Market Signal Briefing

CompaniesMarch 5 (Reuters) - Britain's Harbour Energy (HBR.L), opens new tab ​raised its 2026 output outlook ‌on Thursday, citing a strong ​start to ​the year, helped by early ⁠contributions ​from its newly ​acquired LLOG assets.

The company now ​expects ​2026 production of 475,000-500,000 ‌barrels ⁠of oil equivalent per day (boepd), ​compared ​with ⁠the earlier estimate of ​435,000-455,000 boepd.

The Reuters Power Up newsletter provides everything you need to know about the global energy industry. Sign up here.

Reporting ​by ⁠Ankita Bora in ⁠Bengaluru; ​Editing ​by Sumana Nandy and ​Rashmi Aich

Our Standards: The Thomson Reuters Trust Principles., opens new tab

, /PRNewswire/ -- Rosen Law Firm, a global investor rights law firm, announces a class action lawsuit on behalf of purchasers of ordinary shares of uniQure N.V. (NASDAQ: QURE) between September 24, 2025, and October 31, 2025, inclusive (the "Class Period"). A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than April 13, 2026.

So What: If you purchased uniQure ordinary shares during the Class Period you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement.

What to do next: To join the uniQure class action, go to https://rosenlegal.com/submit-form/?case_id=53025 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action. A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than April 13, 2026. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.

Why Rosen Law: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources, or any meaningful peer recognition. Many of these firms do not actually litigate securities class actions, but are merely middlemen that refer clients or partner with law firms that actually litigate the cases. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm has achieved, at that time, the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs' Bar. Many of the firm's attorneys have been recognized by Lawdragon and Super Lawyers.

Details of the case: According to the lawsuit, defendants misrepresented and/or failed to disclose that: (1) the design of uniQure's Pivotal Study (a study of uniQure's leading drug candidate in patients with Huntington's Disease) — including comparison of the Pivotal Study results to the ENROLL-HD external historical data set— was not fully approved by the U.S. Food and Drug Administration (the "FDA"); (2) defendants downplayed the likelihood that, despite purportedly highly successful results from the Pivotal Study, uniQure would have to delay its Biologics License Application ("BLA") timeline to perform additional studies to supplement its BLA submission; and (3) as a result, defendants' statements about uniQure's business, operations, and prospects lacked a reasonable basis. When the true details entered the market, the lawsuit claims that investors suffered damages.

To join the uniQure class action, go to https://rosenlegal.com/submit-form/?case_id=53025 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action.

No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor's ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.

Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm, on Twitter: https://twitter.com/rosen_firm or on Facebook: https://www.facebook.com/rosenlawfirm/.

Attorney Advertising. Prior results do not guarantee a similar outcome.

Contact Information:

      Laurence Rosen, Esq.
      Phillip Kim, Esq.
      The Rosen Law Firm, P.A.
      275 Madison Avenue, 40th Floor
      New York, NY 10016
      Tel: (212) 686-1060
      Toll Free: (866) 767-3653
      Fax: (212) 202-3827
      [email protected]
      www.rosenlegal.com

SOURCE THE ROSEN LAW FIRM, P. A.

Q4: 2026-03-04 Earnings SummaryEPS of -$2.11 misses by $0.15

 |

Revenue of

$47.20M

(-15.41% Y/Y)

beats by $7.81M

Stem, Inc. (STEM) Q4 2025 Earnings Call March 4, 2026 5:00 PM EST

Company Participants

Erin Reed - Head of Investor Relations
Arun Narayanan - CEO & Director
Brian Musfeldt - Chief Financial Officer

Conference Call Participants

Justin Clare - ROTH Capital Partners, LLC, Research Division

Presentation

Operator

Greetings. Welcome to Stem's Fourth Quarter 2025 Results Conference Call. [Operator Instructions] Please note, this conference is being recorded.

I will now turn the conference over to Erin Reed, Head of Investor Relations. Thank you. You may begin.

Erin Reed
Head of Investor Relations

Thank you, operator. This is Erin Reed, Head of Investor Relations at Stem. We welcome you to our fourth quarter and full year 2025 earnings call. Before we begin, please note that some of the statements we will be making today are forward-looking. These statements involve risks and uncertainties that could cause our results to differ materially from those projected in these statements. We, therefore, refer you to our latest 10-K and other SEC filings and supplemental materials, which can be found on our IR website.

Our comments today also include non-GAAP financial measures. Additional details and reconciliations to the most directly comparable GAAP financial measures can be found in our fourth quarter and full year 2025 earnings release, which is on our website. Arun Narayanan, CEO; and Brian Musfeldt, CFO, will start the call today with prepared remarks, and then we will take your questions. With that, I will turn the call over to Arun.

Arun Narayanan
CEO & Director

Thank you, Erin. Good afternoon, everyone, and thank you all for joining us today. I am pleased to be speaking with you 1 year after assuming the role of CEO, and I could not be more proud of what the Stem team has accomplished over the past 12 months, best-in-class execution, unwavering commitment to our

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Aviva PLC announced a 10% increase in its final dividend alongside a £350 million share buyback as it posted results for what chief executive Amanda Blanc boasted was an "outstanding performance" for 2025.

Group operating profit jumped 25% to £2.2 billion as the life insurer delivered financial targets 12 months ahead of schedule.

IFRS return on equity climbed to 17.5% from 15.7% the prior year and cash remittances rose 4% to just over £2 billion. The dividend was lifted to 26.2p per share.

Blanc noted that it marked Aviva's fifth consecutive year of strong, profitable growth, with broad-based momentum across its divisions.

General insurance premiums jumped 18% to £14.1 billion, underpinned by the acquisition of Direct Line and robust growth in both UK personal and commercial lines.

Blanc said the wealth business "cemented our position as the number one player" with over £230 billion of assets, attracting record net inflows of almost £11 billion and winning more than 500 new workplace pension schemes.

Looking ahead, Aviva set new three-year targets that included operating earnings per share growth of 11% annually through to 2028 and an IFRS return on equity exceeding 20%, with cumulative cash remittances of more than £7 billion targeted between 2026 and 2028.

The FTSE 100 group said it expects growth and earnings momentum to continue in 2026, supported by its diversified model and the full contribution of Direct Line.

The Lysol disinfectant maker's sales grew 5% on a like-for-like basis on year, Reckitt Benckiser said.

Helium One Global Ltd (AIM:HE1, OTCQB:HLOGF, FRA:9K3) has told investors that its Galactica helium project in Colorado has reached a significant commercial milestone, after the operator reported the processing plant is now loading refined helium into a tube trailer for sale under spot-market arrangements.

The AIM-listed helium explorer, which holds a 50% working interest in the Galactica-Pegasus development project, said Blue Star Helium has commissioned the plant’s amine unit to remove CO₂ from the inlet gas stream. That enables an integrated flow path, with helium-enriched gas refined through the Helium Recovery Unit before being pumped into the onsite trailer.

Blue Star said the team is continuing to optimise plant settings, operating pressures and flow rates to maximise recovery efficiency as output ramps up. The operator reported State-9 and State-16 are tied in and producing alongside Phase 1 wells Jackson-31 and Jackson-29, while Jackson-4 is temporarily offline for a rental change-out.

Jackson-2 is now tied into the gathering system and is awaiting well site compression and monitoring before being brought onstream.

The tie-in of Jackson-27 remains scheduled to coincide with CO₂ sales, with CO₂ liquefaction from the amine unit targeted before the end of the first half of 2026.

March 05, 2026 03:00 ET  | Source: Teledyne e2v

GRENOBLE, France, March 05, 2026 (GLOBE NEWSWIRE) -- Teledyne e2v, a Teledyne Technologies [NYSE: TDY] company and global innovator of imaging solutions, announces the launch of the Perciva™ 5D camera, a breakthrough imaging innovation designed to make high-quality short-range 3D vision cost-effective, reliable, and easy to integrate.

Most industrial cameras only capture 2D images, yet many applications increasingly require depth perception at close and very-close distances. Perciva 5D delivers this capability through a unique Angular Sensitive Pixel technology and advanced on-board processing, enabling real-time 2D and 3D image fusion at the calibrated working distance range. Perciva 5D also features a powerful Neural Processing Unit (NPU), enabling Artificial Intelligence models to run on-device and be customized to each customer’s specific requirements.

Perciva 5D generates 2D and 3D data from a single CMOS sensor, free from optical occlusion, producing time-aligned 2D frames alongside pixel-aligned 3D depth maps. With comprehensive 3D processing built directly into the camera, users benefit from immediate depth maps or point-cloud outputs. Perciva 5D operates using ambient light, indoors or outdoors, eliminating the need for an external NIR source while maintaining reliable performance and minimizing overall system costs. Designed for challenging environments, it offers plug-and-play integration through its GenICam-compliant, GigE Vision interface and robust IP6x-rated housing with industrial M12 connectors.

Factory calibrated and weighing just 230 grams, Perciva 5D operates at less than 5 W, and is ideal for robotics (arms, cobots and humanoids), retail self-checkout solutions, and 3D industrial process monitoring. It supports user-adjustable frame rates or triggered acquisition and multiple power options. Using GenDC / GenTL the camera integrates seamlessly with Teledyne’s Spinnaker® 4 API and SpinView® for 2D / 3D visualisation, as well as leading machine-vision software platforms.

Perciva 5D will be showcased during Embedded World, Nuremberg, Germany, from 10-12 March 2026. Visit Teledyne at stand 2-541 in Hall 2 or contact us online for more information.

Documentation, samples, and software for evaluation or development are available upon request.

Teledyne Vision Solutions offers the world’s most comprehensive, vertically integrated portfolio of industrial and scientific imaging technology. Aligned under one umbrella, Teledyne DALSA, e2v CMOS image sensors, FLIR IIS, Lumenera, Photometrics, Princeton Instruments, Judson Technologies, Acton Optics, and Adimec form an unrivalled collective of expertise across the spectrum with decades of experience and best-in-class solutions. Together, they combine and leverage each other’s strengths to provide the deepest, widest sensing and related technology portfolio in the world. Teledyne offers worldwide customer support and the technical expertise to handle the toughest tasks. Their tools, technologies, and vision solutions are built to deliver to their customers a unique and competitive advantage.

Media Contact:
[email protected]

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/30ede095-e44a-4a38-87f4-2a727d75ea9c

Teledyne e2v's Perciva 5D camera Teledyne e2v’s Perciva 5D camera generates 2D and 3D data from a single CMOS sensor

March 05, 2026 03:00 ET  | Source: Wix.com, Ltd.

NEW YORK —Wix.com Ltd. (Nasdaq: WIX) (“Wix” or the “Company”) today announced that it commenced a “modified Dutch Auction” tender offer to purchase up to $1,750,000,000 in aggregate purchase price of its issued and outstanding ordinary shares, par value NIS 0.01 per share (each, a “Share,” and collectively, “Shares”), or such lesser aggregate purchase price of Shares as are properly tendered and not properly withdrawn, at a price not greater than $92.00 nor less than $80.00 per Share to the tendering holder in cash, less any applicable withholding taxes and without interest. The tender offer is made in accordance with the terms and subject to the conditions described in the offer to purchase, the related letter of transmittal and other related materials, as each may be amended or supplemented from time to time. 

The closing price of the Shares on the Nasdaq Global Select Market on March 4, 2026, the last full trading day before the commencement of the tender offer, was $83.78 per Share. The tender offer is scheduled to expire at one (1) minute after 11:59 P.M., New York City time, on April 1, 2026, unless the offer is extended or terminated. 

The Company believes that the repurchase of Shares pursuant to the tender offer is consistent with its long-term goal of allocating capital to maximize value for its shareholders and other stakeholders. Further, the offer also provides a mechanism for completing the Company’s authorized share repurchase program more rapidly than would be possible through open market repurchases. The Company believes that the modified Dutch auction tender offer provides its shareholders with the opportunity to tender all or a portion of their Shares, and thereby receive a return of some or all of their investment in the Company, if they so elect. The Company believes that the tender offer also provides its shareholders with an efficient way to sell their Shares without incurring brokerage fees or commissions associated with open market sales.

The tender offer is not contingent upon any minimum number of Shares being tendered or any financing condition. However, the tender offer is subject to a number of other terms and conditions, which are described in detail in the offer to purchase. Specific instructions and a complete explanation of the terms and conditions of the tender offer are contained in the offer to purchase, the related letter of transmittal and other related materials, which will be mailed to shareholders of record promptly after commencement of the tender offer.

None of the Company, the members of its Board of Directors, the dealer manager, the information agent or the depositary makes any recommendation as to whether any shareholder should participate or refrain from participating in the tender offer or as to the purchase price or purchase prices at which shareholders may choose to tender their Shares in the tender offer.

The information agent for the tender offer is D.F. King & Co., Inc. The depositary for the tender offer is Equiniti Trust Company, LLC. The dealer manager for the tender offer is J.P. Morgan Securities LLC. For all questions relating to the tender offer, please call the information agent, D.F. King & Co., Inc., toll-free at 1-888-280-6942; banks and brokers may call the dealer manager, J.P. Morgan Securities LLC, toll-free at 1 (877) 371-5947.

About Wix.com Ltd.

Wix’s vision is to simplify complex technologies and deliver the best tools for every type of user and business to create online. Powered by advanced AI and enterprise-grade infrastructure, Wix is trusted by millions of users worldwide. Founded in 2006 and strengthened by the acquisition in 2025 of Base44, the no-code application platform, Wix is continuing to build for the future of the internet.

For more about Wix, please visit our Press Room
Media Relations Contact: [email protected]
Investor Relations Contact: [email protected]  

Additional Information Regarding the Tender Offer

This press release is for informational purposes only. This press release is not a recommendation to buy or sell Shares or any other securities of Wix, and it is neither an offer to purchase nor a solicitation of an offer to sell Shares or any other securities of Wix.

Wix will be filing today a tender offer statement on Schedule TO, including an offer to purchase, a related letter of transmittal and other related materials, with the United States Securities and Exchange Commission (the “SEC”). The tender offer will only be made pursuant to the offer to purchase, the related letter of transmittal and other related materials filed as part of the issuer tender offer statement on Schedule TO, in each case as may be amended or supplemented from time to time. Shareholders should read carefully the offer to purchase, the related letter of transmittal and other related materials because they contain important information, including the various terms of, and conditions to, the tender offer.

Shareholders will be able to obtain a free copy of the tender offer statement on Schedule TO, the offer to purchase, the related letter of transmittal and other related materials that Wix will be filing with the SEC at the SEC’s website at www.sec.gov. In addition, free copies of these documents may be obtained by contacting D.F. King & Co., Inc., the information agent for the tender offer, toll-free at 1-888-280-6942.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties. Forward-looking statements include, but are not limited to, statements regarding our acquisition of Shares in the tender offer, the expected timing of completing the tender offer, our beliefs and expectations, the benefits sought to be achieved by the tender offer and the potential effects of the completed tender offer, and may be identified by words like “anticipate,” “assume,” “believe,” “aim,” “forecast,” “indication,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “subject,” “project,” “outlook,” “future,” “will,” “seek” and similar terms or phrases. The forward-looking statements contained in this press release are based on management’s current expectations, which are subject to uncertainty, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Important factors that could cause our actual results to differ materially from those indicated in the forward-looking statements include, among others, risks associated with uncertainties as to the timing of the tender offer and how many of our shareholders will tender their Shares, and the possibility that various conditions to the tender offer may not be satisfied or waived.  Other important factors that could cause our actual results to differ materially from those indicated in the forward-looking statements include those factors discussed under the heading “Risk Factors” in our annual report on Form 20-F filed with the SEC. The preceding list is not intended to be an exhaustive list of all of our forward-looking statements. Any forward-looking statement made by us in this press release speaks only as of the date hereof. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future developments or otherwise.

Vancouver, British Columbia--(Newsfile Corp. - March 5, 2026) - Kingman Minerals Ltd. (TSXV: KGS) (OTCQB: KGSSF) (FSE: 47A1) ("Kingman" or the "Company") is pleased to announce that it has engaged Burgex Mining Consultants to conduct underground sampling to obtain material for mineral processing and metallurgical testwork as part of a staged technical reassessment program at the historic Rosebud Mine, part of the Company's wholly owned Mohave Project in Arizona.

The program is designed to (i) document the underground geometry and vein exposures that remain accessible within the historic workings, and (ii) collect underground material for laboratory mineral processing and metallurgical testing under established protocols. The Company intends to use the resulting underground record and test results to refine current geological interpretation and guide next-step exploration decisions.

Figure 1 - Burgex personnel conducting a surface inspection and safety assessment of the historic Rosebud Mine production shaft area during a recent site visit.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/9368/286302_aab4a6ab148c2801_001full.jpg

Rationale

Rosebud was discovered more than 140 years ago and mined intermittently for gold and silver, most prominently during the late 1920s and early 1930s. The historic workings preserve a direct record of how mining progressed through the vein system-where development advanced, where stoping occurred, where material was left in place, and where work ultimately ceased.

Simon Studer, Interim CEO, President and Director, commented: "Recovering material from multiple underground exposures and submitting it to mineral processing and metallurgical testwork is one of the most direct ways to clarify what the historic workings reveal—where mining advanced, where it stopped, and what may have constrained development at the time. He continued: "The objective is to reduce uncertainty around continuity, variability, and metallurgical response—including potential oxide versus sulfide differences."

Scope of Work and Timeline Considerations

The underground sampling and technical evaluation program are designed as a staged campaign integrating geological documentation, survey-grade measurement, and material characterization from accessible areas of the historic workings.

Key elements include:

- Underground access and evaluation: work will begin at accessible portions of the 100-foot level, with further access to additional levels evaluated as underground conditions allow.
- LiDAR survey: three-dimensional capture of shafts, drifts, and stopes to establish survey control and preserve a permanent underground record.
- Metallurgical testing: material collected underground will be submitted for laboratory mineral processing and metallurgical testing.

Program sequencing and access will be guided by underground safety considerations and site conditions encountered during the work. Burgex's crew mobilization is expected to occur on or about March 11, 2026, subject to final safety planning and authorizations.

Prior Underground Reconnaissance Phases

In early 2020, Burgex accessed the 100-foot level and collected 17 rock samples. No access was obtained below that level at the time due to obstructions within the shaft. Reported assays included values up to 252 g/t gold and 341 g/t silver over 0.46 metres (see May 14, 2020 NR). These samples were analyzed by ALS Laboratories in Reno.

A subsequent 2020 program cleared debris below the 100-foot level and accessed the 200-foot level. Channel sampling during that phase returned assays up to 688 g/t gold and 468 g/t silver. over 0.18 metres (see May 19, 2020 NR).

Figure 2 - Longitudinal section of the historic Rosebud Mine workings showing interpreted vein blocks, historic underground development, and locations of previous sampling. Values in red were collected by Burgex during the 2020 underground sampling programs. All values are presented in Au (g/t)/Ag (g/t). 

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/9368/286302_aab4a6ab148c2801_002full.jpg

These programs identified high-grade results within accessible workings and informed the design and sequencing of the current staged underground reassessment.

Technical Disclaimer

Historical underground sampling referenced herein, including grab and channel samples, is selective in nature and may not be representative of overall mineralization. Reported assay results should not be relied upon as indicative of grade continuity, tonnage potential, or economic viability.

Qualified Person

The technical information contained in this news release has been reviewed and approved by Brad Peek, M.Sc., CPG, a Qualified Person as defined under National Instrument 43-101 – Standards of Disclosure for Mineral Projects. Mr. Peek is a Director of Kingman Minerals Ltd.

ABOUT

Kingman Minerals Ltd. (TSXV: KGS) is a publicly traded exploration and development company focused on precious metals in North America. The Company's flagship project comprises the fully owned historic Rosebud Mine, located in the Music Mountains, Mohave County, Arizona. High-grade gold and silver veins were discovered in the area in the 1880s and were mined mainly in the late 1920s and 1930s. Underground development on the Rosebud property included a 400-foot main shaft and approximately 2,500 feet of drifts, raises and crosscuts.

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

Cautionary Statement Regarding Forward-Looking Information This news release contains forward-looking information within the meaning of applicable securities laws. Forward-looking information includes, but is not limited to, statements regarding the planned scope, timing, mobilization, underground access, extraction, sampling, laboratory and metallurgical testing, and expected outcomes of the underground program. Forward-looking information is based on management's current expectations and reasonable assumptions, but involves known and unknown risks, uncertainties and other factors that may cause actual results to differ materially, including permitting and regulatory requirements, underground conditions, safety and access constraints, contractor availability and performance, laboratory capacity and turnaround times, and general market and economic conditions. Readers are cautioned not to place undue reliance on forward-looking information. The Company undertakes no obligation to update forward-looking information except as required by law.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/286302

Source: Kingman Minerals Ltd.

Ready to Announce with Confidence? Send us a message and a member of our TMX Newsfile team will contact you to discuss your needs.

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Gilead logo is seen in this illustration taken August 5, 2025. REUTERS/Dado Ruvic/Illustration/File Photo Purchase Licensing Rights, opens new tab

SummaryCompaniesSouth Africa aims to boost access to HIV prevention drug nationally and regionallyLenacapavir could help bring an end to 44-year old epidemic, experts saySub-Saharan Africa remains epicentre of HIV pandemicLONDON, March 5 (Reuters) - South Africa is asking ​local drugmakers to start a process to make Gilead Sciences’ long-acting HIV prevention drug, lenacapavir, domestically, ‌in a push to bring production to the region where it is most needed.

The government is working alongside international partners, including Unitaid and the United States Pharmacopoeia, to identify which local company could make the twice-yearly injection safely, effectively and affordably, and provide any ​support needed. They will then recommend that company to Gilead.

Keep up with the latest medical breakthroughs and healthcare trends with the Reuters Health Rounds newsletter. Sign up here.

Gilead, a U.S. pharmaceutical company, granted six voluntary licences in ​2024 to generic manufacturers across India, Egypt and Pakistan to produce and supply the drug ⁠to 120 low- and middle-income countries. These included South Africa, although there was criticism that no South African ​drugmakers were included.

A licence for a South African company would be the seventh such deal, potentially boosting access to a ​drug many HIV/AIDS experts have said could help bring an end to the 44-year-old pandemic by slashing the numbers of new infections.

Gilead said it has been open to adding an additional voluntary license for local manufacturing in Sub-Saharan Africa. "Gilead will review the proposals and assess ​whether required quality standards can be met before any voluntary license is granted," the company said in an email.

AFRICA ​REMAINS EPICENTRE OF HIV PANDEMICDespite progress, the African region remains the epicentre of the HIV pandemic. South Africa has the highest number ‌of ⁠people affected at 8 million – around one in five adults – living with the virus. Several companies in South Africa already make HIV treatments or sterile injectables, like Aspen Pharmacare.

Paul Mashatile, chair of the South African National AIDS Council and deputy president, said making the drug in South Africa would benefit the whole region.

“Africa can no longer rely on medicines ​produced elsewhere for diseases that ​affect us most,” said ⁠Kenyan President William Ruto, African Union lead on local manufacturing of health commodities.

ACCESS CHALLENGESIn the past, low- and middle-income countries waited years for HIV drugs available in richer nations. Lenacapavir ​is already available in some African countries through an initiative supported by The Global ​Fund to Fight ⁠AIDS, Tuberculosis and Malaria and the U.S. government, but demand is expected to outstrip supply until the generic manufacturers start making the drug.

Those agreements also faced some criticism for excluding middle-income countries like Brazil. A South African company could try to ⁠expand access ​there, too, Unitaid said.

“It’s an opportunity to open the door further,” ​said Unitaid’s director of program, Robert Matiru, although he said a licence for a South African company was the key aim.

Reporting by Jennifer Rigby, ​additional reporting by Nellie Peyton and Nqobile Dludla in Johannesburg and Deena Beasley in Los Angeles; Editing by Kirsten Donovan

Our Standards: The Thomson Reuters Trust Principles., opens new tab

Jen is the Global Health Correspondent at Reuters, covering everything from pandemics to the rise of obesity worldwide. Since joining the news agency in 2022, her award-winning work includes coverage of gender-affirming care for adolescents in the UK and a global investigation with colleagues into how contaminated cough syrup killed hundreds of children in Africa and Asia. She previously worked at the Telegraph newspaper and Channel 4 News in the UK, and spent time as a freelancer in Myanmar and the Czech Republic.

LONDON — European stocks are set to open in mixed territory again on Thursday as market participants follow geopolitical developments in the Middle East.

The U.K.'s FTSE index is seen opening 0.5% higher, Germany's DAX down 0.2%, France's CAC 40 down 0.25% and Italy's FTSE MIB 0.2% lower, according to data from IG.

Spain's IBEX is expected to open 0.5% lower with the country in trouble with U.S. President Donald Trump after it refused to allow U.S. forces to use its bases for strikes on Iran. "Spain has been terrible," Trump said on Tuesday. "We're going to cut off all trade with Spain. We don't want anything to do with Spain."

Global market attention remains focused on the U.S. and Israel's war on Iran, with attacks intensifying over the last 24 hours.

Israel on Wednesday launched a fresh round of attacks on Tehran, with the country's defense minister vowing to "crush" the Iranian regime's capabilities. Meanwhile, the U.S. said has destroyed 17 Iranian ships and nearly 2,000 targets.

Follow CNBC's live blog on Iran here: War powers vote fails in the Senate, allowing Trump to continue Iran strikes

In Iran, senior clerics responsible for selecting the next supreme leader are considering naming Mojtaba Khamenei, son of the late Ayatollah Ali Khamenei, to the top post, according to reports.

The U.S. and Israel's endgame when it comes to "Operation Epic Fury" remains uncertain, and experts have told CNBC they could get bogged down in the war if the Iranian regime proves more resilient than expected.

Earnings come from Merck, DHL Group, Reckitt Benckiser, Galderma Group and Universal Music Group while data releases include the latest EU retail sales figures.

, /PRNewswire/ -- Gaotu Techedu Inc. (NYSE: GOTU) ("Gaotu" or the "Company"), a leading technology-driven education company in China focused on enabling lifelong learning through AI-powered solutions, today announced its unaudited financial results for the fourth quarter and fiscal year ended December 31, 2025.

Fourth Quarter 2025 Highlights[1]

Net revenues were RMB1,685.3 million, increased by 21.4% from RMB1,388.6 million in the same period of 2024. Gross billings[2] were RMB2,573.7 million, increased by 19.1% from RMB2,160.2 million in the same period of 2024. Loss from operations was RMB118.0 million, compared with loss from operations of RMB149.3 million in the same period of 2024. Net loss was RMB84.2 million, compared with net loss of RMB135.8 million in the same period of 2024. Non-GAAP net loss was RMB76.8 million, compared with non-GAAP net loss of RMB123.5 million in the same period of 2024. Net operating cash inflow was RMB964.8 million, increased by 23.1% from RMB783.6 million in the same period of 2024. Fourth Quarter 2025 Key Financial and Operating Data
(In thousands of RMB, except for percentages)

For the three months ended December 31,

2024

2025

Pct. Change

Net revenues

1,388,621

1,685,315

21.4 %

Gross billings

2,160,179

2,573,685

19.1 %

Loss from operations

(149,274)

(118,049)

(20.9) %

Net loss

(135,834)

(84,183)

(38.0) %

Non-GAAP net loss

(123,541)

(76,834)

(37.8) %

Net operating cash inflow

783,643

964,763

23.1 %

[1] For a reconciliation of non-GAAP numbers, please see the table captioned "Reconciliations of non-GAAP measures to the most comparable GAAP measures" at the end of this press release. Non-GAAP income (loss) from operations and non-GAAP net income (loss) exclude share-based compensation expenses.

[2] Gross billings is a non-GAAP financial measure, which is defined as the total amount of cash received for the sale of course offerings in such period, net of the total amount of refunds in such period. See "About Non-GAAP Financial Measures" and "Reconciliations of non-GAAP measures to the most comparable GAAP measures" elsewhere in this press release.

Fiscal Year 2025 Highlights

Net revenues were RMB6,146.8 million, increased by 35.0% from RMB4,553.6 million in the same period of 2024. Gross billings were RMB6,903.7 million, increased by 23.0% from RMB5,612.4 million in the same period of 2024. Loss from operations was RMB503.2 million, compared with loss from operations of RMB1,181.8 million in the same period of 2024. Net loss was RMB323.3 million, compared with net loss of RMB1,049.0 million in the same period of 2024. Non-GAAP net loss was RMB284.1 million, compared with non-GAAP net loss of RMB995.7 million in the same period of 2024. Net operating cash inflow was RMB416.1 million, increased by 61.3% from RMB258.0 million in the same period of 2024. Fiscal Year 2025 Key Financial and Operating Data
(In thousands of RMB, except for percentages)

For the year ended December 31,

2024

2025

Pct. Change

Net revenues

4,553,556

6,146,772

35.0 %

Gross billings

5,612,390

6,903,706

23.0 %

Loss from operations

(1,181,833)

(503,166)

(57.4) %

Net loss

(1,048,954)

(323,307)

(69.2) %

Non-GAAP net loss

(995,737)

(284,089)

(71.5) %

Net operating cash inflow

258,007

416,094

61.3 %

Larry Xiangdong Chen, the Company's founder, Chairman and CEO, commented, "2025 was a year of high-quality growth for Gaotu, with sharpened teaching quality, elevated operating efficiency and strengthened organizational capabilities enabling us to exceed our growth targets. For the full year 2025, revenue grew by 35.0% to RMB6.1 billion, exceeding our initial expectations at the beginning of 2025. Our operating net cash flow reached RMB416 million, a net increase of RMB158 million year over year. After excluding the impact of share repurchases, our cash position increased by RMB221 million year over year. For the fourth quarter, we maintained steady top-line expansion while realizing meaningful operating leverage, with revenue increasing by 21.4% year over year and bottom line improved by 38.0%, driven by continued efficiency gains. We remain firmly committed to enhancing long-term shareholder value. Under our aggregated share repurchase authorization, we have repurchased shares totaling about RMB670 million, representing 12.8% of our total outstanding shares, including RMB343 million in buybacks in 2025.

As we enter 2026, we are prioritizing profitable growth, with the advancement of AI capabilities at the core of our operations — All with AI, always AI. Guided by a strong focus on business health, operational efficiency, and long-term viability, we remain committed to becoming an ed-tech company that accompanies learners across their full learning journey while creating sustainable value for shareholders and society."

Shannon Shen, CFO of the Company, added, "Driven by both revenue scale expansion and operating efficiency gains, we have realized operating leverage for five consecutive quarters, resulting in continuous bottom line improvement. Throughout 2025, we also advanced our "AI + Education" integration strategy, significantly enhancing our educational products and end-to-end operational efficiency through the systematic optimization of our product portfolio and channel mix, underpinned by vertical AI as our foundation, learning solutions as our core value, and AI-powered organizational digitalization as our operational support. By prioritizing user experience and harnessing AI as a tool and medium to boost our organizational capacity and productivity, we are progressing from scale-oriented growth toward a more efficiency-led model, forging new engines for our profitable growth."

Financial Results for the Fourth Quarter of 2025

Net Revenues

Net revenues increased by 21.4% to RMB1,685.3 million from RMB1,388.6 million in the fourth quarter of 2024, which was mainly due to the continued year-over-year growth in gross billings as a result of our sufficient and effective response to the strong market demand. Furthermore, our high-quality educational products and learning services resulted in improved recognition of our product and service offerings.

Cost of Revenues

Cost of revenues increased by 22.8% to RMB540.9 million from RMB440.3 million in the fourth quarter of 2024. The increase was mainly due to expansion of instructors and tutors workforce, higher rental cost, and increased depreciation and amortization cost.

Gross Profit and Gross Margin

Gross profit increased by 20.7% to RMB1,144.5 million from RMB948.3 million in the fourth quarter of 2024. Gross profit margin decreased to 67.9% from 68.3% in the same period of 2024.

Non-GAAP gross profit increased by 20.5% to RMB1,145.6 million from RMB950.8 million in the fourth quarter of 2024. Non-GAAP gross profit margin decreased to 68.0% from 68.5% in the same period of 2024.

Operating Expenses

Operating expenses increased by 15.0% to RMB1,262.5 million from RMB1,097.6 million in the fourth quarter of 2024. The increase was primarily due to a higher expenditure on marketing and branding activities, as well as the expansion of employees workforce.

Selling expenses increased to RMB885.3 million from RMB736.2 million in the fourth quarter of 2024. Research and development expenses increased to RMB165.4 million from RMB145.1 million in the fourth quarter of 2024. General and administrative expenses decreased to RMB211.8 million from RMB216.4 million in the fourth quarter of 2024. Loss from Operations

Loss from operations was RMB118.0 million, compared with loss from operations of RMB149.3 million in the fourth quarter of 2024.

Non-GAAP loss from operations was RMB110.7 million, compared with non-GAAP loss from operations of RMB137.0 million in the fourth quarter of 2024.

Interest Income and Realized Gains from Investments

Interest income and realized gains from investments, on aggregate, were RMB22.9 million, compared with a total of RMB19.8 million in the fourth quarter of 2024.

Other Income/(Expenses), net

Other income, net was RMB9.9 million, compared with other expenses, net of RMB6.4 million in the fourth quarter of 2024.

Net Loss

Net loss was RMB84.2 million, compared with net loss of RMB135.8 million in the fourth quarter of 2024.

Non-GAAP net loss was RMB76.8 million, compared with non-GAAP net loss of RMB123.5 million in the fourth quarter of 2024.

Cash Flow

Net operating cash inflow in the fourth quarter of 2025 was RMB964.8 million.

Basic and Diluted Net Loss per ADS

Basic and diluted net loss per ADS were both RMB0.35 in the fourth quarter of 2025.

Non-GAAP basic and diluted net loss per ADS were both RMB0.32 in the fourth quarter of 2025.

Share Outstanding

As of December 31, 2025, the Company had 159,979,164 ordinary shares outstanding.

Cash, Cash Equivalents, Restricted Cash, Short-term and Long-term Investments

As of December 31, 2025, the Company had cash and cash equivalents, restricted cash, short-term and long-term investments of RMB3,972.5 million in aggregate, compared with a total of RMB4,094.3 million as of December 31, 2024.

Financial Results for the Fiscal Year of 2025

Net Revenues

Net revenues increased by 35.0% to RMB6,146.8 million from RMB4,553.6 million in 2024. The increase was mainly due to the growth of gross billings in 2025.

Cost of Revenues

Cost of revenues increased by 37.6% to RMB2,001.7 million from RMB1,454.9 million in 2024. The increase was mainly due to expansion of instructors and tutors workforce, higher rental cost, and increased depreciation and amortization cost.

Gross Profit and Gross Margin

Gross profit increased by 33.8% to RMB4,145.1 million from RMB3,098.6 million in 2024. Gross profit margin decreased to 67.4% from 68.0% in 2024.

Non-GAAP gross profit increased by 33.7% to RMB4,150.7 million from RMB3,105.6 million in 2024. Non-GAAP gross profit margin decreased to 67.5% from 68.2% in 2024.

Operating Expenses

Operating expenses increased by 8.6% to RMB4,648.2 million from RMB4,280.5 million in 2024. The increase was primarily due to the expansion of employees workforce and a higher expenditure on marketing and branding activities.

Selling expenses increased to RMB3,289.1 million from RMB2,963.7 million in 2024. Research and development expenses decreased to RMB626.9 million from RMB648.1 million in 2024. General and administrative expenses increased to RMB732.2 million from RMB668.7 million in 2024. Loss from Operations

Loss from operations was RMB503.2 million, compared with loss from operations of RMB1,181.8 million in 2024.

Non-GAAP loss from operations was RMB463.9 million, compared with non-GAAP loss from operations of RMB1,128.6 million in 2024.

Interest Income and Realized Gains from Investments

Interest income and realized gains from investments, on aggregate, were RMB74.0 million, compared with a total of RMB95.7 million in 2024.

Other Income, net

Other income, net was RMB101.8 million, compared with other income, net of RMB45.8 million in 2024.

Net Loss

Net loss was RMB323.3 million, compared with net loss of RMB1,049.0 million in 2024.

Non-GAAP net loss was RMB284.1 million, compared with non-GAAP net loss of RMB995.7 million in 2024.

Cash Flow

Net operating cash inflow in 2025 was RMB416.1 million.

Basic and Diluted Net Loss per ADS

Basic and diluted net loss per ADS were both RMB1.32 in 2025.

Non-GAAP basic and diluted net loss per ADS were both RMB1.16 in 2025.

Share Repurchase

In November 2022, the Company's board of directors authorized a share repurchase program ("2022 Share Repurchase Program"), under which the Company may repurchase up to US$30 million of its shares, effective until November 22, 2025. In November 2023, the Company's board of directors authorized modifications to the share repurchase program, increasing the aggregate value of shares that may be repurchased from US$30 million to US$80 million, effective until November 22, 2025.

As of September 22, 2025, the Company's repurchase amount had reached US$80 million and the 2022 Share Repurchase Program was completed.

In May 2025, the Company's board of directors authorized a new share repurchase program ("2025 Share Repurchase Program"), under which the Company may repurchase up to an aggregate value of US$100 million of its shares during the three-year period beginning upon the completion of the Company's 2022 Share Repurchase Program.

As of March 4, 2026, the Company had cumulatively repurchased approximately 30.6 million ADSs for approximately US$93.0 million under aforesaid two share repurchase programs.

Business Outlook

Based on the Company's current estimates, total net revenues for the first quarter of 2026 are expected to be between RMB1,578 million and RMB1,598 million, representing an increase of 5.7% to 7.0% on a year-over-year basis. These estimates reflect the Company's current expectations, which are subject to change.

Conference Call

The Company will hold an earnings conference call at 8:00 AM U.S. Eastern Time on Thursday, March 5, 2026 (9:00 PM Beijing/Hong Kong Time on Thursday, March 5, 2026). Dial-in details for the earnings conference call are as follows:

International: 1-412-317-6061
United States: 1-888-317-6003
Hong Kong: 800-963-976
Mainland China: 400-120-6115
Passcode: 6408607

A telephone replay will be available two hours after the conclusion of the conference call through March 12, 2026. The dial-in details are:

International: 1-412-317-0088
United States: 1-855-669-9658
Passcode: 4998130

Additionally, a live and archived webcast of this conference call will be available at https://ir.gaotu.cn/home.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Among other things, the business outlook, as well as the Company's strategic and operational plans, contain forward-looking statements. The Company may also make written or oral forward-looking statements in its reports filed with, or furnished to, the U.S. Securities and Exchange Commission, in its annual reports to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about the Company's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the Company's ability to continue to attract students to enroll in its courses; the Company's ability to continue to recruit, train and retain qualified teachers; the Company's ability to improve the content of its existing course offerings and to develop new courses; the Company's ability to maintain and enhance its brand; the Company's ability to maintain and continue to improve its teaching results; and the Company's ability to compete effectively against its competitors. Further information regarding these and other risks is included in the Company's reports filed with, or furnished to the U.S. Securities and Exchange Commission. All information provided in this press release and in the attachments is as of the date of this press release, and the Company undertakes no duty to update such information or any forward-looking statement, except as required under applicable law.

About Gaotu Techedu Inc.

Gaotu is a leading technology-driven education company in China focused on enabling lifelong learning through AI-powered solutions that cultivate interest and drive continuous growth. The Company provides AI-powered, product-led learning solutions for learners from pre-school to adulthood. By combining rare, high-caliber teaching resources with AI-enhanced tools and content, Gaotu creates engaging and effective learning experiences delivered through both online and offline channels. AI and data analytics permeate throughout the Company's operations to adapt content and teaching methods to individual learner needs, enhance efficiency and drive sustained learning progress.

About Non-GAAP Financial Measures

The Company uses gross billings, non-GAAP gross profit, non-GAAP income (loss) from operations and non-GAAP net income (loss), each a non-GAAP financial measure, in evaluating its operating results and for financial and operational decision-making purposes.

The Company defines gross billings for a specific period as the total amount of cash received for the sale of course offerings in such period, net of the total amount of refunds in such period. The Company's management uses gross billings as a performance measurement because the Company generally bills its students for the entire course fee at the time of sale of its course offerings and recognizes revenue proportionally as the classes are delivered. For some courses, the Company continues to provide students with 12 months to 36 months access to the pre-recorded audio-video courses after the online live courses are delivered. The Company believes that gross billings provides valuable insight into the sales of its course packages and the performance of its business. As gross billings have material limitations as an analytical metrics and may not be calculated in the same manner by all companies, it may not be comparable to other similarly titled measures used by other companies.

Non-GAAP gross profit, non-GAAP income (loss) from operations and non-GAAP net income (loss) exclude share-based compensation expenses. The Company believes that these non-GAAP financial measures provide meaningful supplemental information regarding its performance and liquidity by excluding share-based expenses that may not be indicative of its operating performance from a cash perspective. The Company believes that both management and investors benefit from these non-GAAP financial measures in assessing its performance and when planning and forecasting future periods. These non-GAAP financial measures also facilitate management's internal comparisons to the Company's historical performance. A limitation of using non-GAAP measures is that these non-GAAP measures exclude share-based compensation charges that have been and will continue to be for the foreseeable future a significant recurring expense in the Company's business.

The presentation of these non-GAAP financial measures is not intended to be considered in isolation from or as a substitute for the financial information prepared and presented in accordance with GAAP. For more information on these non-GAAP financial measures, please see the table captioned "Reconciliations of non-GAAP measures to the most comparable GAAP measures" set forth at the end of this release.

The accompanying tables have more details on the reconciliations between GAAP financial measures that are most directly comparable to non-GAAP financial measures.

Exchange Rate

The Company's business is primarily conducted in China and a significant majority of revenues generated are denominated in Renminbi ("RMB"). This announcement contains currency conversions of RMB amounts into U.S. dollars ("USD") solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to USD are made at a rate of RMB6.9931 to USD1.0000, the effective noon buying rate for December 31, 2025 as set forth in the H.10 statistical release of the Federal Reserve Board. No representation is made that the RMB amounts could have been, or could be, converted, realized or settled into USD at that rate on December 31, 2025, or at any other rate.

For further information, please contact:

Gaotu Techedu Inc.
Investor Relations
E-mail: [email protected] 

Piacente Financial Communications
Brandi Piacente
Tel: +1 212 481-2050
Jenny Cai
Tel: +86 10 6508-0677
E-mail: [email protected] 

Gaotu Techedu Inc.

Unaudited condensed consolidated balance sheets

(In thousands of RMB and USD, except for share, per share and per ADS data)

As of December 31,

As of December 31,

2024

2025

2025

RMB

RMB

USD

ASSETS

Current assets

    Cash and cash equivalents

1,321,118

596,195

85,255

    Restricted cash

5,222

115,828

16,563

    Short-term investments

1,845,242

2,708,788

387,352

    Inventory, net

36,401

54,950

7,858

    Prepaid expenses and other current assets, net

431,829

504,779

72,182

Total current assets

3,639,812

3,980,540

569,210

Non-current assets

    Operating lease right-of-use assets

503,601

476,705

68,168

    Property, equipment and software, net

670,237

1,009,132

144,304

    Land use rights, net

25,762

78,105

11,169

    Long-term investments

922,740

551,641

78,884

    Rental deposit

45,834

49,199

7,035

    Other non-current assets

20,091

54,364

7,774

TOTAL ASSETS

5,828,077

6,199,686

886,544

LIABILITIES

Current liabilities

    Short-term borrowings of the consolidated VIE without recourse
      to the Group

-

100,000

14,300

    Accrued expenses and other current liabilities (including accrued
      expenses and other current liabilities of the consolidated VIE
      without recourse to the Group of RMB811,879 and RMB1,313,538
      as of December 31, 2024 and December 31, 2025, respectively)

1,245,207

1,719,234

245,847

    Deferred revenue, current portion (including current portion of
      deferred revenue of the consolidated VIE without recourse to the
      Group of RMB1,867,096 and RMB2,288,255 as of December
      31, 2024 and December 31, 2025, respectively)

1,867,096

2,289,322

327,369

   Operating lease liabilities, current portion (including current
      portion of operating lease liabilities of the consolidated VIE
      without recourse to the Group of RMB114,471 and RMB129,258
      as of December 31, 2024 and December 31, 2025, respectively)

147,635

136,709

19,549

   Income tax payable (including income tax payable of the
      consolidated VIE without recourse to the Group of RMB606
      and RMB171 as of December 31, 2024 and December 31, 2025,
      respectively)

665

222

32

Total current liabilities

3,260,603

4,245,487

607,097

Gaotu Techedu Inc.

Unaudited condensed consolidated balance sheets

(In thousands of RMB and USD, except for share, per share and per ADS data)

As of December 31,

As of December 31,

2024

2025

2025

RMB

RMB

USD

Non-current liabilities

    Deferred revenue, non-current portion of the consolidated VIE
      without recourse to the Group

218,797

276,620

39,556

    Operating lease liabilities, non-current portion (including
      non-current portion of operating lease liabilities of the
      consolidated VIE without recourse to the Group of RMB337,258
      and RMB309,940 as of December 31, 2024 and December 31,
      2025, respectively)

344,609

316,703

45,288

   Deferred tax liabilities (including deferred tax liabilities of the
      consolidated VIE without recourse to the Group of RMB70,316
      and RMB75,248 as of December 31, 2024 and December 31,
      2025, respectively)

70,604

75,248

10,760

   Long-term borrowings of the consolidated VIE without recourse
      to the Group

-

31,883

4,559

TOTAL LIABILITIES

3,894,613

4,945,941

707,260

SHAREHOLDERS' EQUITY

    Ordinary shares

116

116

17

    Treasury stock, at cost

(242,866)

(496,132)

(70,946)

    Additional paid-in capital

7,991,421

7,933,515

1,134,478

    Accumulated other comprehensive loss

(2,832)

(48,072)

(6,874)

    Statutory reserve

66,042

66,042

9,444

    Accumulated deficit

(5,878,417)

(6,201,724)

(886,835)

TOTAL SHAREHOLDERS' EQUITY

1,933,464

1,253,745

179,284

TOTAL LIABILITIES AND TOTAL
  SHAREHOLDERS' EQUITY

5,828,077

6,199,686

886,544

Gaotu Techedu Inc.

Unaudited condensed consolidated statements of operations

(In thousands of RMB and USD, except for share, per share and per ADS data)

For the three months ended December 31,

For the year ended December 31,

2024

2025

2025

2024

2025

2025

RMB

RMB

USD

RMB

RMB

USD

Net revenues

1,388,621

1,685,315

240,997

4,553,556

6,146,772

878,977

Cost of revenues

(440,279)

(540,864)

(77,343)

(1,454,917)

(2,001,693)

(286,238)

Gross profit

948,342

1,144,451

163,654

3,098,639

4,145,079

592,739

Operating expenses:

Selling expenses

(736,189)

(885,298)

(126,596)

(2,963,736)

(3,289,064)

(470,330)

Research and development expenses

(145,050)

(165,385)

(23,650)

(648,063)

(626,947)

(89,652)

General and administrative expenses

(216,377)

(211,817)

(30,289)

(668,673)

(732,234)

(104,708)

Total operating expenses

(1,097,616)

(1,262,500)

(180,535)

(4,280,472)

(4,648,245)

(664,690)

Loss from operations

(149,274)

(118,049)

(16,881)

(1,181,833)

(503,166)

(71,951)

Interest income

14,776

8,366

1,196

70,384

39,919

5,708

Realized gains from investments

5,017

14,499

2,073

25,302

34,065

4,871

Other (expenses)/income, net

(6,395)

9,942

1,422

45,825

101,764

14,552

Loss before provision for income
tax and share of results of equity
investees

(135,876)

(85,242)

(12,190)

(1,040,322)

(327,418)

(46,820)

Income tax benefits/(expenses)

42

1,059

151

(8,632)

4,111

588

Net loss

(135,834)

(84,183)

(12,039)

(1,048,954)

(323,307)

(46,232)

Net loss attributable to Gaotu
Techedu Inc.'s ordinary
shareholders

(135,834)

(84,183)

(12,039)

(1,048,954)

(323,307)

(46,232)

Net loss per ordinary share

Basic

(0.80)

(0.52)

(0.07)

(6.12)

(1.98)

(0.28)

Diluted

(0.80)

(0.52)

(0.07)

(6.12)

(1.98)

(0.28)

Net loss per ADS

Basic

(0.53)

(0.35)

(0.05)

(4.08)

(1.32)

(0.19)

Diluted

(0.53)

(0.35)

(0.05)

(4.08)

(1.32)

(0.19)

Weighted average shares used in
net loss per share

Basic

169,167,503

160,543,202

160,543,202

171,412,125

163,118,684

163,118,684

Diluted

169,167,503

160,543,202

160,543,202

171,412,125

163,118,684

163,118,684

Note: Three ADSs represent two ordinary shares.

Gaotu Techedu Inc.

Reconciliations of non-GAAP measures to the most comparable GAAP measures

(In thousands of RMB and USD, except for share, per share and per ADS data)

For the three months ended December 31,

For the year ended December 31,

2024

2025

2025

2024

2025

2025

RMB

RMB

USD

RMB

RMB

USD

Net revenues

1,388,621

1,685,315

240,997

4,553,556

6,146,772

878,977

Less: other revenues(1)

16,510

29,114

4,163

133,591

107,738

15,406

Add: VAT and surcharges

91,292

109,520

15,661

283,341

386,779

55,309

Add: ending deferred revenue

2,085,893

2,565,942

366,925

2,085,893

2,565,942

366,925

Add: ending refund liability

127,969

125,813

17,991

127,969

125,813

17,991

Less: beginning deferred
revenue

1,439,217

1,773,170

253,560

1,237,621

2,085,893

298,279

Less: beginning refund liability

77,869

110,621

15,819

67,157

127,969

18,299

Gross billings

2,160,179

2,573,685

368,032

5,612,390

6,903,706

987,218

Note (1): Include miscellaneous revenues generated from services other than courses.

For the three months ended December 31,

For the year ended December 31,

2024

2025

2025

2024

2025

2025

RMB

RMB

USD

RMB

RMB

USD

Gross profit

948,342

1,144,451

163,654

3,098,639

4,145,079

592,739

Share-based compensation expenses(1) in cost
of revenues

2,460

1,161

166

7,003

5,641

807

Non-GAAP gross profit

950,802

1,145,612

163,820

3,105,642

4,150,720

593,546

Loss from operations

(149,274)

(118,049)

(16,881)

(1,181,833)

(503,166)

(71,951)

Share-based compensation expenses(1)

12,293

7,349

1,051

53,217

39,218

5,608

Non-GAAP loss from operations

(136,981)

(110,700)

(15,830)

(1,128,616)

(463,948)

(66,343)

Net loss

(135,834)

(84,183)

(12,039)

(1,048,954)

(323,307)

(46,232)

Share-based compensation expenses(1)

12,293

7,349

1,051

53,217

39,218

5,608

Non-GAAP net loss

(123,541)

(76,834)

(10,988)

(995,737)

(284,089)

(40,624)

Note (1): The tax effects of share-based compensation expenses adjustments were nil.

SOURCE Gaotu Techedu Inc.

Over the past three years, Sprouts Farmers Market (SFM 1.89%) has experienced roller-coaster price action. When it was one of the popular small-cap growth stocks, shares in the organic grocery store chain surged from the low $40s to more than $180. However, starting last summer, the stock lost its sterling reputation following a series of poorly received company developments.

The sell-off continued into 2026, but consumer staples stock Sprouts Farmers Market is slowly turning things around, gaining 11% in the last month.

Today's Change

(

-1.89

%) $

-1.48

Current Price

$

76.52

The question now is whether this continues. Taking a look at the details, I can identify one clear takeaway. It will all depend on whether Sprouts keeps beating expectations in the coming quarters.

Image source: Getty Images.

Sprouts Farmers Market's steep drop and emerging comeback It's not surprising that sentiment for Sprouts took a sharp turn during the latter half of 2025. As with other consumer-focused businesses, high inflation on consumer spending affected operating performance.

For Sprouts, inflation led to lower sales growth, coupled with lower margins. For example, throughout 2025, year-over-year sales growth declined from 19% in he first quarter to just 13% in the third quarter. Same-store sales growth fell from 11.7% to 5.9%, while quarterly earnings per share fell from $1.81 to $1.22 .

Sprouts' fourth-quarter results, released on Feb. 19, however, were an improvement. Although revenue of $2.15 billion came up short of expectations, EPS of $0.92 beat estimates by $0.03. Overall sales grew 8%. Same-store sales grew 1.6%, beating prior guidance that growth would be flat.

Moreover, management accompanied these figures with 2026 guidance that suggests results will stabilize this year. Guidance calls for net sales growth in a range from 4.5% to 6.5%, with same-store sales ranging from -1% to 1%.

Getting back to $100 per share could prove challenging Currently, Sprouts Farmers Market trades for around 13 times forward earnings. This valuation is in line with most U.S.-listed grocery store stocks.

Recovering $100 per share in the immediate future may be a stretch. This is, unless, of course, Sprouts not only meets expectations but beats them handily in the coming quarters. Even as the company may be stabilizing, that's not the same as a growth resurgence.

Moving forward, a lot hinges on whether Sprouts' plan to continue aggressively expanding its store count will lead to better-than-expected growth. Management may be bullish it can successfully expand as Amazon's Whole Foods chain does the same, but the market may be in "wait and see" mode. On the other hand, macro challenges such as high inflation could continue to put pressure on consumer demand and growth.

Sprouts' $1 billion share repurchase program could provide support for shares. Announced last August, Sprouts bought back around $472 million worth of shares, with plans to buy back another $300 million throughout the year. This figure represents around 4.2% of Sprout Farmers Market's current market cap. This could help further stabilize earnings, and at best, could give the bottom line an unexpected boost in the coming quarters.

SINGAPORE--(BUSINESS WIRE)--Reference is made to the stock exchange announcements made by Hafnia Limited ("Hafnia” or the "Company", OSE ticker code: “HAFNI”, NYSE ticker code: “HAFN”) on 26 February 2026 regarding key information relating to the dividend for the fourth quarter 2025. The shares of the Company will be traded ex-dividend on the Oslo Stock Exchange from today, 5 March 2026, and on the New York Stock Exchange from 6 March 2026. About Hafnia Limited: Hafnia is one of the world's lea.

DHL parent Deutsche Post expects earnings to rise this year, despite anticipating continued uncertainty in the global economic environment.

BlackRock Enhanced International Dividend Trust remains a hold due to unattractive price-to-NAV valuation and inconsistent NAV growth. BGY's high 8.3% yield relies on net realized gains and covered call strategies, raising sustainability concerns during market downturns. The fund's heavy sector and regional concentration, plus reliance on return of capital, limit long-term capital appreciation and increase risk.

Marvell Technology's earnings could benefit from continued hyperscaler spending on AI data centers, even as investors watch customer concentration risks.

Q4: 2026-03-04 Earnings SummaryEPS of -$0.11 misses by $0.02

 |

Revenue of

$8.38M

(-22.47% Y/Y)

misses by $627.43K

OmniAb, Inc. (OABI) Q4 2025 Earnings Call March 4, 2026 4:30 PM EST

Company Participants

Kurt Gustafson - Executive VP of Finance & CFO
Matthew Foehr - President, CEO & Director

Conference Call Participants

Puneet Souda - Leerink Partners LLC, Research Division
Michael King
Matthew Hewitt - Craig-Hallum Capital Group LLC, Research Division
Joseph Pantginis - H.C. Wainwright & Co, LLC, Research Division
Chad Wiatrowski - TD Cowen, Research Division
Stephen Willey - Stifel, Nicolaus & Company, Incorporated, Research Division

Presentation

Operator

Good afternoon, and welcome to OmniAb, Inc.'s First -- Fourth Quarter 2025 Financial Results and Business Update Conference Call. [Operator Instructions]. As a reminder, this conference is being recorded.

I would now like to turn the call over to Kurt Gustafson, OmniAb Inc.'s Chief Financial Officer. You may begin. Thank you.

Kurt Gustafson
Executive VP of Finance & CFO

Thank you, operator, and good afternoon to everyone. Thanks for joining our fourth quarter and full year 2025 financial results conference call. There are slides to accompany today's prepared remarks, and they're available in the Investors section of our website at omniab.com.

Before we begin, I'd like to remind listeners that comments made during this call by OmniAb's management will include forward-looking statements within the meaning of the federal securities laws. These forward-looking statements involve risks and uncertainties that could cause actual results to be materially different from any anticipated results. These forward-looking statements are qualified by the cautionary statements contained in today's press release and our SEC filings.

Importantly, this conference call contains time-sensitive information that is accurate only as of the date of the live broadcast today, March 4, 2026. Except as required by law, OmniAb undertakes no obligation to revise or update any forward-looking statements to reflect events or circumstances after the date of this call. Joining me this afternoon is Matt Foehr, OmniAb's President and CEO. Matt

Lattice Semiconductor Corporation (LSCC) Morgan Stanley Technology, Media & Telecom Conference 2026 March 4, 2026 7:05 PM EST

Company Participants

Fouad Tamer - CEO, President & Director
Lorenzo A. Flores - Senior VP & CFO

Conference Call Participants

Joseph Moore - Morgan Stanley, Research Division

Presentation

Joseph Moore
Morgan Stanley, Research Division

Great. Welcome back, everybody. I'm Joe Moore, Morgan Stanley Semiconductor Research. Very happy to have today the management team of Lattice Semiconductor, Ford Tamer, Lorenzo Flores. I don't cover the company, so if I ask questions that I shouldn't ask, just answer the question I should have asked. It's fine. No harm done. But we've spent a lot of time in the FPGA space, and I like the Lattice story a lot. So Ford, I think you wanted to start with some opening kind of commentary? Or you want to share...

Fouad Tamer
CEO, President & Director

Sure, if you'd like me to. So first, thank you for having us, Joe. And for those of you who don't know, it's Joe's birthday. So happy birthday.

Joseph Moore
Morgan Stanley, Research Division

That's getting a lot of advertising, but thank you.

Fouad Tamer
CEO, President & Director

So excited to be here and see some familiar faces. I'll take you through -- I've been at Lattice now for 17 months. So let me take you through the past 17 months and then fast forward to today. I joined 17 months when the inventory situation at the time was 6 months of inventory in the channel. The revenue had decreased from $730 million to $500 million in 2024. We had to cut costs. We took a 14% restructuring.

And at the time, we said what we were going to do. And at the time, we said we were going to grow 25% in '26 compared

Q4: 2026-02-26 Earnings SummaryEPS of $0.36 beats by $0.89

 |

Revenue of

$665.50M

(39.79% Y/Y)

beats by $64.82M

Natera, Inc. (NTRA) 47th Annual Raymond James Institutional Investor Conference March 4, 2026 1:05 PM EST

Company Participants

Mike Brophy - Chief Financial Officer

Conference Call Participants

Andrew Cooper - Raymond James & Associates, Inc., Research Division

Presentation

Andrew Cooper
Raymond James & Associates, Inc., Research Division

Good afternoon, everyone. Thanks for joining us for the final day of the Raymond James Institutional Investor Conference. For those who don't know me, I'm Andrew Cooper, cover Diagnostics and Life Science tools for Raymond James. Happy to have Natera CFO, Mike Brophy, with me this afternoon. We're going to do a little bit of fireside chat, and then we'll head downstairs for a breakout in Amarante 1 afterwards. So please join us there.

Question-and-Answer Session

Andrew Cooper
Raymond James & Associates, Inc., Research Division

But maybe just to start, Mike, can you give folks who are maybe a little bit newer to the story, a couple of minutes on just who Natera is, where you fit in the landscape and some of the topical items of late?

Mike Brophy
Chief Financial Officer

Yes. No, thanks for having me. So always great to be here. We just announced our Q4 results. So that's always a good call because it's a great kind of recap of 2025 and you get to set the guide and expectations for '26. I think that was very well received. Well we did it.

I mean, just maybe just a quick summary. In the quarter, we had another fantastic kind of revenue growth quarter. Signatera volumes where you had another kind of record absolute quarter and also a record kind of just growth unit quarter as well. Gross margins were extremely strong in the quarter. All in, we were -- I think we're about 67% and then even backing up the true-ups, we were close to 64% for gross margins

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SummaryUroGen Pharma faces a pivotal period as ZUSDURI, its recently approved bladder cancer therapy, is positioned for accelerated adoption following a permanent J-Code in 2026.ZUSDURI's peak sales are anticipated at $1 billion by 2030, with a four-year ramp, but near-term revenue guidance will not be provided until at least Q2–Q3 2026.URGN's liquidity improved to $245.5 million after a revised Pharmakon loan, yet cash burn remains high and ZUSDURI's commercial success is critical for financial stability.Risks include ZUSDURI's market adoption, management execution, and patent protection, with regulatory exclusivity expiring in 2028 and key patents expiring in 2031. designer491/iStock via Getty Images

This is my seventh UroGen Pharma (URGN) article, following 11/2025's "UroGen: Expect Rough Patch Before Strong Recovery In 2026".

Knee-Deep in Its Rough Patch, Urogen's Stock is Moving Erratically Price chart As shown by its

7.54K Followers

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Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

Bitcoin is regaining momentum after reclaiming the $70,000 level, signaling renewed strength following weeks of consolidation and volatile price action. The move above this key psychological threshold has helped stabilize sentiment across the market, as investors assess whether the recent correction has begun to transition into a new accumulation phase.

At the same time, new on-chain data is providing insight into how certain entities are positioning within the network. According to blockchain analytics platform Arkham, American Bitcoin — the mining operation associated with the Trump family — is actively mining Bitcoin and retaining the newly generated coins in its on-chain wallets rather than distributing them immediately to the market.

This behavior is noteworthy because miner activity plays an important role in Bitcoin’s supply dynamics. When miners choose to hold rather than sell their rewards, the immediate circulating supply available to exchanges decreases. Over time, this can influence market liquidity and contribute to tightening supply conditions, particularly if sustained across multiple participants in the mining sector.

The development also intersects with the broader conversation around the concept of a strategic Bitcoin reserve. Mining operations that accumulate rather than liquidate their output effectively transform operational activity into long-term treasury positioning within the Bitcoin ecosystem.

Arkham data further illustrates the scale of American Bitcoin’s current mining and accumulation strategy. According to the platform, the operation has mined approximately 766 BTC so far this year, representing roughly $54.39 million at current market prices. Rather than immediately distributing these rewards to cover operational costs, the mined coins appear to be held in on-chain wallets, reinforcing the company’s accumulation-oriented approach.

American Bitcoin Transactions | Source: Arkham In total, American Bitcoin’s holdings now stand at around 6,100 BTC, with a combined value exceeding $433.7 million. For a mining operation, maintaining reserves of this magnitude signals a strategic treasury position rather than a purely transactional mining model. Historically, miners often sell a portion of their rewards to finance infrastructure, electricity, and operational expenses. Holding a large share of mined Bitcoin instead reflects confidence in the asset’s long-term value proposition.

The company is also expanding its operational capacity. Arkham reports that American Bitcoin recently acquired an additional 11,000 Bitcoin mining machines to scale its future hash power. Increasing hardware capacity allows the operation to compete more effectively for block rewards and transaction fees as the network’s mining difficulty continues to evolve.

Combined, these developments highlight how some mining entities are increasingly integrating production with long-term Bitcoin accumulation strategies.

Bitcoin Tests Key Long-Term Support After Sharp Pullback Bitcoin’s weekly chart shows the market attempting to stabilize after a significant correction from the cycle highs set earlier in the year. Price is currently trading around $70,000, following a sharp rejection from the $110,000–$115,000 region, which marked the local top of the recent bullish expansion phase.

BTC testing fresh demand | Source: BTCUSDT chart on TradingView From a structural perspective, the correction has pushed Bitcoin back toward the confluence of major moving averages that historically act as dynamic support during bull markets. The price is now hovering near the 50-week moving average, while the 100-week moving average sits slightly below current levels. These zones often function as equilibrium areas where long-term participants reassess positioning.

Importantly, the 200-week moving average remains far below the current market price, continuing to slope upward. This suggests that, despite the recent drawdown, the broader macro trend still maintains a constructive long-term structure.

Volume patterns on the chart indicate that selling pressure intensified during the initial breakdown from the highs but has gradually decreased as price approached the $65,000–$70,000 region. This decline in aggressive selling activity may indicate that the bulk of forced liquidations has already occurred.

If Bitcoin can consolidate above this zone, it could establish a base for renewed accumulation. However, a sustained breakdown below the $65,000 area would expose the market to deeper retracement toward the $60,000 region.

Featured image from ChatGPT, chart from TradingView.com 

Hash Global has secured a $100 million strategic commitment from YZi Labs for its institutional BNB Holdings Fund. The move signals deeper institutional alignment with the BNB ecosystem and its expanding on-chain economy.