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Skillz (NYSE:SKLZ) reported fourth-quarter and full-year 2025 results that management said reflected continued progress toward profitability, driven in part by accelerating growth in its AI ad tech segment, RZR, formerly known as Aarki.

Quarterly and full-year results show revenue growth and narrowing losses For the fourth quarter of 2025, Skillz reported GAAP revenue of $30 million, up from $27 million in the third quarter and $18 million in the prior-year period. The company’s adjusted EBITDA loss was $10 million, improving from a $12 million loss in Q3 and a $17 million loss a year earlier.

Management characterized the quarter as the company’s fourth consecutive quarter of sequential revenue growth and the second consecutive quarter of year-over-year revenue growth.

For full-year 2025, Skillz reported GAAP revenue of $105 million, up from $93 million in 2024, representing 13% year-over-year growth. Adjusted EBITDA loss improved to $51 million from $61 million in 2024, which management said represented a 16% year-over-year improvement.

RZR rebrand and performance marketing momentum In prepared remarks, management highlighted RZR as a key growth driver in 2025. The segment, which was rebranded from Aarki “last month,” delivered 146% net revenue growth year-over-year, and, for the first time since Skillz acquired the business in 2021, generated positive adjusted EBITDA for full-year 2025.

The company attributed the momentum to “stronger systems, deeper advertiser relationships, and disciplined channel growth.” Management also said it has spent the past two years modernizing RZR’s technology stack and scaling infrastructure, positioning it as “a scaled performance marketing platform.”

Skillz said RZR is increasing machine learning training capacity and improving “auction-level intelligence,” building on data models introduced in the second quarter of 2025. The company also said RZR is expanding its retargeting and user acquisition share while improving performance across channels. Management noted that RZR’s revenue growth is being driven by both existing and new customers, and that machine learning enhancements and campaign optimization contributed to margin expansion.

Platform updates, organization changes, and player metrics Skillz outlined initiatives across what it described as four business pillars, including platform enhancements and organizational changes. On the core Skillz platform, the company said it continues to invest in content and developer tools. Management highlighted the debut of its “Pro SDK” at the Game Developers Conference in San Francisco, describing it as an architecture that expands the company’s development framework and provides developers “full creative control of the entire gameplay experience,” while also strengthening monetization through meta-game systems and leveraging Skillz’s competition and security infrastructure.

In its go-to-market discussion, Skillz reported paying monthly active users (PMAU) of 141,000, down from 155,000 in the third quarter but up from 110,000 in the prior-year period, representing 28% year-over-year growth.

During the Q&A, Jefferies equity research analyst Ed Alter asked about the shift between paying users and monetization trends. CFO Gaetano Franceschi said that in Q4, “one of our larger gaming developers” left the platform, contributing to the decline in paying MAU, while the company continued to increase “GMV per paying MAU.” Franceschi said that as Skillz drives better efficiencies in user acquisition, it plans to “rescale our UA spend and continue to grow also on our PMAU.”

Alter also referenced a disclosure in Skillz’s 10-K that the departing partner represented 51% of revenue last year, and asked how the transition to Skillz-branded versions of that content was progressing. Franceschi said the company does not disclose details of the transition, adding that when the partner left, some games departed immediately, while “the two larger games that are… the majority, call it 80%+, are there,” and Skillz is “in the process of transitioning to our own games.”

CEO Andrew Paradise also added that the company experienced a technical issue affecting some engagement and marketing technologies for its player base in Q4, and said the issue has been addressed. Paradise said investors were “seeing both effects in the change in PMAU in Q4.”

On the organizational front, management said operational efficiency continues to improve across both Skillz and RZR, and announced additions to its board of directors: Gary Vecchiarelli, president and CFO of CleanSpark, and Shannon Demus, CFO of the Americas at Light & Wonder. Skillz also said Jeff Shouger, former CFO of Niantic, joined the company’s board advisory group.

Expenses, net loss, and balance sheet Franceschi said the fourth quarter “highlight[s] the benefits of disciplined execution and structural improvements across both the Skillz and RZR businesses.” He detailed several expense line items for Q4 2025:

Research and development: $6 million, up 78% year-over-year Sales and marketing: $19 million, up 27% year-over-year General and administrative: $80 million, down 13% year-over-year Skillz reported a Q4 2025 net loss of $18 million, which Franceschi said improved 27% year-over-year. Adjusted EBITDA loss improved both sequentially and year-over-year, which the company quantified as a 17% improvement quarter-over-quarter and a 41% improvement year-over-year.

On liquidity, the company ended Q4 2025 with $195 million in cash and cash equivalents and $130 million of debt outstanding, which Franceschi said is now classified as current. With the debt approaching maturity later in 2026, Skillz said it is evaluating “a range of strategic alternatives to optimize our capital structure.”

Fair play litigation update and settlement payments Management also provided an update on its “fair play initiative,” reiterating that it is pursuing litigation against Papaya Gaming and Voodoo over alleged use of bots. The company said the Papaya trial is set for April 13, 2026 in the Southern District of New York.

Skillz also referenced its 2024 settlement with AviaGames. Management said the annual $7.5 million payment was received in the first quarter of 2026, bringing total payments received from AviaGames to $65 million to date. The company said it expects two additional $7.5 million payments in March 2027 and March 2028.

In closing remarks, management said 2025 was “a meaningful year of progress,” citing stabilized operations, improved discipline, and expanded technology foundations across Skillz and RZR. The company said it is focused on combining competitive skill gaming with AI-driven performance marketing to build an ecosystem designed to scale “engagement, data, and monetization with discipline.”

About Skillz (NYSE:SKLZ) Skillz Inc (NYSE: SKLZ) operates a mobile e-sports platform that connects game developers, advertisers and players through skill-based competition. By integrating its software development kit into a variety of casual and midcore mobile titles, the company enables in-app tournaments and head-to-head matches in which users compete for virtual or cash prizes. Skillz’s marketplace also offers real-time leaderboards, live events and social features designed to enhance player engagement and retention.

The company’s core offering includes developer tools and analytics that help game studios monetize through entry fees, in-game purchases and ad revenue sharing.

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Despite this morning’s share-price pop, Skillz (NYSE:SKLZ) stock has been a brutal ride for investors, shedding 42% year-to-date. So when Cantor stepped in with a fresh Overweight initiation, it raised an obvious question: doesn’t Wall Street see something the market is missing?

The initiation arrives as Skillz shows its first real signs of stabilization in years. Q4 2025 revenue rose 34% year-over-year to $30.01 million, capping four consecutive quarters of sequential revenue growth in 2025. That’s not a recovery yet, but it’s a turning point worth watching.

Ticker Company Firm Action Old Rating New Rating Old Target New Target SKLZ Skillz Cantor Initiation N/A Overweight N/A N/A The Analyst’s Case Cantor’s Overweight initiation signals conviction that Skillz’s mobile gaming platform and restructured business model can deliver a meaningful turnaround. The bull case rests on two pillars: the core Skillz competitive tournament platform and the RZR AI ad-tech segment, formerly known as Aarki, which achieved positive Adjusted EBITDA for the full year 2025. That’s a tangible milestone in a company still burning cash overall.

Paying user monetization is also improving. Skillz’s paying Monthly Active Users rose to 141,000 from 110,000 year-over-year in Q4, and average revenue per paying user rose to $71.1 from $53.9. Fewer users, but higher-value ones. That’s a defensible monetization strategy if the platform can stabilize its broader audience.

Company Snapshot Skillz operates a mobile gaming platform that hosts competitive tournaments, connecting players globally in a real-money esports format. The company is headquartered in Las Vegas, Nevada, and sits in the electronic gaming and multimedia industry. Its RZR segment adds an AI-powered advertising technology layer, creating a two-sided business that’s still finding its footing.

Also, Skillz’s full-year 2025 revenue came in at $104.5 million, up from $95.5 million in 2024, but the company carries a $127.6 million current portion of long-term debt and cash declined to $194.5 million from $271.9 million year-over-year. The balance sheet warrants serious attention.

Why the Move Matters Now With a market cap near $39 million and a price-to-book ratio of 0.349x, Skillz stock trades well below its book value, which is exactly the kind of distressed-but-stabilizing setup that initiating analysts often target. Skillz CEO Andrew Paradise noted in the Q4 earnings call:

“Throughout 2025, we made meaningful progress executing against our strategic priorities, delivering four consecutive quarters of sequential revenue growth and returning to year-over-year growth in the second half of the year.”

That said, unresolved material weaknesses in internal controls and a beta of 3.089 make this one of the higher-risk analyst calls you’ll see this year.

What It Means for Your Portfolio Cantor’s Overweight initiation gives Skillz a credibility boost it sorely needs, but the risk profile places it firmly outside the comfort zone of income-focused or safety-first investors. The turnaround signals are real, and if RZR’s profitability expands while the core platform stabilizes, there’s a legitimate bull case here.

If you think mobile gaming monetization and AI ad-tech can carry Skillz to cash-flow breakeven, the current price near $2.70 may look compelling in hindsight. If the debt load and cash burn accelerate, the downside is equally real. Speculative positions in this category are typically sized small relative to a broader portfolio.

Investors are bailing on Skillz (NYSE: SKLZ) on Friday morning despite the company securing a monumental $420 million jury verdict in its high-stakes litigation against Papaya Gaming.

The federal jury in Manhattan ruled that Papaya had engaged in systematic false advertising by using “bots” in its skill-based games, misleading players into thinking they were competing against real humans.

This landmark victory initially sent SKLZ stock skyrocketing, seemingly validating the company’s long-standing claims against its rival.

However, it crashed later on to a low of about $7.20 due to three big reasons.

Skillz shares' collapse is primarily driven by a textbook case of “sell the news” profit-taking. The stock had already nearly quadrupled on Apr. 23, as speculators front-ran potential for a favorable ruling.

But in the high-velocity world of micro-cap stocks, such parabolic moves are rarely sustainable.

Once the official news hit the wires and the price peaked in the early morning hours, institutional traders and retail investors alike rushed for the exits to lock in their windfall.

This mass exodus created a liquidity vacuum where the sheer volume of “sell orders” overwhelmed the remaining buying interest, triggering multiple volatility halts and sending the share price into a tailspin as the initial euphoria evaporated.

While a $420 million award is nearly three times the current market cap of Skillz, investors seem skeptical about the firm’s ability to actually see that cash.

Historically, massive jury awards are often the beginning of a new legal battle, not the end of one.

Papaya Gaming is almost certain to file post-trial motions to minimize damages or launch a multi-year appeals process that could keep the funds tied up until the end of the decade.

Skill stock is also crashing because investors are questioning the solvency and immediate liquidity of the defendant.

If Papaya lacks the balance sheet to satisfy a nearly half-billion-dollar judgment, SKLZ could be left with a “paper win” – a legal victory that looks great on a press release but fails to provide the immediate cash infusion it needs to pivot its operations.

Long-term fundamentals remain an overhangBeyond courtroom drama, the underlying health of Skillz Inc remains a significant concern for long-term shareholders.

A one-time legal windfall – even if collected in full – doesn’t really solve the fundamental issues of declining revenue and user engagement that have plagued the company for the past two years.

Skillz’s Q4 earnings report highlighted a continuing struggle to achieve profitability, with net loss of $17.9 million due to fierce competition and rising user acquisition costs in mobile gaming.

Investors are realizing that while $420 million would provide a substantial lifeline to SKLZ shares, it does not inherently fix a broken business model or provide a clear path back to the double-digit growth seen during the pandemic era.

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LAS VEGAS--(BUSINESS WIRE)--Skillz Inc. (NYSE: SKLZ) (“Skillz” or the “Company”), the leading competitive mobile gaming platform bringing fair and fun competition to players worldwide, today announced that it will release its 2026 first quarter financial results after the market closes on Friday, May 15, 2026 and host a conference call and webcast on Tuesday, May 19, 2026 at 4:30 p.m. ET. During the call, Skillz management will review the Company’s financial results and provide a business update, followed by a question-and-answer session. Both the call and webcast are open to the public.

To listen to the audio-only webcast, please use the following link: webcast link. If you would like to participate and ask questions during the call, please register here: registration link. After registering, you will receive an email with dial-in details along with a unique access code and PIN required to join the live call.

A replay of the webcast will be archived on the Company’s investor relations website. An audio replay of the conference call will be available through Tuesday, May 26, 2026, and can be accessed by dialing +1 800-770-2030, access code: 45394.

About Skillz Inc.

Skillz Inc. is the leading competitive mobile games platform dedicated to bringing out the best in everyone through competition. The Skillz platform helps developers create multi-million dollar franchises by enabling social competition in their games. Leveraging its patented technology, Skillz hosts billions of casual esports tournaments for millions of mobile players worldwide, with the goal of building the home of competition for all. Skillz has earned recognition as one of Fast Company’s Best Workplaces for Innovators, CNBC’s Disruptor 50, Forbes’ Next Billion-Dollar Startups, Fast Company’s Most Innovative Companies, and the number one fastest-growing company in America on the Inc. 5000. www.skillz.com

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Skillz Inc NYSE: SKLZ Stock a Buy: An Esports Platform with UpsideSkillz NYSE: SKLZ reported higher year-over-year revenue for the first quarter of 2026 while continuing to post losses, as management highlighted improving underlying profitability, a profitable contribution from RZR and a major legal victory against Papaya Gaming.

Chief Executive Andrew Paradise said first-quarter GAAP revenue was $29 million, down 3% from the fourth quarter and up 33% from the prior-year period. Adjusted EBITDA was a loss of $13 million, compared with a loss of $10 million in the fourth quarter. Paradise said the wider sequential adjusted EBITDA loss was driven by higher litigation-related expenses.

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Excluding litigation-related expenses, adjusted EBITDA was a loss of $7 million, which Paradise said represented a 15% sequential improvement on a normalized basis. RZR generated adjusted EBITDA of $2 million, marking its third consecutive quarter of profitability.

Paying users decline sequentially, but monetization improves Skillz reported paying monthly active users, or PMAU, of 128,000 in the first quarter, down 9% sequentially and up 3% year over year. Paradise said the sequential decline was partly due to lower user acquisition spending, which resulted in fewer new user cohort additions.

Management said the company is emphasizing higher-quality users and stronger unit economics rather than broad user growth. Paradise said retention among more mature cohorts improved from the prior quarter, and average revenue per paying user increased 7% quarter over quarter.

In response to a question from Jefferies analyst Ed Alter about gross marketplace volume rising despite lower paying users, Chief Financial Officer Gaetano Franceschi said Skillz has been focused on “high-paying users” and “long-term users.” He said that while PMAU was down, GMV and ARPU continued to grow.

Paradise added that the company had reduced user acquisition spending in the quarter while tightening its focus on profitable acquisition, shorter breakeven periods and better one-year paybacks. He said Skillz was “thinking about how to thoughtfully expand on marketing” after reaching what he described as a very tight level of spend exiting the quarter.

Papaya verdict remains a central focus Paradise spent a significant portion of the call discussing Skillz’s litigation against Papaya Gaming. In April, a unanimous jury in the U.S. District Court for the Southern District of New York found Papaya liable for false advertising under the Lanham Act and deceptive practices under New York law, awarding Skillz $420 million in actual damages.

Paradise called it “the largest false advertising award in U.S. history under the Lanham Act.” He said the jury also made advisory findings supporting disgorgement of either $719 million based on Papaya’s profits or $652 million based on Papaya’s cost savings, though he emphasized those are alternative theories and will not be added together.

The court will determine whether to award disgorgement and in what amount. Paradise said the Lanham Act allows the court to enhance actual damages by up to three times the $420 million award, while any disgorgement award would not be subject to a cap on enhancement. He said the total potential award ranges from $420 million to more than $1.2 billion, depending on the court’s determinations.

Paradise said Skillz brought the case as part of its “Fair Play Initiative,” arguing that the skill-based competitive gaming category depends on players competing against real human opponents. He said Papaya’s internal documents showed bots were deployed at scale, with bot scores determining outcomes without disclosure to players.

Paradise also referenced Skillz’s earlier litigation against AviaGames, noting that a federal jury awarded Skillz $42.9 million for patent infringement in 2024 and that Skillz later settled related cases with Avia for $80 million.

Looking ahead, Paradise said Skillz expects the court to determine the final disgorgement award in June. He said the parties have been ordered to engage in settlement discussions, and Skillz is also evaluating alternatives to secure capital against the judgment while monitoring whether an appeal bond or other secured capital will be required.

RZR and Beamable positioned as part of broader ecosystem Management outlined three operating priorities for 2026: strengthening demand and engagement, executing a more efficient go-to-market strategy and improving platform performance and infrastructure.

Paradise said Solitaire Skillz continues to scale as a top title on the platform. He also pointed to Skillz’s acquisitions of Blackout Bingo and Dominoes Gold, saying the company now owns and operates three of the top five titles on its platform.

RZR, the company’s performance marketing business, added new advertisers across gaming, consumer applications, retail and entertainment during the quarter, Paradise said. RZR also launched a Connected TV business, which management said opens a new channel for advertiser spending. Paradise said RZR continued to migrate to more advanced neural network models and improve training efficiency and prediction accuracy.

Skillz also completed its acquisition of Beamable in the first quarter. Paradise described Beamable as a developer platform providing game services and backend infrastructure that Skillz expects to use across its products over time. He said Beamable will continue serving developers and studios that used the platform before the acquisition.

Expenses, cash position and debt Franceschi said first-quarter research and development expenses were $5 million, up 5% year over year, reflecting continued investment in Skillz and RZR. Sales and marketing expenses were $17 million, down 4% year over year. Within that total, end-user marketing was $8 million and user acquisition was $3 million.

General and administrative expenses were $19 million, up 2% year over year. Net loss was $11 million, improving 36% from the prior-year period. Franceschi said the company ended the quarter with $185 million in cash and cash equivalents and $130 million of debt outstanding due by the end of 2026.

As the debt approaches maturity, Franceschi said Skillz is evaluating “a range of strategic alternatives” to optimize its capital structure. He said management believes the company’s balance sheet remains healthy and that Skillz is managing capital prudently as it works toward sustained profitability.

Management discusses owned content strategy During the question-and-answer session, analysts asked about Skillz’s shift toward owning and operating more games on its platform. Paradise said owning and operating games represents a shift from the company’s historical reliance on third-party and second-party developer relationships, though he noted Skillz has invested in platform content for years.

Paradise said owning games in categories with relatively little future development, such as solitaire, can create stability and provide a consistent offering for the platform. He compared the strategy to approaches used elsewhere in the gaming industry, citing Epic’s Fortnite and Valve’s Dota 2 and Counter-Strike as examples of gaming platforms that also operate major content.

Asked by Cantor Fitzgerald analyst Bharath Nagaraj about user acquisition costs following the Papaya verdict, Paradise said it would be difficult to directly link the lawsuit outcome to customer acquisition costs. However, he said Skillz exited the first quarter with the best user acquisition prices it had seen in multiple years and is considering how to scale spending where prices are attractive.

About Skillz NYSE: SKLZSkillz Inc NYSE: SKLZ operates a mobile e-sports platform that connects game developers, advertisers and players through skill-based competition. By integrating its software development kit into a variety of casual and midcore mobile titles, the company enables in-app tournaments and head-to-head matches in which users compete for virtual or cash prizes. Skillz's marketplace also offers real-time leaderboards, live events and social features designed to enhance player engagement and retention.

The company's core offering includes developer tools and analytics that help game studios monetize through entry fees, in-game purchases and ad revenue sharing.

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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April 21, 2026 16:05 ET  | Source: Scorpio Tankers Inc.

MONACO, April 21, 2026 (GLOBE NEWSWIRE) -- Scorpio Tankers Inc. (NYSE: STNG) ("Scorpio Tankers," or the "Company") announced today that on Tuesday, May 5, 2026, the Company plans to issue its first quarter 2026 earnings press release in the morning (Eastern Daylight Time) and host a conference call at 9:00 AM Eastern Daylight Time and 3:00 PM Central European Summer Time.

Conference Call Information

Title: Scorpio Tankers Inc. First Quarter 2026 Conference Call

Date: Tuesday May 5, 2026

Time: 9:00 AM Eastern Daylight Time and 3:00 PM Central European Summer Time

The conference call will be available over the internet, through the Scorpio Tankers Inc. website www.scorpiotankers.com and the webcast link:

https://edge.media-server.com/mmc/p/9qdqegab

Participants for the live webcast should register on the website approximately 10 minutes prior to the start of the webcast.

The conference will also be available telephonically:
US/Canada Dial-In Number: 1-833-636-1321
International Dial-In Number: +1-412-902-4260
Please ask to join the Scorpio Tankers Inc. call.
Participants should dial into the call 10 minutes before the scheduled time.

The information provided on the teleconference is only accurate at the time of the conference call, and the Company will take no responsibility for providing updated information.

About Scorpio Tankers Inc.

Scorpio Tankers Inc. is a provider of marine transportation of petroleum products worldwide. Scorpio Tankers Inc. currently owns 87 product tankers (32 LR2 tankers, 41 MR tankers and 14 Handymax tankers) with an average age of 10.2 years. The Company has reached agreements to sell six MR product tankers and three LR2 product tankers, which are expected to close in the second quarter of 2026. The Company has also reached agreements for four MR newbuildings that are currently under construction with deliveries expected in 2026 and 2027, four LR2 newbuildings with deliveries expected in 2027 and 2029 and two VLCC newbuildings with deliveries expected in the second half of 2028. Additional information about the Company is available at the Company’s website www.scorpiotankers.com, which is not a part of this press release.

Forward-Looking Statements

Matters discussed in this press release may constitute forward‐looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward‐looking statements in order to encourage companies to provide prospective information about their business. Forward‐looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts. The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words “believe,” “expect,” “anticipate,” “estimate,” “intend,” “plan,” “target,” “project,” “likely,” “may,” “will,” “would,” “could” and similar expressions identify forward‐looking statements.

The forward‐looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management’s examination of historical operating trends, data contained in the Company’s records and other data available from third parties. Although management believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond the Company’s control, there can be no assurance that the Company will achieve or accomplish these expectations, beliefs or projections. The Company undertakes no obligation, and specifically declines any obligation, except as required by law, to publicly update or revise any forward‐looking statements, whether as a result of new information, future events or otherwise.

In addition to these important factors, other important factors that, in the Company’s view, could cause actual results to differ materially from those discussed in the forward‐looking statements include unforeseen liabilities, future capital expenditures, revenues, expenses, earnings, synergies, economic performance, indebtedness, financial condition, losses, future prospects, expansion and growth of the Company’s operations, risks relating to the integration of assets or operations of entities that it has or may in the future acquire and the possibility that the anticipated synergies and other benefits of such acquisitions may not be realized within expected timeframes or at all, the failure of counterparties to fully perform their contracts with the Company, the strength of world economies and currencies, general market conditions, including fluctuations in charter rates and vessel values, changes in demand for tanker vessel capacity, changes in the Company’s operating expenses, including bunker prices, drydocking and insurance costs, the market for the Company’s vessels, availability of financing and refinancing, charter counterparty performance, ability to obtain financing and comply with covenants in such financing arrangements, changes in governmental rules and regulations or actions taken by regulatory authorities, the impact of the current and future sanctions that may impact the transportation of petroleum products, potential liability from pending or future litigation, general domestic and international political conditions, which have and may continue to disrupt certain global shipping routes, vessel breakdowns and instances of off‐hires, and other factors. Please see the Company’s filings with the SEC for a more complete discussion of certain of these and other risks and uncertainties.

Contact Information

Scorpio Tankers Inc.
James Doyle – Head of Corporate Development & Investor Relations
Tel: +1 203-900-0559
Email: [email protected]

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

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

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

Zacks Consensus EstimateThis shipping company is expected to post quarterly earnings of $2.73 per share in its upcoming report, which represents a year-over-year change of +165.1%.

Revenues are expected to be $291.57 million, up 42.8% from the year-ago quarter.

Estimate Revisions TrendThe consensus EPS estimate for the quarter has been revised 285.78% higher over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period.

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

Price, Consensus and EPS Surprise

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

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

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

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

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

How Have the Numbers Shaped Up for Scorpio Tankers?For Scorpio Tankers, the Most Accurate Estimate is the same as the Zacks Consensus Estimate, suggesting that there are no recent analyst views which differ from what have been considered to derive the consensus estimate. This has resulted in an Earnings ESP of 0%.

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

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

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

For the last reported quarter, it was expected that Scorpio Tankers would post earnings of $1.37 per share when it actually produced earnings of $1.62, delivering a surprise of +18.25%.

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

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

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

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

An Industry Player's Expected ResultsKirby (KEX - Free Report) , another stock in the Zacks Transportation - Shipping industry, is expected to report earnings per share of $1.41 for the quarter ended March 2026. This estimate points to a year-over-year change of +6%. Revenues for the quarter are expected to be $842.02 million, up 7.2% from the year-ago quarter.

The consensus EPS estimate for Kirby has remained unchanged over the last 30 days. However, a lower Most Accurate Estimate has resulted in an Earnings ESP of -0.36%.

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

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

MONACO, May 05, 2026 (GLOBE NEWSWIRE) -- Scorpio Tankers Inc. (NYSE: STNG) ("Scorpio Tankers" or the "Company") today reported its results for the three months ended March 31, 2026. The Company also announced that its board of directors (the "Board of Directors") has declared a quarterly cash dividend on its common shares of $0.45 per share and authorized the replenishment of the 2023 Securities Repurchase Program to $500.0 million.

Results for the three months ended March 31, 2026 and 2025

For the three months ended March 31, 2026, the Company had net income of $216.3 million, or $4.58 basic and $4.32 diluted earnings per share.

For the three months ended March 31, 2026, the Company had adjusted net income (see Non-IFRS Measures section below) of $150.9 million, or $3.20 basic and $3.02 diluted earnings per share, which excludes from net income (i) a $65.9 million, or $1.40 per basic and $1.32 per diluted share, gain on sales of vessels and (ii) a $0.5 million, or $0.01 per basic and diluted share, write-off of deferred financing fees.

For the three months ended March 31, 2025, the Company had net income of $58.2 million, or $1.26 basic and $1.22 diluted earnings per share.

For the three months ended March 31, 2025, the Company had adjusted net income (see Non-IFRS Measures section below) of $49.0 million, or $1.06 basic and $1.03 diluted earnings per share, which excludes from net income (i) a $9.4 million, or $0.20 per basic and per diluted share, fair value gain on financial assets measured at fair value, and (ii) a $0.3 million, or $0.01 per basic and diluted share, loss on the extinguishment of debt and write-offs of deferred financing fees.

Declaration of Dividend

On May 4, 2026, the Board of Directors declared a quarterly cash dividend of $0.45 per common share, with a payment date of June 15, 2026 to all shareholders of record as of May 29, 2026 (the record date). As of May 4, 2026, there were 50,417,981 common shares of the Company issued and outstanding.

Summary of First Quarter 2026 and Other Recent Significant Events

Below is a summary of the average daily Time Charter Equivalent ("TCE") revenue (see Non-IFRS Measures section below) and duration of contracted voyages and time charters for the Company's vessels (both in the pools and outside of the pools) thus far in the second quarter of 2026 as of the date hereof (See footnotes to "Other operating data" table below for the definition of daily TCE revenue):  Pool and Spot Market Time Charters Out of the Pool Bareboat Charter Out of the Pool  Average Daily TCE RevenueExpected Revenue Days(1)% of Days Average Daily TCE RevenueExpected Revenue Days(1) Average Daily RevenueExpected Revenue Days(1)% of DaysLR2$96,0001,70841% $30,3001,088 $——100%MR$66,0002,97453% $26,500324 $12,98690100%Handymax$61,0001,17047% $23,00090 $——100% (1) Expected Revenue Days are the total number of calendar days in the quarter for each vessel, less the total number of estimated off-hire days during the period associated with repairs or drydockings. Consequently, Expected Revenue Days represent the total number of days the vessel is expected to be available to earn revenue. Idle days, which are days when a vessel is available to earn revenue, yet is not employed, are included in Expected Revenue days. The Company uses Expected Revenue days to show changes in net vessel revenues between periods.

Below is a summary of the average daily TCE revenue earned by the Company's vessels during the first quarter of 2026:  Average Daily TCE Revenue Vessel classPool / SpotTime ChartersDaily Bareboat Charter RateLR2$50,830$30,775$—MR$33,633$26,742$12,986Handymax$35,740$22,901$— In April 2026, the Company received a commitment from Bank of America for a credit facility of up to $50.0 million. The credit facility will be used to refinance two 2015 built LR2 product tankers, STI Rose and STI Alexis. The credit facility will have a final maturity of seven years from the drawdown date of each vessel and bears interest at SOFR plus a margin of 1.20% per annum. The remaining terms and conditions of this credit facility, including financial covenants, are similar to those set forth in the Company’s existing credit facilities. The credit facility is subject to customary conditions precedent and is expected to close within the second quarter of 2026.In April 2026, the Company issued $375.0 million aggregate principal amount of convertible senior notes due 2031 bearing interest at a coupon rate of 1.75% and maturing on April 15, 2031, unless earlier converted, repurchased, or redeemed (the "Convertible Notes", as described further below). This amount includes the full exercise of the initial purchasers' option to purchase an additional $50.0 million in aggregate principle amount of the Convertible Notes in connection with the Offering. The Company concurrently repurchased 1,344,809 shares of the Company's common stock at $74.36 per share as part of the transaction.In April 2026, the Company entered into agreements to sell three 2014 built LR2 product tankers, STI Park, STI Sloane, and STI Madison, for $195 million in aggregate. The sales of these vessels are expected to close within the second quarter of 2026.There is no debt outstanding with respect to STI Park and STI Sloane and there is $10.7 million of debt outstanding on the 2023 $225.0 Million Revolving Credit Facility with respect to STI Madison.

In March 2026, the Company entered into agreements to sell eight vessels including a 2015 built LR2 product tanker, STI Solidarity, for $60.0 million, four 2015 built MR product tankers, STI Seneca, STI Osceola, STI Brooklyn, and STI Black Hawk, for $140.0 million in aggregate, and three 2014 built MR product tankers, STI Aqua, STI Regina, and STI Opera, for $105.0 million in aggregate.The sales of STI Solidarity and STI Seneca closed in April 2026, and the remaining sales are expected to close during the second quarter of 2026.

During the first quarter of 2026, the Company closed the sales of four vessels consisting of one 2019 built scrubber-fitted LR2 product tanker, STI Lavender, for $61.2 million, two 2016 built scrubber-fitted LR2 product tankers, STI Goal and STI Gallantry, for $52.3 million per vessel, and one 2015 built scrubber-fitted LR2 product tanker, STI Kingsway, for $57.5 million.In February 2026, the Company declared options to purchase two scrubber-fitted LR2 newbuilding product tankers that are to be constructed at Dalian Shipbuilding Industry Co., Ltd. in China for $68.5 million per vessel. Deliveries are expected in the third and fourth quarters of 2029.In March 2026, the Company commenced time charter-out agreements on two LR2 product tankers, STI Lombard for five years at a rate of $33,000 per day and STI Rambla for eight years at a rate of $30,500 per day. Securities Repurchase Program

In April 2026, the Company repurchased 1,344,809 shares of its common stock, concurrently with the closing of the Convertible Notes in privately negotiated transactions at $74.36 per share.

As of May 1, 2026, there was $73.4 million available under the Company's 2023 Securities Repurchase Program.

On May 4, 2026, the Board of Directors replenished and increased the 2023 Securities Repurchase Program to purchase up to an aggregate of $500.0 million of the Company’s securities, which currently include its common stock, Unsecured Senior Notes Due 2030, and Convertible Notes due 2031. This resets the program that was previously replenished on July 29, 2024.

As of May 5, 2026, there is $500.0 million available under the Company's 2023 Securities Repurchase Program.

Diluted Weighted Number of Shares

The computation of earnings per share is determined by taking into consideration the potentially dilutive shares arising from the Company’s equity incentive plan. Potentially dilutive shares are excluded from the computation of earnings per share to the extent they are anti-dilutive.

For the three months ended March 31, 2026, the Company’s basic weighted average number of shares outstanding was 47,192,867. For the three months ended March 31, 2026, the Company’s diluted weighted average number of shares outstanding was 50,025,865, which included the potentially dilutive impact of restricted shares issued under the Company’s equity incentive plan.

Given the issuance of the Convertible Notes in April 2026 (as described below), diluted earnings per share will be calculated under the if-converted method in subsequent quarters.

Conference Call

Title: Scorpio Tankers Inc. First Quarter 2026 Conference Call

Date: Tuesday, May 5, 2026

Time: 9:00 AM Eastern Daylight Time and 3:00 PM Central European Summer Time

The conference call will be available over the internet, through the Scorpio Tankers Inc. website www.scorpiotankers.com and the webcast link:

https://edge.media-server.com/mmc/p/9qdqegab

Participants for the live webcast should register on the website approximately 10 minutes prior to the start of the webcast.

The conference will also be available telephonically:

US/CANADA Dial-In Number: 1-833-636-1321

International Dial-In Number: +1-412-902-4260

Please ask to join the Scorpio Tankers Inc. call.

Participants should dial into the call 10 minutes before the scheduled time.

Current Liquidity

As of May 1, 2026, the Company had $1.4 billion in unrestricted cash and cash equivalents and $711.8 million of undrawn revolver capacity, which includes $213.1 million of availability under the revolving portion of the 2023 $1.0 Billion Credit Facility, $15.5 million of availability under the 2023 $225.0 Million Revolving Credit Facility and $483.2 million of availability under the 2025 $500.0 Million Revolving Credit Facility.

Debt

Set forth below is a summary of the principal balances of the Company’s outstanding indebtedness as of the dates presented:

 In thousands of U.S. DollarsOutstanding Principal as of December 31, 2025Outstanding Principal as of March 31, 2026Outstanding Principal as of May 1, 2026Pro-forma Outstanding Principal as of May 1, 2026(6)12023 $225.0 Million Revolving Credit Facility(1) 73,370 73,370 52,090 41,34022023 $49.1 Million Credit Facility 27,164 27,164 27,164 27,16432023 $117.4 Million Credit Facility 40,860 40,860 40,860 40,86042023 $1.0 Billion Credit Facility(2) 213,593 193,418 193,418 193,41852023 $94.0 Million Credit Facility 54,244 54,244 54,244 54,24462026 $50.0 Million Credit Facility(3) — — — —7Ocean Yield Lease Financing(4) 19,202 — — —8Unsecured Senior Notes Due 2030 200,000 200,000 200,000 200,0009Convertible Notes Due 2031(5) — — 375,000 375,000102025 $500.0 Million Revolving Credit Facility — — — — Gross debt outstanding 628,433 589,056 942,776 932,026 Cash and cash equivalents 751,955 984,321 1,421,737 1,807,872 Net cash$123,522$395,265$478,961$875,846 (1) In April 2026, the Company repaid the outstanding balance of $21.3 million on the 2023 $225.0 Million Revolving Credit Facility related to STI Aqua, STI Regina, and STI Opera in advance of the sales of these vessels.

(2) In March 2026, the Company repaid the outstanding balance of $20.2 million on the 2023 $1.0 Billion Credit Facility related to STI Solidarity and STI Osceola in advance of the sales of these vessels.

(3) In April 2026, the Company received a commitment from Bank of America for a credit facility of up to $50.0 million. The credit facility will be used to refinance the existing debt on two 2015 built LR2 product tankers, STI Rose and STI Alexis. The credit facility will have a final maturity of seven years from the drawdown date of each vessel and bears interest at SOFR plus a margin of 1.20% per annum. There is currently $11.7 million of debt outstanding on the 2023 $49.1 Million Credit Facility related to STI Rose and $10.7 million of debt outstanding on the 2023 $117.4 Million Credit Facility related to STI Alexis.

(4) The LR2 product tanker that was financed under this arrangement, STI Symphony, was purchased in February 2026 and the outstanding lease obligation on the date of purchase was repaid.

(5) In April 2026, the Company issued $375.0 million aggregate principal amount of convertible senior notes due 2031 bearing interest at a rate of 1.75% and maturing on April 15, 2031, unless earlier converted, repurchased, or redeemed.

Prior to January 15, 2031, the Convertible Notes will be convertible at the option of the holders only under certain circumstances and during certain periods. On or after January 15, 2031, holders may convert their Convertible Notes at any time at their election until the close of business on the second scheduled trading day immediately preceding the maturity date. Upon conversion, the Convertible Notes may be settled at the Company’s election, in cash, shares of the Company’s common stock, or a combination of cash and shares of common stock. The initial conversion rate for each $1,000 principal amount of Convertible Notes is 9.9615 shares of common stock, equivalent to a conversion price of approximately $100.39 per share. The conversion rate and conversion price will be subject to adjustment upon the occurrence of certain events.

The Convertible Notes will be redeemable, in whole or in part (subject to certain limitations), for cash at the Company’s option at any time, and from time to time, on or after April 20, 2029 and on or before the 41st scheduled trading day immediately before the maturity date, if the last reported sale price per share of the Company’s common stock exceeds 130% of the conversion price for a specified period of time and certain other conditions are satisfied. In addition, the Company will have the right to redeem all, but not less than all, of the Convertible Notes if certain changes in tax law occur and certain other conditions are satisfied. Except as described in the two immediately preceding sentences, the Convertible Notes will not be redeemable at the Company’s option prior to the maturity date. The redemption price will be equal to the principal amount of the Convertible Notes to be redeemed, plus accrued and unpaid interest, if any, up to, but excluding, the redemption date.

(6) Pro Forma adjustments include (i) the expected prepayment of $10.7 million related to the 2014 built scrubber-fitted LR2 product tanker, STI Madison, on the 2023 $225.0 Million Revolving Credit Facility; and (ii) the expected net proceeds of $396.9 million related to the sales of STI Osceola, STI Black Hawk, STI Brooklyn, STI Opera, STI Aqua, STI Regina, STI Park, STI Sloane, and STI Madison net of the $10.7 million debt repayment.

Set forth below are the estimated expected future principal repayments on the Company's outstanding indebtedness, which includes principal amounts due under the Company's secured credit facilities, Unsecured Senior Notes Due 2030 and Convertible Notes (which also include actual scheduled payments made from April 1, 2026 through May 1, 2026):

In millions of U.S. dollars Repayments/maturities of unsecured debtVessel financings - scheduled repayments, in addition to maturities in 2029 and thereafterTotal as of March 31, 2026Issuance of Convertible Notes in April 2026Pro Forma, Total including Convertible NotesApril 1, 2026 to May 1, 2026(1) $—$21.3$21.3$—$21.3Remaining Q2 2026(2)  — 10.7 10.7 — 10.7Q3 2026  — — — — —Q4 2026  — — — — —Q1 2027  — — — — —Q2 2027  — — — — —Q3 2027  — — — — —Q4 2027  — — — — —2028  — 357.1 357.1 — 357.12029 and thereafter  200.0 — 200.0 375.0 575.0  $200.0$389.1$589.1$375.0$964.1 (1)  Reflects the prepayment of aggregate debt on STI Aqua, STI Regina and STI Opera, which were contracted to be sold, under the 2023 $225.0 Million Revolving Credit Facility.

(2) Reflects the prepayment of debt on STI Madison, which was contracted to be sold, under the 2023 $225.0 Million Revolving Credit Facility.

Newbuilding Vessels

As of May 1, 2026, the Company had commitments to construct (i) four scrubber-fitted LR2 newbuilding product tankers, two with deliveries expected in the third quarter of 2027, one with delivery expected in third quarter of 2029, and one with delivery expected in the fourth quarter of 2029, (ii) four scrubber-fitted MR newbuilding product tankers with deliveries expected in each of the third and fourth quarters of 2026 and the first and second quarters of 2027, and (iii) two scrubber-fitted newbuilding VLCCs with deliveries expected in the third and fourth quarters of 2028.

As of May 1, 2026, the Company paid $68.3 million in installment payments. The table below summarizes the estimated remaining installment payments for the vessels under construction as of May 1, 2026 (1):

    Number of vessels expected to be deliveredIn millions of U.S. dollars Amount VLCCsLR2sMRsQ2 2026 $12.6 ———Q3 2026  59.2 ——1Q4 2026  59.2 ——12027  212.6 —222028  208.8 2——2029  89.1 —2—  $641.5 244 (1) The installment payments are estimates only and are subject to change as construction progresses.

Drydock and Off-Hire Update

Set forth below is a table summarizing the drydock activity that occurred during the first quarter of 2026 and the estimated expected payments to be made for the Company's drydocks through the end of 2027. This table also includes an estimate of off-hire days for these periods which includes (i) estimated off-hire days for drydocks, and (ii) estimated off-hire time for general repairs.

   Number of vessels for drydock(3) Estimated aggregate drydock costs in millions of USD(1)Estimated aggregate off-hire days (both drydock and general repairs)(2)LR2sMRsHandymaxQ1 2026 - actual$8.139100Q2 2026 - estimated 5.899100Q3 2026 - estimated 10.0159400Q4 2026 - estimated 5.3120200FY 2027 - estimated 20.7511450 (1) These costs include estimated cash payments for drydocks. These amounts may include costs incurred for previous projects for which payments may not be due until subsequent quarters, or payments that are due in advance of the scheduled service and may be scheduled to occur in quarters prior to the actual drydocks. The timing of the payments set forth are estimates only and may vary as the timing of the related drydocks finalize.

(2) Represents the total estimated off-hire days during the period for both drydockings or general repairs, including vessels that commenced work in a previous period. The number of off-hire days set forth in this table are estimates only and actual off-hire days may vary.

(3) Represents the number of vessels scheduled to commence drydock. It does not include vessels that commenced work in prior periods but will be completed in a subsequent period. Additionally, the timing set forth in these tables may vary as drydock times are finalized.

Explanation of Variances on the First Quarter of 2026 Financial Results Compared to the First Quarter of 2025

For the three months ended March 31, 2026, the Company recorded net income of $216.3 million compared to net income of $58.2 million for the three months ended March 31, 2025. The following were the significant changes between the two periods:

TCE revenue, a Non-IFRS measure, is vessel revenues less voyage expenses (including bunkers and port charges). TCE revenue is included herein because it is a standard shipping industry performance measure used primarily to compare period-to-period changes in a shipping company's performance irrespective of changes in the mix of charter types (i.e., spot voyages, time charters, and pool charters), and it provides useful information to investors and management. The following table sets forth TCE revenue for the three months ended March 31, 2026, and 2025:    For the three months ended March 31,In thousands of U.S. dollars  2026   2025  Vessel revenue $312,860  $213,984  Voyage expenses  (9,839)  (9,784) TCE revenue $303,021  $204,200  TCE revenue for the three months ended March 31, 2026 increased by $98.8 million to $303.0 million, from $204.2 million for the three months ended March 31, 2025 despite the average number of vessels decreasing to 91.0 during the three months ended March 31, 2026 from 99.0 during the three months ended March 31, 2025. Overall, the average daily TCE revenue increased to $37,697 per vessel during the three months ended March 31, 2026, from $23,971 per vessel during the three months ended March 31, 2025.TCE revenue for the three months ended March 31, 2026 increased as compared to the same period in the previous year reflecting a significantly stronger product tanker market in the three months ended March 31, 2026 compared to the three months ended March 31, 2025. The strong start to the quarter was driven by robust refined product demand, tightening the supply-demand balance across the fleet. Rates strengthened further as disruptions stemming from the conflict in the Middle East reduced exports, requiring barrels to be sourced from more distant markets. Despite lower volumes, longer voyage distances and resulting fleet dislocation drove a meaningful increase in average daily TCE rates compared to the three months ended March 31, 2025.

Vessel operating costs for the three months ended March 31, 2026 decreased by $1.8 million to $68.8 million, from $70.6 million for the three months ended March 31, 2025 due to a decrease in the average number of vessels, resulting from the sale of five MRs and five LR2s since March 31, 2025. Vessel operating costs increased to $8,355 per vessel per day for the three months ended March 31, 2026 from $7,924 per vessel per day for the three months ended March 31, 2025 primarily due to higher spares and stores expenses on MR vessels which was mainly attributable to timing.Depreciation expense for the three months ended March 31, 2026 decreased by $3.2 million to $41.5 million, from $44.7 million for the three months ended March 31, 2025. This decrease resulted from 18 vessels either being sold or classified as held for sale since March 31, 2025.General and administrative expenses for the three months ended March 31, 2026 increased by $10.6 million to $39.1 million, from $28.5 million for the three months ended March 31, 2025 primarily due to an increase in compensation related costs, as well as audit and legal expenses.Financial expenses for the three months ended March 31, 2026 decreased by $7.4 million to $12.2 million, from $19.6 million for the three months ended March 31, 2025, as a result of the decrease in our average debt from $979.3 million during the three months ended March 31, 2025 to $615.8 million during the three months ended March 31, 2026 as we continued to deleverage and repay debt associated with vessel sales. In addition, $0.7 million of interest was capitalized related to the installments paid on our newbuildings during the three months ended March 31, 2026.During the three months ended March 31, 2026, we recorded $0.5 million of write-offs of deferred financing fees (compared to $0.3 million during the prior year period) resulting primarily from repayment of debt associated with the sale of vessels. Amortization of deferred financing fees was $1.2 million during the three months ended March 31, 2026 and $1.8 million during the three months ended March 31, 2025.

Dividend income and fair value gain (loss) on financial assets measured at fair value through profit or loss, net for the three months ended March 31, 2025 was a gain of $11.4 million, consisting of a fair value gain of $9.5 million and $1.9 million of dividends related to our investment in DHT Holdings Inc., which was sold in the fourth quarter of 2025.  Scorpio Tankers Inc. and Subsidiaries
Condensed Consolidated Statements of Income
(unaudited)  For the three months ended March 31,In thousands of U.S. dollars except per share and share data 2026   2025 Revenue    Vessel revenue$312,860  $213,984      Operating expenses    Vessel operating costs (68,799)  (70,604) Voyage expenses (9,839)  (9,784) Depreciation (41,489)  (44,671) General and administrative expenses (39,148)  (28,512) Gain on sales of vessels 65,930   —  Total operating expenses (93,345)  (153,571)Operating income 219,515   60,413 Other (expenses) and income, net    Financial expenses (12,228)  (19,619) Financial income 8,093   4,523  Share of income from dual fuel tanker joint venture 756   1,051  Dividend income and fair value gain on financial assets measured at fair value through profit or loss, net —   11,353  Other income and (expenses), net 128   492  Total other expense, net (3,251)  (2,200)Net income$216,264  $58,213      Earnings per share         Basic$4.58  $1.26  Diluted$4.32  $1.22  Basic weighted average shares outstanding 47,192,867   46,172,628  Diluted weighted average shares outstanding(1) 50,025,865   47,729,905  (1) The computation of diluted earnings per share for the three months ended March 31, 2026 and 2025, includes the effect of potentially dilutive unvested shares of restricted stock. Given the issuance of the Convertible Notes in April 2026, diluted earnings per share will be calculated under the if-converted method in subsequent quarters.

Scorpio Tankers Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(unaudited) As ofIn thousands of U.S. dollarsMarch 31, 2026 December 31, 2025Assets   Current assets   Cash and cash equivalents$984,321  $751,955 Accounts receivable 225,245   180,801 Prepaid expenses and other current assets 9,188   10,072 Inventories 10,897   11,919 Assets held for sale 215,040   153,622 Total current assets 1,444,691   1,108,369 Non-current assets   Vessels and drydock 2,490,213   2,741,440 Vessels under construction 69,069   — Other assets 63,983   59,834 Goodwill 8,197   8,197 Total non-current assets 2,631,462   2,809,471 Total assets$4,076,153  $3,917,840 Current liabilities   Current portion of long-term debt$21,280  $— Lease liability - sale and leaseback vessels —   19,121 Accounts payable 37,454   34,029 Accrued expenses and other liabilities 44,603   65,609 Total current liabilities 103,337   118,759 Non-current liabilities   Long-term debt 559,943   600,083 Other long-term liabilities 2,736   — Total non-current liabilities 562,679   600,083 Total liabilities 666,016   718,842 Shareholders' equity   Issued, authorized and fully paid-in share capital:   Share capital 778   778 Additional paid-in capital 3,249,354   3,231,184 Treasury shares (1,467,127)  (1,467,127)Retained earnings 1,627,132   1,434,163 Total shareholders' equity 3,410,137   3,198,998 Total liabilities and shareholders' equity$4,076,153  $3,917,840  Scorpio Tankers Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows
(unaudited) For the three months ended March 31,In thousands of U.S. dollars 2026   2025 Operating activities   Net income$216,264  $58,213 Depreciation 41,489   44,671 Equity settled share based compensation expense 18,170   17,075 Amortization of deferred financing fees 1,198   1,763 Non-cash debt extinguishment costs 524   264 Net gain on sales of vessels (65,930)  — Accretion of fair value measurement on debt assumed in business combinations 5   17 Fair value gain on financial assets measured at fair value through profit or loss —   (9,447)Share of income from dual fuel tanker joint venture (756)  (1,051)Dividend from financial assets measured at fair value through profit or loss —   (1,906)  210,964   109,599 Changes in assets and liabilities:   Decrease / (increase) in inventories 1,022   (2,852)Increase in accounts receivable (40,795)  (18,479)Decrease / (increase) in prepaid expenses and other current assets 884   (413)Decrease in other assets 2,550   — Increase in accounts payable and other liabilities 8,250   3,531 Decrease in accrued expenses (19,717)  (27,480)  (47,806)  (45,693)Net cash inflow from operating activities 163,158   63,906 Investing activities   Net proceeds from sales of vessels 218,667   — Acquisition of vessels and payments for vessels under construction (68,735)  — Investment in Ampera Inc. (10,000)  — Distributions from dual fuel tanker joint venture —   1,225 Purchases of financial assets measured at fair value through profit or loss —   (42,402)Proceeds from sale of financial assets measured at fair value through profit or loss —   8,293 Dividend from financial assets measured at fair value through profit or loss —   1,906 Drydock, ballast water treatment system and other vessel related payments (8,128)  (24,663)Net cash inflow from investing activities 131,804   (55,641)Financing activities   Debt repayments (39,301)  (89,057)Issuance of debt —   200,000 Debt issuance costs —   (11,581)Dividends paid (23,295)  (19,967)Repurchase of common stock —   (309)Net cash outflow from financing activities (62,596)  79,086 Increase in cash and cash equivalents 232,366   87,351 Cash and cash equivalents at January 1, 751,955   332,580 Cash and cash equivalents at March 31,$984,321  $419,931  Scorpio Tankers Inc. and Subsidiaries
Other financial and operating data for the three months ended March 31, 2026 and 2025
(unaudited)  For the three months ended March 31,   2026  2025Adjusted EBITDA(1)(in thousands of U.S. dollars except Fleet Data) $214,128 $123,702     Average Daily Results    Fleet    TCE per revenue day(2) $37,697 $23,971Bareboat charter hire rate per revenue day(2) $12,986 N/AVessel operating costs per day(3) $8,355 $7,924Average number of vessels  91.0  99.0     LR2    TCE per revenue day(2) $44,551 $30,392Vessel operating costs per day(3) $8,832 $8,805Average number of vessels  35.0  38.0     MR    TCE per revenue day(2) $32,958 $20,847Bareboat charter hire rate per revenue day(2) $12,986 N/AVessel operating costs per day(3) $8,190 $7,383Average number of vessels  42.0  47.0     Handymax    TCE per revenue day(2) $34,822 $18,240Vessel operating costs per day(3) $7,657 $7,346Average number of vessels  14.0  14.0     Capital Expenditures    Drydock, scrubber, ballast water treatment system and other vessel related payments (in thousands of U.S. dollars) $8,128 $24,663 (1)  See Non-IFRS Measures section below.

(2)  Freight rates are commonly measured in the shipping industry in terms of time charter equivalent per day (or TCE per day), which is calculated by subtracting voyage expenses, including bunkers and port charges, from vessel revenue and dividing the net amount (time charter equivalent revenues) by the number of revenue days in the period. Revenue days are the number of days vessels are part of the fleet less the number of days vessels are off-hire for drydock and repairs.

For bareboat chartered-out vessels, the charterers are responsible for the vessel operating costs. 

(3)  Vessel operating costs per day represent vessel operating costs divided by the number of operating days during the period. Operating days are the total number of available days in a period with respect to vessels that are owned, operating under a lease financing arrangement, or bareboat chartered-in, before deducting available days due to off-hire days and days in drydock. Operating days is a measurement that is only applicable to vessels that are owned, operating under a lease financing arrangement, or bareboat chartered-in, not time chartered-in vessels.

Fleet list as of May 1, 2026

 Vessel Name Year Built DWT Ice class Employment Vessel type Scrubber Owned        1STI Brixton 2014 38,734 1A SHTP (1) Handymax N/A2STI Comandante 2014 38,734 1A SHTP (1) Handymax N/A3STI Pimlico 2014 38,734 1A SHTP (1) Handymax N/A4STI Hackney 2014 38,734 1A SHTP (1) Handymax N/A5STI Acton 2014 38,734 1A SHTP (1) Handymax N/A6STI Fulham 2014 38,734 1A SHTP (1) Handymax N/A7STI Camden 2014 38,734 1A SHTP (1) Handymax N/A8STI Battersea 2014 38,734 1A Time Charter (4) Handymax N/A9STI Wembley 2014 38,734 1A SHTP (1) Handymax N/A10STI Finchley 2014 38,734 1A SHTP (1) Handymax N/A11STI Clapham 2014 38,734 1A SHTP (1) Handymax N/A12STI Poplar 2014 38,734 1A SHTP (1) Handymax N/A13STI Hammersmith 2015 38,734 1A SHTP (1) Handymax N/A14STI Rotherhithe 2015 38,734 1A SHTP (1) Handymax N/A15STI Duchessa 2014 49,990 — SMRP (2) MR No16STI Opera 2014 49,990 — SMRP (2) (22) MR No17STI Meraux 2014 49,990 — SMRP (2) MR Yes18STI Virtus 2014 49,990 — SMRP (2) MR Yes19STI Aqua 2014 49,990 — SMRP (2) (22) MR Yes20STI Dama 2014 49,990 — SMRP (2) MR Yes21STI Regina 2014 49,990 — SMRP (2) (22) MR Yes22STI St. Charles 2014 49,990 — SMRP (2) MR Yes23STI Mayfair 2014 49,990 — SMRP (2) MR Yes24STI Soho 2014 49,990 — SMRP (2) MR Yes25STI Memphis 2014 49,990 — Time Charter (5) MR Yes26STI Gramercy 2015 49,990 — SMRP (2) MR Yes27STI Bronx 2015 49,990 — SMRP (2) MR Yes28STI Pontiac 2015 49,990 — SMRP (2) MR Yes29STI Queens 2015 49,990 — SMRP (2) MR Yes30STI Osceola 2015 49,990 — SMRP (2) (22) MR Yes31STI Notting Hill 2015 49,687 1B SMRP (2) MR Yes32STI Westminster 2015 49,687 1B SMRP (2) MR Yes33STI Brooklyn 2015 49,990 — SMRP (2) (22) MR Yes34STI Black Hawk 2015 49,990 — SMRP (2) (22) MR Yes35STI Galata 2017 49,990 — SMRP (2) MR Yes36STI Bosphorus 2017 49,990 — Bareboat Charter (6) MR No37STI Leblon 2017 49,990 — SMRP (2) MR Yes38STI La Boca 2017 49,990 — SMRP (2) MR Yes39STI San Telmo 2017 49,990 1B SMRP (2) MR No40STI Donald C Trauscht 2017 49,990 1B SMRP (2) MR No41STI Esles II 2018 49,990 1B SMRP (2) MR No42STI Jardins 2018 49,990 1B Time Charter (7) MR No43STI Magic 2019 50,000 — SMRP (2) MR Yes44STI Mystery 2019 50,000 — SMRP (2) MR Yes45STI Marvel 2019 50,000 — SMRP (2) MR Yes46STI Magnetic 2019 50,000 — Time Charter (8) MR Yes47STI Millennia 2019 50,000 — SMRP (2) MR Yes48STI Magister 2019 50,000 — SMRP (2) MR Yes49STI Mythic 2019 50,000 — SMRP (2) MR Yes50STI Marshall 2019 50,000 — SMRP (2) MR Yes51STI Modest 2019 50,000 — SMRP (2) MR Yes52STI Maverick 2019 50,000 — SMRP (2) MR Yes53STI Miracle 2020 50,000 — Time Charter (9) MR Yes54STI Mighty 2020 50,000 — SMRP (2) MR Yes55STI Maximus 2020 50,000 — SMRP (2) MR Yes56STI Elysees 2014 109,999 — SLR2P (3) LR2 Yes57STI Madison 2014 109,999 — SLR2P (3) (22) LR2 Yes58STI Park 2014 109,999 — SLR2P (3) (22) LR2 Yes59STI Orchard 2014 109,999 — Time Charter (10) LR2 Yes60STI Sloane 2014 109,999 — SLR2P (3) (22) LR2 Yes61STI Broadway 2014 109,999 — SLR2P (3) LR2 Yes62STI Condotti 2014 109,999 — SLR2P (3) LR2 Yes63STI Rose 2015 109,999 — Time Charter (11) LR2 Yes64STI Veneto 2015 109,999 — SLR2P (3) LR2 Yes65STI Alexis 2015 109,999 — Time Charter (12) LR2 Yes66STI Winnie 2015 109,999 — SLR2P (3) LR2 Yes67STI Oxford 2015 109,999 — SLR2P (3) LR2 Yes68STI Lauren 2015 109,999 — SLR2P (3) LR2 Yes69STI Connaught 2015 109,999 — SLR2P (3) LR2 Yes70STI Spiga 2015 109,999 — Time Charter (13) LR2 Yes71STI Lombard 2015 109,999 — Time Charter (14) LR2 Yes72STI Grace 2016 109,999 — Time Charter (15) LR2 Yes73STI Jermyn 2016 109,999 — Time Charter (16) LR2 Yes74STI Sanctity 2016 109,999 — SLR2P (3) LR2 Yes75STI Solace 2016 109,999 — SLR2P (3) LR2 Yes76STI Stability 2016 109,999 — SLR2P (3) LR2 Yes77STI Steadfast 2016 109,999 — SLR2P (3) LR2 Yes78STI Supreme 2016 109,999 — SLR2P (3) LR2 Yes79STI Symphony 2016 109,999 — SLR2P (3) LR2 Yes80STI Guard 2016 113,000 — Time Charter (17) LR2 Yes81STI Guide 2016 113,000 — Time Charter (18) LR2 Yes82STI Selatar 2017 109,999 — SLR2P (3) LR2 Yes83STI Rambla 2017 109,999 — Time Charter (19) LR2 Yes84STI Gauntlet 2017 113,000 — Time Charter (20) LR2 Yes85STI Gladiator 2017 113,000 — Time Charter (18) LR2 Yes86STI Gratitude 2017 113,000 — Time Charter (21) LR2 Yes87STI Lotus 2019 110,000 — SLR2P (3) LR2 Yes               Total owned DWT 6,126,364                       Newbuildings currently under construction         Vessel Name Yard DWT   Vessel type    88Hull YZJF2024-001 JNS 49,800   MR (23)  89Hull YZJF2024-002 JNS 49,800   MR (23)  90Hull YZJF2024-003 JNS 49,800   MR (23)  91Hull YZJF2024-004 JNS 49,800   MR (23)  92Hull P110K-102 DS 115,000   LR2 (24)  93Hull P110K-103 DS 115,000   LR2 (24)  94Hull P110K-104 DS 115,000   LR2 (24)  95Hull P110K-105 DS 115,000   LR2 (24)  96Hull 5540 HO 300,000   VLCC (25)  97Hull 5541 HO 300,000   VLCC (25)                 Total newbuilding product tankers DWT1,259,200                       Total Fleet DWT   7,385,564         (1)This vessel operates in the Scorpio Handymax Tanker Pool, or SHTP. SHTP is operated by Scorpio Commercial Management S.A.M. (SCM). SHTP and SCM are related parties to the Company.(2)This vessel operates in the Scorpio MR Pool, or SMRP. SMRP is operated by SCM. SMRP and SCM are related parties to the Company.(3)This vessel operates in the Scorpio LR2 Pool, or SLR2P. SLR2P is operated by SCM. SLR2P and SCM are related parties to the Company.(4)This vessel commenced a time charter in April 2025 for two years at a rate of $24,000 per day.(5)This vessel commenced a time charter in June 2022 for three years at an average rate of $21,000 per day. The daily rate is the average rate over the three-year period, which is payable during the first six months at $30,000 per day, the next six months are payable at $20,000 per day, and years two and three are payable at $19,000 per day. In July 2025, this time charter was extended for a period of 75 to 120 days at a rate of $21,500 per day commencing in August 2025. In November 2025, this time charter was extended for a period of six months at a rate of $27,500 per day.(6)This vessel commenced a bareboat charter-out arrangement in August 2025 at a bareboat rate of $13,150 per day. The vessel is chartered to a third-party joint venture which re-flagged the vessel to the United States in order for it to participate in the U.S. Government’s Tanker Security Program (TSP). The contract will remain in effect until the vessel reaches 20 years of age, which will occur in 2037, subject to annual renewal within the National Defense Authorization Act (“NDAA”).(7)This vessel commenced a time charter in October 2024 for three years at a rate of $29,550 per day.(8)This vessel commenced a time charter in July 2022 for three years at an average rate of $23,000 per day. The daily rate is the average rate over the three-year period, which is payable in years one, two, and three at $30,000 per day, $20,000 per day, and $19,000 per day, respectively. In July 2025, this time charter was extended for a period of 75 to 120 days at a rate of $21,500 per day commencing in August 2025. In November 2025, this time charter was extended for a period of six months at a rate of $27,500 per day.(9)This vessel commenced a time charter in August 2022 for three years at an average rate of $21,000 per day. The daily rate is the average rate over the three-year period, which is payable during the first six months at $30,000 per day, the next six months are payable at $20,000 per day, and years two and three are payable at $19,000 per day. In July 2025, this time charter was extended for a period of 75 to 120 days at a rate of $21,500 per day commencing in August 2025. In November 2025, this time charter was extended for a period of six months at a rate of $27,500 per day.(10)This vessel commenced a time charter in August 2025 for five years at a rate of $28,350 per day.(11)This vessel commenced a time charter in February 2026 for five years at a rate of $29,000 per day.(12)This vessel commenced a time charter in January 2026 for five years at a rate of $29,000 per day.(13)This vessel commenced a time charter with a related party in November 2025 for one year at a rate of $35,000 per day.(14)This vessel commenced a time charter in March 2026 for five years at a rate of $33,000 per day.(15)This vessel commenced a time charter in December 2022 for three years at an average rate of $37,500 per day. The daily rate is the average rate over the three-year period, which is payable during the first six months at $47,000 per day, the next 6 months are payable at $28,000 per day, and years two and three are payable at $37,500 per day. In November 2025, this time charter was extended for a period of one year at a rate of $36,000 per day commencing in December 2025.(16)This vessel commenced a time charter in April 2023 for three years at a rate of $40,000 per day. This vessel is expected to be redelivered in May 2026.(17)This vessel commenced a time charter in July 2022 for five years at a rate of $28,000 per day.(18)This vessel commenced a time charter in July 2022 for three years at an average rate of $28,000 per day. In April 2025, the charterers exercised their option to extend the term of this agreement for an additional year at $31,000 per day commencing in July 2025. The charterers have the option to further extend the term of this agreement for an additional year at $33,000 per day.(19)This vessel commenced a time charter in March 2026 for eight years at a rate of $30,500 per day.(20)This vessel commenced a time charter in November 2022 for three years at an average rate of $32,750 per day. In November 2025, this time charter was extended for a period of one year at a rate of $36,000 per day.(21)This vessel commenced a time charter in May 2022 for three years at an average rate of $28,000 per day. In February 2025, the charterers exercised their option to extend the term of this agreement for an additional year at $31,000 per day commencing in May 2025. The charterers have an additional option to further extend the term of this agreement for an additional year at $33,000 per day.(22)The Company has entered into an agreement to sell this vessel which is expected to close in the second quarter of 2026.(23)These newbuilding vessels are being constructed at JNS (Jingjiang Nanyang Shipbuilding Co. Ltd.). Two vessels are expected to be delivered in the third and fourth quarters of 2026 and two vessels are expected to be delivered in the first and second quarters of 2027.(24)These newbuilding vessels are being constructed at DS (Dalian Shipbuilding Industry Co. Ltd.). Two of the vessels are expected to be delivered in the third quarter of 2027, one is expected to be delivered in the third quarter of 2029 and one is expected to be delivered in the fourth quarter of 2029.(25)These newbuilding vessels are being constructed at HO (Hanwha Ocean Co. Ltd.). The vessels are expected to be delivered in the third and fourth quarters of 2028.
Dividend Policy

The declaration and payment of dividends is subject at all times to the discretion of the Company's Board of Directors. The timing and the amount of dividends, if any, depends on the Company's earnings, financial condition, cash requirements and availability, fleet renewal and expansion, restrictions in loan agreements, the provisions of Marshall Islands law affecting the payment of dividends and other factors.

The Company's dividends paid during 2025 and 2026 were as follows:

Date paidDividend per common
shareMarch 2025$0.40June 2025$0.40August 2025$0.40December 2025$0.42March 2026$0.45
On May 4, 2026, the Board of Directors declared a quarterly cash dividend of $0.45 per common share, with a payment date of June 15, 2026 to all shareholders of record as of May 29, 2026 (the record date). As of May 4, 2026, there were 50,417,981 common shares of the Company issued and outstanding.

About Scorpio Tankers Inc.

Scorpio Tankers Inc. is a provider of marine transportation of petroleum products worldwide. Scorpio Tankers Inc. currently owns 87 product tankers (32 LR2 tankers, 41 MR tankers and 14 Handymax tankers) with an average age of 10.2 years. The Company has reached agreements to sell six MR product tankers and three LR2 product tankers, which are expected to close in the second quarter of 2026. The Company has also reached agreements for four MR newbuildings that are currently under construction with deliveries expected in 2026 and 2027, four LR2 newbuildings with deliveries expected in 2027 and 2029 and two VLCC newbuildings with deliveries expected in the second half of 2028. Additional information about the Company is available at the Company's website www.scorpiotankers.com. Information on the Company’s website does not constitute a part of and is not incorporated by reference into this press release.

Non-IFRS Measures

Reconciliation of IFRS Financial Information to Non-IFRS Financial Information

This press release describes time charter equivalent revenue, or TCE revenue, adjusted net income or loss, and adjusted EBITDA, which are not measures prepared in accordance with IFRS ("Non-IFRS" measures). The Non-IFRS measures are presented in this press release as we believe that they provide investors and other users of our financial statements, such as our lenders, with a means of evaluating and understanding how the Company's management evaluates the Company's operating performance. These Non-IFRS measures should not be considered in isolation from, as substitutes for, or superior to financial measures prepared in accordance with IFRS.

The Company believes that the presentation of TCE revenue, adjusted net income or loss with adjusted earnings or loss per share, basic and diluted, and adjusted EBITDA are useful to investors or other users of our financial statements, such as our lenders, because they facilitate the comparability and the evaluation of companies in the Company’s industry. In addition, the Company believes that TCE revenue, adjusted net income or loss with adjusted earnings or loss per share, basic and diluted, and adjusted EBITDA are useful in evaluating its operating performance compared to that of other companies in the Company’s industry. The Company’s definitions of TCE revenue, adjusted net income or loss with adjusted earnings or loss per share, basic and diluted, and adjusted EBITDA may not be the same as reported by other companies in the shipping industry or other industries.

TCE revenue, on a historical basis, is reconciled above in the section entitled "Explanation of Variances on the First Quarter of 2026 Financial Results Compared to the First Quarter of 2025". The Company has not provided a reconciliation of forward-looking TCE revenue because the most directly comparable IFRS measure on a forward-looking basis is not available to the Company without unreasonable effort.

Reconciliation of Net Income to Adjusted Net Income

   For the three months ended March 31, 2026      Per share Per share In thousands of U.S. dollars except per share data Amount basic diluted  Net income $216,264  $4.58  $4.32   Adjustments:        Loss on extinguishment of debt and write-off of deferred financing fees  524   0.01   0.01   Gain on sales of vessels  (65,930)  (1.40)  (1.32)  Adjusted net income $150,858  $3.20 (1)$3.02 (1) (1) Summation difference due to rounding

   For the three months ended March 31, 2025      Per share Per share In thousands of U.S. dollars except per share data Amount basic diluted  Net income $58,213  $1.26  $1.22   Adjustments:        Loss on extinguishment of debt and write-off of deferred financing fees  264  $0.01  $0.01   Fair value gain on financial assets measured at fair value through profit or loss  (9,447)  (0.20)  (0.20)  Adjusted net income $49,030  $1.06 (1)$1.03   (1) Summation difference due to rounding

Reconciliation of Net Income to Adjusted EBITDA(1)

   For the three months ended March 31,In thousands of U.S. dollars  2026   2025  Net Income $216,264  $58,213  Financial expenses  12,228   19,619  Financial income  (8,093)  (4,523) Depreciation  41,489   44,671  Equity settled share based compensation expense  18,170   17,075  Gain on sales of vessels  (65,930)  —  Dividend income and fair value gain on financial assets measured at fair value through profit or loss, net  —   (11,353) Adjusted EBITDA $214,128  $123,702  (1) Adjusted EBITDA is calculated by taking Net Income and adding back Financial Expenses (which include interest expense and amortization and write offs of deferred financing fees), Financial Income (which includes interest income), Depreciation, Equity settled share based compensation (which represents the amortization of restricted stock awards), dividends, gains and losses on asset sales, and fair value adjustments on investments measured at fair value.

Forward-Looking Statements

Matters discussed in this press release may constitute forward‐looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward‐looking statements in order to encourage companies to provide prospective information about their business. Forward‐looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts. The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words "believe," "expect," "anticipate," "estimate," "intend," "plan," "target," "project," "likely," "may," "will," "would," "could" and similar expressions identify forward‐looking statements.

The forward‐looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management’s examination of historical operating trends, data contained in the Company’s records and other data available from third parties. Although management believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond the Company’s control, there can be no assurance that the Company will achieve or accomplish these expectations, beliefs or projections. The Company undertakes no obligation, and specifically declines any obligation, except as required by law, to publicly update or revise any forward‐looking statements, whether as a result of new information, future events or otherwise.

In addition to these important factors, other important factors that, in the Company’s view, could cause actual results to differ materially from those discussed in the forward‐looking statements include unforeseen liabilities, future capital expenditures, revenues, expenses, earnings, synergies, economic performance, indebtedness, financial condition, losses, future prospects, expansion and growth of the Company’s operations, risks relating to the integration of assets or operations of entities that it has or may in the future acquire and the possibility that the anticipated synergies and other benefits of such acquisitions may not be realized within expected timeframes or at all, the failure of counterparties to fully perform their contracts with the Company, the strength of world economies and currencies, general market conditions, including fluctuations in charter rates and vessel values, changes in demand for tanker vessel capacity, changes in the Company’s operating expenses, including bunker prices, drydocking and insurance costs, the market for the Company’s vessels, availability of financing and refinancing, charter counterparty performance, ability to obtain financing and comply with covenants in such financing arrangements, changes in governmental rules and regulations or actions taken by regulatory authorities, the impact of the current and future sanctions that may impact the transportation of petroleum products, the recent military conflict in Iran which has had a significant direct and indirect impact on the trade of crude oil and refined petroleum products, potential disruption of shipping routes due to accidents or political events, potential liability from pending or future litigation, general domestic and international political conditions, which have and may continue to disrupt certain global shipping routes, vessel breakdowns and instances of off‐hires, and other factors. Please see the Company's filings with the SEC for a more complete discussion of certain of these and other risks and uncertainties.

Contact Information

Scorpio Tankers Inc.
James Doyle - Head of Corporate Development & Investor Relations
Tel: +1 203-900-0559
Email: [email protected]

Scorpio Tankers Inc. (STNG) Q1 2026 Earnings Call Transcript

MONACO, May 07, 2026 (GLOBE NEWSWIRE) -- Scorpio Tankers Inc. (NYSE: STNG) (the “Company”) announced today that it priced a private offering (the “Offering”) of $200.0 million aggregate principal amount of additional 1.75% convertible senior notes due 2031 (the “New Notes”). The offering size was increased from the announced offering size of $150.0 million aggregate principal amount of New Notes. The New Notes priced at 110.25% of par, plus accrued interest in the amount of approximately $1.56 per $1,000 principal amount of New Notes from, and including, April 10, 2026, to, but excluding May 12, 2026, and any additional accrued interest from May 12, 2026 if the settlement of the New Notes occurs after that date. The offering of New Notes resulted in gross proceeds of $220.5 million (before any exercise of the initial purchaser’s option to purchase additional New Notes), and a combined yield to maturity of approximately 1.0% for the aggregate series of New Notes and Initial Notes (as defined below). The New Notes will be sold only to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”). The New Notes will be issued pursuant to the same indenture as the Company’s $375.0 million aggregate principal amount of 1.75 % convertible senior notes due 2031 (the “Initial Notes” and, together with the New Notes, the “Notes”) issued on April 10, 2026 and will form a part of the same series of Notes as the Initial Notes. Although the New Notes will initially trade under a different Rule 144A CUSIP number than the Initial Notes, the Company expects that once de-legended, the New Notes will trade with the same CUSIP number as the Initial Notes. The Company also granted to the initial purchaser of the New Notes an option to purchase, during a 13-day period beginning on, and including, the first date on which the New Notes are issued, up to an additional $30.0 million aggregate principal amount of New Notes.

The Company has agreed to repurchase, concurrently with the closing of the Offering, 649,427 shares of the Company’s common stock (the “Common Stock”) from purchasers of the New Notes in privately negotiated transactions effected with or through the initial purchaser or an affiliate, at a purchase price per share equal to the last reported sale price of $84.69 per share of the Common Stock on the New York Stock Exchange on May 7, 2026.

The Offering is expected to close on May 12, 2026, subject to the satisfaction of certain customary closing conditions. The Notes are senior, unsecured obligations of the Company. The Notes will mature on April 15, 2031, unless earlier converted or repurchased or redeemed by the Company. The Notes bear interest at a rate of 1.75% per annum, payable semi-annually in arrears on April 15 and October 15 of each year, beginning on October 15, 2026. The interest payment to be made with respect to the New Notes on October 15, 2026, will include interest deemed to have accrued from, and including, April 10, 2026, and the offering price of the New Notes includes such accrued interest.

Prior to January 15, 2031, the Notes will be convertible at the option of the holders only under certain circumstances and during certain periods. On or after January 15, 2031, holders may convert their Notes at any time at their election until the close of business on the second scheduled trading day immediately preceding the maturity date. Upon conversion, the Notes may be settled at the Company’s election, in cash, shares of the Company’s Common Stock, or a combination of cash and shares of Common Stock. The initial conversion rate for each $1,000 principal amount of Notes is 9.9615 shares of Common Stock, equivalent to a conversion price of approximately $100.39 per share. The conversion rate and conversion price will be subject to adjustment upon the occurrence of certain events.

The Notes will be redeemable, in whole or in part (subject to certain limitations), for cash at the Company’s option at any time, and from time to time, on or after April 20, 2029 and on or before the 41st scheduled trading day immediately before the maturity date, if the last reported sale price per share of the Company’s Common Stock exceeds 130% of the conversion price for a specified period of time and certain other conditions are satisfied. In addition, the Company will have the right to redeem all, but not less than all, of the Notes if certain changes in tax law occur and certain other conditions are satisfied. Except as described in the two immediately preceding sentences, the Notes will not be redeemable at the Company’s option prior to the maturity date. The redemption price will be equal to the principal amount of the Notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date.

If certain corporate events that constitute a “fundamental change” occur, then, subject to limited exceptions, noteholders may require the Company to repurchase their Notes for cash at a price equal to the principal amount of the Notes to be repurchased, plus accrued and unpaid interest, if any, to, but excluding, the applicable repurchase date.

The Company estimates that the net proceeds from the Offering will be approximately $216.3 million (excluding accrued interest) (or approximately $248.8 million (excluding accrued interest) if the initial purchaser exercises its option to purchase additional Notes in full), after deducting the initial purchaser’s discounts and commissions and the Company’s estimated Offering expenses. The Company intends to use (i) approximately $55.0 million of the net proceeds from the Offering to repurchase 649,427 shares of Common Stock as described above and (ii) the remainder of the net proceeds for general corporate purposes. The Company’s share repurchases could have increased, or prevented a decrease in, the market price of the Common Stock or the Notes.

The New Notes were only offered to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act. The New Notes and any shares of the Common Stock issuable upon conversion of the New Notes, have not been, and will not be, registered under the Securities Act or the securities laws of any other jurisdiction, and unless so registered, may not be offered or sold in the United States except pursuant to an applicable exemption from such registration requirements. This announcement is neither an offer to sell nor a solicitation of an offer to buy securities, nor will there be any offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale is unlawful.

About Scorpio Tankers Inc.

Scorpio Tankers Inc. is a provider of marine transportation of petroleum products worldwide. Scorpio Tankers Inc. currently owns 87 product tankers (32 LR2 tankers, 41 MR tankers and 14 Handymax tankers) with an average age of 10.2 years. The Company has reached agreements to sell six MR product tankers and three LR2 product tankers, which are expected to close in the second quarter of 2026. The Company has also reached agreements for four MR new buildings that are currently under construction with deliveries expected in 2026 and 2027, four LR2 new buildings with deliveries expected in 2027 and 2029 and two VLCC new buildings with deliveries expected in the second half of 2028. Additional information about the Company is available at the Company’s website www.scorpiotankers.com, which is not a part of this press release.

Forward-Looking Statements

Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts. The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words “believe,” “expect,” “anticipate,” “estimate,” “intend,” “plan,” “target,” “project,” “likely,” “may,” “will,” “would,” “could” and similar expressions identify forward-looking statements.

The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management’s examination of historical operating trends, data contained in the Company’s records and other data available from third parties. Although management believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond the Company’s control, there can be no assurance that the Company will achieve or accomplish these expectations, beliefs or projections. The Company undertakes no obligation, and specifically declines any obligation, except as required by law, to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

In addition to these important factors, other important factors that, in the Company’s view, could cause actual results to differ materially from those discussed in the forward-looking statements include unforeseen liabilities, future capital expenditures, revenues, expenses, earnings, synergies, economic performance, indebtedness, financial condition, losses, future prospects, expansion and growth of the Company’s operations, risks relating to the integration of assets or operations of entities that it has or may in the future acquire and the possibility that the anticipated synergies and other benefits of such acquisitions may not be realized within expected timeframes or at all, the failure of counterparties to fully perform their contracts with the Company, the strength of world economies and currencies, general market conditions, including fluctuations in charter rates and vessel values, changes in demand for tanker vessel capacity, changes in the Company’s operating expenses, including bunker prices, drydocking and insurance costs, the market for the Company’s vessels, availability of financing and refinancing, charter counterparty performance, ability to obtain financing and comply with covenants in such financing arrangements, changes in governmental rules and regulations or actions taken by regulatory authorities, the impact of the current and future sanctions that may impact the transportation of petroleum products, the recent military conflict in Iran which has had a significant direct and indirect impact on the trade of crude oil and refined petroleum products, potential disruption of shipping routes due to accidents or political events, potential liability from pending or future litigation, general domestic and international political conditions, which have and may continue to disrupt certain global shipping routes, vessel breakdowns and instances of off-hires, and other factors. Please see the Company’s filings with the SEC for a more complete discussion of certain of these and other risks and uncertainties.

Contact Information
Scorpio Tankers Inc.
James Doyle - Head of Corporate Development & Investor Relations Tel: +1 203-900-0559
Email: [email protected]

Momentum investing is all about the idea of following a stock's recent trend, which can be in either direction. In the "long context," investors will essentially be "buying high, but hoping to sell even higher." And for investors following this methodology, taking advantage of trends in a stock's price is key; once a stock establishes a course, it is more than likely to continue moving in that direction. The goal is that once a stock heads down a fixed path, it will lead to timely and profitable trades.

While many investors like to look for momentum in stocks, this can be very tough to define. There is a lot of debate surrounding which metrics are the best to focus on and which are poor quality indicators of future performance. The Zacks Momentum Style Score, part of the Zacks Style Scores, helps address this issue for us.

Below, we take a look at Scorpio Tankers (STNG - Free Report) , a company that currently holds a Momentum Style Score of B. We also talk about price change and earnings estimate revisions, two of the main aspects of the Momentum Style Score.

It's also important to note that Style Scores work as a complement to the Zacks Rank, our stock rating system that has an impressive track record of outperformance. Scorpio Tankers currently has a Zacks Rank of #1 (Strong Buy). Our research shows that stocks rated Zacks Rank #1 (Strong Buy) and #2 (Buy) and Style Scores of "A or B" outperform the market over the following one-month period.

You can see the current list of Zacks #1 Rank Stocks here >>>

Set to Beat the Market? In order to see if STNG is a promising momentum pick, let's examine some Momentum Style elements to see if this shipping company holds up.

A good momentum benchmark for a stock is to look at its short-term price activity, as this can reflect both current interest and if buyers or sellers currently have the upper hand. It's also helpful to compare a security to its industry; this can show investors the best companies in a particular area.

For STNG, shares are up 5.9% over the past week while the Zacks Transportation - Shipping industry is up 4.22% over the same time period. Shares are looking quite well from a longer time frame too, as the monthly price change of 11.42% compares favorably with the industry's 8.45% performance as well.

Considering longer term price metrics, like performance over the last three months or year, can be advantageous as well. Shares of Scorpio Tankers have increased 24.97% over the past quarter, and have gained 108.19% in the last year. On the other hand, the S&P 500 has only moved 6.19% and 31.79%, respectively.

Investors should also take note of STNG's average 20-day trading volume. Volume is a useful item in many ways, and the 20-day average establishes a good price-to-volume baseline; a rising stock with above average volume is generally a bullish sign, whereas a declining stock on above average volume is typically bearish. Right now STNG is averaging 1,062,037 shares for the last 20 days..

Earnings OutlookThe Zacks Momentum Style Score also takes into account trends in estimate revisions, in addition to price changes. Please note that estimate revision trends remain at the core of Zacks Rank as well. A nice path here can help show promise, and we have recently been seeing that with STNG.

Over the past two months, 3 earnings estimates moved higher compared to none lower for the full year. These revisions helped boost STNG's consensus estimate, increasing from $4.64 to $11.44 in the past 60 days. Looking at the next fiscal year, 3 estimates have moved upwards while there have been no downward revisions in the same time period.

Bottom LineTaking into account all of these elements, it should come as no surprise that STNG is a #1 (Strong Buy) stock with a Momentum Score of B. If you've been searching for a fresh pick that's set to rise in the near-term, make sure to keep Scorpio Tankers on your short list.

The Zacks Transportation - Shipping industry is benefiting from strategic diversification initiatives and an increasing shift toward digitalization aimed at improving operational efficiency. The industry is also witnessing positive momentum from a stronger focus on environmental compliance and the growing adoption of alternative fuels.

Despite elevated fuel costs driven by ongoing tensions in the Middle East and broader macroeconomic challenges, industry participants such as International Seaways (INSW - Free Report) , Scorpio Tankers (STNG - Free Report) , and Seanergy Maritime Holdings (SHIP - Free Report) remain well-positioned to benefit from ongoing business streamlining and efficiency-enhancement efforts.

Industry Overview The companies belonging to the Zacks Transportation - Shipping industry, which is cyclical in nature, offer liquefied natural gas and crude oil marine transportation services under long-term, fixed-rate contracts with energy and utility bigwigs. Most participants focus on the seaborne transportation of crude oil and other oil products globally. The industry also includes players that own, operate and manage liquefied natural gas carriers. Some participants are owners and operators of containerships for charter. The change in the e-commerce landscape due to the coronavirus impact implies that shippers are relying more on third-party logistics providers. The well-being of the industry participants is directly proportional to the health of the economy. The resumption of economic activities after coming to a standstill during COVID-19 bodes well for the industry.

4 Shipping Industry Trends in Focus Digitalization and AI Adoption Driving Transformation: Digitalization and the adoption of artificial intelligence are positively reshaping the global shipping industry by improving efficiency, transparency and decision-making throughout the supply chain. Advanced analytics and machine learning technologies enable more accurate demand forecasting, optimized routing and better fuel consumption management, resulting in lower operational costs and reduced emissions.

At the same time, real-time tracking systems and IoT-enabled sensors enhance cargo visibility, reduce delays and strengthen risk management by identifying potential disruptions at an early stage. Automation across ports and vessels is streamlining loading, unloading and documentation procedures, which helps accelerate turnaround times while minimizing human error. In addition, AI-powered predictive maintenance allows shipping companies to prevent equipment failures, extend asset life, and maintain safer and more reliable operations.

Stronger Emphasis on Green Transition Supporting Growth: The growing focus on the green transition is generating substantial long-term advantages for the shipping industry by encouraging technological innovation, improving operational efficiency and strengthening market competitiveness. The increasing use of alternative fuels such as LNG, methanol, ammonia and biofuels is helping reduce emissions while enabling compliance with stricter environmental regulations and carbon pricing frameworks.

At the same time, advancements in vessel design, high-performance coatings and modern propulsion systems are contributing to lower operating costs. The adoption of sustainable practices is also improving access to green financing opportunities and attracting customers looking for low-carbon logistics solutions. Furthermore, enhanced collaboration among shipbuilders, ports and technology providers is supporting the development of critical infrastructure, increasing industry resilience and preparing the sector for future regulatory and market developments.

Emphasis on Shareholder Returns: Dividend-paying stocks are known for providing steady income and typically experience less volatility than non-dividend payers. As a result, they are often viewed as dependable vehicles for long-term wealth creation, with dividends helping to offset the effects of economic turbulence — conditions that remain prevalent today. Among shipping stocks, Seanergy Maritime, earlier this year, announced a 53.8% increase in its quarterly dividend to 20 cents per share.

Macroeconomic Turmoil Is Worrisome: Global macroeconomic weakness and volatile supply-chain dynamics are persistent concerns. Tariff troubles, especially between the United States and China, remain an overhang on global supply chains. High inflation and elevated fuel costs due to the unrest in the Middle East represent grave concerns for industry players.

Zacks Industry Rank Indicates Upbeat Prospects The Zacks Transportation - Shipping industry lies within the broader Zacks  Transportation sector. The industry currently carries a Zacks Industry Rank #46, which places it in the top 19% of 245 Zacks industries.

The group’s Zacks Industry Rank, basically the average of the Zacks Rank of all the member stocks, indicates bright near-term prospects. 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.

Looking at the aggregate earnings estimate revisions, it appears that analysts are optimistic about this group’s earnings growth. As a matter of fact, the industry’s earnings estimate for 2026 has gone up 57% since March 2026.

Before we present a few stocks that you may want to add to your portfolio, let’s look at the industry’s recent stock-market performance and its valuation picture.

Industry Outperforms the Sector and the S&P 500 The Zacks Transportation - Shipping industry has surpassed the Zacks S&P 500 composite index as well as the broader sector over the past year.

Over this period, the industry has surged in excess of 66% compared with the S&P 500 Index’s northward movement of 30.8%. The broader sector has moved 17.1% north in the same timeframe.

One-Year Price Performance

Industry's Current Valuation Based on the forward 12-month price-to-earnings (P/E- F12M), a commonly used multiple for valuing shipping stocks, the industry is currently trading at 12.11X, compared with the S&P 500’s 22.16X. It is also below the sector’s P/E (F12) reading of 15.17X.

Over the past five years, the industry has traded as high as 16.74X, as low as 3.88X and at the median of 5.94X.

P/E Ratio (Forward 12-Month)

3 Transportation-Shipping Stocks to Buy Now International Seaways is benefiting from the increasing demand for tanker tonnage amid instability in the Strait of Hormuz, which is lengthening shipping routes. The tanker sector is experiencing strong rates, a further tailwind for INSW.

Efforts to modernize its fleet also bode well for International Seaways. INSW currently flaunts a Zacks Rank #1 (Strong Buy). The shipping company’s earnings have outpaced the Zacks Consensus Estimate in each of the past four quarters. The average beat is 33.9%. 

  You can see  the complete list of today’s Zacks #1 Rank stocks here 

Price and Consensus: INSW

Scorpio Tankers is being well served by its strong balance sheet and fleet modernization efforts. High product tanker rates, with longer voyages boosting the demand for tonnage, are aiding the company. STNG currently sports a Zacks Rank #1.

The stock has gained 38% over the past six months. The Zacks Consensus Estimate for 2026 earnings has been revised upward in excess of 142% over the past 60 days.

Price and Consensus: STNG

Seanergy Maritime, a dry bulk shipping company, is benefiting from the positive sentiment surrounding the Capesize market. Its shareholder-friendly approach bodes well for the company.

SHIP currently flaunts a Zacks Rank #1. The shipping company’s earnings have outpaced the Zacks Consensus Estimate in each of the past four quarters. The average beat is 76.4%. 

Price and Consensus: SHIP

May 27, 2026 06:44 ET  | Source: Scorpio Tankers Inc.

MONACO, May 27, 2026 (GLOBE NEWSWIRE) -- Scorpio Tankers Inc. (NYSE: STNG) (“Scorpio Tankers,” or the “Company”) announced today that it has entered into agreements to sell four LR2 product tankers, a letter of intent to purchase two newbuilding MR product tankers and its intention to repay all outstanding secured debt due 2028.

Vessel Sales

The Company has entered into agreements to sell four LR2 product tankers consisting of two 2014 built LR2 product tankers, STI Broadway and STI Condotti, and two 2015 built LR2 product tankers, STI Winnie and STI Lauren, for $285.8 million in aggregate. The sales of these vessels are expected to close within the second or third quarter of 2026.

Newbuilding Vessel Purchases

The Company has entered into a letter of intent to purchase two scrubber-fitted MR newbuilding product tankers for $46.25 million per vessel. The vessels are expected to be constructed at Jiangsu Yangzi-Mitsui Shipbuilding Co., Ltd. in China and deliveries are expected in the first quarter of 2030. Aside from a 10% initial deposit, the remaining payments are not due until 2028 or later. The letter of intent is subject to the execution of definitive documentation.

Debt Prepayment

The Company intends to make unscheduled prepayments totaling $367.8 million in aggregate, including the previously announced unscheduled prepayment of $10.7 million, on certain of its secured credit facilities. This amount represents the aggregate debt outstanding under our 2023 $225.0 Million Revolving Credit Facility, 2023 $49.1 Million Credit Facility, 2023 $117.4 Million Credit Facility, 2023 $1.0 Billion Credit Facility and 2023 $94.0 Million Credit Facility, all of which are scheduled to mature in 2028. Further, the Company intends to permanently cancel the undrawn revolver capacity under the 2023 $225.0 Million Revolving Credit Facility and the 2023 $1.0 Billion Credit Facility. These debt prepayments and undrawn revolver cancellations are expected to occur in the second quarter of 2026, which would result in the termination of these aforementioned credit facilities.

About Scorpio Tankers Inc.

Scorpio Tankers Inc. is a provider of marine transportation of petroleum products worldwide. Scorpio Tankers Inc. currently owns 83 product tankers (32 LR2 tankers, 37 MR tankers and 14 Handymax tankers) with an average age of 10.2 years. The Company has reached agreements to sell two MR product tankers and seven LR2 product tankers, which are expected to close in the second or third quarter of 2026. The Company has also reached agreements or letters of intent for six MR newbuildings (including the two mentioned in this press release) that are currently under construction with deliveries expected in 2026, 2027 and 2030, four LR2 newbuildings with deliveries expected in 2027 and 2029 and two VLCC newbuildings with deliveries expected in 2028. Additional information about the Company is available at the Company’s website www.scorpiotankers.com, which is not a part of this press release.

Forward-Looking Statements

Matters discussed in this press release may constitute forward‐looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward‐looking statements in order to encourage companies to provide prospective information about their business. Forward‐looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts. The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words “believe,” “expect,” “anticipate,” “estimate,” “intend,” “plan,” “target,” “project,” “likely,” “may,” “will,” “would,” “could” and similar expressions identify forward‐looking statements.

The forward‐looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management’s examination of historical operating trends, data contained in the Company’s records and other data available from third parties. Although management believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond the Company’s control, there can be no assurance that the Company will achieve or accomplish these expectations, beliefs or projections. The Company undertakes no obligation, and specifically declines any obligation, except as required by law, to publicly update or revise any forward‐looking statements, whether as a result of new information, future events or otherwise.

In addition to these important factors, other important factors that, in the Company’s view, could cause actual results to differ materially from those discussed in the forward‐looking statements include unforeseen liabilities, future capital expenditures, revenues, expenses, earnings, synergies, economic performance, indebtedness, financial condition, losses, future prospects, expansion and growth of the Company’s operations, risks relating to the integration of assets or operations of entities that it has or may in the future acquire and the possibility that the anticipated synergies and other benefits of such acquisitions may not be realized within expected timeframes or at all, the failure of counterparties to fully perform their contracts with the Company, the strength of world economies and currencies, general market conditions, including fluctuations in charter rates and vessel values, changes in demand for tanker vessel capacity, changes in the Company’s operating expenses, including bunker prices, drydocking and insurance costs, the market for the Company’s vessels, availability of financing and refinancing, charter counterparty performance, ability to obtain financing and comply with covenants in such financing arrangements, changes in governmental rules and regulations or actions taken by regulatory authorities, the impact of the current and future sanctions that may impact the transportation of petroleum products, potential liability from pending or future litigation, general domestic and international political conditions, which have and may continue to disrupt certain global shipping routes, vessel breakdowns and instances of off‐hires, and other factors. Please see the Company’s filings with the SEC for a more complete discussion of certain of these and other risks and uncertainties.

Contact Information

Scorpio Tankers Inc.
James Doyle – Head of Corporate Development & Investor Relations
Tel: +1 203-900-0559
Email: [email protected]

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DNV’s technical evaluation of the pilot installation onboard Scorpio Tankers vessel confirms Carbon Ridge OCCS performance results.

ATHENS, Greece & SANTA MONICA, Calif.--(BUSINESS WIRE)--An assessment from global classification society DNV, using its Recommended Practice for performance verification of onboard carbon capture and storage (OCCS), has confirmed Carbon Ridge’s centrifugal onboard carbon capture system can reach CO2 capture rates of as high as 98%. This is the first maritime deployment of a centrifugal OCCS system, which during the testing was set up to capture and treat a part of the emissions stream generated by a LR2 product tanker owned by Scorpio Tankers Inc.

For any shipowner that foresees higher prices or stricter regulations for carbon, Carbon Ridge’s OCCS is an attractive solution - Cameron Mackey, Scorpio Tankers COO

Share The results were reached using data gathered over a scheduled five-month pilot period, which commenced in July 2025 at Besiktas Shipyard in Turkey, on the 109,999 dwt, 2015-built STI Spiga as the vessel undertook regular commercial operations.

DNV reviewed and validated the associated methodologies, calculations, and reported performance metrics and based on the data provided was able to corroborate peak CO2 capture rates of over 98%, with 55% of the observations falling within a range of 86–98%.

“This evaluation under DNV’s Recommended Practice validates the capability of Carbon Ridge’s modular centrifugal OCCS technology to significantly reduce the emissions of existing and newbuild vessels,” said Chase Dwyer, Carbon Ridge CEO & Founder. “The initial data and learnings from the STI Spiga trial further underpin our ambitions to scale Carbon Ridge’s OCCS across the global fleet. This work would not be possible without industry partners like Scorpio Tankers Inc. supporting the deployment of these critical technologies.”

Chara Georgopoulou, Head of Onboard Carbon Capture, DNV Maritime, said: “Independently verified carbon capture rates will be vital to building out a commercially viable business model for OCCS. At DNV we are applying our new OCCS verification Recommended Practice to make sure performance reporting can be accurately and consistently applied across the industry and to help OCCS scale. This has been a great cooperation with Scorpio Tankers and Carbon Ridge, and we look forward to taking the next steps, moving from periodic verification to continuous assurance by using real-time data.”

Scorpio Tankers Inc. Chief Operating Officer Cameron Mackey said: “We’re pleased that DNV has validated the results of our trial with Carbon Ridge. For any shipowner that foresees higher prices or stricter regulations for carbon, Carbon Ridge’s OCCS is an attractive solution. Their system is both straightforward to install and places a low operational burden on the crew. Carbon Ridge has demonstrated the technical capability and understanding required for marine deployment, and we look forward to building on this partnership.”

The Scorpio Tankers Inc. pilot marks the first deployment of a centrifugal OCCS system in maritime operations, establishing Carbon Ridge as the pioneer in bringing this method of carbon capture to the shipping industry.

About Carbon Ridge

Carbon Ridge is a leading developer of onboard carbon capture and storage (OCCS) solutions for the maritime industry. Its modular, scalable, and fuel-agnostic technology provides a low-cost, near-term pathway to reduce greenhouse gas emissions from commercial shipping. Designed for seamless integration with vessel exhaust systems, Carbon Ridge’s OCCS enables up to a 75% reduction in equipment size and volume compared to conventional CCS systems and is engineered to withstand the rigor of maritime operations.

Carbon Ridge’s system enables a 90%+ reduction in CO2 emissions and eliminates over 99% of particulate matter, NOx, and SOx, delivering a comprehensive approach to meeting and exceeding IMO global regulations. In addition to onboard carbon capture, Carbon Ridge offers end-to-end carbon solutions – including CO2 transportation, sequestration, and monetization – providing shipowners with a complete turnkey decarbonization platform. Carbon Ridge is headquartered in Santa Monica, CA, with offices in Houston, New York and London. For more information, visit www.carbonridge.net.

More News From Carbon Ridge

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2026 First Quarter Business Highlights

Record total executed contracts and awarded orders at March 31, 2026 of $2.4 billionAchieved 2x book-to-bill with ~50% increase in APA orderbook. Trailing twelve-month book-to-bill of 1.3x.Contracted projects in Turkey, Peru, and Colombia, highlighting our international diversificationIntroducing DuraTrack D2S, a new dual-row tracker solution for international markets with key features and capabilities of flagship DuraTrack® productReaffirming Full Year 2026 financial guidance 2026 First Quarter Financial Highlights

(in millions, except per share)1Q 2026Revenue$223.4 Gross margin 28.2% Adjusted gross margin(1) 30.7% Net loss to common shareholders($13.5) Adjusted EBITDA(1)$28.8 Net loss per basic and diluted common share($0.09) Adjusted net income per diluted common share(1)$0.06     ALBUQUERQUE, N.M., May 06, 2026 (GLOBE NEWSWIRE) -- ARRAY Technologies, Inc. (NASDAQ: ARRY) (“ARRAY” or the “Company”), a leading global provider of solar tracking technology and fixed-tilt products, foundation solutions, software systems and services, today announced financial results for its first quarter ended March 31, 2026.

“ARRAY began 2026 with strong performance, delivering revenue and Adjusted EBITDA(1) above the expectations we set on our last earnings call. We delivered another 2x book-to-bill quarter, closing the period at a new record orderbook of $2.4 billion. Orderbook growth continues to be enabled by our traction with our new product offerings like OmniTrack™ and investment in our software and services businesses. We remain focused on high-quality domestic opportunities while pursuing disciplined international expansion, and our momentum this quarter reflected strength both domestically and abroad,” said Chief Executive Officer, Kevin G. Hostetler.

Mr. Hostetler continued, “The integration of APA continues to progress very well, and we opened a new APA headquarters to centralize our team, accelerate collaboration, and support a research and training center alongside a 5-acre solar innovation site. This new space will also house the APA Foundations Center of Excellence, enabling foundation offerings integrated with ARRAY tracking technology. Finally, I’m excited to introduce DuraTrack D2S, our next-generation dual-row tracker for key international markets, which combines patented passive wind stow technology, terrain adaptability, and optimized control through SmarTrack® into a single flexible platform. As we move through 2026, we will continue updating stakeholders on our progress against our strategic priorities - investing for the future to support margin resilience and scale, while driving commercial excellence and advancing our global expansion.”

Reaffirming Full Year 2026 Guidance

For the year ending December 31, 2026, the Company expects:

Revenue to be in the range of $1.4 billion to $1.5 billionAdjusted EBITDA(2) to be in the range of $200 million to $230 millionAdjusted net income per common share(2) to be in the range of $0.65 to $0.75 For the quarter ending June 30, 2026, the Company expects revenue to be in the range of $300 million to $320 million.

(1) A reconciliation of the most comparable GAAP measure to its Non-GAAP measure is included below.

(2) A reconciliation of projected Adjusted gross profit, Adjusted gross margin, Adjusted EBITDA and Adjusted net income per common share, which are forward-looking measures that are not prepared in accordance with GAAP, to the most directly comparable GAAP financial measures, is not provided because we are unable to provide such reconciliation without unreasonable effort. The inability to provide a quantitative reconciliation is due to the uncertainty and inherent difficulty predicting the occurrence, the financial impact and the periods in which the components of the applicable GAAP measures and non-GAAP adjustments may be recognized. The GAAP measures may include the impact of such items as non-cash share-based compensation, revaluation of the fair-value of our contingent consideration, and the tax effect of such items, in addition to other items we have historically excluded from Adjusted EBITDA and Adjusted net income per common share. We expect to continue to exclude these items in future disclosures of these non-GAAP measures and may also exclude other similar items that may arise in the future (collectively, “non-GAAP adjustments”). The decisions and events that typically lead to the recognition of non-GAAP adjustments are inherently unpredictable as to if or when they may occur. As such, for our 2026 guidance, we have not included estimates for these items and are unable to address the probable significance of the unavailable information, which could be material to future results.

Supplemental Presentation and Conference Call Information

ARRAY has posted a supplemental presentation to its website, which will be discussed during the conference call hosted by management today (May 6, 2026) at 5:00 p.m. (ET). The conference call can be accessed live over the phone by dialing (877)-869-3847 (domestic) or (201)-689-8261 (international), or via webcast of the live conference call by logging onto the Investor Relations section of the Company’s website at http://ir.arraytechinc.com. A telephonic replay will be available approximately three hours after the call by dialing (877)-660-6853 (domestic), or (201)-612-7415 (international), with the passcode 13759742. The replay will be available until 11:59 p.m. (ET) on May 20, 2026. The online replay will be available for 14 days on the same website, immediately following the call.

About ARRAY Technologies, Inc.

ARRAY Technologies (NASDAQ: ARRY) is a leading global provider of solar tracking technology and fixed-tilt systems to utility-scale and distributed generation customers, who construct, develop, and operate solar PV sites. With solutions engineered to withstand the harshest weather conditions, ARRAY’s high-quality solar trackers, fixed-tilt systems, software platforms, foundation solutions, and field services combine to optimize energy production and deliver value to our customers for the entire lifecycle of a project. Founded and headquartered in the United States, ARRAY is rooted in manufacturing and driven by technology - relying on its domestic manufacturing, diversified global supply chain, and customer-centric approach to design, deliver, commission, train, and support solar energy deployment around the world. For more news and information on ARRAY, please visit arraytechinc.com.

Investor Relations Contact:

Investor Relations
505-437-0010
[email protected]

Media Contact:

Steven Kirsch
505-738-6923
[email protected]

Forward-Looking Statements

This press release contains forward-looking statements that are based on our management’s beliefs and assumptions and on information currently available to our management. Forward-looking statements include information concerning our possible or assumed future results of operations, business strategies, technology or product developments, financing and investment plans, dividend policy, competitive position, industry and regulatory environment, including potential regulatory reform related to energy credits, uncertainty relating to the implementation of tariffs and changes in trade policy, including the reduction or elimination of certain government incentives, ability to provide 100% domestic content trackers, expectations regarding the macroeconomic environment and geopolitical developments, including the effects of tariffs and changes in trade policy, potential growth opportunities and the effects of competition. Forward-looking statements include statements that are not historical facts and can be identified by terms such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “seek,” “should,” “will,” “would,” “designed to” “positioned” or similar expressions and the negatives of those terms.

ARRAY’s actual results and the timing of events could materially differ from those anticipated in such forward-looking statements as a result of certain risks, uncertainties and other factors, including without limitation: changes in growth or the rate of growth in demand for solar energy projects; factors outside of our control affecting the variability and demand for solar energy, including but not limited to, the retail price of electricity, availability of in-demand components like high-voltage breakers, various policies related to the permitting and interconnection costs of solar plants, and the availability of incentives for solar energy and solar energy production systems, which makes it difficult to predict our future prospects; competitive pressures within our industry; competition from conventional and renewable energy sources; a loss of one or more of our significant customers, their inability to perform under their contracts, or their default in payment; a drop in the price of electricity derived from the utility grid or from alternative energy sources; fluctuations in our results of operations across fiscal periods, which could make our future performance difficult to predict and could cause our results of operations for a particular period to fall below expectations; any increase in interest rates, or a reduction in the availability of tax equity or project debt capital in the global financial markets, which could make it difficult for customers to finance the cost of a solar energy system and reduce the demand for our products; existing electric utility industry policies and regulations, and any subsequent changes or new related policies and regulations, including as a result of the One Big Beautiful Bill Act, which may present technical, regulatory and economic barriers to the purchase and use of solar energy systems and may significantly reduce demand for our products or harm our ability to compete; the interruption of the flow of materials from international vendors, which could disrupt our supply chain, including as a result of the imposition of new and/or additional duties, tariffs and other charges or restrictions on imports and exports; changes in the global trade environment, including the continuation or imposition of import tariffs or other import restrictions; geopolitical, macroeconomic and other market conditions unrelated to our operating performance including but not limited to a pandemic, the Russia-Ukraine war, attacks on shipping in the Red Sea, conflict in the Middle East (including, but not limited to, the war in Iran), changing trade policies, inflation and interest rates; our ability to convert our orders in backlog into revenue; the reduction, elimination or expiration, or our failure to optimize the benefits of government incentives for, or regulations mandating the use of, renewable energy and solar energy, particularly in relation to our competitors, which could reduce demand for solar energy systems; failure to, or incurrence of significant costs in order to, obtain, maintain, protect, defend or enforce, our intellectual property and other proprietary rights; delays in construction projects and any failure to manage our inventory; significant changes in the cost of raw materials; disruptions to transportation and logistics, including increases in shipping costs; defects or performance problems in our products, which could result in loss of customers, reputational damage and decreased revenue; delays, disruptions or quality control problems in our product development operations; our ability to retain our key personnel or failure to attract additional qualified personnel; additional business, financial, regulatory and competitive risks due to our continued planned expansion into new markets; cybersecurity or other data incidents, including unauthorized disclosure of personal or sensitive data or theft of confidential information and the use of artificial intelligence by cyber threat actors; a failure to maintain an effective system of integrated internal controls over financial reporting, which may impair our ability to report our financial results accurately; our substantial indebtedness, risks related to actual or threatened public health epidemics, pandemics, outbreaks or crises; changes to laws and regulations, including changes to tax laws and regulations, that are applied adversely to us or our customers; our ability to successfully integrate APA Solar, LLC into our existing operations and realize the anticipated benefits or synergies of the acquisition; and other factors listed and described in more detail in the section captioned “Risk Factors” in our Annual Report on Form 10-K, our Quarterly Reports on Form 10-Q, and our other documents on file with the U.S. Securities and Exchange Commission, each of which can be found on our website, www.arraytechinc.com.

Given these uncertainties, you should not place undue reliance on forward-looking statements. Also, forward-looking statements represent our management’s beliefs and assumptions only as of the date of this report. You should read this press release with the understanding that our actual future results may be materially different from what we expect. Except as required by law, we assume no obligation to update these forward-looking statements, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.

Non-GAAP Financial Information

This press release includes certain financial measures that are not presented in accordance with U.S. generally accepted accounting principles (“GAAP”), including Adjusted gross profit, Adjusted gross margin, Adjusted EBITDA, Adjusted net (loss) income, Adjusted net (loss) income per common share, Adjusted general and administrative expense and Free cash flow.

We define Adjusted gross profit as gross profit plus (i) amortization of developed technology and backlog and (ii) acquisition-related expenses. We define Adjusted gross margin as Adjusted gross profit as a percentage of revenue. We define Adjusted EBITDA as net (loss) income to common stockholders plus (i) other (income) expense, net, (ii) foreign currency (gain) loss, net, (iii) preferred dividends and accretion, (iv) interest expense, (v) income tax expense, (vi) depreciation expense, (vii) amortization of intangibles, (viii) amortization of developed technology and backlog, (ix) equity-based compensation, (x) change in fair value of contingent consideration, (xi) certain legal expenses, and (xii) acquisition-related expenses. We define Adjusted EBITDA margin as Adjusted EBITDA as a percentage of revenue. We define Adjusted net income as net (loss) income to common stockholders plus (i) amortization of intangibles, (ii) amortization of developed technology and backlog, (iii) amortization of debt discount and issuance costs, (iv) Series A preferred stock accretion, (v) equity-based compensation, (vi) change in fair value of contingent consideration, (vii) certain legal expenses, (viii) acquisition-related expenses, and (ix) income tax expense adjustments. We define Adjusted general and administrative expense as general and administrative expense less (i) equity-based compensation, (ii) certain legal expenses, and (iii) acquisition-related expenses. We define Free cash flow as Net cash used in operating activities less purchase of property, plant and equipment.

A detailed reconciliation between GAAP results and results excluding special items (“non-GAAP”) is included within this press release. We calculate net (loss) income per common share as net (loss) income to common stockholders divided by the basic and diluted weighted average number of shares outstanding for the applicable period and we define Adjusted net income per common share as Adjusted net income (as detailed above) divided by the basic and diluted weighted average number of shares outstanding for the applicable period.

We believe that these non-GAAP financial measures are provided to enhance the reader’s understanding of our past financial performance and our prospects for the future. Our management team uses these non-GAAP financial measures in assessing the Company’s performance, as well as in planning and forecasting future periods. The non-GAAP financial information is presented for supplemental informational purposes only and should not be considered a substitute for financial information presented in accordance with GAAP and may be different from similarly titled non-GAAP measures used by other companies.

Among other limitations, Adjusted gross profit, Adjusted gross margin, Adjusted EBITDA, Adjusted net income, Adjusted net income per common share, Adjusted general and administrative expense and Free cash flow do not reflect our cash expenditures, or future requirements, for capital expenditures or contractual commitments; do not reflect the impact of certain cash charges resulting from matters we consider not to be indicative of our ongoing operations; do not reflect income tax expense or benefit; and other companies in our industry may calculate Adjusted gross profit, Adjusted gross margin, Adjusted EBITDA, Adjusted net income, Adjusted net income per common share, Adjusted general and administrative expense and Free cash flow differently than we do, which limits their usefulness as comparative measures. Because of these limitations, Adjusted gross profit, Adjusted gross margin, Adjusted EBITDA, Adjusted net income, Adjusted net income per common share, Adjusted general and administrative expense and Free cash flow should not be considered in isolation or as substitutes for performance measures calculated in accordance with GAAP.

We compensate for these limitations by relying primarily on our GAAP results and using Adjusted gross profit, Adjusted gross margin, Adjusted EBITDA, Adjusted net income, Adjusted net income per common share, Adjusted general and administrative expense and Free cash flow on a supplemental basis.

You should review the reconciliation of gross profit to Adjusted gross profit and Adjusted gross margin, net (loss) income to Adjusted EBITDA, Adjusted net income and Adjusted net income per common share, General and administrative expense to Adjusted general and administrative expense and Net cash used in operating activities to Free cash flow below and not rely on any single financial measure to evaluate our business.

Array Technologies, Inc. 
Condensed Consolidated Balance Sheets (unaudited)
(in thousands, except per share and share amounts)
 March 31, 2026 December 31, 2025ASSETSCurrent assets   Cash and cash equivalents$200,702  $244,388 Restricted cash 1,291   1,596 Accounts receivable, net of allowance of $6,800 and $6,245, respectively 292,327   271,578 Inventories, net 167,973   150,374 Prepaid expenses and other 217,126   201,108 Total current assets 879,419   869,044     Property, plant and equipment, net 62,136   58,225 Lease assets 94,531   97,088 Goodwill 135,173   135,173 Other intangible assets, net 224,921   238,579 Deferred income tax assets 24,735   23,965 Other assets 54,112   29,718 Total assets$1,475,027  $1,451,792     LIABILITIES, REDEEMABLE PERPETUAL PREFERRED STOCK AND STOCKHOLDERS' EQUITYCurrent liabilities   Accounts payable$142,172  $143,994 Accrued expenses 62,777   54,289 Income tax payable 5,685   4,687 Deferred revenue 138,527   128,433 Current portion of contingent consideration 10,248   14,551 Current portion of warranty liability 12,018   10,844 Current portion of lease liabilities 7,587   7,662 Current portion of debt 9,464   10,315 Other current liabilities 1,925   2,237 Total current liabilities 390,403   377,012     Deferred income tax liabilities 21,307   22,133 Contingent consideration, net of current portion 11,882   12,739 Warranty liability, net of current portion 5,209   5,466 Lease liabilities, net of current portion 89,197   89,552 Long-term debt, net of current portion 656,958   658,664 Other long-term liabilities 32,187   25,838 Total liabilities 1,207,143   1,191,404     Commitments and contingencies       Series A Redeemable Perpetual Preferred Stock of $0.001 par value; 500,000 authorized; 498,498 and 490,829 shares issued as of March 31, 2026 and December 31, 2025, respectively; liquidation preference of $498.5 million and $493.1 million at each date, respectively 482,265   466,728     Stockholders’ equity   Preferred stock of $0.001 par value - 4,500,000 shares authorized; none issued at respective dates —   — Common stock of $0.001 par value - 1,000,000,000 shares authorized; 153,734,045 and 152,779,614 shares issued at respective dates 155   152 Additional paid-in capital 214,485   226,848 Accumulated deficit (420,862)  (422,859)Accumulated other comprehensive loss (8,159)  (10,481)Total stockholders’ equity (214,381)  (206,340)Total liabilities, redeemable perpetual preferred stock and stockholders’ equity$1,475,027  $1,451,792          Array Technologies, Inc.
Condensed Consolidated Statements of Operations (unaudited)
(in thousands, except per share amounts) Three Months Ended March 31,  2026   2025 Revenue$223,412  $302,363 Cost of revenue   Cost of product and service revenue 154,794   222,296 Amortization of developed technology and backlog 5,614   3,639 Total cost of revenue 160,408   225,935 Gross profit 63,004   76,428     Operating expenses   General and administrative 50,404   43,945 Change in fair value of contingent consideration (2,586)  (150)Depreciation and amortization 8,077   5,349 Total operating expenses 55,895   49,144     Income from operations 7,109   27,284     Interest income 2,387   3,319 Interest expense (5,563)  (8,035)Foreign currency gain, net 161   689 Other income, net 31   23 Total other expense, net (2,984)  (4,004)    Income before income tax expense 4,125   23,280 Income tax expense 2,128   6,534 Net income 1,997   16,746 Preferred dividends and accretion 15,537   14,443 Net (loss) income to common stockholders$(13,540) $2,303     (Loss) income per common share   Basic$(0.09) $0.02 Diluted$(0.09) $0.02 Weighted average number of common shares outstanding   Basic 152,956   152,076 Diluted 152,956   152,783          Array Technologies, Inc.
Consolidated Statements of Cash Flows (unaudited)
(in thousands)

 Three Months Ended March 31,  2026   2025 Operating activities   Net income$1,997  $16,746 Adjustments to reconcile net income to cash used in operating activities:   Provision for bad debts 195   1,671 Deferred tax (benefit) expense (1,596)  1,024 Depreciation and amortization 9,751   5,932 Amortization of developed technology and backlog 5,614   3,639 Amortization of debt discount and issuance costs 876   1,506 Equity-based compensation 3,941   2,798 Change in fair value of contingent consideration (2,586)  (150)Warranty provision 3,341   1,720 Inventory reserve (526)  839 Other non-cash 161   — Changes in operating assets and liabilities (50,589)  (48,784)Net cash used in operating activities (29,421)  (13,059)Investing activities   Purchase of property, plant and equipment (7,511)  (2,352)Net cash used in investing activities (7,511)  (2,352)Financing activities   Proceeds from issuance of other debt 24,218   7,862 Repayments of other debt (27,412)  (7,294)Repayments of term loan facility —   (1,075)Contingent consideration payments (2,574)  (1,204)Other financing (1,844)  (14)Net cash used in financing activities (7,612)  (1,725)Effect of exchange rate changes on cash and cash equivalent 553   2,488 Net change in cash and cash equivalents and restricted cash (43,991)  (14,648)Cash and cash equivalents, and restricted cash beginning of period 245,984   364,141 Cash and cash equivalents and restricted cash, end of period$201,993  $349,493          Array Technologies, Inc.
Adjusted Gross Profit, Adjusted EBITDA, Adjusted Net Income, Adjusted General and Administrative Expense and Free Cash Flow Reconciliation (unaudited)
(in thousands, except per share amounts)

The following table reconciles Gross profit to Adjusted gross profit:
 Three Months Ended March 31,  2026   2025 Revenue$223,412  $302,363 Cost of revenue 160,408   225,935 Gross profit 63,004   76,428 Gross margin 28.2%  25.3%Amortization of developed technology and backlog 5,614   3,639 Acquisition-related expenses(a) 40   — Adjusted gross profit$68,658  $80,067 Adjusted gross margin 30.7%  26.5%         (a) Represents acquisition-related fair value adjustments to Property, plant, and equipment.

The following table reconciles Net income to Adjusted EBITDA:
 Three Months Ended March 31,  2026   2025 Net income$1,997  $16,746 Preferred dividends and accretion 15,537   14,443 Net (loss) income to common stockholders (13,540)  2,303 Other income, net (2,418)  (3,342)Foreign currency gain, net (161)  (689)Preferred dividends and accretion 15,537   14,443 Interest expense 5,563   8,035 Income tax expense 2,128   6,534 Depreciation expense 2,364   1,043 Amortization of intangibles 7,388   4,889 Amortization of developed technology and backlog 5,614   3,639 Equity-based compensation 3,941   2,798 Change in fair value of contingent consideration (2,586)  (150)Certain legal expenses(a) —   1,083 Acquisition-related expenses(b) 4,997   — Adjusted EBITDA$28,827  $40,586          (a) Represents certain legal fees and other related costs associated with (i) actions filed against the company and certain officers and directors alleging violations of the Securities Act of 1933 and the Securities Exchange Act of 1934, which litigation was dismissed with prejudice by the Court on May 19, 2023 and subsequently appealed. On March 24, 2026, the Second Circuit issued a summary order affirming the district court’s dismissal of such action with prejudice, and (ii) legal and success fees related to a regional tax dispute for a period prior to the acquisition of STI, and (iii) other litigation and legal matters. We consider these costs not representative of legal costs that we will incur from time to time in the ordinary course of our business.

(b) Represents acquisition-related expenses.

Array Technologies, Inc.
Adjusted Gross Profit, Adjusted EBITDA, Adjusted Net Income, Adjusted General and Administrative Expense and Free Cash Flow Reconciliation (unaudited)
(in thousands, except per share amounts)

The following table reconciles Net income to Adjusted net income: Three Months Ended March 31,  2026   2025 Net income$1,997  $16,746 Preferred dividends and accretion 15,537   14,443 Net (loss) income to common stockholders (13,540)  2,303 Amortization of Intangibles 7,388   4,889 Amortization of developed technology and backlog 5,614   3,639 Amortization of debt discount and issuance costs 876   1,393 Series A Preferred stock accretion 7,868   7,241 Equity-based compensation 3,941   2,798 Change in fair value of contingent consideration (2,586)  (150)Certain legal expenses(a) —   1,083 Acquisition-related expenses(b) 5,061   — Income tax expense of adjustments(c) (5,790)  (3,474)Adjusted net income$8,832  $19,722     (Loss) income per common share   Basic$(0.09) $0.02 Diluted$(0.09) $0.02 Weighted average number of common shares outstanding   Basic 152,956   152,076 Diluted 152,956   152,783     Adjusted net income per common share   Basic$0.06  $0.13 Diluted$0.06  $0.13 Weighted average number of common shares outstanding   Basic 152,956   152,076 Diluted 155,485   152,783          (a) Represents certain legal fees and other related costs associated with (i) actions filed against the company and certain officers and directors alleging violations of the Securities Act of 1933 and the Securities Exchange Act of 1934, which litigation was dismissed with prejudice by the Court on May 19, 2023 and subsequently appealed. On March 24, 2026, the Second Circuit issued a summary order affirming the district court’s dismissal of such action with prejudice, and (ii) legal and success fees related to a regional tax dispute for a period prior to the acquisition of STI, and (iii) other litigation and legal matters. We consider these costs not representative of legal costs that we will incur from time to time in the ordinary course of our business.

(b) Represents acquisition-related expenses and fair value adjustments to Property, plant and equipment.

(c) Represents the estimated tax impact of all Adjusted Net Income add-backs, excluding those which represent permanent differences between book versus tax.

Array Technologies, Inc.
Adjusted Gross Profit, Adjusted EBITDA, Adjusted Net Income, Adjusted General and Administrative Expense and Free Cash Flow Reconciliation (unaudited)
(in thousands, except per share amounts)

The following table reconciles General and administrative expense to Adjusted general and administrative expense: Three Months Ended March 31,  2026   2025 General and administrative expense$50,404  $43,945 Equity-based compensation (3,941)  (2,798)Certain legal expenses(a) —   (1,083)Acquisition-related expenses(b) (4,997)  — Adjusted general and administrative expense$41,466  $40,064          (a) Represents certain legal fees and other related costs associated with (i) actions filed against the company and certain officers and directors alleging violations of the Securities Act of 1933 and the Securities Exchange Act of 1934, which litigation was dismissed with prejudice by the Court on May 19, 2023 and subsequently appealed. On March 24, 2026, the Second Circuit issued a summary order affirming the district court’s dismissal of such action with prejudice, and (ii) legal and success fees related to a regional tax dispute for a period prior to the acquisition of STI, and (iii) other litigation and legal matters. We consider these costs not representative of legal costs that we will incur from time to time in the ordinary course of our business.

(b) Represents acquisition-related expenses.

The following table reconciles Net cash used in operating activities to Free cash flow: Three Months Ended March 31,  2026   2025 Net cash used in operating activities$(29,421) $(13,059)Purchase of property, plant and equipment (7,511)  (2,352)Free cash flow$(36,932) $(15,411)

Array Digital Infrastructure (AD - Free Report) came out with quarterly earnings of $2.08 per share, missing the Zacks Consensus Estimate of $5.74 per share. This compares to earnings of $0.21 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of -63.76%. A quarter ago, it was expected that this wireless telecommunications service provider would post earnings of $0.32 per share when it actually produced earnings of $0.48, delivering a surprise of +50%.

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

Array Digital, which belongs to the Zacks Wireless National industry, posted revenues of $52.01 million for the quarter ended March 2026, missing the Zacks Consensus Estimate by 7.23%. This compares to year-ago revenues of $891 million. The company has topped consensus revenue estimates three times over the last four quarters.

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

Array Digital shares have lost about 8.1% since the beginning of the year versus the S&P 500's gain of 7.2%.

What's Next for Array Digital?While Array Digital 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 Array Digital 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 $0.60 on $56.1 million in revenues for the coming quarter and $6.84 on $204.63 million in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Wireless National is currently in the bottom 29% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

Another stock from the same industry, Ondas Holdings Inc. (ONDS - Free Report) , has yet to report results for the quarter ended March 2026. The results are expected to be released on May 14.

This company is expected to post quarterly loss of $0.03 per share in its upcoming report, which represents a year-over-year change of +80%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.

Ondas Holdings Inc.'s revenues are expected to be $39.57 million, up 831.1% from the year-ago quarter.

May 11, 2026 08:30 ET  | Source: Array Technologies, Inc.

ALBUQUERQUE, N.M., May 11, 2026 (GLOBE NEWSWIRE) -- ARRAY Technologies (NASDAQ: ARRY) (“ARRAY” or the “Company”), a leading global provider of solar tracking technology and fixed-tilt products, foundation solutions, software systems and services, today announced that members of its senior management team are scheduled to participate in the following investor conferences in May and June.

J.P. Morgan Global Technology, Media and Communications Conference in Boston
Attendees: Neil Manning, President & COO, Nick Strevel, Chief Product Officer, and Investor Relations
May 18, 2026

Neil Manning will be participating in a webcast fireside chat at the J.P. Morgan Global Technology, Media, and Communications Conference. A real-time audio webcast of the presentation can be accessed at https://ir.arraytechinc.com and a replay of the webcast will also be available for 30 days following the fireside chat.

ROTH Conference in London
Attendees: Kevin Hostetler, CEO, Neil Manning, President & COO, and Investor Relations
June 17, 2026

J.P. Morgan Natural Resources Conference in New York
Attendees: H. Keith Jennings, CFO, and Investor Relations
June 23, 2026

Management will be conducting meetings with investors in attendance at all conferences. Interested investors should contact their J.P. Morgan and ROTH representatives.

About ARRAY Technologies, Inc.

ARRAY Technologies, Inc. (NASDAQ: ARRY) is a leading global provider of solar tracking technology and fixed-tilt systems to utility-scale and distributed generation customers, who construct, develop, and operate solar PV sites. With solutions engineered to withstand the harshest weather conditions, ARRAY’s high-quality solar trackers, fixed-tilt systems, software platforms, foundation solutions, and field services combine to optimize energy production and deliver value to our customers for the entire lifecycle of a project. Founded and headquartered in the United States, ARRAY is rooted in manufacturing and driven by technology - relying on its domestic manufacturing, diversified global supply chain, and customer-centric approach to design, deliver, commission, train, and support solar energy deployment around the world. For more news and information on ARRAY, please visit arraytechinc.com.

Investor Relations Contact:         

ARRAY Technologies, Inc.
Investor Relations
505-437-0010
[email protected]

ARLINGTON, Va.--(BUSINESS WIRE)--The Department of War (DoW) Test Resource Management Center (TRMC) has awarded AeroVironment (“AV”) (NASDAQ: AVAV), the leader in all-domain defense technologies, a three-year, $43M contract to integrate its PANTHER (Phased Array Next-gen Telemetry Hypersonic Emitter Receiver) phased array antenna system on DoW SkyRange platforms. This program will enhance the nation's weapons testing capabilities and accelerate testing timelines by delivering rapidly deployable antenna systems to track multiple targets simultaneously.

PANTHER creates a scalable, reconfigurable antenna that supports multi-band, multi-target tracking for various missions and test scenarios.

Share “As near-peer threats evolve and global tensions rise, our country is developing the technologies required to maintain military dominance–and the next-generation tracking and telemetry tools to support them,” said Mary Clum, President of AV’s Space, Cyber & Directed Energy segment. “Alongside our customers at TRMC and across the War Department, AV is transforming the nation’s security testing infrastructure with defense tech innovation to address growing threats.”

PANTHER creates a scalable, reconfigurable antenna that supports multi-band, multi-target tracking for various missions and test scenarios. The all-digital framework facilitates autonomous operation along with remote access and control. PANTHER is agile, modular, and platform agnostic–delivering a significant increase in efficacy with a reduced footprint as compared to traditional parabolic dish systems currently used to test long-range missiles. Integrating PANTHER on DoW SkyRange platforms provides a mobile, rapidly deployable air-based solution to track multiple targets.

SkyRange is a DoW TRMC initiative that leverages high-altitude, long-endurance unmanned aircraft outfitted with advanced telemetry, communications, and data-collection payloads to create a more flexible, airborne test infrastructure.

“PANTHER provides a reliable, efficient method for gathering the critical data needed for long-range missile testing,” said Dr. Satya Ponnaluri, Vice President of Hypersonic RF and Radar at AV. “Ultimately, this multi-band, multi-target tracking technology will allow for more frequent testing cycles and faster weapons development timelines for our nation–neutralizing global threats and maintaining our strong national security posture.”

This program builds upon AV’s proven experience in delivering transformative testing capabilities–drastically reducing technical risks, development costs, and delivery timelines. AV continues to integrate PANTHER on DoW SkyRange platforms at GrandSKY in Grand Forks, North Dakota. The team is collaborating with the state of North Dakota and Bismarck State College to develop a certification program that will train technicians and build a highly-skilled workforce pipeline in support of PANTHER operation and maintenance at GrandSKY.

About AV

AV (NASDAQ: AVAV) is a defense technology leader delivering integrated capabilities across air, land, sea, space, and cyber. The Company develops and deploys autonomous systems, loitering munitions, counter-UAS technologies, space-based platforms, directed energy systems, and cyber and electronic warfare capabilities—built to meet the mission needs of today’s warfighter and tomorrow’s conflicts. At the core of these technologies lies AV_Halo™, a modular, mission-ready suite of AI-powered software tools that empowers warfighters and enables full-battlefield dominance: detect, decide, deliver. With a national manufacturing footprint and a deep innovation pipeline, AV delivers proven systems and future-defining capabilities at speed, scale, and operational relevance. For more information, visit www.avinc.com.

Safe Harbor Statement

Certain statements in this press release may constitute "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. These statements are based on current expectations, forecasts, and assumptions that involve risks and uncertainties, which could cause actual results to differ materially. Factors that may cause such differences include, but are not limited to, our ability to perform under existing contracts and obtain new ones; regulatory changes; competitor activities; market growth; product development challenges; and general economic conditions. For a more detailed discussion of these risks, please refer to AeroVironment’s filings with the Securities and Exchange Commission. We undertake no obligation to update forward-looking statements as a result of new information or future events.

, /PRNewswire/ -- Stockholder litigation firm Kaskela Law announces that it is investigating Array Digital Infrastructure, Inc. (NYSE: AD) ("Array") on behalf of the company's investors.  

Click here for additional information: https://kaskelalaw.com/case/array-digital/

The investigation seeks to determine whether Array and/or the company's officers and directors violated the securities laws or breached their fiduciary duties in connection with recent corporate actions.

Since August 2025, shares of Array's common stock have declined in value from a trading price of over $70.00 per share to a current price of approximately $55.00 per share – a cumulative decline of over 21% in value.

Array shareholders are encouraged to contact Kaskela Law LLC (D. Seamus Kaskela, Esq. or Adrienne Bell, Esq.) at (484) 229 - 0750 for additional information about this investigation and their legal rights and options.

Alternatively, investors may submit their information to the firm by clicking on the following link (or if necessary, by copying and pasting the link into your browser):

https://kaskelalaw.com/case/array-digital/

ABOUT KASKELA LAW:  

Kaskela Law LLC exclusively represents investors in securities fraud, corporate governance, and merger & acquisition litigation on a contingent basis, which means that the firm's clients never pay any out-of-pocket costs for legal representation. For additional information about Kaskela Law LLC, including the firm's recent notable recoveries for investors, please visit www.kaskelalaw.com.

KASKELA LAW LLC
D. Seamus Kaskela, Esq.
([email protected])
Adrienne Bell, Esq.
([email protected])
18 Campus Blvd., Suite 100
Newtown Square, PA 19073
(484) 229 - 0750
(888) 715 - 1740
www.kaskelalaw.com

This communication may constitute attorney advertising in certain jurisdictions.  

SOURCE Kaskela Law LLC

Array Technologies, Inc. (ARRY) Presents at J.P. Morgan 54th Annual Global Technology, Media and Communications Conference Transcript

ALBUQUERQUE, N.M., June 01, 2026 (GLOBE NEWSWIRE) -- ARRAY Technologies, Inc. (NASDAQ: ARRY) (“ARRAY” or the “Company”), a leading global provider of solar tracking technology and fixed-tilt products, foundation solutions, software systems and services, today announced an enhanced version of its ARRAY OmniTrack® terrain-following tracker that offers increased flex capability of up to 2° between adjacent posts.

It doesn't matter your age or experience: taking full advantage of the stock market and investing with confidence are common goals for all investors. Luckily, Zacks Premium offers several different ways to do both.

Featuring daily updates of the Zacks Rank and Zacks Industry Rank, full access to the Zacks #1 Rank List, Equity Research reports, and Premium stock screens, the research service can help you become a smarter, more self-assured investor.

Zacks Premium includes access to the Zacks Style Scores as well.

What are the Zacks Style Scores? The Zacks Style Scores is a unique set of guidelines that rates stocks based on three popular investing types, and were developed as complementary indicators for the Zacks Rank. This combination helps investors choose securities with the highest chances of beating the market over the next 30 days.

Each stock is assigned a rating of A, B, C, D, or F based on their value, growth, and momentum characteristics. Just like in school, an A is better than a B, a B is better than a C, and so on -- that means the better the score, the better chance the stock will outperform.

The Style Scores are broken down into four categories:

Value ScoreFinding good stocks at good prices, and discovering which companies are trading under their true value, are what value investors like to focus on. So, the Value Style Score takes into account ratios like P/E, PEG, Price/Sales, Price/Cash Flow, and a host of other multiples to highlight the most attractive and discounted stocks.

Growth ScoreGrowth investors are more concerned with a stock's future prospects, and the overall financial health and strength of a company. Thus, the Growth Style Score analyzes characteristics like projected and historic earnings, sales, and cash flow to find stocks that will see sustainable growth over time.

Momentum ScoreMomentum traders and investors live by the saying "the trend is your friend." This investing style is all about taking advantage of upward or downward trends in a stock's price or earnings outlook. Employing factors like one-week price change and the monthly percentage change in earnings estimates, the Momentum Style Score can indicate favorable times to build a position in high-momentum stocks.

VGM ScoreWhat if you like to use all three types of investing? The VGM Score is a combination of all Style Scores, making it one of the most comprehensive indicators to use with the Zacks Rank. It rates each stock on their combined weighted styles, which helps narrow down the companies with the most attractive value, best growth forecast, and most promising momentum.

How Style Scores Work with the Zacks Rank The Zacks Rank, which is a proprietary stock-rating model, employs earnings estimate revisions, or changes to a company's earnings expectations, to make building a winning portfolio easier.

Investors can count on the Zacks Rank's success, with #1 (Strong Buy) stocks producing an unmatched +23.7% average annual return since 1988, more than double the S&P 500's performance. But the model rates a large number of stocks, and there are over 200 companies with a Strong Buy rank, plus another 600 with a #2 (Buy) rank, on any given day.

With more than 800 top-rated stocks to choose from, it can certainly feel overwhelming to pick the ones that are right for you and your investing journey.

That's where the Style Scores come in.

You want to make sure you're buying stocks with the highest likelihood of success, and to do that, you'll need to pick stocks with a Zacks Rank #1 or #2 that also have Style Scores of A or B. If you like a stock that only has a #3 (Hold) rank, it should also have Scores of A or B to guarantee as much upside potential as possible.

As mentioned above, the Scores are designed to work with the Zacks Rank, so any change to a company's earnings outlook should be a deciding factor when picking which stocks to buy.

For instance, a stock with a #4 (Sell) or #5 (Strong Sell) rating, even one that boasts Scores of A and B, still has a downward-trending earnings forecast, and a much greater likelihood its share price will decline as well.

Thus, the more stocks you own with a #1 or #2 Rank and Scores of A or B, the better.

Stock to Watch: Array Technologies, Inc. (ARRY - Free Report) Boulder, CO-based Array BioPharma is a biopharmaceutical company focused on the discovery, development and commercialization of targeted small molecule drugs for treating cancer and other high-burden diseases. The company has one marketed combination therapy in its portfolio – Braftovi (encorafenib) plus Mektovi (binimetinib). The therapy is approved for treating unresectable or metastatic melanoma with a BRAF V600E or V600K mutation. The company is also conducting label expansion studies for the combination therapy.

ARRY is a #3 (Hold) on the Zacks Rank, with a VGM Score of B.

It also boasts a Value Style Score of B thanks to attractive valuation metrics like a forward P/E ratio of 11.3; value investors should take notice.

For fiscal 2026, four analysts revised their earnings estimate upwards in the last 60 days, and the Zacks Consensus Estimate has increased $0.08 to $0.72 per share. ARRY boasts an average earnings surprise of +87.3%.

With a solid Zacks Rank and top-tier Value and VGM Style Scores, ARRY should be on investors' short list.

On May 18, 2026, Enphase Energy Inc ENPH shares fell 6.0% to a current price of $49.69. This decline comes despite a strong recent performance, with the stock up 32.0% over the past week and 53.0% over the past month. Over the last year, the shares have seen a slight decline of 1.4%, while they have experienced a volatility range with a 52-week high of $53.89 and a low of $25.78.

GF Value™ verdict: Current price of $49.69 is 22.0% below GF Value™ of $63.69.GF Score™: 75/100, indicating above-average potential for long-term returns.Most notable signal: Insider activity shows that insiders sold $6.0M in the last 3 months, with no buying reported. Is ENPH Overvalued or Undervalued? Enphase Energy Inc ENPH currently trades at $49.69, which is substantially below its GF Value™ of $63.69, indicating that the stock is 22.0% undervalued. This suggests a potential margin of safety for investors who may be looking for opportunities in the renewable energy sector. The GF Valuation label categorizes the stock as "Modestly Undervalued," highlighting the potential for future price appreciation, though caution is advised given the recent insider selling.

GF Value™ is GuruFocus' proprietary measure of intrinsic value, calculated from historical trading multiples, past business growth, and future performance estimates. With the current price sitting below the calculated fair value, there appears to be an opportunity for investors. However, the lack of insider buying may raise some concerns about the company’s short-term outlook and future performance.

How Does ENPH's Valuation Compare to Its History? MetricCurrentHistorical P/E (TTM)49.2x75.9x Forward P/E24.5x- The current P/E (TTM) for Enphase Energy Inc is 49.2x, which is significantly below its 5-year median P/E of 75.9x. The forward P/E of 24.5x also indicates a potential for future growth at a lower valuation compared to its historical performance. This P/E analysis aligns with the GF Value™ verdict of being undervalued, suggesting that ENPH is trading below its historical valuation metrics, indicating a potential opportunity for long-term investors.

What Does ENPH's GF Score™ Tell Us? MetricRating GF Score™75/100 Financial Strength7/10 Profitability7/10 Growth3/10 Valuation10/10 Momentum5/10 The GF Score™ of 75/100 highlights that Enphase Energy Inc has above-average potential for long-term returns based on its financial strength, profitability, and valuation metrics. The strongest areas are its financial strength and profitability, both rated at 7/10, indicating a solid foundation. However, growth is a weaker area with a score of 3/10, suggesting that while the company is well-positioned financially, it may face challenges in achieving significant growth.

What Are Insiders Doing with ENPH Stock? In the past three months, insiders have sold $6.0 million worth of shares in Enphase Energy Inc, with no recorded insider buying during this period. This pattern of selling might suggest a lack of confidence among insiders regarding the stock’s short-term prospects, which can be a red flag for potential investors. Such actions can influence market perception and may warrant caution when considering future investment in the stock.

What This Means for Investors Based on the current valuation metrics and the GF Value™ assessment, Enphase Energy Inc is considered modestly undervalued. The current price of $49.69 presents a potential opportunity for investors, although the recent insider selling and lower growth score should be taken into account. Potential investors should weigh these factors carefully when evaluating their investment strategy.

For the complete analysis, visit the Enphase Energy Inc ENPH stock page. You can also explore the GF Value™ page for detailed valuation methodology, or use the GuruFocus Stock Screener to find similar opportunities.

Frequently Asked Questions What is ENPH's GF Score™?

ENPH has a GF Score™ of 75/100, indicating above-average potential for long-term returns based on its financial metrics.

Is ENPH overvalued or undervalued?

ENPH is currently considered undervalued with a GF Value™ of $63.69 compared to its current price of $49.69, reflecting a 22.0% upside potential.

What is ENPH's P/E ratio?

ENPH's P/E (TTM) is 49.2x, which is significantly below its 5-year median P/E of 75.9x, indicating that it is currently trading at a lower valuation compared to its historical performance.

This stock alert was generated using automated technology and GuruFocus financial data to provide readers with timely and accurate market reporting. This content was reviewed by GuruFocus editorial team prior to publication. Please send any questions or comments about this story to [email protected].

FREMONT, Calif., May 21, 2026 (GLOBE NEWSWIRE) -- Enphase Energy, Inc. (NASDAQ: ENPH), a global energy technology company, today published a technical white paper titled “Enphase Adoption of GaN Bi-Directional Switch Technology for Distributed Power Electronics.” The paper provides an engineering view of Enphase’s adoption of Gallium Nitride High Electron Mobility Transistor Bi-Directional Switch technology, or GaN HEMT BDS (also referred to as GaN BDS), and explains how the technology is expected to support Enphase’s next generation of distributed power electronics products. The white paper is available here.

Wide bandgap semiconductors are becoming increasingly important across power electronics. Silicon carbide is widely used in high-power electric vehicle (EV) and industrial systems, while GaN has gained traction in compact smartphone and laptop chargers. The Enphase white paper focuses on a specialized form of GaN, the monolithically integrated GaN BDS, and explains why it is well suited to Enphase’s modular, high-frequency, distributed power conversion architecture.

Enphase’s adoption of GaN BDS began with the IQ9™ Series Microinverters for both commercial and residential solar applications. The technology is designed to enable higher switching frequency, improved efficiency, higher power density, and broader AC operating voltage capability for 480 VAC three-phase commercial applications in the United States.

Conventional bi-directional switches typically use two back-to-back unidirectional power transistors. A monolithically integrated GaN BDS uses a single device structure to block voltage in either direction. This approach can reduce semiconductor die area, gate charge, component count, and cost compared with conventional back-to-back switch implementations. The white paper details how these device-level advantages translate into system-level benefits for Enphase products.

“GaN BDS is an important technology step for Enphase,” said Raghu Belur, co-founder and chief product officer at Enphase Energy. “It helps us push more power through smaller, more efficient, and more cost-effective distributed power converters while staying true to our core architecture. This white paper explains why the technology is a strong fit for our roadmap across microinverters, batteries, EV charging, and AI data center power systems.”

The paper highlights four technical advantages of GaN BDS technology:

Higher efficiency: GaN BDS devices reduce switching and gate-drive losses, helping improve power conversion efficiency.Higher switching frequency: Lower gate charge and high-frequency operation help reduce the size of magnetics and passive filter components.Expanded voltage capability: GaN BDS technology supports higher AC operating voltages, including commercial three-phase grid applications.Cost advantage: The monolithic bi-directional switch structure can reduce semiconductor die area and cost compared with conventional back-to-back switch implementations. In addition to IQ9 Series Microinverters, the paper describes how GaN BDS technology is expected to support Enphase’s Microinverter platform, next-generation battery systems, IQ® Bidirectional EV Charger, and the IQ® Solid-State Transformer (IQ SST) for AI data center power infrastructure. For the IQ SST, the power module is expected to use higher-voltage GaN BDS and GaN uni-directional switch devices as part of Enphase’s distributed architecture for supporting 800 VDC and ±400 VDC power systems.

The white paper also describes Enphase’s work with semiconductor partners to advance GaN BDS technology from early prototypes to commercially available devices. Available here, the paper discusses substrate management circuits, industry-standard packaging, surge robustness, long-term reliability, and the respective roles of GaN and SiC in power conversion.

About Enphase Energy, Inc.

Enphase Energy, a global energy technology company based in Fremont, CA, is the world's leading supplier of microinverter-based solar and battery systems, EV chargers, home energy management systems, and virtual power plant (VPP) solutions. Enphase products enable people to harness the sun to make, use, save, and sell their own power, all controlled through the Enphase App. The company revolutionized the solar industry with its microinverter-based technology and has shipped approximately 87.8 million microinverters, with more than 5.2 million Enphase-based systems deployed in over 165 countries. For more information, visit https://enphase.com/.

©2026 Enphase Energy, Inc. All rights reserved. Enphase Energy, Enphase, the “e” logo, IQ, and certain other marks listed at https://enphase.com/trademark-usage-guidelines are trademarks or service marks of Enphase Energy, Inc. Other names are for informational purposes and may be trademarks of their respective owners.

Forward-Looking Statements

This press release may contain forward-looking statements, including statements related to the expected capabilities, features, performance, efficiency, reliability, voltage capability, cost advantages, architecture, functionality, and benefits of GaN HEMT BDS technology and GaN HEMT Uni-Directional Switch technology in Enphase products; Enphase Energy’s ability to support Enphase’s next generation of distributed power electronics products; the expected capabilities and performance of IQ9 and IQ10 Series Microinverters; the expected use of GaN technology in Enphase battery storage systems, bi-directional EV chargers, and the IQ Solid-State Transformer; the expected ability of GaN technology to support higher switching frequency, higher power density, improved efficiency, expanded operating voltage, reduced semiconductor die area, reduced component size, reduced cost, improved surge robustness, and increased reliability; and Enphase Energy’s expectations regarding the suitability of GaN technology for commercial and industrial solar, battery storage, EV charging, and AI data center power infrastructure. These forward-looking statements are based on Enphase Energy’s current expectations and assumptions and inherently involve significant risks and uncertainties. Actual results and the timing of events could differ materially from those contemplated by these forward-looking statements as a result of such risks and uncertainties. Such risks include, but are not limited to, technological development and validation risks; semiconductor supply availability and qualification timing; the ability to achieve targeted performance, efficiency, reliability, voltage, and cost metrics at scale; customer acceptance and adoption of new power semiconductor architectures; competitive dynamics; supply chain availability and costs; execution risks related to new product development and new market entry; and other factors discussed in Enphase Energy’s filings with the Securities and Exchange Commission, including those risks described in more detail in Enphase Energy’s most recently filed Annual Report on Form 10-K and Quarterly Report on Form 10-Q, and other filings made from time to time with the Securities and Exchange Commission. Enphase Energy undertakes no duty or obligation to update any forward-looking statements contained in this release as a result of new information, future events, or changes in its expectations, except as required by law.

Contact:

Enphase Energy
[email protected]

On May 26, 2026, Enphase Energy Inc ENPH shares rose 4.5%, closing at $66.90. This move comes amid a remarkable price performance, with shares rising 43.1% over the past week and 87.0% over the last month. The stock has traded within a 52-week range of $25.78 to $68.90.

GF Value™ verdict: The current price of $66.90 is 5.4% above the GF Value™ estimate of $63.46, indicating the stock is overvalued.GF Score™: With a score of 79/100, ENPH is rated as Above Average, suggesting strong potential for long-term returns.Most notable signal: Insiders have sold $6.0 million worth of shares in the last three months, indicating a lack of confidence among company insiders. Is ENPH Overvalued or Undervalued? Enphase Energy Inc ENPH is currently trading at $66.90, which is 5.4% above its GF Value™ estimate of $63.46. This indicates that the stock is overvalued at its current price. Investors may want to be cautious, as buying at overvalued levels can lead to potential losses if the market corrects itself. The GF Valuation label indicates that the stock is fairly valued based on its historical performance and future growth projections. However, being above the estimated fair value presents a risk for investors if the company does not meet the high expectations priced into the stock.

GF Value™ is GuruFocus' proprietary measure of intrinsic value, calculated from historical trading multiples, past business growth, and future performance estimates.

How Does ENPH's Valuation Compare to Its History? Metric Current Historical P/E (TTM) 66.2x 75.8x Forward P/E 33.2x N/A Currently, ENPH's P/E (TTM) of 66.2x is 13% below its 5-year median P/E of 75.8x, indicating that the stock is trading below its historical valuation. This P/E analysis aligns with the GF Value™ verdict that suggests the stock is overvalued, as even with a lower P/E ratio compared to its historical averages, the current price exceeds the intrinsic value estimate.

What Does ENPH's GF Score™ Tell Us? The GF Score™ ranks stocks from 0 to 100 based on five key aspects: Financial Strength, Profitability, Growth, Valuation, and Momentum. Stocks with higher GF Score™ values have been found to generate higher long-term returns (backtested 2006-2021).

Metric Rating GF Score™ 79/100 Financial Strength 7/10 Profitability 8/10 Growth 3/10 Valuation 9/10 Momentum 8/10 The GF Score™ of 79/100 indicates that Enphase Energy Inc is performing well overall, particularly in terms of Valuation (9/10) and Profitability (8/10). However, the Growth ranking at 3/10 suggests that the company may face challenges in maintaining high growth rates moving forward. The strong Valuation score indicates that while the stock may have good fundamentals, the current market price may not reflect that strength accurately.

What Are Insiders Doing with ENPH Stock? Insider activity for Enphase Energy Inc has shown a significant selling trend, with insiders selling a total of $6.0 million worth of shares in the last three months. This pattern may suggest a lack of confidence in the company's near-term performance or potential valuation, as insiders typically have a good insight into the company's prospects. The absence of any insider buying further emphasizes caution among those closest to the company.

What This Means for Investors Based on the GF Value™ analysis, Enphase Energy Inc ENPH is currently considered overvalued. The current price exceeds the intrinsic value estimate, indicating potential risks for investors if the stock does not deliver on growth expectations. Caution is advised for those considering an investment at this level.

For the complete analysis, visit the Enphase Energy Inc ENPH stock page. You can also explore the GF Value™ page for detailed valuation methodology, or use the GuruFocus Stock Screener to find similar opportunities.

Frequently Asked Questions What is ENPH's GF Score™?

ENPH has a GF Score™ of 79/100, indicating that it is rated as Above Average, suggesting strong potential for long-term returns.

Is ENPH overvalued or undervalued?

ENPH is currently overvalued, with a GF Value™ estimate of $63.46 compared to its current price of $66.90.

What is ENPH's P/E ratio?

ENPH's P/E (TTM) is 66.2x, which is 13% below its 5-year median of 75.8x, indicating that it is trading below its historical valuation.

This stock alert was generated using automated technology and GuruFocus financial data to provide readers with timely and accurate market reporting. This content was reviewed by GuruFocus editorial team prior to publication. Please send any questions or comments about this story to [email protected].