603)

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

Depreciation and amortization

122,222

111,088

238,634

209,047

Amortization of insurance premium

9,991

8,571

19,287

17,485

Non-cash operating lease cost

18,035

11,207

33,197

19,758

Stock-based compensation

46,609

56,319

107,639

83,834

Inventory and firm purchase commitments write-downs

299,271

179,888

527,588

327,806

Change in fair value of common stock warrant liability

—

(5,322)

—

(18,183)

Change in fair value of equity securities of a related party

(549)

(3,948)

9,672

9,505

Change in fair value of derivative liabilities and subscription agreements associated with redeemable convertible preferred stock (related party)

(102,790)

(111,475)

(110,165)

(393,175)

Net accretion of investment discounts/premiums

(149)

(5,582)

(1,090)

(19,062)

Gain on extinguishment of debt

—

(116,360)

—

(116,360)

Other non-cash items

4,945

6,582

2,140

9,300

Changes in operating assets and liabilities:

Accounts receivable (including $(91,303) and $(9,715) from a related party for the three months ended June 30, 2026 and 2025, and $(66,041) and $(5,599) for the six months ended June 30, 2026 and 2025, respectively)

(93,104)

(35,041)

(48,269)

(13,260)

Inventory

(269,157)

(379,573)

(845,554)

(586,043)

Prepaid expenses

(18,573)

(20,254)

(30,672)

(27,677)

Other assets

45,155

(55,212)

(82,290)

(55,824)

Accounts payable

(127,253)

58,890

(138,365)

58,513

Other liabilities

(122,033)

9,413

(26,447)

141,085

Net cash used in operating activities

(1,222,231)

(830,241)

(2,407,890)

(1,258,854)

Cash flows from investing activities:

Purchases of property, plant and equipment (including $(70,221) and $(25,675) from a related party for the three months ended June 30, 2026 and 2025, and $(117,355) and $(67,668) for the six months ended June 30, 2026 and 2025, respectively)

(253,827)

(182,663)

(506,994)

(343,904)

Proceeds from maturities of investments (including nil from a related party for the three months ended June 30, 2026 and 2025, and $50,000 and nil for the six months ended June 30, 2026 and 2025, respectively)

—

899,194

177,228

1,961,485

Proceeds from sale of investments

—

—

951,125

—

Purchases of investments (including nil from a related party for the three months ended June 30, 2026 and 2025, and nil and $(30,000) for the six months ended June 30, 2026 and 2025, respectively)

(28,512)

(22,528)

(28,512)

(309,557)

Net cash provided by (used in) investing activities

(282,339)

694,003

592,847

1,308,024

LUCID GROUP, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - continued

(Unaudited)

(in thousands)

Three Months Ended
June 30,

Six Months Ended
June 30,

2026

2025

2026

2025

Cash flows from financing activities:

Proceeds from issuance of common stock under 2026 Underwriting Agreement

292,500

—

292,500

—

Payments of issuance costs for the 2026 Underwriting Agreement

(579)

—

(579)

—

Proceeds from issuance of common stock under 2026 Subscription Agreement to a related party

200,000

—

200,000

—

Proceeds from issuance of Series C redeemable convertible preferred stock to a related party

550,000

—

550,000

—

Payments of issuance costs for Series C redeemable convertible preferred stock

(750)

—

(750)

—

Payments of transaction costs for the issuance of 2031 Notes

—

—

(1,165)

—

Proceeds from issuance of 2030 Notes

—

1,100,000

—

1,100,000

Payments of transaction costs for the issuance of 2030 Notes

—

(17,924)

—

(17,924)

Purchase of capped calls

—

(118,250)

—

(118,250)

Repurchase of 2026 Notes

—

(931,433)

—

(931,433)

Proceeds from borrowings from related parties

500,000

39,989

535,994

106,645

Proceeds from exercise of stock options

17

861

2,785

1,274

Proceeds from employee stock purchase plan

9,833

12,696

9,833

12,696

Tax withholding payments for net settlement of employee awards

(206)

(6,172)

(1,311)

(9,449)

Payment for finance lease liabilities

(1,249)

(822)

(2,461)

(1,376)

Payments for credit facility issuance costs to related parties

(3,750)

—

(3,750)

(507)

Net cash provided by financing activities

1,545,816

78,945

1,581,096

141,676

Net increase (decrease) in cash, cash equivalents, and restricted cash

41,246

(57,293)

(233,947)

190,846

Beginning cash, cash equivalents, and restricted cash

765,720

1,855,191

1,040,913

1,607,052

Ending cash, cash equivalents, and restricted cash

$      806,966

$    1,797,898

$      806,966

$    1,797,898

LUCID GROUP, INC.

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES

(Unaudited)

(in thousands, except share and per share data)

Adjusted EBITDA

Three Months Ended
June 30,

Six Months Ended
June 30,

2026

2025

2026

2025

Net loss attributable to common stockholders, basic (GAAP)

$    (1,259,276)

$      (739,255)

$    (2,393,582)

$    (1,470,351)

Interest expense

47,817

23,749

88,890

35,632

Interest income

(9,634)

(44,318)

(22,738)

(96,527)

Provision for (benefit from) income taxes

1,050

(2,369)

1,227

(3,732)

Depreciation and amortization

122,222

111,088

238,634

209,047

Stock-based compensation

41,948

56,319

104,337

83,834

Workforce reduction charges

33,675

—

71,609

—

Change in fair value of common stock warrant liability

—

(5,322)

—

(18,183)

Change in fair value of equity securities of a related party

(549)

(3,948)

9,672

9,505

Change in fair value of derivative liabilities and subscription agreements associated with redeemable convertible preferred stock (related party)

(102,790)

(111,475)

(110,165)

(393,175)

Accretion of redeemable convertible preferred stock (related party)

224,425

199,823

330,387

564,748

Gain on extinguishment of debt

—

(116,360)

—

(116,360)

Adjusted EBITDA (non-GAAP)

$      (901,112)

$      (632,068)

$    (1,681,729)

$    (1,195,562)

Adjusted Net Loss Attributable to Common Stockholders

Three Months Ended
June 30,

Six Months Ended
June 30,

2026

2025

2026

2025

Net loss attributable to common stockholders, diluted (GAAP)

$    (1,259,276)

$      (855,306)

$    (2,393,582)

$    (1,582,428)

Stock-based compensation

41,948

56,319

104,337

83,834

Workforce reduction charges

33,675

—

71,609

—

Change in fair value of common stock warrant liability

—

(5,322)

—

(18,183)

Change in fair value of equity securities of a related party

(549)

(3,948)

9,672

9,505

Change in fair value of derivative liabilities and subscription agreements associated with redeemable convertible preferred stock (related party)

(102,790)

(111,475)

(110,165)

(393,175)

Accretion of redeemable convertible preferred stock (related party)

224,425

199,823

330,387

564,748

Adjusted net loss attributable to common stockholders, diluted (non-GAAP)

$    (1,062,567)

$      (719,909)

$    (1,987,742)

$    (1,335,699)

Adjusted Net Loss Per Share Attributable to Common Stockholders(1)

Three Months Ended
June 30,

Six Months Ended
June 30,

2026

2025

2026

2025

Net loss per share attributable to common stockholders, diluted (GAAP)

$         (3.30)

$         (2.80)

$         (6.74)

$         (5.18)

Stock-based compensation

0.11

0.19

0.30

0.28

Workforce reduction charges

0.09

—

0.20

—

Change in fair value of common stock warrant liability

—

(0.02)

—

(0.06)

Change in fair value of equity securities of a related party

—

(0.01)

0.03

0.03

Change in fair value of derivative liabilities and subscription agreements associated with redeemable convertible preferred stock (related party)

(0.27)

(0.36)

(0.31)

(1.29)

Accretion of redeemable convertible preferred stock (related party)

0.59

0.65

0.93

1.85

Adjusted net loss per share attributable to common stockholders, diluted (non-GAAP)

$         (2.78)

$         (2.35)

$         (5.59)

$         (4.37)

Weighted-average shares outstanding attributable to common stockholders, diluted

382,098,609

305,788,272

355,340,787

305,670,808

(1) The weighted-average shares outstanding attributable to common stockholders, net loss per share attributable to common stockholders and adjusted net loss per share attributable to common stockholders have been adjusted for the prior periods presented to reflect the one-for-ten (1:10) reverse stock split effected on August 29, 2025.

LUCID GROUP, INC.

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES - continued

(Unaudited)

(in thousands)

Free Cash Flow

Three Months Ended
June 30,

Six Months Ended
June 30,

2026

2025

2026

2025

Net cash used in operating activities (GAAP)

$    (1,222,231)

$      (830,241)

$    (2,407,890)

$    (1,258,854)

Capital expenditures

(253,827)

(182,663)

(506,994)

(343,904)

Free cash flow (non-GAAP)

$    (1,476,058)

$    (1,012,904)

$    (2,914,884)

$    (1,602,758)

SOURCE Lucid Group