Market Signal Briefing

Chainlink, the leading decentralized oracle network, has launched live on-chain price feeds for Ondo Finance’s tokenized U.S. equities on the Ethereum blockchain.

Ondo Global Markets, the tokenization platform created by Ondo Finance, has integrated Chainlink Data Feeds to deliver reliable, institutional‑grade price information for tokenized stocks such as SPYon (a tokenized SPDR S&P 500 ETF), QQQon (a tokenized Invesco QQQ ETF), and TSLAon (a tokenized Tesla share).

These feeds are now live on Ethereum and updating in real time, allowing decentralized applications to reference accurate market data for these assets directly onchain.

Chainlink now gives Ondo’s tokenized stocks live price updates on Ethereum.

Lending in DeFi must be transparent, since proper pricing is key: the protocol must know and continue to follow the current value of the collateral asset as it moves. Without live prices, the protocol wouldn’t know when the asset is becoming risky, when it needs adjustment, or when it needs to be liquidated to protect the lending pool.

Tokenized equities (as opposed to passive investments) are now available for use on a DeFi protocol because they have real numbers on which it can establish rules for borrowing, collateral limits, and liquidation thresholds.

Ondo also said the tokenized stocks remain aligned with the real value of the equities they represent because the price feeds include updates like dividends and other corporate charges. This keeps tokens up to date, so DeFi apps can use the latest values that reflect what is happening in traditional stock markets.

The first group of supported tokenized equities is SPYon, representing the SPDR S&P 500 ETF, QQQon, representing the Invesco QQQ ETF, and TSLAon, representing Tesla stock. Ondo said they will add more tokenized stocks and ETFs with time as Chainlink covers more options and as DeFi protocols start integrating these assets.

Euler now lets people borrow stablecoins by using Ondo’s tokenized stocks as collateral. Users on the modular lending platform Euler can now use Ondo’s tokenized US stocks as collateral in a DeFi lending market and even borrow stablecoins against them. People can use these tokenized equities to unlock liquidity on Ethereum instead of just holding them to watch the price move.

It’s the first time people can use tokenized stocks as collateral in Ethereum-based lending, because users usually buy them for exposure but never use them as crypto assets like ETH or stablecoins.

Until now, tokenized real-world assets have been purely passive. Investors could hold a tokenized version of a stock and track its price, but they could not borrow against it, leverage it, or use it to generate income as traditional finance allows. In traditional finance, stocks are often used as collateral for loans, and Ondo wants to make this available in DeFi.

Now, Ondo believes that the pieces are finally coming together. Tokenized stocks can begin to behave like true building blocks in decentralized finance, with strong liquidity driven by traditional stock exchanges, and Chainlink providing reliable on-chain price feeds.

CEO of Euler, Jonathan Han, said users can now borrow against securities instead of selling them and giving up long-term profits.

Of course, good markets require good risk management, especially when new forms of collateral are used. So Ondo said the Senator will set and monitor critical safety limits, such as collateral requirements, liquidation levels, and borrowing limits, to ensure the system remains stable even when markets become volatile.

Sentora CEO Anthony Demartino said retail investors didn’t have the freedom to use their securities before, but they can now use their assets productively while maintaining their long-term investments through tokenization.

Ondo also made it clear that lending is just the first step, as it plans to expand tokenized equities into vaults, structured products, and broader DeFi applications. 

So, eventually, Ondo’s tokenized stocks might contribute to the broader on-chain finance ecosystem by making it easier to integrate traditional systems with decentralized ones.

XRPUSD – Daily Chart – 120226 – Market Structure Bill Effect Meanwhile, the US jobs report added to the selling pressure as an unexpected drop in unemployment cooled Fed rate cut bets.

XRP’s substantial February losses reaffirm a bearish short-term outlook, while the medium-term outlook remains bullish.

Below, I will explore the key drivers behind recent price trends, the medium-term (4-8 weeks) outlook, and the technical levels traders should watch.

US Jobs Report Hits Hopes for an H1 2026 Fed Rate Cut On February 11, the US jobs report signaled a resilient labor market, weighing on demand for risk assets, such as Bitcoin (BTC) and XRP.

Nonfarm payrolls increased from 48k in December to 130k in January. Meanwhile, unemployment dropped from 4.4% to 4.3% despite the participation rate rising from 62.4% to 62.5%. Crucially, average hourly earnings increased by 3.7% year-over-year in January, mirroring December’s trend.

Tighter labor market conditions may boost wages and consumer confidence. A pickup in wages could fuel consumer spending and demand-driven inflation. Rising inflation would force the Fed to delay rate cuts, leaving borrowing costs elevated.

XRPUSD – 30 Minute Chart – 120226 – US Jobs Report XRP-Spot ETF Inflows Signal Strong Institutional Interest While a more hawkish Fed rate path and delays to crypto legislation weighed on sentiment, demand for XRP-spot ETFs cushioned the downside.

The US XRP-spot ETF market extended its inflow streak to five sessions on Tuesday, February 10. XRP-spot ETF issuers have seen total net inflows of $1.23 billion since launch, reflecting strong institutional investor interest. In contrast, the US BTC-spot ETF market has reported net outflows of $4.3 billion over the same period, impacting sentiment.

For context, BTC has fallen 46% from its October all-time high of $125,761 (Binance), as the US BTC-spot ETF market kick-started an extended outflow streak from October 10. XRP and the broader market remain under the shadow of BTC despite the US XRP-spot ETF market suggesting a decoupling.

Ripple’s advancements on Main Street are driving XRP utility, bolstering institutional demand for XRP-spot ETFs.

On February 11, Reece Merrick, Senior Executive Officer/Managing Director, Middle East & Africa at Ripple, shared another Ripple milestone, stating:

“We’re thrilled to announce that Ripple is partnering with Aviva Investors to bring traditional fund structures to the XRP Ledger. This marks our first collaboration with a European investment management firm to tokenize real-world assets (RWAs) at scale.”

Such developments are likely to continue driving demand for XRP-spot ETFs, key to XRP’s price trajectory.

XRP Price Forecast: Short-, Medium-, and Long-Term Targets XRP has plunged 16% in February, reaffirming the negative short-term outlook (1-4 weeks), with a target price of $1.0.

However, robust demand for spot ETFs, hopes that the Senate will pass the Market Structure Bill, and increased XRP utility reinforce the bullish medium- to long-term price projections:

Medium-term (4-8 weeks): $2.5. Longer-term (8-12 weeks): $3.0. Key Downside Risks to the Bullish Medium-Term Outlook Several scenarios could derail the constructive medium-term bias. These include:

A hawkish Bank of Japan, with a higher neutral interest rate (potentially 1.5%-2.5%). Aggressive BoJ rate hikes could narrow US-Japan rate differentials in favor of the yen. Narrowing rate differentials may trigger a yen carry trade unwind, drying up crypto market liquidity, as seen in mid-2024. A yen carry trade unwind would validate the bearish trend reversal. Fading bets on an H1 2026 Fed rate cut. Delays and/or partisan opposition to the Market Structure Bill. Extended periods of XRP-spot ETF net outflows. These factors would weigh on XRP, pushing the token toward $1.0, reaffirming the bearish short-term outlook.

Technical Analysis: Levels to Watch XRP fell 2.14% on February 11, following the previous day’s 2.58% loss to close at $1.3698. The token tracked the broader crypto market cap, which declined by 2.30%.

Wednesday’s drop left XRP well below its 50-day and 200-day EMAs, signaling bearish momentum. However, several positive fundamentals continue to counter bearish technicals, supporting a bullish medium-term outlook.

Key technical levels to watch include:

Support levels: $1.0 and then $0.7773. 50-day EMA resistance: $1.7791. 200-day EMA resistance: $2.1713. Resistance levels: $1.50, $2.0, $2.5, and $3.0. On the daily chart, a breakout above $1.50 would bring the 50-day EMA into play. A sustained move through the 50-day EMA would signal a near-term bullish trend reversal. A bullish trend reversal would pave the way toward the 200-day EMA.

A sustained break above the EMAs would affirm a bullish trend reversal.

Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Bitcoin has slipped below the key $70,000 level and is now attempting to stabilize above $65,000 as broader market conditions remain fragile. The recent decline reflects persistent selling pressure, cautious investor positioning, and ongoing uncertainty around macroeconomic trends that continue to influence liquidity across risk assets. While volatility is not unusual at this stage of the cycle, the inability to quickly reclaim lost ground has kept sentiment defensive.

A recent CryptoQuant report from XWIN Research Japan adds important macro context. US retail sales for December came in below expectations in both the core metric and the retail control group, pointing to a meaningful slowdown in consumer spending. Because consumption remains the primary engine of the US economy, this data is increasingly viewed not as temporary noise but as a potential inflection point in the broader business cycle.

Within this framework, the report characterizes Bitcoin as being in a corrective phase embedded within a broader bearish trend. Downside risks remain conditionally dominant, particularly if financial conditions tighten further or capital flows into risk assets continue to weaken. However, the outlook remains sensitive to shifts in liquidity, policy expectations, and institutional demand, factors that could still influence Bitcoin’s medium-term trajectory despite current pressure.

The report also highlights a deteriorating macro backdrop that continues to shape Bitcoin’s market behavior. Recent data point to simultaneous slowdowns in both consumer spending and wage growth. The downside surprise in US retail sales increases risks to corporate revenues and employment trends, while the Employment Cost Index (ECI) came in below expectations, signaling easing wage inflation.

This combination tends to shift the Federal Reserve’s focus toward growth risks, but it can also maintain pressure on risk assets as economic momentum cools.

Manufacturing employment adds another layer of concern. The sector has been in a gradual long-term decline, often interpreted as a cyclical recession signal. When combined with softer consumption data and moderating wages, the broader picture suggests a phase of disinflation occurring alongside slowing economic growth rather than a rapid recovery.

Within this environment, Bitcoin remains susceptible to short-term risk-off moves, often behaving similarly to equities when liquidity tightens. Although expectations of eventual monetary easing can trigger rallies, the sustainability of those rebounds remains uncertain. Notably, the Coinbase Premium Gap has stayed persistently negative since late 2025, indicating weak US spot demand and price action driven largely by derivatives.

Bitcoin Coinbase Premium Gap | Source: CryptoQuant A sustained shift toward positive premium levels, supported by ETF inflows, would likely be required to materially improve the outlook.

Bitcoin Tests Critical Support As Weekly Structure Weakens Bitcoin’s weekly chart shows clear deterioration in price structure after losing the $70,000 level, with BTC now attempting to stabilize around the mid-$60,000 range. The breakdown below this psychological threshold marks a shift from consolidation to a more defensive market posture, especially as price trades beneath shorter-term moving averages that previously acted as dynamic support.

BTC consolidates around critical level | Source: BTCUSDT chart on TradingView Momentum indicators inferred from price behavior suggest declining upside strength. Recent candles show persistent selling pressure, with lower highs forming since the late-2025 peak. Volume spikes accompanying the latest drop reinforce the idea of distribution or forced deleveraging rather than orderly profit-taking. Historically, such patterns tend to precede either extended consolidation phases or further corrective moves unless strong spot demand reappears quickly.

From a structural perspective, the next relevant support zone appears near the $60,000 region, roughly aligned with longer-term trend support and prior high-liquidity trading ranges. Holding above this level would preserve the broader bullish market structure despite the correction. Failure to do so, however, could open the door to deeper retracement scenarios.

Featured image from ChatGPT, chart from TradingView.com 

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.

Sign Up for Our Newsletter! For updates and exclusive offers enter your email.

Sebastian's journey into the world of crypto began four years ago, driven by a fascination with the potential of blockchain technology to revolutionize financial systems. His initial exploration focused on understanding the intricacies of various crypto projects, particularly those focused on building innovative financial solutions. Through countless hours of research and learning, Sebastian developed a deep understanding of the underlying technologies, market dynamics, and potential applications of cryptocurrencies. As his knowledge grew, Sebastian felt compelled to share his insights with others. He began actively contributing to online discussions on platforms like X and LinkedIn, focusing on fintech and crypto-related content. His goal was to expose valuable trends and insights to a wider audience, fostering a deeper understanding of the rapidly evolving crypto landscape. Sebastian's contributions quickly gained recognition, and he became a trusted voice in the online crypto community. To further enhance his expertise, Sebastian pursued a UC Berkeley Fintech: Frameworks, Applications, and Strategies certification. This rigorous program equipped him with valuable skills and knowledge regarding Financial Technology, bridging the gap between traditional finance (TradFi) and decentralized finance (DeFi). The certification deepened his understanding of the broader financial landscape and its intersection with blockchain technology. Sebastian's passion for finance and writing is evident in his work. He enjoys delving into financial research, analyzing market trends, and exploring the latest developments in the crypto space. In his spare time, Sebastian can often be found immersed in charts, studying 10-K forms, or engaging in thought-provoking discussions about the future of finance. Sebastian's journey as a crypto analyst and investor has been marked by a relentless pursuit of knowledge and a dedication to sharing his insights. His ability to navigate the complex world of crypto, combined with his passion for financial research and communication, makes him a valuable asset to the industry. As the crypto landscape continues to evolve, Sebastian remains at the forefront, providing valuable insights and contributing to the growth of this revolutionary technology.

Leading cryptocurrencies fell alongside stocks and precious metals on Wednesday, even as job growth accelerated strongly in January. Cryptocurrency 24-Hour Gains +/- Price (Recorded at 8:30 p.m.

Northern Star Resources Limited (NESRF) Q2 2026 Earnings Call February 11, 2026 5:00 PM EST

Company Participants

Stuart Tonkin - CEO, MD & Director
Ryan Gurner - Chief Financial Officer

Conference Call Participants

Daniel Morgan - Barrenjoey Markets Pty Limited, Research Division
Matthew Frydman - MST Financial Services Pty Limited, Research Division
Adam Baker - Macquarie Research
Alexander Barkley - RBC Capital Markets, Research Division
Hugo Nicolaci - Goldman Sachs Group, Inc., Research Division

Presentation

Operator

Thank you for standing by, and welcome to the Northern Star Fiscal Year '26 Half Year Financial Results. [Operator Instructions] I would now like to hand the conference over to Mr. Stuart Tonkin, Managing Director and CEO. Please go ahead.

Stuart Tonkin
CEO, MD & Director

Good morning, and thanks for joining us to discuss our first half FY '26 financial results. We will be referring to the presentation as published on the ASX this morning. With me on the call today is our Chief Financial Officer, Ryan Gurner. This first half result demonstrates the resilience and growing returns we are embedding in our business. Our balance sheet remains in a net cash position, notwithstanding the significant investments we are making to transform Northern Star into a lowest half-cost global gold producer.

Given our positive outlook for the company, the Board has declared a fully franked $0.25 per share interim dividend whilst recognizing a soft operating performance in the second quarter. The KCGM mill expansion remains on schedule for commissioning in early FY '27 with the actions of increasing labor being positive there. I want to assure our investors that Northern Star remains committed to improving our operating performance.

Notwithstanding recent challenges, we reaffirm our commitment to operational excellence. We continue to prioritize medium-term production growth while advancing initiatives to reduce unit costs. Our diversified portfolio provides a pipeline of

AMC Networks Inc. (AMCX) Q4 2025 Earnings Call February 11, 2026 4:30 PM EST

Company Participants

Nicholas Seibert - VP of Corporate Development & Investor Relations
Kristin Dolan - Chief Executive Officer
Patrick OConnell - Executive VP & CFO
Kimberly Kelleher - Chief Commercial Officer
Dan McDermott - Chief Content Officer & President of AMC Studios

Conference Call Participants

Steven Cahall - Wells Fargo Securities, LLC, Research Division
David Joyce - Seaport Research Partners
Thomas Yeh - Morgan Stanley, Research Division

Presentation

Operator

Good day, and thank you for standing by. Welcome to the AMC Networks Fourth Quarter 2025 Earnings Call. [Operator Instructions] Please be advised that today's conference is being recorded.

I would now like to hand it over to your first speaker, Nick Seibert, Senior Vice President, Corporate Development and Investor Relations. Please go ahead.

Nicholas Seibert
VP of Corporate Development & Investor Relations

Thank you. Good afternoon, and welcome to the AMC Networks Fourth Quarter and Full Year 2025 Earnings Conference Call. Joining us today are Kristin Dolan, Chief Executive Officer; Patrick O'Connell, Chief Financial Officer; Kim Kelleher, Chief Commercial Officer; and Dan McDermott, Chief Content Officer and President of AMC Studios. We'll begin with prepared remarks, and then we'll open the call for questions.

Today's call may include certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any such forward-looking statements are not guarantees of future performance or results and involve risks and uncertainties that could cause actual results to differ. Please refer to AMC Networks' SEC filings for a discussion of risks and uncertainties. The company disclaims any obligation to update any forward-looking statements. On this call, we will discuss certain non-GAAP financial measures. The required definitions and reconciliations can be found in today's press release available on our website at amcnetworks.com.

And

February 11, 2026 19:52 ET  | Source: ARKO CORP.

RICHMOND, Va., Feb. 11, 2026 (GLOBE NEWSWIRE) -- ARKO Corp. (Nasdaq: ARKO) (“ARKO”) and ARKO Petroleum Corp., a subsidiary of ARKO (“APC”), today announced the pricing of APC’s initial public offering (the “IPO”) of 11,111,111 shares of its Class A common stock at a price to the public at $18.00 per share (the “IPO Price”). In addition, APC has granted the underwriters a 30-day option to purchase up to an additional 1,666,666 shares of APC’s Class A common stock to cover over-allotments, if any, at the IPO Price, less underwriting discounts and commissions. APC’s Class A common stock has been approved for listing on the Nasdaq Capital Market (“Nasdaq”) under the symbol “APC” and is expected to begin trading on February 12, 2026. The IPO is expected to close on February 13, 2026, subject to customary closing conditions.

Upon the completion of the IPO, ARKO is expected to own 35,000,000 shares of APC's Class B common stock, representing 75.9% of the economic interests in APC and 94.0% of the combined voting power of APC’s Class A common stock and Class B common stock (or 73.3% of the economic interests in APC and 93.2% of the combined voting power if the underwriters exercise their over-allotment).

UBS Investment Bank, Raymond James and Stifel are serving as lead book-running managers in the IPO. Mizuho and Capital One Securities are also acting as joint book-running managers in the IPO.

A registration statement on Form S-1 relating to these securities was declared effective by the U.S. Securities and Exchange Commission (the “Commission”) on February 11, 2026. Copies of the registration statement can be accessed through the Commission’s website at www.sec.gov. This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

The IPO is being made only by means of a prospectus. A copy of the final prospectus related to the IPO may be obtained from UBS Securities LLC, Attention: Prospectus Department, 11 Madison Avenue, New York, New York 10010, by telephone at (888) 827-7275 or by email at [email protected]; Raymond James & Associates, Inc., Attention: Syndicate, 880 Carillon Parkway, St. Petersburg, Florida 33716, by telephone at (800) 248-8863 or by email at [email protected]; or Stifel, Nicolaus & Company, Incorporated, Attention: Syndicate Department, 1201 Wills Street, Suite 600 Baltimore, MD 21231, by telephone at (855) 300-7136 or by email at [email protected].

About ARKO Corp.

ARKO Corp. (Nasdaq: ARKO) is a Fortune 500 company that is one of the largest operators of convenience stores and wholesalers of fuel in the United States. Based in Richmond, VA, ARKO operates in four reportable segments: retail, which includes convenience stores selling merchandise and fuel products to retail customers through our highly recognizable Family of Community Brands that offers delicious, prepared foods, beer, snacks, candy, hot and cold beverages, and multiple popular quick serve restaurant brands; wholesale, which supplies fuel to independent dealers and consignment agents; fleet fueling, which includes the operation of proprietary and third-party cardlock locations, and issuance of proprietary fuel cards that provide customers access to a nationwide network of fueling sites; and GPM Petroleum, which sells and supplies fuel to our retail and wholesale sites and charges a fixed fee, primarily to our fleet fueling sites.

About ARKO Petroleum Corp.

ARKO Petroleum Corp. is a growth-oriented, fuel distribution company and one of the largest wholesale fuel distributors by gallons in North America, supplying customers in more than 30 states across the Mid-Atlantic, Midwestern, Northeastern, Southeastern, and Southwestern United States.

Forward-Looking Statements

This press release includes certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including without limitation statements regarding the expected closing of the IPO, whether the underwriters will exercise their over-allotment option and the expectations relating to the commencement of trading of APC’s Class A common stock on Nasdaq. These forward-looking statements are distinguished by use of words such as “accretive,” “anticipate,” “aim,” “believe,” “continue,” “could,” “estimate,” “expect,” “guidance,” “intends,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “propose,” “should,” “will,” “would” and the negative of these terms, and similar references to future periods. There is no assurance that the IPO of APC will close and there are a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements made herein, including without limitation, the satisfaction of customary closing conditions relating to the IPO, capital market risks and the impact of general economic, industry or financial conditions. Detailed information about these factors and additional important factors can be found in APC’s prospectus relating to the IPO and under the caption “Risk Factors” in the documents that ARKO files with the Commission, such as Form 10-K, Form 10-Q and Form 8-K. Forward-looking statements speak only as of the date the statements were made. Neither ARKO nor APC undertake any obligation to update forward-looking information, except to the extent required by applicable law.

Media Contact
Jordan Mann
ARKO Corp.
ARKO Petroleum Corp.
[email protected]

Investor Contact
Sean Mansouri, CFA
Elevate IR
(720) 330-2829
[email protected]

BUTTE, Mont. & SIOUX FALLS, S.D.--(BUSINESS WIRE)--NorthWestern Energy Group, Inc. d/b/a NorthWestern Energy (Nasdaq: NWE) reported financial results for the year ended December 31, 2025. Net income for the period was $181.1 million, or $2.94 per diluted share, as compared with net income of $224.1 million, or $3.65 per diluted share, for the same period in 2024. This decrease was primarily due to higher operating expenses, including a non-cash charge for the regulatory disallowance of certain Yellowstone County Generating Station (YCGS) capital costs, merger-related costs, and depreciation, interest expense, Montana property tax tracker collections, non-recoverable Montana electric supply costs, and higher income tax expense. These were partly offset by higher rates, electric transmission revenue, natural gas transportation revenues, and retail volumes.

NorthWestern's 2025 non-GAAP net income and earnings per share were $220.1 million and $3.58, respectively, compared to $208.9 million and $3.40 in 2024. See “Adjusted Non-GAAP Earnings” and “Non-GAAP Financial Measures” sections below for more information on these measures.

“We are pleased to report on what has been an exceptionally busy and transformational year for NorthWestern,” said Brian Bird, President and Chief Executive Officer. “Throughout 2025, we advanced several major initiatives to support safe, reliable, and affordable service for our customers across Montana, South Dakota, and Nebraska. In Montana, the passage of House Bill 490 was a critical achievement, providing clarity and limits around wildfire-related risks and offering greater certainty for our customers, communities, and investors. We also completed the Energy West acquisition, welcoming roughly 33,000 new natural gas customers to our system. In addition, we completed our Montana electric and natural gas rate review in December, receiving recovery of the significant investments we made to reliably serve our customers and incorporating the Yellowstone County Generating Station into rates – an asset that had already been delivering value to customers since the start of 2025.”

“The year also marked important steps forward in our long-term strategic vision. We announced our merger agreement with Black Hills Corporation in August, a combination that will create a stronger, more resilient utility better positioned for the future. Together, we have filed applications with regulators in Montana, South Dakota, Nebraska, and FERC, targeting a close in the back half of 2026. We also completed the acquisition of the Avista and Puget Colstrip interests on January 1, 2026 – a timely and strategic transaction that advances resource adequacy, protects our ability to serve our Montana customers reliably and affordably, and supports the potential integration of large-load customers, delivering long-term benefits for our customers, communities, and investors. Our progress this year reflects the dedication of our exceptional employees and the trust of the customers and communities we proudly serve, and as we move into another year of strong execution, we remain committed to providing safe, reliable, and affordable energy while advancing long-term value for our shareholders,” said Bird.

FOURTH QUARTER FINANCIAL RESULTS

Net income for the three months ending December 31, 2025 was $44.7 million, or $0.72 per diluted share, as compared with net income of $80.6 million, or $1.31 per diluted share, for the same period in 2024. This decrease was primarily due to higher operating expenses, including a non-cash charge for the regulatory disallowance of certain YCGS capital costs, and depreciation, interest expense, Montana property tax tracker collections, and merger-related costs. These were partly offset by higher rates and electric transmission revenue.

Adjusted diluted non-GAAP earnings per share for the quarter was $1.17 as compared to $1.13 for the same period in 2024. See “Adjusted Non-GAAP Earnings” and “Non-GAAP Financial Measures” sections below for more information on these measures.

TRANSACTION UPDATE

On August 18, 2025, we entered into a Merger Agreement with Black Hills Corporation and a wholly owned subsidiary of Black Hills. The Merger Agreement provides for an all-stock merger of equals between NorthWestern and Black Hills upon the terms and subject to the conditions set forth therein.

We have filed applications with the Montana Public Service Commission (MPSC), Nebraska Public Service Commission (NPSC), South Dakota Public Utilities Commission (SDPUC), and Federal Energy Regulatory Commission (FERC) for approval of the Merger. Hearings with the MPSC, NPSC, and SDPUC are scheduled in the second quarter of 2026.

In February 2026, the Form S-4, which contains joint proxy statement/prospectus for NorthWestern and Black Hills, was declared effective by the SEC. Meetings for NorthWestern and Black Hills shareholders to vote on the acquisition are scheduled for April 2, 2026. The new corporate name selected for the resulting parent company of the combined corporate group is Bright Horizon Energy.

We expect to file an application for clearance under the Hart-Scott-Rodino Antitrust Improvements Act in the first quarter of 2026. We anticipate the transaction closing in the second half of 2026, subject to the satisfaction or waiver of certain closing conditions.

During the twelve months ended December 31, 2025, we have incurred $9.3 million of merger-related costs, which are included in our Administrative and general expenses.

FINANCIAL OUTLOOK

Initiating 2026 Guidance, Affirming Long-Term Growth Rates, and Announcing Capital Plan

We are initiating 2026 non-GAAP earnings guidance of $3.68 to $3.83 per diluted share. This guidance is based upon, but not limited to, the following major assumptions:

Normal weather in our service territories; Excludes costs related to the pending merger with Black Hills Corp.; Approval of the Power Cost and Credit Adjustment Mechanism (PCCAM) waiver and power prices sufficient to recover operating expense from incremental Avista and Puget Colstrip interests; An effective income tax rate of approximately 14 percent to 18 percent; and Diluted average shares outstanding of approximately 61.7 million. We are affirming our long-term diluted earnings per share growth guidance of 4% to 6%, based on our 2024 adjusted diluted non-GAAP EPS baseline of $3.40.

Additionally, we are announcing our $3.2 billion capital investment plan for 2026-2030, which is expected to support rate base growth of 4% to 6% from our 2024 base year of approximately $5.4 billion. We anticipate funding capital expenditures through cash flows from operations, available credit sources, debt issuances, and future rate increases. In order to fund South Dakota generation investment, equity issuances are expected beginning in 2027.

Dividend Declared

NorthWestern Energy Group’s Board of Directors has declared a quarterly common stock dividend of $0.67 per share, representing a 1.5% increase over the previous quarter’s dividend. The dividend is payable on March 31, 2026, to shareholders of record as of March 13, 2026.

Looking ahead, we remain committed to maintaining a dividend payout ratio within our targeted range of 60-70% over the long term.

Additional information regarding this release can be found in the earnings presentation at https://www.northwesternenergy.com/investors/earnings.

COMPANY UPDATES

Montana Rate Review

In July 2024, we filed a Montana electric and natural gas rate review with the MPSC requesting an annual increase to electric and natural gas utility rates. In December 2025, the MPSC issued a final order approving the natural gas settlement agreement and partial electric settlement agreement. Among other things, the approved partial electric settlement agreement provides for the deferral and annual recovery of incremental operating costs related to wildfire mitigation and insurance expenses through the Wildfire Mitigation Balancing Account.

The details of this final order are set forth below:

Returns, Capital Structure, & Revenue Increase Resulting From Final Order ($ in millions)

Electric

Natural Gas

Return on Equity (ROE)

9.65

%

9.60

%

Equity Capital Structure

47.84

%

47.84

%

Base Rates

$

105.5

$

18.0

PCCAM(1)(2)

(94.5

)

n/a

Property Tax (tracker base adjustment)(1)

(1.8

)

0.1

Total Revenue Increase Through Final Order

$

9.2

$

18.1

(1) These items are flow-through costs. PCCAM reflects our fuel and purchased power costs.

(2) This PCCAM reduction of $94.5 million represents the reduction in revenue at the previously approved 2021 PCCAM base of $208.3 million using the 2023 Montana rate review test period loads.

The final order provides for an update to the PCCAM by adjusting the base costs from $208.3 million to $119.0 million. It also suspended the 90/10 cost sharing mechanism of the PCCAM on a temporary basis pending further review by the MPSC. Within this final order, the MPSC disallowed a portion of the capital costs related to the construction of YCGS. As a result, in the fourth quarter of 2025 we recorded a $30.9 million non-cash charge for the regulatory disallowance within Operating and maintenance on the Consolidated Statements of Income and a corresponding reduction to Property, plant, and equipment, net on the Consolidated Balance Sheets. As of December 31, 2025, we have deferred $7.7 million of base rate revenues collected that will be refunded to customers.

In January 2026, we filed a Motion for Reconsideration (Motion) as it relates to this final order. Among other things, our Motion requests that the MPSC reconsider their prudence conclusions regarding the capital costs associated with the construction of YCGS and clarification as to the effective date of the PCCAM sharing mechanism suspension, of which we have requested an effective date of July 1, 2025, to align with the PCCAM tracker year.

Montana Large-Load Tariff

The MPSC requested information on our plan to serve potential large-load customers and related resource adequacy issues. We responded in March 2025, outlining our policy and legal positions, emphasizing the importance of economic development for Montana and our commitment to serving our existing customers. We expect to submit a filing with the MPSC during the first half of 2026 to address data center development discussed below, incorporating rate design that prevents cost shifting of infrastructure upgrades needed to serve large-load customers to other retail customers.

Data Center Development

In July 2025, we entered into a nonbinding letter of intent with Quantica Infrastructure to evaluate the transmission infrastructure and generation resources needed to support their proposed need. We had previously disclosed, in December 2024, two separate nonbinding letters of intent with Sabey Data Centers (Sabey) and Atlas Power Holdings LLC (Atlas) to provide electric supply services for data centers being developed in Montana. The combined energy service requirement associated with these letters of intent is currently expected to be 175 megawatts beginning in late 2027, or earlier, with growth of up to 1,100 megawatts or more by 2030. We have signed development agreements with both Sabey and Atlas and are working with each of these parties to execute electric service agreements.

Resources and regulatory mechanisms to be utilized for serving these requests are pending further evaluation and regulatory considerations.

Colstrip Acquisitions and Requests for Cost Recovery

As previously disclosed, we entered into definitive agreements with Avista and Puget to acquire their respective interests in Colstrip Units 3 and 4 for $0 and completed these acquisitions on January 1, 2026. Accordingly, we are responsible for the associated operating costs beginning on January 1, 2026, which we will not collect through utility base rates until requested in a future Montana rate review. Puget and Avista will remain responsible for their respective pre-closing share of environmental and pension liabilities attributed to events or conditions existing prior to the closing of the transaction and for any future decommissioning and demolition costs associated with the existing facilities that comprise their interests.

Avista Interests – The 222 megawatts of generation capacity from Colstrip Units 3 and 4 acquired from Avista (Avista Interests) on January 1, 2026, was identified as a key element in our strategy to achieve resource adequacy for customers, as outlined in our 2023 Montana Integrated Resource Plan. Noting the costs associated with operating this resource are not currently reflected in utility customer rates, in August 2025, we filed a temporary PCCAM tariff waiver request with the MPSC that would provide a near-term cost-recovery mechanism expected to largely offset approximately $18.0 million in annual incremental operating and maintenance costs associated with the Avista Interests. This waiver requested that the MPSC allow us to keep 100 percent of the net revenue associated with certain designated power sales contracts up to the amount of the operating and maintenance expenses we incur associated with our Avista Interests. Furthermore, the waiver request indicated that any net revenues from the designated contracts exceeding the operating and maintenance expenses associated with our Avista Interests would continue to flow back to retail customers. In January 2026, the MPSC approved our PCCAM tariff waiver request on an interim basis with final approval or denial subject to the ongoing PCCAM docket process.

Puget Interests – The 370 megawatts of generation capacity from Colstrip Units 3 and 4 acquired from Puget (Puget Interests) on January 1, 2026, increases our ownership share of the facility to 55 percent and provides an increase in voting share in determining strategic direction and investment decisions at the facility. While we expect our future opportunity to serve growing customer demand, including large-load customers, may be supported by this resource, in October 2025, we signed a contract to sell the dispatchable capacity and associated energy from the Puget Interests beginning January 1, 2026, through late 2027. Revenues from this agreement are expected to largely offset the estimated $30.0 million of annual incremental operating and maintenance costs associated with the Puget Interests. In addition, in October 2025, we submitted a request to the FERC for approval of cost-based rates for our subsidiary that will own the Puget Interests. We expect this rate approval to be effective in the first quarter of 2026. If our request for rates effective January 1, 2026, is not approved, we could incur refund liability for contract revenues received during the unauthorized period.

Generation Capacity in South Dakota

The Southwest Power Pool (SPP) has recently updated its resource accreditation and Planning Reserve Margin (PRM) requirements in response to growing reliability concerns. As a result, SPP is requiring additional accredited capacity by 2030 to meet the updated PRM targets. In October 2025, we submitted a project with the SPP under their Expedited Resource Adequacy Study program for the construction of a 131 MW natural gas generating facility located in Aberdeen, South Dakota, to meet regional capacity needs by 2030. Anticipated costs for this project are approximately $300 million.

Regional Transmission Development Activities

In December 2024, we signed a nonbinding memorandum of understanding (MOU) with North Plains Connector LLC, a wholly owned subsidiary of Grid United, to own 10 percent (300 megawatts) of the North Plains Connector (NPC) Consortium project. The project is entering the permitting phase. Currently, construction is planned to commence in 2028, subject to receipt of regulatory approvals, with the project expected to be operational by 2032. Under the terms of the MOU, Grid United will continue to fund the development of the NPC and we will make our investment decision when the regulatory approvals and permits are in place. The project is a critical infrastructure investment that aligns with our commitment to providing reliable and affordable energy to our customers while also supporting broader grid resilience efforts in the region.

We have also entered into a nonbinding letter of intent with Grid United to continue transmission development to further enhance the grid through the southwest corridor of Montana. Development to expand the southwest corridor of Montana through grid build out would represent a significant step in enhancing connectivity between Montana and the broader Western energy market – bolstering grid reliability, allowing for critical import capability, and enabling customers to access and benefit from emerging energy markets in the West.

Montana Wildfire Risk Mitigation

The Montana Legislature approved House Bill 490 in April 2025. It precludes common law strict liability claims for damages related to wildfire and electric activities or wildfire mitigation activities; establishes a statutory standard of care, supplanting common law causes of action and other theories of recovery; and creates a rebuttable presumption that an electric facilities provider acted reasonably if it substantially followed an approved wildfire mitigation plan. The legislation also defines the availability of damages by allowing noneconomic personal injury damages only when there is bodily injury and punitive damages only when an injured party proves by clear and convincing evidence that an electric facilities provider's actions were grossly negligent or intentional. The MPSC approved our wildfire mitigation plan in November 2025. The wildfire mitigation plan for the Colstrip transmission system was submitted to the MPSC on November 7, 2025, and we anticipate a decision in the first quarter of 2026.

CONSOLIDATED STATEMENT OF INCOME

Year Ended December 31,

($ in millions, except per share amounts)

2025

2024

Revenues

Electric

$

1,270.0

$

1,200.7

Gas

340.6

313.2

Total Revenues

1,610.6

1,513.9

Operating Expenses

Fuel, purchased supply and direct transmission expense (exclusive of depreciation and depletion shown separately below)

409.8

433.8

Operating and maintenance

284.9

227.8

Administrative and general

158.2

137.4

Property and other taxes

182.3

163.9

Depreciation and depletion

249.5

227.6

Total Operating Expenses

1,284.7

1,190.6

Operating Income

325.8

323.3

Interest Expense, net

(150.4

)

(131.7

)

Other Income, net

12.1

23.0

Income Before Income Taxes

187.6

214.7

Income Tax (Expense) Benefit

(6.5

)

9.4

Net Income

$

181.1

$

224.1

Basic Shares Outstanding

61.4

61.3

Earnings per Share - Basic

$

2.95

$

3.66

Diluted Shares Outstanding

61.5

61.4

Earnings per Share - Diluted

$

2.94

$

3.65

Dividends Declared per Common Share

$

2.64

$

2.60

Note: Subtotal variances may exist due to rounding.

RECONCILIATION OF PRIMARY CHANGES

Year Ended December 31, 2025 vs. 2024

($ in millions, except per share amounts)

Pre-tax

Income

Inc. Tax

Benefit

(Expense)(3)

Net

Income

Diluted

Earnings

Per Share

December 31, 2024

$

214.7

$

9.4

$

224.1

$

3.65

Variance in revenue and fuel, purchased supply, and direct transmission expense(1) items impacting net income:

Base Rates

93.3

(23.6

)

69.7

1.13

Electric transmission revenue

14.0

(3.5

)

10.5

0.17

Production tax credits, offset within income tax benefit (expense)

6.6

(6.6

)

—

—

Montana natural gas transportation

4.8

(1.2

)

3.6

0.06

Electric retail volumes

4.3

(1.1

)

3.2

0.05

Natural gas retail volumes

2.0

(0.5

)

1.5

0.02

Montana property tax tracker collections

(14.2

)

3.6

(10.6

)

(0.17

)

Non-recoverable Montana electric supply costs

(7.3

)

1.8

(5.5

)

(0.09

)

Other

0.1

0.0

0.1

0.00

Variance in expense items(2) impacting net income:

Operating, maintenance, and administrative

(37.7

)

9.5

(28.2

)

(0.45

)

Non-cash regulatory disallowance of certain YCGS capital costs

(30.9

)

7.8

(23.1

)

(0.38

)

Depreciation

(21.9

)

5.5

(16.4

)

(0.27

)

Interest expense

(18.7

)

4.7

(14.0

)

(0.23

)

Merger-related costs

(9.3

)

—

(9.3

)

(0.15

)

Property and other taxes not recoverable within trackers

(2.1

)

0.5

(1.6

)

(0.03

)

Release of unrecognized tax benefits - current year

—

7.4

7.4

0.12

Release of unrecognized tax benefits - prior year

—

(16.9

)

(16.9

)

(0.27

)

Prior year Gas repairs safe harbor method change

—

(7.0

)

(7.0

)

(0.11

)

Other

(10.1

)

3.7

(6.4

)

(0.10

)

Dilution from higher share count

(0.01

)

December 31, 2025

$

187.6

$

(6.5

)

$

181.1

$

2.94

Change in Net Income

$

(43.0

)

$

(0.71

)

(1) Exclusive of depreciation and depletion shown separately below.

(2) Excluding fuel, purchased supply, and direct transmission expense.

(3) Income Tax Benefit (Expense) calculation on reconciling items assumes blended federal plus state effective tax rate of 25.3%.

Note: Subtotal variances may exist due to rounding.

EXPLANATION OF CONSOLIDATED RESULTS

Year Ended December 31, 2025 Compared with Year Ended December 31, 2024

Consolidated gross margin in 2025 was $484.3 million as compared with $460.8 million in 2024, an increase of $23.5 million or 5.1 percent. This increase was primarily due to higher rates, electric transmission revenue, natural gas transportation revenues, and retail volumes. These were partly offset by higher operating expenses, including a non-cash charge for the regulatory disallowance of certain YCGS capital costs resulting from the MPSC's final order on our rate review and depreciation, Montana property tax tracker collections, and non-recoverable Montana electric supply costs.

Year Ended December 31,

($ in millions)

2025

2024

Reconciliation of gross margin to utility margin:

Operating Revenues

$

1,610.6

$

1,513.9

Less: Fuel, purchased supply and direct transmission expense (exclusive of depreciation and depletion shown separately below)

409.8

433.8

Less: Operating and maintenance

284.9

227.8

Less: Property and other taxes

182.1

163.9

Less: Depreciation and depletion

249.5

227.6

Gross Margin

484.3

460.8

Operating and maintenance

284.9

227.8

Property and other taxes

182.1

163.9

Depreciation and depletion

249.5

227.6

Utility Margin(1)

$

1,200.8

$

1,080.1

(1) Non-GAAP financial measure. See “Non-GAAP Financial Measures” below.

Year Ended December 31,

($ in millions)

2025

2024

Change

% Change

Utility Margin

Electric

$

963.4

$

871.1

$

92.3

10.6

%

Natural Gas

237.4

209.0

28.4

13.6

Total Utility Margin(1)

$

1,200.8

$

1,080.1

$

120.7

11.2

%

(1) Non-GAAP financial measure. See “Non-GAAP Financial Measures” below.

Consolidated utility margin in 2025 was $1,200.8 million as compared with $1,080.1 million in 2024, an increase of $120.7 million, or 11.2 percent.

Primary components of the change in utility margin include the following:

($ in millions)

Utility Margin

2025 vs. 2024

Utility Margin Items Impacting Net Income

Base Rates

$

93.3

Electric transmission revenue due to market conditions and rates

14.0

Montana natural gas transportation

4.8

Electric retail volumes

4.3

Natural gas retail volumes ($4.2 million due to acquisition of Energy West Operations)

2.0

Montana property tax tracker collections

(14.2

)

Non-recoverable Montana electric supply costs

(7.3

)

Other

0.1

Change in Utility Margin Impacting Net Income

97.0

Utility Margin Items Offset Within Net Income

Property and other taxes recovered in revenue, offset in property and other taxes

16.3

Production tax credits, offset in income tax expense

6.6

Operating expenses recovered in revenue, offset in operating and maintenance expense

0.8

Change in Items Offset Within Net Income

23.7

Increase in Consolidated Utility Margin(1)

$

120.7

(1) Non-GAAP financial measure. See “Non-GAAP Financial Measures” below.

Electric retail volumes were driven by favorable weather in South Dakota impacting residential demand, higher Montana commercial demand, and customer growth in all jurisdictions, partly offset by unfavorable weather in Montana, lower commercial demand in South Dakota, and lower industrial demand. Natural gas retail volumes were driven by the acquisition of Energy West, favorable weather in South Dakota and Nebraska, higher commercial demand, and customer growth in all jurisdictions, partly offset by unfavorable weather in Montana.

Under the PCCAM, net supply costs higher or lower than the PCCAM base rate (PCCAM Base) (excluding qualifying facility costs) were allocated 90 percent to Montana customers and 10 percent to shareholders. For the twelve months ended December 31, 2025, we under-collected supply costs of $73.9 million resulting in an increase to our under collection of costs, and recorded a decrease in pre-tax earnings of $8.2 million (10 percent of the PCCAM Base cost variance). For the twelve months ended December 31, 2024, we under-collected supply costs of $8.0 million resulting in an increase to our under collection of costs, and recorded a decrease in pre-tax earnings of $0.9 million (10 percent of the PCCAM Base cost variance). As part of the MPSC's final order on our Montana electric rate review they suspended the 90/10 cost sharing mechanism of the PCCAM on a temporary basis pending further review by the MPSC.

($ in millions)

Year Ended December 31,

2025

2024

Change

% Change

Operating Expenses (excluding fuel, purchased supply and direct transmission expense)

Operating and maintenance

$

284.9

$

227.8

$

57.1

25.1

%

Administrative and general

158.2

137.4

20.8

15.1

Property and other taxes

182.3

163.9

18.4

11.2

Depreciation and depletion

249.5

227.6

21.9

9.6

Total Operating Expenses (excluding fuel, purchased supply and direct transmission expense)

$

874.9

$

756.7

$

118.2

15.6

%

Consolidated operating expenses, excluding fuel, purchased supply and direct transmission expense, were $874.9 million in 2025, as compared with $756.7 million in 2024. Primary components of the change include the following:

($ in millions)

Operating Expenses

2025 vs. 2024

Operating Expenses (excluding fuel, purchased supply and direct transmission expense) Impacting Net Income

Non-cash regulatory disallowance of certain YCGS capital costs

$

30.9

Depreciation expense due to plant additions and higher depreciation rates

21.9

Electric generation maintenance

9.9

Merger-related costs, primarily including consulting and legal fees

9.3

Wildfire mitigation expense, partly offset by higher base revenues

8.9

Insurance expense, primarily due to increased wildfire risk premiums

7.8

Labor and benefits(1)

7.6

Technology implementation and maintenance

3.5

Property and other taxes not recoverable within trackers

2.1

Uncollectible accounts

1.1

Litigation outcome (Pacific Northwest Solar)

(2.4

)

Non-cash impairment of alternative energy storage investment

(1.7

)

Other

3.0

Change in Items Impacting Net Income

101.9

Operating Expenses Offset Within Net Income

Property and other taxes recovered in trackers, offset in revenue

16.3

Deferred compensation, offset in other income

2.1

Operating and maintenance expenses recovered in trackers, offset in revenue

0.8

Pension and other postretirement benefits, offset in other income(1)

(2.9

)

Change in Items Offset Within Net Income

16.3

Increase in Operating Expenses (excluding fuel, purchased supply and direct transmission expense)

$

118.2

(1) In order to present the total change in labor and benefits, we have included the change in the non-service cost component of our pension and other postretirement benefits, which is recorded within other income on our Condensed Consolidated Statements of Income. This change is offset within this table as it does not affect our operating expenses.

Consolidated operating income in 2025 was $325.8 million as compared with $323.3 million in 2024. This increase was primarily due to new rates, electric transmission revenue, natural gas transportation revenues, and retail volumes. These were partly offset by higher operating, administrative, and general costs, including a non-cash charge for the regulatory disallowance of certain YCGS capital costs resulting from the MPSC's final order on our rate review and merger-related costs, depreciation, Montana property tax tracker collections, and non-recoverable Montana electric supply costs.

Consolidated interest expense in 2025 was $150.4 million, as compared with $131.7 million in 2024. This increase was due to higher borrowings and interest rates, partly offset by lower capitalization of Allowance for Funds Used During Construction (AFUDC).

Consolidated other income in 2025 was $12.1 million, as compared with $23.0 million in 2024. This decrease was primarily due to lower capitalization of AFUDC, a prior year reversal of $2.3 million from a previously disclosed Community Renewable Energy Project (CREP) penalty due to a favorable legal ruling, and a $1.3 million current year expense accrual related to an estimated penalty for the CREP informed by a recent MPSC ruling, partly offset by an increase of $2.5 million driven by a prior year non-cash impairment of an alternative energy storage equity investment.

Consolidated income tax expense in 2025 was $6.5 million, as compared to an income tax benefit of $9.4 million in 2024. Our effective tax rate for the twelve months ended December 31, 2025 was 3.5 percent as compared with (4.4) percent for the same period of 2024. Income tax expense for the twelve months ended December 31, 2025, includes a $10.4 million benefit related to a reduction in our unrecognized tax benefits, inclusive of $3.0 million of previously accrued interest ($7.4 million net of interest). Income tax benefit for the twelve months ended December 31, 2024, includes a $21.0 million benefit related to a reduction in our unrecognized tax benefits, inclusive of $4.1 million of previously accrued interest ($16.9 million net of interest). Additionally, during the twelve months ended December 31, 2024, we filed a tax accounting method change with the IRS consistent with the guidance for natural gas transmission and distribution property. This resulted in an income tax benefit of $7.0 million during 2024, related to repair costs that were previously capitalized for tax purposes in the 2022 and prior tax years.

We currently estimate our effective tax rate will range between 14.0 percent to 18.0 percent in 2026. Based on the significant Net Operating Loss income tax position we have, we anticipate paying minimal cash for income taxes into 2029.

The following table summarizes the differences between our effective tax rate and the federal statutory rate:

($ in millions)

Year Ended December 31,

2025

2024

Income before income taxes

$

187.6

$

214.7

Income tax calculated at federal statutory rate

39.4

21.0

%

45.1

21.0

%

State income tax, net of federal provision

(1.5

)

(0.8

)

0.4

0.2

Tax Credits

Production tax credits

(5.9

)

(3.2

)

(11.1

)

(5.2

)

Other

0.7

0.4

0.7

0.3

Impact of utility ratemaking on income taxes

Flow-through repairs deductions

(31.0

)

(16.5

)

(23.1

)

(10.8

)

Amortization of excess deferred income taxes

(3.2

)

(1.7

)

(2.9

)

(1.4

)

AFUDC, net

(1.3

)

(0.7

)

(2.6

)

(1.2

)

Plant and depreciation of flow through items

16.8

9.0

9.4

4.4

Gas repairs safe harbor method change

—

—

(7.0

)

(3.3

)

Changes in Unrecognized Tax Benefits

Release of unrecognized tax benefits

(7.4

)

(4.0

)

(16.9

)

(7.9

)

Interest and penalties

(3.0

)

(1.6

)

(1.5

)

(0.7

)

Nontaxable and nondeductible items

2.9

1.5

0.4

0.2

Other

0.0

0.1

(0.3

)

0.0

(32.9

)

(17.5

)%

(54.5

)

(25.4

)%

Income Tax Expense (Benefit) and Effective Tax Rate

$

6.5

3.5

%

$

(9.4

)

(4.4

)%

Our effective tax rate typically differs from the federal statutory tax rate primarily due to the regulatory impact of flowing through federal and state tax benefits of repairs deductions, state tax benefit of accelerated tax depreciation deductions (including bonus depreciation when applicable) and production tax credits.

LIQUIDITY AND OTHER CONSIDERATIONS

Liquidity and Capital Resources

As of December 31, 2025, our total consolidated net liquidity was approximately $229.8 million, including $8.8 million of cash and $221.0 million of revolving credit facility availability with no letters of credit outstanding. This compares to total net liquidity one year ago at December 31, 2024 of $191.3 million.

Earnings Per Share

Basic earnings per share are computed by dividing earnings applicable to common stock by the weighted average number of common shares outstanding for the period. Diluted earnings per share reflect the potential dilution of common stock equivalent shares that could occur if unvested shares were to vest. Common stock equivalent shares are calculated using the treasury stock method, as applicable. The dilutive effect is computed by dividing earnings applicable to common stock by the weighted average number of common shares outstanding plus the effect of the outstanding unvested restricted stock and performance share awards. Average shares used in computing the basic and diluted earnings per share are as follows:

December 31,

2025

2024

Basic computation

61,381,328

61,293,052

Dilutive effect of

Performance and restricted share awards(1)

160,090

81,153

Diluted computation

61,541,418

61,374,205

(1) Performance share awards are included in diluted weighted average number of shares outstanding based upon what would be issued if the end of the most recent reporting period was the end of the term of the award.

As of December 31, 2025, there were no shares from performance and restricted share awards which were antidilutive and excluded from the earnings per share calculations.

Adjusted Non-GAAP Earnings

We reported GAAP earnings of $2.94 per diluted share for the year ended December 31, 2025, and $3.65 per diluted share for the same period in 2024. Adjusted Non-GAAP earnings per diluted share for the same periods are $3.58 and $3.40, respectively. A reconciliation of items factored into our Adjusted Non-GAAP diluted earnings are summarized below. The amount below represents a non-GAAP measure that may provide users of this data with additional meaningful information regarding the impact of certain items on our expected earnings. More information on this measure can be found in the “Non-GAAP Financial Measures” section below.

($ in millions, except EPS)

Nine Months Ended September 30, 2025

Q4 2025

Full-Year 2025

Pre-tax

Income

Net(1)

Income

Diluted

EPS

Pre-tax

Income

Net(1)

Income

Diluted

EPS

Pre-tax

Income

Net(1)

Income

Diluted

EPS(2)

2025 Reported GAAP

$

163.8

$

136.4

$

2.22

$

23.8

$

44.7

$

0.72

$

187.6

$

181.1

$

2.94

Non-GAAP Adjustments:

Add Back Unfavorable Weather

3.8

2.9

0.05

10.6

7.9

0.13

14.4

10.8

0.18

Community Renewable Energy Project Penalty (not tax deductible)

1.0

1.0

0.02

0.3

0.3

—

1.3

1.3

0.02

Merger-Related Costs (not tax deductible)

7.6

7.6

0.12

1.7

1.7

0.03

9.3

9.3

0.15

Release of Unrecognized Tax Benefit

—

—

—

—

(7.4

)

(0.12

)

—

(7.4

)

(0.12

)

Regulatory Disallowance of Certain YCGS Capital Costs

31.2

23.3

0.38

31.2

23.3

0.38

Remove Q4 PCCAM Expense Following MPSC Suspension of 90/10 Sharing

—

—

—

2.3

1.7

0.03

2.3

1.7

0.03

2025 Non-GAAP

$

176.2

$

147.9

$

2.41

$

69.9

$

72.2

$

1.17

$

246.1

$

220.1

$

3.58

Nine Months Ended September 30, 2024

Q4 2024

Full-Year 2024

Pre-tax

Income

Net(1)

Income

Diluted

EPS

Pre-tax

Income

Net(1)

Income

Diluted

EPS

Pre-tax

Income

Net(1)

Income

Diluted

EPS(2)

2024 Reported GAAP

$

155.0

$

143.6

$

2.34

$

59.7

$

80.6

$

1.31

$

214.7

$

224.1

$

3.65

Non-GAAP Adjustments:

Add Back Unfavorable Weather

2.3

1.7

0.03

8.3

6.2

0.10

10.6

7.9

0.13

Impairment of Alternative Energy Storage Investment

4.2

3.1

0.05

—

—

—

4.2

3.1

0.05

Community Renewable Energy Project Penalty (non-tax deductible)

(2.3

)

(2.3

)

(0.04

)

—

—

—

(2.3

)

(2.3

)

(0.04

)

Natural Gas Repairs Safe Harbor Method Change

—

(7.0

)

(0.11

)

—

—

—

—

(7.0

)

(0.11

)

Release of Unrecognized Tax Benefit

—

—

—

—

(16.9

)

(0.28

)

—

(16.9

)

(0.28

)

2024 Non-GAAP

$

159.2

$

139.1

$

2.27

$

68.0

$

69.9

$

1.13

$

227.2

$

208.9

$

3.40

(1) Income tax rate on reconciling items assumes blended federal plus state effective tax rate of 25.3%.

(2) Due to changes in the quarterly diluted share count, full year EPS may be +/- $0.01 different than the sum of the quarters.

Note: Subtotal variances may exist due to rounding.

Company Hosting Earnings Webinar

NorthWestern will host an investor earnings webinar on Thursday, February 12, 2026, at 3:30 p.m. Eastern time to review its financial results for the year ending December 31, 2025. To register for the webinar, please visit www.northwesternenergy.com/earnings-registration. Please go to the site at least 15 minutes in advance of the webinar to register. An archived webinar will be available shortly after the event and remain active for one year.

NorthWestern Energy – Delivering a Bright Future

NorthWestern Energy Group, doing business as NorthWestern Energy, provides essential energy infrastructure and valuable services that enrich lives and empower communities while serving as long-term partners to our customers and communities. We work to deliver safe, reliable, and innovative energy solutions that create value for customers, communities, employees, and investors. We do this by providing low-cost and reliable service performed by highly-adaptable and skilled employees. We provide electricity and / or natural gas to approximately 850,300 customers in Montana, South Dakota, Nebraska, and Yellowstone National Park. Upon the completion of the holding company reorganization in 2023, NW Corp became a subsidiary of NorthWestern Energy Group. Our operations in Montana and Yellowstone National Park are conducted through our subsidiary, NW Corp, and our operations in South Dakota and Nebraska are conducted through our subsidiary, NWE Public Service. We have provided service in South Dakota and Nebraska since 1923 and in Montana since 2002.

Non-GAAP Financial Measures

This press release includes financial information prepared in accordance with GAAP, as well as other financial measures, such as Utility Margin, Adjusted Non-GAAP pretax income, Adjusted Non-GAAP net income and Adjusted Non-GAAP Diluted EPS that are considered “non-GAAP financial measures.” Generally, a non-GAAP financial measure is a numerical measure of a company’s financial performance, financial position, or cash flows that excludes (or includes) amounts that are included in (or excluded from) the most directly comparable measure calculated and presented in accordance with GAAP.

We define Utility Margin as Operating Revenues less fuel, purchased supply, and direct transmission expense (exclusive of depreciation and depletion) as presented in our Condensed Consolidated Statements of Income. This measure differs from the GAAP definition of Gross Margin due to the exclusion of Operating and maintenance, Property and other taxes, and Depreciation and depletion expenses, which are presented separately in our Condensed Consolidated Statements of Income. A reconciliation of Utility Margin to Gross Margin, the most directly comparable GAAP measure, is included in the press release above.

Management believes that Utility Margin provides a useful measure for investors and other financial statement users to analyze our financial performance in that it excludes the effect on total revenues caused by volatility in energy costs and associated regulatory mechanisms. This information is intended to enhance an investor's overall understanding of results. Under our various state regulatory mechanisms, as detailed below, our supply costs are generally collected from customers. In addition, Utility Margin is used by us to determine whether we are collecting the appropriate amount of energy costs from customers to allow for recovery of operating costs, as well as to analyze how changes in loads (due to weather, economic, or other conditions), rates, and other factors impact our results of operations. Our Utility Margin measure may not be comparable to that of other companies' presentations or more useful than the GAAP information provided elsewhere in this report.

Management also believes the presentation of Adjusted Non-GAAP pre-tax income, Adjusted Non-GAAP net income, and Adjusted Non-GAAP Diluted EPS is more representative of normal earnings than GAAP pre-tax income, net income, and EPS due to the exclusion (or inclusion) of certain impacts that are not reflective of ongoing earnings. The presentation of these non-GAAP measures is intended to supplement investors' understanding of our financial performance and not to replace other GAAP measures as an indicator of actual operating performance. Our measures may not be comparable to other companies' similarly titled measures.

Special Note Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, including, without limitation, the information under “Adjusted Non-GAAP Earnings.” Forward-looking statements involve risks and uncertainties, which could cause actual results or outcomes to differ materially from those expressed. We caution that while we make such statements in good faith and believe such statements are based on reasonable assumptions, including without limitation, management's examination of historical operating trends, data contained in records, and other data available from third parties, we cannot assure you that we will achieve our projections. Factors that may cause such differences include, but are not limited to:

risks relating to the pending merger transaction pursuant to that certain Agreement and Plan of Merger dated August 18, 2025 (Merger Agreement) between NorthWestern, Black Hills, and River Merger Sub Inc., a Delaware corporation and direct wholly owned subsidiary of Black Hills (Merger Sub), including, among others, (1) the risk of delays in consummating the pending merger transaction, including as a result of required regulatory and shareholder approvals, which may not be obtained on the expected timeline, or at all, (2) the risk of any event, change or other circumstance that could give rise to the termination of the Merger Agreement, (3) the risk that required regulatory approvals are subject to conditions not anticipated by NorthWestern and Black Hills, (4) the possibility that any of the anticipated benefits and projected synergies of the pending merger transaction will not be realized or will not be realized within the expected time period, (5) disruption to the parties’ businesses as a result of the announcement and pendency of the merger transaction, including potential distraction of management from current plans and operations of NorthWestern or Black Hills and the ability of NorthWestern or Black Hills to retain and hire key personnel, (6) reputational risk and the reaction of each company’s customers, suppliers, employees or other business partners to the pending merger transaction, (7) the possibility that the pending merger transaction may be more expensive to complete than anticipated, including as a result of unexpected factors or events, (8) the outcome of any legal or regulatory proceedings that may be instituted against NorthWestern or Black Hills related to the Merger Agreement or the pending merger transaction, (9) the risks associated with third party contracts containing consent and/or other provisions that may be triggered by the pending merger transaction, (10) legislative, regulatory, political, market, economic and other conditions, developments and uncertainties affecting NorthWestern's or Black Hills' businesses; (11) the evolving legal, regulatory and tax regimes under which NorthWestern and Black Hills operate; (12) restrictions during the pendency of the merger transaction that may impact NorthWestern's or Black Hills' ability to pursue certain business opportunities or strategic transactions; and (13) unpredictability and severity of catastrophic events, including, but not limited to, extreme weather, natural disasters, acts of terrorism or outbreak of war or hostilities, as well as NorthWestern's and Black Hills' response to any of the aforementioned factors; adverse determinations by regulators, such as adverse outcomes from the denial of interim rates or final rates not consistent with a reasonable ability to earn our allowed returns, adverse rulings on our ability to serve large-load customers, as well as potential adverse federal, state, or local legislation or regulation, including costs of compliance with existing and future environmental requirements, and wildfire damages in excess of liability insurance coverage, could have a material effect on our liquidity, results of operations and financial condition; the impact of extraordinary external events and natural disasters, such as a wide-spread or global pandemic, geopolitical events, earthquake, flood, drought, lightning, weather, wind, and fire, could have a material effect on our liquidity, results of operations and financial condition; acts of terrorism, cybersecurity attacks, data security breaches, or other malicious acts that cause damage to our generation, transmission, or distribution facilities, information technology systems, or result in the release of confidential customer, employee, or Company information; supply chain constraints, tariffs on certain imported products, recent high levels of inflation for products, services and labor costs, and their impact on capital expenditures, operating activities, and/or our ability to safely and reliably serve our customers; changes in availability of trade credit, creditworthiness of counterparties, usage, commodity prices, fuel supply costs or availability due to higher demand, shortages, weather conditions, transportation problems or other developments, may reduce revenues or may increase operating costs, each of which could adversely affect our liquidity and results of operations; unscheduled generation outages or forced reductions in output, maintenance or repairs, which may reduce revenues and increase operating costs or may require additional capital expenditures or other increased operating costs; and adverse changes in general economic and competitive conditions in the U.S. financial markets and in our service territories. Additional factors which could affect future results of NorthWestern and Black Hills can be found in NorthWestern Energy’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K, and Black Hills’ Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K, in each case filed with the SEC and available on the SEC’s website at http://www.sec.gov. NorthWestern and Black Hills disclaim any obligation and do not intend to update or revise any forward-looking statements contained in this communication, which speak only as of the date hereof, whether as a result of new information, future events or otherwise, except as required by federal securities laws.

No Offer or Solicitation

This document is for informational purposes only and is not intended to and shall not constitute an offer to buy or sell or the solicitation of an offer to buy or sell any securities, or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made, except by means of a prospectus meeting the requirements of Section 10 of the U.S. Securities Act of 1933, as amended.

Important Information and Where to Find It

Black Hills filed a registration statement on Form S-4 (No. 333-293105) with the SEC on January 30, 2026, to register the shares of Black Hill’s capital stock that will be issued to NorthWestern stockholders in connection with the proposed transaction. The registration statement was declared effective on February 6, 2026, at which time Black Hills filed a final prospectus and NorthWestern filed a definitive proxy statement. Black Hills and NorthWestern commenced mailing of the joint proxy statement/prospectus to their respective stockholders on or about February 10, 2026. Investors and security holders are urged to read the registration statement and joint proxy statement/prospectus (and any other documents filed with the SEC in connection with the transaction or incorporated by reference into the joint proxy statement/prospectus) because such documents contain important information regarding the proposed transaction and related matters. Investors and security holders may obtain free copies of these documents and other documents filed with the SEC by NorthWestern or Black Hills through the website maintained by the SEC at http://www.sec.gov or by contacting the investor relations department of NorthWestern or Black Hills at [email protected] or [email protected], respectively.

Before making any voting or investment decision, investors and security holders of NorthWestern and Black Hills are urged to read carefully the entire registration statement and joint proxy statement/prospectus, including any amendments thereto when they become available (and any other documents filed with the SEC in connection with the transaction), because they contain or will contain important information about the proposed transaction. Free copies of these documents may be obtained as described above.

Participants in Solicitation

NorthWestern, Black Hills, and certain of their directors and executive officers may be deemed participants in the solicitation of proxies from the stockholders of each of NorthWestern and Black Hills in connection with the proposed transaction. Information regarding the directors and executive officers of NorthWestern and Black Hills and other persons who may be deemed participants in the solicitation of the stockholders of NorthWestern or of Black Hills in connection with the proposed transaction is included in the joint proxy statement/prospectus related to the proposed transaction, which was filed with the SEC on February 6, 2026. Information about the directors and executive officers of NorthWestern and their ownership of NorthWestern common stock can also be found in NorthWestern’s filings with the SEC, including its Annual Report on Form 10-K for the fiscal year ended December 31, 2025, which was filed on February 12, 2026, under the header “Information About Our Executive Officers” and its Proxy Statement on Schedule 14A, which was filed on March 12, 2025, under the headers “Election of Directors” and “Who Owns our Stock.” Information about the directors and executive officers of Black Hills and their ownership of Black Hills common stock can also be found in Black Hills’ filings with the SEC, including its Annual Report on Form 10-K for the fiscal year ended December 31, 2025, which was filed on February 11, 2026, under the header “Information About Our Executive Officers,” and its Proxy Statement on Schedule 14A, which was filed on March 14, 2025, under the headers “Election of Directors” and “Security Ownership of Management and Principal Shareholders,” and other documents subsequently filed by Black Hills with the SEC. To the extent any such person's ownership of NorthWestern’s or Black Hills’ securities, respectively, has changed since the filing of such proxy statement, such changes have been or will be reflected on Forms 3, 4 or 5 filed with the SEC. Additional information regarding the interests of such participants are included in the joint proxy statement/prospectus and other relevant documents regarding the proposed transaction filed with the SEC.

More News From NorthWestern Energy Group, Inc.

Resources Investor Relations Journalists Agencies Client Login Send a Release News Products Contact , /PRNewswire/ - Ballard Power Systems (NASDAQ: BLDP) (TSX: BLDP) will hold a conference call on Thursday, March 12th, 2026 at 8:00 a.m. Pacific Time (11:00 a.m. Eastern Time) to review fourth quarter and full year 2025 operating results.

The live call can be accessed by dialing +1-833-821-2814 (Canada/US toll free). Alternatively, a live webcast can be accessed through a link on Ballard's homepage (www.ballard.com). Following the call, a link to the webcast will be available in the 'Investor Hub' area of the 'Investors' section of Ballard's website (www.ballard.com/investors).

About Ballard Power Systems

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

Further Information
Sumit Kundu –Investor Relations +1.604.453.3517 or [email protected]

SOURCE Ballard Power Systems Inc.

Also from this source

NEW YORK, Feb. 11, 2026 (GLOBE NEWSWIRE) -- The law firm of Kirby McInerney LLP reminds investors its investigation on behalf of Hub Group, Inc. (“Hub Group” or the “Company”) (NASDAQ:HUBG) investors concerning the Company’s and/or members of its senior management’s possible violation of the federal securities laws or other unlawful business practices.

[LEARN MORE ABOUT THE INVESTIGATION]

What Happened?

On January 5, 2026, Hub Group disclosed it had “identified an error that resulted in the understatement of purchased transportation costs and accounts payable in the first nine months of 2025.” The Company determined that, as a result, financial statements for those periods should no longer be relied upon.

On February 5, 2026, after market close, Hub Group announced that it would delay the full release of its fourth quarter and full year 2025 financial results and will restate its financial statements for the first three quarters of 2025 due to an error that understated purchased transportation costs and accounts payable. Hub Group did not estimate what the financial impact would be nor did it provide a date for when it would restate its financial statements. On this news, the price of Hub Group shares declined by $9.37 per share, or approximately 18.3%, from $51.33 per share on February 5, 2026 to close at $41.96 on February 6, 2026.

What Should I Do?

At this stage, no lawsuit has been filed. The investigation is ongoing to determine whether claims may be brought under federal securities laws.

If you purchased or otherwise acquired Hub Group securities, have information, or would like to learn more about this investigation, please contact Lauren Molinaro of Kirby McInerney LLP by email at [email protected], or fill out the contact form below, to discuss your rights or interests with respect to these matters at no cost.

[LEARN MORE ABOUT SECURITES CLASS ACTIONS]

Kirby McInerney LLP is a New York-based plaintiffs’ law firm concentrating in securities, antitrust, whistleblower, and consumer litigation. The firm’s efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars. Additional information about the firm can be found at Kirby McInerney LLP’s website.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

Contacts
Kirby McInerney LLP
Lauren Molinaro, Esq.
212-699-1171
https://www.kmllp.com
https://securitiesleadplaintiff.com/
[email protected]

AMC Networks (AMCX - Free Report) reported $594.8 million in revenue for the quarter ended December 2025, representing a year-over-year decline of 0.8%. EPS of $0.64 for the same period compares to $0.64 a year ago.

The reported revenue compares to the Zacks Consensus Estimate of $577.54 million, representing a surprise of +2.99%. The company delivered an EPS surprise of +28%, with the consensus EPS estimate being $0.50.

While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health.

As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.

Here is how AMC Networks performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:

Revenues- International and Other: $81.34 million compared to the $75.59 million average estimate based on three analysts. The reported number represents a change of -5% year over year.Revenues- Domestic Operations: $515.09 million compared to the $504.78 million average estimate based on three analysts. The reported number represents a change of -1% year over year.Adjusted Operating Income- International and Other: $6.67 million compared to the $2.01 million average estimate based on three analysts.Adjusted Operating Income- Domestic Operations: $127.68 million versus $128.29 million estimated by three analysts on average.View all Key Company Metrics for AMC Networks here>>>

Shares of AMC Networks have returned -9.4% over the past month versus the Zacks S&P 500 composite's -0.3% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.

Nabors Industries (NBR - Free Report) reported $797.53 million in revenue for the quarter ended December 2025, representing a year-over-year increase of 9.3%. EPS of $0.17 for the same period compares to -$6.67 a year ago.

The reported revenue compares to the Zacks Consensus Estimate of $796.62 million, representing a surprise of +0.11%. The company delivered an EPS surprise of +105.81%, with the consensus EPS estimate being -$2.93.

While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health.

As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.

Here is how Nabors performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:

Rig activity - Daily Rig Revenue - International Drilling: $49.39 million compared to the $49.41 million average estimate based on four analysts.Rig activity - Daily Adjusted Gross Margin - International Drilling: $17.63 million compared to the $18.17 million average estimate based on four analysts.Rig activity - Average Rigs Working - International Drilling: 93 versus the four-analyst average estimate of 91.Rig activity - Average Rigs Working - U.S. Drilling: 70 versus 69 estimated by four analysts on average.Rig activity - Daily Rig Revenue - U.S. Drilling: $37.58 million versus $38.23 million estimated by four analysts on average.Operating Revenues- U.S. Drilling: $240.62 million versus $247.62 million estimated by four analysts on average. Compared to the year-ago quarter, this number represents a -0.4% change.Operating Revenues- International Drilling: $423.84 million compared to the $415.23 million average estimate based on four analysts. The reported number represents a change of +14.1% year over year.Operating Revenues- Drilling Solutions: $107.88 million compared to the $112.87 million average estimate based on four analysts. The reported number represents a change of +42% year over year.Operating Revenues- Other reconciling items: $-12.56 million versus $-15.67 million estimated by four analysts on average. Compared to the year-ago quarter, this number represents a -18.3% change.Revenues and other income- Operating revenues: $797.53 million versus the four-analyst average estimate of $796.7 million. The reported number represents a year-over-year change of +9.3%.Operating Revenues- Rig Technologies: $37.75 million compared to the $36.66 million average estimate based on four analysts. The reported number represents a change of -32.8% year over year.Revenues and other income- Investment income (loss): $7.6 million versus the two-analyst average estimate of $5.19 million. The reported number represents a year-over-year change of -13.9%.View all Key Company Metrics for Nabors here>>>

Shares of Nabors have returned +9.9% over the past month versus the Zacks S&P 500 composite's -0.3% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.

For the quarter ended December 2025, Equinix (EQIX - Free Report) reported revenue of $2.42 billion, up 7% over the same period last year. EPS came in at $8.91, compared to -$0.14 in the year-ago quarter.

The reported revenue represents a surprise of -1.96% over the Zacks Consensus Estimate of $2.47 billion. With the consensus EPS estimate being $9.07, the EPS surprise was -1.74%.

While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health.

Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.

Here is how Equinix performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:

Cabinet Equivalent Capacity - EMEA: 140,800 versus the three-analyst average estimate of 139,883.Quarter End Utilization - AMER: 79% versus the three-analyst average estimate of 80.9%.Cabinet Equivalent Capacity - AMER: 157,100 versus the three-analyst average estimate of 154,467.Cabinet Billing - APAC: 68,400 compared to the 68,687 average estimate based on three analysts.Geographic Revenues- Americas- Recurring- Other: $5 million versus $5.06 million estimated by four analysts on average. Compared to the year-ago quarter, this number represents a -28.6% change.Geographic Revenues- Americas- Recurring- Colocation: $711 million versus $692.56 million estimated by four analysts on average. Compared to the year-ago quarter, this number represents a +13.6% change.Geographic Revenues- Asia-Pacific- Recurring- Other: $4 million compared to the $4.02 million average estimate based on four analysts. The reported number represents a change of +33.3% year over year.Geographic Revenues- Americas- Recurring- Interconnection: $245 million versus the four-analyst average estimate of $244.76 million. The reported number represents a year-over-year change of +7.9%.Revenues- Non-recurring revenues: $126 million compared to the $184.81 million average estimate based on seven analysts. The reported number represents a change of -25.9% year over year.Revenues- Recurring revenues: $2.29 billion versus the seven-analyst average estimate of $2.28 billion. The reported number represents a year-over-year change of +9.7%.Revenues- Recurring revenues- Managed infrastructure: $116 million versus $119.09 million estimated by six analysts on average. Compared to the year-ago quarter, this number represents a +0.9% change.Revenues- Recurring revenues- Colocation: $1.71 billion versus the six-analyst average estimate of $1.69 billion. The reported number represents a year-over-year change of +10.3%.View all Key Company Metrics for Equinix here>>>

Shares of Equinix have returned +6.9% over the past month versus the Zacks S&P 500 composite's -0.3% change. The stock currently has a Zacks Rank #2 (Buy), indicating that it could outperform the broader market in the near term.

Redwood Trust (RWT - Free Report) reported $25.9 million in revenue for the quarter ended December 2025, representing a year-over-year decline of 6.2%. EPS of $0.33 for the same period compares to $0.13 a year ago.

The reported revenue represents a surprise of +4.86% over the Zacks Consensus Estimate of $24.7 million. With the consensus EPS estimate being $0.23, the EPS surprise was +46.67%.

While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.

Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.

Here is how Redwood Trust performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:

Net interest income: $25.9 million compared to the $24.57 million average estimate based on two analysts.Total non-interest income (loss), net: $61.3 million versus $57.25 million estimated by two analysts on average.Non-interest income (loss)- Mortgage banking activities, net: $53.1 million versus $46.55 million estimated by two analysts on average.Non-interest income (loss)- Sequoia mortgage banking activities, net: $40.4 million versus $32.64 million estimated by two analysts on average.Non-interest income (loss)- CoreVest mortgage banking activities, net: $16.3 million versus the two-analyst average estimate of $13.91 million.Non-interest income (loss)- HEI income, net: $3 million versus $3.8 million estimated by two analysts on average.View all Key Company Metrics for Redwood Trust here>>>

Shares of Redwood Trust have returned -1.1% over the past month versus the Zacks S&P 500 composite's -0.3% change. The stock currently has a Zacks Rank #2 (Buy), indicating that it could outperform the broader market in the near term.

For the quarter ended December 2025, Service Corp. (SCI - Free Report) reported revenue of $1.11 billion, up 1.7% over the same period last year. EPS came in at $1.14, compared to $1.06 in the year-ago quarter.

The reported revenue compares to the Zacks Consensus Estimate of $1.12 billion, representing a surprise of -0.69%. The company delivered an EPS surprise of -0.18%, with the consensus EPS estimate being $1.14.

While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.

Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.

Here is how Service Corp. performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:

Total comparable funeral average revenue per service: $5,880.00 compared to the $5,877.90 average estimate based on two analysts.Funeral services performed: 89,117 versus 89,910 estimated by two analysts on average.Revenue- Cemetery: $510.9 million versus $516.82 million estimated by three analysts on average. Compared to the year-ago quarter, this number represents a +1.1% change.Revenue- Funeral: $600.6 million versus the three-analyst average estimate of $602.35 million. The reported number represents a year-over-year change of +2.2%.Gross profit- Funeral: $126.2 million versus the three-analyst average estimate of $132.55 million.Gross profit- Cemetery: $185.5 million versus the three-analyst average estimate of $180.36 million.View all Key Company Metrics for Service Corp. here>>>

Shares of Service Corp. have returned +4.4% over the past month versus the Zacks S&P 500 composite's -0.3% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.

LightPath Technologies, Inc. (LPTH) Q2 2026 Earnings Call February 11, 2026 5:00 PM EST

Company Participants

Sam Rubin - President, CEO & Director
Albert Miranda - CFO, Secretary & Treasurer

Conference Call Participants

Austin Moeller - Canaccord Genuity Corp., Research Division
Richard Shannon - Craig-Hallum Capital Group LLC, Research Division
Jaeson Schmidt - Lake Street Capital Markets, LLC, Research Division
Jon Hickman - Ladenburg Thalmann & Co. Inc., Research Division

Presentation

Operator

Good afternoon, ladies and gentlemen. Thank you for standing by. Welcome to LightPath Technologies Second Quarter 2026 Earnings Conference Call. [Operator Instructions] This conference is being recorded today, February 11, 2026, and the earnings press release accompanying this conference call was issued after the market closed today.

I would like to remind you that during the course of this conference call, the company will be making a number of forward-looking statements that are based on current expectations and involve various risks and uncertainties as discussed in periodic SEC filings. Although the company believes that the assumptions underlying these statements are reasonable, any of them can be proven to be inaccurate, and there can be no assurances that the projected results would be realized.

In addition, references may be made to certain financial measures that are not in accordance with generally accepted accounting principles, or GAAP. We refer to these as non-GAAP financial measures. Please refer to our SEC reports, and certain of our press releases, which include reconciliations of non-GAAP financial measures and associated disclaimers.

CEO, Sam Rubin will begin today's call with a strategic overview of the business and recent developments for the company, while CFO, Al Miranda will then review financial results for the quarter. Following their prepared remarks, there will be a question-and-answer session.

I would now like to turn the conference over to CEO, Sam Rubin. Sam, the floor

Neurocrine Biosciences, Inc. (NBIX) Q4 2025 Earnings Call Transcript

Solana plans to introduce Alpenglow, a consensus protocol that improves speed and security. It should also complete its Firedancer upgrade, a software that processed 1 million transactions per second in testing.

×

To ensure the highest level of accuracy & most up-to-date information, BitDegree.org is regularly audited & fact-checked by following strict editorial guidelines & review methodology.
Carefully selected industry experts contribute their real-life experience & expertise to BitDegree's content. Our extensive Web3 Expert Network is compiled of professionals from leading companies, research organizations and academia.

All the content on BitDegree.org meets these criteria: Only authoritative sources like academic associations or journals are used for research references while creating the content. The real context behind every covered topic must always be revealed to the reader. If there's a disagreement of interest behind a referenced study, the reader must always be informed.

A massive whale movement captured the crypto sector’s attention following the transfer of 116.6 million XRP, valued at approximately $165.9 million. Data from Whale Alert and expert trackers reveal that this operation was carried out from Kraken sub-wallets to Binance, sparking questions about the intentions behind this large-scale capital shift.

This operation occurs amidst price weakness for XRP, which is struggling to hold the $1.36 zone after dropping 2.83%. Although these types of transfers often precede mass sell-offs, order book analysis suggests this could be a strategic institutional liquidity rebalancing or an OTC trade settlement, rather than an attempt at immediate retail distribution.

The market will be watching to see if these funds turn into net inflows toward exchange hot wallets, which would increase selling pressure. The next critical support level lies in the $1.35 to $1.45 range; a break below this point could expose much deeper technical lows if distrust persists among large holders.

Source:https://x.com/XRPwallets/status/2021494628504203655

Disclaimer: Crypto Economy Flash News is prepared from official and public sources verified by our editorial team. Its purpose is to provide quick information on relevant facts within the crypto and blockchain ecosystem. This information does not constitute financial advice or investment recommendations. We always recommend verifying the official channels of each project before making any related decisions.

A popular crypto analyst says Ethereum is flashing a bullish signal that preceded the 2020 rally.

Michaël van de Poppe tells his 819,500 followers on X that while Ethereum (ETH) is down by 30%, the amount of stablecoin transactions on the blockchain has gone up by 200% over the past 18 months. 

“During the first stage of growth, price usually doesn’t follow. 

That’s what happened with $ETH in 2019. Absolutely no growth on the markets, and then, during the period where the stablecoin transactions peaked, that’s when price started to follow.

Price follows narrative.That’s what’s going to happen with $ETH in the coming period.”

He says that there’s no better opportunity to be looking at Ethereum given that historical data suggests there’s a massive gap between the asset’s fair price and current value.

“The current valuation of $ETH is just as underpriced (based on the MVRV ratio) as during the following periods:

– April ’25 crash.

– June ’22 bottom after Luna.

– March ’20 crash on COVID.

– December ’18 the peak bear market.

In all of those cases, this provided a tremendous buying opportunity for this particular asset.”

Ethereum is currently trading at $1,947.56, down by 2.99% over the past 24 hours.

Generated Image: Midjourney

Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Bitcoin (BTC) has emerged at the center of a disturbing and high‑profile ransom case involving the family of NBC “Today” show co‑host Savannah Guthrie. 

Authorities are investigating the disappearance of Guthrie’s 84‑year‑old mother, Nancy Guthrie, who vanished from her home in an upscale Tucson, Arizona, neighborhood on January 31.

Blood, Missing Camera, And Bitcoin According to reports, troubling signs were discovered at the residence. Blood was found on the front porch, and the home’s doorbell camera had been removed. In the days that followed, ransom messages were reportedly sent to news organizations demanding payment in Bitcoin.

The case took another unexpected turn this week when a new ransom note surfaced. Unlike earlier messages allegedly sent by suspected kidnappers seeking money, this latest communication appears to come from an individual offering information in exchange for cryptocurrency. 

TMZ reported early Wednesday morning that it had received the note, which included what the outlet described as a legitimate and active Bitcoin wallet address. The message allegedly states: “If they want the name of the individual involved then I want 1 Bitcoin to the following wallet. Time is more than relevant.”

FBI Announces $50,000 Reward Ari Redbord, global head of policy at blockchain intelligence firm TRM Labs, commented on the broader context in remarks to Fox News Digital. He noted that cryptocurrency allows for the rapid movement of substantial funds. 

However, he suggested that a one‑Bitcoin demand is relatively modest compared to the massive sums sometimes seen in large‑scale crypto crimes. “It would get more alerting if it was $60 million or $600 million,” Redbord said, referring to the size of transactions that typically raise significant red flags.

Meanwhile, federal authorities continue their search for Nancy Guthrie. The FBI has announced a reward of up to $50,000 for information that leads to her recovery or to the arrest and conviction of anyone responsible for her disappearance.

Amid the uncertainty, Savannah Guthrie addressed the situation on social media, expressing hope that her mother is still alive. “We believe she is still out there. Bring her home,” she wrote.

The 1-D chart shows BTC’s price trending downwards since October’s highs. Source: BTCUSDT on TradingView.com As of this writing, Bitcoin was trading at $67,598, which is nearly 47% below the all-time high of $126,000 reached during last October’s rally. 

Featured image from OpenArt, chart from TradingView.com 

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.

Sign Up for Our Newsletter! For updates and exclusive offers enter your email.

Ronaldo is a seasoned crypto enthusiast with over four years of experience in the field. He is passionate about exploring the vast and dynamic world of decentralized finance (DeFi) and its practical applications for achieving economic sovereignty. Ronaldo is constantly seeking to expand his knowledge and expertise in the DeFi space, as he believes it holds tremendous potential for transforming the traditional financial landscape.

Journalist

Posted: February 12, 2026

The tokenization boom and corporate positioning have begun to play out, and LayerZero’s [ZRO] latest Layer-1 chain, Zero, is just one of the telltale signs. 

The protocol, which started out as an interoperability layer, has upped its bets and debuted its high-performing chain, Zero, backed by high-profile institutions in global financial markets, including Citadel Securities, DTCC, ICE, and Ark Invest.

In fact, Ark Invest’s Cathie Wood has been named advisor, and she fully supported LayerZero team. She added,

“I couldn’t think of a better opportunity to join an advisory board for the first time in a long time. Finance is moving on-chain, and I believe LayerZero will be one of the core innovation platforms supporting this multi-decade shift.”

ZRO explodes 30%, but will it hold the gains? With firms positioning for tokenized asset workflows, LayerZero is now on the institutional radar. And the retail market jumped on the update, as illustrated by the protocol’s token ZRO’s explosive pump. 

Source: ZRO/USDT, TradingView 

ZRO surged over 30%, rising from $1.8 to $2.3. The latest bounce helped extend its February recovery gains to 81%.

AMBCrypto had anticipated the latest bounce; however, at press time, a cool-off may not be overruled despite the extremely bullish updates. 

Notably, the rally hit the H2 2025 resistance level of $2.4, suggesting that the level could attract sellers who have held throughout the Q4 market rout. As such, investors willing to cut their losses at break-even may do so at this level, hence calling for caution. 

Besides, the RSI was near the oversold territory, suggesting the upside momentum may be limited before a potential reversal. If so, a retest of $1.8 could offer new buying opportunities. 

But the bearish outlook could be invalidated if price clears the 2025 hurdle and flips $2.5 into support. In such a scenario, the next bullish target is $3.0, with a 25% potential gain if it is hit. 

Interestingly, some analysts expected the altcoin to soon join the top 20 crypto assets.

Speculative interest in ZRO explodes, but…  The buying pressure after the update was also strong in the derivatives market. Speculative interest nearly doubled, with Open Interest rising from $84 million to over $154 million in the past 24 hours. 

Source: Velo 

However, Exchange Net Position Change also hit a five-month high of $7 million, last seen before the October crash.

This meant selling pressure also surged as holders moved to sell into the rally. If the dump intensifies, the $2.4 level could become a hurdle for bulls for a while. 

Source: Glassnode

Final Thoughts  LayerZero unveiled a new performant L-1 chain, Zero, and tapped Cathie Wood into the advisory board ZRO extended its recovery to 80% after the revelation of top institutions backing the firm

Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Bitcoin and Ethereum, the two largest cryptocurrency assets, continue to face persistent downside pressure, with BTC stuck below the $70,000 level and ETH below the $2,000 mark. With BTC and ETH recording steady losses, BlackRock has started to reduce its exposure to both assets, selling a huge chunk of its holdings over the past few days.

BlackRock Adjusts Bitcoin And Ethereum Exposure In the volatile cryptocurrency landscape, several institutions are no longer doubling down on Bitcoin and Ethereum, as evidenced by a sharp sell-off on the institutional level. BlackRock, the largest asset management firm, is taking the crypto spotlight after its recent moves to dump both coins.

When large firms like BlackRock are selling, it typically raises concerns about the stability of the asset, as they trim positions and shift risk conditions. Although opinions differ and reasons concerning the selling activity are yet to be determined, sentiment and liquidity can be impacted even by how institutional distribution is perceived.

Recent flows and on-chain data show that the leading asset manager recently deposited another $234.3 million worth of Bitcoin to Coinbase Prime. At the same time, BlackRock moved over $60.83 million worth of ETH to the same platform. In total, both transactions were valued at approximately $295.13 million. 

BlackRock steadily dumping BTC and ETH | Source: Chart from Milk Road on X According to Milk Road, a market expert and investor, when assets migrate to Coinbase Prime, it usually indicates that they are getting ready to sell. This substantial sell-off from BlackRock demonstrates how attentively markets monitor major participants and how susceptible prices are to indications of institutional repositioning. 

As the price of both assets continues to move sideways, the move points to gradual weakening conviction in their near-term prospects. However, this is not entirely a negative moment for the leading assets. This is due to the fact that any selling could potentially be completely offset by the buy pressure of the day.

On Monday, February 9, BlackRock moved BTC and ETH valued at $247.71 million to Coinbase Price. However, there were bullish flows across the Exchange-Traded Funds (ETFs) market for the day. The same day, Bitcoin ETFs recorded over $144.90 million inflows, while Ethereum ETFs saw more than $57.00 million inflows.

BTC And ETH Losing To XRP Given the selling activity around Bitcoin and Ethereum, their trading volumes have fallen behind that of XRP, implying a shift toward the altcoin. In Asia, particularly South Korea, XRP has flipped BTC and ETH in terms of volume as reported by X Finance Bull on X. The jump suggests increased speculative activity and renewed interest from Asian traders, as liquidity centers around XRP rather than the larger market leaders.

Many analysts are beginning to put XRP ahead of BTC and ETH, claiming it will lead the market in the upcoming years. Veteran investor and entrepreneur Patrick L Riley stated that if Bitcoin does not break $150,000 this year and reclaim its 12-year trend line, it is likely to retest the $1,000 mark.

Whatever the scenario, Riley is confident that XRP will become the crypto leader within the next 6 years. After that, Bitcoin will be reduced to a collectible for nostalgia for those people who are interested in the macabre.

BTC trading at $66,953 on the 1D chart | Source: BTCUSDT on Tradingview.com Featured image from iStock, chart from Tradingview.com

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.

Sonic Labs, the team behind the high-throughput Layer 1 blockchain formerly known as Fantom, announced plans to restructure how value accrues to its native S token by building and potentially acquiring core protocol applications. The initiative aims to increase token utility, liquidity, and onchain usage through deeper control of economic infrastructure.

In a statement published on X under the title Vertical Integration: The Missing Link in L1 Value Creation, the team explained that Sonic will continue operating as an open and permissionless network for developers. However, it will also seek to reduce “value leakage” by owning and monetizing key economic activities within the chain rather than relying solely on transaction fees.

According to the team, the previous value model relied on a direct relationship between user growth, transaction volume, gas consumption, and token deflation. Sonic now considers the so-called “Gas Fee Only” model insufficient in an environment where blockspace supply has expanded due to rollups, modular architectures, and competing Layer 1 networks. The company argues that increased scalability has compressed fees and reduced scarcity, allowing capital and users to move more freely across chains.

Separately, Andre Cronje, a key contributor to Sonic and founder of several DeFi applications, raised $25.5 million in a private token round for his new onchain exchange, Flying Tulip, which now carries a reported valuation of $1 billion.

Source: Sonic Labs, Chainspect, public statements

Disclaimer: Crypto Economy Flash News is prepared using official and publicly available sources verified by our editorial team. Its purpose is to provide rapid updates on relevant developments within the crypto and blockchain sector.

This information does not constitute financial advice or an investment recommendation. Readers should verify official project channels before making related decisions.