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CEO Shares Letter to Shareholders, inviting them to attend the townhall; Management to discuss Nasdaq bid price compliance, 35% May gross margin, Meyer Distributing, $36M+ revenue run-rate target, direct investments, insider alignment, NEXUS traction, Terravis Energy, and the Company's 2026 execution plan.

The live event will provide shareholders an opportunity to hear directly from CEO Steven Rossi and ask questions about Worksport's business momentum and long-term value creation strategy.

WEST SENECA, NY / ACCESS Newswire / June 25, 2026 / Worksport Ltd. (NASDAQ:WKSP) ("Worksport" or the "Company"), a U.S.-based innovator and manufacturer of hybrid and clean energy solutions primarily for the light truck, overlanding, and global consumer goods markets, today announced that its common stock closed above $1.00 on June 24, 2026, which the Company believes keeps Worksport in full compliance with Nasdaq's minimum bid price requirement, and represents a 75% increase in 5 trading days.

The Company also announced that it will host a live investor town hall on Tuesday, June 30, 2026, at 12:05 p.m. Eastern Time. The town hall will provide shareholders, prospective investors, analysts, media, and other interested parties an opportunity to hear directly from Founder and Chief Executive Officer Steven Rossi regarding Worksport's recent business developments, current execution priorities, and the Company's strategy for the second half of 2026 and beyond.

Link to register for townhall: Register to WKSP's June Townhall Here

https://us06web.zoom.us/webinar/register/WN_DzpmKu68RSuvtj5pbnAbYQ

Worksport encourages shareholders, prospective investors, analysts, media, and other interested parties to attend.

Management believes the upcoming town hall comes at an important moment for Worksport. Over the past several weeks, the Company has announced multiple developments that are believed to support a stronger operating foundation, improved market positioning, and an increasingly visible path toward operational cash flow positivity:

Operational progress: Worksport announced preliminary May 2026 gross margin of approximately 35%, up ~660 basis points from 28.4% in Q1 2026, reflecting continued manufacturing efficiency, pricing discipline, and operating leverage, despite domestic inflation of aluminum, a core component of its tonneau covers.

Distribution expansion: The Company announced Meyer Distributing as a new national distribution partner, expanding Worksport's access to a broader base of dealers, installers, and aftermarket resellers across North America.

Revenue opportunity: Worksport is projecting a $36+ million 12-month annual run rate target supported by B2C activity, expanding B2B distribution, new product launches, and channel ramp-up. Current 2026 revenue run-rate is growing healthily, at $21+ million.

Premium-priced capital: The Company recently completed two direct investments, including one priced at a premium to then-recent trading levels, while also receiving expressed investor interest in evaluating additional financing of up to $10 million, subject to customary conditions.

Insider alignment: On June 9, 2026, Founder and CEO Steven Rossi elected to receive additional Company shares in lieu of cash compensation, the second time this year, reinforcing his stated confidence in Worksport's long-term value creation opportunity.

CEO Letter to Shareholders

"Over the last several weeks, Worksport has released some of the most important updates in our Company's recent history," said Steven Rossi. "We achieved a preliminary 35% gross margin in May, setting a new record, added Meyer Distributing as a major multi-national master distribution partner, outlined a $36+ million annualized revenue opportunity, secured premium-priced capital, and saw our shares close back above $1.00 on June 24. We believe these are meaningful milestones, and shareholders deserve a clear explanation of how they connect."

Mr. Rossi continued, "Nasdaq compliance is important, but our deeper focus remains on building the business behind the ticker. Worksport today is operating from a much stronger foundation than it was one year ago: margins have improved, distribution is expanding, B2C demand remains active, B2B channels are growing, and our newly launched NEXUS tonneau cover is contributing to a broader commercial strategy. We believe these are the ingredients that can support our stated goal of achieving initial operational cash-flow positivity within 2026."

"This town hall is intended to be direct, transparent, and useful," Mr. Rossi added. "It is the place for shareholders to ask questions, hear from management, and better understand what we believe is ahead for Worksport. We intend to discuss our revenue trajectory, margin growth, distributor onboarding, NEXUS traction, SOLIS and COR progress, OE-focused opportunities, and how we are evaluating potential business development opportunities and accretive strategic synergies that could strengthen the Company's platform over time."

Mr. Rossi concluded, "Worksport's objective is clear: grow revenue, expand margins, convert inventory, strengthen distribution, continue advancing our intellectual property-backed product portfolio, and build long-term shareholder value. We believe Worksport has entered an important inflection point, and we look forward to discussing that future with shareholders on June 30."

Terravis Energy and Broader Product Platform

In addition to Worksport's core tonneau cover, SOLIS solar cover, and COR portable power strategies, the Company continues to actively develop its Terravis Energy subsidiary. Terravis remains focused on highly efficient heating and cooling technologies, including its patented ZeroFrost™ heat-pump technology. Management currently expects product certification during the second half of 2026, subject to testing, certification timing, and other customary development considerations.

Worksport believes its broader product platform, spanning truck accessories, solar integrations, portable energy systems, and clean heating and cooling solutions, provides multiple long-term growth pathways. The Company expects to address these opportunities during the June 30 town hall.

Town Hall Details

Date: Tuesday, June 30, 2026

Time: 12:05 p.m. ET - 1:00 p.m. ET

Format: Live Zoom town hall with CEO commentary and investor Q&A

Registration: Click here to register for Worksport's June 2026 Townhall

https://us06web.zoom.us/webinar/register/WN_DzpmKu68RSuvtj5pbnAbYQ

Replay: Recording expected to be available on investors.worksport.com

Investors may submit questions in advance by emailing [email protected]. Management expects to answer selected questions during the live session, subject to time availability and public disclosure considerations.

Worksport encourages shareholders, prospective investors, analysts, media, and other interested parties to attend.

Stay tuned for more information and join our mailing list to stay up to date with the latest: Join Worksport's Newsletter

Contacts

Investor Relations, Worksport Ltd. T: 1 (888) 554-8789 ext. 128

W: investors.worksport.com
W: www.worksport.com
E: [email protected]

Connect with Worksport Chief Executive Officer, Steven Rossi

Steven Rossi X (Twitter)

Steven Rossi LinkedIn

About Worksport

Worksport Ltd. (Nasdaq: WKSP), through its subsidiaries, designs, develops, manufactures, and owns the intellectual property on a variety of tonneau covers, solar integrations, portable power systems, and clean heating & cooling solutions. Worksport's hard-folding cover, designed and manufactured in-house, is compatible with all major truck models and is gaining traction with newer truck makers including the electric vehicle (EV) sector. Worksport seeks to capitalize on the growing shift of consumer mindsets towards clean energy integrations with its proprietary solar solutions, mobile energy storage systems (ESS), and Cold-Climate Heat Pump (CCHP) technology. Terravis Energy's website is terravisenergy.com.

Connect with Worksport

Please follow the Company's social media accounts on X (previously Twitter), Facebook, LinkedIn, YouTube, and Instagram, the links of which are links to external third-party websites, as well as sign up for the Company's newsletters at investors.worksport.com.

Social Media Disclaimer

The Company does not endorse, ensure the accuracy of, or accept any responsibility for any content on these third-party websites other than content published by the Company. Investors and others should note that the Company announces material financial information to our investors using our investor relations website, press releases, Securities and Exchange Commission ("SEC") filings, and public conference calls and webcasts. The Company also uses social media to announce Company news and other information. The Company encourages investors, the media, and others to review the information the Company publishes on social media. The Company does not selectively disclose material non-public information on social media. If there is any significant financial information, the Company will release it broadly to the public through a press release or SEC filing prior to publishing it on social media.

Forward-Looking Statements

The information contained herein may contain "forward‐looking statements." Forward‐looking statements reflect the current view about future events. When used in this press release, the words "anticipate," "believe," "estimate," "scheduled," "expect," "future," "intend," "plan," "project," "envisioned," "should," or the negative of these terms and similar expressions, as they relate to us or our management, identify forward‐looking statements. These statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial situation may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: (i) supply chain delays; (ii) acceptance of our products by consumers; (iii) delays in or nonacceptance by third parties to sell our products; and (iv) competition from other producers of similar products. More detailed information about the Company and the risk factors that may affect the realization of forward-looking statements is set forth in the Company's filings with the SEC, including, without limitation, our latest Annual Report on Form 10-K and our Quarterly Reports on Form 10-Q. Investors and security holders are urged to read these documents free of charge on the SEC's web site at www.sec.gov. As a result of these matters, changes in facts, assumptions not being realized or other circumstances, the Company's actual results may differ materially from the expected results discussed in the forward-looking statements contained in this press release. The forward-looking statements made in this press release are made only as of the date of this press release, and the Company undertakes no obligation to update them to reflect subsequent events or circumstances.

SOURCE: Worksport Ltd.

Visitors walk past IBM logo at the Mobile World Congress (MWC) in Barcelona, Spain, March 3, 2026. REUTERS/Nacho Doce Purchase Licensing Rights, opens new tab

June 25 (Reuters) - IBM (IBM.N), opens new tab on Thursday unveiled what it said was the world's first technology capable of producing chips smaller than ​one nanometer, as tech companies race to build semiconductors that ‌can handle increasingly demanding AI workloads.

Shares of the Armonk, New York-based company rose over 6% in premarket trading. They have fallen about 11% so far this ​year.

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The announcement comes at a time when chipmakers are searching for ​ways to maintain the decades-long trend of cramming more computing ⁠power into smaller spaces, a phenomenon known as Moore's Law.

The new ​chip technology, which bolsters IBM's position to compete with contract chipmakers TSMC (2330.TW), opens new tab ​and Intel (INTC.O), opens new tab, has a transistor architecture of 0.7 nanometers, or 7 angstroms.

Last week, Intel said the new generation of its 18A manufacturing process, which makes 1.8 nanometer ​chips, moved into risk production, the testing phase before commercial manufacturing.

IBM said the ​0.7-nanometer chip packs nearly 100 billion transistors onto a fingernail-sized surface, about twice the ‌density ⁠of its 2-nanometer chip unveiled in 2021, delivering up to 50% higher performance or 70% greater energy efficiency.

To get there, IBM developed a new transistor design called "nanostack". Instead of laying transistors flat, the design stacks them ​on top of each ​other in ⁠three dimensions, fitting more into the same volume of space.

"With our new nanostack architecture, we’re not just making ​smaller transistors, we’re reinventing how chips are built to ​deliver dramatically ⁠more power and energy efficiency,” director of IBM Research Jay Gambetta said.

IBM says production could begin within five years. The company has previously licensed ⁠chip technologies ​to Samsung (005930.KS), opens new tab and Japan's Rapidus. It has ​not announced a manufacturing partner for this technology.

Reporting by Anhata Rooprai in Bengaluru and Stephen ​Nellis in San Francisco; Editing by Varun H K and Devika Syamnath

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

An autonomous vehicle is seen at the BlackBerry QNX headquarters in Ottawa, Ontario, Canada, February 15, 2019. REUTERS/Chris Wattie Purchase Licensing Rights, opens new tab

June 25 (Reuters) - BlackBerry (BB.TO), opens new tab raised its annual revenue forecast on Thursday, betting on continued momentum for ​its QNX division following the completion of its turnaround ‌efforts, sending its U.S.-listed shares up around 8% in premarket trading.

Once a powerhouse in the smartphone industry, BlackBerry has shifted its focus towards software for ​connected devices and self-driving vehicles over the past several ​years.

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BlackBerry's QNX division, which provides secure real-time operating systems ⁠for mission-critical embedded systems most notably in the automotive sector, has ​maintained its strong growth trajectory, with revenue surging nearly 26% to $72.3 ​million during the first quarter ending May 31.

QNX has a backlog of almost $1 billion in future royalties.

"We see more of our QNX customers are leaning ​into next-generation software defined vehicles. They're working with us closely ​to deploy our platform across the board to help them meet those needs, ‌so ⁠we actually see really healthy demand," CEO John Giamatteo told Reuters.

BlackBerry now expects full-year 2027 revenue of between $594 million and $621 million, above its earlier projection of between $584 million and $611 million.

It forecast annual QNX ​revenue of $295 million ​to $312 million, ⁠compared with its previous range of $290 million to $307 million.

BlackBerry's secure communications division, which encompasses encrypted voice, messaging ​and critical event management solutions, reported a 24% ​rise ⁠in revenue to $73.6 million.

A vast majority of the secure communications business is government, and a significant portion of the pipeline is also government, ⁠CFO ​Tim Foote said.

The company posted total revenue ​of $152.9 million for the first quarter, up 26% from the same period a year ​earlier.

Reporting by Juby Babu in Mexico City; Editing by Anil D'Silva

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

, /PRNewswire/ -- Yiren Digital Ltd. (NYSE: YRD) ("Yiren Digital" or the "Company"), a leading fintech company specializing in digital consumer lending, insurance and financial technology innovation across China and global markets, today announced its unaudited financial results for the first quarter ended March 31, 2026.

First Quarter 2026 Operational Results

Credit Solution Business

Total loans facilitated in the first quarter of 2026 were RMB8.9 billion (US$1.3 billion), representing a decrease of 26% compared to RMB12.0 billion in the fourth quarter of 2025, and a decrease of 42% compared to RMB15.2 billion in the same period of 2025. Number of borrowers served in the first quarter of 2026 was 531,500, representing a decrease of 28% compared to 742,444 in the fourth quarter of 2025, and a decrease of 61% compared to 1,375,406 in the same period of 2025. Repeat borrowers' loan amount[1] accounted for 78% of the total loans facilitated in the first quarter of 2026, compared to 77% in the fourth quarter of 2025, and 74% in the same period of 2025. Cumulative number of borrowers served reached 14,518,023 as of March 31, 2026, representing an increase of 2% from 14,295,499 as of December 31, 2025, and an increase of 12% from 12,909,436 as of March 31, 2025. Average loan size was RMB11,991 during the first quarter of 2026, an increase of 5% from RMB11,454 in the fourth quarter of 2025, and an increase of 67% from RMB7,176 in the same period of 2025. Outstanding balance of performing loans facilitated was RMB21.6 billion (US$3.1 billion) as of March 31, 2026, representing a decrease of 24% from RMB28.6 billion as of December 31, 2025, and a decrease of 21% from RMB27.5 billion as of March 31, 2025. Insurance Brokerage Business

Number of insurance clients during the first quarter of 2026 was 397,854, representing an increase of 49% from 267,730 in the fourth quarter of 2025 and a 413% year-over-year increase from 77,541 in the same period of 2025. Cumulative number of insurance clients was 2,357,951 as of March 31, 2026, representing an increase of 16% from 2,035,550 as of December 31, 2025, and a 48% year-over-year increase from 1,590,394 as of March 31, 2025. Number of new insurance policies in the first quarter of 2026 was 999,575, representing a 21% increase from 824,225 in the fourth quarter of 2025, and a 135% year-over-year increase from 425,044 in the same period of 2025. Recent Developments

All-in-AI Strategic Updates

Enterprise AI Architecture Rollout: The Company's MagiCube multi-agent platform launched an upgraded 2.0 version with two additional specialized layers: XuanJi, the execution layer for facilitating human-to-enterprise workflows, and ZhiNao, the enterprise-AI AgentOS for multi-agent orchestration. The system is currently used within the Company and is being tested for external deployment. The Company also introduced AI Buddy, the employee office co-pilot within its enterprise AI workspace platform, giving knowledge-intensive employees direct access to enterprise data, agentic workflows and approved AI tools, to enable faster decisions and higher productivity. AI Application-Layer Strategic Investments Expansion: The Company has made seed investments in three early-stage, high-growth AI application companies, covering AI entertainment, AI-assisted language learning and AI research productivity tools. "During the first quarter of 2026, we continued to demonstrate resilience and strong execution across our businesses," said Mr. Ning Tang, Chairman and Chief Executive Officer of Yiren Digital. "We maintained a highly disciplined approach in our credit solutions business while driving robust customer growth in our insurance brokerage business, further diversifying our revenue streams. At the same time, we are rapidly advancing our 'All-in-AI' strategy, deepening AI integration across our existing operations and actively expanding our AI application portfolio. Each of these steps accelerates our evolution into an AI-native, multi-industry operating platform, which we expect will unlock significant new growth and enduring value for our Company."

"The credit performance of our newly originated loan assets continued to improve during the quarter, and the overall quality of our loan portfolio has successfully stabilized," Mr. William Hui, Chief Financial Officer of Yiren Digital, said. "The underlying risk trends of our legacy book continue to improve, and we expect to see more meaningful profitability gains in the second half of the year. Meanwhile, we remain focused on optimizing capital allocation and improving investment efficiency to further strengthen our financial position and long-term competitiveness."

First Quarter 2026 Financial Results

Total net revenue in the first quarter of 2026 was RMB915.1 million (US$132.7 million), compared to RMB957.6 million in the fourth quarter of 2025, representing a decrease of 41% from RMB1,554.5 million in the same period of 2025.

Within this, revenue from the credit solution business was RMB795.7 million (US$115.4 million), representing a slight decrease of 4% from RMB832.7 million in the fourth quarter of 2025, and a decrease of 39% compared to the same period in 2025. The decrease was primarily due to lower loan facilitation volume and a reduced service fee rate under the new regulatory framework, as the Company continued to prioritize risk-adjusted growth and maintain a disciplined operating strategy amid evolving market conditions. Revenue from the credit solution business accounted for 87% of total net revenue in the first quarter of 2026, unchanged from the fourth quarter of 2025.

Revenue from the insurance brokerage business was RMB87.2 million (US$12.6 million) in the first quarter of 2026, representing an increase of 4% from RMB83.8 million in the fourth quarter of 2025, and an increase of 22% from RMB71.5 million in the same period of 2025. The sequential and year-over-year growth was primarily driven by the continued expansion of the Company's internet distribution business, which has maintained strong momentum since mid-2025. As a result, the internet distribution business contributed 29% of the insurance brokerage business segment's revenue in the first quarter of 2026, compared with 22% in the fourth quarter of 2025, reflecting the ongoing optimization of the Company's business mix and digital distribution capabilities.

Revenue from other businesses was RMB32.2 million (US$4.7 million), compared with RMB41.1 million in the fourth quarter of 2025 and RMB188.6 million in the same period of 2025. The decrease was mainly attributable to the continued scaling down of the e-commerce business.

Sales and marketing expenses in the first quarter of 2026 were RMB113.6 million (US$16.5 million), compared to RMB206.1 million in the fourth quarter of 2025 and RMB277.0 million in the same period of 2025. The decrease was primarily attributable to lower customer acquisition and marketing spending as the Company maintained a disciplined approach to loan facilitation growth. In addition, the contribution of repeat borrowers increased to 78% in the first quarter of 2026 from 74% in the same period of 2025. The cost decline was further supported by improved marketing efficiency driven by AI-assisted precision marketing initiatives.

Origination, servicing and other operating costs in the first quarter of 2026 were RMB197.6 million (US$28.6 million), compared to RMB250.9 million in the fourth quarter of 2025 and RMB224.7 million in the same period of 2025. The cost decrease was primarily attributable to continued operational cost optimization within the insurance brokerage business, driven by the ongoing transition toward more efficient digital distribution channels and a reduced reliance on traditional distribution operations.

Research and development expenses in the first quarter of 2026 were RMB108.9 million (US$15.8 million), compared to RMB121.4 million in the fourth quarter of 2025 and RMB86.0 million in the same period of 2025. The year-over-year increase in R&D expenses was mainly due to increased recruitment of senior AI R&D talent to support the execution of the 2026 All-in-AI strategy.

General and administrative expenses in the first quarter of 2026 were RMB70.5 million (US$10.2 million), compared to RMB43.0 million in the fourth quarter of 2025 and RMB95.8 million in the same period of 2025. The year-over-year decrease was primarily due to enhanced overall corporate efficiency.

Allowance for contract assets, receivables and others in the first quarter of 2026 was RMB176.4 million (US$25.6 million), compared to RMB302.8 million in the fourth quarter of 2025 and RMB152.8 million in the same period of 2025. The year-over-year increase was primarily driven by higher credit loss provisions recognized on accounts receivable, financing receivables and guarantee receivables, partially offset by reduced credit loss provisions on contract assets amid scaled-back loan facilitation activities. The quarter-over-quarter decline mainly reflected stabilized credit performance in the first quarter of 2026, together with no material portfolio revaluation adjustments recorded in the current period—such adjustments had been recorded in the fourth quarter of 2025 from updated expected loss assumptions.

Provision for contingent liabilities in the first quarter of 2026 was RMB632.2 million (US$91.7 million), compared to RMB1,110.1 million in the fourth quarter of 2025 and RMB410.8 million in the same period of 2025. The year-over-year increase was primarily attributable to higher loan volume under the risk-taking model[2] and increased expected loss provisions for newly originated loans. The quarter-over-quarter decline mainly reflected a stabilized asset risk level and no material portfolio revaluation adjustments recorded.

Fair value adjustments loss in the first quarter of 2026 was RMB89.0 million (US$12.9 million), compared to RMB62.0 million in the fourth quarter of 2025 and RMB58.4 million in the same period of 2025. The increase in fair value loss is attributable to fair value adjustment in crypto assets reflecting change in market value of the digital assets.

Income tax expense in the first quarter of 2026 was RMB37.0 million (US$5.4 million).

Net loss for the first quarter of 2026 was RMB494.7 million (US$71.7 million), compared to a net loss of RMB868.2 million in the fourth quarter of 2025 and a net income of RMB247.5 million in the same period of 2025. The year-over-year change was mainly attributable to reduced credit solution business scale, reflecting lower overall loan origination volume, lower service fee rates under the new regulatory framework and higher credit-related costs. The quarter-over-quarter improvement primarily reflects a stabilized risk level and no material portfolio revaluation adjustments recorded with the risk-taking model. The improvement was further supported by improved asset quality, higher revenue contribution from the insurance brokerage business through internet distribution channels, and continued operational efficiency gains driven by AI-enabled cost optimization.

Adjusted EBITDA[3] (non-GAAP) in the first quarter of 2026 was a loss of RMB336.8 million (US$48.8 million), compared to a loss of RMB1,028.5 million in the fourth quarter of 2025 and a gain of RMB325.0 million in the same period of 2025.

Basic and diluted loss per ADS in the first quarter of 2026 were both RMB5.6420 (US$0.8180), compared to basic and diluted loss per ADS of both RMB9.9624 in the fourth quarter of 2025; and basic and diluted income per ADS of RMB2.8646 and RMB2.8460, respectively, in the same period of 2025.

Net cash used in operating activities in the first quarter of 2026 was RMB655.6 million (US$95.0 million), compared to RMB180.8 million used in operating activities in the fourth quarter of 2025, and to RMB478.7 million generated from operating activities in the same period of 2025. The higher net operating cash outflow for the period is primarily attributable to prepayments of operating costs and expenses, longer collection terms for operating receivables and higher indemnity disbursements under the risk-taking model.

Net cash used in investing activities in the first quarter of 2026 was RMB24.8 million (US$3.6 million), compared to RMB29.2 million provided by investing activities in the fourth quarter of 2025 and RMB145.6 million used in investing activities in the same period of 2025.

Net cash used in financing activities in the first quarter of 2026 was RMB345.6 million (US$50.1 million), compared to RMB234.1 million in the fourth quarter of 2025 and RMB80.6 million in the same period of 2025.

As of March 31, 2026, cash and cash equivalents were RMB2,453.1 million (US$355.6 million), compared to RMB3,348.1 million as of December 31, 2025. As of March 31, 2026, the balance of financial investments was RMB507.5 million (US$73.6 million), compared to RMB483.7 million as of December 31, 2025.

As of March 31, 2026, delinquency rates[4] for loans that were past due for 1-30 days, 31-60 days and 61-90 days were 2.5%, 2.7% and 3.2%, respectively, compared to 3.4%, 3.0% and 2.8%, respectively, as of December 31, 2025.

Recent Updates

The Company issued a statement in May regarding media reports relating to certain financial products offered by affiliates of the Company's controlling shareholder. Those matters are unrelated to the Company. Management is monitoring the situation closely and will make further disclosures as required under applicable laws, regulations, and listing standards.

Dividend Policy

Under the Company's semi-annual dividend policy, the Board will review operating results and evaluate the Company's cash dividend policy for the first half of 2026 following the conclusion of the second quarter.

Non-GAAP Financial Measures

In evaluating the business, the Company considers and uses several non-GAAP financial measures, such as adjusted EBITDA and adjusted EBITDA margin as supplemental measures to review and assess operating performance. We believe these non-GAAP measures provide useful information about our core operating results, enhance the overall understanding of our past performance and prospects and allow for greater visibility with respect to key metrics used by our management in our financial and operational decision-making. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"). The non-GAAP financial measures have limitations as analytical tools. Other companies, including peer companies in the industry, may calculate these non-GAAP measures differently, which may reduce their usefulness as a comparative measure. The Company compensates for these limitations by reconciling the non-GAAP financial measures to the nearest U.S. GAAP performance measure, all of which should be considered when evaluating our performance. See "Operating Highlights and Reconciliation of GAAP to Non-GAAP measures" at the end of this press release.

Currency Conversion

This announcement contains currency conversions of certain RMB amounts into US$ at specified rates solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to US$ are made at a rate of RMB6.8980 to US$1.00, the effective noon buying rate on March 31, 2026, as set forth in the H.10 statistical release of the Federal Reserve Board.

Conference Call

Yiren Digital's management will host an earnings conference call at 8:00 a.m. U.S. Eastern Time on June 25, 2026 (or 8:00 p.m. Beijing/Hong Kong Time on June 25, 2026).

Participants who wish to join the call should register online in advance of the conference at:
https://dpregister.com/sreg/10209861/10439ec2351.

Once registration is completed, participants will receive the dial-in details for the conference call.

Additionally, a live and archived webcast of the conference call will be available at:
https://ir.yiren.com.

[1] "Repeat borrowers' loan amount" refers to the proportion of total loan facilitation and origination volume through Yixianghua platform in a given period that is generated by borrowers who have previously completed at least one successful drawdown during that period.

[2] "The risk-taking model" refers to the framework in which Yiren Digital assumes the credit risk for the loans facilitated on its platform.

[3] "Adjusted EBITDA" is a non-GAAP financial measure. For more information on this non-GAAP financial measure, please see the section of "Operating Highlights and Reconciliations of GAAP to Non-GAAP Measures" and the table captioned "Reconciliations of Adjusted EBITDA" set forth at the end of this press release.

[4] "Delinquency rates" refers to the outstanding principal balance of loans that were 1-30 days, 31-60 days and 61-90 days past due as a percentage of the total performing outstanding principal balance of loans as of a specific date. Loans originating outside mainland China are not included in the calculation. We define a performing loan as one that is being repaid according to the agreed terms and has not become delinquent for more than 90 days.

Safe Harbor Statement

This press release contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "aim," "anticipate," "believe," "estimate," "expect," "hope," "going forward," "intend," "ought to," "plan," "project," "potential," "seek," "may," "might," "can," "could," "will," "would," "shall," "should," "is likely to" and the negative form of these words and other similar expressions. This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "target," "confident," and similar expressions. Forward-looking statements are based on management's current expectations, assumptions, and assessments of current market and operating conditions. These statements involve inherent risks, uncertainties, and other factors, many of which are outside the control of the Company, and which could cause actual results to differ materially from those expressed or implied in such statements. Actual results may differ materially from those expressed or implied in forward-looking statements due to a variety of factors and other risks described in the Company's filings with the U.S. Securities and Exchange Commission. All forward-looking statements speak only as of the date of this press release. The Company undertakes no, and expressly disclaims any, obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required under applicable law.

About Yiren Digital

Yiren Digital Ltd. is a leading fintech company specializing in digital consumer lending, insurance, and financial technology innovation across China and global markets. The Company leverages advanced artificial intelligence and emerging technologies to enhance customer experience, optimize capital efficiency, and expand financial inclusion. Following the regulatory filing of its in-house developed Large Language Model Zhiyu, and the significant enhancement of its MagiCube Agent platform, Yiren Digital is establishing a new growth engine to accelerate its evolution into an AI-native, multi-industry operating platform extending beyond traditional financial services. For more information, please visit https://ir.yiren.com.

Unaudited Condensed Consolidated Statements of Operations

 (in thousands, except for share, per share and per ADS data, and percentages)

For the Three Months Ended 

March 31,
2025

March 31,
2026

March 31,
2026

RMB

RMB

USD

Net revenue:

Loan facilitation services

742,394

(3,909)

(567)

Post-origination services

1,744

(41)

(6)

Guarantee services

318,397

519,155

75,262

Financing services

41,887

66,145

9,589

Insurance brokerage services

71,460

87,160

12,636

Electronic commerce services

184,074

921

133

Network and marketing services *

124,358

145,697

21,122

Technology services *

68,590

98,129

14,226

Others *

1,622

1,883

273

Total net revenue

1,554,526

915,140

132,668

Operating costs and expenses:

Sales and marketing

276,952

113,569

16,464

Origination,servicing and other operating costs

224,738

197,552

28,639

Research and development

85,954

108,933

15,792

General and administrative

95,837

70,504

10,221

Allowance for contract assets, receivables and others

152,805

176,424

25,576

Provision for contingent liabilities

410,763

632,219

91,653

Total operating costs and expenses

1,247,049

1,299,201

188,345

Other income/(loss):

Investment income

1,281

1,318

191

Interest income

22,925

12,498

1,812

Fair value adjustments loss

(58,376)

(89,036)

(12,908)

Others, net

674

1,591

231

Total other loss

(33,496)

(73,629)

(10,674)

Income/(loss) before provision for income taxes

273,981

(457,690)

(66,351)

Share of results of equity investees

(129)

-

-

Income tax expense

26,346

37,024

5,368

Net income/(loss)

247,506

(494,714)

(71,719)

Net loss attributable to non-controlling interests

-

1,173

171

Net income/(loss) attributable to ordinary shareholders
of the Company

247,506

(493,541)

(71,548)

Weighted-average number of ordinary shares used in
computing basic net income/(loss) per share

172,800,275

174,951,573

174,951,573

Basic net income/(loss) per share attributable to
ordinary shareholders of the Company

1.4323

(2.8210)

(0.4090)

Basic diluted net income/(loss) per ADS
attributable to ordinary shareholders of the
Company

2.8646

(5.6420)

(0.8180)

Weighted-average number of ordinary shares used in
computing diluted net income/(loss) per share

173,935,749

174,951,573

174,951,573

Diluted net income/(loss) per share attributable to
ordinary shareholders of the Company

1.4230

(2.8210)

(0.4090)

Diluted net income/(loss) per ADS attributable to
ordinary shareholders of the Company

2.8460

(5.6420)

(0.8180)

Unaudited Condensed Consolidated Cash Flow Data

Net cash generated from/(used in) operating activities

478,650

(655,588)

(95,040)

Net cash used in investing activities

(145,590)

(24,764)

(3,590)

Net cash used in financing activities

(80,576)

(345,590)

(50,100)

Effect of foreign exchange rate changes

2,367

(8,389)

(1,216)

Net increase/(decrease) in cash, cash equivalents and
restricted cash

254,851

(1,034,331)

(149,946)

Cash, cash equivalents and restricted cash, beginning of
period

4,101,557

3,870,834

561,153

Cash, cash equivalents and restricted cash, end of
period

4,356,408

2,836,503

411,207

* Given the Company's diversified revenue streams, Network and marketing services and Technology services are now
separately presented from Other revenue, with the remaining balance classified as Others. Comparative figures for the prior
period have been restated.

Unaudited Condensed Consolidated Balance Sheets

 (in thousands)

As of

December 31,
2025

March 31,
2026

March 31,
2026

RMB

RMB

USD

        Cash and cash equivalents

3,348,126

2,453,140

355,631

        Restricted cash

522,708

383,363

55,576

        Accounts receivable

826,141

911,368

132,121

        Guarantee receivable

832,905

868,827

125,953

        Contract assets, net

619,291

305,106

44,231

        Contract cost

4,287

2,149

312

        Prepaid expenses and other assets

1,776,019

1,756,162

254,590

        Loans at fair value

342,895

156,134

22,635

        Financing receivables

909,182

938,958

136,120

        Amounts due from related parties*

2,974,080

3,429,417

497,161

        Financial investments

483,700

507,528

73,576

        Equity investments

11,528

23,455

3,400

        Property, equipment and software, net

50,403

84,630

12,269

        Digital Assets

391,267

287,228

41,639

        Deferred tax assets

325,094

361,981

52,476

        Right-of-use assets

37,329

33,891

4,913

Total assets

13,454,955

12,503,337

1,812,603

        Accounts payable

79,630

93,759

13,592

        Amounts due to related parties

44,179

14,982

2,172

        Guarantee liabilities-stand ready

989,701

1,025,763

148,704

        Guarantee liabilities-contingent

1,300,097

1,172,209

169,935

        Deferred revenue

227

150

22

        Payable to investors of consolidated ABFE

1,294,792

941,068

136,426

        Accrued expenses and other liabilities

404,680

406,222

58,890

        Deferred tax liabilities

29,854

34,197

4,957

        Lease liabilities

39,758

35,289

5,116

Total liabilities

4,182,918

3,723,639

539,814

        Ordinary shares

133

134

19

        Additional paid-in capital

5,239,550

5,242,914

760,063

        Treasury stock

(170,686)

(170,686)

(24,744)

        Accumulated other comprehensive income

(2,517)

(17,369)

(2,518)

        Retained earnings

4,205,557

3,710,721

537,942

Total Yiren Digital Ltd shareholders' equity

9,272,037

8,765,714

1,270,762

        Non-controlling interests

-

13,984

2,027

Total equity

9,272,037

8,779,698

1,272,789

Total liabilities and equity

13,454,955

12,503,337

1,812,603

* The Company has outstanding related party balances due from our controlling shareholder and its affiliates. These
balances are currently performing in accordance with their contractual terms. Should our controlling shareholder fail to
satisfy its payment obligations in the future, we may be required to adjust the carrying value of such related receivables
accordingly.

Operating Highlights and Reconciliation of GAAP to Non-GAAP Measures

(in thousands, except for number of  borrowers, number of insurance clients, cumulative number of insurance clients
and percentages)

For the Three Months Ended 

March 31,
2025

March 31,
2026

March 31,
2026

RMB

RMB

USD

Operating Highlights

Amount of loans facilitated 

15,237,923

8,910,760

1,291,789

Number of borrowers

1,375,406

531,500

531,500

Remaining principal of performing loans 

27,458,292

21,603,502

3,131,850

Cumulative number of insurance clients

1,590,394

2,357,951

2,357,951

Number of insurance clients

77,541

397,854

397,854

Gross written premiums

801,798

822,991

119,309

First year premium

412,497

536,332

77,752

Renewal premium

389,301

286,659

41,557

Segment Information

Credit solution business:

Revenue

1,294,480

795,746

115,359

Sales and marketing expenses

260,903

80,760

11,708

Origination, servicing and other operating costs

140,623

140,143

20,317

Allowance for contract assets, receivables and others

152,112

174,866

25,350

Provision for contingent liabilities

410,763

632,219

91,653

Insurance brokerage business:

Revenue

71,460

87,160

12,636

Sales and marketing expenses

2,795

2,388

346

Origination, servicing and other operating costs

81,440

54,475

7,897

Allowance for contract assets, receivables and others

(578)

(117)

(17)

Others:

Revenue

188,586

32,234

4,673

Sales and marketing expenses

13,254

30,421

4,410

Origination, servicing and other operating costs

2,675

2,934

425

Allowance for contract assets, receivables and others

(1,994)

188

27

Reconciliation of Adjusted EBITDA

Net income/(loss)

247,506

(494,714)

(71,719)

Interest income and investment income, net

(24,206)

(13,816)

(2,003)

Income tax expense

26,346

37,024

5,368

Depreciation and amortization

2,297

3,561

516

Share-based compensation

2,187

2,071

300

Fair value adjustments related to digital assets and
financial investments

70,824

129,059

18,710

Adjusted EBITDA

324,954

(336,815)

(48,828)

Adjusted EBITDA margin

20.9 %

-36.8 %

-36.8 %

Delinquency Rates

1-30 days

31-60 days

61-90 days

December 31, 2022

1.7 %

1.2 %

1.1 %

December 31, 2023

2.0 %

1.4 %

1.2 %

December 31, 2024

1.6 %

1.2 %

1.1 %

December 31, 2025

3.4 %

3.0 %

2.8 %

March 31, 2026

2.5 %

2.7 %

3.2 %

90+ Days Delinquency Rates by Vintage*

Loan
Issued Period

Month on Book

4

6

8

10

12

14

16

18

20

22

24

2022Q1

0.6 %

2.0 %

3.1 %

3.9 %

4.5 %

4.7 %

4.6 %

4.6 %

4.5 %

4.5 %

4.4 %

2022Q2

0.5 %

1.7 %

2.9 %

3.7 %

4.2 %

4.4 %

4.3 %

4.3 %

4.2 %

4.2 %

4.1 %

2022Q3

0.5 %

2.1 %

3.4 %

4.2 %

4.7 %

5.0 %

4.9 %

4.9 %

4.8 %

4.7 %

4.7 %

2022Q4

0.7 %

2.5 %

3.8 %

4.8 %

5.5 %

5.8 %

5.8 %

5.7 %

5.6 %

5.5 %

5.4 %

2023Q1

0.5 %

2.3 %

3.9 %

5.0 %

5.8 %

6.1 %

6.0 %

5.9 %

5.8 %

5.7 %

5.6 %

2023Q2

0.6 %

2.8 %

4.7 %

6.1 %

6.8 %

7.1 %

7.0 %

6.9 %

6.8 %

6.7 %

6.6 %

2023Q3

0.8 %

3.5 %

5.6 %

7.0 %

7.7 %

7.9 %

7.9 %

7.7 %

7.6 %

7.5 %

7.5 %

2023Q4

0.7 %

3.4 %

5.6 %

6.8 %

7.4 %

7.6 %

7.6 %

7.4 %

7.3 %

7.3 %

7.2 %

2024Q1

0.6 %

3.0 %

4.8 %

5.9 %

6.6 %

6.8 %

6.8 %

6.7 %

6.6 %

6.6 %

6.5 %

2024Q2

0.6 %

2.4 %

4.0 %

5.1 %

5.8 %

6.1 %

6.1 %

6.0 %

5.9 %

6.0 %

2024Q3

0.5 %

2.2 %

3.7 %

4.7 %

5.4 %

5.8 %

5.8 %

5.7 %

5.5 %

2024Q4

0.6 %

2.2 %

3.8 %

4.9 %

5.9 %

6.4 %

6.3 %

2025Q1

0.6 %

2.3 %

4.2 %

6.0 %

7.2 %

6.9 %

2025Q2

0.8 %

3.5 %

6.6 %

8.3 %

2025Q3

1.1 %

4.8 %

8.0 %

2025Q4

1.2 %

*The 90+ days delinquency rate by vintage refers to the outstanding principal balance of loans facilitated over a specified period that are more than 90 days past due, as a percentage of the total loans facilitated during that same period. Loans originating outside mainland China are excluded from the calculation.

SOURCE Yiren Digital

-- Motorhome RV Sales, Profit Dollars and Profit Margins Improved Meaningfully Year Over Year --

-- Winnebago Towables Improved Share Results Through Product Refreshes and Execution --

— Barletta Continues to Expand Share of U.S. Aluminum Pontoon Market --

-- Company Updates Fiscal 2026 Guidance --

EDEN PRAIRIE, Minn., June 25, 2026 (GLOBE NEWSWIRE) -- Winnebago Industries, Inc. (NYSE: WGO), a leading manufacturer of outdoor recreation products, today reported financial results for the Fiscal 2026 third quarter ended May 30, 2026.

Third Quarter Fiscal 2026 Financial Summary

Net revenues of $698.7 million compared to $775.1 million in the third quarter of Fiscal 2025Gross profit of $94.9 million, representing 13.6% gross margin, compared to $106.0 million in the third quarter of Fiscal 2025Net income of $14.5 million, or $0.51 per diluted share; adjusted earnings per diluted share of $0.66 compared to adjusted earnings per diluted share of $0.81 in the third quarter of Fiscal 2025Adjusted EBITDA of $37.8 million, representing 5.4% adjusted EBITDA margin CEO Commentary
“Our teams continue to execute in a retail environment that remained challenging through the third quarter,” said President and Chief Executive Officer Michael Happe. “Industry retail demand was pressured by broader macro factors, including elevated fuel costs, geopolitical uncertainty, and weak consumer confidence which continued to drive cautious dealer ordering and tighter inventory management across the channel. In response, we stayed disciplined, aligning production closely with retail while continuing to advance our key product, operational and cost initiatives.

“We're seeing a mixed demand environment across the portfolio. In Motorhome RV, sales, profitability and market presence continue to improve, supported by sustained performance at Grand Design Motorized and solid execution at Newmar. New product introductions, expanding brand presence and improved profitability continue to strengthen our standing in the segment. In Towables RV, category demand remained muted during the quarter, particularly at higher price points where competitive and promotional activity remained elevated. At the same time, our newer, more accessible offerings such as Thrive and Access contributed to improved retail dollar share and stronger year-over-year financial performance within our Winnebago-branded portfolio. These results reflect both dealer commitment to our strategy and the positive reception to our refreshed product lineup.

In Marine, Barletta continues to perform well, maintaining consistent market share gains, reaching 9.3% on a trailing twelve-month basis through April, despite softer volumes in the quarter. This performance reflects continued consumer interest in its premium pontoons and an expanding product lineup, including the recent Sanza introduction.

“We delivered solid SG&A improvement year-over-year, while continuing to invest in Grand Design Motorized, and advancing footprint rationalization and capacity alignment actions within our RV businesses. While industry retail pressure in the quarter slowed the pace of improvement in field inventory turns, our focus remains on driving sustainable progress, which will require continued discipline around shipments and production.

"One of the most encouraging aspects of our performance this quarter was the stability of our gross margins despite a challenging retail environment, reflecting the strength of our product mix, pricing discipline and operational execution. We have remained focused on profitable market share, while our higher average selling prices continue to support a more resilient retail dollar share position. We are executing against the levers we control including product, brand, cost structure, and inventory discipline, positioning the business to deliver improved performance as conditions evolve.”

Third Quarter Fiscal 2026 Results

Net revenues were $698.7 million, a decrease of 9.9% compared to $775.1 million in the third quarter of Fiscal 2025, driven primarily by lower unit volume, partially offset by selective price adjustments and product mix. Unit volume trends reflected growth in the Motorhome RV segment, partially offset by declines in the Towable RV and Marine segments, as dealer ordering remained measured and production levels were closely aligned to retail demand.

Gross profit was $94.9 million, a decrease of 10.5% compared to $106.0 million in the third quarter of Fiscal 2025. Gross profit margin was consistent with prior year as higher input costs and deleverage were largely offset by selective price adjustments.

Selling, general and administrative expenses were $66.5 million, a decrease of 5.4% compared to $70.3 million in the third quarter of Fiscal 2025, primarily due to cost reduction initiatives.

Operating income was $23.0 million, a decrease of 23.9% compared to $30.2 million in the third quarter of Fiscal 2025.

Net income was $14.5 million, compared to $17.6 million in the third quarter of Fiscal 2025. Reported earnings per diluted share was $0.51, compared to $0.62 in the third quarter of Fiscal 2025. Adjusted earnings per diluted share was $0.66, a decrease of 18.5% compared to $0.81 in the third quarter of Fiscal 2025.

Consolidated Adjusted EBITDA was $37.8 million, a decrease of 18.7%, compared to $46.5 million in the third quarter of Fiscal 2025.

Third Quarter Fiscal 2026 Segments Summary

Towable RV

 Three Months Ended ($, in millions)May 30, 2026 May 31, 2025 Change(1) Net revenues$274.7   $371.7   (26.1)%Operating income$16.0   $29.7   (46.3)%Operating income margin 5.8 %  8.0 % (220)bps   (1) Amounts are calculated based on unrounded numbers and therefore may not recalculate using the rounded numbers provided.

Net revenues decreased primarily due to lower unit volume and a shift in product mix toward lower price-point models, partially offset by selective price adjustments.Operating income margin decreased primarily due to higher input costs, volume deleverage, and product mix, partially offset by selective price adjustments and cost containment initiatives. Motorhome RV

 Three Months Ended($, in millions)May 30, 2026 May 31, 2025 Change(1)Net revenues$320.7   $291.2   10.1%Operating income (loss)$9.6   $(3.2)  NMOperating income margin 3.0 % (1.1)% 410bps  (1) Amounts are calculated based on unrounded numbers and therefore may not recalculate using the rounded numbers provided.

NM: Not meaningful.

Net revenues increased primarily due to higher unit volume and selective price adjustments.Operating income margin increased primarily due to higher unit volume driven by new products and selective price adjustments, partially offset by higher input costs. Marine

 Three Months Ended
($, in millions)May 30, 2026 May 31, 2025 Change(1)
Net revenues$92.4  $100.7  (8.3)%Operating income$5.3  $9.4  (43.4)%Operating income margin 5.8%  9.3% (350)bps   (1) Amounts are calculated based on unrounded numbers and therefore may not recalculate using the rounded numbers provided.

Net revenues decreased primarily due to lower unit volume and product mix, partially offset by selective price adjustments.Operating income decreased primarily due to higher input costs and volume deleverage, partially offset by selective price adjustments. Balance Sheet and Cash Flow
As of May 30, 2026, cash and cash equivalents totaled $57.1 million. The Company had total outstanding debt of $442.9 million ($450.0 million of debt, net of debt issuance costs of $7.1 million) and working capital of $411.6 million. Cash flow provided by operating activities during the nine months ended May 30, 2026 was $26.2 million compared to cash flow used in operating activities of $52.5 million during the same period last year. Operating cash flow improved by $78.7 million year over year, shifting from a use of cash in the prior-year period to a source of cash in the current year.

Quarterly Cash Dividend
On May 15, 2026, the Company’s Board of Directors approved a quarterly cash dividend of $0.35 per share payable on June 24, 2026, to common stockholders of record at the close of business on June 10, 2026.

Outlook
For calendar year 2026, Winnebago Industries now expects North American RV wholesale shipments in the range of 290,000 to 310,000 units. Based on this outlook, the current business environment, and results through the first nine months of the fiscal year, Winnebago Industries is updating its Fiscal 2026 revenue and EPS guidance as follows:

Consolidated net revenues in the range of $2.65 billion to $2.75 billion;Reported earnings per diluted share in the range of $1.05 to $1.40 compared to the Company's prior expectations for reported earnings per diluted share in the range of $1.50 to $2.20; andAdjusted earnings per diluted share guidance in the range of $1.65 to $2.00(1) compared to a prior range of $2.10 to $2.80. The Company’s outlook takes into account prevailing trends in the RV sector, including the impacts from current policy and trade environment, competitive dynamics, shifts in consumer preferences, and key macroeconomic factors that may influence overall demand.

“Our outlook reflects a measured view of the environment,” Happe said. “We expect demand conditions to remain challenged in the near term, with continued variability across segments. The actions we are taking across our portfolio, cost structure and product roadmap position us to manage through the cycle and improve the earnings profile of the business over time, including further operational and capacity initiatives expected to begin benefiting performance as we move through fiscal 2027.”

Q3 FY 2026 Conference Call
Winnebago Industries, Inc. will discuss third quarter of Fiscal 2026 earnings results during a conference call scheduled for 9:00 a.m. Central Time today. Members of the news media, investors and the general public are invited to access a live broadcast of the conference call and view the accompanying presentation slides via the Investor Relations page of the Company's website at http://investor.wgo.net. The event will be archived and available for replay for the next 90 days.

About Winnebago Industries
Winnebago Industries, Inc. is a leading North American manufacturer of outdoor recreation products under the Winnebago, Grand Design, Chris-Craft, Newmar and Barletta brands, which are used primarily in leisure travel and outdoor recreation activities. The Company builds high-quality motorhomes, travel trailers, fifth-wheel products, outboard and sterndrive powerboats, pontoons, and commercial community outreach vehicles. Committed to advancing sustainable innovation and leveraging vertical integration in key component areas, Winnebago Industries has multiple facilities in Iowa, Indiana, Minnesota and Florida. The Company’s common stock is listed on the New York Stock Exchange and traded under the symbol WGO. For access to Winnebago Industries' investor relations material or to add your name to an automatic email list for Company news releases, visit http://investor.wgo.net.

Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including the business outlook and financial guidance for Fiscal 2026. Investors are cautioned that forward-looking statements are inherently uncertain and involve potential risks and uncertainties. A number of factors could cause actual results to differ materially from these statements, including, but not limited to general economic uncertainty in key markets and a worsening of domestic and global economic conditions or low levels of economic growth; availability of financing for RV and marine dealers and retail purchasers; competition and new product introductions by competitors; ability to innovate and commercialize new products; ability to manage our inventory to meet demand; risk related to cyclicality and seasonality of our business; risk related to independent dealers; risk related to dealer consolidation or the loss of a significant dealer; significant increase in repurchase obligations; ability to retain relationships with our suppliers and obtain components; business or production disruptions; inadequate management of dealer inventory levels; increased material and component costs, including availability and price of fuel and other raw materials; ability to integrate mergers and acquisitions; ability to attract and retain qualified personnel and changes in market compensation rates; exposure to warranty claims and product recalls; ability to protect our information technology systems from data security, cyberattacks, and network disruption risks and the ability to successfully upgrade and evolve our information technology systems; ability to retain brand reputation and related exposure to product liability claims; governmental regulation, including for climate change; increased attention to environmental, social, and governance matters, and our ability to meet our commitments; impairment of goodwill and trade names; risks related to our 2030 Convertible Notes and Senior Secured Notes, including our ability to satisfy our obligations under these notes; and changes in recommendations or a withdrawal of coverage by third party securities analysts. Additional information concerning certain risks and uncertainties that could cause actual results to differ materially from that projected or suggested is contained in the Company's filings with the Securities and Exchange Commission ("SEC") over the last 12 months, copies of which are available from the SEC or from the Company upon request. We caution that the foregoing list of important factors is not complete. The Company disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained in this release or to reflect any changes in the Company's expectations after the date of this release or any change in events, conditions or circumstances on which any statement is based, except as required by law.

Contacts
Investors: Joan Ondala
[email protected]
Media: Dan Sullivan
[email protected]

Winnebago Industries, Inc.
Footnotes to News Release  Footnotes:

(1) Fiscal 2026 adjusted EPS guidance primarily excludes the pretax impact of intangible amortization of approximately $22 million.

Winnebago Industries, Inc.
Condensed Consolidated Statements of Income
(Unaudited and subject to reclassification)
  Three Months Ended(in millions, except percent and per share data)May 30, 2026 May 31, 2025Net revenues$698.7  100.0% $775.1  100.0%Cost of goods sold 603.8  86.4%  669.1  86.3%Gross profit 94.9  13.6%  106.0  13.7%Selling, general, and administrative expenses 66.5  9.5%  70.3  9.1%Amortization 5.4  0.8%  5.5  0.7%Total operating expenses 71.9  10.3%  75.8  9.8%Operating income 23.0  3.3%  30.2  3.9%Interest expense, net 5.0  0.7%  6.7  0.9%Non-operating income —  —%  (0.4) (0.1)%Income before income taxes 18.0  2.6%  23.9  3.1%Income tax provision 3.5  0.5%  6.3  0.8%Net income$14.5  2.1% $17.6  2.3%        Earnings per common share:       Basic$0.51    $0.63   Diluted$0.51    $0.62   Weighted average common shares outstanding:       Basic 28.3     28.0   Diluted 28.4     28.4            Nine Months Ended(in millions, except percent and per share data)May 30, 2026 May 31, 2025Net revenues$2,058.8  100.0% $2,020.9  100.0%Cost of goods sold 1,789.3  86.9%  1,755.0  86.8%Gross profit 269.5  13.1%  265.9  13.2%Selling, general, and administrative expenses 204.7  9.9%  212.1  10.5%Amortization 16.2  0.8%  16.7  0.8%Total operating expenses 220.9  10.7%  228.8  11.3%Operating income 48.6  2.4%  37.1  1.8%Interest expense, net 16.3  0.8%  19.3  1.0%Loss on note repurchase 0.8  —%  2.0  0.1%Non-operating income (0.3) —%  (1.0) (0.1)%Income before income taxes 31.8  1.5%  16.8  0.8%Income tax provision 7.0  0.3%  4.8  0.2%Net income$24.8  1.2% $12.0  0.6%        Earnings per common share:       Basic$0.88    $0.43   Diluted$0.87    $0.42   Weighted average common shares outstanding:       Basic 28.2     28.3   Diluted 28.4     28.4     Amounts in tables are calculated based on unrounded numbers and therefore may not recalculate using the rounded numbers provided.
In addition, percentages may not add in total due to rounding.

Winnebago Industries, Inc.
Condensed Consolidated Balance Sheets
(Unaudited and subject to reclassification)
 (in millions)May 30, 2026 August 30, 2025Assets   Current assets   Cash and cash equivalents$57.1 $174.0Receivables, net 186.1  192.0Inventories, net 435.2  396.4Prepaid expenses and other current assets 32.9  29.8Total current assets 711.3  792.2Property, plant, and equipment, net 319.9  333.0Goodwill 484.2  484.2Other intangible assets, net 440.7  456.9Investment in life insurance 27.9  27.1Operating lease assets 37.2  41.6Other long-term assets 17.3  19.4Total assets$2,038.5 $2,154.4    Liabilities and Shareholders' Equity   Current liabilities   Accounts payable$113.5 $129.3Accrued expenses 186.2  197.8Total current liabilities 299.7  327.1Long-term debt, net 442.9  540.5Deferred income tax liabilities, net 11.4  5.9Unrecognized tax benefits 5.7  4.8Long-term operating lease liabilities 34.1  39.3Deferred compensation benefits, net of current portion 4.4  5.1Other long-term liabilities 5.9  7.0Total liabilities 804.1  929.7Shareholders' equity 1,234.4  1,224.7Total liabilities and shareholders' equity$2,038.5 $2,154.4  Winnebago Industries, Inc.
Condensed Consolidated Statements of Cash Flows
(Unaudited and subject to reclassification)
  Nine Months Ended(in millions)May 30, 2026 May 31, 2025Operating activities   Net income$24.8  $12.0 Adjustments to reconcile net income to net cash provided by (used in) operating activities   Depreciation 28.8   28.7 Amortization 16.2   16.7 Amortization of debt issuance costs 1.9   2.3 Last in, first-out ("LIFO") expense (2.4)  (0.6)Stock-based compensation 15.8   12.2 Deferred income taxes 5.5   (0.7)Deferred compensation expense 0.5   — Loss on note repurchase 0.8   2.0 Asset impairment —   1.2 Restructuring and related costs 1.6   — Other, net (2.8)  (1.2)Change in operating assets and liabilities, net of assets and liabilities acquired   Receivables, net 6.0   (59.0)Inventories, net (36.3)  (38.5)Prepaid expenses and other assets 4.0   7.2 Accounts payable (16.9)  (15.8)Income taxes and unrecognized tax benefits (0.4)  4.3 Accrued expenses and other liabilities (20.9)  (23.3)Net cash provided by (used in) operating activities 26.2   (52.5)    Investing activities   Purchases of property, plant, and equipment (16.8)  (29.2)Proceeds from sale of property, plant, and equipment 5.4   2.1 Other, net 0.1   1.6 Net cash used in investing activities (11.3)  (25.5)    Financing activities   Borrowings on long-term debt 3.0   15.3 Repayments on long-term debt (103.0)  (175.2)Payments of cash dividends (30.1)  (29.3)Payments for repurchases of common stock (1.7)  (53.6)Other, net —   0.4 Net cash used in financing activities (131.8)  (242.4)    Net decrease in cash and cash equivalents (116.9)  (320.4)Cash and cash equivalents at beginning of period 174.0   330.9 Cash and cash equivalents at end of period$57.1  $10.5     Supplemental Disclosures   Income taxes paid, net$2.1  $2.3 Interest paid 13.3   17.3     Non-cash investing and financing activities   Capital expenditures in accounts payable$1.4  $3.9 Dividends declared not yet paid 11.4   10.5 Increase in lease assets in exchange for lease liabilities:   Operating leases 1.1   2.3 Finance leases —   0.2   Winnebago Industries, Inc.
Supplemental Information by Reportable Segment - Towable RV
(in millions, except unit data)
(Unaudited and subject to reclassification)
  Three Months Ended May 30, 2026 % of Revenues(1) May 31, 2025 % of Revenues(1) $ Change(1) % Change(1)Net revenues$274.7   $371.7   $(96.9) (26.1)%Operating income 16.0 5.8%  29.7 8.0%  (13.8) (46.3)%             Three Months EndedUnit deliveriesMay 30, 2026 Product Mix(2) May 31, 2025 Product Mix(2) Unit Change % ChangeTravel trailer 5,274 75.5%  6,569 69.2%  (1,295) (19.7)%Fifth wheel 1,709 24.5%  2,926 30.8%  (1,217) (41.6)%Total Towable RV 6,983 100.0%  9,495 100.0%  (2,512) (26.5)%             Nine Months Ended May 30, 2026 % of Revenues(1) May 31, 2025 % of Revenues(1) $ Change(1) % Change(1)Net revenues$830.5   $913.9   $(83.4) (9.1)%Operating income 38.2 4.6%  51.3 5.6%  (13.1) (25.6)%             Nine Months EndedUnit deliveriesMay 30, 2026 Product Mix(2) May 31, 2025 Product Mix(2) Unit Change % ChangeTravel trailer 15,350 73.0%  16,034 68.7%  (684) (4.3)%Fifth wheel 5,669 27.0%  7,302 31.3%  (1,633) (22.4)%Total Towable RV 21,019 100.0%  23,336 100.0%  (2,317) (9.9)%            Dealer Inventory(3)May 30, 2026   May 31, 2025   Unit Change % ChangeUnits 18,721    17,747    974  5.5%
  (1) Amounts are calculated based on unrounded numbers and therefore may not recalculate using the rounded numbers provided.
(2) Percentages may not add due to rounding differences.
(3) Data is based on the latest information available from our dealer partners and is subject to timing of reporting and other limitations.

Winnebago Industries, Inc.
Supplemental Information by Reportable Segment - Motorhome RV
(in millions, except unit data)
(Unaudited and subject to reclassification)
  Three Months Ended May 30, 2026 % of Revenues(1) May 31, 2025 % of Revenues(1) $ Change(1) % Change(1)Net revenues$320.7   $291.2    $29.5  10.1%Operating income (loss) 9.6 3.0%  (3.2) (1.1)%  12.7  NM             Three Months EndedUnit deliveriesMay 30, 2026 Product Mix(2) May 31, 2025 Product Mix(2) Unit Change % ChangeClass A 219 14.3%  288  20.1%  (69) (24.0)%Class B 517 33.7%  406  28.4%  111  27.3%Class C 797 52.0%  737  51.5%  60  8.1%Total Motorhome RV 1,533 100.0%  1,431  100.0%  102  7.1%             Nine Months Ended May 30, 2026 % of Revenues(1) May 31, 2025 % of Revenues(1) $ Change(1) % Change(1)Net revenues$933.9   $798.5    $135.3  16.9%Operating income (loss) 25.3 2.7%  (7.0) (0.9)%  32.2  NM             Nine Months EndedUnit deliveriesMay 30, 2026 Product Mix(2) May 31, 2025 Product Mix(2) Unit Change % ChangeClass A 705 16.2%  808  20.2%  (103) (12.7)%Class B 1,416 32.5%  1,158  29.0%  258  22.3%Class C 2,234 51.3%  2,031  50.8%  203  10.0%Total Motorhome RV 4,355 100.0%  3,997  100.0%  358  9.0%            Dealer Inventory(3)May 30, 2026   May 31, 2025   Unit Change % ChangeUnits 3,468    3,614     (146) (4.0)%  (1) Amounts are calculated based on unrounded numbers and therefore may not recalculate using the rounded numbers provided.
(2) Percentages may not add due to rounding differences.
(3) Data is based on the latest information available from our dealer partners and is subject to timing of reporting and other limitations.
NM: Not meaningful.

Winnebago Industries, Inc.
Supplemental Information by Reportable Segment - Marine
(in millions, except unit data)
(Unaudited and subject to reclassification)
  Three Months Ended May 30, 2026 % of Revenues(1) May 31, 2025 % of Revenues(1) $ Change(1) % Change(1)Net revenues$92.4   $100.7   $(8.3) (8.3)%Operating income 5.3 5.8%  9.4 9.3%  (4.1) (43.4)%             Three Months EndedUnit deliveriesMay 30, 2026   May 31, 2025   Unit Change % ChangeBoats 1,155    1,254    (99) (7.9)%             Nine Months Ended May 30, 2026 % of Revenues(1) May 31, 2025 % of Revenues(1) $ Change(1) % Change(1)Net revenues$264.1   $272.9   $(8.8) (3.2)%Operating income 14.3 5.4%  21.0 7.7%  (6.6) (31.6)%             Nine Months EndedUnit deliveriesMay 30, 2026   May 31, 2025   Unit Change % ChangeBoats 3,282    3,471    (189) (5.4)%            Dealer Inventory(2,3)May 30, 2026   May 31, 2025   Unit Change % ChangeUnits 3,175    3,069    106  3.5%  (1) Amounts are calculated based on unrounded numbers and therefore may not recalculate using the rounded numbers provided.
(2) Due to the nature of the Marine industry, this amount includes a higher proportion of retail sold units than our other segments.
(3) Data is based on the latest information available from our dealer partners and is subject to timing of reporting and other limitations.

Winnebago Industries, Inc.
Non-GAAP Reconciliation
(Unaudited and subject to reclassification)  Non-GAAP financial measures, which are not calculated or presented in accordance with accounting principles generally accepted in the United States (“GAAP”), have been provided as information supplemental and in addition to the financial measures presented in the accompanying news release that are calculated and presented in accordance with GAAP. Such non-GAAP financial measures should not be considered superior to, as a substitute for, or as an alternative to, and should be considered in conjunction with, the GAAP financial measures presented in the news release. The non-GAAP financial measures presented may differ from similar measures used by other companies.

The following table reconciles diluted earnings per share to Adjusted diluted earnings per share:

 Three Months Ended Nine Months Ended May 30, 2026 May 31, 2025 May 30, 2026 May 31, 2025Diluted earnings per share$0.51  $0.62  $0.87  $0.42 Amortization(1) 0.19   0.19   0.57   0.59 Loss on note repurchase(1) —   —   0.03   0.07 Asset impairment(1) —   0.04   —   0.04 Restructuring and related costs(1) —   —   0.06   — Gain on sale of property, plant and equipment(1) —   —   (0.10)  — Tax impact of adjustments(2) (0.04)  (0.05)  (0.12)  (0.16)Adjusted diluted earnings per share(3)$0.66  $0.81  $1.31  $0.96   (1) Represents a pre-tax adjustment.
(2) The company's non-GAAP income tax impact is calculated using an estimated tax rate for the U.S. of 22.0% for Fiscal 2026 and 23.0% for Fiscal 2025.
(3) Per share numbers may not foot due to rounding.

The following table reconciles net income to consolidated EBITDA and Adjusted EBITDA.

 Three Months Ended Nine Months Ended(in millions)May 30, 2026 May 31, 2025 May 30, 2026 May 31, 2025Net income$14.5 $17.6  $24.8  $12.0 Interest expense, net 5.0  6.7   16.3   19.3 Income tax provision 3.5  6.3   7.0   4.8 Depreciation 9.4  9.6   28.8   28.7 Amortization 5.4  5.5   16.2   16.7 EBITDA 37.8  45.7   93.1   81.5 Loss on note repurchase —  —   0.8   2.0 Asset impairment —  1.2   —   1.2 Restructuring and related costs —  —   1.6   — Gain on sale of property, plant and equipment —  —   (2.8)  — Non-operating income —  (0.4)  (0.3)  (1.0)Adjusted EBITDA$37.8 $46.5  $92.4  $83.7   Non-GAAP performance measures of Adjusted diluted earnings per share, EBITDA and Adjusted EBITDA have been provided as comparable measures to illustrate the effect of non-recurring transactions occurring during the reported periods and to improve comparability of our results from period to period. Adjusted diluted earnings per share is defined as diluted earnings per share adjusted for after-tax items that impact the comparability of our results from period to period. EBITDA is defined as net income before interest expense, provision for income taxes, and depreciation and amortization expense. Adjusted EBITDA is defined as net income before interest expense, provision for income taxes, depreciation and amortization expense and other pretax adjustments made in order to present comparable results from period to period. Management believes Adjusted diluted earnings per share and Adjusted EBITDA provide meaningful supplemental information about our operating performance because these measures exclude amounts that we do not consider part of our core operating results when assessing our performance.

Management uses these non-GAAP financial measures (a) to evaluate historical and prospective financial performance and trends as well as assess performance relative to competitors and peers; (b) to measure operational profitability on a consistent basis; (c) in presentations to the members of our Board of Directors to enable our Board of Directors to have the same measurement basis of operating performance as is used by management in its assessments of performance and in forecasting and budgeting for the Company; (d) to evaluate potential acquisitions; and (e) to ensure compliance with restricted activities under the terms of our asset-backed revolving credit facility and outstanding notes. Management believes these non-GAAP financial measures are frequently used by securities analysts, investors and other interested parties to evaluate companies in our industry.

SummaryCompaniesSubscription demand to increase as insurance options erode, analysts sayRivals are seeing growing demand for oral and cash-pay optionsDrugmakers benefit from selling to Hims' user baseNEW YORK, June 25 (Reuters) - Telehealth provider Hims and Hers Health (HIMS.N), opens new tab may get a boost next year from employers dropping coverage of weight-loss drugs like Novo Nordisk's (NOVOb.CO), opens new tab Wegovy and Eli Lilly's (LLY.N), opens new tab Zepbound and Foundayo ​to rein in costs, investors and analysts say.

Soaring use of the medications has pushed up costs for employers, some of whom plan to tell employees they will ‌no longer pay for them in 2027, industry experts say.

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Instead, employees are expected to purchase direct-to-consumer products which include subscriptions from telehealth companies like Hims that bundle appointments with providers and access to the medicines.

Analysts currently estimate Hims revenue at $2.89 billion this year and $3.45 billion for 2027. Seven analysts have raised 2026 estimates for the company since May, boosted in part by its deal with Novo to sell its drugs.

About a third ​of the company's revenue comes from its weight-loss business, and it's growing, said Raul Shah, CEO of DocShah Financial, which owns less than 1% of Hims shares.

"I project ​that ratio to continue increasing as more Americans partake in the GLP-1 mania," he said, adding that he sees the U.S. weight-loss market ⁠shifting away from relying on insurance coverage.

A spokesperson for Hims and Hers declined to comment.

EMPLOYERS PUSH EMPLOYEES OFFEmployer-based plans are the most prevalent source of health insurance in the United ​States, with over 150 million Americans enrolled in them, KFF data showed.

About 43% of employers covered the drugs for weight-loss in 2025, and estimates for 2026 are about the same.

But 10% of ​employers currently covering GLP-1 drugs for weight loss said they planned to drop the drugs in 2027, according to the Business Group on Health, a policy research group for large employers.

Truist analyst Jailendra Singh said employers are directly driving cash-pay activity, through benefit guides and by advertising platforms like TrumpRx and manufacturer pharmacies. Health insurer Cigna (CI.N), opens new tab is one example, dropping coverage of the medications for its own employees.

Novo Nordisk and Eli Lilly ​offer cash-pay pricing through their pharmacies NovoCare and LillyDirect. Novo's Wegovy and Lilly's Foundayo weight-loss pills start at $149 per month for cash pay.

NOVO'S NEW PARTNERHims had become one of the ​largest U.S. telehealth providers of weight-loss drugs, even after shifting from mass compounding of alternative versions of Novo and Lilly drugs. The company missed earnings and revenue targets last quarter as it adjusted to new compounding ‌rules with ⁠the branded drugs no longer in shortage.

Hims in March announced it would partner with Novo Nordisk for its branded drugs but would continue to sell compounded versions in special doses or formulations, as regulations allow.

Jamey Millar, executive vice president of U.S. operations at Novo Nordisk, said Hims and Hers has since brought in the most volume of its telehealth partners.

Analysts said it was too early to provide estimates on how many subscribers Hims gained from the Novo deal. Hims had 2.6 million subscribers in the first quarter, up 9% from the year-ago quarter.

"Second-quarter results ​should give us a little bit more perspective ​on how many new subscribers are joining ⁠the platform and how well the weight-loss portfolio is performing," said Morningstar analyst Keonhee Kim.

The majority of Hims' revenue comes from auto-renewed subscriptions, which for GLP-1 users cost $39 for the first month and $149 for following months. That comes with access to unlimited clinical consultations but does not ​include the cost of the medication.

Hims and Hers shares closed at $32.70 on Wednesday, down more than 50% from July of 2025, when ​they reached $72.

RIVALS SEE GROWING ⁠DEMANDRival telehealth companies including Noom, Ivim Health and Ro said they anticipate demand will continue to grow as prices fall.

A spokesperson for Columbus, Ohio-based Ivim said the company has seen a 345% increase in demand for the Wegovy pill since January. Ro has said the Wegovy pill has increased demand and brought in new customers, including men.

Because Hims already has a large, recurring customer base, the company ⁠provides drugmakers with ​a more appealing footprint than smaller rivals, analysts said.

Truist estimates that about 70% to 80% of new Hims ​weight-loss subscribers renew on a monthly basis, indicating it has remained competitive.

Facing a decline in corporate coverage, drugmakers like Novo may want to target people who are already at Hims and other subscription-based telehealth programs, rather than looking ​for additional patients itself.

"Pharma knows how to sell business to business," said Rajiv Leventhal, a healthcare analyst at commerce data firm eMarketer.

Reporting by Amina Niasse; editing by Caroline Humer and Bill Berkrot

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

Nvidia CEO Jensen Huang Chris Jung/NurPhoto via Getty Images Nvidia's dominance in AI is moving beyond chips.

For the first time, the company became the top vendor by revenue in data center Ethernet switches — the networking gear that helps connect AI chips inside data centers, according to market research firm IDC.

This market is growing fast because cloud giants and other large businesses are pouring hundreds of billions into building out AI data centers. IDC research vice president Paul Nicholson called Nvidia's ascension "one of the most significant vendor landscape shifts IDC has tracked in enterprise networking."

In the first quarter of 2026, Nvidia generated $2.1 billion in data center Ethernet switch revenue — a 21.5% share of the market. That's up from 4% in the first quarter of 2024, said IDC senior research manager Brandon Butler.

Nvidia has pushed ahead of rivals like Arista Networks, which held a 20.7% share of the data center Ethernet switch market in the first quarter of this year. Other major players include Cisco, Huawei, and HPE.

The data center Ethernet switch market totaled $10 billion in the first quarter, according to IDC, growing 61% from a year earlier.

IDC attributed Nvidia's growth in networking revenue to its Spectrum-X product, "a tightly integrated system" that's designed to work closely with its AI chips, Butler said.

Butler said Nvidia's approach appeals to cloud giants looking to build quickly and avoid piecing together parts from multiple vendors. The trend also reflects a broader shift of companies buying networking and computing products together, IDC said.

The chip giant has increasingly highlighted networking as a major growth driver. At a shareholder meeting on Wednesday, Nvidia CEO Jensen Huang said Spectrum-X is "now larger than all other Ethernet networking peers combined."

The comments echoed Nvidia's most recent earnings call in May, when chief financial officer Colette Kress said the company's broader data center networking revenue had tripled to $15 billion from the previous year.

Nvidia's networking business traces back to its 2019 acquisition of Mellanox, which gave the company a foothold in data center networking before the AI boom took off.

Nvidia's lead isn't guaranteed. Cloud giants are increasingly looking to diversify their supplier base, Butler said, while businesses may lean on existing relationships with networking providers as they ramp up their infrastructure.

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Geoff Weiss is a senior reporter on Business Insider’s tech team, where he writes about AI startups and Y Combinator, the intersection of AI and the media industry, and workplace dynamics within top AI labs and chip companies.Previously, Geoff was on the media desk, covering YouTube and Netflix, and themes like the intersection of Hollywood and the creator economy. His work on Netflix’s video podcasting ambitions and Mr Beast’s lessons for Hollywood won second and first prize, respectively, at the 2025 LA Press Club Awards.Prior to joining Business Insider, Geoff was the senior editor of Tubefilter and a staff writer at Entrepreneur. He graduated from New York University with a degree in English Literature.He can be reached at [email protected], on Signal @geoffweiss.25, and on LinkedIn. Have a tip? Use a personal email address and a nonwork device; here's our guide to sharing information securely.Selected stories:Nvidia crushed its quarter — and CEO Jensen Huang said in a leaked all-hands that 'the market did not appreciate it'Nvidia will foot the bill for Trump's new visa fees. Here's what CEO Jensen Huang told staff.Massive AI salaries and RTO are fueling a real estate boom in San Francisco: 'It's going to rain money'The AI talent wars are ricocheting across startups. Here's how they're competing with Big Tech.

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CompaniesJune 25 (Reuters) - U.S.-based adhesives maker H.B. Fuller (FUL.N), opens new tab will buy Advanced Medical Solutions Group (AMSU.L), opens new tab in a cash ​deal that values the British medical supplier at about £715 ‌million ($942.1 million) including debt, the companies said on Thursday.

The British company's shares rose 15.8% to 278 pence, the highest level since February 2023.

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Here are ​some details:

H.B. Fuller to pay Winsford-based company shareholders 285 ​pence per share, a 35% premium to its May 20 ⁠closing price, the day before the offer period began.

Deal expected ​to close by end of 2026.

H.B. Fuller expects the deal to ​generate about $55 million in annual run-rate synergies by 2031.

Deal marks the latest overseas takeover of a London-listed company amid relatively low UK valuations.

Ends a long ​stretch of private equity interest in AMS, including TA Associates, which ​walked away in May without bidding, as well as reported interest from Bridgepoint.

"As ‌part ⁠of the combined larger medical adhesives platform, AMS and H.B. Fuller will benefit from enhanced commercial, manufacturing and distribution capabilities, which should accelerate the delivery of our strategy and broaden our offering ​to patients in ​the US, ⁠Europe and beyond," Grahame Cook, Chair of AMS, said.

AMS board has unanimously recommended the deal to ​its shareholders.

As of last close, AMS shares have risen ​16% ⁠since H.B. Fuller launched its unsolicited bid on May 20.

In May, activist Ancora urged the Minnesota-based H.B. Fuller to abandon its "irresponsible" pursuit ⁠of AMS ​and conduct a strategic review.

Ancora did not immediately ​offer a response for Reuters' request for comment on the deal. ($1 = 0.7590 pounds)

Reporting by Nithyashree ​R B in Bengaluru; Editing by Subhranshu Sahu and Harikrishnan Nair

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Tuesday’s Sellers Have a Problem Now Tuesday’s 13% decline and Wednesday’s follow-through looked like the start of a real reassessment of chip valuations. Then Micron reported after the close and the after-hours move erased the entire two-day selloff and put the stock above the June 22 high. Every fund that sold chips Tuesday is staring at a gap higher Thursday morning with a decision to make.

The question driving the selloff was whether AI spending was getting ahead of itself. Micron’s CEO Sanjay Mehrotra’s answer was sixteen customers putting down $22 billion in cash deposits and locking into five-year take-or-pay contracts with pricing floors. Data center, consumer electronics, automotive buyers, all fighting for the same allocation. The remaining obligations tied to those deals run to roughly $100 billion. That is not a forecast number. That is revenue on the books.

Qualcomm muddied it slightly. The company said this week its new AI chips are designed to run with less expensive memory, and if competing architectures reduce the premium on high-bandwidth memory over time, Micron’s margins face a question that is not going away. Mehrotra pointed back at the contracts. Buyers are locking in at current pricing because they do not believe alternatives show up at scale, and the way I see it, $22 billion in cash deposits is a stronger argument than a product announcement from a competitor.

The stock tripled in 2026 on the AI trade before this week’s selloff. Now it has $100 billion in contracted obligations underneath. Micron is the only U.S. company producing the high-bandwidth memory that runs alongside Nvidia’s processors in AI servers, and CEO Mehrotra said supply stays tight past 2027. New fabs take years to build. Every major AI buyer just committed in writing. The bears need to explain what changes that picture and they do not have an answer yet.

Daily Micron Technology (MU) Technical Analysis

Generates $46.4 Million Realized Gain from Exit of Equity Investment in Centre Technologies Holdings, LLC

, /PRNewswire/ -- Main Street Capital Corporation (NYSE: MAIN) ("Main Street") is pleased to announce that it recently exited its debt investments and equity investment in Centre Technologies Holdings, LLC ("Centre" or the "Company") upon the completion of a majority recapitalization with a new financial sponsor. Founded in 2006 and headquartered in Houston, Texas, Centre is a provider of information technology (IT) services, including managed services, cloud solutions, cyber security, IT consulting and business intelligence (BI) services to lower and middle market businesses, often serving as a fully outsourced IT department.  

Main Street partnered with Centre's existing owners and senior management team in January 2019 to facilitate a minority recapitalization of the Company and provide growth capital to help facilitate the Company's acquisition growth strategy. Main Street's initial investment consisted of a $2.4 million revolving line of credit, a $12.2 million first lien, senior secured term loan and a $5.8 million direct equity investment. After Main Street's initial investment, Centre completed seven follow-on acquisitions with Main Street funding an additional cumulative $27.7 million under the first lien, senior secured term loan facility and $0.5 million in direct equity investments to support the Company's acquisition strategy and other corporate activities, resulting in Main Street's total debt investments and total equity investments growing to $42.3 million and $6.4 million, respectively.

Main Street realized a gain of $46.4 million on the exit of its equity investment in Centre, including a minority equity ownership position in Centre's acquirer that Main Street received as part of the sale proceeds, with this realized value representing an increase of $6.8 million above Main Street's fair market value for this equity investment as of March 31, 2026. Main Street also received total dividends of $2.2 million over the life of its equity investment in the Company. As a result, on a cumulative basis since Main Street's initial investment in January 2019 and taking the realized gain, dividends and fees into consideration, Main Street realized an annual internal rate of return ("IRR") of 40.1% and an 8.8 times money invested ("TMI") return on its equity investment in Centre. On a cumulative basis including both Main Street's debt and equity investments in the Company, Main Street realized an IRR of 23.2% and a 2.4 TMI return.

ABOUT MAIN STREET CAPITAL CORPORATION
Main Street (www.mainstcapital.com) is a principal investment firm that primarily provides customized long-term debt and equity capital solutions to lower middle market companies and debt capital to private companies owned by or in the process of being acquired by a private equity fund. Main Street's portfolio investments are typically made to support management buyouts, recapitalizations, growth financings, refinancings and acquisitions of companies that operate in diverse industry sectors. Main Street seeks to partner with entrepreneurs, business owners and management teams and generally provides customized "one-stop" debt and equity financing solutions within its lower middle market investment strategy. Main Street seeks to partner with private equity fund sponsors and primarily invests in secured debt investments in its private loan investment strategy. Main Street's lower middle market portfolio companies generally have annual revenues between $10 million and $150 million. Main Street's private loan portfolio companies generally have annual revenues between $25 million and $500 million.

Main Street, through its wholly-owned portfolio company MSC Adviser I, LLC ("MSC Adviser"), also maintains an asset management business through which it manages investments for external parties. MSC Adviser is registered as an investment adviser under the Investment Advisers Act of 1940, as amended.

Contacts:
Main Street Capital Corporation
Dwayne L. Hyzak, CEO, [email protected]
Ryan R. Nelson, CFO, [email protected]                 
713-350-6000

Dennard Lascar Investor Relations
Ken Dennard | [email protected]  
Zach Vaughan | [email protected]  
713-529-6600

SOURCE Main Street Capital Corporation

Casey's General Stores, Inc. (CASY) Analyst/Investor Day June 24, 2026 9:30 AM EDT

Company Participants

Brian Johnson - Senior Vice President of Investor Relations & Business Development
Darren Rebelez - President, CEO & Board Chair
Stephen Bramlage - Senior VP & CFO
Thomas Brennan - Senior VP & Chief Merchandising Officer
Brad Haga - Senior Vice President of Prepared Food & Dispensed Beverage
Ena Koschel - Chief Operating Officer
Nathaniel Doddridge - Senior Vice President of Fuel
Chad Frazell - Chief Human Resources Officer

Conference Call Participants

Corey Tarlowe - Jefferies LLC, Research Division
Krisztina Katai - Deutsche Bank AG, Research Division
Bradley Thomas - KeyBanc Capital Markets Inc., Research Division
Robert Griffin - Raymond James & Associates, Inc., Research Division
Jacob Aiken-Phillips - Melius Research LLC
Pooran Sharma - Stephens Inc., Research Division
Michael Montani - Evercore ISI Institutional Equities, Research Division
Phillip Blee - William Blair & Company L.L.C., Research Division
Mark Carden - UBS Investment Bank, Research Division
Kelly Bania - BMO Capital Markets Equity Research
Thomas Palmer - JPMorgan Chase & Co, Research Division
Bonnie Herzog - Goldman Sachs Group, Inc., Research Division
Edward Kelly - Wells Fargo Securities, LLC, Research Division

Presentation

Brian Johnson
Senior Vice President of Investor Relations & Business Development

Hello, and thank you for joining us today for our Investor Day. It's great to see both new and familiar faces in the crowd, and we are very excited to share our strategic plan. I'm Brian Johnson, Senior Vice President of Investor Relations and Business Development.

Before we begin, I'll remind you that today's presentation includes forward-looking statements and non-GAAP measures within the meaning of the Private Securities Litigation Reform Act of 1995, including those related to the expectations for future periods, possible or assumed future results of operations, financial conditions, liquidity and related sources or needs, business and/or integration strategies, plans and synergies, supply chain, growth opportunities and performance at our stores. There are a number of known and

ESTERO, Fla.--(BUSINESS WIRE)--Hertz Global Holdings, Inc. (NASDAQ: HTZ) (“Hertz” or the “Company”), a leading global rental car company, today announced that its wholly-owned indirect subsidiary, The Hertz Corporation (“Hertz Corp.”), has priced an offering of $350 million aggregate principal amount of 6.75% Exchangeable Senior First-Lien Secured PIK Notes due 2030 (the “Notes”) in a private offering exempt from the registration requirements of the Securities Act of 1933, as amended (the “Securities Act”). Hertz Corp. also granted the initial purchasers of the Notes an option to purchase, for settlement within a period of 13 days from, and including, the date the Notes are first issued, up to an additional $50 million aggregate principal amount of Notes. The aggregate principal amount of the offering was increased from the previously announced offering size of $300 million. The offering is expected to close on or about June 29, 2026, subject to customary closing conditions.

Hertz Corp. estimates that the net proceeds from the issuance of the Notes, after deducting the initial purchasers’ discount but before estimated offering expenses payable by Hertz Corp., will be approximately $339.5 million (or approximately $388.0 million if the initial purchasers exercise in full their option to purchase additional Notes). Hertz Corp. intends to use the net proceeds from the issuance of the Notes to repay outstanding borrowings under its revolving credit facility and for general corporate purposes.

The Notes will bear interest from, and including, June 29, 2026, the issue date of the Notes, payable semi-annually in arrears on January 1 and July 1 of each year, beginning on January 1, 2027. Each payment of interest on the Notes (excluding any additional interest, special interest and default interest) will consist of (i) 3.375% of such interest payment to be paid in cash and (ii) 3.375% of such interest payment to be paid in the form of PIK interest. The Notes will mature on July 1, 2030, unless earlier repurchased, redeemed or exchanged in accordance with their terms prior to maturity.

The Notes will be exchangeable at any time until the close of business on the second scheduled trading day immediately preceding the maturity date. The Notes will be exchangeable on the terms set forth in the indenture governing the Notes into cash, shares of the Company’s common stock, par value $0.01 per share (the “Common Stock”), or a combination thereof, at Hertz Corp.’s election. The aggregate number of shares of Common Stock that may be issued upon exchange of the Notes may not exceed 19.9% of the number of shares of Common Stock outstanding prior to the offering of the Notes unless and until the shareholders of the Company approve such issuance.

The exchange rate will initially be 279.5248 shares of Common Stock per $1,000 capitalized principal amount of Notes (equivalent to an initial exchange price of approximately $3.58 per share of Common Stock). The initial exchange price of the Notes represents a premium of approximately 32.5% above the public offering price of $2.70 per share of the Borrowed Shares in the concurrent offering of the Borrowed Shares described below. The exchange rate and exchange price will be subject to adjustment upon the occurrence of certain events. If a “make-whole fundamental change” (as defined in the indenture for the Notes) occurs, Hertz Corp. will, in certain circumstances, increase the exchange rate for a specified time for holders who exchange their Notes in connection with that make-whole fundamental change.

Holders of the Notes will have the right to require Hertz Corp. to repurchase all or a portion of their Notes at 100% of their capitalized principal amount of the Notes plus accrued and unpaid cash interest to, but excluding, the date of such repurchase, upon the occurrence of certain corporate events constituting a “fundamental change” as defined in the indenture governing the Notes. Hertz Corp. may not redeem the Notes prior to January 6, 2029. On or after January 6, 2029 and on or prior to the 31st scheduled trading day immediately preceding the maturity date, if the last reported sale price per share of Common Stock has been at least 130% of the exchange price for the Notes for certain specified periods, and certain other conditions are satisfied, Hertz Corp. may redeem all or any portion (subject to certain limitations) of the Notes at a cash redemption price equal to 100% of the capitalized principal amount of the Notes to be redeemed plus accrued and unpaid cash interest to, but excluding, the date of such redemption.

The Notes are expected to be guaranteed by the Company, Rental Car Intermediate Holdings, LLC, Hertz Corp.’s direct parent company, and each of Hertz Corp.’s existing domestic subsidiaries and future restricted subsidiaries that guarantee indebtedness under Hertz Corp.’s first lien credit facilities or certain other indebtedness for borrowed money. The Notes and the related guarantees (other than the guarantee by the Company) are expected to be secured (subject to certain exceptions and permitted liens) on a first-lien basis by the same assets (other than certain excluded property) that secure indebtedness under Hertz Corp.’s first lien credit facilities and existing first lien secured notes, and are therefore expected to be effectively pari passu with indebtedness under Hertz Corp.’s first lien credit facilities and existing first lien secured notes.

The Notes and the related guarantees were offered and sold only to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act. The Notes, the related guarantees and any shares of Common Stock issuable upon exchange of the Notes have not been and will not be registered under the Securities Act or the securities laws of any other jurisdiction and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements under the Securities Act and the securities laws of any other jurisdiction.

Concurrently with the offering of the Notes, Hertz also announced today by separate press release the pricing of a separate registered public offering of 37,037,037 shares of Common Stock at a public offering price of $2.70 per share. Such shares (the “Borrowed Shares”) will be loaned by Hertz to a financial institution (the “Share Borrower”), acting as an underwriter in the offering of the Borrowed Shares, pursuant to a share lending agreement. The Share Borrower or its affiliates will receive all of the proceeds of the concurrent offering of Borrowed Shares and neither Hertz nor Hertz Corp. will receive any of the proceeds of that offering, but the Share Borrower will pay Hertz a nominal lending fee for the use of the Borrowed Shares pursuant to the share lending agreement. The Share Borrower will be required to return the Borrowed Shares (or identical shares of Common Stock) to the Company pursuant to the terms of the share lending agreement. Hertz has been informed by the Share Borrower that it or one of its affiliates intends to sell the Borrowed Shares and use the resulting short position to facilitate transactions by which investors in the Notes may hedge their investments through short sales or privately negotiated derivatives transactions. The activity described above could affect the market price of the Common Stock or the Notes otherwise prevailing from time to time.

This press release is not an offer to sell or purchase, or a solicitation of an offer to sell or purchase, the Notes, the related guarantees, the shares of Common Stock issuable upon exchange of the Notes or the Borrowed Shares and does not constitute an offer, solicitation or sale in any state or jurisdiction in which, or to any person to whom such an offer, solicitation or sale would be unlawful.

The concurrent offering of the Borrowed Shares is contingent upon the closing of the offering of the Notes. The offering of the Notes is not contingent upon the closing of the concurrent offering of the Borrowed Shares.

ABOUT HERTZ

Hertz Global Holdings, Inc. is one of the world’s leading car rental and mobility solutions providers. Its subsidiaries, including The Hertz Corporation, and licensees operate the Hertz, Dollar, Thrifty, and Firefly vehicle rental brands, with more than 11,000 rental locations in 160 countries around the globe. The Company also operates the Hertz Car Sales brand, which offers a range of quality, competitively priced used cars for sale online and at locations across the United States, and the Hertz 24/7 car-sharing business in Europe.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This press release contains “forward-looking statements” within the meaning of the federal securities laws. Words such as “expect,” “will” and “intend” and similar expressions identify forward-looking statements, which include but are not limited to statements related to our positioning, strategy, vision, forward looking investments, conditions in the travel industry, our financial and operational condition, our sources of liquidity, the offering of the Notes, the offering of the Borrowed Shares, the anticipated terms of the Notes and Hertz Corp.’s expected use of proceeds from the proposed offering. We caution you that these statements are not guarantees of future performance and are subject to numerous evolving risks and uncertainties that we may not be able to accurately predict or assess, including risks and uncertainties related to completion of the offering on the anticipated terms or at all, market conditions (including market interest rates) and the satisfaction of customary closing conditions related to the offering, unanticipated uses of capital and those in our risk factors that we identify in the offering memorandum for the offering and our most recent annual report on Form 10-K for the year ended December 31, 2025, as filed with the U.S. Securities and Exchange Commission on February 26, 2026, and any updates thereto in the Company’s quarterly reports on Form 10-Q and current reports on Form 8-K. We caution you not to place undue reliance on our forward-looking statements, which speak only as of their date, and we undertake no obligation to update this information.

More News From Hertz Global Holdings, Inc.

HomeStock IdeasLong IdeasTech 

SummaryNVIDIA is a Buy as its base case no longer depends on Chinese data center compute revenue.NVDA’s data center, AI, networking, and platform businesses are compounding strongly ex-China, with Q1 revenue up 85% and robust $91B guidance.China now represents high-value optional upside, not a key valuation pillar; partial reopening or compliant chip sales would further boost upside.Downside risk is limited, with base and bull cases supporting 43–70% upside; key risks are AI buildout slowdown and Rubin ramp delays. Robert Way/iStock Editorial via Getty Images

I am not buying NVIDIA (NVDA) because I hope China will reopen someday. In fact, my argument is almost the opposite: I am buying NVDA because it no longer needs Chinese data center compute revenue

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Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

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

REDWOOD CITY, Calif., June 24, 2026 (GLOBE NEWSWIRE) -- Revolution Medicines, a late-stage clinical oncology company developing targeted therapies for patients with RAS-addicted cancers, today announced that four oral and poster presentations highlighting data from its RAS(ON) pipeline will be featured at the 2026 European Society for Medical Oncology (ESMO) Gastrointestinal Cancers Congress, taking place July 1–4, 2026 in Munich, Germany.

The program will include two oral presentations from Phase 1/2 trials evaluating zoldonrasib, an oral RAS(ON) G12D-selective covalent inhibitor, in combination regimens for patients with metastatic RAS G12D pancreatic ductal adenocarcinoma (PDAC). These presentations will report results from zoldonrasib plus chemotherapy in the first line setting, and zoldonrasib plus daraxonrasib, the company’s oral RAS(ON) multi-selective inhibitor, in patients who had received one or more prior lines of therapy.

Additional presentations will include two Phase 3 trials-in-progress posters for RASolute 303, evaluating daraxonrasib as a monotherapy or in combination with gemcitabine and nab-paclitaxel versus standard of care gemcitabine and nab-paclitaxel as a first line treatment for patients with metastatic PDAC, and RASolute 304, evaluating adjuvant daraxonrasib in patients with PDAC who have undergone resection and completed perioperative chemotherapy.

Details of Revolution Medicines’ presentations are listed below.

Revolution Medicines Oral Presentations:

Title:Safety and Efficacy of Zoldonrasib (RMC-9805) Plus Daraxonrasib (RMC-6236) in Patients with 2L+ KRAS G12D Metastatic Pancreatic Adenocarcinoma (mPDAC)Abstract:#341OPresenter:Nilofer Azad, M.D., Johns Hopkins Sidney Kimmel Comprehensive Cancer CenterSession:Proffered Paper SessionDate/Time:July 2; 2:50 p.m. – 3:00 p.m. CEST   Revolution Medicines Posters:

Title:RASolute 304 – A Phase 3 Multicenter, Open-label, Randomized Study of Adjuvant Daraxonrasib Versus Observation Following Completion of Neoadjuvant and/or Adjuvant Chemotherapy in Patients With Resected Pancreatic Adenocarcinoma (PDAC)Abstract:#472TiPPresenter:Michel Ducreux, M.D., Ph.D., Institut Gustave RoussySession:Upper Digestive – Biliary, ampullary and pancreatic cancerDate/Time:July 3; 3:30 p.m. – 4:30 p.m. CEST   About Revolution Medicines, Inc.
Revolution Medicines is a late-stage clinical oncology company developing novel targeted therapies for patients with RAS-addicted cancers. The company’s R&D pipeline comprises RAS(ON) inhibitors designed to suppress diverse oncogenic variants of RAS proteins. The company’s RAS(ON) inhibitors daraxonrasib (RMC-6236), a RAS(ON) multi-selective inhibitor; elironrasib (RMC-6291), a RAS(ON) G12C-selective inhibitor; zoldonrasib (RMC-9805), a RAS(ON) G12D-selective inhibitor; and RMC-5127, a RAS(ON) G12V-selective inhibitor, are currently in clinical development. Additional development opportunities in the company’s pipeline focus on RAS(ON) mutant-selective inhibitors, including RMC-0708 (Q61H) and RMC-8839 (G13C). For more information, please visit www.revmed.com and follow us on LinkedIn.

Forward Looking Statements

This press release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Any statements in this press release that are not historical facts may be considered “forward-looking statements,” including without limitation statements regarding the progression of clinical studies and findings from these studies, including the tolerability, safety, and potential efficacy of the company’s candidates being studied.

Forward-looking statements are typically, but not always, identified by the use of words such as “aims,” “anticipate,” "believe," "estimate," "expect," "plan," “potential,” “project,” “up to,” "will" and other similar terminology indicating future results. Such forward-looking statements are subject to substantial risks and uncertainties that could cause the company’s development programs, future results, performance, or achievements to differ materially from those anticipated in the forward-looking statements. Such risks and uncertainties include without limitation risks and uncertainties inherent in the drug development process, including the company’s programs’ development stages, the process of designing and conducting preclinical and clinical trials, the regulatory approval processes, the timing of regulatory filings, the challenges associated with manufacturing drug products, the company’s ability to successfully establish, protect and defend its intellectual property, other matters that could affect the sufficiency of the company’s capital resources to fund operations, reliance on third parties for manufacturing and development efforts, changes in the competitive landscape, and the effects on the company’s business of the global events, such as international conflicts or global pandemics. For a further description of the risks and uncertainties that could cause actual results to differ from those anticipated in these forward-looking statements, as well as risks relating to the business of Revolution Medicines in general, see Revolution Medicines’ Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission (the “SEC”) on May 6, 2026, and its future periodic reports to be filed with the SEC. Except as required by law, Revolution Medicines undertakes no obligation to update any forward-looking statements to reflect new information, events, or circumstances, or to reflect the occurrence of unanticipated events.

Revolution Medicines Media & Investor Contact: 
[email protected]  
[email protected] 

Shares of streaming giant Netflix (NFLX 1.37%) have had a brutal year. The stock peaked near $134 in the middle of 2025, and it has since fallen roughly 46% to about $72 as of this writing, recently touching a fresh 52-week low. For a name that was one of the market's standout performers just a year ago, that is a stunning reversal.

So, is the beaten-down stock finally a buy? With the stock down and second-quarter results scheduled to be released July 16, this is a timely question worth consideration.

Image source: Getty Images.

What knocked Netflix stock down Netflix's slide hasn't come from one bad headline so much as a steady stream of them.

Early this year, the company's agreement to acquire Warner Bros. from Warner Bros. Discovery fell apart when Netflix declined to top a higher rival bid. Though Netflix did walk away with a $2.8 billion termination fee. Around the same time, co-founder Reed Hastings stepped down as chairman at the June 4 annual meeting, closing out a nearly three-decade run.

The bigger blow came with first-quarter results on April 16. The quarter itself was strong. Revenue rose 16% year over year to $12.25 billion, and operating margin widened to 32.3% from 31.7% a year earlier. But after that solid start, management left its full-year 2026 outlook unchanged, still calling for revenue of $50.7 billion to $51.7 billion (12% to 14% growth) and an operating margin of 31.5%. For a stock that had climbed into the report, simply holding the line on its full-year revenue forecast was enough to trigger a sell-off.

Management also guided for second-quarter operating margin to step down about 1.5 points from the year-ago quarter, as content costs are anticipated to land heavily in the first half of the year before easing in the back half.

And then there's the more recent headline about media giant Fox agreeing to acquire the streaming platform and service provider Roku. Netflix was reportedly one of the bidders for Roku.

Some investors may interpret Netflix's recent interest in acquisitions as a sign that it needs to acquire other companies in order to remain competitive.

Is the sell-off a buying opportunity? Step back from the noise, and the underlying business looks healthy.

Netflix's advertising revenue grew more than 2.5 times in 2025 to over $1.5 billion, and management expects it to roughly double again this year to about $3 billion. In markets where the ad tier is available, more than 60% of new sign-ups now choose it. The company also raised its full-year free cash flow forecast to about $12.5 billion and has resumed buying back stock after pausing during the Warner pursuit.

Then there's the valuation. At about $72, Netflix trades at about 23 times analysts' consensus forecast for its earnings per share this year -- the cheapest the stock has looked in years.

Today's Change

(

-1.37

%) $

-1.00

Current Price

$

71.82

With this said, there's good reason for investors to be cautious. Revenue growth appears to be slowing -- from 16% in 2025 toward a guided 12% to 14% this year. And competition across streaming isn't letting up, making a big content budget a necessity to keep growing.

Still, for the first time in a while, the price looks reasonable. But I still wouldn't call the stock a bargain, and there's no guarantee we've found the bottom.

But for long-term investors who have wanted to own the streaming leader and balked at its premium, a price near a 52-week low -- on a business still growing revenue in the mid-teens and doubling its ad sales -- looks like one of the more reasonable entry points Netflix has offered in years.

HomeEarnings AnalysisTech 

SummaryMicron Technology, Inc. delivered a blowout fiscal Q3, with revenue up 74% sequentially and 346% year-over-year, supporting my continued bullish stance.MU's forward P/E remains low at 9.4 despite a 265% YTD price surge, as earnings growth outpaces share appreciation, fundamentally supporting the rally.Pricing power, not just volume, is driving MU's results—DRAM and NAND ASPs surged while bit shipments grew modestly, signaling a structural shift in memory economics.Strategic customer agreements, robust HBM4 ramp, and diversified end-market strength suggest the current cycle remains sustainable, though MU risks from overcrowding and future oversupply must be monitored. mesh cube/iStock via Getty Images

Executive Summary Micron Technology, Inc. (MU) delivered exactly what the market needed. It did not just beat estimates. It crushed them.

Everyone held their breath. I am not going to lie, everyone was looking at Micron’s

4.86K Followers

Analyst’s Disclosure: I/we have a beneficial long position in the shares of MU either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

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

EDMONTON, Alberta--(BUSINESS WIRE)--Teledyne MEMS is expanding its manufacturing operations in Edmonton with support from the Government of Alberta, reinforcing the province’s growing role in the global semiconductor supply chain and creating new, high-skill jobs. The investment is backed by a CA$620,000 grant from the province’s Investment and Growth Fund, aimed at attracting high-impact private sector investment and driving economic growth.

The expansion will enhance Teledyne MEMS’ advanced manufacturing capabilities and help meet rising global demand for micro electro-mechanical systems (MEMS) sensors and microfabricated semiconductor devices. From its Edmonton facility, Teledyne MEMS serves diverse markets including optical MEMS, biomedical MEMS, inertial and industrial sensing, with applications in telecommunications and miniaturized medical systems, among others. It will also strengthen Alberta’s advanced manufacturing ecosystem and contribute directly to the local economy.

“As a global and trusted leader in MEMS technology, Teledyne MEMS is committed to growing our presence in Alberta and investing in its talent and innovation ecosystem,” said Steve Bonham, Plant Manager at Teledyne MEMS. “Our expansion in Edmonton reflects confidence in the region and will create high-value jobs and long-term economic opportunities. We thank the Government of Alberta and Edmonton Global for their continued support.”

The expansion, which includes new wafer processing, inspection, and automation equipment alongside facility upgrades, reaffirms Teledyne’s long-term commitment to Alberta and its position in the global semiconductor value chain.

“Alberta is open for business, and investments like this show why companies choose to grow here. Through the Investment and Growth Fund, we are helping close the deal on high-impact projects that create jobs, grow our economy and strengthen Alberta’s advanced manufacturing sector,” said Joseph Schow, Minister of Jobs, Economy, Trade and Immigration.

About Teledyne MEMS

Teledyne MEMS is one of the world’s foremost pure-play MEMS foundries, offering design, prototyping, and high-volume manufacturing for MEMS sensors, actuators, and microfabricated semiconductor devices. With advanced 150 mm and 200 mm wafer capabilities and decades of process expertise, Teledyne MEMS serves customers across automotive, industrial, medical, consumer, and communications applications. For more information about Teledyne MEMS, visit www.teledynemems.com.

About Teledyne Technologies

Teledyne Technologies (NYSE:TDY) is a leading provider of sophisticated digital imaging products and software, instrumentation, aerospace and defense electronics, and engineered systems. Teledyne’s operations are primarily located in the United States, the United Kingdom, Canada, and Western and Northern Europe. For more information, visit www.teledyne.com

Tesla shares TSLA remained under pressure on Wednesday as investors looked ahead to the electric vehicle maker's second-quarter delivery report while increasingly focusing on speculation surrounding a potential merger with SpaceX.

Tesla stock fell 1.8% to $374.69 after declining 5.8% in the previous session.

The shares have dropped nearly 13% in June and are down 4.7% since SpaceX began trading publicly on June 12, according to Dow Jones Market Data.

Tesla is expected to release its second-quarter vehicle delivery and energy storage deployment figures in early July.

According to FactSet, analysts expect the company to deliver approximately 401,120 electric vehicles during the quarter, representing a 4% increase from a year earlier.

However, investor attention appears to be shifting away from Tesla's traditional automotive metrics and toward broader strategic developments involving artificial intelligence initiatives and the possibility of combining Elon Musk's businesses.

Wall Street remains divided on Tesla's near-term delivery outlook.

JP Morgan analyst Rajat Gupta lowered his second-quarter delivery estimate to 420,000 vehicles from 430,500 units, although the revised forecast remains above consensus expectations.

If achieved, the total would mark Tesla's strongest quarterly delivery performance since the company delivered a record 497,099 vehicles in the third quarter of 2025.

Gupta pointed to "mixed recent signals" on electric vehicle demand in China and the United States as government incentives expire. However, he noted that Europe "remains the bright spot."

Recent registration data appears to support that assessment.

According to the European Automobile Manufacturers' Association, Tesla vehicle registrations in European markets more than doubled in May compared with the same period last year.

RBC Capital analyst Tom Narayan expects Tesla to deliver around 405,000 vehicles during the quarter.

However, he cautioned that the company's increased focus on robotaxis and humanoid robots could potentially weigh on demand for its privately owned vehicles.

Investors continue to view Tesla's artificial intelligence initiatives as central to the company's long-term growth story, with expectations that autonomous driving and robotics could create new sources of earnings beyond vehicle manufacturing.

A potential combination of Tesla and SpaceX has emerged as another major topic among investors.

Baird analyst Ben Kallo estimated second-quarter deliveries at around 392,900 vehicles but said recent attention has centered on the SpaceX initial public offering and the prospect of a merger between Musk's companies.

"We see this as likely to happen sooner rather than later," Kallo wrote on the business combination.

The analyst believes a merger could occur within the next 18 months, giving SpaceX time to integrate its recent merger with xAI and establish itself as a public company.

"We see the strategic rationale for a merger as clear and compelling with both companies benefitting from greater scale. Questions may arise regarding regulatory review; however, we do not expect significant scrutiny given limited overlap of end markets," Kallo wrote.

Meanwhile, Tesla is also facing legal scrutiny following a fatal crash in Texas involving one of its vehicles.

The family of a woman who died after a Tesla Model 3 crashed into a home last week has filed a lawsuit against both Tesla and the driver, alleging gross negligence and wrongful death.

According to the lawsuit, the vehicle was operating with an automated driving assistance system and "failed to detect the end of the street" before crashing into the residence.

The suit alleges Tesla should be held liable for defects in its driver-assistance systems and for failing to adequately warn consumers of potential dangers.

Chief Executive Elon Musk said in a post on X that "FSD drives slowly through neighborhood streets and this was a high speed crash," referring to Tesla's Full Self-Driving (Supervised) system.

Another company executive stated that the driver manually pressed the accelerator pedal, overriding the self-driving system.

The National Highway Traffic Safety Administration has launched a special investigation into the incident and is already conducting a separate investigation into possible defects in Tesla's Full Self-Driving technology.

As Tesla approaches its quarterly delivery report, investors are balancing near-term questions around vehicle demand with longer-term opportunities tied to artificial intelligence, autonomous driving, and the potential reshaping of Musk's corporate empire.

Chipmaker Nvidia (NVDA 0.93%) stands at the center of the artificial intelligence (AI) infrastructure supercycle. The world's most valuable company supplies essential hardware and software that enables the training, inference, and scaling of ever more sophisticated AI models.

Insatiable demand for the company's Blackwell GPU architecture, record capital spending by the hyperscalers, and the debut of its new Vera Rubin architecture, which expands its reach into CPUs, all point to the company enjoying sustained acceleration amid the ongoing data center build-out.

Taken together, Nvidia has the conditions for meaningful revenue growth complemented by even further earnings expansion. This combination should support a meaningful upward rerating of Nvidia stock over the next year.

Image source: Nvidia.

Nvidia's data center business is accelerating again Nvidia's most recent quarterly results underscore a clear reacceleration from the data center business. During the first quarter of its fiscal 2027 (which ended April 26), data center revenue reached a record $75.2 billion -- up 92% year over year. This performance reflects robust demand across hyperscalers as well as a broadening customer base that includes frontier AI labs, large enterprises, and sovereign entities. The increase in data center sales signals that growth momentum is strengthening again after a brief period of more measured expansion.

Management's guidance for the fiscal second quarter points to further sequential progress, which should reinforce investors' confidence in the trajectory of the broader AI infrastructure build-out. To me, these trends suggest that Nvidia's growth reacceleration is not occurring in isolation; rather, it is being fueled by aggressive capital expenditure plans from the largest cloud providers, which continue to scale up their AI infrastructure at a rapid pace.

Looking further out, analyst projections indicate that hyperscaler capital spending in 2027 could surpass $1 trillion. When extended across the broader ecosystem -- including memory, networking, and power -- the cumulative investment in AI-related infrastructure is expected to reach several trillion dollars over the coming years.

As the dominant supplier of the accelerated computing platforms that sit at the core of these deployments, Nvidia is positioned to capture a meaningful share of this spending. The combination of reaccelerating quarterly results and management's multiyear visibility into customer budgets offers a compelling reason to anticipate continued data center expansion through next year and beyond.

Nvidia is quietly becoming a full-stack solution Nvidia has taken a decisive step beyond designing GPUs with the introduction of its Vera CPU platform. This hardware is purpose-built for the emerging era of agentic AI. The company launched the Vera CPU earlier this year and has already delivered the product to leading AI laboratories and cloud providers.

Today's Change

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By delivering a high-performance CPU optimized for the same CUDA software ecosystem that has long powered its GPUs, Nvidia can deepen its control of the full AI compute stack. Vera pairs with Nvidia's GPUs, thereby reducing friction within integrated AI systems. This strategy should help accelerate Nvidia's data center business even further as the company captures sales within an additional pocket of the AI chip value chain.

Where will Nvidia stock be in one year? These secular growth drivers -- Blackwell adoption, hyperscaler infrastructure spending, and the new Vera CPU -- are converging at a time when Nvidia's forward price-to-earnings (P/E) multiple sits well below the levels it usually traded at during earlier phases of the AI revolution.

NVDA PE Ratio (Forward) data by YCharts.

With earnings poised to expand from the data center segment, Nvidia's current valuation leaves it meaningful room for valuation expansion. Even a conservative rerating to between 24 and 27 times Nvidia's expected fiscal 2028 earnings per share (EPS) of $12.73 could propel its stock price well above $300 -- implying more than 50% upside from current trading levels.

Investors who focus on the durability of these catalysts rather than short-term noise around the growing levels of competition in the AI accelerator space or the sensitive macroeconomic environment will benefit from Nvidia's operational outperformance. Eventually, its valuation multiples will normalize toward levels consistent with the company's leading role in the AI infrastructure build-out.

JPMorgan Chase on Wednesday unveiled a new $50 billion share repurchase program and raised its quarterly dividend after the Federal Reserve found the industry remained well capitalized under its annual stress test.

The biggest U.S. bank by assets said it will increase its quarterly dividend 10% to $1.65 per share, subject to board approval, and authorized the buyback program effective July 1.

"The Board's intended dividend increase is supported by our consistent investment in our business and strong financial performance," JPMorgan CEO Jamie Dimon said in a statement. "As always, we are prepared for a wide range of scenarios, including the hypothetical 2026 supervisory severely adverse scenario."

Goldman Sachs likewise increased its quarterly payouts, saying that its dividend will rise 11% to $5 per share, citing the firm's strong earnings and capital position.

Wells Fargo said it expects to raise its dividend by 11% to 50 cents per share, while Morgan Stanley boosted its payout 15% to $1.15 per share, while also reauthorizing a $20 billion buyback program.

Bank of America CEO Brian Moynihan said in a statement that the bank will make an announcement on the firm's dividend next month.

The announcements followed the release of the Federal Reserve's annual stress test, which found that all 32 large banks remained above their minimum capital requirements even after a hypothetical recession generating more than $708 billion in projected losses across the industry.

Unlike in previous years, however, the results will not affect banks' capital requirements. The Fed said earlier this year it would keep stress capital buffers unchanged through 2027 while it overhauls the testing methodology, meaning banks entered Wednesday with a clear understanding of their capital requirements.

While analysts had expected the exercise to have little immediate impact, in a sign of confidence, banks opted to proceed with payout increases, despite the regulatory limbo.

In a note ahead of the results, KBW described this year's stress test as "going through the motions," arguing that investors are more focused on the pending Basel III Endgame proposal expected later this year than on the Fed's annual exercise.

This story is developing. Please check back for updates.

NEW YORK--(BUSINESS WIRE)--Qualcomm Incorporated (NASDAQ: QCOM):

Highlights:

Raises its fiscal 2029 non-handset revenue target to $40 billion, approximately 2x the prior fiscal 2029 target. Unveils comprehensive data center AI infrastructure strategy with a revenue target of more than $15 billion by fiscal 2029. Expands automotive design-win pipeline to $65 billion and increases its growth target to $10 billion in revenues by fiscal 2029. Expands into robotics and industrial AI platforms as part of the next wave of Physical AI. Anticipates an agent-driven upgrade cycle across the edge in future years. Targets more than $18 non-GAAP EPS in fiscal 2029. Qualcomm Incorporated (NASDAQ: QCOM), a connected computing leader at the center of the AI era, today outlined the acceleration of its diversification strategy and unveiled its comprehensive strategy for the data center, marking its next phase of growth across every tier of the compute continuum, at its 2026 Investor Day.

“We are defining Qualcomm’s next chapter as we accelerate our edge diversification strategy, introduce a comprehensive roadmap for next-generation AI data centers, and evolve into a platform company,” said Cristiano Amon, President and CEO, Qualcomm Incorporated. “Our presence across the entire compute continuum and unparalleled technology capabilities, in low-power computing, AI and connectivity put us in a strong position to capture these opportunities.”

Updated fiscal 2029 targets for the QCT business include:

Non-handset revenues: $40 billion by fiscal 2029 Automotive revenues: $10 billion by fiscal 2029 IoT revenues: More than $14 billion by fiscal 2029 Industrial, networking and robotics: $8 billion Personal AI and Compute: $6 billion Data Center revenues: More than $15 billion by fiscal 2029 Handsets: To represent approximately one-third of QCT revenues by fiscal 2029 Multiple large markets are reaching inflection points, as AI compute becomes increasingly distributed across devices, edge and cloud over the next 3-5 years, including agent-ready edge devices, data center infrastructure, automotive, industrial systems, networking and robotics. Together, these represent a combined total addressable market of approximately $1.7 trillion by 2030.

Looking beyond fiscal 2029, Qualcomm sees continued secular growth across data center, robotics, ADAS and autonomous driving, industrial AI, personal AI and 6G, with agentic AI expected to drive a new upgrade cycle across intelligent connected devices. This next phase builds on accelerated diversification and proven operating leverage while funding new growth opportunities.

Qualcomm’s strategy was presented by Cristiano Amon along with Akash Palkhiwala, CFO and COO, Qualcomm Incorporated; Tony Pialis, EVP and GM, Data Center, Qualcomm Technologies, Inc.; and Nakul Duggal, EVP and Group GM, Automotive, Industrial and Embedded IoT, and Robotics, Qualcomm Technologies, Inc. Their full presentations and a replay of the event are available here.

About Qualcomm

Qualcomm is a global computing leader at the center of the AI era, enabling intelligence to scale from the most personal devices to large‑scale infrastructure. Building on more than four decades of innovation, we develop platforms and solutions that bring together advanced AI, high‑performance, low power computing and industry‑leading connectivity—powering products and services used around the world. At Qualcomm, we are engineering human progress.

Qualcomm Incorporated includes our licensing business, QTL, and the vast majority of our patent portfolio. Qualcomm Technologies, Inc., a subsidiary of Qualcomm Incorporated, operates, along with its subsidiaries, substantially all of our engineering and research and development functions and substantially all of our products and services businesses, including our QCT semiconductor business. Snapdragon and Qualcomm branded products are products of Qualcomm Technologies, Inc. and/or its subsidiaries. Qualcomm patents are licensed by Qualcomm Incorporated. Qualcomm, Snapdragon, Qualcomm Dragonwing and Qualcomm Dragonfly are trademarks or registered trademarks of Qualcomm Incorporated.

Note Regarding Forward-Looking Statements

This press release includes forward-looking statements that are inherently subject to risks and uncertainties, including but not limited to statements regarding: our growth and diversification initiatives and opportunities, including in automotive, the internet of things (IoT) and data center; technology trends, including the continued evolution and adoption of AI technologies, the opportunities this creates for our business and the potential benefits to our business thereof; our technologies, technology leadership, technology differentiation and technology roadmap; our business and share trends, as well as market and industry trends, and their potential impact on our business and our positioning to take advantage thereof; anticipated product renewal and device upgrade cycles; market inflection points; our design wins and design-win pipeline; our total addressable market expansion; our business outlook; and our estimates, guidance, targets and planning assumptions related to financial performance, including our various targets for revenues, revenue composition and earnings per share (EPS). Words such as “estimate,” “guidance,” “forecast,” “target,” “expect,” “anticipate,” “intend,” “plan,” “believe,” “seek,” “may,” “will,” “would” and similar expressions or variations of such words are intended to identify forward-looking statements, but are not the exclusive means of identifying forward-looking statements in this release. Actual results may differ materially from those referred to in the forward-looking statements due to a number of important factors, including but not limited to: our dependence on a small number of customers and licensees, and particularly from their sale of premium-tier handset devices; our customers vertically integrating; a significant portion of our business being concentrated in China, which is exacerbated by U.S./China trade and national security tensions; our ability to extend our technologies and products into new and expanded product areas, and industries and applications beyond mobile handsets; our strategic acquisitions, transactions and investments, and our ability to consummate strategic acquisitions; our dependence on a limited number of third-party suppliers; risks associated with the operation and control of our manufacturing facilities; security breaches of our information technology systems, or other misappropriation of our technology, intellectual property or other proprietary or confidential information; our ability to attract and retain qualified employees; the continued and future success of our licensing programs, which requires us to continue to evolve our patent portfolio and to renew or renegotiate license agreements that are expiring; efforts by some OEMs to avoid paying fair and reasonable royalties for the use of our intellectual property, and other attacks on our licensing business model; potential changes in our patent licensing practices, whether due to governmental investigations, legal challenges or otherwise; adverse rulings in governmental investigations or proceedings or other legal proceedings; our customers’ and licensees’ sales of products and services based on cellular and other communications technologies, including 5G, and our customers’ demand for our products based on these technologies; competition in an environment of rapid technological change, and our ability to adapt to such change and compete effectively; failures in our products or in the products of our customers or licensees, including those resulting from security vulnerabilities, defects or errors; difficulties in enforcing and protecting our intellectual property rights; claims by third parties that we infringe their intellectual property; our use of open source software; the cyclical nature of the semiconductor industry, declines in global, regional or local economic conditions, or our stock price and earnings volatility; geopolitical conflicts, natural disasters, pandemics and other health crises, and other factors outside of our control; our ability to comply with laws, regulations, policies and standards; our indebtedness; and potential tax liabilities. These and other risks are set forth in our Quarterly Report on Form 10-Q for the fiscal quarter ended March 29, 2026 filed with the Securities and Exchange Commission (SEC). Our reports filed with the SEC are available on our website at www.qualcomm.com. We undertake no obligation to update, or continue to provide information with respect to, any forward-looking statement or risk factor, whether as a result of new information, future events or otherwise.

Note Regarding Use of Non-GAAP Financial Measures

The Non-GAAP financial measures presented herein should be considered in addition to, not as a substitute for or superior to, financial measures calculated in accordance with GAAP. In addition, “Non-GAAP” is not a term defined by GAAP, and as a result, our Non-GAAP financial measures might be different than similarly titled measures used by other companies. Reconciliations between GAAP and Non-GAAP financial measures are presented below.

FY29 Earnings Per Share (EPS)
Target1

GAAP diluted EPS

>$14.50

Less QSI

N/P

Less share-based compensation

N/P

Less other items

N/P

Non-GAAP diluted EPS

>$18.00

1. Guidance as of June 24, 2026. Substantially all of the amounts excluded from our FY29 Non-GAAP EPS target relate to share-based compensation.

Carnival Corp (NYSE:CCL)’s reduced fiscal 2026 guidance reflects near-term pressures rather than a change in its longer-term trajectory, according to Jefferies analysts, who reiterated a ‘Buy’ rating and maintained a $35 price target on the cruise operator's shares.

Shares of Carnival traded hands at about $29 on Wednesday afternoon, down about 5% this year.

Jefferies believes that Carnival's trimmed yield outlook is unlikely to derail what it views as a multi-year improvement story driven by margin expansion and more than $9 billion in free cash flow generation expected between fiscal 2026 and 2027.

The firm wrote that the level of cash generation should support organic growth investments, debt reduction and shareholder returns.

The analysts also noted that Carnival has exceeded its guidance for net yields, adjusted EBITDA and adjusted earnings per share in every quarter since the first quarter of 2025, suggesting the company's latest outlook could prove conservative.

Carnival lowered its fiscal 2026 net yield growth forecast to 3.2% from 4.1% previously. The company now expects adjusted EBITDA of about $7.11 billion, down slightly from its prior estimate of $7.19 billion, while adjusted earnings per share are projected at $2.22, compared with earlier guidance of $2.21.

For the third quarter of fiscal 2026, Carnival expects net yields to rise 1.3% year over year and adjusted EBITDA of $2.88 billion, both below Jefferies' prior estimates and Wall Street expectations.

According to Jefferies, management said demand was uneven during the second quarter because of the conflict involving Iran, though booking trends improved in June. Carnival also reported continued efficiencies in both fuel and non-fuel costs.

The company said refurbishment work on ships within its AIDA Cruises brand is progressing as planned, with a similar program expected to be extended to Holland America Line in the second half of 2027.

Jefferies noted that Carnival remains confident it can continue lowering leverage while investing in growth initiatives and returning capital to shareholders. The firm estimates the company could deliver roughly $3.5 billion in capital returns during the second half of fiscal 2026 and fiscal 2027 while reducing leverage to 2.9 times by the end of fiscal 2027.

Jefferies modestly lowered its revenue forecasts to reflect weaker yield assumptions but raised its adjusted EBITDA estimates to account for lower fuel and operating costs. The brokerage now projects fiscal 2026 revenue of $27.6 billion and adjusted EBITDA of $7.17 billion, compared with previous estimates of $27.9 billion and $7.05 billion, respectively.

BOISE, Idaho, June 24, 2026 (GLOBE NEWSWIRE) -- Micron Technology, Inc. (Nasdaq: MU) today announced results for its third quarter of fiscal 2026, which ended May 28, 2026.

Fiscal Q3 2026 highlights

Revenue of $41.46 billion versus $23.86 billion for the prior quarter and $9.30 billion for the same period last yearGAAP net income of $28.24 billion, or $24.67 per diluted shareNon-GAAP net income of $28.86 billion, or $25.11 per diluted shareOperating cash flow of $25.39 billion versus $11.90 billion for the prior quarter and $4.61 billion for the same period last year “Micron’s record fiscal Q3 financial results and even stronger outlook for Q4 reflect the strategic value of memory in the AI era,” said Sanjay Mehrotra, Chairman, President and CEO of Micron Technology. “Micron is investing at record levels in technology, products and supply to address our customers’ rapidly growing demand. We believe our multi-year Strategic Customer Agreements will significantly enhance the durability and predictability of Micron’s strong financial performance.”

Quarterly Financial Results GAAP(1) Non-GAAP(2)(in millions, except per share amounts)FQ3-26FQ2-26FQ3-25 FQ3-26FQ2-26FQ3-25        Revenue$41,456 $23,860 $9,301  $41,456 $23,860 $9,301 Gross margin 35,056  17,755  3,508   35,199  17,876  3,623 Percent of revenue 84.6% 74.4% 37.7%  84.9% 74.9% 39.0%Operating expenses 1,738  1,620  1,339   1,518  1,421  1,133 Operating income 33,318  16,135  2,169   33,681  16,455  2,490 Percent of revenue 80.4% 67.6% 23.3%  81.2% 69.0% 26.8%Net income 28,243  13,785  1,885   28,857  14,021  2,181 Diluted earnings per share (EPS) 24.67  12.07  1.68   25.11  12.20  1.91  For the third quarter of 2026, investments in capital expenditures, net(2) were $7.1 billion and adjusted free cash flow(2) was $18.3 billion. Micron ended the quarter with cash, marketable investments, and restricted cash of $30.2 billion. On June 24, 2026, Micron’s Board of Directors declared a quarterly dividend of $0.15 per share, payable in cash on July 21, 2026, to shareholders of record as of the close of business on July 6, 2026.

Quarterly Business Unit Financial Results FQ3-26FQ2-26FQ3-25    Cloud Memory Business Unit   Revenue$13,769 $7,749 $3,386 Gross margin 83% 74% 58%Operating margin 78% 66% 46%    Core Data Center Business Unit   Revenue$11,524 $5,687 $1,530 Gross margin 87% 74% 38%Operating margin 83% 67% 20%    Mobile and Client Business Unit   Revenue$11,521 $7,711 $3,255 Gross margin 87% 79% 24%Operating margin 86% 76% 15%    Automotive and Embedded Business Unit   Revenue$4,634 $2,708 $1,127 Gross margin 79% 68% 26%Operating margin 75% 62% 11% Business Outlook

The following table presents Micron’s guidance for the fourth quarter of 2026:

FQ4-26GAAP(1) OutlookNon-GAAP(2) Outlook   Revenue$50.0 billion ± $1.0 billion$50.0 billion ± $1.0 billionGross marginApproximately 86%Approximately 86%Operating expensesApproximately $1.86 billionApproximately $1.65 billionDiluted earnings per share$30.73 ± $1.00$31.00 ± $1.00 Further information regarding Micron’s business outlook is included in the prepared remarks and slides, which have been posted at investors.micron.com.

Product highlights

HBM4, built on 1-beta DRAM technology, is in high-volume shipments for our lead customer's platform, and qualification samples have been shipped to multiple end-customers.Development of HBM4E, built on 1-gamma DRAM technology, is well underway, with volume production expected in calendar 2027.Qualification samples of 256GB DDR5 RDIMMs, built on 1-gamma DRAM technology and advanced 3D die stacking, has shipped to key server ecosystem enablers.Our LP5X SOCAMM2 products are in high-volume production, and we have expanded our LP5X SOCAMM2 offerings across multiple capacity points.G9-based PCIe Gen6 high-performance SSD is now in high-volume production.We commenced shipments of our high-capacity 245TB QLC SSD.Gen5 QLC PC Client SSD with G9 NAND has achieved successful lead customer qualification.1-gamma 16Gb LPDDR5X has begun high-volume ramp at a leading smartphone OEM, and we are currently sampling our 1-gamma 24Gb LP5X product to multiple smartphone customers.1-gamma LPDDR5 reached automotive product readiness, with samples delivered to key customers, and we shipped our first 1-gamma DDR5 samples to a robotaxi customer.G9-based UFS 4.1 automotive NAND solution began first volume shipments. Investor Webcast

Micron will host a conference call on Wednesday, June 24, 2026 at 2:30 p.m. Mountain Time to discuss its third quarter financial results and provide forward-looking guidance for its fourth quarter. A live webcast of the call will be available online at investors.micron.com. A webcast replay will be available for one year after the call.

We encourage you to visit our website at micron.com throughout the quarter for the most current information on the company, including information on financial conferences that we may be attending. You can also follow us on LinkedIn, X (@MicronTech) and YouTube (@MicronTechnology).

About Micron Technology, Inc.

Micron Technology, Inc. is an industry leader in innovative memory and storage solutions transforming how the world uses information to enrich life for all. With a relentless focus on our customers, technology leadership, and manufacturing and operational excellence, Micron delivers a rich portfolio of high-performance DRAM, NAND, and NOR memory and storage products. Every day, the innovations that our people create fuel the data economy, enabling advances in artificial intelligence (AI) and compute-intensive applications that unleash opportunities — from the data center to the intelligent edge and across the client and mobile user experience. To learn more about Micron Technology, Inc. (Nasdaq: MU), visit micron.com.

© 2026 Micron Technology, Inc. All rights reserved. Micron, the Micron logo, and all other Micron trademarks are the property of Micron Technology, Inc. All other trademarks are the property of their respective owners.

Forward-Looking Statements

This press release contains forward-looking statements regarding our industry, our strategic position, our customers, including customer demand, our products and technology, including expectations on production, and our financial and operating performance, including our guidance for the fourth quarter of 2026, as well as our investments in manufacturing and goals for such investments. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially. Please refer to the documents we file with the Securities and Exchange Commission, including our most recent Form 10-K and Form 10-Q. These documents contain and identify important factors that could cause our actual results to differ materially from those contained in these forward-looking statements. These certain factors can be found at investors.micron.com/risk-factor. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance, or achievements. We are under no duty to update any of the forward-looking statements to conform these statements to actual results.

(1)GAAP represents U.S. Generally Accepted Accounting Principles.(2)Non-GAAP represents GAAP excluding the impact of certain activities, which management excludes in analyzing our operating results and understanding trends in our earnings; adjusted free cash flow; investments in capital expenditures, net; and business outlook. Further information regarding Micron’s use of non-GAAP measures and reconciliations between GAAP and non-GAAP measures are included within this press release. MICRON TECHNOLOGY, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In millions, except per share amounts)
(Unaudited)
  3rd Qtr.2nd Qtr.3rd Qtr.Nine Months Ended May 28,
2026February 26,
2026May 29,
2025May 28,
2026May 29,
2025      Revenue$41,456 $23,860 $9,301 $78,959 $26,063 Cost of goods sold 6,400  6,105  5,793  18,502  16,244 Gross margin 35,056  17,755  3,508  60,457  9,819       Research and development 1,316  1,250  965  3,737  2,751 Selling, general, and administrative 407  344  318  1,088  891 Other operating (income) expense, net 15  26  56  43  61 Operating income 33,318  16,135  2,169  55,589  6,116       Interest income 215  155  135  509  350 Interest expense —  (32) (123) (106) (353)Other non-operating income (expense), net (321) (98) (68) (559) (90)  33,212  16,160  2,113  55,433  6,023       Income tax (provision) benefit (4,978) (2,371) (235) (8,178) (695)Equity in net income (loss) of equity method investees 9  (4) 7  13  10 Net income$28,243 $13,785 $1,885 $47,268 $5,338       Earnings per share     Basic$25.03 $12.25 $1.69 $41.97 $4.79 Diluted 24.67  12.07  1.68  41.40  4.75       Number of shares used in per share calculations     Basic 1,128  1,126  1,118  1,126  1,114 Diluted 1,145  1,142  1,125  1,142  1,123  MICRON TECHNOLOGY, INC.
CONSOLIDATED BALANCE SHEETS
(In millions)
(Unaudited) As ofMay 28,
2026February 26,
2026August 28,
2025    Assets   Cash and equivalents$24,995 $13,908 $9,642 Short-term investments 1,027  681  665 Receivables 31,025  17,314  9,265 Inventories 8,567  8,267  8,355 Other current assets 1,123  1,243  914 Total current assets 66,737  41,413  28,841 Long-term marketable investments 4,106  2,038  1,629 Property, plant, and equipment 56,426  51,408  46,590 Operating lease right-of-use assets 683  684  736 Intangible assets 473  468  453 Deferred tax assets 700  680  616 Goodwill 1,150  1,150  1,150 Other noncurrent assets 3,837  3,668  2,783 Total assets$134,112 $101,509 $82,798     Liabilities and equity   Accounts payable and accrued expenses$15,521 $10,997 $9,649 Current debt 582  585  560 Other current liabilities 3,385  2,714  1,245 Total current liabilities 19,488  14,296  11,454 Long-term debt 5,140  9,557  14,017 Noncurrent operating lease liabilities 654  656  701 Noncurrent unearned government incentives 1,020  1,002  1,018 Other noncurrent liabilities 7,086  3,539  1,443 Total liabilities 33,388  29,050  28,633     Commitments and contingencies       Shareholders’ equity   Common stock 128  127  127 Additional capital 14,442  14,092  13,339 Retained earnings 94,682  66,824  48,583 Treasury stock (8,502) (8,502) (7,852)Accumulated other comprehensive income (loss) (26) (82) (32)Total equity 100,724  72,459  54,165 Total liabilities and equity$134,112 $101,509 $82,798      MICRON TECHNOLOGY, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
(Unaudited) Nine Months EndedMay 28,
2026May 29,
2025   Cash flows from operating activities  Net income$47,268 $5,338 Adjustments to reconcile net income to net cash provided by operating activities:  Depreciation expense and amortization of intangible assets 6,862  6,203 Stock-based compensation 954  722 Change in operating assets and liabilities:  Receivables (19,953) (123)Inventories (212) 148 Accounts payable and accrued expenses 3,329  38 Other current liabilities 2,139  (681)Other noncurrent liabilities 5,203  259 Other 112  (109)Net cash provided by operating activities 45,702  11,795    Cash flows from investing activities  Expenditures for property, plant, and equipment (19,602) (10,199)Purchases of available-for-sale securities (4,072) (1,203)Proceeds from government incentives 2,989  1,294 Proceeds from maturities and sales of available-for-sale securities 1,233  1,249 Other (236) (30)Net cash used for investing activities (19,688) (8,889)   Cash flows from financing activities  Repayments of debt (9,380) (3,604)Repurchases of common stock - withholdings on employee equity awards (762) (290)Repurchases of common stock - repurchase program (650) — Payments of dividends to shareholders (437) (392)Proceeds from issuance of debt —  4,430 Other 583  70 Net cash used for financing activities (10,646) 214    Effect of changes in currency exchange rates on cash, cash equivalents, and restricted cash 8  (3)   Net increase in cash, cash equivalents, and restricted cash 15,376  3,117 Cash, cash equivalents, and restricted cash at beginning of period 9,646  7,052 Cash, cash equivalents, and restricted cash at end of period$25,022 $10,169  MICRON TECHNOLOGY, INC.
RECONCILIATION OF GAAP TO NON-GAAP MEASURES
(In millions, except per share amounts)  3rd Qtr.2nd Qtr.3rd Qtr. May 28,
2026February 26,
2026May 29,
2025    GAAP gross margin$35,056 $17,755 $3,508 Stock-based compensation 143  121  115 Non-GAAP gross margin$35,199 $17,876 $3,623     GAAP operating expenses$1,738 $1,620 $1,339 Stock-based compensation (198) (176) (148)Other (22) (23) (58)Non-GAAP operating expenses$1,518 $1,421 $1,133     GAAP operating income$33,318 $16,135 $2,169 Stock-based compensation 341  297  263 Other 22  23  58 Non-GAAP operating income$33,681 $16,455 $2,490     GAAP net income$28,243 $13,785 $1,885 Stock-based compensation 341  297  263 Loss on debt prepayments 325  47  46 Other 23  25  58 Estimated tax effects of above and other tax adjustments (75) (133) (71)Non-GAAP net income$28,857 $14,021 $2,181     GAAP weighted-average common shares outstanding - Diluted 1,145  1,142  1,125 Adjustment for stock-based compensation 4  7  19 Non-GAAP weighted-average common shares outstanding - Diluted 1,149  1,149  1,144     GAAP diluted earnings per share$24.67 $12.07 $1.68 Effects of the above adjustments 0.44  0.13  0.23 Non-GAAP diluted earnings per share$25.11 $12.20 $1.91  RECONCILIATION OF GAAP TO NON-GAAP MEASURES, Continued
  3rd Qtr.2nd Qtr.3rd Qtr. May 28,
2026February 26,
2026May 29,
2025    GAAP net cash provided by operating activities$25,388 $11,903 $4,609     Expenditures for property, plant, and equipment (7,826) (6,387) (2,938)Proceeds from sales of property, plant, and equipment 9  5  12 Proceeds from government incentives 733  1,378  266 Investments in capital expenditures, net (7,084) (5,004) (2,660)Adjusted free cash flow$18,304 $6,899 $1,949  The tables above reconcile GAAP to non-GAAP measures of gross margin, operating expenses, operating income, net income, diluted shares, diluted earnings per share, and adjusted free cash flow. The non-GAAP adjustments above may or may not be infrequent or nonrecurring in nature, but are a result of periodic or non-core operating activities. We believe this non-GAAP information is helpful in understanding trends and in analyzing our operating results and earnings. We are providing this information to investors to assist in performing analysis of our operating results. When evaluating performance and making decisions on how to allocate our resources, management uses this non-GAAP information and believes investors should have access to similar data when making their investment decisions. We believe these non-GAAP financial measures increase transparency by providing investors with useful supplemental information about the financial performance of our business, enabling enhanced comparison of our operating results between periods and with peer companies. The presentation of these adjusted amounts varies from amounts presented in accordance with U.S. GAAP and therefore may not be comparable to amounts reported by other companies. Our management excludes the following items as applicable in analyzing our operating results and understanding trends in our earnings:

Stock-based compensation;Gains and losses from settlements;Gains and losses from debt prepayments;Restructure and asset impairments; andThe estimated tax effects of above, non-cash changes in net deferred income taxes, assessments of tax exposures, certain tax matters related to prior fiscal periods, and significant changes in tax law. The divergence between our GAAP and non-GAAP income tax (provision) benefit relates to the difference in our GAAP and non-GAAP estimated annual effective tax rates, which are computed separately. Non-GAAP diluted shares are adjusted for the impact of additional shares resulting from the exclusion of stock-based compensation from non-GAAP income.

MICRON TECHNOLOGY, INC.
RECONCILIATION OF GAAP TO NON-GAAP OUTLOOK
 FQ4-26GAAP Outlook Adjustments Non-GAAP Outlook       Revenue$50.0 billion ± $1.0 billion  —   $50.0 billion ± $1.0 billionGross marginApproximately 86%  —%A Approximately 86%Operating expensesApproximately $1.86 billion $205 millionB Approximately $1.65 billionDiluted earnings per share(1)$30.73 ± $1.00  $0.27 A, B, C $31.00 ± $1.00 Non-GAAP Adjustments
(in millions)    AStock-based compensation – cost of goods sold$159 BStock-based compensation – research and development 138 BStock-based compensation – sales, general, and administrative 67 CTax effects of the above items and other tax adjustments (55)  $309  (1)   GAAP earnings per share and non-GAAP earnings per share based on approximately 1.15 billion diluted shares.

The tables above reconcile our GAAP to non-GAAP guidance based on the current outlook. The guidance does not incorporate the impact of any potential business combinations, divestitures, additional restructuring activities, balance sheet valuation adjustments, strategic investments, financing transactions, and other significant transactions. The timing and impact of such items are dependent on future events that may be uncertain or outside of our control.

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NEW YORK--(BUSINESS WIRE)--Morgan Stanley (NYSE: MS) announced that it will increase its quarterly common stock dividend to $1.15 per share from the current $1.00 per share, beginning with the common stock dividend expected to be declared by the Firm’s Board of Directors in the third quarter of 2026.

In addition, the Firm’s Board of Directors reauthorized a multi-year common equity share repurchase program of up to $20 billion, without a set expiration date, beginning in the third quarter of 2026. The share repurchases will be exercised from time to time at prices the Firm deems appropriate, subject to various considerations, including current market conditions, the Firm’s capital position and future economic and earnings outlook.

Ted Pick, Chairman and Chief Executive Officer of Morgan Stanley, said, “We have a globally scaled business that supports the Firm’s durable returns and strong capital position. Our financial strength gives us ongoing flexibility to invest in growth opportunities across the Integrated Firm while increasing the return of capital to shareholders.”

On June 24, 2026, the Board of Governors of the Federal Reserve System released its CCAR 2026 results which do not impact the Firm’s Stress Capital Buffer (SCB) requirement. On February 4, 2026, the Federal Reserve announced that it expects the Firm will continue to be subject to its current SCB requirement of 4.3% until October 1, 2027, at which time a new SCB requirement may apply based on the results of the supervisory stress test conducted in 2027. Together with other features of the regulatory capital framework, this SCB results in an aggregate U.S. Basel III Standardized Approach Common Equity Tier 1 (CET1) ratio of 11.8%. The Firm’s U.S. Basel III Standardized Approach CET1 ratio was 15.1% as of March 31, 2026.

Morgan Stanley is a leading global financial services firm providing a wide range of investment banking, securities, wealth management and investment management services. With offices in 42 countries, the Firm’s employees serve clients worldwide including corporations, governments, institutions and individuals. For further information about Morgan Stanley, please visit www.morganstanley.com.

Forward-Looking Statements

This Release contains forward-looking statements within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date on which they are made, which reflect management’s current estimates, projections, expectations, assumptions, interpretations or beliefs of Morgan Stanley’s future results, regulatory capital levels and future capital actions, including common stock dividends and common equity share repurchases, and which are subject to risks and uncertainties that may cause actual results to differ materially. Morgan Stanley does not undertake to update the forward-looking statements to reflect the impact of circumstances or events that may arise after the date of forward-looking statements. For a discussion of additional risks and uncertainties that may affect the future results, regulatory capital levels and future capital actions of Morgan Stanley, please see “Forward-Looking Statements” preceding Part I, Item 1, “Competition” and “Supervision and Regulation” in Part I, Item 1, “Risk Factors” in Part I, Item 1A, “Legal Proceedings” in Part I, Item 3, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Part II, Item 7 and “Quantitative and Qualitative Disclosures about Risk” in Part II, Item 7A, in Morgan Stanley’s Annual Report on Form 10-K for the year ended December 31, 2025 and other items throughout the Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, including any amendments thereto.

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WESTLAKE, Texas--(BUSINESS WIRE)--The Charles Schwab Corporation (CSC or Schwab) announced today that it has received the results of the Federal Reserve’s 2026 Comprehensive Capital Analysis and Review (CCAR). These results included the Federal Reserve’s estimate of Schwab’s minimum capital ratios under the supervisory severely adverse scenario for the nine-quarter horizon beginning December 31, 2025 and ending March 31, 2028. Earlier this year, the Federal Reserve voted to maintain the current stress capital buffer requirements until 2027. Therefore, Schwab’s stress capital buffer (SCB) remains at the 2.5% minimum.

Schwab’s Common Equity Tier 1 (CET1) ratio of 26.3% as of March 31, 2026 was well in excess of the regulatory minimum of 4.5% combined with the SCB of 2.5% due to the relatively low risk nature of our balance sheet assets.

Schwab ended the first quarter of 2026 with a consolidated Tier 1 Leverage Ratio of 8.9%, down from 9.3% at year-end 2025.

CFO Mike Verdeschi commented, “Our CCAR results highlight the strength of Schwab’s capital position and diversified business model. Our principles-based approach to managing the balance sheet establishes a foundation of safety and soundness from which we support our clients’ evolving needs across different environments and deliver profitable growth through-the-cycle.”

Forward-looking Statements

This press release contains forward-looking statements relating to the company’s diversified business model, business results, growth, capital ratios, and balance sheet management. These forward-looking statements reflect management’s expectations as of the date hereof. Achievement of these expectations and objectives is subject to risks and uncertainties that could cause actual results to differ materially from the expressed expectations. Important factors that may cause such differences include actual economic and financial conditions, the accuracy of management’s modeling and estimation techniques, and other factors described in the company’s most recent reports on Form 10-K and Form 10-Q, which have been filed with the Securities and Exchange Commission and are available on the company’s website (https://www.aboutschwab.com/financial-reports) and on the Securities and Exchange Commission’s website (https://www.sec.gov). The company makes no commitment to update any forward-looking statements.

About Charles Schwab

The Charles Schwab Corporation (NYSE: SCHW) is a leading provider of financial services, with 39.5 million active brokerage accounts, 5.9 million workplace plan participant accounts, 2.3 million banking accounts, and $13.14 trillion in client assets as of May 31, 2026. Through its operating subsidiaries, the company provides a full range of wealth management, securities brokerage, banking, asset management, custody, and financial advisory services to individual investors and independent investment advisors. Its broker-dealer subsidiary, Charles Schwab & Co., Inc. (member SIPC, https://www.sec.gov), and its affiliates offer a complete range of investment services and products including an extensive selection of mutual funds; financial planning and investment advice; retirement plan and equity compensation plan services; referrals to independent, fee-based investment advisors; and custodial, operational and trading support for independent, fee-based investment advisors through Schwab Advisor Services. Its primary banking subsidiary, Charles Schwab Bank, SSB (member FDIC and an Equal Housing Lender), provides banking and lending services and products. More information is available at https://www.aboutschwab.com.