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Quantum Earnings Could Decide Whether the Sector’s Sell-Off Has Gone Too FarRigetti Computing NASDAQ: RGTI reported second-quarter 2026 revenue of approximately $5.1 million, up from $1.8 million a year earlier, as the quantum computing company recognized revenue from previously announced on-premises Novera quantum processing unit purchase orders.

Chief Executive Officer Subodh Kulkarni said the quarter underscored progress in the company’s Cepheus-class systems, prospective U.S. government funding and its expanded collaboration with Hewlett Packard Enterprise and the Pittsburgh Supercomputing Center.

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D-Wave’s AT&T Deal Shows Quantum Computing Is Moving Beyond Theory“Q2 was another important proof point in our strategy to combine technical progress with real-world access and long-term strategic partnerships,” Kulkarni said.

Financial Results and Capital Position Rigetti reported a gross margin of approximately 43% in the second quarter, compared with 31% in the prior-year period. Chief Financial Officer Jeff Bertelsen said the change reflected contract mix, pricing and the contribution from Novera QPU sales.

The Ugliest Stocks in the Market Just Got a Very Expensive Vote of ConfidenceTotal operating expenses rose to $30.3 million from $20.4 million a year earlier, driven primarily by research and development spending, including engineering personnel, fabrication, chip design, control electronics, refrigeration and infrastructure for higher-qubit-count systems.

Operating loss was $28.1 million, compared with $19.9 million in the second quarter of 2025. GAAP net loss was $52.6 million, compared with $39.7 million a year earlier. Non-GAAP net loss was approximately $16 million, or $0.05 per diluted share, compared with $13.3 million, or $0.04 per diluted share, a year earlier. Cash equivalents and available-for-sale investments totaled approximately $541.3 million at June 30, down from $569 million at March 31. The company reported no debt. Bertelsen said GAAP results continued to be affected by non-cash fair-value adjustments to derivative warrant and earn-out liabilities, which can create substantial quarterly volatility. He said Rigetti’s capital position provides runway for its technology and deployment plans, including investments in the United Kingdom.

Capital expenditures during the quarter were primarily related to Fab-1 and added dilution refrigeration capacity. The company expects elevated capital expenditures in 2026 as it invests in refrigeration and fabrication equipment.

Cepheus Roadmap and Fidelity Targets Kulkarni said Rigetti’s 108-qubit Cepheus-1-108Q platform remains accessible through Rigetti Quantum Cloud Services, Amazon Braket, Microsoft Azure Quantum and qBraid. The system is built from 12 interconnected nine-qubit chiplets.

The company reported median single-qubit gate fidelity of approximately 99.9%, median two-qubit gate fidelity of roughly 99.1% and gate speeds of around 60 nanoseconds for the 108-qubit system. Rigetti is targeting median two-qubit gate fidelity of about 99.5% later this year while maintaining its gate-speed profile.

Kulkarni said coherence time, currently in the 25- to 30-microsecond range, is the primary limitation on two-qubit gate fidelity. The company is pursuing chip-design, materials and fabrication initiatives intended to roughly double or triple coherence times over the next several years.

Those efforts include work with Fermilab involving tantalum-capped niobium superconducting contacts, as well as refinements to deposition, oxidation and etching processes around Josephson junctions. During the question-and-answer session, Kulkarni said Rigetti expects fidelity to improve at the 108-qubit level before the end of 2026, though it is being deliberate in testing upgrades before deploying them to cloud users.

The company remains focused on a roughly three-year objective of reaching approximately 1,000 qubits, 99.9% two-qubit gate fidelity and gate speeds below 40 nanoseconds. Rigetti has begun investing in refrigeration and related infrastructure intended to support 1,000-qubit systems.

Potential CHIPS Act Funding Rigetti previously announced that it signed a letter of intent with the U.S. Department of Commerce for a potential award of up to $100 million over three years. The prospective funding would support superconducting quantum computing research and development focused on scaling challenges.

The contemplated transaction would include an equity stake for the Department of Commerce consistent with the amount of funding provided. Kulkarni emphasized that the letter of intent is not a definitive agreement and remains subject to approvals, conditions and final terms, including the issuance of securities to the department.

Management said potential funding could accelerate work on multichip architectures, processor generations, control electronics, cryogenics, packaging and other scaling bottlenecks. Bertelsen said the company would weigh the technical benefits of the funding against potential dilution from any equity issuance.

Separately, Kulkarni said the company remains optimistic about progressing to Phase B of DARPA’s Quantum Benchmarking Initiative, though he said the timing is difficult to predict. Rigetti continues to work with DARPA on the improvement areas identified for advancement to the next phase.

System Deliveries and Hybrid Computing Collaboration Rigetti said it remains on track to deliver two nine-qubit Novera systems and a 108-qubit system for India’s Centre for Development of Advanced Computing, or C-DAC, during 2026. The company expects to recognize revenue from the $8.4 million C-DAC order in the fourth quarter following installation and performance acceptance testing.

Bertelsen said increased deferred revenue in the quarter was mainly tied to C-DAC prepayments.

The company also expanded its collaboration with HPE and the Pittsburgh Supercomputing Center, or PSC, to provide a nine-qubit Novera system for PSC’s TangleLab testbed. The National Science Foundation-funded project is intended to integrate Rigetti’s quantum system with an HPE-powered supercomputing environment for hybrid quantum-classical workload development.

Kulkarni said Rigetti will provide a full system, including the QPU, dilution refrigeration and control systems, while using third-party components where appropriate. He said delivery is expected in 2027, although the precise timing has not been established.

Management said customer engagement is growing across cloud, government, academic and commercial channels. Kulkarni said the company has recently won Novera-related business involving the University of Saskatchewan and a research arm of a large Japanese conglomerate, while commercial users have increasingly begun purchasing on-premises research systems.

Rigetti said it plans to update its published technology roadmap later in 2026 after gathering additional operating data from Cepheus-1-108Q and gaining clearer visibility into future system deployments.

About Rigetti Computing (NASDAQ:RGTI)Rigetti Computing is a pioneering quantum computing company that designs and manufactures superconducting quantum processors alongside a complementary software stack. Founded in 2013 by CEO Chad Rigetti, the company has developed end-to-end quantum systems—from cryogenic hardware to control electronics—to advance the performance and scalability of quantum machines.

At the core of Rigetti's offering is its Quantum Cloud Services (QCS) platform, which enables developers and enterprises to access quantum processing units (QPUs) and hybrid quantum-classical workflows via the cloud.

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Shares of e-commerce and cloud computing leader Amazon.com (AMZN -0.14%) jumped 14% in July, according to data from S&P Global Market Intelligence.

For context, the S&P 500 index was essentially flat -- it slipped about 0.1% -- and the tech-heavy Nasdaq Composite index declined 3.2%.

Through Thursday, Aug. 6, Amazon stock has gained 18% in 2026. The S&P 500 has returned 13.4% over this period.

Image source: Getty Images.

Strong Q2 results On July 31, Amazon stock jumped 15.3%, following the release of its second-quarter results the prior afternoon.

Amazon reported quarterly revenue of $200.6 billion, up 20% year over year. This result easily beat Wall Street's consensus estimate of about $196.8 billion. Net income was $62.6 billion, or $5.75 per share, up 242% from $18.2 billion, or $1.68 per share, in the year-ago period.

The quarter's net income included a non-operating pre-tax "other income" of $53.4 billion, primarily from the company's investments in Anthropic, an artificial intelligence (AI) model maker best known for its Claude family of large-language models.

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Segment revenue results:

North America sales increased 16% to $116.2 billion. International sales increased 15% to $42.2 billion. Amazon Web Services (AWS) -- Its cloud computing services business's sales increased 37% to $42.2 billion. This performance was driven by strong demand for AI capabilities. Operating income results:

North America's operating income was $9.1 billion, up 21% year over year. International's operating income was $1.7 billion, up 13%. AWS's operating income was $16.6 billion, up a whopping 63%. "AWS is booming, growing 36.7% year-over-year in Q2 -- our fastest growth in 18 quarters -- and our AI and Chips businesses each eclipsed run rates of more than $25 billion," said CEO Andy Jassy in the earnings release. Jassy also called out the company's record delivery speeds in the first half of the year: "Over 40% more items delivered same-day or overnight, with Grocery and Everyday Essentials growing meaningfully faster than the rest of the business." Lastly, Advertising had another strong quarter with 26% year-over-year growth, he added.

Looking ahead In the third quarter, Amazon expects revenue between $197.0 billion and $202.0 billion, representing year-over-year growth of 9% to 12%. Excluding the impact of Prime Day in both 2025 and 2026, the company said third-quarter growth would be nearly 400 basis points (0.4%) higher.

Operating income is expected to be between $22.5 billion and $26.5 billion, compared with $17.4 billion in the prior year's quarter. This would equate to growth of 29% to 52%.

In Q3 2025, operating income included two special charges: $2.5 billion related to a legal settlement with the Federal Trade Commission and $1.8 billion in estimated severance costs. Without these charges, operating income would have been $21.7 billion.

Cisco Systems (CSCO -0.51%) has quietly become one of the year's big artificial intelligence (AI) trades. Shares of the networking giant closed Tuesday at $121.74, up 5% on the day and about 60% higher in 2026 as of this writing. That leaves it about 7% shy of its 52-week high ($130.37) -- for a company whose revenue grew 5% last fiscal year.

The number doing most of the work is $9 billion. That's how much in AI infrastructure orders Cisco now expects to take from hyperscalers (the giant cloud companies building AI data centers) in fiscal 2026, a target it raised from $5 billion on its fiscal third-quarter earnings call in May.

So, with shares priced like a growth stock again, how much growth can $9 billion of orders actually buy?

Image source: Getty Images.

The order book is moving fast Cisco took $1.9 billion of AI infrastructure orders from hyperscalers in its fiscal third quarter (the period ended April 25), more than triple the $600 million it took a year earlier. That brought the year-to-date total to $5.3 billion, which already exceeded the company's full-year expectation of $5 billion with a quarter still to go.

Hence the new target of about $9 billion for the full fiscal year -- 4.5 times the roughly $2 billion of such orders Cisco booked in all of fiscal 2025. And fiscal 2025's total had itself doubled the company's original $1 billion target.

I think those numbers hold up to a hard look, and the order growth is broad. Cisco's Acacia optics business, which makes high-speed optical connections for data centers, had its strongest quarter to date, taking more than $1 billion of orders in the fiscal third quarter. Management said the business was on track to grow more than 200% year over year in fiscal 2026.

The quarter was strong beyond the order book as well. Revenue climbed 12% from a year earlier, hitting a record $15.8 billion, and non-GAAP (adjusted) earnings per share came in at $1.06, up 10%. Both figures topped the high end of the company's guidance.

What the math says about growth But orders are not revenue. Cisco expects to recognize only about $4 billion of AI infrastructure revenue from hyperscalers in fiscal 2026. The rest converts later. Against full-year guided revenue of $62.8 billion to $63.0 billion, that's about 6% of the total.

Zoom out, and the company guided for fiscal 2026 revenue growth of about 11% over fiscal 2025's $56.7 billion. That's a clear step up for a company that grew 5% the year before, and AI orders are a big part of the reason.

In other words, the rest of Cisco's business (campus networking, cybersecurity, collaboration, service provider gear) still sets the base rate. A $9 billion year of orders, converting over time, can lift a $63 billion company's growth from mid-single digits to low double digits. It can't make a company this size grow like a pure AI supplier.

Earnings tell a similar story. Cisco guided for full-year adjusted earnings per share between $4.27 and $4.29, up about 12% from fiscal 2025.

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Yet the stock trades at about 26 times forward earnings. And the dividend, at $1.68 per share annually, now yields about 1.4% -- roughly half what it yielded at the stock's 52-week low.

For that multiple to make sense, the AI order book has to keep compounding well past fiscal 2026, and the conversion of those orders into revenue has to stay on schedule. That could happen. The order growth says the demand is there.

Investors won't wait long to find out. Cisco's fiscal year ended in late July, so the $9 billion target is no longer a forecast with quarters left to run. It's a result waiting to be revealed, and the company reports its fiscal fourth quarter next Wednesday, Aug. 12.

So, should investors buy the stock after a run like this? I like what Cisco's order book says about demand, and an 11% growth year from this company is arguably a bigger change than it sounds. But at 26 times forward earnings for a business still guided to grow revenue about 11%, I'd want to see the $9 billion confirmed and hear the fiscal 2027 outlook before paying up. The report lands Wednesday. I can wait a few days.

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Sale of Pizza Hut, excluding Mainland China, to LongRange Capital remains on track to close this month

LOUISVILLE, Ky.--(BUSINESS WIRE)--Yum! Brands, Inc. (NYSE: YUM) (“Yum!” or the “Company”) today announced the completion of the sale of Pizza Hut in Mainland China (“Pizza Hut China”) to Yum China Holdings, Inc. (NYSE: YUMC; HKEX: 9987) (“Yum China”), for $1.2 billion.

The transaction with Yum China represents one of two previously announced definitive agreements to sell Pizza Hut for $2.7 billion in the aggregate, subject to certain purchase price adjustments relating to the sale of the Pizza Hut business outside of Mainland China.

Yum!’s transaction to sell Pizza Hut, excluding Mainland China, to LongRange Capital remains on track to close this month, subject to customary closing conditions, including receipt of required regulatory approvals.

About Yum! Brands

Yum! Brands, Inc. and its subsidiaries franchise or operate more than 58,000 restaurants in 155 countries and territories under its iconic brands — KFC, Taco Bell, Pizza Hut and Habit Burger & Grill. KFC, Taco Bell and Pizza Hut are global leaders in the chicken, Mexican-inspired food and pizza categories, respectively. Habit is a fast-casual concept known for fresh, cooked-to-order food.

Fueled by Yum!’s Recipe for Good Growth, KFC, Taco Bell and Pizza Hut led Entrepreneur's 2026 Franchise 500 rankings and its Top Global Franchises 2025 list. In 2026, Yum!’s unrivaled culture and talent led it to be named one of TIME magazine’s list of Best Companies for Future Leaders for the third consecutive year.

Forward-Looking Statements

This announcement contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 regarding the anticipated consummation of the sale of the Pizza Hut business outside Mainland China. We intend all forward-looking statements to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are based on and reflect our current expectations, estimates, assumptions and/ or projections, our perception of historical trends and current conditions, as well as other factors that we believe are appropriate and reasonable under the circumstances. Forward-looking statements are neither predictions nor guarantees of future events, circumstances or performance and are inherently subject to known and unknown risks, uncertainties and assumptions that could cause our actual results to differ materially from those indicated by those statements. There can be no assurance that our expectations, estimates, assumptions and/or projections, including with respect to the future earnings and performance or capital structure of Yum! Brands, will prove to be correct or that any of our expectations, estimates or projections will be achieved.

Numerous factors could cause our actual results and events to differ materially from those expressed or implied by forward-looking statements, including, without limitation: food safety and food- or beverage-borne illness concerns, including the impact of the July 2026 cyclospora outbreak; the impact of such outbreak on sales and pace of recovery; adverse impacts of public health conditions or other catastrophic or unforeseen events; the success and financial stability of our concepts’ franchisees; the success of our development strategy; anticipated benefits from past or potential future acquisitions, investments, other strategic transactions or initiatives, or our portfolio business model; the possibility that the sale of the Pizza Hut business will not close within the anticipated timeframe, or at all, or that we may not be able to realize the anticipated benefits of the sale of the Pizza Hut business; our significant exposure to the Chinese market; our global operations and related exposure to geopolitical instability, including the expansion or threatened expansion of restrictive trade policies and increasing anti-American sentiment; foreign currency risks and foreign exchange controls; our ability to protect the integrity or availability of IT systems or the security of confidential information and other cybersecurity risks; compliance with data privacy, data protection and emerging technology legal requirements; our ability to successfully and securely implement technology initiatives, including utilization of artificial intelligence; our increasing dependence on digital commerce and delivery platforms; the impact of social media; our ability to protect our trademarks or other intellectual property; shortages or interruptions in the availability and the delivery of food, equipment and other supplies; the loss of key personnel or failure to successfully transition senior management, labor shortages and increased labor costs, including as a result of state and local legislation related to wages and working conditions; changes in food prices and other operating costs; our corporate reputation, the value and perception of our brands and changes in consumer preferences such as wellness trends; evolving expectations and requirements with respect to social and environmental sustainability matters; adverse effects of severe weather and climate change; pending or future litigation and legal claims or proceedings; changes in, or non-compliance with, legal requirements; tax matters, including changes in tax rates or laws, impositions of new taxes, tax implications of our restructurings, or disagreements with taxing authorities; changes in consumer discretionary spending and macroeconomic conditions, including inflationary pressures and interest rate conditions; competition within the retail food industry; and risks relating to our level of indebtedness. In addition, other risks and uncertainties not presently known to us or that we currently believe to be immaterial could affect the accuracy of any such forward-looking statements. All forward-looking statements should be evaluated with the understanding of their inherent uncertainty. The forward-looking statements included in this announcement are only made as of the date of this announcement and we disclaim any obligation to publicly update any forward-looking statement to reflect subsequent events or circumstances.

You should consult our filings with the Securities and Exchange Commission (including the information set forth under the captions “Risk Factors” and “Forward-Looking Statements” in our most recently filed Annual Report on Form 10-K and Quarterly Report on Form 10-Q) for additional detail about factors that could affect our financial and other results.

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Privia Health Group NASDAQ: PRVA reported second-quarter results marked by double-digit growth in implemented providers, attributed lives and practice collections, while adjusted EBITDA rose 29% from a year earlier. Management also raised its 2026 outlook for several financial measures following what Chief Executive Officer Parth Mehrotra described as strong first-half execution.

The company said implemented providers increased 10.1% year over year to 5,644 as of June 30, while value-based attributed lives rose 19.2%. Total practice collections grew 12.4% to $970 million during the quarter. Adjusted EBITDA increased to $37.4 million, representing 28.3% of care margin and a 310-basis-point improvement from the prior-year period.

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For the first half of 2026, practice collections increased 13.4% to $1.88 billion, care margin rose 18.3%, and adjusted EBITDA climbed 32.5% to $74.1 million, according to Chief Financial Officer David Mountcastle.

Guidance Raised Following Strong First Half Mountcastle said Privia raised its 2026 outlook for attributed lives above the high end of its prior guidance range. The company also increased expectations to the high end of prior ranges for practice collections and GAAP revenue, and to the mid-to-high end of ranges for care margin, platform contribution and adjusted EBITDA.

The company did not change its outlook for implemented providers. At the midpoint of that guidance, Privia expects to add 570 providers in 2026, or growth of 10.6% over 2025, Mehrotra said.

When asked about guidance implying slower practice-collections growth in the second half, Mehrotra said the outlook reflected the company’s customary prudence rather than specific operational headwinds. He said ambulatory utilization remained favorable and noted that inpatient utilization trends reported by health systems do not directly apply to Privia’s business model.

Privia ended the quarter with more than $412 million in cash and no debt. Mountcastle said the company expects 70% to 80% of full-year adjusted EBITDA to convert to free cash flow, excluding capital deployment for business development and assuming it receives a significant portion of shared-savings cash payments for 2025 performance by year-end.

CMS Timing Could Affect Year-End Cash Flow Management said proposed changes from the Centers for Medicare & Medicaid Services to the Medicare Shared Savings Program could delay final reconciliation results for the 2025 performance year until November if finalized. While Mountcastle said the development would have minimal impact on accruals, it could create an unusual year-end cash-flow dynamic depending on when CMS distributes payments and when Privia subsequently pays providers.

Mehrotra said the company was not concerned about ultimately receiving the payments. He said CMS has historically delivered results in August or September, followed by cash settlements around October, and characterized the potential delay as approximately 30 to 45 days.

Management viewed the broader MSSP proposals favorably. Mehrotra cited potential changes involving attribution, the addition of providers who have not previously participated in an ACO, and rebasing as constructive for the program. He said Privia remains supportive of direct contracting with the government through MSSP and expects the program to continue evolving.

Network Expansion and Value-Based Care Growth In late May, Privia announced its entry into New Jersey through a partnership with Neurology Group of Bergen County, which has 25 adult and pediatric clinicians. The move marked Privia’s 25th state. Mehrotra said the practice was too small to materially affect guidance but described New Jersey as an important market with substantial healthcare spending and independent-provider opportunities.

The company now operates across 25 states and the District of Columbia, with more than 1,300 care center locations serving over 6.1 million patients. Privia said it has averaged 98% gross provider retention over the past three years.

Privia managed more than 1.64 million attributed lives across over 130 commercial and government value-based care programs. Commercial attributed lives rose 11.7% to 942,000. Attributed lives in CMS Medicare programs increased 55%, while Medicare Advantage and Medicaid attribution increased more than 12% and 18%, respectively.

Mehrotra said Privia estimates it manages $15.7 billion in total medical spending through its value-based risk arrangements. He said the company’s goal is to continue increasing attribution while generating positive contribution margin across its value-based business.

Margin Strategy Includes AI and Operating Scale Management said it expects to move EBITDA margin toward the high end of its long-term target range of 30% to 35% of care margin over the next several years. Privia expects adjusted EBITDA to equal roughly 29% of care margin in 2026, Mehrotra said, placing the company near the low end of that long-term range.

The company cited scaling operations, maturation of newer markets and deployment of artificial intelligence tools as drivers of further margin expansion. Mehrotra said Privia is evaluating AI applications across corporate functions, fee-for-service workflows, value-based care workflows and patient-care processes.

Potential uses include revenue-cycle activities, patient experience, clinical decision-making, coding compliance and identifying suspect medical conditions. Mehrotra said Privia is measuring AI investments at a detailed workflow level based on time saved, outcomes achieved and costs reduced, and is tying its technology deployment to EBITDA margin improvement rather than pursuing spending without returns.

Privia also said its acquisitions of IMS and Evolent’s Care Partners business are progressing well and have been integrated into its operating cadence. Mehrotra said the Arizona-based IMS business provides momentum in a new state, while Care Partners expands Privia’s ability to work with providers through an ACO-focused model, including in markets where the company has not yet established a full medical group.

About Privia Health Group (NASDAQ:PRVA)Privia Health Group NASDAQ: PRVA is a physician enablement company that partners with independent physicians, medical groups and health systems to transform the delivery of patient care. Through a clinically integrated network and a proprietary technology platform, the company supports providers in managing population health, delivering coordinated care and optimizing financial performance under both fee-for-service and value-based reimbursement models.

Founded in 2016 and headquartered in McLean, Virginia, Privia Health has rapidly expanded its footprint to serve multiple metropolitan markets across the United States.

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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August 07, 2026 05:00 ET  | Source: ACM Research, Inc.

FREMONT, Calif., Aug. 07, 2026 (GLOBE NEWSWIRE) -- ACM Research, Inc. (“ACM”) (NASDAQ: ACMR), a leading supplier of wafer processing solutions for semiconductor and advanced wafer-level packaging applications, today reported financial results for its second quarter ended June 30, 2026.

“We delivered a strong second quarter, with revenue and shipments both increasing 36% year over year,” said Dr. David Wang, President and Chief Executive Officer of ACM. “Revenue growth was led by the ECP and advanced packaging categories, which grew 168% and 153%, respectively, reflecting the growing contribution of our broader product portfolio. During the quarter, we shipped our 2,000th ECP chamber, an important milestone that demonstrates the increasing adoption of our ECP technology in high-volume manufacturing of logic, memory and 3D packaging. We also delivered good profitability, and ended the quarter with $1.0 billion in net cash, providing significant financial strength to support our long-term growth strategy.”

Dr. Wang continued, “Customer demand as demonstrated by increased order activity provides us with good visibility for the remainder of 2026. We see 2026 as a ‘Big Year’ for new products as we proceed with customer evaluations and product ramps across multiple platforms, including SPM Cleaning, Track, PECVD and horizontal panel-level plating for advanced packaging. At the same time, we are expanding engagement with global customers and making solid progress at our Oregon facility. We are raising our full-year 2026 revenue outlook for 25% to 30% growth. We remain confident in our ability to outgrow the market through new product cycles, market share gains and increasing contributions from global markets as we execute toward our long-term revenue target of $4 billion.”

 Three Months Ended June 30 GAAP Non-GAAP(1)  2026   2025   2026   2025  (dollars in thousands, except EPS)Revenue$292,919  $215,372  $292,919  $215,372 Gross margin 46.0%  48.5%  46.0%  48.7%Income from operations$49,743  $31,694  $56,326  $41,464 Net income attributable to ACM Research, Inc.$88,984  $29,760  $44,516  $37,316 Basic EPS$1.31  $0.47  $0.66  $0.58 Diluted EPS$1.23  $0.44  $0.61  $0.55   Six Months Ended June 30 GAAP Non-GAAP(1)  2026   2025   2026   2025  (dollars in thousands, except EPS)Revenue$524,182  $387,719  $524,182  $387,719 Gross margin 46.1%  48.2%  46.2%  48.5%Income from operations$85,920  $57,471  $98,124  $77,058 Net income attributable to ACM Research, Inc.$106,291  $50,140  $68,484  $68,395 Basic EPS$1.59  $0.79  $1.02  $1.08 Diluted EPS$1.49  $0.74  $0.96  $1.01                  (1) Reconciliations to U.S. generally accepted accounting principles (“GAAP”) financial measures from non-GAAP financial measures are presented below under “Reconciliation of GAAP to Non-GAAP Financial Measures.” Non-GAAP financial measures exclude stock-based compensation and, with respect to net income attributable to ACM Research, Inc. and basic and diluted earnings per share, also exclude unrealized gain on short-term investments and its impact to net income attributable to non-controlling interests.

Outlook

ACM has raised its revenue guidance range to $1.125 billion to $1.175 billion for fiscal year 2026, from the prior range of $1.08 billion to $1.175 billion. This expectation is based on ACM management’s current assessment of the continuing impact from international trade policy, together with various expected spending scenarios of key customers, supply chain constraints, and the timing of acceptances for first tools under evaluation in the field, among other factors.

Operating Highlights and Recent Announcements

Shipments. Total shipments in the second quarter of 2026 were $281.5 million, up 36.4% when compared to the second quarter of 2025. Total shipments include deliveries for revenue in the quarter and deliveries of first tool systems awaiting customer acceptance for potential revenue in future quarters.Shipment of the 2,000th Electroplating Chamber. ACM shipped its 2,000th electroplating chamber, following shipment milestones of 500 chambers in 2022 and 1,500 chambers in 2025. The achievement underscores the continued commercial expansion and growing market recognition of ACM's electroplating solutions.Presented Proprietary High-Temperature SPM Cleaning Technology at SPCC 2026. ACM presented its proprietary high-temperature SPM cleaning technology at the Surface Preparation and Cleaning Conference (SPCC) 2026, showcasing particle performance of fewer than 15 particles at 15nm without requiring periodic DI water chamber cleaning. The technology is designed to improve yield and lower maintenance requirements for advanced GAA logic, DRAM and HBM applications.Expansion of the Ultra C Tahoe Wet Processing Platform. ACM has expanded its Ultra C Tahoe system into a multi-process wet processing platform, by adding advanced wet etch and monitor wafer reclaim applications for logic and memory manufacturing. The expanded platform has been adopted by leading semiconductor manufacturers, and the Tahoe Recycle application is running in volume production at customer facilities. This expanded Tahoe platform demonstrates the versatility of our hybrid architecture and its scalability for advanced semiconductor manufacturing. ACM will continue to drive world-class process performance and integrating environmental benefits into product development to help make advanced semiconductor manufacturing more efficient and sustainable.Received Orders for the Ultra ECP ap-p Tool. ACM received the first production order for one 510 × 515 mm Ultra ECP ap-p tool from an existing advanced packaging customer in mainland China, with delivery scheduled for the first half of 2027. ACM also received an evaluation order for one 310 × 310 mm tool from a new leading panel-manufacturer customer based in Asia, with delivery scheduled for the fourth quarter of 2026. Second Quarter 2026 Financial Summary

Unless otherwise noted, the following figures refer to the second quarter of 2026 and comparisons are with the second quarter of 2025.

Revenue was $292.9 million, up 36.0%, primarily driven by higher sales of ECP (front-end and packaging), furnace and other technologies, and advanced packaging (excluding ECP), services & spares, partially offset by lower sales of single-wafer cleaning, Tahoe and semi-critical cleaning tools.Gross margin was 46.0% versus 48.5%. Non-GAAP gross margin, which excludes stock-based compensation, was 46.0% versus 48.7%. Gross margin was above the mid-point of ACM’s long-term business model target range of 42% to 48%. ACM expects gross margin to vary from period to period due to a variety of factors, such as product mix, currency impacts and sales volume.Operating expenses were $84.9 million, an increase of 16.6%. Operating expenses as a percentage of revenue decreased to 29.0% from 33.8%. Non-GAAP operating expenses, which exclude the effect of stock-based compensation, were $78.5 million, up 23.9%. Non-GAAP operating expenses as a percentage of revenue decreased to 26.8% from 29.4%.Operating income was $49.7 million, compared to $31.7 million. Operating margin was 17.0% compared to 14.7%. Non-GAAP operating income, which excludes the effect of stock-based compensation, was $56.3 million, compared to $41.5 million. Non-GAAP operating margin, which excludes stock-based compensation, was 19.2% compared to 19.3%.Unrealized gain on short-term investments was $69.6 million, compared to an unrealized gain of $2.7 million. Unrealized gain reflects the change in market value of the investments by ACM’s principal operating subsidiary, ACM Research (Shanghai), Inc. The value is marked-to-market quarterly and is excluded in the non-GAAP financial metrics.Income tax expense was $13.5 million, compared to $1.9 million. The change in tax expense primarily resulted from the tax effect of an increase in operating profit for the period.Net income attributable to ACM Research, Inc. was $89.0 million, compared to $29.8 million. Non-GAAP net income attributable to ACM Research, Inc., which excludes the effect of stock-based compensation and unrealized gain on short-term investments, was $44.5 million, compared to $37.3 million.Net income per diluted share attributable to ACM Research, Inc. was $1.23, compared to $0.44. Non-GAAP net income per diluted share, which excludes the effect of stock-based compensation and unrealized gain on short-term investments, was $0.61, compared to $0.55.Cash and cash equivalents, plus restricted cash and short-term time deposits were $1.36 billion at June 30, 2026, compared to $1.25 billion at March 31, 2026. Net cash, which excludes short-term and long-term borrowings, was $1.0 billion at June 30, 2026, compared to $924.2 million at March 31, 2026.
Conference Call Details

A conference call to discuss results will be held on Friday, August 7, 2026, at 8:00 a.m. Eastern Time (8:00 p.m. China Time). To join the conference call via telephone, participants must use the following link to complete an online registration process. Upon registering, each participant will receive email instructions to access the conference call, including dial-in information and a PIN number allowing access to the conference call. This pre-registration process is designed by the operator to reduce delays due to operator congestion when accessing the live call.

Online Registration: https://register-conf.media-server.com/register/BIc282607074af4b0895b2ed37fb7d0eb9

Participants who have not pre-registered may join the webcast by accessing the link at ir.acmr.com/news-events/events.

A live and archived webcast will be available on the Investors section of the ACM website at www.acmr.com.

Use of Non-GAAP Financial Measures

ACM presents non-GAAP gross margin, operating expenses, operating income, net income attributable to ACM Research, Inc. and basic and diluted earnings per share as supplemental measures to GAAP financial measures regarding ACM’s operational performance. These supplemental measures exclude the impact of stock-based compensation, which ACM does not believe is indicative of its core operating results. In addition, non-GAAP net income attributable to ACM Research, Inc. and basic and diluted earnings per share exclude the effect of stock-based compensation and unrealized gain (loss) on short-term investments, which ACM also believes are not indicative of its core operating results. A reconciliation of each non-GAAP financial measure to the most directly comparable GAAP financial measure is provided below under “Reconciliation of GAAP to non-GAAP Financial Measures.”

ACM believes these non-GAAP financial measures are useful to investors in assessing its operating performance. ACM uses these financial measures internally to evaluate its operating performance and for planning and forecasting of future periods. Financial analysts may focus on and publish both historical results and future projections based on the non-GAAP financial measures. ACM also believes it is in the best interests of investors for ACM to provide this non-GAAP information.

While ACM believes these non-GAAP financial measures provide useful supplemental information to investors, there are limitations associated with the use of these non-GAAP financial measures. These non-GAAP financial measures may not be reported by competitors, and they may not be directly comparable to similarly titled measures of other companies due to differences in calculation methodologies. The non-GAAP financial measures are not an alternative to GAAP information and are not meant to be considered in isolation or as a substitute for comparable GAAP financial measures. They should be used only as a supplement to GAAP information and should be considered only in conjunction with ACM’s consolidated financial statements prepared in accordance with GAAP.

Forward-Looking Statements

Certain statements contained in this press release are not historical facts and may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “plans,” “expects,” “believes,” “anticipates,” “designed,” and similar words are intended to identify forward-looking statements. Forward-looking statements are based on ACM management’s current expectations and beliefs, and involve a number of risks and uncertainties that are difficult to predict and that could cause actual results to differ materially from those stated or implied by the forward-looking statements. A description of certain of these risks, uncertainties and other matters can be found in filings ACM makes with the U.S. Securities and Exchange Commission, all of which are available at www.sec.gov. Because forward-looking statements involve risks and uncertainties, actual results and events may differ materially from results and events currently expected by ACM. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. ACM undertakes no obligation to publicly update these forward-looking statements to reflect events or circumstances that occur after the date hereof or to reflect any change in its expectations with regard to these forward-looking statements or the occurrence of unanticipated events.

About ACM Research, Inc.

ACM develops, manufactures and sells semiconductor process equipment spanning cleaning, electroplating, stress-free polishing, vertical furnace processes, track, PECVD, and wafer- and panel-level packaging tools, enabling advanced and semi-critical semiconductor device manufacturing. ACM is committed to delivering customized, high-performance, cost-effective process solutions that semiconductor manufacturers can use in numerous manufacturing steps to improve productivity and product yield. For more information, visit www.acmr.com.

© ACM Research, Inc. Ultra C and the ACM Research logo are trademarks of ACM Research, Inc. For convenience, these trademarks appear in this press release without ™ symbols, but that practice does not mean that ACM will not assert, to the fullest extent under applicable law, its rights to the trademarks.

For investor and media inquiries, please contact:

In the United States:The Blueshirt Group Steven C. Pelayo, CFA (360) 808-5154 [email protected]  In China:The Blueshirt Group Asia Gary Dvorchak, CFA +86 (138) 1079-1480 [email protected] ACM RESEARCH, INC.
Condensed Consolidated Balance Sheets

 June 30, 2026 December 31, 2025 (Unaudited)   (In thousands)Assets   Current assets:   Cash and cash equivalents$969,229 $757,373 Restricted cash 21,358  8,589 Short-term time deposits 365,055  366,591 Short-term investments 105,091  35,524 Accounts receivables, net 538,389  504,250 Other receivables 66,820  48,655 Inventories, net 783,119  702,631 Advances to related parties 163  2,500 Prepaid expenses and other current assets 25,554  10,567 Total current assets 2,874,778  2,436,680 Property, plant and equipment, net 384,593  314,830 Operating lease right-of-use assets, net 16,634  17,925 Intangible assets, net 2,516  2,847 Deferred tax assets 25,904  29,389 Long-term investments 89,249  66,035 Other long-term assets 5,564  4,479  Total assets$3,399,238 $2,872,185 Liabilities and Equity   Current liabilities:   Short-term borrowings$107,218 $74,041 Current portion of long-term borrowings 40,787  35,082 Related parties accounts payable 29,799  32,060 Accounts payable 220,601  215,440 Advances from customers 165,566  187,809 Deferred revenue 15,908  17,388 Income taxes payable 3,626  991 FIN-48 payable 28,908  27,719 Other payables and accrued expenses 168,944  150,396 Current portion of operating lease liability 4,907  4,786 Total current liabilities 786,264  745,712 Long-term borrowings 192,904  178,930 Long-term operating lease liability 3,503  5,069 Other long-term liabilities 11,444  11,965  Total liabilities 994,115  941,676 Commitments and contingencies    Equity:   Stockholders’ equity:   Class A Common stock 6  6 Class B Common stock 1  1 Additional paid-in capital 1,361,841  1,115,504 Retained earnings 456,719  350,428 Statutory surplus reserve 34,164  34,164 Accumulated other comprehensive loss 7,423  (35,740)Total ACM Research, Inc. stockholders’ equity 1,860,154  1,464,363 Non-controlling interests 544,969  466,146 Total equity 2,405,123  1,930,509  Total liabilities and equity$3,399,238 $2,872,185  ACM RESEARCH, INC.
Condensed Consolidated Statements of Operations and Comprehensive Income

 Three Months Ended June 30, Six Months Ended June 30,  2026   2025   2026   2025  (Unaudited) ( In thousands, except share and per share data) Revenue$292,919  $215,372  $524,182  $387,719 Cost of revenue 158,301   110,911   282,326   200,708  Gross profit 134,618   104,461   241,856   187,011 Operating expenses:       Sales and marketing 23,778   22,102   44,466   38,445 Research and development 42,254   33,817   78,803   61,320 General and administrative 18,843   16,848   32,667   29,775  Total operating expenses 84,875   72,767   155,936   129,540  Income from operations 49,743   31,694   85,920   57,471 Interest income 7,142   4,013   11,861   7,352 Interest expense (2,059)  (1,757)  (3,992)  (3,315)Realized gain on short-term investments -   54   -   54 Unrealized gain on short-term investments 69,592   2,730   68,186   1,648 Other expense, net (9,793)  (346)  (19,093)  (608)Income from equity method investments 21,097   1,773   22,846   2,725  Income before income taxes 135,722   38,161   165,728   65,327 Income tax expense (13,472)  (1,891)  (17,243)  (4,044) Net income 122,250   36,270   148,485   61,283 Less: Net income attributable to non-controlling interests 33,266   6,510   42,194   11,143  Net income attributable to ACM Research, Inc.$88,984  $29,760  $106,291  $50,140 Comprehensive income:       Net income 122,250   36,270   148,485   61,283 Foreign currency translation adjustment, net of tax of nil 30,141   3,905   57,938   5,655  Comprehensive Income 153,066   40,175   207,098   66,938 Less: Comprehensive income attributable to non-controlling interests 41,477   7,250   57,644   12,207  Comprehensive income attributable to ACM Research, Inc.$111,589  $32,925  $149,454  $54,731         Net income attributable to ACM Research, Inc. per common share:       Basic$1.31  $0.47  $1.59  $0.79 Diluted$1.23  $0.44  $1.49  $0.74         Weighted average common shares outstanding used in computing per share amounts:       Basic 67,890,917   63,968,763   66,853,350   63,620,235 Diluted 71,838,908   67,464,856   70,678,872   67,138,338  ACM RESEARCH, INC.
Total Revenue by Product Category

 Three Months Ended June 30, Six Months Ended June 30, 2026
 2025
 2026
 2025
 (Unaudited) ($ in thousand)Single wafer cleaning, Tahoe and semi-critical cleaning equipment$132,978 $154,961 $255,460 $284,530ECP (front-end and packaging), furnace and other technologies 128,546  48,016  212,785  75,646Advanced packaging (excluding ECP), services & spares 31,395  12,395  55,937  27,543Total Revenue By Product Category$292,919 $215,372 $524,182 $387,719 ACM RESEARCH, INC.
Reconciliation of GAAP to Non-GAAP Financial Measures

As described under “Use of Non-GAAP Financial Measures” above, ACM presents non-GAAP gross margin, operating expenses, operating income, net income attributable to ACM Research, Inc., and basic and diluted earnings per share as supplemental measures to GAAP financial measures, each of which excludes stock-based compensation (“SBC”) from the equivalent GAAP financial line items. In addition, non-GAAP net income attributable to ACM Research, Inc., and basic and diluted earnings per share exclude unrealized gain (loss) on short-term investments. The following tables reconcile gross margin, operating expenses, operating income, net income attributable to ACM Research, Inc., and basic and diluted earnings per share to the related non-GAAP financial measures:

 Three Months Ended June 30,  2026  2025  Actual
(GAAP)SBCOther non-
operating
adjustmentsAdjusted
(Non-
GAAP)Actual
(GAAP)SBCOther non-
operating
adjustmentsAdjusted
(Non-
GAAP) (In thousands)Revenue$292,919 $- $- $292,919 $215,372 $- $- $215,372 Cost of revenue (158,301) (177) -  (158,124) (110,911) (356) -  (110,555)Gross profit 134,618  (177) -  134,795  104,461  (356) -  104,817 Gross margin 46.0% 0.1% -  46.0% 48.5% 0.2% -  48.7%Operating expenses:        Sales and marketing (23,778) (1,330) -  (22,448) (22,102) (2,096) -  (20,006)Research and development (42,254) (1,532) -  (40,722) (33,817) (2,580) -  (31,237)General and administrative (18,843) (3,544) -  (15,299) (16,848) (4,738) -  (12,110)Total operating expenses (84,875) (6,406) -  (78,469) (72,767) (9,414) -  (63,353)Income (loss) from operations 49,743  (6,583) -  56,326  31,694  (9,770) -  41,464 Unrealized gain on short-term investments 69,592  -  69,592  -  2,730  -  2,730  - Less: Net income attributable to non-controlling interests 33,266  -  (18,541) 14,725  6,510  -  (516) 5,994 Net income (loss) attributable to ACM Research, Inc.$88,984 $(6,583)$51,051 $44,516 $29,760 $(9,770)$2,214 $37,316 Basic EPS$1.31   $0.66 $0.47   $0.58 Diluted EPS$1.23   $0.61 $0.44   $0.55   Six Months Ended June 30,  2026  2025  Actual
(GAAP)SBCOther non-
operating
adjustmentsAdjusted
(Non-
GAAP)Actual
(GAAP)SBCOther non-
operating
adjustmentsAdjusted
(Non-
GAAP) (In thousands)Revenue$524,182 $- $- $524,182 $387,719 $- $- $387,719 Cost of revenue (282,326) (525) -  (281,801) (200,708) (885) -  (199,823)Gross profit 241,856  (525) -  242,381  187,011  (885) -  187,896 Gross margin 46.1% 0.1% -  46.2% 48.2% 0.2% -  48.5%Operating expenses:        Sales and marketing (44,466) (2,822) -  (41,644) (38,445) (4,253) -  (34,192)Research and development (78,803) (3,374) -  (75,429) (61,320) (5,355) -  (55,965)General and administrative (32,667) (5,483) -  (27,184) (29,775) (9,094) -  (20,681)Total operating expenses (155,936) (11,679) -  (144,257) (129,540) (18,702) -  (110,838)Income (loss) from operations 85,920  (12,204) -  98,124  57,471  (19,587) -  77,058 Unrealized gain on short-term investments 68,186  -  68,186  -  1,648  -  1,648  - Less: Net income attributable to non-controlling interests 42,194  -  (18,175) 24,019  11,143  -  (316) 10,827 Net income (loss) attributable to ACM Research, Inc.$106,291 $(12,204)$50,011 $68,484 $50,140 $(19,587)$1,332 $68,395 Basic EPS$1.59   $1.02 $0.79   $1.08 Diluted EPS$1.49   $0.96 $0.74   $1.01 

7.8.2026 10:35, ALV, MUV2, RHM, DTG

Index DAX přidává 0,56 % na 26286,76 b.

Frankfurtská burza na konci týdne posiluje, index DAX přidává 0,56 %.

Akcie Munich Re klesají o 2,6 % poté, co zajišťovna zveřejnila výsledky hospodaření za druhé čtvrtletí. Výnosy z pojištění činily 14,94 mld. EUR (odhad 15,1 mld. EUR), zisk ze zajišťovací činnosti dosáhl 1,89 mld. EUR (meziročně +3,1 %) a zisk na akcii činil 17,50 EUR oproti očekávaným 14,13 EUR. Analytici poukázali na slabší červencové obnovování smluv. Společnost zároveň snížila svůj celoroční výhled výnosů z pojištění na 62 mld. EUR z původně očekávaných 64 mld. EUR (při tržním odhadu 60,98 mld. EUR). Celoroční výhled zisku potvrdila na úrovni 6,3 mld. EUR (odhad 6,46 mld. EUR).

Cenné papíry společnosti Daimler Truck oslabují o 2,7 % po oznámení slabšího objemu objednávek, než analytici očekávali, a opatrnějšího výhledu pro třetí čtvrtletí, který navazuje na předběžné zveřejnění výsledků za druhý kvartál z minulého měsíce. Tržby dosáhly 12,29 mld. EUR při odhadu 12,35 mld. EUR a čistý zisk připadající akcionářům činil 1,46 mld. EUR (odhad 612,5 mil. EUR). Společnost zároveň potvrdila celoroční výhled průmyslové divizi, kdy očekává tržby v rozmezí 43 mld. EUR až 47 mld. EUR (odhad 45,79 mld. EUR) a očistěný zisk EBIT na úrovni 3,6 mld. EUR až 4,1 mld. EUR (odhad 3,76 mld. EUR).

Akcie pojišťovací skupiny Allianz odepisují necelé 1 % po zveřejnění hospodářských výsledků za druhé čtvrtletí. Zatímco analytici ze společnosti Jefferies uvedli, že výsledky nabízejí mnoho pozitivních faktorů, Morgan Stanley poukázala na některé oblasti vyvolávající otázky, včetně pomalejšího růstu výnosů v segmentu majetkového a úrazového pojištění. Celkové výnosy za čtvrtletí činily 45,6 mld. EUR.Provozní zisk dosáhl 4,87 mld. EUR při odhadu 4,58 mld. EUR, k čemuž majetkové a úrazové pojištění přispělo provozním ziskem 2,46 mld. EUR (odhad 2,45 mld. EUR) a životní a zdravotní pojištění částkou 1,54 mld. EUR (odhad 1,44 mld. EUR). Skupina zároveň potvrdila celoroční výhled provozního zisku v pásmu 16,4 mld. EUR až 18,4 mld. EUR (odhad 18,18 mld. EUR).

Zbrojní koncern Rheinmetall (+4 %) očekává, že v prosinci obdrží od německé vlády pevnou zakázku v hodnotě 12,4 mld. EUR na dodávku obrněných vozidel Boxer s označením „Arminius“, uvedl generální ředitel společnosti Armin Papperger v rozhovoru pro Bloomberg Television.

Index DAX +0,56 % na 26286,76 b. Nejsilnější akcie Změna Nejslabší akcie Změna Scout24 SE (G24) +4,7 % Daimler Truck Holding AG (DTG) -2,7 % Rheinmetall AG (RHM) +4,0 % Munich Re (MUV2) -2,6 % SAP (SAP) +3,5 % RWE (RWE) -0,9 % Qiagen (QIA) +3,0 % Allianz (ALV) -0,9 % Brenntag (BNR) +2,4 % Volkswagen (VOW3) -0,9 % Zdroj: Bloomberg

Michal Šnobl
Fio banka, a.s.
Prohlášení

Few fortunes move in straight lines, but Mark Zuckerberg's has been especially jumpy this summer. Twice in a matter of weeks, the value of his stake in Meta Platforms (META +0.19%) shifted by more than $18 billion in a single stretch, once soaring and once sinking. Those swings are not just billionaire trivia. They are a live readout of a debate splitting Wall Street over the company's enormous bet on artificial intelligence (AI).

Today's Change

(

0.19

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1.13

Current Price

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589.90

Two swings, one argument The first move was up. A blowout earnings report sent Meta's stock to record highs near $780 and added roughly $26.8 billion to Zuckerberg's net worth in a single day, as investors cheered surging revenue and his pitch to build "personal superintelligence" for everyone.

Image source: Getty Images.

The reversal came soon after. When Meta detailed just how much it plans to spend, guiding capital expenditures toward as much as $145 billion this year, up from around $72 billion in 2025, the mood flipped. The stock suffered its worst day of the year, and Zuckerberg's fortune dropped roughly $18 billion.

What changed was not the business but the price tag. Revenue is still climbing at a healthy clip, up 28% from a year earlier last quarter. But free cash flow, the money left over after all that investing, nearly vanished as spending on chips, servers, and data centers ballooned. Some investors see visionary empire-building. Others see a company pouring almost every dollar it earns into an unproven future.

To me, the whipsaw is the message. When a stock lurches this hard on spending plans rather than on sales, it means the market has reached no consensus on whether the AI build-out will pay off. That uncertainty cuts both ways. Zuckerberg has a history of costly bets that critics mocked before they worked, from Reels to mobile, and if his AI infrastructure sharpens ad targeting and powers new products, today's outlays could look like a bargain in hindsight. But there is no guarantee, and any returns may take years to appear, if they appear at all.

For investors, the takeaway is to stop watching the daily net-worth headlines and start deciding what you actually believe. Meta is no longer simply an advertising machine. It has become one of the largest AI-infrastructure bets in the market, and owning it now means accepting sharp swings and a long time horizon. If you trust that the spending will earn its keep, the volatility is just noise. If you do not, the collapsing free cash flow is a warning worth heeding. Either way, size the position for a bumpy ride.

Eastman Kodak (NYSE:KODK) reported higher second-quarter revenue, profit and operational EBITDA, marking its fourth consecutive quarter of year-over-year gains in those measures, as growth in its Advanced Materials & Chemicals and Print businesses helped offset higher commodity costs.

For the quarter ended June 30, Kodak posted revenue of $311 million, up 18% from $263 million in the prior-year quarter. Gross profit increased 61% to $82 million, while gross margin rose to 26% from 19% a year earlier. The company reported GAAP net income of $17 million, compared with a net loss of $26 million in the second quarter of 2025.

“If I had to summarize our performance in the Q2, it would be stability and growth,” Executive Chairman and Chief Executive Officer Jim Continenza said on the company’s earnings call. He said the company’s gains in revenue, gross profit and operational EBITDA, as well as its deleveraging efforts, reflect a long-term plan that Kodak has pursued over the past seven years.

Operational EBITDA and First-Half Results Operational EBITDA, a non-GAAP measure, rose to $36 million in the second quarter from $9 million a year earlier. Chief Financial Officer and Senior Vice President David Bullwinkle said improved pricing and higher volumes more than offset higher aluminum and silver costs, as well as increased selling, general and administrative expenses.

Bullwinkle also cited a $20 million increase in earnings from operations, a $9 million reduction in interest expense and a $28 million improvement in other income and charges, net, as contributors to the company’s year-over-year improvement in GAAP net income. The other-income comparison primarily reflected the absence of asset impairment charges in the current-year quarter, compared with a $17 million charge in the prior-year period.

Those improvements were partly offset by an $11 million decline in non-cash pension income following the termination of the KRIP pension plan in the fourth quarter of 2025. Kodak expects pension income to remain below prior-year levels throughout 2026 because of the plan termination and asset reversion, Bullwinkle said.

For the first six months of 2026, Kodak reported revenue of $576 million, an increase of $66 million, or 13%, from the year-earlier period. Currency fluctuations contributed a favorable $7 million to first-half revenue. Gross profit rose 43% to $139 million, and gross margin reached 24%, compared with 19% in the first half of 2025.

First-half GAAP net income was $1 million, compared with a $33 million net loss in the prior-year period. Operational EBITDA increased to $51 million from $11 million.

Segment Growth Kodak’s Advanced Materials & Chemicals, or AM&C, segment generated second-quarter revenue of $105 million, up 40% from $75 million in the previous year’s quarter. Continenza said the company has reinvested in the business, which he described as tied closely to Kodak’s expertise in layering and coating.

Within AM&C, Kodak said it offers a range of still films directly to distributors to support market stability and customer demand. Continenza also pointed to continued demand for motion-picture film and cited films that used Kodak products, including “The Odyssey,” which he said was shot on 65mm film and exhibited in 70mm at IMAX theaters, and Steven Spielberg’s “Disclosure Day,” which he said used Kodak’s VISION3 AHU film structure.

The company also launched its first pharmaceutical web store and added saline products to its portfolio. Kodak said it continues to work toward Class II certification that would allow it to manufacture more complex and higher-margin pharmaceutical products.

In battery coating, Kodak is investing capital in equipment intended to expand its ability to coat electrodes at large scale. The company said its pilot facility is also being used to help customers scale emerging technologies.

Print, Kodak’s largest division, recorded revenue of $195 million, up 10% from $178 million a year ago. Continenza said the business continued to grow despite supply constraints, inflation and competitive conditions. He said Kodak continues to supply customers globally across the three markets where it manufactures products.

Cash, Debt and Inventory Kodak ended the quarter with $290 million of unrestricted cash, down $47 million from Dec. 31, 2025. Bullwinkle said the decline primarily reflected required term-loan repayments, partly offset by proceeds from the redemption of KRIP investment assets.

During the quarter, Kodak received $41 million in cash proceeds from hedge fund investment redemptions related to the KRIP pension reversion. Cumulative proceeds through June 30 totaled $87 million.

The company made an additional $50 million principal payment on higher-rate term loans in June, bringing year-to-date principal repayments to $100 million. Kodak said the repayments were largely funded by KRIP asset redemptions and would reduce future interest expense. Its net cash position rose to $180 million at June 30 from $128 million at the end of 2025.

Working capital was affected by a $37 million inventory increase. The bulk of that increase occurred in AM&C during the first quarter, driven by silver prices that Kodak said were more than double year-end levels and by higher silver volumes held under supply terms. The company also built inventory ahead of a planned second-quarter maintenance shutdown.

Looking ahead, Continenza said Kodak intends to focus on growth, execution and innovation. He said the company acquired an R&D division to support innovation, efficiency and quality control, while continuing to prioritize industrial manufacturing opportunities with high barriers to entry and potential returns on investment.

About Eastman Kodak (NYSE:KODK) Eastman Kodak Company (NYSE: KODK) is a global technology firm specializing in imaging, printing and advanced materials. The company offers a wide array of products and services that enable customers to create, manage and share visual content across traditional and digital platforms. Its core offerings include graphic communications solutions, enterprise inkjet systems, packaging technologies, functional printing and micro 3D printing systems.

Kodak’s graphic communications segment serves commercial printers, packaging converters and publishing houses with offset plates, digital presses, workflow software and services designed to streamline production.

Fluor Corporation (NYSE:FLR) will release its second quarter earnings report before the opening bell on Friday, Aug. 7.

Analysts expect the Irving, Texas-based company to report quarterly earnings of 70 cents per share, up from 43 cents per share in the year-ago period. The consensus estimate for Fluor’s quarterly revenue is $3.86 billion. It reported $3.98 billion last year, according to Benzinga Pro.

On Aug. 4, Fluor announced appointment of James F. (Frank) Caldwell Jr. to its board of directors.

Fluor shares fell 3.3% to close at $48.75 on Thursday.

Benzinga readers can access the latest analyst ratings on the Analyst Stock Ratings page. Readers can sort by stock ticker, company name, analyst firm, rating change or other variables.

Let’s have a look at how Benzinga’s most-accurate analysts have rated the company in the recent period.

Truist Securities analyst Jamie Cook maintained a Buy rating and raised the price target from $57 to $64 on July 2, 2026. This analyst has an accuracy rate of 75%. Citigroup analyst Andrew Kaplowitz maintained a Buy rating and cut the price target from $61 to $56 on May 11, 2026. This analyst has an accuracy rate of 81%. Baird analyst Andrew Wittmann maintained a Neutral rating and boosted the price target from $48 to $49 on May 11, 2026. This analyst has an accuracy rate of 76%. DA Davidson analyst Brent Thielman maintained a Buy rating and raised the price target from $55 to $60 on Feb. 19, 2026. This analyst has an accuracy rate of 83%. UBS analyst Steven Fisher maintained a Buy rating and cut the price target from $56 to $52 on Nov. 13, 2025. This analyst has an accuracy rate of 70%. Considering buying FLR stock? Here’s what analysts think:

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Tronox Holdings plc (TROX) Q2 2026 Earnings Call August 6, 2026 9:00 AM EDT

Company Participants

Jennifer Guenther - VP, Chief Sustainability Officer, Head of Investor Relations & External Affairs
John Romano - CEO & Director
John Srivisal - Senior VP & CFO

Conference Call Participants

David Begleiter - Deutsche Bank AG, Research Division
Joshua Spector - UBS Investment Bank, Research Division
Patrick Fischer - Goldman Sachs Group, Inc., Research Division
Jeffrey Zekauskas - JPMorgan Chase & Co, Research Division
Hassan Ahmed - Alembic Global Advisors
John Ezekiel Roberts - Mizuho Securities USA LLC, Research Division
Frank Mitsch - Fermium Research, LLC
John McNulty - BMO Capital Markets Equity Research
Edward Brucker - Barclays Bank PLC, Research Division
Peter Osterland - Truist Securities, Inc., Research Division
Aaron Rosenthal - JPMorgan Chase & Co, Research Division

Presentation

Operator

Good morning, and welcome to the Tronox Holdings Second Quarter 2026 Earnings Call. [Operator Instructions]

I would now like to turn the call over to Jennifer Guenther, Chief Sustainability Officer, Head of Investor Relations and External Affairs. Jennifer, please go ahead.

Jennifer Guenther
VP, Chief Sustainability Officer, Head of Investor Relations & External Affairs

Thank you, and welcome to our Second Quarter 2026 Conference Call and Webcast.

Turning to Slide 2. On our call today are John Romano, Chief Executive Officer; and John Srivisal, Senior Vice President, Chief Financial Officer. We will be using slides as we move through today's call. You can access the presentation on our website at investor.tronox.com.

Moving to Slide 3. A friendly reminder that comments made on this call and the information provided in our presentation and on our website include certain statements that are forward-looking and subject to various risks and uncertainties, including, but not limited to, the specific factors summarized in our SEC filings. This information represents our best judgment based on what we know today. However, actual results may vary based on

Commerzbank’s Michael Pfister notes that reduced expectations for Federal Reserve (Fed) tightening have helped EUR/USD climb, but questions how justified this move is. He stresses that Kevin Warsh’s lack of forward guidance does not preclude rate hikes, and that stronger US labour data could shift expectations back toward tighter policy. Commerzbank has cut its EUR/USD forecast by two cents across its horizon as perceived Dollar hike risks rise.

dollar risks reprice on Fed uncertainty"Since last week's Fed meeting, expectations of interest rate hikes have been priced out. Rather than tightening by roughly 44 basis points by the end of the year, the expectation is now for 'only' 33. This is likely the main reason why EUR-USD has recently climbed higher again."

"The key point is this: the absence of forward guidance does not mean that there will be no change in interest rates. It simply means that any change will not be announced in advance. This shifts the focus to the decision itself and places greater emphasis on the data."

"Today's labour market figures could provide an initial indication of the direction of future monetary policy. Our economists expect 100,000 new jobs to be created, which is a stronger increase than the current Bloomberg consensus forecast of +80,000. However, the USD’s reaction will depend not only on the headline figure, but also on the extent of revisions to previous months' figures and the unemployment rate."

"If today's figures are more positive than expected, this would strongly suggest possible interest rate hikes. While we still do not believe that the Fed ultimately intends to take this step, the market is unlikely to be deterred from continuing to bet on a rate hike. This is one of the main reasons why we have revised our EUR/USD forecast downwards by two cents over our whole forecast horizon this week."

"This is because, even though we have not adjusted our Fed forecast, the risk of an interest rate hike has clearly increased in recent weeks."

(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor. Know more.)

Knife River (NYSE:KNF) reported second-quarter revenue growth of 13% year over year as it converted a record backlog into higher sales, while adjusted EBITDA was flat on a reported basis amid higher diesel costs, weather-related project delays and lower-margin contracting work.

President and Chief Executive Officer Brian Gray said adjusted EBITDA increased 7% from the prior-year period when excluding gains on asset sales in both quarters. He characterized the company’s underlying operating performance as solid, citing double-digit volume growth in materials, higher gross profit across aggregates, ready-mix and asphalt, and an 8% increase in aggregate pricing on a product-mix-adjusted basis.

“The fundamentals of our business are strong,” Gray said, pointing to price optimization, cost controls and operational improvement efforts.

Fuel, Weather and Project Timing Weighed on Results Gray said higher diesel prices raised costs by approximately $10 million year over year during the quarter. Knife River recovered $4 million through fuel surcharges in the second quarter and expects to recoup an additional $4 million through escalators in Department of Transportation contracts during the third quarter, reflecting a one- to two-month lag in public-agency reimbursements.

The company estimated that project timing shifts and adverse weather reduced quarterly adjusted EBITDA by about $10 million. In Texas, excessive rain and schedule changes delayed asphalt production and paving on two major highway projects. In Hawaii, a modified construction schedule delayed the P-209 project, affecting concrete and cement volumes. Alaska’s unusually cold winter extended road restrictions until June 15, delaying the construction season by more than a month.

Gray said the affected projects were not canceled, but some of the expected work has shifted to later periods. In particular, most of the volume missed on the Texas highway projects is expected to move into 2027 because crews already have full schedules for the rest of the current year.

Contracting-services results also reflected a change in the type and timing of work. The company performed more asphalt paving during the quarter, which Gray described as lower-risk and generally lower-margin work than the larger general-contracting roadway expansion jobs performed a year earlier. He said performance and quality bonuses on paving jobs are typically received later in projects, and Knife River expects to recognize some of those gains during the second half.

The company estimated that these market dynamics, including the timing of project incentives, reduced second-quarter adjusted EBITDA by approximately $8 million.

Materials Volumes Rise Across Product Lines Chief Financial Officer Nathan Ring said aggregate volumes increased 14%, supported primarily by internal demand from the company’s downstream operations. About 75% of aggregate volume growth came from legacy operations and 25% from acquisitions, Gray said. Knife River now expects full-year aggregate volumes to rise by a high-single-digit percentage.

Reported aggregate pricing rose 3%, but Ring said the figure was affected by sales of 630,000 tons of lower-priced natural fines. Adjusting for product mix, aggregate pricing increased 8%. The company continues to expect aggregate pricing to rise by a mid-single-digit percentage on a reported basis for the full year.

Aggregate gross profit increased 12%, though gross margin declined slightly because of increased delivery volumes and higher fuel costs. Aggregate deliveries rose 41% year over year, and delivery revenue and fuel surcharges generally carry lower margins than materials sold at company plants.

Ready-mix volumes increased 15%, aided by the Texcrete acquisition, while gross profit rose 21% and gross margin improved 80 basis points. Asphalt volumes rose 24%, including a 44% increase in internal asphalt volumes tied to more paving activity. Gross profit also increased 24%, while gross margin improved 50 basis points. Contracting-services revenue increased 20%, although margins declined due to project mix, incentive timing and lower-margin legacy jobs acquired in the Mountain segment. Ring said the acquired legacy projects are being completed and replaced with new work, with most of the remaining impact expected to occur in the third quarter. He said Knife River expects second-half contracting-services margins to be in line with those reported in the second half of the prior year.

Backlog, Guidance and Capital Allocation Knife River expanded backlog by about $50 million sequentially to $1.2 billion at the end of the second quarter. Ring said the company expects approximately 55% of its full-year adjusted EBITDA to be generated in the third quarter, assuming normal weather and stable operating conditions.

The company raised its 2026 revenue outlook to a range of $3.4 billion to $3.6 billion and reaffirmed adjusted EBITDA guidance of $520 million to $560 million. Ring said the company is guiding toward the midpoint of that EBITDA range following the second-quarter headwinds.

During the quarter, Knife River invested $48 million in maintenance and operational improvements and $35 million in growth initiatives, including acquisitions and organic expansion. It also amended its Term Loan B agreement, increasing borrowings by $400 million while lowering its interest rate. Net leverage was 3.2 times at the end of June, compared with 3.1 times a year earlier.

Acquisitions and Organic Growth Projects Gray said acquisitions remain a central component of Knife River’s growth strategy. Since its 2023 spin-off, the company has integrated 16 acquisitions. He highlighted Strata, which expanded Knife River’s Central segment and added aggregate reserves and rail distribution sites. Supported by a record North Dakota DOT budget and full integration efforts, Knife River expects Strata to post a record year and exceed its original EBITDA projections by more than 15%.

The company has invested about $140 million in organic initiatives over the past 18 months, primarily in aggregate reserve expansions and greenfield projects. One major project is an approximately $85 million rail-served quarry near Sioux Falls, South Dakota, with roughly 70 million tons of quartzite reserves and access to two Class I railroads. The first phase is expected to become operational in the first half of next year.

Gray also said Knife River’s Spokane, Washington, prestress facility secured a substantial contract during the second quarter to supply components for a semiconductor facility in Idaho. He said the company sees growing opportunities tied to data centers, advanced manufacturing, energy infrastructure and future bridge replacement work.

Gray closed by noting that the company recorded the safest second quarter in its history and said management remains focused on execution during the remainder of the construction season.

About Knife River (NYSE:KNF) Knife River Corporation, headquartered in Bismarck, North Dakota, is a leading integrated construction materials and contracting company in the western United States. The company specializes in producing and supplying aggregates, asphalt mix, ready-mixed concrete and other heavy construction materials used in highway, commercial and residential projects.

In addition to material production, Knife River offers a comprehensive suite of contracting services, including heavy civil construction, road building, underground and open-pit mining and logistics support.

Posted by Defense World Staff on Aug 7th, 2026

Jackson Financial (NYSE:JXN) reported record adjusted operating earnings in the second quarter of 2026, supported by higher fee income, growth in spread-based products and strong equity-market performance. The company also said it remains on track to meet its full-year free capital generation and shareholder-return targets.

Adjusted operating earnings were $7.30 per diluted share for the quarter, a company record. Pre-tax adjusted operating earnings totaled $618 million, or $648 million excluding notable items. On that basis, earnings increased 50% from a year earlier, Chief Financial Officer Don Cummings said, citing expanding spread-based assets, growth in fee-based assets under management and higher net investment income.

Excluding $0.36 per share in notable items and normalizing for the difference between the company’s actual tax rate and its 15% tax guidance, adjusted operating earnings were $7.68 per diluted share, up 55% year over year. The notable item reflected limited partnership results that fell below Jackson’s long-term 10% return assumption.

Retail annuity sales accelerate Retail annuity sales approached $6 billion in the second quarter, up 34% from a year earlier and higher than the first quarter. President and CEO Laura Prieskorn said sales increased across all product categories.

Registered index-linked annuity, or RILA, sales exceeded $2.3 billion, rising 69% from the prior-year period and marking a quarterly record. RILA assets under management surpassed $26 billion. Jackson launched Market Link Pro 4 and Market Link Pro Advisory 4 in June, products that include an index option linked to the Dow Jones Industrial Average.

Spread-based products represented 54% of total sales during the quarter, Cummings said. Fixed and fixed-index annuity sales totaled $812 million, up 73% from a year earlier, aided by the company’s Jackson Income Assurance product. For the first half, fixed-index annuity sales reached $1.3 billion.

Non-variable annuity net inflows were $2.9 billion, an increase of 65% from the prior-year quarter and 16% sequentially. Total retail annuity net outflows declined for a second consecutive quarter and improved 20% in the first half compared with the same period in 2025, Prieskorn said.

Variable annuity surrenders were influenced by equity-market gains, with separate-account returns of 12.9% during the quarter contributing more than $27 billion of investment gains in variable annuity assets under management. Those gains exceeded variable annuity net outflows by more than $22 billion, according to Cummings.

Combined retail annuity and institutional account value exceeded $295 billion at quarter end, up 10% sequentially. Nearly 40% of Jackson’s in-force book consisted of spread-based and investment-only variable annuity products, reflecting the company’s diversification efforts.

Capital generation, liquidity and investment strategy Jackson generated $575 million in free cash flow during the first half, up 14% from a year earlier, and returned $547 million to common shareholders through dividends and share repurchases. Second-quarter capital returns totaled $290 million.

After-tax statutory capital generation was $656 million in the second quarter, while free capital generation was $304 million. Cummings said free capital generation reflected higher required capital associated with new business production, equity-market effects and sales patterns under the risk-based capital framework.

The company maintained its full-year targets of at least $1.2 billion in free capital generation and $900 million to $1.1 billion in capital returns to common shareholders. Total adjusted capital ended the quarter at $5.8 billion, with an estimated risk-based capital ratio of 538%, above the company’s 425% risk-appetite level.

Holding-company cash and investments totaled nearly $1.4 billion at quarter end. Jackson issued $750 million of senior debt during the quarter, pre-funding $650 million of debt maturities due in 2027 and adding $100 million of holding-company liquidity. The company expanded its revolving credit facility to $1.25 billion from $1 billion and extended its maturity to 2031 from 2028. Total available liquidity at Jackson Financial Inc. was about $4 billion, including cash, highly liquid securities and the undrawn credit facility. Cummings said new money was invested at rates above the existing portfolio yield, with new-money yield about 100 basis points above the overall portfolio yield during the quarter. PPM America, Jackson’s investment management subsidiary, surpassed $100 billion in assets under management. The company said its partnership with TPG is expanding investment sourcing capabilities, including in direct lending and asset-backed finance.

Hedging and leadership transition Jackson reported an overall net hedge gain of $2 million after isolating implied-volatility effects on market risk benefits. Gains in RILA and fixed-index annuity businesses were largely offset by losses in variable annuities. Brian Walta, head of planning and asset liability management, said the company manages the RILA and variable annuity liabilities independently and seeks economic and statutory outcomes rather than GAAP accounting results alone.

Prieskorn also confirmed that she will retire at the end of 2026 after nearly 40 years with Jackson. Cummings will become president and CEO on Oct. 1, while Walta will succeed him as chief financial officer.

“This transition reflects the strength of Jackson’s organization and the thoughtful succession planning process in place to ensure continuity, stability, and long-term success,” Prieskorn said.

About Jackson Financial (NYSE:JXN) Jackson Financial Inc is a U.S.-based financial services holding company headquartered in Lansing, Michigan. The company operates primarily through its principal subsidiary, Jackson National Life Insurance Company, and specializes in designing and distributing retirement products. Jackson Financial has been publicly traded on the New York Stock Exchange under the ticker JXN since its initial public offering in May 2022.

The company’s core offerings include a broad range of fixed, variable and indexed annuity products aimed at helping individuals preserve and grow retirement assets.

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3 Biotech Stocks That Could Benefit from the Patent CliffIntellia Therapeutics NASDAQ: NTLA said it advanced its lead gene-editing programs during the second quarter, highlighting positive Phase III results for lonvo-z in hereditary angioedema and the resumption of enrollment in Phase III studies of nex-z for transthyretin amyloidosis.

Chief Executive Officer John Leonard said the company is preparing a rolling biologics license application, or BLA, for lonvo-z, a one-time therapy intended to treat hereditary angioedema, or HAE. Intellia expects to be positioned to announce FDA acceptance of the filing by the end of 2026 and is preparing for a potential U.S. approval and launch in the first half of 2027.

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Lonvo-z Phase III results and launch preparations Goldman Spotlights These 3 Stocks in Its Bullish S&P 500 OutlookLeonard pointed to results from the Phase III HALO trial, which were presented at the European Academy of Allergy and Clinical Immunology meeting and published in The New England Journal of Medicine. During the six-month primary observation period, lonvo-z reduced mean monthly HAE attacks by 87% compared with placebo, according to the company.

Sixty-two percent of patients receiving lonvo-z were attack-free and therapy-free during the observation period. Patients in the lonvo-z arm recorded a 23-point improvement from baseline in the total angioedema quality-of-life score. Leonard said a six-point change is considered clinically meaningful. All patients in the lonvo-z arm experienced attack-rate reductions from baseline during weeks five through 28, according to patient-level data cited by the company. The most common treatment-emergent adverse events were infusion-related reactions, headache and fatigue. All reported events were Grade 1 or Grade 2, and no serious adverse events had been observed in the lonvo-z arm as of the data cutoff. Leonard said patients in both the original treatment arm and crossover group remained free of long-term prophylaxis therapy at the data cutoff. He also said the company believes some patients may continue to improve over time based on preclinical work and observations from its Phase I/II study.

Analysts Think These Stocks Could More Than Double in ValueIntellia has completed hiring for field medical, reimbursement and strategic accounts teams as it builds its commercial infrastructure. The company said those teams are engaging treatment centers on readiness, while separate work continues on payer outreach, distribution planning and access strategy.

During the quarter, Intellia launched the HAEreframed.com disease-awareness initiative. Leonard said the effort is intended to broaden understanding of the burdens associated with HAE, including the recurring requirements of chronic therapy and prior authorizations.

Nex-z trials resume as company adds HLA screening Intellia said it resumed enrollment and dosing in both Phase III nex-z studies during the second quarter after resolving clinical holds earlier in the year. Nex-z is being evaluated as a one-time treatment for transthyretin amyloidosis, including cardiomyopathy and polyneuropathy.

Leonard said more than 650 patients have been enrolled in the MAGNITUDE study in transthyretin amyloid cardiomyopathy, or ATTR-CM. The trial’s primary endpoint is event-based, rather than time-bound, and the company said its blinded event rate remains within its internally projected range. Intellia remains on track to complete enrollment in MAGNITUDE-2 later in 2026, though management said it was premature to provide data timing.

The company also discussed a genetic analysis involving more than 600 patient samples across nex-z clinical trials. The blinded analysis identified an HLA allele known as C0501 that was associated with a significantly higher rate of Grade 3 or greater transaminase elevations. Each of the five highest elevations after dosing occurred in patients carrying the allele, Leonard said.

About 12% of analyzed samples carried C0501, although the majority of those patients did not experience severe transaminase elevations. Intellia said the finding appears specific to nex-z and does not have implications for lonvo-z. The company has updated trial protocols, investigator brochures and informed-consent documents to incorporate HLA typing for patients in its Phase III nex-z studies.

Patients and investigators will receive HLA results during screening or before crossover, allowing them to make treatment decisions with additional information. Leonard said Intellia is discussing the findings with the FDA and does not currently expect the screening process to slow enrollment.

Management said it believes the liver-enzyme findings support its earlier hypothesis that the elevations may be related to an adaptive immune response. The company has implemented enhanced monitoring and intervention measures, which Leonard said could be used in a commercial setting if needed.

Quarterly financial results Chief Financial Officer Ed Dulac said Intellia completed an equity financing in April that generated approximately $195 million in net proceeds. Cash, cash equivalents and marketable securities totaled $628.4 million as of June 30, 2026, up from $605.1 million at the end of 2025.

The company said it expects its cash balance to fund operations into at least 2028. Dulac noted that this runway estimate excludes potential revenue from lonvo-z.

Second-quarter collaboration revenue was $7.7 million, compared with $14.2 million a year earlier, primarily reflecting lower revenue from Regeneron. Research and development expense declined to $82.6 million from $97 million, driven by lower external costs for lonvo-z and nex-z and reduced stock-based compensation. General and administrative expense rose to $37.8 million from $27.2 million, reflecting commercial infrastructure buildout, legal costs and stock-based compensation. Net loss was $106.6 million for the quarter, compared with a net loss of $101.3 million in the prior-year period. Intellia said it will continue evaluating information from the CARDIO-TTRansform study of eplontersen as it considers whether any changes could further optimize the MAGNITUDE trial design.

About Intellia Therapeutics (NASDAQ:NTLA)Intellia Therapeutics, Inc NASDAQ: NTLA is a clinical‐stage biotechnology company focused on developing potentially curative genome editing therapies using the CRISPR/Cas9 platform. The company's research spans both in vivo and ex vivo applications of CRISPR/Cas9, aiming to correct or disable disease‐causing genes with a single administration. Intellia's lead in vivo program targets transthyretin amyloidosis (ATTR) by delivering CRISPR/Cas9 machinery directly to the liver, while additional preclinical efforts pursue treatments for hemophilia A, hereditary angioedema and other genetic disorders.

Beyond its in vivo pipeline, Intellia collaborates with strategic partners to extend the impact of its genome editing approach.

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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07.08.2026 8:14

Czechoslovak Group (CSG) zveřejnila za první pololetí roku 2026 výsledky, které překonaly očekávání analytiků na úrovni tržeb i provozního zisku. V samostatném druhém čtvrtletí vzrostly tržby meziročně o více než 17 % na 1,71 miliardy eur, když hlavním motorem růstu byla obranná divize Defence. Management zároveň potvrdil celoroční výhled a zdůraznil vysokou důvěru v jeho splnění díky již nasmlouvaným kontraktům.

Czechoslovak Group oznámila za první pololetí roku 2026 tržby 3,3 mld. EUR, provozní zisk EBIT 784 mil. EUR s EBIT marží 24,1 %. Celkové nevyřízené objednávky k 1. červnu činí 46 mld. EUR. Kapitálové výdaje za první pololetí 2026 narostly na 122 mil. EUR z loňských 87 mil. EUR, zároveň ale narostlo volné cash flow na 742 mil. EUR (vs 686 mil. EUR v 1H).

V samostatném druhém kvartálu dosáhla tržeb 1,71 mld. EUR (odhad Patrie 1,61 mld. EUR), meziročně o 17,2 % více, což dělá druhý po sobě jdoucí kvartál s dvojciferným růstem. Tržby táhla zejména divize Defence, kde je již 90 % ročního cíle tržeb na druhé pololetí již zahrnuto v nasmlouvaných kontraktech.

Provozní zisk EBIT ve druhém kvartálu činil 412 mil. EUR (vs 372 mil. EUR v 1Q a vs odhad Patrie 380 mil. EUR) a marže se tak udržela na 24,1 %, přičemž marže v Defence činí 28,8 % a vyvážila tak stlačenou marži v Ammo+.

CSG zároveň potvrzuje celoroční výhled – tzn. tržby 7,4- 7,6 mld. EUR, provozní EBIT marži 24 – 25 %, intenzitu capexů 8,5 % a čistou páku pod 1,3x. Rovněž cituje vysokou důvěru v jeho naplnění díky nasmlouvaným kontraktům.

Tagy: výsledky, akcie, CSG, zbrojaři
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At $312.41, Apple (NASDAQ:AAPL | AAPL Price Prediction) is a Hold. The stock dropped 6.3% in a week while the S&P 500 climbed, and the reason matters more than the move itself.

Apple remains the world’s most profitable consumer hardware and services franchise, with a $4.54 trillion market cap and 2.5 billion active devices. Fiscal Q3 delivered $109.417 billion in revenue, up 16.36% year over year, with EPS of $2.02. The stock filed at $340 and dropped nearly 8% within an hour.

The setup is unusual. Headline numbers were excellent, capex paid off, yet the market flinched at what lay underneath.

Why the Post-Earnings Drop Looks Like a Gift Bulls argue this is a rare entry point in a franchise that almost never goes on sale. Every geographic segment posted double-digit growth, iPhone revenue jumped to $54.252 billion from $44.58 billion, and Services expanded to $30.739 billion. Operating income grew 26.57%, well ahead of revenue.

Capital return remains enormous, with $62.094 billion in nine-month buybacks and a fresh $100 billion authorization. Prediction markets assign a 97% probability to an iPhone 18 launch this year and 85.5% odds on a foldable iPhone before 2027.

Why the Underlying Report Was Softer Than It Looked Bears have a cleaner story. Tariff refunds added roughly 2 percentage points to gross margin and $0.11 to EPS, a one-time boost that will not repeat. Services grew 12.1% year over year but missed the $31.2 billion consensus, a soft spot in Apple’s highest-margin business.

Supply chain leverage is shifting the wrong way. Reddit’s dominant post-earnings narrative pivoted to CXMT refusing Apple’s price-cut demand as Huawei and Xiaomi hand it rare leverage, and a global DRAM and NAND crunch is pushing input costs higher. R&D surged to $11.73 billion from $8.9 billion, with no visible payoff yet on Apple Intelligence.

At a trailing P/E of 35 and forward P/E near 32, the multiple assumes flawless execution.

Why Neither Side Has Closed the Case The fundamentals are too strong for a Sell and the setup too crowded for a Buy. iPhone demand is real, Services is decelerating but still growing, and buybacks provide a floor. The one-time tariff benefit and DRAM cost pressure will both become visible next quarter, when the real underlying margin picture emerges.

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Watch three things over the next two quarters: Services growth reacceleration, gross margin without tariff help, and whether the foldable iPhone and Siri AI rollouts land. Until then, risk and reward look balanced.

What the Numbers Actually Say Apple trades at $312.41, against an analyst consensus target of $324.01, implying modest single-digit upside. Coverage is broad, with 46 analysts tracked and a rating split of 6 Strong Buy, 22 Buy, 14 Hold, 2 Sell, and 2 Strong Sell.

Over the past week, Apple fell 6.3% while the S&P 500 rose 3.62%. Year to date, Apple is up 15.13% versus 12.71% for the index, and one-year returns are 47.08% versus 21.46%.

Why Patience Beats Conviction at This Price At $312.41, Apple is a Hold.

The bull thesis needs Services to reaccelerate and Apple Intelligence to become a demonstrable differentiator. The bear thesis needs gross margins to compress once tariff refunds fade and memory costs bite. Both catalysts land in the same window, likely the September quarter and December holiday earnings report, and neither is knowable today.

Buying here pays a premium for a franchise whose highest-margin segment just missed and whose supplier leverage is deteriorating. Selling ignores 32 times forward earnings in fresh buyback authorization, an iPhone 18 launch the crowd puts at 97% odds, and a foldable device pipeline the market largely believes in.

Invalidation signals are specific. A clean Services beat above $100 billion next quarter or gross margins holding above 46% without tariff help would tip this toward Buy. Services below 10% growth or margins slipping into the low-44% range would tip it toward Sell. Neither has happened.

Waiting is the right call because the next earnings report will resolve the exact ambiguity that made this one so hard to trust.

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Contact [email protected] for any questions or corrections.

Microsoft (NASDAQ:MSFT | MSFT Price Prediction) at $499.86 sits at a pivotal level, and the fiscal 2026 earnings report is the reason. After a violent round trip that took shares from the low $500s down to the high $380s and back, the stock is once again testing the level bulls need to defend to keep the AI monetization narrative intact.

Microsoft is the second-largest company in the world by market cap, with a business anchored on Azure, Microsoft 365, and a widening AI stack built around Copilot and its restructured OpenAI relationship. Fiscal Q4 delivered $90.007 billion in revenue, up 17.75% year over year, and non-GAAP EPS of $4.74, the fifth consecutive quarter Microsoft has beaten Wall Street estimates.

The stock rebounded 28.55% over the past month, forcing every investor to make a call at $500. Azure crossed $100 billion in full-year revenue for the first time, growing 43% in Q4. Commercial Remaining Performance Obligations reached $678 billion, up 84% year over year, giving Microsoft one of the largest contracted revenue backlogs in enterprise software history. AI services contributed more than 11 percentage points to Azure growth, evidence that capex is converting into revenue.

Why the Earnings Report Justifies Paying Up Copilot passed 30 million paid seats against a 400 million Office 365 addressable base. At a forward P/E near 25, bulls argue you are paying a modest multiple for a business compounding revenue at 17.7% with a 45.1% operating margin.

Why the Capex Bill Could Break the Story Full-year capex hit $115.948 billion, up 79.62%, and free cash flow fell 6.46% for the year and 23.19% in Q4. Cash and equivalents dropped 30.78% year over year. Bears see two active securities class actions alleging misleading Copilot disclosures, and prediction markets assign only a 48% probability that MSFT finishes the week above $500.

Why Patience Has an Argument The stock is down 4.01% over the past year while the S&P 500 rose 21.46%. That relative weakness reflects real investor unease over capex intensity and Copilot monetization timing. Waiting one quarter to see whether free cash flow re-accelerates costs little if the thesis is durable.

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The Numbers Behind the Verdict Microsoft currently trades at $499.86 with a market cap near $3.62 trillion and a trailing P/E of 27. The consensus analyst price target sits at $562.73, implying meaningful upside from here, though targets are one input rather than a promise.

Coverage runs 57 analysts deep: 14 Strong Buy, 40 Buy, 3 Hold, and zero Sell ratings. Year to date, MSFT is up 3.82%, materially lagging the S&P 500’s 12.71% gain. That underperformance is the setup bulls are pricing.

Why $500 Is the Key Level At $500, Microsoft’s bull framework rests on three catalysts. First, RPO of $678 billion converts into recognized revenue over the next several quarters, giving the top line rare visibility at this scale. Second, Copilot’s 30 million seats represent early penetration, and usage-based enterprise pricing should expand gross margins as adoption deepens.

Third, the capex cycle peaks. Free cash flow compression is the bear’s best card, but the $250 billion incremental OpenAI Azure commitment and a $37 billion AI run rate up 123% suggest monetization is running ahead of depreciation. A single quarter of free cash flow re-acceleration re-rates the multiple.

The thesis breaks if Azure growth decelerates below the mid-30s or Copilot seat growth stalls. Absent that, paying 25x forward earnings for the AI infrastructure winner with a fortress balance sheet is what the bull case looks like at $500.

Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and Microsoft didn't make the cut. Grab the names FREE today.

Contact [email protected] for any questions or corrections.

Bitcoin miner MARA swung to a net loss of $611.3 million from a year-earlier profit in the second quarter of 2026, driven primarily by a change in the value of its Bitcoin holdings, despite reporting its highest quarterly Bitcoin production in more than a year. 

The net loss, equivalent to $1.60 per diluted share, is down compared to a net income of $808.2 million, or $1.84 per diluted share, in the second quarter of 2025, according to the company’s 10-Q SEC filing. MARA mined 2,422 Bitcoin in the quarter, 3% more than the prior year period, but higher production was more than offset by a 28% decline in the average Bitcoin price. 

“Two things defined Q2 for MARA. Bitcoin prices created a challenging revenue environment [and] we used the quarter to fundamentally transform our power portfolio and capital structure,” said MARA chief financial officer Salman Khan during an earnings call on Thursday.  

The quarter highlights MARA’s exposure to Bitcoin prices even as it expands mining capacity and pursues AI and high-performance computing infrastructure. As of June 30, MARA held a total of 35,577 Bitcoin, with a total fair value of $2.1 billion, making it the fourth-largest public Bitcoin holder after Strategy, Twenty One Capital and Metaplanet. 

MARA eyes continued AI expansion In February, the company acquired a majority stake in Exaion SaS, which operates high-performance computing (HPC) data centers and secure cloud and AI infrastructure.

In the same month, MARA also announced a partnership with Starwood Capital Group and its data center development platform Starwood Digital Ventures to enable the conversion of select MARA sites to meet demand from “enterprise, hyperscale and AI customers.” 

MARA said it is targeting at least two AI/HPC lease signings by year-end. 

“Working alongside Starwood, we are progressing lease discussions across multiple sites, and we remain confident in our ability to sign at least 2 leases before year-end,” MARA CEO Fred Thiel said on Thursday. 

In July, MARA also agreed to acquire a 1,200-acre powered land site in Matagorda County, Texas, with expected access to up to 2 gigawatts of grid capacity by April 2028. The company said it intends to develop the site for AI and HPC workloads as well as Bitcoin mining. 

MARA’s expansion plans also include its pending acquisition of Long Ridge Energy & Power in Ohio, a $1.5 billion deal that MARA has said could support up to 600 megawatts of AI and critical-IT load over time.

Bitcoin mining remains foundationalIn a letter to shareholders on Thursday, Thiel said Bitcoin mining still represents the core of MARA’s business and will continue to generate cash flow that supports its other investments. 

“Ultimately, we do not view Bitcoin mining and AI infrastructure as competing businesses,” said Thiel.

“Our capital allocation philosophy remains straightforward. Every megawatt should be deployed into its highest-value application. In some markets, that will continue to be Bitcoin mining. In others, it will be AI infrastructure, sovereign cloud, or enterprise computing.”

Magazine: 10 weirdest things ever tokenized... including farts

This article is produced in accordance with Cointelegraph's Editorial Policy and is intended for informational purposes only. It does not constitute investment advice or recommendations. All investments and trades carry risk; readers are encouraged to conduct independent research.

Bitget has signed a cooperation agreement with the Gelephu Mindfulness City Authority (GMCA), marking a step toward establishing a local presence in Gelephu Mindfulness City (GMC), Bhutan. The agreement sets out a framework for Bitget to establish a legal presence in GMC, prepare an application for a Financial Services Licence under the regime administered by the Gelephu Financial Services Office, and work with the authority on operational, regulatory and ecosystem-building workstreams.

No licence has yet been granted, with the agreement committing Bitget to preparing an application under a regulatory regime that took effect last year. Bitget CEO Gracy Chen said the exchange looks forward to contributing infrastructure knowledge and talent development to the city's growing digital finance ecosystem, describing Bhutan as approaching digital assets with "a rare mix of long-term thinking, clean-energy advantage and regulatory clarity."

A City Built on BitcoinGMC is a Special Administrative Region in southern Bhutan, being developed to become an international financial and innovation hub. Its financial services and virtual asset regime is governed by the Financial Services Act 2025, with firms carrying on regulated virtual asset activities in or from GMC required to obtain a Financial Services Licence from the GFSO.

The city's digital finance ambitions are underpinned by Bhutan's national $BTC strategy. Bhutan committed up to 10,000 Bitcoin toward the long-term development of GMC, a pledge that builds on the kingdom's years-long use of Bitcoin mining powered by surplus hydropower. Bhutan was among the earliest sovereign Bitcoin miners, converting that clean energy surplus into digital assets for several years.

Jigdrel Singay, Board Director of Gelephu Mindfulness City, said the city's objective is to build a world-class digital asset ecosystem founded on robust regulation, institutional standards and long-term economic value, adding that partners such as Bitget play an important role in bringing global expertise while contributing to local capability development.

What the Deal Means for BitgetFor Bitget, the agreement opens a potential foothold inside one of the most closely watched digital asset jurisdictions being developed today. The framework commits Bitget to working with GMCA on operational, regulatory and ecosystem-building workstreams, all subject to the required regulatory approvals.

Bhutan signalled its longer-term intentions in December 2025 through the Bitcoin Development Pledge, framing digital assets as part of its national economic development strategy. Bitget's move into GMC places the exchange at the centre of that strategy as Bhutan works to attract regulated global operators to the zone.

Sources:
Investing.com: Bitget signs cooperation deal with Bhutan's Gelephu Mindfulness City
CoinDesk: Bhutan Commits Up to 10,000 Bitcoin to Back New Mindfulness-Based Economic Hub
GlobeNewswire via Manila Times: Bitget Signs Cooperation Agreement with Gelephu Mindfulness City Authority

Crypto analyst Dark Defender has publicly declared that the CLARITY Act will secure XRP’s status as a commodity in United States law, making future reversals by the Securities and Exchange Commission (SEC) impossible. He shared strong confidence that the U.S. Senate will pass the legislation soon, directly endorsing its swift approval.

Dark Defender voices confidence in SenateDark Defender articulated unwavering belief in the Senate at a time when the vote on the CLARITY Act remains unscheduled, with the August recess approaching. His conviction comes despite ongoing uncertainty about the bill’s path to a floor vote.

“Clarity Act will write XRP’s commodity status into LAW, a permanence that no future SEC chair could undo. I trust the US Senate will pass it shortly.”

Dark Defender, known for his analyses on social media, firmly asserted that the bill’s passage would make XRP’s legal status “untouchable,” shielding it from future regulatory changes by new leadership at the SEC. His comments addressed growing anticipation within the cryptocurrency community regarding the legal foundation for XRP and similar digital assets.

Status and hurdles of the CLARITY ActThe CLARITY Act requires 60 Senate votes for passage. The current tally stands at 51 confirmed supporters, including signals from 7 to 10 Democratic senators. Collecting 9 Democratic votes would be sufficient to meet the threshold.

Required VotesConfirmed SupportDemocrats Signaling Support60517-10The bill’s main obstacle is a dispute regarding whether state attorneys general should be authorized to sue the Department of Justice over ethics enforcement. Republican senators and the White House oppose this provision, while Democratic senators continue to push for it. Senators Tom Tillis and Ruben Gallego are engaged in negotiations to find a resolution.

Former Fox Business journalist Eleanor Terrett recently stated that a breakthrough could be imminent, but noted that approval from President Donald Trump will be necessary for the bill to move forward. August 7 marks the final scheduled Senate workday before the recess, and a cloture motion filed today means the earliest procedural vote would occur on Friday, unless all senators agree to an earlier date.

Senator Cynthia Lummis mentioned the possibility of keeping the Senate in session over the weekend to conduct a vote if needed.

Mini dictionary: CLARITY Act, a proposed U.S. law aimed at explicitly classifying certain digital assets such as XRP as commodities, clarifying the boundaries between the SEC and CFTC on digital asset oversight.

Dark Defender’s statement sparked a divided response from the XRP community. Some investors remain optimistic, speculating that a Senate vote could take place as soon as Friday or Saturday, and expressing hope for positive price movement in XRP if the bill passes. Supporters point to Senator Lummis’s remarks about extended Senate sessions as a reason for optimism.

Some community members have discussed the possibility of a weekend vote, suggesting Senate leaders could act quickly if a compromise is reached.

In contrast, skeptics doubt the Senate will act before the recess, citing ongoing institutional disagreements and perceived delays. Some have voiced distrust toward the Senate and questioned whether the U.S. is intentionally slowing progress to allow international competitors to move ahead in the digital asset sector.

XRP’s legal status and timelineEarlier this year, both the SEC and the Commodity Futures Trading Commission (CFTC) identified XRP as a commodity rather than a security. If the CLARITY Act passes, this status would be enshrined in federal law and protect XRP from future regulatory changes by the SEC. Senator Lummis cautioned that failure to pass the bill could postpone new crypto regulations until 2030, urging lawmakers to act swiftly.

Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

In big XRP news today, Ripple has officially released a major upgrade to the XRP Ledger (XRPL). The upgrade introduces six key amendments that focus on strengthening privacy, settlement efficiency, operational controls, and asset management.

It comes as part of Ripple’s latest roadmap, placing tokenized real-world assets (RWAs) at the center of its institutional strategy.

XRP Ledger v3.3.0 Upgrade to Boost Ripple’s Position RWA Tokenization Ripple and XRP Ledger Operations announced xrpld v3.3.0 upgrade, the reference server software that powers the decentralized XRP Ledger (XRPL) network. It marks a major milestone for the XRPL network, positioning the blockchain for greater institutional RWA tokenization use cases.

The upgrade introduces major amendments, along with bug fixes and build improvements. As CoinGape reported earlier, RippleX’s head of product Jazzi Cooper confirmed global tokenized asset transfers, trading, collateralization, and settlement support in the upgrade.

Vijay Khanna, Director of Engineering at Ripple, said “This is a big update for the XRPL!” He revealed that the XRP Ledger upgrade had been in the works for a long time and had undergone multiple rounds of testing, an attackathon, AI scans, and other requirements.

Node operators are urged to upgrade to the new version immediately to ensure service continuity. It will require at least 80% validator support over two weeks to activate the XRPL mainnet to the latest v3.3.0 release.

XRP Ledger Upgrade Details XRP Ledger Operations revealed six amendments in the 3.3.0 upgrade are available for voting. The amendments are Confidential Transfer, BatchV1_1, DynamicMPT, PermissionDelegationV1_1, Sponsor, and fixCleanup3_3_0.

These will enable encrypted multi-purpose token (MPT) balances and transfers, atomic execution of up to 8 transactions, entity-sponsored fees and reserves, delegation of specific transaction permissions to other accounts, and issuer mutable MPT properties.

The XRP Ledger upgrade also includes a bundle of bug fixes (fixCleanup3_3_0), performance and stability improvements. The upgrade will further reduce memory usage by 10-15% after XRPL upgrade 3.2.0.

J. Ayo Akinyele, head of engineering at RippleX, claimed the upgrade “if approved, would continue expanding the XRPL’s capabilities for tokenized assets and real-world financial use cases.”

XRP Ledger Foundation contributor Vet noted XRPL 3.3.0 as “big,” featuring the world’s first XRPL privacy amendment, trustless swaps, OTC trading for institutions, and monetization of the App.

Mayukha Vadari, staff software engineer at Ripple, revealed other changes in the upgrade. These include improved online delete performance, 60 fixes for bugs uncovered by the AI red team effort, and optimizations to make xrpld easier to maintain.

A lot of folks will be talking about the amendments in this release (including me later), but I want to take a moment to discuss the non-feature-amendment changes in this release:
– 15+% reduction in memory usage
– Improved online_delete performance
– 60 fixes for bugs uncovered… https://t.co/BAzNynqngj

— Mayukha Vadari (@msvadari) August 6, 2026

Will XRP Price Rebound amid Buying in Derivatives Market? XRP price has dropped more than 2% in the past 24 hours as the Senate delayed Clarity Act vote until September. Ripple’s coin price is currently trading at $1.02, with a 24-hour range of $1.02 to $1.05. Trading volume increased by another 17% in the last 24 hours.

However, CoinGlass data shows significant buying activity in the derivatives market in the last few hours. The total XRP futures open interest jumped more than 0.67% within an hour and 1.02% in 24 hours to $2.35 billion.

Notably, Binance, OKX, Bybit, Gate and other crypto exchanges saw massive buying in the past hour. XRP futures open interest climbed 0.61% on Binance and 2% on OKX.

XRP Futures Open Interest. Source: CoinGlass Meanwhile, crypto analysts remained bearish on XRP price targeting $0.90, despite Grayscale’s GDLC ETF increasing XRP weight in the fund and growing institutional interest in XRP.

Traders looking to leverage this momentum can compare features on the best crypto derivative futures trading platforms to find competitive funding rates and deep liquidity.

Ethereum’s  [ETH] derivatives markets are becoming increasingly leveraged as traders rely much more on borrowed exposure compared to using spot capital.

The Estimated Leverage Ratio (ELR) at Binance has reached a record high of 0.65, up sharply from the 0.20–0.30 range seen during the 2022 bear market. The increase reflects steadily expanding Open Interest (OI), even as Binance’s ETH reserves continue to shrink. 

Source: CryptoQuant Meanwhile, Funding Rates remain close to neutral, which means leverage is building, but there is no clear bullish or bearish bias. This leaves positions becoming crowded rather than directional. As a result, small price movements can trigger liquidation cascades that are larger than normal.

Market volatility therefore appears to increase until leverage positions unwind or spot reserves recover, and a healthier balance is restored between activity with derivatives and underlying collateral.

Institutional staking reinforces conviction While leverage continues to magnify short-term volatility, institutional investors are committing capital with much longer investment horizons. Recently, Purpose Investments staked 42,000 ETH, worth roughly $80 million, into the Beacon Deposit Contract over three hours.

Source: Arkham The allocation represents 36.6% of the firm’s 114,900 ETH holdings, reducing liquid supply while strengthening network security. Unlike leveraged derivatives, staked ETH reflects capital locked for long-term participation rather than short-term speculation.

That distinction adds important context to the current structure of the market for Ethereum. Derivative positioning remains crowded, but staking by institutions continues to grow alongside this.

This contrast shows strong long-term conviction, even as leveraged trading increases the chance of higher short-term price volatility.

Ethereum Foundation reinforces long-term conviction Meanwhile, long-term conviction also remains evident in Ethereum Foundation activity despite heightened derivatives risk. The Foundation transferred 578.38 ETH, worth about $1.08 million, to a new Gnosis Safe Proxy wallet after depositing just 2.675 ETH worth about $5,000 to Kraken.

Source: Arkham The contrast between the two transfers remains clearly notable. Most of the funds remained within self-custody rather than moving toward exchange liquidity. That pattern aligns more closely with treasury management than active distribution.

Furthermore, it also complements the recent 42,000 ETH institutional staking by Purpose Investments, reinforcing continued long-term commitment.

While leveraged positioning continues driving short-term volatility, major ecosystem participants appear focused on securing assets instead of preparing for broad market selling.

Final Summary Ethereum faces higher volatility, but institutional staking continues to reinforce long-term conviction. ETH remains supported by long-term institutional demand despite record leverage-driven market risk.

Ethereum’s supply has become increasingly concentrated as institutional investment products and corporate digital-asset treasuries amass larger holdings. According to data compiled by SoSoValue, Blockworks, and Binance Research as of July 1, 2026, investment vehicles such as exchange-traded funds (ETFs) and digital-asset treasury (DAT) companies have collectively acquired close to 11% of Ethereum’s total supply.

Corporate Ethereum holdings approach 8 million ETHCoinGecko reports that 32 companies currently control a combined total of 7,797,994 ETH, equivalent to about 6.46% of all Ethereum in circulation. This trend points to an emerging concentration, as a small group of institutions leads the accumulation of ETH for their treasuries.

BitMine Immersion Technologies has become a particularly notable holder, with approximately 5.79 million ETH in its treasury. SharpLink follows with about 869,000 ETH. The pace at which these holdings have expanded signals a shift in how firms approach long-term balance sheet management in the Ethereum ecosystem.

For existing ETH holders, these corporate strategies are significant. Treasury-focused companies generally buy and retain ETH for extended periods, in contrast to short-term traders, potentially tightening the immediately available supply on secondary markets.

Unlike short-term traders, treasury companies typically accumulate ETH to support long-term strategies and may restrict the amount of ETH circulating freely in the market.

ETFs intensify institutional ETH demandSpot Ethereum ETFs have created new channels for institutional capital. Since July 2024, U.S. spot ETH ETFs have provided investors with exposure to the asset without requiring direct management of ETH wallets. Staking-enabled ETF products, which allow holders to benefit from staking rewards, have further broadened institutional interest in the underlying asset itself.

According to SoSoValue, U.S. spot ETH ETFs had recorded $10.86 billion in total net inflows by July 1, with consistent inflows observed in early July. This shows traditional investors are engaging more actively with Ethereum, extending beyond typical crypto-native access.

ETFs and corporate treasuries currently represent two distinct pillars of institutional demand: ETFs package ETH exposure for investors and facilitate trading, while treasury firms purchase and sometimes stake ETH as long-term holdings.

Mini dictionary: Staking, a process in which holders lock up their cryptocurrency to support network operations such as block validation, in exchange for rewards.

Holder typeETH heldPercentage of supplyCorporate treasuries (32 firms)7,797,9946.46%BitMine Immersion Technologies5,790,0004.8%SharpLink869,0000.7%U.S. spot ETH ETFs (by value)$10.86 billionN/ASupply concentration and implications for ETHThe combined share of nearly 11% of supply between ETFs and treasury companies does not mean this portion is permanently unavailable to the market. ETF shares can be redeemed, and corporate treasuries may adjust their positions according to strategy or market conditions. The importance lies in assessing the likely duration and nature of these holdings.

ETH held by institutional investors can remain active within the broader ecosystem, particularly compared to coins sent to dormant wallets. Key considerations include whether these holders stake their ETH or participate in on-chain financial protocols, which can influence both liquidity and network security.

BitMine reported in July that its ETH treasury holdings had reached 5.77 million—approximately 4.8% of Ethereum’s total supply. Chairman Tom Lee described the company’s aim to control 5% of Ethereum’s circulating supply as a strategic objective.

BitMine’s substantial accumulation reflects its intention to establish a significant presence in the Ethereum ecosystem, underlining the growing influence of corporate buyers in shaping supply dynamics.

Long-term outlook: Infrastructure and Layer 2 growthEthereum’s role in new blockchain applications has also become a key driver behind institutional interest. The blockchain is being used as an underlying layer for tokenized asset platforms and other enterprise-oriented solutions, while infrastructure upgrades continue to support its technical capacity.

Binance highlighted the Fusaka upgrade released in May 2026, which expanded Ethereum’s data throughput with the PeerDAS solution. These improvements support growth across Layer 2 networks, enabling more complex applications and higher transaction volumes.

Mini dictionary: Fusaka upgrade, a major Ethereum protocol improvement that increased data bandwidth via PeerDAS, supporting enhanced scalability for decentralized applications and Layer 2 networks.

As tokenized finance and enterprise applications gain momentum, institutional accumulation of ETH increasingly ties the asset to the wider Ethereum economy, rather than just speculative trading.

Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

, /PRNewswire/ --

2Q sales of $1.0 billion, a 6% decrease vs 2Q25, including a 5% decrease from divestitures 2Q EPS of $.33, 2Q adjusted1 EPS of $.39, a $.09 increase vs adjusted1 2Q25 EPS President and CEO Karl Glassman commented, "We are pleased with how our teams managed through a challenging environment in the second quarter. Our employees remained focused on disciplined execution and cost management which, along with favorable items that we do not expect to repeat in future quarters, contributed to improved adjusted earnings.

"Bedding industry conditions remain challenged both by sluggish consumer activity and continued consolidations and bankruptcies across the value chain. We estimate that U.S. mattress market units declined by low double digits in the second quarter, similar to the declines we saw in the first quarter. In our Bedding Products segment, continued strong performance of our trade rod and wire business partially offset the decline from lower mattress demand.

"Across our other segments, demand remained soft in markets tied to housing and broader consumer spending as consumers were faced with additional uncertainty resulting from the war in the Middle East and higher gas prices. In Specialized Products, Automotive performed slightly below the market, which saw lower consumer demand across all regions. In Furniture, Flooring & Textile Products, growth in Textiles offset lower demand in the remaining businesses, which are more directly exposed to U.S. residential spending, leading to a slight improvement in trade sales.

"As we look forward, we remain focused on executing our strategic priorities while expecting ongoing macroeconomic headwinds to temper consumer demand across most of our businesses for the remainder of the year.  

"Finally, we continue to progress towards the planned merger with Somnigroup. As previously announced, the waiting period under the HSR Antitrust Improvements Act expired in June. We anticipate the transaction to close upon satisfaction of the remaining closing conditions, including Leggett & Platt shareholder approval at the special meeting planned for August 20th and the remaining required regulatory approvals. As previously stated, we believe this combination with a valued long–standing customer will create a leading global company - providing compelling strategic and financial value for our customers, employees, and the Leggett & Platt shareholders."

SECOND QUARTER RESULTS
Second quarter sales were $1.0 billion, a 6% decrease versus second quarter last year

2025 divestitures decreased sales 5% Organic sales2 were down 1% Volume was down 4%, primarily from continued weak demand across most of our end markets, retailer merchandising changes in Adjustable Bed, and the decision during the fourth quarter of 2025 to walk away from a financially challenged customer in U.S. Spring Raw material-related selling price increases added 2% to sales Currency benefit increased sales 1% Second quarter EBIT was $80 million, down from $90 million in second quarter 2025. Adjusted1 EBIT was $89 million, up from second quarter 2025 adjusted1 EBIT of $76 million.

Adjusted1 EBIT increased primarily from metal margin expansion, restructuring benefit, and other favorable items, most of which are not expected to repeat in future quarters.  EBIT margin was 8.0%, down from 8.5% in the second quarter of 2025, and adjusted1 EBIT margin was 8.9%, up from 7.1%. Second quarter EPS was $.33, a $.05 decrease versus second quarter 2025 EPS of $.38. Second quarter adjusted1 EPS was $.39, up $.09 versus second quarter 2025 adjusted1 EPS of $.30.

Second Quarter Results 1

EBIT (millions) 

EPS

Bedding

Specialized

FF&T

Other

Total

2Q26

2Q25

2Q26

2Q25

2Q26

2Q25

2Q26

2Q25

2Q26

2Q25

2Q26

2Q25

Reported results

$42

$27

$19

$39

$29

$24

$(10)

$—

$80

$90

$.33

$.38

Adjustment items:

Gain on sale of real estate

(11)

(17)

—

(2)

—

—

—

—

(11)

(19)

(.06)

(.10)

Restructuring, restructuring-related, and impairment charges

6

2

3

1

1

1

—

—

10

4

.05

.02

Somnigroup merger costs

—

—

—

—

—

—

10

—

10

—

.07

—

Total adjustments

(5)

(15)

3

(1)

1

1

10

—

9

(15)

.06

(.08)

Adjusted results

$37

$13

$22

$38

$30

$25

$—

$—

$89

$76

$.39

$.30

1 Calculations impacted by rounding 

DEBT AND CASH FLOW

Net Debt1 was 2.6x trailing 12-month adjusted EBITDA1 Total Debt at June 30 was $1.5 billion in three tranches of long-term bonds at $500 million each Operating cash flow was $46 million in the second quarter, a decrease of $38 million versus second quarter 2025, reflecting an expected larger investment in working capital and lower earnings Capital expenditures were $21 million Dividends were $7 million In May, Leggett & Platt's Board of Directors declared a second quarter dividend of $.05 per share, flat versus last year's second quarter dividend In July, Leggett & Platt's Board of Directors declared a third quarter dividend of $.05 per share, flat versus last year's third quarter dividend. The dividend will be paid on August 24, 2026. SEGMENT RESULTS – Second Quarter 2026 (versus 2Q 2025)

Bedding Products –

Trade sales decreased 1% Volume decreased 7%, primarily due to retailer merchandising changes and lower volume with a certain customer in Adjustable Bed, demand softness in U.S. and European bedding markets, and the decision during the fourth quarter of 2025 to walk away from a financially challenged customer in U.S. Spring. These declines were partially offset by higher trade rod and wire sales. Raw material-related selling price increases and currency benefit added 6% to sales EBIT increased $15 million and adjusted1 EBIT increased $24 million Adjusted1 EBIT increased primarily from metal margin expansion, favorable sales mix, temporary price-cost timing benefit in Specialty Foam, and restructuring benefit. These increases were partially offset by lower volume. We believe U.S. mattress market units were down low double digits in the second quarter Specialized Products –

Trade sales decreased 19% 2025 divestiture of Aerospace reduced sales 16% Volume decreased 4% from softer market demand Currency benefit increased sales 1% EBIT decreased $20 million and adjusted1 EBIT decreased $15 million Adjusted1 EBIT decreased primarily from earnings associated with the divested Aerospace business, currency impact, and lower volume Automotive volume was slightly below major market production in the quarter, driven by underperformance in Asia partially offset by outperformance in Europe and North America Furniture, Flooring & Textile Products –

Trade sales increased 1% Volume was flat with growth in Textiles offset by declines in Home Furniture, Work Furniture, and Flooring Raw material-related selling price increases added 1% to sales 2025 divestiture of a small facility in Work Furniture reduced sales <1% EBIT and adjusted1 EBIT increased $5 million Adjusted1 EBIT benefited from refunds of IEEPA tariffs that were paid during the eleven-month period they were in force. During that period, competitive pressures led to margin compression as cost increases, including tariffs, were not fully recovered through increased selling prices. 2026 GUIDANCE AND CONFERENCE CALL
On April 13, 2026, the Company entered into an agreement to be acquired by Somnigroup International Inc. (NYSE: SGI). The transaction is anticipated to close upon satisfaction of the remaining closing conditions, including Leggett & Platt shareholder approval at the August 20, 2026 meeting and remaining required regulatory approvals. As is customary while a transaction is pending, Leggett & Platt's 2026 guidance issued in February was withdrawn last quarter and should no longer be relied upon. Additionally, Leggett & Platt will not host a conference call. For further details on quarterly performance, please refer to Leggett & Platt's Quarterly Report on Form 10-Q for the quarter ended June 30, 2026, which is expected to be filed today with the Securities and Exchange Commission.

__________________________

1 Please refer to attached tables for Non-GAAP Reconciliations

2 Trade sales excluding acquisitions/divestitures in the last 12 months

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
FOR MORE INFORMATION: Visit Leggett's website at www.leggett.com.

COMPANY DESCRIPTION: Leggett & Platt (NYSE: LEG) is a diversified manufacturer that designs and produces a broad variety of engineered components and products that can be found in many homes and automobiles. The 143-year-old Company is a leading supplier of bedding components and solutions; automotive seat comfort and convenience systems; home and work furniture components; geo components; flooring underlayment; and hydraulic cylinders for material handling and heavy construction applications.

FORWARD-LOOKING STATEMENTS: This press release contains "forward-looking statements," identified by words such as "expect," "anticipate," "estimate," "believe," or by the context in which they appear, including, but not limited to, the anticipated closing of the Somnigroup transaction upon satisfaction of the remaining closing conditions, including Leggett & Platt shareholder approval at the August 20, 2026 meeting and required regulatory approvals, the filing date of the Company's Form 10-Q as well as the delivery of compelling strategic and financial value for customers, employees and shareholders associated with the Somnigroup Merger, and certain favorable items not expected to improve adjusted earnings in future quarters. Such statements are expressly qualified by cautionary statements described in this provision and reflect only the beliefs, expectations, and assumptions of Leggett at the time the statement is made. Because all forward-looking statements deal with the future, they are subject to risks, uncertainties and developments which might cause actual events or results to differ materially from those envisioned or reflected in any forward-looking statement. Moreover, we do not have, and do not undertake, any duty to update or revise any forward-looking statement to reflect events or circumstances after the date on which the statement was made, whether as a result of new information, future events or otherwise, except as required by law. Some of these risks include: risks associated with the Agreement and Plan of Merger, dated April 13, 2026 (as may be amended from time to time, the "Somnigroup Merger Agreement"), by and among Somnigroup International Inc. ("Somnigroup"), Sparrow Unity Corporation, a Missouri corporation and a direct, wholly owned subsidiary of Somnigroup ("Merger Sub") and Leggett, pursuant to which, subject to the terms and conditions of the Somnigroup Merger Agreement, Merger Sub will merge with and into Leggett (the "Somnigroup Merger"), with Leggett surviving the Somnigroup Merger as a direct, wholly owned subsidiary of Somnigroup, including (i) Leggett's shareholders inability to determine the value of consideration to be received in a completed Somnigroup Merger because the exchange ratio is fixed and the market price of Somnigroup common stock will fluctuate; (ii) the completion of the Somnigroup Merger is subject to certain conditions that may not be satisfied or waived, including Leggett shareholder approval and certain governmental and regulatory approvals; (iii) an event, change or other circumstance could give rise to delays in completing the Somnigroup Merger or the termination of the Somnigroup Merger Agreement; (iv) Leggett's business relationships (including with Somnigroup and its affiliates) may be subject to disruption due to uncertainty associated with the Somnigroup Merger; (v) the diversion of management time from ongoing business operations and opportunities as a result of the Somnigroup Merger; (vi) failure to complete the Somnigroup Merger could negatively impact the share price and the future business and financial results of Leggett; (vii) litigation against the Company could result in substantial costs, an injunction preventing the completion of the Somnigroup Merger and/or a judgment resulting in the payment of damages; (viii) the Company will incur significant transaction and merger-related costs in connection with the Somnigroup Merger; and (ix) the possibility that the expected benefits of the Somnigroup Merger are not realized when expected or at all. In addition, risks include: impacts of the Iranian war; increased trade costs, including tariffs; regarding the 2024 and 2026 Restructuring Plans,  our ability to timely receive anticipated EBIT benefits, and  expected net cash from real estate sales; our ability to accurately forecast sales and earnings; the adverse impact on our sales, earnings, liquidity, margins, cash flow, costs, and financial condition caused by: global inflationary and deflationary impacts; the demand for our products and our customers' products; our manufacturing facilities' ability to obtain necessary raw materials, parts, and labor, and to ship finished products; the impairment of goodwill and long-lived assets; our ability to access the commercial paper market or borrow under our credit facility; supply chain shortages and disruptions; our ability to manage working capital; our ability to collect receivables; price and product competition; cost of raw materials, labor and energy; cash generation sufficient to pay our debts or the dividend; cash repatriation from foreign accounts; our ability to pass along cost increases through increased selling prices; conflict between China and Taiwan; our ability to maintain profit margins if customers change the quantity or mix of our products; political risks; tax audits and rates; foreign operating risks; cybersecurity incidents; customer losses and insolvencies; disruption to our steel rod mill and wire mills and other operations because of severe weather-related events, natural disaster, fire, explosion, terrorism, or governmental action; ability to develop innovative products; foreign currency fluctuation; anti-dumping duties on innersprings, steel wire rod and mattresses; data privacy; sustainability obligations; litigation risks; and risk factors in the "Forward-Looking Statements" and "Risk Factors" sections in Leggett's Form 10-K and subsequent Form 10-Qs. There may be other factors that may cause Leggett's actual results to differ materially from the forward-looking statements.

INVESTOR CONTACT: Investor Relations
Ryan M. Kleiboeker, Executive Vice President
(417) 358-8131 or [email protected] 

LEGGETT & PLATT

Page 5 of 7

August 6, 2026

RESULTS OF OPERATIONS 

SECOND QUARTER

YEAR TO DATE

(In millions, except per share data)

2026

2025

Change

2026

2025

Change

Trade sales 

$     999.7

$  1,058.0

(6) %

$  1,917.9

$  2,080.1

(8) %

Cost of goods sold

796.5

865.4

1,544.0

1,697.5

   Gross profit 

203.2

192.6

6 %

373.9

382.6

(2) %

Selling & administrative expenses 

119.8

118.4

1 %

241.3

242.0

— %

Amortization

3.1

3.6

6.7

8.6

Other (income) expense, net

0.2

(19.8)

1.3

(21.3)

Earnings before interest and income taxes

80.1

90.4

(11) %

124.6

153.3

(19) %

Net interest expense

11.7

18.7

24.3

36.5

Earnings before income taxes

68.4

71.7

100.3

116.8

Income taxes 

21.3

19.2

33.2

33.7

Net earnings

47.1

52.5

67.1

83.1

Less net income from noncontrolling interest

—

—

—

—

   Net Earnings (loss) Attributable to L&P

$       47.1

$       52.5

(10) %

$       67.1

$       83.1

(19) %

Earnings (loss) per diluted share 

Net earnings (loss) per diluted share

$       0.33

$       0.38

(13) %

$       0.47

$       0.60

(22) %

Shares outstanding

   Common stock (at end of period)

136.6

135.3

1.0 %

136.6

135.3

1.0 %

   Basic (average for period)

140.0

138.5

139.6

138.2

   Diluted (average for period)

141.6

139.6

1.4 %

141.3

139.1

1.6 %

CASH FLOW 

SECOND QUARTER

YEAR TO DATE

(In millions)

2026

2025

Change

2026

2025

Change

Net earnings

$       47.1

$       52.5

$       67.1

$       83.1

Depreciation and amortization

28.5

29.7

56.7

61.3

Working capital decrease (increase)

(28.3)

16.4

(146.5)

(47.8)

Impairments

0.2

0.9

3.0

1.2

Deferred income tax benefit (expense)

1.1

(3.2)

5.5

(1.6)

Other operating activities

(2.8)

(12.3)

3.9

(5.4)

   Net Cash from Operating Activities

$       45.8

$       84.0

(45) %

$      (10.3)

$       90.8

(111) %

Additions to PP&E

(20.5)

(8.5)

(44.8)

(21.8)

Proceeds from disposals of assets and businesses

12.6

23.5

26.9

29.1

Dividends paid

(6.8)

(6.8)

(13.6)

(13.5)

Repurchase of common stock, net

(0.3)

(0.3)

(3.7)

(2.3)

Additions to (payments of) debt, net

1.1

(146.4)

1.4

(77.4)

Other

3.4

10.7

2.5

13.7

   Increase (Decrease) in Cash & Equivalents

$       35.3

$      (43.8)

$      (41.6)

$       18.6

BALANCE SHEET

Jun 30,

Dec 31,

(In millions)

2026

2025

Change

Cash and equivalents 

$     545.8

$     587.4

Receivables 

568.4

475.9

Inventories 

638.3

622.6

Other current assets 

78.8

57.7

   Total current assets 

1,831.3

1,743.6

5 %

Net fixed assets 

646.9

664.0

Operating lease right-of-use assets

130.9

137.9

Goodwill

745.1

751.4

Intangible assets and deferred costs, both at net

248.6

239.5

   TOTAL ASSETS

$  3,602.8

$  3,536.4

2 %

Trade accounts payable

$     475.5

$     466.6

Current debt maturities 

1.5

1.5

Current operating lease liabilities

48.5

51.5

Other current liabilities 

253.8

255.4

   Total current liabilities 

779.3

775.0

1 %

Long-term debt

1,496.8

1,496.2

— %

Operating lease liabilities

100.3

106.7

Deferred taxes and other liabilities 

144.2

135.9

Equity

1,082.2

1,022.6

6 %

   Total Capitalization 

2,823.5

2,761.4

2 %

   TOTAL LIABILITIES & EQUITY

$  3,602.8

$  3,536.4

2 %

LEGGETT & PLATT

Page 6 of 7

August 6, 2026

SEGMENT RESULTS 1

SECOND QUARTER

YEAR TO DATE

(In millions)

2026

2025

Change

2026

2025

Change

Bedding Products

Trade sales

$     386.9

$     391.4

(1) %

$     751.8

$     782.1

(4) %

EBIT

42.1

27.2

55 %

67.8

36.8

84 %

EBIT margin

10.9 %

6.9 %

400 bps

2

9.0 %

4.7 %

430 bps2

Restructuring, restructuring-related, and impairment charges

6.0

2.1

10.7

5.5

Gain on sale of real estate

(11.5)

(16.7)

(21.0)

(16.7)

Adjusted EBIT 3

36.6

12.6

190 %

57.5

25.6

125 %

Adjusted EBIT margin 3

9.5 %

3.2 %

 630 bps 

7.6 %

3.3 %

 430 bps 

Depreciation and amortization

13.4

13.3

25.8

26.3

Adjusted EBITDA

50.0

25.9

93 %

83.3

51.9

61 %

Adjusted EBITDA margin

12.9 %

6.6 %

 630 bps 

11.1 %

6.6 %

 450 bps 

Specialized Products

Trade sales

$     247.0

$     304.1

(19) %

$     491.1

$     604.2

(19) %

EBIT

19.2

38.7

(50) %

36.9

67.1

(45) %

EBIT margin

7.8 %

12.7 %

(490) bps

7.5 %

11.1 %

(360) bps

Restructuring, restructuring-related, and impairment charges

3.3

0.6

3.3

4.0

Gain on sale of real estate

—

(1.7)

—

(1.7)

Adjusted EBIT 3

22.5

37.6

(40) %

40.2

69.4

(42) %

Adjusted EBIT margin 3

9.1 %

12.4 %

 (330) bps 

8.2 %

11.5 %

 (330) bps 

Depreciation and amortization

8.5

8.2

16.6

18.6

Adjusted EBITDA

31.0

45.8

(32) %

56.8

88.0

(35) %

Adjusted EBITDA margin

12.6 %

15.1 %

 (250) bps 

11.6 %

14.6 %

 (300) bps 

Furniture, Flooring & Textile Products

Trade sales

$     365.8

$     362.5

1 %

$     675.0

$     693.8

(3) %

EBIT

28.9

24.4

18 %

33.3

49.2

(32) %

EBIT margin

7.9 %

6.7 %

120 bps

4.9 %

7.1 %

(220) bps

Restructuring, restructuring-related, and impairment charges

1.0

0.9

1.2

1.0

Gain on sale of real estate

—

—

—

(3.2)

Adjusted EBIT 3

29.9

25.3

18 %

34.5

47.0

(27) %

Adjusted EBIT margin 3

8.2 %

7.0 %

 120 bps 

5.1 %

6.8 %

 (170) bps 

Depreciation and amortization

3.7

4.6

8.0

9.5

Adjusted EBITDA

33.6

29.9

12 %

42.5

56.5

(25) %

Adjusted EBITDA margin

9.2 %

8.2 %

 100 bps 

6.3 %

8.1 %

 (180) bps 

Total Company

Trade sales

$     999.7

$  1,058.0

(6) %

$  1,917.9

$  2,080.1

(8) %

EBIT - segments

90.2

90.3

— %

138.0

153.1

(10) %

Intersegment eliminations and other

(10.1)

0.1

(13.4)

0.2

EBIT

80.1

90.4

(11) %

124.6

153.3

(19) %

EBIT margin

8.0 %

8.5 %

(50) bps

6.5 %

7.4 %

(90) bps

Restructuring, restructuring-related, and impairment charges

10.3

3.6

15.2

10.5

Gain on sale of real estate

(11.5)

(18.4)

(21.0)

(21.6)

Somnigroup merger costs

10.1

—

13.6

—

Adjusted EBIT 3

89.0

75.6

18 %

132.4

142.2

(7) %

Adjusted EBIT margin 3

8.9 %

7.1 %

 180 bps 

6.9 %

6.8 %

 10 bps 

Depreciation and amortization - segments

25.6

26.1

50.4

54.4

Depreciation and amortization - unallocated 4

2.9

3.6

6.3

6.9

Adjusted EBITDA

$     117.5

$     105.3

12 %

$     189.1

$     203.5

(7) %

Adjusted EBITDA margin

11.8 %

10.0 %

 180 bps 

9.9 %

9.8 %

 10 bps 

LAST SIX QUARTERS 

2025

2026

Selected Figures                                                                                               (In millions)

1Q

2Q

3Q

4Q

1Q

2Q

Trade sales

1,022.1

1,058.0

1,036.4

938.6

918.2

999.7

Sales growth (vs. prior year)

(7) %

(6) %

(6) %

(11) %

(10) %

(6) %

Volume growth (same locations vs. prior year)

(5) %

(7) %

(6) %

(9) %

(9) %

(4) %

Adjusted EBIT 3

66.6

75.6

72.8

47.9

43.4

89.0

Cash from operations

6.8

84.0

125.9

121.5

(56.1)

45.8

Adjusted EBITDA (trailing twelve months) 3

404.1

405.6

395.4

385.3

358.7

370.9

(Long-term debt + current maturities - cash and equivalents) / adj. EBITDA 3,5

3.77

3.51

2.62

2.36

2.75

2.57

Organic Sales (Vs. Prior Year) 6

1Q

2Q

3Q

4Q

1Q

2Q

Bedding Products

(12) %

(10) %

(9) %

(10) %

(6) %

(1) %

Specialized Products

(5) %

(5) %

(2) %

(4) %

(2) %

(3) %

Furniture, Flooring & Textile Products

(1) %

(2) %

— %

(2) %

(6) %

1 %

     Overall 

(7) %

(6) %

(4) %

(6) %

(5) %

(1) %

1 Segment and overall company margins calculated on net trade sales.

2 bps = basis points; a unit of measure equal to 1/100th of 1%.

3 Refer to next page for non-GAAP reconciliations.

4 Consists primarily of depreciation of non-operating assets.

5 EBITDA based on trailing twelve months. 

6 Trade sales excluding sales attributable to acquisitions and divestitures consummated in the last 12 months.

LEGGETT & PLATT

Page 7 of 7

August 6, 2026

RECONCILIATION OF REPORTED (GAAP) TO ADJUSTED (Non-GAAP) FINANCIAL MEASURES 10

Non-GAAP Adjustments 7

2025

2026

(In millions, except per share data)

1Q

2Q

3Q

4Q

1Q

2Q

Gain on sale of Aerospace Products Group

—

—

(86.8)

(4.1)

—

—

Restructuring, restructuring-related, and impairment charges

6.9

3.6

4.1

21.6

4.9

10.3

Gain on sale of real estate

(3.2)

(18.4)

(2.5)

(5.0)

(9.5)

(11.5)

Net gain from insurance proceeds

—

—

(13.1)

(21.6)

—

—

Pension settlement

—

—

—

22.0

—

—

Somnigroup merger costs

—

—

—

3.4

3.5

10.1

Non-GAAP Adjustments (Pretax) 8

3.7

(14.8)

(98.3)

16.3

(1.1)

8.9

Income tax impact

(1.3)

3.6

9.0

(10.0)

1.9

0.1

Special tax item  9

—

—

2.3

—

—

—

Non-GAAP Adjustments (After Tax)

2.4

(11.2)

(87.0)

6.3

0.8

9.0

Diluted shares outstanding

138.6

139.6

140.2

140.4

141.0

141.6

EPS Impact of Non-GAAP Adjustments

0.02

(0.08)

(0.62)

0.04

0.01

0.06

Adjusted EBIT, EBITDA, Margin, and EPS 7

2025

2026

(In millions, except per share data)

1Q

2Q

3Q

4Q

1Q

2Q

Trade sales

1,022.1

1,058.0

1,036.4

938.6

918.2

999.7

EBIT (earnings before interest and taxes)

62.9

90.4

171.1

31.6

44.5

80.1

Non-GAAP adjustments (pretax)

3.7

(14.8)

(98.3)

16.3

(1.1)

8.9

Adjusted EBIT

66.6

75.6

72.8

47.9

43.4

89.0

EBIT margin

6.2 %

8.5 %

16.5 %

3.4 %

4.8 %

8.0 %

Adjusted EBIT Margin

6.5 %

7.1 %

7.0 %

5.1 %

4.7 %

8.9 %

EBIT

62.9

90.4

171.1

31.6

44.5

80.1

Depreciation and amortization

31.6

29.7

29.4

31.7

28.2

28.5

EBITDA

94.5

120.1

200.5

63.3

72.7

108.6

Non-GAAP adjustments (pretax)

3.7

(14.8)

(98.3)

16.3

(1.1)

8.9

Adjusted EBITDA

98.2

105.3

102.2

79.6

71.6

117.5

EBITDA margin

9.2 %

11.4 %

19.3 %

6.7 %

7.9 %

10.9 %

Adjusted EBITDA Margin

9.6 %

10.0 %

9.9 %

8.5 %

7.8 %

11.8 %

Diluted EPS

0.22

0.38

0.91

0.18

0.14

0.33

EPS impact of non-GAAP adjustments

0.02

(0.08)

(0.62)

0.04

0.01

0.06

Adjusted EPS

0.24

0.30

0.29

0.22

0.15

0.39

Net Debt to Adjusted EBITDA 11

2025

2026

(In millions, except ratios)

1Q

2Q

3Q

4Q

1Q

2Q

Total debt

1,936.4

1,793.5

1,497.2

1,497.7

1,498.2

1,498.3

Less: cash and equivalents

(412.6)

(368.8)

(460.7)

(587.4)

(510.5)

(545.8)

Net debt

1,523.8

1,424.7

1,036.5

910.3

987.7

952.5

Adjusted EBITDA, trailing 12 months

404.1

405.6

395.4

385.3

358.7

370.9

Net Debt / 12-month Adjusted EBITDA

3.77

3.51

2.62

2.36

2.75

2.57

Aerospace Products Group

2025

2026

(In millions)

1Q

2Q

3Q

4Q

1Q

2Q

Net trade sales

53.0

50.6

28.6

—

—

—

EBIT

7.2

9.3

3.2

—

—

—

Depreciation and amortization

2.5

—

—

—

—

—

Net earnings (assuming a 25% tax rate)

5.4

7.0

2.4

—

—

—

7 Management and investors use these measures as supplemental information to assess operational performance.

8 The non-GAAP adjustments are included in the following lines of the income statement:

2025

2026

1Q

2Q

3Q

4Q

1Q

2Q

Cost of goods sold

0.5

—

1.7

1.4

1.2

3.4

Selling & administrative expenses 

1.7

—

—

3.6

3.5

—

Other (income) expense, net

1.5

(14.8)

(100.0)

11.3

(5.8)

5.5

Total Non-GAAP Adjustments (Pretax)

3.7

(14.8)

(98.3)

16.3

(1.1)

8.9

9 The special tax item of $2.3 in Q3 2025 is related to U.S. corporate income tax law changes.

10 Calculations impacted by rounding.

11 Management and investors use this ratio as supplemental information to assess ability to pay off debt.  These ratios are calculated differently than the Company's credit
    facility covenant ratio.

SOURCE Leggett & Platt Incorporated