Market Signal Briefing

REX American Resources Corporation (REX) Q4 2026 Earnings Call March 26, 2026 11:00 AM EDT

Company Participants

Douglas Bruggeman - VP of Finance, CFO & Treasurer
Stuart Rose - Executive Chairman & Head of Corporate Development
Zafar Rizvi - CEO, President & Director

Conference Call Participants

Peter Gastreich - Water Tower Research LLC
Mason Bourne

Presentation

Operator

Good morning, and welcome to the REX American Resources Fourth Quarter and Full Fiscal Year 2025 Conference Call. As a reminder, today's call is being recorded. [Operator Instructions]

I would now like to turn the call over to Mr. Doug Bruggeman, Chief Financial Officer of REX American. Please go ahead.

Douglas Bruggeman
VP of Finance, CFO & Treasurer

Good morning, and thank you for joining this morning's call. I have joining me on the call today, Stuart Rose, REX' Executive Chairman; and Zafar Rizvi, our Chief Executive Officer. We'll get to our presentation and comments momentarily as well as your questions. But first, I will review the safe harbor disclosure.

In addition to historical facts or statements of current conditions, today's conference call contains forward-looking statements that involve risks and uncertainties within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements reflect the company's current expectations and beliefs but are not guarantees of future performance. As such, actual results may vary materially from expectations. The risks and uncertainties associated with the forward-looking statements are described in today's news announcement and in the company's filings with the Securities and Exchange Commission, including the company's reports on Form 10-K and 10-Q. REX American Resources assumes no obligation to publicly update or revise any forward-looking statements.

I'd now like to turn the call over to Stuart Rose, our Executive Chairman.

Stuart Rose
Executive Chairman & Head of Corporate Development

Good morning, and thank

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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.

Did you buy SLNO common stock between March 26, 2025, and November 4, 2025?

Affected Soleno Therapeutics, Inc. Investor Summary

Who: Soleno Therapeutics, Inc. (NASDAQ: SLNO) What: Securities fraud class action lawsuit filed Class Period: March 26, 2025, through November 4, 2025 Deadline to Seek Lead Plaintiff Status: May 5, 2026 Key Lawsuit Allegations: Material misstatements and/or omissions concerning the company's Phase 3 clinical trial program for diazoxide choline extended-release tablets ("DCCR").   Investor Action: Contact Kessler Topaz Meltzer & Check, LLP (www.ktmc.com) for recovery options at no cost to investor , /PRNewswire/ -- Kessler Topaz Meltzer & Check, LLP (www.ktmc.com), a nationally recognized securities litigation law firm, informs investors that a securities fraud class action lawsuit has been filed against Soleno Therapeutics, Inc. (Soleno) (NASDAQ: SLNO) on behalf of those who purchased or acquired Soleno common stock between March 26, 2025, and November 4, 2025, inclusive. The lawsuit is filed in the United States District Court for the Northern District of California and is captioned City of Pontiac Police and Fire Retirement System v. Soleno Therapeutics, Inc., et al, Case No. 3:26-cv-01979 (N.D. Cal.).  Investors have until May 5, 2026, to file for lead plaintiff status. 

CONTACT KTMC TO DISCUSS YOUR LEGAL RIGHTS:    
If you purchased or acquired Soleno common stock and have lost money on your investment, you are encouraged to contact KTMC attorney Jonathan Naji, Esq. at:

📞 (484) 270-1453
📧 [email protected]
🌐 https://www.ktmc.com/slno-soleno-therapeutics-inc-class-action-lawsuit?utm_source=PR_Newswire&utm_medium=pressrelease&utm_campaign=slno&mktm=PR

There is no cost or obligation to speak with an attorney.

Learn more about Soleno Therapeutics, Inc. on YouTube:

 Soleno Therapeutics, Inc. Securities Class Action Lawsuit (long video)  Soleno Therapeutics, Inc. Securities Class Action Lawsuit (short video) SOLENO THERAPEUTICS, INC. CLASS ACTION LAWSUIT - COMPLAINT ALLEGATION SUMMARY:
Soleno is a pharmaceutical company focused on developing therapies for rare diseases and is headquartered in Redwood City, California. At the time of the filing of the complaint, Soleno's only commercial product was diazoxide choline extended-release tablets (DCCR) for the treatment of hyperphagia in individuals afflicted with Prader-Willi syndrome (PWS).

The complaint alleges that, throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about Soleno's business and operations.  Specifically, Defendants misrepresented and/or failed to disclose that: (1) the Soleno Phase 3 clinical trial program for DCCR had systematically downplayed, misrepresented, and/or concealed significant evidence of safety concerns potentially related to the administration of DCCR, including issues related to excess fluid retention in clinical trial participants; (2) as a result, the administration of DCCR to treat hyperphagia in individuals with PWS posed materially greater safety risks than disclosed by Soleno or its executives; (3) consequently, DCCR had materially lower commercial viability and undisclosed risks related to the likelihood of significant and widespread adverse events after its commercial launch, including risks related to patient discontinuation rates, lower patient adoption, prescriber reluctance, adverse regulatory action, and potential reputational and legal fallout; and (4) as a result of the foregoing, Defendants' statements about the company's business, operations, and prospects were materially false and misleading at all relevant times.

Why did Soleno's Stock Drop?
On November 4, 2025, Soleno reported its financial results for its third fiscal quarter ended September 30, 2025.  The company also revealed that a report issued by Scorpion Capital, LLC on August 15, 2025, had purportedly caused a "disruption" in DCCR's launch trajectory and concerns within the PWS community, with a lower number of patient start forms and increased discontinuations beginning after the report's publication.  The Scorpion Report had, among other things, revealed significant issues with Soleno's Phase 3 clinical trial program for DCCR for the treatment of hyperphagia in individuals afflicted with PWS.    On this news, the price of Soleno stock declined over 26%.

WHAT SLNO INVESTORS CAN DO NOW:

File to be lead plaintiff by May 5, 2026. Contact KTMC for a free case evaluation. All representation is on a contingency fee basis, there is no cost to you. Retain counsel of choice or take no action. THE LEAD PLAINTIFF PROCESS FOR SOLENO THERAPEUTICS, INC. INVESTORS:
Soleno investors may, no later than May 5, 2026, seek to be appointed as a lead plaintiff representative of the class through Kessler Topaz Meltzer & Check, LLP or other counsel, or may choose to do nothing and remain an absent class member. A lead plaintiff is a representative party who acts on behalf of all class members in directing the litigation.  The lead plaintiff is usually the investor or small group of investors who have the largest financial interest and who are also adequate and typical of the proposed class of investors. The lead plaintiff selects counsel to represent the lead plaintiff and the class and these attorneys, if approved by the court, are lead or class counsel. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.

Kessler Topaz Meltzer & Check, LLP encourages Soleno investors to contact the firm for more information.

ABOUT KESSLER TOPAZ MELTZER & CHECK, LLP (KTMC):    
Kessler Topaz Meltzer & Check, LLP (KTMC) is a leading U.S. plaintiff-side law firm focused on securities-fraud class actions and global investor protection. The firm represents individual investors as well as institutions, such as major pension funds, asset managers, and international investors. KTMC has led some of the largest recoveries in securities litigation and has been recognized by peers and the legal media with numerous accolades, including The National Law Journal's Plaintiff's Hot List and Trailblazers in Plaintiffs' Law, BTI Consulting Group's Honor Roll of Most Feared Law Firms, The Legal Intelligencer's Class Action Firm of the Year, Lawdragon's Leading Plaintiff Financial Lawyers, and Law360's Titans of the Plaintiffs Bar.  The firm operates globally with offices in Pennsylvania and California.  KTMC has recovered over $25 billion for our clients and the classes they represent.  For more information about Kessler Topaz Meltzer & Check, LLP, please visit www.ktmc.com.  The complaint in this matter was not filed by KTMC.

CONTACT:

Jonathan Naji, Esq.

(484) 270-1453

280 King of Prussia Road

Radnor, PA 19087

[email protected]

May be considered attorney advertising in certain jurisdictions.  Past results do not guarantee future outcomes.

SOURCE Kessler Topaz Meltzer & Check, LLP

Key Takeaways Boston Beer expects shipments and depletions to be flat to down mid-single digits in 2026.SAM reported Q4 2025 depletions down 6% and shipments down about 7.5%.Boston Beer projected EPS of $8.50-$11 with $20M-$30M in tariff costs and higher brand spending. The Boston Beer Company, Inc. (SAM - Free Report) has entered 2026 with a cautious tone as management signals that shipment and depletion trends may remain pressured in the near term. The company is navigating shifting consumer preferences across hard seltzers, flavored malt beverages and ready-to-drink offerings while also investing in innovation and brand support. With category competition intensifying and demand patterns normalizing after pandemic-era spikes, 2026 could represent a transitional period rather than a strong rebound year.

Management expects shipment and depletion volumes to be flat to down mid-single digits in 2026, reflecting ongoing softness across legacy brands and uneven category growth. Recent results already highlight the pressure, with depletions declining roughly 6% and shipments falling about 7.5% in the fourth quarter of 2025. At the same time, the company projected earnings per share in the range of $8.50 to $11, while factoring in $20 million to $30 million in tariff-related costs and increased brand investments. These figures suggest that while profitability may remain relatively resilient, volume recovery is likely to take time.

Looking ahead, 2026 may serve as a reset year focused on stabilizing volumes rather than delivering immediate growth. Success will likely depend on the performance of newer offerings, continued distribution gains and disciplined cost management. If innovation initiatives and marketing investments translate into stronger consumer traction, the company could exit the year with improved momentum. However, until demand trends stabilize across key categories, the near-term outlook suggests consolidation rather than acceleration.

SAM’s Zacks Rank & Share Price PerformanceShares of this Zacks Rank #4 (Sell) company have gained 13.4% in the past three months compared with the industry’s growth of 1.1%.

SAM Stock's Past Three-Month Performance
Image Source: Zacks Investment Research

Is SAM a Value Play Stock?SAM currently trades at a forward 12-month P/E ratio of 21.46X, which is higher than the industry average of 14.01X and the sector average of 16.25X. This valuation positions the stock at a premium relative to both its sector and industry peers, suggesting that investors may be pricing in stronger growth prospects, brand strength or operational efficiency compared with competitors.

SAM P/E Ratio (Forward 12 Months)
Image Source: Zacks Investment Research

Stocks to ConsiderConstellation Brands Inc. (STZ - Free Report) is the third-largest beer company and a leading, high-end wine company in the United States. The company currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

The Zacks Consensus Estimate for Constellation Brands’ fiscal 2026 sales and earnings suggests declines of 10.7% and 15.5%, respectively, from the year-ago reported figures. STZ delivered a trailing four-quarter earnings surprise of 8.6%, on average.

Carlsberg (CABGY - Free Report) is a brewing company and has operations in Northern and Western Europe, Eastern Europe and Asia. The company currently carries a Zacks Rank of 2.

The Zacks Consensus Estimate for Carlsberg’s 2026 sales and earnings indicates growth of 34.9% and 17.8%, respectively, from the year-ago reported numbers.

Heineken (HEINY - Free Report) is engaged in producing and distributing beverages, including beer, cider, soft drinks and other beverages. The company currently has a Zacks Rank of 2.

The Zacks Consensus Estimate for Heineken’s 2026 sales implies a decline of 8.2% from the previous year’s reported number, while the consensus mark for EPS suggests growth of 16.7%.

A month has gone by since the last earnings report for MercadoLibre (MELI - Free Report) . Shares have lost about 7.3% in that time frame, underperforming the S&P 500.

But investors have to be wondering, will the recent negative trend continue leading up to its next earnings release, or is MercadoLibre due for a breakout? Well, first let's take a quick look at its most recent earnings report in order to get a better handle on the recent drivers for MercadoLibre, Inc. before we dive into how investors and analysts have reacted as of late.

MercadoLibre’s Q4 Earnings Miss Estimates, Revenues Rise Y/YMercadoLibre reported fourth-quarter 2025 earnings of $11.03 per share, which missed the Zacks Consensus Estimate by 6.29% and declined 12.53% year over year. Revenues rose 44.55% on a year-over-year basis (47% on an FX-neutral basis) to $8.76 billion. The top line surpassed the Zacks Consensus Estimate by 2.86%.

Total revenues were driven by continued strength across commerce and fintech segments, which grew 40% and 51% year over year to $4.98 billion and $3.78 billion, respectively. In the commerce segment, Brazil and Mexico each delivered foreign exchange-neutral GMV growth of 35% year over year, while Argentina posted foreign exchange-neutral GMV growth of 42% year over year.

Items sold grew 43.1% year over year to 751.8 million. Unique buyer growth was 23.6% year over year, with the number reaching 83.2 million.

Fintech Monthly Active Users rose 27.3% year over year to 77.9 million. Engagement with Mercado Pago continued to strengthen, with Assets Under Management growing 78% year over year to $18.81 billion. The credit portfolio expanded 90% year over year to $12.5 billion.

Revenues from MELI's advertising services rose 70% year over year on a reported basis and 67% on a foreign exchange-neutral basis.

MELI’s Q4 in DetailBrazil: Net revenues in the fourth quarter reached $4.64 billion (52.9% of total revenues), up 47.9% year over year.

Mexico: The market generated revenues of $2.10 billion (23.9% of total revenues), which increased 55.6% year over year.

Argentina: Net revenues in the reported quarter were $1.61 billion (18.4% of total revenues), reflecting an increase of 23.3% year over year.

Other countries: The markets generated revenues of $414 million (4.7% of total revenues), representing growth of 53.9% on a year-over-year basis.

Key Metrics for MELIGross Merchandise Volume of $19.9 billion increased 37% year over year and 36.5% on a foreign exchange-neutral basis.

The number of successful items sold was 751.8 million, up 43.1% year over year.

Total Payment Volume rose 42.1% year over year and 52.6% on a foreign exchange-neutral basis to $83.7 billion. Acquiring Total Payment Volume grew 33% year over year to $55.7 billion.

Total payment transactions increased 35.5% year over year to 4.51 billion.

The credit portfolio reached $12.5 billion, growing 90% year over year. The portfolio composition consisted of 36% consumer lending, 45% credit card, 16% merchant lending and 2% asset-backed financing.

MercadoLibre’s Operating DetailsIn the fourth quarter, the gross margin contracted 220 basis points on a year-over-year basis to 43.2%.

Total operating expenses were approximately $2.9 billion, which increased 50.1% year over year.

The operating margin contracted 340 basis points from the year-ago period to 10.1%. It is worth noting that income from operations of $889 million includes $99 million of one-off tax credits in Brazil booked mostly within cost of net revenues; excluding these credits, the operating margin was approximately 9%.

Net Interest Margin After Losses improved sequentially to 23.3%, up from 21% in the third quarter of 2025, driven by higher spreads in consumer and merchant loan portfolios. The 15-90 day non-performing loan ratio edged up to 7.6% from 6.8% in the prior quarter.

Balance Sheet of MELIAs of Dec. 31, 2025, cash and cash equivalents were $3.67 billion, up from $3.01 billion as of Sept. 30, 2025.

Short-term investments were $2.63 billion as of Dec. 31, 2025, compared to $3.72 billion as of Sept. 30, 2025. Net debt increased to $4.68 billion at the end of the quarter compared to $4.61 billion as of Sept. 30, 2025, reflecting continued funding for Mercado Pago operations and credit portfolio expansion.

How Have Estimates Been Moving Since Then?Since the earnings release, investors have witnessed a downward trend in estimates review.

The consensus estimate has shifted -23.08% due to these changes.

VGM ScoresAt this time, MercadoLibre has a great Growth Score of A, though it is lagging a lot on the Momentum Score front with an F. However, the stock has a score of B on the value side, putting it in the second quintile for this investment strategy.

Overall, the stock has an aggregate VGM Score of B. If you aren't focused on one strategy, this score is the one you should be interested in.

OutlookEstimates have been broadly trending downward for the stock, and the magnitude of these revisions indicates a downward shift. Interestingly, MercadoLibre has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.

Performance of an Industry PlayerMercadoLibre belongs to the Zacks Internet - Commerce industry. Another stock from the same industry, Booking Holdings (BKNG - Free Report) , has gained 1.8% over the past month. More than a month has passed since the company reported results for the quarter ended December 2025.

Booking Holdings reported revenues of $6.35 billion in the last reported quarter, representing a year-over-year change of +16%. EPS of $48.80 for the same period compares with $41.55 a year ago.

Booking Holdings is expected to post earnings of $29.50 per share for the current quarter, representing a year-over-year change of +18.9%. Over the last 30 days, the Zacks Consensus Estimate remained unchanged.

The overall direction and magnitude of estimate revisions translate into a Zacks Rank #3 (Hold) for Booking Holdings. Also, the stock has a VGM Score of D.

It has been about a month since the last earnings report for Henry Schein (HSIC - Free Report) . Shares have lost about 9.4% in that time frame, underperforming the S&P 500.

Will the recent negative trend continue leading up to its next earnings release, or is Henry Schein due for a breakout? Well, first let's take a quick look at its most recent earnings report in order to get a better handle on the recent drivers for Henry Schein, Inc. before we dive into how investors and analysts have reacted as of late.

HSIC Q4 Earnings & Revenues Beat Estimates, Margins DownHenry Schein, Inc. (HSIC - Free Report) registered fourth-quarter 2025 adjusted earnings per share (EPS) of $1.34, up 12.6% from the year-ago period’s figure. The bottom line also surpassed the Zacks Consensus Estimate by 3.1%.

Excluding adjustments, such as restructuring costs, acquisition intangible amortization and others, the company reported a GAAP EPS of 85 cents compared with the year-ago quarter’s 74 cents.

Full-year 2025 adjusted EPS of $4.97 was up 4.8% from the year-ago period’s figure. The bottom line surpassed the Zacks Consensus Estimate by 1.2%.

HSIC’s Revenues in DetailHenry Schein reported fourth-quarter net sales of $3.44 billion, up 7.8% year over year. The metric also beat the Zacks Consensus Estimate by 3.1%. 

This reflects 4.9% internal sales growth, 0.9% sales growth from acquisitions and a 1.9% increase resulting from foreign currency exchange. 

Full-year 2025 net sales of $13.18 billion were up 4% year over year. The metric beat the Zacks Consensus Estimate by 0.8%. 

HSIC’s Q4 Segmental AnalysisGlobal Distribution and Value-Added Services

Sales in the segment rose 7% year over year on a reported basis (up 5.2% in constant currencies) to $2.89 billion. Our model forecast was $2.81 billion.

Global Dental Distribution merchandise sales for the quarter rose 3.7% in constant currencies, reflecting continuing strong sales momentum from the prior quarter.

Global Dental Distribution equipment sales increased 9.1% at cc. Sales improvement was driven by strong growth in the United States, Germany, Brazil, Canada and Australia.

Global Medical Distribution sales for the quarter jumped 4.8% at cc, reflecting good underlying growth in medical products despite softness in the respiratory product category. 

Global Value-added Services sales for the quarter increased 8.5% at cc. Sales growth was driven by consulting services.

Global Specialty Products

Sales totaled $422 million, up 14.6% on a reported basis (11.1% in constant currencies). This reflected strong overall dental implant and endodontics sales growth. Our model forecast was $389.7 million.

Global Technology

The segment’s sales totaled $173 million, up 8.4% on a reported basis and up 7.6% at cc, led by accelerated adoption of cloud-based software and sales growth from recently launched revenue cycle management solutions. Our model projected $175.5 million for this segment.

HSIC’s Margin PerformanceIn the reported quarter, the gross profit totaled $1.06 billion, representing 7% increase year over year. The gross margin contracted 19 basis points (bps) to 30.9% due to an 8% rise in the cost of sales.

SG&A expenses increased 9.5% to $808 million in the quarter under review. The adjusted operating profit was $255 million, flat year over year. The adjusted operating margin contracted 57 bps year over year to 7.4%.

Liquidity Position of HSICHenry Schein exited the fourth quarter of 2025 with cash and cash equivalents of $156 million compared with $122 million at the end of the fourth quarter of 2024.

Cumulative net cash provided by operating activities at the end of the reported quarter was $712 million, down from the year-ago figure of $848 million.

During the reported quarter, HSIC repurchased nearly 2.8 million shares of its common stock at an average price of $71.10 per share for a total of approximately $200 million. At the end of the reported quarter, Henry Schein had $780 million authorized and available for future stock repurchases.

HSIC’s 2026 GuidanceThe company expects 2026 total sales growth to be between 3% and 5%. The Zacks Consensus Estimate for sales is currently pegged at $13.53 billion, indicating 3.5% year-over-year growth.

Non-GAAP diluted EPS for 2026 is expected to be in the band of $5.23-$5.37. The Zacks Consensus Estimate for earnings is pegged at $5.27 per share. 

How Have Estimates Been Moving Since Then?It turns out, estimates revision have trended downward during the past month.

VGM ScoresCurrently, Henry Schein has a nice Growth Score of B, though it is lagging a lot on the Momentum Score front with an F. However, the stock was allocated a grade of A on the value side, putting it in the top quintile for this investment strategy.

Overall, the stock has an aggregate VGM Score of A. If you aren't focused on one strategy, this score is the one you should be interested in.

OutlookEstimates have been broadly trending downward for the stock, and the magnitude of these revisions indicates a downward shift. Notably, Henry Schein has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.

It has been about a month since the last earnings report for Iovance Biotherapeutics (IOVA - Free Report) . Shares have lost about 2.1% in that time frame, outperforming the S&P 500.

Will the recent negative trend continue leading up to its next earnings release, or is Iovance Biotherapeutics due for a breakout? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its most recent earnings report in order to get a better handle on the important catalysts.

Q4 Earnings & Sales Beat EstimatesIovance incurred a fourth-quarter 2025 loss of 18 cents per share, narrower than the Zacks Consensus Estimate of a loss of 22 cents. In the year-ago quarter, the company reported a loss per share of 26 cents.

Total revenues for the fourth quarter rose 17.6% year over year to $87 million, generated entirely from the sales of the company’s two marketed drugs. The top line beat the Zacks Consensus Estimate of $75 million.

Quarter in DetailIOVA recorded approximately $65 million from Amtagvi sales during the quarter, representing a 33.4% year-over-year increase, driven by robust demand. This figure beat the Zacks Consensus Estimate of $61 million.

Proleukin generated $22 million during the quarter, down 12% year over year. The figure beat the Zacks Consensus Estimate of $15 million.

Research & development expenses totaled $71.2 million in the fourth quarter, up 0.3% from the year-ago period.

Selling, general and administrative expenses declined 14% from the prior-year quarter’s figure to $36.4 million, mainly due to lower stock compensation expenses.

As a result of a restructuring plan initiated in August 2025, Iovance has started experiencing the benefits of cost optimization. The company reported a gross margin of 50% in the fourth quarter compared with 43% in the previous quarter, driven by improved operational efficiency.

Full-Year 2025 ResultsFor 2025, Iovance reported total revenues of approximately $264 million, representing a 61% year-over-year increase. Revenues were within the guidance range of $250 million to $300 million in the first full year of Amtagvi’s launch.

The company recorded a net loss per share of $1.09, narrower than a loss of $1.28 per share in 2024.

How Have Estimates Been Moving Since Then?In the past month, investors have witnessed a upward trend in estimates review.

The consensus estimate has shifted 22.73% due to these changes.

VGM ScoresAt this time, Iovance Biotherapeutics has a nice Growth Score of B, however its Momentum Score is doing a bit better with an A. However, the stock was allocated a score of F on the value side, putting it in the bottom 20% quintile for this investment strategy.

Overall, the stock has an aggregate VGM Score of C. If you aren't focused on one strategy, this score is the one you should be interested in.

OutlookEstimates have been trending upward for the stock, and the magnitude of this revision looks promising. Notably, Iovance Biotherapeutics has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.

Performance of an Industry PlayerIovance Biotherapeutics is part of the Zacks Medical - Biomedical and Genetics industry. Over the past month, Amicus Therapeutics (FOLD - Free Report) , a stock from the same industry, has gained 0.6%. The company reported its results for the quarter ended December 2025 more than a month ago.

Amicus Therapeutics reported revenues of $185.21 million in the last reported quarter, representing a year-over-year change of +23.7%. EPS of $0.10 for the same period compares with $0.09 a year ago.

For the current quarter, Amicus Therapeutics is expected to post earnings of $0.12 per share, indicating a change of +300% from the year-ago quarter. The Zacks Consensus Estimate has changed +7.7% over the last 30 days.

Amicus Therapeutics has a Zacks Rank #3 (Hold) based on the overall direction and magnitude of estimate revisions. Additionally, the stock has a VGM Score of C.

It has been about a month since the last earnings report for First Solar (FSLR - Free Report) . Shares have lost about 7.9% in that time frame, underperforming the S&P 500.

Will the recent negative trend continue leading up to its next earnings release, or is First Solar due for a breakout? Well, first let's take a quick look at its most recent earnings report in order to get a better handle on the recent drivers for First Solar, Inc. before we dive into how investors and analysts have reacted as of late.

First Solar's Q4 Earnings Lag Estimates, Revenues Surpass

First Solar, Inc. reported fourth-quarter 2025 earnings of $4.84 per share, which missed the Zacks Consensus Estimate of $5.22 by 7.2%. The bottom line increased 32.6% from the prior-year quarter’s figure of $3.65.

The company reported 2025 earnings of $14.21 per share, which were higher than the year-ago figure of $12.02.

FSLR’s Sales UpdateFirst Solar’s fourth-quarter net sales were $1.68 billion, which beat the Zacks Consensus Estimate by 7%. The top line rose 11.1% from the year-ago quarter’s $1.51 billion.

The year-over-year top-line improvement was driven by an increase in the volume of module sales.

The company reported net sales of $5.22 billion in 2025, which were higher than $4.21 billion in 2024.

Operational Highlights of FSLRIn the fourth quarter, the company’s gross profit was $665.3 million, which rose 17.2% from $567.7 million in the year-ago quarter.

Total operating expenses jumped 5.9% year over year to $117.4 million.

FSLR reported an operating income of $547.9 million compared with $456.8 million in the year-ago quarter.

Financial Performance of First SolarFirst Solar had $2.8 billion in cash and cash equivalents as of Dec. 31, 2025, up from $1.62 billion as of Dec. 31, 2024.

The long-term debt totaled $282.6 million as of the same date compared with $373.4 million as of Dec. 31, 2024.

The net cash flow from operating activities amounted to $2.06 billion during 2025 compared with $1.22 billion at the end of 2024.

First Solar’s 2026 GuidanceFirst Solar introduced its 2026 guidance. FSLR expects its sales to be in the range of $4.9-$5.2 billion. The Zacks Consensus Estimate for sales is pegged at $6.21 billion, which lies above the company’s guided range.

First Solar expects gross margin to be in the band of $2.4-$2.6 billion. Its operating expenses are anticipated to be in the $610-$635 million range.

First Solar projects module shipments to be in the band of 17-18.2 gigawatts. The company expects its 2026 capital expenditure to be in the range of $0.8-$1 billion.

How Have Estimates Been Moving Since Then?It turns out, estimates review have trended downward during the past month.

The consensus estimate has shifted -34.06% due to these changes.

VGM ScoresCurrently, First Solar has a great Growth Score of A, though it is lagging a lot on the Momentum Score front with a D. Charting a somewhat similar path, the stock has a score of C on the value side, putting it in the middle 20% for this investment strategy.

Overall, the stock has an aggregate VGM Score of A. If you aren't focused on one strategy, this score is the one you should be interested in.

OutlookEstimates have been broadly trending downward for the stock, and the magnitude of these revisions indicates a downward shift. It's no surprise First Solar has a Zacks Rank #5 (Strong Sell). We expect a below average return from the stock in the next few months.

Performance of an Industry PlayerFirst Solar belongs to the Zacks Solar industry. Another stock from the same industry, SolarEdge Technologies (SEDG - Free Report) , has gained 20.8% over the past month. More than a month has passed since the company reported results for the quarter ended December 2025.

SolarEdge reported revenues of $335.36 million in the last reported quarter, representing a year-over-year change of +70.9%. EPS of -$0.14 for the same period compares with -$3.52 a year ago.

For the current quarter, SolarEdge is expected to post a loss of $0.24 per share, indicating a change of +79% from the year-ago quarter. The Zacks Consensus Estimate has changed +2.6% over the last 30 days.

SolarEdge has a Zacks Rank #3 (Hold) based on the overall direction and magnitude of estimate revisions. Additionally, the stock has a VGM Score of B.

A month has gone by since the last earnings report for Globus Medical (GMED - Free Report) . Shares have lost about 9.2% in that time frame, underperforming the S&P 500.

But investors have to be wondering, will the recent negative trend continue leading up to its next earnings release, or is Globus Medical due for a breakout? Well, first let's take a quick look at the most recent earnings report in order to get a better handle on the recent catalysts for Globus Medical, Inc. before we dive into how investors and analysts have reacted as of late.

GMED Q4 Earnings and Revenues Beat EstimatesGlobus Medical (GMED - Free Report) reported fourth-quarter adjusted earnings per share (EPS) of $1.28 per share, up 52.1% year over year. The figure surpassed the Zacks Consensus Estimate by 20.8%. 

Adjusted EPS excludes certain non-recurring expenses and benefits, such as the amortization of intangibles, merger and acquisition-related costs/licensing and the provision for litigation.

Without adjustments, the company registered a GAAP diluted EPS of $1.03 compared with 19 cents in the year-ago period.

Full-year 2025 adjusted EPS of $3.98 rose 30.8% year over year. The figure surpassed the Zacks Consensus Estimate by 4.7%. 

GMED’s RevenuesFourth-quarter worldwide sales increased 25.7% year over year to $826.4 million. The reported figure beat the Zacks Consensus Estimate by 4.9%. 

Full-year 2025 worldwide sales increased 16.7% year over year to $2.94 billion. The reported figure beat the Zacks Consensus Estimate by 1.7%. 

GMED’s 2026 GuidanceGlobus Medical reaffirms its guidance for full-year revenues at $3.18-$3.22 billion. The Zacks Consensus Estimate is currently pegged at $3.15 billion.

The company updated its guidance for non-GAAP fully diluted EPS to $4.40-$4.50 (up from $4.30-$4.40). The Zacks Consensus Estimate is pegged at $3.89.

How Have Estimates Been Moving Since Then?In the past month, investors have witnessed a downward trend in estimates review.

The consensus estimate has shifted 7.35% due to these changes.

VGM ScoresCurrently, Globus Medical has a nice Growth Score of B, a score with the same score on the momentum front. Charting a somewhat similar path, the stock has a score of C on the value side, putting it in the middle 20% for this investment strategy.

Overall, the stock has an aggregate VGM Score of B. If you aren't focused on one strategy, this score is the one you should be interested in.

OutlookEstimates have been broadly trending downward for the stock, and the magnitude of these revisions looks promising. Notably, Globus Medical has a Zacks Rank #1 (Strong Buy). We expect an above average return from the stock in the next few months.

It has been about a month since the last earnings report for EOG Resources (EOG - Free Report) . Shares have added about 16.9% in that time frame, outperforming the S&P 500.

Will the recent positive trend continue leading up to its next earnings release, or is EOG Resources due for a pullback? Well, first let's take a quick look at its latest earnings report in order to get a better handle on the recent catalysts for EOG Resources, Inc. before we dive into how investors and analysts have reacted as of late.

EOG Q4 Earnings Beat EstimatesEOG Resources reported fourth-quarter 2025 adjusted earnings per share of $2.27, which beat the Zacks Consensus Estimate of $2.20. The bottom line decreased from the year-ago quarter’s $2.74.

Total quarterly revenues of $5.64 billion missed the Zacks Consensus Estimate of $5.8 billion. The top line increased from $5.59 billion in the prior-year quarter.

The better-than-expected quarterly earnings were driven by higher oil-equivalent production volumes. A decline in the average realized price for crude oil and condensates partially offset the positives.

EOG’s Operational PerformanceIn the quarter under review, total volumes increased 28% year over year to 128.7 million barrels of oil equivalent (MMBoe), driven by higher crude oil and natural gas volumes from its multi-basin portfolio in the United States. The figure surpassed our estimate of 125.6 MMBoe.

Crude oil and condensate production totaled 546.1 thousand barrels per day (MBbls/d), up 10.4% from the year-ago quarter’s level. The figure beat our estimate of 543.6 MBbls/d.

NGL volumes increased 35.5% year over year to 342.1 MBbls/d. The figure beat our estimate of 318.3 MBbls/d.

Natural gas volume rose to 3,065 million cubic feet per day (MMcf/d) from the year-ago quarter’s 2,092 MMcf/d. The reported figure beat our estimate of 3,020.5 MMcf/d.

The average price realization for the company’s crude oil and condensates was $59.54 per barrel compared with $71.66 in the prior-year quarter.

Natural gas was sold at $3.00 per Mcf, reflecting a year-over-year improvement of 16.7%.

Operating Cost of EOGIn the fourth quarter, lease and well expenses increased to $447 million from $394 million a year ago.

The company reported gathering, processing and transportation costs of $652 million, higher than the year-ago quarter’s $441 million. Exploration costs declined to $50 million from $52 million in the year-ago quarter. Total operating expenses were $4.7 billion, higher than $3.99 billion recorded a year ago.

Liquidity Position & Capital Expenditure of EOGAs of Dec. 31, 2025, EOG Resources had cash and cash equivalents worth $3.4 billion and long-term debt of $7.9 billion. The current portion of the long-term debt totaled $27 million.

In the reported quarter, the company generated $978 million in free cash flow. Capital expenditure amounted to $1.64 billion.

2026 GuidanceFor the first quarter of 2026, EOG expects total production of 1,351.5 to 1,396.5 MBoe/d. For full-year 2026, the company has projected total production between 1,373.1 Mboe/d and 1,418.2 Mboe/d. EOG has outlined a capital plan of $6.5 billion for the year.

How Have Estimates Been Moving Since Then?In the past month, investors have witnessed a downward trend in estimates revision.

The consensus estimate has shifted 6.27% due to these changes.

VGM ScoresAt this time, EOG Resources has a subpar Growth Score of D, however its Momentum Score is doing a lot better with an A. However, the stock was allocated a score of C on the value side, putting it in the middle 20% for value investors.

Overall, the stock has an aggregate VGM Score of C. If you aren't focused on one strategy, this score is the one you should be interested in.

OutlookEstimates have been trending downward for the stock, and the magnitude of these revisions looks promising. Interestingly, EOG Resources has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.

Performance of an Industry PlayerEOG Resources is part of the Zacks Oil and Gas - Exploration and Production - United States industry. Over the past month, Diamondback Energy (FANG - Free Report) , a stock from the same industry, has gained 16.8%. The company reported its results for the quarter ended December 2025 more than a month ago.

Diamondback reported revenues of $3.38 billion in the last reported quarter, representing a year-over-year change of -9%. EPS of $1.74 for the same period compares with $3.64 a year ago.

For the current quarter, Diamondback is expected to post earnings of $2.56 per share, indicating a change of -43.6% from the year-ago quarter. The Zacks Consensus Estimate has changed +23.4% over the last 30 days.

Diamondback has a Zacks Rank #3 (Hold) based on the overall direction and magnitude of estimate revisions. Additionally, the stock has a VGM Score of B.

A month has gone by since the last earnings report for Corcept Therapeutics (CORT - Free Report) . Shares have added about 11.7% in that time frame, outperforming the S&P 500.

Will the recent positive trend continue leading up to its next earnings release, or is Corcept due for a pullback? Well, first let's take a quick look at the most recent earnings report in order to get a better handle on the recent drivers for Corcept Therapeutics Incorporated before we dive into how investors and analysts have reacted as of late.

Corcept's Q4 Earnings and Revenues Fall Short of EstimatesCorcept reported fourth-quarter 2025 earnings of 20 cents per share, which missed the Zacks Consensus Estimate of 27 cents. The company had reported earnings of 26 cents per share in the year-ago quarter.

Revenues in the fourth quarter increased around 11.1% year over year to $202.1 million. The figure, however, substantially missed the Zacks Consensus Estimate of $254 million. The top line solely comprised product sales of the Cushing’s syndrome drug, Korlym.

Quarter in DetailRevenues from Korlym missed our model estimate of $250 million.

Research and development expenses fell 7.7% year over year to $64.9 million.

Selling, general and administrative expenses increased around 56.1% year over year to $130.2 million.

Consequently, operating expenses increased 26.2% year over year to $197.6 million in the fourth quarter.

Cash and investments, as of Dec. 31, 2025, totaled $532.4 million compared with $524.2 million as of Sept. 30, 2025.

2026 GuidanceCorcept expects total revenues in the range of $900 million to $1 billion in 2026.

How Have Estimates Been Moving Since Then?It turns out, fresh estimates have trended downward during the past month.

The consensus estimate has shifted -12.66% due to these changes.

VGM ScoresCurrently, Corcept has a nice Growth Score of B, though it is lagging a lot on the Momentum Score front with an F. Charting a somewhat similar path, the stock has a score of D on the value side, putting it in the bottom 40% for value investors.

Overall, the stock has an aggregate VGM Score of C. If you aren't focused on one strategy, this score is the one you should be interested in.

OutlookEstimates have been broadly trending downward for the stock, and the magnitude of these revisions indicates a downward shift. It's no surprise Corcept has a Zacks Rank #4 (Sell). We expect a below average return from the stock in the next few months.

Performance of an Industry PlayerCorcept is part of the Zacks Medical - Drugs industry. Over the past month, Madrigal (MDGL - Free Report) , a stock from the same industry, has gained 6.2%. The company reported its results for the quarter ended December 2025 more than a month ago.

Madrigal reported revenues of $321.08 million in the last reported quarter, representing a year-over-year change of +210.8%. EPS of -$2.57 for the same period compares with -$2.71 a year ago.

For the current quarter, Madrigal is expected to post a loss of $3.62 per share, indicating a change of -9% from the year-ago quarter. The Zacks Consensus Estimate has changed -52.8% over the last 30 days.

Madrigal has a Zacks Rank #3 (Hold) based on the overall direction and magnitude of estimate revisions. Additionally, the stock has a VGM Score of F.

A month has gone by since the last earnings report for CoStar Group (CSGP - Free Report) . Shares have lost about 7.5% in that time frame, underperforming the S&P 500.

Will the recent negative trend continue leading up to its next earnings release, or is CoStar due for a breakout? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the latest earnings report in order to get a better handle on the important drivers.

CoStar Q4 Earnings Beat Estimates, Revenues Up Y/YCoStar Group reported non-GAAP earnings of 31 cents per share in the fourth quarter of 2025, which surpassed the Zacks Consensus Estimate by 13.76%. The company reported earnings of 26 cents per share in the year-ago quarter, up 19.2% year over year.

Revenues of $900 million beat the Zacks Consensus Estimate by 1% and increased 26.9% year over year. This represents the company’s 59th consecutive quarter of double-digit revenue growth. The upside was driven by robust performance in key segments.

CSGP’s Quarter DetailsDuring the fourth quarter of 2025, the company changed the composition of segments from geography-based to product portfolio-based. In the fourth quarter of 2025, Commercial Real Estate revenues (52.3% of revenues) were $471 million. The Commercial Real Estate segment includes CoStar, LoopNet, and Other Commercial Real Estate.

CoStar’s revenues (36.1% of revenues) were $325, which increased 9.4% year over year.

LoopNet’s revenues (9.3% of revenues) were $84 million, which increased 16.7% year over year.

Other Commercial Real Estate revenues (6.9% of revenues) were $62 million, which increased 181.8% year over year.

Fourth-quarter Residential revenues (47.7% of revenues) were $429 million, which increased 34.9% year over year.

In the fourth quarter of 2025, Net New Bookings reached $75 million, which represents a year-over-year increase of 41.5%. In 2025, Net New Bookings reached $308 million, which represents a year-over-year increase of 23.2%.

In the reported quarter, CoStar’s sites reached 139 million average monthly unique visitors, while the Homes.com Network achieved 108 million.

CoStar’s Operating DetailsIn the reported quarter, selling and marketing expenses increased 22.3% year over year to $378 million. As a percentage of revenues, selling and marketing expenses were 42% compared with 43.6% in the year-ago quarter.

General and administrative expenses, as a percentage of revenues, contracted 330 basis points (bps) on a year-over-year basis to 14.3%.

Software development expenses, as a percentage of revenues, expanded 50 bps, while Customer base amortization expenses rose 280 bps year over year.

Operating expenses increased 24.4% year over year to $658 million. As a percentage of revenues, operating expenses decreased 150 bps year over year to 73.1%.

Adjusted EBITDA was $177 million compared with the year-ago quarter’s $112 million. The adjusted EBITDA margin expanded 390 bps to 19.7%.

CSGP’s Balance Sheet & Cash Flow StatementCoStar reported cash and cash equivalents of $1.63 billion as of Dec. 31, 2025, compared with $1.93 billion as of Sept. 30, 2025.

The company had a long-term debt of $993 million as of Dec. 31, 2025, compared with $992.9 million as of Sept. 30.

Cash generated by operating activities was $430 million in the reported quarter compared with $267.9 million in the previous quarter.

In the fourth quarter of 2025, the company completed a $500 million share repurchase program, which was initiated in 2025.

CSGP Initiates Positive Q1 & 2026 GuidanceFor the first quarter of 2026, the company expects revenues between $890 million and $900 million, indicating year-over-year growth of 22% to 23%.

The company anticipates adjusted EBITDA between $95 million and $115 million for the first quarter of 2026.

CSGP expects first-quarter non-GAAP earnings per share between 16 cents and 19 cents.

For 2026, revenues are expected to be between $3.78 billion and $3.82 billion, indicating year-over-year growth of 16% to 18%.

 The company anticipates adjusted EBITDA between $740 million and $800 million for 2026.

CSGP expects 2026 non-GAAP earnings per share between $1.22 per share and $1.33 per share.

How Have Estimates Been Moving Since Then?In the past month, investors have witnessed a downward trend in estimates revision.

The consensus estimate has shifted -42.34% due to these changes.

VGM ScoresAt this time, CoStar has a average Growth Score of C, though it is lagging a bit on the Momentum Score front with a D. Following the exact same course, the stock has a score of D on the value side, putting it in the bottom 40% for value investors.

Overall, the stock has an aggregate VGM Score of F. If you aren't focused on one strategy, this score is the one you should be interested in.

OutlookEstimates have been broadly trending downward for the stock, and the magnitude of these revisions indicates a downward shift. Interestingly, CoStar has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.

Performance of an Industry PlayerCoStar is part of the Zacks Computers - IT Services industry. Over the past month, Vertiv Holdings Co. (VRT - Free Report) , a stock from the same industry, has gained 5.3%. The company reported its results for the quarter ended December 2025 more than a month ago.

Vertiv reported revenues of $2.88 billion in the last reported quarter, representing a year-over-year change of +22.7%. EPS of $1.36 for the same period compares with $0.99 a year ago.

For the current quarter, Vertiv is expected to post earnings of $1.00 per share, indicating a change of +56.3% from the year-ago quarter. The Zacks Consensus Estimate remained unchanged over the last 30 days.

Vertiv has a Zacks Rank #2 (Buy) based on the overall direction and magnitude of estimate revisions. Additionally, the stock has a VGM Score of C.

Sundance to offer affordable single-story homes from the national leader in online homebuying

, /PRNewswire/ -- Century Communities, Inc. (NYSE: CCS)—a top national homebuilder, industry leader in online home sales, and featured on America's Most Trustworthy Companies and World's Most Trustworthy Companies by Newsweek—announced that Sundance, a new Coolidge, AZ community, is coming soon from the Company's Century Complete brand, bringing modern new homes to a prime Pinal County location with easy connectivity to Casa Grande and the Phoenix employment corridor.

Alamar Exterior Rendering | New Construction Homes in Coolidge, AZ | Sundance by Century Complete

Daisy Exterior Rendering | New Homes in Coolidge, AZ | Sundance by Century Complete "Sundance features an exciting lineup of one-story floor plans designed to enhance modern living," said Paul Zetah, Regional President for Century Complete. "With limited homes available, it's the perfect time to join our interest list and ensure you're the first to know about pricing, homesites, and special savings opportunities."

Learn more and join the Interest List at www.CenturyCommunities.com/SundanceAZ.

Sundance sits minutes from expanding manufacturing and distribution corridors, featuring companies like Proctor & Gamble and Lucid Motors along Arizona State Route 87. Employment opportunities are established and growing, while the community maintains the small-town charm and slower-paced lifestyle of Coolidge.

Each Sundance floor plan offers desirable included features like quartz countertops, Kohler® water fixtures, luxury vinyl plank flooring, and LG® stainless-steel appliances. Spacious, stylish layouts designed for modern living showcase impressive, open kitchens overlooking sunlit great rooms and dining areas. Generous primary suites provide a serene retreat, complete with en-suite baths and large walk-in closets. In addition, covered patios are standard, lending beautiful outdoor living space to every home.

MORE ABOUT SUNDANCE
Pricing from the $260s

One-story floor plans with open-concept layouts 3 to 4 bedrooms, 2 bathrooms, and up to 1,803 square feet Covered patios, quartz countertops, Kohler® water fixtures, luxury vinyl-plank flooring, and LG® stainless-steel appliances included Within 19 miles of six world-class golf courses 20 miles from Casa Grande Close to Casa Grande Ruins National Monument Community Location
Highway 87 & Vah Ki Inn Road
Coolidge, AZ 85128
520.308.6195 

VISIT OUR SALES STUDIO
While our state-of-the-art online homebuying process allows you to buy on your terms—24 hours a day, 7 days a week, 365 days a year—we also offer in-person assistance from local experts at our Sales Studio.

Studio Address
4435 E. Chandler Boulevard, Suite 201
Phoenix, AZ 85048
520.308.6195

DISCOVER THE FREEDOM OF ONLINE HOMEBUYING:

Century Communities is proud to feature its industry-first online homebuying experience on all available homes in Arizona.

How it works:

Shop homes at CenturyCommunities.com Click "Buy Now" on any available home Fill out a quick Buy Online form Electronically submit an initial earnest money deposit Electronically sign a purchase contract via DocuSign® Learn more about the Buy Online experience at www.CenturyCommunities.com/online-homebuying.

About Century Communities
Century Communities, Inc. (NYSE: CCS) is one of the nation's largest homebuilders and a recognized industry leader in online home sales. Newsweek has named the Company one of America's Most Trustworthy Companies for three consecutive years. Century Communities has also been designated as one of U.S. News & World Report's Best Companies to Work For (2025–2026). Through its Century Communities and Century Complete brands, Century's mission is to build attractive, high-quality homes at affordable prices to provide its valued customers with A HOME FOR EVERY DREAM®. Century is engaged in all aspects of homebuilding — including the acquisition, entitlement and development of land, along with the construction, innovative marketing and sale of quality homes designed to appeal to a wide range of homebuyers. The Company operates in 16 states and over 45 markets across the U.S., and also offers mortgage, title, insurance brokerage, and escrow services in select markets through its Inspire Home Loans, Parkway Title, IHL Home Insurance Agency, and IHL Escrow subsidiaries. To learn more about Century Communities, please visit www.centurycommunities.com.

SOURCE Century Communities, Inc.

A month has gone by since the last earnings report for Axon Enterprise (AXON - Free Report) . Shares have lost about 11.5% in that time frame, underperforming the S&P 500.

Will the recent negative trend continue leading up to its next earnings release, or is Axon due for a breakout? Well, first let's take a quick look at its most recent earnings report in order to get a better handle on the recent catalysts for Axon Enterprise, Inc before we dive into how investors and analysts have reacted as of late.

Axon's Q4 Earnings Top Estimates, Connected Devices’ Sales Increase Y/YAxon reported fourth-quarter 2025 adjusted earnings of $2.15 per share, which beat the Zacks Consensus Estimate of $1.67. The bottom line increased 3.4% year over year.

Total revenues of $797 million surpassed the consensus estimate of $753.6 million and increased 39% year over year. The top line benefited from strong demand for TASER 10, Axon Body 4 and counter-drone equipment. Growing adoption of premium software solutions also augmented the top-line results.

In 2025, it reported net revenues of $2.78 billion, which increased 33.5% year over year. The company’s adjusted earnings were $6.85 per share, up 15.3% on a year-over-year basis.

Q4 Business Segment PerformanceEffective first-quarter 2025, Axon realigned its business segments. The company now reports results under two business segments, namely Connected Devices and Software & Services.

Connected Devices: The segment’s revenues jumped 37.6% year over year to $454.2 million, driven by an increase in demand for TASER 10 devices, Axon Body 4, counter-drone products and fleet systems. However, the adjusted gross margin decreased year over year to 49.3% from 52.2%. The Zacks Consensus Estimate for Connected Devices’ revenues was pegged at $417 million.

Software & Services: The segment’s revenues rose 39.8% year over year to $342.5 million. The uptick was driven by an increase in the aggregate number of users and growing adoption of premium software offerings. However, the adjusted gross margin decreased to 76.7% from 78% in the year-ago period. The Zacks Consensus Estimate for Software & Services’ revenues was pegged at $336 million.

Margin ProfileAxon’s cost of sales increased 46.3% year over year to $335.4 million. Selling, general and administrative expenses increased 39.8% year over year to $317.4 million.

Total operating expenses climbed 41.1% year over year to $511.4 million. The adjusted gross margin decreased to 61.1% from 63.2% in the year-ago period, owing to global tariff-related impacts and a higher Platform Solutions product mix in Connected Devices.

Balance Sheet & Cash FlowAt the end of fourth-quarter 2025, Axon had cash and cash equivalents of $1.20 billion compared with $454.8 million at December 2024-end. Long-term lease liabilities totaled $98.9 million compared with $41.4 million at 2024-end.

In 2025, the company generated net cash of $211.3 million from operating activities compared with $408.3 million in the previous year period.

Adjusted free cash flow was $85.6 million in 2025 compared with $344.3 million in the prior-year period.

Outlook for 2026For 2026, Axon expects revenues to grow 27-30% year over year. Adjusted EBITDA margin is expected to be 25.5%.

The company expects capital expenditures to be between $185 million and $215 million. This includes investments in long-term research & development projects, continued capacity expansion, global facility build-outs and new product development. It anticipates stock-based compensation expenses to be $230 million.

Outlook for 2028In 2028, Axon anticipates achieving revenues of $6 billion annually. Adjusted EBITDA margin is projected to be about 28%. The company aims to generate strong cash flow, with adjusted free cash flow equal to 60% of adjusted EBITDA. It plans to limit annual dilution from stock-based compensation to less than 2.5%.

How Have Estimates Been Moving Since Then?Since the earnings release, investors have witnessed a downward trend in fresh estimates.

The consensus estimate has shifted -76.6% due to these changes.

VGM ScoresCurrently, Axon has a average Growth Score of C, however its Momentum Score is doing a lot better with an A. However, the stock has a grade of F on the value side, putting it in the bottom 20% quintile for this investment strategy.

Overall, the stock has an aggregate VGM Score of D. If you aren't focused on one strategy, this score is the one you should be interested in.

OutlookEstimates have been broadly trending downward for the stock, and the magnitude of these revisions looks promising. Notably, Axon has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.

Performance of an Industry PlayerAxon is part of the Zacks Aerospace - Defense Equipment industry. Over the past month, Curtiss-Wright (CW - Free Report) , a stock from the same industry, has gained 0.5%. The company reported its results for the quarter ended December 2025 more than a month ago.

Curtiss-Wright reported revenues of $946.98 million in the last reported quarter, representing a year-over-year change of +14.9%. EPS of $3.79 for the same period compares with $3.27 a year ago.

For the current quarter, Curtiss-Wright is expected to post earnings of $3.24 per share, indicating a change of +14.9% from the year-ago quarter. The Zacks Consensus Estimate remained unchanged over the last 30 days.

The overall direction and magnitude of estimate revisions translate into a Zacks Rank #3 (Hold) for Curtiss-Wright. Also, the stock has a VGM Score of C.

It has been about a month since the last earnings report for Archrock Inc. (AROC - Free Report) . Shares have added about 5.2% in that time frame, outperforming the S&P 500.

Will the recent positive trend continue leading up to its next earnings release, or is Archrock Inc. due for a pullback? Well, first let's take a quick look at the most recent earnings report in order to get a better handle on the recent catalysts for Archrock, Inc. before we dive into how investors and analysts have reacted as of late.

Archrock Tops on Q4 Earnings & Revenues EstimatesArchrock reported reported fourth-quarter 2025 earnings per share of 69 cents, which beat the Zacks Consensus Estimate of 40 cents. The bottom line improved from the year-ago quarter’s level of 35 cents.

This Houston, TX-based oil and gas equipment and services company generated total quarterly revenues of $377 million, up from $326 million reported in the year-ago quarter. The figure met the Zacks Consensus Estimate.

The strong quarterly earnings were driven by solid contributions from both operating segments, reflecting robust demand for natural gas compression services.

Operational PerformanceArchrock operates through two business segments: Contract Operations and Aftermarket Services.

The Contract Operations segment reported revenues of $327.1 million in the fourth quarter compared with $286.5 million in the year-ago quarter.

Total operating horsepower at the end of the quarter was 4.6 million, up from 4.2 million in the prior-year quarter. The company’s utilization rate at the end of the fourth quarter of 2025 stood at 95.5%, lower than 96.1% at the end of the prior-year quarter.

Revenues from the Aftermarket Services segment totaled $50 million compared with $40 million in the fourth quarter of 2024.

Costs and ExpensesThe total cost of sales in the quarter amounted to $108.5 million, down from $117.1 million in the year-ago period. Depreciation and amortization expenses totaled $68.9 million in the quarter under review.

Liquidity Position & Capital ExpenditureAs of Dec. 31, 2025, the company had a long-term debt of $2.4 billion. The total available liquidity was $579 million as of the same date. Net capital expenditures amounted to $9.5 million in the fourth quarter.

Dividend PaymentArchrock declared a quarterly dividend of 22 cents per share (88 cents on an annualized basis), representing a sequential increase of approximately 5%. This resulted in a dividend coverage of 4.9x in the quarter. The dividend was paid on Feb. 18, 2025.

Share Repurchase DetailsDuring the fourth quarter, the company repurchased 647,480 shares of common stock at an average price of $24.44 per share for a total consideration of approximately $15.8 million. From April 2023 through Oct. 22, 2025, a total of 4,461,311 shares were repurchased at an average price of $20.72 per share. Archrock’s available repurchase capacity at the end of the fourth quarter stood at $117.7 million.

GuidanceThe company expects a solid 2026 performance, projecting net income between $306 million and $356 million and adjusted EBITDA in the range of $865 million to $915 million. Archrock anticipates Contract Operations revenues for 2026 to range from $1.32 billion to $1.36 billion. The Aftermarket Services business is expected to generate revenues between $200 million and $220 million.

On the investment side, the company expects growth capital expenditures between $250 million and $275 million, while maintenance capital spending is projected at $125-$135 million.

How Have Estimates Been Moving Since Then?In the past month, investors have witnessed a upward trend in fresh estimates.

VGM ScoresAt this time, Archrock Inc. has a nice Growth Score of B, a score with the same score on the momentum front. Charting a somewhat similar path, the stock was allocated a grade of C on the value side, putting it in the middle 20% for this investment strategy.

Overall, the stock has an aggregate VGM Score of B. If you aren't focused on one strategy, this score is the one you should be interested in.

OutlookEstimates have been trending upward for the stock, and the magnitude of this revision looks promising. It comes with little surprise Archrock Inc. has a Zacks Rank #1 (Strong Buy). We expect an above average return from the stock in the next few months.

Performance of an Industry PlayerArchrock Inc. belongs to the Zacks Oil and Gas - Field Services industry. Another stock from the same industry, ProPetro Holding (PUMP - Free Report) , has gained 24.9% over the past month. More than a month has passed since the company reported results for the quarter ended December 2025.

ProPetro reported revenues of $289.67 million in the last reported quarter, representing a year-over-year change of -9.6%. EPS of $0.01 for the same period compares with -$0.01 a year ago.

For the current quarter, ProPetro is expected to post a loss of $0.10 per share, indicating a change of -211.1% from the year-ago quarter. The Zacks Consensus Estimate has changed -5.1% over the last 30 days.

ProPetro has a Zacks Rank #3 (Hold) based on the overall direction and magnitude of estimate revisions. Additionally, the stock has a VGM Score of A.

Wave Life Sciences (NASDAQ:WVE) saw its shares fall more than 52% following the release of six-month Phase 1 data for WVE-007, its investigational INHBE GalNAc-siRNA therapy, despite results showing improvements in body composition and continued safety and tolerability.

The Phase 1 INLIGHT trial reported that a single 240 mg dose of WVE-007 produced placebo-adjusted reductions of 14.3% in visceral fat, 5% in total fat, a 2% increase in lean mass, a 3.3% reduction in waist circumference, and a 0.9% reduction in body weight after six months.

At three months, the same cohort had shown 7.8% visceral fat reduction, 0.3% body weight loss, and a 0.4% decrease in waist circumference.

The study also demonstrated durable suppression of serum Activin E for at least seven months, supporting the potential for once- or twice-yearly dosing.

Wave’s Phase 1 cohort included 32 participants with an average BMI of 32 kg/m². The company noted that the improvements in body composition occurred in participants with lower baseline BMI and fat levels than those typically enrolled in later-stage obesity trials.

“WVE-007 is already translating in the clinic with potent and durable Activin E reductions and it continues to be safe and well tolerated,” Wave Life Sciences’ chief medical officer Dr Christopher Wright said.

“Even in this early Phase 1 trial, we are seeing our differentiated chemistry translate into clinically meaningful levels of fat loss, particularly harmful visceral fat, with muscle preservation.”

Wave plans to begin the Phase 2a multidose portion of INLIGHT in the second quarter of 2026. This study will test WVE-007 as a monotherapy in individuals with BMIs of 35–50 and additional comorbidities, with company scientists anticipating larger reductions in body weight and fat in this higher-BMI population.

Shares of memory chip makers slumped on Thursday amid signs AI developers are developing workarounds to the supply bottleneck that's driven up memory prices over the past year.

At 10:30 a.m. Eastern time on Thursday, bitcoin traded at $69,678, consolidating near the $69,500 range after retreating from an intraday high of $71,570. Price action remains range-bound with weakening short-term momentum and persistent resistance overhead.

Bitcoin Chart Outlook The daily timeframe on Thursday continues to reflect a broad consolidation range, with price holding within the wider $62,500 to $76,000 structure implied by recent highs and lows. Current positioning near $69,000 places bitcoin in the lower half of that range, following rejection from the upper boundary near $71,570 in the latest one-day session.

The lack of trend strength at this level suggests a market in pause mode rather than one preparing for immediate expansion, with neither side showing dominant control.

BTC/USD 1-day chart via Bitstamp on March 26, 2026. On the four-hour timeframe, bitcoin’s structure has softened. Price action shows a pullback from recent highs into the $69,000 region, with the market failing to sustain moves above the $70,000 handle. The shift lower within the intraday range, combined with repeated inability to hold higher levels, reflects short-term pressure building beneath the surface. The broader tone here leans cautious, as upside attempts continue to lose follow-through.

BTC/USD 4-hour chart via Bitstamp on March 26, 2026. Alongside this, the one-hour bitcoin chart on Bitstamp reinforces that short-term weakness, with price clustering tightly around $69,519 and repeated small- volume trades indicating reduced participation. This type of compression near support—specifically the $69,500 level—often precedes expansion, but direction remains unclear. Order book data shows bids stacked at $69,500, $69,000, and $68,500, while immediate resistance sits just above at $69,537 to $69,560, keeping the price pinned in a narrow range.

BTC/USD 1-hour chart via Bitstamp on March 26, 2026. Oscillators via the daily reflect a market lacking momentum. The relative strength index ( RSI) at 48, Stochastic at 36, and commodity channel index (CCI) at −16 all register fairly neutral readings, while the average directional index (ADX) at 17 confirms weak trend strength. The Awesome oscillator also remains neutral.

However, momentum prints −5,222, and the moving average convergence divergence ( MACD) level at 44 both signal downside pressure, suggesting that while the market appears balanced on the surface, underlying momentum is tilting lower.

Moving averages (MAs) skew decisively negative despite the sideways price action. The exponential moving average (EMA) and simple moving average (SMA) cluster shows 13 bearish signals, with only one bullish and one neutral reading.

Short-term resistance is clearly defined by the $70,373 EMA (10) and $70,474 SMA (10), along with the $70,275 EMA (20) and $70,350 SMA (20), all of which sit above the current price. Even as the $68,887 SMA (50) offers nearby support, longer-term levels such as the $77,813 EMA (100) and $86,062 EMA (200) remain far above, reinforcing the broader weight of resistance pressing down on price.

Bull Verdict: Bitcoin holding above the $69,000 support zone while maintaining a broader daily range structure keeps the upside scenario intact, but it lacks confirmation. A sustained move back above the $70,800 to $71,500 resistance band would be required to shift momentum and invalidate the current short-term weakness, otherwise bullish conditions remain conditional rather than convincing.

Bear Verdict: Short-term momentum continues to weaken, with negative momentum and moving average convergence divergence ( MACD) signals aligning against price while multiple exponential moving averages (EMA) and simple moving averages (SMA) sit overhead. Failure to hold the $69,000 support zone would likely expose downside toward deeper support levels, reinforcing the growing pressure already visible beneath the surface.

FAQ 🔎 What is bitcoin’s price on March 26, 2026? Bitcoin is trading near $69,678, consolidating after a pullback from $71,570.45. Is bitcoin trending up or down right now? Short-term momentum is weakening while the broader daily range remains intact. What are key bitcoin support and resistance levels? Support sits near $69,000 while resistance is stacked between $70,800 and $71,500. What do indicators say about bitcoin’s outlook? Oscillators are mostly neutral, but momentum and MACD signals lean bearish.

— Tyler (@TylerDurden) March 26, 2026

Solana Foundation Expands Enterprise Ambitions The Solana Foundation has launched the Solana Developer Platform (SDP), an API-based toolkit for enterprises and financial institutions building on Solana.

SDP combines infrastructure from more than 20 partners into one interface, enabling users to issue stablecoins, tokenized deposits, and real-world assets, while also supporting fiat and stablecoin payments.

A trading module is scheduled for later in 2026, while the platform is currently live in a sandbox on Solana devnet.

The launch also signals growing institutional interest in Solana. Early users include Mastercard, Worldpay, and Western Union, pointing to potential use cases in payments, settlement, and cross-border finance.

Still, the stronger fundamental backdrop has not yet translated into bullish price action.

Bitcoin may be moving closer to the kind of long-term support zone that has characterized major bottoms in past cycles, but one technical analyst believes the market has not reached that moment just yet. 

An interesting technical analysis points to Bitcoin’s weekly moving averages as the clearest guide for where this decline could finally exhaust itself. That setup shows that the current price action may be narrowing to form a bottom, even though one more leg lower below $60,000 could still come first.

Bitcoin Has Already Entered A Late-Stage Correction Bitcoin has been in an extended downtrend since October 2025, down by almost 50% from its all-time high above $126,000. As it stands, the Bitcoin price now hovering around $70,000, and a growing body of technical evidence shows the price action is trading at an accumulation zone, but the bottom may not yet be in.

According to a weekly chart analysis shared by @thescalpingpro on X, Bitcoin is converging on two long-term moving averages that have defined every major cycle bottom since 2018, and the final leg down could still take price below $60,000 before a floor is established.

Technical analysis shows that the 200-week moving average and the 300-week moving averages are the structural backbone of Bitcoin’s macro price history. Back in the 2018 bear market, Bitcoin found its floor precisely at the 200 WMA, which was the end of an 84% drawdown from the prior cycle peak. The March 2020 COVID crash, brief as it was, sent the Bitcoin price straight through the 200 WMA and into the 300 WMA before reversing sharply.

Then in 2022, during the FTX crash and the collapse of the crypto credit market, Bitcoin again bottomed in the vicinity of the 300 WMA. This completed a pattern that has now repeated across three different market cycles during three entirely different macroeconomic conditions.

Bitcoin Price Chart. Source: @thescalpingpro On X

Where Does Bitcoin Need To Go? At the time of writing, Bitcoin is trading at $69,820, down by 1.8% in the past 24 hours. However, Bitcoin is still trading above both moving averages but has not meaningfully tested either. The 200 WMA is currently sitting at $59,268, while the 300 WMA is positioned at $51,805. These two levels now define the high-probability accumulation range that could be identified as the bottom zone for the current correction.

The red support box drawn on the right side of the chart above shows exactly that possibility. The price may still dip into the upper end of the support band around the 200-week moving average or, in a more intense selloff, slide toward the 300-week moving average around $51,800.

BTC price retraces from support | Source: BTCUSD on Tradingview.com Featured image created with Dall.E, chart from Tradingview.com

The line between volatility and opportunity is thin, and it shows up when the market’s stuck in a bear phase. 

Right now, that’s exactly the kind of setup we’re seeing.

The market is heading into the fourth week of the Middle East conflict, and with Iran flat-out rejecting the U.S.’ “15-point” peace proposal, there’s no end in sight. The result? Macro factors “continue” to keep investors on edge.

On the technical side, oil keeps shaking things up, gold keeps breaking down, and Bitcoin [BTC] chops around the $70k mark like it’s stuck in limbo.

In short, the market is testing investors: Will you HODL, sell, or buy the “dip”? Every move counts because the market isn’t giving easy answers right now.

Source: TradingView (BTC/USDT) That said, there’s one common theme most analysts are circling: The long-term impact of this conflict. 

Notably, the big debate is whether the war’s fallout could tip the economy into recession.

BlackRock CEO Larry Fink, for instance, is one of the voices out there, pointing to how rising oil prices could crush demand, push up unemployment, and trigger a feedback loop that keeps the economy under pressure.

What’s the fix?

Chief Economist Peter Schiff sees an interest rate cut coming. For Bitcoin traders, that’s where the “opportunity” kicks in: Volatility spikes, macro fears run high, and the market tests positions, but making the right moves now could set up big wins later.

Naturally, the question is: Is the current market fear exactly where Bitcoin investors are leaning in, hinting at long-term setups, hedging activity, and potential short-squeeze conditions that could light up an H2 rally?

Bitcoin and XAUT flows reveal where traders are putting their bets Across every level, Bitcoin traders are signaling how they’re playing this volatility.

On the macro side, volatility keeps traders on their toes, pushing them toward quick gains and safer bets. That’s why Tether Gold (XAUT) is getting so much attention.

CryptoQuant showed its daily perpetual volume on Binance just hit a fresh all-time high, highlighting how aggressively traders are stacking positions.

At the same time, accumulation is holding strong.

Since the war started, Bitcoin’s exchange outflows haven’t slowed, with around 80k BTC moving off exchanges. That’s pushed reserves down to a multi-year low of 2.7 million, showing that long-term holders are quietly stacking while traders work the swings.

Source: CryptoQuant Put simply, Bitcoin investors are treating fear like opportunity, aiming for outsized gains.

Combine that with recession headlines, and the logic becomes clear.

Short-term volatility keeps traders chasing quick wins, but long-term investors are positioning for economic stress that could eventually push the Fed to loosen monetary conditions, while those XAUT bets get squeezed in the process.

In this context, Bitcoin’s chop around $70k isn’t just noise. With recession fears on the rise and holders quietly stacking, traders are turning the bear phase into an opportunity, setting the stage for a potential H2 rally when rate cuts finally hit.

Final Summary Bitcoin holders keep stacking while XAUT sees record perp activity, showing positioning for outsized gains despite short-term volatility. Rising recession risks suggest the market is quietly laying the groundwork for a potential rally once interest rate cuts arrive.

The crypto industry has framed its quantum reckoning as a single catastrophic “Q-Day” moment when a sufficiently powerful machine arrives, old cryptographic keys shatter, and blockchain history unravels. This week, that moment may have been brought forward into this decade.

The Ethereum Foundation's Mar. 24 post-quantum (PQ) roadmap shows that the realistic quantum threat to Ethereum centers on forged signatures enabling theft and impersonation, and that selecting stronger cryptographic algorithms is the comparatively manageable layer of the problem.

The coordination infrastructure underneath it is an order of magnitude harder.

EF's FAQ ranks the exposed surfaces in a specific order: user accounts (externally owned accounts, or EOAs), high-value operational keys at exchanges, bridges, custody hot wallets, governance and upgrade multisigs, then validator keys.

Each category has a different migration timeline and political weight. Together, they describe a live financial system that must upgrade itself while running at full capacity, with hundreds of millions of accounts and no acceptable flag day.

Account abstraction is EF's primary execution-layer migration path because it allows users to replace ECDSA-based authentication without forcing a chain-wide reset.

EIP-4337 infrastructure already supports more than 26 million smart wallets and 170 million UserOperations, which is still a fraction of Ethereum's active user surface.

DefiLlama currently shows roughly 680,777 active Ethereum addresses, with 206,823 new addresses in the last 24 hours.

The Foundation's timeline puts L1 protocol upgrades at roughly 2029, with full execution-layer migration taking additional years beyond that. EF says that most expert roadmaps place cryptographic relevance in the early to mid-2030s.

The Global Risk Institute's 2025 quantum-threat survey puts the probability of a cryptographically relevant quantum computer emerging within 10 years at 28%-49% and within 15 years at 51%-70%, with respondents noting that the timeline has accelerated.

That overlap between L1 preparation and user-wallet migration is where the operational exposure actually lives.

However, that timeline looks tighter this week. Google’s new warning compresses the policy and market timetable even if the science remains uncertain. Google is now planning against a 2029 Q-Day horizon. While this does not settle when a cryptographically relevant quantum computer will arrive, it does change the operational framing.

Once major infrastructure operators start budgeting and planning for a shorter window, post-quantum readiness stops being a distant research topic and becomes a near-cycle execution problem for wallets, bridges, custodians, and validators.

A timeline charts Ethereum's post-quantum protocol milestones against expert probability estimates for a cryptographically relevant quantum computer emerging by the mid-2030s.Where capital and control concentrateThe bridge and custody layer sharpens that exposure considerably.

L2Beat shows Ethereum-linked L2s securing about $32.54 billion in value, while DefiLlama shows bridge protocols on Ethereum holding roughly $7.275 billion in total value locked, with bridge rails processing about $18.835 billion in volume over the last month.

Those flows run through a relatively compact set of key-management choke points, which are exactly the “high-value operational keys” EF places second in its risk hierarchy.

TRM Labs' January 2026 crime report found that infrastructure attacks on keys, wallets, and access-control systems drove the majority of crypto's $2.87 billion in 2025 hack losses, outpacing smart contract exploits.

The operational discipline the post-quantum roadmap requires in this domain mirrors the discipline the industry is already failing at today, which makes bridge and custody key rotation urgent on two timelines simultaneously.

The validator layer adds a different dimension to the coordination problem.

Beaconcha.in shows roughly 976,204 active validators and 36.67 million ETH staked, which looks like a maximally decentralized key-migration problem at first glance.

At the entity level, Lido holds 21.24% of the net staking share, Binance 8.73%, Ether.fi 6.05%, and Coinbase 4.64%, with those four operators controlling roughly 40.66% combined.

Validator key rotation is simultaneously a mass-coordination problem and a concentrated-operator problem.

SurfaceKey statWhy it mattersType of riskMigration challengeUser accounts / EOAs680,777 active addresses; 206,823 new / 24hLargest live surfaceTheft / impersonationUser-by-user migrationSmart-wallet rails26M+ smart wallets; 170M+ UserOpsExisting migration pathUneven adoptionUX + wallet toolingBridges$7.275B TVL; $18.835B monthly volumeValue concentrated in few key setsOperational key compromiseFast institutional rotation neededEthereum-linked L2s$32.54B value securedLarge capital stack depends on infraIndirect ecosystem spilloverCross-system coordinationValidators976,204 active; 36.67M ETH stakedHuge validator setNetwork operations riskMass + concentrated operator migrationTop staking entitiesLido 21.24%, Binance 8.73%, Ether.fi 6.05%, Coinbase 4.64%Top four control 40.66% combinedOperator concentrationEarly movers set the paceIf major staking platforms rotate keys early, migration momentum builds naturally, and the smaller validator cohort follows clear precedents. If large operators drag, the compliance burden falls disproportionately on independent validators, who lack the operational infrastructure to bear it alone.

EF frames the dormant coin case as the most politically charged element of the roadmap.

Accounts that have never revealed a public key have no direct quantum exposure, as their key remains hidden within an address.

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Accounts that transacted, exposed their public keys, and then went silent are a different category entirely, leaving funds vulnerable with no mechanism for self-migration.

EF's FAQ names two natural outcomes when the risk window arrives: do nothing, or freeze vulnerable coins. EF explicitly frames that choice as a community governance decision, one requiring social consensus on who gets protected and under what conditions.

EF estimates Ethereum's exposure in this category at roughly 0.1% of supply, and Bitcoin's runs closer to 5%, tied to early address formats that many consider abandoned.

a16z's Justin Thaler has argued Bitcoin is uniquely exposed because early P2PK outputs put public keys directly on-chain, and because Bitcoin's governance structure makes coordinating any freeze politically severe.

Glassnode shows that about 3.46 million BTC have been inactive for more than 10 years, a broader dormancy measure that clarifies why any debate over dormant coins would be far more combustible on Bitcoin than on Ethereum.

A bar chart compares Ethereum's estimated 0.1% exposed dormant-coin supply against Bitcoin's 5%, with Glassnode data showing approximately 3.46 million BTC unmoved for over a decade.Two outcomesEthereum rests on account abstraction infrastructure already running at scale.

If EIP-7702 and EIP-4337 tooling enable a large share of active users to migrate before quantum anxiety reaches a retail tipping point, Ethereum can absorb the transition without a governance crisis.

Bridges and custodians, controlling concentrated value and facing institutional due diligence demands, move first and establish migration norms across the industry.

With Ethereum's low dormant exposure figures, “do nothing” remains politically viable, sparing the chain a contentious debate over a freeze.

In that scenario, Ethereum's real advantage is upgrade agility: a live financial system that achieves quantum readiness through gradual, incentive-compatible migration, preserving continuity and user experience throughout.

However, if L1 milestones slip, execution-layer migration extends deeper into the 2030s, and the highest-value surfaces stay partly anchored to legacy assumptions as quantum timelines tighten. This is especially true if Google's 2029 projection comes to fruition.

Because infrastructure attacks already account for most hacking losses today, markets are beginning to price operational lag as a security discount for custodians and bridge operators before any quantum computer becomes relevant.

Post-quantum readiness becomes a standard due diligence criterion for institutional allocators, and operators unable to demonstrate a credible migration timeline face capital outflows and escalating insurance costs.

The cryptographic threat causes reputational and capital costs to accumulate during the migration window itself, propelled by market perception of operational lag well ahead of any cryptographic event.

EF placed PQ work within the “Harden the L1” protocol track in February and explicitly tied native account abstraction to quantum readiness. The cryptography will advance on a predictable schedule.
The migration fight over wallets, bridges, and dormant coins is already underway.

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Ethena price hovers just under $0.10 as heavy futures leverage, whale withdrawals and a long unlock schedule reshape how ENA supply moves across DeFi.

Summary

Ethena is trading around $0.098, with daily volume above $225 million and market capitalization close to $840 million.​ Derivatives activity remains heavy, with open interest close to $952 million and futures volume over $830 million in the last 24 hours. Recent token unlocks and whale withdrawals from exchanges are tightening liquid supply even as DeFi yield narratives keep Ethena in focus. Ethena (ENA), the governance token for the synthetic dollar protocol behind the USDe stablecoin, is changing hands at about $0.09831 today, with 24‑hour trading volume of $225.14 million and a market cap of $838.98 million. CoinMarketCap data show ENA’s unlocked market cap matches the headline figure at $838.98 million, while its fully diluted valuation is higher given a total and max supply of 15 billion tokens. The token’s volume‑to‑market‑cap ratio stands at 26.83%, indicating unusually brisk turnover relative to its size and pointing to active trading interest.

ENA sits at the intersection of DeFi and synthetic assets, with 8.22 billion tokens in circulation out of 15 billion total, and roughly 87.89 thousand on‑chain holders according to CoinMarketCap’s statistics page. The project is structured around USDe, a synthetic dollar instrument, and sENA, a staked token used for protocol governance and restaking‑style security, placing Ethena within the broader restaking and yield‑bearing DeFi sector rather than as a base layer or AI token. Coinbase data similarly frame ENA as part of a growing class of DeFi governance assets, with prior snapshots showing market capitalization above €2.11 billion when the token traded closer to €0.33.

Derivatives leverage and whale moves On the derivatives side, CoinGlass reports Ethena trading at $0.2422 in its futures overview, with 24‑hour futures volume of $832.15 million, spot volume of $66.99 million, market capitalization of $1.93 billion, and open interest of $392.29 million at that time. Coinalyze’s aggregated open interest dashboard shows ENA open interest at approximately $952.7 million, up 7.31% over 24 hours, capturing the notional value of both coin‑ and stablecoin‑margined contracts. Together, those figures underscore a derivatives‑heavy market structure where leverage plays a central role in short‑term price action.

Whale and unlock dynamics add another layer. CoinMarketCap’s latest Ethena updates highlight a whale withdrawal of $4 million in ENA from Binance on March 24, 2026, a move interpreted as accumulation and a potential reduction in immediately sellable exchange supply. A separate analysis of token unlocks from Yahoo Finance points to a March 2 unlock of 40.63 million ENA, worth about $4.21 million at the time, representing 0.53% of released supply and allocated to the Ethena Foundation. CoinMarketCap’s token‑unlock schedule confirms monthly unlocks running until April 2027, implying a persistent supply overhang that markets must absorb over time.

Ethena in the DeFi and synthetic dollar landscape Ethena’s design, centered on creating a synthetic dollar yield product that behaves more like a fixed‑income instrument, sets it alongside other DeFi protocols bridging on‑chain and traditional‑style returns. CoinMarketCap’s AI summary notes roadmap items including development of an Ethena chain using USDe as gas and expanded restaking utility for sENA, both initiatives aimed at deepening protocol usage and fee generation. In parallel, token‑unlock tracking and derivatives statistics emphasize how ENA’s near‑term price will likely continue to be driven by the interplay between unlock supply, whale positioning, and leveraged futures activity, rather than purely spot investor flows.

$1 billion convertible notes repurchased at ~9% discount $88.1 million value captured from discounted buyback Convertible debt reduced by approximately 30% Bitcoin sales of 15,133 BTC generated $1.1 billion Total convertible debt drops from $3.3B to $2.3B Company faces $3.65B total debt vs $3.15B market cap MARA Shared on X MARA Holdings, Inc. (NASDAQ: MARA) announced agreements to repurchase approximately $1 billion in aggregate principal amount of its 0.00% convertible senior notes due in 2030 and 2031 at a discount to par value.

The company will repurchase:

$367.5 million of 2030 notes for approximately $322.9 million $633.4 million of 2031 notes for approximately $589.9 million The transactions reflect an approximate 9% discount and are expected to close on March 30 and March 31, 2026, subject to customary conditions.

Following completion, MARA’s outstanding convertible notes will decrease significantly, leaving:

$632.5 million of 2030 notes $291.6 million of 2031 notes Total convertible note debt will decline from $3.3 billion as of December 31, 2025, to approximately $2.3 billion.

Bitcoin Sales Fund Strategy MARA Sells 15,133 Bitcoin To finance the repurchase, MARA disclosed that it sold 15,133 bitcoin between March 4 and March 25, 2026, generating approximately $1.1 billion. The proceeds are being used primarily to fund the debt buyback, with any remaining funds allocated for general corporate purposes.

According to CEO Fred Thiel, the strategy enabled the company to capture approximately $88 million in value, reduce potential shareholder dilution, and use its bitcoin holdings to deleverage the balance sheet.

Financial Position and Market Context The company’s financial position reflects ongoing pressure, with total debt standing at $3.65 billion compared to a market capitalization of $3.15 billion as of Q4 2025.

Key financial indicators include:

Debt-to-equity ratio of 1.05 Negative levered free cash flow of $1.36 billion over the past twelve months MARA’s stock has declined 49% over the past six months and was recently trading at $8.28, with high volatility indicated by a beta of 5.42. Analyst updates reflect a more cautious outlook. Clear Street reduced its price target from $16 to $9, citing a lower EBITDA estimate of $99 million for 2027. Cantor Fitzgerald also lowered its target from $21 to $11 while maintaining an Overweight rating.

Recent quarterly results showed a 20% decline in mining revenue quarter-over-quarter and negative adjusted EBITDA. Despite these challenges, the stock saw a 6% increase amid a broader rebound in cryptocurrency-related equities alongside rising Bitcoin prices. J. Wood Capital Advisors LLC acted as financial advisor, while Paul, Weiss, Rifkind, Wharton & Garrison LLP served as legal advisor for the transactions.

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Fannie Mae will soon allow mortgages backed by cryptocurrency holdings, a significant shift that reflects growing regulatory clarity in the United States and opens a path for digital-asset holders to use nontraditional wealth as part of the homebuying process.

Crypto Down Payment Options For Fannie Mortgages On Thursday, Better Home & Finance and Coinbase announced a joint mortgage product that lets prospective buyers pledge crypto as collateral for the down payment on a Fannie Mae‑backed loan rather than selling their digital assets to generate cash. 

The offering is structured so the pledged holdings — such as Bitcoin (BTC) or Circle’s USDC stablecoin held in a Coinbase account — secure a separate loan to fund the down payment; the home mortgage itself remains a conventional Fannie‑backed loan.

Better Home & Finance’s founder and CEO, Vishal Garg, framed the partnership as a way to broaden access to homeownership: 

Better was founded to make homeownership more accessible for all Americans, and this partnership with Coinbase introduces a new pathway to realizing the American Dream for the 52 million Americans who own digital assets.  

Coinbase, in its announcement, described the product as the first time an “AI‑native” mortgage lender has combined secured digital‑asset loans with the platform of a major crypto exchange to bridge digital wealth and traditional real‑estate finance.

Unaffected By Bitcoin Price Swings Coinbase representatives emphasized that, once active, the mortgage terms and interest rates will function like a standard home loan and will not be affected by fluctuations in Bitcoin’s price. 

Coinbase also noted its ongoing engagement with policymakers. “We maintain an active, bipartisan dialogue with Washington,” said a company representative, adding that the product aims to expand homeownership opportunities for Americans whose wealth is tied up in digital assets rather than traditional bank accounts.

The daily chart shows COIN’s valuation trending downwards. Source: COIN on TradingView.com At the time of writing, the crypto exchange’s stock, which trades under the symbol COIN, is worth $176 a share. This extends the downturn, which has seen the price decline from $200, the opening price at the start of this week’s trade. 

Featured image from OpenArt, chart from TradingView.com 

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