Track market-moving stories before they get noisy

Fourth Quarter Sales Increased by 26% Year-over-Year to $243 Million
Fiscal Year 2026 Sales Increased by 23% Year-over-Year to $890 Million

MANCHESTER, N.H., May 07, 2026 (GLOBE NEWSWIRE) -- Allegro MicroSystems, Inc. (“Allegro” or the “Company”) (Nasdaq: ALGM), a global leader in power and sensing semiconductor solutions for motion control and energy efficient systems, today announced financial results for its fourth quarter and full fiscal year ended March 27, 2026.

“We finished fiscal year 2026 with strong momentum, delivering a fifth consecutive quarter of sales growth at $243 million. Non-GAAP EPS nearly tripled year-over-year to $0.17. For the full year, sales grew 23% to $890 million and non-GAAP EPS more than doubled to $0.54. These results reflect strength in Focus Auto sales - including xEV and ADAS – and Data Center, which reached a record 14% of total Q4 sales,” said Mike Doogue, President and CEO of Allegro MicroSystems. “As we enter fiscal 2027, we see demand trends that support continued growth, and remain confident in our ability to execute towards our target financial model.”

Fourth Quarter and Full Fiscal Year 2026 Financial Highlights:

In thousands, except per share dataThree-Month Period Ended  Twelve-Month Period Ended  March 27,
2026  December 26,
2025  March 28,
2025  March 27,
2026  March 28,
2025  (Unaudited)  (Unaudited)  (Unaudited)  (Unaudited)  (Unaudited) Net Sales              Automotive$163,909  $164,543  $139,494  $628,561  $535,205 Industrial and Other 79,278   64,667   53,330   261,535   189,801 Total net sales$243,187  $229,210  $192,824  $890,096  $725,006 GAAP Financial Measures              Gross margin % 47.0%  46.7%  41.4%  46.3%  44.3%Operating margin % 2.2%  4.2%  (6.8)%  2.1%  (2.7)%Diluted EPS$(0.09) $0.04  $(0.08) $(0.08) $(0.39)Non-GAAP Financial Measures              Gross margin % 50.0%  49.9%  45.6%  49.4%  48.0%Operating margin % 15.6%  15.4%  9.0%  14.1%  9.5%Diluted EPS$0.17  $0.15  $0.06  $0.54  $0.24                      Business Outlook

For the first quarter of fiscal year 2027 ending June 26, 2026, the Company expects total net sales to be in the range of
$245 million to $255 million. At the midpoint of this range, it implies growth in net sales of 23% year-over-year.

The Company also estimates the following results on a non-GAAP basis:

Gross Margin is expected to be between 50% and 51%,Operating expenses are expected to be $80 million, plus or minus $2 million, andDiluted Earnings per Share is expected to be between $0.19 and $0.23.
Allegro has not provided a reconciliation of its first fiscal quarter outlook for non-GAAP Gross Margin, non-GAAP Operating Expenses, and non-GAAP Diluted Earnings per Share because estimates of all of the reconciling items cannot be provided without unreasonable efforts. It is difficult to reasonably provide a forward-looking estimate between such forward-looking non-GAAP measures and the comparable forward-looking U.S. generally accepted accounting principles (“GAAP”) measures. Certain factors that are materially significant to Allegro’s ability to estimate these items are out of its control and/or cannot be reasonably predicted.

Earnings Webcast

A webcast will be held on Thursday, May 7, 2026 at 8:30 a.m., Eastern Time. Michael C. Doogue, President and Chief Executive Officer, and Derek P. D’Antilio, Executive Vice President and Chief Financial Officer, will discuss Allegro’s business and financial results.

The webcast will be available on the Investor Relations section of the Company’s website at investors.allegromicro.com. A recording of the webcast will be posted in the same location shortly after the call concludes and will be available for at least 90 days.

About Allegro MicroSystems

Allegro MicroSystems, Inc. is leveraging more than three decades of expertise in magnetic sensing and power ICs to propel electrification, automation, AI data center, and robotics forward with solutions that enhance efficiency, performance and sustainability. Allegro’s commitment to quality drives transformation across industries, reinforcing our status as a pioneer in "automotive-grade" technology and a partner in our customers' success. For additional information, please visit https://www.allegromicro.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, contained in this press release including statements regarding our future results of operations and financial position, business strategy, prospective products and the plans and objectives of management for future operations, including, among others, statements regarding the liquidity, growth and profitability strategies and factors and trends affecting our business, including the projected size and growth of markets in which we operate or may operate, are forward-looking statements. These statements involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements.

Without limiting the foregoing, in some cases, you can identify forward-looking statements by terms such as “aim,” “may,” “will,” “should,” “expect,” “exploring,” “plan,” “anticipate,” “could,” “intend,” “target,” “project,” “would,” “contemplate,” “believe,” “estimate,” “predict,” “potential,” “seek,” or “continue” or the negative of these terms or other similar expressions, although not all forward-looking statements contain these words. No forward-looking statement is a guarantee of future results, performance or achievements, and one should avoid placing undue reliance on such statements.

Forward-looking statements are based on our management’s current expectations, beliefs and assumptions and on information currently available to us. Such beliefs and assumptions may or may not prove to be correct. Additionally, such forward-looking statements are subject to a number of known and unknown risks, uncertainties and assumptions, and actual results may differ materially from those expressed or implied in the forward-looking statements due to various factors, including, but not limited to, those identified in Part II, Item 7. “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” and Part I, Item 1A. “Risk Factors” in our Annual Report on Form 10-K for the year ended March 28, 2025, as any such factors may be updated from time to time in our Quarterly Reports on Form 10-Q and our other filings with the Securities and Exchange Commission (the “SEC”). These risks and uncertainties include, but are not limited to: downturns or volatility in general economic conditions; our ability to compete effectively, expand our market share and increase our net sales and profitability; our reliance on a limited number of third-party semiconductor wafer fabrication facilities and suppliers of other materials; any failure to adjust purchase commitments and inventory management based on changing market conditions or customer demand; shifts in our product mix, customer mix or channel mix, which could negatively impact our gross margin; the cyclical nature of the semiconductor industry, including the analog segment in which we compete; any downturn or disruption in the automotive market or industry; our ability to successfully integrate the acquisition of other companies or technologies and products into our business; our ability to compensate for decreases in average selling prices of our products and increases in input costs; our ability to manage any sustained yield problems or other delays at our third-party wafer fabrication facilities or in the final assembly and test of our products; our ability to accurately predict our quarterly net sales and operating results and meet the expectations of investors; our dependence on manufacturing operations in the Philippines; our reliance on distributors to generate sales; events beyond our control impacting us, our key suppliers or our manufacturing partners; our ability to develop new product features or new products in a timely and cost-effective manner; our dependence on growth in the end markets that use our products and the impact that slowdowns in such growth could have on our financial results; the loss of one or more significant customers; our ability to identify, enter and expand in new markets, and to generate returns on such investments; uncertainties related to the design win process and our ability to recover design and development expenses and to generate timely or sufficient net sales or margins; changes in government trade policies, including the imposition of export restrictions and tariffs; our exposures to warranty claims, product liability claims and product recalls; our dependence on international customers and operations; the availability of rebates, tax credits and other financial incentives on end-user demands for certain products; risks, liabilities, costs and obligations related to governmental regulations and other legal obligations, including export/trade control, privacy, data protection, information security, cybersecurity, consumer protection, environmental and occupational health and safety, antitrust, anti-corruption and anti-bribery, product safety, environmental protection, employment matters and tax; the risk of unsolicited acquisition proposals; the volatility of currency exchange rates; our ability to raise capital to support our growth strategy; our indebtedness may limit our flexibility to operate our business; our ability to retain key and highly skilled personnel; the impact of restructuring activities on our business and operating results; our ability to protect our proprietary technology and inventions through patents or trade secrets; our ability to commercialize our products without infringing third-party intellectual property rights; disruptions or breaches of our information technology systems or confidential information or those of our third-party service providers; any failure to maintain effective internal control over financial reporting; changes in tax rates or the adoption of new tax legislation; the negative impacts of sustained inflation on our business; the risks presented by climate change; the risks related to ESG matters; and other events beyond our control. Moreover, we operate in an evolving environment. New risk factors and uncertainties may emerge from time to time, and it is not possible for management to predict all risk factors and uncertainties.

You should read this press release and the documents that we reference completely and with the understanding that our actual future results may be materially different from what we expect. We qualify all of our forward-looking statements by these cautionary statements. All forward-looking statements speak only as of the date of this press release, and except as required by applicable law, we do not plan to publicly update or revise any forward-looking statements, whether as a result of any new information, future events, changed circumstances or otherwise.

This press release includes certain non-GAAP financial measures as defined by the SEC rules. These non-GAAP financial measures are provided in addition to, and not as a substitute for or superior to measures of, financial performance prepared in accordance with GAAP. There are a number of limitations related to the use of these non-GAAP financial measures versus their most directly comparable GAAP equivalents. For example, other companies may calculate non-GAAP financial measures differently or may use other measures to evaluate their performance, all of which could reduce the usefulness of the presented non-GAAP financial measures as tools for comparison.

This press release may not be reproduced, forwarded to any person or published, in whole or in part.

ALLEGRO MICROSYSTEMS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except share and per share amounts)
(Unaudited)       Three-Month Period Ended  Twelve-Month Period Ended  March 27, 2026  March 28, 2025  March 27, 2026  March 28, 2025 Net sales$243,187  $192,824  $890,096  $725,006 Cost of goods sold 128,912   112,945   478,126   403,479 Gross profit 114,275   79,879   411,970   321,527 Operating expenses:           Research and development 55,535   47,618   205,804   179,649 Selling, general and administrative 46,740   45,459   181,089   161,680 Impairment of assets held for sale 6,590   —   6,590   — Total operating expenses 108,865   93,077   393,483   341,329 Operating income (loss) 5,410   (13,198)  18,487   (19,802)Interest and other expense (8,097)  (5,240)  (33,388)  (31,142)Loss on change in fair value of forward repurchase contract —   —   —   (34,752)Loss before income taxes (2,687)  (18,438)  (14,901)  (85,696)Income tax provision (benefit) 13,749   (3,700)  (248)  (12,933)Net loss (16,436)  (14,738)  (14,653)  (72,763)Net income attributable to non-controlling interests 52   62   244   247 Net loss attributable to Allegro MicroSystems, Inc.$(16,488) $(14,800) $(14,897) $(73,010)Net loss per common share attributable to Allegro MicroSystems, Inc.:           Basic$(0.09) $(0.08) $(0.08) $(0.39)Diluted$(0.09) $(0.08) $(0.08) $(0.39)Weighted average shares outstanding:           Basic 185,309,271   184,169,928   185,035,670   187,707,391 Diluted 185,309,271   184,169,928   185,035,670   187,707,391  Supplemental Schedule of Total Net Sales

The following table summarizes total net sales by market within the Company’s unaudited condensed consolidated statements of operations:

 Three-Month Period Ended  Change  Twelve-Month Period Ended  Change  March 27,
2026  March 28,
2025  Amount  %  March 27,
2026  March 28,
2025  Amount  %  (Dollars in thousands)  (Dollars in thousands) Automotive$163,909  $139,494  $24,415   18% $628,561  $535,205  $93,356   17%Industrial and Other 79,278   53,330   25,948   49%  261,535   189,801   71,734   38%Total net sales$243,187  $192,824  $50,363   26% $890,096  $725,006  $165,090   23% ALLEGRO MICROSYSTEMS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
       March 27  March 28,  2026
(Unaudited)  2025 Assets     Current assets:     Cash and cash equivalents$168,753  $121,334 Restricted cash 6,604   9,773 Trade accounts receivable, net 93,248   84,598 Inventories 181,752   183,914 Prepaid income taxes 1,179   36,662 Prepaid expenses and other current assets 52,070   30,247 Assets held for sale —   16,508 Total current assets 503,606   483,036 Property, plant and equipment, net 308,258   302,919 Deferred income tax assets 80,221   68,528 Goodwill 203,291   202,475 Intangible assets, net 238,675   262,115 Equity investment in related party 22,296   31,695 Other assets 59,828   70,193 Total assets$1,416,175  $1,420,961 Liabilities, Non-Controlling Interest and Stockholders’ Equity     Current liabilities:     Trade accounts payable$44,438  $38,733 Amounts due to related party 4,794   6,535 Accrued expenses and other current liabilities 95,163   65,570 Current portion of long-term debt 1,530   1,423 Total current liabilities 145,925   112,261 Long-term debt 285,746   344,703 Other long-term liabilities 28,059   32,897 Total liabilities 459,730   489,861 Commitments and contingencies     Stockholders’ Equity:     Preferred stock —   — Common stock 1,854   1,843 Additional paid-in capital 1,050,582   1,012,055 Accumulated deficit (68,488)  (53,591)Accumulated other comprehensive loss (29,201)  (30,752)Equity attributable to Allegro MicroSystems, Inc. 954,747   929,555 Non-controlling interest 1,698   1,545 Total stockholders’ equity 956,445   931,100 Total liabilities, non-controlling interest and stockholders’ equity$1,416,175  $1,420,961  ALLEGRO MICROSYSTEMS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(Unaudited)       Three-Month Period Ended  Twelve-Month Period Ended  March 27, 2026  March 28, 2025  March 27, 2026  March 28, 2025 Cash flows from operating activities:           Net loss$(16,436) $(14,738) $(14,653) $(72,763)Adjustments to reconcile net loss to net cash provided by operating activities:           Depreciation and amortization 17,765   15,924   67,593   64,502 Amortization of deferred financing costs 297   732   2,245   2,513 Deferred income taxes (4,009)  (4,755)  (11,994)  (16,301)Stock-based compensation 10,647   9,617   47,910   41,868 Loss on change in fair value of forward repurchase contract —   —   —   34,752 Impairment of assets held for sale 6,590   —   6,590   — Provisions for inventory and expected credit losses 1,435   1,697   8,989   9,216 Other non-cash reconciling items 348   339   653   6,984 Changes in operating assets and liabilities:           Trade accounts receivable 6,403   (1,275)  (9,201)  33,081 Inventories (4,994)  7,914   (6,267)  (30,160)Payment to related party (15,000)  —   (15,000)  — Prepaid expenses and other assets 22,935   (3,200)  40,634   (4,601)Trade accounts payable (7,685)  (1,423)  5,996   4,044 Due to and from related parties 46   4,551   (1,740)  5,115 Other changes in operating assets and liabilities, net 17,372   4,970   41,314   (16,337)Net cash provided by operating activities 35,714   20,353   163,069   61,913 Cash flows from investing activities:           Purchases of property, plant and equipment (17,016)  (5,391)  (38,176)  (39,955)Purchases of intangible assets —   (1,180)  —   (1,180)Acquisition of business, net of cash acquired —   —   —   319 Investment in debt security (3,541)  —   (3,541)  — Net cash used in investing activities (20,557)  (6,571)  (41,717)  (40,816)Cash flows from financing activities:           Net proceeds from Refinanced Term Loan Facility 285,000   (402)  285,000   193,081 Repayment of term loan (285,000)  (30,000)  (345,000)  (105,000)Finance lease payments (516)  (498)  (1,368)  (1,201)Receipts on related party notes receivable —   —   —   1,875 Payments for intangible assets (1,000)  —   (5,000)  — Payments for taxes related to net share settlement of equity awards (2,258)  (3,458)  (12,612)  (16,238)Proceeds from issuance of common stock under employee stock purchase plan 1,427   1,524   3,337   3,511 Repurchases of common stock —   —   —   (853,921)Payments for taxes related to repurchase of common stock —   —   (1,713)  — Net proceeds from issuance of common stock —   —   —   665,850 Dividends paid to non-controlling interest —   (19)  (23)  (19)Net cash used in financing activities (2,347)  (32,853)  (77,379)  (112,062)Effect of exchange rate changes on cash and cash equivalents and restricted cash (852)  1,216   277   (89)Net increase (decrease) in cash and cash equivalents and restricted cash 11,958   (17,855)  44,250   (91,054)Cash and cash equivalents and restricted cash at beginning of period 163,399   148,962   131,107   222,161 Cash and cash equivalents and restricted cash at end of period$175,357  $131,107  $175,357  $131,107                  Non-GAAP Financial Measures

In addition to the measures presented in our condensed consolidated financial statements, we regularly review other measures, defined as non-GAAP financial measures by the SEC, to evaluate our business, measure our performance, identify trends, prepare financial forecasts and make strategic decisions. The key measures we consider are non-GAAP Gross Profit, non-GAAP Gross Margin, non-GAAP Operating Expenses, non-GAAP Operating Income, non-GAAP Operating Margin, EBITDA, Adjusted EBITDA, Adjusted EBITDA margin, non-GAAP Profit before Tax, non-GAAP Income Tax Provision (Benefit), non-GAAP Effective Tax Rate, non-GAAP Net Income Attributable to Allegro MicroSystems, Inc, non-GAAP Basic and Diluted Earnings per Share, non-GAAP Free Cash Flow, and non-GAAP Free Cash Flow as a percentage of net sales (collectively, the “Non-GAAP Financial Measures”). These Non-GAAP Financial Measures provide supplemental information regarding our operating performance on a non-GAAP basis that excludes certain gains, losses and charges of a non-cash nature or that occur relatively infrequently and/or that management considers to be unrelated to our core operations, and in the case of non-GAAP Income Tax Provision (Benefit), management believes that this non-GAAP measure of income taxes provides it with the ability to evaluate the non-GAAP Income Tax Provision (Benefit) across different reporting periods on a consistent basis, independent of special items and discrete items, which may vary in size and frequency. These Non-GAAP Financial Measures are used by both management and our board of directors, together with the comparable GAAP information, in evaluating our current performance and planning our future business activities.

The Non-GAAP Financial Measures are supplemental measures of our performance that are neither required by, nor presented in accordance with, GAAP. These Non-GAAP Financial Measures should not be considered as substitutes for GAAP financial measures, such as gross profit, gross margin, net income or any other performance measures derived in accordance with GAAP. Also, in the future we may incur expenses or charges, such as those being adjusted in the calculation of these Non-GAAP Financial Measures. Our presentation of these Non-GAAP Financial Measures should not be construed as an inference that future results will be unaffected by unusual or nonrecurring items. These Non-GAAP Financial Measures exclude costs related to acquisition and related integration expenses, amortization of acquired intangible assets, stock-based compensation, restructuring actions, related-party activities and other non-operational costs.

Non-GAAP Income Tax Provision (Benefit)

In calculating the non-GAAP Income Tax Provision (Benefit), we adjust for the tax effect of adjustments to GAAP results which represents the estimated income tax effect of the adjustments to non-GAAP Profit before Tax described below. We also adjust for any discrete tax items and the impact of non-recurring tax law changes to ensure the non-GAAP Income Tax Rate (“NG ETR”) reflects future operations.

Our fiscal year 2026 and 2027 NG ETR excludes the impact of the 2025 One Big Beautiful Bill Act’s one-time research and development amortization election which accelerates the amortization of previously capitalized domestic research and development over a two-year period. The NG ETR is applied to non-GAAP Profit before Tax to arrive at the tax effect of adjustments to GAAP results.

Reconciliation of Non-GAAP Gross Profit and Non-GAAP Gross Margin                 Three-Month Period Ended  Twelve-Month Period Ended  March 27,
2026  December 26,
2025  March 28,
2025  March 27,
2026  March 28,
2025  (Dollars in thousands)  (Dollars in thousands) GAAP Gross Profit$114,275  $107,101  $79,879  $411,970  $321,527 GAAP Gross Margin (% of net sales) 47.0%  46.7%  41.4%  46.3%  44.3%               Non-GAAP adjustments              Transaction-related costs —   —   —   —   14 Purchased intangible amortization 5,089   5,089   4,957   20,357   19,582 Restructuring costs 723   659   2,350   2,838   4,088 Stock-based compensation 1,033   1,017   697   3,955   2,877 Other costs 442   449   —   935   — Total Non-GAAP Adjustments$7,287  $7,214  $8,004  $28,085  $26,561                Non-GAAP Gross Profit$121,562  $114,315  $87,883  $440,055  $348,088 Non-GAAP Gross Margin (% of net sales) 50.0%  49.9%  45.6%  49.4%  48.0% Reconciliation of Non-GAAP Operating Expenses                 Three-Month Period Ended  Twelve-Month Period Ended  March 27,
2026  December 26,
2025  March 28,
2025  March 27,
2026  March 28,
2025  (Dollars in thousands)  (Dollars in thousands) GAAP Operating Expenses$108,865  $97,527  $93,077  $393,483  $341,329                Research and Development Expenses              GAAP Research and Development Expenses 55,535   52,878   47,618   205,804   179,649 Non-GAAP adjustments              Transaction-related costs —   33   3   33   1,571 Purchased intangible amortization 6   5   —   22   — Restructuring costs 1,674   2,663   4,429   7,107   5,426 Stock-based compensation 4,385   3,596   3,406   15,799   14,624 Other costs(1) 956   196   —   1,299   3 Non-GAAP Research and Development Expenses 48,514   46,385   39,780   181,544   158,025                Selling, General and Administrative Expenses              GAAP Selling, General and Administrative Expenses 46,740   44,649   45,459   181,089   161,680 Non-GAAP adjustments              Transaction-related costs 496   3   116   630   1,353 Purchased intangible amortization 558   535   535   2,163   2,140 Restructuring costs 2,630   2,032   1,656   7,004   6,011 Stock-based compensation 5,229   8,207   5,513   28,156   24,366 Other costs(1) 2,628   1,260   6,921   10,202   6,303 Non-GAAP Selling, General and Administrative Expenses 35,199   32,612   30,718   132,934   121,507                Impairment of assets held for sale 6,590   —   —   6,590   —                Total Non-GAAP Adjustments 25,152   18,530   22,579   79,005   61,797                Non-GAAP Operating Expenses$83,713  $78,997  $70,498  $314,478  $279,532                (1) Included in non-GAAP other costs are non-recurring charges that are individually immaterial for separate disclosure, such as project evaluation costs, which consist of costs and estimated costs incurred in connection with debt and equity financings or other non-recurring transactions.  Reconciliation of Non-GAAP Operating Income and Non-GAAP Operating Margin                 Three-Month Period Ended  Twelve-Month Period Ended  March 27,
2026  December 26,
2025  March 28,
2025  March 27,
2026  March 28,
2025  (Dollars in thousands)  (Dollars in thousands) GAAP Operating Income (Loss)$5,410  $9,574  $(13,198) $18,487  $(19,802)GAAP Operating Margin (% of net sales) 2.2%  4.2%  (6.8)%  2.1%  (2.7)%               Transaction-related costs 496   36   119   663   2,938 Impairment of assets held for sale 6,590   —   —   6,590   — Purchased intangible amortization 5,653   5,629   5,492   22,542   21,722 Restructuring costs 5,027   5,354   8,435   16,949   15,525 Stock-based compensation 10,647   12,820   9,616   47,910   41,867 Other costs(1) 4,026   1,905   6,921   12,436   6,306 Total Non-GAAP Adjustments$32,439  $25,744  $30,583  $107,090  $88,358                Non-GAAP Operating Income$37,849  $35,318  $17,385  $125,577  $68,556 Non-GAAP Operating Margin (% of net sales) 15.6%  15.4%  9.0%  14.1%  9.5%               (1) Included in non-GAAP other costs are non-recurring charges that are individually immaterial for separate disclosure such as project evaluation costs, which consist of costs and estimated costs incurred in connection with debt and equity financings or other non-recurring transactions.  Reconciliation of EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin                 Three-Month Period Ended  Twelve-Month Period Ended  March 27,
2026  December 26,
2025  March 28,
2025  March 27,
2026  March 28,
2025  (Dollars in thousands)  (Dollars in thousands) GAAP Net (Loss) Income$(16,436) $8,362  $(14,738) $(14,653) $(72,763)GAAP Net (Loss) Income Margin (% of net sales) (6.8)%  3.6%  (7.6)%  (1.6)%  (10.0)%               Interest expense 5,136   4,910   6,874   22,135   30,366 Interest income (269)  (114)  (222)  (776)  (1,524)Income tax provision (benefit) 13,749   (7,868)  (3,700)  (248)  (12,933)Depreciation & amortization 17,765   17,001   15,924   67,593   64,502 EBITDA$19,945  $22,291  $4,138  $74,051  $7,648                Transaction-related costs 496   36   119   663   5,742 Impairment of assets held for sale 6,590   —   —   6,590   — Restructuring costs 4,830   5,000   8,277   16,057   15,112 Stock-based compensation 10,647   12,820   9,616   47,910   41,867 Loss on change in fair value of forward repurchase contract —   —   —   —   34,752 Other costs(1) 7,184   6,037   6,301   24,796   7,911 Adjusted EBITDA$49,692  $46,184  $28,451  $170,067  $113,032 Adjusted EBITDA Margin (% of net sales) 20.4%  20.1%  14.8%  19.1%  15.6%               (1) Included in non-GAAP other costs are non-recurring charges that are individually immaterial for separate disclosure such as project evaluation costs, which consist of costs and estimated costs incurred in connection with debt and equity financings or other non-recurring transactions and income (loss) in earnings of equity investments.  Reconciliation of Non-GAAP Profit before Tax                 Three-Month Period Ended  Twelve-Month Period Ended  March 27,
2026  December 26,
2025  March 28,
2025  March 27,
2026  March 28,
2025  (Dollars in thousands)  (Dollars in thousands) GAAP (Loss) Income before Income Taxes$(2,687) $494  $(18,438) $(14,901) $(85,696)               Transaction-related costs 496   36   119   663   5,742 Transaction-related interest 225   225   272   1,955   1,314 Impairment of assets held for sale 6,590   —   —   6,590   — Purchased intangible amortization 5,653   5,629   5,492   22,542   21,722 Restructuring costs 5,074   5,354   8,482   17,184   15,317 Stock-based compensation 10,647   12,820   9,616   47,910   41,867 Loss on change in fair value of forward repurchase contract —   —   —   —   34,752 Other costs(1) 7,718   6,422   6,689   25,715   12,351 Total Non-GAAP Adjustments$36,403  $30,486  $30,670  $122,559  $133,065                Non-GAAP Profit before Tax$33,716  $30,980  $12,232  $107,658  $47,369                (1) Included in non-GAAP other costs are non-recurring charges that are individually immaterial for separate disclosure such as project evaluation costs, which consist of costs and estimated costs incurred in connection with debt and equity financings or other non-recurring transactions and income (loss) in earnings of equity investments.  Reconciliation of Non-GAAP Income Tax Provision (Benefit) and Non-GAAP Effective Tax Rate                 Three-Month Period Ended  Twelve-Month Period Ended  March 27,
2026  December 26,
2025  March 28,
2025  March 27,
2026  March 28,
2025  (Dollars in thousands)  (Dollars in thousands) GAAP Income Tax Provision (Benefit)$13,749  $(7,868) $(3,700) $(248) $(12,933)GAAP effective tax rate (511.7)%  (1,592.7)%  20.1%  1.7%  15.1%               Tax effect of adjustments to GAAP results (11,642)  10,002   4,126   7,610   14,200                Non-GAAP Income Tax Provision$2,107  $2,134  $426  $7,362  $1,267 Non-GAAP effective tax rate 6.2%  6.9%  3.5%  6.8%  2.7% Reconciliation of Non-GAAP Net Income Attributable to Allegro MicroSystems, Inc. and Non-GAAP Earnings per Share                 Three-Month Period Ended  Twelve-Month Period Ended  March 27,
2026  December 26,
2025  March 28,
2025  March 27,
2026  March 28,
2025  (Dollars in thousands)  (Dollars in thousands) GAAP Net (Loss) Income Attributable to Allegro MicroSystems, Inc.(1)$(16,488) $8,299  $(14,800) $(14,897) $(73,010)GAAP Basic weighted average common shares 185,309,271   185,172,199   184,169,928   185,035,670   187,707,391 GAAP Diluted weighted average common shares 185,309,271   186,208,258   184,169,928   185,035,670   187,707,391 GAAP Basic (Loss) Income per Share$(0.09) $0.04  $(0.08) $(0.08) $(0.39)GAAP Diluted (Loss) Income per Share$(0.09) $0.04  $(0.08) $(0.08) $(0.39)               Transaction-related costs 496   36   119   663   5,742 Transaction-related interest 225   225   272   1,955   1,314 Impairment of assets held for sale 6,590   —   —   6,590   — Purchased intangible amortization 5,653   5,629   5,492   22,542   21,722 Restructuring costs 5,074   5,354   8,482   17,184   15,317 Stock-based compensation 10,647   12,820   9,616   47,910   41,867 Loss on change in fair value of forward repurchase contract —   —   —   —   34,752 Other costs(2) 7,718   6,422   6,689   25,715   12,351 Total Non-GAAP Adjustments 36,403   30,486   30,670   122,559   133,065 Tax effect of adjustments to GAAP results(3) 11,642   (10,002)  (4,126)  (7,610)  (14,200)Non-GAAP Net Income Attributable to Allegro MicroSystems, Inc.$31,557  $28,783  $11,744  $100,052  $45,855 Basic weighted average common shares 185,309,271   185,172,199   184,169,928   185,035,670   187,707,391 Diluted weighted average common shares 187,134,641   186,208,258   185,247,919   186,318,359   188,629,402 Non-GAAP Basic Earnings per Share$0.17  $0.16  $0.06  $0.54  $0.24 Non-GAAP Diluted Earnings per Share$0.17  $0.15  $0.06  $0.54  $0.24                (1) GAAP Net (Loss) Income Attributable to Allegro MicroSystems, Inc. represents GAAP Net (Loss) Income adjusted for Net Income Attributable to non-controlling interests. (2) Included in non-GAAP other costs are non-recurring charges that are individually immaterial for separate disclosure, such as project evaluation costs, which consists of costs and estimated costs incurred in connection with debt and equity financings or other non-recurring transactions, income (loss) in earnings of equity investments, and unrealized losses (gains) on investments. (3) To calculate the tax effect of adjustments to GAAP results, the Company considers each Non-GAAP adjustment by tax jurisdiction, reverses all discrete items, non-recurring law changes to calculate an annual NG ETR. This NG ETR is then applied to Non-GAAP Profit Before Tax to arrive at the tax effect of adjustments to GAAP results.  Reconciliation of Non-GAAP Free Cash Flow and Non-GAAP Free Cash Flow as Percentage of Net Sales                    Three-Month Period Ended  Twelve-Month Period Ended  March 27,
2026  December 26,
2025  March 28,
2025  March 27,
2026  March 28,
2025  (Dollars in thousands)  (Dollars in thousands) GAAP Operating Cash Flow$35,714  $45,375  $20,353  $163,069  $61,913 GAAP Operating Cash Flow (% of net sales) 14.7%  19.8%  10.6%  18.3%  8.5%Non-GAAP adjustments              Purchases of property, plant and equipment (17,016)  (4,116)  (5,391)  (38,176)  (39,955)Non-GAAP Free Cash Flow$18,698  $41,259  $14,962  $124,893  $21,958 Non-GAAP Free Cash Flow (% of net sales) 7.7%  18.0%  7.8%  14.0%  3.0%                     Investor Contact:
Jalene Hoover
VP of Investor Relations & Corporate Communications
+1 (512) 751-6526
[email protected]

Allegro MicroSystems, Inc. (ALGM) Q4 2026 Earnings Call Transcript

MANCHESTER, N.H., May 13, 2026 (GLOBE NEWSWIRE) -- Allegro MicroSystems, Inc. (“Allegro”) (Nasdaq: ALGM), a global leader in power and sensing semiconductor solutions for motion control and energy efficient systems, today announced that the company will present at TD Cowen’s 54th Annual Technology, Media & Telecom Conference on Wednesday, May 27, 2026 at the InterContinental New York Barclay in New York, NY. Derek D’Antilio, EVP and Chief Financial Officer, is scheduled to participate in a fireside chat at 1:15 PM Eastern Time (ET).

A live and archived webcast of the fireside chat will be available on the Investor Relations page of the company’s website at www.allegromicro.com.

About Allegro MicroSystems

Allegro MicroSystems, Inc. is leveraging more than three decades of expertise in magnetic sensing and power ICs to propel electrification, automation, AI data center, and robotics forward with solutions that enhance efficiency, performance and sustainability. Allegro’s commitment to quality drives transformation across industries, reinforcing our status as a pioneer in "automotive-grade" technology and a partner in our customers' success. For additional information, visit https://www.allegromicro.com/en/.  

Contact: Jalene Hoover
VP of IR & Corporate Communications
Phone: +1 512 751 6526
[email protected]

Shares of Allegro MicroSystems, Inc. (ALGM - Free Report) have gained 1.7% over the past four weeks to close the last trading session at $41.35, but there could still be a solid upside left in the stock if short-term price targets of Wall Street analysts are any indication. Going by the price targets, the mean estimate of $53.58 indicates a potential upside of 29.6%.

The average comprises 12 short-term price targets ranging from a low of $45.00 to a high of $62.00, with a standard deviation of $4.23. While the lowest estimate indicates an increase of 8.8% from the current price level, the most optimistic estimate points to an 49.9% upside. More than the range, one should note the standard deviation here, as it helps understand the variability of the estimates. The smaller the standard deviation, the greater the agreement among analysts.

While the consensus price target is a much-coveted metric for investors, solely banking on this metric to make an investment decision may not be wise at all. That's because the ability and unbiasedness of analysts in setting price targets have long been questionable.

But, for ALGM, an impressive average price target is not the only indicator of a potential upside. Strong agreement among analysts about the company's ability to report better earnings than they predicted earlier strengthens this view. While a positive trend in earnings estimate revisions doesn't gauge how much a stock could gain, it has proven to be powerful in predicting an upside.

Price, Consensus and EPS Surprise

Here's What You Should Know About Analysts' Price TargetsAccording to researchers at several universities across the globe, a price target is one of many pieces of information about a stock that misleads investors far more often than it guides. In fact, empirical research shows that price targets set by several analysts, irrespective of the extent of agreement, rarely indicate where the price of a stock could actually be heading.

While Wall Street analysts have deep knowledge of a company's fundamentals and the sensitivity of its business to economic and industry issues, many of them tend to set overly optimistic price targets. Are you wondering why?

They usually do that to drum up interest in shares of companies that their firms either have existing business relationships with or are looking to be associated with. In other words, business incentives of firms covering a stock often result in inflated price targets set by analysts.

However, a tight clustering of price targets, which is represented by a low standard deviation, indicates that analysts have a high degree of agreement about the direction and magnitude of a stock's price movement. While that doesn't necessarily mean the stock will hit the average price target, it could be a good starting point for further research aimed at identifying the potential fundamental driving forces.

That said, while investors should not entirely ignore price targets, making an investment decision solely based on them could lead to disappointing ROI. So, price targets should always be treated with a high degree of skepticism.

Here's Why There Could be Plenty of Upside Left in ALGMThere has been increasing optimism among analysts lately about the company's earnings prospects, as indicated by strong agreement among them in revising EPS estimates higher. And that could be a legitimate reason to expect an upside in the stock. After all, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.

The Zacks Consensus Estimate for the current year has increased 9.4% over the past month, as two estimates have gone higher compared to no negative revision.

Moreover, ALGM currently has a Zacks Rank #2 (Buy), which means it is in the top 20% of more than 4,000 stocks that we rank based on four factors related to earnings estimates. Given an impressive externally-audited track record, this is a more conclusive indication of the stock's potential upside in the near term. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>> .

Therefore, while the consensus price target may not be a reliable indicator of how much ALGM could gain, the direction of price movement it implies does appear to be a good guide.

On May 26, 2026, Allegro Microsystems Inc ALGM shares rose 10.5% to a current price of $50.76. This significant increase comes in the context of a 52-week price range of $22.41 to $51.40, highlighting a remarkable rise in investor interest and confidence in the stock.

GF Value™ verdict: Current price of $50.76 is 76.1% above the GF Value™ of $28.83, indicating the stock is significantly overvalued.GF Score™ is 82/100, suggesting a strong overall quality as a stock.Most notable signal: Insiders sold $3.4M worth of shares in the last 3 months with no purchases reported. Is ALGM Overvalued or Undervalued? Allegro Microsystems Inc's current share price of $50.76 is significantly above the GF Value™ estimate of $28.83, representing a 76.1% margin of overvaluation. This disparity suggests that the stock is trading at a price that may not be justified by its underlying fundamentals. The GF Valuation label categorizes the stock as "Significantly Overvalued," which indicates a higher risk for potential declines if market sentiment shifts or if the company fails to meet growth expectations.

The margin of safety is critical for investors to consider, as buying into a stock that is significantly overvalued can expose them to potential losses in the future. GF Value™ is GuruFocus' proprietary measure of intrinsic value, calculated from historical trading multiples, past business growth, and future performance estimates. Therefore, the current price may not only be inflated but also suggest that a correction could be on the horizon if earnings do not catch up to the elevated valuation.

How Does ALGM's Valuation Compare to Its History? Metric Current Historical P/E (TTM) 51.5x 42.8x Allegro Microsystems' current P/E ratio of 51.5x exceeds its 5-year median P/E of 42.8x, suggesting that the stock is trading at a premium compared to its historical valuation. This aligns with the GF Value™ verdict that indicates the stock is overvalued, reinforcing the notion that current price levels may not be sustainable without corresponding earnings growth.

What Does ALGM's GF Score™ Tell Us? Metric Rating GF Score™ 82/100 Financial Strength 7/10 Profitability 7/10 Growth 8/10 Valuation 3/10 Momentum 10/10 The GF Score™ of 82/100 reflects a strong overall quality for Allegro Microsystems Inc, particularly in terms of growth and momentum. The profitability and financial strength scores of 7/10 indicate solid operational fundamentals. However, the low valuation rank of 3/10 highlights concerns regarding its current pricing relative to intrinsic value. This mixed scoring suggests that while the company possesses strong growth potential, the high valuation could pose risks for long-term investors.

What Are Insiders Doing with ALGM Stock? Recent insider activity has shown a notable trend, with insiders selling $3.4 million in shares over the last three months, and no reported purchases. This pattern of selling may signal a lack of confidence from those closest to the company, potentially indicating that insiders believe the stock is currently overvalued. Such selling activity can raise red flags for external investors, suggesting caution warranted in entering or holding the stock.

What This Means for Investors Based on the analysis of GF Value™, Allegro Microsystems Inc is currently overvalued. The significant gap between its market price and intrinsic value, along with the recent insider selling, presents notable risks for potential investors. Caution and thorough due diligence are recommended given the high valuation levels.

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

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

ALGM's GF Score™ is 82/100, indicating a strong overall quality as a stock based on its financial strength, profitability, growth, valuation, and momentum.

Is ALGM overvalued or undervalued?

ALGM is currently overvalued, with a market price of $50.76 compared to a GF Value™ estimate of $28.83, representing a 76.1% overvaluation.

What is ALGM's P/E ratio?

ALGM's current P/E ratio is 51.5x, which is higher than its 5-year median P/E of 42.8x, indicating that the stock is trading at a premium compared to its historical valuation.

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

On May 27, 2026, Allegro Microsystems Inc ALGM shares fell 3.5% to $49.00, continuing a volatile trend amidst a strong recent performance. Over the past week, the stock has gained 10.5%, and it has achieved an impressive year-to-date increase of 85.8%. The 52-week high stands at $51.66, while the low is $22.41.

GF Value™ verdict: Current price of $49.00 is 70.0% above the GF Value™ of $28.83, indicating significant overvaluation.GF Score™ of 82/100 signals a strong overall rating for ALGM.Notable signal: Insider activity shows that insiders sold $3.6M in shares over the last three months, with no purchases reported. Is ALGM Overvalued or Undervalued? The current price of Allegro Microsystems Inc ALGM at $49.00 is significantly above its GF Value™ estimate of $28.83, which suggests that the stock is overvalued by 70.0%. This disparity indicates a lack of margin of safety for potential investors. When a stock is overvalued, the risk of a price correction increases, especially if market conditions change or if the company fails to meet growth expectations. GF Value™ is GuruFocus' proprietary measure of intrinsic value, calculated from historical trading multiples, past business growth, and future performance estimates.

Given the GF Valuation label of "Significantly Overvalued," it is important to exercise caution. The high valuation might reflect market enthusiasm or speculative trading rather than underlying business fundamentals. This situation could present a risk for current shareholders and potential investors, especially if the company's performance does not justify the lofty price levels.

How Does ALGM's Valuation Compare to Its History? Metric Current Historical P/E (TTM) Not provided 42.8x (5-Year Median) Forward P/E 49.7x N/A Currently, Allegro Microsystems Inc's forward P/E ratio of 49.7x indicates that the stock is trading above its historical median P/E of 42.8x. This analysis aligns with the GF Value™ verdict, reinforcing the notion that ALGM is overvalued. Investors may need to reassess their positions, especially in light of the substantial premium over historical valuation metrics.

What Does ALGM's GF Score™ Tell Us? Metric Rating GF Score™ 82 Financial Strength 7/10 Profitability 7/10 Growth 8/10 Valuation 3/10 Momentum 10/10 The GF Score™ of 82/100 suggests that Allegro Microsystems Inc has strong growth potential and solid financial health, with growth rated at 8/10 and financial strength at 7/10. However, the valuation score of 3/10 highlights a significant area of concern, as it points to overvaluation relative to the stock's intrinsic value. The momentum rank of 10/10 indicates that the stock has been performing well in the short term, but this should not overshadow the valuation concerns.

What Are Insiders Doing with ALGM Stock? Recent insider activity has shown a trend of selling, with insiders offloading $3.6M worth of shares in the last three months and no reported insider purchases. This pattern might suggest a lack of confidence among insiders regarding the company's future performance at current valuation levels. Insider selling can often be interpreted as a signal that insiders believe the stock is overvalued, which aligns with the current GF Value™ assessment.

What This Means for Investors Based on the GF Value™ assessment, Allegro Microsystems Inc ALGM is currently overvalued at $49.00, significantly above its estimated fair value of $28.83. Investors may need to exercise caution as the stock appears to be trading at a premium, which could expose them to potential downside risks.

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

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

ALGM's GF Score™ is 82/100, indicating a strong overall ranking based on key metrics such as financial strength, profitability, and growth potential.

Is ALGM overvalued or undervalued?

ALGM is currently overvalued, with a market price of $49.00 compared to a GF Value™ estimate of $28.83, indicating a significant premium.

What is ALGM's P/E ratio?

The forward P/E for ALGM is 49.7x, which is above its historical 5-year median P/E of 42.8x, suggesting that the stock is trading at a higher valuation than in the past.

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

“It's down a lot. It makes no sense,” he added. “It's because there's not enough aircraft servicing, because people feel that people aren't going to fly anymore. Wrong!”

RTX, on April 30, raised its quarterly dividend from 68 cents to 73 cents per share.

Aurora Innovation, Inc. (NASDAQ:AUR) is a “worthy” spec, Cramer said. “I'm not sure when they can ever make any money, but I'm going to go with you because I like the spec nature of it.”

The company, on April 30, announced expansion of its strategic partnership with Hirschbach Motor Lines, including a plan for the carrier to own 500 Aurora Driver-powered trucks.

Cramer said Amprius Technologies, Inc. (NYSE:AMPX) is “a storage spec, and it makes a lot of sense.”

Fremont, California-based Amprius will hold a conference call on Thursday, May 7 to discuss first-quarter financial results. Analysts expect the lithium-ion battery maker to report a quarterly loss at 2 cents per share on revenue of $25.72 million.

Price Action:

Aurora Innovation shares gained 4.3% to settle at $6.13 on Friday. RTX shares fell 1.2% to close at $173.99. Amprius Technologies shares fell 0.9% to settle at $20.87 on Friday. Photo via Shutterstock

Market News and Data brought to you by Benzinga APIs

© 2026 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

To add Benzinga News as your preferred source on Google, click here.

It can be challenging to find an artificial intelligence (AI) stock trading under $50  that's worth taking a small stake in, as the hype around these companies can often outrun reality.

Still, they exist, and three that I view as promising options to consider are SoundHound AI (SOUN 1.07%), Aurora Innovation (AUR +1.59%), and Serve Robotics (SERV 5.31%). All of these companies are still unprofitable, and two are in the very early stages of generating any kind of revenue. They are speculative stocks, to be sure, so if you choose to invest in them, these positions should make up only a small portion of your overall portfolio.

Still, if they can deliver unexpected revenue growth, land large clients, or announce any other bullish business developments, they could also close out 2026 as significant winners in the AI space.

Image source: Getty Images.

1. SoundHound AI As an audio AI company, SoundHound AI builds tech that enables AI agents to turn vocal interactions into actions. For example, it has partnerships within the restaurant industry, where its AI agents take drive-thru orders from customers. SoundHound's AI agents are also being used to handle customer interactions across a host of industries, including retail, healthcare, and financial services.

The company recently announced an agreement to acquire LivePerson, a company that specializes in AI messaging. With LivePerson's range of messaging solutions, from phone calls to social media interactions, SoundHound could boost its cross-selling potential.

Today's Change

(

-1.07

%) $

-0.07

Current Price

$

6.92

Of the three companies on this list, SoundHound has the most meaningful revenue generation so far, and it's furthest along in proving its business use case. In 2025, it reported revenue of $168.9 million, a 99% increase from 2024. For 2026, it expects revenue to land in a range between $225 million and $260 million. SoundHound's stock price is down year to date so far, but if it can boost its forecast and surprise markets at some point, the stock could regain its footing and march higher.

2. Aurora Innovation AI is coming to the trucking industry in the form of self-driving vehicles. According to the researchers at Fortune Business Insights, the autonomous truck market is expected to be worth $46.5 billion globally this year, but they forecast it will grow to $107.7 billion by 2034. Still, it's a relatively new market, and there aren't a ton of pure-play investments to consider in it.

One of the few is Aurora, which aims to address the pain points of the freight industry. According to the American Trucking Associations, the driver shortage in the industry is on pace to grow in the coming years, and the number of hours a person can drive in a given day is legally capped for safety reasons. Moreover, the industry faces higher fuel and insurance costs.

Today's Change

(

1.59

%) $

0.10

Current Price

$

6.07

Aurora is still small, but by the end of 2026, it expects to have over 200 autonomous trucks in operation. The company reported revenue of just $3 million in 2025 but expects it to grow to between $14 million and $16 million in 2026. Aurora is already having a strong 2026, so it has the opportunity to keep carrying that momentum into the end of the year.

3. Serve Robotics Serve Robotics describes itself as an "industry leader in physical AI." Its robots use AI to help them navigate the world around them, and their models are continuously refined with new real-world data. This may sound a little futuristic, but it is a rapidly expanding sector: Fortune Business Insights forecasts the global AI robot market will grow from $7.4 billion in 2026 to $60.6 billion by 2034.

Today, the company is mainly involved in the delivery industry through partnerships with DoorDash, as well as Uber Technologies through Uber Eats.

Today's Change

(

-5.31

%) $

-0.40

Current Price

$

7.04

It's also planning to acquire privately held Diligent Robotic, which is building robot assistants for the healthcare industry. Its Moxi robots have been deployed in more than 25 hospital facilities.

Serve Robotics CEO Dr. Ali Kashani said in his company's press release:

We've proven we can deploy robots safely and reliably at scale in complex urban environments. By extending our platform beyond sidewalks and into hospitals, we're expanding where our Physical AI can operate, learn, and create value. Over time, Serve and Moxi will share one autonomy stack, one data flywheel, and one operating system for robots that work alongside people across city sidewalks and critical institutions. This is how autonomy becomes infrastructure.

The growth potential is there, but this company is still in the very early stages of proving its business model, with 2025 revenue of $2.7 million and projections for revenue of $26 million in 2026. Its stock price is slightly down on the year, but there's still plenty of time for the company to make some moves or announcements that can change its trajectory.

Berkshire Hathaway subsidiary McLane is planning to deploy self-driving trucking technology from Aurora Innovation on routes in Texas and across the U.S. Sun Belt by the end of the year, expanding on an autonomous freight pilot program the companies began in 2023, McLane and Aurora announced Wednesday. 

Temple, Texas-based McLane is one of the largest distribution companies in the U.S., with more than 80 distribution centers that cover nearly every ZIP code in the country, and 25,000 employees. It will use the Aurora Driver technology in long-haul trucking to move supplies, including perishables, to restaurant brands.

The existing pilot includes two round-trips daily between Dallas and Houston, seven days a week, with what is called "supervised" autonomous technology controlling the "middle mile" in long-haul trucking, while McLane drivers take over for last-mile local delivery of loads to customers using separate trucks.

Since 2023, McLane routes using this technology logged 280,000 autonomous miles in Texas, covering 1,400 loads delivered to restaurants. Now McLane has approved driverless operations between Dallas and Houston and plans to add new routes between McLane distribution centers across the U.S. Sun Belt by the end of the year.

"Autonomous technology helps us drive greater efficiency across the supply chain, while our drivers remain focused on the critical last mile — and continuing to serve as the face of our company to customers," Susan Adzick, president of McLane Restaurant, said in a statement.

Trucks operating in the middle mile of logistics networks move orders between centralized distribution facilities and last-mile delivery points. Automating the middle mile is a current focus for many distribution networks, including at Amazon, and for self-driving freight companies.

The companies declined to specify the number of trucks or loads to be part of driverless hauls, only saying that Aurora Driver software-powered trucks will continue to make multiple trips between Dallas and Houston every day. 

Importantly, there is still a human "observer" in the cab on these routes, which move loads on trucks from OEM Paccar, which has requested the observers remain in the cabs for now. Unlike "supervised" trips, the observer never operates the vehicle and Aurora Driver is "fully responsible for all driving tasks, including pulling over to a safe location if required," according to the company.

Aurora has plans to deploy a new fleet of trucks from Volkswagen subsidiary International LT starting this quarter that will not have observers, with 200 trucks in all expected by the end of the year. Aurora declined to say whether McLane has plans to adopt these trucks. Aurora is McLane's only current self-driving truck partner.

The companies said there are plans to expand the effort in the future. McLane Company serves convenience stores and mass merchants, in addition to chain restaurants. One of its biggest customers is Walmart, which once owned McLane and sold the company to Berkshire Hathaway in 2003.

McLane declined to identify customers that the driverless trucking will extend to in the future.

Autonomous freight trucking is expected to scale rapidly starting this year. Autonomous freight companies have converged on Texas as a primary deployment point, and it's not just because of the pro-business, light regulatory touch for which the state is known. The Sun Belt traffics in a massive amount of freight, with routes stretching from Texas to Arizona and California. Lack of severe weather conditions such as snow and ice also removes one variable for the autonomous technology to navigate. 

Uber Freight founder and chairman Lior Ron, who joined self-driving tech company Waabi as chief operating officer last August, said automation is the most fundamental shift of the next decade in transportation. "I can't think of something that will be as helpful to the next era of logistics and innovation and how goods are being moved. The technology is now here," he told CNBC in August. In five years time, Ron expects driverless freight trucks will be "a common sight across the U.S. in the supply chain, and especially in the Sunbelt corridors."

Aurora Innovation recently started a 1,000-mile autonomous route between Fort Worth, Texas, and Phoenix, Arizona, notable for being beyond what a human trucker could handle without a stop. The company also announced earlier this week a deal with Volvo Autonomous Solutions to run a new 200-mile freight route between Dallas and Oklahoma City.

Aurora Innovation (AUR +1.59%) stock took off today after the driverless vehicle technology company announced a new partnership with a Berkshire Hathaway subsidiary.

Aurora and Berkshire-owned McClane Company announced an arrangement to commence autonomous deliveries in Texas, utilizing an Aurora self-driving system initially being implemented in long-haul trucking. It expands on a prior pilot program, and it sent Aurora shares higher by 11% today, as of 12:45 p.m. ET.

Image source: The Motley Fool.

Autonomous truck routes Texas-based McClane serves convenience stores, large retailers, and restaurant chains and is an industry-leading partner to the biggest retail and restaurant businesses. The new agreement stems from a successful pilot program that transported 1,400 loads for McLane, helping serve restaurant clients throughout the state with a 100% on-time delivery rate.

Aurora intends to extend its operations to new routes connecting McLane distribution centers across the U.S. Sun Belt by the end of the year, with plans to accommodate more McLane business in the future.

Today's Change

(

1.59

%) $

0.10

Current Price

$

6.07

Aurora has also just expanded an existing self-driving program with Volvo Group's Volvo Autonomous Solutions (V.A.S.), featuring a new 200-mile route connecting Dallas and Oklahoma City. Investors will likely hear more about both partnerships when Aurora reports first-quarter earnings after the bell today.

Howard Smith has positions in Berkshire Hathaway. The Motley Fool has positions in and recommends Berkshire Hathaway. The Motley Fool has a disclosure policy.

Aurora Innovation, Inc. (AUR - Free Report) came out with a quarterly loss of $0.11 per share versus the Zacks Consensus Estimate of a loss of $0.12. This compares to a loss of $0.12 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of +8.33%. A quarter ago, it was expected that this company would post a loss of $0.12 per share when it actually produced a loss of $0.12, delivering no surprise.

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

Reinvent Technology Partners Y, which belongs to the Zacks Technology Services industry, posted revenues of $1 million for the quarter ended March 2026, surpassing the Zacks Consensus Estimate by 7.53%. This compares to zero revenues a year ago.

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

Reinvent Technology Partners Y shares have added about 70.1% since the beginning of the year versus the S&P 500's gain of 6%.

What's Next for Reinvent Technology Partners Y?While Reinvent Technology Partners Y has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?

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

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

Ahead of this earnings release, the estimate revisions trend for Reinvent Technology Partners Y was favorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #2 (Buy) for the stock. So, the shares are expected to outperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is -$0.12 on $1.44 million in revenues for the coming quarter and -$0.47 on $15.07 million in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Technology Services is currently in the bottom 28% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

One other stock from the same industry, Priority Technology (PRTH - Free Report) , is yet to report results for the quarter ended March 2026. The results are expected to be released on May 11.

This company is expected to post quarterly earnings of $0.22 per share in its upcoming report, which represents no change from the year-ago quarter. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.

Priority Technology's revenues are expected to be $240.35 million, up 7% from the year-ago quarter.

Self-driving has been “almost here” for over a decade. But somewhere between DARPA challenges and a handful of driverless trucks hauling freight between Dallas and Houston, Aurora co-founder and CEO Chris Urmson’s story changed. The self-driving truck company started commercial driverless operations last April and is now scaling from a handful of trucks to hundreds this year. 

On this episode of TechCrunch’s Equity podcast, we’re bringing you a conversation Rebecca Bellan had with Urmson at the HumanX conference in San Francisco. The pair dug into the long road from lab to highway and how physical AI differs from the LLM boom everyone else is chasing. 

Listen to the full episode to hear about: 

Why long-haul trucking may crack the autonomy business case before robotaxis ever do  What “verifiable AI” means and why Urmson thinks end-to-end systems are a liability when lives are on the line  The surprisingly common-sense solution to the driverless truck safety triangle problem  What Aurora’s roadmap looks like beyond trucking, and which companies in the autonomy space have Urmson genuinely excited  Subscribe to Equity on YouTube, Apple Podcasts, Overcast, Spotify and all the casts. You also can follow Equity on X and Threads, at @EquityPod. 

Rebecca Bellan is a senior reporter at TechCrunch where she covers the business, policy, and emerging trends shaping artificial intelligence. Her work has also appeared in Forbes, Bloomberg, The Atlantic, The Daily Beast, and other publications.

You can contact or verify outreach from Rebecca by emailing [email protected] or via encrypted message at rebeccabellan.491 on Signal.

Theresa Loconsolo is an audio producer at TechCrunch focusing on Equity, the network’s flagship podcast. Before joining TechCrunch in 2022, she was one of 2 producers at a four-station conglomerate where she wrote, recorded, voiced and edited content, and engineered live performances and interviews from guests like lovelytheband. Theresa is based in New Jersey and holds a bachelors degree in Communication from Monmouth University.

You can contact or verify outreach from Theresa by emailing [email protected].

Today's Change

(

1.59

%) $

0.10

Current Price

$

6.07

Aurora Innovation (AUR +1.59%), a developer of autonomous driving systems for various vehicle types and applications, closed Thursday at $7.14, down 1.79%. The stock moved lower after a multi-day rally driven by upbeat Q1 results, new trucking deployments, and analyst support. Investors will now be watching execution on 2026 driverless semi-truck and revenue targets.
Trading volume reached 48.4 million shares, coming in about 136% above its three-month average of 20.6 million shares. Aurora Innovation IPO'd in 2021 and has fallen 29% since going public.

How the markets moved todayThe S&P 500 (^GSPC +0.47%) slipped 0.38% Thursday to 7,337, while the Nasdaq Composite (^IXIC +0.36%) eased 0.13% to finish at 25,806. Among self-driving vehicle technology names, industry peers Alphabet (GOOGL +1.15%) closed at $397.99 (-0.01%) and Tesla (TSLA +1.17%) finished at $411.81 (+3.28%), highlighting mixed sentiment across autonomy-focused names.

What this means for investorsAurora Innovation shares soared yesterday after the company updated investors with its first-quarter results, and announced a new partnership with McLane Company, a Berkshire Hathaway (BRKA +0.33%) (BRKB 0.05%) subsidiary.

The stock dipped today, though, after investors digested that news. After a successful pilot program, McClane will begin autonomous semi-truck deliveries in Texas, using an Aurora self-driving system that is currently being used in long-haul trucking.

After that news, analysts at Needham expressed confidence in Aurora and established a $13 price target for the company. Investors, though, should be aware that the company continues to burn cash, using approximately $159 million in operating cash during Q1. Its autonomous vehicle aspirations still have a long road to travel.

Howard Smith has positions in Alphabet, Berkshire Hathaway, and Tesla. The Motley Fool has positions in and recommends Alphabet, Berkshire Hathaway, and Tesla. The Motley Fool has a disclosure policy.

Autonomous long-haul trucking is poised for significant deployment, offering substantial investment opportunities for those who understand the technology and market and are committed to the long term. Technology viability is proven, with Aurora logging 12 million autonomous miles and Kodiak deploying 28 customer-owned trucks as of Q1 2026. Autonomous trucking offers compelling cost advantages, projecting 2030 per-mile costs at $2.06 versus $3.21 for human-driven, primarily from labor cost elimination.

On May 21, 2026, Ralph Lauren Corp RL released its 8-K filing reporting fourth quarter and full-year fiscal 2026 results. The quarter delivered higher-than-expected revenue alongside margin gains, while earnings per share came in below analyst forecasts. Founded by designer Ralph Lauren in 1967 in New York City, Ralph Lauren Corp. designs, markets, and distributes lifestyle merchandise across North America, Europe, and Asia. Best known for its polo shirts, the company’s portfolio spans apparel, footwear, eyewear, jewelry, handbags, home goods, and fragrances under brands such as Ralph Lauren Collection, Polo Ralph Lauren, and Lauren Ralph Lauren, with distribution through wholesale, retail, e-commerce, and licensing.

Quarter and Full-Year Highlights Revenue in Q4 FY2026 rose 17% year over year to $2.0 billion on a reported basis, or 12% in constant currency. GAAP diluted EPS was $2.45. Adjusted diluted EPS was $2.80. Global direct-to-consumer comparable store sales increased 17% in the quarter, supported by mid-teens average unit retail (AUR) growth and strong full-price selling.

For fiscal 2026, revenue grew 15% to $8.1 billion reported, up 12% in constant currency. GAAP diluted EPS was $15.11. Adjusted diluted EPS was $16.59. Adjusted gross and operating margins expanded above management’s outlook, with full-year adjusted operating margin up 200 basis points year over year to 16.0%.

“For nearly 60 years, our brand has stood for optimism, quality, authenticity, and a life well lived.”“Our teams around the world executed with excellence and agility to deliver a strong first year of our Next Great Chapter: Drive strategic plan… we exceeded our financial commitments in Fiscal 2026 with revenues surpassing $8 billion for the first time on healthy quality of sales.”Performance vs. Analyst Estimates Revenue of $2.0 billion was above the estimated revenue of 1,836.85 million. GAAP diluted EPS of $2.45 was below the estimated EPS of 4.16. Adjusted diluted EPS of $2.80 was below the estimated EPS of 4.16.

Operational and Regional Trends Ralph Lauren Corp RL benefited from broad-based strength in direct-to-consumer, with digital and brick-and-mortar both positive across regions. AUR increased by mid-teens in Q4 and for the full year, reflecting brand elevation, favorable mix, and reduced discounting. Regional sales in Q4 were led by Asia, while North America and Europe also posted gains, with Europe’s reported growth aided by foreign exchange.

By region in Q4: North America revenue increased 8% to $763 million. Comparable store sales in North America increased 16%, with brick-and-mortar up 14% and digital commerce up 21%. Europe revenue increased 18% to $620 million reported and 6% in constant currency; retail comps rose 5% and wholesale grew double digits reported. Asia revenue increased 31% to $564 million reported and 28% in constant currency, with comparable store sales up 25%.

Margins, Balance Sheet, and Cash Returns Q4 gross margin was 69.7%, up 110 basis points year over year on both a GAAP and adjusted basis, driven by mix, AUR, and lower cotton costs, which more than offset higher U.S. tariffs and other product costs. Adjusted operating margin improved to 11.0%, up 70 basis points. For the full year, adjusted operating margin expanded to 16.0%, up 200 basis points, supported by sales growth and operating expense leverage.

The company ended fiscal 2026 with $2.1 billion in cash and short-term investments and $1.2 billion in total debt. Inventory was $1.0 billion, up 7% year over year. Capital expenditures were $408 million, reflecting real estate, store expansion and renovations, and technology investments. Shareholder returns topped $700 million via dividends and share repurchases, including approximately $500 million in buybacks and a 10% dividend increase to $1.00 per share quarterly ($4.00 annualized), with $1.4 billion remaining under the repurchase authorization.

Metric Q4 FY2026 YoY / Notes Revenue $2.0 billion +17% reported; +12% constant currency Gross Margin (adj.) 69.7% +110 bps Operating Margin (adj.) 11.0% +70 bps GAAP EPS $2.45 vs. $2.03 in Q4 FY2025 Adjusted EPS $2.80 vs. $2.27 in Q4 FY2025 Global DTC Comps +17% Mid-teens AUR growth Metric FY2026 YoY / Notes Revenue $8.1 billion +15% reported; +12% constant currency Gross Margin (adj.) 69.9% +130 bps Operating Margin (adj.) 16.0% +200 bps GAAP EPS $15.11 Tax rate 20% Adjusted EPS $16.59 Tax rate 20% Cash & Short-Term Investments $2.1 billion Debt: $1.2 billion Inventory $1.0 billion +7% YoY Capital Expenditures $408 million vs. $216 million in FY2025 Share Repurchases ~$500 million $1.4 billion authorization remaining Dividend $1.00 per quarter +10% increaseWhy This Matters for Apparel & Accessories Investors Ralph Lauren Corp RL ’s ability to lift AUR in the mid-teens alongside higher full-price sell-through is a key indicator of brand pricing power in a highly promotional category. Sustained gross margin near 70% underscores the benefits of mix shift toward direct-to-consumer and premium product, which typically converts to stronger cash generation over time. The strong regional performance in Asia, with robust comps and digital gains, showcases the brand’s resonance with new and existing consumers in higher-growth markets.

Challenges remain. The earnings per share shortfall versus consensus suggests higher operating costs and the cadence of investments can weigh on near-term profitability. Tariffs and non-cotton cost inflation pressured product costs, an industry-wide headwind that can compress margins if price/mix tailwinds fade. Inventory rose 7%, which requires disciplined channel management to avoid markdown risk. Capital expenditures nearly doubled year over year, which can elevate execution risk but also support long-term omnichannel capabilities.

Income Statement, Balance Sheet, and Cash Flow Context Income statement strength centered on revenue acceleration and margin expansion. Adjusted operating expenses increased 17% in Q4, and the adjusted operating expense rate ticked up to 58.6% from 58.4%, highlighting continued investment. Balance sheet liquidity remained solid, with cash exceeding total debt by roughly $0.9 billion. Shareholder capital returns were meaningful through both repurchases and a higher dividend, signaling confidence and providing support to total return profiles typical for established premium brands in this industry.

GuruFocus Valuation Check Based on GuruFocus data, the stock screens as overvalued relative to intrinsic estimates. GF Value stands at $237.08 against a current price of $329.24, implying the shares trade approximately 38.9% above the GF Value assessment.

The GF Score of 90/100 (Strong) reflects a favorable composite of fundamentals, supported by a Financial Strength score of 7/10, Profitability Rank of 8/10, and Growth Rank of 9/10. These metrics point to a well-capitalized company with solid margins and robust growth execution. However, Predictability is just 1 star, indicating historical variability in revenue and earnings patterns that can lead to wider valuation swings. A Moat Score of 6/10 suggests a moderate competitive advantage consistent with established premium brands but not immune to industry pressures.

Insider Activity shows $0.4 million in insider sales over the last three months with no reported insider buying. This is a mild caution signal rather than a definitive negative, but it is noteworthy when shares trade above GF Value. For a deeper dive, visit the Ralph Lauren Corp stock page on GuruFocus.

Explore the complete 8-K earnings release (here) from Ralph Lauren Corp for further details.

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

Q4 Revenue up 9% year-over-year
Q4 Annual Recurring Revenue up 8% year-over-year
Q4 Subscription Net Retention improved to 107%
FY26 record annual Operating Cash Flow of $168 million and Share Repurchases of $194 million

LiveRamp Enters into Definitive Agreement to be Acquired by Publicis Groupe in All-Cash Transaction with an Equity Value of $2.5 billion

SAN FRANCISCO, May 17, 2026 (GLOBE NEWSWIRE) -- LiveRamp® (NYSE: RAMP), a leading data collaboration platform, today announced its financial results for the quarter and fiscal year ended March 31, 2026.

Q4 Financial Highlights
Unless otherwise indicated, all comparisons are to the prior year period.

Total revenue was $206 million, up 9%.Subscription revenue was $158 million, up 9%.Marketplace & Other revenue was $49 million, up 11%.GAAP gross profit was $146 million, up 11%. GAAP gross margin of 71% expanded by 1 percentage point. Non-GAAP gross profit was $149 million, up 10%. Non-GAAP gross margin of 72% expanded by 1 percentage point.GAAP income from operations was $15 million compared to a loss of $12 million. GAAP operating margin of 7% expanded by 14 percentage points. Non-GAAP operating income was $40 million, up 75%. Non-GAAP operating margin of 20% expanded by 7 percentage points.GAAP and non-GAAP diluted earnings per share was $1.12 and $0.52, respectively. GAAP diluted EPS benefited from the release of deferred tax valuation allowances.Net cash provided by operating activities was $59 million compared to $63 million.Share repurchases in the fourth quarter totaled approximately 2.8 million shares for $76 million. Fiscal Year 2026 Financial Highlights
Unless otherwise indicated, all comparisons are to the prior year period.

Total revenue was $813 million, up 9%. Subscription revenue was $614 million, up 8%.Marketplace & Other revenue was $199 million, up 12%. GAAP gross profit was $575 million, up 9%. GAAP gross margin of 71% was flat. Non-GAAP gross profit was $591 million, up 7%, and non-GAAP gross margin of 73% compressed by 1 percentage point.GAAP Income from operations was $83 million compared to $5 million. GAAP operating margin of 10% expanded by 10 percentage points. Non-GAAP operating income was $182 million, up 34%. Non-GAAP operating margin of 22% expanded by 4 percentage points.GAAP diluted earnings per share was $2.24, and non-GAAP diluted EPS was $2.27. GAAP diluted EPS benefited from the release of deferred tax valuation allowances.Net cash provided by operating activities was $168 million compared to $154 million. Share repurchases in fiscal 2026 totaled approximately 7.1 million shares for $194 million. As of March 31, 2026, there was $262 million in remaining capacity under the recently modified share repurchase authorization that expires on December 31, 2027. A reconciliation between GAAP and non-GAAP results is provided in the schedules in this press release.

Commenting on the results, CEO Scott Howe said: “We finished FY26 on a strong note, with Q4 revenue and operating income ahead of consensus and ARR growth accelerating sequentially. We also achieved record operating cash flow in FY26, and returned over 100% to shareholders through buybacks. We continue to leverage AI to make our platform faster, more effective and easier to use, including the recent introduction of AI agent accessibility, enabling specialized AI agents to autonomously collaborate with any partner.”

Howe continued: “In addition, we announced an agreement to be acquired by Publicis Groupe, delivering significant and certain value to LiveRamp shareholders. This transaction reflects the strength of our business, the value of our platform and the strategic role LiveRamp plays in an AI-driven market. Together, we believe we can accelerate data collaboration and the delivery of AI capabilities that help customers and partners advance agentic transformation and derive more value, faster.”

GAAP and Non-GAAP Results

The following table summarizes the Company’s financial results for the fourth quarter and fiscal year ended March 31, 2026 ($ in millions, except per share amounts):

  GAAP Non-GAAP  Q4 FY26 FY26 Q4 FY26 FY26Subscription revenue $158  $614   --   -- YoY change %  9%  8%  --   -- Marketplace & Other revenue $49  $199   --   -- YoY change %  11%  12%  --   -- Total revenue $206  $813   --   -- YoY change %  9%  9%  --   --          Gross profit $146  $575  $149  $591 % Gross margin  71%  71%  72%  73%YoY change, pts 1 pt 0 pts 1 pt (1) pt         Operating income $15  $83  $40  $182 % Operating margin  7%  10%  20%  22%YoY change, pts 14 pts 10 pts 7 pts 4 pts         Net earnings $71  $146  $33  $148 Diluted earnings per share $1.12  $2.24  $0.52  $2.27          Shares to calculate diluted EPS  63.4   65.0   63.4   65.0 YoY change % (4)% (2)% (6)% (4)%         Operating cash flow $59  $168     Free cash flow     $59  $166          Totals and year-over-year changes may not reconcile due to rounding.  A detailed discussion of our non-GAAP financial measures and a reconciliation between GAAP and non-GAAP results is provided in the schedules to this press release.

Additional Business Highlights & Metrics

We announced the launch of new AI capabilities to help transform how marketers plan, execute, measure, and optimize campaigns agentically. We introduced agent-powered access to the LiveRamp platform, enabling specialized AI agents to autonomously collaborate with any partner, moving from manual, fragmented workflows to intelligent, governed execution that delivers better performance (link). We announced native support for NVIDIA AI infrastructure, upgrading our clean room architecture to handle the world’s most advanced and compute-intensive AI workloads. AI partners and brands can now securely and seamlessly train and deploy sophisticated models using LiveRamp clean rooms or via the LiveRamp Marketplace at up to 15x speed, without exposing data or model weights (link). We announced an expanded partnership with Unity, a leading game engine, to help marketers more effectively reach mobile users and generate better marketing returns. The partnership will make LiveRamp’s durable, interoperable identifier – RampID – available across Unity Exchange, enabling marketers, agencies, and platforms to apply identity-based buying strategies within Unity’s mobile ecosystem that includes 2.9 billion monthly active mobile devices (link).In March we hosted our annual customer and partner conference, RampUp, bringing together more than 2,300 leaders from across the digital advertising ecosystem. The event included more than 40 presentations and panels featuring some of our largest customers and partners, such as General Motors, JPMorgan Chase, Netflix, and Meta. Video replays of these sessions are available here. Also, we hosted an investor presentation that can be accessed here. On February 12, 2026 we announced an increase in our share repurchase authorization by $200 million and extended the expiration by one year to December 31, 2027. As of March 31, 2026, there was $262 million in remaining capacity under the authorization.On February 11, 2026 we appointed to our Board of Directors Kristi Argyilan, who currently serves as Global Head of Advertising at Uber. Widely recognized as the pioneer of retail media, Argyilan previously led the Albertsons Media Collective and championed the industry-wide move toward measurement standardization (link). LiveRamp ended the fiscal year with 133 customers whose annualized subscription revenue exceeds $1 million, compared to 128 in the prior year period. LiveRamp ended the fiscal year with 846 direct subscription customers, compared to 840 in the prior year period.Subscription net retention was 107% and platform net retention was 108%.Annualized recurring revenue (ARR), which is the last month of the quarter fixed subscription revenue annualized, was $545 million, up 8% compared to the prior year period. Current remaining performance obligations (CRPO), which is contracted and committed revenue expected to be recognized over the next 12 months, was $518 million, up 10% compared to the prior year period. Transaction with Publicis Groupe

In a separate press release issued today, LiveRamp announced that it has entered into a definitive agreement to be acquired by Publicis Groupe. Under the terms of the agreement, Publicis Groupe will acquire all of the outstanding shares of LiveRamp for $38.50 per share in an all-cash transaction for an equity value of $2.5 billion. This represents a premium of 30% to LiveRamp’s closing stock price on May 15, 2026, the last full trading day prior to the transaction announcement. The transaction is expected to close by the end of calendar 2026, subject to customary closing conditions, including approval by LiveRamp shareholders. The transaction press release is available on the LiveRamp investor relations website.

Given the announced transaction, LiveRamp will not host its previously scheduled earnings conference call or provide financial guidance in conjunction with this earnings release.

About LiveRamp

LiveRamp is a leading data collaboration technology company, empowering marketers and media owners to deliver and measure marketing performance everywhere it matters. LiveRamp’s data collaboration network seamlessly unites data across advertisers, ad tech platforms, publishers, data providers, and commerce media networks—unlocking insights that deliver transformational consumer experiences, and drive measurable business outcomes. As consumers embrace AI-powered experiences, the LiveRamp data collaboration network expands the breadth and accuracy of the data on which marketing AI capabilities operate. Our platform is engineered for AI agent accessibility, facilitating autonomous data collaboration between the specialized AI agents utilized by our customers and partners. Built on a foundation of strict neutrality, interoperability, and global scale, LiveRamp enables organizations to maximize the value of their data while accelerating business growth.

LiveRamp is headquartered in San Francisco, California, with offices worldwide. Learn more at LiveRamp.com.

Forward-Looking Statements

This communication contains forward-looking statements within the meaning of, and subject to the protections of, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, concerning LiveRamp, Publicis, the proposed transaction and other matters. Forward-looking statements contained herein could include, among other things, statements regarding the anticipated timing of the consummation of the proposed transaction; statements about management’s confidence in and strategies for performance of the combined businesses; expectations for new and existing products, technologies and opportunities; and expectations regarding growth, sales, cash flows, and earnings. Forward-looking statements can be identified by the use of such terms as “may,” “could,” “expect,” “anticipate,” “intend,” “believe,” “likely,” “estimate,” “outlook,” “plan,” “contemplate,” “project,” “target” or other comparable terms. These forward-looking statements are not guarantees of future performance. Actual results may differ materially from the forward-looking statements as a result of a number of risks and uncertainties, many of which are outside the control of LiveRamp or Publicis. Many factors could cause actual future events to differ materially from the forward-looking statements in this communication including, but not limited to: economic uncertainties that could impact LiveRamp or LiveRamp’s suppliers, customers and partners, geopolitical circumstances, including risk related to tariffs and other trade restrictions, the possibility of a recession, general inflationary pressure and high interest rates; the ability and willingness of LiveRamp’s customers to renew their agreements with LiveRamp upon their expiration; LiveRamp’s ability to add new customers and upsell within LiveRamp’s subscription business; LiveRamp’s reliance upon partners, including data suppliers, who may withdraw or withhold data from LiveRamp; increased competition and rapidly changing technology that could impact LiveRamp’s products and services; LiveRamp’s ability to keep up with rapidly changing technology practices in LiveRamp’s products and services or that expected benefits from utilization of technological innovations (including AI) may not be realized as soon as expected or at all; the risk that LiveRamp fails to realize the potential benefits of or have difficulty integrating acquired businesses; and LiveRamp’s inability to attract, motivate and retain talent. Additional risks include maintaining LiveRamp’s culture and LiveRamp’s ability to innovate and evolve while operating in a hybrid work environment, with some employees working remotely at least some of the time within a rapidly changing industry, while also avoiding disruption from reductions in LiveRamp’s current workforce as well as disruptions resulting from acquisition, divestiture and other activities affecting LiveRamp’s workforce. LiveRamp’s global workforce strategy could possibly encounter difficulty and not be as beneficial as planned. LiveRamp’s international operations are also subject to risks, including the performance of third parties as well as impacts from war and civil unrest, that may harm LiveRamp’s business. The risk of a significant breach of the confidentiality of the information or the security of LiveRamp’s or LiveRamp’s customers’, suppliers’, or other partners’ data and/or computer systems, or the risk that LiveRamp’s current insurance coverage may not be adequate for such a breach, that an insurer might deny coverage for a claim or that such insurance will continue to be available to LiveRamp on commercially reasonable terms, or at all, could be detrimental to LiveRamp’s business, reputation and results of operations. Other business risks include unfavorable publicity and negative public perception about LiveRamp’s industry; interruptions or delays in service from data center or cloud hosting vendors LiveRamp relies upon; and LiveRamp’s dependence on the continued availability of third-party data hosting and transmission services. LiveRamp’s clients’ ability to use data on LiveRamp’s platform could be restricted if the industry’s use of third-party cookies and tracking technology declines due to technology platform changes, regulation or increased user controls. Continued changes in the judicial, legislative, regulatory, accounting, cultural and consumer environments affecting LiveRamp’s business, including but not limited to litigation, investigations, legislation, regulations and customs at the state, federal and international levels relating to information collection and use represents a risk, as well as changes in tax laws and regulations that are applied to LiveRamp’s customers which could cause enterprise software budget tightening. In addition, third parties may claim that LiveRamp is infringing their intellectual property or may infringe LiveRamp’s intellectual property which could result in competitive injury and / or the incurrence of significant costs and draining of LiveRamp’s resources. Factors that could cause actual future events to differ materially from the forward looking-statements in this communication in regard to the proposed transaction concerning LiveRamp and Publicis include, but are not limited to: (1) failure of the closing conditions in the merger agreement to be satisfied, or any unexpected delay in closing the proposed transaction or the occurrence of any event, change, or other circumstance that could give rise to the right of one or multiple of the parties to terminate the definitive agreement between Publicis and LiveRamp; (2) the possibility that the transaction does not close when expected or at all because required regulatory, shareholder, or other approvals are not received or satisfied on a timely basis or at all; (3) the possibility that the transaction may be more expensive to complete than anticipated, including as a result of unexpected factors or events, including those resulting from the announcement, pendency or completion of the transaction; (4) risks that the new businesses will not be integrated successfully or that the combined companies will not realize estimated cost savings, value of certain tax assets, synergies and growth or that such benefits may take longer to realize than expected; (5) failure to realize anticipated benefits of the combined operations; (6) risks relating to unanticipated costs of integration; (7) ability to hire and retain key personnel; (8) ability to successfully integrate the companies’ businesses; (9) the potential impact of announcement or consummation of the proposed transactions on relationships with third parties, including clients, employees and competitors, including reputational risk; (10) ability to attract new clients and retain existing clients in the manner anticipated; (11) reliance on and integration of information technology systems; (12) suffering reduced profits or losses as a result of intense competition; or (13) potential litigation that may be instituted against LiveRamp or its directors or officers related to the proposed transaction or the merger agreement. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties that affect the parties’ businesses, including those described in LiveRamp’s Annual Report on Form 10-K for the year ended March 31, 2025, in Part I “Cautionary Statements Relevant to Forward-Looking Information” and Part I, Item 1A, “Risk Factors,” as updated by subsequent Quarterly Reports on Form 10-Q, which are filed with the Securities and Exchange Commission (the “SEC”) and those described in documents Publicis has filed with the Autorité des Marchés Financiers (the French securities regulator). The parties do not undertake, nor do they have, any obligation to provide updates or to revise any forward-looking statements.

NO OFFER OR SOLICITATION

This communication does not constitute an offer to sell or the solicitation of an offer to buy 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 offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended, and applicable regulations.

ADDITIONAL INFORMATION AND WHERE TO FIND IT

In connection with the proposed transaction, LiveRamp Holdings, Inc. will be filing documents with the SEC, including preliminary and definitive proxy statements relating to the proposed transaction (the “proxy statement”). The definitive proxy statement will be mailed to LiveRamp’s shareholders in connection with the proposed transaction. BEFORE MAKING ANY VOTING DECISION, INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE PRELIMINARY AND DEFINITIVE PROXY STATEMENTS AND ANY OTHER DOCUMENTS TO BE FILED WITH THE SEC IN CONNECTION WITH THE PROPOSED TRANSACTION OR INCORPORATED BY REFERENCE IN THE PROXY STATEMENT WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION. Any vote in respect of resolutions to be proposed at LiveRamp’s shareholder meeting to approve the proposed transaction should be made only on the basis of the information contained in LiveRamp’s proxy statement and documents incorporated by reference therein. Investors and security holders may obtain free copies of these documents (when they are available) and other related documents filed with the SEC at the SEC’s website at www.sec.gov or on LiveRamp’s website at www.liveramp.com.

PARTICIPANTS IN THE SOLICITATION

Publicis, LiveRamp and their respective directors and certain of their respective executive officers may be deemed to be participants in the solicitation of proxies from the shareholders of LiveRamp in respect of the proposed transactions contemplated by the proxy statement. Information regarding the persons who are, under the rules of the SEC, participants in the solicitation of the shareholders of LiveRamp in connection with the proposed transaction, including a description of their direct or indirect interests, by security holdings or otherwise, will be set forth in the proxy statement when it is filed with the SEC. Information about the directors and executive officers of LiveRamp and their ownership of shares of LiveRamp common stock and other securities of LiveRamp can be found in the sections entitled “Nominees and Continuing Directors,” “Stock Ownership,” “Compensation Discussion and Analysis,” “Compensation Tables,” and “Non-Employee Director Compensation” included in LiveRamp’s proxy statement in connection with its 2025 Annual Meeting of Shareholders, filed with the SEC on June 27, 2025; in the Form 3 and Form 4 initial statements of beneficial ownership and statements of changes in beneficial ownership filed with the SEC by LiveRamp’s directors and executive officers; and in other documents subsequently filed by LiveRamp with the SEC, including LiveRamp’s proxy statement relating to the proposed transaction when it becomes available. Investors and security holders may obtain free copies of these documents and other related documents filed with the SEC at the SEC’s website at www.sec.gov or on LiveRamp’s website at www.liveramp.com.

The financial information set forth in this press release reflects estimates based on information available at this time.

LiveRamp assumes no obligation and does not currently intend to update these forward-looking statements.

To automatically receive LiveRamp financial news by email, please visit www.LiveRamp.com and subscribe to email alerts.

For more information, contact:
LiveRamp Investor Relations
[email protected]

LiveRampⓇ and RampID™ and all other LiveRamp marks contained herein are trademarks or service marks of LiveRamp, Inc. All other marks are the property of their respective owners.

LIVERAMP HOLDINGS, INC. AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF OPERATIONS(Unaudited)(Dollars in thousands, except per share amounts)          For the three months ended March 31,      $%  2026 2025 VarianceVariance        Revenues 206,092  188,724  17,368 9.2%Cost of revenue 60,548  57,929  2,619 4.5%Gross profit 145,544  130,795  14,749 11.3%% Gross margin 70.6% 69.3%           Operating expenses       Research and development 37,756  45,926  (8,170)(17.8)%Sales and marketing 56,192  56,961  (769)(1.4)%General and administrative 32,988  32,175  813 2.5%Gains, losses and other items, net 3,315  7,241  (3,926)(54.2)%Total operating expenses 130,251  142,303  (12,052)(8.5)%        Income (loss) from operations 15,293  (11,508) 26,801 N/A% Margin 7.4% (6.1)%           Total other income, net 3,967  4,762  (795)(16.7)%Income (loss) from continuing operations before income taxes 19,260  (6,746) 26,006 N/AIncome tax benefit (50,476) (479) (49,997)(10,437.8)%Net earnings (loss) from continuing operations 69,736  (6,267) 76,003 N/A        Earnings from discontinued operations, net of tax 1,176  —  1,176 N/A        Net earnings (loss) 70,912  (6,267) 77,179 1,231.5%        Basic earnings (loss) per share:       Continuing operations 1.12  (0.10) 1.21 N/ADiscontinued operations 0.02  —  0.02 N/ABasic earnings (loss) per share 1.14  (0.10) 1.23 N/A        Diluted earnings (loss) per share:       Continuing operations 1.10  (0.10) 1.20 N/ADiscontinued operations 0.02  —  0.02 N/ADiluted earnings (loss) per share 1.12  (0.10) 1.21 N/A        Basic weighted average shares 62,382  65,957    Diluted weighted average shares 63,382  65,957            Some totals may not sum due to rounding.                LIVERAMP HOLDINGS, INC. AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF OPERATIONS(Unaudited)(Dollars in thousands, except per share amounts)          For the twelve months ended March 31,      $%  2026 2025 VarianceVariance        Revenues 812,940  745,580  67,360 9.0%Cost of revenue 238,117  215,910  22,207 10.3%Gross profit 574,823  529,670  45,153 8.5%% Gross margin 70.7% 71.0%           Operating expenses       Research and development 148,139  176,668  (28,529)(16.1)%Sales and marketing 205,647  213,106  (7,459)(3.5)%General and administrative 132,581  126,499  6,082 4.8%Gains, losses and other items, net 4,990  7,993  (3,003)(37.6)%Total operating expenses 491,357  524,266  (32,909)(6.3)%        Income from operations 83,466  5,404  78,062 1,444.5%% Margin 10.3% 0.7%           Total other income, net 14,598  17,436  (2,838)(16.3)%Income from continuing operations before income taxes 98,064  22,840  75,224 329.4%Income tax expense (benefit) (46,712) 25,342  (72,054)N/ANet earnings (loss) from continuing operations 144,776  (2,502) 147,278 N/A        Earnings from discontinued operations, net of tax 1,176  1,688  (512)(30.3)%        Net earnings (loss) 145,952  (814) 146,766 18,030.2%        Basic earnings (loss) per share:       Continuing operations 2.26  (0.04) 2.30 N/ADiscontinued operations 0.02  0.03  (0.01)(28.1)%Basic earnings (loss) per share 2.28  (0.01) 2.29 N/A        Diluted earnings (loss) per share:       Continuing operations 2.23  (0.04) 2.26 N/ADiscontinued operations 0.02  0.03  (0.01)(29.2)%Diluted earnings (loss) per share 2.24  (0.01) 2.26 N/A        Basic weighted average shares 64,105  66,126    Diluted weighted average shares 65,045  66,126            Some totals may not sum due to rounding.                LIVERAMP HOLDINGS, INC. AND SUBSIDIARIESRECONCILIATION OF GAAP TO NON-GAAP EPS (1)(Unaudited)(Dollars in thousands, except per share amounts)           For the three months ended March 31, For the twelve months ended March 31,  2026 2025 2026 2025         Income (loss) from continuing operations before income taxes 19,260  (6,746) 98,064  22,840 Income tax expense (benefit) (50,476) (479) (46,712) 25,342 Net earnings (loss) from continuing operations 69,736  (6,267) 144,776  (2,502)Earnings from discontinued operations, net of tax 1,176  —  1,176  1,688 Net earnings (loss) 70,912  (6,267) 145,952  (814)         Basic earnings (loss) per share 1.14  (0.10) 2.28  (0.01)Diluted earnings (loss) per share 1.12  (0.10) 2.24  (0.01)         Excluded items:        Purchased intangible asset amortization (cost of revenue) 2,750  3,135  11,000  14,415 Non-cash stock compensation (cost of revenue and operating expenses) 18,930  24,166  82,988  107,979 Restructuring and merger charges (gains, losses, and other) 3,315  7,241  4,990  7,993 Total excluded items from continuing operations 24,995  34,542  98,978  130,387          Income from continuing operations before income taxes and excluding items 44,255  27,796  197,042  153,227 Income tax expense (2) 11,064  7,759  49,261  38,296 Non-GAAP net earnings from continuing operations 33,191  20,037  147,781  114,931          Non-GAAP earnings per share from continuing operations        Basic 0.53  0.30  2.31  1.74 Diluted 0.52  0.30  2.27  1.70          Basic weighted average shares 62,382  65,957  64,105  66,126 Diluted weighted average shares 63,382  67,479  65,045  67,499          (1) This presentation includes non-GAAP measures. Our non-GAAP measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures, and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP. For a detailed explanation of the adjustments made to comparable GAAP measures, the reasons why management uses these measures and the material limitations on the usefulness of these measures, please see Appendix A.         (2) Non-GAAP income taxes were calculated by applying the estimated annual effective tax rate to year-to-date pretax income. The differences between our GAAP and non-GAAP effective tax rates were primarily due to the net tax effects of the excluded items, coupled with the valuation allowance and smaller pre-tax income for GAAP purposes.  LIVERAMP HOLDINGS, INC. AND SUBSIDIARIESRECONCILIATION OF GAAP TO NON-GAAP INCOME FROM OPERATIONS (1)(Unaudited)(Dollars in thousands)           For the three months ended March 31, For the twelve months ended March 31,  2026 2025 2026 2025         Income (loss) from operations 15,293  (11,508) 83,466  5,404 Operating income (loss) margin 7.4% (6.1)% 10.3% 0.7%         Excluded items:        Purchased intangible asset amortization (cost of revenue) 2,750  3,135  11,000  14,415 Non-cash stock compensation (cost of revenue and operating expenses) 18,930  24,166  82,988  107,979 Restructuring and merger charges (gains, losses, and other) 3,315  7,241  4,990  7,993 Total excluded items 24,995  34,542  98,978  130,387          Income from operations before excluded items 40,288  23,034  182,444  135,791 Non-GAAP operating income margin 19.5% 12.2% 22.4% 18.2%         (1) This presentation includes non-GAAP measures. Our non-GAAP measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures, and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP. For a detailed explanation of the adjustments made to comparable GAAP measures, the reasons why management uses these measures and the material limitations on the usefulness of these measures, please see Appendix A.  LIVERAMP HOLDINGS, INC. AND SUBSIDIARIESRECONCILIATION OF ADJUSTED EBITDA (1)(Unaudited)(Dollars in thousands)           For the three months ended March 31, For the twelve months ended March 31,  2026 2025 2026 2025         Net earnings (loss) from continuing operations 69,736  (6,267) 144,776  (2,502)Income tax expense (benefit) (50,476) (479) (46,712) 25,342 Total other income, net (3,967) (4,762) (14,598) (17,436)         Income (loss) from operations 15,293  (11,508) 83,466  5,404 Depreciation and amortization 3,320  3,803  13,399  17,207          EBITDA 18,613  (7,705) 96,865  22,611          Other adjustments:        Non-cash stock compensation (cost of revenue and operating expenses) 18,930  24,166  82,988  107,979 Restructuring and merger charges (gains, losses, and other) 3,315  7,241  4,990  7,993          Other adjustments 22,245  31,407  87,978  115,972          Adjusted EBITDA 40,858  23,702  184,843  138,583                   (1) This presentation includes non-GAAP measures. Our non-GAAP measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures, and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP. For a detailed explanation of the adjustments made to comparable GAAP measures, the reasons why management uses these measures, the usefulness of these measures and the material limitations on the usefulness of these measures, please see Appendix A.  LIVERAMP HOLDINGS, INC. AND SUBSIDIARIESCONSOLIDATED BALANCE SHEETS(Dollars in thousands)          March 31, March 31, $%  2026 2025 VarianceVarianceAssets       Current assets:       Cash and cash equivalents 379,547  413,331  (33,784)(8.2)%Restricted cash —  595  (595)(100.0)%Short-term investments 7,500  7,500  — —%Trade accounts receivable, net 212,977  186,169  26,808 14.4%Refundable income taxes, net 10,243  9,708  535 5.5%Other current assets 42,874  38,886  3,988 10.3%Total current assets 653,141  656,189  (3,048)(0.5)%        Property and equipment 23,396  23,813  (417)(1.8)%Less - accumulated depreciation and amortization 18,246  17,629  617 3.5%Property and equipment, net 5,150  6,184  (1,034)(16.7)%        Intangible assets, net 9,167  20,167  (11,000)(54.5)%Goodwill 502,067  501,756  311 0.1%Deferred commissions, net 40,727  44,452  (3,725)(8.4)%Deferred income taxes 57,873  1,982  55,891 2,819.9%Other assets, net 26,052  28,641  (2,589)(9.0)%  1,294,177  1,259,371  34,806 2.8%        Liabilities and Stockholders' Equity       Current liabilities:       Trade accounts payable 129,730  112,271  17,459 15.6%Accrued payroll and related expenses 55,063  50,776  4,287 8.4%Other accrued expenses 40,280  38,586  1,694 4.4%Deferred revenue 39,714  45,885  (6,171)(13.4)%Total current liabilities 264,787  247,518  17,269 7.0%        Other liabilities 57,411  62,994  (5,583)(8.9)%        Stockholders' equity:       Preferred stock —  —  — n/aCommon stock 16,183  15,918  265 1.7%Additional paid-in capital 2,129,554  2,045,316  84,238 4.1%Retained earnings 1,459,310  1,313,358  145,952 11.1%Accumulated other comprehensive income 5,640  4,295  1,345 31.3%Treasury stock, at cost (2,638,708) (2,430,028) (208,680)8.6%Total stockholders' equity 971,979  948,859  23,120 2.4%  1,294,177  1,259,371  34,806 2.8%             LIVERAMP HOLDINGS, INC. AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF CASH FLOWS(Unaudited)(Dollars in thousands)  For the three months ended March 31,  2026 2025Cash flows from operating activities:    Net earnings (loss) 70,912  (6,267)Earnings from discontinued operations, net of tax (1,176) — Non-cash operating activities:    Depreciation and amortization 3,320  3,803 Loss on disposal or impairment of assets 8  44 Lease-related impairment and restructuring charges —  (28)Gain on sale of strategic investments (112) (515)Loss on marketable equity securities 124  206 Provision for doubtful accounts 696  (453)Deferred income taxes (56,385) (496)Non-cash stock compensation expense 18,930  24,166 Changes in operating assets and liabilities:    Accounts receivable, net 4,909  25,187 Deferred commissions (492) 46 Other assets 4,314  4,703 Accounts payable and other liabilities 15,915  11,738 Income taxes 4,142  (523)Deferred revenue (6,203) 969 Net cash provided by operating activities 58,902  62,580 Cash flows from investing activities:    Capital expenditures (289) (293)Proceeds from sale of strategic investment 112  763 Net cash provided by (used in) investing activities (177) 470 Cash flows from financing activities:    Proceeds related to the issuance of common stock under stock and employee benefit plans 103  202 Shares repurchased for tax withholdings upon vesting of stock-based awards (570) (1,026)Acquisition of treasury stock (75,604) (25,447)Net cash used in financing activities (76,071) (26,271)Net cash provided by (used in) continuing operations (17,346) 36,779 Cash flows from discontinued operations:    From operating activities 1,176  (798)Net cash provided by (used in) discontinued operations 1,176  (798)Net cash provided by (used in) continuing and discontinued operations (16,170) 35,981 Effect of exchange rate changes on cash (171) 580      Net change in cash, cash equivalents and restricted cash (16,341) 36,561 Cash, cash equivalents and restricted cash at beginning of period 395,888  377,365 Cash, cash equivalents and restricted cash at end of period 379,547  413,926      Supplemental cash flow information:    Cash paid for income taxes, net 1,642  558 Cash received for income taxes, net from discontinued operations (1,863) — Cash received for tenant improvement allowances —  (870)Cash paid for operating lease liabilities 2,492  2,426 Operating lease assets obtained in exchange for operating lease liabilities 426  — Operating lease assets, and related lease liabilities, relinquished in lease terminations —  (40)Purchases of property, plant and equipment remaining unpaid at period end 44  20 Marketable equity securities obtained in disposition of strategic investment —  652 Excise tax payable on net stock repurchases 690  64         LIVERAMP HOLDINGS, INC. AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF CASH FLOWS(Unaudited)(Dollars in thousands)  For the twelve months ended March 31,  2026 2025Cash flows from operating activities:    Net earnings (loss) 145,952  (814)Earnings from discontinued operations, net of tax (1,176) (1,688)Non-cash operating activities:    Depreciation and amortization 13,399  17,207 Loss on disposal or impairment of assets 148  85 Lease-related impairment and restructuring charges 617  14 Gain on sale of strategic investments (159) (515)Loss on marketable equity securities 260  206 Provision for doubtful accounts 1,991  695 Deferred income taxes (56,272) (447)Non-cash stock compensation expense 82,988  107,979 Changes in operating assets and liabilities:    Accounts receivable, net (28,345) 3,547 Deferred commissions 3,725  3,691 Other assets 2,477  2,105 Accounts payable and other liabilities 3,023  3,573 Income taxes 5,437  3,430 Deferred revenue (6,310) 14,897 Net cash provided by operating activities 167,755  153,965 Cash flows from investing activities:    Capital expenditures (1,376) (1,042)Cash paid in acquisitions, net of cash received (595) (1,951)Purchases of investments —  (1,967)Proceeds from sales of investments —  26,989 Proceeds from sale of strategic investment 359  763 Purchases of strategic investments (3,320) (1,400)Net cash provided by (used in) investing activities (4,932) 21,392 Cash flows from financing activities:    Proceeds related to the issuance of common stock under stock and employee benefit plans 8,207  8,833 Shares repurchased for tax withholdings upon vesting of stock-based awards (13,017) (10,331)Acquisition of treasury stock (194,534) (101,198)Net cash used in financing activities (199,344) (102,696)Net cash provided by (used in) continuing operations (36,521) 72,661 Cash flows from discontinued operations:    From operating activities 1,176  1,688 Net cash provided by discontinued operations 1,176  1,688 Net cash provided by (used in) continuing and discontinued operations (35,345) 74,349 Effect of exchange rate changes on cash 966  106      Net change in cash, cash equivalents and restricted cash (34,379) 74,455 Cash, cash equivalents and restricted cash at beginning of period 413,926  339,471 Cash, cash equivalents and restricted cash at end of period 379,547  413,926      Supplemental cash flow information:    Cash paid for income taxes, net from continuing operations 3,963  22,548 Cash received for income taxes, net from discontinued operations (1,863) (2,486)Cash received for tenant improvement allowances —  (2,628)Cash paid for operating lease liabilities 9,963  9,798 Operating lease assets obtained in exchange for operating lease liabilities 1,173  2,327 Operating lease assets, and related lease liabilities, relinquished in lease terminations —  (595)Purchases of property, plant and equipment remaining unpaid at period end 44  20 Marketable equity securities obtained in disposition of strategic investment —  652 Excise tax payable on net stock repurchases 1,257  128         LIVERAMP HOLDINGS, INC AND SUBSIDIARIESCALCULATION OF FREE CASH FLOW (1)(Unaudited)(Dollars in thousands)                               6/30/20249/30/202412/31/20243/31/2025FY2025 6/30/20259/30/202512/31/20253/31/2026FY2026              Net cash provided by (used in) operating activities $(9,328)$55,596 $45,117 $62,580 $153,965  $(15,821)$57,408 $67,266 $58,902 $167,755               Less:             Capital expenditures  (226) (241) (282) (293) (1,042)  (336) (589) (162) (289) (1,376)              Free Cash Flow $(9,554)$55,355 $44,835 $62,287 $152,923  $(16,157)$56,819 $67,104 $58,613 $166,379                             (1) This presentation includes non-GAAP measures. Our non-GAAP measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures, and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP. For a detailed explanation of the adjustments made to comparable GAAP measures, the reasons why management uses these measures and the material limitations on the usefulness of these measures, please see Appendix A.  LIVERAMP HOLDINGS, INC. AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF OPERATIONS(Unaudited)(Dollars in thousands, except per share amounts)              Yr-to-Yr  FY2025 FY2026 FY2026 to FY2025  6/30/20249/30/202412/31/20243/31/2025FY2025 6/30/20259/30/202512/31/20253/31/2026FY2026 %$                Revenues  175,961  185,483  195,412  188,724  745,580   194,822  199,829  212,197  206,092  812,940  9.0%67,360 Cost of revenue  51,749  51,234  54,998  57,929  215,910   58,319  59,594  59,656  60,548  238,117  10.3%22,207 Gross profit  124,212  134,249  140,414  130,795  529,670   136,503  140,235  152,541  145,544  574,823  8.5%45,153 % Gross margin  70.6% 72.4% 71.9% 69.3% 71.0%  70.1% 70.2% 71.9% 70.6% 70.7%                   Operating expenses               Research and development  44,118  43,889  42,735  45,926  176,668   39,608  36,952  33,823  37,756  148,139  (16.1)%(28,529)Sales and marketing  54,175  51,107  50,863  56,961  213,106   51,906  48,685  48,864  56,192  205,647  (3.5)%(7,459)General and administrative  30,961  31,369  31,994  32,175  126,499   37,345  33,170  29,078  32,988  132,581  4.8%6,082 Gains, losses and other items, net  206  397  149  7,241  7,993   423  —  1,252  3,315  4,990  (37.6)%(3,003)Total operating expenses  129,460  126,762  125,741  142,303  524,266   129,282  118,807  113,017  130,251  491,357  (6.3)%(32,909)                Income (loss) from operations  (5,248) 7,487  14,673  (11,508) 5,404   7,221  21,428  39,524  15,293  83,466  1,444.5%78,062 % Margin (3.0)% 4.0% 7.5%(6.1)% 0.7%  3.7% 10.7% 18.6% 7.4% 10.3%                   Total other income, net  4,444  4,197  4,033  4,762  17,436   3,709  3,544  3,378  3,967  14,598  (16.3)%(2,838)                Income (loss) from continuing operations before income taxes  (804) 11,684  18,706  (6,746) 22,840   10,930  24,972  42,902  19,260  98,064  329.4%75,224 Income tax expense (benefit)  6,685  9,952  9,184  (479) 25,342   3,183  (2,448) 3,029  (50,476) (46,712) N/A(72,054)Net earnings (loss) from continuing operations  (7,489) 1,732  9,522  (6,267) (2,502)  7,747  27,420  39,873  69,736  144,776  N/A147,278                 Earnings from discontinued operations, net of tax  —  —  1,688  —  1,688   —  —  —  1,176  1,176  (30.3)%(512)                Net earnings (loss) $(7,489)$1,732 $11,210 $(6,267)$(814) $7,747 $27,420 $39,873 $70,912 $145,952  N/A146,766                 Basic earnings (loss) per share:               Continuing Operations  (0.11) 0.03  0.15  (0.10) (0.04)  0.12  0.42  0.63  1.12  2.26  N/A2.30 Discontinued Operations  0.00  0.00  0.03  0.00  0.03   0.00  0.00  0.00  0.02  0.02  (28.1)%(0.01)Basic earnings (loss) per share  (0.11) 0.03  0.17  (0.10) (0.01)  0.12  0.42  0.63  1.14  2.28  N/A2.29                 Diluted earnings (loss) per share:               Continuing Operations  (0.11) 0.03  0.14  (0.10) (0.04)  0.12  0.42  0.62  1.10  2.23  N/A2.26 Discontinued Operations  0.00  0.00  0.03  0.00  0.03   0.00  0.00  0.00  0.02  0.02  (29.2)%(0.01)Diluted earnings (loss) per share  (0.11) 0.03  0.17  (0.10) (0.01)  0.12  0.42  0.62  1.12  2.24  N/A2.26                                 Basic weighted average shares  66,621  66,294  65,631  65,957  66,126   65,448  65,074  63,517  62,382  64,105    Diluted weighted average shares  66,621  67,309  66,743  65,957  66,126   66,731  65,781  64,285  63,382  65,045                    Some earnings (loss) per share amounts may not add due to rounding.                      LIVERAMP HOLDINGS, INC. AND SUBSIDIARIESRECONCILIATION OF GAAP TO NON-GAAP EXPENSES (1)(Unaudited)(Dollars in thousands)  FY2025 FY2026  6/30/20249/30/202412/31/20243/31/2025FY2025 6/30/20259/30/202512/31/20253/31/2026FY2026Expenses:            Cost of revenue $51,749 $51,234 $54,998 $57,929 $215,910  58,319 59,594 59,656 60,548 238,117 Research and development  44,118  43,889  42,735  45,926  176,668  39,608 36,952 33,823 37,756 148,139 Sales and marketing  54,175  51,107  50,863  56,961  213,106  51,906 48,685 48,864 56,192 205,647 General and administrative  30,961  31,369  31,994  32,175  126,499  37,345 33,170 29,078 32,988 132,581 Gains, losses and other items, net  206  397  149  7,241  7,993  423 — 1,252 3,315 4,990              Gross profit, continuing operations:  124,212  134,249  140,414  130,795  529,670  136,503 140,235 152,541 145,544 574,823 % Gross margin  70.6% 72.4% 71.9% 69.3% 71.0% 70.1%70.2%71.9%70.6%70.7%             Excluded items:            Purchased intangible asset amortization (cost of revenue)  3,846  3,748  3,686  3,135  14,415  2,750 2,750 2,750 2,750 11,000 Non-cash stock compensation (cost of revenue)  1,596  1,499  1,455  1,615  6,165  1,541 1,452 1,033 891 4,917 Non-cash stock compensation (research and development)  10,205  10,920  10,085  10,494  41,704  8,332 6,503 5,634 5,093 25,562 Non-cash stock compensation (sales and marketing)  7,093  7,383  7,278  5,716  27,470  6,014 5,469 5,018 6,419 22,920 Non-cash stock compensation (general and administrative)  9,091  9,266  7,942  6,341  32,640  9,523 7,093 6,446 6,527 29,589 Restructuring charges (gains, losses, and other)  206  397  149  7,241  7,993  423 — 1,252 3,315 4,990 Total excluded items  32,037  33,213  30,595  34,542  130,387  28,583 23,267 22,133 24,995 98,978              Expenses, excluding items:            Cost of revenue  46,307  45,987  49,857  53,179  195,330  54,028 55,392 55,873 56,907 222,200 Research and development  33,913  32,969  32,650  35,432  134,964  31,276 30,449 28,189 32,663 122,577 Sales and marketing  47,082  43,724  43,585  51,245  185,636  45,892 43,216 43,846 49,773 182,727 General and administrative  21,870  22,103  24,052  25,834  93,859  27,822 26,077 22,632 26,461 102,992              Gross profit, excluding items: $129,654 $139,496 $145,555 $135,545 $550,250  140,794 144,437 156,324 149,185 590,740 % Gross margin  73.7% 75.2% 74.5% 71.8% 73.8% 72.3%72.3%73.7%72.4%72.7%             (1) This presentation includes non-GAAP measures. Our non-GAAP measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures, and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP. For a detailed explanation of the adjustments made to comparable GAAP measures, the reasons why management uses these measures, the usefulness of these measures and the material limitations on the usefulness of these measures, please see Appendix A.              LIVERAMP HOLDINGS, INC. AND SUBSIDIARIESRECONCILIATION OF GAAP TO NON-GAAP EPS (1)(Unaudited)(Dollars in thousands, except per share amounts)  FY2025 FY2026  6/30/20249/30/202412/31/20243/31/2025FY2025 6/30/20259/30/202512/31/20253/31/2026FY2026             Income (loss) from continuing operations before income taxes (804)11,68418,706(6,746)22,840  10,93024,972 42,90219,260 98,064 Income tax expense (benefit) 6,685 9,9529,184(479)25,342  3,183(2,448)3,029(50,476)(46,712)Net earnings (loss) from continuing operations (7,489)1,7329,522(6,267)(2,502) 7,74727,420 39,87369,736 144,776              Earnings from discontinued operations, net of tax — —1,688— 1,688  —— —1,176 1,176              Net earnings (loss) (7,489)1,73211,210(6,267)(814) 7,74727,420 39,87370,912 145,952              Earnings (loss) per share:            Basic (0.11)0.030.17(0.10)(0.01) 0.120.42 0.631.14 2.28 Diluted (0.11)0.030.17(0.10)(0.01) 0.120.42 0.621.12 2.24              Excluded items:            Purchased intangible asset amortization (cost of revenue) 3,846 3,7483,6863,135 14,415  2,7502,750 2,7502,750 11,000 Non-cash stock compensation (cost of revenue and operating expenses) 27,985 29,06826,76024,166 107,979  25,41020,517 18,13118,930 82,988 Restructuring and merger charges (gains, losses, and other) 206 3971497,241 7,993  423— 1,2523,315 4,990 Total excluded items from continuing operations 32,037 33,21330,59534,542 130,387  28,58323,267 22,13324,995 98,978              Income from continuing operations before income taxes and excluding items 31,233 44,89749,30127,796 153,227  39,51348,239 65,03544,255 197,042 Income tax expense 7,371 10,74512,4217,759 38,296  9,87812,060 16,25911,064 49,261 Non-GAAP net earnings from continuing operations 23,862 34,15236,88020,037 114,931  29,63536,179 48,77633,191 147,781              Non-GAAP earnings per share from continuing operations            Basic 0.36 0.520.560.30 1.74  0.450.56 0.770.53 2.31 Diluted 0.35 0.510.550.30 1.70  0.440.55 0.760.52 2.27              Basic weighted average shares 66,621 66,29465,63165,957 66,126  65,44865,074 63,51762,382 64,105 Diluted weighted average shares 68,463 67,30966,74367,479 67,499  66,73165,781 64,28563,382 65,045                           Some totals may not add due to rounding                         (1) This presentation includes non-GAAP measures. Our non-GAAP measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures, and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP. For a detailed explanation of the adjustments made to comparable GAAP measures, the reasons why management uses these measures and the material limitations on the usefulness of these measures, please see Appendix A.  APPENDIX ALIVERAMP HOLDINGS, INC. AND SUBSIDIARIESQ4 FISCAL 2026 FINANCIAL RESULTSEXPLANATION OF NON-GAAP MEASURES AND OTHER KEY METRICS To supplement our financial results, we use non-GAAP measures which exclude certain acquisition related expenses, non-cash stock compensation and restructuring charges. We believe these measures are helpful in understanding our past performance and our future results. Our non-GAAP financial measures and schedules are not meant to be considered in isolation or as a substitute for comparable GAAP measures and should be read only in conjunction with our consolidated GAAP financial statements. Our management regularly uses these non-GAAP financial measures internally to understand, manage and evaluate our business and to make operating decisions. These measures are among the primary factors management uses in planning for and forecasting future periods. Compensation of our executives is also based in part on the performance of our business based on these non-GAAP measures. Our non-GAAP financial measures, including non-GAAP earnings (loss) per share, non-GAAP income (loss) from operations, non-GAAP operating income (loss) margin, non-GAAP expenses and adjusted EBITDA reflect adjustments based on the following items, as well as the related income tax effects when applicable: Purchased intangible asset amortization: We incur amortization of purchased intangibles in connection with our acquisitions. Purchased intangibles include (i) developed technology, (ii) customer and publisher relationships, and (iii) trade names. We expect to amortize for accounting purposes the fair value of the purchased intangibles based on the pattern in which the economic benefits of the intangible assets will be consumed as revenue is generated. Although the intangible assets generate revenue for us, we exclude this item because this expense is non-cash in nature and because we believe the non-GAAP financial measures excluding this item provide meaningful supplemental information regarding our operational performance. Non-cash stock compensation: Non-cash stock compensation consists of charges for employee restricted stock units, performance shares and stock options in accordance with current GAAP related to stock-based compensation including expense associated with stock-based compensation related to unvested options assumed in connection with our acquisitions. As we apply stock-based compensation standards, we believe that it is useful to investors to understand the impact of the application of these standards to our operational performance. Although stock-based compensation expense is calculated in accordance with current GAAP and constitutes an ongoing and recurring expense, such expense is excluded from non-GAAP results because it is not an expense that typically requires or will require cash settlement by us and because such expense is not used by us to assess the core profitability of our business operations. Restructuring charges: During the past several years, we have initiated certain restructuring activities in order to align our costs in connection with both our operating plans and our business strategies based on then-current economic conditions. As a result, we recognized costs related to termination benefits for employees whose positions were eliminated, lease and other contract termination charges, and asset impairments. These items, as well as third party expenses associated with business acquisitions in the prior years, reported as gains, losses, and other items, net, are excluded from non-GAAP results because such amounts are not used by us to assess the core profitability of our business operations. Transformation costs: In previous years, we incurred significant expenses to separate the financial statements of our operating segments, with particular focus on segment-level balance sheets, and to evaluate portfolio priorities. Our criteria for excluding transformation expenses from our non-GAAP measures is as follows: 1) projects are discrete in nature; 2) excluded expenses consist only of third-party consulting fees that we would not incur otherwise; and 3) we do not exclude employee related expenses or other costs associated with the ongoing operations of our business. We substantially completed those projects during the third quarter of fiscal year 2018. Beginning in the fourth quarter of fiscal 2018, and through most of fiscal 2019, we incurred transaction support expenses and system separation costs related to the Company's announced evaluation of strategic options for its Marketing Solutions (AMS) business. In the first and second quarters of fiscal 2021 in response to the potential COVID-19 pandemic impact on our business and again during fiscal 2023 in response to macroeconomic conditions, we incurred significant costs associated with the assessment of strategic and operating plans, including our long-term location strategy, and assistance in implementing the restructuring activities as a result of this assessment. Our criteria for excluding these costs are the same. We believe excluding these items from our non-GAAP financial measures is useful for investors and provides meaningful supplemental information. Our non-GAAP financial schedules are: Non-GAAP EPS, Non-GAAP Income from Operations, and Non-GAAP expenses: Our Non-GAAP earnings per share, Non-GAAP income from operations, Non-GAAP operating income margin, and Non-GAAP expenses reflect adjustments as described above, as well as the related tax effects where applicable. Adjusted EBITDA: Adjusted EBITDA is defined as net income from continuing operations before income taxes, other income and expenses, depreciation and amortization, and including adjustments as described above. We use Adjusted EBITDA to measure our performance from period to period both at the consolidated level as well as within our operating segments and to compare our results to those of our competitors. We believe that the inclusion of Adjusted EBITDA provides useful supplementary information to and facilitates analysis by investors in evaluating the Company's performance and trends. The presentation of Adjusted EBITDA is not meant to be considered in isolation or as an alternative to net earnings as an indicator of our performance. Free Cash Flow: To supplement our statement of cash flows, we use a non-GAAP measure of cash flow to analyze cash flows generated from operations. Free cash flow is defined as operating cash flow less capital expenditures. Management believes that this measure of cash flow is meaningful since it represents the amount of money available from continuing operations for the Company's discretionary spending. The presentation of non-GAAP free cash flow is not meant to be considered in isolation or as an alternative to cash flows from operating activities as a measure of liquidity. 

-

Insiders may stand to receive substantial financial benefits not available to ordinary shareholders.

The proposed transaction may contain terms that could limit superior competing offers.

Shareholders are encouraged to contact the firm to discuss their rights and options at no cost or obligation. We would handle any matter on a contingent fee basis, whereby you would not be responsible for out-of-pocket payment of our legal fees or expenses.

NEW YORK--(BUSINESS WIRE)--Halper Sadeh LLC, an investor rights law firm, is investigating the sale of LiveRamp Holdings, Inc. (NYSE: RAMP) to Publicis Groupe for $38.50 per share.

Halper Sadeh encourages LiveRamp shareholders to click here to learn more about their rights and options or contact Daniel Sadeh or Zachary Halper free of charge at (212) 763-0060 or [email protected] or [email protected].

The investigation concerns whether LiveRamp and its board of directors violated the federal securities laws and/or breached their fiduciary duties by failing to: (1) obtain the best possible price for LiveRamp shareholders; (2) conduct a fair sales process free of any conflicts of interests; and (3) disclose all material information for LiveRamp shareholders to evaluate the transaction.

On behalf of shareholders, Halper Sadeh LLC may seek increased consideration, additional disclosures, or other relief and benefits.

Halper Sadeh LLC represents investors all over the world who have fallen victim to securities fraud and corporate misconduct. Our attorneys have been instrumental in implementing corporate reforms and recovering millions of dollars on behalf of defrauded investors.

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

More News From Halper Sadeh LLC

Back to Newsroom

The deal marks Publicis' biggest acquisition since 2019, and a departure from its habit of snapping up smaller businesses since then.

Publicis said data co-creation is integral in the age of artificial intelligence. (Dreamstime)

Shares of LiveRamp surged Monday after Publicis, a French advertising company, announced it was acquiring the data specialist for $2.2 billion as it looks to boost its competitive edge in the age of artificial intelligence.

Are D, RAMP, SACH, NEE Obtaining Fair Deals for their Shareholders? PR Newswire

NEW YORK, May 18, 2026

Insiders may stand to receive substantial financial benefits not available to ordinary shareholders.

The proposed transactions may contain terms that could limit superior competing offers.

Shareholders are encouraged to contact the firm to discuss their rights and options at no cost or obligation. We would handle any matter on a contingent fee basis, whereby you would not be responsible for out-of-pocket payment of our legal fees or expenses.

, /PRNewswire/ -- Halper Sadeh LLC, an investor rights law firm, is investigating the following companies for potential violations of the federal securities laws and/or breaches of fiduciary duties to shareholders relating to:

Dominion Energy, Inc. (NYSE: D)'s sale to NextEra Energy, Inc. for 0.8138 shares of NextEra for each share of Dominion. If you are a Dominion shareholder, click here to learn more about your legal rights and options.

LiveRamp Holdings, Inc. (NYSE: RAMP)'s sale to Publicis Groupe for $38.50 per share. If you are a LiveRamp shareholder, click here to learn more about your legal rights and options.

Sachem Capital Corp. (NYSE: SACH)'s merger with Industrial Realty Group. Upon closing of the proposed transaction, Sachem shareholders will own approximately 5.9% of the combined company. If you are a Sachem shareholder, click here to learn more about your rights and options.

NextEra Energy, Inc. (NYSE: NEE)'s merger with Dominion Energy, Inc. Upon closing of the proposed transaction, NextEra shareholders will own approximately 74.5% of the combined company. If you are a NextEra shareholder, click here to learn more about your rights and options.

On behalf of shareholders, Halper Sadeh LLC may seek increased consideration, additional disclosures and information, or other relief and benefits.

Halper Sadeh LLC represents investors all over the world who have fallen victim to securities fraud and corporate misconduct. Our attorneys have been instrumental in implementing corporate reforms and recovering millions of dollars on behalf of defrauded investors.

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

Contact Information:
Halper Sadeh LLC
Daniel Sadeh, Esq.
Zachary Halper, Esq.
One World Trade Center
85th Floor
New York, NY 10007
(212) 763-0060
[email protected]
[email protected]
https://www.halpersadeh.com

View original content to download multimedia:https://www.prnewswire.com/news-releases/are-d-ramp-sach-nee-obtaining-fair-deals-for-their-shareholders-302774829.html

SOURCE Halper Sadeh LLP

Shares of LiveRamp (RAMP 0.11%) surged on Monday after the data collaboration platform agreed to be acquired by French marketing communications giant Publicis Groupe (PUBGY +1.56%).

Image source: Getty Images.

A compelling offer for LiveRamp's shareholders Under the terms of the deal, Publicis would buy LiveRamp for $38.50 per share in cash. That's a premium of nearly 30% to its closing stock price on Friday. The agreement values LiveRamp at roughly $2.2 billion.

The sale is projected to close by the end of the year, subject to regulatory and shareholder approval.

Today's Change

(

-0.11

%) $

-0.04

Current Price

$

37.58

Joining forces to build better agentic AI LiveRamp's platform enables its customers to integrate data from a variety of sources, including more than 25,000 publisher sites and 500 technology partners.

LiveRamp will bolster Publicis' data co-creation abilities -- the process of generating proprietary, higher-value data assets from disparate information that no single data provider could deliver on its own.

Publicis plans to use these capabilities to develop smarter AI agents by securely unifying fragmented data to reveal unique signal combinations and actionable insights.

Accretive to earnings Publicis expects the acquisition to boost its adjusted profits in the first year post-closing. It now sees earnings per share rising by 8% to 10% on a constant currency basis in 2027, up from a prior forecast of 7% to 9%.

Joe Tenebruso has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.

NEW YORK, May 19, 2026 (GLOBE NEWSWIRE) -- Class Action Attorney Juan Monteverde with Monteverde & Associates PC (the “M&A Class Action Firm”), has recovered millions of dollars for shareholders and is recognized as a Top 50 Firm in the 2025 ISS Securities Class Action Services Report. The firm is headquartered at the Empire State Building in New York City and is investigating LiveRamp Holdings, Inc. (NYSE: RAMP) related to its sale to Publicis Groupe. Under the terms of the proposed transaction, LiveRamp shareholders are expected to receive $38.50 per share in cash. Is it a fair deal?

Click here for more info https://monteverdelaw.com/case/liveramp-holdings-inc/. It is free and there is no cost or obligation to you.

NOT ALL LAW FIRMS ARE EQUAL. Before you hire a law firm, you should talk to a lawyer and ask:

Do you file class actions and go to Court?When was the last time you recovered money for shareholders?What cases did you recover money in and how much?
About Monteverde & Associates PC

Our firm litigates and has recovered money for shareholders…and we do it from our offices in the Empire State Building. We are a national class action securities firm with a successful track record in trial and appellate courts, including the U.S. Supreme Court. 

No one is above the law. If you own common stock in the above listed company and have concerns or wish to obtain additional information free of charge, please visit our website or contact Juan Monteverde, Esq. either via e-mail at [email protected] or by telephone at (212) 971-1341.

Contact:
Juan Monteverde, Esq.
MONTEVERDE & ASSOCIATES PC
The Empire State Building
350 Fifth Ave. Suite 4740
New York, NY 10118
United States of America
[email protected]
Tel: (212) 971-1341

Attorney Advertising. (C) 2026 Monteverde & Associates PC. The law firm responsible for this advertisement is Monteverde & Associates PC (www.monteverdelaw.com).  Prior results do not guarantee a similar outcome with respect to any future matter.

Bala Cynwyd, Pennsylvania--(Newsfile Corp. - May 19, 2026) - Law office of Brodsky & Smith announces that it is investigating potential claims against the Board of Directors of LiveRamp Holdings, Inc. ("LiveRamp" or the "Company") (NYSE: RAMP) for possible breaches of fiduciary duty and other violations of federal and state law in connection with the sale of the Company to Publicis Groupe for a total enterprise value of $2.167 billion in an all-cash transaction, based on an acquisition price of $38.50 per share.

The investigation concerns whether the LiveRamp Board breached its fiduciary duties to shareholders by failing to conduct a fair process, including whether the proposed transaction is paying fair value to shareholders of the Company.

If you own shares of LiveRamp stock and wish to discuss the legal ramifications of the investigation, or have any questions, you may e-mail or call the law office of Brodsky & Smith who will, without obligation or cost to you, attempt to answer your questions. You may contact Jason L. Brodsky, Esquire, or Marc L. Ackerman by email at [email protected], visit https://www.brodskysmith.com/cases/liveramp-holdings-inc-nyse-ramp/, or call toll free 855-576-4847.

Brodsky & Smith is a litigation law firm with extensive expertise representing shareholders throughout the nation in securities and class action lawsuits. The attorneys at Brodsky & Smith have been appointed by numerous courts throughout the country to serve as lead counsel in class actions and have successfully recovered millions of dollars for our clients and shareholders. Attorney advertising. Prior results do not guarantee a similar outcome.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/298106

Source: Brodsky & Smith

NEW YORK, May 29, 2026 (GLOBE NEWSWIRE) -- Class Action Attorney Juan Monteverde with Monteverde & Associates PC (the “M&A Class Action Firm”), has recovered millions of dollars for shareholders and is recognized as a Top 50 Firm in the 2025 ISS Securities Class Action Services Report. We are headquartered at the Empire State Building in New York City and are investigating

LiveRamp Holdings, Inc. (NYSE: RAMP) related to its sale to Publicis Groupe. Under the terms of the proposed transaction, LiveRamp shareholders are expected to receive $38.50 per share in cash.
Click here for more information https://monteverdelaw.com/case/liveramp-holdings-inc/. It is free and there is no cost or obligation to you.

NextEra Energy, Inc. (NYSE: NEE) related to merger with Dominion Energy, Inc. Upon closing of the proposed transaction, NextEra shareholders will own approximately 74.5% of the combined company.
Click here for more information https://monteverdelaw.com/case/nextera-energy-inc/. It is free and there is no cost or obligation to you.

Dominion Energy, Inc. (NYSE: D) related to its sale to NextEra Energy, Inc. Under the terms of the proposed transaction, Dominion shareholders are expected to receive 0.8138 shares of NextEra for each share of Dominion.
Click here for more information https://monteverdelaw.com/case/dominion-energy-inc/. It is free and there is no cost or obligation to you.

InMed Pharmaceuticals, Inc. (NASDAQ: INM)  related to its merger with Mentari Therapeutics, Inc. Upon closing of the proposed transaction, InMed shareholders are expected to own approximately 1.51% of the combined company.
Click here for more info https://monteverdelaw.com/case/inmed-pharmaceuticals-inc/. It is free and there is no cost or obligation to you.

NOT ALL LAW FIRMS ARE THE SAME. Before you hire a law firm, you should talk to a lawyer and ask:

Do you file class actions and go to Court?When was the last time you recovered money for shareholders?What cases did you recover money in and how much?
About Monteverde & Associates PC

Our firm litigates and has recovered money for shareholders…and we do it from our offices in the Empire State Building. We are a national class action securities firm with a successful track record in trial and appellate courts, including the U.S. Supreme Court. 

No company, director or officer is above the law. If you own common stock in the above listed company and have concerns or wish to obtain additional information free of charge, please visit our website or contact Juan Monteverde, Esq. either via e-mail at [email protected] or by telephone at (212) 971-1341.

Contact:
Juan Monteverde, Esq.
MONTEVERDE & ASSOCIATES PC
The Empire State Building
350 Fifth Ave. Suite 4740
New York, NY 10118
United States of America
[email protected]
Tel: (212) 971-1341

Attorney Advertising. (C) 2026 Monteverde & Associates PC. The law firm responsible for this advertisement is Monteverde & Associates PC (www.monteverdelaw.com).  Prior results do not guarantee a similar outcome with respect to any future matter.

Increasing Second Half 2026 Activity to Accelerate Development of Long Duration Oil Inventory

Raising 2026E Adjusted EBITDAX Guidance by 42% Driven by Strong Oil Prices, Increased Target Synergies and Expected Operating Efficiencies

LONG BEACH, Calif., May 05, 2026 (GLOBE NEWSWIRE) -- California Resources Corporation (NYSE: CRC) (CRC) today reported its financial and operating results for the first quarter of 2026. In addition, CRC announced plans to increase second half 2026 drilling activity, materially enhancing full-year expectations and building momentum into 2027. The Company plans to host a conference call and webcast at 1 p.m. ET (10 a.m. PT) on Wednesday, May 6, 2026. Conference call details can be found within this release.

Highlights

Delivered average net production of 154 thousand barrels of oil equivalent per day (MBoe/d) (81% oil); oil volumes were reduced by approximately 1.5 thousand barrels of oil per day (MBo/d) due to the impact of higher oil prices on production sharing contractsReported a net loss of $711 million, primarily driven by the non-cash loss in the fair value of its outstanding commodity derivatives1, adjusted net income1 of $79 million and $304 million of adjusted EBITDAX1Generated net cash provided by operating activities of $99 million or $247 million of net cash provided by operating activities before net changes in operating assets and liabilities1  Delivered $32 million of negative free cash flow1 or $116 million of free cash flow before net changes in operating assets and liabilities1Returned $46 million to shareholders, including $36 million in dividends and $10 million in share repurchases2Ended the first quarter of 2026 with $1,251 million in borrowing capacity and including $25 million in available cash and cash equivalents3 representing $1,276 million of liquidity1, 3Optimized capital structure and extended maturities through recent $350 million follow-on offering of 7.000% senior notes due 2034 (2034 Senior Notes) and subsequent redemption of $350 million 8.250% senior notes due 2029 (2029 Senior Notes)Preparing for first carbon dioxide (CO2) injection at California's inaugural carbon capture and storage (CCS) project at CRC's Elk Hills cryogenic gas plant; see Carbon TerraVault's First Quarter 2026 Update for additional information 2026 Guidance Highlights

Increased mid-point of expected Berry merger annual synergy target range by 12% to $90 - $100 millionIncreased expected drilling, completions and workover capital1 investments by approximately $100 million to accelerate high-return drilling projects in California and UtahReduced facilities capital by $10 million, reflecting ongoing field consolidationIncreased capital budget range to $520 - $560 million with a full-year average of five rigsTargeting 2026E gross production exit rate of approximately 175 MBoe/d, representing ~1% entry-to-exit production growthHigher oil prices, increased drilling activity and improved operating efficiencies drive a 42% increase in 2026E adjusted EBITDAX1 to a guidance midpoint of $1,450 million "We continued to demonstrate the strength of our integrated portfolio strategy, delivering solid results while advancing high-return oil developments and capturing incremental merger-related synergies," said Francisco Leon, CRC's President and Chief Executive Officer. "With higher oil prices and an attractive drilling return portfolio, we see a clear opportunity to accelerate development across our multi-decade resource inventory. As a result, we are adding incremental drilling activity this year to drive higher production, EBITDAX and cash flow. Our low-decline, capital-efficient conventional asset base underpins this strategy and we are moving decisively to unlock its value. CRC is a different kind of energy company, and our consistent results reinforce our ability to create durable, long-term value for our shareholders while meeting California's energy needs."

First Quarter 2026 Results

Operating expenses were in line with expectations reflecting solid execution and the ongoing capture of Berry merger-related synergiesGeneral and administrative expenses were slightly higher than expectations primarily driven by the timing of legal fees and cash-settled stock-based compensation related to a higher share priceInvested total capital of $131 million including drilling, completions and workover capital1 of $70 million; total capital was at the high-end of expectations driven by strategic acceleration of investments to support planned second half 2026 drilling activity
Select Production, Price and Financial Results and Non-GAAP Measures 1st Quarter  4th Quarter($ in millions except production and prices)  2026   2025Net oil production per day (MBbl/d)5  124    109Realized oil price without derivative settlements ($ per Bbl) $74.53   $61.14Realized oil price with derivative settlements1 ($ per Bbl)1 $69.37   $64.27Net NGL production per day (MBbl/d)5  10    9Realized NGL price ($ per Bbl) $44.98   $42.86Net natural gas production per day (Mmcf/d)5  117    113Realized natural gas price ($ per Mcf) $3.56   $3.91Net total production per day (MBoe/d)5  154    137      Margin from purchased commodities1 $18   $13Electricity revenue net of electricity generation expenses1 $6   $40Net (loss) gain from commodity sales derivatives $(848)  $126Other operating expenses net of other revenue1 $44   $75 Select Financial Statement Data and Non-GAAP Measures: 1st Quarter  4th Quarter($ and shares in millions, except per share amounts)  2026   2025Total operating revenues before net (loss) gain from commodity derivatives1 $967   $798      Operating costs $365   $325General and administrative expenses $106   $95Adjusted general and administrative expenses1 $99   $89Taxes other than on income $67   $55Transportation costs $26   $20Operating (loss) income $(711)  $47Interest and debt expense, net $29   $29Income tax (benefit) provision $(49)  $11Deferred income tax (benefit) provision $(50)  $22Net (loss) income  $(711)  $12Weighted-average common shares outstanding - diluted  88.7    85.1Net (loss) income per share - diluted $(8.02)  $0.14      Adjusted net income1 $79   $40Adjusted net income per share1 - diluted $0.88   $0.47Net cash provided by operating activities $99   $235Adjusted EBITDAX1 $304   $251Free cash flow1 $(32)  $115Capital investments $131   $120          Guidance

The following table provides key second quarter and full year 2026 financial and operating guidance4. CRC is positioned to accelerate activity in the summer of 2026, increasing to a seven rig program in the second half of 2026, which includes 6 rigs in California and 1 rig in Utah. CRC currently holds the permits necessary to execute a majority of its planned capital program, subject to commodity prices and market conditions. See Attachment 2 for further information on CRC's second quarter and full year 2026 guidance.

 2Q26ETotal Year
2026ENet Production (MBoe/d)148 - 150149 - 155Percentage Oil81%
81%
Capital Investments ($ millions)$120 - $140$520 - $560Adjusted EBITDAX1 ($ millions)$370 - $410$1,400 - $1,500    Shareholder Returns

On May 5, 2026, CRC's Board of Directors declared a quarterly cash dividend of $0.405 per share of common stock, payable to shareholders of record on May 29, 2026. The dividend is expected to be paid on June 18, 2026.

In the first quarter 2026, CRC repurchased 0.2 million shares of its common stock for $10 million2 at an average price of $45.70 per share and returned $36 million in dividends to shareholders. Since mid-2021, the Company has returned approximately $1,619 million to shareholders2, including $1,180 million in share repurchases and $439 million in dividends.

Balance Sheet and Liquidity

In April 2026, CRC's lenders reaffirmed its $1,500 million borrowing base under its Revolving Credit Facility as part of its semi-annual redetermination.

On March 23, 2026, CRC completed a $350 million follow-on offering of Senior Notes due 2034, generating net proceeds of $347 million, reflecting approximately $2 million of issuance premium and $5 million of issuance costs. The net proceeds, combined with cash on hand, were used to redeem $350 million of CRC's outstanding Senior Notes due 2029.

As of March 31, 2026, CRC had liquidity of $1,276 million1,3, consisting of $25 million in available cash and cash equivalents3 and $1,251 million of available borrowing capacity under its Revolving Credit Facility (which reflects $1,460 million of borrowing capacity less $184 million of outstanding letters of credit and $25 million outstanding on the Revolving Credit Facility).

Participation in Upcoming Investor Conferences

CRC is scheduled to participate in the following events in May, June and July 2026:

Goldman Sachs Eleventh Annual Leverage Finance and Credit Conference, May 28, Dana Point, CA2026 RBC Capital Markets Global Energy, Power & Infrastructure Conference, June 2, New York, NYBofA Securities Energy and Power Credit Conference, June 3, New York, NYJP Morgan Natural Resources Conference, June 23, New York, NYRBC Capital Markets Energy Transition Conference 2026, June 25, London, UKTD Cowen 24th Annual Calgary Energy, Power & Utilities Conference, July 7 and 8, Calgary, AB CRC’s presentation materials will be available on the day of the event on its website. See the Events and Presentations page under the Investor Relations section at www.crc.com. 

Conference Call Details

A conference call and webcast is planned for 1 p.m. ET (10 a.m. PT) on Wednesday, May 6, 2026. To participate in the call, dial (877) 328-5505 (International calls dial +1 (412) 317-5421) or access via webcast at www.crc.com. Participants may also pre-register for the conference call at https://dpregister.com/sreg/10207969/103b95d691e. A digital replay of the conference call will be available for approximately 90 days.

1 See Attachment 3 for the non-GAAP financial measures of adjusted net income (loss), adjusted net income (loss) per share - basic and diluted, net cash provided by operating activities before net changes in operating assets and liabilities, adjusted EBITDAX, free cash flow, free cash flow before net changes in operating assets and liabilities, adjusted general and administrative expenses, total operating revenues before net (loss) gain from commodity derivatives, margin from purchased commodities, electricity revenue net of electricity generation expenses and other operating expenses net of other revenue, including reconciliations to the most directly comparable GAAP measure without unreasonable effort. See Attachment 2 for the 2Q26 and 2026 estimates of the non-GAAP measures of adjusted EBITDAX, adjusted general and administrative expenses, margin from purchased commodities, other operating expenses net of other revenue and electricity revenue net of electricity generation expenses, including reconciliations to its most directly comparable GAAP measure, without unreasonable effort. See Attachment 1 for a reconciliation of drilling completion and workover capital to total capital investments, and non-cash commodity derivative (loss) gain from combined derivatives to net (loss) gain from combined derivatives, reported under GAAP.
2 All of CRC’s future quarterly dividends and share repurchases are subject to commodity prices, debt agreement covenants and Board of Directors' approval. The total value of shares purchased excludes commissions and excise taxes. Commissions paid on share repurchases were not significant in all periods presented.
3 Excludes restricted cash of $15 million.
4 2Q26 guidance assumes Brent price of $105.36 per barrel of oil, NGL realizations as a percentage of Brent consistent with prior years and a NYMEX gas price of $2.77 per mcf. Total year 2026 guidance assumes Brent price of $90.58 per barrel of oil, NGL realizations as a percentage of Brent consistent with prior years and a NYMEX gas price of $3.61 per mcf.
5 Net production per day for the periods presented reflects the impact of transaction timing. Berry Corporation volumes contributed for approximately 14 days in 2025 following the transaction close. Production amounts shown are reported results and are not presented on a pro forma basis.

About California Resources Corporation

California Resources Corporation (CRC) is an independent energy and carbon management company advancing the energy transition. CRC is committed to environmental stewardship while safely providing local, responsibly sourced energy. CRC is also focused on maximizing the value of its land, mineral ownership, and energy expertise for decarbonization by developing CCS and other emissions reducing projects. For more information about CRC, please visit crc.com.

About Carbon TerraVault

Carbon TerraVault (CTV), CRC’s carbon management business, is developing services to capture, transport and permanently store carbon dioxide (CO2) for its customers. CTV is engaged in a series of proposed CCS projects to inject CO2 captured from industrial sources into depleted reservoirs deep underground for permanent sequestration. For more information, visit carbonterravault.com.

Forward-Looking Statements

Information set forth in this communication, including financial estimates and statements as to the effects of the Berry Merger, constitute “forward-looking statements” within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and other securities laws. All statements other than historical facts are forward-looking statements, and include statements regarding the benefits of the Berry Merger, CRC's future financial position, business strategy, projected revenues, earnings, costs, capital expenditures and plans and objectives and intentions of management for the future. Words such as “expect,” “could,” “may,” “anticipate,” “intend,” “plan,” “ability,” “believe,” “seek,” “see,” “will,” “would,” “estimate,” “forecast,” “target,” “guidance,” “outlook,” “opportunity” or “strategy” or similar expressions are generally intended to identify forward-looking statements. These forward-looking statements are based upon the current beliefs and expectations of the management of CRC and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in, projected in, or implied by, such statements.

Although CRC believes the expectations and forecasts reflected in its forward-looking statements are reasonable, they are inherently subject to numerous risks and uncertainties, most of which are difficult to predict and many of which are beyond its control. No assurance can be given that such forward-looking statements will be correct or achieved or that the assumptions are accurate or will not change over time. Particular uncertainties that could cause CRC’s actual results to be materially different than those expressed in its forward-looking statements are described in its most recent Annual Report on Form 10-K and its other periodic filings with the SEC. These factors include, but are not limited to: fluctuations in commodity prices; production levels and/or pricing by OPEC, OPEC+ or U.S. producers; government policy, war and political conditions and events; integration efforts and projected synergies and other benefits in connection with the Berry Merger and other acquisitions; divestitures and joint ventures; regulatory actions and changes that affect the oil and gas industry generally and us in particular; the efforts of activists to delay or prevent oil and gas activities or the development of CRC’s carbon management segment; changes in business strategy and the ability and financial resources to execute our capital plan in a timely manner; lower-than-expected production; changes to estimates of reserves and related future cash flows; the recoverability of resources and unexpected geologic conditions; general economic conditions and trends; results from operations and competition in the industries in which it operates; CRC’s ability to realize the anticipated benefits from prior or future efforts to reduce costs; environmental risks and liability; the benefits contemplated by its energy transition strategies and initiatives; CRC’s ability to successfully identify, develop and finance carbon capture and storage projects, power projects and other renewable energy efforts; delays from government approvals and otherwise that could affect the timing of first injection of CO2; future dividends and share repurchases and de-leveraging efforts; and natural disasters, accidents, mechanical failures, power outages, labor difficulties, cybersecurity breaches or attacks or other catastrophic events.

CRC cautions you not to place undue reliance on forward-looking statements contained in this document, which speak only as of the date hereof, and CRC is under no obligation, and expressly disclaims any obligation to update, alter or otherwise revise any forward-looking statements, whether as a result of new information, future events or otherwise. This communication may also contain information from third-party sources. This data may involve a number of assumptions and limitations, and CRC has not independently verified them and does not warrant the accuracy or completeness of such third-party information.

Contacts:

Attachment 1STATEMENTS OF OPERATIONS, SELECT FINANCIAL INFORMATION         1st Quarter 4th Quarter 1st Quarter($ and shares in millions, except per share amounts)  2026   2025   2025        Statements of Operations:      Revenues      Oil, natural gas and natural gas liquids sales $905  $679  $814 Net (loss) gain from commodity derivatives  (848)  126   6 Revenue from marketing of purchased commodities  41   60   64 Electricity revenue  11   52   22 Other revenue  10   7   6 Total operating revenues  119   924   912        Operating Expenses      Operating costs  365   325   316 General and administrative expenses  106   95   72 Depreciation, depletion and amortization  133   129   131 Asset impairment  —   57   — Taxes other than on income  67   55   70 Costs related to marketing of purchased commodities  23   47   50 Electricity generation expenses  5   12   10 Transportation costs  26   20   20 Accretion expense  27   29   29 Net loss on natural gas purchase derivatives  24   26   (6)Measurement period adjustments, net  —   —   1 Other operating expenses, net  54   82   33 Total operating expenses  830   877   726 Operating (Loss) Income   (711)  47   186        Non-Operating (Expenses) Income      Interest and debt expense, net  (29)  (29)  (27)Equity loss from unconsolidated subsidiaries  (2)  (1)  (1)Loss on early extinguishment of debt  (21)  —   (1)Other non-operating income, net  3   6   5        (Loss) Income Before Income Taxes  (760)  23   162 Income tax benefit (provision)  49   (11)  (47)Net (Loss) Income  $(711) $12  $115        Net income per share - basic $(8.02) $0.14  $1.27 Net income per share - diluted $(8.02) $0.14  $1.26        Adjusted net income $79  $40  $98 Adjusted net income per share - basic $0.89  $0.47  $1.08 Adjusted net income per share - diluted(1) $0.88  $0.47  $1.07        Weighted-average common shares outstanding - basic  88.7   84.6   90.6 Weighted-average common shares outstanding - diluted(1)  88.7   85.1   91.2        Effective tax rate  6%  48%  29%          1st Quarter 4th Quarter 1st Quarter($ in millions)  2026   2025   2025 Cash Flow Data:      Net cash provided by operating activities $99  $235  $186 Net cash used in investing activities $(136) $(508) $(79)Net cash (used in) provided by financing activities $(55) $209  $(265)         March 31 December 31,  ($ in millions)  2026   2025   Select Balance Sheet Information:      Total current assets $788  $938   Property, plant and equipment, net $5,904  $5,905   Total current liabilities $1,441  $1,050   Long-term debt, net $1,310  $1,283   Noncurrent asset retirement obligations $906  $913   Total stockholders' equity $2,918  $3,674                 (1) Adjusted net income per share - diluted for the three months ended March 31, 2026 is calculated using weighted average shares outstanding of 89.5 million shares.  GAINS AND LOSSES FROM COMMODITY DERIVATIVES   1st Quarter 4th Quarter 1st Quarter($ millions)  2026   2025  2025        Non-cash (loss) gain from commodity sales derivatives $(792) $95 $22 Net settlements and premiums  (56)  31  (16)Net (loss) gain from commodity sales derivatives $(848) $126 $6         Non-cash loss (gain) from natural gas purchase derivatives $12  $22 $(18)Settlements  12   4  12 Net loss (gain) from natural gas purchase derivatives $24  $26 $(6)              Non-cash (loss) gain from combined commodity derivatives $(804) $73 $40 Net settlements and premiums from combined derivatives  (68)  27  (28)Net (loss) gain from combined commodity derivatives $(872) $100 $12         CAPITAL INVESTMENTS         1st Quarter 4th Quarter 1st Quarter($ millions) 2026  2025  2025       Facilities(1) $37 $46  $16Drilling and completions  53  38   15Workovers  17  18   19Other  9  9   —Oil and natural gas segment  116  111   50Carbon management segment  12  11   2Corporate and other(1)  3  (2)  3Total capital investment $131 $120  $55 (1) Certain amounts previously reported in the Q1 2025 earnings release have been corrected. This correction relates to reporting of $8 million of capital as Corporate and other in Q1 2025 and this amount was reclassified to Facilities in Q4 2025.  LIQUIDITY     ($ millions) March 31, 2026 December 31, 2025Available cash and cash equivalents(1) $25  $117      Revolving credit facility:    Borrowing capacity  1,460   1,460 Revolver balance drawn  (25)  — Outstanding letters of credit  (184)  (176)Availability $1,251  $1,284      Liquidity $1,276  $1,401      (1) Excludes restricted cash of $15 million at both March 31, 2026 and December 31, 2025.        Attachment 2CRC GUIDANCE Consolidated
2Q26E Oil and Natural Gas
Segment Carbon Management
SegmentNet production (MBoe/d) 148 - 150    Net oil production (%) 81%
    Operating costs ($ millions) $335 - $355 $335 - $355  General and administrative expenses ($ millions) $90 - $100 $13 - $17 $2 - $4Adjusted general and administrative expenses ($ millions) $85 - $95 $13 - $17 $2 - $4Depreciation, depletion and amortization ($ millions) $145 - $157 $140 - $150  Capital investments ($ millions) $120 - $140 $115 - $130 $2 - $5Adjusted EBITDAX ($ millions) $370 - $410           Margin from purchased commodities ($ millions) (1) $10 - $15           Electricity revenue net of electricity generation expenses ($ millions) $(6) - $(2)    Other operating expenses net of other revenue ($ millions) (2) $10 - $20   $2 - $10Transportation costs ($ millions) $25 - $30 $19 - $24  Taxes other than on income ($ millions) $60 - $70 $55 - $60  Interest and debt expense ($ millions) $30 - $35           Other Assumptions:      Brent ($/Bbl) $105.36
    NYMEX ($/Mcf) $2.77
    Price realization oil - % of Brent: 94% - 97%    Price realization NGLs - % of Brent: 44% - 50%    Price realization natural gas - % of NYMEX: 38% - 44%           Current income tax provision ($ millions) (3) $2 -$4    Effective tax rate 6% - 9%            CRC GUIDANCE Consolidated
2026E Oil and Natural Gas
Segment Carbon Management
SegmentNet production (MBoe/d) 149 - 155    Net oil production (%) 81%
    Operating costs ($ millions) $1,415 - $1,485 $1,415 - $1,485  General and administrative expenses ($ millions) $360 - $380 $50 - $60 $6 - $12Adjusted general and administrative expenses ($ millions) $325 - $340 $50 - $60 $6 - $12Depreciation, depletion and amortization ($ millions) $595 - $615 $575 - $590  Capital investments ($ millions) $520 - $560 $500 - $525 $12 - $20Adjusted EBITDAX ($ millions) $1,400 - $1,500           Margin from purchased commodities ($ millions) (1) $50 - $65           Electricity revenue net of electricity generation expenses ($ millions) $25 - $45    Other operating expenses net of other revenue ($ millions) (2) $75 - $85   $20 - $30Transportation costs ($ millions) $105 - $115 $65 - $70  Taxes other than on income ($ millions) $270 - $280 $238 - $243  Interest and debt expense ($ millions) $120 - $130           Other Assumptions:      Brent ($/Bbl) $90.58
    NYMEX ($/Mcf) $3.61
    Price realization oil - % of Brent: 94% - 98%    Price realization NGLs - % of Brent: 50% - 55%    Price realization natural gas - % of NYMEX: 67% - 72%           Current income tax provision ($ millions) (3) $5 - $8    Effective tax rate 12% - 16%     (1) Margin from purchased commodities is calculated as the difference between revenue from marketing of purchased commodities and costs related to marketing of purchased commodities, and excludes costs of transportation.
(2) Other operating revenue and expenses, net is calculated as the difference between other revenue and other operating expenses, net and includes exploration expense and CMB expenses. CMB expenses includes lease cost for sequestration easements, advocacy, and other startup related costs.
See Attachment 3 for management's disclosure of its use of these non-GAAP measures and how these measures provide useful information to investors about CRC's results of operations and financial condition.
(3) Current income tax composition is subject to variability and depends on a number of factors, including but not limited to, final taxable income determinations, the availability and utilization of net operating loss carryforwards (NOLs), applicable tax credits, and other differences between book and taxable income. Accordingly, the current provision may vary from period to period and should not be viewed as indicative of future tax obligations.

FORWARD LOOKING NON-GAAP RECONCILIATIONS

  2Q26E  Consolidated Oil and Natural Gas
Segment Carbon Management
Segment($ millions) Low High Low High Low HighGeneral and administrative expenses $90  $100  $13 $17 $2 $4Equity-settled stock-based compensation  (5)  (5)  —  —  —  —Estimated adjusted general and administrative expenses $85  $95  $13 $17 $2 $4                Consolidated   2Q26E($ millions) Low HighRevenue from marketing of purchased commodities $15  $32 Costs related to marketing of purchased commodities  (5)  (17)Margin from purchased commodities $10  $15         Consolidated   2Q26E($ millions) Low HighOther operating expenses, net $14  $30 Other revenue  (4)  (10)Other operating expenses net of other revenue $10  $20         2026E  Consolidated Oil and Natural Gas
Segment Carbon Management
Segment($ millions) Low High Low High Low HighGeneral and administrative expenses $360  $380  $50 $60 $6 $12Equity-settled stock-based compensation  (35)  (40)  —  —  —  —Estimated adjusted general and administrative expenses $325  $340  $50 $60 $6 $12                Consolidated   2026E($ millions) Low HighRevenue from marketing of purchased commodities $143  $168 Costs related to marketing of purchased commodities  (93)  (103)Margin from purchased commodities $50  $65         Consolidated   2026E($ millions) Low HighOther operating expenses, net $101  $119 Other revenue  (26)  (34)Other operating expenses net of other revenue $75  $85       Attachment 3NON-GAAP RECONCILIATIONS To supplement the presentation of its financial results prepared in accordance with U.S. generally accepted accounting principles (GAAP), management uses certain non-GAAP measures to assess its financial condition, results of operations and cash flows. These measures are also widely used by the industry, the investment community and CRC's lenders. Although these are non-GAAP measures, the amounts included in the calculations were computed in accordance with GAAP. Certain items excluded from these non-GAAP measures are significant components in understanding and assessing CRC's financial performance, such as CRC's cost of capital and tax structure, as well as the effect of acquisition and development costs of CRC's assets. Management believes that the non-GAAP measures presented, when viewed in combination with CRC's financial and operating results prepared in accordance with GAAP, provide a more complete understanding of the factors and trends affecting the Company's performance. The non-GAAP measures presented herein may not be comparable to other similarly titled measures of other companies. Below are additional disclosures regarding each of these non-GAAP measures, including reconciliations to their most directly comparable GAAP measure where applicable. ADJUSTED NET INCOME (LOSS) Adjusted net income (loss) and adjusted net income (loss) per share are non-GAAP measures. CRC defines adjusted net income as net income excluding the effects of significant transactions and events that affect earnings but vary widely and unpredictably in nature, timing and amount. These events may recur, even across successive reporting periods. Management believes these non-GAAP measures provide useful information to the industry and the investment community interested in comparing CRC's financial performance between periods. Reported earnings are considered representative of management's performance over the long term. Adjusted net income (loss) is not considered to be an alternative to net income (loss) reported in accordance with GAAP. The following table presents a reconciliation of the GAAP financial measure of net income and net income attributable to common stock per share to the non-GAAP financial measures of adjusted net income and adjusted net income per share.       1st Quarter 4th Quarter 1st Quarter($ millions, except per share amounts)  2026   2025   2025 Net (loss) income $(711) $12  $115 Unusual, infrequent and other items:      Non-cash derivative loss (gain) on Brent based commodity contracts  792   (95)  (22)Non-cash derivative loss on natural gas derivative contracts  12   22   — Asset impairment  —   57   — Severance and termination costs  25   12   2 Merger-related costs  1   20   3 Loss on early extinguishment of debt  21   —   1 Offshore platform expense  10   12   — Measurement period adjustments  —   —   1 Other, net  8   11   (9)Total unusual, infrequent and other items  869   39   (24)Income tax (benefit) provision of adjustments at the combined tax rate  (79)  (11)  7        Adjusted net income $79  $40  $98        Net income (loss) per share – basic $(8.02) $0.14  $1.27 Net income (loss) per share – diluted $(8.02) $0.14  $1.26 Adjusted net income per share – basic $0.89  $0.47  $1.08 Adjusted net income per share – diluted $0.88  $0.47  $1.07               ADJUSTED EBITDAX CRC defines adjusted EBITDAX as earnings before interest expense; income taxes; depreciation, depletion and amortization; exploration expense; other unusual, infrequent and out-of-period items; and other non-cash items. CRC believes this measure provides useful information in assessing its financial condition, results of operations and cash flows and is widely used by the industry, the investment community and its lenders. Although this is a non-GAAP measure, the amounts included in the calculation were computed in accordance with GAAP. Certain items excluded from this non-GAAP measure are significant components in understanding and assessing CRC’s financial performance, such as its cost of capital and tax structure, as well as depreciation, depletion and amortization of CRC's assets. This measure should be read in conjunction with the information contained in CRC’s financial statements prepared in accordance with GAAP. A version of adjusted EBITDAX is a material component of certain of its financial covenants under CRC's Revolving Credit Facility and is provided in addition to, and not as an alternative for, income and liquidity measures calculated in accordance with GAAP.These materials include forward-looking non-GAAP financial measures, including adjusted EBITDAX. CRC is unable to provide a reconciliation of such forward-looking non-GAAP measures to the most directly comparable forward-looking GAAP financial measures because certain information needed to reconcile these measures is dependent on future events, many of which are outside of CRC’s control and cannot be reasonably predicted at this time. These items include, but are not limited to, changes in working capital, the timing and amount of capital accruals, and other non-cash or unusual items. Accordingly, a quantitative reconciliation is not available without unreasonable efforts.

The following table represents a reconciliation of the GAAP financial measures of net income and net cash provided by operating activities to the non-GAAP financial measure of adjusted EBITDAX. CRC has included non-GAAP measures of adjusted EBITDAX for its oil and gas segment and its carbon management segment below. Management believes these segment non-GAAP measures are useful for investors to understand the results of our core businesses.

  1st Quarter 4th Quarter 1st Quarter($ millions, except per BOE amounts)  2026   2025   2025 Net (loss) income $(711) $12  $115 Interest and debt expense  29   29   27 Depreciation, depletion and amortization  133   129   131 Income tax (benefit) provision  (49)  11   47 Exploration expense  —   1   — Interest income  (1)  (5)  (3)Equity loss from unconsolidated subsidiaries  2   1   1 Unusual, infrequent and other items (1)  869   39   (24)Non-cash items      Accretion expense  27   29   29 Stock-based compensation  7   6   6 Pension and post-retirement benefits  (2)  (1)  (1)Adjusted EBITDAX $304  $251  $328        Net cash provided by operating activities $99  $235  $186 Cash interest payments  1   42   11 Cash interest received  (1)  (5)  (3)Exploration expense  —   1   — Working capital changes  205   (22)  134 Adjusted EBITDAX $304  $251  $328        Net (loss) income per Boe $(51.19) $0.96  $9.09 Adjusted EBITDAX per Boe $21.89  $19.85  $25.92        (1) See Adjusted Net Income (Loss) reconciliation.  SEGMENT ADJUSTED EBITDAX   This measure should be read in conjunction with Note 16 Segment Information in CRC’s 2025 Annual Report. A reconciliation of the non-GAAP measure of segment adjusted EBITDAX cannot be reconciled to the comparable measure of operating cash flow prepared in accordance with GAAP without unreasonable effort.     Oil and Natural Gas Segment 1st Quarter 4th Quarter 1st Quarter($ millions)  2026   2025   2025 Segment profit $281  $46  $266 Depreciation, depletion and amortization  128   127   126 Exploration expense  —   1   — Accretion expense  27   29   29 Adjusted income items(1)  3   66   1 Adjusted EBITDAX - Oil and Natural Gas $439  $269  $422        Carbon Management Segment      Segment loss $(12) $(20) $(25)Interest on contingent liability (related to Carbon TerraVault JV)  3   3   3 Equity loss from unconsolidated subsidiary  1   2   1 Adjusted income items(1)  —   —   — Adjusted EBITDAX - Carbon Management $(8) $(15) $(21)              (1) Certain amounts previously reported in the Q4 2025 earnings release have been corrected. This correction relates to reporting of adjusted income items in Carbon Management in Q1 2025 and this amount was reclassified to Oil and Natural Gas in Q1 2026.  FREE CASH FLOW       Management uses free cash flow, which is defined by CRC as net cash provided by operating activities less capital investments, as a measure of liquidity. The following table presents a reconciliation of CRC's net cash provided by operating activities to free cash flow.         1st Quarter 4th Quarter 1st Quarter($ millions)  2026   2025   2025        Net cash provided by operating activities $99  $235  $186 Capital investments  (131)  (120)  (55)Free cash flow $(32) $115  $131         FREE CASH FLOW BEFORE NET CHANGES IN OPERATING ASSETS AND LIABILITIES       Management uses free cash flow before changes in operating assets and liabilities, which is defined by CRC as net cash provided by operating activities less net changes in operating assets and liabilities and capital investments, as a measure of liquidity. The following table presents a reconciliation of CRC's net cash provided by operating activities to free cash flow before net changes in operating assets and liabilities.         1st Quarter 4th Quarter 1st Quarter($ millions)  2026   2025   2025        Net cash provided by operating activities $99  $235  $186 Net changes in operating assets and liabilities  148   (24)  66 Net cash provided by operating activities before net changes in operating assets and liabilities  247   211   252 Capital investments  (131)  (120)  (55)Free cash flow before net changes in operating assets and liabilities $116  $91  $197               ADJUSTED GENERAL & ADMINISTRATIVE EXPENSES       Management uses a measure called adjusted general and administrative (G&A) expenses and adjusted G&A per BOE to provide useful information to investors interested in comparing CRC's costs between periods and performance to its peers.         1st Quarter 4th Quarter 1st Quarter($ millions)  2026   2025   2025 General and administrative expenses $106  $95  $72 Stock-based compensation  (7)  (6)  (6)Adjusted G&A expenses $99  $89  $66        G&A per BOE $7.63  $7.51  $5.69 Adjusted G&A per BOE $7.13  $7.04  $5.22         TOTAL OPERATING REVENUES BEFORE NET (LOSS) GAIN FROM COMMODITY DERIVATIVES       Management uses a measure called total operating revenues before net (loss) gain from commodity derivatives, which is calculated as the difference between total operating revenues less net (loss) gain from commodity derivatives.         1st Quarter 4th Quarter 1st Quarter($ millions)  2026  2025 2025Total operating revenues $119  $924 $912Less: Net (loss) gain from commodity derivatives  (848)  126  6Total operating revenues before net (loss) gain from commodity derivatives $967  $798 $906        MARGIN FROM PURCHASED COMMODITIES       Management uses a measure called margin from purchased commodities, which is calculated as the difference between revenue from purchased commodities and costs related to purchased commodities. This non-GAAP measure excludes transportation costs.         1st Quarter 4th Quarter 1st Quarter($ millions)  2026   2025   2025 Revenue from purchased commodities $41  $60  $64 Costs related to purchased commodities  (23)  (47)  (50)Margin from purchased commodities $18  $13  $14         ELECTRICITY REVENUE NET OF ELECTRICITY GENERATION EXPENSES       Management uses a measure called electricity revenue net of electricity generation expenses, which is calculated as the difference between electricity revenue and electricity generation expenses.         1st Quarter 4th Quarter 1st Quarter($ millions)  2026   2025   2025 Electricity revenue $11  $52  $22 Electricity generation expenses  (5)  (12)  (10)Electricity revenue net of electricity generation expenses $6  $40  $12         OTHER OPERATING EXPENSES NET OF OTHER REVENUE       Management uses a measure called other operating expenses net of other revenue, which is calculated as the difference between other operating expenses, net and other revenue.         1st Quarter 4th Quarter 1st Quarter($ millions)  2026   2025   2025 Other operating expenses, net(1) $54  $82  $33 Other revenue  (10)  (7)  (6)Other operating expenses net of other revenue $44  $75  $27        (1) Other operating expenses, net includes carbon management expenses beginning in 2025.  Attachment 4PRODUCTION STATISTICS               1st Quarter 4th Quarter 1st QuarterNet Production Per Day 2026 2025 2025Oil (MBbl/d)      San Joaquin Basin 96 82 84Los Angeles Basin 17 17 18Uinta Basin 3 1 —Other Basins 8 9 9Total 124 109 111       NGLs (MBbl/d)      San Joaquin Basin 10 9 10Total 10 9 10       Natural Gas (MMcf/d)      San Joaquin Basin 95 97 101Los Angeles Basin 1 1 1Sacramento Basin 10 11 12Uinta Basin 8 1 —Other Basins 3 3 3Total 117 113 117       Total Net Production (MBoe/d) 154 137 141        Gross Operated and Net Non-Operated 1st Quarter 4th Quarter 1st QuarterProduction Per Day 2026 2025 2025Oil (MBbl/d)      San Joaquin Basin 103 88 90Los Angeles Basin 21 21 22Uinta Basin 4 1 —Other Basins 9 10 11Total 137 120 123       NGLs (MBbl/d)      San Joaquin Basin 10 11 10Other Basins 1 — —Total 11 11 10       Natural Gas (MMcf/d)      San Joaquin Basin 127 130 134Los Angeles Basin 6 6 7Sacramento Basin 13 14 15Uinta Basin 11 1 —Other Basins 3 4 3Total 160 155 159       Total Gross Production (MBoe/d) 175 157 160        Attachment 5PRICE STATISTICS        1st Quarter 4th Quarter 1st Quarter   2026   2025   2025 Oil ($ per Bbl)      Realized price with derivative settlements $69.37  $64.27  $72.01 Realized price without derivative settlements $74.53  $61.14  $73.57        NGLs ($/Bbl) $44.98  $42.86  $54.64        Natural gas ($/Mcf)      Realized price with derivative settlements $3.56  $3.91  $4.12 Realized price without derivative settlements $3.56  $3.91  $4.12        Index Prices      Brent oil ($/Bbl) $77.90  $63.08  $74.92 WTI oil ($/Bbl) $71.93  $59.14  $71.42 NYMEX average monthly settled price ($/MMBtu) $5.04  $3.55  $3.65        Realized Prices as Percentage of Index Prices      Oil with derivative settlements as a percentage of Brent  89%  102%  96%Oil without derivative settlements as a percentage of Brent  96%  97%  98%       Oil with derivative settlements as a percentage of WTI  96%  109%  101%Oil without derivative settlements as a percentage of WTI  104%  103%  103%       NGLs as a percentage of Brent  58%  68%  73%NGLs as a percentage of WTI  63%  72%  77%       Natural gas with derivative settlements as a percentage of NYMEX contract month average  71%  110%  113%       Natural gas without derivative settlements as a percentage of NYMEX contract month average  71%  110%  113%                        Attachment 6FIRST QUARTER 2026 DRILLING ACTIVITY            San Joaquin Los Angeles Ventura Sacramento  Wells Drilled Basin Basin Basin Basin Total           Development Wells          Primary 1 — — — 1Waterflood 17 — — — 17Steamflood 44 — — — 44Total (1) 62 — — — 62 (1) Includes steam injectors and drilled but uncompleted wells, which are not included in the SEC definition of wells drilled.