Track market-moving stories before they get noisy

Cameco (CCJ - Free Report) came out with quarterly earnings of $0.13 per share, missing the Zacks Consensus Estimate of $0.26 per share. This compares to earnings of $0.51 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of -50.00%. A quarter ago, it was expected that this uranium producer would post earnings of $0.29 per share when it actually produced earnings of $0.34, delivering a surprise of +17.24%.

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

Cameco, which belongs to the Zacks Alternative Energy - Other industry, posted revenues of $588.02 million for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 10.04%. This compares to year-ago revenues of $633.83 million. The company has topped consensus revenue estimates two times over the last four quarters.

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

Cameco shares have lost about 3.6% since the beginning of the year versus the S&P 500's gain of 8.7%.

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

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

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

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

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.22 on $494.94 million in revenues for the coming quarter and $1.34 on $2.39 billion in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Alternative Energy - Other is currently in the bottom 42% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

One other stock from the same industry, BKV (BKV - Free Report) , is yet to report results for the quarter ended June 2026. The results are expected to be released on August 6.

This natural gas producer is expected to post quarterly earnings of $0.32 per share in its upcoming report, which represents a year-over-year change of -18%. The consensus EPS estimate for the quarter has been revised 1.6% lower over the last 30 days to the current level.

BKV's revenues are expected to be $319.25 million, down 0.9% from the year-ago quarter.

Key Takeaways PSKY expects Q2 revenues of $6.75B-$6.95B, ranging from flat to down 1% year over year.Paramount's Direct-to-Consumer business is expected to benefit from content and AI adoption.PSKY's Warner Bros. Discovery integration planning remained a key strategic focus. Paramount Skydance Corporation (PSKY - Free Report) is scheduled to report its second-quarter 2026 results on Aug. 4.

For the second quarter of 2026, the company expects total revenues between $6.75 billion and $6.95 billion, flat to down 1% year over year.

The Zacks Consensus Estimate for revenues is pegged at $6.88 billion, indicating a 0.5% increase from the year-ago quarter’s reported figure.

The consensus mark for earnings is pegged at 15 cents per share, down from 46 cents reported in the prior year quarter. The estimate has remained unchanged over the past 30 days.

PSKY surpassed the Zacks Consensus Estimate for earnings in three of the trailing four quarters, while missing once, with an average negative surprise of 144.82%.

Let us see how things are shaping up for the upcoming announcement.

Factors to ConsiderParamount is expected to have entered the second quarter of 2026 with improving streaming and studio momentum, following a first quarter that saw healthy Direct-to-Consumer growth, expanding studio revenues and continued execution of its technology transformation strategy. Paramount+ benefited from stronger subscriber engagement and monetization in the preceding quarter, while ongoing investments in advertising technology, AI-driven workflows and streaming platform integration are expected to have provided a favorable backdrop heading into the period.

The Direct-to-Consumer segment is expected to have remained the primary growth driver during the quarter, supported by a robust content slate. The premiere of Dutton Ranch, the Taylor Sheridan-led continuation of the Yellowstone universe, is likely to have anchored engagement throughout the period, alongside UFC 328, the Survivor Season 50 finale, the streaming debut of Scream 7 following its theatrical run and the Tony Awards broadcast. Continued integration of Paramount+, Pluto TV and BET+ onto a unified technology platform is also expected to have improved personalization, content discovery and advertising capabilities. Broader AI adoption across engineering and operational functions is likely to have supported efficiency gains.

The TV Media segment is expected to have remained under pressure, with affiliate revenues likely declining further amid ongoing pay-TV subscriber erosion, although premium sports programming and CBS' entertainment lineup are expected to have provided partial support. Meanwhile, the Studios business is expected to have moderated from the prior quarter's theatrical strength due to a lighter release slate, partially offset by continued third-party television production and content licensing activities.

The pending Warner Bros. Discovery acquisition is expected to have remained a key strategic focus during the quarter. Ongoing financing activities, integration planning and transaction-related professional fees are likely to have added to operating expenses, while shareholder approval and financing milestones reinforced progress toward the company's targeted third-quarter 2026 close.

What Our Model Says for PSKYPer the Zacks model, the combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat, which is not the case here.

PSKY currently has an Earnings ESP of 0.00% and a Zacks Rank #3. You can uncover the best stocks to buy or sell before they are reported with our Earnings ESP Filter.

Stocks to ConsiderHere are some companies worth considering, as our model shows that these have the right combination of elements to beat earnings in their upcoming releases:

Sweetgreen (SG - Free Report) currently has an Earnings ESP of +11.54% and carries a Zacks Rank #2. SG shares have returned 4.6% in the past six-month period. SG is set to report its second-quarter 2026 results on Aug. 6. You can see the complete list of today’s Zacks #1 Rank stocks here.

Groupon (GRPN) has an Earnings ESP of +4.00% and a Zacks Rank #3 at present. GRPN shares have surged 92.3% in the past six-month period. GRPN is set to report its second-quarter 2026 results on Aug. 6.

Portillo's Inc. (PTLO - Free Report) presently has an Earnings ESP of +3.85% and a Zacks Rank #3. PTLO shares have declined 15.8% in the past six-month period. PTLO is slated to report its second-quarter 2026 results on Aug. 5.

, /PRNewswire/ -- BallardPowerSystems (NASDAQ: BLDP) (TSX: BLDP) today announced consolidated financial results for the second quarter ended June 30, 2026. All amounts are in U.S. dollars unless otherwise noted and have been prepared in accordance with International Financial Reporting Standards(IFRS).

Highlights (comparisons are to Q2 2025):

Revenue of $21 million, up 15% year-over-year. Achieved 20% Gross Margin, an increase of 28-points year-over-year. Entered into a definitive agreement to acquire GeoPura Limited for £275 million in upfront consideration, subject to customary closing conditions and regulatory approvals. Acquisition is expected to close later in the year and would establish Ballard as an energy-as-a-service provider. Order intake of $64 million strengthened the Company's order backlog to $157 million. Ended Q2 2026 with $502 million in cash and cash equivalents, compared with $550 million at the end of Q2 2025. "This quarter marks a transformative milestone for Ballard, highlighted by our announced agreement to acquire GeoPura," said Marty Neese, Ballard's President and CEO. "The acquisition is anticipated to represent a significant step forward in our strategy by combining Ballard's industry-leading fuel cell technology with GeoPura's proven energy-as-a-service and hydrogen genset leasing model. Beyond expanding our market opportunities, we expect the transaction to strengthen our revenue visibility and increase our exposure to recurring service-based revenues in the growing market for competitive off-grid alternative power gensets. Following the forecasted acquisition completion, the realization of strategic and commercial benefits are expected to support our objective of achieving profitability by the end of 2027."

Mr. Neese continued, "We also marked the fourth consecutive quarter of positive and improving gross margins, underscoring our disciplined approach toward commercial and operational execution are yielding results. Sustained improvements are the direct result of our continued focus on cost reduction initiatives and shifting our product mix to include increased higher-margin service revenues. It is also notable that our fuel cell products are demonstrating greater durability and field reliability allowing for reversals of warranty provisions recorded in prior years, further lifting margins."

"Finally, we progressed commercially and financially toward our goal of becoming profitable with revenue growth, gross margin improvement, and backlog expansion. Order intake in the quarter exceeded $64 million, flowing from our previously announced orders in the bus market as well as the multi-year commitment for 154 fuel cell modules to GeoPura, once again highlighting the continued growth of the hydrogen genset market and reinforcing the expected synergies of the acquisition," added Mr. Neese.

He concluded, "Momentum across our core mobility and stationary power markets remains steady and reflects the progress we are making in executing our strategy. With our planned transformation into an energy-as-a-service provider, we anticipate more opportunities across the hydrogen ecosystem to drive revenue growth and advance toward profitability."

Completion of the GeoPura acquisition remains subject to customary closing conditions and applicable regulatory approvals.

Q2 2026 Financial Highlights
(all comparisons are to Q2 2025 unless otherwise noted)

Total revenue was $20.6 million in the quarter, up 15% year-over-year. Bus revenue was $9.7 million, up 9% from Q2 2025. Rail revenue was $4.1 million, down 43% from Q2 2025. Stationary revenue was $1.8 million, up 230% from Q2 2025. Other Markets revenue (truck, marine, material handling, off-road, and other applications) was $5.1 million, up 290% from Q2 2025. Gross margin was 20% in the quarter, an improvement of 28-points from (8%) in Q2 2025 driven by product cost reduction initiatives and lower manufacturing overhead costs as a result of the global corporate restructuring initiated in July 2025, and through certain non-ratable adjustments to warranty and inventory provisions. Total Operating Expenses1 were $20.9 million, a decrease of 34% compared to Q2 2025, a result of our reduced global operating cost structure. Total Cash Used by Operating Activities was $11.4 million, compared to $20.3 million in the prior year. Cash and cash equivalents were $502.1 million at the end of Q2 2026, compared to $550.0 million in the prior year. Adjusted EBITDA2 was ($9.8) million, compared to ($30.6) million in Q2 2025. The improvement in Adjusted EBITDA was driven primarily by margin and operating cost improvements. Order Backlog at the end of Q2 2026 was $156.6 million, an increase of 38.8% compared to the end of Q1 2026. The 12-month Orderbook was $74.4 million at end-Q2, an increase of $21.6 million or 40.8% from the end of Q1 2026. Order Backlog ($M)

Order Backlog 
at End-Q1 2026

Orders Received in
Q2 2026

Orders Delivered 
in Q2 2026

Order Backlog at End-
Q2 2026

Total Fuel Cell 
Products & Services

$112.9

$64.4

$20.6

$156.6

2026 Outlook

Consistent with our past practice, and in view of the early stage of hydrogen fuel cell market development, specific revenue and net income (loss) guidance for 2026 is not provided. We expect revenue in 2026 will be back-half weighted. Total Operating Expense1 and Capital Expenditure3 guidance ranges for 2026 are as noted below. We continue to review and consider various options to reduce our operating cost structure and capital spend, which may result in revisions to our guidance ranges at a future date.

2026

Guidance

Total Operating Expense1

$65 - $75 million

Capital Expenditure3

$5 - $10 million

Ballard Reports Q2 2026 Results

Q2 2026 Financial Summary

(Millions of U.S. dollars)

Three months ended June 30

2026

2025

% Change

REVENUE

Fuel Cell Products & Services:4

Bus

9.7

$8.8

9 %

Rail

4.1

$7.2

(43 %)

Stationary

1.8

$0.5

230 %

Other Markets

5.1

$1.3

290 %

Total Fuel Cell Products & Services Revenue

20.6

$17.8

15 %

PROFITABILITY

Gross Margin $

$4.1

($1.5)

373 %

Gross Margin %

20 %

(8 %)

28pts

Total Operating Expenses1

$20.9

$31.7

(34 %)

Equity loss in JV & Associates

-

($0.4)

100 %

Adjusted EBITDA2

($9.8)

($30.6)

68 %

Net Loss from Continuing Operations4

($20.3)

($24.3)

16 %

Loss Per Share from Continuing Operations4

($0.07)

($0.08)

16 %

CASH

Cash provided by (used in) Operating Activities:

Cash Operating Loss

($10.3)

($20.8)

51 %

Working Capital Changes

($1.1)

$0.5

(321 %)

Cash used by Operating Activities

($11.4)

($20.3)

44 %

Cash and cash equivalents

$502.1

$550.0

(9 %)

For a more detailed discussion of Ballard Power Systems' second quarter 2026 results, please see the company's financial statements and management's discussion & analysis, which are available at www.ballard.com/investors, www.sedarplus.ca and www.sec.gov/edgar.shtml.

Conference Call
Ballard will hold a conference call on Friday July 31, 2026 at 8:00 a.m. Pacific Time (11:00 a.m. Eastern Time) to review second quarter 2026 operating results. The live call can be accessed by dialing + 1-833-821-2814 (Canada/US toll free). Alternatively, a live audio and webcast can be accessed through a link on Ballard's homepage (www.ballard.com). Following the call, the audio webcast and presentation materials will be archived in the 'Earnings, Interviews & Presentations' area of the 'Investors' section of Ballard's website (www.ballard.com/investors).

About Ballard Power Systems
Ballard Power Systems' (NASDAQ: BLDP; TSX: BLDP) vision is to deliver fuel cell power for a sustainable planet. Ballard zero- emission PEM fuel cells are enabling electrification of mobility, including buses, commercial trucks, trains, marine vessels, and stationary power. To learn more about Ballard, please visit www.ballard.com.

Important Cautions Regarding Forward-Looking Statements
Some of the statements contained in this release are forward-looking statements within the meaning of the U.S. Securities Act of 1933, as amended, and U.S. Securities Exchange Act of 1934, as amended, and forward-looking information within the meaning of Canadian securities laws. Forward-looking statements include, without limitation, statements regarding the proposed acquisition of GeoPura Limited, including the expected timing of closing and the anticipated strategic, operational and financial benefits of the transaction; the markets for our products and services; Order Backlog, expected revenues, gross margins, operating expenses, and capital expenditures; our 2026 outlook; the expectation that 2026 revenue will be weighted toward the second half of the year; our objective of being profitable by the end of 2027; corporate development activities; and impacts of investments in manufacturing and R&D capabilities and cost reduction initiatives.

These forward-looking statements reflect Ballard's current expectations as contemplated under section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements reflect Ballard's current expectations and are based on a number of assumptions, including assumptions regarding market demand, customer adoption, product deliveries, manufacturing performance, operating costs, financing requirements, the successful execution of Ballard's business strategy, the completion of the proposed acquisition of GeoPura on the anticipated timeline or at all, the successful integration of GeoPura's business and the realization of the anticipated benefits of the transaction. Since forward-looking statements are not statements of historical fact and address future events, conditions and expectations, forward-looking statements by their nature inherently involve unknown risks, uncertainties, assumptions and other factors well beyond Ballard's ability to control or predict. Actual events, results and developments may differ materially from those contemplated by such forward-looking statements.

Factors that could cause actual results to differ materially include, without limitation: the failure to satisfy the conditions to closing or obtain required regulatory approvals for the proposed acquisition of GeoPura, delays in completing or integrating the acquisition, failure to realize anticipated benefits or synergies, changes in market conditions, general economic and regulatory developments, reliance on third parties, the level of achievement of our business plans, achieving and sustaining profitability, and changes affecting our liquidity and capital requirements. For a detailed discussion of the factors and assumptions underlying these forward-looking statements, and the risks that could cause actual results to differ materially, please refer to Ballard's most recent Management Discussion & Analysis and Annual Information Form. Any financial outlook or future-oriented financial information contained in this release, including our 2026 outlook and our objectives of being profitable by the end of 2027, is provided to assist readers in understanding management's current expectations regarding Ballard's financial performance, strategic objectives and business outlook, and may not be appropriate for other purposes. These forward-looking statements represent Ballard's views as of the date of this release. There can be no assurance that forward-looking statements will prove to be accurate, as actual events and future events could differ materially from those anticipated in such statements. These forward-looking statements are provided to enable external stakeholders to understand Ballard's expectations as at the date of this release and may not be appropriate for other purposes. Readers should not place undue reliance on these statements and Ballard assumes no obligation to update or release any revisions to them, other than as required under applicable legislation.

Further Information
Sumit Kundu –Investor Relations +1.604.360.9714 or [email protected]

Endnotes

1

Total Operating Expenses refer to the measure reported in accordance with IFRS.

2

EBITDA and Adjusted EBITDA are non-GAAP measures. We use certain Non-GAAP measures to assist in assessing our financial performance. Non-GAAP measures do not have any standardized meaning prescribed by GAAP and are therefore unlikely to be comparable to similar measures presented by other companies. See the reconciliation of Adjusted EBITDA to GAAP in the Supplemental Non-GAAP Measures and Reconciliations section of Ballard's most recent Management Discussion & Analysis. Adjusted EBITDA adjusts EBITDA for stock-based compensation expense, transactional gains and losses, finance and other income, asset impairment charges, and the impact of unrealized gains and losses on foreign exchange contracts.

3

Capital Expenditure is defined as Additions to property, plant and equipment and Investment in other intangible assets as disclosed in the Consolidated Statements of Cash Flows.

4

We report our results in the single operating segment of Fuel Cell Products and Services. Our Fuel Cell Products and Services segment consists of the sale of PEM fuel cell products and services for a variety of applications including bus and rail applications, Stationary Power, and Other Markets (consisting of truck, marine, material handling, off-road, and other applications). Revenues from the delivery of Services, including technology solutions, after sales services and training, are included in each of the respective markets.

SOURCE Ballard Power Systems Inc.

Berkshire Hathaway (BRKA +0.24%) (BRKB +0.10%) is sitting on a mountain of money that keeps getting taller. The company ended its most recent quarter with a record of roughly $397 billion in cash and Treasury bills, up from about $348 billion a year earlier and just $129 billion three years ago.

That raises two questions worth exploring: Why does the pile keep growing, and where might new CEO Greg Abel finally put some of it to work, especially in artificial intelligence?

Image source: Getty Images.

Why the cash keeps piling up The simplest reason is that Berkshire has been a net seller of stocks for more than a dozen quarters in a row, unloading well over $150 billion more in equities than it has bought since late 2022. It trimmed its enormous Apple stake, and it has struggled to find bargains in a market trading near record highs. Buffett built his career on refusing to overpay, and Abel is carrying that discipline forward.

Meanwhile, cash is no longer dead money. With interest rates elevated, Berkshire parks most of its hoard in short-term Treasury bills that now generate enormous income. In fact, the interest on that cash alone earns more in a year than most companies in the S&P 500 make in total profit. So the pile grows from two directions at once: Berkshire keeps selling stock, and the cash it holds keeps compounding.

Today's Change

(

0.10

%) $

0.52

Current Price

$

509.68

A record cash pile is a high-class problem, but it is still a problem, because cash left idle drags on returns over time. Abel has already signaled he is willing to act, most notably by building a stake worth tens of billions of dollars in Alphabet, a rare and telling move into big technology. That suggests the next major purchase could well carry an AI flavor, an area where Berkshire remains underexposed relative to its size.

If I had to name the most logical candidate, it would be Taiwan Semiconductor Manufacturing (TSM +7.64%). It fits the Berkshire mold almost perfectly: a dominant, wide-moat business that manufactures nearly every advanced AI chip on earth, gushes cash, and trades at a reasonable valuation, far cheaper than most AI stocks. Best of all, Berkshire already knows it. The company bought a stake in late 2022, then sold it within months, with Buffett citing geopolitical tension around Taiwan as a reason.

Here is why that history matters. Abel has shown more willingness than Buffett to tolerate that kind of risk, and Taiwan Semiconductor has only grown more essential to the AI economy since Berkshire exited. Revisiting a wonderful business it once owned, now at the heart of the biggest technology shift in a generation, would be a very Berkshire thing to do.

Microsoft (MSFT +15.51%), with its enterprise moat and its stake in OpenAI, is another name that fits the mold, one that Buffett largely avoided partly because of his friendship with Bill Gates.

Today's Change

(

15.51

%) $

60.56

Current Price

$

451.10

The caveat worth naming This is a prediction and is not a certainty, and I would hold it loosely. The same geopolitical worries that pushed Buffett out of Taiwan Semiconductor have not disappeared, and Abel may simply keep hoarding cash until a fat pitch arrives. The real lesson is less about guessing the exact trade and more about the kind of business Berkshire hunts for: durable, cash-rich, and fairly priced.

Berkshire's swelling cash pile reflects patience and discipline, not panic, and it gives Abel enormous firepower for the day the right opportunity appears. When he does deploy, expect a wonderful business bought at a sensible price, and among AI-linked names, Taiwan Semiconductor fits that description better than almost anything else. My honest read is that watching how Berkshire spends this cash will reveal a great deal about how the post-Buffett era intends to invest.

Staking revenue of $2.2 million for the quarter and $4.7 million for the first half of 2026 SDEV grew its SKY position to 2.29 billion tokens (approximately 10% of total SKY supply) and eliminated all remaining warrant liabilities from its balance sheet WEST PALM BEACH, Fla., July 31, 2026 (GLOBE NEWSWIRE) -- Stablecoin Development Corporation (NYSE American: SDEV) (the “Company” or “SDEV”), an on-chain holding company focused on long-duration participation in protocol-aligned digital asset ecosystems and providing public market access to the stablecoin economy, yesterday reported financial results for the second quarter and first half ended June 30, 2026. The Company filed its Quarterly Report on Form 10-Q with the Securities and Exchange Commission on July 30, 2026.

For the second quarter of 2026, the Company reported staking revenue of $2.2 million, a non-cash unrealized loss on digital assets of $50.6 million, and an operating loss of $53.8 million. For the first half of 2026, the Company reported staking revenue of $4.7 million and an operating loss of $31.6 million.

“In the second quarter we continued to build our position in what we believe is one of the most attractive on-chain ecosystems in digital finance, generating $2.2 million of staking revenue while growing our SKY holdings to approximately 10% of total SKY supply,” said Michael Kazley, Chief Executive Officer and Chairman of SDEV. “During the quarter we added to our SKY position through both open-market purchases and staking rewards, eliminated all remaining warrant liabilities to simplify our capital structure, and relocated our headquarters to West Palm Beach to lower our cost base. While the decline in the price of SKY during the quarter drove a non-cash loss in our reported results, no tokens were sold, the underlying fundamentals of the Sky Protocol ecosystem remain strong, and we are focused on disciplined execution as we position SDEV for long-term value creation.”

Second Quarter 2026 Highlights

Staking revenue of $2.2 million. Staking revenue was $2.2 million for the quarter and $4.7 million for the first half of 2026, reflecting rewards earned on the Company’s staked SKY holdings within the Sky Protocol ecosystem.Second quarter GAAP results reflect a non-cash mark-to-market. The Company reported an operating loss of $53.8 million in the second quarter, driven by a $50.6 million non-cash unrealized loss on digital assets measured at fair value. No SKY tokens were sold during the quarter; the loss reflects the decline in the market price of SKY and does not affect the Company’s cash position or operations.Grew the SKY position to 2.29 billion tokens. Held 2,286,511,374 SKY tokens as of June 30, 2026, representing approximately 10% of total SKY supply, with a fair value of $119.2 million and a cost basis of $147.2 million; the position grew during the period through both open-market purchases and staking rewards.Earned 31.7 million SKY in staking rewards. Received 31,746,251 SKY tokens as staking rewards during the quarter, bringing cumulative staking rewards to 67,132,900 SKY tokens; substantially all of the Company’s holdings remained staked in the Sky Protocol.Simplified the capital structure. Completed the cashless exercise of all outstanding October 2025 Pre-Funded Warrants on June 15, 2026, eliminating all remaining warrant liabilities from the balance sheet.Reduced fixed costs. Relocated the Company’s principal executive offices to West Palm Beach, Florida, and terminated its legacy California office lease, lowering the Company’s ongoing occupancy costs. A summary of the Company’s SKY holdings as of July 27, 2026 appears under “Subsequent Events” below.

Second Quarter 2026 Financial Results

Staking revenue was $2.2 million for the three months ended June 30, 2026 and $4.7 million for the six months ended June 30, 2026, reflecting rewards earned on the Company’s SKY holdings through on-chain staking within the Sky Protocol ecosystem. The Company earned 31,746,251 SKY tokens in staking rewards during the quarter, bringing cumulative staking rewards to 67,132,900 SKY tokens. Staking rewards are received in the form of SKY tokens.

Unrealized loss on digital assets. The Company recognized a non-cash unrealized loss on digital assets of $50.6 million for the second quarter and $28.0 million for the first half of 2026, reflecting the change in the fair value of its SKY holdings as the market price of SKY declined during the respective periods. The Company did not sell or otherwise dispose of any SKY tokens during these periods; the unrealized loss is a non-cash accounting item and does not affect the Company’s cash position, liquidity, or operations.

General and administrative expenses were $5.4 million for the second quarter and $8.3 million for the first half of 2026. Second-quarter expenses included approximately $3.2 million of non-cash stock-based compensation, resulting in cash operating expenses, a non-GAAP measure (see “Non-GAAP Financial Measures” below), of approximately $2.2 million, approximately equal to the Company’s staking revenue for the quarter. First-half expenses included approximately $3.3 million of non-cash stock-based compensation, resulting in cash operating expenses of approximately $5.0 million.

Net income (loss). Net loss for the second quarter of 2026 was $41.1 million, or $1.32 per basic and diluted share. For the first half of 2026, the Company reported GAAP net income of $511.3 million, or $17.91 per basic share and $2.77 per diluted share. First-half GAAP net income was driven almost entirely by non-cash warrant fair value items: a $5.3 billion non-cash day-one loss recognized on the January 2026 Pre-Funded Warrants, more than offset by non-cash fair value gains on the Company’s pre-funded warrants recognized in subsequent periods, for a net non-cash gain of approximately $544 million. These non-cash items are not indicative of the Company’s operating performance or cash flows.

SKY Holdings and Staking Activity

As of June 30, 2026, the Company held 2,286,511,374 SKY tokens, representing approximately 10% of the total supply of SKY, with a cost basis of $147.2 million and a fair value of $119.2 million. Substantially all of the Company’s holdings were staked, with 2,286,023,773 SKY tokens deployed in the Sky Protocol’s staking program. During the second quarter, the Company earned 31,746,251 SKY tokens as staking rewards, bringing cumulative staking rewards to 67,132,900 SKY tokens.

Since the closing of the January 2026 Private Placement, SDEV has acquired approximately 1.3 billion additional SKY tokens through open-market purchases at an average price of approximately $0.066 per token, in addition to tokens received as staking rewards. The Company holds its SKY as a long-term strategic position and did not sell any SKY tokens during the periods presented.

Balance Sheet and Capital Structure

As of June 30, 2026, the Company had cash and cash equivalents of $7.0 million and digital assets carried at fair value of $119.2 million, for total assets of $127.5 million. Total liabilities were $0.3 million, and the Company had no warrant liabilities and no debt outstanding. Total stockholders’ equity was $127.2 million.

On June 15, 2026, the Company completed the cashless exercise of all outstanding October 2025 Pre-Funded Warrants, issuing an aggregate of 22,614,600 shares of common stock and eliminating the last remaining warrant liability from its balance sheet. Together with the reclassification of the January 2026 Pre-Funded Warrants to stockholders’ equity upon stockholder approval in March 2026, the Company had no warrant liabilities outstanding as of June 30, 2026.

Subsequent Events

SKY Holdings Summary (as of July 27, 2026). Subsequent to June 30, 2026 and through July 27, 2026, the Company continued to earn staking rewards on its SKY holdings and did not purchase, sell or otherwise dispose of any SKY tokens. As of July 27, 2026, the Company held approximately 2,296,167,180 SKY tokens, representing approximately 10% of total SKY supply, substantially all of which remained staked in the Sky Protocol; cumulative staking rewards received totaled approximately 76,788,706 SKY tokens. Based on the price of SKY as of midnight UTC on July 27, 2026, as reported on Coinbase Exchange, of approximately $0.056 per SKY token, the aggregate market value of the Company’s SKY holdings as of July 27, 2026 was approximately $128.0 million. The July 27, 2026 reference price was approximately 7% higher than the approximately $0.052 per SKY token used to measure the fair value of the Company’s SKY holdings at June 30, 2026. The amounts in this summary are unaudited and are provided solely to give investors information regarding the Company’s SKY holdings as of the date indicated; they do not represent a recognized gain or a remeasurement of the Company’s June 30, 2026 financial statements. The Company will recognize the actual change in the fair value of its SKY holdings in its results for the quarter ending September 30, 2026. The market value of the Company’s SKY holdings will continue to fluctuate, potentially significantly, with the market price of SKY and the number of tokens held, and the price of SKY as of any future date may be substantially lower.

Warrant exercisability. On July 16, 2026, the first tranche, representing 20% of the total shares issuable, of the January 2026 Pre-Funded Warrants became exercisable in accordance with their terms, representing up to approximately 33.5 million shares of common stock, subject to the beneficial ownership limitations applicable to the warrants.

Relocation of principal offices. Effective July 1, 2026, the Company relocated its principal executive offices from Emeryville, California to 222 Lakeview Ave, Suite 800, West Palm Beach, Florida 33401. The relocation, which followed the early termination of the Company’s legacy Emeryville office lease on June 30, 2026, eliminates the Company’s prior operating lease obligation and reduces its fixed cost base.

Sky Protocol Ecosystem Update

The Sky Protocol ecosystem, through which the Company’s SKY holdings generate staking rewards, continued to grow during the second quarter of 2026. Selected Sky Protocol ecosystem metrics, as reported by Sky Ecosystem Insights for the periods indicated, include the following¹:

Protocol revenue at a record run-rate. The Sky Protocol reported an annualized gross protocol revenue run-rate of approximately $419 million, based on the most recent three monthly settlement cycles, ranking it among the highest-revenue on-chain applications.Net protocol surplus turned positive. Preliminary second-quarter 2026 results showed approximately $29.9 million in net protocol surplus remitted to Sky reserves, compared to a negative $8.2 million in the second quarter of 2025, on gross protocol revenue of approximately $107.4 million, up approximately 10.5% year over year.Growing solvency reserves. Sky reserves reached approximately $82.5 million as of June 30, 2026, or approximately 55% of the protocol’s $150 million reserve target.Scaled stablecoin supply. USDS supply reached approximately $10.0 billion as of June 30, 2026, up approximately 97% year over year, with cumulative yield accrued to sUSDS holders through the Sky Savings Rate surpassing $250 million since inception. Non-GAAP Financial Measures

This press release refers to cash operating expenses, a non-GAAP financial measure that represents the Company’s general and administrative expenses excluding non-cash stock-based compensation. The most directly comparable GAAP measure is general and administrative expenses. For the three months ended June 30, 2026, general and administrative expenses were $5.4 million, which included approximately $3.2 million of non-cash stock-based compensation, resulting in cash operating expenses of approximately $2.2 million. For the six months ended June 30, 2026, general and administrative expenses were $8.3 million, which included approximately $3.3 million of non-cash stock-based compensation, resulting in cash operating expenses of approximately $5.0 million. The Company presents this measure because it believes it provides useful supplemental information to investors regarding the Company’s recurring cash operating cost base and the extent to which staking revenue offsets those cash costs.

This non-GAAP measure has limitations as an analytical tool, is not calculated in accordance with GAAP, and should not be considered in isolation from, or as a substitute for, the Company’s GAAP results. In addition, this non-GAAP measure may not be comparable to similarly titled measures reported by other companies. Staking rewards are received in the form of SKY tokens; accordingly, the coverage of cash operating expenses by staking revenue described in this press release is realized in cash only to the extent the Company monetizes such tokens. The Company did not sell any SKY tokens during the periods presented.

About the Sky Protocol

Sky Protocol is a decentralized finance platform that evolved from MakerDAO, one of the earliest and most established projects in the digital asset ecosystem. The protocol enables the creation and use of USDS, a decentralized stablecoin designed to maintain a soft peg to the U.S. dollar, and serves as foundational financial infrastructure for lending, savings, and on-chain capital markets. SKY is the governance token of the Sky Protocol ecosystem. The protocol generates revenue from borrowing fees and other economic activity, a portion of which is used to fund open-market buybacks of SKY tokens that are distributed to staking participants. SKY has a fixed total supply of approximately 23.5 billion tokens. For more information, visit info.skyeco.com.

Channels for Disclosure of Information

The Company intends to announce material information to the public through filings with the SEC, the investor relations page of its website (www.stabledev.com), press releases, public conference calls, public webcasts, its X (Twitter) account (@StableDev), and its LinkedIn page. The information disclosed through the foregoing channels could be deemed to be material information. The Company encourages investors, the media, and others to follow the channels listed above and to review the information disclosed through such channels.

About Stablecoin Development Corporation

Stablecoin Development Corporation (NYSE American: SDEV) is an on-chain holding company focused on long-duration participation in protocol-aligned digital asset ecosystems and providing public market access to the stablecoin economy. The Company’s initial digital asset focus is the Sky Protocol ecosystem, with SKY as its core holding. Through staking and other on-chain activities, the Company seeks to generate protocol-level economic exposure while maintaining governance, risk management, and public-company discipline. The Company is headquartered in West Palm Beach, Florida. For more information, please visit www.stabledev.com.

Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the Company’s strategy and capital allocation; its plans to hold, stake, and potentially monetize SKY tokens and other digital assets; the sufficiency of staking revenue to cover operating costs; the market value of the Company’s SKY holdings as of dates subsequent to quarter-end; the anticipated recognition of changes in fair value in future periods; its views regarding the stablecoin economy and related infrastructure; the variability of staking rewards and protocol governance parameters; its intentions regarding future SKY token acquisitions; and statements regarding the Sky Protocol ecosystem, including protocol revenue, surplus, reserves and stablecoin supply metrics. These statements are based on management’s current expectations and involve known and unknown risks and uncertainties, including risks related to the volatility of digital asset markets (including the price of SKY, which may decline substantially from the levels described herein), the concentration of the Company’s assets in a single digital asset, regulatory developments, changes in protocol governance parameters, cybersecurity and custody risks, the impact of non-cash fair value adjustments on reported results, the liquidity of SKY tokens and potential market impact of large transactions, limitations on the Company’s ability to access the capital markets, and the other risks described in the Company’s most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q filed with the SEC. Actual results may differ materially. SDEV undertakes no obligation to update forward-looking statements except as required by law.

Company Contact

Tommy Law
Chief Financial Officer
[email protected]

¹ Sky Protocol ecosystem data referenced in this press release, including protocol revenue, net surplus, reserve, and USDS supply figures, are derived from Sky Ecosystem Insights (financial.skyeco.com) and other publicly available, unaudited, third-party sources, and are preliminary and subject to revision pending the final Sky Ecosystem Q2 2026 report. These figures relate to the Sky Protocol, which the Company does not control, have not been independently verified by the Company, and are subject to change. They are provided for informational context only and should not be relied upon as representations of the Company.

Posted by Defense World Staff on Jul 31st, 2026

Amundi decreased its position in EMCOR Group, Inc. (NYSE:EME – Free Report) by 30.4% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 223,491 shares of the construction company’s stock after selling 97,683 shares during the period. Amundi owned 0.50% of EMCOR Group worth $165,006,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in EME. Ascentis Independent Advisors bought a new position in EMCOR Group in the first quarter valued at approximately $27,000. Swiss RE Ltd. bought a new stake in shares of EMCOR Group during the 4th quarter valued at $25,000. Zions Bancorporation National Association UT acquired a new position in shares of EMCOR Group in the 4th quarter valued at $28,000. Activest Wealth Management boosted its position in shares of EMCOR Group by 800.0% in the 4th quarter. Activest Wealth Management now owns 54 shares of the construction company’s stock worth $33,000 after purchasing an additional 48 shares during the last quarter. Finally, Richardson Financial Services Inc. boosted its position in shares of EMCOR Group by 71.9% in the 4th quarter. Richardson Financial Services Inc. now owns 55 shares of the construction company’s stock worth $34,000 after purchasing an additional 23 shares during the last quarter. 92.59% of the stock is currently owned by institutional investors and hedge funds.

EMCOR Group Stock Performance Shares of EME stock opened at $801.65 on Friday. EMCOR Group, Inc. has a 52 week low of $564.92 and a 52 week high of $951.96. The company’s 50 day moving average price is $802.08 and its two-hundred day moving average price is $787.69. The company has a market capitalization of $35.63 billion, a P/E ratio of 26.89 and a beta of 1.13.

EMCOR Group (NYSE:EME – Get Free Report) last released its quarterly earnings results on Thursday, July 30th. The construction company reported $9.06 earnings per share for the quarter, beating the consensus estimate of $7.23 by $1.83. EMCOR Group had a net margin of 7.54% and a return on equity of 35.19%. The company had revenue of $5.15 billion during the quarter, compared to analysts’ expectations of $4.71 billion. During the same quarter in the prior year, the company earned $6.72 earnings per share. The business’s quarterly revenue was up 19.7% compared to the same quarter last year. EMCOR Group has set its FY 2026 guidance at 32.000-33.250 EPS. Analysts forecast that EMCOR Group, Inc. will post 29.37 earnings per share for the current year.

EMCOR Group Dividend Announcement The business also recently announced a quarterly dividend, which will be paid on Friday, July 31st. Investors of record on Wednesday, July 15th will be paid a $0.40 dividend. The ex-dividend date of this dividend is Wednesday, July 15th. This represents a $1.60 dividend on an annualized basis and a yield of 0.2%. EMCOR Group’s dividend payout ratio is presently 5.37%.

Insider Transactions at EMCOR Group In other EMCOR Group news, Director Carol P. Lowe sold 950 shares of the stock in a transaction dated Wednesday, June 17th. The stock was sold at an average price of $844.50, for a total transaction of $802,275.00. Following the completion of the transaction, the director owned 17,278 shares in the company, valued at approximately $14,591,271. This represents a 5.21% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director William P. Reid sold 2,000 shares of the business’s stock in a transaction dated Monday, May 11th. The shares were sold at an average price of $925.78, for a total value of $1,851,560.00. Following the completion of the sale, the director owned 10,149 shares in the company, valued at approximately $9,395,741.22. This trade represents a 16.46% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 0.73% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes Several equities analysts have weighed in on EME shares. Cantor Fitzgerald reissued an “overweight” rating and issued a $1,123.00 target price on shares of EMCOR Group in a research note on Tuesday, June 16th. Oppenheimer began coverage on shares of EMCOR Group in a research report on Thursday, May 28th. They issued an “outperform” rating and a $1,100.00 price target on the stock. Weiss Ratings reissued a “buy (b)” rating on shares of EMCOR Group in a research note on Friday, July 17th. Zacks Research upgraded shares of EMCOR Group from a “hold” rating to a “strong-buy” rating in a report on Tuesday, June 30th. Finally, Stifel Nicolaus set a $918.00 target price on shares of EMCOR Group in a research note on Thursday, April 30th. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $871.25.

Read Our Latest Stock Analysis on EMCOR Group

EMCOR Group News Summary Here are the key news stories impacting EMCOR Group this week:

Positive Sentiment: Q2 results exceeded expectations: EMCOR reported record quarterly revenue of $5.15 billion, up approximately 19.8% year over year and above the $4.71 billion consensus estimate. Earnings per share rose to $9.06 from $6.72 a year earlier, beating estimates of $7.23 by $1.83. EMCOR Group Second Quarter 2026 Results Positive Sentiment: Higher 2026 guidance: Management now expects full-year EPS of $32.00 to $33.25, versus the roughly $29.31 analyst consensus, and revenue of $20.0 billion to $20.5 billion, compared with about $19.0 billion expected. The improved outlook is a major positive catalyst because it signals stronger demand and earnings visibility. EMCOR Raises 2026 Outlook Positive Sentiment: Broad-based operating momentum: Reports highlighted growth across the business, margin improvement and a record backlog, supporting expectations for continued revenue growth. EMCOR’s reported 7.54% net margin and 35.19% return on equity also reinforce the company’s strong profitability profile. EME Q2 Earnings Beat Estimates EMCOR Group Company Profile (Free Report)

EMCOR Group, Inc is a provider of mechanical and electrical construction, industrial and energy infrastructure, and facilities services to commercial, institutional and industrial clients. The company delivers a broad range of services that include design-build and traditional construction of mechanical, electrical and plumbing systems; ongoing facilities maintenance and operations; and specialized industrial services for sectors such as manufacturing, data centers, healthcare and utilities.

EMCOR’s service offerings encompass HVAC, plumbing, electrical installation and maintenance, fire protection, building automation and controls, commissioning, testing and balancing, and energy management solutions.

See Also Five stocks we like better than EMCOR Group Microsoft Just Flipped the AI Spending Narrative Overnight Qualcomm’s Turnaround Is Working, So Why Is Wall Street Selling? Meta’s Earnings Show Why Wall Street Is Losing Patience With AI Spending Can Starbucks Keep This Turnaround Going? The Latest Results Say Yes

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Posted by Defense World Staff on Jul 31st, 2026

Amundi trimmed its holdings in IDEX Corporation (NYSE:IEX – Free Report) by 18.0% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,219,400 shares of the industrial products company’s stock after selling 268,259 shares during the quarter. Amundi owned about 1.65% of IDEX worth $231,229,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors also recently bought and sold shares of IEX. Laurel Wealth Advisors LLC bought a new position in shares of IDEX during the fourth quarter valued at approximately $27,000. SJS Investment Consulting Inc. boosted its position in shares of IDEX by 104.1% in the 1st quarter. SJS Investment Consulting Inc. now owns 149 shares of the industrial products company’s stock worth $28,000 after purchasing an additional 76 shares in the last quarter. Cromwell Holdings LLC boosted its position in shares of IDEX by 41.1% in the 4th quarter. Cromwell Holdings LLC now owns 199 shares of the industrial products company’s stock worth $35,000 after purchasing an additional 58 shares in the last quarter. CYBER HORNET ETFs LLC purchased a new stake in shares of IDEX in the 2nd quarter worth approximately $35,000. Finally, Root Financial Partners LLC increased its position in IDEX by 57.6% during the 1st quarter. Root Financial Partners LLC now owns 208 shares of the industrial products company’s stock valued at $39,000 after buying an additional 76 shares in the last quarter. 97.96% of the stock is owned by hedge funds and other institutional investors.

Key Headlines Impacting IDEX Here are the key news stories impacting IDEX this week:

Positive Sentiment: Quarterly earnings and revenue beat estimates. IDEX reported adjusted EPS of $2.32, versus the $2.11 consensus, while revenue reached $920.6 million, ahead of estimates near $905.4 million and up 6.4% year over year. IDEX quarterly earnings report Positive Sentiment: Demand trends improved significantly. Record orders rose approximately 29% reported and 28% organically to about $1.07 billion. Strength in data centers, semiconductors, space and defense—particularly within Health & Science Technologies—supports better visibility into future sales. Positive Sentiment: Management raised its full-year outlook. IDEX now expects 2026 organic sales growth of 5% to 6% and adjusted diluted EPS of $8.70 to $8.85, above its prior $8.35-$8.55 range and the approximately $8.49 analyst consensus. Third-quarter EPS guidance of $2.20-$2.25 also exceeds consensus near $2.19. IDEX raises annual profit outlook Positive Sentiment: Analysts increased their price targets. TD Cowen raised its target from $260 to $275 and assigned a “buy” rating, while Royal Bank of Canada lifted its target from $261 to $280 and maintained an “outperform” rating. The new targets imply roughly 18% to 20% potential upside from the referenced trading level. Analyst price-target updates from Benzinga Neutral Sentiment: Valuation remains elevated. IDEX trades at approximately 34.6 times earnings, meaning continued upside may depend on the company converting strong orders and end-market demand into sustained earnings growth. Analyst Ratings Changes IEX has been the subject of a number of recent research reports. Seaport Research Partners reiterated a “buy” rating and set a $250.00 price objective on shares of IDEX in a research note on Tuesday, May 5th. Weiss Ratings upgraded IDEX from a “hold (c)” rating to a “hold (c+)” rating in a report on Wednesday, June 24th. Stifel Nicolaus lifted their price target on IDEX from $257.00 to $268.00 and gave the stock a “buy” rating in a research report on Thursday. TD Cowen increased their price objective on shares of IDEX from $260.00 to $275.00 and gave the company a “buy” rating in a research report on Thursday. Finally, Royal Bank Of Canada raised their price objective on shares of IDEX from $261.00 to $280.00 and gave the company an “outperform” rating in a research note on Thursday. Six investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $251.44.

Get Our Latest Stock Analysis on IEX

Insider Activity at IDEX In related news, CEO Eric D. Ashleman sold 15,385 shares of the company’s stock in a transaction on Monday, May 11th. The stock was sold at an average price of $215.22, for a total transaction of $3,311,159.70. Following the completion of the sale, the chief executive officer owned 66,658 shares in the company, valued at approximately $14,346,134.76. This represents a 18.75% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.50% of the stock is owned by insiders.

IDEX Stock Up 1.9% IEX opened at $233.79 on Friday. The stock has a market capitalization of $17.30 billion, a price-to-earnings ratio of 33.64, a PEG ratio of 2.18 and a beta of 0.98. The firm has a 50 day moving average price of $220.83 and a 200-day moving average price of $208.39. IDEX Corporation has a twelve month low of $157.25 and a twelve month high of $243.80. The company has a quick ratio of 2.40, a current ratio of 3.05 and a debt-to-equity ratio of 0.46.

IDEX (NYSE:IEX – Get Free Report) last issued its earnings results on Wednesday, July 29th. The industrial products company reported $2.32 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.11 by $0.21. IDEX had a net margin of 14.49% and a return on equity of 15.69%. The company had revenue of $920.60 million for the quarter, compared to analysts’ expectations of $905.38 million. During the same quarter last year, the company posted $2.07 earnings per share. The firm’s quarterly revenue was up 6.4% on a year-over-year basis. IDEX has set its FY 2026 guidance at 8.700-8.850 EPS and its Q3 2026 guidance at 2.200-2.250 EPS. Equities research analysts forecast that IDEX Corporation will post 8.78 earnings per share for the current year.

IDEX Announces Dividend The company also recently disclosed a quarterly dividend, which was paid on Friday, July 24th. Investors of record on Monday, July 6th were issued a $0.73 dividend. The ex-dividend date of this dividend was Monday, July 6th. This represents a $2.92 annualized dividend and a dividend yield of 1.2%. IDEX’s payout ratio is presently 43.20%.

IDEX Profile (Free Report)

IDEX Corporation is a diversified industrial manufacturer specializing in the design, production and distribution of highly engineered fluidics systems, measurement technologies and safety solutions. The company’s core offerings include positive-displacement pumps, flow meters, valves, sampling systems and analytical instruments that serve a wide range of end markets such as water treatment, chemical processing, energy, food and beverage, and life sciences. Through its focus on precision engineering and proprietary material science, IDEX delivers products designed for reliability in demanding applications.

Operations at IDEX are organized into three principal segments.

Featured Articles Five stocks we like better than IDEX Microsoft Just Flipped the AI Spending Narrative Overnight Qualcomm’s Turnaround Is Working, So Why Is Wall Street Selling? Meta’s Earnings Show Why Wall Street Is Losing Patience With AI Spending Can Starbucks Keep This Turnaround Going? The Latest Results Say Yes Want to see what other hedge funds are holding IEX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for IDEX Corporation (NYSE:IEX – Free Report).

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« PREVIOUS HEADLINEAmundi Buys 459,980 Shares of Garmin Ltd. $GRMN

Melbourne, Australia and Vancouver, Canada – July 31, 2026 – TheNewswire - Mithril Silver and Gold Limited ("Mithril” or the "Company") (TSXV: MSG) (ASX: MTH) (OTCQB: MTIRF) is pleased to report on its quarterly activities and cash flow for its Copalquin and La Dura properties in Durango State, Mexico for the period ended June 30, 2026.

EXPLORATION HIGHLIGHTS

Significant mineral resource estimate (MRE) upgrade with total constrained and diluted Indicated and Inferred resources of 343 koz gold + 8.479 Moz silver (464 koz AuEq) and 103 koz gold + 3.398 Moz silver (151 koz AuEq), respectively. Indicated totals 3.391 Mt grading 3.15 g/t gold and 77.8 g/t silver (diluted) and Inferred totals 1.436 Mt grading 2.23 g/t gold and 73.6 g/t silver (diluted). See Table 2 for details1 

196% increase in higher-confidence indicated gold and silver compared to previous MRE. 

75% of total gold and silver now classified as indicated 

Resource constrained within preliminary underground mining shapes and incorporates expected mining dilution, providing a more realistic basis for future engineering and economic studies 

High confidence resource, remains open along strike and at depth with multiple opportunities for expansion 

Overall Target 1 MRE discovery cost of less than US$20 per ounce AuEq from approximately 60,000 metres of drilling in 204 drill holes 

First drilling at Target 3 area since 2020 has shown extensive gold and silver mineralisation with high grades intercepted.  Further drilling planned for next quarter. 

Drilling at Target 5 has expanded the known gold-silver mineralisation with high grades intercepted at the La Maquina area 

The final Target 1 drilling for the for the MRE upgrade produced strong results on the western end of the deposit area for extensional follow-up. 

Corporate

Cash balance of A$7.3M as of 30 June 2026 and Mithril remains debt free 

Mexican value added tax refunds have continued with MXN11.5M (~A$940k) of refunds received in Mexico during the June 2026 quarter. 

Commenting on the June 2026 quarter, Managing Director and CEO John Skeet said:

“The June quarter marked a significant step in the systematic de-risking of Target 1 and the broader expansion of the large Copalquin epithermal silver-gold system. The upgraded MRE moves the deposit beyond a purely geological inventory by constraining the resource within preliminary underground mining shapes and incorporating dilution. This provides a more practical foundation for mine planning, engineering and economic evaluation.

The Target 1 drilling program strengthened the geological model at El Refugio and La Soledad. Results confirmed continuity through and beyond the post-mineral dyke system, identified additional mineralised structures and demonstrated that the system remains open. The knowledge gained at Target 1 is being applied across the broader Copalquin district.

Two drills are active on site to execute the remaining fully funded 12,000 metres of drilling for the 2026 program. The aim of the program is to advance other current target areas for additional resources and to test the deeper system driving targets identified from the extensive mapping, geophysics and structural work across this exceptional epithermal system.”

PLANNED EXPLORATION ACTIVITIES – SEPTEMBER 2026 QUARTER

During the September 2026 quarter, Mithril plans to:

Drill test west and northwest of the Target 1 resource area 

Follow-up drilling along strike from the high-grade intercepts at the historic Copalquin mine workings 

Progress a series of deep, key structural targeting drill holes across the district 

Follow-up drilling to test deeper at Target 3 

Progress economic assessment and derisking work for the Target 1 resource area 

Progress initial drill plan and permitting for La Dura 

Fully funded to complete remaining 12,000 m of drilling for 2026 

TARGET 1 MRE UPGRADE

(For full detail of the Target 1 MRE Upgrade see ASX announcement 3 July 2026 – “Amended Announcement Copalquin Project Target 1 Deposit MRE”)

The following Table 1 provides the highlighted base case for undiluted mineralisation reporting within the underground mining shapes (mine stope optimiser – MSO) at a cut-off grade of 1.5 g/t AuEq plus sensitivities to gold prices.

The MRE for Target 1 (Table 2) was generated from the highlighted base case in Table 1 assuming bulk underground mining method (long hole open stoping - LHOS) with mining widths averaging approximately 4 metres as presented on a diluted basis in Table 2.  The MSO work identified areas where more selective underground mining methods such as cut and fill (higher cost than LHOS) could be utilised to reduce dilution and increase mined grades.  The difference between the undiluted grade of 6.85 g/t AuEq (Table 1 Indicated base case) and the diluted grade of 4.26 g/t AuEq (Table 2, Total Indicate Target 1 MRE) reflects this conservative mining dilution assumption whereby lower grade mineralisation surrounding the high-grade core would be extracted within geometry of a minable shape adding more tonnes and ounces at a lower average grade.  More detailed mining study work will fully assess the mining methods across the Target 1 MRE.

Table 1  Gold price sensitivity to constraining shapes, reported at 1.5 g/t AuEq cut-off (constrained and undiluted)

Au Prices

Classification

Tonnes

Gold

Silver

Gold Eq.

Gold

Silver

Gold Eq.

(USD)

  (kt)

(g/t)

(g/t)

(g/t)

(koz)

(koz)

(koz)

2,700

Ind

1,888

5.28

126.1

7.08

321

7,654

430

Inf

831

3.46

113.7

5.08

92

3,038

136

3,000

Ind

1,941

5.18

124.2

6.96

323

7,752

434

Inf

863

3.39

111.7

4.98

94

3,099

138

3,300

Ind

1,990

5.10

122.4

6.85

326

7,832

438

Inf

900

3.32

109.1

4.87

96

3,155

141

3,500

Ind

2,038

5.01

120.9

6.74

329

7,922

442

Inf

923

3.27

107.5

4.81

97

3,189

143

4,000

Ind

2,074

4.96

119.7

6.67

330

7,984

445

Inf

949

3.23

105.9

4.74

98

3,233

145

  Notes to Table 1:

The Table presents the results of a sensitivity analysis by varying gold prices on AuEq block model values and reports an undiluted tonnage, grade and metal content contained within the mining shapes.  The scenarios as presented are not considered to be a statement of mineral resources or reserves, and do not have demonstrated economic viability. 

AuEq calculated using metal prices of USD $3,300/oz Au and $50/oz Ag where AuEq g/t = Au g/t + (Ag g/t x (Au price/Ag price) x (Ag recovery/Au recovery)) with metallurgical recoveries of 96% Au and 91% Ag from metallurgical test work on Target 1 composite samples 2. An AuEq cut-off grade of 1.5 g/t was selected after applying 95% mining recovery and 5% dilution factors to the metal price and metallurgical recovery values. 

Table 2 Upgraded Copalquin Target 1 Mineral Resource Estimate (underground mining shape constrained & diluted)

Target 1
Area

Class

Tonnes

Gold

Silver

Gold Eq.

Gold

Silver

Gold Eq.

    (kt)

(g/t)

(g/t)

(g/t)

(koz)

(koz)

(koz)

El Refugio

Ind

2,557

3.38

73.7

4.44

278

6,061

365

  Inf

1,217

2.17

82.1

3.35

85

3,214

131

La Soledad

Ind

834

2.43

90.2

3.72

65

2,418

100

  Inf

219

2.54

26.1

2.92

18

184

21

Total

Ind

3,391

3.15

77.8

4.26

343

8,479

464

  Inf

1,436

2.23

73.6

3.28

103

3,398

151

Notes to Table 2:

Numbers may not add due to rounding. 

All dollar values in United States Dollars (USD) unless otherwise noted. 

Mineral resources were prepared in accordance with the CIM Definition Standards (2014) and Estimation of Mineral Resource and Mineral Reserve Best Practice guidelines (2019), which are materially identical to the JORC Code (2012). 

The preparation of the mineral resource estimate was supervised by John Sims, President of Sims Resources LLC, an independent contractor and Qualified Person (QP), and Competent Person (CP), as a Certified Professional Geologist (CPG) member with the American Institute of Professional Geologists (AIPG). 

The effective date of the estimate is June 29, 2026. 

Inferred Mineral Resources have been estimated from geological evidence and drill core sampling and have a lower level of confidence than Measured and Indicated Mineral Resources due to the distance between sampled drill holes. Mineral resources are not mineral reserves and do not have demonstrated economic viability. 

Constrained and diluted Mineral Resources for Copalquin Target 1 are based on underlying metal prices of $3,300/oz Au and $50/oz Ag, unless otherwise noted. 

AuEq g/t = Au g/t + (Ag g/t x (Au price/Ag price) x (Ag recovery/Au recovery)), and is calculated using the underlying metals prices, along with metallurgical recoveries of 96% Au and 91% Ag from metallurgical test work on Target 1 composite samples. 3 

Underground Resource estimates are based on economically constrained mining shapes generated using Datamine’s Mineable Shape Optimizer (MSO) algorithm and the following optimization parameters: 

Diluted to a minimum 2 m shape width with a 92% mining recovery. 

Metallurgical recoveries of 96% for Au and 91% for Ag, from metallurgical test work on Target 1 composite samples 2 Longhole Open Stope mining with a total Mining+Processing+General and Administration (GA) cost of $97/t processed operating cost comprised of $60/t incremental mining, $25/t processing, $10/t GA, and $2/t sustaining.  

The mineable shapes reported are valued greater than the incremental cost to mine, which equates to approximately 1.0 g/t AuEq on a fully diluted basis. 

Mineral resources may be materially affected by environmental, permitting, legal, title, taxation, sociopolitical, marketing, or other relevant issues. 

In the Company’s opinion there is reasonable potential for both gold and silver to be extracted and sold. 

  Target 1 Resource Upgrade Details

The Copalquin Target 1 resource model was prepared under the supervision of Sims Resources LLC (Independent QP) in accordance the JORC Code (2012) and to be consistent with the CIM Definition Standards (2014) and Estimation of Mineral Resource and Mineral Reserve Best Practice guidelines (2019) which are materially identical to the JORC Code (2012).

The estimate incorporates results from 204 diamond drill holes totaling approximately 60,568 metres, including 127 drill holes totalling approximately 42,861 metres completed since the previous resource estimate. The recent drilling was primarily focused on:

Increasing drill density within the core of the deposit to improve resource confidence; 

Extending known mineralised shoots along strike and down plunge; 

Testing interpreted extensions of high-grade structures; and 

Improving the geological model through enhanced structural understanding and dyke mapping. 

The resource estimate has been prepared as a major de-risking milestone to serve as a valuable stepping stone towards future development of a mineable resource supported by an economic study.   Application of the mine stope optimization process to constrain the block model by mining shapes has achieved several goals including the evaluation of realistic minimum mining widths on the deposit, evaluation of the continuity of the mineralisation along potential underground development levels and has provided understanding of a potential extractable grade that incorporates the mineralised dilution envelope surrounding the high-grade core of the deposit.

An evaluation of gold price sensitivity on the mining shape constraints, on a diluted basis indicates a narrow band of output scenarios across a wide range of metal prices (Table 3). Evaluating the sensitivity scenarios on an undiluted basis (Table 1) reveals the high-grade core of the deposit that is driving the mining shapes.

With 95% of the undiluted and high-grade core of the block model being captured by the mining shape constraints, there is opportunity to drill the remaining 5% of the block model to refine mineralisation boundaries for potential inclusion to future constrained mineral resource estimates.

  Table 3 Gold price sensitivity to constraining shapes, reported using all contained blocks (diluted)

Au Price

Classification

Tonnes

Gold

Silver

Gold Eq.

Gold

Silver

Gold Eq.

(USD)

  (kt)

(g/t)

(g/t)

(g/t)

(koz)

(koz)

(koz)

2,700

Ind

2,939

3.52

85.9

4.75

333

8,114

449

Inf

1,187

2.53

83.4

3.72

97

3,183

142

3,000

Ind

3,130

3.35

82.3

4.53

338

8,283

456

Inf

1,291

2.39

79.1

3.52

99

3,285

146

3,300*

Ind

3,391

3.15

77.8

4.26

343

8,479

464

Inf

1,436

2.23

73.6

3.28

103

3,398

151

3,500

Ind

3,718

2.92

72.9

3.96

349

8,711

474

Inf

1,588

2.07

68.5

3.05

106

3,498

156

4,000

Ind

4,149

2.67

67.2

3.63

356

8,965

484

Inf

1,815

1.88

62.4

2.77

110

3,640

162

Notes to Table 3:

AuEq g/t = Au g/t + (Ag g/t x (Au price/Ag price) x (Ag recovery/Au recovery)), and is calculated using the underlying metals prices, along with metallurgical recoveries of 96% Au and 91% Ag from metallurgical test work on Target 1 composite samples. 4 

MSO shapes were based on long hole stope configuration with a 2.0 m minimum width, and a USD $97/t operating cost comprised of $60/t incremental mining, $25/t processing, $10/t GA, and $2/t sustaining, and 92% mining recovery.  Blocks were evaluated using AuEq value, using variable gold prices according to the sensitivity scenario. 

The scenarios as presented are not considered statement of mineral resources or reserves, and do not have demonstrated economic viability. 

Reporting of Constrained and Diluted Mineral Resources, Mining and Processing Methods

Mineral Resources are reported from within economically constrained Longhole Open Stopes (LHOS) mining shapes generated using Datamine’s Mineable Shape Optimizer (MSO).  An operating cost of $97/t processed operating cost comprised of $60/t incremental mining, $25/t processing, $10/t G&A, and $2/t sustaining was applied.  An AuEq grade was basis used to determine block value using (1) a gold price of US$3,300/oz; (2) a silver price of US$50/oz; (3) gold recovery of 96%; (4) silver recovery of 91%, based on preliminary studies. Reported gold and silver grades in the Mineral Resource are stope-constrained and include internal dilution.  No external dilution was applied.  Historical workings were flagged to the block model and were assigned a density of 0.0 t/m3 to exclude mined out material from the stated Mineral Resources.

LHOS parameters applied in stope optimization include the following – (1) sublevel spacing = 20m; (2) stope slice interval = 5m; (3) minimum mining width = 2m; (4) minimum stope dip = 45 degrees; (5) minimum pillar between adjacent stopes = 0.01m; (6) Indicated and Inferred assurance categories only.

Metallurgical recoveries of 96% Au and 91% Ag were determined from metallurgical test work on Target 1 composite samples.  (ASX Announcement 25 February 2022).   The process route for extraction is crushing and grinding followed by flotation, intensive cyanide leaching of flotation concentrate and conventional cyanide leaching of the flotation tail.  Merrill-Crowe zinc precipitation assumed to recover gold and silver from solutions prior to smelting of the precipitate to produce gold-silver doré bars for sale.

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Figure 1: Series of plan view maps of the Mineral Resource Estimate showing: a) AuEq grade (g/t), b) block classification, and c) mining shapes used to constrain the block model

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Figure 2: Cross- section view of El Refugio, looking east, showing the mineralised block model and the mining shape constraints used in the Mineral Resource Estimate

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Figure 3: Cross- section view of La Soledad, looking northwest, showing the mineralised block model and the mining shape constraints used in the Mineral Resource Estimate

Target 3 – Initial 2026 Drill Program

Target 3, on the eastern side of the district, is hosted in a favourable intermediate volcaniclastic tuff and breccia with several phases of rhyolitic intrusive and flows present.  Dominant veins are trending east-west, northwest and locally in a less common northeast trend at Jabali.  Styles of mineralisation include disseminated and banded silver-sulphides, as well as observed visible gold (GU26-002).

These features indicate high level continuity within the broad property wide east-west mineral trend and/or a localized upwelling source to mineralisation.  Intersection of the Jabali and Guadalupe structures is projected approximately 950 metres west of Guadalupe and approximately 200 metres south of the southernmost Jabali drillhole JA26-004 and is a favourable target for future drill testing.  The Target 3 drill programs are described below, and drilling highlights are listed in Table 4.

The first program of shallow drilling in the Target 3 area since 2020 has tested 700 metres of strike within this 1.2 km x 1.2 km area.

 Target 3 Drill Program Highlights include:

0.90 m @ 2.79 g/t gold, 151 g/t silver from 151.0 m (JA26-002)

0.50 m @ 6.91 g/t gold, 475 g/t silver from 102.5 m (JA26-004)

0.50 m @ 33.2 g/t gold, 5.9 g/t silver from 134.95 m (GU26-002)

The drill program at Target 3, consisting of 3,039 m, tested four of several historic workings.  These initial results confirm extensive epithermal style mineralisation, with important key attributes observed in the drill core.  The vein style and grades being intercepted indicate the mineralisation is at a high level in the system, with best intercepts and vein thicknesses found deeper in the drill holes.  The results establish Target 3 as a highly prospective area for growth, reinforcing the broader district scale upside at Copalquin.

Further drilling is planned for Target 3 in the second half of 2026.

Jabali

  Six drill holes were completed at Jabali to test two veins mapped on surface and within historical workings. The Jabali main workings, located to the north, have less than 150 metres of lateral development over two levels, while the smaller southern workings have about 40 metres of lateral development on one level. Recent channel sampling in the Jabali main workings returned assay results of up to 0.65 m at 16 g/t gold and 1,275 g/t silver5. Drill results confirm vein continuity down dip and along strike at least 230 metres with mineralisation remaining open in all directions.

  Guadalupe

  Five holes were drilled at Guadalupe to test the dip of a small stope in historical workings. Hole GU26-002 intersected minor veining and stockwork with visible gold. Channel samples from quartz veining near historical workings on the surface returned assay results of up to 0.50 m at 13.25 g/t gold and 558 g/t silver6. These holes confirm the presence of quartz veining with epithermal breccia textures within a broad zone of anomalous gold and silver mineralisation.

  Constancia

  Two holes were drilled along the northwest trending Constancia veins. The first hole tested a small historical working approximately 150 metres immediately south of Jabali while the second drill hole tested the down dip continuity of mapped surface vein located 100 metres immediately south of the Guadalupe workings. Hole CS26-001 intersected weak alteration and anomalous gold and silver grades over 4 m, from approximately 177-181 m.  CS26-002 intercepted weak to moderate alteration over 30 metres between 45-75 m with anomalous gold and silver grades.

  El Maizon

  Two holes were drilled to test the continuity of a new vein mapped on surface along an interpreted east-west mineral trend. The holes successfully intercepted quartz breccia/epithermal veining and anomalous gold and silver assays over several intervals within weakly altered microdiorite.

 

Figure 4 Map – Target 3 Area showing drilling and channel sampling

      

Figure 5 Section – JA26-004, looking northeast

  Target 5 Drilling

One drill hole has been completed at the northern end of the Target 5 area confirming continuing high-grade silver-gold mineralisation located 68 metres down dip from surface in this silver rich area of the Copalquin District.

La Maquina Discovery Drill Hole

0.85 m @ 6.20 g/t gold, 764 g/t silver from 122.8 m (MA26-001) 7

The veins are hosted in granodiorite within a parallel vein set trending northwest, approximately on trend 1.6 m southwest of El Gallo where drilling in 2021 intercepted high-grade veins.  Like recent intersections reported in Target 5 at Apomal (see Mithril News Release from February 11, 2026 – Target 5 Drilling and District Update), the mineralisation contains high grade silver and gold, and we continue to prepare Target 5 for its next phase of drilling.

  One drill hole at La Maquina was completed during the quarter to test the down dip extension of a new vein discovery on surface in an area where no historical workings are known to exist.  Channel sampling conducted by Mithril returned grades of up to 0.50 m at 3.54 g/t gold, 11.3 g/t silver8. The drill hole intercepted the projected vein 68 metres down dip from the surface within the granodiorite intrusive, with mineralisation characterised as concordant veining with banding and microbands of black sulphides.  Vein continuity seen in mapping and sampling to the northwest remains a favourable target for future drill testing.  La Maquina drilling highlights are listed below in Table 4.

 

Figure 6:  Map – La Maquina area, between Targets 1 and 5 showing channel sample and drilling results

  

Figure 7:  Section – La Maquina section, looking to the northwest

  Table 4:  Drill results received for Target 3 and Target 5 reported during the quarter

Hole ID

From (m)

 To (m)

Interval (m)

Au g/t

Ag g/t

AuEq g/t9

Target 5

            MA26-001*

122.80

123.65

0.85

6.20

764.0

17.11

MA26-001*

169.45

170.20

0.75

1.16

18.1

1.42

Target 3

            JA26-002

29.35

29.95

0.60

0.14

10.9

0.30

JA26-002

35.00

36.00

1.00

0.16

7.6

0.26

JA26-002

36.00

36.50

0.50

0.95

120.0

2.67

JA26-002

92.00

93.35

1.35

0.33

0.5

0.34

JA26-002*

155.45

156.35

0.90

2.79

151.0

4.95

JA26-003

57.45

58.45

1.00

0.23

1.2

0.25

JA26-003

69.65

70.50

0.85

0.26

5.2

0.33

JA26-004

27.95

29.45

1.50

0.38

3.3

0.42

JA26-004

34.70

36.80

2.1

0.12

18.4

0.38

JA26-004*

102.50

103.00

0.50

6.91

475.0

13.70

JA26-006*

54.50

55.15

0.65

1.12

17.8

1.37

GU26-001

6.70

7.70

1.00

0.27

1.2

0.29

GU26-001

25.70

26.70

1.00

0.16

17.0

0.40

GU26-001

74.30

75.00

0.70

1.02

68.4

2.00

GU26-001

79.50

80.00

0.50

0.50

1.5

0.52

GU26-002*

134.95

135.45

0.50

33.20

5.9

33.28

GU26-003

19.20

20.20

1.00

0.69

0.9

0.70

GU26-003

20.20

21.20

1.00

0.29

2.1

0.32

GU26-003

19.20

21.20

2.00

0.49

1.5

0.51

GU26-003*

68.65

69.15

0.50

0.76

27.7

1.16

GU26-004

11.10

11.60

0.50

0.28

1.2

0.30

GU26-004

31.75

33.50

1.75

0.41

0.3

0.41

GU26-004

33.50

34.00

0.50

0.37

0.9

0.38

GU26-004

62.30

62.80

0.50

0.80

0.7

0.81

GU26-004

67.35

68.00

0.65

0.20

6.7

0.30

GU26-004

68.00

69.20

1.20

0.54

21.2

0.84

GU26-004*

75.85

76.40

0.55

1.24

6.1

1.33

GU26-004

80.50

81.05

0.55

0.26

0.3

0.26

GU26-005

32.20

33.00

0.80

0.19

8.4

0.31

GU26-005

48.65

50.15

1.50

0.39

2.4

0.42

GU26-005

68.30

68.90

0.60

0.18

8.3

0.30

CS26-002

48.65

49.15

0.50

0.13

15.6

0.35

CS26-002

54.50

56.00

1.50

0.26

1.9

0.29

* Intercepts shown on attached maps and sections

See ASX announcements: 09 April 2026 - HIGH-GRADE AND WIDESPREAD SILVER AND GOLD AT TARGET 3, for details

  Target 1 Drilling – Pre MRE Upgrade

  The recent drilling program has targeted areas within and around the perimeter of Inferred Mineral Resources defined in November 202110 with the intention to upgrade technical confidence in the geology and mineral continuity.  A total of 20 drill holes were completed in these areas, which include portions of the near surface Cometa, El Refugio and La Soledad vein systems.

Pre MRE drilling at Target 1 focused on testing the lateral extents of the resource area for potential expansion with approximately 5,000 m of drilling.   Hole RE26-009 was drilled as a 50 m step out to the high-grade intercepts previously reported in El Refugio in holes MTH-RE25-44 and MTH-RE25-4511 which are located approximately 300 m to the west and down plunge from the 2021 MRE footprint.  Drilling in the area has helped improve the geological understanding of this area which is dominated by multiphase quartz breccia mineralisation and is spatially influenced by a post-mineral dike system that cuts-across the northwest plunging El Refugio trend.

Drill hole LS26-005, which tested beyond the southeastern limits of the previous resource footprint of La Soledad, intersected elevated gold values in a series of concordant and banded veins, containing milky to translucent grey quartz.

Several holes are planned in this area as part of a lateral extension drilling program at Target 1 following the MRE update.  The Pre MRE upgrade drilling completed during the quarter at Target 1 Is listed below in Table 5.

Table 5 Recent results received for Target 1resource upgrade drilling

Hole ID

From (m)

 To (m)

Interval (m)

Au g/t

Ag g/t

AuEq g/t12

El Refugio

RE26-001

304.00

305.20

1.20

0.85

32.7

1.31

RE26-001

313.15

317.15

4.00

1.02

31.6

1.47

including

316.65

317.15

0.50

4.36

50.2

5.08

RE26-002

290.25

290.90

0.65

3.12

86.7

4.36

RE26-003

64.20

66.20

2.00

0.24

12.3

0.42

RE26-003*

78.15

94.15

16.00

0.59

41.0

1.18

including

78.95

85.75

6.80

0.77

46.6

1.44

including

91.20

91.85

0.65

3.48

258.0

7.17

RE26-003

96.90

98.20

1.30

0.33

76.4

1.42

RE26-003

104.30

113.35

9.05

0.35

33.0

0.82

including

110.90

112.55

1.65

0.49

71.0

1.50

RE26-004*

153.90

157.35

3.45

12.09

249.3

15.65

including

156.00

156.85

0.85

24.60

327.0

29.27

RE26-005

228.30

229.85

1.55

3.38

12.0

3.55

RE26-005

233.00

240.00

7.00

1.67

35.0

2.17

RE26-005

244.00

247.00

3.00

1.50

46.0

2.16

RE26-005

275.00

278.50

3.50

0.81

12.8

0.99

RE26-006

23.00

24.65

1.65

0.33

18.1

0.59

RE26-006

28.00

33.50

5.50

0.33

15.8

0.56

RE26-006

36.05

38.05

2.00

0.15

11.2

0.31

RE26-006

40.25

42.00

1.75

0.98

56.5

1.79

RE26-006

59.15

60.70

1.55

0.32

15.2

0.54

RE26-006

65.05

70.00

4.95

0.50

49.2

1.21

including

65.65

67.00

1.35

0.98

115.0

2.62

RE26-006

82.15

82.85

0.70

0.10

10.7

0.25

RE26-006

83.55

84.05

0.50

0.18

6.5

0.28

RE26-006

85.00

86.00

1.00

0.14

21.1

0.44

RE26-006

89.00

90.00

1.00

0.35

1.1

0.37

RE26-007

102.85

104.30

1.45

2.26

82.2

3.43

RE26-009*

271.40

281.05

9.65

7.00

370.3

12.29

including

271.40

274.15

2.75

8.58

486.0

15.52

including

271.40

272.35

0.95

15.15

980.0

29.15

and

275.80

279.05

3.25

11.52

596.2

20.04

including

276.45

276.95

0.50

30.70

1780.0

56.13

RE26-009

285.60

286.15

0.55

6.55

400.0

12.26

RE26-010*

395.05

397.90

2.85

2.41

107.8

3.94

including

396.95

397.90

0.95

2.83

188.0

5.52

RE26-012

304.20

305.40

1.20

6.64

6.4

6.73

RE26-012

316.75

318.40

1.65

3.79

8.3

3.91

including

317.65

318.40

0.75

5.55

11.9

5.72

RE26-013*

375.70

382.95

7.25

4.01

225.1

7.22

including

376.80

380.10

3.30

7.11

368.2

12.37

and*

378.00

378.50

0.50

15.25

533.0

22.86

La Soledad

LS26-001

193.00

193.95

0.95

1.37

77.8

2.48

LS26-002

187.80

188.30

0.50

1.04

47.5

1.72

LS26-002

201.50

202.00

0.50

1.00

59.0

1.84

LS26-003

147.25

147.75

0.50

2.02

20.7

2.32

LS26-005*

58.80

62.40

3.60

2.18

24.9

2.53

including

61.65

62.40

0.75

9.60

111.0

11.19

LS26-005

171.00

171.50

0.50

10.30

14.4

10.51

LS26-005

194.00

196.00

2.00

0.95

32.0

1.41

LS26-005

207.00

208.00

1.00

1.03

60.5

1.89

LS26-005*

239.20

240.40

1.20

10.55

8.0

10.66

LS26-006*

66.00

67.00

1.00

1.22

149.1

3.34

LS26-006

117.55

118.30

0.75

1.49

50.7

2.21

LS26-007

58.20

58.75

0.55

0.95

53.7

1.71

LS26-007

81.90

88.65

6.75

0.65

23.4

0.98

LS26-007

92.00

95.25

3.25

5.23

30.5

5.66

Including*

94.40

95.25

0.85

19.45

96.8

20.83

LS26-007

99.75

100.25

0.50

1.70

10.8

1.85

LS26-007

293.15

294.00

0.85

2.04

5.8

2.12

* Intercepts shown on attached maps and sections

See ASX announcements: 12 May 2026 - MTH Drills 7.00 G/T Gold, 370 G/T Silver Over 9.65 M at T1 and 10 June 2026 - MITHRIL DRILLS 7.25 M @ 4.01 G/T AU, 225 G/T AG AT T1, for details.

  
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Figure 8: Target 1 plan map showing drill hole trace locations, some highlight intercepts and resource footprint area

Click Image To View Full Size

Figure 9 Cross section +/- 50 metres for drilling on the western extension of the Target 1 resource area. Drill hole RE26-009 is located approximately 50 metres east of drill holes MTH-RE25-044 and 045

   Along the western extension of El Refugio main, the vein system consolidates into one main structure.  The final seven holes (totalling 2,868.0 m) of the 2026 campaign at El Refugio were drilled to test continuity of the mineralized system and successfully intersected mineralization beyond the post-mineral dyke system.  Recent age dating confirms the approximate age of mineralization around 27 Ma, relative to the post mineral dyke system with an age of 22 Ma, based on K-Ar age dating methods.  Mineralization within the structure remains open to depth.

  Drilling at La Soledad since the 2021 Mineral Resource Estimate focused on drill testing mineralized extensions projected from the historical workings, which were surveyed with underground LiDAR in May 2025, in addition to the successful extension of the mineralized structure to the southeast.  Drilling in 2026 continued testing the extension of the mineralization along the southeast trend.  Together, the campaigns have culminated in identifying six subparallel mineralized structures located in the footwall to La Soledad main near the intersection with Refugio main vein.

   
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Figure 10: Long section view of the El Refugio vein looking perpendicular to the vein to the northwest

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Figure 11: Cross section +/- 50 metres for drilling on the western extension of the Target 1 resource area, centred on drill hole RE26-013; drill hole RE26-010 and CDH-094 are located approximately 50 metres east.

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Figure 12: Long section view of the El Refugio vein looking perpendicular to vein to the northeast

  CORPORATE AND FINANCIAL SUMMARY

Cash balance of A$7.3M at June 30, 2026 and Mithril remains debt free. 

Mexican value added tax refunds have continued with MXN11.5M (~A$940k) of refunds received in Mexico during the June 2026 quarter. 

Exploration Expenditure

Exploration expenditure for the quarter was A$3.4M focussed entirely on the Copalquin District in Mexico.

Related Party Payments

In line with its obligations under ASX Listing Rule 5.3.5, Mithril Silver and Gold Limited notes that the only payments to related parties of the Company, as advised in the Appendix 5B for the period ended 30 June 2026, pertain to payments to directors and consultants for fees, salary and superannuation.

  PLANNED EXPLORATION ACTIVITIES – SEPTEMBER 2026 QUARTER

During the September 2026 quarter, Mithril plans to:

Drill test west and northwest of the Target 1 resource area 

Follow-up drilling along strike from the high-grade intercepts at the historic Copalquin mine workings 

Progress a series of deep, key structural targeting drill holes across the district 

Follow-up drilling to test deeper at Target 3 

Progress economic assessment and derisking work for the Target 1 resource area 

Progress initial drill plan and permitting for La Dura 

Fully funded to complete remaining 12,000 m of drilling for 2026 

  ASX Announcements released during the June 2026 quarter:

3 JULY 2026        Amended Announcement Copalquin Project Target 1 Deposit MRE

30 JUNE 2026        Mithril Derisks Target 1 with Mine Constrained and Diluted Resource Upgrade - 75% Indicated

17 JUNE 2026        Section 708A Notice

17 JUNE 2026        Application for quotation of securities - MTH

10 JUNE 2026        Mithril Drills 4.01 G/T Gold, 225 G/T Silver Over 7.25 M Including 15.25 G/T Gold, 533 G/T Silver Over 0.5 M At Target 1, Copalquin

12 MAY 2026        Mithril Drills 7.00 G/T Gold, 370 G/T Silver Over 9.65 M Including 30.7 G/T Gold, 1,780 G/T Silver Over 0.5 M At Target 1, Copalquin

8 MAY 2026        Unaudited 31 March 2026 Financial Statements

1 MAY 2026        Application for quotation of securities - MTH

29 APRIL 2026        Mithril Silver and Gold March 2026 Quarterly Report

15 APRIL 2026        Investor Presentation

9 APRIL 2026        Mithril Confirms High-Grade and Widespread Silver and Gold at Target 3, Copalquin Project       

  ABOUT THE COPALQUIN AND LA DURA GOLD SILVER PROPERTIES

Mithril is undertaking an aggressive exploration program in 2026, with 25,000 metres of drilling planned during the year across the Copalquin District. Upcoming work will focus on expanding known mineralized zones, testing new high-priority targets, integrating district-wide geophysical data, and continuing to advance the Company’s district-scale exploration thesis.  The district features over 100 historic underground workings including several notable producing multi-level mines and 200 surface workings.  Mapping and sampling across the lower half of the 70 km2 mining concession area demonstrates and a large epithermal silver-gold system with multiple target areas for potential resource growth plus the conduit system responsible for the widespread silver and gold mineralisation.

The northern half of the Copalquin concession area features large areas of alteration. The LiDAR image shows evidence of historic mining activity and indicates some key structures.  Along with historic sampling data, the northern section of the property presents as a potentially significant large exploration area within Mithril’s Copalquin mining concessions.

Mithril has an exclusive option to purchase 100% interest in the Copalquin mining concessions by paying US$10M on or any time before 7 August 2028.

The nearby 20 km2 La Dura property13 has recently been added to the portfolio providing a brown field property with a database of mapping, sampling and drilling.  The recent LiDAR survey has revealed multiple historic workings within the concession area, including the 4-level high-grade La Dura mine.  An initial 1.5 km long mineralisation corridor has been identified as a future drill target.  An aerial magnetic survey has been completed with interpretation work currently progressing.

 
Click Image To View Full Size

Figure 13 Mithril’s Copalquin and La Dura property locations in Durango State, Mexico

  -ENDS-

Released with the authority of the Board.

For further information contact:

  The Australian Securities Exchange has not reviewed and does not accept responsibility for the accuracy or adequacy of this release.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

  Competent Persons Statement (JORC), and Qualified Persons (NI 43-101) Statement

The information in this announcement that relates to metallurgical test results, mineral processing and project development and study work has been compiled, reviewed and approved by Mr John Skeet who is Mithril’s CEO and Managing Director. Mr Skeet is a Fellow of the Australasian Institute of Mining and Metallurgy. This is a Recognised Professional Organisation (RPO) under the Joint Ore Reserves Committee (JORC) Code and Acceptable Foreign Association under NI 43-101.

Mr Skeet has sufficient experience of relevance to the styles of mineralisation and the types of deposits under consideration, and to the activities undertaken, to qualify as a Competent Person (non-independent) as defined in the 2012 Edition of the Joint Ore Reserves Committee (JORC) Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves, and as a Qualified Person (non-independent) as defined by NI 43-101. Mr Skeet consents to the inclusion in this report of the matters based on information in the form and context in which it appears. The Australian Securities Exchange has not reviewed and does not accept responsibility for the accuracy or adequacy of this release.

The information in this announcement that relates to sampling techniques, sample data, exploration results and geological interpretation for Mithril’s Mexican project, has been compiled, reviewed and approved by Mr James Barr who is Mithril’s Vice President - Exploration. Mr Barr is a registered member and Professional Geologist (P.Geo.) of the Engineers and Geoscientists of British Columbia. This is a Recognised Professional Organisation (RPO) under the Joint Ore Reserves Committee (JORC) Code and recognized Canadian Professional Association under NI 43-101.

Mr Barr has sufficient experience of relevance to the styles of mineralisation and the types of deposits under consideration, and to the activities undertaken, to qualify as a Competent Person (non-independent) as defined in the 2012 Edition of the Joint Ore Reserves Committee (JORC) Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves, and as a Qualified Person (non-independent) as defined by NI 43-101. Mr Barr consents to the inclusion in this report of the matters based on information in the form and context in which it appears.

The information in this announcement that relates to Mineral Resources has been compiled, reviewed and approved by Mr John Sims, a Certified Registered Geologist (CPG) with the American Institute of Professional Geologists (AIPG).  This is a Recognised Professional Organisation (RPO) under the Joint Ore Reserves Committee (JORC) Code and Acceptable Foreign Association under NI 43-101.

Mr Sims is acting as the Competent Person (independent), as defined in the 2012 Edition of the Joint Ore Reserves Committee (JORC) Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves, and as the Qualified Person (independent) as defined by NI 43-101, for the reporting of the Upgraded Copalquin Target 1 Mineral Resource Estimate, with effective date of June 29, 2026. A site visit was carried out by Mr Sims, between 5 May 2025 and 7 May 2025 to observe the drilling, logging, sampling and assay database. Mr Sims has reviewed and approved the contents of this report, and consents to the inclusion in this report of the matters based on information in the form and context in which it appears.

The relevant sections of “JORC Code, 2012 Edition - Table 1” as defined by the Joint Ore Reserves Committee (JORC) Code are incorporated into the Public Report announced as an amended version on ASX dated 3 July 2026 - Amended Announcement Copalquin Project Target 1 Deposit MRE.

A NI 43-101 Technical Report entitled “Technical Report and Upgraded Mineral Resource Estimate for the Copalquin Target 1 Area, Durango, Mexico” will be filed on SEDAR+ within 45 days of the release.

Qualified Persons – NI 43-101

Scientific and technical information in this Report has been reviewed and approved by Mr John Skeet (FAUSIMM, CP) Mithril’s Managing Director and Chief Executive Officer. Mr John Skeet is a qualified person within the meaning of NI 43-101.

Samples are sent to ALS Global with sample preparation performed in Chihuahua City, Mexico and assaying of sample pulps performed in North Vancouver, BC, Canada.

Tenement and Mining Concession Information – 30 June 2026

Mithril Silver and Gold Limited Group

Australian Interests:

Mining Concession

Tenement title number

Interest owned %

Murchison Area (Limestone Well)

E20/846

10.00

Murchison Area (Limestone Well)

E57/1069

10.00

Mithril continues to hold a 10% free carried interest in the Limestone Well tenements with Firefly Metals (formerly Auteco Minerals).

  Mexican Operations:

  Copalquin Property

Mining Concession

Mining Concession title number

Interest owned %

La Soledad

52033

50.00

El Cometa

164869

50.00

San Manuel

165451

50.00

Copalquin

178014

50.00

El Sol

236130

50.00

El Corral

236131

50.00

Mithril owns 50% interest in the Copalquin mining concessions and has an exclusive option to purchase the remaining 50% (bringing Mithril’s ownership of the Copalquin mining concessions to 100%) by paying US$10M to the vendor on or any time before 7 August 2026 (the due date for payment was initially 7 August 2023, and was extended by 3 years by written agreement between Mithril and the vendor). Mithril has executed and registered an agreement with the vendor for an extension of the payment date by a further 2 years (bringing the payment date to 7 August 2028).

  La Dura Property

Mining Concession

Mining Concession title number

Interest owned %

La Dura

51845

Option to Acquire 100%

Ampliacion La Dura

196005

Option to Acquire 100%

La Dura Plus

220859

Option to Acquire 100%

La Dura Plus

220860

Option to Acquire 100%

La Dura

234913

Option to Acquire 100%

In December 2025, Mithril executed an Agreement to acquire 100% interest in the La Dura mining concessions over a 4-year period for a purchase price of US$4M (See ASX announcement: 05/12/2025 - Mithril to Acquire the La Dura Gold-Silver Property).

Appendix 5B

Mining exploration entity or oil and gas exploration entity
quarterly cash flow report

Name of entity

MITHRIL SILVER AND GOLD LIMITED

ABN

Quarter ended (“current quarter”)

30 099 883 922

  30 JUNE 2026

  Consolidated statement of cash flows

Current quarter
$A’000

Year to date

(12 months)
$A’000

1.

Cash flows from operating activities

    1.1

Receipts from customers

1.2

Payments for

      (a)exploration evaluation  

  (b)development 

      (c)production 

      (d)staff costs  

(172)

(670)

  (e)administration and corporate costs 

(391)

(1,991)

1.3

Dividends received (see note 3)

    1.4

Interest received

96

475

1.5

Interest and other costs of finance paid

    1.6

Income taxes paid

    1.7

Government grants and tax incentives

    1.8

Other – Mexico tax adjustments

24

24

1.9

Net cash from / (used in) operating activities

(443)

(2,162)

  2.

Cash flows from investing activities

    2.1

Payments to acquire or for:

  (a)entities 

  (b)tenements 

      (c)property, plant and equipment 

      (d)exploration evaluation  

(3,402)

(15,024)

  (e)investments 

      (f)other term deposits 

    2.2

Proceeds from the disposal of:

      (a)entities 

  (b)tenements 

  25

  (c)property, plant and equipment 

      (d)investments 

      (e)other term deposits 

    2.3

Cash flows from loans to other entities

    2.4

Dividends received (see note 3)

    2.5

Other (provide details if material)

    2.6

Net cash from / (used in) investing activities

(3,402)

(14,999)

  3.

Cash flows from financing activities

  12,727

3.1

Proceeds from issues of equity securities (excluding convertible debt securities)

3.2

Proceeds from issue of convertible debt securities

    3.3

Proceeds from exercise of options

265

1,699

3.4

Transaction costs related to issues of equity securities or convertible debt securities

  (1,058)

3.5

Proceeds from borrowings

    3.6

Repayment of borrowings

    3.7

Transaction costs related to loans and borrowings

    3.8

Dividends paid

    3.9

Other (provide details if material)

    3.10

Net cash from / (used in) financing activities

265

13,368

  4.

Net increase / (decrease) in cash and cash equivalents for the period

    4.1

Cash and cash equivalents at beginning of period

10,839

11,056

4.2

Net cash from / (used in) operating activities (item 1.9 above)

(443)

(2,162)

4.3

Net cash from / (used in) investing activities (item 2.6 above)

(3,402)

(14,999)

4.4

Net cash from / (used in) financing activities (item 3.10 above)

265

  13,368

4.5

Effect of movement in exchange rates on cash held

(3)

(7)

4.6

Cash and cash equivalents at end of period

7,256

7,256

  5.

Reconciliation of cash and cash equivalents
at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts

Current quarter
$A’000

Previous quarter
$A’000

5.1

Bank balances

2,256

3,839

5.2

Call deposits

5,000

7,000

5.3

Bank overdrafts

    5.4

Other (provide details)

    5.5

Cash and cash equivalents at end of quarter (should equal item 4.6 above)

7,256

10,839

6.

Payments to related parties of the entity and their associates

Current quarter
$A'000

6.1

Aggregate amount of payments to related parties and their associates included in item 1

155

6.2

Aggregate amount of payments to related parties and their associates included in item 2

  Amounts in 6.1 relate to Director fees, employee salaries and consulting services.

  Note: if any amounts are shown in items 6.1 or 6.2, your quarterly activity report must include a description of, and an explanation for, such payments.

  7.

Financing facilities
Note: the term “facility’ includes all forms of financing arrangements available to the entity.

Add notes as necessary for an understanding of the sources of finance available to the entity.

Total facility amount at quarter end
$A’000

Amount drawn at quarter end
$A’000

7.1

Loan facilities

    7.2

Credit standby arrangements

    7.3

Other  - Insurance funding loan

    7.4

Total financing facilities

          7.5

Unused financing facilities available at quarter end

  7.6

Include in the box below a description of each facility above, including the lender, interest rate, maturity date and whether it is secured or unsecured. If any additional financing facilities have been entered into or are proposed to be entered into after quarter end, include a note providing details of those facilities as well.

        8.

Estimated cash available for future operating activities

$A’000

8.1

Net cash from / (used in) operating activities (item 1.9)

(443)

8.2

(Payments for exploration & evaluation classified as investing activities) (item 2.1(d))

(3,402)

8.3

Total relevant outgoings (item 8.1 + item 8.2)

(3,845)

8.4

Cash and cash equivalents at quarter end (item 4.6)

7,256

8.5

Unused finance facilities available at quarter end (item 7.5)

-

8.6

Total available funding (item 8.4 + item 8.5)

7,256

      8.7

Estimated quarters of funding available (item 8.6 divided by item 8.3)

1.89

Note: if the entity has reported positive relevant outgoings (ie a net cash inflow) in item 8.3, answer item 8.7 as “N/A”. Otherwise, a figure for the estimated quarters of funding available must be included in item 8.7.

8.8

If item 8.7 is less than 2 quarters, please provide answers to the following questions:

  8.8.1        Does the entity expect that it will continue to have the current level of net operating cash flows for the time being and, if not, why not?

  Answer: Yes, the Company is executing the second half of the 2026 drill programme with two drills operating, with anticipated completion about mid-October 2026.  The Company has the option to continue drilling at the same rate or to reduce.

  8.8.2        Has the entity taken any steps, or does it propose to take any steps, to raise further cash to fund its operations and, if so, what are those steps and how likely does it believe that they will be successful?

  Answer:  The Company will rely on its existing cash resources and future capital raising (either debt and/or equity), including its ability to place securities under LR7.1 and LR7.1A to funds its current activities. The Company has a history of raising funds as required and believes further successful fundraising will be able to be completed. No capital raising has been planned or committed as at the date of this report.

  8.8.3        Does the entity expect to be able to continue its operations and to meet its business objectives and, if so, on what basis?

  Answer: In light of the above factors, the Company will have sufficient cash to fund its existing and planned activities with ability to make adjustments. The Company’s Board and Management is focused on meeting its current objectives and confirm that it is in compliance with ASX Listing Rules, in particular, Listing Rule 3.1.

    Note: where item 8.7 is less than 2 quarters, all of questions 8.8.1, 8.8.2 and 8.8.3 above must be answered.

  Compliance statement

1        This statement has been prepared in accordance with accounting standards and policies which comply with Listing Rule 19.11A.

2        This statement gives a true and fair view of the matters disclosed.

  Date:        ...................................................................................

   Authorised by:        ...................................................................................

(Name of body or officer authorising release – see note 4)

  Notes

1.        This quarterly cash flow report and the accompanying activity report provide a basis for informing the market about the entity’s activities for the past quarter, how they have been financed and the effect this has had on its cash position. An entity that wishes to disclose additional information over and above the minimum required under the Listing Rules is encouraged to do so.

2.        If this quarterly cash flow report has been prepared in accordance with Australian Accounting Standards, the definitions in, and provisions of, AASB 6: Exploration for and Evaluation of Mineral Resources and AASB 107: Statement of Cash Flows apply to this report. If this quarterly cash flow report has been prepared in accordance with other accounting standards agreed by ASX pursuant to Listing Rule 19.11A, the corresponding equivalent standards apply to this report.

3.        Dividends received may be classified either as cash flows from operating activities or cash flows from investing activities, depending on the accounting policy of the entity.

4.        If this report has been authorised for release to the market by your board of directors, you can insert here: “By the board”. If it has been authorised for release to the market by a committee of your board of directors, you can insert here: “By the [name of board committee – eg Audit and Risk Committee]”. If it has been authorised for release to the market by a disclosure committee, you can insert here: “By the Disclosure Committee”.

5.        If this report has been authorised for release to the market by your board of directors and you wish to hold yourself out as complying with recommendation 4.2 of the ASX Corporate Governance Council’s Corporate Governance Principles and Recommendations, the board should have received a declaration from its CEO and CFO that, in their opinion, the financial records of the entity have been properly maintained, that this report complies with the appropriate accounting standards and gives a true and fair view of the cash flows of the entity, and that their opinion has been formed on the basis of a sound system of risk management and internal control which is operating effectively.

  1 See ASX announcement dated 3 July 2026, “Amended Announcement Copalquin Project Target 1 Deposit MRE”

2 See ASX announcement dated 25 February 2022, “Further Excellent Metallurgy Results – Copalquin District, Mexico”

3 See ASX announcement dated 25 February 2022, “Further Excellent Metallurgy Results – Copalquin District, Mexico”

4 See ASX announcement dated 25 February 2022, “Further Excellent Metallurgy Results – Copalquin District, Mexico”

5 See ASX Announcement 01 Dec 2025 Exploration Sampling up to 4,520 g/t Silver, 38.2 g/t Gold

6 See ASX Announcement 07 July 2025 MTH EXTENDS 8 KM LONG HIGH-GRADE GOLD-SILVER SYSTEM

7 See Announcement dated 9 April 2026, High-Grade and Widespread Silver and Gold at Target 3

8 See Announcement dated 29 July 2025, High-Grade Channel Sampling Results

9 AuEq g/t = Au g/t + (Ag g/t x (Au price/Ag price) x (Ag recovery/Au recovery)), and is calculated using the underlying metals prices, along with metallurgical recoveries of 96% Au and 91% Ag from metallurgical test work on Target 1 composite samples.

  10 See Announcement dated 17 November 2021, Maiden JORC Resource 529,000 Ounces @ 6.81g/t

11 See Announcement dated 16 October 2025, 300 Metre T1 Extension -10.9 G/T AUEQ over 8.03m

12 AuEq g/t = Au g/t + (Ag g/t x (Au price/Ag price) x (Ag recovery/Au recovery)), and is calculated using the underlying metals prices, along with metallurgical recoveries of 96% Au and 91% Ag from metallurgical test work on Target 1 composite samples.

  13 See ASX announcement: 05/12/2025 - Mithril to Acquire the La Dura Gold-Silver Property

Posted by Defense World Staff on Jul 31st, 2026

Bloom Energy Corporation (NYSE:BE – Get Free Report) rose 26.5% during mid-day trading on Thursday after Mizuho upgraded the stock from a neutral rating to an outperform rating. Mizuho now has a $242.00 price target on the stock, down from their previous price target of $285.00. Bloom Energy traded as high as $215.74 and last traded at $207.1940. Approximately 34,196,676 shares were traded during mid-day trading, an increase of 177% from the average session volume of 12,366,294 shares. The stock had previously closed at $163.75.

A number of other brokerages have also recently weighed in on BE. Sanford C. Bernstein raised their price objective on shares of Bloom Energy from $276.00 to $282.00 and gave the stock a “market perform” rating in a research note on Wednesday. BTIG Research reiterated a “buy” rating and set a $295.00 target price on shares of Bloom Energy in a report on Wednesday. Susquehanna increased their target price on Bloom Energy from $293.00 to $298.00 and gave the company a “positive” rating in a report on Friday, July 10th. Morgan Stanley reissued an “overweight” rating and set a $310.00 price target on shares of Bloom Energy in a research report on Wednesday, April 29th. Finally, TD Cowen reissued a “hold” rating and issued a $235.00 price target on shares of Bloom Energy in a report on Monday, July 20th. Three investment analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating, twelve have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $246.18.

Read Our Latest Stock Analysis on Bloom Energy

Insider Activity In other Bloom Energy news, Director John T. Chambers sold 55,000 shares of the business’s stock in a transaction on Thursday, May 28th. The stock was sold at an average price of $297.69, for a total value of $16,372,950.00. Following the completion of the transaction, the director directly owned 238,333 shares in the company, valued at approximately $70,949,350.77. The trade was a 18.75% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Aman Joshi sold 8,343 shares of the stock in a transaction on Wednesday, July 1st. The stock was sold at an average price of $300.37, for a total value of $2,505,986.91. Following the transaction, the insider directly owned 163,807 shares in the company, valued at approximately $49,202,708.59. This represents a 4.85% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 118,617 shares of company stock valued at $34,238,909 in the last 90 days. Insiders own 3.00% of the company’s stock.

Bloom Energy News Roundup Here are the key news stories impacting Bloom Energy this week:

Positive Sentiment: Record Q2 performance: Bloom reported approximately $1.07 billion in quarterly revenue, up 165.5% year over year and well above expectations. EPS of $0.78 also exceeded the consensus estimate of $0.39. Bloom Energy Q2 Earnings Beat Estimates on Product Growth, View Up Positive Sentiment: Higher 2026 guidance: Management raised its full-year revenue outlook to $3.9 billion–$4.2 billion from $3.4 billion–$3.8 billion, citing product growth, onsite power demand and rising orders from AI data centers. Positive Sentiment: AI infrastructure opportunity: Bloom’s fuel-cell systems are increasingly viewed as a solution for data centers facing power shortages. An expanded Brookfield financing backstop, reportedly reaching $25 billion, could support large-scale customer deployments and future growth. Why Bloom Energy May Be the Most Important AI Infrastructure Stock Positive Sentiment: More bullish analyst coverage: Mizuho upgraded BE to Outperform and set a $242 price target, while Clear Street and Zacks Research upgraded the stock to Strong Buy. JPMorgan maintained Overweight with a $314 target, and BTIG reaffirmed Buy with a $295 target. Mizuho Upgrades Bloom Energy Neutral Sentiment: Mixed Wall Street view: Wells Fargo lowered its target to $176 and kept an Equal Weight rating, while BMO cut its target to $227 and maintained Market Perform. These reductions reflect concerns that the stock’s valuation already prices in substantial AI-related growth. Negative Sentiment: High volatility and valuation risk: Despite the earnings beat, Bloom remains richly valued, with a high P/E ratio and significant leverage. The stock’s recent sell-off and sharp reversals also indicate that sentiment is highly speculative, particularly among retail investors. Hedge Funds Weigh In On Bloom Energy Several institutional investors have recently added to or reduced their stakes in the business. Geode Capital Management LLC boosted its stake in Bloom Energy by 5.4% in the 4th quarter. Geode Capital Management LLC now owns 5,277,461 shares of the company’s stock worth $461,272,000 after buying an additional 269,662 shares during the last quarter. Brooklands Fund Management Ltd acquired a new position in shares of Bloom Energy during the 4th quarter valued at about $347,560,000. Amundi increased its stake in shares of Bloom Energy by 390.7% during the 4th quarter. Amundi now owns 3,154,197 shares of the company’s stock valued at $274,068,000 after acquiring an additional 2,511,426 shares during the last quarter. Norges Bank purchased a new position in shares of Bloom Energy during the 4th quarter worth about $239,683,000. Finally, Jennison Associates LLC lifted its holdings in shares of Bloom Energy by 20,074.4% during the 1st quarter. Jennison Associates LLC now owns 2,687,029 shares of the company’s stock worth $364,066,000 after acquiring an additional 2,673,710 shares during the period. 77.04% of the stock is currently owned by institutional investors and hedge funds.

Bloom Energy Price Performance The company’s 50-day moving average is $262.92 and its 200-day moving average is $209.16. The company has a debt-to-equity ratio of 1.59, a current ratio of 4.09 and a quick ratio of 4.10. The firm has a market capitalization of $58.94 billion, a price-to-earnings ratio of 276.26 and a beta of 3.73.

Bloom Energy (NYSE:BE – Get Free Report) last issued its quarterly earnings results on Tuesday, July 28th. The company reported $0.78 EPS for the quarter, topping the consensus estimate of $0.39 by $0.39. The firm had revenue of $1.07 billion during the quarter, compared to analyst estimates of $826.13 million. Bloom Energy had a net margin of 7.87% and a return on equity of 35.45%. Bloom Energy’s revenue for the quarter was up 165.5% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.10 earnings per share. Bloom Energy has set its FY 2026 guidance at 2.550-2.850 EPS. On average, research analysts expect that Bloom Energy Corporation will post 1.43 earnings per share for the current year.

About Bloom Energy (Get Free Report)

Bloom Energy is a clean energy technology company that designs, manufactures and deploys solid oxide fuel cell systems for on-site power generation. Its flagship product, the Bloom Energy Server, converts natural gas, biogas or hydrogen into electricity through an electrochemical reaction, offering customers a reliable, low-carbon alternative to grid power. The company also provides a suite of services that includes system installation, remote monitoring and preventative maintenance to ensure long-term performance and uptime.

Founded in 2001 by Dr.

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Should The Bancorp Make Your Small-Cap Watchlist for 2023? Bancorp NASDAQ: TBBK reported second-quarter 2026 earnings per share of $1.45, up 14.2% from a year earlier, as growth in its fintech business, lending fees and operating leverage supported record earnings for the first half of the year.

Chief Executive Officer Damian Kozlowski said the company generated a 34.7% return on equity in the quarter and expects further increases over the next three years. He said Bancorp intends to continue returning capital through share repurchases, forecasting $200 million of buybacks in 2026, or about $50 million per quarter.

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The company raised its full-year 2026 earnings outlook to $5.95 to $6.05 per share. It also set a fourth-quarter target of $1.65 to $1.75 per share and maintained preliminary 2027 guidance of $8.10 to $8.30 per share. The guidance includes the anticipated effect of share repurchases.

Fintech growth and program pipeline Fintech gross dollar volume, or GDV, increased 22.5% year over year in the second quarter, while fintech revenue, including fee and spread revenue, rose 21%, Kozlowski said. He cited continued onboarding of new programs and expansions with existing partners across the company’s fintech platform.

Kozlowski said the Cash App program had begun ramping and should contribute to GDV growth and profitability in coming quarters, with more material contributions expected in late fourth-quarter 2026 and the first quarter of 2027. He said current GDV growth remained broad-based across the company’s verticals, including virtual cards, neobanks, virtual wallets, healthcare and corporate payments, with Cash App accounting for little of the reported growth so far.

The company also expects to announce two additional credit-sponsorship programs that could come online within six months, subject to implementation timing and customary factors. Kozlowski described the prospective programs as higher-velocity lending products that would not use the balance sheet in the same way as the company’s Chime relationship.

In addition, Bancorp said development of its embedded-finance platform was progressing and that it expects to soon announce its first embedded-finance partner.

Loans, deposits and margin Chief Financial Officer Dominic Canuso said average loans rose 5% from the first quarter, on a nonannualized basis, to $7.63 billion, and increased 16% from the prior-year quarter. Average fintech loans totaled $1.39 billion, or 18% of average total loans, compared with 15% in the first quarter and 8% a year earlier.

Ending loan balances declined sequentially, but Canuso said the change stemmed from a one-time acceleration of a payment due date associated with a lending partner. The adjustment aligned payment timing with customer terms and conditions and did not change customer performance, contractual terms or Bancorp’s economics, he said. Management said average balances were a better measure of the business’s underlying economic trajectory, although ending balances should align with average-balance changes going forward.

Bancorp continues to target a shift in loan mix toward higher-velocity, higher-returning credit-sponsorship lending. Canuso said the company was still working toward approximately $2 billion in fintech loan balances by year-end, though the result could vary depending on the timing and velocity of new programs.

Average deposits rose $97 million, or 1.2% from the first quarter, and increased $357 million, or 4.4%, from a year earlier. The average cost of deposits fell seven basis points sequentially to 1.63%, 55 basis points below the year-earlier level.

The company ended the quarter with $1.1 billion in deposits swept off its balance sheet. That figure was down 16% from the first quarter due to seasonality but up 32% from year-end 2025. Canuso said the company expects off-balance-sheet sweeps to increase over time despite potential quarterly fluctuations.

Net interest margin was 3.85%, relatively unchanged from the first quarter. Fintech lending fees, which are recognized in fee revenue, equated to an additional 28 basis points of margin, up from 24 basis points in the prior quarter and 18 basis points a year earlier. Canuso said net interest income should be roughly flat during the second half of 2026, with some traditional margin compression expected as fintech lending becomes a larger portion of the mix.

Fees, credit and expenses Noninterest income excluding credit enhancement rose 8.2% sequentially, on a nonannualized basis, and 16.7% year over year to $47.3 million. Fintech fees accounted for 29.7% of total revenue, up one percentage point from the first quarter and four percentage points from the second quarter of 2025.

Credit performance remained strong across asset classes, management said. Real estate bridge loan criticized loans declined by $13 million, or 22%, to $46 million, the lowest level since mid-2023. Excluding fintech credit-sponsorship loans supported by full credit enhancement, the traditional lending portfolio recorded a $0.4 million provision during the quarter.

Noninterest expense totaled $56.5 million, producing an efficiency ratio of 41%. Kozlowski said investments in artificial intelligence were helping employees handle increasing payment volume and improve productivity, including through AI-supported financial-crimes narrative writing. He said the company expects AI tools, restructuring efforts and fintech platform scale to support expense control and operating leverage.

Management also discussed the potential for fintech partners to pursue bank charters, arguing that Bancorp’s scalable compliance, technology and middle-office infrastructure could continue to provide value even to partners with their own charters. Kozlowski said the company has invested hundreds of millions of dollars over roughly a decade in its platform and regulatory capabilities.

On its real estate-owned Aubrey asset, Kozlowski said occupancy had surpassed 70% and the property was approaching stabilization. He said Bancorp expects the project to be completed in the first quarter, when it should move from break-even to profitability as occupancy improves further.

About Bancorp (NASDAQ:TBBK)The Bancorp, Inc NASDAQ: TBBK is a Delaware-chartered bank holding company that provides a range of banking and financial services to individuals, businesses, and financial institutions across the United States. Through its subsidiary, The Bancorp Bank, the company offers FDIC-insured deposit accounts, cash management solutions and specialized lending products. Its business model focuses on partnering with fintech firms, asset managers and payment processors to deliver integrated banking-as-a-service (BaaS) capabilities.

The company's product suite includes interest-bearing and non-interest-bearing checking accounts, money market accounts, certificates of deposit and debit and credit card services.

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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Posted by Defense World Staff on Jul 31st, 2026

First Trust Advisors LP raised its holdings in GlobalFoundries Inc. (NASDAQ:GFS – Free Report) by 97.4% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 264,837 shares of the company’s stock after acquiring an additional 130,643 shares during the quarter. First Trust Advisors LP’s holdings in GlobalFoundries were worth $11,780,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently made changes to their positions in the company. PNC Financial Services Group Inc. grew its stake in shares of GlobalFoundries by 8.6% in the 1st quarter. PNC Financial Services Group Inc. now owns 1,954 shares of the company’s stock worth $87,000 after purchasing an additional 154 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in GlobalFoundries by 2.4% during the first quarter. Dimensional Fund Advisors LP now owns 1,340,385 shares of the company’s stock valued at $59,571,000 after purchasing an additional 31,590 shares during the last quarter. Parallel Advisors LLC lifted its stake in GlobalFoundries by 39.8% during the first quarter. Parallel Advisors LLC now owns 832 shares of the company’s stock valued at $37,000 after purchasing an additional 237 shares during the last quarter. California Public Employees Retirement System boosted its holdings in GlobalFoundries by 3.9% during the first quarter. California Public Employees Retirement System now owns 192,309 shares of the company’s stock worth $8,554,000 after buying an additional 7,144 shares in the last quarter. Finally, Bessemer Group Inc. boosted its holdings in GlobalFoundries by 8,275,141.2% during the first quarter. Bessemer Group Inc. now owns 2,813,582 shares of the company’s stock worth $125,147,000 after buying an additional 2,813,548 shares in the last quarter.

GlobalFoundries Stock Up 6.0% Shares of NASDAQ:GFS opened at $49.89 on Friday. The firm has a 50 day simple moving average of $73.05 and a 200 day simple moving average of $58.52. GlobalFoundries Inc. has a 52 week low of $31.51 and a 52 week high of $92.55. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.87 and a current ratio of 2.59. The company has a market cap of $27.37 billion, a PE ratio of 35.89, a price-to-earnings-growth ratio of 1.66 and a beta of 1.76.

GlobalFoundries (NASDAQ:GFS – Get Free Report) last posted its quarterly earnings data on Tuesday, May 5th. The company reported $0.40 earnings per share for the quarter, topping the consensus estimate of $0.35 by $0.05. GlobalFoundries had a net margin of 11.40% and a return on equity of 6.85%. The firm had revenue of $1.63 billion for the quarter, compared to analysts’ expectations of $1.63 billion. During the same period in the previous year, the company posted $0.34 EPS. The company’s quarterly revenue was up 3.1% compared to the same quarter last year. GlobalFoundries has set its Q2 2026 guidance at 0.250-0.350 EPS. As a group, research analysts expect that GlobalFoundries Inc. will post 1.38 earnings per share for the current year.

GlobalFoundries Announces Dividend The firm also recently declared a quarterly dividend, which was paid on Tuesday, July 14th. Stockholders of record on Wednesday, June 24th were issued a dividend of $0.12 per share. The ex-dividend date was Wednesday, June 24th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.0%. GlobalFoundries’s payout ratio is currently 34.53%.

Analyst Ratings Changes Several research firms have issued reports on GFS. Robert W. Baird set a $100.00 price target on GlobalFoundries in a report on Wednesday, May 6th. Evercore reissued an “outperform” rating and set a $85.00 price objective on shares of GlobalFoundries in a research note on Tuesday, May 19th. Loop Capital set a $80.00 target price on GlobalFoundries in a report on Monday, May 4th. Morgan Stanley boosted their target price on GlobalFoundries from $58.00 to $65.00 and gave the stock an “equal weight” rating in a research report on Wednesday, May 6th. Finally, Wedbush reaffirmed a “neutral” rating and set a $50.00 target price on shares of GlobalFoundries in a report on Monday, May 4th. One analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, nine have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, GlobalFoundries presently has a consensus rating of “Hold” and a consensus price target of $74.62.

View Our Latest Stock Analysis on GFS

GlobalFoundries News Summary Here are the key news stories impacting GlobalFoundries this week:

Positive Sentiment: The proposed government award strengthens GlobalFoundries’ position in the strategic U.S. semiconductor supply chain and provides outside funding for a technology area viewed as important to the growth of AI infrastructure. Analysts at Wedbush said the agreement reinforces the case for increased domestic silicon-photonics investment. US to award GlobalFoundries $300 million to develop faster AI chip links Positive Sentiment: Investors are also looking ahead to GlobalFoundries’ second-quarter 2026 results, scheduled for Aug. 5 before the market opens. The company has beaten earnings estimates in each of the past four quarters, with an average surprise of 13.97%, raising expectations for another potential beat. GFS Set to Report Q2 Results Neutral Sentiment: The award remains subject to the finalization of the government agreement, and the immediate financial impact is uncertain. With shares trading at a relatively elevated earnings multiple, some of the optimism surrounding the CHIPS funding may already be reflected in the stock. Neutral Sentiment: GlobalFoundries also streamlined its board following shareholder-backed annual-meeting decisions. The governance change could improve focus, but the reports provide limited evidence of a near-term effect on earnings or valuation. GlobalFoundries Streamlines Board After Shareholder-Backed AGM Decisions Negative Sentiment: An insider sold 335 shares for approximately $19,135 under a pre-arranged Rule 10b5-1 trading plan. The small, scheduled transaction is unlikely to materially change the investment case, but it is a modest negative signal. Insider Activity In related news, Director Glenda Dorchak sold 4,000 shares of the company’s stock in a transaction on Monday, July 20th. The stock was sold at an average price of $58.22, for a total transaction of $232,880.00. Following the transaction, the director directly owned 14,867 shares of the company’s stock, valued at approximately $865,556.74. The trade was a 21.20% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Michael James Hogan sold 2,800 shares of the stock in a transaction dated Wednesday, June 10th. The stock was sold at an average price of $75.17, for a total value of $210,476.00. Following the completion of the sale, the insider directly owned 6,695 shares of the company’s stock, valued at approximately $503,263.15. This represents a 29.49% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders have sold 19,615 shares of company stock worth $1,430,608.

About GlobalFoundries (Free Report)

GlobalFoundries, Inc (NASDAQ: GFS) is a leading contract semiconductor manufacturer that provides wafer fabrication and related services to semiconductor companies and systems manufacturers. The company operates as a pure-play foundry, producing integrated circuits across a range of process technologies for customers in markets such as automotive, communications, consumer electronics, industrial, and aerospace. Its service offering spans process development, manufacturing, test and packaging support, and design enablement including process design kits (PDKs) and intellectual property (IP) libraries to help customers bring designs to production.

GlobalFoundries focuses on a portfolio of differentiated and specialty process nodes, offering technologies for radio-frequency (RF) and wireless, analog and mixed-signal, power management, embedded non-volatile memory, and silicon-on-insulator (SOI) process families.

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Key Takeaways WHD's Q2 earnings top estimates as Cactus International & stronger Pressure Control shipments boosted results.Pressure Control revenues increased 91.4%, aided by Cactus International and stronger U.S. customer activity.WHD raised 2026 capital spending to expand Spoolable capacity amid growing international and midstream demand. Cactus, Inc. (WHD - Free Report) reported second-quarter 2026 adjusted earnings of 93 cents per share, up 40.9% from 66 cents per share a year earlier. The bottom line topped the Zacks Consensus Estimate of 71 cents per share by 31%.

Quarterly revenues surged 64.3% to $449.53 million from $273.58 million a year ago. The top line exceeded the consensus mark of $400.62 million by 12.2%.

Strong quarterly results were driven by higher contributions from Cactus International, stronger Middle East Pressure Control shipments and growing demand for Spoolable Technologies. Backlog ended the quarter at $455.8 million.

WHD's Pressure Control Revenues SurgePressure Control revenues increased 91.4% year over year to $344 million from $179.77 million a year ago. The figure is above our estimate of $307.2 million. The sharp rise primarily reflected the addition of Cactus International, which expanded WHD’s international operations and contributed significant Middle East revenues.

The segment also benefited from stronger U.S. customer activity and solid execution of international deliveries despite conflict-related logistics challenges. Aftermarket service activity in Saudi Arabia and Norway provided additional support, as customers focused on repairing and better utilizing existing equipment.

Pressure Control operating income rose 39.7% to $59.15 million from $42.33 million recorded a year earlier. Adjusted segment earnings before interest, taxes, depreciation and amortization (EBITDA) increased 80.7% to $95.92 million from $53.08 million in the prior-year quarter. However, the adjusted (EBITDA) margin declined to 27.9% from 29.5%, reflecting the changed business mix following the Cactus International acquisition.

Cactus' Spoolable Business Maintains GrowthSpoolable Technologies revenues increased 9.7% to $105.53 million from $96.23 million in the prior-year quarter. The figure is above our estimate of $95.5 million.

Segment operating income increased 14.7% year over year to $32.17 million from $28.05 million recorded a year earlier. Adjusted segment EBITDA rose 11% to $42.14 million from $37.95 million in the prior-year quarter, while the adjusted EBITDA margin improved to 39.9% from 39.4%. The expansion reflected favorable product mix and stronger operating leverage.

WHD's Earnings Benefit From Higher ScaleTotal operating income increased 37.5% year over year to $83.58 million from $60.81 million a year earlier. The operating margin contracted to 18.6% from 22.2%, as results included acquisition-related purchase accounting expenses tied to Cactus International and FlexSteel.

These expenses included amortization associated with acquired intangible assets and the step-up in inventory values. The company recorded severance costs related primarily to efforts to resize and integrate the Cactus International organization.

Adjusted EBITDA rose 53.2% year over year to $132.78 million. The adjusted EBITDA margin was 29.5% compared with 31.7% in the prior-year quarter. Adjusted net income increased 41.1% to $75.11 million, supported by the substantial revenue contribution from Pressure Control and continued profitability in Spoolable Technologies.

Cactus' Strong Cash Flow, Maintained DividendOperating cash flow was $104.6 million in the quarter. Net capital expenditures totaled $15.6 million and dividend payments and related distributions totaled $11.2 million.

WHD Maintains Robust LiquidityWHD ended June with $365.82 million in cash and cash equivalents and no bank debt. The balance included $92.5 million retained to finalize legal restructuring activities tied to the Cactus International acquisition. The company had $223.7 million available under its revolving credit facility.

Cactus Expands Capacity for Global DemandCactus raised its 2026 net capital expenditure guidance to a range of $55-$65 million. The increase primarily reflects investments in the Baytown Spoolable Technologies facility to support growing demand from international and midstream customers.

The Baytown project is expected to cost roughly $40 million and could expand the facility’s production capacity by as much as 20%. Management is evaluating additional Spoolable Technologies manufacturing capacity in the Eastern Hemisphere to serve opportunities in the Middle East and other international markets.

The company received more than $80 million of incremental international Spoolable Technologies orders in July. Including Pressure Control, international purchase orders received after the quarter exceeded $130 million, indicating continued demand across both operating segments.

WHD’s 2026 Outlook & Dividend IncreaseFor the third quarter, management expects Pressure Control adjusted EBITDA margins to be in the range of 22-24%, excluding about $4 million of stock-based compensation. Lower international operating leverage, reduced aftermarket service contributions and fewer tariff recoveries are expected to affect profitability.

Spoolable Technologies adjusted EBITDA margins are projected at 39-41%, excluding roughly $1 million of stock-based compensation. Management expects demand to remain supported by Latin American orders, international market expansion and increased adoption among U.S. customers.

The board increased the quarterly dividend by 7% to 15 cents per share, marking the fourth consecutive year of dividend growth. Cactus expects third-quarter depreciation and amortization of about $27 million and an adjusted tax rate of approximately 27%.

WHD’s Zacks Rank & Other Key PicksCactus currently carries a Zacks Rank #2 (Buy).

Some other top-ranked stocks from the energy sector are PBF Energy Inc. (PBF), HF Sinclair Corporation (DINO - Free Report) and Valero Energy Corporation (VLO - Free Report) . PBF sports a Zacks Rank #1 (Strong Buy), while DINO and VLO carry a Zacks Rank #2 each, at present. You can see the complete list of today’s Zacks Rank #1 stocks here.

PBF reported second-quarter 2026 adjusted earnings of $6.22 per share, which topped the Zacks Consensus Estimate of $4.05 per share.

As of June 30, 2026, PBF had total debt of $1.75 billion, and cash and cash equivalents of $894.1 million.

HF Sinclair reported second-quarter 2026 adjusted earnings of $5.31 per share, which surpassed the Zacks Consensus Estimate of $4.39 per share.

As of June 30, 2026, DINO had total debt of $2.77 billion, and cash and cash equivalents of $2.26 billion.

Valero reported second-quarter 2026 adjusted earnings of $12.54 per share, which beat the Zacks Consensus Estimate of $9.87 per share.

As of June 30, 2026, VLO had total debt of $9.10 billion, and cash and cash equivalents of $7.87 billion.

Posted by Defense World Staff on Jul 31st, 2026

BankChampaign National Association acquired a new position in Vertiv Holdings Co. (NYSE:VRT – Free Report) during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund acquired 6,651 shares of the company’s stock, valued at approximately $1,667,000. Vertiv accounts for 1.7% of BankChampaign National Association’s holdings, making the stock its 8th largest position.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Norges Bank purchased a new stake in Vertiv in the 4th quarter worth approximately $808,701,000. Marshall Wace LLP increased its stake in shares of Vertiv by 265.6% in the 4th quarter. Marshall Wace LLP now owns 2,670,007 shares of the company’s stock worth $432,568,000 after acquiring an additional 1,939,749 shares in the last quarter. Alkeon Capital Management LLC lifted its holdings in shares of Vertiv by 178.2% during the fourth quarter. Alkeon Capital Management LLC now owns 2,003,110 shares of the company’s stock valued at $324,524,000 after purchasing an additional 1,283,110 shares during the last quarter. Ameriprise Financial Inc. raised its position in shares of Vertiv by 49.5% in the 2nd quarter. Ameriprise Financial Inc. now owns 2,811,114 shares of the company’s stock worth $361,033,000 after purchasing an additional 930,158 shares during the last quarter. Finally, Qube Research & Technologies Ltd bought a new position in shares of Vertiv in the third quarter worth approximately $125,331,000. 89.92% of the stock is currently owned by institutional investors.

Trending Headlines about Vertiv Here are the key news stories impacting Vertiv this week:

Positive Sentiment: Strong earnings and raised guidance: Vertiv reported adjusted EPS of $1.52, ahead of the $1.43 consensus, while revenue rose 24.1% year over year to $3.27 billion. Operating profit increased 44% and adjusted operating profit climbed 51%. The company raised its full-year 2026 EPS outlook to $6.65–$6.75 and revenue guidance to approximately $14 billion. Vertiv second-quarter earnings release Positive Sentiment: AI infrastructure demand remains a key catalyst: Management highlighted accelerating demand for AI-enabled data centers, rising infrastructure spending and a growing project pipeline. Analysts at Oppenheimer also cited robust demand and pipeline expansion as support for Vertiv’s longer-term outlook. Oppenheimer Vertiv outlook Positive Sentiment: Analysts still see substantial upside: Citigroup maintained a Buy rating while lowering its price target to $358 from $414. KeyCorp retained an Overweight rating but reduced its target to $325 from $360. Both targets remain well above the recent trading level, suggesting analysts view the selloff as excessive if growth estimates are achieved. Neutral Sentiment: Near-term outlook is mixed: Third-quarter revenue guidance of $3.7–$3.9 billion is broadly in line with expectations, while EPS guidance of $1.77–$1.83 brackets the $1.79 consensus. This supports continued growth but offers limited near-term upside surprise. Negative Sentiment: Revenue fell short of expectations: Second-quarter sales of $3.27 billion missed the approximately $3.38 billion consensus estimate. Investors reacted negatively because the miss raised concerns about execution and the timing of data-center projects, overshadowing the EPS beat and higher guidance. Vertiv revenue miss report Negative Sentiment: Valuation and momentum remain risks: Vertiv’s elevated earnings multiple and sharp recent decline make the stock sensitive to additional estimate reductions or evidence that AI-related demand is being delayed. The price-target cuts from Citi and KeyCorp, even with favorable ratings, reinforce investor caution. Analysts Set New Price Targets VRT has been the topic of several recent analyst reports. Roth Capital reaffirmed a “buy” rating and set a $355.00 price objective on shares of Vertiv in a research report on Thursday, May 21st. Glj Research raised Vertiv from a “sell” rating to a “hold” rating in a report on Thursday, June 18th. Robert W. Baird set a $320.00 price target on shares of Vertiv in a report on Thursday. The Goldman Sachs Group upped their price objective on Vertiv from $277.00 to $311.00 and gave the stock a “buy” rating in a research note on Tuesday, April 14th. Finally, KeyCorp cut their target price on shares of Vertiv from $360.00 to $325.00 and set an “overweight” rating for the company in a research note on Thursday. Three research analysts have rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating and five have given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $339.33.

View Our Latest Stock Report on VRT

Vertiv Price Performance Vertiv stock opened at $227.44 on Friday. The company has a current ratio of 1.38, a quick ratio of 1.15 and a debt-to-equity ratio of 0.62. The firm has a market capitalization of $87.36 billion, a PE ratio of 51.46, a price-to-earnings-growth ratio of 0.92 and a beta of 2.03. Vertiv Holdings Co. has a 12-month low of $118.70 and a 12-month high of $379.93. The firm has a 50-day moving average price of $307.36 and a 200-day moving average price of $277.10.

Vertiv (NYSE:VRT – Get Free Report) last released its earnings results on Wednesday, July 29th. The company reported $1.52 EPS for the quarter, beating analysts’ consensus estimates of $1.43 by $0.09. Vertiv had a return on equity of 50.47% and a net margin of 15.09%.The firm had revenue of $3.27 billion for the quarter, compared to analysts’ expectations of $3.38 billion. During the same quarter in the prior year, the firm posted $0.95 earnings per share. The company’s quarterly revenue was up 24.1% on a year-over-year basis. Vertiv has set its Q3 2026 guidance at 1.770-1.830 EPS and its FY 2026 guidance at 6.650-6.750 EPS. As a group, equities research analysts forecast that Vertiv Holdings Co. will post 6.7 EPS for the current year.

Vertiv Announces Dividend The company also recently declared a quarterly dividend, which was paid on Thursday, June 25th. Investors of record on Monday, June 15th were issued a $0.0625 dividend. The ex-dividend date was Monday, June 15th. This represents a $0.25 dividend on an annualized basis and a dividend yield of 0.1%. Vertiv’s payout ratio is presently 5.66%.

Vertiv Profile (Free Report)

Vertiv is a global provider of critical digital infrastructure and continuity solutions for data centers, communication networks and commercial and industrial environments. Headquartered in Columbus, Ohio, the company designs, manufactures and services equipment and software that support power availability, thermal management and IT infrastructure management for a broad set of end markets, including hyperscale and enterprise data centers, colocation providers, telecom operators and industrial customers.

The company’s product portfolio includes uninterruptible power supplies (UPS), power distribution units (PDUs), battery and DC power systems, precision cooling and thermal management equipment, racks and enclosures, and integrated modular infrastructure.

See Also Five stocks we like better than Vertiv Microsoft Just Flipped the AI Spending Narrative Overnight Qualcomm’s Turnaround Is Working, So Why Is Wall Street Selling? Meta’s Earnings Show Why Wall Street Is Losing Patience With AI Spending Can Starbucks Keep This Turnaround Going? The Latest Results Say Yes Want to see what other hedge funds are holding VRT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Vertiv Holdings Co. (NYSE:VRT – Free Report).

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Bank of America Corp DE lifted its holdings in Quanta Services, Inc. (NYSE:PWR – Free Report) by 5.4% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 3,444,711 shares of the construction company’s stock after buying an additional 175,184 shares during the quarter. Bank of America Corp DE owned about 2.30% of Quanta Services worth $1,891,215,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in PWR. Cetera Investment Advisers grew its stake in Quanta Services by 5.8% in the first quarter. Cetera Investment Advisers now owns 74,134 shares of the construction company’s stock worth $40,701,000 after purchasing an additional 4,087 shares during the period. Evoke Wealth LLC purchased a new position in Quanta Services in the fourth quarter worth about $368,000. Sequoia Financial Advisors LLC raised its holdings in Quanta Services by 3.1% in the 4th quarter. Sequoia Financial Advisors LLC now owns 130,436 shares of the construction company’s stock worth $55,052,000 after acquiring an additional 3,966 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its holdings in shares of Quanta Services by 9.9% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 50,602 shares of the construction company’s stock valued at $21,357,000 after purchasing an additional 4,568 shares in the last quarter. Finally, Lebenthal Global Advisors LLC lifted its stake in Quanta Services by 9.8% during the 4th quarter. Lebenthal Global Advisors LLC now owns 9,277 shares of the construction company’s stock valued at $3,915,000 after acquiring an additional 830 shares during the period. Institutional investors own 90.49% of the company’s stock.

Insider Transactions at Quanta Services In related news, CAO Paul Nobel sold 4,000 shares of the stock in a transaction that occurred on Monday, May 4th. The stock was sold at an average price of $756.98, for a total transaction of $3,027,920.00. Following the completion of the transaction, the chief accounting officer directly owned 8,080 shares of the company’s stock, valued at approximately $6,116,398.40. This represents a 33.11% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Earl C. Jr. Austin sold 25,992 shares of Quanta Services stock in a transaction that occurred on Tuesday, May 5th. The stock was sold at an average price of $770.71, for a total value of $20,032,294.32. Following the completion of the sale, the chief executive officer directly owned 16,508 shares in the company, valued at approximately $12,722,880.68. The trade was a 61.16% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 159,992 shares of company stock worth $123,244,714 over the last quarter. 0.60% of the stock is owned by company insiders.

Quanta Services Price Performance Shares of NYSE:PWR opened at $659.11 on Friday. The firm has a market cap of $98.91 billion, a price-to-earnings ratio of 90.41, a P/E/G ratio of 2.21 and a beta of 1.21. The firm has a fifty day moving average price of $681.24 and a 200 day moving average price of $611.83. Quanta Services, Inc. has a fifty-two week low of $363.01 and a fifty-two week high of $788.75. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.09 and a current ratio of 1.14.

Quanta Services (NYSE:PWR – Get Free Report) last announced its quarterly earnings results on Thursday, July 30th. The construction company reported $4.24 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.31 by $0.93. The company had revenue of $9.56 billion for the quarter, compared to the consensus estimate of $8.61 billion. Quanta Services had a net margin of 3.67% and a return on equity of 18.64%. Quanta Services’s revenue for the quarter was up 41.1% compared to the same quarter last year. During the same period in the previous year, the firm posted $2.48 EPS. Quanta Services has set its FY 2026 guidance at 16.450-16.950 EPS. As a group, sell-side analysts expect that Quanta Services, Inc. will post 12.8 earnings per share for the current fiscal year.

Quanta Services declared that its board has approved a stock buyback plan on Friday, May 22nd that allows the company to buyback $1.00 billion in shares. This buyback authorization allows the construction company to reacquire up to 0.9% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s leadership believes its shares are undervalued.

Quanta Services Dividend Announcement The company also recently announced a quarterly dividend, which was paid on Monday, July 13th. Investors of record on Wednesday, July 1st were given a $0.11 dividend. This represents a $0.44 dividend on an annualized basis and a dividend yield of 0.1%. The ex-dividend date was Wednesday, July 1st. Quanta Services’s payout ratio is currently 6.04%.

Quanta Services News Summary Here are the key news stories impacting Quanta Services this week:

Positive Sentiment: Q2 results significantly beat expectations. Quanta reported $9.56 billion in revenue, up 41.1% year over year, versus the $8.61 billion consensus estimate. Adjusted diluted EPS was $4.24, well above estimates near $3.30 and up from $2.48 a year earlier. Quanta Services Reports Second Quarter 2026 Results Positive Sentiment: Management raised full-year 2026 guidance across key metrics. The company now expects adjusted EPS of $16.45-$16.95 and revenue of $39.3-$39.7 billion, above consensus forecasts of approximately $13.78 EPS and $35.0 billion in revenue. Quanta Projects 2026 Revenue as Backlog Supports Raised Outlook Positive Sentiment: Record backlog improves revenue visibility. Total backlog reached $53.4 billion, including $33.6 billion of remaining performance obligations, supporting management’s more confident outlook and signaling sustained demand for power and infrastructure projects. Positive Sentiment: Cash generation was robust. Quanta produced $1.1 billion in operating cash flow and $0.9 billion in free cash flow during the quarter, while adjusted EBITDA reached $1.1 billion. These results provide additional financial flexibility to fund growth and capital returns. Quanta Services Posts Record Q2 Results and Boosts Outlook Neutral Sentiment: Valuation remains demanding. Following the rally, PWR trades at roughly 90 times earnings based on the provided data, leaving the stock sensitive to any slowdown in backlog conversion, project execution, or future guidance. Wall Street Analysts Forecast Growth Several research firms have recently weighed in on PWR. Mizuho set a $645.00 price target on Quanta Services in a report on Monday, July 20th. Oppenheimer upgraded shares of Quanta Services from a “market perform” rating to an “outperform” rating and set a $800.00 price target on the stock in a research report on Thursday, May 28th. Evercore boosted their price objective on shares of Quanta Services from $635.00 to $800.00 and gave the company an “outperform” rating in a research report on Friday, May 1st. Sanford C. Bernstein raised their target price on Quanta Services from $538.00 to $725.00 and gave the stock a “market perform” rating in a report on Tuesday, May 5th. Finally, Citigroup upped their price target on Quanta Services from $640.00 to $733.00 and gave the stock a “buy” rating in a research report on Monday, April 27th. Seventeen analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company’s stock. According to MarketBeat.com, Quanta Services has a consensus rating of “Moderate Buy” and an average price target of $745.55.

Check Out Our Latest Research Report on PWR

Quanta Services Company Profile (Free Report)

Quanta Services, Inc is a leading specialty contractor that provides comprehensive infrastructure solutions for the electric power, pipeline and energy, and communications markets. Headquartered in Houston, Texas, the company delivers engineering, procurement, construction, installation, maintenance and repair services that support the development, modernization and ongoing operation of critical energy and communications networks.

In the electric power sector, Quanta works on transmission and distribution systems, substation construction and grid modernization projects that include integration of renewable generation and energy storage.

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, /PRNewswire/ -- Freedom Financial Holdings (OTCQX: FDVA), (the "Company" or "Freedom"), the holding company for The Freedom Bank of Virginia (the "Bank") today announced net income of $289,621 or $0.04 per diluted share for the second quarter compared to net income of $1,160,338, or $0.16 per diluted share for the three months ended March 31, 2026, and net income of $799,896 or $0.11 per diluted share for the three months ended June 30, 2025.  The current quarter included a write down on the carrying value of the firm's OREO of $668,301, from $1,302,801 to its appraised land value of $634,500.  The quarter also saw an increase in the firm's allowance for loan loss with provision expense of $538,805, $385,208 of which was due in part to an increase in C&I loan balances and unfunded commitments for future loans and $153,597 due to from net charge-offs in the quarter.

Joseph J. Thomas, President, and CEO, commented, "The company experienced revenue growth in the quarter of 5.49% compared to prior year calendar quarter.  Adjusted for the write down in our only OREO asset, we reported Pre-tax, Pre-Provision Net Income of $1,560,746 which is 3.69% better than linked quarter.  For the second quarter of 2026, our Yield on Earning Assets improved to 5.57% in the quarter from 5.44% in Q1 due to improvement in asset mix, which translated into a net interest margin improvement of 10 basis points, to 2.83% from 2.73% in the prior quarter.  In addition, our mortgage division had a very strong quarter that closed 112 mortgages and $54 million of loan volume, increasing gain on sale revenue by 14.6% compared to the prior quarter.  We remain vigilant in our efforts to improve asset quality and believe we have eliminated future volatility in our earnings from this quarter's OREO and provision expense.  At the same time, our entire team is focused on improving our net interest margin through core deposit growth, better deposit mix and reduced deposit costs.  We celebrated the grand opening of our new branch and corporate headquarters in Tysons Corner this quarter and the 25th anniversary of Freedom Bank on July 23, 2026.  We are well positioned for the future as a relationship-driven, technology-enabled bank serving entrepreneurs, businesses, and families throughout Northern Virginia with experienced bankers who understand our client's dreams, quick, local decisions, and flexible, innovative solutions delivered with exceptional service.

Second Quarter 2026 Highlights include:

The Company posted net income of $289,621 or $0.04 per diluted share for the second quarter compared to net income of $1,160,338 or $0.16 per diluted share for the three months ended March 31, 2026, and net income of $799,896 or $0.11 per diluted share for the three months ended June 30, 2025. Tangible Book Value per share improved during the quarter by $0.12 to $12.20 on June 30, 2026, compared to $12.08 on March 31, 2026, with quarter-to-date earnings and improvement on the valuation of the available for sale portfolio. Return on Average Assets ("ROAA") was 0.11% for the quarter ended June 30, 2026, compared to ROAA of 0.44% for the quarter ended March 31, 2026, and 0.29% for the three months ended June 30, 2025. Return on Average Equity ("ROAE") was 1.38% for the quarter ended June 30, 2026, compared to ROAE of 5.57% for the three months ended March 31, 2025, and 3.97% for the three months ended June 30, 2025. Total Assets were $1.039 billion on June 30, 2026, a decrease of $14 million or 1.33% from total assets on March 31, 2026, as cash and securities came down and brokered deposit balances were reduced. Gross Loans held-for-investment decreased by $7.3 million or 0.94% during the quarter. Total deposits decreased by $42 million or by 4.64% during the quarter, led by a $30 million reduction in brokered deposits. Non-interest-bearing demand deposits decreased by $7.3 million during the quarter to $142.1 million and represented 16.24% of total deposits on June 30, 2026. The net interest margin1 increased in the second quarter to 2.83%, higher by 10 basis points compared to the linked quarter and by 18 basis points compared to the same period in 2025. The increase in the net interest margin across linked quarters was a result of holding less low margin assets, while the decrease for the same period a year ago is related to cost of funds reductions.  The cost of funds was 2.85% for the second quarter, higher by 1 basis point compared to the linked quarter and lower by 35 basis points compared to the same period in 2025, as a result of a decline in deposit costs and borrowing costs. Non-interest income increased by 17% compared to the linked quarter and by 26% compared to the same period in 2025. The increase in non-interest income in the second quarter of 2026 was primarily due to higher net revenue from the mortgage unit along with gains in the Bank's SBIC investments. Non-interest expense increased by $943 thousand in the second quarter or by 14% compared to the linked quarter and increased by 22% compared to the same period in 2025. The increase in expenses compared to the linked quarter was largely due to the $668 thousand write down in the Bank's OREO valuation.  Professional Fees were also elevated in the quarter and the Bank increased its marketing expense to promote its new Tysons Corner location.    The Efficiency Ratio2 was 89.67% for the quarter ended June 30, 2026, compared to 81.88% for the linked quarter and 77.57% for the same period in 2025.  Excluding the OREO write-down, the efficiency ratio would have been similar to the prior period at 81.93%. Uninsured deposits were 24.9% of total deposits and total liquidity to uninsured deposits3 was 118.71% of uninsured deposits on June 30, 2026. Net charge offs were 0.02% of average loans compared to 0.81% in the prior quarter which had the $6.2 million in charge-offs mostly related to one large loan that had been provisioned for in 2025. The ratio of non-accrual loans to loans held-for-investment was 3.32% on June 30, 2026, compared to 2.46% on March 31, 2026, and 1.45% on June 30, 2025.  The ratio of non-performing assets to total assets was  2.57% on June 30, 2026, compared to 1.95% on March 31, 2026, and 0.98% on June 30, 2025. The Company recognized a provision for loan losses of $538,805, related to changes in the overall portfolio including C&I loan growth. The ratio of the allowance for loan losses to loans held-for-investment was 1.06% at June 30, 2026 compared to 1.00% at the end of the linked quarter. The Bank continues to be well capitalized and capital ratios continue to be strong with a Leverage ratio of 11.06%, Common Equity Tier 1 ratio of 13.66%, Tier 1 Risk Based Capital ratio of 13.66% and a Total Capital ratio of 14.63% as of June 30, 2026.  Common Equity Tier 1, Tier 1 Risk Based Capital, and Total Capital ratios are up by 16 basis points, 16 basis points, and 21 basis points, respectively, due to the Bank holding lower average assets in the quarter, and accumulating earnings. Net Interest Income

The Company recorded net interest income of $6.979 million for the second quarter of 2026, higher by 1.21% compared to the linked quarter, and by 1.5% compared to the same period in 2025. The net interest margin in the first quarter of 2026 was 2.83%, higher by 10 basis points compared to the linked quarter and by 18 basis points compared to the same period in 2025.

The following factors contributed to the changes in net interest margin during the first quarter of 2026 compared to the linked and calendar quarters.

Yields on average earning assets were 5.57% in the second quarter of 2026, higher by 13 basis points compared to the linked quarter, and lower by 16 basis points compared to the prior year calendar quarter. The increase in yields on average earning assets in the second quarter compared to the linked quarter was primarily due to decreased cash and decreased securities held on the balance sheet in the quarter.  The decrease over the calendar quarter is largely due to  interest rate decreases on cash and floating rate securities and loans that took place over the second half of 2025.   Loan yields increased by 4 basis point to 6.01% from 5.97% in the linked quarter, while yields on investment securities increased by 4 basis points to 4.01% from 3.97% in the linked quarter. Loan yields decreased by 19 basis points, while yields on investment securities decreased by 38 basis points compared to the calendar quarter. Cost of funds increased by 1 basis point to 2.85% from 2.84% in the linked quarter, and by 35 basis points compared to the prior year quarter, due to lower deposit and borrowing costs. Non-interest Income

Non-interest income was $1.66 million for the first quarter, an increase of 17% when compared to the linked quarter and an increase of 26% when compared to the same period in 2025. The increase in non-interest income in the second quarter of 2026 compared to the linked quarter and the prior calendar quarter was due to higher revenue from the gain on sale of mortgage loans and SBIC investment income. 

Total Revenue4

Total revenue, defined as the sum of net interest income, before provision for loan losses, and non-interest income, was higher by 3.98% compared to the linked quarter and by 5.49% compared to the calendar quarter in 2025. The increase in total revenue compared to the linked and calendar quarter was due to an increase in the net interest margin and from the gain on sale of residential mortgages. 

Non-interest Expense

Non-interest expense in the second quarter increased by $943 thousand or by 13.9% compared to the linked quarter and increased by 21.9% compared to the same period in 2025. The increase in expenses compared to the linked quarter  and calendar quarter was largely attributable to the $668 thousand OREO write-down.  We also increased our marketing expenses related to promoting the new location and saw an increase in Professional Fees.

The Efficiency Ratio2 was 89.67% for the quarter ended June 30, 2026, compared to 81.88% for the linked quarter and 77.57% for the same period in 2025.   If not for the OREO expense in the quarter, the Bank would have had a 81.93%  efficiency ratio.

Asset Quality

Non-accrual loans increased in the second quarter and were 3.32% of loans held-for-investment compared to 2.46% of loans held-for-investment at the end of the linked quarter. Total non-performing assets (defined as the sum of loans on non-accrual, loans greater than 90 days past due and accruing, and OREO assets) were 2.57% of total assets as of June 30, 2026, compared to 1.95% of total assets, at the end of the linked quarter.

The Company recognized a provision for loan losses of $538,805, primarily related to changes in the overall portfolio mix.

The Company's ratio of Allowance for Loan Losses to loans held-for-investment was 1.06% as of June 30, 2026, compared to the ratio of Allowance for Loan Losses to loans held-for-investment of 1.00% as of March 31, 2026.

Total Assets

Total assets on June 30, 2026, were $1.039 billion compared to total assets of $1.053 billion on March 31, 2026.  Changes in major asset categories since March 31, 2026, were as follows:

Interest bearing deposits at banks decreased by $6.7 million. Investment balances decreased by $6.5 million. Gross loans held-for investment decreased by $7.27 million Residential mortgage loans held for sale increased by $1.74 million Total Liabilities

Total liabilities on June 30, 2026, were $953.72 million compared to total liabilities of $968.58 million on March 31, 2026. Total deposits were $874.82 million on June 30, 2026, compared to total deposits of $917.36 million on March 31, 2026. Non-interest-bearing demand deposits decreased by $7.3 million during the second quarter and comprised 16.23% of total deposits at the end of the second quarter. Brokered Deposits decreased by $30.0 million while Federal Home Loan Bank borrowings increased by $25.0 million.

Stockholders' Equity and Capital

Stockholders' equity as of June 30, 2026, was $85.15 million compared to $84.25 million on March 31, 2026. AOCI increased during the second quarter as there was a slight decrease in unrealized losses on available-for-sale securities. The tangible book value of the Company's common stock on June 30, 2026, was $12.20 per share compared to $12.08 on March 31, 2026. Excluding AOCI losses/gains5, the tangible book value of the Company's common stock on June 30, 2026, was $14.29 per share compared to $14.18 on March 31, 2026.

Stock Buyback Program

In the second quarter, the Company did not have any purchases under its previously announced share repurchase program.  As of June 30, 2026, the Company had repurchased 43,800 of the 250,000 shares currently authorized for repurchase under the program that was approved at the end of 2025. The Board of Directors continues to believe that the share buyback program represents a disciplined capital management strategy for the Company. 

Capital Ratios

As of June 30, 2026, the Bank's capital ratios were well above regulatory minimum capital ratios for well-capitalized bank holding companies. The Bank's capital ratios as of June 30, 2026, and March 31, 2026, were as follows:

June 30, 2026

March 31, 2026

Total Capital Ratio    

14.63 %

14.42 %

Tier 1 Capital Ratio    

13.66 %

13.50 %

Common Equity Tier 1 Capital Ratio  

13.66 %

13.50 %

Leverage Ratio      

11.06 %

10.70 %

About Freedom Financial Holdings, Inc.

Freedom Financial Holdings, Inc. is the holding company of The Freedom Bank of Virginia, a community bank with locations in Fairfax, Reston, Chantilly, Vienna, Tysons Corner, and Manassas, Virginia. For information about deposits, loans and other services, visit the website at www.freedom.bank.

Forward Looking Statements

This release contains forward-looking statements, including our expectations with respect to future events that are subject to various risks and uncertainties. Factors that could cause actual results to differ materially from management's projections, forecasts, estimates, and expectations include: fluctuation in market rates of interest and loan and deposit pricing; general economic and financial market conditions, in the United States generally and particularly in the markets in which the Company operates and in which its loans are concentrated, including the effects of declines in real estate values, increases in unemployment levels, inflation, recessions and slowdowns in economic growth, including as a result of the impact of geopolitical conflicts; the impact of any U.S. federal government shutdown; U.S. and global trade policies and changes, including the impact of the imposition of or changes in tariffs and trade barriers; adverse developments in the financial services industry; maintenance and development of well-established and valued client relationships and referral source relationships; the adequacy or inadequacy of our allowance for credit losses; acquisition or loss of key production personnel; and the potential adverse effects of unusual and infrequently occurring events, such as weather-related disasters, wars, terrorist acts or public health events, and of governmental and societal responses thereto; these potential adverse effects may include, without limitation, adverse effects on the ability of the Company's borrowers to satisfy their obligations to the Company, on the value of collateral securing loans, on the demand for the Company's loans or its other products and services, on incidents of cyberattack and fraud, on the Company's liquidity or capital positions, on risks posed by reliance on third-party service providers, on other aspects of the Company's business operations and on financial markets and economic growth. The Company cautions readers that the list of factors above is not exclusive. The forward-looking statements are made as of the date of this release, and the Company may not undertake steps to update the forward-looking statements to reflect the impact of any circumstances or events that arise after the date the forward-looking statements are made. In addition, our past results of operations are not necessarily indicative of future performance.

 FREEDOM FINANCIAL HOLDINGS

  CONSOLIDATED BALANCE SHEETS

(Unaudited)

(Unaudited)

(Audited)

June 30,

March 31,

December 31,

2026

2026

2025

 ASSETS

 

Cash and Due from Banks

$                            5,458,898

$                           4,527,248

$                            4,540,452

Interest Bearing Deposits with Banks

26,936,559

33,646,083

70,078,398

Securities Available-for-Sale

150,739,160

156,852,319

158,446,651

Securities Held-to-Maturity

17,846,586

18,242,410

19,242,952

Restricted Stock Investments

5,655,600

4,468,100

5,435,300

Loans Held for Sale

13,812,357

12,077,102

4,283,305

PPP Loans Held for Investment 

112,661

112,661

117,738

Other Loans Held for Investment 

763,549,261

770,827,073

762,435,469

Allowance for Loan Losses

(8,058,550)

(7,696,395)

(13,897,689)

Net Loans

769,415,729

775,320,441

752,938,823

Bank Premises and Equipment, net

1,499,670

1,189,003

728,030

Accrued Interest Receivable

4,525,299

4,463,908

4,059,501

Deferred Tax Asset

7,542,341

7,579,833

7,428,794

Bank-Owned Life Insurance

28,936,144

28,700,809

28,469,911

Right of Use Asset, net

5,339,622

5,657,815

1,582,514

Other Assets

14,970,136

12,178,246

12,931,701

Total Assets

$ 1,038,865,744

$1,052,826,215

$ 1,065,883,027

 LIABILITIES AND STOCKHOLDERS' EQUITY

 

Deposits

Demand Deposits

Non-interest Bearing

$                       142,064,271

$                      149,338,747

$                       149,516,366

Interest Bearing

540,859,808

548,420,087

555,799,698

Savings Deposits

2,151,753

2,289,866

1,989,696

Time Deposits

189,748,053

217,315,240

206,958,024

Total Deposits

874,823,885

917,363,940

914,263,784

Federal Home Loan Bank Advances

45,000,000

20,000,000

40,000,000

Other Borrowings

-

112,661

117,737

Subordinated Debt (Net of Issuance Costs)

19,967,531

19,948,049

19,928,568

Accrued Interest Payable

546,253

887,034

913,813

Lease Liability

5,697,751

5,878,842

1,666,836

Other Liabilities

7,682,523

4,385,636

4,852,310

Total Liabilities

$     953,717,943

$    968,576,162

$     981,743,048

 Stockholders' Equity

 

Preferred stock, $0.01 par value, 5,000,000 shares authorized:

0 Shares Issued and Outstanding, June 30, 2026, March 31, 2026 and December 31, 2025

Common Stock, $0.01 Par Value, 25,000,000 Shares authorized:

23,000,000 Shares Voting and 2,000,000 Shares Non-voting.

Voting Common Stock:

6,978,754 , 6,973,747 and 6,984,013 Shares Issued and Outstanding

    at June 30, 2026, March 31, 2026 and December 31, 2025 respectively

69,788

69,737

69,840

Non-Voting Common Stock:

-

-

-

0 Shares Issued and Outstanding at June 30, 2026, March 31, 2026

 and December 31, 2025 respectively)

 Additional Paid-in Capital 

56,565,519

56,029,673

56,624,236

Accumulated Other Comprehensive Income, Net

(14,573,309)

(14,645,539)

(14,189,941)

Retained Earnings

43,085,803

42,796,182

41,635,844

Total Stockholders' Equity

$       85,147,801

$      84,250,053

$       84,139,979

 Total Liabilities and Stockholders' Equity

  $ 1,038,865,744

$1,052,826,215

$ 1,065,883,027

 FREEDOM FINANCIAL HOLDINGS 

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

(Unaudited)

(Unaudited)

(Unaudited)

For the three

For the three

For the six

For the six

months ended

months ended

months ended

months ended

June 30, 2026

June 30, 2025

June 30, 2026

June 30, 2025

 Interest Income 

Interest and Fees on Loans

$              11,650,836

$              11,673,927

$              22,927,087

$              24,377,509

Interest on Investment Securities

1,787,268

2,450,914

3,560,347

5,064,172

Interest on Deposits with Other Banks

285,510

750,611

988,900

1,013,118

Total Interest Income

13,723,614

14,875,452

27,476,334

30,454,799

 Interest Expense 

Interest on Deposits

6,151,712

7,275,073

12,491,753

14,221,266

Interest on Borrowings

592,778

724,216

1,110,069

1,637,370

Total Interest Expense

6,744,490

7,999,289

13,601,822

15,858,637

Net Interest Income

6,979,124

6,876,162

13,874,512

14,596,162

 Provision/(Recovery) for Loan Losses 

538,805

688,865

598,141

973,548

Net Interest Income After

Provision for Loan Losses

6,440,319

6,187,298

13,276,371

13,622,614

Non-Interest Income 

Mortgage Loan Gain-on-Sale and Fee Revenue

1,079,890

797,759

2,022,147

1,455,072

 SBA Gain-on-Sale Revenue

-

-

-

-

Service Charges and Other Income

327,093

270,230

547,834

344,121

 Servicing Income

16,001

21,045

33,494

47,147

Increase in Cash Surrender Value of Bank-

owned Life Insurance

235,334

223,061

466,233

443,925

Total Non-interest Income

1,658,318

1,312,094

3,069,708

2,290,265

Total Revenue

8,637,442

8,188,257

16,944,220

16,886,427

 Non-Interest Expenses 

Officer and Employee Compensation

and Benefits

4,373,967

3,752,761

8,777,587

7,522,296

Occupancy Expense

375,936

244,279

740,877

486,442

Equipment and Depreciation Expense

11,336

16,619

22,048

25,345

Insurance Expense

245,402

220,346

452,001

446,112

Professional Fees

439,501

559,904

785,807

1,030,213

Data and Item Processing

587,093

595,492

1,118,056

1,133,705

Advertising  

109,791

151,676

191,391

234,791

Franchise Taxes and State Assessment Fees

329,846

314,444

656,415

628,658

Mortgage Fees and Settlements

153,051

99,819

227,890

174,548

Other Operating Expense

1,119,074

396,213

1,574,469

690,447

Total Non-interest Expenses

7,744,997

6,351,552

14,546,541

12,372,557

Income Before Income Taxes

353,640

1,147,840

1,799,538

3,540,322

 Income Tax Expense/(Benefit) 

64,019

347,943

349,579

721,082

 Net Income 

$                       289,621

$                       799,896

$                    1,449,959

$                    2,819,240

Earnings per Common Share - Basic 

$                              0.04

$                              0.11

$                              0.20

$                              0.39

 Earnings per Common Share - Diluted 

$                              0.04

$                              0.11

$                              0.20

$                              0.39

 Weighted-Average Common Shares 

 Outstanding - Basic 

7,098,594

7,137,779

7,101,643

7,151,171

 Weighted-Average Common Shares  

 Outstanding - Diluted 

7,124,543

7,140,491

7,175,023

7,153,655

FREEDOM FINANCIAL HOLDINGS

CONSOLIDATED STATEMENTS OF OPERATIONS  

(Unaudited)

(Unaudited)

(Unaudited)

(Unaudited)

(Unaudited)

For the three

For the three

For the three

For the three

For the three

months ended

months ended

months ended

months ended

months ended

June 30, 2026

March 31, 2026

December 31, 2025

September 30, 2025

June 30, 2025

Interest Income

Interest and Fees on Loans

$                          11,650,836

$                11,276,251

$                11,337,250

$                11,671,310

$                11,673,927

Interest on Investment Securities

1,787,268

1,773,078

2,224,322

2,307,732

2,450,914

Interest on Deposits with Other Banks

285,510

703,390

214,396

507,622

750,610

Total Interest Income

13,723,614

13,752,719

13,775,968

14,486,664

14,875,451

Interest Expense

Interest on Deposits

6,151,712

6,340,041

6,260,656

7,036,552

7,275,073

Interest on Borrowings

592,778

517,291

818,943

701,474

724,216

Total Interest Expense

6,744,490

6,857,332

7,079,599

7,738,026

7,999,289

Net Interest Income

6,979,124

6,895,387

6,696,369

6,748,638

6,876,162

Provision/(Recovery) for Loan Losses

538,805

59,336

6,941,897

496,824

688,865

Net Interest Income After

Provision for Loan Losses

6,440,319

6,836,051

(245,528)

6,251,814

6,187,297

Non-Interest Income

Mortgage Loan Gain-on-Sale and Fee Revenue

1,079,890

942,257

680,766

718,684

797,759

 SBA Gain-on-Sale Revenue

-

-

-

-

-

Service Charges and Other Income

327,093

220,740

246,568

453,981

270,230

 Servicing Income

16,001

17,493

18,303

19,060

21,045

Increase in Cash Surrender Value of Bank-

owned Life Insurance

235,334

230,899

233,820

231,549

223,061

Total Non-interest Income

1,658,318

1,411,389

1,179,457

1,423,274

1,312,095

Total Revenue

8,637,442

8,306,776

7,875,826

8,171,912

8,188,257

Non-Interest Expenses

Officer and Employee Compensation

and Benefits

4,373,967

4,403,621

3,562,780

4,067,037

3,752,761

Occupancy Expense

375,936

364,940

239,846

246,378

244,279

Equipment and Depreciation Expense

11,336

10,712

12,898

16,039

16,619

Insurance Expense

245,402

206,599

126,852

244,170

220,346

Professional Fees

439,501

346,305

375,040

291,975

559,904

Data and Item Processing

587,093

530,962

523,717

540,506

595,492

Advertising  

109,791

81,600

63,476

112,566

151,676

Franchise Taxes and State Assessment Fees

329,846

326,569

324,569

334,422

314,444

Mortgage Fees and Settlements

153,051

74,839

70,037

106,266

99,819

Other Operating Expense

1,119,074

455,395

315,610

368,343

396,213

Total Non-interest Expenses

7,744,997

6,801,542

5,614,825

6,327,702

6,351,552

Income Before Income Taxes

353,640

1,445,898

(4,680,896)

1,347,386

1,147,840

Income Tax Expense/(Benefit)

64,019

285,560

(1,112,923)

224,456

347,943

Net Income (Loss)

$                                   289,621

$                      1,160,338

$                    (3,567,973)

$                      1,122,930

$                         799,897

Earnings (Loss) per Common Share - Basic

$                                          0.04

$                                0.16

$                              (0.50)

$                                0.16

$                                0.11

Earnings (Loss) per Common Share - Diluted

$                                          0.04

$                                0.16

$                              (0.50)

$                                0.16

$                                0.11

Weighted-Average Common Shares

Outstanding - Basic

7,098,594

7,104,820

7,121,482

7,134,446

7,137,779

Weighted-Average Common Shares 

Outstanding - Diluted

7,124,543

7,174,318

7,183,791

7,184,688

7,140,491

Average Balances, Income and Expenses, Yields and Rates

(Unaudited)

Three Months Ended

Three Months Ended

Three Months Ended

Three Months Ended

June 30, 2026

March 31, 2026

December 31, 2025

September 30, 2025

Average Balance

Income/
Expense

Yield

Average Balance

Income/
Expense

Yield

Average Balance

Income/
Expense

Yield

Average Balance

Income/
Expense

Yield

Assets

Cash

$32,056,464

$277,476

3.47 %

$78,256,733

$703,390

3.65 %

$23,427,239

$214,395

3.63 %

$46,853,763

$507,622

4.30 %

Investments (Tax Exempt)

$19,253,217

$150,043

3.13 %

$19,983,529

$150,924

3.06 %

$20,215,951

$154,645

3.03 %

$19,928,687

$155,780

3.10 %

Investments (Taxable)

$160,163,550

$1,645,259

4.12 %

$161,336,487

$1,622,154

4.08 %

$188,641,324

$2,069,677

4.35 %

$193,341,006

$2,151,952

4.42 %

Total Investments

$179,416,767

$1,795,302

4.01 %

$181,320,016

$1,773,078

3.97 %

$208,857,275

$2,224,322

4.23 %

$213,269,693

$2,307,732

4.29 %

Total Loans 

$777,241,247

$11,650,836

6.01 %

$766,481,826

$11,276,251

5.97 %

$752,172,975

$11,337,250

5.98 %

$744,905,635

$11,671,310

6.22 %

Earning Assets

$988,714,478

$13,723,614

5.57 %

$1,026,058,575

$13,752,719

5.44 %

$984,457,489

$13,775,967

5.55 %

$1,005,029,091

$14,486,664

5.72 %

Assets

$1,047,065,095

$289,621

0.11 %

$1,075,063,057

$1,160,338

0.44 %

$1,036,072,664

($3,567,973)

-1.37 %

$1,058,353,304

$1,122,930

0.42 %

Liabilities

Interest Checking

$128,410,952

$862,935

2.70 %

$139,199,596

$872,499

2.54 %

$151,579,307

$934,090

2.44 %

$127,149,614

$998,124

3.11 %

Money Market

$281,596,967

$2,111,939

3.01 %

$314,492,661

$2,346,245

3.03 %

$297,707,680

$2,468,165

3.29 %

$320,887,145

$2,722,629

3.37 %

Savings

$2,298,115

$1,120

0.20 %

$2,092,200

$1,087

0.21 %

$1,973,024

$1,045

0.21 %

$2,415,353

$1,051

0.17 %

Time Deposits 

$338,730,230

$3,175,717

3.76 %

$334,036,792

$3,120,209

3.79 %

$285,497,039

$2,857,356

3.97 %

$317,448,404

$3,314,747

4.14 %

Interest Bearing Deposits

$751,036,264

$6,151,711

3.29 %

$789,821,247

$6,340,041

3.26 %

$736,757,050

$6,260,656

3.37 %

$767,900,516

$7,036,551

3.64 %

Borrowings

$61,577,333

$592,778

3.86 %

$55,160,259

$517,291

3.80 %

$76,844,331

$818,943

4.23 %

$61,329,539

$701,474

4.54 %

Interest Bearing Liabilities

$812,613,597

$6,744,490

3.33 %

$844,981,507

$6,857,332

3.29 %

$813,601,381

$7,079,599

3.45 %

$829,230,055

$7,738,025

3.70 %

Non Interest Bearing Deposits

$             137,774,380

$             135,220,445

$             125,385,868

$             133,933,651

Cost of Funds

$             950,387,978

$    6,744,490

2.85 %

$             980,201,952

$    6,857,332

2.84 %

$             938,987,249

$    7,079,599

2.99 %

$             963,163,706

$    7,738,025

3.19 %

Net Interest Margin

$988,714,479

$6,979,124

2.83 %

$1,026,058,575

$6,895,388

2.73 %

$984,457,489

$6,696,368

2.70 %

$1,005,029,091

$6,748,638

2.66 %

 Average Balances, Income and Expenses, Yields and Rates  

(Unaudited) 

 Three Months Ended 

 Three Months Ended 

Six Months Ended 

Six Months Ended 

 June 30, 2026 

 June 30, 2025 

June 30, 2026 

 June 30, 2025 

Average Balance

Income/ Expense

Yield

Average Balance

Income/ Expense

Yield

Average Balance

Income/ Expense

Yield

Average Balance

Income/ Expense

Yield

 Assets 

 Cash 

$32,056,464

$277,476

3.47 %

$65,570,216

$750,611

4.59 %

$55,028,974

$980,866

3.59 %

$47,777,734

$1,013,118

4.28 %

Investments (Tax Exempt)

$19,253,217

$150,043

3.13 %

$19,843,159

$156,555

3.18 %

$19,616,356

$300,967

3.09 %

$20,027,655

$323,442

3.26 %

Investments (Taxable)

$160,163,550

$1,645,259

4.12 %

$204,066,557

$2,294,359

4.52 %

$160,746,778

$3,267,413

4.10 %

$208,324,597

$4,750,529

4.60 %

Total Investments

$179,416,767

$1,795,302

4.01 %

$223,909,716

$2,450,914

4.39 %

$180,363,134

$3,568,380

3.99 %

$228,352,252

$5,073,971

4.48 %

Total Loans 

$777,241,247

$11,650,836

6.01 %

$755,231,852

$11,673,926

6.20 %

$771,891,259

$22,927,087

5.99 %

$759,665,068

$24,377,509

6.47 %

Earning Assets

$988,714,478

$13,723,614

5.57 %

$1,044,711,784

$14,875,451

5.73 %

$1,007,283,367

$27,476,333

5.50 %

$1,035,795,054

$30,464,598

5.93 %

Assets

$1,047,065,095

289,621

0.11 %

$1,100,110,176

799,897

0.29 %

$1,060,986,734

1,449,959

0.28 %

$1,092,025,722

2,819,240

0.52 %

 Liabilities

Interest Checking

$128,410,952

$862,935

2.70 %

$125,175,008

$979,587

3.13 %

$133,775,471

$1,735,435

2.62 %

$123,980,287

$1,909,186

3.11 %

Money Market

$281,596,967

$2,111,939

3.01 %

$396,798,385

$3,620,383

3.65 %

$297,953,942

$4,458,185

3.02 %

$372,579,031

$6,779,987

3.67 %

Savings

$2,298,115

$1,120

0.20 %

$6,727,490

$1,503

0.09 %

$2,195,726

$2,207

0.20 %

$5,569,639

$2,658

0.10 %

Time Deposits 

$338,730,231

$3,175,717

3.76 %

$272,467,884

$2,673,600

3.93 %

$336,396,476

$6,295,927

3.77 %

$283,341,703

$5,529,389

3.94 %

Interest Bearing Deposits

$751,036,265

$6,151,711

3.29 %

$801,168,767

$7,275,073

3.63 %

$770,321,615

$12,491,754

3.27 %

$785,470,660

$14,221,220

3.65 %

Borrowings

$61,577,333

$592,778

3.86 %

$63,255,808

$724,216

4.59 %

$58,386,523

$1,110,069

3.83 %

$70,756,945

$1,637,370

4.67 %

Interest Bearing Liabilities

$812,613,598

$6,744,490

3.33 %

$864,424,575

$7,999,289

3.71 %

$828,708,138

$13,601,822

3.31 %

$856,227,605

$15,858,590

3.73 %

Non Interest Bearing Deposits

$            137,774,380

$           140,837,354

$      136,504,468

$      167,639,041

Cost of Funds

$            950,387,978

$        6,744,490

2.85 %

$        1,005,261,929

$        7,999,289

3.19 %

$      965,212,607

$      13,601,822

2.84 %

$  1,023,866,646

$      15,858,590

3.12 %

Net Interest Margin

$988,714,479

$6,979,124

2.83 %

$1,044,711,784

$6,876,162

2.64 %

$1,007,283,366

$13,874,512

2.78 %

$1,035,795,054

$14,606,007

2.84 %

Selected Financial Data by Quarter Ended:

(Unaudited)

Balance Sheet Ratios

June 30, 2026

March 31, 2026

December 31, 2025

September 30, 2025

June 30, 2025

Loans held-for-investment to Deposits 

87.29 %

84.04 %

83.41 %

86.72 %

80.83 %

Income Statement Ratios (Quarterly)

Return on Average Assets (ROAA)

0.11 %

0.44 %

-1.37 %

0.42 %

0.29 %

Return on Average Equity (ROAE)

1.38 %

5.57 %

-15.96 %

5.57 %

3.97 %

Efficiency Ratio

89.67 %

81.88 %

71.29 %

77.43 %

77.57 %

Net Interest Margin

2.83 %

2.73 %

2.70 %

2.66 %

2.66 %

Yield on Average Earning Assets

5.57 %

5.44 %

5.55 %

5.72 %

5.73 %

Yield on Securities

4.01 %

3.97 %

4.23 %

4.29 %

4.39 %

Yield on Loans

6.01 %

5.97 %

5.98 %

6.22 %

6.20 %

Cost of Funds

2.85 %

2.84 %

2.99 %

3.19 %

3.19 %

Noninterest income to Total Revenue

19.20 %

16.99 %

14.98 %

17.42 %

16.02 %

Liquidity Ratios

Uninsured Deposits to Total Deposits

24.90 %

27.11 %

29.43 %

24.51 %

22.51 %

Total Liquidity to Uninsured Deposits

118.71 %

117.18 %

130.31 %

136.91 %

167.83 %

Total Liquidity to Unfunded Commitments, CDs and Borrowings maturing in next 30 days

166.82 %

206.16 %

251.78 %

209.14 %

252.65 %

Tangible Common Equity Ratio 

8.20 %

8.00 %

7.91 %

8.45 %

7.85 %

Tangible Common Equity Ratio (adjusted for unrealized losses on HTM securities)

8.01 %

7.82 %

7.76 %

8.27 %

7.64 %

Available -for-Sale securities (as % of total securities)

89.41 %

89.58 %

89.17 %

90.64 %

90.87 %

Per Share Data

Tangible Book Value

$12.20

$12.08

$12.05

$12.45

$12.01

Tangible Book Value (ex AOCI)

$14.29

$14.18

$14.08

$14.58

$14.39

Share Price Data

Closing Price

$12.15

$11.90

$11.83

$11.52

$11.26

Book Value Multiple

100 %

99 %

98 %

93 %

94 %

Common Stock Data

Outstanding Shares at End of Period

6,978,754

6,973,747

6,984,013

7,002,103

7,002,103

Weighted Average shares outstanding, basic

7,098,594

7,104,820

7,136,456

7,134,446

7,137,779

Weighted Average shares outstanding, diluted

7,124,543

7,174,318

7,193,284

7,184,688

7,140,491

Capital Ratios (Bank Only)

Tier 1 Leverage ratio

11.06 %

10.70 %

11.05 %

11.23 %

10.66 %

Common Equity Tier 1 ratio

13.66 %

13.50 %

13.82 %

14.64 %

14.30 %

Tier 1 Risk Based Capital ratio

13.66 %

13.50 %

13.82 %

14.64 %

14.30 %

Total Risk Based Capital ratio

14.63 %

14.42 %

15.08 %

15.53 %

15.20 %

Credit Quality

Net Charge-offs to Average Loans

0.02 %

0.81 %

0.03 %

0.13 %

0.01 %

Total Non-performing Loans to loans held-for-investment

3.32 %

2.46 %

3.51 %

2.30 %

1.45 %

Total Non-performing Assets to Total Assets

2.57 %

1.95 %

2.51 %

1.65 %

0.98 %

Nonaccrual Loans to loans held-for-investment

3.32 %

2.50 %

3.51 %

2.30 %

1.45 %

Provision for Loan Losses

$538,805

$59,336

$6,941,897

$496,824

$688,865

Allowance for Loan Losses to net loans held-for-investment

1.06 %

1.00 %

1.82 %

0.96 %

0.96 %

Allowance for Loan Losses to net loans held-for-investment (ex PPP loans)

1.06 %

1.00 %

1.82 %

0.96 %

0.96 %

FREEDOM FINANCIAL HOLDINGS, INC.

CONSOLIDATED SELECTED FINANCIAL DATA

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES

Quarter Ending

 1Net Interest Margin

  June 30, 2026

March 31, 2026

December 31, 2025

September 30, 2025

June 30, 2025

Average Earning Assets

$988,714,478

$             1,026,058,575

$            984,457,489

$          1,005,029,091

$    1,044,711,785

Yield on Interest Earning Assets (GAAP)

5.57 %

5.44 %

5.55 %

5.72 %

5.73 %

Net Interest Margin (NIM) (GAAP)

2.83 %

2.73 %

2.70 %

2.66 %

2.66 %

 2Efficiency Ratio (Non-GAAP)

 

 Quarter Ending

June 30, 2026

March 31, 2026

December 31, 2025

September 30, 2025

June 30, 2025

Net Interest Income

$                 6,979,124

$                      6,895,387

$                 6,696,369

$                   6,748,638

$            6,876,162

Non-Interest Income

1,658,318

1,411,389

$                 1,179,457

1,423,274

1,312,095

Total Revenue

$                 8,637,442

$                      8,306,776

$                 7,875,826

$                   8,171,912

$            8,188,257

Non-Interest Expense

7,744,997

6,801,542

$                 5,614,825

6,327,702

6,351,552

Efficiency Ratio (Non-GAAP)

89.67 %

81.88 %

71.29 %

77.43 %

77.57 %

 3Liquidity Ratios (Non-GAAP)

 

Quarter Ending

June 30, 2026

March 31, 2026

December 31, 2025

September 30, 2025

June 30, 2025

Available-for-Sale Securities (as % of total securities)

89.41 %

89.58 %

89.17 %

90.64 %

90.87 %

Uninsured Deposits to Total Deposits

24.90 %

27.11 %

29.43 %

24.51 %

22.51 %

Total Liquidity to Uninsured Deposits

118.71 %

117.18 %

130.31 %

136.91 %

167.83 %

Total Liquidity to Unfunded Commitments, CDs and Borrowings
maturing in next 30 days

166.82 %

206.16 %

251.78 %

209.14 %

252.65 %

Tangible Common Equity Ratio

8.20 %

8.00 %

7.91 %

8.45 %

7.85 %

Tangible Common Equity Ratio(adjusted for unrealized losses 

8.01 %

7.82 %

7.76 %

8.27 %

7.64 %

on HTM Securities)

4Total Liquidity is the sum of cash, cash balances at banks, unencumbered available-for-sale securities and secured borrowing availability at the Federal Reserve 

and the Federal Reserve Bank

Contact:
Scott Clark
Senior Executive Vice President & Chief Financial Officer
Phone: 703-667-4119
Email: [email protected] 

SOURCE Freedom Financial Holdings