Market Signal Briefing

TORONTO, Feb. 06, 2026 (GLOBE NEWSWIRE) -- Abaxx Technologies Inc. (CBOE:ABXX)(OTCQX:ABXXF) (“Abaxx” or the “Company”), a financial software and market infrastructure company, indirect majority shareholder of Abaxx Singapore Pte Ltd. (“Abaxx Singapore”), the owner of Abaxx Commodity Exchange and Clearinghouse (individually, “Abaxx Exchange” and “Abaxx Clearing”), and producer of the SmarterMarkets™ Podcast, today announced that trading has commenced in Enwex ERCOT Onshore Wind (EWM) futures, extending Abaxx’s weather-indexed markets into the United States.

The Electric Reliability Council of Texas (ERCOT) has become one of the fastest-growing renewable power systems globally, with Texas leading the United States in installed wind capacity and total wind-generated electricity. The EWM contract gives market participants a focused hedge against weather-driven volume swings and grid-imposed curtailment, isolating wind-specific risk from broader power market drivers.

“Texas produces roughly a quarter of U.S. wind power, making ERCOT the most consequential wind market in the country,” said Joe Raia, Chief Commercial Officer of Abaxx Exchange. “Abaxx’s EWM contract establishes a forward curve that enables market participants to hedge utilization risk while supporting revenue stability for wind producers.”

Enwex ERCOT Onshore Wind (EWM) Futures are available for trading from 1000 to 2400 SGT, Monday to Friday, except for Singapore public holidays. View contract details, connected clearing and broker firms, and request market access at abaxx.exchange/resources/start-trading.

About Abaxx Technologies
Abaxx Technologies is building Smarter Markets: markets empowered by better tools, better benchmarks, and better technology to drive market-based solutions to the biggest challenges we face as a society, including the energy transition.

In addition to developing and deploying financial technologies that make communication, trade, and transactions easier and more secure, Abaxx is the majority shareholder of Abaxx Singapore, the owner of Abaxx Exchange and Abaxx Clearing, and the parent company of wholly owned subsidiary Abaxx Spot Pte. Ltd., the operator of Abaxx Spot.

Abaxx Exchange delivers the market infrastructure critical to the shift toward an electrified, low-carbon economy through centrally-cleared, physically-deliverable futures contracts in LNG, carbon, battery materials, and precious metals, meeting the commercial needs of today’s commodity markets and establishing the next generation of global benchmarks.

Abaxx Spot modernizes physical gold trading through a physically-backed gold pool in Singapore. As the first instance of a co-located spot and futures market for gold, Abaxx Spot enables secure electronic transactions, efficient OTC transfers, and is designed to support physical delivery for Abaxx Exchange’s physically-deliverable gold futures contract, providing integrated infrastructure to deliver smarter gold markets.

Adaptive Infrastructure closes critical gaps in post-trade infrastructure by providing a unified custodial foundation across environmental markets and digital title assets. Incorporated in Barbados and regulated by the Financial Services Commission of Barbados, the company delivers institutional-grade custody, settlement, and transfer agency services designed to reduce risk and improve reliability across asset classes.

For more information, visit abaxx.tech | abaxx.exchange | abaxxspot.com | basecarbon.com | smartermarkets.media

Cautionary Statement Regarding Forward-Looking Information

This press release includes certain “forward-looking statements” and “forward-looking information” (collectively, “forward-looking statements”) within the meaning of applicable Canadian securities laws. All statements other than statements of historical fact are forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as “believe”, “anticipate”, “estimate”, “project”, “intend”, “expect”, “may”, “will”, “plan”, “should”, “would”, “could”, “target”, “purpose”, “goal”, “objective”, “ongoing”, “potential”, “likely” or the negative thereof or similar expressions.

In particular, this press release contains forward-looking statements including, without limitation, statements regarding the expansion of Abaxx’s product suite, the timing and implementation of wind futures contracts offered by Abaxx and related benefits to market participants and the development of world energy markets. Forward-looking statements are based on the reasonable assumptions, estimates, analyses and opinions of management made in light of its experience and its perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances at the date that such statements are made, but which may prove to be incorrect. Such factors impacting forward-looking information include, among others: risks relating to the global economic climate; dilution; Abaxx’s limited operating history; future capital needs and uncertainty of additional financing; the competitive nature of the industry; currency exchange risks; the need for Abaxx to manage its planned growth and expansion; the effects of product development and need for continued technology change; protection of proprietary rights; the effect of government regulation and compliance on Abaxx and the industry; acquiring and maintaining regulatory approvals for Abaxx’s products and operations; the ability to list Abaxx’s securities on stock exchanges in a timely fashion or at all; network security risks; the ability of Abaxx to maintain properly working systems; reliance on key personnel; global economic and financial market deterioration impeding access to capital or increasing the cost of capital; and volatile securities markets impacting security pricing unrelated to operating performance. In addition, particular factors which could impact future results of the business of Abaxx include but are not limited to: operations in foreign jurisdictions; protection of intellectual property rights; contractual risk; third-party risk; clearinghouse risk; malicious actor risks; third- party software license risk; system failure risk; risk of technological change; dependence of technical infrastructure; changes in global weather patterns; changes in the price of commodities, capital market conditions, restrictions on labor and international travel and supply chains, and the risk factors identified in the Company’s most recent management’s discussion and analysis filed on SEDAR+. Abaxx has also assumed that no significant events occur outside of Abaxx’s normal course of business.

Abaxx cautions that the foregoing list of material factors is not exhaustive. In addition, although Abaxx has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated, or intended. When relying on forward-looking statements and information to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Abaxx has assumed that the material factors referred to in the previous paragraphs will not cause such forward-looking statements and information to differ materially from actual results or events. However, the list of these factors is not exhaustive and is subject to change and there can be no assurance that such assumptions will reflect the actual outcome of such items or factors. The forward-looking statements and information contained in this press release represents the expectations of Abaxx as of the date of this press release and, accordingly, is subject to change after such date. Abaxx undertakes no obligation to update or revise any forward-looking statements and information, whether as a result of new information, future events or otherwise, except as required by law. Accordingly, readers are cautioned not to place undue reliance on these forward-looking statements and information. Cboe Canada does not accept responsibility for the adequacy or accuracy of this press release.

Boeing stock price has pulled back in the past few weeks, moving from the year-to-date high of $254 to the current $236. Still, the company has some potential catalysts that may drive it higher in the coming weeks or months.

India and potential Boeing orders  Copy link to section

There are signs that Boeing’s business is expecting more orders in the coming months, a move that will see it narrow the backlog with Airbus.

In a statement, Piyush Goyal, India’s Commerce and Industry minister, said that the country was preparing to make an $80 billion order from Boeing. With services and engines included, he believes that the value of imports from the United States will be worth over $100 billion.

The minister said this as he commented on the recently announced deal between the US and India that reduced the tariff to 18%. Air India recently announced an order of of 30 737 MAX planes last month.

Another potential catalyst for Boeing is that Donald Trump plans to visit China in April to meet with Xi Jinping. Trump has always been a transactional person, and China will be keen to please him.

Therefore, there is a likelihood that Beijing will commit to making huge purchases from the United States. While agriculture will be discussed, there are chances that Beijing will ask its airlines to make huge orders from Boeing.

Such a move will be important for Boeing as Chinese companies have largely stayed on the sidelines since the US started a trade war with China during Trump’s first term.

Trump has brokered many Boeing orders in the past. For example, he received orders worth billions of dollars during his trip to the Middle East last year. These orders came from companies like Emirates, Qatar, and Saudia.

Boeing is making progress as the turnaround continues  Copy link to section

Meanwhile, Boeing is making substantial progress as the management executes its turnaround strategy.  For one, the safety issues that plagued the company have now ended as no jet has been involved in a Boeing-caused accident in the past few years.

The company has also started increasing its 737 MAX production, a trend that the management believes will continue in the foreseeable future.

Financial results released recently showed that the company’s revenue increased by 57% to $23 billion, while its annual total rose by 34% to over $89 billion. 

The company also made a big profit during the quarter, with the net earnings rising to over $8.2 billion. Its operating cash flow rose to over $1.3 billion.

Wall Street analysts are optimistic that Boeing’s business will continue doing well this year. The average estimate is that its revenue will come in at $22 billion this quarter, up by 13% YoY, while its revenue in the next two financial years will be $97 billion and $111 billion, respectively.

Boeing stock price technical analysis  Copy link to section

BA stock chart | Source: TradingViewThe daily timeframe chart shows that the Boeing share price has recovered in the past few months, moving from a low of $176 in November to a high of $254 in January.

It has retested the key support level at $228, completing a break-and-retest pattern, a common bullish continuation sign.

The stock remains above the 50-day and 100-day Exponential Moving Averages (EMA), while the Relative Strength Index (RSI) has moved to over 50.

Therefore, the most likely scenario is where it rebounds in the coming weeks and retests the important resistance level at $254. A move above that level will point to more gains, potentially to $300.

The Schwab U.S. Large-Cap Growth ETF (NYSEARCA:SCHG) isn't designed to generate meaningful dividend income.

Tesla stock has had a tough week, dropping almost 8%, though Thursday trading.

LOS ANGELES--(BUSINESS WIRE)--Ultragenyx Pharmaceutical Inc. Sued for Securities Law Violations - Contact the DJS Law Group to Discuss Your Rights – RARE.

Investors love dividend stocks, especially those with dependable, high yields, because they provide a substantial passive income stream and offer significant total return potential.

Philip Morris International logged higher profit and revenue in the fourth quarter, while forecasting continued growth for years to come.

February 06, 2026 06:30 ET  | Source: nVent

LONDON, Feb. 06, 2026 (GLOBE NEWSWIRE) -- nVent Electric plc (NYSE:NVT) (“nVent”), a global leader in electrical connection and protection solutions, reported fourth quarter and full-year 2025 financial results today through an earnings release posted on the company’s Investor Relations website at http://investors.nvent.com. The earnings release will be furnished with the Securities and Exchange Commission on a Form 8-K and is available here. The company will also hold a conference call with analysts and investors at 9:00 a.m. ET.

Conference Call and Webcast Details

The call can be accessed via webcast at http://investors.nvent.com or by dialing 1-833-630-1071 or 1-412-317-1832. Once available, a replay of the conference call will be accessible through February 20, 2026, by dialing 1-855-669-9658 or 1-412-317-0088, along with the access code 1131007.

About nVent
nVent is a leading global provider of electrical connection and protection solutions. We believe our inventive electrical solutions enable safer systems and ensure a more secure world. We design, manufacture, market, install and service high performance products and solutions that connect and protect some of the world's most sensitive equipment, buildings and critical processes. We offer a comprehensive range of systems protection and electrical connections solutions across industry-leading brands that are recognized globally for quality, reliability and innovation. Our principal office is in London and our management office in the United States is in Minneapolis. Our robust portfolio of leading electrical product brands dates back more than 100 years and includes nVent CADDY, ERICO, HOFFMAN, ILSCO, SCHROFF and TRACHTE. Learn more at www.nvent.com.

nVent, CADDY, ERICO, HOFFMAN, ILSCO, SCHROFF and TRACHTE are trademarks owned or licensed by nVent Services GmbH or its affiliates.

Investor Contact
Tony Riter
Vice President, Investor Relations
nVent
763.204.7750
[email protected]

Media Contact
Kevin H. King
Vice President, Global Communications
nVent
763.291.0526
[email protected]

Ford (NYSE: F) recently wrote off $19.5 billion due to the collapse of its EV business.

New York, New York--(Newsfile Corp. - February 6, 2026) - Leading securities law firm Bleichmar Fonti & Auld LLP announces that it has filed a class action lawsuit against BellRing Brands, Inc. (NYSE: BRBR) and certain of the Company's senior executives for securities fraud after a significant stock drop resulting from potential violations of the federal securities laws.

If you invested in BellRing, you are encouraged to obtain additional information by visiting: https://www.bfalaw.com/cases-investigations/bellring-brands-inc-class-action-lawsuit.

Investors have until March 23, 2026, to ask the Court to be appointed to lead the case. The complaint asserts claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 on behalf of investors in BellRing securities. The class action is pending in the U.S. District Court for the Southern District of New York. It is captioned Denha v. BellRing Brands, Inc., No. 1:26-cv-00575.

Why is BellRing Being Sued for Securities Fraud?

BellRing develops, markets, and sells "convenient nutrition" products such as ready-to-drink ("RTD") protein shakes primarily under the brand name Premier Protein. During the relevant period, Defendants represented that sales growth reflected increased end-consumer demand, attributing results to "organic growth," "distribution gains," "incremental promotional activity," and "[s]trong macro tailwinds around protein" among other factors. At the same time, Defendants downplayed the impact of competition on demand, insisting BellRing was not experiencing any significant changes in competition, and that in the RTD category particularly, BellRing possessed a "competitive moat," given that "the ready-to-drink category is just highly complex" and the products are "hard to formulate."

As alleged, in truth, BellRing's reported sales during the Class Period were driven by its key customers stockpiling inventory and did not reflect increased end-consumer demand or brand momentum. Following the destocking, BellRing admitted that competitive pressures were materially weakening demand.

Why did BellRing's Stock Drop?

On May 6, 2025, BellRing's CFO revealed "several key retailers lowered their weeks of supply on hand, which is expected to be a mid-single-digit headwind to our third quarter growth," adding "[w]e now expect Q3 sales growth of low single digits." BellRing's CEO further revealed that retailers had been "hoarding inventory to make sure they didn't run out of stock on shelf" and "protecting themselves coming out of capacity constraints," but since there had been "several quarters of high in-stock rates," customers "felt comfortable about bringing [inventory] down. We thought this could happen."

This news caused the price of BellRing stock to drop $14.88 per share, or 19%, from a closing price of $78.43 per share on May 5, 2025, to $63.55 per share on May 6, 2025.

On August 4, 2025, after market hours, BellRing reported its 3Q 2025 financial results and "narrowed its fiscal year 2025 outlook for net sales." Then, during the Company's August 5, 2025 earnings call, BellRing's CEO attributed the narrowed guidance to "several other competitors" gaining space to sell their products with a large retailer and that "it is not surprising to see new protein RTDs enter[ed]" the convenient nutrition market.

This news caused the price of BellRing stock to drop $17.46 per share, or nearly 33%, from a closing price of $53.64 per share on August 4, 2025, to $36.18 per share on August 5, 2025.

Click here for more information: https://www.bfalaw.com/cases-investigations/bellring-brands-inc-class-action-lawsuit.

What Can You Do?

If you invested in BellRing, you may have legal options and are encouraged to submit your information to the firm.

All representation is on a contingency fee basis; there is no cost to you. Shareholders are not responsible for any court costs or expenses of litigation. The firm will seek court approval for any potential fees and expenses.

Submit your information by visiting:

https://www.bfalaw.com/cases-investigations/bellring-brands-inc-class-action-lawsuit

Why Bleichmar Fonti & Auld LLP?

BFA is a leading international law firm representing plaintiffs in securities class actions and shareholder litigation. It has been named a top plaintiff law firm by Chambers USA, The Legal 500, and ISS SCAS, and its attorneys have been named "Elite Trial Lawyers" by the National Law Journal, among the top "500 Leading Plaintiff Financial Lawyers" by Lawdragon, "Titans of the Plaintiffs' Bar" by Law360 and "SuperLawyers" by Thomson Reuters. Among its recent notable successes, BFA recovered over $900 million in value from Tesla, Inc.'s Board of Directors, as well as $420 million from Teva Pharmaceutical Ind. Ltd.

For more information about BFA and its attorneys, please visit https://www.bfalaw.com.

https://www.bfalaw.com/cases-investigations/bellring-brands-inc-class-action-lawsuit

Attorney advertising. Past results do not guarantee future outcomes.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/282898

Source: Bleichmar Fonti & Auld

Ready to Announce with Confidence? Send us a message and a member of our TMX Newsfile team will contact you to discuss your needs.

Contact Us

New York, New York--(Newsfile Corp. - February 6, 2026) - Leading securities law firm Bleichmar Fonti & Auld LLP announces an investigation into Wealthfront Corporation (NASDAQ: WLTH) for potential violations of the federal securities laws.

If you invested in Wealthfront, you are encouraged to obtain additional information by visiting: https://www.bfalaw.com/cases/wealthfront-corporation-class-action.

Why is Wealthfront Being Investigated for Violations of the Federal Securities Laws?

Wealthfront is an online financial advisor that uses automated tools to provide investment and financial advice. On or around December 12, 2025, Wealthfront completed an initial public offering ("IPO") of more than 34 million shares of common stock at a price of $14.00 per share.

BFA is investigating whether Wealthfront violated the federal securities laws by making false and misleading statements to investors, including in the offering materials for its IPO.

Why did Wealthfront's Stock Drop?

On January 12, 2026, Wealthfront published its first quarterly results as a publicly traded company. The results included net deposit outflows of $208 million, a stark reversal from the $874 million in inflows the company experienced during the same period a year earlier. During the company's earnings conference call held the same day, CEO David Fortunato attributed the decline to falling interest rates and emphasized the strategic importance of Wealthfront's new home-lending business which he asserted would protect the company from downside risk should interest rates continue to fall. Also on the call, Fortunato revealed that he personally owns a 95.1% stake in Wealthfront's home-lending business and that the company may "revisit or revise the ownership structure." This news caused the price of Wealthfront stock to drop $2.12 per share, nearly 17%, from a closing price of $12.59 per share on January 12, 2026, to $10.47 per share on January 13, 2026.

Click here for more information: https://www.bfalaw.com/cases/wealthfront-corporation-class-action.

What Can You Do?

If you invested in Wealthfront, you may have legal options and are encouraged to submit your information to the firm.

All representation is on a contingency fee basis; there is no cost to you. Shareholders are not responsible for any court costs or expenses of litigation. The firm will seek court approval for any potential fees and expenses.

Submit your information by visiting:

https://www.bfalaw.com/cases/wealthfront-corporation-class-action

Why Bleichmar Fonti & Auld LLP?

BFA is a leading international law firm representing plaintiffs in securities class actions and shareholder litigation. It has been named a top plaintiff law firm by Chambers USA, The Legal 500, and ISS SCAS, and its attorneys have been named "Elite Trial Lawyers" by the National Law Journal, among the top "500 Leading Plaintiff Financial Lawyers" by Lawdragon, "Titans of the Plaintiffs' Bar" by Law360 and "SuperLawyers" by Thomson Reuters. Among its recent notable successes, BFA recovered over $900 million in value from Tesla, Inc.'s Board of Directors, as well as $420 million from Teva Pharmaceutical Ind. Ltd.

For more information about BFA and its attorneys, please visit https://www.bfalaw.com.

https://www.bfalaw.com/cases/wealthfront-corporation-class-action

Attorney advertising. Past results do not guarantee future outcomes.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/282905

Source: Bleichmar Fonti & Auld

Ready to Announce with Confidence? Send us a message and a member of our TMX Newsfile team will contact you to discuss your needs.

Contact Us

New York, New York--(Newsfile Corp. - February 6, 2026) - Leading securities law firm Bleichmar Fonti & Auld LLP announces that a class action lawsuit has been filed against Fermi Inc. (NASDAQ: FRMI), certain of the Company's senior executives and directors, and underwriters of Fermi's Initial Public Offering after a significant stock drop resulting from potential violations of the federal securities laws.

If you invested in Fermi, you are encouraged to obtain additional information by visiting: https://www.bfalaw.com/cases/fermi-inc-class-action-lawsuit.

Investors have until March 6, 2026, to ask the Court to be appointed to lead the case. The complaint asserts securities fraud claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 on behalf of investors in Fermi securities, as well as claims under Sections 11 and 15 of the Securities Act of 1933 on behalf of investors who purchased or acquired Fermi common stock pursuant and traceable to the Company's Initial Public Offering. The case is pending in the U.S. District Court for the Southern District of New York and is captioned Lupia v. Fermi Inc., et al., No. 1:26-cv-00050.

Why is Fermi Being Sued for Violations of the Federal Securities Laws?

Fermi is an energy and AI infrastructure company that purportedly intends to build multiple, large scale nuclear reactors to support its own network of large, grid-independent data centers powered by nuclear and other energy to power AI companies. Fermi's first project is Project Matador, its flagship, first-of-its kind energy and AI infrastructure campus designed to provide dedicated power for AI workloads.

Fermi completed its IPO in October 2025. In the IPO Registration Statement, Fermi represented that it "entered into a letter of intent . . . with an investment grade-rated tenant (the 'First Tenant') to lease a portion of the Project Matador Site . . . for an initial lease term of twenty years." The Company also represented there was strong demand for Project Matador and that construction of the facility would be funded by "tenant payments" and "lease agreements." Following the IPO, Fermi announced that the First Tenant entered into an Advance in Aid of Construction Agreement, through which it would advance up to $150 million to Fermi to fund Project Matador construction costs.

As alleged, in truth, Fermi overstated tenant demand for Project Matador and misrepresented the agreement with the First Tenant.

Why did Fermi's Stock Drop?

On December 12, 2025, Fermi disclosed that "[o]n December 11, 2025, the First Tenant notified the Company that it is terminating the [Advance of Aid of Construction Agreement]" after "[t]he exclusivity period set forward in the letter of intent expired." Fermi also stated that it had "commenced discussions with several other potential tenants" and "continue[s] to negotiate the terms of a lease agreement at Project Matador" with the First Tenant. This news caused the price of Fermi stock to drop $5.16 per share, or more than 33%, from a closing price of $15.25 per share on December 11, 2025, to $10.09 per share on December 12, 2025.

Click here for more information: https://www.bfalaw.com/cases/fermi-inc-class-action-lawsuit.

What Can You Do?

If you invested in Fermi, you may have legal options and are encouraged to submit your information to the firm.

All representation is on a contingency fee basis; there is no cost to you. Shareholders are not responsible for any court costs or expenses of litigation. The firm will seek court approval for any potential fees and expenses.

Submit your information by visiting:

https://www.bfalaw.com/cases/fermi-inc-class-action-lawsuit

Why Bleichmar Fonti & Auld LLP?

BFA is a leading international law firm representing plaintiffs in securities class actions and shareholder litigation. It has been named a top plaintiff law firm by Chambers USA, The Legal 500, and ISS SCAS, and its attorneys have been named "Elite Trial Lawyers" by the National Law Journal, among the top "500 Leading Plaintiff Financial Lawyers" by Lawdragon, "Titans of the Plaintiffs' Bar" by Law360 and "SuperLawyers" by Thomson Reuters. Among its recent notable successes, BFA recovered over $900 million in value from Tesla, Inc.'s Board of Directors, as well as $420 million from Teva Pharmaceutical Ind. Ltd.

For more information about BFA and its attorneys, please visit https://www.bfalaw.com.

https://www.bfalaw.com/cases/fermi-inc-class-action-lawsuit

Attorney advertising. Past results do not guarantee future outcomes.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/282900

Source: Bleichmar Fonti & Auld

Ready to Announce with Confidence? Send us a message and a member of our TMX Newsfile team will contact you to discuss your needs.

Contact Us

Delivered on 2025 Strategic Priorities to Grow Sales Volume and Generate Substantial Cost Savings

BROOKLYN HEIGHTS, Ohio--(BUSINESS WIRE)--GrafTech International Ltd. (NYSE: EAF) ("GrafTech," the "Company," "we," or "our") today announced its unaudited financial results for the quarter and year ended December 31, 2025.

Highlights

Sales volume was flat year-over-year for the fourth quarter of 2025; sales volume grew 6% on a full-year basis. Grew sales volume in the United States 83% year-over-year for the fourth quarter of 2025 and 48% on a full-year basis, reflecting our strategy to actively shift the geographic mix of our sales volume towards this key region. Achieved a 2% year-over-year reduction in cash cost of goods sold per metric ton ("MT") for the fourth quarter of 2025 and an 11% reduction on a full-year basis, reflecting our capability to control production costs at various levels of demand. Ended the fourth quarter of 2025 with total liquidity of $340 million, which reflects prudent cash management and provides stability as we navigate near-term, industry-wide challenges. Fourth Quarter 2025 Summary

Sales volume of 27.1 thousand MT Net sales of $116 million Net loss of $65 million, or $2.50 per share(1) Adjusted EBITDA(2) of negative $22 million, including a $12 million non-cash charge related to a lower of cost or market inventory valuation adjustment Net cash used in operating activities of $21 million Adjusted free cash flow(2) of negative $39 million CEO Comments

"Looking back on 2025, I am proud of how our team navigated a challenging environment with discipline and determination,” said Timothy Flanagan, Chief Executive Officer and President. “We achieved notable successes, including a 6% increase in our full-year sales volume despite a flat demand environment globally, led by 48% sales volume growth in the United States. In addition, we achieved an 11% year-over-year reduction in our cash cost of goods sold per metric ton for 2025. These impressive results reflect our ongoing commitment to meeting the needs of our customers and achieving operational excellence to control production costs. We ended 2025 with liquidity of $340 million, enabling us to maintain stability, despite the persistence of industry-wide challenges, and positioning GrafTech for future growth."

"As we enter 2026, we are encouraged to see signs of improving steel industry trends in our core regions," continued Mr. Flanagan. "Accordingly, we anticipate a slight increase in global (excluding China) demand for graphite electrodes in 2026. That said, competitive pricing pressures for graphite electrodes have intensified further of late, a dynamic that is neither sustainable for the graphite electrode industry nor supportive of the long-term health of the steel industry. A resilient steel sector depends on a strong graphite electrode industry with the ability to invest and grow alongside it. Given these dynamics, as a leader in the graphite electrode industry, we must continue to act decisively to support the long-term viability of our business and our industry. To that end, we are committed to identifying further opportunities to enhance efficiency, preserve optionality and position GrafTech for long-term value creation for our shareholders, customers, employees and all other stakeholders."

Fourth Quarter and Full Year 2025 Financial Performance

  (dollars in thousands, except per share amounts)

Year Ended

December 31,

Q4 2025

Q3 2025

Q4 2024

2025

2024

Net sales

$

116,457

$

143,998

$

134,217

$

504,134

$

538,782

Net loss

$

(65,116

)

$

(28,482

)

$

(49,476

)

$

(219,835

)

$

(131,165

)

Loss per share(1)

$

(2.50

)

$

(1.10

)

$

(1.92

)

$

(8.45

)

$

(5.09

)

Net cash (used in) provided by operating activities

$

(20,894

)

$

24,700

$

(26,417

)

$

(81,616

)

$

(40,093

)

Adjusted net loss(2)

$

(63,886

)

$

(26,788

)

$

(33,143

)

$

(167,076

)

$

(106,144

)

Adjusted loss per share(1)(2)

$

(2.45

)

$

(1.03

)

$

(1.28

)

$

(6.42

)

$

(4.12

)

Adjusted EBITDA(2)

$

(21,900

)

$

13,013

$

(6,859

)

$

(9,088

)

$

1,632

Adjusted free cash flow(2)

$

(39,265

)

$

18,376

$

(20,960

)

$

(114,500

)

$

(56,153

)

Net sales for the fourth quarter of 2025 were $116 million, a decrease of 13% compared to $134 million for the fourth quarter of 2024, primarily reflecting a year-over-year decrease in our weighted-average realized price. Sales volume for the fourth quarter of 2025 was comparable to the same period in 2024.

Net loss for the fourth quarter of 2025 was $65 million, or $2.50 per share, compared to a net loss of $49 million, or $1.92 per share, for the fourth quarter of 2024. Adjusted EBITDA(2) for the fourth quarter of 2025 was negative $22 million, compared to adjusted EBITDA(2) of negative $7 million for the fourth quarter of 2024, with the year-over-year change primarily reflecting the decline in weighted-average realized prices. This was partially offset by a 2% reduction in cash cost of goods sold per MT for the fourth quarter of 2025, compared to the same period in 2024.

For the fourth quarter of 2025, net cash used in operating activities was $21 million, compared to net cash used in operating activities of $26 million for the fourth quarter of 2024. Adjusted free cash flow(2) for the fourth quarter of 2025 was negative $39 million, compared to adjusted free cash flow(2) of negative $21 million for the fourth quarter of 2024, with the year-over-year change primarily reflecting the decline in adjusted EBITDA(2) and a year-over-year increase in capital expenditures for the fourth quarter. These factors were partially offset by a higher benefit from the net change in working capital in the fourth quarter of 2025, compared to the same period in 2024.

Net sales for the year ended December 31, 2025 decreased 6% compared to the prior year as higher sales volume was offset by a year-over-year decrease in our weighted-average realized price.

Net loss for the year ended December 31, 2025 was $220 million, or $8.45 per share, compared to a net loss of $131 million, or $5.09 per share, for the year ended December 31, 2024. Included in net loss for the year ended December 31, 2025 was a $43 million non-cash income tax expense related to the establishment of a full valuation allowance against the Company’s United States and Switzerland deferred tax assets.

Adjusted EBITDA(2) for the year ended December 31, 2025 was negative $9 million, compared to adjusted EBITDA of $2 million in the prior year. The year-over-year decline primarily reflected the impact of lower weighted-average realized prices, partially offset by an 11% reduction in cash costs on a per MT basis for the year ended December 31, 2025, compared to 2024.

Net cash used in operating activities for the year ended December 31, 2025 was $82 million, compared to net cash used in operating activities of $40 million for the year ended December 31, 2024. Adjusted free cash flow(2) for the year ended December 31, 2025 was negative $115 million, compared to adjusted free cash flow(2) of negative $56 million for the year ended December 31, 2024, with the year-over-year change primarily reflecting a lower benefit from the net change in working capital for the year ended December 31, 2025, compared to 2024, and the decline in adjusted EBITDA(2).

Operational and Commercial Update

Key Operating Metrics

Year Ended

December 31,

(in thousands, except percentages)

Q4 2025

Q3 2025

Q4 2024

2025

2024

Sales volume (MT)

27.1

28.8

27.2

109.2

103.2

Production volume (MT)

27.8

26.6

25.1

112.3

97.3

Production capacity (MT)(3)(4)

46.0

42.0

46.0

178.0

178.0

Capacity utilization(5)

60

%

63

%

55

%

63

%

55

%

Sales volume for the fourth quarter of 2025 was 27.1 thousand MT, compared to sales volume of 27.2 thousand MT for the fourth quarter of 2024. For the year ended December 31, 2025, sales volume was 109.2 thousand MT, resulting in year-over-year growth of 6% on a full-year basis. This was below our most recent guidance of an 8-10% year-over-year increase in sales volume for 2025, primarily reflecting our decision to forego certain volume opportunities where margins would be unacceptably low.

For the fourth quarter of 2025, our weighted-average realized price was approximately $4,000 per MT. This represented a 9% decrease compared to the fourth quarter of 2024 and, sequentially, a 5% decline compared to the third quarter of 2025, reflecting persistent competitive pressures across all of our principal commercial regions. The year-over-year decline further reflected the substantial completion in 2024 of long-term sales agreements entered into in prior years. These impacts were partially mitigated by our initiative to actively shift more sales volume to the United States, which remains the strongest region for graphite electrode pricing.

Production volume for the fourth quarter of 2025 was 27.8 thousand MT, resulting in a capacity utilization rate of 60% for the quarter. For the year ended December 31, 2025, production volume was 112.3 thousand MT, resulting in a capacity utilization rate of 63% for the full year.

Capital Structure and Liquidity

As of December 31, 2025, we had total liquidity of $340 million, consisting of cash and cash equivalents of $138 million, $102 million of availability under our revolving credit facility and $100 million of availability under our senior secured first lien delayed draw term loans, which continues to support our ability to manage through near-term, industry-wide challenges. As of December 31, 2025, we had gross debt(6) of $1,125 million, with substantially no maturities until December 2029, and net debt(7) of approximately $987 million.

Outlook

In 2025, global (excluding China) steel production was relatively flat compared to 2024, as geopolitical uncertainty, particularly as it relates to global trade and tariffs, had a significant impact on broader steel industry trends. In addition, steel exports from China reached a record high in 2025, further constraining steel production in the rest of the world.

As we enter 2026, industry analyst projections indicate a modest recovery in global (excluding China) steel demand is expected for the year. In the United States, where the steel industry has experienced relative stability, steel production is expected to increase further in the near-term, supported by favorable domestic trade policies. In the European Union, where the steel industry has been relatively challenged, we continue to see signs of a potential recovery. In addition to the anticipated growth in steel demand within the European Union in 2026, steel production in Europe is expected to be further supported by increased trade protections as we proceed through the year. Reflecting these dynamics, hot-rolled coil steel pricing is expected to increase in 2026 in most regions.

As we closely monitor these developments and assess their potential impact on the commercial environment for graphite electrodes, we currently project that global (excluding China) demand for graphite electrodes will increase slightly in 2026, compared to 2025, including projected demand increases within all of the key regions in which we operate.

For GrafTech, we expect to achieve a 5-10% year-over-year increase in our sales volume for 2026 on a full-year basis, as we continue to gain market share reflecting our compelling customer value proposition and our ongoing focus on delivering on the needs of our customers. Of our anticipated 2026 sales volume, to date, we have approximately 65% committed in our order book following the completion of the customer negotiations that occur in the fourth quarter of each year. Specific to the first quarter of 2026, we expect a year-over-year increase in our sales volume of approximately 10%.

While we are encouraged by our ongoing strong volume performance, industry-wide pricing levels remain unsustainably low. Challenging pricing dynamics, most notably aggressive competitor pricing behavior, increased further during the fourth quarter of 2025 and we expect that pressure to continue into 2026. As a result, we will continue to execute actions to accelerate our path to normalized levels of profitability and support our ability to invest in our business. This includes further optimizing our order book by continuing to shift the geographic mix of our sales volume to regions where there is an opportunity to capture higher average selling prices, particularly in the United States, while also maintaining our disciplined approach of foregoing volume opportunities where margins are unacceptably low.

As it relates to costs, we will continue to expand on our initiatives to improve our cost structure. With our 2025 cost performance, we have achieved a cumulative decline in our cash cost of goods sold per metric ton of 31% since the end of 2023. As we look to implement additional measures to enhance the efficiency of our production schedules and further optimize production costs, we expect to build on this achievement with a low single-digit percentage-point decline in our cash cost of goods sold per MT for 2026 compared to 2025.

Further, we will continue to prudently manage our working capital levels and capital expenditures. For 2026, reflecting our anticipated volume growth, we expect a modest increase in our net working capital levels for the full year, most notably in the first half of the year reflecting the timing of planned plant maintenance and other timing factors. We anticipate our full-year 2026 capital expenditures will be approximately $35 million, which we believe is an adequate level to maintain our assets at current utilization levels.

Longer term, we remain confident that the steel industry’s efforts to decarbonize will lead to increased adoption of the electric arc furnace method of steelmaking, driving long-term demand growth for graphite electrodes. We also anticipate the demand for petroleum needle coke, the key raw material we use to produce graphite electrodes, to accelerate driven by its utilization in producing synthetic graphite used in anodes for lithium-ion batteries that power electric vehicles and energy storage systems. We believe that the near-term actions we are taking, supported by an industry-leading position and our sustainable competitive advantages, including our substantial vertical integration into petroleum needle coke via our Seadrift facility, will optimally position GrafTech to benefit from that long-term growth.

Conference Call Information

In connection with this earnings release, you are invited to listen to our earnings call being held on February 6, 2026 at 10:00 a.m. (EST). The webcast and accompanying slide presentation will be available on our investor relations website at: http://ir.graftech.com. The earnings call dial-in number is +1 (800) 715-9871 toll-free in the United States or +1 (646) 307-1963 for international calls, conference ID: 4082619. Archived replays of the conference call and webcast will be made available on our investor relations website at: http://ir.graftech.com. GrafTech also makes its complete financial reports that have been filed with the Securities and Exchange Commission ("SEC") and other information available at: www.GrafTech.com. The information on our website is not part of this release or any report we file with or furnish to the SEC.

About GrafTech

GrafTech International Ltd. is a leading manufacturer of high-quality graphite electrode products essential to the production of electric arc furnace steel and other ferrous and non-ferrous metals. The Company has a competitive portfolio of low-cost, ultra-high power graphite electrode manufacturing facilities, with some of the highest capacity facilities in the world. We are the only large-scale graphite electrode producer that is substantially vertically integrated into petroleum needle coke, our key raw material for graphite electrode manufacturing. This unique position provides us with competitive advantages in product quality and cost.

____________________ (1)

Loss per share represents diluted loss per share. Adjusted loss per share represents diluted adjusted loss per share. All share and per share data for all periods presented reflect the 1-for-10 reverse stock split, which became effective on August 29, 2025.

(2)

A non-GAAP financial measure, see below for more information and reconciliations to the most directly comparable financial measures calculated and presented in accordance with accounting principles generally accepted in the United States of America ("GAAP").

(3)

Production capacity reflects expected maximum production volume during the period depending on product mix and expected maintenance outage. Actual production may vary.

(4)

Includes graphite electrode facilities in Calais, France; Monterrey, Mexico; and Pamplona, Spain.

(5)

Capacity utilization reflects production volume as a percentage of production capacity.

(6)

Gross debt reflects the notional value of our outstanding debt and excludes unamortized debt discount and issuance costs.

(7)

A non-GAAP financial measure, net debt is calculated as gross debt minus cash and cash equivalents (December 31, 2025 gross debt of $1,125 million less December 31, 2025 cash and cash equivalents of $138 million).

Cautionary Note Regarding Forward-Looking Statements

This press release and related discussions may contain forward-looking statements within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements reflect our current views with respect to, among other things, financial projections, plans and objectives of management for future operations, future economic performance and short-term and long-term liquidity. Examples of forward-looking statements include, among others, statements we make regarding future estimated volume, pricing and revenue, and anticipated levels of capital expenditures and cost of goods sold. You can identify these forward-looking statements by the use of forward-looking words such as “will,” “may,” “plan,” “estimate,” “project,” “believe,” “anticipate,” “expect,” “foresee,” “intend,” “should,” “would,” “could,” “target,” “goal,” “continue to,” “positioned to,” “are confident,” or the negative versions of those words or other comparable words. Any forward-looking statements contained in this press release are based upon our historical performance and on our current plans, estimates and expectations considering information currently available to us. The inclusion of this forward-looking information should not be regarded as a representation by us that the future plans, estimates, or expectations contemplated by us will be achieved. Our expectations and targets are not predictions of actual performance and historically our performance has deviated, often significantly, from our expectations and targets. These forward-looking statements are subject to various risks and uncertainties and assumptions relating to our operations, financial results, financial condition, business, prospects, growth strategy and liquidity. Accordingly, there are or will be important factors that could cause our actual results to differ materially from those indicated in these statements. We believe that these factors include, but are not limited to: our dependence on the global steel industry generally and the electric arc furnace steel industry in particular; the cyclical nature of our business and the selling prices of our products, which may remain at depressed levels or further decline in the future, and may continue to experience prolonged periods of reduced profitability and net losses or adversely impact liquidity; the sensitivity of our business and operating results to economic conditions, including any recession, and the possibility others may not be able to fulfill their obligations to us in a timely fashion or at all; the possibility that we may be unable to implement our business strategies in an effective manner, including our ability to effectively increase or maintain existing prices and shift sales to regions with higher average selling prices; continued overcapacity of the global graphite electrode industry, which may further adversely affect graphite electrode prices; the competitiveness of the graphite electrode industry; our dependence on the cost and availability of manufacturing inputs, including raw materials, such as decant oil, petroleum needle coke, energy and freight, and disruptions in availability for such inputs; our primary reliance on one facility in Monterrey, Mexico for the manufacturing of connecting pins; the cost of electric power and natural gas, particularly in Europe; our manufacturing operations are subject to hazards; the legal, compliance, economic, social and political risks associated with our substantial operations in multiple countries; the possibility that fluctuation of foreign currency exchange rates could materially harm our financial results; the possibility that our results of operations could further deteriorate if our manufacturing operations were substantially disrupted for an extended period, including as a result of equipment failure, climate change, regulatory issues, natural disasters, public health crises, such as a global pandemic, political crises or other catastrophic events; the risks and uncertainties associated with litigation, arbitration, and like disputes, including disputes related to contractual commitments; our dependence on third parties for certain construction, maintenance, engineering, transportation, warehousing and logistics services; the possibility that we are subject to information technology systems failures, cybersecurity incidents, network disruptions and breaches of data security, including with respect to our third-party suppliers and business partners; the possibility that we are unable to recruit or retain key management and plant operating personnel or successfully negotiate with the representatives of our employees, including labor unions; the sensitivity of long-lived assets on our balance sheet to changes in the market; our dependence on protecting our intellectual property and the possibility that third parties may claim that our products or processes infringe their intellectual property rights; the impact of inflation and our ability to mitigate the effect on our costs; the impact of macroeconomic and geopolitical events on our business, results of operations, financial condition and cash flows, and the disruptions and inefficiencies in our supply chain that may occur as a result of such events; uncertain shifts in domestic and foreign trade policies and the possibility that the imposition of current, new or increased custom duties and tariffs and trade barriers in the countries in which we, our customers and our suppliers operate could adversely affect our ability to compete, operations, results of operations and financial condition; risks associated with strategic transactions, including acquisitions, divestitures, joint ventures, equity investments, and debt issuances, that could adversely affect our business, operating results and financial condition; the possibility that our indebtedness could limit our financial and operating activities or that our cash flows may not be sufficient to service our indebtedness; any current or future borrowings may subject us to interest rate risk; risks and uncertainties associated with our ability to access the capital and credit markets could adversely affect our results of operations, cash flows and financial condition; the possibility that disruptions in the capital and credit markets could adversely affect our customers and suppliers; the possibility that restrictive covenants in our financing agreements could restrict or limit our operations; and changes in health, safety and environmental regulations applicable to our manufacturing operations and facilities.

These factors should not be construed as exhaustive and should be read in conjunction with the Risk Factors and other cautionary statements that are included in our Annual Report on Form 10-K, our Quarterly Reports on Form 10-Q and other filings with the SEC. The forward-looking statements made in this press release relate only to events as of the date on which the statements are made. Except as required by law, we do not undertake any obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise.

If one or more of these or other risks or uncertainties materialize, or if our underlying assumptions prove to be incorrect, our actual results may vary materially from what we may have expressed or implied by these forward-looking statements. We caution that you should not place undue reliance on any of our forward-looking statements. You should specifically consider the factors identified in this press release, in our Annual Report on Form 10-K and in our Quarterly Reports on Form 10-Q that could cause actual results to differ before making an investment decision to purchase our common stock. Furthermore, new risks and uncertainties arise from time to time, and it is impossible for us to predict those events or how they may affect us.

Non‑GAAP Financial Measures

In addition to providing results that are determined in accordance with GAAP, we have provided certain financial measures that are not in accordance with GAAP. EBITDA, adjusted EBITDA, adjusted net loss, adjusted loss per share, free cash flow, adjusted free cash flow, net debt and cash cost of goods sold per MT are non-GAAP financial measures.

We define EBITDA, a non‑GAAP financial measure, as net loss plus interest expense, minus interest income, plus income taxes and depreciation and amortization. We define adjusted EBITDA, a non-GAAP financial measure, as EBITDA adjusted by any pension and other post-employment benefit ("OPEB") expenses, rationalization and rationalization-related expenses, non‑cash gains or losses from foreign currency remeasurement of non‑operating assets and liabilities in our foreign subsidiaries where the functional currency is the U.S. dollar, stock-based compensation expense, proxy contest expenses and Tax Receivable Agreement adjustments. Adjusted EBITDA is the primary metric used by our management and our Board of Directors to establish budgets and operational goals for managing our business and evaluating our performance.

We monitor adjusted EBITDA as a supplement to our GAAP measures, and believe it is useful to present to investors, because we believe that it facilitates evaluation of our period‑to‑period operating performance by eliminating items that are not operational in nature, allowing comparison of our recurring core business operating results over multiple periods unaffected by differences in capital structure, capital investment cycles and fixed asset base. In addition, we believe adjusted EBITDA and similar measures are widely used by investors, securities analysts, ratings agencies, and other parties in evaluating companies in our industry as a measure of financial performance and debt‑service capabilities.

We define adjusted net loss, a non‑GAAP financial measure, as net loss, excluding the items used to calculate adjusted EBITDA and further excluding debt modification costs, less the tax effect of those adjustments and non-cash income tax expense related to the establishment of a deferred tax valuation allowance. We define adjusted loss per share, a non‑GAAP financial measure, as adjusted net loss divided by the weighted average diluted common shares outstanding during the period. We believe adjusted net loss and adjusted loss per share are useful to present to investors because we believe that they assist investors’ understanding of the underlying operational profitability of the Company.

We define free cash flow, a non-GAAP financial measure, as net cash provided by or used in operating activities less capital expenditures. We define adjusted free cash flow, a non-GAAP financial measure, as free cash flow adjusted by payments made for debt modification costs. We use free cash flow and adjusted free cash flow as critical measures in the evaluation of liquidity in conjunction with related GAAP amounts. We also use these measures when considering available cash, including for decision-making purposes related to dividends and discretionary investments. Further, these measures help management, the Board of Directors, and investors evaluate the Company's ability to generate liquidity from operating activities.

We define net debt, a non-GAAP financial measure, as gross debt minus cash and cash equivalents. We believe this is an important measure as it is more representative of our financial position.

We define cash cost of goods sold per MT, a non-GAAP financial measure, as cost of goods sold less depreciation and amortization, less cost of goods sold associated with the portion of our sales that consists of deliveries of by-products of the manufacturing processes and less rationalization-related expenses, with this total divided by our sales volume measured in MT. We believe this is an important measure as it is used by our management and Board of Directors to evaluate our costs on a per MT basis.

In evaluating these non-GAAP financial measures, you should be aware that in the future, we may incur expenses similar to the adjustments in the reconciliations presented below. Our presentations of these non-GAAP financial measures should not be construed as suggesting that our future results will be unaffected by these expenses or any unusual or non‑recurring items. When evaluating our performance, you should consider these non-GAAP financial measures alongside other measures of financial performance and liquidity, including our net loss, loss per share, cash flow from operating activities, cost of goods sold and other GAAP measures.

GRAFTECH INTERNATIONAL LTD. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(Dollars in thousands, except per share data)

(Unaudited)

  December 31,

2025

December 31,

2024

ASSETS

Current assets:

Cash and cash equivalents

$

138,427

$

256,248

Accounts and notes receivable, net of allowance for doubtful accounts of $3,271 as of December 31, 2025 and $7,114 as of December 31, 2024

73,235

93,576

Inventories

224,692

231,241

Prepaid expenses and other current assets

48,180

55,732

Total current assets

484,534

636,797

Property, plant and equipment

986,946

910,247

Less: accumulated depreciation

497,016

427,548

Net property, plant and equipment

489,930

482,699

Deferred income taxes

9,318

53,139

Other assets

45,007

51,639

Total assets

$

1,028,789

$

1,224,274

LIABILITIES AND STOCKHOLDERS’ DEFICIT

Current liabilities:

Accounts payable

$

67,017

$

72,833

Accrued income and other taxes

8,047

9,642

Other accrued liabilities

53,127

55,432

Tax Receivable Agreement

—

2,022

Total current liabilities

128,191

139,929

Long-term debt

1,094,706

1,086,915

Other long-term obligations

40,388

48,559

Deferred income taxes

25,132

23,971

Tax Receivable Agreement long-term

—

3,802

Stockholders’ deficit:

Preferred stock, par value $0.01, 30,000,000 shares authorized, none issued

—

—

Common stock, par value $0.01, 300,000,000 shares authorized, 25,820,110 and 25,726,420 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively

2,582

2,572

Additional paid-in capital

759,710

755,338

Accumulated other comprehensive loss

(8,972

)

(43,359

)

Accumulated deficit

(1,012,948

)

(793,453

)

Total stockholders’ deficit

(259,628

)

(78,902

)

Total liabilities and stockholders’ deficit

$

1,028,789

$

1,224,274

GRAFTECH INTERNATIONAL LTD. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(Dollars in thousands, except per share data)

(Unaudited)

  Three Months Ended

December 31,

Year Ended

December 31,

2025

2024

2025

2024

Net sales

$

116,457

$

134,217

$

504,134

$

538,782

Cost of goods sold

128,805

131,698

501,496

533,757

Lower of cost or market inventory valuation adjustment

11,989

12,962

18,315

24,878

Gross loss

(24,337

)

(10,443

)

(15,677

)

(19,853

)

Research and development

1,609

1,387

6,475

5,706

Selling and administrative expenses

13,241

13,075

54,914

46,510

Rationalization expenses

—

—

—

3,156

Operating loss

(39,187

)

(24,905

)

(77,066

)

(75,225

)

Other (income) expense, net

(2,212

)

200

(4,049

)

(1,569

)

Interest expense

24,281

37,575

104,057

85,313

Interest income

(1,448

)

(1,226

)

(6,632

)

(5,701

)

Loss before income taxes

(59,808

)

(61,454

)

(170,442

)

(153,268

)

Income tax expense (benefit)

5,308

(11,978

)

49,393

(22,103

)

Net loss

$

(65,116

)

$

(49,476

)

$

(219,835

)

$

(131,165

)

Basic loss per common share:

Net loss per share

$

(2.50

)

$

(1.92

)

$

(8.45

)

$

(5.09

)

Weighted average common shares outstanding

26,043,244

25,796,851

26,004,964

25,766,825

Diluted loss per common share:

Net loss per share

$

(2.50

)

$

(1.92

)

$

(8.45

)

$

(5.09

)

Weighted average common shares outstanding

26,043,244

25,796,851

26,004,964

25,766,825

GRAFTECH INTERNATIONAL LTD. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Dollars in thousands)

(Unaudited)

  Three Months Ended

December 31,

Year Ended

December 31,

2025

2024

2025

2024

Cash flow from operating activities:

Net loss

$

(65,116

)

$

(49,476

)

$

(219,835

)

$

(131,165

)

Adjustments to reconcile net loss to cash used in operations:

Depreciation and amortization

15,799

16,110

61,643

62,245

Deferred income tax (benefit) expense

2,010

(15,891

)

42,792

(27,634

)

Non-cash stock-based compensation expense

1,518

1,589

4,952

6,035

Non-cash interest expense

1,947

1,550

7,791

(2,028

)

Lower of cost or market inventory valuation adjustment

11,989

12,962

18,315

24,878

Other adjustments

(2,858

)

(3,891

)

8,525

(7,348

)

Net change in working capital*

13,817

10,543

25

40,254

Change in Tax Receivable Agreement

—

87

(5,824

)

(5,330

)

Net cash used in operating activities

(20,894

)

(26,417

)

(81,616

)

(40,093

)

Cash flow from investing activities:

Capital expenditures

(18,371

)

(12,792

)

(38,885

)

(34,309

)

Proceeds from the sale of fixed assets

256

—

554

100

Net cash used in investing activities

(18,115

)

(12,792

)

(38,331

)

(34,209

)

Cash flow from financing activities:

Proceeds from Initial First Lien Term Loan due 2029

—

175,000

—

175,000

Principal payments on long-term debt

—

(137

)

—

(137

)

Debt issuance and modification costs

—

(18,945

)

—

(18,945

)

Payments for taxes related to net share settlement of equity awards

—

(36

)

(230

)

(118

)

Principal payments under finance lease obligations

(31

)

(24

)

(111

)

(82

)

Net cash (used in) provided by financing activities

(31

)

155,858

(341

)

155,718

Net change in cash and cash equivalents

(39,040

)

116,649

(120,288

)

81,416

Effect of exchange rate changes on cash and cash equivalents

(168

)

(1,807

)

2,467

(2,046

)

Cash and cash equivalents at beginning of period

177,635

141,406

256,248

176,878

Cash and cash equivalents at end of period

$

138,427

$

256,248

$

138,427

$

256,248

* Net change in working capital due to changes in the following components:

Accounts and notes receivable, net

$

14,683

$

(6,682

)

$

23,825

$

4,519

Inventories

6,445

18,727

(8,589

)

68,832

Prepaid expenses and other current assets

6,750

6,296

487

9,106

Income taxes payable

568

1,067

(123

)

(1,549

)

Accounts payable and accruals

(508

)

9,165

(18,270

)

(39,501

)

Interest payable

(14,121

)

(18,030

)

2,695

(1,153

)

Net change in working capital

$

13,817

$

10,543

$

25

$

40,254

NON-GAAP RECONCILIATIONS

(Dollars in thousands, except per share and per MT data)

(Unaudited)

The following tables reconcile our non-GAAP financial measures to the most directly comparable GAAP measures:

  Reconciliation of Net Loss to Adjusted Net Loss

Year Ended

December 31,

Q4 2025

Q3 2025

Q4 2024

2025

2024

Net loss

$

(65,116

)

$

(28,482

)

$

(49,476

)

$

(219,835

)

$

(131,165

)

Diluted loss per common share:

Net loss per share

$

(2.50

)

$

(1.10

)

$

(1.92

)

$

(8.45

)

$

(5.09

)

Weighted average shares outstanding

26,043,244

25,933,254

25,796,851

26,004,964

25,766,825

Adjustments, pre-tax:

Pension and OPEB plan expenses(1)

(3,109

)

719

967

(1,129

)

2,270

Rationalization expenses(2)

—

—

—

—

3,156

Rationalization-related expenses(3)

—

—

—

—

2,655

Foreign currency remeasurement(4)

867

41

(507

)

2,254

(1,949

)

Stock-based compensation expense(5)

1,518

1,012

1,589

4,952

6,035

Proxy contest expenses(6)

—

—

—

—

752

Tax Receivable Agreement adjustment(7)

—

—

87

(3,791

)

124

Debt modification costs(8)

—

—

18,369

6,293

18,369

Total non-GAAP adjustments pre-tax

(724

)

1,772

20,505

8,579

31,412

Valuation allowance adjustment(9)

—

—

—

(42,624

)

—

Income tax impact on non-GAAP adjustments(10)

(1,954

)

78

4,172

(1,556

)

6,391

Adjusted net loss

$

(63,886

)

$

(26,788

)

$

(33,143

)

$

(167,076

)

$

(106,144

)

Reconciliation of Loss Per Share to Adjusted Loss Per Share

Year Ended

December 31,

Q4 2025

Q3 2025

Q4 2024

2025

2024

Loss per share

$

(2.50

)

$

(1.10

)

$

(1.92

)

$

(8.45

)

$

(5.09

)

Adjustments per share:

Pension and OPEB plan expenses(1)

(0.12

)

0.03

0.04

(0.04

)

0.09

Rationalization expenses(2)

—

—

—

—

0.12

Rationalization-related expenses(3)

—

—

—

—

0.10

Foreign currency remeasurement(4)

0.03

—

(0.02

)

0.08

(0.07

)

Stock-based compensation expense(5)

0.06

0.04

0.06

0.19

0.23

Proxy contest expenses(6)

—

—

—

—

0.03

Tax Receivable Agreement adjustment(7)

—

—

—

(0.14

)

—

Debt modification costs(8)

—

—

0.72

0.24

0.71

Total non-GAAP adjustments pre-tax per share

(0.03

)

0.07

0.80

0.33

1.21

Valuation allowance adjustment(9)

—

—

—

(1.64

)

—

Income tax impact on non-GAAP adjustments per share(10)

(0.08

)

—

0.16

(0.06

)

0.24

Adjusted loss per share

$

(2.45

)

$

(1.03

)

$

(1.28

)

$

(6.42

)

$

(4.12

)

Reconciliation of Net Loss to Adjusted EBITDA

Year Ended
December 31,

Q4 2025

Q3 2025

Q4 2024

2025

2024

Net loss

$

(65,116

)

$

(28,482

)

$

(49,476

)

$

(219,835

)

$

(131,165

)

Add:

Depreciation and amortization

15,799

16,499

16,110

61,643

62,245

Interest expense

24,281

24,517

37,575

104,057

85,313

Interest income

(1,448

)

(1,383

)

(1,226

)

(6,632

)

(5,701

)

Income taxes

5,308

90

(11,978

)

49,393

(22,103

)

EBITDA

(21,176

)

11,241

(8,995

)

(11,374

)

(11,411

)

Adjustments:

Pension and OPEB plan expenses(1)

(3,109

)

719

967

(1,129

)

2,270

Rationalization expenses(2)

—

—

—

—

3,156

Rationalization-related expenses(3)

—

—

—

—

2,655

Foreign currency remeasurement(4)

867

41

(507

)

2,254

(1,949

)

Stock-based compensation expense(5)

1,518

1,012

1,589

4,952

6,035

Proxy contest expenses(6)

—

—

—

—

752

Tax Receivable Agreement adjustment(7)

—

—

87

(3,791

)

124

Adjusted EBITDA

$

(21,900

)

$

13,013

$

(6,859

)

$

(9,088

)

$

1,632

Reconciliation of Net Cash (Used in) Provided by Operating Activities to Free Cash Flow and Adjusted Free Cash Flow

Year Ended
December 31,

Q4 2025

Q3 2025

Q4 2024

2025

2024

Net cash (used in) provided by operating activities

$

(20,894

)

$

24,700

$

(26,417

)

$

(81,616

)

$

(40,093

)

Capital expenditures

(18,371

)

(6,324

)

(12,792

)

(38,885

)

(34,309

)

Free cash flow

(39,265

)

18,376

(39,209

)

(120,501

)

(74,402

)

Debt modification costs(11)

—

—

18,249

6,001

18,249

Adjusted free cash flow

$

(39,265

)

$

18,376

$

(20,960

)

$

(114,500

)

$

(56,153

)

Reconciliation of Cost of Goods Sold to Cash Cost of Goods Sold per MT

Year Ended
December 31,

Q4 2025

Q3 2025

Q4 2024

2025

2024

Cost of goods sold

$

128,805

$

132,041

$

131,698

$

501,496

$

533,757

Less:

Depreciation and amortization(12)

14,229

14,905

14,466

55,224

55,602

Cost of goods sold - by-products and other(13)

5,672

7,840

6,094

30,512

32,801

Rationalization-related expenses(3)

—

—

—

—

2,655

Cash cost of goods sold

108,904

109,296

111,138

415,760

442,699

Sales volume (in thousands of MT)

27.1

28.8

27.2

109.2

103.2

Cash cost of goods sold per MT

$

4,019

$

3,795

$

4,086

$

3,807

$

4,290

(1)

Net periodic benefit cost for our pension and OPEB plans, including a mark-to-market adjustment, representing actuarial gains and losses that result from the remeasurement of plan assets and obligations due to changes in assumptions or experience. We recognize the actuarial gains and losses in connection with the annual remeasurement in earnings in the fourth quarter of each year.

(2)

Severance and contract termination costs associated with the cost rationalization and footprint optimization plan announced in February 2024.

(3)

Other non-cash costs, primarily inventory and fixed asset write-offs, associated with the cost rationalization and footprint optimization plan announced in February 2024.

(4)

Non-cash losses (gains) from foreign currency remeasurement of non-operating assets and liabilities of our non-U.S. subsidiaries where the functional currency is the U.S. dollar.

(5)

Non-cash expense for stock-based compensation awards.

(6)

Expenses associated with our proxy contest.

(7)

Prior to the second quarter of 2025, represents expense adjustment for future payment to our sole pre-Initial Public Offering ("IPO") stockholder for tax assets that have been utilized. In the second quarter of 2025, represents the write-off of the remaining liability for pre-IPO tax assets that are not expected to be realized.

(8)

Debt modification costs related to the December 2024 debt transactions, which are recognized in interest expense on the Consolidated Statements of Operations.

(9)

Represents non-cash income tax expense recorded in the second quarter of 2025 related to the establishment of a full valuation allowance against the Company’s United States and Switzerland deferred tax assets.

(10)

Represents the tax impact on the non-GAAP adjustments.

(11)

Cash payments of debt modification costs related to the December 2024 debt transactions, which are recognized in interest expense on the Consolidated Statements of Operations and recognized in net cash used in operating activities on the Consolidated Statements of Cash Flows.

(12)

Reflects the portion of depreciation and amortization that is recognized in cost of goods sold.

(13)

Primarily reflects cost of goods sold associated with the portion of our sales that consists of deliveries of by-products of the manufacturing processes.

More News From GrafTech International Ltd.

By Reuters

February 6, 202611:41 AM UTCUpdated 10 mins ago

A man walks by at a store of the electric vehicle (EV) maker Tesla, in Beijing, China March 24, 2025. REUTERS/Florence Lo Purchase Licensing Rights, opens new tab

CompaniesBEIJING, Feb 6 (Reuters) - Tesla (TSLA.O), opens new tab is operating an artificial intelligence training centre in China focusing on local application and assisted driving, Chinese media outlet Cailianshe reported on Friday, citing the company's Vice President Tao Lin.

Learn about the latest breakthroughs in AI and tech with the Reuters Artificial Intelligencer newsletter. Sign up here.

Reporting by Yukun Zhang and Ryan Woo; Editing by Toby Chopra

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

By PYMNTS  |  February 6, 2026

 | 

Apple Inc. is scaling back plans for an AI-based health coach, a retreat that underscores the difficulty of turning health tracking into a paid service. The shift matters for Apple’s wearables and services goals.

Bloomberg reported on Feb. 5 that Apple has wound down the initiative, code-named Mulberry, citing people familiar with the matter. Apple referred to the effort internally as Health+. Instead of launching the coach as a standalone offering, Apple plans to roll out some of the planned features inside the Health app over time. Apple declined to comment.

The move followed a leadership shift in Apple’s health organization, Bloomberg said. Services chief Eddy Cue took over the division after longtime executive Jeff Williams retired at the end of last year. Cue has told colleagues Apple needs to move faster, and he has pointed to rivals such as Oura and Whoop as offering more compelling features. Cue is also weighing changes to Apple Fitness+, the company’s $9.99-a-month guided workout subscription.

Bloomberg said Apple had delayed the coach more than once, first targeting iOS 26 and later pushing it to iOS 27, scheduled for September. The service was designed to generate health reports and provide AI-driven recommendations using surveys and assessments, paired with Apple Watch data and external lab reports. Apple built a content studio in Oakland, California, to produce videos for the Health app. Bloomberg said Apple will repurpose some of that video content and features such as suggestions based on existing Health app data, potentially as soon as this year. Another feature still in the works uses an iPhone camera to analyze how a person walks.

Competition is rising. Bloomberg said Samsung is gaining traction in health tracking, and OpenAI has launched “ChatGPT Health” to analyze data and provide feedback. Apple is also working on an AI chatbot for health questions and expects a future Siri chatbot to handle more advanced health queries, Bloomberg reported.

In a 2024 Apple press release, Apple health vice president Sumbul Desai said: “At Apple, we believe that technology can help you live a healthier life, and we’re excited to enable incredible new health capabilities.”

Advertisement: Scroll to Continue

In PYMNTS’ recent Apple coverage, we reported on “Apple Brings Tap to Pay to 9 New European Countries,” and its recent earnings announcement which focused on AI and iPhones sales.

The stock of Hims & Hers dropped in premarket trading early Friday after a legal threat from Novo Nordisk.

The online teleheath company announced on Thursday plans to launch a cheaper, copycat version of Novo's weight loss pill, prompting Novo to take legal action.

Hims stock spiked as much as 15% on the news in Thursday trading, but quickly pared gains and ended the session down 3.8% at a 12-month low after Novo said the action was "illegal." Shares fell another 6.7% in premarket trading Friday.

Hims said it will launch a Wegovy-style pill containing the same active ingredient as the original brand, semaglutide, for as little as $49 for the first month when customers sign up for a subscription. After the first month, the price will rise to $99.

That's significantly lower than the $149 Novo Nordisk sells its starting dose for on its direct-to-consumer website NovoCare.

Hims & Hers stock has been volatile over the past year.

Hims is launching its pill even though semaglutide has patent protection in the U.S. until 2032.

The telehealth firm's business flourished when it started selling compounded semaglutide in an injectable format, using a loophole in U.S. regulation that allows competitors to sell a drug protected by intellectual property laws if the drug is in short supply.

In the early days of the Wevovy jab, demand significantly outstripped supply, but Novo Nordisk has since invested heavily in manufacturing capacity and resolved the supply issues. There are no shortages reported for the pill version.

Hims says that its versions are "personalized" in dosage, and therefore legal. Novo says the action is illegal and a risk to patient safety.

"This is another example of Hims & Hers' historic behaviour of duping the American public with knock-off GLP-1 products, and the FDA has previously warned them about their deceptive advertising of GLP-1 knock-offs," Novo said in a statement Thursday.

Hims is a volatile stock, inherently tied to its perceived ability to sell weight loss drugs like its Wegovy copy. Shares have hit highs of $69 and lows of $23 in the past 12 months.

Leerink Partners analyst Michael Cherny, who rates Hims stock at "Market Perform," suggested the telehealth provider could also consider launching copycat versions of Eli Lilly's weight loss drugs. Lilly didn't respond to a CNBC request for comment.

Meanwhile, Barclays analyst James Gordon called the $49 Wegovy copy a "new concern" for Novo.

"While compounded alternatives may attract cost-sensitive patients in the near term, questions remain about their regulatory sustainability and clinical consistency," he added.

, /PRNewswire/ - Canada Nickel Company Inc. ("Canada Nickel" or the "Company") (TSXV: CNC) (OTCQX: CNIKF) today announced that the Company has entered into a US$32 million bridge loan facility with Auramet International, Inc. ("Auramet") which is expected to close on or before February 9, 2026. Proceeds from the facility provide additional funding to advance the Company's flagship Crawford Nickel Sulphide Project and to repay the existing loan with Ber Tov Capital Corporation ("BT Capital"), signed on May 9, 2025.

Mark Selby, CEO, said, "We are pleased to have the continued support of Auramet, our longstanding financing partner, through this US$32 million bridge facility. This funding ensures we remain well-capitalized to advance the Crawford Nickel Sulphide Project towards construction by year-end 2026 as we complete funding discussions with government and project partners."

Loan Facility

The bridge loan facility will be due May 9, 2026, will carry an interest rate of 1.00% per month, and be subject to a 2.5% arrangement fee. At closing, Auramet will also receive 1,750,000 1-year warrants having an exercise price equal to a 5% premium to the 5-day volume weighted average price of the common shares of the Company on the TSX Venture Exchange for the five consecutive trading days ending on the trading day immediately prior to the closing date. The loan will be subject to such terms and conditions including certain specified positive and negative covenants that are customary for a transaction of this nature. The warrants and the underlying shares will be subject to a four-month hold period under applicable Canadian securities laws. The proceeds will be used for working capital purposes and to repay the existing loan with BT Capital. The closing of the loan facility is subject to customary conditions including the approval of the TSX Venture Exchange.

About Auramet

Auramet is a private company established in 2004 by seasoned professionals who have assembled a global team of industry specialists with over 350 years combined industry experience. It is one of the largest physical precious metals merchants in the world and has provided over $1.3 billion in term financing facilities to date. Auramet offers a full range of services including physical metals trading, metals merchant banking (including direct lending), and project finance advisory services to all participants in the precious metals supply chain. 

About Canada Nickel Company

Canada Nickel Company Inc. is advancing the next generation of nickel-sulphide projects to deliver nickel required to feed the high growth electric vehicle and stainless-steel markets. Canada Nickel Company has applied in multiple jurisdictions to trademark the terms NetZero NickelTM, NetZero CobaltTM, NetZero IronTM and is pursuing the development of processes to allow the production of net zero carbon nickel, cobalt, and iron products. Canada Nickel provides investors with leverage to nickel in low political risk jurisdictions. Canada Nickel is currently anchored by its 100% owned flagship Crawford Nickel-Cobalt Sulphide Project in the heart of the prolific Timmins-Cochrane mining camp. For more information, please visit www.canadanickel.com. 

For further information, please contact:

Mark Selby
CEO
Phone: 647-256-1954
Email: [email protected]   

Cautionary Statement Concerning Forward-Looking Statements

This press release contains certain information that may constitute "forward-looking information" under applicable Canadian securities legislation. Forward looking information includes the ability of the Company to deliver nickel required to feed the high growth electric vehicle and stainless steel markets, and the development of processes to allow the production of net zero carbon nickel, cobalt, and iron products. Readers should not place undue reliance on forward looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual 2 results, performance or achievements of Canada Nickel to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. There are no assurances that Crawford will be placed into production. Factors that could affect the outcome include, among others: inability to repay the loan or comply with the covenants set out in the loan agreement; the actual results of development activities; project delays; inability to raise the funds necessary to complete development; general business, economic, competitive, political and social uncertainties; future prices of metals or project costs could differ substantially and make any commercialization uneconomic; availability of alternative nickel sources or substitutes; actual nickel recovery; conclusions of economic evaluations; changes in applicable laws; changes in project parameters as plans continue to be refined; accidents, labour disputes, the availability and productivity of skilled labour and other risks of the mining industry; political instability, terrorism, insurrection or war; delays in obtaining governmental approvals, necessary permitting or in the completion of development or construction activities; mineral resource estimates relating to Crawford could prove to be inaccurate for any reason whatsoever; additional but currently unforeseen work may be required to advance to the feasibility stage; and even if Crawford goes into production, there is no assurance that operations will be profitable. Although Canada Nickel has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Forward-looking statements contained herein are made as of the date of this news release and Canada Nickel disclaims any obligation to update any forward looking statements, whether as a result of new information, future events or results or otherwise, except as required by applicable securities laws. 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.

SOURCE Canada Nickel Company Inc.

HomeMarketsNeed to KnowNeed to KnowA popular software ETF is now at extremely oversold levels, according to one measurePublished: Feb. 6, 2026 at 6:47 a.m. ET

Shares of many tech plays have been sent to the dump. Photo: issouf sanogo/Agence France-Presse/Getty ImagesHard to believe, but amid the recent shellacking meted out to parts of the technology sector — on fears AI will eat software and jitters about gazillion-dollar capex pledges — the S&P 500 is only down 2.6% from its record high.

Perhaps it feels worse because the stock market dip has been accompanied by intense volatility in precious metals and a crypto collapse.

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EnerSys delivered resilient Q3 results, with strong margin protection and cash flow despite weak volumes in Motive Power and Transportation. ENS benefits from disciplined cost reductions, a clean balance sheet, and robust free cash flow, supporting share repurchases and dividends. Exposure to secular growth in data centers, aerospace & defense, and advanced batteries positions ENS for upside as cyclical headwinds abate.

If you like this midstream leader's ultra-high distribution now, you could soon love it.

Quite frankly, there isn't much to dislike about Enterprise Products Partners' (EPD 0.34%) distribution. The midstream energy leader offers a forward distribution yield of 6.3%. It has also increased the distribution for 27 consecutive years. That streak is especially impressive considering the challenges the energy sector has faced at times over the last three decades.

Enterprise Products Partners just finished a banner year on several fronts, with record cash flow from operations in 2025 and all-time high earnings before interest, taxes, depreciation, and amortization (EBITDA) in the fourth quarter. The pipeline stock is at its highest level in 10 years.

And there's more good news for income investors: Enterprise Products Partners' monster payout could get even bigger.

Image source: Getty Images.

A buyback bonanza Despite the solid performance in 2025, there was one fly in the ointment. Enterprise Products Partners' discretionary free cash flow after distributions to its limited partners was a negative $1.6 billion. This negative number stemmed from the midstream company's significant capital investments.

However, Enterprise Products Partners expects lower capital expenditures this year. As a result, management projects discretionary cash flow in the ballpark of $1 billion. Co-CEO Randy Fowler said in the fourth-quarter earnings call, "In the near term, we expect for our discretionary free cash flow to be split between buybacks and retiring debt." He added that the split could be as high as 60% to unit buybacks and 40% to debt reduction.

Stock buybacks (or, in the case of limited partnerships, unit buybacks) are sometimes referred to as "invisible dividends." That nickname is an apt one, in my opinion. Fowler seems to be on the same page.

He noted in the Q4 update that Enterprise Products Partners intends to increase its distribution in 2026. Those increases shouldn't be a problem, given that the LP's payout ratio based on adjusted cash flow from operations was 58% last year. Importantly, though, Fowler also explained, "Future growth in cash distributions to partners can also be further enhanced by the percent of common units we retired through buybacks." He's exactly right.

The more that Enterprise Products Partners buys back units, the fewer units its total distribution amount is spread across. The math is simple: Increased buybacks lead to higher distributions per unit for the remaining outstanding units.

Breakout growth around the corner Fowler's fellow co-CEO, Jim Teague, seemed to seek to hold down investors' expectations for this year. Teague said in the Q4 call that the LP anticipates "modest growth in 2026." There's more to the story, however.

Enterprise Products Partners could be poised for breakout growth beyond 2026. The company has several projects coming into service, the full impact of which will be felt in 2027. For example, the second train at Enterprise's Neches River facility will go online by the second quarter of this year. Also, another processing plant in the Midland Basin should be operational later in 2026.

Teague predicted that Enterprise Products Partners will deliver double-digit growth in 2027 once all its new assets reach full utilization. Fowler concurred, stating that the LP expects 10% year-over-year adjusted EBITDA and cash flow growth in 2027.

The midstream operator's distribution in the fourth quarter of 2025 was 2.8% higher than in the prior-year period. If Enterprise's cash flow grows by roughly 10% next year, the growth rate could accelerate significantly.

A lot to like In my opinion, Enterprise Products Partners checks off pretty much every box for income investors. Its distribution track record is exemplary. Its yield is ultra-high. The LP's balance sheet is solid. Enterprise has clear visibility to double-digit cash flow growth after this year. Value investors could also like its forward price-to-earnings ratio of 12.1

I predict that this high-yield dividend stock's monster payout not only could get even bigger but will get bigger.

With more and more AI infrastructure getting built, demand is surging for energy -- and particularly for clean energy.

Major technology companies like Alphabet, Meta Platforms, and Microsoft are investing a combined hundreds of billions of dollars per year to build artificial intelligence (AI) data centers. All of that spending is driving strong demand for semiconductors and related hardware, as well as for the associated services needed to support that infrastructure.

However, AI data centers don't just run on chips and servers. They need electricity, too -- and massive amounts of it. The AI power trade is based on the premise that demand for electricity to keep that digital infrastructure running is going to keep growing rapidly.

At this point, AI data center operators are inking deals to get electricity from whatever sources they can find. Some technology companies are even making deals with utilities to restart decommissioned nuclear reactors. And for a host of reasons, the clean energy segment is becoming a big part of the equation.

With that in mind, it's not so surprising that the iShares Global Clean Energy ETF (ICLN 3.36%) is up by 66% in the past year, outperforming the broad S&P 500 index, the tech-heavy Nasdaq-100, and major oil companies like ExxonMobil and ConocoPhillips. Investors are enthusiastic about the potential for clean energy producers to help meet the booming demand for electricity.

If you're bullish on AI and clean energy, here are a few reasons to invest in this renewable energy ETF.

Today's Change

(

-3.36

%) $

-0.63

Current Price

$

18.11

Demand for electricity is growing worldwide -- especially solar According to the International Energy Agency's (IEA) World Energy Outlook 2025 report, demand for electricity is growing much faster than overall energy use. The IEA expects electricity demand to rise by at least 40% by 2035. Investment in global electricity generation has reached $1 trillion per year, up almost 70% since 2015.

Renewable energy will play a big role in meeting this demand. The IEA forecasts that from 2025 through 2030, renewable power generation capacity will increase by twice as much as it did during the previous five years. Of this expansion, 80% will come from solar photovoltaic power. IEA research notes that solar systems are becoming more popular because of their lower costs, simpler permitting processes, and wide social acceptance.

Over the next five years, 42% of the expansion in solar photovoltaic power will come from distributed applications (off-grid projects), not traditional utility installations. Countries like Pakistan and South Africa are rapidly adopting off-grid solar systems to help bring electricity to people and places that were previously underserved by existing utilities. The IEA also forecasts that by 2035, 80% of energy consumption growth will happen in parts of the world with "high quality solar irradiation."

Image source: Getty Images.

This clean energy ETF invests in solar power During much of the past five years or so, renewable energy stocks in general have not been particularly lucrative holdings. Then-President Joe Biden's Inflation Reduction Act of 2021 provided extensive U.S. government support for the growth of clean energy, which was bullish for the sector. But companies that build energy infrastructure need to borrow a lot of money up front to finance their projects in hopes of gaining long-term, profitable cash flows. And after inflation skyrocketed in the wake of the pandemic, fast-rising interest rates in 2022 and 2023 became a particularly harsh headwind for renewable energy stocks. In large part due to that, the iShares Global Clean Energy ETF has averaged an annual return of negative 8.9% for the past five years.

President Donald Trump also promoted major changes in U.S. government energy policy beginning in early 2025, leading to the end of many green energy tax credits and the cancellations of some offshore wind energy projects. However, despite Trump's aggressive moves to pull federal support from renewable energy, in the past year, the ETF has come roaring back as energy demand rose and interest rates continued to drop. The ETF gained 46.6% in 2025 and is up more than 10% year to date in 2026.

This fund is focused on companies that are capitalizing on the long-term transition to a low-carbon economy, with holdings that are involved in clean energy production from solar, wind, and other renewable sources.

The ETF currently holds 102 stocks. Its five largest positions are:

Bloom Energy (10.4% of the value of the portfolio): Offers fuel cells for on-site distributed energy generation for data centers and other industrial clients. Nextpower (9.8%): Provides design, deployment, and operations of advanced solar power systems. First Solar (6.9%): Produces advanced thin-film solar panels and is the largest U.S.-headquartered solar photovoltaic manufacturer. Iberdrola (5.6%): Generates electricity from renewable sources like solar photovoltaic, wind, hydro, and other sources like conventional nuclear. It operates in Spain, the United Kingdom, the U.S., Mexico, and several other countries. China Yangtze Power (4.5%): Provides hydropower generation, power distribution, and other energy-related activities, and is the largest listed hydropower company in the world. With the top five holdings making up about 37% of its portfolio, it's not as highly diversified as some other broad index ETFs. As such, big changes in a few key stocks could have outsized impacts on its overall performance. Moreover, its expense ratio of 0.39% is not cheap.

However, even after its strong recent gains, the ETF might still be undervalued. Its price-to-earnings ratio is only 17.3, compared to the S&P 500's ratio of 30.

If you believe that the AI data center buildout will continue and also want to support the world's transition to renewable energy, the iShares Global Clean Energy ETF could be a good buy for you.

There's reason to believe the cybersecurity provider could avoid the worst of the chaos following its earnings beat.

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National Fuel Gas Company provides integrated natural gas and oil services to utility and commercial clients in New York and Pennsylvania.

On February 5, GAMCO Investors reported buying 37,056 shares of National Fuel Gas Company (NFG +0.64%), an estimated $3.05 million trade based on quarterly average pricing.

What happenedAccording to a recent SEC filing, GAMCO Investors increased its position in National Fuel Gas Company by 37,056 shares during the fourth quarter of 2025. The estimated value of the transaction was $3.05 million, calculated using the quarter’s average closing price. At quarter-end, the fund’s stake was valued at $115.73 million, a decrease of $14.37 million from the prior period’s reported value.

What else to knowGAMCO Investors executed a buy, bringing the position to 1.11% of its $10.41 billion reportable 13F assets.

Top holdings after the filing:

NYSE:MLI: $214.36 million (2.1% of AUM)NYSE:GATX: $203.12 million (2.0% of AUM)NYSE:CR: $196.42 million (1.9% of AUM)NYSE:MSGS: $158.65 million (1.5% of AUM)NYSE:HRI: $158.28 million (1.5% of AUM)As of February 4, NFG shares were priced at $84.16, up 19.1% over the past year and outperforming the S&P 500 by about 5.11 percentage points.

Company overviewMetricValueRevenue (TTM)$2.38 billionNet income (TTM)$655.16 millionDividend yield2.50%Price (as of 2/4/26)$84.16Company snapshotNational Fuel Gas Company operates across four segments: exploration and production, pipeline and storage, gathering, and utility, with primary revenue from natural gas and oil production, transportation, and distribution.The business model integrates upstream and midstream operations, generating income through the sale of natural gas and oil, transportation and storage fees, and regulated utility services.Primary customers include industrial, wholesale, commercial, public authority, and residential clients, mainly located in western and central New York and northwestern Pennsylvania.National Fuel Gas Company is a diversified energy enterprise with a vertically integrated structure spanning exploration, production, transportation, and distribution of natural gas and oil. The company leverages its scale and asset base in the Appalachian region and California to serve utility customers and a broad range of commercial clients. Its integrated operations and stable utility segment provide resilience and competitive advantage within the U.S. energy sector.

What this transaction means for investorsNational Fuel Gas already sits among GAMCO’s larger holdings, and adding shares while the reported position value fell suggests conviction through volatility rather than performance chasing. That context matters for long-term investors looking past quarter-to-quarter noise.

Operationally, the business is doing more than just treading water. In its fiscal first quarter, National Fuel delivered adjusted earnings of $2.06 per share, up 24% year over year, driven by higher natural gas production, stronger realized prices, and steady growth in its regulated utility segment. Management reaffirmed full-year adjusted EPS guidance of $7.60 to $8.10, signaling confidence even as commodity prices remain volatile. Production, meanwhile, rose 12% year over year, while the utility business benefited from rate increases and system modernization investments.

This isn’t a pure commodity bet. The company’s integrated structure, spanning upstream production, pipelines, and a regulated utility, helps smooth cash flows in a way most gas producers can’t replicate. That stability helps explain why the stock has held up better than many peers over the past year.

Jonathan Ponciano has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Mueller Industries. The Motley Fool recommends Herc. The Motley Fool has a disclosure policy.