Track market-moving stories before they get noisy

Uber Technologies (UBER.N) said on Wednesday it will cut about 3,300 jobs, or roughly 10% of its workforce, in a restructuring aimed at removing management layers, consolidating teams and reducing costs.

The cuts follow ​a difficult year for Uber shares, which have fallen nearly 8% ​and underperformed the broader S&P 500 (.SPX), amid investor concerns that autonomous ⁠ride-hailing companies such as Waymo could threaten Uber's dominant North American market share.

The company ​had about 34,000 employees globally at the end of last year, according to ​its annual report.

The layoffs would be Uber's largest since May 2020, when the company cut about 6,700 jobs, or nearly a quarter of its workforce, as pandemic restrictions crushed ​demand for ride-hailing services.

Echoing a broader push across the tech industry to ​stay nimble, CEO Dara Khosrowshahi said the cuts would reduce organizational complexity that had slowed down ‌Uber's ⁠decision-making and created roles focused on co-ordination.

But unlike several tech executives, he did not blame the cuts on AI. He also said Uber would combine some teams and concentrate most of its staff presence around key hubs as ​part of the move.

Uber ​said it reduced ⁠the number of employees positioned seven or more reporting layers below the CEO by 20% and cut the number ​of "micro-teams", teams with only one or two direct reports, ​by nearly ⁠half.

The company will concentrate global teams in New York and San Francisco, require most remote workers to relocate and limit fully remote roles to about 1% of ⁠staff, ​while maintaining its three-day office policy.

Its shares rose ​about 2% in premarket trading following the announcement, which was first reported by Bloomberg News.

Google parent Alphabet Inc. (NASDAQ:GOOG) (NASDAQ:GOOGL) remained in focus Wednesday after Berkshire Hathaway Inc. (NYSE:BRK) CEO Greg Abel backed the company’s artificial intelligence position and revealed a sharp increase in the conglomerate’s stake. The vote of confidence comes as investors assess Alphabet’s heavy AI infrastructure spending and its potential returns.

Berkshire Sees Alphabet As A Major AI PlayerAbel said that the conglomerate views Alphabet as a significant artificial intelligence player, pointing to Berkshire’s firsthand experience using AI across its portfolio companies.

He told CNBC on Wednesday that Berkshire has visibility into how its businesses use AI and the benefits the technology delivers, which increased the firm’s interest in the sector.

“We have a lot of visibility from within our companies as to how we’re using AI, what type of benefits it’s delivering, so that brought incremental interest, and then we saw Google as a significant player,” Abel said.

Berkshire initially invested $10 billion in Alphabet about 15 months ago at a 6.5% discount. Abel said he and Warren Buffett discussed both the size of the investment and the discount before completing the transaction.

Berkshire Builds Its Alphabet PositionBerkshire added $17 billion of Alphabet shares during the second quarter, making the Google parent the third-largest holding in its equity portfolio.

According to Berkshire’s latest filing, the conglomerate owned about 106 million Alphabet Class A and Class C shares, valued at roughly $36.6 billion. Alphabet was Berkshire’s largest portfolio addition during the quarter.

Alphabet’s Google is also among the major technology companies spending heavily to expand computing capacity for AI workloads.

Abel’s comments highlight Berkshire’s confidence in Alphabet’s AI position as the conglomerate increases its exposure to the Google parent while observing AI benefits across its own businesses.

Alphabet carries a consensus Buy rating. Its average price forecast is $429.15. Recent analyst actions include:

Rosenblatt maintained a Buy rating with a $410 price forecast on Aug. 20. UBS maintained a Neutral rating and cut its price forecast to $379 on July 23. Morgan Stanley maintained an Overweight rating and lowered its price forecast to $400 on July 23. Top ETF ExposureAlphabet has a large weighting in several growth-focused exchange-traded funds:

Franklin Focused Dynamic Growth ETF (NASDAQ:FFOG): 9.22% CastleArk Large Growth ETF (NYSE:CARK): 9.91% Hartford Large Cap Growth ETF (NASDAQ:HFGO): 9.83% Significance: Because GOOG carries such a heavy weight in these funds, any significant inflows or outflows for these ETFs will likely force automatic buying or selling of the stock.

Technical AnalysisAlphabet is trading below several key short-term averages. The stock sits 2.9% below its 20-day simple moving average of $346.43. It is also 3.6% below its 50-day average of $348.91 and 6.2% below its 100-day average of $358.45.

However, shares remain 0.4% above the 200-day average of $335.05. That keeps the longer-term trend intact for now.

The 20-day average is below the 50-day average, which signals weaker short-term momentum. Still, the 50-day average remains above the 200-day average. Therefore, the broader technical structure remains constructive.

The MACD sits below its signal line, while the histogram is negative. Both readings suggest buying pressure has faded.

Alphabet shares have gained 58.51% over the past 12 months. However, the recent price action points to a period of consolidation rather than a fresh breakout.

Resistance stands near $375.50. A move above that level could strengthen the bullish case. Support sits near $315. A break below the 200-day average could put that level in focus. Price ActionGOOG Stock Price Activity: Alphabet shares were up 0.31% at $333.07 during premarket trading on Wednesday, according to Benzinga Pro data.

Photo via Shutterstock

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

  Vancouver, British Columbia – TheNewswire - September 2, 2026 – Adamera Minerals Corp. (TSX-V: ADZ; OTC: DDNFF) (“Adamera” or the “Company”) announces partial results from an induced polarization (IP) survey that has identified a strong chargeability anomaly measuring at least 2.8km in width with evidence of full width in the range of 4km, at the 100% owned South Hedley Copper-Gold Property in southern British Columbia. The survey is continuing.

The chargeability response of the 2D inversion indicates that the anomaly persists below 325m depth. The Company interprets it as evidence of a buried sulphide system of considerable strength and extent. Volcanic rocks dominate surface exposures, however, one rock sample above the anomaly was identified as a sulphide-bearing dioritic intrusive rock. The intrusive carries copper values ranging from 200 to 2000 ppm (see photo below).

The South Hedley Copper-Gold Property is located within the Quesnel Trough, which hosts several of British Columbia’s largest copper-gold porphyry mines. The IP anomaly is on the Max target situated 18km east of the Copper Mountain mine and 18km west of the Nickel Plate gold mine, near Hedley, B.C. The scale of the chargeability anomaly at Max appears to be  similar to that surrounding the nearby Copper Mountain deposit.

The IP Survey

The pole-dipole IP survey is being conducted along 5km lines spaced 400m apart. Data are collected at 100m dipole stations, with an estimated depth penetration of approximately 325m.

Inversion modelling of the IP data shows a chargeability anomaly measuring at least 2.8km in width, and up to 4km depending on interpretation. To date, two 5km long lines spaced by 400m, L2600 and L3000, have been completed (Figure 1). A third line is currently underway.

Chargeability increases below the volcanic rocks at surface, suggesting a sulphide source at depth. Peak chargeability values greater than 50 mV/V have been measured in the field, with the highest inverted values reaching 77 mV/V on L2600 and 59 mV/V on L3000.

In August, a rock sample collected over the chargeability anomaly was described in the field as a porphyritic diorite intrusive with sulphides. Preliminary portable XRF analysis of this sample, MR26-12, returned anomalous copper values of 200 to 2000 ppm.

  “An undrilled copper-gold porphyry target of this size and strength, 18km from a producing copper mine in an established district, is not something that often turns up,” stated Mark Kolebaba, President and CEO of Adamera Minerals. “We will continue to work to provide further evidence of a concealed sulphide system. The next steps are straightforward: extend the IP survey, process the soil and rock samples and drill the resulting targets.”

  The Target Characteristics

Proven belt: The Max Target sits in the Quesnel Trough, a prolific porphyry copper-gold belt in south-central B.C., 18km from the producing Copper Mountain mine. 

A classic porphyry geochemical response: A 2x3 km copper±gold-in-soil anomaly at Max forms a horseshoe pattern around younger volcanic cover. Copper in soil reaches 1,450 ppm and gold reaches 1.34 g/t. The anomaly remains open to the north, west and possibly east. Approximately 1800 additional soil samples have been collected to define the copper anomaly to the west and north. 

A buried intrusive source: Ground magnetic surveying defines a 2x3 km magnetic high centred within the soil anomaly. The magnetic anomaly is interpreted as a buried intrusive body with a modelled top at approximately 110m depth. 

Geophysical evidence of sulphides at depth: An extensive chargeability anomaly persists below 325m depth, where elevated chargeability is combined with moderate-to-elevated resistivity rather than a low-resistivity conductor. This is interpreted as a buried sulphide system. 

Surface evidence of the mineralizing system: Rocks identified at surface indicate an underlying mineralizing system. Gold-bearing veins beneath the volcanic cap are exposed in an incised valley. They are interpreted as a link to the buried target. In August 2026, ground-truthing along the IP line identified possible porphyry-style alteration as well as intrusive rocks with copper ranging from 93 ppm to 350 ppm and as high as 2034 ppm.
 

Operational Details

Because IP surveying uses electrical current, it is subject to more wildfire restrictions than other exploration activities. Through the season, the IP survey was affected by numerous wildfire restrictions, including a complete shutdown of the IP program on August 11. While the IP survey was suspended, the crew shifted to soil sampling and ground magnetic surveying. Adamera collected an additional 1800 soil samples. Results are pending.

Wildfire risk and associated restrictions have eased due to cooler temperatures and recent rainfall. The IP surveying has resumed, with a third line now underway.

Next Steps

The Company has added drill sites to its drill permit application based on the current IP survey and August 2026 program. Continued work includes:

IP survey: Continue IP surveying along 5km north-south lines spaced 400m apart. A third line, L2200, is underway over the Max Prospect, where soil samples contain up to 1450 ppm copper and 1.34 g/t gold. 

Rock Sample Analysis: Geochemicaland petrographic analysis will be completed on numerous rock samples including MR26-12. 

Soil geochemistry: Geochemicalprocessing of approximately 1800 soil samples over the Max Copper-Gold target. 

Geological follow-up: Continue prospecting along IP anomalies to identify sulphide sources and overlying alteration. 

Drilling: Advance the pending drill permits to test the developing targets. 

  2D Inversion Results

 
Click Image To View Full Size

  Figure 1: Chargeability 2D inversion, lines L2600 and L3000, 100m electrode spacing. Warm colours (red/magenta) indicate elevated chargeability (mV/V), interpreted by the Company as evidence of a sulphide-bearing system at depth. Peak inverted values reach 77 mV/V on L2600 and 59 mV/V on L3000.

  
Click Image To View Full Size

  Photo:  Porphyritic intrusive rock with sulfides found in outcrop above IP
chargeability corridor. Copper values ranging from 200 to 2000 ppm.

  Qualified Person

Martin St. Pierre, P.Geo., a qualified person as defined by National Instrument 43-101, has reviewed and approved the technical content of this news release. Portable XRF analysis of rock samples is preliminary in nature, is used as a field-screening technique, and has not been verified by an accredited laboratory. The Copper Mountain and Nickel Plate mines are located on properties adjacent to or near the South Hedley Property. Mineralization on those properties is not necessarily indicative of mineralization on the South Hedley Property.

  About Adamera

Adamera Minerals Corp. is targeting critical metals in the U.S. and copper-gold in southern British Columbia. In Washington State, the Company is advancing a tungsten portfolio intended to support a secure domestic supply for U.S. markets. In Canada, Adamera is exploring the South Hedley Copper-Gold Project and maintains several drill-ready gold projects in its portfolio.

   On behalf of the Board of Directors,

  Mark Kolebaba

President & CEO

For additional information please contact:

Email: [email protected]

Website: www.Adamera.com

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Statements in this press release, other than purely historical information, including statements relating to the Company’s future plans and objectives or expected results, may include forward-looking statements. Forward-looking statements are based on numerous assumptions and are subject to all of the risks and uncertainties inherent in resource exploration and development. As a result, actual results may vary materially from those described in the forward-looking statements.

New Canada tariffs are landing as a direct bill to two of America's biggest automakers, and the ripple effects stretch well beyond car lots into the housing market and household budgets.

This post may contain links from our sponsors and affiliates, and Flywheel Publishing may receive compensation for actions taken through them.

FHN Financial chief economist Chris Lowe just spelled out the punchline of the new Canada tariff on Marketplace Morning Report: “Even though there are U.S. companies that manufacture in Canada, Ford and GM, particularly they will have to pay tariffs on the cars that are made there. And so that’s probably where the biggest impact is.”

The tariff aimed at Canada lands first as a bill to two American automakers and then to U.S. car and home buyers.

Trade War With Canada Will Impact Ford and GM Bottom Lines Last week the U.S. pushed tariffs on $20 billion worth of Canadian goods to 50%, and Canada’s dollar-for-dollar retaliation is set to take effect September 8. Lowe added that lumber and cabinetry from Canada will push housing costs up, widening the consumer hit beyond autos.

The market already voted. Ford (NYSE:F | F Price Prediction) is up 4.8% year to date (YTD) but down 3.12% over the past month, while General Motors (NYSE:GM) is up nearly 7% YTD for the week but down 1.22% over the past month.

Ford lit up Reddit’s investing forum around the news, with the driving thread reaching 613 upvotes and 233 comments and sentiment stuck at a bearish 22. Ford’s own guidance already assumed roughly $2 billion of commodity headwinds; GM absorbed about $900 million of gross tariff impact in Q2 alone.

Profit angle: The Sept. 8 retaliation is the next catalyst. Watch for Ford and GM to revise the $10 billion to $11 billion and $14 to $16 billion EBIT ranges. Any cut, and the Detroit trade breaks lower. Any workaround, and the dip becomes the setup.

Contact [email protected] for any questions or corrections.

Teva-discovered TEV ‘408, a novel anti-IL-15 monoclonal antibody, demonstrated statistically significant and clinically meaningful prevention of gluten-induced intestinal damage vs placebo following a single subcutaneous dose.TEV ‘408 was well-tolerated with no safety signals observed to date.Together with the vitiligo program, the celiac disease topline results further support TEV ‘408 as a potential pipeline-in-a-product opportunity in multiple diseases. Teva will hold an investor call and live webcast today,
Wednesday, September 2, 2026, at 8:00 a.m. ET to discuss these data.

TEL AVIV, Israel, Sept. 02, 2026 (GLOBE NEWSWIRE) -- Teva Pharmaceutical Industries Ltd. (NYSE and TASE: TEVA) today announced positive topline results from an ongoing Phase 2a study of TEV ‘408, an investigational anti-interleukin-15 monoclonal antibody, in adults with celiac disease. The study met its primary endpoint, demonstrating statistically significant and clinically meaningful prevention of gluten-induced intestinal damage versus placebo at week 8. TEV ‘408 was well-tolerated, with no safety signals observed to date.

“A strict gluten-free diet has long been the only option for people living with celiac disease. Yet, even with strict adherence to a gluten-free diet, many continue to experience symptoms, intestinal damage and a significant impact on their daily lives,” said Eric Hughes, MD, PhD, Executive Vice President, Global R&D and Chief Medical Officer at Teva. “These results underscore the potential to move beyond managing gluten exposure and address celiac disease at its biological source. They also strengthen our confidence in targeting the IL-15 pathway as an approach to reducing immune-driven intestinal damage.”

The ongoing randomized, placebo-controlled study enrolled 50 adult participants with celiac disease on a gluten-free diet (GFD) with minimal intestinal damage at baseline as measured by the villous height-to-crypt depth ratio (Vh:Cd ≥2.0) and symptoms. Two weeks after receiving a single dose of TEV ‘408, participants began a six-week daily gluten challenge (GC). The study assessed biopsy-based measures of intestinal damage and inflammation along with patient-reported symptoms. At week 8 (the end of the GC) TEV ‘408:

Showed statistically significant and clinically meaningful prevention of gluten-induced intestinal damage versus placebo, as measured by the trial’s primary endpoint of Vh:Cd ratio with a least squares (LS) mean change from baseline of -0.43 compared with -0.88 for placebo (treatment difference of 0.45, 95% CI: (0.06, 0.84), p<0.05).Showed a favorable effect on intestinal inflammation as measured by density of intraepithelial lymphocytes (IELs) compared with placebo; the LS Mean change from baseline in the density of IELs, was an increase of 27.60 for placebo compared to 0.37 for TEV ‘408 treated participants (treatment difference of -27.23, 95% CI: (-39.67, -14.79)).Demonstrated lower GI symptom scores versus placebo, as assessed using the Celiac Disease Symptom Diary (CDSD), a patient-reported outcome (PRO).Was well-tolerated with no emerging safety signals. Additional analyses from the ongoing Phase 2a study are underway. Teva plans to present further data from the study at a future scientific meeting.

Teva Investor Call
Teva will hold an investor call and live webcast today, Wednesday, September 2, 2026, at 8:00 a.m. ET/ 2:00 p.m. CET to discuss these data. To participate, please register in advance here. To access a live webcast of the presentation, visit Teva’s Investor Relations website. An archived version of the webcast will be available 24 hours after the end of the live discussion.

About TEV ‘408
TEV ‘408, discovered by Teva, is an investigational human monoclonal antibody designed to inhibit interleukin-15 (IL-15), a cytokine involved in immune-mediated pathways. TEV ‘408 has a high affinity and potency (in vitro) with a prolonged half-life that supports the potential for convenient subcutaneous dosing.

TEV ‘408 is being studied as a potential therapy for celiac disease in a Phase 2a study and was granted Fast Track designation in that indication by the U.S. FDA in May 2025. By blocking IL-15 activity, TEV ‘408 aims to reduce the IL-15-driven intestinal inflammation and damage that are characteristic of celiac disease.

TEV ‘408 is also being evaluated in a Phase 1b study as a treatment for vitiligo. Following encouraging results from the ongoing Phase 1b study in vitiligo, Teva is advancing the investigational asset into a Phase 2b study in vitiligo. By blocking IL-15 activity, TEV ‘408 aims to reduce the immune-mediated destruction of melanocytes (pigment-producing cells) resulting in white patches on the skin characteristic of vitiligo.

Teva entered a strategic funding agreement with Royalty Pharma in January 2026. Under the agreement, Teva is eligible to receive up to $500 million to accelerate the clinical development of TEV ‘408. If approved and launched, Teva will pay a milestone to Royalty Pharma and a royalty on worldwide net sales of TEV ‘408.

About Celiac Disease
Celiac disease is a serious autoimmune disease in which exposure to gluten triggers an immune response that damages the small intestine. It affects approximately 1% of the global population, or more than three million people in the U.S. alone, although many individuals remain undiagnosed. Celiac disease can cause chronic digestive symptoms, fatigue, nutrient deficiencies, and other health complications that can significantly impact daily life.

There are currently no approved therapies for celiac disease. A strict gluten-free diet (GFD) remains the standard of care, yet even with careful adherence, patients may continue to experience symptoms, reduced quality of life, and ongoing intestinal inflammation or damage due to inadvertent gluten exposure. For people living with celiac disease, managing the condition often requires constant vigilance around meals, travel, work, and social activities, creating significant daily burden. The limitations of current management approaches underscore the need for therapies that address the underlying drivers of disease and improve outcomes for patients.

About Teva
Teva Pharmaceutical Industries Ltd. (NYSE and TASE: TEVA) is transforming into a leading innovative biopharmaceutical company, enabled by a world-class generics business. For over 120 years, Teva’s commitment to bettering health has never wavered. From innovating in the fields of neuroscience and immunology to providing complex generic medicines, biosimilars and pharmacy brands worldwide, Teva is dedicated to addressing patients’ needs, now and in the future. At Teva, We Are All In For Better Health. To learn more about how, visit www.tevapharm.com.

Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which are based on management’s current beliefs and expectations and are subject to substantial risks and uncertainties, both known and unknown, that could cause our future results, performance or achievements to differ significantly from that expressed or implied by such forward-looking statements. You can identify these forward-looking statements by the use of words such as “should,” “expect,” “anticipate,” “estimate,” “target,” “may,” “intend,” “plan,” “believe” and other words and terms of similar meaning and expression in connection with any discussion of future operating or financial performance. Important factors that could cause or contribute to such differences include risks relating to: our ability to successfully develop and commercialize TEV-’408 for the treatment of celiac disease and for the treatment of vitiligo; our ability to successfully compete in the marketplace, including our ability to develop and commercialize additional pharmaceutical products; our ability to successfully execute on our Pivot to Growth strategy, including to expand our innovative and biosimilar medicines pipeline and profitably commercialize our innovative medicines and biosimilar portfolio, whether organically or through business development; and other factors discussed in our Quarterly Report on Form 10-Q for the second quarter of 2026 and in our Annual Report on Form 10-K for the year ended December 31, 2025, including in the sections captioned “Risk Factors,” and “Forward-Looking Statements.” Forward-looking statements speak only as of the date on which they are made, and we assume no obligation to update or revise any forward-looking statements or other information contained herein, whether as a result of new information, future events or otherwise. You are cautioned not to put undue reliance on these forward-looking statements.

Teva Media Inquiries: [email protected]
Teva Investor Relations Inquiries: [email protected]

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/2392ceaa-b1f3-44a8-bd7e-4c775053e093

Teva Announces Positive Topline Results from Phase 2a Study in Celiac Disease for Its Anti-IL-15 Ant... Teva Announces Positive Topline Results from Phase 2a Study in Celiac Disease for Its Anti-IL-15 Ant...

 | Source: Cronos Group Inc.

TORONTO, Sept. 02, 2026 (GLOBE NEWSWIRE) -- Cronos Group Inc. (NASDAQ: CRON) (TSX: CRON) (“Cronos”), an innovative global cannabis company, is expanding its lineup of edible multipacks with the SOURZ by Spinach® Blue Raspberry Lemonade Fully Blasted multipack, featuring its first live resin gummy. This month the brand will also launch new flavors in its best-selling lineup of vape cartridges, Strawberry Banana and Sweet Citrus Punch.

The new SOURZ by Spinach® Blue Raspberry Lemonade Fully Blasted gummies will be exclusively sold in the SOURZ by Spinach® Fully Blasted 10-pack, Canada’s No. 1 edible multipack as of June 20261. The popular Blue Raspberry Lemonade flavor features the same bold dual-flavor and sweet-then-sour taste, while offering a full spectrum experience through 100% live resin infusion. The new additions to the Spinach® family of vapes bolster a popular flavor lineup with cannabinoid combinations that have made the brand the #1 vape brand in Canada, capturing 11% share of all vape sales in June 20261.

The newest additions to the lineups of SOURZ by Spinach® Fully Blasted edible multipacks and Spinach® vapes include:

10-Pack (10 x 10mg THC gummies):

SOURZ by Spinach® Blue Raspberry Lemonade Fully Blasted gummies, the brand’s first gummy infused with 100% live resin 1.2g and 1g Vapes:

Spinach® Strawberry Banana 1.2g vape (Indica) Featuring juicy strawberry and creamy banana flavor notes Spinach® Sweet Citrus Punch 1g liquid diamonds vape (Sativa) Infused with liquid diamonds and featuring sweet, tangy, and vibrant citrus flavor notes
“We’re thrilled to launch these exciting new flavors and products in our vape and edibles portfolios after a successful summer season for the Spinach® brand,” said Jeff Jacobson, Chief Growth Officer, Cronos. “Our leadership in these categories is driven by our focus on quality and innovation, and our ability to deliver new cannabis experiences that expand and differentiate our offerings, giving consumers more choice and reasons to choose Spinach®. We’re looking forward to announcing more exciting product launches in the fourth quarter of 2026 that we believe consumers will love.”

The new SOURZ by Spinach® Fully Blasted multipack and additions to the Spinach® vape portfolio are available now in Ontario, with wider national availability later this fall. To view the full lineup of Spinach® products, visit spinachcannabis.com.

1 HiFyre Retail Analytics – National Retail Dollar Sales by Brand in Canada – June 2026.

About Cronos
Cronos is a global cannabis company focused on scaling leading consumer goods products through research and development and innovation. With a passion to responsibly elevate the consumer experience, Cronos is building an iconic brand portfolio. Cronos’ diverse international brand portfolio includes Spinach®, PEACE NATURALS®, LIT™ and Lord Jones®. For more information about Cronos and its brands, please visit: thecronosgroup.com.

Forward-looking Statements  
This press release may contain information that may constitute “forward-looking information” or “forward-looking statements” within the meaning of applicable Canadian and U.S. securities laws and court decisions (collectively, “Forward-looking Statements”). All information contained herein that is not clearly historical in nature may constitute Forward-looking Statements. In some cases, Forward-looking Statements can be identified by the use of forward-looking terminology such as “may”, “will”, “expect”, “plan”, “anticipate”, “intend”, “potential”, “estimate”, “believe” or the negative of these terms, or other similar expressions intended to identify Forward-looking Statements. Some of the Forward-looking Statements contained in this press release include statements about the development and launch of new Spinach® products, including new flavors, formats and cannabinoid combinations; the timing and scope of the rollout and national availability of new SOURZ by Spinach® Fully Blasted and Spinach® vape products; the Company’s ability to develop new cannabis experiences that expand and differentiate its offerings; expectations regarding product innovation announcements in the fourth quarter of 2026; and the Company’s intention to build an international iconic brand portfolio by scaling leading consumer goods products through R&D and innovation. Forward-looking Statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive risks. Financial results, performance or achievements expressed or implied by those Forward-looking Statements and the Forward-looking Statements are not guarantees of future performance. A discussion of some of the material risks applicable to the Company can be found in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 and the Company’s Quarterly Reports on Form 10-Q for the quarters ended March 31, 2026 and June 30, 2026, each of which has been filed on SEDAR+ and EDGAR and can be accessed at www.sedarplus.ca and www.sec.gov/edgar, respectively. Any Forward-looking Statement included in this press release is made as of the date of this press release and, except as required by law, Cronos disclaims any obligation to update or revise any Forward-looking Statement. Readers are cautioned not to put undue reliance on any Forward-looking Statement.

For further information, please contact:

 Media Relations Contact:  
Emily Whalen  
Communications  
Tel: (416) 504-0004  
[email protected]

 Investor Relations Contact: 
Harrison Aaron  
Investor Relations  
Tel: (416) 504-0004  
[email protected]

Jack Daniel's Brown-Forman (BFb.N) missed first-quarter sales estimates and stuck to its annual targets, joining other spirits makers ​in warning of a weak consumer environment in the ‌United States and Europe.

U.S. consumers have become more discerning in their spending patterns as concerns about still-high inflation and jobs strain household budgets.

For alcohol makers, the slowdown ​has been reflected in lower drinking frequency as consumers focus more ​on health and calorie intake, and fewer casual purchases, including ⁠bar visits and impulse buys at retailers. The growing use ​of GLP-1 weight-loss drugs has further reinforced those behaviors.

"We anticipate the operating ​environment for fiscal 2027 to remain challenging, as macroeconomic pressures and geopolitical instability continue to negatively impact consumer behavior and beverage alcohol consumption, particularly within developed ​markets," Brown-Forman said in a statement.

The shift in consumption pattern has ​made conditions tougher for traditional spirits companies, which are increasingly relying on flavored products, ‌ready-to-drink ⁠cocktails and other innovations to attract consumers. While such offerings appeal to consumers seeking convenience and value, they have yet to fully offset weaker demand across the broader spirits category.

Momentum from new mix, ready-to-drink ​portfolio and Jack ​Daniel's Tennessee Blackberry ⁠helped offset pressures elsewhere in the business, CEO Lawson Whiting said.

Brown-Forman posted quarterly sales decline of 1% ​to $911 million, compared with analysts' average estimate of $914.9 ​million, according ⁠to data compiled by LSEG. Its shares were largely unchanged in choppy premarket trading.

Net sales for the ready-to-drink portfolio increased 20%, while whiskey sales ⁠were ​flat.

The company earned 38 cents per share, ​narrowly beating the estimate of 37 cents.

It maintained annual organic net sales forecast of ​flat growth.

MIAMI, Sept. 02, 2026 (GLOBE NEWSWIRE) -- WRAP Technologies, Inc. (“WRAP” or the “Company”), a global provider of public safety and defense technologies and training solutions, today announced the completion of a new law enforcement doctrine and training methodology designed to operationalize de-escalation using the BolaWrap® 150, an instrument of restraint and rescue that the Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF) has classified as neither a firearm nor an “any other weapon.”

The new curriculum has been submitted for independent validation in preparation for applying for California Peace Officer Standards and Training (POST) certification, an important step toward establishing a standardized methodology through which officers can be trained to apply de-escalation principles operationally, not simply verbally.

Why This Matters for Adoption and Scale

For WRAP, the significance of potentially obtaining the California POST certification extends beyond training. The company believes standardized, recognized training can reduce barriers to agency adoption by bringing technology, doctrine and training together within a repeatable operational framework.

Reduce adoption friction. Agencies can evaluate BolaWrap 150 together with a defined doctrine and training methodology, rather than as a standalone piece of equipment requiring the agency to build an operational framework around it.Create a recurring training layer. Anticipated digital delivery through Wrap Tactics™ creates the potential for continuing education, refresher training and recurring digital training economics alongside device and cassette revenue.Expand the procurement conversation. WRAP can engage agencies around how they operationalize de-escalation when verbal techniques are insufficient, supported by technology, doctrine, training and measurement.Build toward institutional adoption. A standardized training framework can support broader deployment across patrol, Crisis Intervention Teams, behavioral and mental health response, supervisors and other operational users.Create a repeatable national model. California is intended to be an important first step toward a framework WRAP can seek to replicate across additional states, agencies and other law enforcement training environments.
If successful, WRAP believes this model could expand the number of officers trained on BolaWrap 150, support recurring digital training through Wrap Tactics™, increase adoption of devices and recurring cassettes, and provide a framework the company can seek to replicate across additional states and agencies. WRAP believes California represents an important first step toward moving BolaWrap from a standalone technology to an institutionalized law enforcement capability.

Traditional de-escalation has an inherent limitation: an officer cannot make another person de-escalate.

Officers can communicate, persuade, create time and distance, issue lawful commands and attempt to reduce the intensity of an encounter. Those techniques remain essential. But ultimately, their success depends substantially on the actions of the person the officer is confronting.

WRAP’s new doctrine is designed around a different question:

What can an officer lawfully and tactically do when verbal de-escalation is not working, but the circumstances do not yet require a traditional weapons-based response?

WRAP believes the BolaWrap 150 creates an opportunity to answer that question.

Following ATF Ruling 2026-2, BolaWrap 150 is classified under federal law as an instrument of restraint, not a firearm and not an “any other weapon.” That classification creates the foundation for WRAP’s newly developed doctrine: a methodology intended to give officers a physical means of operationalizing de-escalation through restraint at distance before an encounter progresses to conventional weapons-based force.

From Verbal De-Escalation to Operational De-Escalation

For decades, law enforcement agencies have invested heavily in crisis intervention and de-escalation training. Yet an officer’s operational choices can narrow quickly when communication fails.

We believe there remains a critical space between verbal communication and traditional weapons-based force.

WRAP’s doctrine is designed specifically for that space.

The methodology integrates communication, recognition of resistance, time, distance, positioning and remote restraint into a unified tactical framework. Instead of treating de-escalation solely as something an officer attempts to persuade another person to do, the doctrine seeks to give officers a lawful physical capability that can help create the conditions for de-escalation.

De-escalation becomes something an officer can operationalize.

The methodology does not eliminate or restrict higher-force options. If circumstances deteriorate and legally justified force becomes necessary, officers retain those capabilities. Rather, the doctrine is intended to provide an additional tactical option earlier in the encounter, before circumstances take those options away.

That principle is central to WRAP’s doctrine: earlier intervention does not necessarily mean earlier escalation, and officers must remain capable of transitioning to higher uses of force when circumstances require them.

WRAP describes this approach as the Lowest Reasonable Response™: identifying and applying an effective response appropriate to the resistance and circumstances presented, while continuously reassessing the encounter. Depending on the circumstances, that may include a non-lethal response or a transition to other lawful tools and higher-force options as the situation requires.

California POST: Turning Doctrine Into Standardized Training

WRAP has submitted the newly developed curriculum for independent validation in preparation for applying for California POST certification.

If certified, the curriculum is intended to provide California law enforcement agencies with a standardized training methodology for incorporating the BolaWrap 150 and operational de-escalation into patrol operations, crisis response and agency training.

WRAP also plans to make the curriculum digitally available through Wrap Tactics™, its learning management system, creating a pathway to distribute standardized instruction at scale.

WRAP intends to use the California POST process as an initial model for pursuing additional state training certifications and agency adoption nationally, creating a repeatable framework combining doctrine, certification, technology and digital delivery.

The objective is to move operational de-escalation from a concept into a standardized methodology that can be trained, practiced and incorporated into everyday law enforcement operations.

Crisis Intervention and Mental Health Emergencies: When Verbal Is Not Enough

WRAP believes the potential implications are particularly significant for Crisis Intervention Teams (CIT), patrol officers responding to behavioral and mental health emergencies, and other encounters where a person in crisis is unable or unwilling to respond to verbal de-escalation alone.

Mental health emergencies can expose one of the fundamental limitations of traditional de-escalation. Officers can communicate, persuade, slow an encounter down and attempt to create time and distance, but verbal techniques may not be sufficient when an individual’s mental or behavioral state prevents effective communication or voluntary compliance.

WRAP’s doctrine recognizes this limitation: traditional de-escalation relies heavily on communication, but ultimately the subject controls whether verbal de-escalation succeeds. Officers therefore need an operational capability capable of creating time, distance, restraint and tactical advantage without immediately moving to a conventional higher-force tool.

Until now, officers confronting that moment have had limited physical options that do not move the encounter toward hands-on control or traditional weapons-based force.

WRAP believes the ATF classification of BolaWrap 150 creates the potential for a new approach.

The newly developed doctrine is intended to bring together training, tactics and an instrument of restraint and rescue to address the space between verbal communication and conventional weapons-based force. The methodology is designed to provide officers with a structured framework for recognizing resistance or crisis behavior, creating time and distance, applying remote restraint when appropriate, reassessing the encounter, and transitioning to other lawful options when necessary.

This is particularly relevant to crisis intervention because a mental health emergency does not necessarily end when verbal de-escalation has been exhausted. Officers still have a responsibility to safely resolve the encounter.

WRAP believes the doctrine creates the potential for a new operational pathway in those situations: communication when communication works; an instrument of restraint and rescue when verbal communication alone is insufficient; and preservation of higher-force options when circumstances require them.

Bringing Crisis Intervention Principles to the Patrol Officer

Specialized Crisis Intervention Teams have helped advance law enforcement’s response to individuals experiencing behavioral and mental health crises. But specialized personnel cannot be present at every encounter.

The patrol officer is often the crisis intervention team until the crisis intervention team arrives.

WRAP’s doctrine is designed to bring those principles and capabilities closer to the point of first contact by giving patrol officers not only communication methodologies, but an operational capability intended to create time, distance and restraint without immediately transitioning to a traditional weapon.

If certified by California POST, the curriculum would establish a training methodology for integrating operational de-escalation into patrol and crisis-response scenarios, with WRAP intending to subsequently deliver that training digitally through Wrap Tactics.

The result is more than a new training course or technology.

It is the potential for a new doctrine, set of technologies and training methodology for resolving crisis encounters when verbal de-escalation alone is no longer enough.

A New Category of Law Enforcement Response

The distinction became possible following ATF’s classification of BolaWrap 150.

ATF Ruling 2026-2 determined that BolaWrap 150, as currently designed, is neither a firearm nor an “any other weapon,” but an instrument of restraint under federal law.

That distinction allows WRAP to build doctrine around a category that historically has been largely absent from the officer’s available equipment: a physical restraint capability between verbal communication and weapons-based force.

WRAP’s doctrine identifies this gap directly. Conventional options following verbal commands typically move toward hands-on control or tools operating through chemical, electrical or kinetic effects.

The BolaWrap 150 provides a different mechanism: remote restraint without relying on pain compliance, electrical incapacitation, chemical irritants or impact.

The company’s objective is therefore not simply to certify another law enforcement product.

It is to certify a methodology for operationalizing de-escalation.

Operationalizing De-Escalation

“For decades, law enforcement has been trained to de-escalate, but there is a fundamental limitation: an officer cannot make another person de-escalate,” said Jared Novick, President of WRAP Technologies. “Officers can communicate, persuade, create time and distance, and issue lawful commands, but ultimately the person they are confronting determines whether verbal de-escalation succeeds.”

“We believe the ATF classification of BolaWrap 150 as an instrument of restraint and rescue, not a firearm and nor a weapon, creates an opportunity to change that equation. Our new doctrine is designed to give officers a lawful, physical methodology to operationalize de-escalation before an encounter requires traditional weapons-based force. This may be particularly important in mental health and crisis intervention encounters, where an officer can do everything correctly from a communication standpoint and the person in crisis may still be unable to comply.”

“Those situations do not disappear when verbal de-escalation reaches its limit. We now have the potential to build doctrine, technology and training around what an officer can lawfully and tactically do next, while preserving the officer’s ability to transition to higher-force options if circumstances require them. We are now advancing the curriculum through independent validation in preparation for applying for California POST certification, an important step toward institutionalizing that methodology and ultimately delivering it digitally to officers at scale through Wrap Tactics.”

“The economic opportunity is not simply selling another piece of equipment,” said Jared Novick, President of WRAP Technologies. “We believe the larger opportunity is establishing an operational standard around what happens between verbal communication and traditional weapons-based force. If we can combine recognized doctrine, certified training, digital delivery and an instrument of restraint and rescue into a repeatable model, we believe we can change both how agencies adopt BolaWrap and how officers are trained to respond. California is intended to be the first step in proving that model.”

It is the right response, at the right time, for the right reason, giving officers additional tactical and legal options before circumstances remove them.

The doctrine is intended to connect policy, training and tactics so that constitutional policing becomes something officers can apply operationally, including earlier recognition of escalating behavior, proportional response, reassessment and preservation of higher-force options when they become necessary.

Through the potential California POST certification and subsequent digital delivery through Wrap Tactics, WRAP intends to move that principle from concept to standardized operational practice.

Building a National Training Framework

WRAP is developing the doctrine and curriculum with the support of the Task Force 70 Foundation, a 501(c)(3) law enforcement training organization, along with experienced law enforcement instructors and curriculum developers.

Task Force 70 has worked with WRAP to strengthen the doctrine, curriculum architecture and instructor credentialing necessary to integrate the capability into established law enforcement training rather than treating BolaWrap as a standalone device.

The longer-term objective is a repeatable model: establish the doctrine, pursue recognized training certification, digitally distribute the curriculum, and provide agencies with a standardized framework for operationalizing non-lethal response.

Doctrine. Certification. Technology. Digital delivery. Operational adoption.

Together, WRAP believes these components can move de-escalation from an aspiration officers are asked to achieve into a capability they are trained and equipped to operationalize.

About Wrap Technologies, Inc.

Wrap Technologies, Inc. (Nasdaq: WRAP) is a global public safety technology company delivering intelligent detection, orchestration and response solutions designed for the next generation of intelligent, human-centered public safety. The Company’s WrapShield™ platform unifies detection, orchestration and response into an integrated, human-supervised architecture spanning law enforcement, homeland security, defense, enterprise and critical infrastructure customers. Powered by the BolaWrap® 150, Wraptor MX™, WRAP Reality™, the WrapTactics™ learning management system and Frenel TPiCore® polarimetric sensing, WRAP builds on the principle that technology and trained human judgment must advance together. For Humans, By Humans. WRAP is headquartered in Miami, Florida. For more information visit www.wrap.com.

Forward Looking Statements

This press release contains forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements regarding the Company’s adoption of a new law enforcement doctrine and training methodology, the Company’s California POST certification, the ability to digitize the Company’s training, the Company’s expectations regarding the impact and success of the Bola Wrap 150’s ATF classification, the creation new operational pathways in mental health crises, the Company’s potential to resolve crisis encounters. Statements are based on current expectations and assumptions subject to risks and uncertainties, including the pace of customer and agency adoption, the timing and outcome of federal procurement and export control processes, the availability and terms of technology partnerships, regulatory developments, competitive conditions, and the Company’s ability to attract and retain personnel. Actual results could differ materially from those expressed or implied. WRAP undertakes no obligation to update or revise any forward looking statement, and investors are cautioned not to place undue reliance on them.

Investor Relations Contact:

(800) 583-2652
[email protected]​

Berkshire Hathaway (BRKA -0.60%)(BRKB -0.34%) has historically been one of the largest shareholders of U.S. banks, and that's still true today. The conglomerate maintains large stakes in Bank of America (BAC +0.08%) and American Express (AXP -1.81%), while also holding several smaller positions in the financial sector.

New CEO Greg Abel and his team might be souring on the banking industry, or at least might see good reasons to reduce exposure to it. In the most recent quarter, Berkshire sold shares of three bank stocks, while simultaneously pouring billions of dollars into the technology sector.

Image source: Getty Images.

There's more to the story, however. Here's a rundown of Berkshire's three bank reductions, and what investors should keep in mind.

Berkshire Hathaway was a net buyer of stocks in the second quarter for the first time in several years. But that's not the case when it comes to the financial sector. As mentioned, Berkshire reduced its stakes in three bank stock positions:

Capital One (COF -1.48%) was reduced by 58%, the sharpest percentage decline. Berkshire now owns about $646 million of Capital One stock, representing about a 0.5% stake in the company.Bank of America (BAC +0.08%) was reduced by $1.7 billion, as Berkshire sold 30.2 million shares. It now owns 483.4 million shares, and Bank of America remains one of the largest holdings in the portfolio.Ally Bank (ALLY -0.85%) was the smallest of the three sales, with Berkshire reducing its stake by 7%. Berkshire now owns 8.9% of Ally, a stake valued at about $1.14 billion.Let's put this in some context. Capital One experienced a significant reduction in its position. Berkshire sold about $750 million in the bank's stock (we don't know the exact selling price). Bank of America was the largest sale by dollar amount, and Berkshire has been gradually selling shares over the past few quarters, but it remains a massive part of Berkshire's portfolio. Even after the sale, Berkshire owns nearly 7% of Bank of America, a stake worth more than $30 billion.

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Finally, don't read too much into the Ally sale. After the reduction, Berkshire owns about 9% of Ally and, for regulatory reasons, aims to keep this stake below 10%. So, this could simply be a sale to ensure that Ally buybacks wouldn't push it above the threshold.

Why did Berkshire sell bank stocks?To be sure, we don't know exactly why Berkshire sold. Leadership generally doesn't discuss the specific motivation behind individual transactions. There could be concerns about consumer credit deteriorating, which could explain the sharp reduction in credit card-focused Capital One, in particular.

Berkshire could also potentially be worried about interest rate risk. Rising interest rates are good for banks in some ways, but banks that typically offer minuscule deposit rates (like Bank of America) could have a tougher time competing in a "higher for longer" environment without raising deposit rates, which would cut into margins.

Another explanation could be valuation or position sizing. Between American Express and Bank of America alone, the portfolio is rather concentrated in the financial sector. The sector has performed extremely well in 2026, and this could be a bit of profit-taking in names that have made Berkshire quite a bit of money.

The bottom line is that we don't know for sure. And just because Berkshire sold shares of these stocks doesn't necessarily mean that you should do the same. Full disclosure: Bank of America is one of my largest investments, and I'm not selling a single share because Berkshire did. But it is causing me to take a step back and keep a closer eye on the health of the U.S. consumer to watch for cracks forming.

Bank of America is an advertising partner of Motley Fool Money. Ally is an advertising partner of Motley Fool Money. American Express is an advertising partner of Motley Fool Money. Matt Frankel, CFP® has positions in American Express, Bank of America, and Berkshire Hathaway. The Motley Fool has positions in and recommends American Express and Berkshire Hathaway. The Motley Fool recommends Capital One Financial. The Motley Fool has a disclosure policy.

NASDAQ | TSX: ACB

Curaleaf's hostile and opportunistic bid significantly undervalues Aurora, and aims to capture Aurora's assets at a discount Aurora is debt free and holds $149 million in cash1, Curaleaf carries over $1 billion in debt2, Aurora shareholders' own cash should not be used to help fix Curaleaf's balance sheet The hostile bid exposes Aurora shareholders to significant risks not fairly disclosed and could meaningfully weaken shareholder rights Aurora's transformation into a global, high-margin medical cannabis leader is delivering results, and the Board believes significant value creation lies ahead Aurora Files Directors' Circular Unanimously Recommending Shareholders REJECT Curaleaf's Hostile Bid by TAKING NO ACTION and NOT TENDERING their shares To keep current with and obtain information about the hostile bid, please visit www.ProtectAurora.com , /PRNewswire/ -- Aurora Cannabis Inc. ("Aurora" or the "Company") (TSX: ACB) (NASDAQ: ACB), the leading Canadian-based global medical cannabis company, today urged shareholders to reject the unsolicited take-over bid ("Hostile Bid") from Curaleaf Holdings, Inc. ("Curaleaf") (TSX: CURA) (OTCQX: CURLF), warning that the Hostile Bid would put Aurora shareholders' value and future upside at risk. Following a comprehensive review by Aurora's Board of Directors (the "Board"), on the unanimous recommendation of a special committee comprised of independent directors (the "Special Committee"), and after receiving external advice from financial and legal advisors, the Board unanimously concluded that the Hostile Bid is not in the best interests of Aurora or Aurora shareholders.

The Board UNANIMOUSLY recommends that Aurora shareholders REJECT the Hostile Bid by TAKING NO ACTION and NOT TENDERING their shares.

The Board UNANIMOUSLY recommends that any Aurora shareholders who have tendered their shares to the Hostile Bid WITHDRAW those shares.

"This transaction would be harmful to Aurora shareholders as the hostile bid is inadequate," said Miguel Martin, Executive Chairman and CEO of Aurora. "Curaleaf has over a $1 billion in debt and is asking shareholders to give up ownership of a stronger, debt-free and growing global medical cannabis company in exchange for an offer with intentionally limited upside, that does not reflect Aurora's fundamental value, exposes shareholders to Curaleaf's risks and would leave shareholders with limited voting influence in a combined company."

"Shareholders of Aurora should understand plainly: Curaleaf is not offering you fair value for your shares, and your cash, your rights and your future upside are at stake," added Mr. Martin. "Curaleaf is attempting to use Aurora shareholders' own cash to help finance this bid, acquire Aurora's assets at a discount and shift material risks onto our shareholders. The Board strongly and unanimously recommends that shareholders reject the offer, by taking no action and do not tender their shares. Aurora has been built for the long-term and staying with our Company is the right decision."

__________________________________

1  "Cash" refers to cash, restricted cash. short term investments and cash equivalents as of June 30, 2026, as filed in our financial statements on August 5,2026 which can be found on Sedar+, EDGAR and Aurora's website.

2 "Debt" refers to indebtedness, financial obligations and lease liabilities as of  June 30, 2026, as filed in Curaleaf Holdings Inc financial statements on August 5, 2026, which can be found on Sedar+, EDGAR and Curaleaf's website.

Following the announcement of the Hostile Bid, independent equity research analysts shared their view that the Hostile Bid undervalues Aurora, including:

"We believe the bid undervalues Aurora and does not adequately reflect its medical cannabis leadership, balance sheet flexibility, international expertise, or long-term growth potential." TD Securities Inc. – Canada August 2026

Why the Hostile Bid Is Harmful to Aurora Shareholders 

The Hostile Bid is inadequate and significantly undervalues Aurora. The Hostile Bid values Aurora at a significant discount compared to other cannabis companies and does not provide shareholders with a meaningful change of control premium relative to the full value of our business. Curaleaf's stated premium is based on a calculation that Aurora believes makes the Hostile Bid look better than the value shareholders would actually receive, a concern also raised by independent analyst commentary. The Special Committee and the Board received a written opinion from their financial advisor dated  September 1, 2026, the full text of which is included in the circular. Curaleaf has over $1 billion in debt2 and would gain control of Aurora shareholders' cash without paying fairly. Aurora is debt-free and has approximately $149 million in cash1 – cash that belongs to its shareholders. Under the Hostile Bid, shareholders would receive only a portion of that value, while Curaleaf would gain control of the remaining funds upon closing. In effect, Curaleaf's Hostile Bid is proposing to use Aurora shareholders' own cash to help fix their balance sheet and acquire Aurora's assets at a discount. The Hostile Bid shifts Curaleaf's risks onto Aurora shareholders. Instead of owning a debt-free company with cash on hand, Aurora shareholders would receive Curaleaf shares that may be harder to trade and could fluctuate in value before and after the bid closes. Shareholders would also be exposed to Curaleaf's share price volatility, high-cost debt, tax uncertainties, regulatory risks, weak governance structure, limited liquidity and lack of a U.S. national securities exchange listing for Curaleaf shares, further impacting U.S.-based Aurora shareholders.  Curaleaf has not fairly disclosed the full downside that shareholders would assume. The Hostile Bid asks Aurora shareholders to accept shares in a company with material financial, regulatory, tax and governance risks, while Curaleaf's messaging focuses on headline premiums that do not reflect the value of Aurora's cash, or the underlying value to be generated by our proven strategy and future growth opportunities. Your shareholder rights could be meaningfully weakened. Under Curaleaf's ownership structure, Aurora shareholders would exchange independent ownership for a small minority stake in a company where voting control is concentrated through multi-voting shares. Based on the exchange ratio, Aurora shareholders would own approximately 7.7% of the combined company but hold only approximately 3.2% of the votes, leaving them with limited influence over the company they would partly own. The opportunistic Hostile Bid aims to capture Aurora's assets at a discount. Aurora has spent years building a differentiated global medical cannabis platform, including EU-GMP manufacturing capabilities, regulatory expertise and leadership in high-margin international medical markets. Curaleaf is seeking to acquire those assets before Aurora shareholders receive the full value of their investment. This benefits Curaleaf's shareholders at the expense of Aurora's shareholders. Aurora has a stronger path forward and significant value creation ahead. Aurora's Board and management team continue to execute the Company's strategy, pursue value-enhancing opportunities and evaluate alternatives that are in the best interests of shareholders. Shareholders should not tender into a hostile bid that undervalues Aurora, weakens their rights and transfers value disproportionately to Curaleaf. Aurora's Standalone Plan Offers Superior Value

Over the past several years, Aurora has purposefully transformed into a focused global medical cannabis company, exiting lower-margin businesses, proactively expanding EU-GMP cultivation and manufacturing capacity, and developing an international growth platform that is difficult and expensive to replicate. That strategy is delivering results, including record international revenue and industry-leading margins, and the Board believes the greatest value from this transformation still lies ahead.

A valuable and effective global platform: Aurora has one of the world's largest indoor EU-GMP manufacturing networks, with the regulatory expertise and international footprint that have taken years to build. As EU-GMP standards tighten and global patient demand grows, companies that grow their own EU-GMP supply will hold the advantage. Aurora is strategically positioned to capitalize and maximize on the growing profitable global cannabis opportunities. A strong, flexible balance sheet: Aurora is debt-free with cash on hand, giving it the flexibility to continue investing in high-margin growth, including its recently announced accretive acquisitions expanding its UK medical cannabis presence. A clear path forward: The Board and management continue to execute Aurora's strategic plan and are actively evaluating additional opportunities to continue building long-term shareholder value, including potential alternatives to the Hostile Bid. For further detailed reasons for rejection of the Hostile Bid, please refer to our Directors' Circular that can be accessed here, on Aurora's website, or as filed on Sedar+ and EDGAR.

Shareholders who have already tendered their shares and wish to withdraw them should contact their broker or Kingsdale Advisors promptly for assistance.

Shareholders with questions about the Hostile Bid or who would like to receive ongoing updates may contact Kingsdale Advisors, Aurora's strategic advisor and information agent.

Kingsdale Advisors

Toll-Free (within North America): 1-800-749-9052 Call or Text: 416-623-4172 Email: [email protected] For more information, please go to www.ProtectAurora.com.  

About Aurora Cannabis

Aurora is a global leader in medical cannabis, dedicated to improving lives through scientific expertise, proven performance, and a deep commitment to patient care. Aurora serves medical markets across Canada, Europe, Australia, and New Zealand with a portfolio of trusted, leading brands including Aurora®, MedReleaf®, Pedanios®, IndiMed™, San Raf®, and Whistler Medical Marijuana Corporation®. With world-class GMP-certified manufacturing facilities in Canada and Germany, and a team of industry-leading professionals, Aurora continues to expand its global footprint and deliver consistent, high-quality cannabis products with the purpose of Opening the World to Cannabis™. 

Learn more at www.auroramj.com and follow us on X and LinkedIn.

Aurora's common shares trade on the NASDAQ and TSX under the symbol "ACB".

Forward Looking Statements

This news release includes statements containing certain "forward-looking information" within the meaning of applicable securities laws ("forward-looking statements"). Forward-looking statements are frequently characterized by words such as "plan", "continue", "expect", "project", "intend", "believe", "anticipate", "estimate", "may", "will", "potential", "proposed" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking statements made in this news release include, but are not limited to, statements and information about Curaleaf's Hostile Bid, including timing, the Board's recommendation with respect to the same, and expected impacts for Aurora shareholders, statements regarding the Company's strategy and opportunities for creating and increasing long-term value for shareholders, statements regarding the Company's multi-year transformation into a high-margin, global medical cannabis leader and expected impacts on future results, and statements regarding benefits of the Company's EU-GMP platform.

 These forward-looking statements are only predictions. Forward-looking information or statements contained in this news release have been developed based on the Company and its management's good faith assumptions relating to the financial, market, regulatory and other relevant environments that will exist and affect the Company's business and operations in the future. Forward-looking information and statements are not a guarantee of future performance and are based upon a number of estimates and assumptions of management at the date the statements are made including, among other things, assumptions about: development costs remaining consistent with budgets; the ability to manage anticipated and unanticipated costs; access to favorable equity and debt capital markets; the ability to raise sufficient capital to advance the business of the Company; favorable operating and economic conditions; political and regulatory stability; obtaining and maintaining all required licenses and permits; receipt of governmental approvals and permits; sustained labour stability; stability in financial and capital goods markets; favorable production levels and costs from the Company's operations; the pricing of various cannabis products; the level of demand for cannabis products; the availability of third-party service providers and other inputs for the Company's operations; and the Company's ability to conduct operations in a safe, efficient, and effective manner. The Company does not give any assurance that the assumptions on which forward-looking information or statements are based will prove to be correct, or that the Company's business or operations will not be affected in any material manner by these or other factors not foreseen or foreseeable by the Company or management or beyond the Company's control. Such forward-looking statements are estimates reflecting the Company's best judgment based upon current information and involve a number of risks and uncertainties, and there can be no assurance that other factors will not affect the accuracy of such forward-looking statements. These risks include, but are not limited to, the ability to retain key personnel, the ability to continue investing in infrastructure to support growth, the ability to obtain financing on acceptable terms, the continued quality of our products, customer experience and retention, the development of third party government and non-government consumer sales channels, management's estimates of consumer demand in Canada and in jurisdictions where the Company exports, expectations of future results and expenses, the availability of additional capital to complete construction projects and facilities improvements, the risk of successful integration of acquired business and operations, management's estimation that SG&A will grow only in proportion to revenue growth, the ability to expand and maintain distribution capabilities, the impact of competition, the general impact of financial market conditions, the yield from cannabis growing operations, product demand, changes in prices of required commodities, competition, and the possibility for changes in laws, rules, and regulations in the industry, epidemics, pandemics or other public health crisis, and other risks as set out under the heading "Risk Factors" in the Company's annual information form dated June 10, 2026 (the "AIF") and filed with Canadian securities regulators available on the Company's issuer profile on SEDAR+ at www.sedarplus.com and filed with and available on the SEC's website at www.sec.gov. The Company cautions that the list of risks, uncertainties and other factors described in the AIF is not exhaustive and other factors could also adversely affect its results. Readers are urged to consider the risks, uncertainties and assumptions carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such information. The Company is under no obligation, and expressly disclaims any intention or obligation, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities laws.

SOURCE Aurora Cannabis Inc.

~$1.45 billion acquisition expected to expand Vertiv's addressable opportunity in power-constrained data centers

Adds microgrid controls, onsite generation orchestration, microgrid-specific switchgear and behind-the-meter power architecture to Vertiv's portfolio Extends Vertiv's power and cooling portfolio from grid interconnect to chip, independent of any single generation technology or supplier UIG's proven team and proprietary technology expected to help customers accelerate time to power through grid-connected or grid-independent architectures , /PRNewswire/ -- Vertiv Holdings Co. (NYSE: VRT) ("Vertiv"), a global leader in critical digital infrastructure, today announced its wholly-owned subsidiary, Vertiv Corporation, has entered into an agreement and plan of merger to acquire Utility Innovation Holdings, Inc., which operates as UtilityInnovation Group ("UIG"), a leader in microgrid solutions, advanced power controls and behind-the-meter power architecture design for data centers, for approximately $1.45 billion in cash at closing, with additional consideration of up to $1.15 billion in cash based on achieving certain earnings before interest, taxes, depreciation and amortization ("EBITDA") targets over 12- and 24-month periods.

Vertiv Announces Agreement to Acquire UtilityInnovation Group to Accelerate Time to Power for AI Data Centers At the approximately $1.45 billion purchase price, the acquisition represents approximately 13x expected UIG 2027 EBITDA. The EBITDA multiple is anticipated to be significantly lower if the full earnout is paid. Vertiv expects the acquisition to be accretive to adjusted earnings per share in the first year following completion. Strategically, the acquisition extends Vertiv upstream to the grid interconnect, adding microgrid controls, onsite generation and energy storage orchestration, and behind-the-meter power architecture. These capabilities are expected to help data center operators secure power faster as grid constraints increasingly limit AI infrastructure deployment.

As power availability becomes a more critical factor in data center development, architecture decisions are moving earlier in the planning process. Microgrid systems can coordinate onsite generation and energy storage, reduce reliance on utility power and support the grid when needed. This is expanding the importance of power architecture at the earliest stages of site development, when decisions can have significant implications for downstream infrastructure.

"For AI data center operators, competitive advantage increasingly depends on how quickly they can move from site selection to first token," said Gio Albertazzi, Chief Executive Officer, Vertiv. "Vertiv has the most complete power and cooling portfolio in the industry. With UIG, we anticipate extending that portfolio upstream to the utility interconnect and onsite power sources, creating a coordinated architecture from source to chip without tying customers to a single generation technology or supplier."

Albertazzi continued: "Together, we anticipate being better positioned to support grid-connected sites, bridge-to-grid deployments and islanded sites supplied by onsite generation, while reducing complexity from site planning through rack-level deployment. This broader capability can help customers accelerate time to power and, ultimately, time to first token."

UIG Founder and CEO Sidney Hinton added: "UIG was founded to solve increasingly complex power challenges for data center operators through flexible, technology-agnostic architectures. Vertiv's global scale, critical infrastructure portfolio and service capabilities make it a strong strategic fit for what we have built. We believe this combination can expand the reach of UIG's microgrid controls and power architecture expertise and create greater value for customers as power becomes an increasingly critical constraint on data center growth."

Expanding Vertiv's Onsite Power Capabilities

UIG's expertise and technologies complement Vertiv's existing offerings:

Experience: Design and delivery of microgrid systems for AI data center operators across the United States and Europe, supported by extensive utility relationships and experience with complex, large-scale deployments. UIG's designs are generation-agnostic, allowing architectures to be built around the technologies a site can permit, fuel and finance. Expertise: Behind-the-meter power architecture design that engages customers at the earliest planning stages, before equipment is selected. This enables Vertiv to help define the power blueprint that shapes downstream infrastructure decisions, supported by pre-validated reference designs for grid-connected, bridge-to-grid and islanded sites. Technology: Proprietary controls platform and pre-engineered microgrid switchgear that orchestrate multiple power sources in real time and coordinate them with the critical power train. Today, Vertiv brings deep systems and controls expertise across the critical power train, supported by an end-to-end power and cooling portfolio and global service network. Combined with UIG, Vertiv expects to help customers design and deploy integrated power architectures that improve speed, resiliency, efficiency, and flexibility.

Expected customer and operator benefits include:

Faster access to power with less dependence on utility interconnection timelines Ability to scale site capacity beyond what the grid alone can provide A single accountable relationship from grid interconnect through rack-level infrastructure Together, these capabilities are expected to give customers greater flexibility in how they source, manage and scale power as data center requirements evolve.

About UIG

Founded in 2020, UIG is headquartered in Raleigh, North Carolina, with European headquarters in Dublin, Ireland, and manufacturing operations in North Carolina and New Jersey. The company designs and delivers power systems that support real-time load and frequency balancing across behind-the-meter systems and utility-connected energy resources, helping address the power demands of AI data center workloads. Its solutions include proprietary controls software, customized microgrid switchgear and energy storage.

The transaction is subject to regulatory approvals and customary closing conditions and is expected to close in the fourth quarter of 2026.

J.P. Morgan Securities LLC is acting as financial advisor to Vertiv, and Buchanan Ingersoll & Rooney PC is serving as legal counsel. Morgan Stanley & Co. LLC is acting as financial advisor to UIG, and Davis Polk & Wardwell LLP is serving as legal counsel.

For more information on Vertiv's leading portfolio of power and thermal management, infrastructure solutions, IT systems, and services for critical digital applications, visit Vertiv.com.

About Vertiv
Vertiv (NYSE: VRT) brings together hardware, software, analytics and ongoing services to enable its customers' vital applications to run continuously, perform optimally and grow with their business needs. Vertiv solves the most important challenges facing today's data centers, communication networks and commercial and industrial facilities with a portfolio of power, cooling and IT infrastructure solutions and services that extends from the cloud to the edge of the network. Headquartered in Westerville, Ohio, USA, Vertiv does business in more than 130 countries. For more information, and for the latest news and content from Vertiv, visit Vertiv.com.

Category: Financial News

Forward-looking statements
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27 of the Securities Act, and Section 21E of the Securities Exchange Act. These statements are only a prediction. Actual events or results may differ materially from those in the forward-looking statements set forth herein. Readers are referred to Vertiv's filings with the Securities and Exchange Commission, including its most recent Annual Report on Form 10-K and any subsequent Quarterly Reports on Form 10-Q for a discussion of these and other important risk factors concerning Vertiv and its operations. Those risk factors and risks related to the transaction, among others, could cause actual results to differ materially from historical performance and include, but are not limited to: the timing and consummation of the proposed transaction; the risk that the closing does not occur; expected expenses related to the transaction; the possible diversion of management time on issues related to the transaction; the ability of Vertiv to maintain relationships with customers and suppliers of UIG; the ability of Vertiv to retain management and key employees of UIG; and whether Vertiv would realize anticipated synergies and accretion contemplated by the acquisition. Vertiv is under no obligation to, and expressly disclaims any obligation to, update or alter its forward-looking statements, whether as a result of new information, future events or otherwise.

For investor inquiries, please contact: 
Lynne Maxeiner
Vice President, Global Treasury & Investor Relations
Vertiv
E: [email protected] 

For media inquiries, please contact:
Ruder Finn for Vertiv
E: [email protected] 

SOURCE Vertiv Holdings Co

NEW YORK--(BUSINESS WIRE)--Sprinklr (NYSE: CXM), the unified customer experience management (Unified-CXM) platform for modern enterprises, today reported financial results for its second fiscal quarter ended July 31, 2026.

“We delivered solid second quarter results and continued to strengthen the fundamentals of the business,” said Rory Read, President and CEO of Sprinklr. Read continued, “We believe that the pace of our AI innovation, combined with new ARR growth, increasing enterprise adoption, and contracted demand underpinned by total RPO growth, demonstrate that we are making headway on our transformation and positioning Sprinklr for durable growth.”

Second Quarter Fiscal 2027 Financial Highlights

Revenue: Total revenue for the second quarter was $213.7 million, up from $212.0 million one year ago, up 1% year-over-year. Subscription revenue for the second quarter was $194.8 million, up from $188.5 million one year ago, an increase of 3% year-over-year. Operating Income and Margin: Second quarter GAAP operating income was $10.0 million, compared to $16.3 million one year ago. Non-GAAP operating income was $31.3 million, compared to $38.2 million one year ago. Second quarter GAAP operating margin was 5%, compared to 8% one year ago. Non-GAAP operating margin was 15%, compared to 18% one year ago. Net Income Per Share: Second quarter GAAP net income per share, diluted was $0.03, compared to $0.05 one year ago. Non-GAAP net income per share, diluted for the second quarter was $0.11, compared to $0.13 one year ago. Cash, Cash Equivalents, and Marketable Securities: Total cash, cash equivalents, and marketable securities as of July 31, 2026 were $452.9 million. Free cash flow, non-GAAP operating income, non-GAAP operating margin, and non-GAAP net income per share are non-GAAP financial measures defined under “Non-GAAP Financial Measures,” and are reconciled to their closest comparable GAAP measure in the “Reconciliation of Non-GAAP Financial Measures” section below.

Financial Outlook

Sprinklr is providing the following guidance for the third fiscal quarter ending October 31, 2026:

Subscription revenue between $196.0 million and $197.0 million. Total revenue between $215.0 million and $216.0 million. Non-GAAP operating income between $33.5 million and $34.5 million. Non-GAAP net income per share of approximately $0.11, assuming 239 million diluted weighted-average shares outstanding. Sprinklr is providing the following updated guidance for the full fiscal year ending January 31, 2027:

Subscription revenue between $782.5 million and $784.5 million. Total revenue between $866.5 million and $868.5 million. Non-GAAP operating income between $139.0 million and $141.0 million. Non-GAAP net income per share of approximately $0.47, assuming 240 million diluted weighted-average shares outstanding. Non-GAAP Financial Measures

In addition to our results determined in accordance with accounting principles generally accepted in the U.S. (“U.S. GAAP”), we believe that the following non-GAAP financial measures are useful in evaluating our operating performance:

Non-GAAP gross profit and non-GAAP gross margin; Non-GAAP operating income and non-GAAP operating margin; and Non-GAAP net income and non-GAAP net income per share. We define these non-GAAP financial measures as the respective U.S. GAAP measures, excluding, as applicable, stock-based compensation expense and related charges; amortization of stock-based compensation expense associated with capitalized internal-use software; amortization of acquired intangible assets; restructuring charges; costs associated with acquisitions; litigation, settlement, and related costs deemed unrelated to our core business operations; facility exit costs; and the estimated tax effect of these non-GAAP adjustments. We believe that it is useful to exclude these items in order to better understand the long-term performance of our core business and to facilitate comparison of our results to those of peer companies over multiple periods.

In addition, we believe that free cash flow is also a useful non-GAAP financial measure. Free cash flow is defined as net cash provided by operating activities less cash used for purchases of property and equipment and capitalized internal-use software. We believe that free cash flow is a useful indicator of liquidity as it measures our ability to generate cash, or our need to access additional sources of cash, to fund operations and investments. We expect our free cash flow to fluctuate in future periods with changes in our operating expenses and as we continue to invest in our growth. We typically experience higher billings in the fourth quarter compared to other quarters and experience higher collections of accounts receivable in the first half of the year, which results in a decrease in accounts receivable in the first half of the year.

However, non-GAAP financial measures have limitations in their usefulness to investors because they have no standardized meaning prescribed by U.S. GAAP and are not prepared under any comprehensive set of accounting rules or principles. In addition, other companies, including companies in our industry, may calculate similarly titled non-GAAP financial measures differently or may use other measures to evaluate their performance, all of which could reduce the usefulness of our non-GAAP financial measures as tools for comparison. As a result, our non-GAAP financial measures are presented for supplemental informational purposes only and should not be considered in isolation or as a substitute for our condensed consolidated financial statements presented in accordance with U.S. GAAP.

Conference Call Information

Sprinklr will host a conference call today, September 2, 2026, to discuss its second quarter fiscal 2027 financial results, as well as the third quarter and full year fiscal 2027 outlook, at 8:30 a.m. Eastern Time, 5:30 a.m. Pacific Time. Investors are invited to join the webcast by visiting: https://investors.sprinklr.com/. To access the call by phone, dial 877-459-3955 (domestic) or 201-689-8588 (international). The conference ID number is 13762253. The webcast will be available live, and a replay will be available following completion of the live broadcast for approximately 90 days.

About Sprinklr, Inc.

Sprinklr is the definitive, AI-native platform for Unified Customer Experience Management (Unified-CXM), empowering brands to deliver extraordinary experiences at scale — across every customer touchpoint.

By combining human intelligence with the enhancements and insights of artificial intelligence, Sprinklr helps brands earn trust and loyalty through personalized, seamless, and efficient customer interactions. Sprinklr’s unified platform provides powerful solutions for every customer-facing team — spanning social media management, marketing, advertising, customer feedback, and omnichannel contact center management — enabling enterprises to unify data, break down silos, and act on real-time insights.

Today, 1,600+ enterprises — including Microsoft, P&G, Samsung, and 59% of the Fortune 100 — rely on Sprinklr to help them deliver consistent, trusted customer experiences worldwide.

Forward-Looking Statements

This press release contains express and implied “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding our financial outlook for the third quarter and full year fiscal 2027 and our ability to execute on our business transformation and position Sprinklr for durable growth. In some cases, you can identify forward-looking statements by terms such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “project,” “will,” “would,” “should,” “could,” “can,” “predict,” “potential,” “target,” “explore,” “continue,” or the negative of these terms, and similar expressions intended to identify forward-looking statements. By their nature, these statements are subject to numerous uncertainties and risks, including factors beyond our control, that could cause actual results, performance, or achievement to differ materially and adversely from those anticipated or implied in the statements, including: the risk that the potential benefits of the stock repurchase program are not realized; our historical growth may not be indicative of our future growth; our revenue growth rate has fluctuated in prior periods; our ability to achieve or maintain profitability; we derive the substantial majority of our revenue from subscriptions to our Unified-CXM platform; our ability to manage our growth and organizational change; the market for Unified-CXM solutions is rapidly evolving; our ability to attract new customers in a manner that is cost-effective and assures customer success; our ability to attract and retain customers to use our products; our ability to drive customer subscription renewals and expand our sales to existing customers; our ability to effectively develop platform enhancements, introduce new products, or keep pace with technological developments, including with respect to artificial intelligence; the market in which we participate is new and rapidly evolving and our ability to compete effectively; our business and growth depend in part on the success of our strategic relationships with third parties; our ability to develop and maintain successful relationships with partners who provide access to data that enhances our Unified-CXM platform’s artificial intelligence capabilities; the majority of our customer base consists of large enterprises, and we currently generate a significant portion of our revenue from a relatively small number of enterprises; our investments in research and development; our ability to expand our sales and marketing capabilities; our sales cycle with enterprise and international clients can be long and unpredictable; certain of our results of operations and financial metrics may be difficult to predict; our ability to maintain data privacy and data security; we rely on third-party cloud service providers; the sufficiency of our cash, cash equivalents, and marketable securities to meet our liquidity needs; our ability to comply with modified or new laws and regulations applying to our business; our ability to successfully enter into new markets and manage our international expansion; the attraction and retention of qualified employees and key personnel; our ability to effectively manage our growth and future expenses and maintain our corporate culture; our ability to maintain, protect, and enhance our intellectual property rights; unstable economic, political, and market conditions, including as a result of public health crises, fluctuations in inflation, interest, and foreign currency rates, the imposition of tariffs in the U.S. and abroad, the recent and any future U.S. government shutdown, or geopolitical actions, such as war and terrorism or the perception that such hostilities may be imminent; and our ability to successfully defend litigation brought against us. Additional risks and uncertainties that could cause actual outcomes and results to differ materially from those contemplated by the forward-looking statements are or will be discussed in our Quarterly Report on Form 10-Q for the fiscal quarter ended April 30, 2026, filed with the Securities and Exchange Commission (“SEC”) on June 4, 2026, under the caption “Risk Factors,” and in other filings that we make from time to time with the SEC. Forward-looking statements speak only as of the date the statements are made and are based on information available to Sprinklr at the time those statements are made and/or management’s good faith belief as of that time with respect to future events. Sprinklr assumes no obligation to update forward-looking statements to reflect events or circumstances after the date they were made, except as required by law.

Key Business Metrics

RPO. RPO, or remaining performance obligations, represents contracted revenues that have not yet been recognized, and include deferred revenue and amounts that will be invoiced and recognized in future periods.

cRPO. cRPO, or current RPO, represents contracted revenues that have not yet been recognized, and include deferred revenue and amounts that will be invoiced and recognized in the next 12 months.

Sprinklr, Inc.

Condensed Consolidated Balance Sheets

(in thousands)

(unaudited)

July 31,
2026

January 31,
2026

Assets

Current assets:

Cash and cash equivalents

$

231,415

$

162,969

Marketable securities

221,488

339,537

Accounts receivable, net of allowance of $7.5 million and $7.4 million, respectively

172,555

278,081

Prepaid expenses and other current assets

114,739

107,393

Total current assets

740,197

887,980

Property and equipment, net

31,299

33,454

Goodwill and other intangible assets

56,145

50,144

Operating lease right-of-use assets

38,079

43,094

Deferred tax asset, non-current

60,161

70,400

Other non-current assets

125,898

119,989

Total assets

$

1,051,779

$

1,205,061

Liabilities and stockholders’ equity

Liabilities

Current liabilities:

Accounts payable

$

29,638

$

33,781

Accrued expenses and other current liabilities

59,052

91,538

Operating lease liabilities, current

7,295

8,433

Deferred revenue

380,014

420,339

Total current liabilities

475,999

554,091

Deferred revenue, non-current

15,864

12,824

Operating lease liabilities, non-current

34,057

38,299

Other liabilities, non-current

6,382

7,204

Total liabilities

532,302

612,418

Commitments and contingencies

Stockholders’ equity

Class A common stock

4

4

Class B common stock

3

3

Treasury stock

—

(23,831

)

Additional paid-in capital(1)

818,625

922,872

Accumulated other comprehensive loss

(9,760

)

(5,711

)

Accumulated deficit(1)

(289,395

)

(300,694

)

Total stockholders’ equity

519,477

592,643

Total liabilities and stockholders’ equity

$

1,051,779

$

1,205,061

(1) During the first fiscal quarter of fiscal year 2027, the Company changed the presentation of its share repurchase activity within stockholders’ equity from accumulated deficit to additional paid‑in capital. Prior-period balances have been recast to conform to the current-period presentation. This change represents a reclassification within equity only and does not affect total stockholders’ equity, net income, or cash flows.

Sprinklr, Inc.

Condensed Consolidated Statements of Operations

(in thousands, except per share data)

(unaudited)

Three Months Ended July 31,

Six Months Ended July 31,

2026

2025

2026

2025

Revenue:

Subscription

$

194,845

$

188,473

$

389,634

$

372,600

Professional services

18,898

23,567

43,588

44,940

Total revenue

213,743

212,040

433,222

417,540

Cost of revenue:

Subscription(1)

50,880

43,177

101,734

85,363

Professional services(1)

23,672

24,261

49,266

44,706

Total cost of revenue

74,552

67,438

151,000

130,069

Gross profit

139,191

144,602

282,222

287,471

Operating expenses:

Research and development(1)

24,434

23,162

47,794

45,973

Sales and marketing(1)

70,926

70,583

145,857

141,654

General and administrative(1)

34,302

35,569

69,087

69,998

Restructuring(1)

(428

)

(984

)

(1,082

)

15,329

Total operating expenses

129,234

128,330

261,656

272,954

Operating income

9,957

16,272

20,566

14,517

Other income, net

2,789

7,469

8,478

14,399

Income before provision for income taxes

12,746

23,741

29,044

28,916

Provision for income taxes

5,628

11,126

17,745

17,869

Net income

$

7,118

$

12,615

$

11,299

$

11,047

Net income per share, basic

$

0.03

$

0.05

$

0.05

$

0.04

Weighted average shares used in computing net income

235,556

254,391

237,996

255,501

Net income per share, diluted

$

0.03

$

0.05

$

0.05

$

0.04

Weighted average shares used in computing net income

237,840

263,201

240,366

264,442

(1) Includes stock-based compensation expense, net of amounts capitalized, as follows:

Three Months Ended July 31,

Six Months Ended July 31,

(in thousands)

2026

2025

2026

2025

Cost of revenue:

Subscription

$

388

$

223

$

736

$

488

Professional services

566

726

1,344

1,118

Research and development

4,046

4,204

8,220

8,090

Sales and marketing

4,485

6,124

9,282

12,419

General and administrative

10,926

10,027

20,830

19,603

Restructuring

—

—

—

866

Stock-based compensation expense, net of amounts capitalized

$

20,411

$

21,304

$

40,412

$

42,584

Sprinklr, Inc.

Condensed Consolidated Statements of Cash Flows

(in thousands)

(unaudited)

Six Months Ended July 31,

2026

2025

Cash flows from operating activities:

Net income

$

11,299

$

11,047

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation and amortization expense

9,147

9,348

Provision for credit losses

685

2,468

Stock-based compensation, net of amounts capitalized

40,412

42,584

Non-cash lease expense

4,281

3,914

Deferred income taxes

10,236

9,822

Net accretion on marketable securities

(871

)

(3,587

)

Other non-cash items, net

4

31

Changes in operating assets and liabilities:

Accounts receivable

105,066

80,987

Prepaid expenses and other assets

(13,324

)

(3,831

)

Accounts payable

(4,321

)

609

Operating lease liabilities

(4,547

)

(4,024

)

Accrued expenses and other liabilities

(35,860

)

(17,615

)

Deferred revenue

(33,661

)

(13,186

)

Net cash provided by operating activities

88,546

118,567

Cash flows from investing activities:

Purchases of marketable securities

(69,018

)

(269,697

)

Proceeds from sales and maturities of marketable securities

187,702

262,629

Purchases of property and equipment

(701

)

(654

)

Capitalized internal-use software

(8,912

)

(7,459

)

Acquisitions, net of cash acquired

(4,860

)

—

Other investing activities

—

(262

)

Net cash provided by (used in) investing activities

104,211

(15,443

)

Cash flows from financing activities:

Proceeds from issuance of common stock upon exercise of stock options

1,269

12,939

Proceeds from issuance of common stock upon ESPP purchases

2,121

2,785

Payments for repurchase of Class A common shares and related excise tax

(125,796

)

(140,845

)

Net cash used in financing activities

(122,406

)

(125,121

)

Effect of exchange rate fluctuations on cash, cash equivalents, and restricted cash

(1,789

)

2,295

Net change in cash, cash equivalents, and restricted cash

68,562

(19,702

)

Cash, cash equivalents, and restricted cash at beginning of period

171,508

153,533

Cash, cash equivalents, and restricted cash at end of period

$

240,070

$

133,831

Sprinklr, Inc.

Reconciliation of Non-GAAP Financial Measures

(in thousands)

(unaudited)

Three Months Ended July 31,

Six Months Ended July 31,

2026

2025

2026

2025

Non-GAAP gross profit and gross margin:

U.S. GAAP gross profit

$

139,191

$

144,602

$

282,222

$

287,471

Stock-based compensation expense and related charges(1)

975

955

2,127

1,625

Amortization of stock-based compensation expense - capitalized internal-use software

632

692

1,269

1,341

Non-GAAP gross profit

$

140,798

$

146,249

$

285,618

$

290,437

Gross margin

65

%

68

%

65

%

69

%

Non-GAAP gross margin

66

%

69

%

66

%

70

%

Non-GAAP operating income and operating margin:

U.S. GAAP operating income

$

9,957

$

16,272

$

20,566

$

14,517

Stock-based compensation expense and related charges(2)

20,685

21,450

41,180

42,214

Amortization of stock-based compensation expense - capitalized internal-use software

632

692

1,269

1,341

Litigation costs(3)

172

816

820

1,585

Acquisition-related charges

281

—

281

—

Restructuring costs(4)

(428

)

(984

)

(1,082

)

15,329

Non-GAAP operating income

$

31,299

$

38,246

$

63,034

$

74,986

Operating margin

5

%

8

%

5

%

3

%

Non-GAAP operating margin

15

%

18

%

15

%

18

%

Free cash flow:

Net cash provided by operating activities

$

18,170

$

34,791

$

88,546

$

118,567

Purchase of property and equipment

(373

)

(365

)

(701

)

(654

)

Capitalized internal-use software

(4,679

)

(4,673

)

(8,912

)

(7,459

)

Free cash flow

$

13,118

$

29,753

$

78,933

$

110,454

(1) Employer payroll tax related to stock-based compensation for the periods ended July 31, 2026 and 2025 was immaterial as to the impact to gross profit.
(2) Includes employer payroll tax related to stock-based compensation expense of $0.3 million and $0.1 million for the three months ended July 31, 2026 and 2025, respectively, and $0.8 million and $0.5 million of employer payroll tax related to stock-based compensation expense for the six months ended July 31, 2026 and 2025, respectively.
(3) Relates to litigation, settlement, and related costs deemed unrelated to our core business operations.
(4) Includes employer payroll tax related to restructuring expenses of nil for both the three and six months ended July 31, 2026 and nil and $0.7 million for the three and six months ended July 31, 2025, respectively.

Three Months Ended July 31,

2026

2025

(in thousands)

Per Share-Basic

Per Share-Diluted

(in thousands)

Per Share-Basic

Per Share-Diluted

Non-GAAP net income and earnings per share:

U.S. GAAP net income

$

7,118

$

0.03

$

0.03

$

12,615

$

0.05

$

0.05

Stock-based compensation expense and related charges(1)

20,685

0.09

0.09

21,450

0.08

0.08

Amortization of stock-based compensation expense - capitalized internal-use software

632

—

—

692

—

—

Income tax expense(2)

(3,235

)

(0.01

)

(0.01

)

(760

)

—

—

Litigation costs(3)

172

—

—

816

—

—

Acquisition-related costs

281

—

—

—

—

—

Restructuring costs(4)

(428

)

—

—

(984

)

—

—

Non-GAAP net income

$

25,225

$

0.11

$

0.11

$

33,829

$

0.13

$

0.13

Weighted-average shares outstanding

235,556

237,840

254,391

263,201

Six Months Ended July 31,

2026

2025

(in thousands)

Per Share-Basic

Per Share-Diluted

(in thousands)

Per Share-Basic

Per Share-Diluted

Non-GAAP net income and earnings per share:

U.S. GAAP net income

$

11,299

$

0.05

$

0.05

$

11,047

$

0.04

$

0.04

Stock-based compensation expense and related charges(1)

41,180

0.17

0.17

42,214

0.17

0.16

Amortization of stock-based compensation expense - capitalized internal-use software

1,269

—

—

1,341

—

—

Income tax expense(2)

(848

)

—

—

(5,371

)

(0.02

)

(0.02

)

Litigation costs(3)

820

—

—

1,585

0.01

0.01

Acquisition-related costs

281

—

—

—

—

—

Restructuring costs(4)

(1,082

)

—

—

15,329

0.06

0.06

Non-GAAP net income

$

52,919

$

0.22

$

0.22

$

66,145

$

0.26

$

0.25

Weighted-average shares outstanding

237,996

240,366

255,501

264,442

(1) Includes employer payroll tax related to stock-based compensation of $0.3 million and $0.1 million for the three months ended July 31, 2026 and 2025, respectively, and $0.8 million and $0.5 million for the six months ended July 31, 2026 and 2025, respectively.
(2) Represents the Company’s current and deferred income tax expense commensurate with the non-GAAP measure of profitability using a non-GAAP tax rate of 26% for the three and six months ended July 31, 2026 and 2025. The Company uses an annual tax rate in its computation of the non-GAAP income tax provision and excludes the direct impact of stock-based compensation expense, employer tax costs related to stock-based compensation, intangible amortization expense, amortization of stock-based compensation expense associated with capitalized internal-use software, non-recurring litigation costs, restructuring costs, and settlement of prior year tax positions.
(3) Relates to litigation, settlement, and related costs deemed unrelated to our core business operations.
(4) Includes employer payroll tax related to restructuring expenses of nil for the three and six months ended July 31, 2026 and nil and $0.7 million for the three and six months ended July 31, 2025, respectively.

Net Sales Increased 9.1%

Opened 15 New Stores and Grew Ollie’s Army 12.7%

Updating Outlook for Fiscal 2026

HARRISBURG, Pa., Sept. 02, 2026 (GLOBE NEWSWIRE) -- Ollie’s Bargain Outlet Holdings, Inc. (NASDAQ: OLLI) (the “Company”) today announced financial results for the second quarter ended August 1, 2026.

“We delivered strong earnings growth in the second quarter and continued to execute against our key strategic initiatives,” said Eric van der Valk, President and Chief Executive Officer. “Comparable store sales declined 1.8% against a challenging multi-year stack. We believe our sales results were negatively impacted by the combination of less favorable weather, continued economic pressure on the consumer, and an elevated promotional environment, which all led to a more challenging backdrop than we originally expected.”

Mr. van der Valk continued, “Consumers continue to seek value and many of the same pressures affecting our customers are creating buying opportunities across the closeout market. We continue to see strong deal flow and remain committed to reinvesting in price and strengthening our competitive position. With a flexible business model, deep vendor relationships, growing scale, and a talented team, we believe Ollie's is well positioned to deliver long-term profitable growth through any retail environment.”

       Thirteen weeks ended  August 1, August 2,Dollars in thousands, except per share data 2026
 2025
Net sales $741,305  $679,556 Yr/yr change  9.1%   17.5% Comparable store sales change(1)  (1.8%)  5.0% Net income $85,454  $61,310 Net income per diluted share $1.42  $0.99 Adjusted net income per diluted share $1.42  $0.99 Yr/yr change  43.4%   26.9% Adjusted EBITDA $127,095  $93,786 % of net sales  17.1%   13.8% Store openings(2)  15   29 Store growth, yr/yr change  11.9%   16.8%      (1)Calculated based on the comparable number of weeks from the prior year.    (2)Gross number that does not include any store closures in the period.          Second Quarter 2026 Highlights and Year-Over-Year Comparisons

Opened 15 new stores and closed one store related to storm damage, ending the quarter with 686 stores in 36 states, an increase of 11.9%.Ollie’s Army loyalty members increased 12.7% to 18.1 million members.Net sales increased 9.1% to $741.3 million, driven by new store unit growth.Comparable store sales decreased 1.8%, against a 5.0% increase in last year’s second quarter, with this year’s decrease driven by a decrease in average basket size.Gross margin increased 360 basis points to 43.5%. The increase was driven by lower supply chain costs, primarily from IEEPA tariff refunds and lower tariff rates. IEEPA tariff refunds benefited gross margin by 380 basis points in this year’s second quarter.Selling, general, and administrative (“SG&A”) expenses as a percentage of net sales increased 80 basis points to 26.6%, with the increase primarily driven by the deleverage of fixed costs from the decline in comparable store sales and higher marketing expenses primarily from one additional merchandise flyer in the second quarter.Pre-opening expenses decreased 42.0% to $5.2 million, driven primarily by a lower number of new store openings and lower dark rent expense.Adjusted net income increased 40.3% to $85.4 million and adjusted net income per diluted share increased 43.4% to $1.42.Total cash and investments increased $46.8 million, to $507.1 million. This included cash and cash equivalents of $120.8 million, short-term investments of $66.7 million, and long-term investments of $319.6 million.The Company invested $84.0 million of cash to repurchase 1.107 million shares of its common stock in the second quarter. In the first half of the year, the Company repurchased $137.3 million, or 1.6 million shares, of its common stock. At the end of the second quarter, $121.5 million remained available for future share repurchases under the current share repurchase authorization. Outlook   

The Company is updating its financial outlook figures for the fiscal year 2026 ending January 30, 2027. The Company is updating its net sales outlook to better align with recent sales trends and the current environment for the balance of the fiscal year. In addition, the Company’s current outlook now includes IEEPA tariff refunds of $28.3 million received in the second quarter, of which the Company intends to reinvest in pricing actions to further strengthen its competitive position. A table comparing the current outlook metrics to the previous outlook metrics is below.

 Current PreviousNew store openings(1)75 75Net sales$2.928 to $2.941 billion $2.980 to $3.000 billionComparable store sales growth0% to 0.5% ~2%Gross margin~41.3% ~40.7%Operating income$345 to $350 million $340 to $348 millionAdjusted net income(2)(3)$275 to $279 million $271 to $277 millionAdjusted net income per diluted share(2)(3)$4.57 to $4.65 $4.45 to $4.55Annual effective tax rate(3)~25% ~25%Diluted weighted average shares outstanding~60.0 million ~60.9 millionCapital expenditures$103 to $113 million $103 to $113 millionShare repurchases~$175 million ~$125 million    (1)New store openings is a gross number that does not include two store closures related to storm damage.
(2)Includes interest income of approximately $22 million.
(3)Excludes the excess tax benefits related to stock-based compensation, as the Company cannot predict such estimates without unreasonable effort.     Conference Call Information

A conference call to discuss second quarter 2026 financial results is scheduled for today, September 2, 2026, at 8:30 a.m. Eastern Time. To access the live conference call, please preregister here. Registrants will receive a confirmation with dial-in instructions. Interested parties can also listen to a live webcast or replay of the conference call by logging on to the Investor Relations section on the Company’s website at https://investors.ollies.com. A replay of the conference call webcast will be available on the investor relations website for one year.

About Ollie’s

Ollie’s is a leading off-price retailer of brand-name household products. Since our founding in 1982, our mission has been to sell Good Stuff Cheap®. We do this through a flexible buying model that focuses on closeout merchandise and excess inventory from suppliers and manufacturers around the world. Our stores offer Real Brands! Real Bargains! ® in a treasure hunt environment at prices up to 70% below traditional retailers. As of August 1, 2026, we operated 686 stores in 36 states and growing! For more information, visit www.ollies.com.

Non-GAAP Reconciliation

The Company’s results are reported in this press release on a GAAP and as adjusted, non-GAAP basis. Adjusted net income (loss), Adjusted net income (loss) per diluted share, EBITDA, and Adjusted EBITDA are non-GAAP measures, and are not intended to replace GAAP financial information, and may be different from non-GAAP measures reported by other companies. The Company believes the income and expense items excluded as non-GAAP adjustments are not reflective of the performance of its core business, and that providing this supplemental disclosure to investors will facilitate comparisons of the past and present performance of its core business.

Please refer to the “Reconciliation of GAAP to Non-GAAP Financial Measures” table included in this press release, which sets forth the non-GAAP operating adjustments for the 13-week and 26-week periods ended August 1, 2026 and August 2, 2025.

Forward-Looking Statements

This press release contains certain forward-looking statements, which includes but is not limited to statements regarding industry trends, value creation, customer trends, new stores, distribution centers, and various financial outlook figures, including new store openings, net sales, comparable store sales, gross margin, SG&A, operating income, net income, adjusted net income, adjusted net income per diluted share, effective tax rate, diluted weighted average shares outstanding and capital expenditures. All forward-looking statements are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, are subject to the finalization of the Company’s quarterly financial and accounting procedures, and may be affected by certain risks and uncertainties, any one, or a combination, of which could materially affect the results of the Company’s operations. Forward-looking statements are usually identified by or are associated with such words as “could”, “may”, “might”, “will,” “likely”, “anticipates”, “intends”, “plans”, “believes”, “estimates”, “expects”, “continues”, “projects”, “forecasts”, and similar terminology. Actual results could vary materially from the expectations reflected in these statements. As with any business, all phases of our operations are subject to factors outside of our control. These factors include, without limitation, the impact of the recent tariff announcements and the corresponding macroeconomic pressures and those factors discussed in the “Risk Factors” section of the Company’s Annual Reports or Form 10-K and other filings with the Securities and Exchange Commission. Forward-looking statements made by or on behalf of the Company are based on knowledge of its business and the environment in which it operates, but because of the factors listed above, actual results could differ materially from those reflected by any forward-looking statements. Consequently, all of the forward-looking statements made are qualified by these cautionary statements and those contained in the Company’s Annual Report on Form 10-K, quarterly reports on Form 10-Q, and other filings with the Securities and Exchange Commission. There can be no assurance that the results or developments anticipated by the Company will be realized or, even if substantially realized, that they will have the expected consequences to or effects on the Company or its business and operations. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The Company does not undertake any obligation to release publicly any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events, except as required by law.

Investor Contact

John Rouleau
Managing Director, Corporate Communication & Business Development
[email protected]

Media Contact

Tom Kuypers
Senior Vice President, Marketing
[email protected]

 Ollie’s Bargain Outlet Holdings, Inc.
Condensed Consolidated Statements of Income (unaudited)
(In thousands except for per share amounts)
       Thirteen weeks ended Twenty-six weeks ended  August 1, August 2, August 1, August 2,  2026
 2025
 2026
 2025
Net sales $741,305  $679,556  $1,400,233  $1,256,323 Cost of sales  419,140   408,218   802,104   747,954 Gross profit  322,165   271,338   598,129   508,369 Selling, general and administrative expenses  197,213   175,476   385,895   340,308 Depreciation and amortization expenses  11,274   9,916   22,557   19,273 Pre-opening expenses  5,203   8,972   11,645   15,628 Operating income  108,475   76,974   178,032   133,160 Interest income, net  (6,142)  (4,534)  (11,108)  (9,322)Income before income taxes  114,617   81,508   189,140   142,482 Income tax expense  29,163   20,198   47,286   33,612 Net income $85,454  $61,310  $141,854  $108,870 Earnings per common share:        Basic $1.42  $1.00  $2.35  $1.77 Diluted $1.42  $0.99  $2.34  $1.76 Weighted average common shares outstanding:        Basic  60,097   61,340   60,490   61,342 Diluted  60,236   61,796   60,713   61,806          Percentage of net sales:        Net sales  100.0%  100.0%  100.0%  100.0%Cost of sales  56.5   60.1   57.3   59.5 Gross profit  43.5   39.9   42.7   40.5 Selling, general and administrative expenses  26.6   25.8   27.6   27.1 Depreciation and amortization expenses  1.5   1.5   1.6   1.5 Pre-opening expenses  0.7   1.3   0.8   1.2 Operating income  14.6   11.3   12.7   10.6 Interest income, net  (0.8)  (0.7)  (0.8)  (0.7)Income before income taxes  15.5   12.0   13.5   11.3 Income tax expense  3.9   3.0   3.4   2.7 Net income  11.5%  9.0%  10.1%  8.7%         Components may not add to totals due to rounding.                   Ollie’s Bargain Outlet Holdings, Inc.
Condensed Consolidated Balance Sheets (unaudited)
(In thousands)       August 1, August 2,Assets 2026
 2025
Current assets:    Cash and cash equivalents $120,765  $231,163 Short-term investments  66,737   85,893 Inventories  704,433   637,236 Accounts receivable  7,801   1,810 Prepaid expenses and other current assets  17,187   11,716 Total current assets  916,923   967,818 Property and equipment, net  419,234   360,836 Operating lease right-of-use assets  694,113   652,341 Goodwill  444,850   444,850 Trade name  230,559   230,559 Long-term investments  319,592   143,206 Other assets  2,325   2,242 Total assets $3,027,596  $2,801,852 Liabilities and Stockholders’ Equity    Current liabilities:    Current portion of long-term debt $809  $518 Accounts payable  190,207   165,629 Income taxes payable  5,755   129 Current portion of operating lease liabilities  99,157   103,122 Accrued expenses and other current liabilities  115,656   98,968 Total current liabilities  411,584   368,366 Long-term debt  1,420   912 Deferred income taxes  94,733   85,640 Long-term portion of operating lease liabilities  624,260   561,024 Total liabilities  1,131,997   1,015,942 Stockholders’ equity:    Common stock  68   68 Additional paid-in capital  764,299   745,636 Retained earnings  1,750,163   1,476,583 Treasury - common stock  (618,931)  (436,377)Total stockholders’ equity  1,895,599   1,785,910 Total liabilities and stockholders’ equity $3,027,596  $2,801,852        Ollie’s Bargain Outlet Holdings, Inc.
Condensed Consolidated Statements of Cash Flows (unaudited)
(In thousands)       Thirteen weeks ended Twenty-six weeks ended  August 1, August 2, August 1, August 2,  2026
 2025
 2026
 2025
Net cash provided by operating activities $108,124  $80,712  $153,625  $109,414 Net cash used in investing activities  (101,095)  (39,744)  (150,656)  (58,010)Net cash used in financing activities  (83,937)  (8,823)  (141,884)  (25,364)Net increase (decrease) in cash and cash equivalents  (76,908)  32,145   (138,915)  26,040 Cash and cash equivalents, beginning of the period  197,673   199,018   259,680   205,123 Cash and cash equivalents, end of the period $120,765  $231,163  $120,765  $231,163            Ollie’s Bargain Outlet Holdings, Inc.
Reconciliation of GAAP to Non-GAAP Financial Measures (unaudited)
(In thousands except for per share amounts)           Thirteen weeks ended Twenty-six weeks ended  August 1, August 2, August 1, August 2,  2026
 2025
 2026
 2025
Net income $85,454  $61,310  $141,854  $108,870 Excess tax benefits related to stock-based compensation(1)  (7)  (425)  (501)  (1,912)Adjusted net income $85,447  $60,885  $141,353  $106,958          Net income per diluted share $1.42  $0.99  $2.34  $1.76 Adjustments as noted above, per dilutive share:        Excess tax benefits related to stock-based compensation(1)  (0.00)  (0.01)  (0.01)  (0.03)Adjusted net income per diluted share $1.42  $0.99  $2.33  $1.73          Diluted weighted-average common shares outstanding  60,236   61,796   60,713   61,806          Net income $85,454  $61,310  $141,854  $108,870 Interest income, net  (6,142)  (4,534)  (11,108)  (9,322)Depreciation and amortization expenses  14,892   13,452   29,826   26,261 Income tax expense  29,163   20,198   47,286   33,612 EBITDA  123,367   90,426   207,858   159,421 Non-cash stock-based compensation expense  3,728   3,360   7,129   6,524 Adjusted EBITDA $127,095  $93,786  $214,987  $165,945                   Components may not add to totals due to rounding.        (1)Amount represents the impact from the recognition of excess tax benefits pursuant to Accounting Standards Update 2016-09, Stock Compensation   Ollie’s Bargain Outlet Holdings, Inc.
Key Statistics (unaudited)
(Dollars in thousands)       Thirteen weeks ended  August 1, August 2,  2026
 2025
Number of stores - beginning of period  672   584 Store openings  15   29 Store closings(1)  (1)  - Number of stores - end of period  686   613 Yr/yr store growth  11.9%   16.8% Comparable stores sales change  (1.8)%   5.0% Comparable store count – end of period  575   510 Total cash and investments(2) $507,094  $460,262 Capital expenditures $43,309  $26,416 Share repurchases $83,964  $11,516      (1)Due to storm-related damage.
(2)Includes cash and cash equivalents, short-term investments, and long-term investments.
     

After an extremely difficult period at the end of the past decade, when the market wrote off fossil fuels in favor of renewable energy, natural gas has come back in a big way, driven by demand for power from artificial intelligence (AI) data centers. That's sent shares of the leading gas turbine and services companies GE Vernova (GEV +0.00%), Siemens Energy, and Mitsubishi Heavy Industries soaring in recent years. They still offer excellent ways to gain exposure, as does a lower-risk exchange-traded fund (ETF) such as the Global X MLP & Energy Infrastructure ETF (MLPX +0.49%). Here's why buying both gives balanced exposure to the investing theme.

The investment case for GE Vernova According to leading industry analyst Wood Mackenzie, gas turbine prices have increased by 195% since 2019. It's a remarkable turnaround, and it's evident in the growth of GE Vernova's remaining performance obligations (RPO) during that period. It currently stands at $176 billion and, based on its order pipeline, Chief Executive Officer Scott Strazik is confident it will reach $200 billion in 2027, representing a near-doubling from 2022.

Data source: GE Vernova. Chart by author.

In addition to RPO growth (largely driven by order growth), readers should note a couple of bullish points on top.

First, GE Vernova's services are higher-margin, and it offers long-term service agreements with its gas turbine equipment sales, allowing it to lock in an extended income stream. Every single piece of gas turbine equipment adds to its installed base and, consequently, to its long-term earnings and cash-flow potential.

Second, zeroing in on the power segment's equipment backlog, Strazik said it increased from 44 gigawatts (GW) to 53 GW in the second quarter, and its slot reservation agreements (SRAs) increased from 56 GW to 63 GW. SRAs involve upfront payments by customers to secure a manufacturing slot in the future, and their growth signals how hot demand is.

Putting these points together, every time GE Vernova wins more orders and increases its backlog, investors should pencil in more future cash flow (from service revenue) and more near-term cash flow (from SRAs).

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Is GE Vernova stock still a good value? To illustrate this point and demonstrate how GE Vernova's near- and long-term projections can increase on the back of continued earnings momentum, here's a look at how management and Wall Street analysts raised near- and long-term free-cash-flow (FCF) estimates after the recent strong earnings results.

Wall Street Analyst Average Estimate

Full Year 2026 (Before Results)

Full Year 2026 (After Results)

Full Year 2029 (Before Results)

Full Year 2029 (After Results)

Full Year 2032 (Before Results)

Full Year 2032 (After Results)

Free cash flow

$6.9 billion

$12.4 billion

$10.3 billion

$10.9 billion

$10.9 billion

$14.7 billion

Data source: Visible Alpha.

To be clear, GE Vernova's current market cap is about $240 billion, putting it at just under 20 times full-year 2026 FCF. This valuation is fine, but as you can see above, Wall Street sees 2026 FCF as a near-term peak (note the decline in 2029), driven by SRAs, before more services revenue kicks in (hence the increase by 2032) to drive FCF higher. Therefore, investors should buy the stock only if they are confident its orders and SRAs will continue to grow strongly in the coming years, as more SRAs drive near-term cash flow higher.

There's another growth story in natural gas The growth in the installed base of gas turbine equipment implies growth not only in gas turbine services but also in the natural gas used to fuel gas turbines.

That's great news for natural gas-focused companies, such as pipeline and storage facilities companies held in the Global X MLP & Energy Infrastructure ETF. Buying into the ETF obviates the need to pick winners in the sector and provides broad-based exposure to 29 relatively high-yielding stocks, with the ETF currently yielding more than 4%.

It's a relatively safe way to play the theme, as evidenced by its lower volatility than that of GE Vernova in recent years.

GEV Total Return Level data by YCharts

The ETF's exposure to midstream energy companies (transportation, storage, and infrastructure) that earn fee-based revenue gives it upside exposure to increased natural gas volumes as more heavy-duty gas turbines, such as GE Vernova's, are used. Combining an investment in GE Vernova with this ETF provides balanced exposure to growth in gas turbines and natural gas volumes.

That said, based on the valuations discussed above, GE Vernova is a stock to buy only if you believe in its order and backlog momentum. MLPX, by contrast, may better suit more conservative investors seeking lower-volatility, yield-oriented exposure to the same natural gas volume growth theme.

Apple raises new concerns around clawing back trade secrets from an AI By You're currently following this author! Want to unfollow? Unsubscribe via the link in your email.

Apple raised concerns in a recent filing that trade secrets fed into an AI agent or model could create an "irreversible" use of that information. Abdul Saboor/Reuters Here's a novel problem companies may have to deal with in the AI era.

A nefarious Big Tech employee leaves for a competitor with trade secrets, feeds them to an AI agent or model while employed by the competitor, and runs some tests using those secrets.

Maybe the bad-apple employee then creates a new solution using that confidential knowledge, which the competitor benefits from. Or perhaps those secrets are stored in some knowledge base that an AI could retrieve if the nefarious employees' colleagues have a relevant question.

Apple raised that possibility in a supplemental brief filed Monday in support of its request for expedited discovery in its trade-secret lawsuit against OpenAI.

In the filing, Apple's attorneys said a former employee's use of company secrets while employed by OpenAI and his "use of AI agents to learn to run simulations raise concerns extending beyond ordinary document theft."

"Where trade secret information is fed into an AI agent or model that 'learns' from it, such 'learning' may create irreversible and continually propagating uses of the trade secret — harm that, at a minimum, is uniquely challenging to undo and requires prompt investigation," Apple's lawyers wrote.

The continued use of confidential information by a rival company is not a new problem. Artificial intelligence, however, is introducing a new wrinkle to the matter: How should companies regain control of their secrets after they've entered an AI system at a competing organization?

New risk, same remedies"Employees are already real loose cannons, walking around with knowledge in their heads," Camilla Hrdy, a law professor at Rutgers whose work examines trade-secret law and generative AI, told Business Insider. "Now they're taking that knowledge and plugging it into AI, and that could be a real loss of control. That is new."

Elon Musk's xAI raised a related but distinct AI-linked concern when it sued OpenAI, accusing Sam Altman's company of poaching staff to steal Grok's underlying technology.

That lawsuit said that, while Xuechen Li, a former xAI engineer, "had xAI's entire codebase stored in his personal cloud storage account, Li also had his personal ChatGPT account directly connected to his personal cloud storage account, set up as a connected 'Source' in OpenAI's ChatGPT." It added: "OpenAI had a means to access Li's files, which included the stolen copy of xAI's entire source code, through its ChatGPT service."

A judge dismissed the lawsuit in June.

Hrdy said these cases don't immediately call for novel legal solutions. Potential remedies often include telling a company to stop using the trade secrets, not to disclose any secrets, and to take steps to protect said secrets.

There are also damages to be assessed, Hrdy said: actual losses incurred from losing those secrets, or, in some cases, royalties to be paid to the affected company.

Can an AI unlearn secrets?Stopping trade-secret use by a rival company could pose technical challenges, depending on exactly how an employee applied confidential information to an AI system.

Sijia Liu, a computer science professor at Michigan State University, co-authored a paper on "machine unlearning" — the process of removing the influence of certain data, or capability, from an AI model.

He told Business Insider that if a document containing sensitive information is stored in a repository an AI system retrieves from, the remedy could be as relatively straightforward as deleting the file.

On the other hand, if sensitive information were used to train or fine-tune a model, it would require an entirely different, and likely resource-intensive, process.

"The second case could be more difficult because the influence of something is really difficult to evaluate," Liu said, adding that "you have to precisely define the boundary of unwanted capability."

A more immediate approach to containing secrets could be to build a "detection system" that flags sensitive user requests or sensitive information being passed between agents, Liu said. The detector could then trigger a hard stop in response to the request. Liu said that's not "true unlearning," but it is more practical.

To be clear, Apple did not say how the former employee may have used trade secrets with an AI, whether it was a one-off AI-assisted simulation or whether there was training that could affect a broader model.

An Apple spokesperson did not return a request for comment on this story.

Either way, AI may be bringing up new ways for companies to lose control of their secrets.

Read next

Lloyd Lee You're currently following this author! Want to unfollow? Unsubscribe via the link in your email.

Apple

Microsoft’s relationship with OpenAI has been central to its artificial intelligence strategy, but a forthcoming model highlights a growing risk as more powerful AI may also become harder to deploy quickly.

OpenAI said on September 1 that Astra has reached the “Critical” cybersecurity capability threshold under its Preparedness Framework, the first OpenAI model to receive that designation.

Astra can identify previously unknown vulnerabilities and build working exploit chains against hardened systems with limited human guidance.

For MSFT investors, the issue is whether increasingly capable models require safeguards stringent enough to slow commercialisation across Azure and Copilot.

OpenAI says Astra represents a significant jump from GPT-5.6 Sol in cybersecurity.

During testing, the model discovered unknown vulnerabilities, built a browser-compromise chain that escaped a sandbox and identified weaknesses in a hardened operating system.

Those abilities could be valuable for cybersecurity, coding and autonomous agents. But OpenAI has imposed tighter controls because the same capabilities could be misused.

The company delayed parts of Astra’s development while strengthening protections. Advanced cyber functionality will initially be available only to a limited group, while monitoring systems can interrupt risky activity.

OpenAI acknowledges that safeguards may create more friction than desired at launch.

That matters because OpenAI remains important to Microsoft. Under an amended April agreement, Microsoft remains OpenAI’s primary cloud partner, retains model and product IP rights through 2032 and continues receiving revenue-sharing payments through 2030.

KeyBanc analyst Jackson Ader warned in July that Microsoft’s “partnership and quasi-ownership” of OpenAI creates dependence risk. He questioned whether OpenAI was a sufficiently “stable wagon” for Microsoft’s AI strategy.

Also read: OpenAI says its ads business has hit $1B run-rate

Bank of America analyst Tal Liani raised his Microsoft price target to $600 from $500 on September 1 while maintaining a Buy rating. His bullish case rests partly on Microsoft becoming model-agnostic.

According to MarketWatch, Liani said that Microsoft can “reserve the largest and most expensive models for complex tasks” while using cheaper models for high-volume workloads.

He also argued that Copilot’s value does not “depend exclusively” on OpenAI, Anthropic or any other provider.

Microsoft increasingly combines internal models with external ones, routing workloads according to cost, performance and complexity.

That flexibility matters if Astra proves difficult to deploy broadly. Microsoft can use it where its capabilities justify additional controls while directing routine workloads elsewhere.

D.A. Davidson analyst Gil Luria argues enterprises increasingly need an “orchestration layer” above frontier models so they can switch providers and route tasks based on cost, performance and risk.

“Microsoft has already built the orchestration layer – it is called Copilot,” Luria said in comments reported by TipRanks. He maintains a Buy rating and $550 target.

That view becomes more relevant as Astra requires stronger governance.

Enterprises may not simply want the most powerful model available. They may need software deciding which model can reach sensitive data, what actions an agent can perform and when a safer model should replace a more capable one.

For Microsoft, that could make Copilot’s control layer more valuable even as frontier AI becomes harder to deploy.

Astra is not inherently bearish for Microsoft. The risk is that powerful OpenAI models require tighter access, heavier monitoring or slower rollouts just as Wall Street expects AI monetisation to accelerate.

A Dividend King is a stock that has raised its dividend payout for 50 consecutive years or more. Very few companies can boast this enduring accomplishment. One of them is Altria Group (MO +1.59%). The tobacco/nicotine giant has raised its dividend for 57 straight years, and 61 times in total, due to the durability of cash flows generated by its cigarette business.

It now trades at a dividend yielding 6.18%. That means, if you have $10,000 invested in Altria Group stock, you will receive a cool $618 in dividends each year.

But does that make Altria Group stock a buy?

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Dividend growth math The tobacco business has been fantastic due to its extraordinary pricing power through the decades. Packs of cigarettes -- along with other types of nicotine products -- have grown steadily above the rate of inflation, leading to growing cash flows for companies like Altria and its Marlboro brand.

This has allowed management to steadily grow its dividend per share payout to shareholders. In the last 10 years, Altria's dividend has grown by 74% cumulatively. For long-term shareholders, this can deliver growing income into your portfolio. An investor who bought at a 6.18% dividend yield 10 years ago would now be receiving $1,075 in annual dividend income.

Dividend growth like this has helped Altria Group outperform the stock indices. In the last five years, it has generated a total return of 104%, beating the S&P 500's 82%.

Image source: Getty Images.

A business struggling to grow Where Altria Group could run into struggles is its failure to pivot away from smokeable tobacco products like Marlboro or Black and Mild. Cigarette volumes were down 3.2% year over year last quarter and are expected to decline in the future.

Other tobacco giants have worked to replace their cigarette cash flows with healthier alternatives, such as nicotine pouches or electronic vapor. Altria Group is failing to make a dent with its new offerings, such as its on! nicotine pouch brand. Volumes for on! were down 4.2% year over year last quarter, despite a growing overall nicotine pouch category in the United States, and that is with minimal overall market share already.

Unless management can spring a miracle in new nicotine categories, the future of Altria's dividend payments will be from its legacy cigarette business. Specifically, its ability to keep raising prices on cigarette packs sold.

MO PE Ratio data by YCharts

Is Altria Group still a buy? Where Altria helps itself with dividend growth sustainability is its steady stock repurchase program. It has reduced shares outstanding by 14.4% cumulatively over the last 10 years through these buybacks, which will help grow earnings per share (EPS).

Importantly, for the dividend, a lower total number of outstanding shares will mean that Altria can raise its per-share dividend without increasing the total dollar amount paid to shareholders. This is important for a business whose overall revenue has barely budged in the last five years. You are not buying Altria Group for its growth, but its return of capital to shareholders.

The stock has done well in the last year, with the share price now at $69. It has a price-to-earnings ratio (P/E) of 14.5, which is generally higher than it has been in the last few years, but still, it has one of the fattest dividend yields of the entire market today. What investors need to decide is whether the long history of price hikes and dividend growth can continue for the next decade as well.

I don't think Altria Group stock is a screaming buy right now, but investors will probably do just fine buying today for long-term dividend income, despite the decline in its cigarette business.

Broadridge Brings G7 Securities to Institutional Tokenized Repo PR Newswire

NEW YORK, Sept. 2, 2026

Broadridge's Distributed Ledger Repo solution expands cross-border atomic settlement and collateral mobility across G7 securities for global financing and collateral markets

, /PRNewswire/ -- Broadridge Financial Solutions, Inc., (NYSE: BR), a global Fintech leader, today announced the global expansion of its Distributed Ledger Repo (DLR) solution, bringing G7 securities into its network and providing market participants an institutional scale solution to execute international cross-border repo transactions, intraday repo activity, and collateral movements through atomic settlement.

"Tokenized financing and collateral markets are not a future-state concept. Through DLR, they are proven market infrastructure operating at scale today." said Horacio Barakat, Global Head of Digital Innovation. "DLR is already helping institutions move collateral more efficiently, executing repos, and managing intraday liquidity. Bringing G7 securities into the network expands that value globally, giving the street a practical path to stronger liquidity, better capital efficiency, and lower operational friction."

DLR is already delivering measurable value to the market at an institutional scale. In August 2026, DLR processed an average of $351 billion in daily repo transactions, totaling $7.4 trillion for the month, with thousands of transactions running through the network daily. DLR currently supports tokenized U.S. Treasury collateral for repo, intraday repo transactions and collateral pledges. Adding G7 securities broadens the range of eligible collateral firms can mobilize, supporting more effective financing activity across global markets.

As a live solution embedded within existing trading and post-trade workflows, DLR enables the synchronized movement of tokenized securities and cash. This atomic settlement capability reduces settlement risk and operational friction while helping firms optimize funding flexibility, the use of high-quality collateral, and liquidity and capital management.

The inclusion of G7 securities marks a major step forward for tokenizing global markets. Now, DLR enables market participants to execute cross-border repo and collateral movements, synchronizing the movement of tokenized securities and cash in a single, coordinated transaction and allowing market participants to access liquidity and finance eligible securities across markets, currencies and jurisdictions.

The result is a stronger solution for processing repo, intraday repo and collateral activity: faster and more certain settlement, improved visibility into collateral positions, reduced operational burden and greater flexibility to deploy financial resources where they are needed. As DLR's network expands, participants can access increased collateral utility and liquidity across markets while maintaining institutional-grade governance and operational controls.

DLR market activity is also increasingly visible. Aggregated DLR market data, including repo par value, turnover and trade count, is available to Bloomberg Terminal subscribers through Broadridge's collaboration with Kaiko. The data provides subscribers with greater transparency into institutional on-chain repo activity alongside established fixed-income market data.

DLR Supports Collateral Mobility Across Global Markets:

An institutional-grade network for cross-border repo, intraday repo and collateral activityAtomic settlement that synchronizes securities delivery and paymentMore efficient intraday liquidity and funding managementExpanded collateral utility through the movement of G7 securities across the networkGreater flexibility to optimize liquidity, funding, collateral and capitalReduced operational complexity, manual processing and settlement risk in traditional cross-border workflowsTokenized capabilities delivered through familiar institutional trading and post-trade processesAbout Broadridge's Tokenization Solutions

Broadridge enables on-chain proxy voting and governance, digital asset infrastructure including post trade, wallets and custody, and the scaling of digital asset capabilities across multiple asset classes. Broadridge's governance platform serves all models of tokenized securities, including issuer-listed models, synthetic securities issued outside the United States, and third-party tokenized shares within the United States, helping ensure investors receive the same rights and protections regardless of how assets are structured or owned.

Broadridge's Distributed Ledger Repo (DLR) solution is the world's largest institutional platform for settling tokenized real assets, tokenizing over $351 billion a day. DLR supports repo transactions, intraday repo activity, collateral movements, settlement and servicing needs through real-world market operations. As tokenization gains momentum across financial services, Broadridge is meeting the complexity of operating across traditional and digital ecosystems with established scale, critical market knowledge, and technological expertise.

About Broadridge

Broadridge Financial Solutions (NYSE: BR) is a global technology leader with trusted expertise and transformative technology, helping clients and the financial services industry operate, innovate, and grow. We power investing, governance, and communications for our clients – driving operational resiliency, elevating business performance, and transforming investor experiences.

Our technology and operations platforms process and generate over 8 billion communications annually and underpin the daily average trading of over $18 trillion in tokenized and traditional securities globally. A certified Great Place to Work®, Broadridge is part of the S&P 500® Index, employing approximately 16,000 associates in 28 countries.

For more information about us, please visit www.broadridge.com.

Broadridge Contacts:

Investors:
[email protected]

Media:
Gregg Rosenberg
Global Head of Corporate Communications
[email protected]

View original content to download multimedia:https://www.prnewswire.com/news-releases/broadridge-brings-g7-securities-to-institutional-tokenized-repo-302867070.html

SOURCE Broadridge Financial Solutions, Inc.

Micron Technology's (MU -2.64%) fiscal third quarter of 2026 (the period ended May 28, 2026) produced $41.5 billion of revenue. The company's entire fiscal 2025, its biggest year to that point, produced $37.4 billion. The memory specialist collected more revenue in 13 weeks than in its whole previous year.

Alongside that late-June report, Micron guided the fiscal fourth quarter to $50.0 billion of revenue, give or take $1.0 billion, with gross margin around 86%. The earnings guide is $31.00 per share, give or take a dollar, on a non-GAAP (adjusted) basis.

That implies nearly $36 billion of adjusted profit in a single quarter.

But the stock hasn't followed the numbers. The share price is around $950 as of this writing, and the 52-week high is $1,255, so the stock has given back about 24%.

A gap that wide, with results this strong, suggests investors doubt the earnings can hold.

Image source: Micron.

Three quarters of accelerationThe fiscal year opened with $13.6 billion of revenue in the first quarter. The second quarter brought $23.9 billion and the third $41.5 billion -- a period that produced just $9.3 billion a year earlier. Each revenue step has been bigger than the one before. Gross margin climbed alongside, from 57% to 75% to about 85% on an adjusted basis. And net income reached $28.2 billion in the latest quarter, up about 15-fold year over year.

Most of the demand is coming from artificial intelligence (AI) data centers. Micron's cloud memory unit generated $13.8 billion of fiscal third-quarter sales, about four times its year-ago total, and its core data center unit brought in $11.5 billion, up from $1.5 billion a year earlier. Together, that is more than half of the company's sales.

Even management has been guiding too low. In March, Micron guided the fiscal third quarter to about $33.5 billion of revenue at an 81% adjusted gross margin. The quarter finished more than $7 billion past the top of that range, at an 84.9% gross margin.

What does $50 billion assume?The guided quarter is longer than the one it follows. Fiscal 2026 is a 53-week year, and the extra week falls in the fiscal fourth quarter (14 weeks against the usual 13).

The calendar alone accounts for about $3.5 billion of the step-up. Even stripping that out, the underlying weekly pace of revenue rises about 12%.

The rest is pricing. Not only would gross margin, at about 86%, sit about a point above the level just reported, but adjusted operating expenses are guided to only $1.65 billion. With expenses that small, most of each additional dollar of memory Micron sells falls through to profit.

As for how long that can continue, management points to its supply contracts.

"We believe our multi-year Strategic Customer Agreements will significantly enhance the durability and predictability of Micron's strong financial performance," CEO Sanjay Mehrotra said in the June earnings release.

Those strategic customer agreements are take-or-pay contracts: customers commit to set volumes for years and pay for them whether they end up needing them or not. The contracts are about how long the boom might last. The guide is about how big it has already become.

Investors are already pricing the peakIf the fiscal fourth quarter lands at the guide's midpoint, fiscal 2026 will close with about $129 billion of revenue, nearly 3.5 times fiscal 2025's total. GAAP earnings per share would land near $72, up from $7.59 the year before.

Growth like this usually commands a premium valuation. But Micron trades at about 21 times earnings. Measured against a full year at the guided quarter's pace, the stock costs about 8 times earnings. I think the second number is the more telling one. Investors are treating these profits as a cyclical peak -- and arguably with reason.

After all, this is the same business that lost $5.8 billion just three years ago. In fiscal 2023, the bottom of the last memory downturn, revenue fell by about half, to $15.5 billion.

Premium Feature

Moneyball Superscore

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Sure, nothing reported so far has turned. And the latest quarter finished well above the company's own forecast. The first official look at the 14-week quarter arrives on Sept. 30, when Micron reports results and should guide its first fiscal 2027 quarter.

Of course, stock prices look ahead, and memory pricing has always moved in cycles. Prices that soared this fast could fall fast, too, and the skepticism is aimed at next year, not at the quarter Micron is about to report.

Is a 24% discount on numbers like these a buying opportunity? I'd call Micron stock a hold at today's price.

If you already own shares, results like these are no reason to sell. But buying more here means believing this cycle winds down more gently than the last one did -- and I'm not there yet.

Shares in gold and silver mining "streamer" Wheaton Precious Metals (WPM -3.91%) rallied 37% in August, according to data from S&P Global Market Intelligence.

Not only did the price of both gold and silver rebound during August, but Wheaton Precious Metals also delivered a strong second-quarter earnings report. The impressive results showed that Wheaton continues to be an asset-light way to play the gold and silver mining industry.

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Wheaton shines in August Wheaton is a "streamer," which means it finances parts of mining projects worldwide in exchange for an equivalent portion of the mine's output. Streamers offer a win-win scenario for miners, as miners don't have to raise as much capital or take on as much debt to fund their capital-intensive mining projects. Meanwhile, streamers can develop a diversified portfolio of projects, limiting their own risk. However, if the price of the underlying mined commodity spikes over time, streamers can earn exceptional returns.

During August, the prices of gold and silver surged roughly 10% and 17%, respectively. Wheaton Precious Metals' portfolio consists basically one-half gold and one-half silver, with the second quarter's revenue at 46% from gold, 52% from silver, 0.3% from palladium, and 2% from cobalt, so it's no surprise that the stock did well last month.

There weren't any large, obvious catalysts for the moves higher in both commodities. Each commodity's price had sold off in the preceding months after going on strong multi-year runs. Gold is generally seen as a "haven" amid geopolitical tensions and inflation, while silver also has applications in solar panels and electronics.

But it also appears Wheaton is executing exceptionally well, as its reported second-quarter numbers came in ahead of expectations, even though investors already knew what silver and gold prices did in Q2. Wheaton reported earnings on Aug. 6, just shortly after the start of the month. Q2 revenue surged 84.7% relative to the year-ago quarter to $929.2 million, while net earnings per share rallied an even higher 89.7% to $1.195 per share. Both figures exceeded analysts' expectations.

Management also forecast an increase in production in the back half of the year to about 900,000 gold-equivalent ounces (GEOs) at the midpoint, which would mark an acceleration from the 414,000 GEOs produced across Wheaton's portfolio during the first half of the year. Rising production against rising prices is a good backdrop.

Image source: Getty Images.

The longer-term plan could be a gusher Furthermore, Wheaton reiterated its longer-term guidance of 50% GEO growth by 2031 to 1.2 million annual GEOs, with a plan to keep produced ounces flat between 2031 and 2035. Wheaton currently has streaming agreements for 22 operating mines, 20 development projects, and 15 exploration-stage projects. So, Wheaton expects its investment cycle in the non-operating projects to peak in 2030, which is why it projects a flattening out thereafter.

Around 2031, investors should probably expect the company to harvest much more of its operating cash flow rather than reinvest it for growth. At that point, Wheaton's cash returns via share repurchases and dividend payments should increase. Today, its dividend yield is roughly 0.5%, and the stock trades at about 30 times this year's earnings estimates.

While that doesn't seem particularly cheap, production is expected to grow by 50% between now and 2030. If underlying commodity prices also increase between now and then, the stock will likely look much cheaper in a few years, with a much higher cash payout.

OSLO, Norway--(BUSINESS WIRE)--Kontoor Brands, Inc. (NYSE: KTB) today announced Helly Hansen’s long-term growth strategy and 2030 financial targets, which Kontoor Brands will present at the Helly Hansen® Investor Day later today. The plan is designed to scale Helly Hansen globally while significantly expanding its profitability through 2030.

"With 150 years of technical heritage and an authentic right to win globally, Helly Hansen is a brand with tremendous long-term growth potential," said Scott Baxter, Chief Executive Officer and Chairman of the Board of Kontoor Brands. "Strong alignment between our teams has allowed us to integrate quickly and move straight to executing against the opportunity ahead. Our sustained investment in Helly Hansen will be a catalyst for its next phase of growth, and we are confident in our ability to deliver significant value for our consumers, employees and shareholders for years to come."

A Focused Growth Strategy:

To deliver against these targets, Helly Hansen’s growth is anchored in three strategic pillars:

Supercharge the U.S.: Drive balanced growth across strategic wholesale expansion and direct-to-consumer channels, increasing brand awareness and distribution in Helly Hansen’s largest growth opportunity. Win in Premium Outdoor: Compete year-round across the premium outdoor market, building on Helly Hansen's leadership positions in Wintersports and Sailing while expanding into adjacent technical outdoor activities where the brand already has credibility. Power Workwear: Scale a proven, profitable European workwear business into North America, leveraging Helly Hansen’s professional-grade product authority and Kontoor’s regional operating capabilities. "Helly Hansen is moving from a specialist European brand to a leading global premium, technical brand," said Børre Hegbom, Global Head of Helly Hansen. "We have the brand authority and consumer trust to win. Now it's about driving scale. We're deepening our presence in the U.S., strengthening our position in the Alps, and growing across outdoor and workwear, where our opportunity is greatest."

2030 Helly Hansen Financial Targets:

Revenue of greater than $1.1 billion, representing a compound annual growth rate of approximately 10% from $675 million pro-forma revenue in fiscal 2025 Gross margin in the mid- to high-50 percent range Operating margin in the mid-teens percent range Cumulative cash generation of more than $500 million through 2030 “We believe Helly Hansen represents one of the most compelling opportunities in consumer retail today,” said Joe Alkire, President and Chief Financial Officer of Kontoor Brands. “Helly Hansen is expanding its consumer and category reach and is positioned for accelerated growth over the next decade. That growth, paired with margin expansion and durable cash generation, strengthens Kontoor's earnings profile and supports balanced TSR delivery and capital allocation optionality.”

Additional details on Helly Hansen's growth strategy and 2030 financial targets will be shared at today's event.

Webcast Information

The Helly Hansen Investor Day will begin at 8:00 AM ET (2:00 PM CEST) on September 2, 2026. A live webcast will be available on the Investor Relations section of the Kontoor Brands’ website at www.kontoorbrands.com/investors. A replay and presentation materials will be available at the same location following the conclusion of the event.

Non-GAAP Financial Measures

This release refers to non-GAAP financial measures. Helly Hansen combined net revenues for fiscal 2025, which is used in this release as the base period for the Helly Hansen revenue compound annual growth rate, is a non-GAAP financial measure. Reconciliation of this non-GAAP measure to the most comparable GAAP measure is presented in the supplemental financial information included with this release that identifies and quantifies all reconciling adjustments and provides management’s view of why this non-GAAP information is useful to investors. While management believes that this non-GAAP measure is useful in evaluating the business, this information should be viewed in addition to, and not as an alternate for, reported results under GAAP. The non-GAAP measures used by the Company in this release may be different from similarly titled measures used by other companies.

For forward-looking non-GAAP measures included in this release, the Company does not provide a reconciliation to the most comparable GAAP financial measures because the information needed to reconcile these measures is unavailable due to the inherent difficulty of forecasting the timing and/or amount of various items that have not yet occurred and have been excluded from adjusted measures. Additionally, estimating such GAAP measures and providing a meaningful reconciliation consistent with the Company’s accounting policies for future periods requires a level of precision that is unavailable for these future periods and cannot be accomplished without unreasonable effort.

About Kontoor Brands

Kontoor Brands, Inc. (NYSE: KTB) is a portfolio of three of the world’s most iconic lifestyle, outdoor and workwear brands: Wrangler®, Lee® and Helly Hansen®. Kontoor Brands is a purpose-led organization focused on leveraging its global platform, strategic sourcing model and best-in-class supply chain to drive brand growth and deliver long-term value for its stakeholders. For more information about Kontoor Brands, please visit www.KontoorBrands.com.

Forward-Looking Statements

The 2030 financial targets for Helly Hansen included in this release and in the accompanying Helly Hansen Investor Day presentation materials are long-term targets and aspirational goals and relate solely to the Helly Hansen reportable segment and not to the Company on a consolidated basis. These targets are based on numerous estimates and assumptions regarding, among other things, macroeconomic and consumer conditions, market growth rates, consumer demand, foreign currency exchange rates, tariffs and trade policy, channel, category and geographic expansion, pricing, product costs and other cost inputs, sourcing and supply chain performance, competitive dynamics and the Company’s ability to execute its strategy, many of which are outside the Company’s control and any of which may prove to be inaccurate. Because these targets relate to a multi-year period ending in 2030, the degree of uncertainty increases with the length of the period covered. The Company is not updating, reaffirming or revising any previously issued guidance. The Company undertakes no obligation to update, reaffirm or withdraw these targets.

Certain statements included in this release and the accompanying Helly Hansen Investor Day presentation materials, and certain oral statements made at the Helly Hansen Investor Day, are “forward-looking statements” within the meaning of the federal securities laws. Forward-looking statements are made based on our expectations and beliefs concerning future events impacting the Company and therefore involve several risks and uncertainties. You can identify these statements by the fact that they use words such as “will,” “anticipate,” “estimate,” “expect,” “should,” “may” and other words and terms of similar meaning or use of future dates. We caution that forward-looking statements are not guarantees and that actual results could differ materially from those expressed or implied in the forward-looking statements. We do not intend to update any of these forward-looking statements or publicly announce the results of any revisions to these forward-looking statements, other than as required under the U.S. federal securities laws. Potential risks and uncertainties that could cause the actual results of operations or financial condition of the Company to differ materially from those expressed or implied by forward-looking statements in this release include, but are not limited to: macroeconomic conditions, including uneven or weakening consumer demand, fluctuating foreign currency exchange rates, inflation and global supply chain issues, as well as the ongoing impact of tariffs and uncertainty regarding the outcome of trade negotiations, import/export regulations and tariff policies, continue to adversely impact global economic conditions and have had, and may continue to have, a negative impact on the Company’s business, results of operations, financial condition and cash flows (including future uncertain impacts); the level of consumer demand for apparel; reliance on a small number of large customers; potential difficulty in integrating Helly Hansen and/or in achieving the expected growth, cost savings and/or synergies from the acquisition; potential risks and uncertainties in completing the sale of the Lee business, if at all, and potential risks in segregating and disposing of the Lee business and the Company’s ability to mitigate any stranded costs from the potential disposition; supply chain and shipping disruptions, which could continue to result in shipping delays, an increase in transportation costs and increased product costs or lost sales; intense industry competition; the ability to accurately forecast demand for products; the Company’s ability to gauge consumer preferences and product trends, and to respond to constantly changing markets; the Company’s ability to maintain the images of its brands; disruption and volatility in the global capital and credit markets and its impact on the Company’s ability to obtain short-term or long-term financing on favorable terms; the Company maintaining satisfactory credit ratings; restrictions on the Company’s business relating to its debt obligations; increasing pressure on margins; e-commerce operations through the Company’s direct-to-consumer business; the financial difficulty experienced by the retail industry; possible goodwill and other asset impairment; the ability to implement the Company’s business strategy; the stability of manufacturing facilities and foreign suppliers; fluctuations in wage rates and the price, availability and quality of raw materials and contracted products, including as a result of tariffs and reciprocal tariffs; the reliance on a limited number of suppliers for raw material sourcing and the ability to obtain raw materials on a timely basis or in sufficient quantity or quality; disruption to distribution systems; seasonality; unseasonal or severe weather conditions; potential challenges with the Company’s implementation of Project Jeanius; the Company’s and its vendors’ ability to maintain the strength and security of information technology systems; the risk that facilities and systems and those of third-party service providers may be vulnerable to and unable to anticipate or detect data security breaches and data or financial loss or maintain operational performance; ability to properly collect, use, manage and secure consumer and employee data; legal, regulatory, political and economic risks; the impact of climate change and related legislative and regulatory responses; stakeholder response to sustainability issues, including those related to climate change; compliance with anti-bribery, anti-corruption and anti-money laundering laws by the Company and third-party suppliers and manufacturers; changes in tax laws and liabilities; the costs of compliance with or the violation of national, state and local laws and regulations for environmental, consumer protection, employment, privacy, safety and other matters; continuity of members of management; labor relations; the ability to protect trademarks and other intellectual property rights; the ability of the Company’s licensees to generate expected sales and maintain the value of the Company’s brands; volatility in the price and trading volume of the Company’s common stock; anti-takeover provisions in the Company’s organizational documents; market conditions, timing and ability to institute an appropriate Accelerated Share Repurchase program; and general fluctuations in the amount and frequency of our share repurchases. Many of the foregoing risks and uncertainties will be exacerbated by any worsening of the global business and economic environment.

More information on potential factors that could affect the Company’s financial results are described in detail in the Company’s most recent Annual Report on Form 10-K, subsequent Quarterly Reports on Form 10-Q and in other reports and statements that the Company files with the SEC.

KONTOOR BRANDS, INC.

Supplemental Financial Information

Helly Hansen Fiscal 2025 (FY25) Pro-Forma Results

(Unaudited)

The Company acquired Helly Hansen on May 31, 2025 and, as a result, its reported results for fiscal 2025 include only the seven-month period from the acquisition date through January 3, 2026. Helly Hansen combined net revenues for fiscal 2025 present net revenues of the Helly Hansen business for the full twelve-month fiscal 2025 period, including the five-month period prior to the Company’s ownership. Management believes this measure is useful to investors because it provides a full-year revenue base for the Helly Hansen segment, which management uses in evaluating the segment's scale and growth and which is used as the base period for the compound annual growth rate implied by the Company’s 2030 Helly Hansen revenue target. While management believes this non-GAAP measure is useful in evaluating the business, it should be considered supplemental in nature and should be viewed in addition to, and not as an alternate for, reported results under GAAP. This measure may be different from similarly titled measures used by other companies.

(Dollars in thousands)

FY25

Helly Hansen net revenues for the seven months ended January 3, 2026 - as reported under GAAP

$

459,716

Helly Hansen net revenues for the five months ended May 31, 2025

215,375

Helly Hansen FY 25 pro-forma net revenues for the twelve months ended January 3, 2026

$

675,091

Non-GAAP Financial Information: The financial information above presents the FY25 pro-forma net revenues for the Helly Hansen business segment. The net revenues as reported under GAAP represent the Helly Hansen business segment information, as previously reported in the Company's 2025 Annual Report on Form 10-K, for the seven-month period from the Helly Hansen acquisition closing date of May 31, 2025 through January 3, 2026. The net revenues for the five-month period ended May 31, 2025, representing the FY25 period prior to ownership by the Company, are derived from the pro-forma financial information as previously included in the Company's Current Report on Form 8-K/A, filed on August 14, 2025, with the U.S. Securities and Exchange Commission. Amounts herein may not recalculate due to the use of unrounded numbers.

More News From Kontoor Brands, Inc.

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Beam brings more than 25,000 small business customers to the Principal Benefits and Protection business along with its strong digital quoting and onboarding capabilities

DES MOINES, Iowa--(BUSINESS WIRE)--Principal Financial Group® (Nasdaq: PFG) completed its acquisition of Beam Benefits effective today, September 1. As an employee benefits company serving more than 25,000 small businesses, Beam’s scalable, digital-first capabilities complement the Principal Benefits and Protection business and will further enhance the customer and broker experience.

“Our combined organizations are in a strong position to serve the benefit and protection needs of more small businesses,” said Amy Friedrich, president of Benefits and Protection at Principal. “This acquisition marks an important milestone in our strategy to accelerate growth in this important market.”

Beam’s executive leadership team and over 200 employees transitioned to Principal immediately upon close. More than 25,000 Beam customers and their brokers will continue to receive the same level of care and service they expect without disruption as the companies work toward a more unified offering over time. Both organizations remain focused on serving customers and bringing together their complementary strengths to better serve small businesses.

“Beam has built its business around simplifying employee benefits for small businesses through faster quoting, streamlined onboarding, and an easier experience for employers and brokers,” said Tolithia Kornweibel, CEO of Beam Benefits. “Together with Principal, we can accelerate our mission to help more businesses offer benefits to support their employees and their growth.”

Principal previously announced its intention to acquire Beam Benefits in July of this year. 2026 capital deployment and earnings per share growth targets remain unchanged following the acquisition.

Perella Weinberg Partners served as financial advisor to Principal, with Skadden, Arps, Slate, Meagher & Flom LLP acting as legal counsel. Ardea Partners LP served as financial advisor to Beam Benefits, with Wilson Sonsini Goodrich & Rosati, P.C. acting as legal counsel.

About Principal Financial Group®

Principal Financial Group® (Nasdaq: PFG) is a global financial company with approximately 19,000 employees1 passionate about improving the wealth and well-being of people and businesses. In business for 146 years, we’re helping over 82 million customers2 plan, insure, invest, and retire, while working to support the communities where we do business, and building an inclusive workforce. Principal® is proud to be recognized as one of the 2026 World’s Most Ethical Companies3 and named as a “Best Places to Work in Money Management4.” Learn more about Principal and our commitment to building a better future at principal.com.

About Beam Benefits

Beam Benefits is a digitally-native employee ancillary benefits company that offers dental, vision, life, disability, and supplemental health coverage for employers. The company simplifies and modernizes ancillary benefits through its intuitive online platform, self-service tools, AI-powered underwriting, and thoughtful coverage for improved overall wellness. Beam is available in 46 states and the District of Columbia. Learn more at beambenefits.com.

Insurance products issued by Principal Life Insurance Company®, a member of the Principal Financial Group®, Des Moines, IA 50392. ©2026 Principal Financial Services, Inc.

1 As of June 30, 2026

1 As of June 30, 2026

2 Ethisphere, 2026

3 Pensions & Investments, 2025

This news release contains statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The words “expect,” “continue,” “plan,” “will,” “strategy,” “target,” and similar expressions, among others, generally identify forward-looking statements, which speak only as of the date the statements were made. Forward-looking statements are made based upon management’s current expectations and beliefs concerning future developments and their potential effects on us. Such forward-looking statements are not guarantees of future performance. Actual results may differ materially from those included in the forward-looking statements as a result of risks and uncertainties. Those risks and uncertainties include, but are not limited to, the risk factors listed in Item 1A, “Risk Factors,” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025, and the other filings we make with the U.S. Securities and Exchange Commission (the “SEC”). We disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

More News From Principal Financial Group

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Suite of instruments delivers speed, power, and precision to meet emerging AI and data center device test challenges.

NORTH READING, Mass.--(BUSINESS WIRE)--Teradyne, Inc. (NASDAQ: TER), a leading provider of automated test equipment and advanced robotics, announced the launch of three new instruments for its UltraFLEXplus platform, designed to meet the increasingly complex demands of AI and data center semiconductor testing. The UltraPin5000-EM, UltraPort-PCIe6, and UltraVS64-HP instruments are designed to deliver unmatched scalability, flexibility, and performance, empowering semiconductor manufacturers to test advanced devices with maximum efficiency and accuracy. Together, these instruments aim to advance Teradyne's position across the full AI device supply chain, from first wafer probe to final rack validation, ensuring components in an AI data center meet the quality standards the industry demands.

Teradyne announced the launch of three new instruments for its UltraFLEXplus platform, designed to meet the increasingly complex demands of AI and data center semiconductor testing.

Share“As the AI and data center market drives unprecedented growth in semiconductor complexity, Teradyne remains committed to delivering innovative solutions that enable our customers to stay ahead in this rapidly evolving market,” said Greg Smith, CEO of Teradyne. “This new suite of instruments expands the capabilities of our UltraFLEXplus platform, offering the industry’s most advanced, future-proof solutions for testing cutting-edge devices.”

UltraPin5000-EM

The UltraPin5000-EM is Teradyne's next-generation digital instrument, purpose-built to address the demands of pattern-intensive AI and compute devices. With up to 80 times more vector memory than other market offerings, it enables testing of today’s most complex AI devices while future-proofing for tomorrow’s innovations. Pattern loads are up to 10 times faster, and a new Persistence Mode delivers near-instant reloads, enabling engineering teams to accelerate debug and characterization while production floors benefit from improved equipment efficiency.

The UltraPin5000-EM delivers excellent signal integrity at 5 Gbps data rates for robust high-bandwidth pattern throughput, while its flexible timing architecture supports independent clock frequencies per pin for seamless adaptation to heterogeneous device requirements. Scan network acceleration compiles per-core results in real time, enabling immediate adaptive test decisions and reducing structural test time without sacrificing coverage. Compatible with the UltraPin2200, the UltraPin5000-EM protects customer's existing investments while scaling to meet new device requirements.

UltraPort-PCIe6

The UltraPort-PCIe6 is the industry's first high-speed I/O protocol ATE solution for PCIe Gen6 interfaces, delivering 64 Gbps (PAM-4) across 32 lanes per instrument. Excellent signal integrity performance, combined with unique per-pin PMU and integrated loopback capability, provides enhanced test coverage, broader diagnostics, and the cleanest signal path to the device, for test solution setups that can be brought up quickly and stay stable in production. A dedicated server-class compute backend scales to 2TB of high-performance memory, executing the largest test data sets at the fastest test times.

The instrument supports both mission-mode testing and high-speed I/O scan, enabling test coverage to shift to earlier insertions to improve Known Good Die confidence, and reduce waste of high-value HBM and advanced packaging assemblies.

UltraVS64-HP

The UltraVS64-HP is Teradyne's most advanced power supply, delivering 1280 amps per instrument, 5120 amps per ganged supply, and total test cell capacity exceeding 15,000 amps. A unique 16V range makes the UltraVS64-HP ready for emerging integrated voltage regulator (IVR) architectures, spanning low-voltage, high-current devices through higher-voltage inputs. This current and voltage headroom lets customers follow advanced packaging roadmaps toward larger, higher-power compute devices - all from a single instrument.

New integrated multi-point sense joins superior dynamic load response to preserve device yields, holding conditions stable as high-current activity shifts across reticle-size die and multi-die packages. Advanced power profiling provides push-button access to deep insights into device behavior during test, critical for characterizing next-generation architectures and for optimizing test programs to measured results. A new, dedicated Intelligent power interface brings elements of system-level power management into the test cell and adds fast hardware-level fault response that guards against thermal runaway, and the costly probe card and socket damage it can cause.

Visit Teradyne at SEMICON Taiwan, meeting room #534, September 2-4, 2026, in Taipei, Taiwan to explore these innovative products and more. For more information about these instruments, visit teradyne.com/ultraflexplus.

About Teradyne

Teradyne (NASDAQ: TER) designs, develops, and manufactures automated test equipment and advanced robotics systems. Its semiconductor and electronics test solutions span the full AI device supply chain, from wafer to data center, enabling customers to meet the quality and reliability standards the AI era demands. Its advanced robotics business deploys intelligent automation across manufacturing, logistics, and data center operations for customers worldwide. For more information, visit teradyne.com. Teradyne® is a registered trademark of Teradyne, Inc., in the U.S. and other countries.

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Broadcom (AVGO -0.18%) reports its fiscal third-quarter results after the close on Wednesday, Sept. 2. Heading into the report, the chip and software giant's trailing-12-month revenue is up 32% to $75.5 billion, extraordinary at this scale.

But the bottom line is moving far faster. Net income over the same period climbed 127% to $29.3 billion -- nearly four times the pace of revenue growth.

About 39 cents of every revenue dollar now lands as profit, up from about 23 cents a year earlier.

Broadcom's disclosures show where that spread comes from, and what Wednesday can and can't settle.

Image source: Getty Images.

Is the profit growth overstated?Part of the 127% is inherited. In the fiscal third quarter of 2024, Broadcom reported a rare $1.9 billion net loss under generally accepted accounting principles (GAAP). The cause was a one-time $4.5 billion noncash tax charge tied to an intellectual property transfer to the United States. That loss sits in the year-ago window and flatters the trailing growth rate.

Strip that charge out, and profit still grew about twice as fast as revenue.

The most recent quarter needed no such help. In the fiscal second quarter, which ended May 3, revenue rose 48% year over year to $22.2 billion while net income climbed 88% to $9.3 billion.

The trend is the stronger evidence, I think. Broadcom's GAAP operating margin has expanded from about 39% of revenue in the year-ago quarter to 44% in this year's fiscal first quarter to nearly 49% in fiscal Q2. That is almost 10 percentage points in a year.

Costs are barely movingThe spread comes from the expense lines. While fiscal Q2 revenue jumped 48%, total operating expenses rose about 6% year over year to $4.6 billion. Research and development spending grew 11%. Selling, general and administrative costs fell. And the noncash amortization from past deals (about $2 billion a quarter) didn't grow at all. A charge that took more than 13% of revenue a year earlier now takes about 9%.

Both segments are contributing. Semiconductor operating income nearly doubled year over year in fiscal Q2, lifting its operating margin from 57% to about 62% on 79% revenue growth.

And infrastructure software (built around VMware) turned 9% revenue growth into 13% profit growth because its costs fell. Its operating margin now sits near 79%, up from about 76% a year earlier.

Notably, the extra profit isn't coming from richer margins on each product sold.

In fact, custom artificial intelligence (AI) accelerators and networking brought in $10.8 billion in fiscal Q2, CEO Hock Tan said, up 143% year over year -- nearly three-quarters of the chip segment's revenue. On the June 3 earnings call, then-chief financial officer Kirsten Spears said consolidated gross margin should decline in fiscal Q3 as AI grows as a share of sales. That is a product-mix effect, she said, not a structural change in chip margins.

In short, the profit surge comes from selling much more without spending much more.

Wednesday will test the spread at $29.4 billion"In Q3 we expect consolidated revenue growth to increase 84% year-over-year to $29.4 billion, with non-GAAP operating margin stable at 67% reflecting our strong operating leverage," Spears said in the company's June 3 earnings release.

Non-GAAP (adjusted) results strip out items like stock-based compensation and deal-related amortization. Even on that friendlier basis, the guide asks a lot: costs stay in check while revenue steps up by about $7 billion from the quarter just reported. Tan expects $16 billion of the quarter's revenue to come from AI, up more than 200% year over year.

Wednesday can settle that much. Does the cost discipline hold at $29.4 billion?

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However, one report can't settle the longer arc. Gross margin pressure from the AI mix could eventually outrun the cost discipline. Expenses may not stay near $4.6 billion forever as its AI revenue keeps doubling. Those answers play out over years.

Meanwhile, at around $369 as of this writing, down about 25% from its 52-week high of $495, the stock trades at about 60 times earnings -- arguably steep, even for growth this fast. But the earnings under that price aren't standing still. Trailing earnings per share more than doubled in a year. If the spread between profit growth and revenue growth holds, that price-to-earnings ratio shrinks quickly.

Ultimately, the spread is disclosed line by line, it has widened for a year, and management's guide calls for a stable non-GAAP operating margin. But at about 60 times earnings, it is also the thing shareholders are paying for. If costs start climbing alongside revenue, profit growth falls back toward revenue growth, and today's price-to-earnings ratio gets hard to defend.

If I owned shares, I'd hold them through Wednesday's report. But I wouldn't buy at this price, and for now I'd call the stock a hold.

Shares of The Trade Desk (TTD +0.44%) were heading lower again last month as the demand-side adtech platform (DSP) again disappointed investors in its second-quarter earnings report.

The company, the leading independent DSP, posted another round of slowing revenue growth and falling profits, as it seems to be losing market share to so-called "walled gardens" like Alphabet, Meta Platforms, and Amazon.

According to data from S&P Global Market Intelligence, The Trade Desk finished the month down 24%. As you can see from the chart below, the stock plunged early in the month after the report came out, and stayed down from there.

TTD data by YCharts

The Trade Desk's struggles continue In less than two years, The Trade Desk has lost roughly 90% of its value, an epic collapse of a company that was once considered a top growth stock.

In the second-quarter report, The Trade Desk reported the slowest revenue growth in its history outside the pandemic, at just 3% to $715.1 million, well below the consensus of $751.6 million.

The adtech firm also came up short on the bottom line, reporting adjusted earnings per share of $0.34, down from $0.41 and below estimates of $0.40. CEO Jeff Green acknowledged that the "quarter did not meet the standard we set for ourselves." He pointed to weak spending in key verticals like consumer packaged goods and automotive, though digital advertising leaders like Alphabet, Meta Platforms, and Amazon all delivered strong revenue growth, showing the digital advertising environment remains healthy.

Image source: Getty Images.

What's next for The Trade Desk The Trade Desk's third-quarter outlook was also disappointing, calling for a sharp sequential decline in revenue to at least $650 million, down 12% from a year ago.

Unsurprisingly, several Wall Street analysts downgraded the stock on the news, noting both macro and internal challenges, and the general sentiment seems to be that any recovery will take time.

Green seems to be trying to persuade investors that an odd combination of industry forces is hurting the company, but that doesn't seem believable. Additionally, The Trade Desk doesn't seem to have any sort of turnaround plan.

If the business is truly on its way to double-digit declines, then it's time for a bigger pivot. As the founder, Green is unlikely to be pushed out, but the company could be on a slow path toward irrelevance without a significant change.

Jeremy Bowman has positions in Amazon, Meta Platforms, and The Trade Desk. The Motley Fool has positions in and recommends Alphabet, Amazon, Meta Platforms, and The Trade Desk. The Motley Fool has a disclosure policy.